Although the recent acquisition of AES Brasil will pressure Auren Energia's financial indicators in 2025 and 2026, followed by the deleveraging, we expect Auren to benefit from a larger scale, diversification of assets, and predictable cash generation given that the acquired assets come with a long-term contractual profile. Although the acquisition won't impact CESP-Companhia Energetica de Sao Paulo (CESP) directly, we will continue assessing it as a core subsidiary of Auren, as pro forma the acquisition, CESP will account for at least 15% of the group's cash flow, given its long-term remaining concession, and because Auren manages its subsidiaries in an integrated manner. In this sense, the rating on CESP would move in tandem with Auren's creditworthiness. In this context,
