Good morning. Good morning to everyone who is watching us. Thank you for your time. Thank you for the opportunity to allow us to share with you a little bit of the data and the information on Petz with the results of the second quarter 2022. Before, let's talk a little bit about our history. August 17th, 2002, almost exactly 20 years ago, Pet Center Marginal was founded in the city of São Paulo in Marginal do Tietê Avenue. That was the foundation of what Petz is today. Next week we will be celebrating 20 years of the company and 20 years that has a history of collaboration with employees and clients in different stages of the company. If we can move on to another slide. Can go back one, please. In these 20 years, something very important that we learned to identify was the difference between culture and the difference in the values that the company has. Culture throughout the 20 years transformed. Our culture adapted. Because culture varies depending on the size of the company and the level of complexity that the company has. It varies according to the market and to the technology. That makes culture a living thing, and our approach is to look at culture as a lesson that we constantly need to learn. I often joke that when we have all the answer, life comes and changes all the questions. We are always trying to learn more and more so we can adapt and have the best business model for every context that we come across. On the other hand, there is another thing about this company that I'm very proud of, which are our values. I can say that the core values of the company have remained the same since the opening of the first store on August 17, 2002, sorry. Right now I would like to highlight two values among a few that we have, but these two are extremely important, and regardless of the size of the company, they continue to guide us. The first one has to do with mutual respect. This is true not only among our employees and among our staff, but it has to do with the respect we give to our customers, regardless of the size of their purchase. It has to do with respecting customers when they come to exchange a product, which signifies a lot of how a company sees their consumers. It has to do with respecting our suppliers, regardless of the size. Actually, for smaller suppliers, we have to pay even more attention on the way they are treated. This value of mutual respect, this value has remained a core one for us, and we are very proud of it. The other thing is that since day one, we have always said that everything in the company is planned or done as we were in the shoes of our customers. We have always to put ourselves in the customer's place, and that's how we built our 20-year history. Every time we talk about new products, because we are constantly thinking about innovating, having the customer's mindset is an essential part of the process. Going back to that first store 20 years ago and knowing that today the company has almost 200 stores in 20 different states with more than 100,000 shareholders as a listed company is a reason of great pride for me. This is happiness that I would like to share with all of you before we get into the results. Now, talking about the presentation and the results, of course, every presentation is important. The whole presentation is important, but this one is especially important. Why do I say that? Well, sometimes the numbers speak for themselves, and you just ratify what the numbers are already demonstrating. This presentation is essential, so we don't focus exclusively on the headline or just the numbers and take a deeper dive in some topics that are behind those numbers, so we can share with you a little bit more of the real perspective of the business and what is actually generating an impact. If this is a punctual thing, if it's strategic. If it's more contextual and if these factors that are pressuring us are going to be sustained for the coming months or not. This meeting is essential for us to clarify all those matters and have an alignment with our stakeholders about our vision for the future. Again, this is no surprise to anyone because we are exposed to the same market forces as everyone else. This is truly a challenging scenario with inflation rate and the interest rate, with less income available, issues with the supply chain. All those elements are part of the market context, and they affect every business in the market. Naturally, that forces us to be more efficient in the way we manage our resources. Regardless of any macroeconomic scenario, we have to be aware of this. In a scenario like this, we have to be 10 times more aware of all those elements, so we manage our resources in the most efficient way possible. We have been developing very good initiatives that allows us to support or to deal with this macroeconomic storm in a more resilient position. Our expansion plan is following according to the plan. Our stockout management is under control despite all the challenges. Our investments in digital, not only to improve the customer's experience, but also to improve our productivity so we can put favorable pressures on the margin. This is still a reality, and as usual, a characteristic that our company has, which is developing initiatives, organic or inorganic projects. In the end, we can support the growth we are experiencing with profitability and innovation. These are the necessary elements or the necessary pillars so we can go further. Like I mentioned before, this meeting is to deep dive into those signals that are being sent by the market. If we look at the accumulated inflation rate for the past 12 months, we can see that the inflation rate is at similar levels to the IPCA level, which eventually could be pointing out to a regular situation. We do have good news to share on this quarter about the inflation rate. After many months reporting that the inflation rate for the pet segment was above the IPCA level, what happened in the second quarter of 2022 was actually good news for us. If you look at the April, May and June inflation rates, for these three months, they were the inflation rate was varying around zero, and that brought the accumulated inflation rate to a level that was close to the IPCA, whereas before, that was way a little bit above it. This creates a promising expectation for the second half of 2022. Now talking a little bit about our expansion, one of the pillars for our strategy this year. In the second quarter of 2022, we opened nine new stores, six stores outside the state of São Paulo, which by the way, positions us on track for opening the 50 stores we have announced. When we look at the past 12 months, we are talking about 44 new stores in 16 different federation units, which is a demonstration of the power of our execution. Because we are not talking only about 44 new stores, we're talking about 44 new stores in 16 different states. In the second quarter, we opened our first store in our 20th state in the city of Teresina, the state capital. Similar to what have happened before in other states, we are getting very positive surprises from that stores in terms of performance. Now we have 187 stores in 20 federation units in all five regions of Brazil. Another important point on the expansion plan is that these new stores are also in line with the expectations that we have in terms of performance. Naturally, when we say that, there is some degree of dispersion. One store is doing a little bit below, others are a little bit above, but overall, we are pretty much aligned with our expectations. Another piece of data that is essential for our expansion, something that I have always highlighted and shared with the market, is our NPS level. I have always said that NPS is a critical indicator for us. I'm sure you remember that I've said this many times. Opening a new store is quite easy. Operating a new store is a completely different story. In that sense, we are extremely happy because our NPS is already at the excellence level. That has been happening in many different aspects. When we look at the micro attributes on the NPS survey, variation is becoming smaller between the different micro attributes. When we look at the 20 different federation units, variation among them is quite low, which demonstrates how consistent our execution is. Again, this is a very important pillar to support our expansion. Otherwise, we will be running the risk of opening new stores, spending those resources, and creating perhaps something like a time bomb that would require us to slow down our expansion. Fortunately, up until this moment, there are no signs that this process is moving in a way that we didn't want it to move, and the operation is delivering very good execution. We also started our operations in our new distribution center in the city of Hidrolândia, in the state of Goiás, in the metropolitan area of the city of Goiânia. We are doing quite well in our strategy of improving our operations, improving our service level, the tax structure among the different regions in order to optimize the taxes and support this additional weight that we have to carry with so many stores outside the state of São Paulo. Now going into a little bit more details, so we have a lot of visibility on the expansion plan. Behind the process that I just described, I focused a little bit more on the results, but now talking a little bit of the background, Petz has quite a thorough process to approve new locations. We have an extremely qualified expansion team today, a team that has a lot of experience, know-how. They use a lot of data and analysis in order to identify the best opportunities. Once they do that is taken to a committee in the board, in which we can count on the experience of our board members, especially on the experience of our chairman, who was the president of Raia Drogasil Brazil for 15 years and knows a lot about expansion. Inside the board committee, we can approve each new location. With that, we have a lot of transparency, we have a lot of governance, so we can continue to approve new stores in excellent locations. We continue to believe that this strategy that serves to scatter our presence in the country is a priority because that helps with our digital performance as well. It is also important to mention that the maturation curve of the stores continue to take place at historical levels. The increase in share of digital makes us think about the way we are structuring the layout of these stores. Just like I said, that our culture was a living thing, in this situation, it is the same thing. The layout of the stores can also evolve. We are constantly improving, and we do a management of these stores that is based on the square, each square meter. There's a CapEx for the square meter and then an associated OpEx. We are still fine-tuning the efficiency of these new stores. We're constantly doing that. We are also, we also remember that the reality of our omnichannel approach is constantly changing. As we become more of a digital stores, the space that we need for a pickup from store or a ship from store modality need to be perfected as we evolve with our expansion plan. Like I said before, we cannot focus exclusively on headlines and perhaps see this information as negative. I have to tell you that as the pilot of this ecosystem, I use different indicators and different instruments in order to fly this machine. One of the indicators that possibly might get your attention in the results report is the same-store sales that now is at a single digit or with around 10% of growth, which in isolation could be perceived as a bad number or a number that has decreased a lot. If you look at that without factoring the context, that could lead to wrong conclusions. We have three examples here for you, but we could spend the whole day discussing many other examples of how our same-store sales in isolation doesn't mean anything when it comes to reaching conclusions. These are three real examples. Due to competition issues, we are not revealing the name of the city, but city A is in the northeast of Brazil. The same-store sales was -6%, so a negative same-store sales. However, we grew 23% in this market, opening two new stores. When we consolidate this, we can see that we have gained important share in this city. The second example, city B, another city in the northeast, the same-store sales was 7%, quite low. However, three new stores were opened in this city, so our share grew by 95%. The same-store sales of seven doesn't mean anything in this city. City C, which is a city in the southeast, our same-store sales was 7%, again, a low number. However, when we consider that we opened 9 new stores in this city, the same-store sales goes up to 18%. This is a very important city in the region. These are three examples to show you that a low same-store sales doesn't mean that we are having problems in the operations. Like I said, for time constraints, we have chosen only three, but we have could have talked about many more. We did this to demonstrate that we are completely confident about the process. We have no yellow flags and definitely not no red flags about the process. I can assure you that we opened these new stores, of course, they affect the same-store sales, but that's all they do. All the other indicators remain positive. Now talking about our private label share, we have 3% with the Petz brand overall. When we combine that with the two brands that we acquired, so when we considered Cansel de Ser Gato and Zee.Dog and Petix, that goes up to 6% in the categories that would represent 12% of share. Here we have three examples of private label share, just for you to understand how relevant this is for some categories, this strategy of our own private label. When it comes to snacks for dogs, the share is 27%, and we are competing not only with local industries here, but with major multinational industries that have international brands, and we have 27% of share. Thinking about collars, our share goes up to 50%, naturally with the acquisition of Zee.Dog. For pets, after the acquisition of Petix and our own private label, the share is at 56%. When it comes to private labels, that strategy of building loyalty, the strategy continues up and running, and we remain very confident that we still have a lot of room to grow in many other categories. Aqui dando uma atualização sobre Zee.Dog Kitchen. Now, some updates on Zee.Dog Kitchen. Eu disse a vocês em lives anteriores I told you in previous meetings about this, and I made a metaphor about Zee.Dog Kitchen. I called it an oil well. We were drilling an oil well, and you shouldn't consider it in your price because we might find oil or not. Because of course, there were some elements that we needed to assess before determining if it was going to be a success or not. The best information that I can give right now to you is that there are signs we are finding oil. We still need to get it up and running. We still need to get the oil in the pipes, but we do have signs that we have oil there. The palatability of the product gave us a very positive surprise. We are doing some tastings and clients that are trying the product, clients that are purchasing the product report that their dogs love it. By the way, I would like to invite all participants in this meeting today to try this product, buy it for your dog, and test it out. I will also use this opportunity to make an invitation and a challenge to you. Go to one of our stores, buy Zee.Dog Kitchen, and offer it to your dog. If your dog doesn't like it, if the product is not good, you're not gonna lose anything. Go back to the store, and we're going to reimburse you for the product. We're gonna reimburse you for Zee.Dog Kitchen. This offer that I just made you is exactly the same offer that's being done in the stores. We are sure that your dog is going to like it because we really believe in this product, and we are being pleasantly surprised by it. Maybe there could be a combination with the fact that the product is selling a lot, but dogs don't like it. Maybe it could be the case that customers are more resistant to the first purchase, but after they purchase it, dogs love it. We are exactly in the second case, which I prefer to be in. Imagine if we were in the opposite situation. Imagine if it was easy to sell it, but once dogs tried it, they didn't like it. Eventually, this product would be doomed to die. When I say that there are signs we have oil in the well, that's exactly what I mean. Because even though we know about the challenges of getting that first purchase, this is our biggest challenge today. We are quite excited to see two movements. First, dogs love it, and second, customers who buy it once are repurchasing it as well. Our perspective for the medium and long terms is extremely positive for the product. Of course, at every quarter we will bring you more updates. I have been constantly saying this, we do not focus in the short term. We are not worried about the results of this quarter or the next quarter. We are worried about creating value for the mid and long terms for this company. The Zee.Dog Kitchen, there was a delay in the launch that affects the short-term figure. There were BRL 3 million loss at Zee.Dog. Yes, and it's not a problem for us because the perspective for the medium and long terms for Zee.Dog has only been improving. We have been in this relationship for six months with Zee.Dog, an extremely healthy relationship by the way, a relationship with a lot of mutual learning. Regardless of facing some short-term issues that might be a little bit stronger than what we had anticipated, this is vastly compensated by the medium and long-term scenarios. They are also considerably better than what we had planned before. We are literally changing the short term for the medium and long terms, and I have already mentioned this in the previous results meeting. I prefer to sacrifice a short-term result and do the proper integration and have an integration process that will not kill the Zee.Dog culture and the way they have created their company based on innovation and creation. The Zee.Dog folks are brilliant. Our admiration for the founders and the creators is constantly growing. We see the founder is brilliant when they can come up with a brilliant team, and the Zee.Dog team that we got to know for the past six months never cease to amaze us on their level of competence. The integration efforts are flowing in a very positive way, like I said, because again, it's a mutual learning experience. In this context, I would like to reinforce again that the numbers do not explain. This headline might lead you to a misleading conclusion. If you look at the results, you might think, "Oh, this is going bad," but I can assure you that these BRL 3 million in loss, financially speaking, is not what we expected. That's not good, without a doubt. In terms of perspective and relationship with Zee.Dog, we are extremely happy with what we have for the future of this business. Now, another pillar of our execution for the strategy this year is services. I would like to announce on this meeting that after a very long process, we have hired our fifth vice president for the company. We're going to have now a VP of services. Basically we are going to combine Seres, the grooming center, Cão Cidadão, and the other services that will be created for the ecosystem in a single VP office. This VP that we have hired has a vast experience in the human health industry. We are very excited with his arrival. We still cannot tell his name, but very soon this information will be out and you will see the category of or the quality of the name that we have brought. For the first time, this VP office will focus a lot on the commercial aspect of the business. Up until today, we have had Dr. Valeria, who is Technical Director for the Seres network. For the 20 years of the company, for the past 17 years, she has been brilliant in the way she has led our animal health services and the way she had technically managed the Seres brand. A focus on the commercial aspect is essential when we think about scale. Remembering that value will be preserved. We will focus on the commercial aspects, but animal well-being is the most important thing. Nothing will be done in the commercial side of this to jeopardize the technical aspect of this business. We will not make any decision that might affect the medical aspects of these services because, again, this is something that is not up for negotiations. What will happen is that the cross-selling strategies and the integration that we have between existing services and new services will exist. We will try to bring more people that only buy products now to buy services. We will have someone who is dedicated to doing just that. Regarding our health plan, we are still conducting our studies. For us, it's not a problem for this process to take a little bit longer because once we launch a pilot, we want this pilot to be consistent. We have been studying health plans all over the world. We're not just analyzing what's happening in Brazil, we are also taking a look at what's happening abroad, and we're trying to balance quite complex elements here. We have to remember that tutors need to be happy. Consumers cannot be caught by surprise with a misleading clause in the fine print. We need to make this a profitable product for the company, and we need to focus on animal wellbeing. This health plan needs to be appropriate on the way we establish the product so we have everything in place. It is a difficult task. It's quite complex, but we are highly committed to doing this. Now with the arrival of our new VP of services, we believe that in the fourth quarter, or worst case scenario, first quarter of next year, this will be already in place. Regarding the labs now, like I mentioned in the previous meeting, we have made the decision not to do an acquisition but to work with laboratories organically. Our forecast is for the third quarter of 2022 to make great advancements in that front. Naturally, now that we have a new VP of services, there will be a lot of engagement with consumers so they help us build the best journey on how to tie all these elements together so we come up with the best offer. Remember that in the beginning of the presentation I told you that the secret of the 20 years of Petz, one of our most important values is to think with our customers' mindset, and this is what we are doing. Talking a little bit about our digital platform now. Digital continues to amaze us. We are leaders on digital. We believe that we are going to keep this leadership and expand it. We had another quarter of very strong growth. When you look at the group as a whole, the growth was 56%. When we consider Petz standalone, we had a 34% growth on digital. Our share has reached 32.4% of sales, and I can say that we have 32.4%, but this is a growing number. Today, before I used to say that digital was between 30% and a third of the company. Today, I can say that our perspective is for Petz standalone to have a digital share that is above one-third of the business. 1 million users in our app. We already have 67% of the digital revenue going through our app, which is an amazing piece of data. More than 315,000 subscribers. Our subscriber base grew 50%, so quite a robust growth in the number of subscribers. The share of these subscribers, whether by paying the subscription or their spot purchases already represent 27% of the total revenue in June versus 20% in the previous year. 7 points more, you know, of share when it comes to subscribers' purchases. 2.3 million omni-channel customers active in our base, so a 20% growth year-over-year. These are very important data because they don't focus only on the financial aspect, but they also highlight how we are expanding our customer base. This is essential because once the economy recovers, we will have a larger customer base, and with that we can increase the volume of sales much faster. Talking about ESG now, we have had more than 60,000 pets adopted in our history. In this quarter alone, we have donated more than BRL 1 million for the different NGOs and social projects that we support, which is quite an accomplishment, and we are extremely proud of this. We have the Seres veterinarian team participating in this, and the company as a whole. We are doing a project with homeless people in the city of São Paulo. We have established a partnership with an NGO working with homeless people, and we are helping take care of the dogs of homeless people, an extremely gratifying project for us. We provide these pets with veterinarian services, the necessary hygiene services, so, homeless people's pets have good quality of a better quality of life and a longer life. It's quite touching to see how homeless people are reacting to this. It's almost like you are taking care of their children. The feeling that they get when they see that there's someone cleaning, bathing, and taking care of their dogs and their cats by our wonderful team at Seres, and they are doing this voluntarily. They are participating in the project in a huge effort to make this happen. We are also conducting castration surgery in these animals. Our ESG pillar with the focus on animal well-being is something that is evolving at every quarter. Like I have said before quite a few times, we have to make choices. We have to choose where to focus our ESG efforts. Despite the fact that we do look at several ESG pillars, I can tell you that animal well-being and pets that do not have a home is our focus because of the nature of the company. Now I'm going to hand the floor to Aline Penna, our Vice President of Finance, ESG, and New Business. Thank you very much for your attention, and I will come back for questions. Aline. Thank you, Sergio. I'm going to go over very quickly our results so we can have time for questions in the end. I just would like to reinforce that if you have questions, send it through the Q&A functionality via on Zoom. Next one. The first slide represents Petz standalone, so without factoring our acquisitions, Zee.Dog being the most relevant one. There's a growth in our gross revenue of more than 25% with a very strong comparison base of 60%. Another positive highlight was the digital share or penetration. Digital ended the quarter with 34% growth and 32% of relevance in our revenue. One year ago, this percentage was 30%, so there has been quite a strong gain in share for digital. As a consequence, when the gross profit, we have stability. Later on the slides, I will show you the effect of the price increase, but we are able to make up for this, the pressure that we have with a stronger digital and the price, or the fact that foods are more representative in our mix. For adjusted EBITDA, this 80 basis points of pressure, we have already told the market that this oscillation between basis points could change between quarters. For this quarter, we have 50 basis points of pressure on the margins. Now going to the next slide, thinking about the results now including Zee.Dog, like Sergio mentioned, there was a BRL 3 million loss in terms of EBITDA for Zee.Dog. With now we have a gross margin that's a little bit higher because Zee.Dog works with stronger margins. They have a direct sales channel with the end consumer, so they have stronger margins because it's a private label. They help our gross margin 20 basis points. For adjusted EBITDA, because of the maturation of the synergies, we have 180 basis points of consolidated expansion. Another important data in this slide is our adjusted net profit. When we look at the adjusted net profit, we look at this from the cash perspective, and mainly our stock options expenses with a growth of 35.7% caused by the improvement on the operational results, but also due to the fact that we did a follow-on, and we have stronger revenues in the period. Now, the number of stores, like Sergio mentioned, nine new stores. This represents 30% in our total stores. This is an important effect on the base and our effort to keep our margins stable despite the fact of this operational factor and the fact that stores are not mature. 53% of our stores don't have three years of operation. We have 24% that are still on their first year, so there's still a long way to go when it comes to maturation and the decrease of these expenses that initially have a stronger pressure. Another interesting piece of data on the third chart is to do with our states or federation units. 47% of our mix of stores are located outside the state of São Paulo, so 7% stronger than last year. In the number of stores, it's important to say that we have this guidance for 50 stores in the year, and in the past 12 months, we already opened 44, so we are on track. Now talking a little bit about growth and our perspective of the compounding, because for the past two years we've more than doubled 110% of growth, actually our revenue in terms of the Petz group. Petz standalone also confirms a growth that is quite close to that. Another piece of data that's quite important is the Zee.Dog revenue. Zee.Dog grew 15.8% in the year, and Zee.Now grew 58% with profitability. For three months in a row, we are seeing Zee.Dog reach a break even in terms of EBITDA. For digital, our digital grew 34%, Seres grew 26%, and the Seres brand had quite a difficult comparison base of comparison to 50%. Seres talked about the health, Sergio talked about the health plan, and we continue to follow the growth of the stores in cities as well. Now talking a little bit about our gross margin, like I said before, for the Petz group, the improvement has been 20 basis points. On Petz standalone, we see some effects that I would like to comment that are on this second chart. We had around 20 basis points of pressure, and we show here the effort that we did to keep the margins necessarily flourished, even in a scenario with an increase of 2.1% of digital share in terms of relevance in comparison to the previous year. The mix of food products for the product margin was 40% higher. It used to be below 60%. It was 57%, 58%. Now it's way above that. It is important to mention that despite of the two effects that bring more pressure and tend to bring the margin down, the resiliency of our customers, especially for foods and the price increases and our efficiencies help offset these elements. Another important topic here. For three months in a row, we are seeing a cooling down on the inflation rate. The July inflation rate, our internal Petz inflation was negative, which is a very good sign. In July, an unstable internal inflation rate. It's important to say that the gross margin that we have here, that was pretty much stable. It includes a 50% growth on the base of subscribers that we have. Subscribers have 10% discount in all purchases, even in a spot purchase. This is another important data point that is part of the margin. With all those elements, we were still able to make up for this via efficiency and price increases. When it comes to the adjusted EBITDA, we already mentioned this, but it is important to highlight that for the second chart on the right, on the yellow line, we have the consolidation of the Zee.Dog expenses, especially from 6.6% to 8%. We are looking now as at a group for SG&A. Then for the blue bars, this 50 basis points of pressure come. Are mainly related to the characteristic of these new stores because they have a lot of costs that are fixed, like rent or the minimum amount of staff per store, but they are only reaching 60% of productivity in the first 12 months. The lower chart shows this evolution. For the first 12 months, I have 60% of the target revenue. Our four-wall EBITDA is around 9%. Four to six months, I reach a breakeven. 9% is reached in the end of the period, and it takes me until year four to reach 100% of the store potential. When we look at the number of stores that are mature today, we can assure you that the four-wall profitability is 19%. This is the evolution that we want to show you. We are still comfortable to have the 44 new stores open in the past 12 months. They are supposed to follow this maturation curve, whether in terms of profitability or four-wall margin. What's not here are holding expenses or storage expenses in our distribution center. Now talking about CapEx, without a doubt, we have to think about our stores, our new stores, 9 stores in this quarter. I also have to mention investments in technology and digital. Here we have e-commerce functionality. We are developing a very interesting super app. All this is included here. The productivity on PDVs that we are doing in terms of systems. Looking on the right-hand side, we talk a little bit about our leverage. We continue to be net cash and very comfortable with quite a robust capital structure. Like we mentioned before, with all this scenario of stock out, we continue to have a strong balance to have a safety stock and ensure more availability of products for our customers and to support market share gain. Now talking a little bit about Zee.Dog. Like I mentioned before, Zee.Dog grew 15.8% this quarter, especially with Zee.Now reaching a break even. For the outlook of the year, we see a significant improvement in the global sales. They suffered a little bit with the supply chain, some delays of orders. Now we see this going back to normal as of August, which would be the next window, especially in October, which would be the last window in the year. Our outlook is very positive for EBITDA for Zee.Dog, with a perspective of improvement in profitability after that. We're going to be much closer to a break even in the third quarter and have a positive EBITDA margin in the fourth quarter. In the year, we are not going to deviate a lot from a break even operation. Another thing about Zee. Now that I didn't mention is that Zee Now has 15 hubs, and 50% of these hubs have less than two years. Just like our stores, they are still maturing. Another thing that excites us is that when we look at what Zee Dog made this quarter, around BRL 25 million, so when I put that on a yearly base, we can say that is the fourth-largest player in the digital market in the country in a standalone basis. Today, 100% of the hubs are already being supplied by Petz. That also ensures much greater product availability, because before, that was done via distributors. A lot of the synergy comes because of this. We still don't have everything here. We will continue to mature these synergies until the first quarter of next year, because that will be the moment in which Zee.Dog and Zee.Now, as a consequence, will have the hygiene pads coming from Petix and no longer imported, that, which 35% of the product price is spent on transportation. We are seeing a cooling down in the prices of transportation in containers, but we do see a very interesting advantage in terms of price on the national product. Talking a little bit about Petix, we did a closing of the transaction in July 2022. As of the third quarter, you will see Petix numbers within our balance. We are already using the integration of the Pet Innovation Studio with the Super Secão and the Petix team to launch new products. Super Secão Black is an example of that. It's a pad that has a lot of absorption, but it's in black. It's a product that Zee.Dog offered, but only in the slim option. We are developing new products for the line. Again, Zee.Pad will be produced nationally, which is a highlight probably for the fourth quarter because the equipment is supposed to arrive between September and October. Now talking about Cansei de Ser Gato, we have two important messages here. We opened our first store in São Paulo last week. It's a showroom, a brick-and-mortar store, and a pickup from store point. Sales were excellent on the initial days of operation, and we have been working on the supply of products at scale. We can not only have brick-and-mortar stores, have the website, but have enough scale so we can have Cansei de Ser Gato corners in all our pet stores. Today, we cannot do that because the manufacturing of some products were a little bit more manual, and that was a restriction. This is the highlight for Cansei de Ser Gato until the end of the year. Finally, talking about Cão Cidadão, synergies are already in place. We are selling via our website the online courses by Cão Cidadão. More than four courses are available, and we are providing them with a great highlight in our website. We are using, of course, the image of Alexandre Rossi, who is a great pet influencer, to take him to new stores. Teresina, which is a city that we didn't have a store, and we took Alexandre Rossi there to give a talk and bring a stronger flow of consumers to the store initially. With the work of Alexandre, the different characters that he trained, the different dogs and that he has, we take them to parks to do demonstrations in stores as well. Our consumers are closer to our dog training service and understand that now Cão Cidadão is part of the Petz ecosystem. I think that's what I had for you. I'm going to open for questions now, and I will read the questions to Sergio, the first questions that we have received. The first one is from Thiago Macruz, and I think we have answered that during the presentation. I wanted to understand a little bit more the cannibalization topic. Is this a strategic decision of closing the market without, with your expansion plan, without analyzing new markets? Do you feel the need of thinking about small stores formats to absorb the market share opportunities in your market? Thank you for your question, Thiago. Okay. When it comes to the cannibalization of the market, this is not a new topic for us. In our expansion journey, we learned a lot. Again, this is essential for expansion. We need to understand cannibalization, the dynamic, and this is core so we can continue to move ahead with our expansion project. In this sense, I can tell you, Thiago, that there are zero surprises when we analyze our expansion and what we are doing and what happened in certain markets. I would like to use this question to remind you of some concepts that we have said, talked about before. The difference between growing our presence in a city we are already in and opening a store in a new city. The first option is when you open a store that has an impact on the primary, secondary, or tertiary store that you already have. It's important to have that clear because many times people think that the second option, it's all about opening a new store in a new city or a new state. What happens quite often is that you go to Brasília, for example, or you go to the city of Recife or Natal, and you open a second store or a third store, and we call that internally a store that is helping us spread our presence because these new stores don't impact the primary, secondary, or tertiary areas of the first store. Do we have cannibalization? Yes, but why does it do that if you say there's no impact? Well, it's due to a different effect because when you are under-dimensioned in a city with big potential, because we are a differentiated store, that primary, secondary, and tertiary areas is almost like you have an area that goes beyond the tertiary that is impacted by that first store because of lack of options. Let's remember the 1970s when the first supermarkets or major supermarkets came to Brazil. There was one big supermarket or two big supermarkets in the city of São Paulo. Half the city of São Paulo would go to one, and the other half would go to the other. Of course, with time, competition and new stores changed that dynamic, and it's the same thing for this business, but where is the science behind this? It's in the correct sizing of the store. We don't consider this extra revenue, so to speak. Otherwise, we would have a lot of white elephants in our park. We would run into that problem of over-dimensioning a store, and as the competition opens their stores or as we open more stores, that first one would get too big, and then we would have wasted CapEx and OpEx in that. We are creating stores thinking about the future potential. If that first store is benefited until competitors come or until we open a second store, that's fine. We will not stop our second store to get there because that would be a horrible mistake because we knew that city can accommodate more stores, and if we don't do that, we would just leave more room for the competition. We have an extremely solid strategy and, like I said, we are spreading our presence, but because of the reasons I just told you, we have cannibalizations. I gave you examples of three cities, but it's valid for others as well, and everything is under control. Regarding the second part of your question of smaller stores, the answer is yes. To optimize capital, we are understanding more and more the service dynamic and the share that digital has on the bricks-and-mortar revenue, the size of this second store once you have an initial store that is larger. This is a living process, and it's good that it is like this because we are managing this with a lot of due diligence, and we don't believe that just because something worked in the past, it will work in the future. We are keeping a close eye in all the signs that the market is giving us. Thank you very much for your question, by the way. It gave me the opportunity to clarify on this topic a little bit more. Why do we have cannibalization if we are spreading our presence in the country? It was very important for me to explain that. Thank you very much. Daniella from XP has three questions. The first one is in line with Macruz's question, but she wants to know about the initial expectation about the ramp-up of new stores and the profitability of these stores? Answer this one, and then I'll go to ask the others. Daniella, thank you for your question. I have to tell you, Dani, obviously we look at this as a group of stores. In this sense, there's always some level of dispersion or variation. Some stores are ramping up above the level we expected, others below, but we look at the consolidated numbers, the group of new stores that we have. In that sense, everything is under control and doing quite well. Both for the ramp-up as well as in profitability, everything is moving well. Her second question, she wants you to comment on what you expect in terms of dynamics for the future, thinking about July in terms of growth and profitability, looking at the slowing down of the inflation rate and a possible deflation in July? Is this true for August as well? We see that, yes, and Aline mentioned that in her presentation. There are signs of deflation. We don't have the information for August yet. We see that this combination associated with another factor. This was a very good question for me to explain something else that you cannot discover just by reading the balance sheet. Only by listening to the explanation of the results you can understand that. There's another important factor, which is the factor of discretionary items that are gaining relevance throughout the quarter. What we see happening here, probably this have reached the end of the line in terms of losing relevance. From now on, we are going to see a movement of recovery of this non-discretionary or optional items. The pace still requires as, a broader dynamic to consider. When we talk about these optional or non-discretionary items, actually discretionary items, part of this item are loss. Snacks, just because you didn't gave a snack last month, you're not gonna give twice as much snacks this month. There's an important part, like getting a new dog bed or more dog clothes. Usually you use the same collar for longer, the same dog house for longer. It's almost like you are using this stock in consumers' homes. Eventually consumers will say, "Okay, now I have to get a new one. I have delayed this decision, but now I have to get a new one." Because of the strength of this movement of these optional items being left aside and categories that, like the ones I mentioned, losing market share, we already have indications that this movement is reversing. We expect that in the next quarters we will see an increase in share of these optional items, these optional categories. Of course, the combination of these elements creates a positive pressure on our margins. Now, Daniella, we have to remember that when we think of margin, we cannot look at a single element, whether we're looking up or down. This is one factor that we think will contribute to would elevate our margins. There are factors that will contribute the other way around. Yes, digital has been growing consistently. We believe that we would be stabilized in one-third, but we have no signs that it's going to stay at that level. Digital continues to advance. Like we have always said since the beginning, digital is less profitable than the bricks and mortars. Is this a factor of pressure? Yes, it is. We do have positive and negative pressures acting, and we will try to balance them so the company can have the same level of growth as it has until today in a sustainable way. It's important to highlight that the growth in the month of July and beginning of August is quite similar to the rhythm we have been demonstrating here. Actually, in August, we are slightly above the number in the quarter. The comparison base for accessories or optional items is much easier than the first half. Another effect that will be more intense next year is our private label and the product development that Zee.Dog is doing with us in our Pet Innovation Center. We're going to have more private label products, and these products have margins that are 5%-10% higher. The non-food mix increases will add a better margin. Part of that will be shown this year, but it's not so relevant when it comes to the whole pipeline. I think the second question I already answered during the presentation. It has to do with the resumption of growth of Zee.Dog when it comes to the EBITDA margin. Like I mentioned, we see that this order cycle for August is stronger, especially with the effects we had in May, and we expect the fourth quarter to be more normalized, especially when it comes to the October window of orders. Expect to have a normal profitability in the third quarter and a positive margin in the fourth quarter, which would lead us to a break-even year. That's our initial expectation, unless we have an element that we haven't foreseen. The next question is from Vinicius Prieto. Talking about pet food. How do you see the addressable market, both for fresh and snacks? What do you think about in terms of exports for Zee.Dog Kitchen? There, it's important to highlight some differences between the characteristics. The question's about Zee.Dog Kitchen, right? Yes, about pet food in general. For the addressable market for fresh food and snacks. But fresh is Zee.Dog Kitchen, right? Exactly. Well, snacks, there are two elements. We have snacks and we have kitchen. First, I'm going to talk about Zee.Dog Kitchen. In Brazil, fresh food is a niche market. It's a trend, but at the same time, it's a relatively small size of the total pet food market. Just look at what we have in terms of cold and frozen products in the pet shop. They are a small portion of the business. Different from the U.S. In the U.S., this is a much more significant number. There are structural reasons for that to have taken place, that accident that took place in the pet food industry many years ago that killed thousands of dogs in the United States. That was in 2008. That generated consequences that eventually changed this dynamic on the how important fresh food is in major pet store chains. The same thing didn't happen in Brazil. What happens with Zee.Dog Kitchen? This is our biggest perspective. Zee.Dog Kitchen, with the level of palatability that it has demonstrated to have, it's not just about being offered as a replacement, so you will stop buying your favorite dry food and start buying Zee.Dog Kitchen, and this is not how we are approaching this. We are approaching this saying that fresh food is for it to be mixed in the same meal, or for you to alternate it with dry food because of the high palatability. Consumers don't feel that they need to stop buying the brand that they trust and the brand that their veterinarian recommended. We believe that that will create a lot of opportunities, and we already have reports from some customers saying that they feed their pets Zee.Dog Kitchen on weekends or as a reward, or they want to variate or vary the diet of their pets. Naturally for those customers that already understand that fresh food is an excellent nutritional option, then we want to, of course, be leaders. We will be leaders in a category that still doesn't represent much, in something that is restricted to a niche market. We see a greater market in participating in the food category next to the dry products than taking over, making customers change the dry food for the fresh food. Of course, we believe this will happen, but this will happen only in the long term. That's how we see the penetration for Zee.Dog Kitchen. When we talk about snacks, especially with our private label, we are developing amazing snacks. The snacks category is growing a lot, and I think 27%-28% of share of our private label. I don't remember the exact number. This is amazing because we are competing with the multinational companies that have global brands, with brands that are sold in the US, and in Europe, and we are head-to-head with an extremely relevant share. Customers building loyalty to these products because our products can only be found in our stores. They play a leading role when it comes to our private label strategy. A lot of compliments to the products and the fact that they're natural products. When it comes to mouth hygiene, we have snacks that focus on that. They're being highly successful. We're importing products that don't exist in Brazil. They are also a great success among dog owners or pet owners. We are very excited with the snacks category, which is a broad category, and we don't need to convince customers to buy snacks. They are used to doing that, and they really like the products and the packages that we have brought. There's another question about the export plans for Zee.Dog Kitchen. Yes. Of course, when it comes to export, especially for food, it's quite a complex process. We have a lot of homework to do. We are still learning about Zee.Dog Kitchen. Every time I talk about Zee.Dog Kitchen, I continue to say this. I don't have to add anything to the Zee.Dog Kitchen calculation. I'll say, let's say that the company is worth more because now there's Zee.Dog Kitchen. I'm not asking you to do that. I'm just sharing what is going on with Zee.Dog Kitchen. Everything is very positive. I'm more excited about Zee.Dog Kitchen now than last quarter because now the product has been launched, and I can see how dogs are reacting to the product. This is amazing because pet owners might love it with a great packaging and affordable price. People would be excited to buy it, and then you try to feed the dog, and the dogs don't like it. That would be a failure. I would be disappointed about the product, but it's the opposite. It's more difficult to sell. It's at a higher price. Those who buy it and try it, the dogs, they love it. It's almost like your kid because pets, again, let's remember, they are seen as relatives. They are seen as people's children. See your pet happy. I would like to invite you to try it again. If you're watching this meeting, if you're participating in the meeting, buy Zee.Dog Kitchen in one of our stores or via our digital channels. If you think your dog didn't like it, you'll get your money back. We have made this commitment to our consumer, and the number of returns is truly irrelevant. It's like, it's almost nothing. That's why we are very comfortable to announce this to the hundreds of people who are watching us today. Test it out. If you are an investor on pets, test it and see the reaction of your dog, and then you will be able to see if this is really an interesting product or not in terms of palatability, and you'll see why we believe the future will be brilliant. Export is a natural step because the American market is much greater, but everything happening at the right time. There are a couple of repeated questions here about the marginal ROIC of some stores, and I think it's to reinforce the actual tier that we follow. Many people have asked the same question, so I think we can answer it all at once. Initially, when you open a second store in the same city, whether if you are spreading your presence in the area or just making it more dense, there's pressure on the same-store sales and on the consolidated ROIC because of the maturation curve. We have a lot of history to demonstrate that this initial pressure after one year, two years, three years, the consolidated ROIC is completely compatible. The same-store sales is fully normalized after that. Of course, we can never say something today focusing on the future. We do have a group of stores that are experiencing that, and we hope and we expect, and everything is pointing out to that we'll have the same repetition of the scenario we had before. For example, if you look at the south region of the city of São Paulo, it's amazing to see what we have in terms of stores. Stores that are there to make our presence more dense. If you look at the consolidated ROIC of these stores, it's fully compatible to what I'm saying. In this sense, we are quite comfortable with the strategy that we have adopted. We also have some questions about the productivity of mature stores and the same-store sales of the stores that did not suffer this effect. I think we can say that once we remove the effect of cannibalization, our same-store sales is almost more than double what we presented. This is one important thing to mention. I don't know if you want to say a word about the mature stores. No, that's it. It's exactly that. We do a lot of analysis in order to be in this comfortable position that we are, and it's exactly what Aline said. We are talking about 18 points of growth of same-store sales when we don't factor in the effect of the stores that suffer the cannibalization effect. That shows that we do have these internal indicators to determine how healthy our level is. We answered Ruben from Santander, Irma from Goldman Sachs, and I think we have a final question because of time limitations. From Morgan Stanley, there's a question about expenses, what we see. Well, there's a question about the impact of the price increase both on the gross margin, which is a surprising number, the fact that the pressure was quite low. It's one thing. And the other thing is that what other expenses line could be improved. I'm sorry, who asked that question? The question about the inflation rate and expenses were by Andrew, and the gross margin and inflation was by Irma. Irma. Irma from Goldman Sachs. Andrew and Irma, thank you for your questions. Talking about the gross margin, you're absolutely right. That's gross margin when you transfer the price increases. This is an essential factor for keeping your gross margin. It's not the only one, but there are other factors that affect the margin, like the mix between food and non-food products that has an effect on the gross margin. The mix between channels also has an effect. The private label share also has a favorable effect. There are many components to it, but essentially, the most important one is the ability to transfer these price increases. In this sense, we believe that the retail that has quite narrow margins. We don't have a lot of room to not transfer these increases and simply affect the results more intensively. There is a movement to negotiate with suppliers as much as possible. We try to remove everything that's possible from the negotiation process, but we are not going to work with margins that are lower than what we had prior to the price increases. That's one aspect of it. Opportunities for OpEx-improving expenses, I think the great opportunity that we should look at is the fact that we have almost 50% of our stores still under maturation. These stores, they put a lot of pressure in expenses, in the cost of labor, the operation. But as they mature, this pressure is alleviated. This is quite a natural characteristic of a company that is growing at such a fast pace. When we think about the SG&A expenses, they are already very diluted. When a company wants to be innovative, when a company wants to operate at an excellence level, and when a company wants to invest a lot in technology, we need to be careful. I say that again, we don't manage this company to generate results to the quarter. We focus on the long term. Managing for the long term means investing in things that will generate value in the future. Those elements will generate short-term expenses. As we grow, as we become more complex, the SG&A expenses cannot. You cannot simply imagine that you're gonna grow and they will decrease. Because like I said, this year we have a VP of services. That's another SG&A expense. We see this as an investment. In the next quarter, it will be only an expense. The investment part of this decision will be perceived in the medium and long term as we start to reap the results from this new position. This is just one of them. I could mention many others. Again, we are focusing a lot on making this a digital company. We are not digital on the customer experience alone. Our mindset is to make the internal aspects digital as well to improve productivity. There are many things happening. Just to give you an idea, I had mentioned this before, but just to reinforce the message. When it comes to the digital planogram, no company in Brazil has a physical planogram being executed. I would like to invite you to talk to other retailers. A lot of people do have a planogram, but someone who is following that, the printed version of it. Very few companies. We have surpassed that phase. Now we have a digital version of it. It's on the employees' smartphone. We change that digitally. Everything is done by pictures, so we can compare it. We are in a technology position that we are starting to see improvements in productivity, in the assertiveness. We have less room for mistakes. We're investing a lot in technology, processes, and this culture. The way Petz is operated is kept at a level of excellence. Just to reinforce a message of the presentation, we mentioned that once the store turns 12 months, the four-wall EBITDA for all is still at 40%, which will improve to the 19%. We can truly calculate the impact of these new stores when we show the pressure and the margins. Yes, there has been some efficiencies in the results. One of them has to do with the mix of payment methods. We implemented Pix, the digital payment method of Brazil, and we have seen an improvement on the rates. This is within our EBITDA. Another example is performance marketing. When we look in percentage for the digital revenue, we are diluting this investment. Even with this expressive growth that we have been demonstrating, we are becoming more efficient. What's the opposite of the market? We hear that the cost of acquisition of customers is continuously increasing. Within this number, despite the expansion building pressure, we have short-term opportunities that are being implemented and for staff management as well. For the past few months, we are being more efficiency in our staff management, be it for the stores or so. This is a reality for the past few months, and it's going to be sustained for the rest of the year. I think in terms of questions, we have pretty much covered them all. I think we can address other questions individually at another opportunity. Well, I would like to thank you all for your attention. I also would like to say thank you to Aline and the whole RI team led by Mateus. I would like to congratulate all of you. Thank you all for coming to the meeting. Thank you for trusting us. Thank you for allowing us to receive all the II awards possible. Being leaders made us really grateful because for us, this is an indication of the very good relationship we have with investors in the market overall, and we were very happy with those results. We will continue to be available to clarify and to deep dive in some topics that cannot be fully revealed by the balance sheet on its own. It's important to understand what's behind those numbers as well. Again, I would like to reinforce the fact that we are confident. We are turning 20 years, and we are very confident that the next 20 years will be even more successful, and we will be able to consolidate and expand the leadership that we have reached in 2020. Thank you very much, and a great Thursday to all of you.