Good morning, ladies and gentlemen, and welcome to Minerva's second quarter earnings release conference call. Joining us today are Mr. Fernando Galletti de Queiroz, CEO, and Mr. Edison Ticle, CFO and IRO. This presentation is being recorded and simultaneous translation is available by clicking on the interpretation button. If you are listening to the video conference in English, you have the option to mute the original audio in Portuguese by clicking on Mute Original Audio. The presentation is available for download at ri.minervafoods.com in the presentations tab. During the company's presentation, participants will be in a listen-only mode. The question- and- answer session will begin once the presentation is concluded. Should you wish to pose a question by audio, please click on the Q&A icon and type in your name and affiliation. When your name is announced, a prompt to unmute your microphone will appear on the screen. Please unmute your microphone and proceed with your question. To ask a question in English, please do so in writing and click on the Q&A button. Please note that statements that may be made during the video conference call regarding Minerva's business prospects, operating and financial goals are based on projections made by the company's management, which may or may not materialize. Investors should appreciate that political, macroeconomic, and operating factors may affect the company's future and lead to results that differ materially from those expressed in such forward-looking statements. To begin the earnings release video conference for the second quarter 2026, I will now turn over to Mr. Fernando de Queiroz, CEO, for his presentation. Please go ahead, Mr. de Queiroz. Good morning. Thank you for joining our second quarter 2026 earnings release call. We closed the first half of 2026 with a solid set of operating and financial results, reaffirming the consistency and discipline of our strategic execution. The second quarter results reinforce the importance of geographic diversification in our business model, helping to mitigate risk and expanding our arbitration capability. It also works as hedging for us from geopolitical risks. Since the beginning of 2026, we've been operating in a highly challenging environment, marked by elevated volatility across several variables, including tariff restrictions, geopolitical and macroeconomic tensions, as well as logistical and weather-related challenges. Nevertheless, we have managed to deliver consistent operating performance, supported by our team's agility and execution capability in adapting to market shifts and capturing opportunities. Let's now turn to our main operating and financial performance highlights for the second quarter of 2026, starting on slide two. Starting with gross revenue, which totaled BRL 15.1 billion in the second quarter and BRL 61 billion on an LTM basis. Exports accounted for approximately 60% of the consolidated gross revenue, both in the quarter and on an annual basis, reinforcing their key role in our operations and confirming the attractiveness of the international market. Meanwhile, the domestic market continues to be a relevant contributor to our results, supporting our margin optimization and contributing to greater operational stability. This performance is underpinned by our operational and commercial capabilities in South America, which, through a geographically diversified footprint, allows us to arbitrate markets and capture distribution opportunities across the continent, particularly in Brazil. This dynamic model, based on the reallocation of volumes across different origins, ensures greater agility in responding to changes in supply and demand conditions, strengthening operational resilience and commercial efficiency across all regions. Let's go back to the numbers. In the second quarter of 2026, we posted net revenue of BRL 14.1 billion, while over the last 12 months, net revenue totaled BRL 57 billion, establishing another record in the company's history. Our operating profitability, shown here through our EBITDA, totaled BRL 1.2 billion in the second quarter of 2026, with an 8.7% margin. Over the last 12 months, our EBITDA reached BRL 4.9 billion, yielding a margin of 8.6%. Reflecting our solid operating and financial performance, net income in the second quarter was BRL 197 million, totaling approximately BRL 284 million in the first half of 2026 and around BRL 489 million over the last 12 months. Finally, with respect to our capital structure, we closed the quarter at a healthy level with a net leverage of 2.9x our net debt- to- EBITDA. We also maintained a solid cash position of approximately BRL 15 billion, in line with our liquidity policy, providing us with security and flexibility in the face of market challenges. Edison will be discussing our financial performance in greater detail later. Let's now move on to slide three with some additional highlights for the period. I'd like to start this discussion with one of our strategic priorities, improving our capital structure. Over the first half of the year, we redeemed and canceled $166 million of the 2028 bond and $67 million of the 2031 bond, totaling approximately $233 million, or BRL 1.2 billion. This movement contributes to extending our maturity profile and strengthening our balance sheet. In addition to these initiatives in the international debt market, we also repurchased CRAs in the local market, totaling BRL 66 million. Continuing our liability management strategy, we'd like to highlight recent initiatives in both the local and international capital markets. In the domestic market, we completed the issuance of a BRL 1.5 billion debenture in two series with three and five-year maturities, which enabled the early redemption of approximately BRL 500 million in commercial papers, contributing to lengthening our debt maturity profile. In the international market, we issued the 2036 bond in the amount of $600 million with a 10-year maturity and proceeds earmarked for refinancing short-term maturities. Taken together, these initiatives reinforce the execution of our liability management strategy, contributing to lengthening our debt profile, reducing financial losses, or financial costs actually, and strengthening our capital structure. As mentioned, Edison will detail these initiatives further later in the presentation. Let's now turn to our sustainability highlights, one of the pillars of our business model. During this period, the company released the 15th edition of its Sustainability Report for 2025. This document was prepared in accordance with global ESG reporting guidelines, including the Global Reporting Initiative and the Sustainability Accounting Standards Board. It's worth noting that the report also underwent independent external verification, and the information it contains is multidisciplinary and reinforces our transparency in communicating with all our stakeholders. Another important highlight is that for the sixth consecutive year, Minerva Foods was included in B3's Sustainability Index, ISE. This achievement reinforces our pioneering role and the market's recognition of our best-in-class ESG practices, as well as the sustainable management of our business. Additionally, Minerva Foods achieved 100% compliance in the external audit of the Commitment to Public Livestock criteria, a result that reinforces the strength of the social- environmental controls the company applies to cattle sourcing along the Amazon biome frontier. Full compliance with the CPP criteria demonstrates the company's ability to translate its public commitments into verifiable and auditable operating procedures, contributing to the mitigation of environmental, regulatory, reputational, and market- access risks. This performance also reinforces the governance of our sustainability strategy and the resilience of our business model in the face of increasingly stringent social- environmental requirements. We also made progress with the Renove Program, which launched its annual certification cycle in the second quarter. We completed the eligibility analysis and geospatial verification of participating farms, ensuring full compliance with the low-carbon and carbon-neutral protocols. Additionally, we focused our efforts on expanding the program and engaging new partners in Paraguay, Uruguay, and Brazil, as well as engaging new partners in Argentina. Together, these advances reinforce the evolution of our ESG agenda by connecting productivity, risk management, and value creation across the entire supply chain, demonstrating the strengthening of our practices in climate management, governance, transparency, and human development. Let's now move on to the next slide and talk a bit about our commercial performance. On the top of the slide, we present the breakdown of gross revenue by destination in the second quarter of 2026. The Central and South Americas region accounted for 36% of the company's gross revenue, with Brazil standing out at roughly 20%. Next, Asia accounted for 26% of revenue during this period, with China as the leading destination at 18%. North America accounted for 15% of revenue, with the U.S. as the region's main market at a 10% share. The Middle East accounted for 8% of revenue during this period. Finally, we have the European Union and Eastern European countries with similar shares of around 6% each. I'd like to once again highlight the importance of our distribution operations, particularly in Brazil. Our diversification strategy in South America gives us the flexibility to allocate volumes across different markets, capturing arbitration opportunities and sustaining profitability levels, even in an environment of extreme volatility. This flexibility allows us to extract maximum commercial and operational efficiency. In this context, the domestic market plays an important role in the composition of our results, contributing to greater operational stability and margin optimization. This operational flexibility strengthens our ability to adapt to supply and demand cycles, increasing commercial efficiency across all regions in which we operate. Continuing our commercial performance analysis, let's go into how our export flows have evolved by region. In the tables on the left, we see beef export performance in the second quarter of 2026. Asia remained the leading destination, accounting for 43% of exports in the quarter, with China standing out at 36%. Next, North America accounted for 19% of exports, driven mostly by the U.S. at a 15% share. Following that, we have Central and South Americas at 12%, and the Middle East at 9%. The European Union accounts for 8%, followed by Eastern European countries at 6% and Africa at 3%. Now looking at the last 12 months, this picture remains consistent. Asia continues as the main destination with 39% of exports, with China accounting for 32%. North America comes next at 18%, led by the U.S. at 13%. Following that, we have Central and South Americas and the Middle East, both at 11% each, followed by the European Union at 9% and Eastern Europe at 8%. Finally, Africa is accountable for 4% of the export revenue. On the right-hand side of the slide, we highlight the exports of our lamb operations in Australia and Chile. In the second quarter of 2026, North America remained the main destination at a 38% share, with the U.S. as the largest market at 35%, actually 34%. Asia accounted for 34%, with China as the leading destination in the region, while Europe accounted for 16% and the Middle East for 6%. Over the last 12 months, this picture remains similar, with North America leading at 40%, followed by Asia at 31%, Europe at 16%, and the Middle East at 7%. As a set, these results reinforce the strength of our export platform and the consistency of our execution, sustaining profitability levels even in an environment of strong volatility and logistical constraints. At the same time, they highlight the attractive dynamics of the international market, supported by structural supply constraints and consistent demand levels. This performance is directly reflected in the evolution of our revenue, which we will detail on slide five. The export market continues to play a leading role in our performance, reflecting the relevance of exports in the composition of our revenue. In the second quarter, exports accounted for 62% of gross revenue, reaching 65% over the last 12 months. Please remember that these figures are excluding the others segment. Looking by operation, Brazil allocated 64% of its production to exports in the quarter, reaching 66% over the last 12 months. In our LatAm operations, excluding Brazil, we see something similar, at 58% in the quarter and 63% over this period. Moving on to the right-hand side of the slide, we see the breakdown of revenue by origin. Brazil remains the main operational driver, with 57% of gross revenue both in the quarter and over the last 12 months. Next, Paraguay contributed 12% in the quarter and 11% over the 12-month period. Uruguay accounted for 11%, both in the quarter and on an LTM basis. Argentina represented 8% in the second quarter and 9% over the last 12 months. Australia accounted for approximately 5%, both in the quarter and on an annual basis, while Colombia contributed 4% in the second quarter and 3% over the last 12 months. Finally, the others line related to the trading division accounted for 4% of revenue, both in the quarter and over the last 12 months. Before moving on to the financial highlights, I would like to say a few more words about the global animal protein landscape. We continue to operate in a highly volatile environment, shaped by geopolitical factors and the dynamics of the cattle cycle in key producing regions, such as the challenges in rebuilding the U.S. herd. Even so, the sector's fundamentals remain constructive, supported by a structurally tighter global supply backdrop and consistent food demand, which tends to intensify in moments of heightened geopolitical uncertainty, such as the current one. Despite the onset of a phase of lower supply in Brazil, South America continues to strengthen its position as the leading global producer of beef. This leading role is reinforced by supply constraints in key players such as the U.S., which is facing animal shortages and is impacted by structurally elevated production costs. In the Asian market, in addition to China, Southern Asian countries such as Indonesia, Malaysia, the Philippines, and Vietnam remain key consumption hubs. We see this dynamic nature reflected in our sales mix, driven by strong demand that has been supporting this pronounced price movement throughout the year. Looking ahead, we see relevant structural opportunities. From progress on trade agreements such as the Mercosur European Union negotiations and talks with Canada, fronts that should expand market access for South American exports. In this scenario, our competitiveness is underpinned by geographic diversification and an operating platform that is strategically distributed across South America. This footprint gives us the agility to arbitrage production and optimize commercial routes in the face of tariff, health, and logistical volatility. In a global environment of heightened geopolitical uncertainty, food security takes on central importance and supports highly resilient protein demand. In these circumstances, Minerva Foods is strategically positioned to capture value. We remain focused, and we're combining scale, efficiency, and operational flexibility with strict capital discipline and an unwavering commitment to the strength of our balance sheet. I'll now turn the floor over to Edison so he can go into more detail about the quarter's financial highlights. Thank you, Fernando. Let's begin with slide sic, starting with net revenue. As Fernando mentioned, we reached BRL 14 billion in Q2 2026, up 5% compared to Q1. Over the last 12 months ending in June, revenue totaled BRL 57 billion, up 29% year-on-year, and reached an all-time high for the company. Adjusted EBITDA for Q2 was BRL 1.2 billion, a 10% quarter-on-quarter increase with an 8.7% margin. Last 12 months consolidated EBITDA reached BRL 4.9 billion, up 22% year-on-year, while EBITDA margin ended the period at 8.6%. This performance reiterates the discipline of our operational and financial execution over the last quarters, even amidst a highly volatile and challenging global environment. Moving to slide seven, we'll discuss our financial leverage. We ended the quarter with net leverage of 2.9x net debt- to- EBITDA, reflecting the impact of our working capital investments during the first half of 2026, which should make a positive contribution to the company's performance in the second half of the year. It's important to highlight that even in a volatile environment, the integration of our new assets continues to expand our revenue and EBITDA base while unlocking the synergies and efficiency gains that we have delivered every quarter. This operational progress, combined with profitability recovery, remain crucial to the continued strengthening of our capital structure, a process we have been monitoring closely since the beginning of the integration process at the end of 2024, and reiterates our commitment to disciplined financial management and capital structure management. On the next slide, we'll discuss net income and operating cash flow. Let's begin with net income, which reached BRL 197 million in the quarter and BRL 489 million in the last 12 months. These results reflect our ongoing efforts to achieve operational and financial excellence and translates the efficiency gains and synergies we've achieved from operating the new assets. On the right-hand side, operating cash flow was negative BRL 55 million in the quarter owing to working capital allocations made not only during the quarter but since the beginning of the year. This quarter was over BRL 1 billion, as you can see. As I mentioned, these initiatives will mature and make a positive contribution to the company's performance in the second half of the year. On a trailing 12-month basis, operating cash flow remained positive at approximately BRL 4 billion. We'll turn to slide nine now to discuss cash flow. Building up second quarter cash flow, EBITDA started at BRL 1.2 billion. There was working capital consumption of BRL 1.1 billion, mainly driven by line item accounts receivable, which totaled BRL 610 million, and inventories, which accounted for BRL 252 million. This movement reflects our strong commercial activity in the Chinese market, where receivable cycle and therefore cash conversion is longer. Given the significant concentration of sales during Q2 2026, the financial cycle has shifted into the third quarter. You have to invest the working capital mainly in Q2 so you can start obtaining revenue and therefore results from these sales as of Q3, especially Q3 and Q4. Therefore, it's important to highlight that this dynamic should have a direct positive impact on Q3, as we saw last year, for instance, both on revenue and EBITDA generation, but mainly on working capital release. Additionally, as I mentioned, the rebuilding of inventories and biological assets, we are expanding our own feedlot operations and providing support to third-party animals, not only in Brazil, but especially in Paraguay and Argentina, which has given us considerable competitive edge. The rebuilding of inventories and biological assets is aimed at capturing more favorable prices, focusing on U.S. market demand, which should also provide meaningful support for our performance in the second half of the year. Returning to the buildup, CapEx totaled approximately BRL 200 million, 85% in maintenance investments and 15% in specific organic expansion projects in the operations. I'd also like to point out what we have been sharing since last year. Following the initial investments required to integrate the new assets, CapEx was expected to decline and gradually return to an annualized organic level of approximately BRL 900 million to BRL 1 billion, as we can see this quarter. Finally, cash-based financial results was -BRL 565 million. We ended the quarter with cash consumption of approximately BRL 600 million. Again, owing totally to the more than BRL 1 billion invested in working capital this quarter. Looking at the last 12 months, free cash flow was +BRL 636 million. Looking at a full year combining the first half of this year and the second half of last year, the metric is more normalized than the company performance in 12 months. Building it up, EBITDA started at BRL 4.9 billion, cash-based financial expenses were -BRL 2.9 billion, CapEx was BRL 1.2 billion, and working capital consumption was approximately BRL 87 million in the period, so practically zero. As a result, free cash flow generation was BRL 363 million on an annual basis. It is also important to highlight that since 2020, the company has generated approximately BRL 7.5 billion in free cash flow, which confirms the excellence of our operational and commercial performance, and especially our financial discipline. Let us now move to slide 10 to discuss the net debt bridge. At the end of the previous quarter, net debt was BRL 13.7 billion. Looking at the debt bridge, you will see that indebtedness goes up by approximately BRL 600 million, which is totally driven by cash consumption in the quarter. We start at BRL 13.7 billion, add BRL 611 million from cash consumption, then there is the foreign exchange fluctuation effect of BRL 48 million, which reduces the debt and the non-cash effect of approximately BRL 100 million, which increases the debt. Adding it all up, debt started the quarter at BRL 13.7 billion and then ended it at BRL 14.3 billion. Now, on the next slide, we will talk about the company's capital structure. As I mentioned, net leverage as measured by net debt- to- EBITDA ratio was stable at 2.9x at the end of the quarter, consistent with our conservative cash management and liquidity strategy. We ended the quarter in a very comfortable cash position with approximately BRL 15 billion in cash and an average debt duration of 4.3 years. Currently, approximately 81% of our debt is long-term, as shown in the amortization schedule at the bottom of the slide. Turning to our debt profile, approximately 70% of our debt is exposed to foreign exchange fluctuations, but as a reminder, we do have an active hedging policy, which we follow rigorously and requires the company to maintain at least 50% of its long-term position hedged. I would like to take this opportunity to provide more details on our capital structure management initiatives. Since the beginning of the year, we have been proactively managing our financial liabilities. In January, we exercised the call option and redeemed our 2028 bond of $166 million, or approximately BRL 900 million. Still in the first half of the year, we repurchased and canceled approximately $67 million or BRL 342 million of our 2031 bond, and these two transactions combined add up to approximately BRL 1.2 billion through debt securities redeemed in the international market. We have also been active in the domestic market. We took advantage of a price distortion that took place in the last 30 to 40 days and repurchased approximately BRL 66 million of local- currency debt securities. The main advantage of having a conservative liquidity policy is precisely to be ready to capture arbitration and other opportunities created by market volatility, especially in the current scenario with high interest rates, a lot of uncertainty, and plenty of opportunities, including in the fixed income market. Looking at a broader time frame, since the beginning of 2025, we have repurchased and canceled approximately $620 million or BRL 3.54 billion through various liability management initiatives. Still on the balance sheet management, this quarter we completed BRL 1.5 billion debenture issuance in two tranches maturing in three and five years, which enabled the early repurchase of approximately BRL 500 million in commercial notes that were shorter and had a higher cost, which helped to extend our debt profile. As you all know, we also accessed the international market in April. We issued a 10-year bond maturing in 2036 in the amount of $600 million, and proceeds went towards amortization and further optimization of the company's capital structure. Let me reiterate again that our liability management initiatives remain fully in line with our commitment to strengthening our balance sheet and building a more efficient capital structure with lower costs and longer maturity profile. To conclude, I'd like to thank the entire Minerva Foods team for their hard work, dedication, and commitment, which made it possible to deliver consistent and sustainable results in the second quarter 2026, even amidst a much more challenging and volatile global environment. We remain confident in the execution of our strategy and the strength of our business plan, which is supported by our unique geographic diversification, our solid operating and commercial model, and our financial discipline. I'll turn it back over to the operator so we can begin the Q&A session. Thank you very much. Thank you. We will now begin the Q&A session. As a reminder, to ask questions via audio, please click on the Q&A icon and type in your name and affiliation. When your name is announced, a prompt to activate your microphone will appear on the screen. Please unmute your microphone and proceed with your question. Our first question is from Gustavo Troyano from Itaú BBA. Good morning, Fernando and Edison. Thank you for taking my questions. I'd like to talk about two things. Number one, the deleveraging curve in the second quarter. We know that in the first quarter, we sometimes have a little bit more consumption of working capital, and the EBITDA is usually at a lower level compared to the second quarter. But I would like to understand the curve of the working capital for the second quarter. Do you expect this to follow the curve that we saw last year with lots of focus on the third quarter? Because this ended up helping deleveraging in the third quarter. So I see some consumption throughout the second quarter. And there could be a change in the mix of destinations with reallocations and the quotas for China. There's Europe as well. I would love to understand how this is going to play out in the next quarter. In this sense, if we think about the nominal for the EBITDA in the second quarter, usually in the second quarter, we have something a little bit stronger. Since we have the reallocation dynamics, especially into China and Europe, I would love to hear from you if you expect the second quarter to have a similar nominal level for the EBITDA to what we are expected to see, because we usually see something different as we near the end of the year. Or should allocations run out, would this have an impact on your seasonality, historical seasonality? Thank you. Thank you, Gustavo. Regarding our first question, we expect something similar to what we saw last year. Our inventory and our sales are going to happen, especially in the third quarter, but something should be rolled out onto the fourth quarter as well. For figures, the picture we took on the 30th of June had lots of things that ended up in the cutoff, and we do not see this in the figures. But if we look at our position with the inventory right now, it is even bigger than what we had on the 30th of June. This gives us the possibility to realize our inventory at about BRL 3 billion, in our opinion, in the short term, in the third quarter, and maybe even a bit more than this if we put together the third and fourth quarters. If we add this up into free cash flow and reducing the deleveraging, it could lead to 0.5x or 0.6x. We could reach 2.2x or 2.3x by the end of this year. I am being very conservative. I am speaking based on the performance that we expect based on the performance that we had in the second half of last year. There could be an upside to these figures that I just mentioned. Regarding our EBITDA, if you look at the first half of the year, we had BRL 2.35 billion. Historically speaking, if we see what the first half of the year represents in the year's EBITDA, and if we applied this to this year, we would see that the full year would be above BRL 5 billion in EBITDA. Since we expect to follow the same historical pattern that we have seen in the last few years, it is easy to know what we expect for the end of the year, even if we have a slight margin reduction, as we can see this year compared to last year, especially because of the increase in cattle prices. If we forecast the same gross margin and a similar EBITDA margin, and if we use the regular seasonality that we have in the second half of the year, then we are going to near BRL 5 billion or even a little bit above BRL 5 billion for the whole year. Thank you, Edison. Very clear. Our next question is from Leonardo Alencar, XP. Good morning, Fernando and Edison. Thank you for taking my question. Thank you for sharing details on the inventory dynamics. Let me follow up on this. You were talking about your position in the second quarter and what you expect for the third quarter. The quota thing with China is a bit hard for us to understand. Do you have anything in your inventory right now? If you think about shipping for quotas for China in 2027, maybe something only for the fourth quarter, or is this a short-term dynamic, so it doesn't rely on your strategic position? I just wanted to understand the inventory a little bit better. Secondly, Edison, you were talking about the EBITDA being what you expect, and we understand seasonality, and it was a surprise to see a consecutive improvement in a quarter that is usually weaker. But we see challenges when it comes to origin. We even had decreases in slaughter in June, and I'm thinking about the domestic market. Could you please give us more granular details on what you mentioned regarding feedlot- cattle hedging terms? How much has been established for the second half of the year? How much production can you ensure for the second half of the year? Can you have any foreseeability for costs in the second half of the year? Thank you, Leonardo. You know that with price predictability, while we can't ensure all the demand that we're going to have for cattle. We do it as much as possible, but of course, we're exposed to market fluctuations. I won't tell you what I have promised because this is strategic information. But what I can tell you is that there's lots of volatility. We expect lots of volatility in August, September, October, just like in July, for many factors. Number one, you have the feedlot cattle coming in now. We think that the number of heads is going to be bigger compared to last year. Number, twoyou have the quotas for China. We had 90% on Monday, but it's going to be fully executed in the next few days. Fernando is going to address the beginning of your question. But let me stress something. Sometimes you may believe that we are a Brazilian company, but Brazil is only 55% of our revenue. 45% comes from abroad. If China is closed to Brazil, we're going to do big in Argentina, Uruguay, and Colombia. We're going to have the same volume in China as last year, if not more, because we have other origins. So if Brazil closes or if we fulfill our quota, this is not necessarily bad for us. But I think you're struggling to understand that we are a diversified company. We have plants in other geographies, and these geographies have even more competitiveness to have access to the Chinese market, for instance, compared to the Brazilian operations. So please bear this in mind when you ask your questions and when you're trying to imply that we're now struggling because China is going to be closed and then we're going to have to be stuck with Brazil. By the way, with our plants in China, basically all of them are also approved for the U.S., which is the second most relevant market. If you look at other companies, except for the three biggest, nobody has that. So we have a restricted club that has access to the American market when no one will be accessing China. This meat, this beef, is probably coming into the domestic market. You understand correlation. You know, there's basically a unitary correlation between the prices of beef in the domestic market and the price of cattle. So if you have this beef here, you understand supply and demand. It's probable that price is going to rebalance at a lower level, the price of cattle. Other companies that have access to the American market, which is a very exclusive club, will benefit from this. I'm talking about Brazil, but think about Argentina. We have access to the U.S. through Argentina with no tariffs. We have Uruguay, Argentina, and Colombia with access to China with special conditions compared to Brazil. So think about our footprint and our diversification as a whole without insisting on Brazil because we're located in Brazil, we're based in Brazil, and sometimes we only read newspapers from Brazil. Leonardo, geographic diversification is something that must be taken into account when you're analyzing Minerva. Let me say something. This is what's happening in the domestic market. Because of big exports in the Brazilian domestic market, we have a lot more arbitration vis-a-vis the international market. So for Minerva, Brazil is a part of what we put here. You can look that we have made progress with the percentage for domestic markets. But much of what we put into Brazil also comes from other operations in South American countries. We're bringing in products from Uruguay, Paraguay, and Argentina into a thriving domestic market, ever more thriving, especially now when you have a reduction in slaughter. Regarding the inventory in China and shipping, the answer is no. I think this was implicit in Edison's answer. This is for the next quota, correct? Because then they'll say that we don't have any inventory in China. Of course, for the next quota. Except for the safeguards, we have the first-in-first-served system, and we anticipated shipping to China. So in our operations, we decided to take this step forward towards China to be closer to our clients so that we could have our inventory there. But for the 2027 quota, the answer is no. Right now, we are slightly over-supplying China, and we have other origins as well, as Edison was saying. So we don't need to switch from one place to another. Leonardo, you know as well, you know how arbitration works, geographically speaking, among these origins. This is one of our trademarks. This is one of our focuses when it comes to risk management. Thank you. This is clear, Fernando. Edison, regarding the participation or the share enjoyed by Brazil, when we think about other origins, right now, we may say that Brazil, among all of your origins, is where you have the biggest margin. Do you think this could change for the second half of the year? The country with the biggest margin right now is where we have the most competitive cattle prices, and sales prices are similar to other countries. Close to Brazil, we have Argentina and Uruguay at a worse level because of the price of cattle. But if Brazil would no longer export to China and China would buy from these other countries, of course, prices are going to go up. Then we expect Uruguay to catch up in their profitability. It goes beyond this. In the U.S., we have similar profitability or even greater profitability than what we have in China. If everything goes according to plan, actually, in the margin, this is more positive for profitability because you are going to keep the same profitability that you have in Brazil, but you are going to improve Uruguay's profitability. I am not even talking about Argentina and Paraguay. I am focusing on Uruguay because their profitability is much worse than the other origins at the moment. In the second half of the year, with our capacity to sell, with our inventory, our strategy, and the price dynamics and the market dynamics that we are experiencing, we are optimistic about the possibility of improving our profitability in the next quarters. Excellent. Thank you. Next question is from Matheus Enfeldt from UBS. Hi, good morning, Fernando and Edison. Thank you for your time. Your perspective for the next few quarters is very clear. Can we look at 2027 given volatility or the moving parts? What are you thinking about the boundary conditions for 2027? Brazil seems to have a little less cattle availability, or do you think it will still be at good availability levels? Will the market price it, or will it wait for results next year? Could you help us have a bit more visibility on the boundary conditions for 2027? My second question, still along the same lines, and you did touch on it, about exports from Brazil to Europe. Considering Minerva's exports to Europe, how much is coming from Brazil, and what kind of an impact might the restrictions have on that? Thank you. For 2027, we do not see any big changes in the scenario. We are working on a scenario that is very similar to 2026. There will be an increase in the Chinese quota of around 10%, and there is also the market price dynamics and beef supply around the world, which should remain the same or be worse because of Australia. There will be El Niño. You know how that affects droughts in Australia. There may be a cattle dismissal because of the weather or decrease in production. On average, we believe 2027 will be very close to 2026. But given weather conditions and the livestock cycle, which differs from region to region, supply of beef may be even more restricted and benefit South America. I would add that there are plenty of new markets opening to South America, different countries with different accesses, and that is the result of the fact that Australia is losing competitiveness. Their volume has also decreased. Again, our true vocation in South America is commodities, which includes beef and is one of the main ones. As for the EU, it looks like we are going to have access restrictions for products coming from Brazil. With that restriction, Brazil will be directing its products to other locations. Going back to Leo's question, that will have a huge positive impact on Argentina, Uruguay, and Paraguay, which is where Minerva's geographic diversification can create considerable value. So it is very likely that both for beef and for poultry, there will be restrictions in Europe. It will not be the same in the U.K. because they have a different model, but there is no question that Brazil should be redirecting its products to other markets. To Minerva, that represents one digit in sales to Europe. Part of that one digit accounts for Brazil. So it is very natural for us to redirect products that usually go to Europe, and it is not that many cuts. Worst-case scenario, the impact will be irrelevant then? Yeah, it will be irrelevant. Thank you. Next question is from Thiago Duarte from BTG Pactual. Hi, good morning, Fernando. Good morning, Edison. Hello, everyone. I have one question about the balance sheet rather than operations. In the last quarter, in the first quarter, your cash position at the end was close to BRL 10 billion, which would be the minimum cash to purchase three months worth of cattle. In your presentation, you talked about being conservative when it comes to cash position and close to BRL 15 billion. Based on the previous earnings release call, you are already considering being closer to the minimum cash position level or even becoming less conservative. Could you give us an update on that, or do the BRL 15 billion have a lot to do with the situation in the debt market and that will change over the next quarters? Great question, Thiago. That goes to show that strategies have to adapt to different scenarios. If you look at what happened to credit since the beginning of the year, it has got considerably worse in Brazil. They stopped credit lines to individuals and small companies. Banks' balance sheets had higher default levels in the first half of the year, capital markets was closed to equities, and now it is closed to credit after the credit events we saw happening with major Brazilian companies. I will not mention any names, but we are all familiar with what happened in the last few months, and so banks are a lot more conservative when it comes to credit lines. Working capital lines are still very liquid. There is an excess supply, so there are no problems. Our reverse factoring lines, our FIDC operations with clients are all going very well. We have no issues, and there is a lot of credit supply available, but the longer credit lines are over. They are not available anymore. When we issued the bond and issued the debenture, we were going to use those funds to roll it over in the last few months. I could bring that forward or negotiate them on a case-by-case basis. Given the credit scenario and given my experience as a treasurer, I decided to leave the money in the cash and to do the rollover negotiations on a case-by-case basis. Because if you can roll over rates that are closer to historical spreads, then you can roll it over, hold onto your cash, and use that to pay for more expensive debts. If rolling over becomes expensive, you can use your cash to make those payments, and the money you raised, you can use in the short term to amortize or roll it over. That is exactly what we are doing. We raised those funds, put the money in the cash. You are right. Our strategy was to operate close to our minimum cash position level, which was three months worth of cattle, which is close to BRL 10 billion-BRL 11 billion. Given the changes, we decided to be a bit more conservative. That is why during my presentation, I talked a lot about liquidity and having a conservative liquidity policy. If there is a strong point to Minerva's conservative policy of the last 17 years, which just happens to be when I have been in charge of it is the fact that we have always been conservative, especially when there is a lot of volatility going. Great. I asked because of the cost. The cost of carrying over net debt is quite high because you are compensating the cash compared to the cost of your gross debt. That is partly because a relevant part of your cash is in dollars. Will you be changing that proportion? No. Because of the volatility. About the cost of cash, let me remind you of something I learned when I was working for the bank you work for. The most expensive money is the money that is not available. That is great. Thank you. Our next question is by Laura Hirata, Santander. Good morning, Fernando and Edison. Thank you for this opportunity. I would like to talk about something structural. In the circumstances of a more limited cattle supply in Brazil, how do current strategies play out? We have your feedlot strategy. You have partnerships with suppliers. How are you keeping up with the right flow of heads? In this quarter, Edison was talking about the feedlot, that you have been investing a bit on it in Paraguay and Argentina. I would love to understand this strategy and this model. What is the kind of proportion that we should see for this in Minerva? This is a good question, Laura. In our strategy, we want to start investing more in upstream models. We have different optimal models for each region and each country. There are places where there is an incentive for us to see this kind of integration. We have been exploring this increasingly more. There are places where there are no incentives, so we are trying to explore new partnerships. In our strategy, we want to be positioned both in the upstream and downstream, as we mentioned in the previous questions, especially for the most important markets that are also subject to a quota. Thank you. I would love to understand the idea of the upstream. In this quarter, you had to add some biological assets to ensure this strategy. What could I expect from this line from now on? How quickly would we see the benefits from it in your results? Over time, you see us benefiting from it. Yes, this is in our strategy. We have one shot with the working capital because after the regular cycle, there's a renewal. So we have one short in impact, but as I was saying, we have different models in different countries. In this quarter, we have BRL 125 million in biological assets. So if we expect only one cycle of feedlot, the impact is three to four months because you don't have the CMV for your, for this cattle. You use your cattle, you save this money. If we keep using the feedlot strategy, then it takes a while longer for this money to come back to us. Should we continue? Well, there's capital restrictions on one hand, but on the other hand, there's profitability and a structural improvement of our position for buying cattle in different regions. For instance, in Argentina, it makes full sense both from a profitability standpoint and a sourcing standpoint for the local cattle to have a significant position with the feedlot. With your own cattle, not necessarily your own cattle, but at least your own feedlot, where you're able to get cattle from your partners, but you use your feedlot structure. This is a tool that we're going to be using increasingly more. It gives us predictability for supply, quality for raw material, and in a sense, assistance when it comes to purchasing cattle. Very clear. Thank you. Our next question is by Lucas Mussi, Morgan Stanley. Thank you, Fernando and Edison. Let's talk about diversification beyond Brazil. Could you please share your take on next year regarding the availability of cattle in Argentina, Paraguay, and Uruguay? We've seen some struggle in Uruguay with the slaughterhouse, in Argentina with female cattle. We would love your update on the availability of cattle in other countries, excluding Brazil. The impact for these other countries, Lucas, is not only the availability of cattle, but also market access. Right now, there is lots of heterogeneity when it comes to access regarding quotas, systems, and safeguards. Some of it is applicable, some of it is not. Some of it favors not only the availability of cattle, but we always analyze geographic diversification because it gives you an edge when it comes to geopolitical events, especially tariffs. Regarding cattle, we have very positive dynamics in South America overall. You have retention cycles, and you have supply cycles that are greater, better. You have an average of calves that makes this cycle more favorable for the future. This differs from the Northern Hemisphere, where you have a structural issue of the reduction of herds because of a change in culture, a change in periods or seasons. We are going to see this kind of arbitration for South America. We will have exports and imports among Latin American countries. We will see that increasingly more, and this is one of the strengths that we benefit from. Thank you, Fernando. Next question is from Renata Cabral from Citi. Good morning, Fernando and Edison. Thank you for taking my question. I have a follow-up question about what Edison said about capital allocation. Let me just frame it differently. Considering that the company's maintenance CapEx is more normalized, and the exercise Edison did for cash generation and comparing that to the company's market cap. The fact that you have repurchased those BRL 600 million of bonds. What will happen to the hierarchy in terms of capital allocation? Will you repurchase additional bonds? Will you just deleverage? Will you buy shares? Or will you look into non-essential asset monetization to pave the way toward deleveraging? Thank you. Hi, Renata. The priority is to deleverage. Repurchasing bonds is a tool we use to deleverage. We use the cash we generated, repurchase the bond, cancel it, and then you knock down the net debt and gross debt at the same time. The priority is deleverage. We are generating net income even with the current leveraging level. We are going to pay 5% of net income as a dividend because that is what the law requires. Our main priority is to deleverage, because interest rates are too high, and that is the best way to create long-term value, to carry over a smaller debt and to have a more streamlined financial debt. Thank you. That was very clear. We have two questions in writing that came through the chat box. The first one is by Claudio from XP. After the year-to-date consumption of approximately BRL 2 billion of working capital in the first half, will management maintain the expectation of the Q1 call to 2026 with a need for working capital liquidity of BRL 300 million to BRL 400 million? That is part of our budget from the beginning of the year, and we will maintain that expectation. Second question is from Nicola from Jefferies. Can you please provide any update on the supplier finance, reverse factoring, balance and strategy going forward? How is the local market conditions you are seeing now? I think I have answered that. Credit lines are tighter for mid to long-term credits, and for those instruments that have some kind of underlying assets or some kind of guarantee. They are very short-term. There is Brent offlines, no problem. There are some natural fluctuations in those credit lines. They can also be seasonal or they are business-related, but when they increase or decrease, it does not mean that we have more or less credit lines available. It is just our strategy to do with the operation and the business seasonality. Let me now hand it over to Fernando for his closing remarks. Thank you. Thank you all for being here for our earnings release presentation regarding the second quarter of 2026. There is something that I would like to share with you. We have never had as many markets that are open to Mercosur. We have never had as much access comparatively to other competing markets and competing countries. However, we have also never had such an international market and globalized market. This brings on different dynamics. Volatility ends up becoming your partner. It ends up boosting the companies that enjoy a DNA of risk management and are able to react quickly, and this is what Minerva is about. We prepared for something that we thought was going to happen much slower, but globalization is happening much more quickly, so we decided to have geographic diversification both for buying and selling because of this. South America will be increasingly more a big supplier of beef for the world. This is a product for which there is no competition to run against us when it comes to making this beef, or the competitors are getting weaker because of their costs. So we still have very favorable circumstances for us, especially for next year. This is when we will see this set of factors playing together nicely. We are available to you should you have any questions. Finally, I would like to give a huge thanks to the Minerva Foods team. You have been doing great work, so much work, and you are relentless in adapting to new market realities. These were not markets void of volatility, but more than ever, we have to reinvent ourselves. However, we need a clear North Star. We need to know where we are headed, and this is something that our team has embraced and has been executing with discipline and grit. So thank you to the Minerva team, and we are available should you have any questions. Thank you. This is the end of the Minerva Foods conference call. Should you have any questions, please use the email ri@minervafoods.com. Thank you for being here, and have a great day.