Good morning. Welcome to C&A's earnings call to announce the results of Q3 2026. Today, we have with us Mr. Paulo Correa, CEO, and Laurence Beltrão Gomes, CFO and IR Director. This presentation and the earnings release are available on our results center on our IR website. We also inform that this meeting is being recorded and simultaneously translated into English. To access the English version, click on button Interpretation. The replay of this earnings call will also be available on our IR website. After the company's remarks, we will open the floor for questions. To send your question, please press button Raise Hand to join the waiting line, or you can submit your question directly through the Q&A icon on the bottom bar. Before proceeding, let me mention that any forward-looking statements that may be made during this earnings call relative to the company's business prospects, projections, operating, and financial targets are based on beliefs and premises of the company's management, as well as information currently available to C&A. These forward-looking statements are not a guarantee of performance. They involve risks, uncertainties, and premises because they refer to future events and therefore depend on circumstances that may or may not occur. Investors and analysts must understand that general conditions, industry conditions, and other operational factors may directly affect C&A's future results and lead to results that differ materially from those expressed in said forward-looking statements. Now, I'd like to hand the conference over to Mr. Correa to start his presentation. Good morning, everyone. Thank you for joining us for another C&A earnings release. I'd like to start by saying that this was a very special quarter for us. 50 years of Brazil is a historic milestone for the company, and throughout this journey, we have built a relationship of trust and closeness with Brazilian women, which is renewed with every collection, with every visit to our stores, and every day-to-day interaction. This was also the quarter in which we presented on our C&A Day our Full Power strategy, which is the strategy for the cycle through 2030. Now, before getting into the quarter, I want to quickly recap what we presented at C&A Day, because this strategic conviction, especially at a time of greater uncertainty, really helps us navigate and guide our decisions. When we launched Energia, the question that was guiding us was, how can we extract more value from what C&A already does best? Behind that question, there was a very strong belief in three pillars of this journey. First, a very strong brand, which is beloved by Brazilian women, a differentiated store portfolio in the best shopping malls in the country and in the best sites within these shopping malls, and third, a team with experience, grit, and great capability. We focused on what we could actually impact quickly, improving productivity, improving our product, improving the in-store journey, and strengthening relationship with our customers. In the end, Energia made us stronger with a more robust capital structure and lower leverage. At each cycle of these strategic dynamics, C&A became better prepared for the next cycle, and that is why we are now ready for Full Power, which is a strategy that intensifies Energia and opens a new curve for sustainable growth, always with the same purpose, to impact people so that they can be whoever they want to be through fashion. Full Power combines two movements. It potentiates what Energia has already proven effective, and it opens new growth levers, always with the same methodology of testing, learning, and scaling. First, tying this whole strategy together is our brand, which is present in everything our customer experiences in C&A. Then we have five major levers: product, omnichannel journey, customer relationships, store expansion, and new businesses. The foundation is composed of three major enablers: pragmatic and results-focused technology, more regionalized logistics and sourcing closer to the customer, and also our people, who sustain our culture and move hand-in-hand with our ESG agenda, because none of this would be possible without this exceptional team. What is the ambition for the 2027 to 2030 cycle? In product, we want to keep evolving in our speed, quality, and assertiveness. Speed is value. When a relevant product arrives at the right time, it sells more at full price and with fewer markdowns. For our omnichannel journey, we will remain focused on increasing productivity and our sales per square meter in our stores. In order to do so, we want to bring the Energia model to more stores, we want to expand the Dispersão project, and we want to drive our digital sales, expanding our base of omni customers. In relationship, we want our customers to come back to our stores more often, so we will advance hyper-personalization, moving toward a more relevant loyalty program, expanding the share of C&A Pay. In expansion, we continue to see great potential in new markets, particularly in cities of up to 500,000 people. Our major focus is the South, Southeast, and Central West regions, all under the Energia model. In new businesses, ACE is our first concrete initiative. Starting with that initiative, we will keep expanding the possibility of expanding our brand in different formats, sizes, and marketplaces. We are entering this cycle at a time of greater uncertainty, whether because of the high level of interest or the level of indebtedness of the households. That is why I want to draw your attention to the bottom of the slide, which shows the how we will execute. First, we will focus on cash generation with a very diligent view of working capital optimization and returns on our investments. Second, we will have strong discipline and expense control. Third, a modular progressive rollout. This is what ensures responsible execution, allowing us to adjust our pace and our speed align with every different scenario that we may face. So let us start 2027 more prudently and accelerate when conditions are more favorable, always with full conviction of the full power levers. Let's turn to our operating performance in quarter three. Let me first give you some context, because this quarter was more challenging at first. The impact of the World Cup on our stores, on the store traffic was greater than we expected, and consumption remained pressured by household indebtedness. However, starting September, there was a turn. Traffic started to grow again, and our core collections picked up speed. Also, we had 18 stores under renovation during this quarter, including some very relevant units, such as Barra Shopping in Rio de Janeiro and Eldorado Shopping in São Paulo. The works, of course, temporarily reduced the sales per square meter because these stores operate only partially during construction works. We estimate this effect had an impact of about 1 percentage point on our same-store sales in the quarter. Same-store sales were 1% in the quarter. The net revenue was 2.6%. But still, we were able to deliver the 21st consecutive quarter of expansion in our gross margin. This is not by chance. This is the result of more accurate collection, supply that is closer to demand, and we have more granular and more assertive pricing management. Our website and app also stood out. The revenue was up 27% in the period, reaching 8% share in our sales. Our pre-IFRS adjusted EBITDA was BRL 191 million, down 8.5%, particularly impacted by some one-off brand investments for the celebration of our 50th anniversary in Brazil, including the Rock in Rio campaign. We closed the quarter with low leverage at 0.2 times the net debt to EBITDA ratio, even after paying BRL 140 million in interest on equity and completing our buyback program with more than BRL 100 million. And our ROIC for the last 12 months was 18%, which is significantly above the company's cost of capital. Now, I would like to go over each of the pillars and show what we have been doing for execution of our strategy, starting with product. Speed for us is a central attribute, and test and learn is part of that. We ran more than 3,000 tests in the past year with small production runs distributed across our stores, the stores that represent the consumption profile of our customers. This allowed us to understand where each product performs best and if we should scale them depending on this performance. The summer collections arrived in our stores in September, and it is the result of this work. This is a more versatile collection designed for different occasions of use. In dynamic pricing, we continue to evolve our algorithms both throughout the season and also during markdowns. This is one of the levers behind the 21 consecutive quarters of margin expansion. In menswear, we applied the same logic as we applied in the area renovations that started back with denim at the time. We reorganized this journey by occasion of use, which is how the customer shops, rather than by product type. This will be a simpler journey with better level of service. In logistics, we started operations at the Northeast Distribution Center, increasing replenishment frequency through the hubs and expanding Push & Pull. In practice, this means a more granular and accurate supply, which sells more with fewer markdowns. In the offline journey, our new store concept, Energia, is one of our main growth engines. What changes here is the customer experience. The collection is more visible, circulation is more fluid, and the team is better prepared to serve our customers. The service areas were revisited with more comfortable fitting rooms and closer checkouts, so the customer can try on and then purchase much more easily. In the quarter, we had three new openings under the Energia model, most notably the new Avenida Paulista store, which is an iconic project in one of the most emblematic addresses in the city of São Paulo. Of the 18 stores under renovation, eight were delivered at the end of the third quarter, and we have another 10 that will reopen in Q4 2026, with a greater concentration in the first half of the quarter. Since only a small part of our store base is operating under this model today, we see this as one of the greatest potential fronts for the new cycle. We also continue to bring technology into our stores. Self-checkout now has reached almost half of our store base, which not only gives back time to the customer, but also increases productivity for our operations. In the online journey, our starting point is the customer, not the channel. She can search the app and try on in the store and buy whatever they want. Our role is to make this experience easier and simpler. The omni customer has a higher ticket, a higher value to us. They shop twice as often and spend twice as much as the customers that use only one channel. This is why our goal is not to grow the channel just for the growth's sake, but we want to grow our base of omni customers, because they are the most profitable customers. In the quarter, we also simplified the purchase journey, which can now be completed in just two clicks. Customers that use the new features already convert 43% more than the others. As a result, we reached the 11th consecutive quarter of growth in digital. Being where the customer is also means being where they discover fashion. This is increasingly on social media, social commerce. Minha C&A, our consultant channel, grew 89% and has now 180,000 consultants. We also debuted on TikTok Shop with a curated assortment in categories where we are already very strong, such as denim, and focusing mostly on a younger audience. In brand and relationship, I think these 50 years have shown the strength of the connection that C&A has built with Brazilian consumers. In our Denim Week, we were on the runway with a 100% sustainable denim collection, reinforcing our authority in this category, which is part of our DNA. We also had a collab with Gustavo Silvestre with items in 100% recycled fabric made from the used items that customers drop off in our stores through the ReCiclo movement. This collab reached physical stores at the opening of the Paulista store, and the pre-sale sold out in a few days. We also launched the 50th anniversary collection in five capsules that tell the story of our brand and show how C&A has accompanied Brazilian women over these five decades. Rock in Rio was the stage for this celebration, bringing the brand closer to more than 700,000 people. Our customers responded to that. The NPS of our physical stores rose 4 points versus the same quarter last year. This shows that connection with our brand, combined with improvements in our products and improvements in the store experience, translates into more satisfied customers who want to come back. On the next slide, in new businesses, ACE arose from a clear shift in customer behavior, which is the boundary between sport, fashion, and lifestyle, which is increasingly attenuated, it is increasingly blurred. This is a fast-growing market, and C&A has everything it needs to win in it. ACE has its own brand, products, and channels, but it also leans on the sourcing technology and logistics of C&A. This means it is born with the strength of C&A. in the third quarter, we opened two new stores, one at the Bourbon Mall in São Paulo and one at Barra Shopping in Rio de Janeiro, testing different sizes in different regions. We have three more stores planned for quarter four, in addition to the launch of the brand's app. I'd like to hand it over to Laurence, who will give you more details on the numbers for the quarter. Thank you, Paulo. Good morning, everyone. I will now present the financial performance of quarter three. Let's start with our sales. In apparel, our revenue was BRL 1.69 billion, up 2.6% versus the previous year, and our same-store sales grew 1%. Our merchandise net revenue totaled BRL 1.79 billion, up 1.3% versus quarter three last year. Early in the quarter, our traffic still reflected the World Cup effect, which we had already mentioned since the second quarter. As everyone already knows, the combination of high interest rates and high household indebtedness has been putting a lot of pressure on income and purchasing power. However, we started to see normalization of our traffic in mid-September. From then on, with the arrival of our summer collection, our summer products, we saw a change in this trend. This was also driven by our functional products such as denim, knitwear, and intimates, which were also positive standouts for the period. In quarter three, we had 18 major stores under renovation with a negative impact of about 1% point on our same-store sales. In merchandise, the slower growth was due to two factors. First, the comparison base of Q3 2025, which still included part of our mobile phone operation. Second, the beauty category, which was impacted by a change in the tax treatment at the state of São Paulo starting in April this year, and this increased the sales tax. On this slide, this is about digital. The net revenue from our website and app reached BRL 143 million, up 27.6%. As a result, the share of the digital channel in our sales reached 8%, 1.6% points above the prior year. This is the result of the rolling out of new features that improve the shopping experience on our website and app, such as the new checkout, which was rolled out this quarter and led to higher sales conversion among the customers who are using these new features. As for our gross margin, this was the dynamic of our gross margin in apparel. The apparel gross margin reached 56%, up 0.6% point. This is our 21st consecutive quarter of expansion. This result was achieved even in a promotional environment. With more versatile products and with the evolution of our dynamic pricing 2.0, which now also works on markup, so in the price formation of our products and not just for markdown management. The expansion of Push & Pull and also the early benefits of our new logistics strategy, such as increased frequency of replenishment in our stores and also the FX effect also contributed to this expansion. Even with a lower margin in beauty due to the change in the tax regime, our merchandise gross margin reached 55.2%, also an increase of 0.6 percentage point. Moving on to our expenses. Our pre-IFRS 16 SG&A grew 5.6%, a 1.4 percentage point deleverage on our net revenue. Our selling expenses, it's important to remember that this quarter we had one-off marketing investments relative to the campaigns for the 50-year anniversary of C&A in Brazil, and also the investments made in Rock in Rio. We also had higher occupancy costs compared to last year due to the expansion of our store base, which now totals 343 stores and 3 ACE stores, or 13 additional stores versus the same period last year. For G&A expenses, G&A expenses were practically stable, up 1.3%, with a 0.1 percentage point of leverage on our net revenue. Excluding these one-off expenses from Rock in Rio and the 50th anniversary campaign, which were booked in our selling expenses, our SG&A would have grown below the inflation for the period. Another relevant point is that we are very much focused on controlling and ensuring efficiency of our operating expenses, and we expect to see a dilution of our expenses in quarter four. The next slide talks about C&A Pay. Here, we continue with our responsible approach to credit granting, and we are certain that C&A Pay is an important tool for building customer relationship and promoting loyalty through credit. In a scenario still marked by high interest rates and elevated indebtedness, we maintain our very selective stance on credit approval, prioritizing the quality of our portfolio. As a result, C&A Pay had a sales penetration of 27.8% in quarter three, down 1 percentage point versus Q3 2025. C&A Pay's revenue reached BRL 101 million, up 27%, whereas the portfolio up to 360 days reached BRL 941 million, up 10% year over year. This performance was driven by a higher share of interest-bearing payments in our portfolio, such as interest-bearing installments and personal loans, which is being gradually offered only to customers in our base with a good payment history and proven performance. The roll rates of the new cohorts also translated into a better quality portfolio, with an NPL 90 down 2.5% versus last year, closing the period at 13.9% of the 360-day portfolio. The net loss on the portfolio in this quarter was 4.3%, a 0.6 percentage point increase year over year, which is exclusively explained by personal loans. C&A Pay's result was BRL 20.2 million in the quarter versus BRL 8 million in quarter three last year. I'll give you more details on our delinquency indicators. As I mentioned, our NPL continues to improve, as well as NPL formation, which points to the good quality of our new cohorts and the good performance of our roll rates. The net loss on our portfolio ended the quarter at 4.3%, and this increase is explained by the product mix, because over the past few quarters, as I said before, we gradually expanded our personal loan offering. Finally, it is important to highlight that we are maintaining healthy coverage levels and a good provisioning model, as well as good coverage throughout the quarter. On the next slide, moving on to our EBITDA. The pre-IFRS 16 adjusted EBITDA was BRL 191 million, with a margin of 10.1%. The expansion of our gross margin and C&A Pay's results were partially offset by one-off investments in our brand relative to the 50-year anniversary here in Brazil, and also investments made in sponsoring Rock in Rio. On the next slide, our adjusted net income was BRL 56.5 million, with a margin of 3%, which reflects the same dynamics that we discussed for our EBITDA and the better financial results. On the next page, our CapEx and ROIC. In the quarter, our CapEx totaled BRL 184 million, up 26.2% versus last year, reflecting the execution of the company's strategic initiatives. The funds were steered mainly to the renovations and expansion of our stores under the Energia model, and also the new ACE stores, in addition to investments related to the new distribution center in the Northeast. In technology, we continued to make progress with initiatives focused on productivity and customer experience, such as expansion of the self-checkout capability, which is already present in approximately half of our store base. It is also worth mentioning that over the last 12 months, our adjusted ROIC reached 18%, remaining above our cost of capital and reinforcing our discipline in capital allocation, as well as the company's ability to grow its businesses while still preserving return on the invested capital. On the next slide, we have our working capital. In quarter three, we started the process of gradually adjusting the company's working capital. Our cash conversion cycle was 92 days, six days better than the prior quarter, but still above the 2025 levels. On our year-over-year comparison, our inventory days increased by 16 days, and this level is still affected by the product mix from the discontinuation of mobile phones, which had higher inventory turnover than apparel. In quarter three 2026, within this same process, we also started the gradual reduction, and we ended the quarter two days below last quarter. However, while preserving product renewal and also availability to support a strong start for quarter four. In receivables, we had an increase of three days, which is in line with what we saw in quarter two, reflecting here the higher share of interest-bearing installment payments in C&A Pay. As for merchandise payables days, we had a reduction of four days resulting from the inventory adjustment that we made. Here, it's also important to mention that we stepped up our actions to release working capital with the goal of maximizing operating cash generation in Q4. Our expectation is that the cash conversion cycle at year-end will be in line with what we saw in Q4 last year. To wrap up, our capital structure, we ended Q3 with a net debt of BRL 201 million. Our leverage was 0.2 time net debt to adjusted EBITDA, even after paying the BRL 140 million in interest on equity and BRL 110 million in share buybacks carried out over the year. Here, it's important to note that we have completed the fourth buyback program with 10 million shares, and the company's board of directors approved the cancellation of 6.3 million treasury shares, reinforcing our commitment to total shareholder return. With that, I stop here. This concludes my presentation, and we can now open the floor for questions. Thank you. We will now open the floor for questions. To ask your question verbally, press the button "Raise Hand" to join the waiting line, or you can submit your question directly through the Q&A icon on the bottom bar. The first question is from Joseph Giordano, JP Morgan. Hello. Good morning. Good morning, Paulo. Good morning, Laurence. Thank you for taking my question. I want to explore your revenue trends. You talk about the ascending trend over the quarter and then a turn in mid-September. How are you seeing these new collections and mini collections that are arriving and the level of acceptance of your consumers? Because when we look at the consumption environment and high-frequency data, everything points to a difficult quarter in Q4. Also your inventory quality. You have good quality and ascending gross margin despite market conditions. So, I want to hear from you about the promotional environment and also what we should expect from costs looking forward. Will we continue to see this ascending gross margin looking forward? Finally, could you please quantify the impact of the 50-year anniversary and the Rock in Rio campaign so that we can better model your recurrent expenses? Thank you, Joseph, for your question. Good morning. About the revenue trend, what we are clearly seeing, as I mentioned before, is that in July, that's where we saw the greatest impact of the World Cup. Then in August, there was still a challenging level of impact, and in September, things started getting better. Looking at Q4, we expect to be closer to the numbers of September than July or August. We have a positive prospect for Q4, especially because the items that already arrived from our summer collection in early September and that we still carry in our stores right now, the items are having a very positive response from consumers. Of course, the heavy rain and the lower temperatures have an effect. In October specifically, we must also remember that we had the two rounds of the elections, which also can hinder these dynamics. But if we exclude all these factors, we see that the prospect for Q4 is positive. Let us not forget that December is a decisive month. It has a heavier weight in our equation in terms of the volume of the quarter, so it's very important that we have a November. Well, considering the context, we should have a more aggressive Black Friday context in November, and we should have a month of December very well prepared with our collection designs, including our summer and whole year collections. This is what I wanted to share about our revenue. Now, as for inventory quality, again, we have had this experience before. We have seen this movie several times before in the different periods. We have been adjusting our inventory precisely not to cause an impact on our assortment and the appeal of what we offer to our consumers, because reducing inventories suddenly and forcedly would be like braking a car completely, but also stepping on the brake of products that are having good sales and not necessarily braking the ones that are going through a more challenging moment right now. This has to be a gradual process, and I think we have been able to do this gradually, and that is why we think the quality of our inventory is really good, precisely because we are not doing anything sudden or forced that would cause an imbalance in our collection. The promotional environment, considering the context that we are going through right now, there will be some pressure for markdowns and promotions. I believe that this Black Friday will be a more aggressive Black Friday than usual. By usual, I mean in similar years. About the impact of our anniversary campaign and Rock in Rio campaign, I think Laurence shared with you the numbers. We are talking of around BRL 20 million in additional expenses during the period because of those campaigns, or something in that magnitude, order of magnitude, which shouldn't be recurring in the next periods. Thank you. The next question is from Rodrigo Gastim, Itaú BBA. Good morning. My question is about cash generation for Q4. Laurence, can you please give us a breakdown on the level of comfort that you expect with this improvement, particularly with the adjustment in your inventory and also suppliers in Q4 to go back to record conversions. So how much visibility do you already have about this. Then follow-on question, what will you do with this cash. I know you made clear that you will increase returns for shareholders with part of this cash, but the question from investors that we have today is, at this level of valuation of your company and other shares in consumption retail, it is a no-brainer for a lot of companies to further increase return to shareholders. I know you haven't really announced anything to date, but what are you expecting on the price of your share and how this situation will impact the stock market and the price of assets, and how much will this increase the priority level of this internal discussion for you via your management board to further increase return to shareholders, which is something that they are really appreciating in this current situation that we are going through. So working capital and capital allocation. All right. I will start. Gastim, I would say that since the start of Q3 in early July, we started to implement a series of initiatives in all dimensions of our working capital. We started to revisit and measure initiatives, either adoption of initiatives and also their potential impacts on the requirement for working capital and also potential impacts on our sales, considering that one of the dimensions of working capital is the payables days and all the incentives that we give on C&A Pay or our interest rates or even grace period in some of our programs. We revisited all our plans for the year. We made changes. We rolled out some actions in our receivables days that will actually, the effects of which we will start to see in Q4, and actions that will continue to be available looking forward. As I said, it is very important to diligently execute actions relative to the working capital, to release working capital without negatively affecting the company sales or the company's competitiveness. We made all these adjustments in our receivables days and also some actions relative to payables days for suppliers, both indirect and direct suppliers, also some renegotiations. The development of new suppliers was also part of this initiative. As we heard from Paulo, there was also the strategy to optimize inventory management responsibly and gradually in order to not affect the entry of new products or the freshness of our collections. This is already taking place. This is already ongoing, as I mentioned, the actions that were rolled out in early Q3. However, they have a maturation time that needs to be considered. We have already captured some of the benefits from these working capital-related actions in Q3. That is why we were talking about early adjustment of our working capital already in Q3. But of course, the impact will become much clearer and visible in the end of Q4 this year. We trust that in the end of Q4, we will see progress in all dimensions and also in our cash conversion cycle, with a cash conversion cycle that will be very similar or in line with that of last year. Now, as for capital allocation, first of all, Gastim, I must say that we are now in a political macroeconomic environment of much uncertainty. We will have to wait for further definition from the new administration, the administration that starts in January next year, the conduction of the tax policy, and consequently the monetary policy, and the speed of reduction of the interest rates in the next year. We also need to wait and see what the scenario will look like before we can make decisions about capital allocation. What we already know, we have already started our discussions about the budget with the board, and yes, we will be more conservative and defensive in 2027, prioritizing investments with higher returns. I think the requirement of higher returns is even stronger now. However, the highest priority of the company is its cash, to strengthen its cash, to strengthen its balance, focusing on free cash flow generation, thus creating the right conditions to make the right decisions relative to capital allocation looking forward. This is our line of thought right now. Perfect, Laurence. Very clear. And a quick question about capital allocation, because you also announced the completion of your share buyback program, which was very well executed throughout 2026, but a lot of people were wondering, "Well, you're not going to renew this program." I just want to understand how this program was executed and received internally. Did it really work well for the company? Could we expect new buyback programs of the same size or even larger in the future? Was the capital allocation good and positively received in the board discussion? So why not renew? Please, can you make this strategy clearer? Yes. The answer is yes. It was very well received. We were very happy with the results of the buyback program that was completed. It is certainly a very powerful capital allocation tool, a good way to provide good return to our shareholders, as well as dividend payout. This will certainly be considered as a possibility in the future. On our investor day in August, we talked about this, how the Energia cycle focused on reducing our financial leverage, reducing our indebtedness, paying interest, and the buyback of our rights to sell financial products. Looking forward, yes, it is possible to look into further increasing returns to shareholders. However, the top priority is cash preservation. The top priority is to continue with a solid balance. The execution of our strategic initiatives will continue to be conducted with a lot of discipline in terms of the return of these initiatives, and only then will we be able to repeat this program, but always creating options for capital allocation and creating the room for maneuvers and for changes and adjustments responsibly and comfortably to be able to allocate our capital or execute a capital allocation strategy, which can also contribute with a higher total return to our shareholders. Our next question is from João Soares, Citi. I'm sorry for being repetitive. I want to insist on that last point. Could you please help us quantify some of these points, Laurence? For example, you're saying you will focus on higher return projects. I think you must be talking of store renovations, which is provenly an investment that requires less capital and where you immediately see results or a sales uplift resulting from the renovation. So, Laurence and Paulo, what are you expecting from next year in terms of new openings? How will you allocate this capital? Will you allocate less capital overall? And also, about your balance, I understand that it is an even greater priority now with the current macro scenario to reduce your debt, and we understand the options here. However, I just want to better quantify what changes when we try to imagine what will happen with the company next year." Let me answer the first part of your question, and then Laurence can add to that. It's important to note that today, we have a strategy that is 100% clear, that we're looking into the long term, 2030. What this is showing is the agility in our movements. First, we have a strategy. We know where we want to reach, where we want to get. Then there's the current context with a diligent look at our cash, consciously, which gives us the option to speed up more or less towards where we want to reach, where we want to get. The clarity of where we want to get is number one in this equation. The number two element is the dynamics, the current dynamics, and having a more robust cash. This more robust cash has to do with working capital, which we were talking about. It has to do with inventory and the appetite for investments and the volume of investments. Next year, what are the prospects for next year? What are our top one or two priorities? Laurence already touched on this. Clearly, store renovation is an element that brings us a stronger level of impact and return, but there are also other dimensions. There are dimensions, for example, you were talking about technology. There are other dimensions that give us the possibility of making decisions with more assertiveness and impact on our day-to-day work. We also have the possibility of having a project of new openings, which is a no-brainer with a specific opportunity, so it's very difficult to generalize. That's why I always say one thing is to have clarity about where you want to get, and then you use this framework for each of the moments and each of the movements that you intend to carry out, and you have to consider the uncertainties as well. Right now, in the best-case scenario, if the scenario improves, this means that we will move even faster towards the same Full Power strategy. If we have a more challenging context, a more challenging scenario, we will slow down in terms of the volume of investments. Let me give you an example. The self-checkout functionality, which is another important example of investments that are allowing us. It has to do with the five-by-two work schedule. How can you decrease the impact of the five-by-two work schedule? The self-checkout is a concrete opportunity for that. This is the philosophy behind what we're doing. Now, how much will come from each of the levers next year? I think it's too early to say. There's still a lot of uncertainty. There's a lot going on in the macro level, so that's why it's important to have the options. We want to create the options, and these options will give us the possibility to choose whether we want to speed up or slow down in any of these dimensions. Go ahead, João. No, just a follow-up. No, you can go ahead, and then I'll ask the follow-up question. Along the lines of what Paulo said, I think the way we're thinking today, we want to start next year with a lower CapEx level. Thinking of your model, you should think of a lower CapEx for 2027 versus 2026. However, our CapEx and the way we have been executing our CapEx is modular. This means that we can adjust our CapEx intensity as we go throughout the year. This is the first point. Now, the second point, we have to start more conservatively and more selectively. We will also increase the requirement of returns for all our projects, but as you heard from Paulo, if there is an improvement in the scenario, if conditions improve, this can change. We may adjust and speed up or intensify these efforts. Let's not forget that particularly for new stores, depending on the quality of the site and the square meter, this is essential. So this requirement, this selectiveness, which was already a requirement for us, will be now even more a requirement for us, considering the level of uncertainty and the macro scenario that we are facing currently. Also here, another important point is that mindset of adjusting the business, adjusting the company based on the current situation, having this flexibility to adapt. And another point, actually my last point, is that we also want to have a higher free cash flow versus 2026. This is another guiding point, another ambition that we expect to have in mind for the 2027 budget. Now, switching gears to another relevant topic, I would like to understand the impact of the Chinese platforms now with the tax exemption. I think that fashion retail is the most harmed. We talk about the macro, but the competitive part is not so clear. So how can we understand the competitive impact for you and how you are reacting to that change? João, about the Chinese competitors, this certainly increases the challenge for us because now we have competitors with different competitive conditions compared with the traditional players of this industry. There are statistics showing that there was an increase in the number of packages delivered during this period. So, what we have been trying to do for a few years now is work on the same concept, to build the value of our products. So, wanting to compete for price, for the lowest price with these Chinese platforms is not the appropriate strategy. What we need to do and what we have been doing and what we are evolving every quarter after quarter, is the value perception and the story of our products. Because if the value perception, which is an equation that goes much beyond the absolute price of a certain item, the value perception is what will indeed increase the chance of purchase or decrease the chance of purchase in our stores. This is what we are working on to improve the relevance of our products, the speed of replenishment, and also perception of value and versatility of our products to ensure that we have a lower relative competition with these Chinese platforms. This is the way we have been approaching this. The next question is from Felipe Rached, Goldman Sachs. Good morning, Paulo, Laurence. Thank you for the opportunity. I want to further explore the topic of your gross margin, which was one of the highlights of your results. You talked about FX, which was a component for expansion, also dynamic pricing, the Push & Pull. I know it is difficult to break down accurately. However, I want to understand how much of this expansion came from the FX effect, and how are you seeing the trajectory of this component considering the current FX levels? So, looking forward. Also, last year, we talked a lot about potential pressure on raw materials and logistics. How are you expecting these moving parts to behave in 2027? Felipe, thank you for your question. As for the impact on our gross margin, here we are talking about different types of impact. You listed some of them. The FX effect is one of them, but the FX has a direct effect on part of our products that involve imports and an indirect effect on the raw materials of other products that we manufacture in Brazil. There is this combination of direct and indirect impact. This is one of the elements of this equation. If the FX dynamics changes significantly, of course, there will be an impact that we will either have to transfer to the consumer in terms of prices or withhold higher pressure on our margin. What we are not considering here is the relevance of our collections. Our collections have to reach consumers at the right time with the right products. This is the element that has the most impact of all the elements in this equation of expansion of our gross margin. Testing and scaling your items, those that are working well, those that are liked by our customers, this will lead to a much lower level of markdown. Number two, having the products available in the right size at the right time, particularly your basics, because that is where logistics has a critical role. We are advancing our logistic capacity month after month. Product availability or having the right product available in the right time, this is another very important element of this equation. The third, which is still part of this list, is what we call dynamic assortment with the categories and the right level of relevance within each of our stores. This all combined with dynamic pricing and the way we make adjustments without having to make major adjustments in the end with a super markdown to be able to solve the problem of products or collections that are not performing as well as you expected, and at the same time, tapping the opportunities of collections or items that are doing really well and perhaps increasing the margin for those collections. These are the right elements and the most important elements in building this gross margin dynamics that has been consistently built in the past few quarters. To me, this is the most important equation in this movement. Excellent. Thank you. Very clear. Our next question is from Isabella Lamas, UBS. Good afternoon. Good afternoon, Laurence, Paulo, and the IR team. I have two questions. The first one is about inventory. I want to further explore and understand this point. This is starting right now, the reduction to normalized levels. You are still 90 days above. What is the new normal? Because you had this change in product mix. Can you please share how many days above, how many of these additional days come from this new mix, and also the logistic model that you are implementing? Of course, there are more hubs now, and consequently, there should be more intermediate stocks. Does it make sense? Should this cause or be another factor promoting an increase? What is the normalized level of inventory of the company? Another front that I want to ask about is C&A Pay, which is a point that was not explained here today, which is personal loans, an offer that you're testing right now. From what I understood, you're rolling out this quarter, and you're already seeing an effect on your revenue growth. How much was this effect from personal loans, and how much do you want to scale this up to in the short term, in the next quarters, considering your appetite for risk relative to this product? Also, I heard that you already provisioned for the risk, you increased your coverage level, but the NPL will still find an obstacle in this product. What should we expect from your NPL and provisioning? Should we see an evolution in your cost of risk looking forward? These are all my questions. Thank you for your questions, Isabella. Let me start with our stock. What is the reference level that we want for our stock levels? We want to go back to the levels of 2025. I'm being very straightforward here. That's the point that we will work on in the coming months so that we can progressively go back to the same level of inventory that we had in 2025. This is the goal now, and as I said, and as you said in your question, regardless of the logistic model, now with more hubs, which in theory would increase the stock level, however, the possibility of supplying faster and replenishing faster leads to lower need of inventory at the store. There's a balance to this equation. This is what I have to share with you about the dynamics. We are evolving, actually, these dynamics. In 2026, we have record-breaking penetration of Push & Pull and unit distribution, which increases assertiveness of the stock that we have in store, and this certainly leads to better sales. The idea for inventory is going back to the levels of 2025, and we do not believe that the total inventory of C&A will grow. It shouldn't be the case. It's the opposite, actually. We're always looking for opportunities to optimize. As for C&A Pay, Laurence, would you like to answer that one? Yes. Well, Isabella, as for C&A Pay was a pilot for building a portfolio, so between the pilots and the testing, to build the size of the portfolio that we have built. We do not expect to accelerate this portfolio. What we want is to create a portfolio that is significant in terms of helping us know the details of the product, the dynamics, behavior of our consumers using this product. After a lot of research, we know that this product has high attractiveness and utility, high adherence for C&A Pay. It works as a feature of C&A Pay. In this pilot, we only approved our C&A Pay clients with a good track record in terms of risk and good credit scores. The idea is to keep the same strategy looking forward, only with the clients with the best credit scores. We do not expect to accelerate the personal loan portfolio looking forward. Now, the basic portfolio that we have built is already sufficient to give us the conditions to learn more about the dynamics of this product, credit granting efficiency, credit granting efficiency of maintenance, and credit recovery. This is the idea behind the pilot. Another interesting point that I want to share is that considering the nature of this product, it requires higher provision in its early stages of delinquency, in the early stages of delinquency. It is a product that will pull more provisions because of the higher risk. That is why we saw this effect and the impact of personal loans on the total net loss of the portfolio. As we mentioned, this is very much in line, very adherent to the dynamics of C&A Pay. We believe this is the ideal size for this offer, and we do not expect to see any greater impact or any type of deterioration of the quality of our portfolio due to this pilot, because the roll rates of C&A Pay are doing really well. I think the concession itself, credit granting, credit granting in itself is very efficient, very assertive, and also our collection efficiency. The roll rates are looking good, and we do not expect any deterioration in the consolidated numbers for our financial services. Very clear. Thank you. Have a great afternoon. The next question is from Eric Huang, Santander. Good afternoon, and thank you. Two questions. The first one is about expenses. I think that in this quarter, you kept your expense level very controlled, and I want to know what to expect after the end of the six-by-one work schedule. Your visibility of the continuity of the work that you did for expenses and how this will offset the impact of the change in the work schedule, and how much room do you have to implement efficiencies in addition to the work that was already done? My second question about C&A Pay, we want to further understand how you plan to dose between the benefit from expanding your portfolio, the benefits for your sales versus the level of risk. I think this is something that you have been doing really well, but looking into 2027, it should be a more difficult year in terms of consumption. Would it make sense, or would you be willing to have greater appetite for risk to increase your sales versus the risk that that itself could bring to your portfolio? These are my two questions. Thank you, Eric, for your questions. Let me jump to your second part, the second part of your question about the expenses, because at the end of the day, we are talking about a story that is already consolidated in our management model, which is understanding each of the blocks or buckets, as we call them, each of the buckets of expenses and which are the opportunities. This is something that we discuss all the time. There is always an opportunity to improve. As we hear from the most experiences, it is just like children's nails. You always have to be cutting expenses, right? We understand that there will always be opportunities to cut your expenses. In a world where technology evolves fast, it is creating more and more opportunities to review and revise and revisit your business to allow for leaner operations, more fluid operations, faster operations, which is actually the most important point for us. About the expenses, you talked about the specific case of the end of the six-by-one work schedule. We have been testing. Now, this is not just theory. This is a practical experiment that we did. We already have 62 stores that are already operating in the five-by-two work schedule. What we learned during these tests and when we transitioned to this model, we learned two lessons. One, the cost. If you do exactly the same thing, if you do it today, your cost will increase. What are the opportunities to offset for that cost increase? First, that is a level of loyalty, a higher level of attendance. The level of attendance is higher when you go to five-by-two. You only have to increase the level of planning of your tasks and the working hours in your stores. Of course, if you keep doing things the same way, there will be no impact. One way of offsetting this impact of the five-by-two work schedule is better planning. We hired a tool for that increases the intelligence and uses algorithms to plan the tasks within our stores, the everyday tasks within our stores. Number three, we will need to increase the work format or work models. For example, intermittent work becomes more relevant. The possibility of intermittent work becomes more relevant because in the end of the day, where do we have our greatest bottleneck? Where is the greatest problem here? It is particularly in high-traffic moments where you have fewer people in the stores, and this is something that usually happens on Sundays. Sundays, we have been seeing an increase in traffic on Sundays. Now, with the new dynamic of the five-by-two, Sunday is the most challenged day. We have to create solutions for these specific moments, and this now becomes more relevant, solving these challenges. We are working towards offsetting this impact somehow, or at least minimizing this impact so that we can work on the other expense reduction verticals of the company. But we are looking at all expense reduction verticals and how we can simplify and streamline our processes using technology to have the opportunity to reduce our expenses. Now, the appetite for credit risk, the answer is no. We will not accelerate credit granting in exchange for sales, for higher sales. I think we are very happy with what we have been doing and our positioning towards credit. We actually acted before the deterioration that we are seeing elsewhere in the market, but we anticipated this risk, and we already did two reductions of the risk ranges where we stopped operating in the past 12 months. This is something that has worked, always respecting our credit model, which defines our appetite for credit, which is something technical and that follows technical requirements in the credit model that we have. The answer is no. We will continue to have a cautious approach and very disciplined. I think the word here, the keyword here is discipline, with a model of with a framework of models and engines, always with the same level of discipline. I think the principle here is that we want to improve our sales, and we want to improve our traffic, but not through credit granting, but rather due to the appeal of our fashion products and a good purchase experience through our channels. Very clear. Thank you, Paulo and Laurence. Our next question is from Alexandre Namioka, Morgan Stanley. Good afternoon. Thank you for taking my question. I heard about the onboarding of TikTok Shop and also the first live commerce test that you performed recently. Can you tell us more about the first lessons learned about TikTok Shop operation, and how do you see the social commerce initiatives of other e-commerce platforms that we see and other players that are also investing in this segment? Also, a third point here about social commerce. Have you seen so far any benefits of operating in social commerce with benefits for your brick-and-mortar stores, either in terms of higher traffic or higher conversion due to the investment in social commerce? Thank you. Thank you for your question, Alexandre. Let's break it into parts. The social commerce initiative is connected to the consumption habits or the everyday habits of our consumers. Being closer to them in that space where they spend hours every day is a requirement and a top priority, and something we've been working on for a while now and investing a lot in. This happens in different stages. For example, the social commerce, the specific dynamics of social commerce, specifically through the Minha C&A consultants. This is something that has progressed a lot. It's well-evolved. We're talking about hundreds of thousands of people that are already working as C&A promoters, building content every day, talking about our products, our items, promotions, sales, opportunities, finds. In this sense, we already have a high level of maturity to understand the importance, the growing importance of this channel, of this dynamics. Now, we recently started operating in TikTok Shop, and then we go back to that basic philosophy of testing, learning, and scaling from that. We started on TikTok Shop continuously and very much focusing on products and categories in which C&A already has a high level of dominance and penetrance. The idea is to learn from that experience, and I think this is very incipient right now. We're just starting. Of course, there's a huge potential to be explored here. Our live commerce initiatives are also examples of these new formats that social commerce allows for and ends up allowing for a new level of presentation for our offers. I think this is a very important initiative that should only increase looking forward. We want more and more to have the right competencies, to have the smoothness and the relevance that we want for these initiatives when they are fully implemented. But what we want is to be closer to our consumers in any channel possible, in every way possible, in all the different moments in their lives. We want to be there, present, and showing them, showcasing what C&A does best, and the best that we have to offer. Let me give you a specific example. We had this live commerce initiative one month ago on the window of our Paulista Avenue store. It was a very integrated initiative with our newest store, and this is the beauty of this story, because this also makes the story more tangible. For those who want to physically visit our stores, they can do that. For those who are seeing our physical stores online, this will motivate them to visit a physical store. If they want to purchase online or on our app, they also have this possibility. That is important. That is what is important, to have omni customers. Omni customers, as I said in my presentation, in terms of annual spending, they are worth twice as much as the single-channel customer. This is extremely important, strategically speaking, and that is why we will continue to advance and invest in our social commerce platforms. All right, Paulo, thank you very much. Our next question is from Pedro Caravina, XP. Good morning, Paulo and Laurence. Thank you for taking my question. I think most of the topics were already explored, but one topic that has been coming up a lot in our conversations is the tax reform. What will the transition look like in 2027? How do you see the relationship with shopping malls considering the tax reform? Have you started conversations about how the new tax will be embedded in the new rental contracts, and how are you seeing the occupancy costs in this new scenario? All right. I will answer this one. The conversations are going really well. We have been discussing with the malls, and these discussions are evolving well. It is important to stress that C&A has longtime partners, commercial partners. These are very long-lasting relationships, very strong relationships that were built over time. I think conversations are going really well. I think we are still having those discussions. One obstacle that we are seeing that is actually much broader is the current context. There are still uncertainties regarding the tax reform. There are some technical notes that have not yet been issued. Some have already been issued and were reissued with changes. Some operational guidance, lack of documentation, documents for the regulatory agency. There are still a lot of open questions, regulatory questions, and operational questions. Of course, this can also lead to a certain level of uncertainty when making decisions. I think that all the players are now waiting for further definition regarding the outstanding issues, the outstanding points of the tax reform, so that we can reach an outcome that we believe should be a consensual outcome, a consensual solution. But we are seeing this in a positive light. A lot of people are seeing this in a positive light. However, the current situation of the transition towards the tax reform, this is a context that still has a high level of uncertainty, and this has been creating some insecurity for some players. Thank you, Laurence. To submit your question, click on raise hand or submit it directly through the Q&A icon. This question and answer session is now closed. Now I would like to hand the conference back to Mr. Correa for his final remarks. Thank you all for joining our call today. I would like to thank the C&A team. You have all my recognition. These results are yours, the results of your work. Thank you for being with us on this journey, and we will continue with our purpose of impacting people so that they can be who they want to be through fashion. I send you my heart. Thank you very much, and we will see you at C&A. We want to be very well prepared for the end of the year and deliver great and brilliant results. Thank you. See you next time. For outstanding questions, please contact the IR team. This earnings call is now closed. Thank you all for participating, and have a great rest of your day. You may disconnect now.