Good morning, everyone. Thank you for waiting. Welcome to this video conference to present CVC Corp Q1 2025 results. Today we have simultaneous translation into English available. To access, click on the globe icon at the lower bar of your screen, look for interpretation, and choose your preferred language: Portuguese or English. After choosing the language, there is an option to mute the original audio in Portuguese. Just click on "Mute Original Audio." We would like to inform you this video conference is being recorded and will be available on the company's IR website, www.cvccorp.com.br/ri, where you can find complete information about our earnings. You can also download the presentation. The link will be in the chat window, also in English. During the company's presentation, all participants will have their microphones disabled. After the company's presentation, we will begin a Q&A session. To ask a question, click on the Q&A icon at the bottom of your screen and send us your question to join the queue. When we call your name, you'll see a prompt on your screen to activate your microphone. Please activate your microphone and ask your questions. If you have more than one question, please ask all of them. We want to remind you the information in this presentation and statements that may be made during this video conference in relation to business prospects, projections, operating, and financial goals of CVC Corp represent beliefs and assumptions of the company's management and information currently available. Future considerations are not a guarantee of performance. They involve risks, uncertainties, and assumptions because they refer to future events and therefore depend on circumstances that may or may not occur. Investors should understand general economic conditions, market conditions, and other operating factors may affect CVC Corp's future performance and lead to results that differ materially from those expressed in such forward-looking considerations. Today with us, Fabio Godinho is CEO of CVC Corp and Felipe Gomes, CFO and IRO of CVC Corp. I'll now turn it over to Mr. Fabio Godinho. Good morning, everyone. This is Fabio Godinho, CEO of CVC Corp. Welcome to our conference call on CVC quarterly earnings. Today we will talk about Q1 2025. The new year has finally begun. As we had already announced last year, now we'll have all three CVC units growing together. This will really help us gain traction to grow sales in CVC Corp, as we will see here in a quick overview of Q1 and what is to come in the next few quarters. Now, a few financial and operating highlights in Q1 talking about growth. We opened almost 40 stores in this first quarter, 39 store openings, surpassing 1,500 operating stores in Brazil and Argentina combined. We opened 25 new stores in Brazil, totaling 1,303 operating stores, already more than we had before the pandemic. In Argentina, the same thing: 14 new store openings, accelerating our growth in Argentina, on top of a strong last year in terms of store openings. We continue to grow. We closed Q1 with 165 operating stores in Argentina, far exceeding what we had before the pandemic. This is an important milestone for us, proving to everyone that yes, we could surpass our pre-pandemic sales level, and yes, we could surpass the number of points of sale we had before the pandemic. That was a key achievement for all of us. Now, when we talk about our sales growth here, we delivered powerful results. We grew sales by BRL 1 billion in one quarter, BRL 1 billion in one quarter, with all three business units growing strongly. B2C grew 9% versus Q1 2024. You see the ramp-up of our new stores, plus same-store sales in this first quarter. This year, according to ANAC, the total number of passengers grew 6%, and international started slow because of the FX rate. We delivered growth above market average. In B2B, we grew 22% in Q1. Remember, we also delivered a strong growth in Q4 2024, and we continue to see a healthy take rate. Visual is growing well. Trend is also growing. Above all, our consolidator, Rextur Advance, is growing. Now both B2C and B2B show healthy and stable margins. The biggest contribution this quarter, as we could already imagine, maybe not in this magnitude, but the fastest growth came from Argentina, 102%. We doubled our earnings over the first quarter of 2024. We delivered significant growth in B2C versus ANAC market data. In B2B, we grew well above the market, and in Argentina, we also delivered well above the market, showing sound market share gains in our three business units. In 2025, we can see a 30% top line, so BRL 1 billion more sales. When we look at profitability, again, our EBITDA exceeded BRL 105 million, up 21% compared to Q1 2024, which had already posted a strong EBITDA growing in Brazil and also in Argentina, with a healthy EBITDA margin nearing 30%, 29% EBITDA margin, very close to the number we delivered in Q4 2024, which was 29.5%. Now approaching 30%, our historical average before the pandemic, when CVC was worth seven times more than today, and with a 28% margin in Brazil and 31% margin in Argentina. Adjusted net profit, which we call cash profit, and our run rate instead of the depreciation rate, because this is our CapEx. This quarter, our adjusted net profit was BRL 24 million, six times higher than in Q1 2024. In our capital structure, a significant improvement in our debt compared to Q1 2024. Why do we show this comparison to the first quarter of 2024? Because of seasonality. In terms of cash consumption, the first quarter is the worst because that is when most of our passengers travel. We have to make all the main payments for the year. Even with that, we could reduce our net debt compared to the same quarter last year from 1.9 to 0.9 times our EBITDA, which places CVC in a comfortable position going forward. In the next slide, as we did in the last quarterly presentations, we show our four strategic pillars in CVC. We grew BRL 1 billion in this Q1, where 30% year over year. What about the quality of our growth? We are growing in line with our plan based on our four strategic pillars, as our investors can see quarter after quarter. Our number one strategy was to have more growth in exclusive products from 10% up to 15% and now 22%. We also pursue more land product growth. That is important for CVC strategy. The share of preferred and recommended hotels was 50%. Then it went up to 65%, and it is now 70%. We continue to increase our sales of CVC exclusive product. The second pillar, we've reduced the share of credit card payments, which could become a bottleneck for our growth. These are group people traveling in groups with a high average ticket, so we cannot depend only on passengers' credit card limit. We used to have 70% credit card payments, and then now it went down to 65%, but now we are below 60%, exactly 59%, with many alternative payment methods being implemented now. For example, Nubank, Big Pay, payroll- deducted loans, and a number of new alternative payment methods to be included this year, which will further help us reduce our reliance on credit card payments. Third pillar, more store openings in smaller towns, growing at the same pace as we did last year. Remember, last year, of all Brazilian retailers listed on the stock exchange, CVC had the highest growth in the number of points of sale. Three hundred one new stores considering Brazil and Argentina. Now we continue to grow at the same pace, very strong in Argentina. Argentina had a successful Q1 and Brazil too, as we continue to open stores, especially in smaller towns. The fourth pillar, our phygital sales model, which is a combination of digital with CVC's unmatched footprint of traditional stores, especially now with many new stores outside capital cities in smaller towns and medium-sized towns where the CVC brand can really make a difference, relying on our franchisees' regional knowledge, exclusive products, and above all, alternative payment methods, all of which make a tremendous difference. More and more, we can feel the impact of phygital sales in all Brazilian states. We came from 11% in 2023, then 18% in Q1 2024 when we started to push forward this new sales model, bringing online leads to convert sales at the store, where our conversion rate is much higher. The average ticket is higher. Now phygital sales are more than 40%, actually 44% of our total B2C sales are now made in this new phygital sales model. It shows the proprietary strength of CVC because no other tourist travel company in Brazil has an omnichannel sales capability as CVC has. Customers can use our website, the CVC app, or 100% at the store. Above all, in a combination of the digital power and agility with the confidence and the resilience of our traditional stores. There you have the result: 30% sales growth, BRL 1 billion more sales, exclusive products growing, alternative payment methods growing, more store openings, and outside the large cities, a growing penetration of our digital sales model year after year. We had a busy first quarter getting our sales teams together to align our 2025 sales goals, which are very ambitious. We held the largest convention in the history of CVC. For the first time ever, 100% of all Brazilian airline CEOs were present on stage at the CVC convention, the CEO of Amadeus, the CEO of Avis, politicians, and more than 2,000 participants, the largest meeting in the history of CVC, Visual, Rextur Advance, and Trend. All our teams are now aligned, highly motivated to continue to deliver a strong sales growth as we did in Q1. The CVC convention is really helpful to provide the traction we need to deliver more sales growth in the next few quarters. We have just closed a key quarter for CVC because of the additional BRL 1 billion in sales, BRL 1 billion in one quarter. Because of our fast pace in new store openings, the growth in exclusive products share, greater phygital sales model penetration, alternative forms of payment, our strategy is being implemented successfully, and that translates into faster growth now in our three business units. Thinking back on last year, at year end, CVC was all about growth. During the year, only B2C grew. We were successful to bring B2B in Argentina back on track. We delivered healthier numbers in Q4 2024. B2C began to grow, then it continued to grow, and B2B started to grow faster, but Argentina was still slightly negative. Now in Q1, all three units delivered robust growth, showing we were successful in the implementation of our strategy, now almost two years into this team management of CVC. Now let me invite Felipe Gomes to talk about our financial results in Q1 2025. Thank you all. Thank you, Godinho. Good morning, everyone. Let's go through our numbers now. Godinho has already mentioned most of these, and he spoke about our strategy. This Q1 has made the company feel proud. All our three business units delivered a robust growth. In our last few presentations here on page eight, we have our B2C figures. Confirmed bookings reached BRL 1.5 billion in Q1 2025, with a 9.3% increase over Q1 2024. Net revenue up 7%. Our take rate is a slight drop from 13% to 12.6%, mainly due to a change in our product sales mix. Product by product, the take rate remained the same, but there was a change in our sales mix that ended up causing a slight drop over the last quarter. As Godinho mentioned, our share of exclusive products reached almost 22% in Q1 compared to 15% in Q1 2024. Below, a few highlights: our phygital sales model, it is proving to be very successful for the company. Our performance is well above the market figures published by ANAC. The take rate, as I have just mentioned, even with a slightly lower take rate, our markup remains stable. The change in the product sales mix and the increased share of exclusive products. Here, B2B, we delivered almost 22% growth quarter on quarter, reaching BRL 1.5 billion confirmed bookings, BRL 1 billion 538 million to be precise, up 25% in Q1. Net revenue growing almost 14%, hitting BRL 96 million. A drop in take rate from 6.5% to 6.2% explained by a change in our sales mix here between air and land products. Below that, a few highlights. B2B has sustained the growth trend we saw in Q4 2024, in fact, since Q3 2024. All our B2B companies: Rextur Advance, Trend, and Visual. Rextur remains the leader in air consolidator, and we were very successful launching our land product distributor named Connect Us using the Trend brand. Moving on to the next slide, information about Argentina that delivered a robust growth of 102% in Q1. We doubled our revenue in Q1 2025 compared to Q1 2024 from BRL 530 million in Q1 2024, now surpassing BRL 1 billion in sales in Argentina. An impressive growth. Net revenue up 35% from BRL 60 million to BRL 81 million in Q1 2025. Take rate down from 8.6% to 7.1%, explained by a change in our sales mix between Ola and Almundo. Ola, our B2B, growing faster than Almundo. Both are growing well, but B2B, which is Ola, is growing faster than Almundo, the B2C, and Ola has a lower take rate. Also, in Brazil, B2B has a lower take rate than B2C. A few more highlights about Argentina. The economy seems to be picking up again. We can really feel it now, just looking at these numbers, but also in our day-to-day there, we work very closely to our team in Argentina. The EBITDA margin in Q1 in Argentina was 31%, which is a beautiful number, especially when compared to Q1 2024. Our EBITDA reached BRL 21 million in Q1 2025, and we opened 14 new franchised stores. Now we have 165 operating stores in Argentina. Changing slides, talk about our consolidated net revenue and two figures showing our expenses in Brazil. Our consolidated net revenue reached BRL 362 million in Q1 2025, with an increase of 14% compared to Q1 2024. Take rate was 8.7% for the company as a whole, down from 9.5% in Q1 2024, explained by the change in our sales mix, both in Brazil and Argentina. Looking at our expenses, G&A and sales expenses, we continue to see improvement, holding down our cost. Here in the middle block, you can see G&A reached BRL 144.7 million in Q1 2025, an increase of 3.8% compared to Q1 2024, and that is below inflation rate. In line with our commitment. When we look at that number compared to our revenue, we see a drop of 2.6% from 54.1% in Q1 2024 to 51.4% in Q1 2025. Now the third chart on the right, sales expenses to confirmed bookings ratio, going from 58.2% to BRL 52.7 million, a drop of 9.4%, and sales expense to confirmed bookings ratio from 2.2% to 1.7%. Again, maintaining our firm commitment to hold down expenses. Further down, two comments that have already been mentioned. Now moving on to the next slide, our consolidated EBITDA and cash profit, which Godinho has already explained. Cash profit means we have subtracted depreciation and added our recurring CapEx. What do we have? The EBITDA here in Brazil went from BRL 65.6 million in Q1 2024 with a 25.5% margin to BRL 79.2 million with a 28.2% margin in Q1 2025, which represents a 21% increase in Brazil's EBITDA. On the other side, Argentina EBITDA also up 23.5% in Q1 from BRL 20.6 million to BRL 25.4 million, an EBITDA margin of 31.4%. Remember that in Q1 2024, Argentina had a high number of passengers after strong sales in Q4 2023. When the Argentinians went out shopping, they had the elections in October 2023. On a consolidated basis, when we look at Brazil and Argentina together, the EBITDA reached BRL 104.7 million in Q1 2025, an increase of 21.4% compared to Q1 2024. The EBITDA margin was 28.9%, also above the number posted in Q1 2024, and very close to 30%, which is the figure that we pursue. Below that, we can see our cash profit in Q1 2025, closing at BRL 24 million, up BRL 19.9 million compared to Q1 2024, with a net margin of 6.6%, representing an increase of almost six times compared to Q1 2024. These are the comments we see here. Moving on to our last slide about our capital structure. On the left, our free cash flow consumption. In Q1 2025, our cash consumption was BRL 73.6 million, or BRL 40 million higher than in Q1 2024, but much lower than in Q1 2023. As we've said, this is a seasonality effect because Q1 has the company's highest cash consumption. When we have a higher volume of passengers, mainly in January, but also in February and this year, also in March because of Carnaval and a slightly lower sales volume, this effect is even greater when the company is delivering high sales compared to the previous year. If we look at the table on the right, our overall debt fell to BRL 161.3 million from Q1 2024 to Q1 2025. Our cash is also lower from BRL 440.2 million to BRL 310.9 million. We closed Q1 2025 with a net debt of BRL 358.3 million, which represents an improvement of BRL 132.1 million compared to Q1 2024. We reduced the company's average from 1.9 to 0.9 times between Q1 2024 and Q1 2025. Finally, as we have been doing in the last few quarters, we are also disclosing our volume of unanticipated receivables. We closed Q1 2025 with BRL 371 million unanticipated receivables, which we can use whenever needed, and approximately BRL 1.1 billion anticipated credit card receivables. This concludes my presentation today. Godinho and I are now available to answer any questions you may have. Thank you. We will now open the Q&A session. If you have a question, click on the Q&A icon in the lower bar of your screen and write your question to join the queue, or use the raise your hand button. When your name is called, you'll see a prompt to activate your microphone. Please unmute and ask all your questions at once, please. Please wait while we receive the questions. Our first question comes from Victor Rogatis from Itaú BBA. You can ask your question. Hello, good morning, Godinho, Felipe, the whole team. Thank you for taking my questions. I have two questions on my side. First, what about the evolution of exclusive products in B2C in the future? Can you share your expectations in terms of cash flow cycle, especially in Brazil with the phygital penetration? The second question, thinking about the competitive environment, especially on digital, what can you tell us about that, the growth you've had? Do you believe that other competitors will also deliver the same growth, or do you think that you are ahead your competitors in that? Thank you. Hello, Victor, good morning. Thank you for your questions. Let's begin talking about exclusive products. We are growing the share of exclusive products. If you look at the last first quarters, you know, because we have the seasonality effect. We had 10% and 15%, now 22% share of exclusive products. We are growing steadily and continuously, but you will never see a leap because we have to equalize the penetration of exclusive products in relation to total sales. Also, at the same time, we have to calibrate our take rate so that it is up to our expectations. I mean, it's not worth having lots of products and then having to return these products. I don't want to have lots of exclusive products so that I have to lower the prices and then reduce my take rate at the last minute or have non-sales. We are learning, we know how to do that, and we will continue to improve, but always one to three points per quarter. When we talk about the cash flow cycle, airlines in general, we pay them on IATA, and the term of payment is seven days in IATA. You have a few differences in the week, so you may have five days or nine days, but on average, we pay in seven days. When we pay for our block charter, our exclusive products, then we pay after we have the naming list, usually one week before the travel. About 87 days to pay. Around 80 days more when we sell exclusive products compared to airfare as a regular product, you see. This is the gain in terms of cash flow cycle. The time of payment, the time of financing is very similar when you issue regular air tickets or when you issue exclusive air tickets. That is usually flat, not much difference. The big difference are these 80 days in our payment term. At the end of the day, we want to have about 30% depending on the sales of our blockings. I think that we're doing very well. Airlines, you know, with the blocking structures with airlines, they were not fully operational, but now they are both at LATAM and GOL and Azul, which is a company where today we are co-sharing flights with Azul and also Azul Viagens. These airlines, today they have a very clear view of how CVC operator and Rextur Advance on B2B can add value to their business model. CVC operator, I mean, we did a lot of work with the airlines last year showing that 1.5 million blockings that we are negotiating for this year on average. We looked at all routes, the frequencies. We presented a full report to all airlines, not only to the commercial area, but also to revenue management. This was really important because we could bring revenue management and the commercial department together in the meeting room because, you know, they have different views. We know a lot because we have this knowledge. We come from this world. We know how sales work and the relationship between sales and revenue management. We showed that our blockings represent 30% of the volume of seats that are usually empty in the routes that we operate. We are adding 30% of the idle capacity in these airline routes. That is a good reason for them to provide competitive pricing to us. We will possibly continue to grow and keep a good take rate with a high volume of sales to the airlines, you know, improving our cash flow cycle quarter after quarter. This is about the first question. The second question about the competitive environment, especially on digital, we received good news in Q4 with the release of our online competitor, RouteAir. They released information a few weeks ago, two weeks ago about Q4 last year. We always make a comparison between how much our competitor is growing sales in Brazil compared to our B2C performance in Brazil. There was a gap, you know, a negative gap because they grew more than we did in the first quarter of 2024. We were beginning to have more store openings. We were increasing the penetration of the phygital sales model. Because we were working on our strategies and we were also cleaning the house on financial terms, in the second quarter, the gap was already six percentage points. They were growing 20 percentage points above us, then six percentage points. In Q3 2024, routing from Brazil grew 10%. We grew 10%. We were growing at the same pace, you know, the same speed of growth. In Q4, we had a good surprise because RouteAir had a growth of 7.8% in Brazil and our B2C grew sales by 18% here in Brazil and B2C. That is, we grew more than double as they did on digital. Really showing our power with the new phygital sales model. Of course, helped by preferred hotels, alternative payment methods, more stores in smaller towns. Using the phygital sales model, we delivered growth twice higher than that of our competitor. Our EBITDA was close to 30%. They delivered EBITDA of 23%. We grew more and with a higher quality in terms of profitability. That is how we view the competition environment today. You know, especially online competitors. With the information of Q4, we had better profitability on percentage terms and higher growth, showing the power of our four strategic pillars and CVC. In Q1 2025, we see aggressive pricing by our digital competitors. Of course, the more we have exclusive products, the more we have preferred and recommended hotels, all of that helps improve our competitiveness. These are things we do in-house, regardless of the pricing that comes from the market. But looking at Q1, I mean, in January, it was a bit more difficult because airlines were trying to increase prices. We had three 10% price increases, but the market did not really welcome that. Sales in January were not very clear. In February, we had good growth, but the surprise in terms of pricing action in Q1 did not come from the online market, but it came from the offline market. You have just seen the report released by Azul and looking at Azul Viagens. Here, I believe we have more overlap than RouteAir. I believe that our competition in terms of customers and types of product is 25% or 30%, right? We can see that. Please wait while we reconnect our speakers. We have grown 15% sales in Brazil, you know, B2B and B2C, 9% in B2C. Very different from that number, 57. We believe there was a pricing action to leverage cash flow for airlines, you know, for regular airlines. I believe that as soon as the financing flow for airlines is normalized and they are doing that management very successfully, they have always been very good in terms of running the company and doing their fundraising. I believe that from now on, the pricing action by Azul Viagens, which is really our main competitor with CVC, will possibly give us more opportunity. With all of this negative pricing action coming from our main competitor, I can certainly expect improvement. We now have this new situation in Azul Viagens, so I believe there will be an improvement in the next few quarters. My general message is that in the online competition, we were positively surprised by this growth of 18% versus 8% in Q4 last year. Excellent. Thank you, Victor. Thank you. Our next question comes from Vitor Fuziharo from Santander. Your microphone is enabled. Good morning, Godinho and Felipe. Thank you for taking my questions. The first one is about Argentina. Very strong in this quarter, reaching historical levels. In the short term, do you still see room for more growth in the region, or are you close to a fair market share? The second question, more focused on B2C in Brazil. When we look at bookings per store, there is a slight decline. Can you talk about the same store sales? I think that would be interesting. Also talk about new store openings during the year. Hello, Victor. How are you? Good morning. This is Godinho a gain. Growth in Argentina, yes, Argentina was a true surprise, a good surprise in the first quarter. Remember that in Q1 last year, we had 50%. Our baseline in relation to the past, but I mean, really, we did not expect such a big growth. Even if you look in US dollars, we grew 70%. In BRL, of course, we were helped by the FX rate. BRL 102% was that growth. This was caused by two things. First, the economy is picking up because of all the economic measures taken in Argentina, but also because of the turnaround that we made. Like we did in Brazil, we have a new team. We reviewed the cost structure, the sales strategy in both Almundo and Ola. We were betting on growth. We opened 40 new stores last year, right in the middle of the most troubled economic time because we were expecting the economy to pick up. We opened new stores. Our franchisees were really partners because this was not our investment. Our franchisees believed in that. We bet together. Obviously, that comes from the economy, but also that comes from the hard work. We sowed the seeds in 2023 and 2024. Now, of course, our growth will not continue to be 100%. That is not what we plan for in the future. In one year, above 20% on average. In the next quarter, I believe that the growth will be smaller. You know, we were - 50%, - 40%. In Q4, we had a decline of 17% in sales year over year. Now we begin to have a higher baseline and the curve of sales becomes more normalized. In annual terms, I believe we will not go back to the baseline we had in 2023 in terms of sales. Not yet in 2025. I mean, the same level we had in 2023, we will go back only in 2026. You see, we still have a lot of room for growth in Argentina. Also, now that the take rate is correct, we expect to have good years ahead of us. 2025, 2026, 2027 will be favorable in Argentina. About same store sales, it was flat looking at more mature stores. Now, of course, we depend on the ramp-up curve of the new openings. The stores we opened in 2024, 260, they are following the planned ramp-up. We have to see the results. On average, it takes two years. Because of all the price changes from airlines in January, it was difficult for everyone. Now February and March were good months. We had a strong same store sales growth, especially in the more mature stores. In this first quarter, January was more difficult, not only for CVC, for the whole market. I think that is it. Yes. That is the second part of the answer. Right. New store openings in 2025. We are at a strong pace of new openings, very much led by Argentina. 301 store openings last year, I mean, of all retailers listed in the stock exchange. We were the leaders in store openings. Now our POSs are smaller with a smaller CapEx to support the penetration of the phygital sales model, even in smaller towns. We have a list of people interested, four or five times more people interested with phygital. Because in the past, we could only open stores in cities with 100,000 inhabitants. Now we can open stores in much smaller towns with 30,000 or 40,000 inhabitants. Last year, we opened 260 stores in Brazil. This year, maybe not that much, but we will still grow above the historical average. About 100 stores opened every year before the pandemic. 100-110 new store openings. We will have numbers closer to that. Fewer than last year, but still high numbers compared to our historical levels before the pandemic. Thank you. Thank you for the answers. Our next question comes from Jose Suarez from Citibank. Your microphone is enabled. Thank you. Hi, I'd like more color on B2B. You mentioned about Rextur Advance. You have conducted a big convention with Rextur Advance and Visual, and we had a relevant growth. I would like to understand how you view the integration of your different brands. What can we expect in terms of growth? What would be a sustainable growth rate? Thinking about your debt, what do you plan to do now that you have a track record that shows a lot of confidence in terms of lowering costs, recovering margins? What do you expect now? Please wait while we try to reconnect our speakers. Hello, Jose. Can you hear me now? I apologize. We had a technical glitch here. No problem. Answering your question. Thanks. Thanks for the questions. Very interesting. Yes. We always get questions on B2C, which is, you know, as CVC is more well-known by Brazilians. In a survey before I joined CVC, we did a survey countrywide throughout Brazil asking what brand comes to your mind when you think about tourist travel. 52% of all Brazilians think of CVC first. We all think about B2C. In B2B, we made deep changes here in CVC. Of course, there were changes in B2C. There were changes in Argentina. You know, the biggest change, we changed the structure, the teams. We separated the companies because in the past, we had just one brand. We separated everything again. We now have a separate team to provide services. We reduced cost. We removed customers, for example, 1, 2, 3 milhas. In the first half of 2024, we had 20% lower sales in B2B, you know, last year. That is why we also had all this big growth of 22%. The market is huge. We are growing with Rextur Advance, which is a strong leader in the industry. We are gaining market share consistently month after month, looking at the airline reports, you know, domestically and internationally, maintaining a take rate above 5%, especially with Rextur Advance. We have a number of expansion plans for Rextur now and for next year. We believe we still have a lot of room for growth in the largest of our business units with a good profitability because it's working capital. It's very different. It's more favorable than that of CVC. This take rate is free of any cost, of any financial cost that we have in CVC. In Rextur Advance, this cost is much lower. We have great ambitions for the growth of our Rextur Advance sales in 2025 and also in the next few years. This business unit will still make us very happy in the future. Next, Trend. Trend is also growing 20% annually, more than BRL 1 billion in sales. It was way below this amount when we set it up. Now it is making more than BRL 1 billion gross bookings in 2024. The take rate is about 10%. Very good. Now we launched Connect Us, which is the distribution of CVC content to our partners, even abroad. We are now connecting to Amadeus, Ávoris. We were not even connected providing our own content, not even to Argentina. Now we began to distribute that. Tomorrow, I am going to China. I will spend 10 days in China to speak to the main travel agents in China, Alibaba, and many specific or specialized travel agents so that we can build partnerships as we have with Ávoris, Amadeus. We want to do the same thing with Chinese travel agents. Connect Us will also begin to sell our content, even in Asia. We see a strong growth coming from Trend and a lot more from Connect Us. Finally, Visual. Visual, you know, it was not really active. It had sales zero, but we rebuilt the structure of Visual as an upscale travel operator. The average ticket of Visual is three times higher than that of CVC today. I mean, Visual was very well structured in 2024. Now this year, in 2025, it will have sales of more than BRL 250 million in its first year of operations and sales. Also with a good take rate because, you know, this market is based on confidence. The travel agent market in Brazil is based on trust. A few operators had problems. You know, Viagens Pronto pra, they had almost BRL 1 billion sales per year, and they are now about to request a creditors' agreement in court. Their passengers were now left without any support. Now there is a run-to quality. Travel agents prefer to issue tickets from companies in whom they trust. They know that their passenger will be able to fly in 30 days or in 60 days. They know that CVC is very strong and financially sound. We're growing very much with Visual. We actually feel very happy about these three companies: Rextur Advance, Trend, and Visual. We had the offsite in October last year. We planned for three years, 2025, 2026, and 2027 in B2C, in CVC. Now we have all the initiatives to develop the phygital sales model to use artificial intelligence. That's included in our plan. Now we will do the same thing in B2B. We're going to do this on June 16, planning for the next three years. We will be able to capture lots of synergies in these three business units. We expect relevant growth. I'm not sure if 20%, but certainly double-digit growth. That's what we expect in the next few years from B2B. Hi, Jose. This is Felipe. Let me just add, thank you for the question. This is relevant for us. We always talk about this. It is the management focus. We want to reduce our leverage. It's one of our main topics this year. We look at this as a step-by-step process. In 2024, when you look at the overall debt, we think about our debentures, our debt. In 2024, we negotiated. We reduced the cost of the debt as a whole. Thinking about the debentures in 2025, maybe and further reduce the spread, I believe we can harvest benefit there. Otherwise, if not, the focus of the company will be to continue to use the anticipation of our receivables because that's when we have a more favorable rate. In 2024, we also did some renegotiation to improve our rate to anticipate receivables. We will have another round of negotiations. We will be working on these two fronts, you know, the debentures and anticipation of receivables from credit card payments. The idea is for us to deleverage the company and reduce the cost of debt. Today, we have high interest rates, but we begin to see the end of this cycle, the end of this monetary policy cycle. The future is expected to be more favorable. Maybe the snapshot today is more troubled, but in the future, we see an opportunity for deleveraging the company further, using basically these two options: reducing the cost of the debt, reducing the rate, and working with the debentures and anticipation of receivables. Thank you very much. Our next question comes from Gustavo Fratini from Bank of America. Your microphone is enabled. Hello, good morning. Thank you for taking our questions. I would like to understand how you view the sales mix looking at B2B and B2C in Brazil, of course, but also in Argentina. Do you see the economy picking up, especially talking about Almundo in Argentina and B2C? Yes, we see a recovery, 72% growth in Argentina and both growing, Ola and Almundo. Ola growing more than 30% in Q1. We believe it will continue to grow. It will continue to grow. We apologize. We had another technical glitch here. Yes, we expect growth. We believe Ola will not continue to grow so much faster than Almundo. B2B began to grow earlier. B2B will continue to grow, and B2C will begin to grow, maybe not as quickly as in Q1 now in 2025. Thank you. Thank you. It was clear. More questions. The Q&A session is now closed. Let me now turn it over to Fabio Godinho for his final considerations. We want to thank you again for being with us in this Q1 conference call. We were very happy to grow 30%, sales growing BRL 1 billion for the first time under our management. All three companies, all three business units were growing together. B2C, you know, for everything we did last year, also B2B here in Brazil and Argentina now growing. Yes, we will continue to see growth, maybe not in this magnitude in the next quarters. We will certainly continue to see growth, maintaining the healthy take rate we now have. There was a sales mix, so we had a lower take rate. Looking at all business units, we did not see any erosion of the take rate. This was just a change we had in the sales mix between B2C and B2B. That is why we had a lower take rate in Q1 2025. It has been sustained, and we continue to hold down cost. We are now at 50%. That is Brazil's ratio, 50% G&A compared to net revenue. Two years ago, the number was 90%. Now it is 50%. We want the number to be below 45% to further improve our EBITDA and so that the company's cash profit can grow. We expect to see much better quarters this year. Again, thank you all. See you next time. CVC conference call is now closed. Thank you all for being with us, and have a great day.