Interpretation into English and Spanish available. To access, just click on the globe icon at the lower bar of your screen. Then look for interpretation and choose your preferred language: Portuguese, English or Spanish. After choosing the language, there is an option to mute the original audio in Portuguese by clicking on Mute Original Audio. We would like to inform you this conference call 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 the company's Q2 numbers. You can also download the presentation. During the company's presentation, all participants will have their microphones disabled. After the company's presentation, we will begin a Q and A session. To ask a question, click on the Q and A icon at the bottom of your screen and send us your question to join the queue. When we call your name, you will see a prompt to enable your microphone. Please unmute to ask your question. 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 the conference call in relation to business prospects, projections, operating and financial goals of CVC Corp, represent beliefs and assumptions of the company's management, as well as information currently available. Future considerations are not a guarantee of performance. They involve risks, uncertainties, and assumptions as they refer to future events, and therefore depend on circumstances that may or may not occur. Investors should understand that general economic conditions, market forces, and other operating factors may affect CVC Corp future performance and lead to results that differ materially from those expressed in such forward-looking considerations. Today with us, Fabio Mader, CEO, and Felipe Gomes, CFO and Investor Relations Officer of CVC Corp. I will now turn it over to Mr. Fabio Mader. Good morning, everyone, and thank you for joining us in the CVC Corp presentation. Today, Felipe will lead us into our Q2 figures, but before that, I would like to take a few minutes to discuss the company's current moment and especially talk about what we are building. I want to start with a clear statement. Our Q2 numbers do not yet reflect the performance we plan to deliver. This Q2 was marked by a highly challenging environment in our industry, with significant pressure on air travel prices and an impact on key international destinations. However, I will not focus my remarks on the external scenario. Some things are beyond our control, but my role and that of our entire team is to focus on what we can control. Here, I believe an important story is unfolding at CVC. Over the past few months, we have made significant progress in the company transformation, which does not happen overnight, and it is not yet fully reflected in this Q2 numbers. But the first operating results begin to show. We have improved our cost structure, we have simplified the organization, and we are making progress on systems integration. We have expanded our reach using a low CapEx model, and we are accelerating our technology and digitalization agenda. I will speak a bit more about these two points. But now let us look at our financial and operating highlights in Q2 on page three. Confirmed bookings, we had a growth of 8.4 million, which represents a 0.2% increase over Q2 last year or 4.1%, excluding the impact of the Middle East conflict and using a neutral FX rate in Argentina. Looking at Brazil alone, we can see a 4.1% growth or 5%, excluding the Middle East impact. B2C growing 3.4% and B2B growing 6.3%. In Argentina, a 13% drop or 0.3% positive, excluding the Middle East impact and using here a neutral FX rate. Net revenue had a 6.5% drop this quarter compared to last year. Excluding the extraordinary impact, the impact would be 3.6%. Brazil had a 4.2% decline year-on-year or 3.5%, excluding the extraordinary impact. In Argentina, 17.6% drop in revenue or 4.4% using a neutral FX rate. Moving on to profitability. EBITDA in this quarter was BRL 85 million, down 8.1% year-on-year. Brazil's EBITDA actually grew 4.7% compared to the previous year. The EBITDA margin hit 26.6% with a 0.4% drop compared to Q2 last year. When we look at Brazil alone, the EBITDA margin was 30.6%, or 2% better than last year, and our best number in this second quarter. The company's adjusted net loss this quarter was BRL 51.3 million, or BRL 35.4 million worse than last year. Looking at our capital structure, the operating cash generated this quarter was BRL 60.2 million, positive, compared to Q2 2026. Total debt reached BRL 1.3 billion, and our leverage remained flat at 0.5 x the EBITDA now in this quarter. Moving on to slide five, let us talk about our strategic pillars. We have shown these four pillars since June 2023. Just to remind us all, the first is exclusive product, bringing more competitiveness and lower working capital. The second is new store openings, especially in non-capital cities. The third pillar is alternative payment methods. We are working hard to reduce our reliance on credit card payments. The fourth pillar is our B2B globalization. We redesigned our exclusive product structure earlier this year to have a higher profitability from these products. Of course, we are always looking at the demand to understand if we have to include more or less capacity in exclusive products. In summary, from 2023 through the second quarter of 2026, exclusive products consistently account for 15%-20% of our total sales, including here blockings and chartering. We have also talked about our preferred partners that reached this quarter 80.3% of our domestic hotel sales, and this was our best result with preferred partners since the beginning of our preferred partner program. Internationally, our international preferred partners accounted for 60% of our sales, and this number is growing quarter-on-quarter. As I mentioned, we are revisiting our international exclusive products today with international air travel prices either flat or down. It does not really make sense to add more capacity. Except in specific cases as we did in the July vacation season with Bariloche. The second pillar, store expansion. We have opened nearly 500 new stores since June 2023 until now, 350 stores in Brazil and 68 in Argentina net. Today, we have 1,627 stores. It is our largest number of stores historically. Remember that in both Brazil and Argentina, we are actually growing in non-capital cities, smaller asset light stores with a reduced CapEx and OpEx. In this quarter, we received the ABF Seal of Excellence, placing CVC among Brazil's top 10 franchises. The third pillar, payment methods. It's a key aspect in our business. Cash payments grew from 19% to 27% of our sales in this quarter. Third party and also CVC-owned financing increased from 8% to 15% of our sales. We have also improved our terms with acquiring partners with a significant cost reduction in optimizing working capital in the payment process. In July, we reduced interest-free credit card installment payments from 12 to 10 installments, and we will begin to see the results of this change in the next quarter in our working capital. Finally, our fourth strategic pillar, B2B globalization. Remember, we had 1% of our sales coming from international customers. Then with Conectaas, this number grew from 1% to 9%, and we're adding new international customers every quarter. To date, Conectaas has more than 8,000 exclusive offers to customers. RexturAdvance has strengthened our leadership in the Brazilian consolidator market here in Brazil, and we have currently maintained our top position while our customer portfolio hit an all-time low default rate. Now let's talk about the evolution in our customer journey. This is on page seven. Before I tell you about our news, the new website, the new app, please remember that this new customer journey, we started working on it in June 2023, and in this quarter, we already had our virtual AI agent converting sales and helping customers. Now we can reach the third phase of this new CVC customer journey. Today, as I mentioned, we have 1,627 stores. It's our largest network historically, and nearly 6,000 salespeople working in our stores. We've integrated our CRM using the CDP Oracle platform, and this is super important for this new phase, the third phase of the phygital customer journey. Remember, this project began in June 2023 when we created the phygital concept, which means we can bring customers from digital, social media, Instagram, TikTok, YouTube, Facebook, and we have this project built with Meta, FastApp, and CVC Viagens. We will now have full integration with the store closest to our customer. To give you an idea, in this quarter, 55% of our store sales began from digital leads. They closed their purchase with our 6,000 sales consultants without having to walk in our stores, virtually. But we know that both in Brazil and in Argentina, customers, they may buy digitally, but they like to visit the store to make sure the sales consultant truly exists there at the store. This is only natural for our customers. We could see that from 10:00 P.M. until 10:00 A.M., when most of our stores are closed, especially at shopping malls, the stores are closed. We were not able to maintain customer engagement. But now we have Lia, since earlier this year, our customer's virtual assistant. Lia interacts with our customers. This AI virtual agent relates with our customers while the stores are closed. Last month, we had 1.3 million interactions between Lia and our customers. These customers' engagement interacting with Lia, the engagement was 50%. It means that 50% of the customers who interacted with Lia also engaged with a sales consultant at the store. With that, our conversion has grown 150% compared to the time before we had Lia. Our project, the phygital sales project, it has helped us open 500 new stores growing in non-capital cities. Stores end up helping customers regionally at a distance of 100 km. Customers do not have to walk in the store. Already today, 55% of our sales, they are in the phygital format. When the stores are closed, our AI assistant, Lia, is already interacting with the leads, qualifying our leads so the store can convert the sales, and we can already see the first results. Now we are moving on to the third phase of our new customer journey. Again, don't forget, it all started in June 2023. You will remember when we improved our systems in the company, especially the legacy systems, to allow for us to create our new website now and an app sales platform. The new sales platform is based on AI first, and this is super important because it incorporates the most recent AI technology, which helps us prepare customers to use AI and e-commerce. The new platform also provides a much better experience to our customers, and the app will soon become a travel wallet, so our customers will be able to use our services also in their travel wallet. The new system includes the new website and the app, which is being developed now, and it will be ready in October this year, according to our schedule, so we will be able to use it for the next Black Friday sales. This is being developed now, as I mentioned, using AI technology. Why is this important? Because with that, we will be able to fully integrate our customer journey. Our customer will be able to buy at the store, on the new website, or using the app. Always supported by our 6,000 travel sales consultants, and it will be the same for the customer in any channel they may choose. We'll provide freedom and assistance, which is our company's main advantage, and that will not change. That's something we will keep and improve because we're the only travel agency that will have a fully digital environment, plus the credibility of human services, human assistance at our stores. Now I'd like to hand it over to Felipe, who will walk us through some of these figures. Thank you. Felipe, please take the floor. Thank you, Mader. Good morning. Good morning, everyone. Now we'll give you more detail on the numbers on page 9, talking about Brazil top line. On the left, confirmed bookings. Our sales in this quarter, our sales neared BRL 3.3 billion in sales, up 4.1% compared to last year. Next, we present the same data excluding the impact of the Middle East conflict. Essentially, we have excluded the destinations affected by the conflict to see our growth rate, and the result is a 5% growth. Our net revenue is shown in the same two ways. The first chart on the left shows Brazil's net revenue nearing BRL 270 million, with a 4% drop compared to last year, and our take rate moved from 9.7% to 8.6%. Excluding the impact of the armed conflict, the year-on-year decline is 3.5%. Further down, a few highlights. The first chart shows B2B alone with a 6.3% year-on-year sales growth in Brazil. Although B2B also had impact by the conflict, these numbers show the business resilience and how well B2B has performed in recent quarters. The second chart emphasizes the same-store advances, maintains its leadership as Brazil's largest travel consolidator, actually widening the gap to the other competitors, despite the rise in jet fuel prices that has affected everyone. We observed a 52% year-on-year air travel price increase. In Brazil, we are beginning to see the results of our new structure, as Mader mentioned earlier, looking at our expense. We have another slide showing more data, but we can already see a year-on-year reduction in G&A expenses of about 10%, which reflects the renegotiation of contracts, efficiency gains implemented by the company, and our matrix-based expense management. Moving on to slide 10 about Argentina, the same format as the previous slide, with sales on the left and revenue on the right, and the numbers also excluding the impact of the Middle East conflict. In Argentina, we also show the numbers considering a neutral FX rate. On the left, sales in Argentina in this Q2 nearing BRL 805 million, a 13% decline compared to last year. However, using a neutral FX rate, the drop would be 2% year-on-year. Not forgetting that Argentina had a strong performance in Q2 2025. In dollar terms, even looking at comparable sales, Argentina actually grew compared to 2025. The problem arises when we convert to BRL to consolidator a balance sheet and we see a 13% decline. The next chart shows the comparable basis, also factoring in the Middle East conflict. On the right, the bar chart shows net revenue and take rate. We can see a 17.6 year-on-year drop in net revenue from BRL 60 million to BRL 49.7 million and a lower take rate down from 6.6% to 6.3%. As in the previous chart, we also present a comparison on the right, excluding the Middle East conflict impact and using a neutral FX rate. Further down, a few comments. We are facing a tough base for comparison. The company's top line remained flat in using a neutral FX rate. We saw a 16% increase in the volume of passengers. Argentina is struggling a bit more with average ticket prices due to an oversupply. But now supply and demand are realigning and the take rate is getting pressure because B2B is growing faster than B2C. The luxury segment, we never talk about it because it is relatively small, but Biblos posted a 10% growth compared to last year, showing the luxury market resilience. On the next slide, we see consolidated figures, net revenue, take rate, G&A, and selling expenses with a breakdown. On the left, the net revenue and take rate. This quarter, the company closed with BRL 320 million revenue, a 6.5% drop compared to last year, and the take rate moved from 8.9% to 8.2% in this Q2 of 2026. The bar chart excludes the impact of the Middle East conflict. Specifically, the take rate dropped from 8.9% to 8.2%. The primary driver here is our sales mix, with B2B outperforming B2C, which lowers the overall take rate in both Brazil and Argentina. We also saw a strong maritime performance in this Q2, which further reduced our take rate. It benefits our bottom line and working capital, but it lowers the company's take rate. We felt pricing pressure in B2C in the last few quarters. The middle chart shows G&A over net income. The top chart represents CVC Corp, Brazil and Argentina combined. We see a decrease from BRL 192 million to BRL 178 million, so a 7.2% drop, with the ratio moving from 56.3% to 55.9%. Below that, Brazil alone, because in Argentina there are currency issues, we report Brazil separately. Here we can see the impact of the company's recent restructuring efforts, as Mader highlighted earlier. A 10.1% decrease in G&A expenses from BRL 148.5 million to BRL 133.4 million, bringing the ratio below 50%. Actually, 49.5%. We expect this line to continue this good performance. Finally, sales expenses over confirmed bookings. This ratio shows sales expenses over sales, and the number remained virtually flat, showing a 0.4% year-on-year drop from BRL 80.9 million to BRL 80.5 million, and the ratio around 2%. Again, it helps contain the company's expense. The next slide showing our consolidated EBITDA and adjusted net income. The top sections display EBITDA and EBITDA margin. First, Brazil. Brazil closed this quarter with BRL 82.6 million EBITDA, a 4.7% increase year-on-year, despite the armed conflict. Here, without any adjustments. EBITDA margin exceeded 30.6%. Given that the second quarter is a weaker season for the company, this is a very impressive result for Brazil in this Q2 2026. On the right side, we can see that Argentina saw a significant drop in EBITDA from BRL 13.4 million to BRL 2.3 million. The big impact on Q2 EBITDA came from Argentina, driven by the currency exchange issues we mentioned earlier, resulting in a year-on-year decline of nearly 83% in Argentina EBITDA. The consolidated figure is BRL 85 million, posting an 8.2% decrease, almost entirely from Argentina. Meanwhile, Brazil grew, but the margin is similar to last year, moving from 27% to 26.6%, which shows our expense improvements discussed previously below. The adjusted net result. Q2 last year closed with a loss of nearly BRL 16 million, and then Q1 2026 posted a loss of BRL 63 million, and now in Q2, a loss of BRL 51.3 million. It's a decline compared to Q2 2025, but it's an improvement of nearly BRL 12 million compared to Q1 2026. The net result this quarter was impacted by our restructuring costs, specifically BRL 20 million. This is the restructuring cost, and that's a one-off expense that will not recur in future quarters. The last slide of today's presentation, our capital structure. On the left, cash generation or consumption. We closed this quarter with BRL 60.2 million operating cash generation, marking a major turnaround compared to the first quarter this year. We closed Q1 with a cash consumption of BRL 121 million, and in Q2, we generated BRL 60 million. It's an improvement of BRL 180 million between the first and the second quarters of 2026. The improvement in operating working capital is largely driven by a reduction in the average customer payment terms, which is directly linked to the initiatives we discussed, Mader mentioned earlier today. On the right, our debt chart. It's a table. The company's total debt decreased by BRL 250 million compared to Q2 2025, from BRL 650 million to BRL 400 million, largely driven by the early amortization of our debentures in October last year, which further reduced our receivable advances. Regarding the company cash position, we closed the second quarter with approximately BRL 186 million, so our net debt fell from last year from BRL 396 million to BRL 215 million, an improvement of BRL 181.3 million year-on-year. There was also an improvement of BRL 26.8 million compared to Q1 2026. With that, our leverage or net debt to EBITDA ratio is 0.5 x, which represents an improvement over the same period last year, which was 0.9 x, and it remains flat compared to Q1. When we factor in our non-advanced receivables, so amounts the company can use in future receivable advances, we closed this quarter with BRL 236.8 million in non-advanced receivables and BRL 1.3 billion in advanced receivables. That leads us back to the figure presented earlier in the highlights. So combined total debt plus the balance of advanced receivables amounting to BRL 1.3 billion, which is an increase of BRL 122.7 million compared to the first quarter of 2023. That will conclude our comments talking about our total debt. A company calculates this ratio based on the net debt plus the balance of receivables over the last 12 months EBITDA, which stands at 3 x compared to 2.7 x in Q1 2026. That brings my presentation to a close, so now both Mader and I will be available for the Q and A session. Thank you, everyone. We'll now begin a Q and A session. Reminder, if you have a question, click on the Q and A icon in the lower bar of your screen and write your question to join the queue. When we call your name, you will see a prompt to enable your microphone. Or we can read your question here. The first question came in writing, and I'll read it. What is CVC exposure to Apex Partners crisis? Good morning. This is Felipe. Thank you for the question. It's a very good question. Today, I actually wanted to use this question to make it very clear the relationship with Apex Partners and CVC, and we know about the crisis, but it's just Apex Partners has a stake in the company. Until last week, we also had a Board Member, Fernando Cinelli, but on Thursday, he resigned his position in our board. Now the only relationship we have is the society relationship because Apex Partners has a stake in the company just like any other investor. I mean, we are a listed company, so anyone can buy our shares. To make it very clear, we do not have any operating relationship or financial relationship with Apex Partners. No guarantee structure, not any credit or contracts signed. The question is very good, and it gives me the opportunity to make it very clear that we do not have any operating or financial relationship. It's just a stake that Apex Partners has in our company. Thank you. Thank you for the answer. Our next question comes from Vitor from Santander. Vitor, you can unmute and ask your question now, please. Good morning, Mader, Felipe. Thank you for taking my question. I have two on my side. First, about what you expect in the second half. What is the scenario that you expect with the impact of the war and higher airfare prices and also other price hikes, especially looking at consumers. I would like to understand what you expect for the second half of the year. The second question is about your stores. In the last quarter, you have reduced the number of new store openings. What do you expect for the rest of the year? Are you going to optimize the current number of stores, or do you believe you still have room to open new stores this year? Thank you. Thank you, Vitor. This is Mader. I will answer both of your questions, okay. The first, what scenario we expect for the next half year and how we view consumers, I mean, from the consumer point of view. Let us remember what I actually briefly touched in my presentation. The company has worked very hard to restructure the factors that we can control. That is what we call the simplification of CVC Corp, not only including CVC Viagens, but the whole company in Brazil, in Argentina. We are working hard to revisit 100% of our structure. In this review, we had a reduction of 10.1% of our cost, which we have seen in Q2, in the second quarter. But we will begin to see that we will operate lighter. That will become clear in the second half of the year because of the efforts we have implemented. Having said this, Vitor, now your question. July and the beginning of August. Now, I cannot actually say that this is a trend, but we have observed that in July, we had the best sales month in the last two years in the company. Except for the Black Friday campaigns. Excluding the Black Friday campaigns, because November is usually the best sales month because of the Black Friday, but excluding the Black Friday campaign, the last July was the best sales month, including the same-store sales, which we will talk about as we answer your second question. Why do we see this scenario? First, we had the FIFA World Cup. In July, many people stay back home. They do not travel. They stay at home with their families and friends to watch the soccer matches. But after Brazil left the FIFA World Cup, we could see a few people buying travel in July, or even during the second half of the year. This is what we could observe. Also, Vitor, we could see an accommodation. We could see a flat average ticket especially in air travel. There was an impact from the beginning of the crisis. We had higher jet fuel prices. We had an impact on the average travel ticket. But in July, we could see that the prices did not continue to increase. In July, this was a month when airlines had the lowest occupation after the COVID-19 pandemic. That is, they saw a decrease in the volume of passengers for the first time after the COVID-19 pandemic. Prices did not continue to increase in July. These circumstances led to a good sales month for us in July, not only in B2C, which we spoke about, talking about the consumer behavior, and talking in retrospect, the same thing also happened in B2B. About your second question about the number of stores, yes, we could see that in the second quarter, we opened eight stores. We had a few stores shutting down. If we look at our mortality rate, it is about 4%. It is below what other franchise networks have posted. The average mortality is 9% in average franchises. We are operating at 4%. We are working hard to keep a net growth and looking at the second half of the year until year-end. Let me remind you that new store openings are usually in non-capital cities. These are smaller stores. These stores are very different from the stores we have in capital cities. These are smaller stores with a lower CapEx, also a lower OpEx. Sometimes you have only two, three people working in a CVC store. Our franchisees have a good return on investment. They can receive their investment back faster. Yes, we will see new store openings, but I do not want to raise expectations. Nothing like what happened in the last three years. In the last three years, we opened about 500 stores. This is not going to continue this year. This year we are working very carefully to open stores where we see it really makes sense, not only for the franchisee, but also for CVC Viagens. That is how we will be working regarding new store openings. The expectation is to work very close to the number we had in the end of 2025, okay? Again, thank you, Vitor, for the question. Thank you. Our next question came in writing through the Q and A function, and it says: In the second quarter of 2026, the volume of bookings remained flat, but the consolidated take rate came down from 8.9% to 8.2%. In B2C, the drop was even steeper, 13.8% down to 11.8%. The management has said this is more due to the B2B outperformance than maritime performance, but since you want to grow in B2B and B2C, what would be a sustainable take rate in the medium term, and what initiatives will allow for you to recover margin without sacrificing volume growth? Felipe, I think I can answer this question. Of course, yes, I could not see the person's name, but thank you for the person who sent us the question. I think the question is very timely. I also mentioned in my early remarks, I spoke about this new customer journey where we are fully integrating the digital and the traditional brick-and-mortar environment. We are now moving on to the third phase of this journey with the new website and a new app. We plan to launch the app in October this year, and that would be continuing with this project we began in June 2023, the phygital sales format. Today we closed the second quarter with phygital accounting for 55% of our overall sales, where customers do not necessarily have to walk in the store. They can begin their journey digitally and then use a travel consultant services from our stores. This is not only in Brazil, but also in Argentina with our Almundo brand. In the second quarter this year, we have started with our AI virtual agent, Lia. Only in the last month, Lia had 1.3 million interactions with customers. She is working hard between 10:00 P.M. and 10:00 A.M. when most of our stores are closed. Lia will take care of our customers. Lia will take care and qualify our leads. When the stores open on the following day, our travel sales consultant can provide the best service to customers. We could see a 50% engagement of customers who engaged with Lia, then converted sales at the store. This integration between these different environments is going to reflect also on our take rate. As you mentioned in your question, we had a sales mix change. B2B is outperforming B2C. With that, we have an impact on the take rate. Also, maritime travel, MSC, they had a ship in Dubai. They brought it to Martinique, and the ship that was in Martinique came down to the Brazilian coast. The supply increased by 20%, and we have been growing about 30% in maritime travel. This is a product that has a good cost-benefit ratio for consumers, but again, it has an impact on our take rate. As we have gained more share of maritime travel, we had a lower take rate, and this will continue throughout the whole season because we have this additional 20% capacity. Now back to the previous question, and here again, we do not like to provide an official guidance, but looking at our July performance, July showed a different behavior, as I mentioned, a different behavior of the average ticket. Why have I started my remarks speaking about this integration of our three different sales channels? Because there will be an impact on the average ticket as we begin to sell more air travel, which is the first product in terms of sales on the website. The app will have this concept of AI first, but Bob Rossato, our technology VP, he has been improving our website environment. As I mentioned in the previous call, today CVC is present in meta search engines. We are already participating in knowledge discussions on Skyscanner, would be a good example where CVC brand is already present. The first change to help us increase sales begin to grow in air travel. Then we will see a normalization of the growth curve. For this year, we can expect a take rate very similar to what we delivered in the second quarter. This is the new take rate level in the company. On the other hand, we rebuilt the company, allowing for us to work with a lower take rate. That, again, I mentioned when I answered Vitor's question while I was speaking about our rebuilding of CVC Corp. Today we have a lighter company, a more advanced, a more competitive company. Again, this is part of this new scenario where we have a lower take rate. Our revenue management structure is always looking for opportunities to maximize our revenue, but the company is now adjusted to this new take rate we had in the second quarter. Thank you for the question. I'm sorry I did not see your name. Let us wait for the next questions if we have any. Thank you for the answer. Our next question came in writing from Rafael Barros from SP Assets. What is the minimum cash level the company believes is adequate to operate? Do you need fundraising for the next months? How much approximately? Hello, Rafael. This is Felipe. Thank you for the question. Look, Rafael, we look at different scenarios in terms of our cash position, the base scenario, and the stress scenario. When we run these scenarios for the next few months until year-end and early next year, we feel we are in a comfortable cash position to go through this period of time, including the payment of the debenture amortization, which we will pay in October. In the base scenario or even in the stress scenario, all our scenarios look at our performance in the last few months. I think Mader has mentioned July was a good month. Today's cash position, the potential receivables that we did not advance. We also have seasonal effects, which will be positive for us in the second half of the year, and we continue to need a lot of cost discipline and working capital discipline. With that, we have our cash position that should be very comfortable until year-end. Working capital is also very important. Since July 1st, the company reduced from 12 to 10 installments in non-interest payments on credit card, and that has helped our cash, and it had no impact on sales. July was the best month except for the Black Friday campaign. Need for fundraising in the next few months? No. We don't plan to have that in the next few months. Thank you for the question. Thank you for the answers. We want to remind you that if you have a question, please click on the Q and A icon and send us your question in writing to join the queue. Our next question comes from an investor in writing. With the growth of CVC on digital, what about your relationship with your franchise network? That's me. Mader, let me answer your question. I think your question is super important, because you cannot have a store against digital. We are talking about a single customer journey. That's how we view that, and that's how our franchisees view it too. In one of my previous answers, I said that 55% of our sales begin from digital leads, and the sale is converted by the store. The more qualified digital leads we have, the more sales opportunity for the stores. We have been testing, just like I mentioned about Skyscanner, for the customer, regardless of the channel, if the customer wants to walk in a store or use the app or use the website or a partner travel agent, the customer will always have a travel consultant to take care of his travel plans. This is going to be a consultant working at the store closest to his home. So it's a single customer journey, and the customer has freedom, which is what customers want. Only CVC can deliver this level of service to consumers with more than 1,600 stores in Brazil and Argentina. So we can maintain our main advantage, which is taking care of customers, providing service to take care of our customer travel plans, and integrating all three environments. For the store, it's a benefit. They will receive more qualified leads. They know where the customer wants to travel, if they will travel with the family. So the store will receive all information about the customer to help cross-sell to that customer, to provide the best possible travel experience to the customer. This is not the store against the website or the website against the app. No. This is a single sales journey bringing all the credibility of CVC Corp, the only travel agency listed at the stock exchange, providing also human care, human assistance to our consumers. This is a great differentiator, so it will help us get scale on digital with the support of the stores growing together with the company. Thank you very much. I think we do not have time for another question, but I will still be here if we have any more. Thank you. Thank you for the answer. The Q and A session is now concluded. The questions that were not answered can be sent to the investor relations team. Let me now hand it over to Mr. Fabio Mader for his final considerations. Thank you. Let us close our meeting. As I said in my early remarks, the numbers posted do not yet reflect the results we expect after the restructuring. Today, we have a lighter company, a company that has more agility working with artificial intelligence, using recent technologies to allow for us to build a more efficient company, a more competitive company, after all. In the second quarter, we could see a lower cost, 10.1% lower cost, which is already a benefit from our initiatives. In one of my answers, I mentioned it's super important to understand the integration of the traditional sales and integrated with digital sales. This is a company we are building for the future. The new app will already have a travel wallet for consumers, so using their own mobile phone, they can manage their travel plans regardless of how they purchased, whether on the website, the app or the store. So it's practical for consumers. It provides self-service, which is what our customers want. I wanted to close our meeting. We have discussed about a few numbers. We do not like to provide a guidance, but I really want to thank you for the questions. We wanted to really give you an idea of the work we are developing. Even with the war, the conflict, we expect to have a brighter scenario in the second half of the year. Thank you all for joining us. I want to thank the investors and analysts who sent us their questions. Felipe and I will continue to be available to provide information you may need. See you soon. Thank you all very much. CVC Corp Q2 2026 conference call is now concluded. The investor relations team will be available to answer any questions you may have. Thank you all, and have a nice day.