Good morning, ladies and gentlemen, and welcome to Dexco's Earnings Call for the Fourth Quarter of 2024. [Foreign language] This conference call is being recorded. You may access this recording at the company's website, https://www..dex.co. This presentation is also available for download. [Foreign language] This call is also available in English. If you'd like to listen to the translation, you can click on the globe icon on the lower bar of your Zoom screen and select English. You may also mute the original audio. [Foreign language] We would like to inform you that all participants will be in listen-only mode during the company's presentation. Following that, we will begin the questions and answers session when further instructions will be given. [Foreign language] Before we continue, we would just like to state that any prospective statements are based on the company's beliefs and assumptions. This is based on currently available information for the company. These statements may involve risks and uncertainties as they refer to future events that therefore depend on circumstances that may not occur. [Foreign language] Investors, analysts, and journalists should take into account that any events related to the macroeconomic scenario, to the industry, and other factors may make these results differ materially from those expressed in these forward-looking statements. We have with us the executive board and the investor relations team from Dexco. I would now like to give the floor to Francisco Semararo, the company's CFO, who will begin the presentation. Please, Francisco, go ahead. Olá a todos, bem-vindos e obrigado. [Foreign language] Hello everyone, welcome and thank you for joining us for another quarterly and annual earnings release for Dexco. I'm here with the CEO, Antonio Joaquim, and the entire executive committee. I would like to start on slide three with some of our headlines. During 2024, the wood division consistently boosted its results, with demand booming during all quarters of the year, driven both by the furniture industry and the retail sector, with good panel price levels considering price transfers that began in the third quarter and that were well received by the market. Talking about metals and sanitary ware, we have confirmed the division's recovery compared to the 2023 results, with operational execution recovered in the face of a market upturn. In this regard, we have [Foreign language] been closely monitoring the ceramic tile sector, which continues to be under pressure, but it's proving to be a sector with opportunities for Dexco looking ahead. The global political and economic scenarios have remained challenging. However, we were able to recover and maintain our operational efficiency. As for LD Celulose, it continues to deliver consistent results. This year, it delivered another record in revenue and EBITDA, combining great operational efficiency and effective cost management. There was a one-off effect on net profit, net income this quarter, which we'll discuss in a few slides. Driven by the results in the wood division and the recovery of the metals and sanitary ware division, we ended 2024 with an adjusted and recurring EBITDA of BRL 1.6 billion and a margin of 20%. If we include the 49% of results from LD Celulose, we will have reached an adjusted and recurring EBITDA of BRL 2.4 billion in 2024, an increase of 22% compared to 2023, with BRL 8.2 billion in net revenue. We continue on slide four, which deals with the company's cash flow. [Foreign language] We closed 2024 with a sustaining cash generation of BRL 391 million, driven by a stronger recurring EBITDA. Working capital over net revenue ended the period at around 11%, in line with previous years, showing an improvement of 3.6 percentage points in compared in comparison to the third quarter of 2024 and 0.8 percentage points in comparison to 2023, reaching levels in line with the company's cash strategy. We're approaching the end of the 2021-2025 investment cycle, and this year we've invested around BRL 231 million in the new floor tile unit in Botucatu, which has already started its ramp-up, around BRL 108 million in improving the metal mix, and around BRL 10 million for our venture capital fund, DX Ventures, and around BRL 40 million in improving the wood panel mix and improving our forestry base in the northeast of Brazil. As far as CAPEX levels are concerned, we ended 2024 with a sustaining CAPEX level higher than the previous year, driven by investments in our forestry base. The second quarter of this year had a significant disbursement in this line. We understand that these investments are strategic differentials in the medium and long term. It's also worth pointing out that this is one of the most discussed components when we analyze the company's leverage levels. With the end of the investment cycle approaching, we have been studying the most efficient levels of forestry investments and plant maintenance so that the company's cash generation is prioritized without impacting our operations. [Foreign language] Slide five shows that even in the face of a more unstable macroeconomic scenario during 2024, we managed to ensure efficient liability management with a reduction of the average cost of the company's debt in the quarterly and annual comparison, maintaining the average term. Dexco's leverage levels were around 3.01 times net debt to EBITDA in the last quarter of the year, returning to 2022 levels. We continue to pay attention and take action to optimize Dexco's financial performance and collaborate with deleveraging in an intelligent way, preserving the company's strategic levers such as the forestry operation at the end of 2024, as per the previously published material facts. Now, on slide seven, we present the wood panel market scenario according to data from IBA, the Brazilian Tree Industry. As we said in the beginning of the presentation, in the domestic market, we have seen demand for both MDF and MDP evolving versus the last quarter and 2023. It was noted that in the fourth quarter, the foreign market shrank by about 9%, mainly due to the higher costs associated with shipping. [Foreign language] Regarding the wood division, now on to slide eight, it has delivered yet another nominal record for adjusted and recurring EBITDA in the year at BRL 1.5 billion and a margin of 28%, mainly due to the improved profitability of panels, considering price transfers that took place during the second half of the year and the company's assertive strategy of carrying out forestry business as a profitability option, which took place in the first and third quarters of the year. In the quarterly comparison, meaning versus the fourth quarter of 2023, volumes and net revenues were in line, considering that there were scheduled maintenance downtimes and the industry collective vacation period. We continue to see an upward trend after this seasonal period. As far as costs are concerned, in addition to the lower dilution of fixed costs, we felt an increase in dollarized inputs in the period given the price peak that the dollar reached at the end of the year. So we remain alert to the upward trend for 2025 and new price adjustments that may mitigate these impacts. Regarding the dissolving pulp operation, we continue to have good news when it comes to LD Celulose's results. We presented record net revenue and adjusted and recurring EBITDA for 2024, confirming the operational excellence and competitive advantages of dissolving pulp over other fibers. We are talking about the quality of fiber produced by LD and the stability of prices in the commodities market. As this is a dollarized operation, it benefited from the devaluation of the real at the end of the year. Also, with regard to costs, the operation maintains very diligent processes, which minimize the impact of the currency on the results. Finally, with regard to net income, it showed a negative result for the quarter and the year. As reported in the last press release, LD went through a new process of restructuring its financing, replacing project finance with corporate finance, which resulted in a more appropriate capital structure and covenants. However, this replacement ended up appropriating all the charges from the last operation, which directly impacted the financial result for the fourth quarter of the year. Additionally, we had essentially accounting effects related to deferred taxes associated with the operation's functional currency, the US dollar. This caused LD to post a loss for the period. We emphasize that the outlook for the operation is completely positive, and these effects have only occasionally affected our results. Let's continue with slide 11. [Foreign language] The finished goods market ended 2024, confirming its recovery with a 9% increase compared to 2023, as did the construction materials industry as a whole, which grew 6% versus 2023, according to Abramat, the Brazilian Association of Construction Materials. Even though they provide broader indicators, including products that Dexco does not sell, we believe that this is a good gauge for the sector in which we operate. We continue on slide 12. In 2024, we saw an important recovery in the metals and sanitary ware division, which ended the period with an adjusted and recurring EBITDA of BRL 131 million and margins of around 7% in 2024, of which BRL 28 million were in the fourth quarter. With this result, we began to reap the rewards of the initiatives carried out throughout 2023 to improve operations in the face of a market with stabilized demands. As mentioned before, the appreciation of the exchange rate also had an impact on the division's dollarized inputs. And we also had scheduled maintenance downtimes and collective vacations, which reduced the dilution of fixed costs. Disregarding these effects, adjusted and recurring EBITDA in the quarter remained in line with what was delivered in the third quarter of 2024. Even with the conclusion of the electric showers and taps segment, we showed an evolution in volumes both quarter on quarter and year on year, as well as an evolution in net revenue, confirming a better product mix and gains in market share for both metals and sanitary ware. In terms of plant capacity utilization, the metals segment continues to be the differentiator, running at efficient levels with the premium product mix that corroborates the division's results. On slide 13, we see the tiles division, or the tiles market, according to Anfacer. This quarter, we began to see a recovery in this industry as a whole and in the wet segment where Dexco has operations. It's important to realize that this recovery is estimated at 4% in the last quarter of the year, so there is still a long way to go to achieve stable results. In 2022 and 2023 combined, we saw a drop of 30%, which means that the recovery is still challenging. We have also seen a progressive increase in the industry's stock levels, which were running around 30% idle capacity, which brings attention to a market that is already variable. The next slide shows our division. We continue to intensify our commercial initiatives, ensuring gains in market share compared to 2023 and with higher volumes and net revenue both quarter on quarter and year on year. However, there was an impact on costs reflected in adjusted and recurring EBITDA for the fourth quarter and for the full year. [Foreign language] Besides the downtimes and vacations, we had the start of a ramp-up in the new tiles unit in Botucatu. [Foreign language] With the sector showing few signs of recovery, factory capacity utilization levels pressured by a highly competitive industry, we've closed the year with an adjusted and recurring EBITDA of BRL 4 million with a margin of 0.5% in 2024. Now talking about perspectives for 2025. [Foreign language] These are some of the discussions that we believe will guide the first half of 2025. The wood division remains resilient, mainly from with events from the furniture industry. Talking about the finishings division, we continue to make progress in metals and sanitary ware, and we continue to seek the best results for this division. With the end of the 2021-2025 investment cycle, our focus is to reduce the company's leverage and prioritize cash generation. Even facing a challenging macroeconomic scenario, we remain attentive to opportunities so that we can optimize our efficiency and profitability. We are already seeing price increases for our products to offset increases in input prices, and we remain diligent about the company's costs and cash management, prioritizing returns on all projects. Before we conclude our presentation, I want to share with you a project that is a new moment for the company, Casa Dexco. It was announced in 2021, and it is now a reality, consolidating our presence in design and decorating our decoration sector right in the heart of São Paulo. I will officially present it to you. Estamos muito entusiasmados e bastante orgulhosos do projeto que estamos entregando com a inauguração da Casa Dexco. [Foreign language] O evento oficial ocorreu na última segunda-feira e contou com a presença. [Foreign language] Very excited about this project. The official event took place last Monday and was attended by key professionals in the field of architecture and design, as well as Dexco's top executives. We have two floors, almost 4,000 sq m, and it's an important step for the company. For the first time, we've brought together all of our brands in a single space, offering an integrated experience for architects, designers, and consumers. It's a new concept in architecture and interior design, going beyond being a showroom. It's a space where customers can see and purchase our products. [Foreign language] It features everything you see in a conventional store, but it's also designed by 20 professionals, and these spaces are not just there for show. People can enter, touch, try out the products, and also see art and design exhibits. There is also a space for events, a co-working space, and a functional kitchen and café. We'd like to invite anyone to visit this space, which is located on Avenida Paulista. Before we close the presentation, I'd also like to invite you to Expo Revestir 2025, the largest floor and wall tiles and finishes fair in Latin America, which runs until tomorrow, March 14th, in São Paulo. [Foreign language] This is an important event for the sector, and we have Dexco City in an architectural project inspired by Conjunto Nacional, which also connects with Casa Dexco. This is an important channel for product launches. This year, we've secured new products from the Deca brand with new lines of metals with Portinari [Foreign language] and porcelain tiles with slabs that can reach 120 by 280 centimeters. These are products that dialogue between all the company's brands. Expo Revestir is one of the company's main channels for connecting with its various stakeholders, and it was an important driver for results in the first quarter of the year. Before we continue with the Q&A, I'd like to take a moment to recognize and thank Antonio Joaquim, our CEO. As many of you already know, this is his last earnings call as our CEO. On behalf of the entire company and our team, I want to express our deep gratitude for his leadership, vision, and commitment over the past 13 years. Now, let's continue with the Q&A session. [Foreign language] Thank you. We will now begin the questions and answers session for investors and analysts. If you would like to ask a question, please click on the raise hand button. If your question has been answered, you may leave the queue by clicking on lower hand. The first question will be asked by Marcio Farid from Goldman Sachs. Go ahead. Olá, pessoal. Obrigado pela pessoal. Obrigado pela oportunidade. Hi everyone. Thank you for this opportunity. I have a couple of questions. First, I'd like to understand what we can think what we can consider for 2025 when it comes to standing wood sales and panels. We saw there were no sales in the fourth quarter, but considering that this will be a potentially more challenging year, how are you getting ready for this product mix? [Foreign language] From my understanding, you prefer to run panels full capacity, and when you can't, you decide to sell a little bit more in standing wood. So I'd just like to know if you have anything planned and how you will behave this year. [Foreign language] My second question is about your macro and microeconomic scenario. As this will be a more challenging year with higher interest rates, have you been making any—have you been seeing any changes in the market when it comes to demand, customer feeling, and what should we consider for Deca tiles, which was having a turnaround but is now facing a tougher market? Thank you. Marcio, a gente está com algum probleminha aqui de sinal de áudio. Marcio, I hope you can hear us. We're having a little bit of trouble with our audio, but I'm going to let Henrique and Raul talk about panels and the feeling they have been having in demand. We just want to connect this to what we just mentioned, the trade show, which is a good gauge of what the market is thinking about. [Foreign language] This is an important feeling to capture because as things are advancing in the macroeconomic scenario, we need to be in touch with them. [Foreign language] So this is an event that brings us very close to our clients. To talk about wood panels, [Foreign language] I'm going to ask Henrique to talk about what we're considering for this year. Hi, Marcio, this is Henrique. [Foreign language] This year seems to be a bit better, but we see that growth is a little bit slower than in the second half of 2025. The good news is that the market is still doing well, but it's adjusting itself, which is natural after so much volatility. [Foreign language] We don't really see a major block of forests or wood to be sold on the short term. We don't believe that this will happen at a significant level. [Foreign language] This is our understanding. Of course, adjustments will take place. We're always buying and selling wood. This is a part of our operation. The typical impact that we have in wood volumes will not be seen. At least we don't believe so. [Foreign language] Thank you. Raul, good morning, everyone. I think your question comes at the right time because this might be the most, well, the hottest week of the year when it comes to trade shows, exhibits. [Foreign language] This trade show is always very busy with all of the players in our industry. And also, we have we've opened Casa Dexco, and we've had over 3,000 people visiting us in three days, which is also a great moment to interact with all the stakeholders. I think it's still early to talk about any sort of expectations in reduced demands due to interest rates. [Foreign language] We've been seeing mixed signals from both sides. There are industries and areas and clients that are doing very well in the market. [Foreign language] Everyone seems to be stable. There is some growth in January and February, and we see the same here. I think the name of the game here is to be very close and understand what is happening at the end. January was a bit slower this year when it comes to sellout. [Foreign language] February was a bit stronger, and March after Carnival seems to be behaving in line with what we have been seeing before. [Foreign language] Our industry has a very long chain. This is the time of the year when projects start getting finalized. We are starting to see some of that. [Foreign language] So we are controlling everything we can control. It is a year of austerity, of being very responsible in how we allocate our capital and looking at cash very carefully. But Io far, [Foreign langauge] It does not seem very different from what we expected. During our Dexco day at the beginning of the fourth quarter last year, we had already imagined that 2025 would require attention. And so it does. So the secret here is that we have to be aware of what is happening, be very close to our stakeholders, and to start our initiatives. So we have started the year with controls, austerity, but so far, we have had no surprises. Thank you. Just to follow up, [Foreign language] the foreign exchange rate has varied a lot this year. How are your competitors behaving in trying to recompose a part of this price increase? Thank you. [Foreign language] We have been monitoring this very closely. As you mentioned yourself, we had a lot of pressure since January. [Foreign language] I think there are many effects here. Not only has the Brazilian real been devalued, and of course, it's more volatile recently, but we also have some commodities related to resins, which have been impacted and will impact the cost at the end of the day. So if you look at some commodities like urea, ethanol, they have had significant increases since November. And that, of course, pressures our costs in the short term. [Foreign language] So we have made some price adjustments. As you have seen, our commercial policy is presupposing intelligent increases. It's not a one-size-fits-all. We have been doing [Foreign language] some changes depending on the product, [Foreign language but we see in the entire market. Of course, I can't give you precise figures on a competitor-by-competitor basis, but [Foreign language] there seems to be a much more rational position. Of course, there are disputes for shares, for space, but [Foreign language] It's not the same that we had before when it comes to price. [Foreign language] Without a doubt, costs, not only of resins and commodities, but also wood costs, have set a cap [Foreign language] for wood prices. [Foreign language] So I just want to include the finishings division here. We're also being impacted by costs. There are some commodities, there is shipping, which is a transsectional impact for all operations in the company. But the fact is that we have been able to be a bit ahead of this. At the end of the year, we announced a couple of things. So we're undergoing the implementation process. So i f the situation remains, [Foreign language] our price levels have been adjusted for the current cost reality. But like Henrique said, we need to keep a close eye on this. [Foreign language] Great. Thank you, everyone. [Foreign language] The next question will be asked by Mr. Ricardo Monegaglia from Safra. Go ahead, sir. [Foreign language] Good morning, everyone. Can you hear me? I hope you can. So thank you for taking my question. I have two. First, congratulations on opening Casa Dexco. With this investment, I hope you can share with us what metrics you're going to watch to see the returns for this investment directly and indirectly. [Foreign language] What should we expect for 2025? [Foreign language] What do you expect to do with this startup in 2025? Our second question is, I think it was very clear that you need to pass on price cost inflations to the price. So my question is, if this has already started in 2025, or if this is a conversation for the next months, and if you can break it down per segment, that would be very helpful. Thank you. [Foreign language] Okay, we're going to start talking about Casa Dexco, and then we'll talk about the different divisions. [Foreign language] For Casa Dexco, it's a first movement. Sp we do have some metrics. [Foreign language] There were [Foreign language] several reasons why we went into retail with this. The first is to have a much better service for our clients, for consumers, [Foreign language] in a space that would allow for that. We had a showroom before, but it had high operational costs, [Foreign language] and it was not as efficient in its service, not only with end consumers, but clients who wanted to [Foreign language] come in and talk about a new collection. [Foreign language] So with Casa Dexco, we switched our position. We had two operations, and we replaced it with one more efficient operation. But that's not the main fact. We have a plan. We brought in a team, a market retail director, [Foreign language] and at Casa Dexco, we're starting, [Foreign language] you know, this is the kickoff for [Foreign langauge] a series of franchises that will be called Casa Dexco as well. [Foreign language] We have two operations open, [Foreign language] and they will be implemented throughout 2025. So of course, in this process, there are several things we expect. First, as I said, we want to have much better service. [Foreign language] We want to have architects and people. [Foreign language] Our expectation is that this will become a mandatory stop [Foreign language] for [Foreign language] people who have the opportunity of going there. Like with Milan, you have major trade shows, [Foreign language] and we really want to attract this audience. Foreign language] Obviously, with franchisees, we want to extend our sales of Deca and tiles [Foreign language] to more selected audiences [Foreign language] in the specialized store segment, which is a premium. It's much more profitable. So we expect to see profitability increases, [Foreign language] improved mixed head, and things of the sort. [Foreign language] And also we want to see higher returns as you have a new operation where you can service your clients directly. [Foreign language] So we have not published these. [Foreign language] This is a part of the strategy. [Foreign language] So most of these stores are store owners which are already partners, who are having good conversions and are now becoming more integrated, working all in with us. This new inventory model is very good. So again, I would like to invite everyone, analysts watching and so on, to visit us and then try to understand what Dexco is doing, because our aim is to also have a position in retail. [Foreign language] I also want to talk about the institutional effects of having Casa Dexco. Like we said before, we had two old showrooms that were outdated. And when we include a space of this magnitude, and when we can show this to our clients, we're going to see, you know, you're able to see how broad our products are and how they work in harmony. We see a lot of wood solutions in houses, all sorts of finishes. And the truth is that architects, specifiers, and even store owners have embraced Casa Dexco as a place that they can use, where they can take their clients for inspiration. So I truly think that we're very close to our partners, even to our independent stores. We've seen a lot of store owners who visit, and they also use our space to bring their clients in. And so it's more than just a retail investment. Of course, it will definitely boost the Casa Dexco brand for these cities and regions where we have our franchises, but we also are presenting Dexco solutions to our partners. [Foreign language] This has been very well accepted. Starting next week, we will have our sales operations, which also have a key element that is capturing data. So understanding how our products match analytics, data intelligence becomes viable and will become possible with data capture. [Foreign language] So this is another key element for our strategy. Isso é a continuação da pergunta do Ricardo sobre o 2025. This continuing Ricardo's answer on passing on cost through prices. As I said in answering Farid's question, we have been paying a lot of attention to this since the fourth quarter of 2024. We have had some price increases to adjust to the current realities. So we have been ahead of this because we know that you cannot miss these things. It takes some time to implement new prices. Some of the agreements are over one month long. So the price increases we have made have adjusted to the macroeconomic scenario, looking at diesel costs, the US dollar prices, and looking at the main commodities that we keep track of. In such a volatile moment, we're not just making linear increases. We have a great pricing intelligence level where we can find the main elements of each cost calculation for our products and then adjust them accordingly. So we have made some adjustments. Of course, we will need to make more, but we're paying attention to the scenario. Eu acho que é só complementando. Just adding to that, I think I already answered this in more generic terms, but we are keeping track of it. We have made some adjustments in the first quarter, and we will continue to be close to our teams in doing this. And of course, to be close to the market so that we can make all necessary adjustments. Maravilha. Obrigado, pessoal. Obrigado, pessoal. Great. Thank you. [Foreign language] The next question will be asked by Mr. Rafael Barcellos from Verdisco BPI. Rafael, go ahead, sir. Bom dia a todos. Obrigado por pegar minhas perguntas. Hi, thank you for taking my question. My first question is, I would like to understand what changed in your strategic view, considering the current scenario that you mentioned in the beginning of the call, where you see some uncertainties in some business lines given the macroeconomic scenario. So are there still any adjustments to be made when you look at the operations? [Foreign language] What about your turnaround in Deca Ceramics? Will you have to change anything in your route given this new scenario? [Foreign language What profitability levels do you expect? E a minha segunda pergunta seria sobre. And my second question is about LD Celulose. If you can tell us a little bit more about how your asset has been evolving throughout 2024. [Foreign language] And also, are there any adjustments and opportunities for the short and medium term to make this asset return dividends earlier? Thank you. [Foreign language] I'm going to start talking about the general strategy, specifically in ceramics, and then I'll let Audade talk about LD. Speaking overall, our strategy hasn't changed. We're going to make some small adjustments here and there, but this company has a long-term view. [Foreign language] So ceramics will be our new growth platform. We continue to be committed with this strategy of working with ceramic tiles. I think Botucatu, Casa Dexco require you to work hard on ceramics, right? 50% of the sales in stores are ceramic tiles. This is the product that we need for any environment of the house. So of course, we're going to continue to invest and adjust our position in this market. You saw the impact that this had on our results at the end of the year. There were relevant impacts in investments. We are making industrial adjustments to start off the Botucatu plant. Its portfolio is completely different. It's a unique plant in technology, new products, and it allows us to play in segments that we're not present in yet. It also allows us to have a bigger geographic footprint. And w e are also more competitive when it comes to shipping. [Foreign language] We can now service the Northeast, the Midwest, and even the state of São Paulo. So our strategy is to work with this operation system in ceramic tiles. And I think this has been sustained and is now strengthened. In December, we made all necessary adjustments, changing our product portfolio, and this is not a trivial operation. We have over 1,000 SKUs, 1,000 different products that need to be aligned with our units. [Foreign language] So we are following the plans that we have made a long time ago. Considering the rest of our turnaround with metals, we are starting to see ourselves in a much better situation. [Foreign language] Our products have a good demand, good production capacity, good improvement in delivery levels, and I think that is key. So we have made some very good launches. Our portfolio is very comprehensive. It's aligned with what we need to have to gain a share of of the areas where we work in. And with sanitary ware, we need to have higher plant occupation rates. So we have made adjustments to our plants. Jundiaí has been automated, and it's starting to have very good results. And this is something that we need to look at very closely. Our results in automation should provide good results in Jundiaí. And plants in the Northeast have a good occupation rate. That's our outlook. We have very labor-intensive plants that need [Foreign language] a better occupation rate in order to absorb all of these fixed costs and in order to generate the right cost levels. [Foreign language] So we need to keep an eye on our finishings division, our sanitary ware division, so that we can deliver all of the results. [Foreign language] So let me start answering about LD, and we'll add some information from Henrique as well. It's important to mention that throughout 2024, we've been reporting this, but we concluded the year with a higher productivity level, much higher than 10% nominal capacity that this operation has, which we expected to happen throughout 10 years, but it ended up taking place in the third year of the full operation. That's a very important piece of news. It also confirms production quality, which was very good. [Foreign language] Especially when you have maintenance downtimes, you always expect to have some changes, some variations, but it didn't happen so significantly. So we're happy about both indexes. [Foreign language] So LD is confirming its potential. [Foreign language] And concerning opportunities, there are always ongoing efforts to find additional productivity measures, [Foreign language] Including in these downtimes. [Foreign language] We've had our full downtime, [Foreign language] And then we went through a ramp-up, and we can say that we have been at a very good level in recovering our operations, which puts us in a very positive position. [Foreign language] Considering 2025, just to give you an idea of our dividends, the kind of pressure that we see in Dexco is also taking place in LD. It has chemical components and in its industrial production. It has shipping costs, also connects to which also connect to the macro variables. There are some logistical challenges. So this all puts pressure on us from 2025 forward. The good thing is that we haven't seen this affect prices as we saw in the pulp market. So the market has been conserved. [Foreign language] So in the future, productivity will remain high and will bring good results for LD. We believe that this will continue. Considering dividends specifically, there is a new structure that allows us to pay out small dividends in the first years, but as the company deleverages itself, these these locks are lost. So we are very prepared for the next cycle. In 2026, we do not expect to see major figures. [Foreign language] This was the year in which we will pay the first dividends in small amounts, but 2027 and 2028, we will see a an increase. And if we continue at this level of productivity with controlled costs and sustaining prices or with a slight increase, [Foreign language] We believe that we can advance some of these dividends. [Foreign language] Thank you. Just to underscore this, we are very happy to see the operational issues evolving. It has been a positive surprise. The management, the productivity, even how your force are being built up, this is great news, and we expect to accelerate to the maturity process in the next few years. [Foreign language] Thank you. Just a follow-up question with Raul [Foreign language] Regarding ceramic tiles. If you can give us some more details about how you expect it to advance throughout the year. [Foreign language] I know it's hard to provide a macroeconomic scenario, but if you can tell us what your expectations are for when it comes to these results. Thank you. [Foreign language] Thank you, Rafael, so 2025 will be a year in which we expect to recover the ceramic tiles market. [Foreign language] We're still making some adjustments, but our focus this year is still to recover our relevance and adjust our production system. [Foreign language] So it's still a year in which Botucatu will be accelerating, ramping up with some product development, going into new segments, and we're starting to collect our investments in trade marketing, store participation. So this is a very consistent thing, but there are also additional costs. What I can say about this plant, and I've said this to our board, is that in 2025, we will finish any conversations on ramp-ups and adjustments to ceramic tiles, but this is still a ramp-up year for Botucatu. So we are going to conclude the year at a better cost than we had in the South. This is a unit that has the best technologies for this to happen. [Foreign language] So at the end, we are going to be at a very good level of operation. Botucatu will be at a good level. [Foreign language] We are going to start moving well. [Foreign language] With everything we saw in our client previews and so on, we expect to have a good product portfolio. [Foreign language] And this will allow us to compete in a very good way. So we will finish 2025 with tougher results. [Foreign language] But the market is very competitive as it needs to be and in 2026, we hope to start operation levels. [Foreign language] Will be at better, more appropriate levels than we were before. [Foreign language] The next question will be asked by Mr. Marcelo Arazzi from BTG Pactual. [Foreign language] Hi everyone. [Foreign language] I'd just like to hear a little bit more about the company's leverage. We saw good cash generation this quarter, but this was helped by a one-off event. Your CapEx level is still relatively high, so I'd just like to understand how you're seeing your leverage throughout 2025 [Foreign language] And if there are any possibilities of accelerating your de-leveraging process [Foreign language] Through divestments [Foreign language] or any CapEx flexibility. Thank you. [Foreign language] Thank you for that question. So in our forestry operation this year, [Foreign language] We have made adjustments to our operation. This leverage can come from two places, as you said. It may be DRI, which is business performance, and that refers to what Raul and Henrique said about what we expect from this business. [Foreign language] We also expect to capture some of the results from the projects that we implemented, and even in a challenging scenario where we're expecting to capture gains from what we did in the last two years. So that's the important part to generate a part of the cash that will capture these investments. Of course, this is diluted over time. And the second part are balance actions. [Foreign language] So we're paying close attention to this for 2025, just like we did for 2024. There's nothing relevant to talk here that you don't know of, [Foreign language] T hat you haven't thought of when we talk about divestments. We do have a very big balance, and that involves industrial assets, it involves forestry assets, it involves land, it involves a number of things that allow us to [Foreign language] Make better use of these assets. So this is all on our radar. We have been looking at this as we did in the fourth quarter. And of course, one of the biggest drivers is the high interest rates, but we're not considering leaving a segment that we're in right now. It's not a major transformation. We just want to use our balance in a better way. So this is what we want to do for 2025: to capture improvements for our business, but also to optimize the kind of balance and the kind of capital investments we've made for the company. Thank you. [Foreign language] This concludes the questions and answers session. We'll now hand over to Mr. Antonio Joaquim, Dexco's CEO, for his closing remarks. [Foreign language] Thank you very much once again, everyone. I'm very happy right now to really pass the baton on within a month. This is a mere formality. Raul has already been in charge of the operations since January, but I'd just like to underscore that the company has a very solid strategy. And its strategy is always to look five years towards the future. This is what we're going to continue doing throughout the year. [Foreign language] So of course, we are thinking about indebtedness, not only due to the net debt to EBITDA, but due to debt costs, because the cost of capital is higher. So we have a group that is working on this as a priority. We have actions that we're looking at, considering. [Foreign language] We have discussed this with our committee. So of course, we're looking at all initiatives we can use to make this reduction. I believe we will be able to do it. [Foreign language] Of course, there are things that we'll have to do, but we're going to do them very carefully. [Foreign language] Also, we're making a big effort to [Foreign language] rediscuss our go-to-market in the Deca and ceramic tiles divisions. This has been a solid effort with the support of consultancy companies, and a part of it includes this strategy of being close to retail with Casa Dexco. [Foreign language] So sometimes we look at these things in simple terms. So we might think that if ceramic tiles are difficult, we should invest on that. But we've done everything that we needed to do when it comes to industrial assets. Of course, we may have smaller lines. We can manage lines differently but. [Foreign language] We have assets. We have our own plants in Santa Catarina, and we have a new plant in Botucatu. So we're going to work hard to use these assets. And ceramic tiles are an essential part of our strategy for the future of our company. So this is where we can recover a lot. We really believe in this new model. [Foreign language] At this stage, the company has a high cost of debt, but we have concluded all of our investments, all of our relevant investments. So we can expect to have lower investment cycles, basically maintenance for the next years. And that means two or three years while we still are comfortable with our debt level. So we are not comfortable with our debt right now. We're working on it, but these investments have been made, and now we have to make use of them. [Foreign language] We have several projects. We have several good ideas on the table, and the team is working on them. [Foreign language] And I would also like to underscore that. [Foreign language] Since our vision is to support our shareholders, and this is very solid and long-term, we may experience some tougher moments. I think everyone is seeing that this is a challenging moment, you know, with the trade war and everything. We are going to have to watch this closely. So far, we are not seeing major effects to our processes, but. [Foreign language] The market may be challenging. And if it becomes even more challenging, we are very resilient, and we will continue to be prepared [Foreign language. Throughout this time. [Foreign language] I am sure we are going to do well. So thank you, everyone, for your support. Thank you for watching. [Foreign language] And I would just like to say that [Foreign language] While I am leaving you, I will still be available as a board member. I will be here supporting you. [Foreign language] And supporting our shareholders. [Foreign language] And our board members in running these strategies. Thank you. Have a good day, and I hope we can do very well. Thank you. [Foreign language] This concludes Dexco's conference call. Thank you for listening, and have a good day.