Guilherme Setubal here. Duratex, or better yet, Dexco, was founded in 1951, and it has been listed since then. 75 years going through different economic cycles, and more recently, a very challenging moment for the company. Before going into our divisions and our numbers, we would like to combine two complementary perspectives, the long term of our board through our Chairman, Mr. Setubal, and also the execution vision with our CEO, Raul Guaragna. My role is to bring some questions from analysts and investors, and I promise that I am not going to be limited on that. Now, on this first block, we are going to get into our legacy and capital allocation, and question goes to Mr. Alfredo. Alfredo, when we talk to investors, one of the recurring questions is whether the long-term control of Dexco through our block of control and our controllership, does that add value or does it create instability for the company? Looking at the 75-year-old history, what enables an industrial company in Brazil like this one to go through so many economic cycles throughout the years? Good morning, everyone. Thank you very much for being here. Thanks to all of you that are joining online as well. Well, I believe that 75 years shows that is a statement in and of itself that proves that we have a long history and we went through numerous economic and political cycles. I think that the stability and the control of our company, that gives you the long-term view right there, and I believe this is really relevant for Dexco's history. Also, when it comes to all of our divisions as well. I think we have a shared control, Itaúsa, with the Setubal family, after we merged in 2009 with a company that does essentially wood panels. So that provided a lot of stability to the business. Now, from a strategic perspective, and we have been discussing this at length in our board, a lot of the discussions revolve around that. But as you know, not always do we make the best decisions. Unfortunately, we make mistakes as well. So, throughout this 75-year-old cycle, we had some misses. We got some things right, but the company has always been a solid company that gave us a reasonable return. It has never been off the charts throughout the history of the company. Throughout the last few years, we have been suffering a little bit more, especially after the pandemic, really. I mean, we have been struggling a little more in some of our business divisions, especially when it comes to the ceramics business, the tiles. We are working, and Raul, you can attest to that, maybe you can go into a little more detail. We have been going deeper into our strategy lately, so I think that, yeah, we do have that stability. That stability puts us a little more at ease from a financial perspective. The company, unfortunately, has not garnered capital for decades. We have done that only a number of times, but we have been navigating our political and economic cycles, like you mentioned, but we always have a long-term view. We do not cater to the pressure of delivering short-term results to go for that quarterly gratification in a way that we are kind of at ease when it comes to managing the direction of the company. Thank you, Alfredo. And by the way, it is worth pointing out that in 75 years, Dexco has made numerous changes. We were just saying that Dexco actually produced bats and other materials. So through innovations and technology, we actually changed our course and switched the focus of the company. I think that is worth pointing out. We were not tied or limited to a number of businesses. In a way, we changed and we streamlined our business. Now, to the focus point, my question to Raul is the following. Well, Raul, the market demands a lot of focus, so in order for us to be straight to the point and a focused company, I want to know from you or from us in the board, how do we make those decisions, in your opinion? What makes Dexco go into a segment or move out of a business, and what are some of the paradigms that had to be broken for us to be here on this footprint? Very well. First of all, I want to say thanks as well. I want to say thank you to all of you that are joining us online and in person. We are using our Duratex pin. Last week, here at Dexco, we celebrated 75 years of Duratex as well, which is where it all started, really. And it is really interesting to see just the number of companies, partners, and customers that have more than 100 years of existence. Some of the companies have been out there for 80 years. So this is a resilient sector, but it is also a sector that is constantly reinventing itself. And I think that this is a really crucial point when it comes to continuing to grow and surviving out in the market and continuing to thrive. We always have to reinvent ourselves, and once we get our ducks in a row. Once we get a trajectory going, I mean, that is a key topic, which is execution. At Dexco, we love to have a portfolio in the company. We have metals, we have sanitary ware, we have tiles, we have architectural concrete. We have a broad range of products, as well as our wood panels, and they have their own seasonalities. They have their own market behaviors, if you will. On the other hand, that generates a lot of complexity, as you can imagine, and we have to deal with that in a very serious way. So I think that as we define that we want to, and we do want to continue to be a group of brands leader in its segment, whether it is in share or recall, quality and reputation are key values for us as well. And before the pandemic, we defined our solutions journey, and that gives us a huge advantage and direction. I think that is our North Star. We are not going back to doing business that is not in line to our purpose. And if we do go back to that, it is going to be something a little more opportunistic, if you will. Furthermore, we do have a very, very important topic to consider, which has been out there for many years, which is our ability to develop wood fiber, I mean, the eucalyptus, that is. And this is not an off-the-shelf solution. This is something that we built for many years to have the best genetics, to have the best execution, and to know how to cherry-pick where to develop our forestry assets. This is going to be a key element as well. In a nutshell, we're going to continue on this line, on our solutions focus. Dexco is at a unique position to take that stance. Suffice it to look at the number of solutions we have, and also we're going to continue to develop wood fiber with two revenue streams and a focus on execution that also translates into that division. When you look at the business in separate divisions, that gives us a lot of autonomy, and it's a lot more efficient than to just hoping for synergy and working with everything together. That's going to definitely translate into this focus and focus on the corporate side, but also give the business some leeway to grow. Thank you, Raul. Simplifying and concentrating also helps the company working toward payback. We are being very frugal. We have a commission focused precisely on that, and this is a hallmark for us. Let's get into the investment cycle for 2021-2025. It's been a tough cycle. Lessons were learned. My question goes to Alfredo. Alfredo, here's a question that the market doesn't ask often. After the pandemic, the company went through a great investment cycle, roughly BRL 1.8 billion, but the reality is different. We were working at 2% interest, now it's at a two-digit cycle, and we had four to five months of portfolio of investment back in the day. The demand has dropped significantly, and yeah, the expenses went up. What would the board have done differently, looking back? That's a good question. Well, look, I think we had a cycle, the Dilma cycle, the former president. If we look back in hindsight, we had a two-year recession that was very, very tough. Our GDP dropped by 6%-7%, and then Temer went in, and then Bolsonaro took office, and things got a little balanced, and then in came the pandemic. During the pandemic, we faced a dire issue because the pandemic actually had an extremely high demand for our products. Sales and results were just record-breaking in those years, in 2021 and 2022. In the meantime, we approved this investment plan you were talking about. We built a new plant of tiles in the city of Botucatu. We automated some projects of sanitary ware, so we did a number of investments that materialized, if you will, in late Well, really last year, first half of last year. Now, when these investments materialized, the market was a completely different scenario. Interest rates were higher, demand was a lot lower because there was an anticipation. Consumers bought a lot of things in an anticipated manner after the peak years of the pandemic, and so that greatly affects us because the bulk of our sales is remodeling. It's not for major buildings and new homes. That's maybe 30%-35% of our sales. So we were caught in a very difficult situation because the investment had been made and the demand was dwindling, especially for tiles and Deca. Fortunately, the wood panel market has been behaving very well. It came out of the pandemic in good shape, and it is still generating cash for us. It is still fostering business, so that definitely helped out in that tough period, in that rough patch post-pandemic, because the investment that we made was essentially done through debt. That debt is just being paid, and we are reducing our indebtedness level gradually. The demand is just not there. Being that this demand did not come, obviously, the investment that we made, they had a negative return rate. So we are operating on the red in that perspective. Since 2024 and 2025, it was the worst of both worlds because our debt grew, the interest rates rose. We have new tiles plants, so that really demanded that we just replan the whole thing. The good news is that we do not have any new investment to make. Even if by some miracle the economy booms and grows, we still have an idle capacity that is very significant. We can use this idle capacity, we can fill up our plants. I am talking more about the Deca brand, right, and tiles. Wood panels has been operating full throttle for a few years now. We are just facing this moment. We are reducing our debts. We do not have any new investments down the pike except for our forestry CAPEX, which is something that we do to replenish our wood panel factories, and that continues, of course. This is an investment to the tune of BRL 500 million-BRL 600 million a year. We are more focused on recovering our market in Deca and recovering our margins as well. That generated a very large EBITDA for the company, and we have been able to balance out the payment of interest and pay our debts gradually. So we have reduced our debt levels significantly in this period. We have better margins. We have a better gross profit. We are selling out some assets. In other words, we are focused on going back to a profitable stage, especially for the tiles business. I mean, this is an uphill battle, right? Everyone in charge is sitting here. I mean, unfortunately, it is not just a market issue. Obviously, the market went down, but we have to admit our faults and shortcomings as well. We did very poorly in the tiles market, and after the pandemic, we lost market share, we lost margins. I mean, you name it. It was an operation that went very well. We got into the business in 2017, and it went very well up to 2022, but since then, it has been very bad. Market problems and management problems. Let us be honest here. We made some blunders that caused us to lose market share. So we have been focusing on the execution piece. Our whole plan is to reduce costs, is to sell inoperative assets. We reduced a business that was very negative in our balance sheet that we just divested, which is the sanitary ware market. This is something that was never a big deal, but now we decided to face the problem head-on. Last year, we closed our Paraíba plant. This year, the Recife plant was closed, and we are definitely losing market share, but we will operate with one single plant, improve profitability, and have a better value add. These are some changes and shifts that we are doing in the last two years, and those are proving to be fruitful. We are generating more cash. We are reducing our debt despite the challenging environment in the market. I think one other important change that we are making, and we have been doing this since the last two to three years, is that we are increasing our finished products importation levels. This is part of our strategy as well. Historically, this company has always had an industrial focus and an industrial calling. Throughout the last few years, we have been breaking that down and focusing more on the customers and focusing more on the consumer, on specific matters. Going back to that, we increased our importation, especially when it comes to Deca-related products. This year, what is it? I think it is 20%-25% of our sales of Deca products are going to be imported products. It is a design by Deca, so we make the product, we specify it, but the product is then produced elsewhere, essentially in China, in very specific production lines. So that we steer away from our industrial focus and go more towards the consumer side, and that has been really helpful so we can reduce cost and we can provide better quality and better results. One other initiative that we are doing gradually, step by step, which is also from that perspective of switching the industrial focus, is a gradual entry on the retail business. We actually have a project that Marina is running and Jordana in the Casa Dexco. I think we have, what, 16 stores? Something like that? 18 stores. Yeah. So two extra ones just opened up. This is a project that we are taking bit by bit so we can capture better margins on our sales. Again, the idea, this project is doing really well. Next year, we will probably open an additional 10 to 12 stores, and next year is also going to be a turning point. We are about to close 30 stores, but if those 30 stores are performing well, we can accelerate this process a little more. So in the next few years, we can maybe reach 100 stores as a first milestone. So, that is also going to steer us away from the industry and drive us closer to the consumer. So I think all of that has been really helpful when it comes to a cultural change. So we are working on many fronts. You have importation, you have operational efficiency, you have the retail business. All of that calls for a cultural change at a company that is very important. I mean, as you can imagine, the company has always been focused on quality, on the industry, on producing the very best product possible with years and years of guarantee. Now, the market is a different place now, so we have to adapt to the conditions. I think we have been able to do that. We have been executing that very well. I mean, Raul has been spearheading this process with our steering committee, so I think we are doing a good job addressing those issues. It is far from ideal, but we are adamant that we are on the right track. Thank you very much, Alfredo. I think I can emphasize something you said because we are focusing on what we control. We do not control the market demand, but operating efficiency, we do. Working capital, we do. Product cost, we do. All the improvements you see in our results is basically deeply related to the operational improvement. Tiles are still struggling, for sure, but we have to look at it and see the improvement that has been made in the last few years. Our new industry footprint, both for sanitary ware, we are just left with one plant, and we invested back in the day in five. Today, we have two on the other side. That is going to make us more productive. Come next year, our improvement in the results is not going to be coming from market demand, but rather from the operational efficiency. To piggyback on what you said, actually, we closed six or seven factories in the last few years. That tells you the mind shift that is happening at the company. We are steering away from an industrial-based company. We had 21 factories at one point. Now we have 14. I mean, it's a reduction. You can see that this is really relevant. I mean, everything that we are doing and that cultural change is really significant. We are going to explore a little more of that cultural shift in our next topics. Again, we are no longer an industrial and engineering company. We are now a more design and customer-focused company. I think Alfredo said so very well. When I asked about the paradigms, I think the importation paradigm was broken. When I started at Dexco in 2014, it was said that it was impossible to import products. It was not competitive. We tested it out, the steering committee got on board, and now we found a way. We have 20%-25% of our products coming from abroad with a design by Deca, so we do not lose in quality, but the production cost is a lot more competitive, and we can bring products to Brazil in a much more efficient way. I mean, I think everyone can see that. It's really impossible to compete with China. If you want to compete with China, good luck, because their capacity of production and just the installed capacity that they already have is insane. For large-scale products, which is what we import, I mean, it's a no-brainer. Products come here in Brazil, and it's at a price that we just cannot produce at. You cannot possibly compete with the Chinese when it comes to their production capacity and the quality production that they have. Absolutely. Now, Raul, I think the audience is going to enjoy this answer. What ensures that our capital allocation discipline, which is something that you always focus on every call, what ensures that this is something structural and not ephemeral? What guarantees that this is here to stay and this is a structural change, not just a trend or a fad given the high interest rate? He was not kidding when he said he was not going to pull any punches, you know? Mission accomplished. We have been discussing this a lot, and I just wanted to take this opportunity to go back to the previous point, talking about the paradigm shifts. I think it really has to do with that. When you import products from abroad, you go into categories that you cannot have in your own country. Part of what we are doing is new categories, is additional businesses. We are now having inox, stainless steel grinders. We are now dealing with different accessories, different elements that we do not even have the production capacity for, like sinks. We would be chasing after stainless steel factories if we had that industrial focus still. This is something that the Chinese just dominate, and you cannot beat them at it. This is an important paradigm to break. One other point, talking about those paradigm shifts is the retail business. We actually had a very important concern to not have conflict channels. When Dexco said, "Let's go into the retail business," there are many interpretations, but what we are doing is we are providing a different option for retailers. Dexco does not own the stores. Dexco actually has an entrepreneur that converts their stores, so that is why we are moving fast. The store is already there, it just becomes Dexco. This is an amazing solution for us to optimize our capital, and it is good from a retailer's perspective as well, because the store owner does what they do best, which is develop new businesses and go after architects and do events and look for construction in their own region. The market has been really receptive to that. It becomes really clear that it is all about coexisting with the traditional retail format. We have to be brave enough to face up to that and communicate it in a very clear manner. It is not that Dexco is going to be a retail business, but we are in retail. We do it well. We provide a solution for retailers, and at the same time, we get closer to the consumer. Like Alfredo said, the company is more exposed, more agile, faster, and it becomes easier to react to the market challenges. Dexco, our responsibility with capital. This is something I have been saying since I was at Madeira and then Deca and now Dexco. Our business is capital-intensive, from planting the eucalyptus, the development of the forest. This responsibility is incredibly relevant and ambiguous at the same time. If you want to promote major savings in bringing short-term results, you just get the 6 million in forest and stop investing. But you will have to foot the bill later, and it will come exponentially. Probably we will talk more about it. The secret is our two-time planning model, and that helps us manage that ambiguity of making the necessary adjustments because of the capital requirements, but at the same time, you have to preserve your growth engine. Size is important to Dexco. We are listed, we invest in brands and quality at the service level, so size matters. So just reducing your size and doing away with your growth engine is not the answer. We try to reach a balance initially, from 2017, 2018, that we call unlocking value. Alfredo and Guilherme mentioned it. We have the ability to meet the demand for the next six to eight years with moderate growth. There is this new window of opportunity to develop top-quality products with Deca design, with a dedicated Deca line abroad that will help us meet the demand in a much better manner. At the same time that our plants are flexible, they are automated, they are efficient. And we buy time. Just to give you an example, with two ceramic tile plants, we lost 15% capacity only. So five plants for an extra 15% capacity, you do not have to do the math. The same for metals. With a strong plant in Jundiaí and another one in São Paulo, hiring people, we can build more products and meet the demand in the short term. So there is no capital investment requirement, and the common thread in the forest line is what we will guide our investments in the second moment of the cycle, which is to earn the right to grow. I am not going to say that we are going to grow. We know that size matters. We know that several of you have said lately, "Well, if you get to two, it is time to think about new things." Yes and no. Obviously, you do not reduce your indebtedness indefinitely, but without a debt, that is an important lesson, not to buy debt, but to adapt to different scenarios. How to make investments through debt exposes you more than you would like with organic cash growth. When you have planned speed that you invest in platforms, we are speaking about more modest investments than one for a new plant. When we speak about developing forests, we are tying it to something new ahead. In Mato Grosso alone, there is a need for 400,000 hectares for ethanol. So when we develop a forest, it is for a business ahead. You know that CAPEX, there will be a guaranteed demand. I wish I had guaranteed demand for tiles as we built a new plant in Botucatu. So there is a relevant change in our perspective, in that sense. If I may add, though, you mentioned Mato Grosso. You will notice results from forest businesses. We are using our expertise in genetics. Dexco is recognized in this industry. This is the company with the highest yield of cubic meters per hectare. We have a well-developed operation with high quality, and we are taking that expertise to other markets. When Raul said we are planting eucalyptus in Mato Grosso do Sul because we have seen a potential use of eucalyptus for other industries, for biomass, ethanol. So, over the next few years, we will develop other forest businesses, not only to meet our wood panel plants, but also to serve other industries. So, it is a strategy change in our forest division that will be relevant and that will contribute to our results as well. So, the growth of the panel division was not as it was 30 years ago, just adding panel capacity, but rather having enough forest. We have yield germplasm, and we invest a lot in our forest space. We have been doing that since the 1980s. That's why we are a reference in Brazil and abroad as far as forests are concerned. When we speak about Casa Dexco, we are talking about the franchisee that does not have the Dexco CAPEX. When I say Casa Dexco, some people get startled, but there is no CAPEX in that. It's a side business, a way to improve our product mix, our sales channel that will bring us profitability, not necessarily with more CAPEX. If I may add, as things come to mind, we don't have any project or idea of building new panel plants. The wood panel market has very basic products, very elementary products, simple panels, or white that is painted and delivered, and the coated panels. Dexco is a leader in the coated wood panel market. That finishing that you have, like this one or the one we see on the floor, different patterns. Our strategy was to grow in tiles. We bought two lines of coated tiles. We are able to grow, and if the demand is there, we will stop selling basic and white products to sell coated products with higher added value. We have no expectation of new plants for wood panels. When we speak about the investment cycle, we may speak about the investments that did not give us the return we expected. We invested more than BRL 200 million, BRL 100 million in plants, BRL 100 million in forest, and we got a new plant. You don't need a new line. 400,000 cubic meters in that new investment. We will speak about our budget next year, but every year, we have seen small investments to de-bottleneck our plants. That follows the demand over time. Alfredo is right. The battle in panels is to improve the mix. Duratex is also a very strong brand. Besides the seven brands that you see there, we also discovered the Duraflora, the forest brand. For those who invest in forest, it's a quality stamp. We are also exploring that brand for forest development. Right, Raul. That de-bottlenecking happened in our strategic planning. We gained capacity in the wood division without a new plant. We were able to ship more panels than we did before the pandemic. LD is a classical example. We have an LD plant that was made for 500,000 tons a year. We are operating at 612 or 13. We are above because of productivity gain or yield gain because of genetics, because of operating improvement. Deleveraging will be mentioned in the finance section. Just to give you the numbers, BRL 800 million less of bank debt compared to late last year. BRL 5.5 billion-BRL 4.7 billion, a relevant change, and a leverage that went from 3.5 to 2.36. That was our commitment to deleverage, to focus on cash. Lucia has a brooch she will distribute to many people. "I love free cash flow." That's what it says. That's going to be our mantra. Speaking about culture, Alfredo alluded to you, and you know how important culture is. Alfredo, you came to Dexco 10 years ago, coming from decades in the financial sector. How did you see the culture when you got to the company, and how did you see that change 10 years after? That cultural shift, you took part of the people committee. You were a supporter of that cultural change. Can you speak to that? When I got to Dexco 10 years ago, I was working for a bank for 33 years. I was shocked, quite honestly. I did not recognize at Dexco a company like Itaúsa. They were separate worlds, arrogant, really. Somehow lacking discipline as far as processes were concerned. Then we started a project to promote cultural change. I took part in many projects at the bank and other companies with BTA. That was in 2017, I think. So that was the first initiative to promote a cultural change in the company, and I think we were successful. It was well led, and that is deeply rooted now. But culture is dynamic. Things change, so do people, so does technology, so do customers, so do consumers. So we are in a constant process of cultural adaptation. Glícia is focused on the cultural change for a more digital world, with shorter cycles, faster processes, de-bureaucratizing the company, faster decision-making processes. In the last board meeting, Glícia made a presentation about the cultural initiatives that we have at the office, at the plants. It cascades down to the shop floor. It is a very relevant topic because we cannot see. Well, if the company does not adapt culturally to the environments, it will not do well. Glícia is the gatekeeper of our culture, doing a fantastic job, as Luciana is the guardian of capital allocation and debt control. So we have a very sharp ComEx in those points. These are very relevant points. Personally, I value culture a lot. I think culture is everything, along with a solid governance, so that we get it right in the long term. Thank you, Alfredo. Raul, not to be repetitive, what do we need in our culture to face the challenges ahead in the next five to 10 years? Shorter cycles. What do you expect from this new Dexco culture? Thank you. It is interesting when somebody takes over a new company, the first temptation is to change the culture. It is a big temptation for those recently arriving, and I felt no need to do that. When we look at the six behaviors of the Dexco culture, we have everything we need. The board participated in development of those pillars. In 2021, it was the second season of that culture. During the pandemic, we held many meetings discussing word for word what we were going to include in our description. Let us speak about safety. No, we take care of life wherever it is, which is much broader, much more ambitious, and quite contemporary. So if you look at the six elements behind our culture, we inspire customers and consumers. We are fast. We adopt the fast digital solutions. We are modern, contemporary. So there is no need to revise them. That is a key element that goes in line with the long-term culture of the group. That consistency is key. So we do have the framework we need culture-wise. We need to transform quickly those behaviors into results and execution. We do have a very solid foundation of engagement. We have a very high level of engagement that is not replicable, hard to be built, but we must evolve in two elements. Agility, I think the market requires speed today. We have an enormous number of different businesses, but we do not need to be slow. We do not need to be complicated. We do not need to generate more complexity than we already have. So speed, fast decisions, the use of digital. We are on an AI journey that is quite evolved compared to other industries. You will see. Many people talking about AI, showing results, showing deliverables, and many nice cases. That needs to evolve. That will accelerate and make us a better company with very little investment. Speaking about our guardians, Elisa is the guardian of our technology. Raul, if I may add on technology. Marcio, an independent board member, has been our board member since 2020, and he always insisted that we had to organize our data. We had to show data. After those past four to five years, we do have a database that allows us to use AI to our advantage. It's a competitive advantage that our competitors do not have. We have an organized database that we did in the past few years that is really incredible. Marcio, our independent board member, plays a key role, even in HR. We have a model that will predict people that may resign at the C-level. We are quite developed in our modeling. People, plan, production, AI for consumers. We are quite advanced. I see that even in other companies where Itaúsa has a stake, companies that are just starting organizing their data, and our data is quite organized already. These are intangible assets that I like to reinforce, and you as analysts and investors look at the numbers, but behind the numbers, there are so many activities that we are implementing that will generate results, that will bring operating improvements, that will improve margin, products. These are intangible elements, like culture, that you don't see in the figures, but we are working in a very disciplined manner. Well, you've already seen that our board does understand the business and is close to the operation. If I may add, that's pillar number one. Number two, speaking of one more guardian, that is Marina, our brands and clients and consumers. We inspire customers and consumers, which is an important cultural component. It's not enough not to have an industrial look. If you are less industrial, you don't look at customers. Well, you have to migrate the pendulum to look at customers. In the case of Dexco, we want our brands to be close to consumers. You will see important announcements for next year when Dexco celebrates 80 years. This is another area we will try and accelerate to capture sales data to understand the products that work. When we import products, we can also prototype. That's a word Marcio loves. You can prototype at no cost. You don't have to invest in plants. You prototype the product, and you scale up later. We are doing it at Casa Dexco. We are growing slowly. We started with one store. Today, we have 16. So we prototype, as we say, to see if the project makes sense. Perfect. Let me break the protocol. I'm going to be criticized, but for a good reason. I'd like to open for questions, perhaps two questions from the audience. It is an opportunity. Marcelo and Ricardo were the first ones to raise their hands. Hi, this is Marcelo from BTG. I think Raul alluded to this point, just as a follow-up question. We speak about what Dexco will do after hitting that 2x leverage. You said there will be no investments in your plants and your relevant capacity. I'd like to understand, what are the marginal improvements that you mentioned, even with cash generation in the company? Is there any ongoing discussion at a possible payout of that cash in a scenario of lower leveraging, or even buyback of your shares? I would like to understand in a longer timeframe. Very good point. That is why I talked about earning the right to grow. Your question is legitimate. Investors will say, "It is time to pay out dividends," looking at capital employed. We have the ability to grow organically with what we already have. So, there will come a point where we will discuss that. That is why, once again, we have to earn the right to grow. That does not mean automatically to make investments to grow. We can grow organically looking at what we already have. The hints I gave you when we speak about the Dexco platform, we are a platform. It is just not a brand platform, but it is a platform for customers, for plumbers, for carpenters. That is an important point, and all of these people are the natural promoters of our products. We have to sell a technical category. Many times, you buy with someone's assistance to plug all that into a platform. Well, today, the most palpable element are the Casa Dexco, and we invest very little money. It is just a showroom and just the window. So it is very asset-light, and we want to grow in regions we are not well represented. Reach is key for our products. There are 200,000 construction material shops in Brazil, and there are geographies where our products are not well represented. So perhaps we can convert somebody who bought multi-brand. They can start branding just a Deca, Portinari, or Ceusa, and we can do that fast. Number 2 is to invest in forests. We are very efficient in developing forests, one of the best in the country, and we have an enormous ability to operate and adapt for the different types of soils in Brazil. We have adapted the genetics. If you start a forest, it takes time until you learn, six to seven years until you start harvesting the trees, and it takes two to three to understand you got the clone wrong. So these are the two paths I see for that process. But we have assets, we have a platform for imports, we have Casa Dexco that allows us to grow more than the market without new investments. When we get to that leverage level, close to 2028 or 2029, or even before that, did we earn or not the right to grow and how? I would like to piggyback on that. You talked about dividends and buybacks, et cetera. Our first objective is to reduce gross debt. I do not like to look at the leverage level per EBITDA. Oh, two, we went to four. I am out of it. I do not like that metric. Luciana, our guardian, says, "Let us reduce the debt." With that, we will improve our rates, our ratio, but our target is to reduce the nominal value of the debt. That debt was caused because of investments and dividends, because we paid. You know the problem of biological assets. The biological assets generated profit in the company in the past three years, so we were forced to pay dividends. We paid a large volume. We are not paying dividends today because we paid in the past. We paid early dividends in the company because we had to recognize the biological assets. So we have to take it slowly. We will reduce our debt. When we are able to pay dividends, we will do so gladly, and we can be a good payer of dividends with no investment. We reduce the debt. The interest rates will come down over the years, so it will give us some room to that. We have the opportunity to grow with capital allocation with return. I am a fan of low gross debt and ROI. We have to control our accounts, and Luciana knows that. I like to see our numbers. Alfredo, two comments. This is something we have emphasized. That shows how aligned the management is with the board. We talk about gross or net debt. Debt gets in the way of our cash flow more than the metric. It was 3.5, it is 2.36. Now, we still need to reduce the debt. We do not know what will happen to EBITDA, so to reduce the net debt, that is our objective. That is key. We are pretty aligned. To Alfredo's point, if you have not followed us for a long time, 2021 was the perfect storm. We had enormous profit and biological assets. We went from 50 to 150. We had a super pay, you know, dividends because of super profit. So it was an accounting and structural combination. There was the tax reform as well. So we paid a lot of dividends in the past, and now we are paying the price of that. Ricardo, if there are other questions. Let us let people talk. Good morning. I am Ricardo from Safra. Since Alfredo is here, let me ask you a long-term question. We spoke about the turnaround. I would like to understand your aspiration for Dexco five years out. Today, you have three segments, potentially becoming four if you open Dexco Forest business. So five. So I would like to understand, looking five years out, how long will you spend in each segment so that we understand your aspiration for Dexco in the long term per segment? That is a question that we have. We understand that the focus has been migrating to the forest business. But in five years, my question is, in five years, will we be able to mature all those initiatives, getting to a maturity level that you are after? Or do you think we should consider decades? We work with people who work with five-year plans. I do not believe. It is the current year and another two. Obviously, we do an exercise, let us call it, for five years. Raul mentioned 2027, 2028 is the time to consolidate all that. Possibly, we will manage to, starting in 2029, we will look at how things are, where we will invest more or less, and where we will focus. So we will have those five areas. I do not see any new area coming in, so we will have those five businesses that are reasonably independent from each other. Dexco is almost a holding, come to think of it. So two years to consolidate all that. As of 2029, we will look at the debt, at the market, what is working, what is not working, and then we will focus on that. I do not see new businesses. I do not believe we will enter new segments. We'll see how things are going to develop here. I think we're working on it, and I think we're going to I think in the current situation of the business, tiles is one of the most challenging ones, and I think we're going to recover market share. We've been doing a lot of work on that, so we're going back for that market share. We had 10% to 12% of the market at one point. Now we have maybe 8%. We lost a lot of share, so there is a brand recovery process to be done. On the industrial side, today we are operating at costs that are very low, right? I think Raul can dive a little deeper into that. The Botucatu brand is a brand that is super competitive, so I think that we're going to be able to turn around our investment. If the market helps, even better, because we are actually operating at very low costs. I think it's worthwhile as well. The thing about solutions is really relevant. Dexco, I mean, as far as sanitary ware, we are at 10%-12% of the cost. Then furniture, you're talking an additional 25% or 30%, depending on it. So tiles, at least 10%. We have really built something. To Alfredo's point, ceramics, I mean, for the investment in tiles, we cannot condemn the business because of an acceleration. I mean, we actually had a pretty good period, but then we doubled down at the wrong timing, rather. We did not get the timing right. So we did make some mistakes, as it was said. But a lot of the fundamentals are there. The brands are really strong. These are well-known brands. The assets are really solid. We haven't even turned on the second line of Botucatu yet. It's not going operational until 2027. But the factory already has one line of production operating at 105% of that line's capacity, so we're actually extracting more out of it, and the cost is super competitive. Technology is definitely going to play out in our favor. When you look at the project by itself, you go, "Well, there's no ROI here." But the fact that we have this factory today actually puts us in a very nice position to compete and with great reasons to believe that the turnaround is coming. Thank you very much. Matheus, then Rosito, and then we'll do the results share. Folks, thank you very much for taking my question. This is Matheus Moreira here. Now, a bit of a structural question when it comes to tiles. I actually had that discussion with Gui and Ribas a few times in the last few years, but I think it's worthwhile to bring that discussion to Raul and Alfredo. The company, like you said, has done a lot, and when it comes to the operating side, as far as the tiles business, you closed factories, you adjusted your industrial footprint, you improved your commercial team, you improved your efficiency, you reduced costs, and even so, we continue to see a result in terms of EBITDA that is near zero, and it's consuming cash. Now, in Botucatu, it's a new plant, it's a more efficient plant, and the results are still close to nil because the market is still a very tough place. In our bank, we have a perspective of economic acceleration for next year. My question is this, what is the strategy or the structure of Dexco at this point? Is there any leverage, any internal leverage that the company still has that by itself can improve the results of the division? Or maybe, can't there be a more material improvement that will depend on a better market? What is your take on that? Well, I'll start by saying that all of our plans have not counted on a tailwind in the market. We are always considering a modest growth, so it really depends on us to do better than the market and to beat the market. It's almost an obligation now that we are looking at 12%-8% our market share loss. Three key elements here. First, we have to understand what is the addressable market. It's a BRL 10 billion market in the tiles business, but we cannot. There's no plants, there's no capacity, there's no cost to compete with BRL 5 billion. From BRL 5 billion up, which is luxury market and a medium high, we have the cost to compete in that realm. We have to be coherent with that strategic positioning in our brand. Number two, we cannot overlook the noise in our results throughout the years since the error of go-to-market all the way to the idle capacity. Unlike metals, for example, you have an oven that is turned on 24/7 in production, and if you don't use that furnace, you're going to add something to your inventory, which is cost. Our team reduced almost 3 million square meters of inventory this year. All of that is high-cost products. All of that is products that don't sell as much. You have a penalty in your profitability at that point. Also, there's a cost in the transition. When you close a plant, it's not just a switch. You have to develop that same product that you were doing on the previous plant in a new plant. There is a learning curve involved. There is a movement to find a better plant to replace that. You have to re-register the customer and the source of the product. That created a lot of noise, and that really hindered the whole process. Even though we are improving, even though we are improving the cost aspect in a very significant way, we are yet to see the results because you still have the inventory running at a high cost. The third element is the simplification. We took 600 items from our portfolio. We're looking at 1,000. We used to have 1,600. Now we have 1,000 products. It's still a high number, but a lot lower than a lot of our competitors, and that has to do with our focus. Again, we want to know our business. There you go. These are the main leverages to get there. In the last call, I actually told you that we're going to need to watch the movie of tiles. Even though we had a slightly positive quarter, we went back to a negative place. Those pictures, we can still see them, but the trend or what I call the film or the movie, the overall trend, when we start growing and accepting volume, we are already at the necessary volume. We are already at the right place for next year's plan. It will be a mixed battle, selling products at a better margin. I think that's what we're looking at. But 2027 will be the year for us to prove this business to be able to turn on the second line of production in 2028. There's going to be a slide in efficiency as we get our learning curve, but then the machine is going to be running. Thank you very much, Matheus Moreira. By the way, there is an important inventory reduction. There's been a very significant reduction. We are selling 1,400 and selling 1,200, so we are reducing stocks, and this is really important for tiles, which was carrying over a lot. You see this in the working capital very clearly. Last question from Recido. Thank you. This is Recido. I want to piggyback on one company that Dexco is a holding, that's a fact, but I want to understand what do you think is the value on the holding structure given that those that buy Dexco, they buy a business package, they buy an ROI that is very significant, I mean, very specific when you look at the history and the current moment. So where do you think the holding value lies? Because a lot of times you have to put tiles in the package and wood panels. There's a discussion in the board to do a spin-off or something. I just wanted to piggyback sort of what is the value of being a holding as opposed to separate companies? You said it very well. There are some businesses that provide more ROI than others, but there is a whole common thread that we are working on, which is our Soluções para Melhor Viver. There is a connection here. It really ties to the real estate business. At the end of the day, wood panels sell to real estate. It's connected to the industry and new real estate launches and releases. There is a thread. LD, of course, it was an opportunistic investment. We had 45,000 hectares that we didn't have what to do with them. We were trying to put it to good use, and we worked with Lenzing from Austria to do a pulp brand. But yeah, the price of pulp was a little lower as well, but that was a cash-generating business. It helped us reduce our debt, and it's going to be fruitful as well. I think, yes, we are a holding with different segments, but all of them have a common thread, with the exception of LD. It's all connected to the real estate business. Real estate, remodeling, and et cetera. Again, it's not the best solution from a tax perspective. What happens is that you lock value here and there, but on the other hand, one company's loss will be offset by the other company's profit. Everything is under the Dexco umbrella, except for the forestry industry, which has its own corporate entity. So the loss in tiles will be offset by our profits on wood panels. This is an advantage within the disadvantage that we are dealing with, of course, with the market being where it's at. And by the way, let us not forget, five to six years ago, the discussion was all about wood panels being a business that did not have an ROI, that was not doing good. So that basket of products also has an offsetting fact. Today, wood panels are disproportionately represented in the business, and as the rest grows, we should strike a balance. Absolutely, folks. We went a little bit over time. I think it was a good discussion. We wanted to give you an opportunity to be here with Alfredo, which it's not a typical situation. So I want to say thanks to all of you, but especially Raul and Alfredo for being here with us. And by the way, Dexco is turning 75 years old, right? Next year, Deca will be 80 years in existence, so we're going to have some celebrations for the Deca brand as well. Thank you very much. Now let's go to the disclosures. Good morning, everyone. I don't know if I should sit here or there. Well, folks, so let us start. By the way, just a quick disclaimer. These presentations will include future expectations that may not materialize, and we know the risks and the uncertainties involved in this market. The only certainty that we have is that we will have uncertainty, so I just wanted to put that disclaimer out there. Well, from my side, I just wanted to give you some numbers that will represent what both Alfredo, as well as Roberto and Gui, have said already up here. Talking about the third quarter result. Well, the third quarter is really a consolidation of the development that we had in our operation throughout the year. So we are closing the second half of the year with a growth in revenue. The quarter is growing by 9.8%, and the accumulator of the year is at 5.7%. I think that besides that growth, what is important is our gross margin growth, and this is something that we have been focusing on a lot for sustainability. So our results are growing. We are closing then the third quarter with a revenue of BRL 2.3 million, and in the year, BRL 6.5 billion, roughly. When you look at the EBITDA and when you look at our margins, when you look at it without LD, there is a very significant growth. As a matter of fact, when you look at the third quarter right here, and when you look at the accumulated yearly numbers, we're talking about a growth above 30% in our EBITDA. And it's also important when it comes to the gross margin, the EBITDA margin. So we go from 20.9% in the quarter to 24.5%, and in the year to date, we go from 20% to 24.5%. So our EBITDA without LD, our recurring adjusted EBITDA is at BRL 585 million, and when you add pro forma and LD Celulose, we're talking about BRL 784 in our EBITDA. Year to date, BRL 1.611 billion without LD, and with LD, BRL 2.156 billion. Well, all of that has been converted to us. Unfortunately, we are still navigating at a negative profit margin, but we have a better outcome for Dexco, and coupled with the LD results, we see the same situation in a very significant improvement here. We're talking about a Dexco minus LD improvement of roughly 86%, and we're talking about 93% for the year to date. When you look at that, year to date is 41.2, and there is a drop in LD Celulose that is influenced by the exchange rate and the price. Let's take a look at our cash flow. For us, I think it's a real turning point. We have a total cash of almost BRL 1 billion. We're talking about 900-some million in our cash flow. This is our net cash flow and our free cash flow, and we have an operational result of BRL 1.239 billion. So, a couple of factors bring us to this situation. First is what we were discussing previously about the EBITDA. This is a very solid result and very sustainable that we are looking for. There is a growth here of BRL 1.234 billion-BRL 1.611 billion. The second factor that contributes to that growth is our capital allocation, our investment capital that we have been putting forth. Like we said before, we are closing our project cycle, and the only thing that is left here as far as projects that we still have to facilitate the transition on what we are doing in forestry is that's what is left in the project CAPEX. Despite that, we still have a drop almost by half when it comes to the projects year by year. The last lever, which is not the least important, is what we discussed about the working capital. We are very focused on what we control. As you can see, we are improving our working capital over the net revenue, 2.8, and this is really important to say. I mean, this is not sustainable, so we are still working with the best-case scenario as far as the percentage here. But as you look at the numbers, you see a lot of focus on the cash generation and the discipline. This is really the smallest percentage index that we have for working capital over net revenue. Next one. Obviously, all of that cash generation contributes to reducing our debt, just like Gui said before me. On a yearly basis, we are reducing BRL 802 million of our net debt, and on the quarter, over BRL 300 million of debt reduction. So we go from 348 to 236, which is really significant. But again, just to emphasize, this is just one index. This is not what we focus on. This is not just what we look at. We are talking about reducing our nominal value on the net debt. Again, just to emphasize, I think all of you that are here have heard this before, so again, the company is still at a very healthy net level. Currently, we have BRL 3.3 billion in cash, and we know that our medium-term for the debt is at 4.8, with an average cost of 104.4, which brings Dexco, even though it's very uncertain and volatile, to a very comfortable and sustainable position to where we are holding cash until 2030. So again, we are safe and sound when it comes to that, and we are managing to administer it. I mean, Roberta and today were here, they're managing to do a very great liability management. Now, let's get into our most challenging division. The market is still a tough place. Unfortunately, that is still the case. We are not looking at any improvements for the moment. Our competitors still have very elevated stock levels, and we are going to see in our results that we have a very strong discipline as far as stocks. We are selling volumes to the tune of 1,500,000 meters, where the production is at 1.2. We have a volume reduction of almost 36% and almost 40% on inventory days. We are very, very disciplined when it comes to our working capital. One other point that is relevant, which is a consequence of that very demand, we still have a market that is very high, to the tune of 65%. Dexco is on the same level, and we have been progressing on it because, as a matter of fact, when it comes to the capacity of adjusting our stocks, we are actually using that above our stocks. Next up, what all of that creates, really. Let me just put it up here. When Gui changes the slide, we can talk about the tiles. There you go. We are talking about a volume in our quarter, which is 6.3, and on the year-to-date, there is a slight drop. It is important to point out, though, and Raul said this as well, about the volume levels that we are dealing with. Volumes go up on the quarter, even though the market is tough, and we adjust our production accordingly. What we have here is some good expectations that even though we are looking at a very rough patch, we can gain some market share while we are at it. As far as revenue, we have a dwindling revenue, but on the quarter, we have minus 5.2%, BRL 196 million, and year-to-date is minus 10%. However, there is a very strong discipline in this company. Like we said before, after we did the adjustment and after we recovered our manufacturing footprint, we are going back to some of the paradigms, such as cost. Just like we said before, we did a very intensive effort on the tiles business, apart from other productivity initiatives, and that contributes to the results that we are looking at. We have 7.1 points in margin in the quarter, and year-to-date is around five. When you look at our adjusted EBITDA, our quarter is still negative, minus 6.8, but it is important to note that in the third quarter, there is, of course, some P&L of commercial expenses, which is what caused this shift over here. On the year-to-date, even though it is not satisfactory yet, we still have a year-to-date result of 3.7, minus 0.7 in this case. I think Raul said it very well. That is the impact of the whole cost shift, and that reflects on the results that we are looking at right now. Next. We are getting into metals and sanitary ware. The metals market and the sanitary ware market, it is still, shall we say, below the levels of 2025. But on the year-to-date, even though we are looking at lower levels, we still have a gradual recovery on a quarterly basis. Of course, on this segment, we know that the elevated interest rates and the high level of indebtedness, that continues to be a discouraging factor for consumers. That still hinders consumption for the market. Again, besides that factor, this year, we saw a lot of price increases. We saw a lot of changes in the metals market. On sanitary ware, we have a downtrade of product that is very significant as well, which is putting a lot of pressure on our profitability. Looking at the next slide, what does this all mean for Dexco? Again, focus on profitability and not volume. We are looking at a drop in our volume over here on the third quarter when you look at the year-to-date numbers, and this is part of our strategy too when it comes to. We noticed the need to recover profitability here. When you look at the drop in the net revenue, we are talking about minus 2.1% for the quarter, which adds up to BRL 496 million. There is an impact on the margin to the tune of 5.8 points of margin in the quarter and 6.8 on the year-to-date. Despite that drop on our year-to-date volume of 12%, Dexco still has a result that is positive, 1.8, and a growth to the tune of 6.8 points in the margin. What does that do for our adjusted and recurrent EBITDA results? For the quarter, we have an increase of 9.6, from 52 to 57. On the margins here, we have a growth of 1.2. When you look at the year-to-date numbers, you see a very big halt. By the way, remember that we closed at 69. Now we are closing at BRL 152 million. It is more than double when you look at the year-to-date. The margin is extremely healthy, going as high as 10.7%. Next one. Now let us get into the wood business. Our accumulated wood panels market is still a positive one overall, although there has been a degrading effect on the second quarter. We know that there has been a change in volumes as well throughout the year after we anticipated some procurement, but we still see a positive outcome here. When it comes to our readjustment, this is a market that is going through price readjustment also, and it is being consolidated in the sector. As you can see here, if you look at the internal market, it is at minus 2.8, positive year-to-date, and the external market is still going through a challenge, especially due to the freight cost. What does that all mean when it comes to wood numbers? Again, I think that Alfredo said it very well, and Raul also discussed our strategy at length. On wood, we are prioritizing a mix, so we are also focusing on profitability here. Besides, of course, we have been discussing this for a while, and you have been keeping track with us, the challenging cost in this sector, given how the market is, given how the international business and the geopolitical conflict is looking. Dexco has been struggling, but we really did a very disciplined work to remain productive, to try to mitigate all of those externalities. Even though the market is looking like that, just like I showed you, a drop of 2.8% in the domestic market, we are still looking at a growth. In the quarter, we grew in volume to the tune of 2.3%, and on a yearly basis, the market is dropping by a significant number, but in volume, we are growing 0.8%. All of that reflects into a net revenue, which is growing by 16.2%, reaching BRL 6 billion. Also, when you look at the margin here in the quarter, the margin is dropping. There has been a significant impact on that exhaustion effect, what we are doing. Here on this quarter, we are looking at a flat margin, but a growth of 11.4%, reaching as high as BRL 4.6 billion. This revenue also comes thanks to the forestry operations that we discussed previously. Raul and Alfredo talked about that at length during their panel. Adjusted and recurring EBITDA. Again, a growth of 4.7 points in margin, going from 27.9% to 32.6% in the quarter, BRL 535 million, a growth of 36% year-on-year. When we look at the year-to-date, a growth of 24.8%, reaching BRL 1.4 billion, and also a margin going up 3.4% year-to-date. We are going to discuss LD. The results posted here, Dexco accounts for 49% of asset equivalent. LD Celulose. LD, as we mentioned, there is an important point. We have managed with continuous improvement of an asset that we have. We have one single asset, and with a significant volume increase in the quarter, growing 27.1% in volume, and year-to-date, 12.9%. Revenue. In the quarter, an improvement of 24.7%. Here, as you know, the price of pulp recovered, not as much as last year, but it has improved. LD ends with a total BRL 816 million, with 28.8% of gross margin in the quarter. Year-to-date, BRL 2.3 billion, with 40.9% in margin. Adjusted and recurring EBITDA, an increase in the quarter of 63%, with an EBITDA going from 37.8% to 49.5%. Year-to-date, there is an impact in dollars and the price of pulp. Year-to-date, BRL 1.1 billion of EBITDA. Net profit goes from 3% to 5%, and year-to-date, that dropped due to the same reasons I alluded to. I will mention an important point that we cannot neglect, where we are gaining efficiency, ESG. We had our new strategic cycle. We have an integration of social and environmental aspects with clear KPIs, besides the management of climate risks, working with physical risks, potential impact of fires and droughts in the operation. We are working on that in our analysis in order to be aligned with the norms of S1 and S2. Some important environmental indicators, a significant reduction in water, landfill, greenhouse gases, and energy. Something important, which is something we monitor, social indicators. I am going a little fast so that we can have questions. A year ago, when I was here, I told you that we had five priority projects for our transformation plan. I will go over each one of them, what we had, what has been done, and what is going to be done. First, deleveraging. As we said a year ago, we wanted to be between 2.5x and 2.7x. We are ending Q3 with 2.36x. The indicator is not so important. Our focus, you saw during the year, our focus has been of total cash flow, adjustment of our footprint, sale of non-operating assets. That is the focus. Once again, BRL 802 million in debt reduction year-on-year, BRL 352 million in the quarter from Q2 to Q3. Not to mention that there is a lot of discipline in our capital invested, rigorous discipline. There is a committee. Everything has to be approved using a business case, and the non-operating assets. What is ahead? This work is not done. The cash work, reinforcing Alfredo and Raul, the level of indebtedness, even that is still high for double-digit interest rates. We are not pleased in paying financial expenses. This work of deleveraging cash generation are still a priority at Dexco, top priority. Next, once again, it is nice to contextualize the context of tiles. We have not gotten there. We are not where we would like to, but over the past 12 months, we made consistent movements. Some were tough. To close a plant is not pleasant, is not what Dexco likes to do, but we made adjustments and we deemed it was appropriate. In cost, there is also a focus on top line. Some of you spoke about it. We concluded the spin-off and the creation of a team with go-to-market and actions that were implemented. There is still a lot to come. The GTM was concluded, so Alfredo and Raul alluded to that, but there are still many opportunities so that we can capture results. Competitiveness, sanitary ware, and metals. We are market leaders. Our brands are respected brands by the consumer. The idea is always to optimize what we do in a supply chain. Sanitary ware, we know it is a challenging market because of costs, and we want to be more asset-light, bringing from China what we can. We are also speaking about the closure of plants to adjust our manufacturing capability, but it is part of our trajectory to recover profitability in this sector. Again, as you saw, we have made adjustments in prices. There has been a growth in gross margin and in the EBITDA margin, and we are still on that journey with a focus on RTM, working with customers, speaking about sellouts, doing careful work at Deca, and monetization of the current assets. You saw that we have many non-operating assets that were sold over the year. The challenge is still volume without losing profitability. What Alfredo talked about it, we want to work with a more profitable mix and to explore forest operations. I am not going to take too long talking about it. Next, go-to-market. This is what is a differential in 2026, both for Deca and the tiles. We have an RTM and a go-to-market area where we have been working on a price strategy, portfolio, assortment, distribution. This has helped us in this profitability journey for Deca and tiles, but it is not over. If you work with RTM, you know this is something constant. We are monitoring, reviewing, and testing, and that will continue. So many opportunities because we have just started. There is a lot yet to come. Let me give you the outlook. The year is not over. We have a strong focus in order to end Q4, obviously, as I showed you. We are at target or above target because of strong execution discipline and cash generation. Again, we have a significant challenge for Q4. There is demand between December and January that is a question mark because of the tax reform, but it is being discussed strategically at Dexco, trying to determine what is to come. Next year, I will just reinforce what Raul said, we do not expect to grow market demand. We are not assuming that. Again, as we have mentioned, a strong focus on what we can control. So we are looking in-house, execution, management, discipline, focus. I have said that we have a lot of information from all sides, so we cannot get distracted. We should focus on what we have with caution in any decision we are making at Dexco, where cash remains a very important priority. I tried to speak fast so that we could take questions. Thank you. While the executive committee comes to the stage for this final round of questions, some requests. One question per person. Everyone will be able to ask questions, do not worry. So the sell side people will be contemplated. Let us try and not repeat questions. Let us pay attention so that we can diversify questions. Before we begin, I would like to remind you of some messages given us by Lucianna. A 10% drop in Deca volume, but in this segment, we are exiting the competitive and ultra-competitive market. That drop is in that segment. Even dropping, we offset with mix and price. So even dropping 10%, the revenue is stable. So it is mix and price, and we are offsetting with profitability. So the EBITDA grows quarter-on-quarter or year-on-year. So there is an improvement. Deca in the fourth quarter, maintenance and blanket vacations will affect results, so Deca will not remain in the same level, but it is expected. The tax reform, that will affect everyone, and I can assure you that we are more prepared than our customers or competitors. We are prepared for that. We will win that tax reform war, but it may have an overall impact in the market, especially December. Over the extra months, we can talk about it, and perhaps early next year before we post our results. Tiles. We are still suffering that manufacturing adjustment. It is easy on the spreadsheet. We take the fixed cost and forget it. No, you carry that fixed cost. You do have that product transfer. You have that learning curve. There is new logistics. So we will still be affected in Q4, but we enter 2027 more adjusted. Even if the market does not improve, we will have more inventory with more RGM in mix and channel, but especially in what we control, which is cost. So we are doing excellent cost control. So we will see those impacts. Oh, tiles will move from 0 to 200. No, there will be a gradual improvement. The last comment, wood panels. Quarter-on-quarter, Q2 to Q3, or 2025 to 2026, there is an improvement in volume, improvement in price, and cost control. Additionally, we have the forest business, which boosted the wood panel business. But I would like to reinforce that despite a strong quarter driven by the forest business, but wood panels have a strong trend. Questions? Everyone will be able to ask questions. Good morning. I am Paula from Citibank. I would like to ask two questions. First, about cost. Some may be extraordinary. You talked about the closure of the plant that will affect Q4. Can you give us an order of magnitude? But also the end of the six weekday change to five weekdays, working weekdays, and metals and sanitary ware, you gain share in value. Even if the volume dropped, the mix helps. I'd like to ask if that is sustainable for Q4. Do you see that continued improvement in Q4? I'll speak about El Niño, and then we talk about the six working day change. El Niño, we have an eye on it. We are keeping an eye on climate change. The volume of rains benefits our forest base, provided it's not too much. El Niño is okay for our forest, but we are monitoring it without major impact. We do have a group at Itaúsa and Dexco. Leandro is our guardian of climate risk, paying attention to all of that. Let me answer cost-related questions. Your first question. The impact of the plants, especially of the Recife plant, there will be an impact in Q4 because the closure took place in October, although we accounted for the assets and the sales, or the book value. There was an adjustment that added to BRL 189 million that we posted. There will be an impact, but it's not very significant. That's your first cost question. Question number 2, you talked about the change in the six-workday change to five working days. We've already mapped that. The impact will not be very significant without adding 100 employees. It's something that is manageable, and it's not relevant for us at this point. It will be labor-intensive, but our costs are controlled. As to the question on Deca, I'll turn it over to Daniel. What we are doing is to maintain to potentiate our share, to create a shield. As Raul mentioned, our decision to exit a super competitive segment does help not only our industrial strategy, but in go-to-market, we will be able to focus on what sets us apart, which is our position in the middle market and in the high-end market. When you have in your production strategy ambiguity of producing products with very low added value at scale, it's different from producing a wider range of SKUs with higher added value. All that revitalization of our industry in few units is because we want to have industrial focus to improve quality and service for a very demanding audience. When you have well-established foundations, you provide good level of service and quality for a very demanding segment. These are solid fundamentals to maintain that solid share, even in a challenging market. Thank you, Daniel. Next question, Henrique from Goldman Sachs. In the last panel, we discussed the mid to the long term. Now I'd like to discuss the short term, looking at 2027. I know that the company focus are things that must be done in-house, but in the past few weeks, we had very different macro expectations. There was a change in expectations on what we could expect from the country, even globally. I'd like to understand how these macro events changes your outlook, especially for next year, in each of your divisions. I know that the focus still deleveraging, but what are the opportunities and the challenges? If you could give us some color on what to expect from the market. What are the opportunities and the challenges, both for wood panels, there is a competitor increasing capacity, the cost for sanitary ware and metals, and the price of copper is still very high, and tiles, some competitors undergoing tough situations. If you could touch on those points, it would help us understand the market for each division. Thank you. I will turn it over to Raul. I will try and give you an overview. It is a very broad question, but there are interesting elements. First, we have been talking about 2027 since August. We presented our starting point to the board because we understood that with all this volatility, we needed to have more conversations about it. In our starting point, the first thing to get right that is tough is to get the dollar right. So we got the dollar right. We assumed it was BRL 5.40. Our budget was based on a dollar value of BRL 5.40, so we do not expect any head or tailwinds as far as the dollar is important. It is important because we import copper, resins, and at BRL 5.40, it also helps us in LD Celulose. LD still has a good level of profitability while maintaining competitive China imports. So we are converging to what is truly happening. We also counted with low market growth irrespective of the macro scenario. Perhaps 1% to round it up of market growth in most categories. If it is going to be 1 or 0.5 or 0, the impact level in our results is not very material. I think our levers are under our controls. Beginning with tiles, two-thirds of the results improvement next year will come from cost activities, going back to a previous question. There is a lot of noise in the results of 2026 because of all that change. When you have two plants operating well, when you have a significant inventory reduction moving forward, it is a matter of controlling costs. Volume is no longer a problem, but there is a significant mix challenge. It is a risk in our business, because when we look at our indebtedness, funding at a high cost, interest rates with an indeterminate drop pattern, our mix gain is something to be looked at carefully. On the other hand, we have been able to reclaiming the space Portinari had in the past, reclaiming the space of a premium brand while we gain market share in retail. So, part of it is under our control, and we have to manage the mix. On the other hand, volume is in our hands. In the last three months, the volume is what we plan for next year. As Daniel mentioned about Deca, we have a strong focus on profitability. We want to use imports to increase product mix, and our product becomes an important asset to our customer. So, when someone does not buy, they order, and we can buy any product that can be delivered in 10 days. That helps us respond quickly to demand while we alleviate working capital to our customers, and it also reduces credit risk, which is another element we have to manage, credit risk, and that is being studied in our major businesses. So that is it for Deca, gaining some volume, but a strong focus on profitability. We will see good margins for Deca. When I say that size matters, we hedge our main commodities. This is something that most competitors do not do. We have a very active treasury area. We were able to create a cushion to the increase of some commodities because we produce our own resin in wood panels. We play with urea inventories, and we have a different cushion, unlike the rest of the industry. On wood panels, we will look at the budget more carefully. There is the entry of more capacity. The good news is that the fundamentals of the sector changed dramatically, mainly due to the cost of wood. Even if El Niño has little impact to us because we prepared well, it does have an impact on the cost of wood in the south. Some competitors are having a hard time to harvest the wood. Inventory is coming down, some cost increases. Some entrants that just made the investment and have a commitment to generate a return are not being able to make sales, or the sales are involved with negative cash. That helps maintain the price level stable. Besides, we also pilot, I've mentioned that, we defend our capacity share. If the market drops, we have a lever to sell wood, so we're not going to flood the market with products if we don't see our market share attacked. We must maintain the market share. The market has already understood that. We must have a discipline to redirect wood. Obviously, it's not immediate, but we can redirect wood panels to the main markets. We pilot that for each business. We already considered similar macroeconomic conditions to the ones we experience now. If there is a deterioration, it's not materially different in the short term. Following our levers of maintaining responsibility in capital allocation and continue generating cash to reduce the debt. What changed? What materialized is that the drop in interest rate will be slower than we envisaged. We already imagined more slowly, but nothing that changed dramatically. I don't know if I was able to cover everything. Just to add two components to that. I think the first one is that, just like Raul said before me, we've been planning for this since August. Given this scenario, we don't work only with just one baseline. We've been doing strategic foresights where we actually have three scenarios in mind. It's hard to come up with the best one, but as far as the stress scenarios, we've been doing this as well. We've been discussing them. I think that it's not really a surprise to us at this point because the businesses and the divisions had been preparing for some sort of scenario, and one of the scenarios would be that one. I think that's the first point to be emphasized. And the second point here that is really important as well is that our indebtedness level is still high, and the interest rate in the country remains the same. I mean, in the best-case scenario, it would not just take a plunge. So that scenario was on our radar, and we continue to explore other alternatives in the company. We have a study, as a matter of fact. We have a commission that is active, a financial commission that is led by Roberta, which is our finance head. So we continue to look for additional opportunities. So what changed is that perhaps we are working at a stressful scenario, which is a little more concerning. But just like Raul said, I mean, we were working at dollar at 5.41, but that is not really going to be representative. So in a nutshell, we were already prepared for any scenario that Brazil could possibly face. Again, that does not change our strategy in any way. Perhaps it makes it a little harder, but we do have action plans and levers for every track that we are going down on this quarter. This is not a plan that is unchangeable because, as we all know, depending on how it goes, we have different triggers that are set for us to change the plan. By the way, let me add on to that, something that sounds trivial, but it is really not. I have been discussing with many of my colleagues and CEOs from different companies, and the loss of energy that these folks have, I mean, just the energy that they spend to explain scenarios and come up with new scenarios and try to come up with explanations. You saw it. Alfredo said it. We are very close to the board, and the beauty is this is a Brazilian company, so we understand what happens in the country. So that makes us spend a lot more energy on adjusting or finding a solution as opposed to just running scenario after scenario and looking for explanations. So you really helped us to quickly migrate to those three scenarios very briefly, and we are already prepping for what seems to be this scenario that- Right, Raul. Just to manage our time, Mateus and then Gustavo are going to speak so we can close the Q&A. My comment to you is this. Obviously, this is not an excuse, but when you look at the tiles result, it is a greater improvement because last year, all the ramp-up we had in Botucatu, it was classified as non-recurrent, and this year is no longer classified as that. So we are operating on the red, yes, but last year it was minus 200. Today is roughly minus nine, minus 10. So is it bad? Yes, it is bad, but there is an improvement here that you do not notice. But if you look at the ITR, if you look at the EBITDA, not the recurrent one, you can see an improvement there. So yes, there is an improvement. There is still a long road ahead of us, right? But yeah, we are doing our homework, and the improvement is showing, although gradually and less intensive than we would like. So yeah, Mateus and Gustavo. This is Mateus from Santander. On my side, I would like to understand a little bit of the tax reform impact. I think the tax rate is going to be a little higher than what folks were expecting. Also talking about scenarios moving forward, what is your take on the tax rate for Dexco with this new structure? Is it going to increase? Is it going to remain the same? What is going to happen? What do you think is going to happen with the price now for the customer? If it's going to get more complicated on retail, what about the conversation with suppliers? Are they going to work with that price as well? Tell us a little bit about the scenario, if you can. Let's get into the business reform precisely. I think those that have talked to me know this is clear on Dexco. This is not a tax reform. This is a business reform. We have a team that is separate that runs our reform here, and within this team, our focus is separated in two pillars. We have our strategic pillar and our operational pillar. Operation is everything regarding systems, right? All the complexity that we deal with on a daily basis and everything regarding the operation. On that pillar, we're talking about governance, we're talking about systems, we're talking about management. There's this whole aspect there that, again, seems like more of the same, but it's really not. Everything regarding controls, all of that changes on governance. Let me just get into the strategic piece a little bit. The strategic piece has three factors. The first one is customer, and just like you already know, it changes. In the tax reform, it's no longer origin, it becomes the destination. You have to talk to each and every customer. I mean, each and every business. The way that we structured this, we have a team that is now talking to each business. Again, each business, besides having different levels of maturity, we have different customers that are allocated in different places. It's a conversation where you're working on each and everyone's price. Besides that, remember, there is also the thing about working on how our customers live, what type of corporation they have. For each type of corporation, you have a different tax structure. This adjustment is done with the businesses. We sit down with folks from wood and customers on the commercial side, and we try to assess that impact. As a matter of fact, we developed an app with a partner of ours to where we have been assisting our salespeople to run that simulation and understand what the impact is. Same thing was done for Deca and for tiles. Again, this is tailor-made, right? It's not a one-size-fits-all. We're really going on a case-by-case basis, and for every customer, you have a different strategy. It's not the same strategy that is applied all across the board. I think that's the first pillar, which is customers. The second pillar is the suppliers, which, like you said very well, you have to look at the contracts, especially the long ones, and look at what is actually inside. Is it a net price? Is it a gross price? How we're going to negotiate that. You have to call them out and say, "Hey, the rules changed. Let us work here." You also have that conversation, looking at it on a case-by-case basis. Last but not least, you have cash. You have to think about how to adjust. You have to consider the different taxes that are levied. Even though you have some solutions here, it might be not enough. There are some things that are still not effective on the tax reform. There is a cash management piece in the month of January. We have to assess the credit, what it is going to look like, because you are going to have an impact on your cash flow, and you have to be ready for it. Our concern, to be quite honest, is we are very well-developed when it comes to that in the company. The concern that we do have is actually with our customers, especially the medium to small-sized customers. How are they going to work on the tax reform and the impact on that perspective? In a nutshell, this is a work that nobody sees. This is all behind the scenes. It is no small effort. We have been doing that with regards to the tax rate. You heard about the 11.3%, right? Again, in the backstage, we heard that is going to go up to 11.3% from the current nine-some percent. Again, this is going to be assessed on January 22nd. At least it is a timeframe for us to work with. We still have an expectation that this is going to go up. I mean, it is a political issue, and just you see, depending on the next administration, what is going to happen, we have to see what takes place. Again, I think that this is one point. The other point that you were talking about, which is the tax reform impact on the tax code, given the size of our company, the impact, of course, is measurable. All the thing about the tax rates is still, a lot of that, the jury is still out, but we actually see it in very good eyes for two reasons. First, because we are taking credit for a whole lot of stuff that we pay for and we get no credit for. Number two, it is going to be a level playing field. Everyone is going to work based on the same structure. That was actually fun. In one of the conversations that I had with our wood commercial leader, when I told him that, he said, "Are you serious?" It is like, "Yes, I am serious." Everyone is going to work in the same way, including the competition. Lots of adjustments. The first quarter next year, given the reform, we do not expect to have an easy quarter. Above and beyond the economy, you have the tax reform. Again, just like I always say to my team, there are so many scenarios that are already mapped out when it comes to tax reform being a business reform. We have to be careful enough to disseminate knowledge all across the company, not only the tax department. Again, it is going to be an interesting ride, to say the least. Thank you much. Now I will turn it over to Gustavo for the last question of the day. Hello, good morning, everyone. My name is Gustavo from HSBC. Thanks for the opportunity. I would like to talk a little bit about capital allocation, if I may. Just like Henrique said before, the scenario is very volatile. Of course, every decision needs to be made in a more careful manner at this point. I would like to understand your mindset. Looking forward, one or two years down the road, the priority is clear, which is to pay the debt. What about other forms of capital, like buybacks, dividends, organic and inorganic growth? What would be your ranking with that perspective? Raul, if I can ask you a question directly, what about the time allocation for next year? How would you break it down? What would be the timeline between the divisions, between Wood, sanitary ware, and Tiles? Go ahead, Raul. You take this one, then I will take the next one. Yes, talking about the time schedule, well, I do not really allocate my time by division, but rather by institutional topics. A lot of time in its market. I think that is super important. I have been spending a lot of time with our customers because the process of understanding and knowing what is happening is you have to be out in the field for that. It is very hard to just get reports because when you talk to customers, you actually hear the pain points. You actually get their perception in a way that you do not really do through PDFs. So I have been spending a lot of time stomping those grounds and talking to customers and discussing with these different divisions all the time. Last week, I was actually sitting with the folks from remodeling. I was actually at a market comp event after that, and then I went to specialty stores and Dexco in Oriente. So, I think that is the main time you have to allocate in between your peers and your customers. Also going to factories. It is interesting because the anxiety level a lot of times is lower than you would expect. You think that people would be very anxious in the steering committees with the prospects, but in practice, we are much more aware of what is happening, and we can handle it and move forward and execute a lot more than the operation side as well. We are trying to look at our operations in a very clear way. We have been doing meetings with managers, and I think that investing time in communicating with our teams is something that is really key because if these folks, I mean, everything that we save, all the energy that we spend running scenarios, our teams below us, they also start wondering and start wasting time. So it is really about getting our team organized and having everyone on the same page. After I am done with this, I am going to do a realignment with our managers, and then in the afternoon, we are going to talk to all the Dexco employees across the board. Looking at business units, we are going to have a very important investment in time. We are going to try to prove that thesis with retail. We will spend a lot of time as well looking at our brands. Deca next year is going to have a very important time. We are going to really have to seize this opportunity and go back to that quality service and resume full availability, setting this as a milestone. So yeah, that is it for Deca. As far as Tiles, really have to be present. Now, talking about Wood, I think this is more available. You have to look at the future, so it is a different situation. You have to look at what is being developed, and it's a great day to go to Agudos with our team and discuss what we are talking about for down the road, what is happening in China and the wood productivity in that country, which has really been a tsunami for the whole industry. I think that this is a division that is, shall we say, a lot more institutional, and the allocation is a bit different. It's a different animal, really. The last thing is building our team. This is the first time that you are looking at the full executive committee. You have everyone sitting here, including Jordana, Luciana, myself, Daniel, and Gui. That's the team. Been at it for less than 10 months. I think we're investing a lot of time on that as well and trying to work at it, trying to work with the team as the steering committee that looks at the business as a whole and less at silos. Even though we're talking about having organs and representatives for each topic, our team is also multidisciplinary in nature. Yes, talking about capital allocation now. I'll repeat myself a little bit because Alfredo talked about this at length, but we are not satisfied. We still have a lot of focus. We have two strategic cycles. We are just getting through with our cycle that goes from 2025 to 2026 and 2027, where we have to consolidate this transformation with a very strong focus on discipline. Moving forward, we're going to look at what we actually have. It's worth pointing out that, as far as dividends, we've been doing this for the last five years. We've been focusing a lot on the appreciation of our financial assets and the effects on the cash flow. We anticipated that, and yes, our priority is to reduce our debt. If there's anything left over, of course, we'll pay dividends. I want to be very clear with that. We have a recurring topic. Dexco is a company that will continue with mandatory CAPEX. There's no point on waiting to have a CAPEX lower than the cruising altitude. I mean, BRL 600 million is also the information coming from forestry, and how that proved to be right and a smart decision throughout the years. Not investing on forestry here is a very, very big impact. We're going to maintain the factors because the reason why we're competitive and we're looking at gross margins that are very healthy is because we take care of our plants. We're still going to invest and negotiation, of course, no question. But sacrificing acres and sacrificing forestry is not an option. Yes, we continue with almost no investment in new projects, this level of BRL 800 million-BRL 900 million in CAPEX, and all of our forestry projects, which then, of course, it's that nightmare for the ones that analyze our results, but it's a discrepancy that happens. Sometimes you buy a forestry and you sell at a different new year, or you get the results before and the CAPEX shows up later. This is going to happen in our balance sheet. Just to make it quite clear that topic, there is an inherent capital allocation that is non-negotiable. Yeah, that's very clear. Our Investor Relations team is available to talk about those discrepancies that happen, especially for forestry. At this moment, we'll wrap up. Thank you very much for being here once again. Just wanted to make a mention of our 75 years in this company. I remind you that in this case, Apimec has been here for 56 years, and the label of Dexco is 40 years in existence. We've learned a lot together. We've exchanged a lot. We've learned quite a bit, and I think we taught some things as well. It's amazing. This meeting makes me so happy today, first because of the team that is here, and also because of the transparency and the level of clarity in the information, which is essential. Like Roberto said, the balance sheet is everything, but there are some details and nuances that you cannot measure at times. I have learned in governance that your response is already the beginning of your governance. We are seeing the most sincere and transparent responses that honestly, I can tell you, I am very impressed. I want to say thanks to Luciana as well. Thank you very much for the depth of information regarding the tax reform and the impacts for the company, because in the meetings that I've been a part of, folks really come up short on that. In 40 years, this is our longest label, and this is precisely about that. This is a symbol of this relationship, and we know that we need this warmth. We need that eye-to-eye, which is very different than just a results call that we are used to. We have to have this type of interaction because basically, this is the company right here. We can see that they have an open door to the market for those that understand the business. The company has a lot of expertise, and they can also attract a lot of new investors, a lot of new shareholders. There you go, Raul. Thank you very much. Also thank Guilherme for all the hard work and the Investor Relations team. Thank you. Thank you very much, Ricardo. This is an honor to us, but I also would like to extend my thanks to all of you here present. It's not easy to get around in São Paulo. You know the traffic problem. We have 11 houses that cover Dexco, so I think it's a genuine interest, which is really important to us. We just want to emphasize and reinstate our commitment with transparency, with being open and being available to our investors and stakeholders. One of the things that I did when I first came here was to focus on the capital markets and the people that cover it. We have enormous respect for the work that you do, and as we can, we're going to simplify the process. Yes, last comment. Alfredo said, "Open for questions," but I said, "We went beyond." Alfredo still wants to open it up, right? He is a CEO and DRI for Itaúsa, and he sees a lot of value in the capital market. Our board really appreciates that. They stay on our case, right? We're constantly reporting, updating, and I think that proximity to the board is really important for us too. That's right. Recently, we received the label for transparency, and I think that only goes to show that we're so grateful to each and every one of you. Thank you very much, folks. See you next time. Folks, before we officially wrap up, I would just like to invite you to see our facility. For those that don't know the Dexco concept, our team is at your service. Thank you very much.