Good morning, welcome to EcoRodovias' Q1 of 2022 Earnings Conference Call. With us here today are Marcello Guidotti, the CEO, and Andrea Fernandes, IR Director. This presentation is being recorded and all participants will be in listen only mode during the presentation. After that, we will begin the question and answer session for analysts and investors only, and further instructions will be provided. Should you need assistance during the conference call, please press star zero to reach the operator. The audio and the slides of the conference call are being broadcast simultaneously at ri.ecorodovias.com.br, where you will find a presentation for download from the webcast platform in the Investor Relations section. Before proceeding, we would like to clarify that the forward-looking statements that may be made during this conference call relating to EcoRodovias' business prospects, projections, and operational and financial targets are based on management's beliefs and assumptions as well as on currently available information. They involve risks, uncertainties and assumptions as they refer to future events and hence depend on circumstances that may or may not occur. Investors should understand that general economic conditions, industry conditions and other operating factors may affect the future performance of EcoRodovias and lead to results that differ materially from those expressed in such forward-looking statements. I will now turn the floor over to Ms. Andrea Fernandes, who will discuss the Q1 of 2022's results. Ms. Andrea, you may proceed. Good morning. Welcome to EcoRodovias' conference call today discussing the earnings of the Q1 of 2022. We thank you all for your interest and participation. The quarter was marked with some important achievements. Ecovias dos Imigrantes signed the amendment that extended the term of concession agreement by two months until January 2034, increasing the duration of the portfolio. The board of directors approved the internal regulations and corporate policies to strengthen its sense of corporate governance. The company has renewed its international certification, ISO 37001, and the debentures issues have completed the maturities of the first half of the year. In addition to that, the company has concluded the work with a specialized consulting firm, which had the objective of reassessing the operating model and proposing actions to enhance processes and seek synergies to drive operational efficiency and ensure sustainable growth. These actions are already being implemented and results will be seen from the second half of 2022 until 2024. Moving on to operations performance on slide three. Consolidated traffic had a 3.7% decrease in the Q1, excluding the federal operations at Ecovias do Cerrado, which began toll collection in the final plazas in March 2021, and concessions Ecovia Caminho do Mar and Ecocataratas, which had their concession agreements terminated in November 2021. Comparable traffic posted an increase of 8% in the quarter. It reflects the flexibilization of restrictive measures and the progress in COVID-19 vaccination coverage, the increase of commodities such as soybean and corn, and the industrial recovery. The highlight of the quarter was light vehicles with an increase of 9.7%. As for the group's consolidated financial performance on slide 4, we see the gross revenue with an increase of 11.4% in the Q1. Excluding construction revenues, gross revenues decreased 6.9%, mostly due to the final concessions of Ecocataratas and Ecovia Caminho do Mar. Comparable gross revenue was up 13.2% due to traffic increase and toll tariff adjustments. On slide five, net revenue dropped 8% in the quarter due to the termination of the concession agreements at Ecocataratas and Ecovia Caminho do Mar. The 12.4% increase in cash costs in line with inflation is due mainly to the expenses with consulting and advisory services for the studies for new business, for auctions and some profit sharing and provision for administrative fines. On slide six, comparable EBITDA amounted to BRL 475.5 million in the Q1 with EBITDA margin at 65% due to traffic increase as well as toll tariff adjustments. On slide seven, we present the evolution of recurring net profit impacted mostly by the termination of the concession agreement at Ecovia Caminho do Mar and Ecocataratas. Investments in the Q1 of 2022 on slide nine totaled BRL 527 million. The main investments have been for the implementation of operational buildings, pavement conservation works, improvements at intersections, accesses and pavement conservation works, as well as road certification and pavement conservation at Eco135. On slide 10, we close the quarter with net debt of BRL 8.1 billion, an increase quarter-on-quarter, mainly due to the investments made in the quarter. Leverage measured by the net debt over the EBITDA indicator is in line with the expectations set at 3.6x compared to 3.7x in the Q4 of 2021. Moving on to slide 11. We close the quarter with cash balance of BRL 2.2 billion. In 2022, maturities in the first half of the year are already equated with the issues of the holding and of EcoRodovias in the total amount of BRL 1.9 billion. With the facility and the company's cash generation. In the second half, the main maturity is at EcoRodovias Concessões. On slide 12, we highlight the highways that the company is studying. Federal concessions in Paraná, PRT and Triângulo Mineiro in the state of Minas Gerais and the company's drivers of growth. Company stabilization, along with target projects that generate cash already from the beginning of concession, partnerships on future auctions, the extension of the agreement at distribution in line with the growth cycle and future cash generation shall enable the search for opportunities to invest in the Brazilian highway market with capital discipline in a sustainable manner. I take this opportunity to mention that Ecovia BR-153 continues to invest in pavement conservation works and in toll plazas, with collection expected to begin in the Q4 of 2022. On slides 14-16, we present the main ESG indicators highlighting conclusion of studies on climate vulnerabilities and a B score on CDP above the global average. In the ESG agenda, for the third consecutive year, EcoRodovias has joined the companies that make up the Climate Resilience Index compiled by CDP in partnership with Resilience ESG. With regard to people development, EcoRodovias launched 2022 performance cycle, which includes the contracting of targets with executive officers and managers having a percentage earmarked for the ESG targets, which underscores our commitment to the agenda. In April, the shareholders approved the election of Ana Greve at the shareholders' meeting. The board member is a specialist in sustainability ESG, with broad experience in incorporating the environmental, climate and social variables into strategic business planning. More details on our ESG agenda are available on our earnings release. This concludes the presentation. We would like to move on to the question and answer session. Operator, we are ready for the questions from our analysts and investors. Thank you. Thank you. We will now begin the question and answer session for investors and analysts. If you have a question, please press star one on your telephone. If your question is answered during the session, you may remove it from the queue using the pound key. Questions will be answered in the order they are received. We ask that you use the headset when asking questions in order to maintain excellent sound quality. Please stand by while we collect the questions. First question, Aline Gil from BTG Pactual. Good morning. Thank you for the presentation. One question on our side. In terms of leverage, do we increase in comparison to the Q4? I'd like to know the level of leverage we can expect for the coming periods, and whether this can bring any restriction in the company's participation in new auctions. Another question is that I saw that you have data on top of the inflation at around 10%. I'd like to know if there was an impact in traffic since this was. What is your expectation in terms of mix between light and heavy vehicles from now on? Thank you. Good morning, Aline. It's Marcello. How are you? Thank you for your question. About the leverage, it was expected, as Andrea said. The concessions in Paraná and the presence of Ecovias do Araguaia in pre-operating phase are influencing this, which is expected. We understand this will continue throughout the year. As soon as Ecovias do Araguaia starts collection in the Q4, we expect the leverage to stabilize and go back down in 2023. We understand the leverage this year will be around 4x-4.5x. Again, this is expected. It is not limiting our efforts to look at new businesses. We have some clear targets. The majority already with cash generation since day one. There are projects that have been chosen because of this feature so that they don't add pressure to our leverage. This is quite under control. About tariff adjustments, they're at the same level as Eco101, Eco135. We're expecting key adjustments at Eco101 as well, and Eco050 in the Q2. All absorbing and exceeding the associated index for contractual reasons. This will have a good impact in our revenues in the Q2. I would say it should not affect, and it's not affecting at this time. The traffic data, especially the commercial traffic, has not been affected by tariff adjustments. Traffic is doing very well. This morning we have data 11.6% up compared to April, and it remains like that. I believe we'll have good traffic ahead irrespective of the tariffs. Thank you. Thank you, Aline. Next question, Gabriel Rezende of Itau BBA. Good morning. Thank you. One question. I'd like to understand a little bit more about the CapEx adjustment from BRL 655 million compared to the inflation. It corresponds about 52% of the BRL 20 billion CapEx realized at the beginning of the year compared to the 50% adjustment that you made on the Q4 as well. Was this adjustment calculated including the CapEx adjustment of Ecovias do Araguaia? If we can expect, since inflation is still high, new adjustments on this level in the upcoming quarters? Gabriel, thanks for your question. This adjustment is in line with prices 100% of CapEx of today's currency, so all the inflation that is coming to date has been updated. If inflation continues going up from now on, it will be reflected in the CapEx. As you can see, this is on constant currency, totally adjusted. As I said on Aline's previous question, we're receiving now all tariff adjustments. The São Paulo adjustments is all coming in. This too have a very good impact on our revenues. Thank you, Gabriel. Great, got it. Thank you. If I can just follow up. We can expect this company with efficiency gains will be able to offset some of the inflation increases that we're having in the contracted provision, right? Exactly that. The inflation exists at the moment. Companies like ours who have an operating model that works well at a certain level of inflation increase like this need to make more. We're already with efficiency, organizational efficiency and operational efficiency projects, as well as improvements in projects and the CapEx. Our task now this year is to offset this. I would say be successful. Excellent. Thank you. Next question, Pedro Fontana with Bradesco BBI. Good morning. Congratulations on your results. We've seen some highway auctions being canceled in recent months, a lack of participation, and so becoming more selective in the choice of projects in the macro scenario. I'd like to understand what you've been thinking or how your direction in the pipeline to auctions in the pipeline, how you see it for coming projects and what you expect of each one, if you can tell us. Thank you. Pedro, thank you for your question. We have a very clear strategy. We've mapped the auctions ahead and the opportunities very well. We have a team dedicated to this. We chose the projects due to their attractiveness. Of course, that they have synergies and we have competitive advantages with the contracts that we understand we're capable of creating value realizing the CapEx. We've dedicated to the project. We're looking at the Paraná program, the federal program, CRT that's coming up. The Minas Gerais program, [Transaminase], that includes some improvements, and the federal program is intensive as well. We select and participate. Of course, the situation of some of them are large projects and of course they require the adequate return at times like this. The options that have been postponed are probably to adjust the return rate to be able to attract investors. Our return rate, the return rate reflects the current scenario with a certain premium to generate it. Within the real world inflation in Brazil, the returns, the Brazilian risks. Of course, all at present value. Just to complement, how do you see leverage if you achieve these three projects, CRT, [Transaminase] and Paraná? Both CRT and the Paraná highways. The Paraná highways will probably be 1 x or 2x. CRT and Paraná both have a long CapEx flow, and they're already generating cash. They will pressure and impact leverage in the last three years, 3x, 4x, 5x. The structure of the projects. These years, there'll be years when other concessions, like Eco25, Cerrado, Eco101, will already have much lower investments compared to the base. It's very well thought out to avoid any type of pressure. That's our line of thought. Thank you. Next question, Lucas Barbosa, Santander. Good morning. Good morning. Thank you for taking my question. As a follow-up about the tariff increase that you mentioned in the beginning. Tariff increases at Eco002 and Eco050 are being analyzed by ANTT. If you can give us more color why this process is taking longer? If there's a discussion of any points in the transfer of tariff increases? If I understood correctly, Guidotti implied that this tariff will be on the Q2. It will occur on the Q2. If you can confirm that, I'd appreciate it. Thank you. Yes, Lucas. We expect it in the second quarter at Eco002 and Eco050. It takes long because the federal contracts every year, there's the ordinary and extraordinary adjustments and other types of populations and balances that have to be. In some cases, we're also discussing the effects of COVID, and this all takes time and delays the process. That's all it is. I will say at Eco002 and Eco050, we're about to receive the adjustments. Very clear. Thank you, Guidotti. Next question, Filipe Nelsen, Citi. Good morning. I have two questions. One has been discussed about leverage. I'll start with my second question. I'm trying to understand the restructuring process of the company's management. Marcello, today you're centralizing. We had [João Franco Cappellini] that was coming in the coming period. I'd like to understand, in addition to his arrival, when you expect it and how do you intend to structure the company after these changes that are expected to happen? Filipe, we're trying to structure the company as best way possible to support the business. We're working on that. The executives are following it, and I understand that it's a process that must be well done, but it will be done across this year. That's the structure. Structure to run a business that is complex, but it's a highway business in Brazil. We'll be well-structured to be able to deliver results. As Andrea said, we announced a new board member, independent board member. We reinforced everything on our policies, updated them. We saw normalization and the company will have a good capable structure to run the business. I don't think there's anything new about it, Filipe. Excellent, then. We can expect maybe one change or another throughout the year. João Franco will come in? João Franco is no longer part of the board of directors. That was in January. I have the position accumulated. We have a legal director and just try to form the C-suite and run the business. Okay. Excellent. Thank you. Once again, to ask a question, press star one. Please stand by while we collect the questions. If there's no further questions, our Q&A session is now closed. I'll turn the floor over to Ms. Andrea Fernandes for her final remarks. Thank you for your participation. My team and I remain available for any further questions or doubts. Have a great weekend. EcoRodovias' conference call is now closed. Thank you very much for your participation. Have a great day.