Good morning, everyone, and thanks for joining us today. I'm Adrian Neuhauser, CEO of Abra Group, and I'm pleased to be here in the First GOL Earnings Call after its Chapter 11 emergence. Two months ago, GOL successfully completed Chapter 11 bankruptcy proceedings, marking an important milestone in the company's transformation. I would like to congratulate the entire team, both at GOL and at Abra, for their hard work during the nearly 17 months of this process. I would also like to express my gratitude to our customers, the source, key financial stakeholders, and advisors for their support. This process undoubtedly placed GOL in a more competitive and sustainable position, with an optimized network and fleet plan, even more competitive costs, and a strengthened financial position with substantially lower debt and solid liquidity to support future growth and boost GOL's potential in the coming years. Abra continues to invest in that future. We renewed our commitment, strengthened our investment, and became the controlling shareholder of GOL, reaffirming our confidence in the company, its management team, and its business plan for the coming years. Over the past few months, we have seen significant improvements across all GOL key performance indicators, as Celso will explain shortly. These achievements confirm the company's unwavering commitment to providing exceptional service to its customers and creating value for its stakeholders. With Abra as a strategic enabler for all GOL's future plans, we are confident that GOL will continue its path of sustainable growth. Manuel Irarrázaval, CFO of Abra, who is also on this call, will be joining us on the GOL board of directors. He and the broader Abra team are committed to continuing supporting GOL in this path. I will now pass the floor to Celso Ferrer, CEO of GOL, to walk you through the second quarter results and update you all on the state of the business. Please, Celso, go ahead. Thank you, Adrian, and good morning, everyone. Thank you for joining us today for the GOL second quarter 2025 results presentation. I'm pleased to present our performance and achievements for this quarter. First, I would like to introduce you to our new CFO, Julien Imbert, who recently joined and started his history with us in a very important moment for GOL. Please, Julien, take the floor. Thank you, Celso. Good morning, everyone, and thank you for joining us today. I'm very pleased to be speaking with you for the first time as GOL's Chief Financial Officer. Aviation has always been a passion of mine. I started my career as an aircraft engineer at Dassault Aviation, and during college, I was flying Cessna 152s whenever I could. For the past 18 years, I've been with Boston Consulting Group in Paris, Chicago, and São Paulo, specializing in growth strategy, efficiency programs, and development of artificial intelligence solutions. Over that time, I had the opportunity to work closely with GOL, starting in 2014, on a number of strategic and operational projects. All that experience gave me a deep appreciation for GOL's culture, its people, and its focus on innovation and efficiency. Today, I am proud to be part of this team at such a pivotal moment. Having successfully emerged from Chapter 11, we are now fully focused on executing our plan, ensuring a sustainable financial trajectory with discipline and innovation, and continuing to strengthen GOL's performance. I look forward to engaging with you regularly to maintain transparency and to building on GOL's transformation as we move into this next chapter. Thank you, and with that, I'll turn the floor back to you, Celso. Thank you, Julien, and welcome again. We are very happy with you joining the team. I would like to start by celebrating our very important milestone: the successful completion of our Chapter 11 process. This is a moment of great pride for all of us, and we are excited about the future we are building together. The successful completion of this process was possible thanks to the relentless dedication of our team, and we could not celebrate this moment without saying thank you to everyone involved, especially to Abra. Their renewed support has been fundamental. Abra 's financial investment, significant know-how, and operational synergies have allowed us to operate more efficiently and more effectively. After raising $1.9 billion in the exit finance and fully paying off the DIP, our liquidity post-exit reached BRL 5.4 billion, of which BRL 3.5 billion was available cash. Our liquidity level was BRL 4.6 billion higher compared to the last quarter before Chapter 11. We also get to the half of 2025 with BRL 2.7 billion of EBITDA, BRL 685 million higher than the same period of last year, proving our focus on achieving the BRL 5.8 billion by the end of 2025. These results led us to a leverage of 3.7x post-exit, 2x lower than the first quarter of 2025, and 1.4 x lower than what we had planned for the same period. We are confident that with our well-defined strategy and support of the Abra Group, we will continue to lead the market and deliver significant value to our investors and customers. Let's now take a closer look at our highlights for the second quarter of 2025. Our fleet restoration effort recovered 20 aircraft back to the operational fleet, which we foresee to be 100% recovered by the first quarter of next year. This opened the way to more than 19% growth in the ASKs in this quarter, 13% in the domestic market, and 62.1% in the international market. Our net revenue grew almost 23% in the period, a combination of capacity and unit revenue growth. Our EBITDA is 70% higher if we compare to the last year's second quarter, demonstrating our commitment to maintain a healthy bottom line. Our efforts to streamline operations and manage costs effectively are paying off, as evidenced by the reduction of 2x in the net leverage. In terms of customer engagement, we achieved a remarkable 19.9% increase in the number of customers transported, the highest number for a second quarter after the pandemic, a direct result of our dedication to operational quality, which also gave us the recognition for six consecutive months, now seven including July, as the most on-time performance airline in Brazil and in June, the first in Latin America. Our commitment to our customers during the Chapter 11 now reflects 17 points of growth in our NPS. Our cargo revenue and transported weight increased by 14%, supported by the addition of two dedicated freighters and a well-positioned logistics strategy. Our Smiles loyalty program continues to thrive, with a 3% increase in the number of Smiles club members and in redemption transactions. This quarter also celebrates our new moment in the Abra Group. Now, with Abra as our main shareholder, GOL is stronger than ever. As we look at the potential of the market in Brazil, we see an immense opportunity for growth and expansion. The Abra Group renewed the commitment, providing us with an instrumental factor to our journey ahead. One of the key synergies is cost optimization by combining negotiations for fleet contracts, maintenance, and supplies. This will optimize our unit costs and enhance aircraft utilization. Integration between our networks is another critical synergy. With greater capability and optimized flight schedules, we can maximize connections and profitability. This great network will enhance the customer experience and will enhance our loyalty programs in the group, Smiles and LifeMiles. Abra's strategic direction and synergies will provide us with the necessary tools and support to achieve our goals and make us well-positioned for success in the coming years. Moving forward to our operational performance, since the beginning of the Chapter 11, one of our main focuses was the fleet recovery to support the trajectory of the upcoming years. You can see that even with the same number of aircraft as last year, 141 as a total fleet, we increased our operational fleet from 102 airplanes to 122 planes, recovering 20 aircraft that we're bringing back to the operational fleet. This allows us to increase our capacity by almost 20% in this quarter. More importantly, it's how we allocated this capacity. Our team is always focused on the best markets, either domestic or international, and our efforts were paid off by a load factor increase of 1.4 points this quarter, with sustainable unit revenue growth. Our presence in the market has also increased. GOL has operated the highest number of destinations in the history during the first half of 2025. Today, GOL operates 16 international destinations and 64 domestic destinations, solidifying GOL's commitment to be the first for all. The fleet recovery and capacity growth, followed by a strong operational efficiency month after month, resulted in not only the six consecutive months in on-time performance in Brazil, but also as the most on-time performance in Latin America in June. Our commitment to customer satisfaction goes beyond the on-time performance. We have added significant new functionalities in our digital journey, especially with the new app, which has helped to increase the overall NPS by 17 points during the turnaround moment for GOL. I also want to thank our customers for choosing GOL and making the number of passengers transported between April and June a record for the second quarter after the pandemic. The combined efforts of recovering aircraft into operation, placing capacity in strategic markets, and focusing on the best service for our customers led us to grow almost 23% in our revenues for the quarter, 21% in the first six months of the year. This is the third consecutive quarter that GOL has been able to increase capacity while also increasing unit revenue. PRASK grew by 4.1%, RASK by 3%, and yield 2.3%, all highlighting GOL's focus on sustainable revenue growth. Moving to cost, our CASK was 1% higher, mainly due to an almost 9% increase in the FX rate, depreciation, and maintenance expenses as well. The increase in maintenance expenses was mainly caused by unscheduled removals of the LEAP engine and end-of-leasing provisions for future aircraft returns. Depreciation was heavily impacted by investments to recover our fleet. Disconsidering this effect, CASK would have gone down by 6% compared to the second quarter of 2024. Our business units also played an important role in our results. GOLLOG brought us more than 14% in revenue, with an additional two dedicated freighters and an increase of more than 14% in transported weight, confirming their position as the largest regular cargo operation in the domestic market. As for our loyalty program, which is the biggest in the country with 29 million members, Smiles continues to see their Smiles club members grow. The number of redemption transactions was 3% higher, showing that Smiles clients are increasing their Smiles use, as Smiles maintains their focus on providing the best loyalty program and the best experience. With more than 100 commercial partners and now focusing on cross-benefits with LifeMiles, Smiles continues to strengthen their value proposition to our passengers. The results of everything we have seen so far resulted in an EBITDA of BRL 1.1 billion in the second quarter of 2025, 17% higher than 2024, with a margin of 23.4% against 17.2%. In the first half of the year, EBITDA reached BRL 2.7 billion, on track with our goal of BRL 5.8 billion until the end of 2025. Moving forward to leveraging liquidity, our successful emergence from Chapter 11 strengthened our financial position. After raising $1.9 billion in the exit financing, paying all the DIP, and restructuring our debt, our leverage decreased by 2x from the first quarter of 2025 to the second quarter, reaching 3.7x of net leverage. It's important to mention that if we deduct the Abra debt of $850 million, this leverage would have been 2.8 x. The graph on the right-hand side shows our liquidity, which considers our available cash and only includes credit card receivables, since this is the truly liquid portion of the accounts receivable balance. Note that we do not include any restricted cash and receivables that are not liquid. We got to the end of this quarter with a strong position of BRL 5.4 billion in liquidity, BRL 1.6 billion higher than the first quarter of 2025, BRL 4.6 billion higher than pre-Chapter 11. Now that we have gone through everything that happened this quarter, all these results prove that GOL is completely positioned to win. As you may see in this page, our EBITDA is consistently growing throughout the quarters, paving the way to our BRL 5.8 billion target in the end of the year. Our liquidity level is on track. Our net leverage for the quarter was 1.4x lower than what we projected in our five-year plan for the post-exit and is already better than projected for the end of the year. Even if we make a sensitivity neutralizing the effects impacting the debt, we would still be better than projected. The first mile of our journey was a very important one and proves that we are on track and walking towards what we have planned. Now, before going to the Q&A session, I cannot close this first earnings call after emergence without thanking my incredible team at GOL. I am confident that we would not have achieved all these results without the hard work of a thousand people that were 100% committed to this process since the very beginning. Thank you to all employees, all customers, the source, advisors, financial partners, especially to Abra, who fought with us side by side and was fundamental to our success. Thank you. Thank you. We are now initiating the Q&A session. The floor is now open for questions. If you have a question, please click on "Raise Hand" for audio questions. If your question has already been answered, you can leave the queue by clicking on "Put Hand Down." Questions will be taken in the order they are received. We ask that when you post your question, you pick up your headset to provide optimum sound quality. Please hold while we poll for questions. Our first question comes from André Ferreira with Bradesco BBI. You can open your microphone. Hi, good morning. Thanks for taking my question and congrats on the emergence from Chapter 11. I have two questions. First, if you could just give a recap of the next steps post-emergence from Chapter 11. For instance, there's an expected additional equity of $330 million, potential conversion of take-back debt. If you could just recap in general, it would be very helpful. My second question is related to the aircraft on ground. How many are still on ground, and of those, how much will be recovered to operations or returned? Thank you. Thank you, André. Good to speak with you. Celso, your first question is like what we're going to do now post-emergence. We have decided to exit in the Chapter 11 once we are ready, and we saw a very good window to be able to exit in an all-debt scenario. We don't foresee at this moment any additional equity. As you saw, our financial performance is even better than the plan that considered equity. In all the angles you looked, we are in a better shape, even without the equity. We continue to perform, focus on the incremental profitability, bringing back the fleet. As you mentioned, the fleet that was ground, and at the beginning of the restructuring, we had 30 planes on the ground. Now we still have 11, and we're working very hard to make sure we are going to have all the fleet flying again in the first quarter next year. That's the plan. It's obviously everything included in our projection, and we are doing exactly what we have planned on this. We are, of course, taking many engines to the shops, and today the turnaround times are bigger than they used to be in the past. We are facing problems in the whole supply chain, but still on track to make sure that our whole fleet will be flying again. You saw that the operation fleet grew from 102 planes to 122, bringing this sustainable ASK to the market again. That's our plan. Just to follow up, over the next quarters, by the first quarter of 2026, should we think about the return of the aircraft kind of in a linear fashion? Yeah, I mean, we have been returning planes. During the Chapter 11, we returned 13 planes, and we took delivery of also 12 planes. We continue to bring new planes to the fleet and return planes. In 2026, we will continue to have a reasonable number of lease returns, but as expected by our plan, no big changes on this. Okay, thank you. Our next question. Can you detail your new capital structure and who are the main shareholders? Okay, so as part of the restructuring process, GOL restructured most of its debt and emerged from Chapter 11 with a healthy debt profile and no significant maturity until 2030, coupled with a robust liquidity position. During the Chapter 11 process, GOL renegotiated most of its debt. We issued $1.9 billion to new investors through the exit financing bond and issued $1 billion in take-back debt financing to exit creditors in exchange for the pre-Chapter 11 debt obligations with those creditors. As of the end of the second quarter of 2025, GOL's liquidity amounted to over BRL 5.4 billion or $977 million. This equates to roughly 26% of last 12 months' revenues, providing us with a very robust and buffer to finance investments, including its fleet, as we were mentioning, including the engines, and make sure that we can do the route network expansion as we have been doing. GOL is now controlled by a new parent company in Luxembourg which owns 99.8% of GOL's economic interest and 100% of GOL's floating stock. The new parent company in Luxembourg is controlled by Abra, who owns around 80% of the equity of the new parent company, with the remainder held by certain resources of GOL and certain other general unsecured creditors from the Chapter 11 process. Once again, if you have a question, please click on "Raise Hand" for audio questions. If your question has already been answered, you can leave the queue by clicking on "Put Hand Down." Questions will be taken in the order they are received. Our next question comes from Chris Reddy with BNP. You can open your microphone. Yeah, good morning, everybody. Thank you for a hosted call. The results were quite good post-exit with the subperiod. I just wanted a little bit of clarification. When you say that the fleet will be back to full capacity one quarter of 2026, is that full capacity pre-pandemic or not? If you could just explain about the new routes. Obviously, we saw through traffic data, there's been a lot of expansion of the capacity, which obviously speaks to the operating leverage built in the restructuring plan. How much of those routes are new and need to mature, and how much are just routes that were underserved and so it's just really catching up to the demand that's already in the system? The last question is, how's the forward booking or demand curve looking out as far as you have it? Thanks for your time and sorry for all the questions. Thank you, Chris. Thank you for the questions. The first one, let me explain better the fleet here. When we say that we are going to have all the fleet in flyable conditions, it's because during the pandemic and after the pandemic, we kept some planes on the ground waiting for engine shop visits. The restructuring, the whole turnaround of the company has one priority, which was making sure that the whole fleet will be flying. I'm not comparing to pre-pandemic levels. I'm talking about efficiency here. You saw the results we are delivering now with still 11 planes that are not flying. Those airplanes are in the debt. We are paying the leases for those planes, but they are not flying. Once they fly, you're going to see something similar to what you saw now when we put back 20 aircraft into the network. No comparison before. It's true, by the way, that we will have the same capacity that we had in 2019 in the domestic market next year. This is a remark of our five-year plan, and it shows that we have been recovering our capacity in the domestic market in a cautious way. Even though you're seeing big numbers of growth here, and now addressing your second question, we have been very cautious to look to where the markets were really underserved. Most of the markets underserved were markets that GOL used to have a very strong network. Rio, I think it's the best example here. We are growing a lot in Rio, but it's just a recovery from what we had before. Of course, in the middle of this expansion, you can see one route or the other that is now a new route, but most is the rebuilding of the banks, creating new connectivity, and creating more powerful unit revenues, as you saw. Part of the growth was also year-over-year comparison to the fact that last year, Porto Alegre, which accounts for roughly 7%- 8% of the total capacity, domestic capacity was closed. Part of the growth is also the recovery from Porto Alegre. Our intention in the short-term is, we are catching up the capacity now in our main hubs, making sure that we have a very solid network, good timetables in the business markets, good connectivity, Guarulhos, Rio, Brasilia, Salvador, our main focus. We don't want to, we are very cautious of how we are going to deploy this capacity in terms of avoiding spiraling down prices, making sure that we are adding capacity as the demand requires. Domestic demand in Brazil is very solid at this point, as you saw in the numbers. We are adding capacity step by step, following that good growth that we are seeing in the market. The international markets are where we are launching kind of new markets. Our international strategy is exactly related to that. We have the 737 MAXs with good range, good unit costs, and we want to explore flights that other airlines are not operating. We launched many routes from, for example, Buenos Aires to most all the capitals in the northeast of Brazil. We have Buenos Aires, Natal, Buenos Aires, Recife, Salvador, Maceió. Also, for South Florida, we tried to do something that other airlines are not doing, which is a kind of a more fragmented approach towards South Florida using narrow bodies. We fly to Miami, for example, from Manaus, from Belém, from Fortaleza, and from Brasilia. That combination is very healthy. I mean, for us, we have a competitive advantage, and we are also, in some of the routes, the only players. We are leveraging our integration with Avianca. We launched Bogotá, we launched San José, Costa Rica, so markets where Avianca is pretty strong. More and more, you're going to see flights that make sense for both airlines. It is truly a combination of underserved markets, including Porto Alegre as the main one, compared to last year, of course. In international, we are kind of creating new markets. Great. The third question, can you repeat your third question? Yeah, the third was, you know, just really, you basically answered, how's the forward booking curve in demand? It sounds like that is perfectly fine. I guess what I wanted to just clarify, these 11 million, I'm sorry, 11 aircraft you're putting back in, those will be back in, I guess you say, in the first quarter. 11 million, 11 aircraft, we're talking like 3 million seats, give or take, annually. The market in 2023 was 220 million seats. Brazil's growing like 15% per annum. Like 3 million seats shouldn't matter at all. It should be like welcome capacity added, right? It shouldn't have any impact on pricing, by the relative insignificance of it, compared to market. Exactly, exactly. That's how we planned it. As I said, just as a reference, I'm using 2019 just as a reference of, I mean, a pre-pandemic world. We are going to have the same capacity in the domestic next year with all this fleet recovery, which makes sense after seven years for a country like Brazil. It really makes sense. The good news is that we are seeing a better demand than we were projecting when we did this plan. More and more, we can do some fine-tuning to make sure that we are able to take advantage of the market growth at this point. Booking curves are good. Like you said, especially on the domestic market, it's performing quite well. Also, the beauty of this, Chris, is that we use the same plane for both international and domestic. We have in our plan a more aggressive growth rate in the international market as we come from a lower base. As we grow international, we always have the option to trim how much we can do in the domestic, how much we can do in international. International has been performing well. Perfect. Thank you so much for your time. I wish you continued good luck and fortune. Thank you, Chris. Our next question. What's driving the better-than-projected net leverage? What's the expectation for the coming quarters, given the recent outperformance? Net leverage, as I said, is 3.7x, and it's lower than what we have been projecting. The main reason for this is, of course, if you compare the FX that we had on our plan, 6.04x, versus what we have now, it can improve. We also have better performance in the overall KPIs and numbers related to net leverage. Our liquidity position is stronger than what we have planned. EBITDA, the last 12 months, EBITDA is also coming stronger, as you saw here. It's a combination. I want to make sure that everybody understands the effects here. The liquidity and also the EBITDA are very important key factors, and that will continue to drive for a better leverage. As I mentioned in my first speech, the intention of looking to our projected net leverage for the end of the year makes a sensitivity on what would be with the same effects, which is 3.9x, show that we are better than the plan. If we continue to perform like this and everything is showing that we're going to continue to drive results. We have been also quite benefited by lower fuel prices than comparing to our plan. The team has been able to retain the value of the revenue, as you saw, revenue growing with the fuel going down. That's the performance that explains the better performance versus plan. Our next question comes from André Ferreira with Bradesco BBI. Hey, thanks for the follow-up. Just a quick one, if you could just update us on the interest in the deal with Azul. Thanks. As we have mentioned during our Chapter 11 restructuring, our priority always was to emerge from Chapter 11 as an independent company. The MOU between Abra and Azul has no impact at all in our strategy, in our business plan, or in the day-by-day operations. Beyond that, I prefer to pass to Manuel, the CFO of Abra that is here with me, so he can comment on this. As Celso was saying, we always insisted that GOL had to have a standalone plan and an independent plan going forward, and that's what was achieved. GOL has emerged independent and standalone, and that will be the main path. Is there an interest still in a merger? Of course, it makes industrial sense and it makes strategic sense, but it needs to have both parts participating. Now Azul has gone into their own Chapter 11. Therefore, conversations need to wait to see what happens there. Very clear. Thank you. Our next question comes from [Sergio Calce] with UBS. You can open your microphone. Yes, hello, and thank you for the call and congratulations. Could you just walk me through your free cash flow profile, maybe just for the full year? Should we expect a better free cash flow relative to your five-year plan in line with what's happened with your net leverage? The second one is just, if I understood it correctly, there's no longer going to be an equity injection, as was previously signaled back in May. Why was that decided? Thank you. Thank you, Sergio. Just a quick summary of, let's say, our cash flow view for 2025. Of course, this is a year that you still need to consider that we have a drag in the operational results. We still have a drag on the debt, and specifically, the drag is the aircraft that we have on the ground at this moment. It is also a year that the whole financial expenses are also neutralized by a huge new capital that increased the capital of the company. The way we see this year, of course, is we have the $5.8 billion EBITDA in our plan. We are going to pay around BRL 3.2 billion in leasing, and the financial expenses are BRL +2.1 billion, and a CapEx of BRL 1.8 billion, more or less, which gave us, of course, BRL 2.9 billion to prepare for 2026. We are going to follow our five-year plan projections for this period. You can see there, the liquidity levels are quite stable from 2025 and 2026. Every better performance that we are having now would impact EBITDA, and the EBITDA that we achieved in the first half of the year was better than what we expected. We are cautiously looking to the rest of the year and cautiously looking to the projections. We don't think it's time to change, but every improvement will have an impact on our cash projections as well. The equity investment, it was clear that it's not, we don't work expecting that the equity investment will happen. All the numbers I'm showing you and all the effort of the company is to be sustainable with all the equity investment. At the same time, the company is being more attractive for a new equity investment as the results are getting better. We, of course, especially Abra, continue to talk to potential investors, and GOL is an asset that is showing very resilient results compared to the plan. It's also important to point out that when we raised the exit financing, the equity investment was an option. It was not an obligation of the company to do. The company was able to raise the financing without an equity investment and has proved that it doesn't need it, right? It is an option in the future, of course, but it's not an obligation. Got it. Thank you. Our next question comes from Gavin McKeown with Amundi. You can open your microphone. Hey guys, thanks for taking the question. Congrats on the numbers. I was going to ask you to clarify on the equity, but I think you've done that, Manuel. Thanks. On engine financing, there were a few changes, I guess, over the six months between December and when you finally exited. Can you remind me, you got roughly $72 million-$73 million between AerCap and ACG. There is still an additional amount available above that. Is that correct? Hey Gavin, it's Celso. Good to speak with you. Hey Celso. Yeah, we had been performing the plan, and of course, the lessors are participating on the exit, on the engine shop visits, as that was one of the key pillars of the fleet restructuring. I will recommend that, I mean, we still have engines going to the overhaul with the lessor financing, and we will continue to do this until the end of the year. The $1.8 billion that I mentioned on CapEx is the GOL part of it. There is a big portion of the CapEx that will come from the engine financing facility that we structured for the lessors. Any breakdown through lessors, I would love to take your question and give you an answer afterwards. Okay, thanks. A follow-up offline. Once again, if you have a question, please click on "Raise Hand" for audio questions. If your question has already been answered, you can leave the queue by clicking on "Put Hand Down." Questions will be taken in the order they are received. Please hold while we poll for questions. Once again, if you have a question, please click on "Raise Hand" for audio questions. If your question has already been answered, you can leave the queue by clicking on "Put Hand Down." Questions will be taken in the order they are received. Our next question comes from [Simon Milwedge with Shrimp Capital]. You can open your microphone. Hi. Hello, can you hear me? Yes, we can hear you. Hi. This was kind of touched on before, but can we have some commentary on how Q3 and Q4 look bookings-wise? Thank you. Hey Simon, it's Celso. Normally, the seasonality in Brazil is very strong in the end of third quarter to the beginning of fourth quarter. Fourth quarter is normally the best quarter. As I said before, we have been seeing a better demand than expected until June. We saw recently in July also a consistent demand. We are seeing for the third quarter a very solid booking curve at this moment. The fourth quarter is still not there. In terms of, we have in Brazil, we have a very short booking curve. It's around 50- 60 days. We expect the fourth quarter in line with the trend that we have been seeing now in August and July, which is pretty consistent on the domestic side and a little softer in some of the international markets. Nothing that calls the attention so far, but we have been trimming the capacity to make sure that we can capture the value. One more very quick question from my side. Are you in conversations with credit rating agencies? What's the outlook for the rest of the year from your side? Other than that, congratulations on the emergence from Chapter 11 and very excited for what the future holds. Thank you. Thank you, Simon. Yes, we have been talking to the rating agencies. We have just announced that we had a B- from Moody's and a CCC+ from Fitch. We continue to talk to them. Of course, these results are driving, it's also better than what they expect, and they also had a positive outlook on us. Thank you. Our next question comes from Miranda Wei with Exodus Point. You can open your microphone. Hi, thank you for taking my question, and congrats on the emergence. I want to ask two questions. One is net debt, showing on the presentation slide, is BRL 20.5 billion versus BRL 27 billion at the time of issuing exit financing. Is there any meaningful debt reduction that has happened since the emergence? That's question number one. Question number two, how should we think about maintenance costs for the next two quarters? Thank you. Thank you, Miranda. I will start from your second question. The maintenance costs, as you are seeing, the maintenance cost comparing to last year is higher. I mean, of course, everything in reais here, and most of our maintenance is in U.S. dollars. Most of everything is in U.S. dollars there. There is the FX impact. I highlighted two components. One is the LEAP engine that we are facing early removals, and the cost of these removals, shop visits, they go to the P&L. This is there. We expect the same trend in the third quarter on the maintenance for those engines. We also have done provisions for our lease return compensation. It is also in the third quarter, will be also in line, and it's in line with what we have in our plan. The maintenance line as a whole, and also the depreciation, is higher than usual, reflecting all the, let's say, all the nuances of our restructuring. Your first question on the net debt, I mean, it's primarily the FX and other accounting effects on the fair value of the debt. Got it. We're not taking the principal amount times the exchange. Rather, this is some kind of adjusted fair value times the exchange. This is the accounting under IFRS of the debt. The biggest effect here is the FX. Okay, can you walk me? The plan was that it was done at $6.64, and the reality is much, much lower, right? More than 10%. Got it. If I just look at the first main exit note, which is $2.1 billion in USD, and if I convert that into reais using today's exchange rate, I'm looking at somewhere around BRL 11.3 billion versus reported on the balance sheet is at BRL 10.3 billion. There's a pretty big delta. What was the driver of that? We can have the team get back to you and go over the details, but you have the effects of the cost of the transactions, of the issuance costs, and you also have the effect of accounting for the convertibility of the take-back paper and the fair value of the take-back paper. Remember that the take-back paper has a lower coupon, so it's accounted for in IFRS at fair value. Okay, maybe we'll do a follow-up on this one. Thank you. Thank you. This concludes today's question and answer session. I would like to invite Mr. Ferrer to proceed with his closing remarks. Please go ahead, sir. I hope you found our presentation and Q&A session helpful. Once again, I would like to thank you, the GOL team, our investors, primarily Abra, and all the lessors, all the suppliers that have been participating in this process. Our investor relations team is available to speak with you as needed. Thank you very much. Bye-bye. This concludes the GOL Airlines conference call for today. Thank you very much for your participation and have a nice day.