Good morning, everyone, and thank you for your patience. Welcome to the video conference for the release of Grendene's third quarter 20 24 and nine months 2024 results of Grendene S.A. For those who require simultaneous translation, this function is available on the platform. To access, please click on the interpretation button in the globe icon at the bottom of the screen and select your preferred language: Portuguese or English. If you're watching the video conference in English, you can mute the original audio in Portuguese by clicking on the Mute Original Audio button. Please note that this video conference is being recorded, and it will be made available on the company's IR website, ri.grendene.com.br, where you can also find our press release for this 3Q24 results. The presentation is available for download in Portuguese and English via the chat icon. During the company's presentation, all participants will have their microphones muted. In the end, we will have a Q&A session. 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Investors should be aware that general economic conditions, market conditions, and other operational factors may affect Grendene S.A.'s future performance, resulting in outcomes that differ substantially from those projected in these statements. Today, we are joined by the following company executives: Rudimar Dall'Onder, Chief Executive Officer; Gelson Luiz Rostirolla, Chief Operating Officer; Alceu Albuquerque, Chief Financial Officer and Investor Relations Officer. We are also accompanied by all the company's key managers. I will now turn the floor to Mr. Alceu Albuquerque. Please, you can go on. Good morning, everybody, and thank you for your presence in our video conference for the results of the third quarter of 2024 and the numbers accumulated in these nine months of the year, the first nine months. This third quarter was a third quarter where we registered results, very robust results, a growth in revenue, a growth in all of our margins, and growth in operating results, recurring ones, and also net recurring results. Even though these results are solid and very robust, that doesn't reflect the dynamics of the quarter. It was a quarter just like the previous two ones, a very challenging one, and these results were conquered day after day. We fought for that, and this result is basically pushing, it's the result of the performance of the domestic market and how the numbers were. The volume was stable. It just went down a little bit, - 1.5% in 40.5 million shipped pairs. In the domestic market, we also presented a growth of 1.1%, while in the foreign market, there was a decrease of 13.5%. The gross revenue increased 10%, reaching BRL 9,358 million, and in the domestic market, it was 13.2%, and in the foreign market, it decreased 5.4%. The results of the domestic market, they are because of Melissa. The brand Melissa had a very robust performance. I will talk about it later. The male segment of Division One, with the brands Rider, Cartago, and Mormaii, and Grendene Kids, we can see that the gross revenue had an increase; it increased faster than the decrease in volume, and that reflects a growth in revenue, gross revenue per pair, in about 12%. It's a reflection of a price readjustment in the beginning of the year, but also because of a mix of more added value products. The gross profit increased BRL 358.7 million, reflecting an increase of gross margins of 2.4 percentage points, 47.9%. This growth reflects the growth in net revenue. The smallest production costs were impacted by raw material prices, as we observed in the last quarters. The recurring EBIT also grew in a very intense way, 31.6% in BRL 161.2 million, representing a growth of EBIT recurring margins of 13.6 percentage points, 3.7 percentage points. In 31.6%, this growth in margins reflects the growth in net revenue, less production costs, and it reflects our management in our operating expenses that are growing in a difference than the net revenue. Our recurring net profit almost reached BRL 240 million, a 45.9% growth, with net margins, recurring net margins of 31.9%, is a growth of 8.1 percentage points related to the recurring net profit of the third quarter of 2023. This growth of 40% of our recurring net profit reflects the robust financial results we had on the third quarter. As we know, in January this year, we had the law 14,789 started taxing our incentives, our fiscal incentives, and social contributions also. But apart from that, the government guaranteed an increment of 25% in the depreciation of investments for our state incentives. This slide is to show you we can compare oranges with oranges. The net revenue of the third quarter was BRL 749.5 million. It would have been BRL 755.6 million if it wasn't by the tax incentives applied. The growth would have been 9.7%, but now it's the 8.8% we are reporting. COGS grew 4%, totaling BRL 390 million. It would have grown 5%. It would have been BRL 394.4 million. Our recurring EBIT also suffered an impact because of the PIS and COFINS taxes and also credit on depreciation. Our recurring EBIT totaled BRL 161.2 million, a growth of 31.6%, and it would have been BRL 163.7 million, a growth of 33.7%. And our net recurring result with PIS and COFINS, without fiscal incentives, has been impacted by social contribution taxes. Our net profit was BRL 239.4 million, a growth of 45.9%. It would have been 52.7%, a total of BRL 250.5 million. Talking a little bit about the performance of our domestic market and the foreign market, the brands of Division One, they grew in net revenue in 4.9% in selling, and they had a decrease at 0.8% in volume, which represents a growth of net revenue per pair of 7.5%. This growth of the revenue is fostered by this masculine male segment, Rider, Cartago, and Mormaii, and also the kids segment. These two segments were the ones that increased the performance of the brands. The female lines, Zaxy, Grendha, and Azaleia and Ipanema, they had a poorer performance when compared to last year in the third quarter. In the female segment, Grendha and Azaleia, they presented a positive performance, but Zaxy, he was responsible for decreasing the performance of the female segment based on a comparison basis when compared to the third quarter. Ipanema, we can see the decrease because of increased competition, competitors making sales promotions and discounts in the end for the end consumer. That has hindered a little bit the performance of Ipanema in our third quarter. We also had a smaller performance, a poorer performance with the collections when you compare last year and this year's collections. We were also impacted. There was a postponement of orders from the third quarter to the one million, 1.5 million pairs. In brands of Division One, there is a very fluctuating sellout. There are moments. It's a positive scenario with growing sales, but sometimes we have moments more negative ones. The sales, in the end, are fluctuating. When we check the performance of Melissa, Melissa had a very strong performance. The sell-out increased 53.3% in net revenue, 30.8% in volume, which represents a growth of net revenue per pair of 11.1%. That reflects especially a smaller participation in Melissa's sales. We are selling more full-price products. This excellent performance of Melissa's sell-out is a reflection of the products being well accepted, the new collection products that are arriving in the stores, and also summer and spring-summer collection of last year also, but the new products have a very good acceptance in our stores. We had an increase of nine stores compared to the third quarter of last year in September 2023. Then we closed the quarter with 413 stores. That's the number we've got now, 413 stores. The foreign market, we notice a scenario that's a very challenging one in general. In all the regions of the world, especially in Latin America, which represents 60% of our exports. We can see in some countries like Argentina and Bolivia, they have problems with dollars being scarce. In Argentina, we can see signals of improvement, a robust improvement in the third quarter, but still, the volumes are below historical levels. We also notice challenges for GGB with the reduction of selling for GGB and reduction of sellout of GGB for its respective clients. China, as we have seen, has been presenting the economy has decreasing a little bit. It's unwinding too. They need to improve the economy. It's been receding, the economy in China. The United States also migrated from premium stores to off-price stores in big retail chains where we sell our products. We have been reporting difficult, challenging scenarios. We can see growth in sales in the United States and in stores where we call discount stores, TJ Maxx, Marshalls. These types of stores, they are reporting great results, but it's not where we sell our products. We sell our products sometimes, but when it's just leftovers of old collections. We sell our products in big department stores, and the sales behavior is quite challenging. It's still complicated. The other factor hindering exports is a lack of regularity. We have schedules for shipping of footwear, and then the ship, it simply doesn't stop in the port. That causes delays in our deliveries, in our shipment, and it hinders the sales of the quarter. We can see how Asian shoes are increasing their sales around the world, and that has been compromising our sales also. Conflicts, war, the war in the Middle East has been impacting that also. In summary, the net revenue decreased 5.4% in reais, in dollars, 16.7%. Volume decreases 13.5%, and then the gross revenue per pair increases 9.3% in reais. This decrease in revenue and volume is not something common for Grendene. The footwear sector in general has been suffering. In this third quarter, the revenue of exports of Brazilian footwear decreased 9.8%, and volume presented a decrease of 10.4%. It's a scenario that has been affecting the whole footwear segment as a whole. What are the factors that contributed to our gross revenue? Coming from 842.3- 926.4, the volume in the internal market increased 7.4%. Price and mix added 84.6 million reais in revenue. In the foreign market, volume decreased our gross revenue in BRL 19.4 million. Price and mix decreased BRL 4.7 million in our gross revenue. The exchange rate, it was 3.4% stronger than in the third quarter last year. It adds BRL 16.3 million of revenue to the company. Looking at our COGS, our gross margin presented a growth of 47.9%. It's 2.4 PP because of the decrease of our COGS. And within the COGS, we can see an improvement in all our components related to the third quarter of 2023. And then when compared to the historical levels of the third quarter in 2021, we see an improvement in all the components except from labor because of problems we had with the. And And then also the commercialization and sales of the shipment of products with increased added value. Then because of smaller volumes, where we can actually dilute costs with labor. When we look at our indicators of net revenue per pair, we can see that the net revenue per pair increases 10.4% when compared to the third quarter of last year, while the COGS per pair increased 5.7%. We increased our revenue per pair in intensity. When compared to the COGS per pair, this behavior, you can see if you compare the annual average growth since 2021, we present an average annual growth of revenue per pair of 6%, while the growth average of the COGS is 4.2%, indicating again our capacity to elevate our net revenue per pair at the same time, control our production costs that present. It grows in a superior intensity on pair. It grows some 3.5% in comparison to 8.8% of the recurring net profit. And with this, our recurring operational expenses represent some 26.4% in comparison to 27.7% of Q3 previous year. So it represents 1.3 percentage points less. And our recurring sale expenses, selling expenses grew by 6.2%, and variable recurring expenses grew by 9.8%. And here we have freight and others and licensing. Publicity grows 12%, a higher step against net profit, but this is due to more investment in marketing to reinforce our brands. And investments in publicity advertisement represent 4.9% of net sales. And other expenses are less, 12.9% here on top of we have staff, expenses, travels, and others. So recurring commercial expenses represented 24% of net sales, and now they represent 22.9%. So when we go to general recurring G&A expenses, they grow, but in a reduced intensity than revenue. And because of this, they represent now 3.7% in comparison to 4% in Q3 last year. Now, graphically, we show what impacted our EBITDA. So adjusted EBITDA growth moves from BRL 96 million to BRL 145 million. And when we not consider recurring items, the growth at BRL 31.1 million, and recurring EBIT goes to BRL 161 million. So this leads to a recurring EBIT that is the net revenue. And we have all the other components, COGS, growing in an intensity less than the revenue increase. And within non-recurring items, the main one is real estate equivalents of GGB equity earnings that did not match break-even. The financial revenue we peaked 115.2% above previous year, even though with an average Selic interest of 2.9% inferior. This, given an average cash and equivalents of a little more than 45%. Besides, our development project also had a performance that was very positive and contributed to this result of BRL 108 million. Now, our portfolio, that is the investment committee portfolio, we have an approval to invest up to BRL 157 million. It is composed 100% in real estate projects, and they total BRL 530 million. Now, our e-commerce still grows. The GMV grew some 20%, and the volume is reduced almost 20%, and this is given to the last product volume participating in this e-commerce. So we're selling more products on full price. This improves the average ticket. Now, we peaked 15 million unique users accessing our platforms, and the gross margin grows by 1.7%, some 70%, and our recurring EBIT was reduced to 9.8% in comparison to Q3 last year. And this is given a higher market share of Omni channel. So sales are done through our sites, but the product leaves our sales partner inventory. So they pay a commission to Grendene. Now, online general penetration grew some 0.8%, some 2.8%, and Melissa penetration, it is reduced from 10% to 8.5%, given the less participation like EMC. So the volume is reduced, but GMV grows. Now, talking about the accumulated result, it is very similar to what we showed in Q3. So we have gross revenue, margins, and operational result. So our volume of boarded area reached 95 million pairs, a reduction of 1.7%, and internal market has some small growth of 0.8%, while the export market is reduced on 12%. Gross revenue grows by 5.1%, to more than BRL 2 million, and internal market, it grew by 7.8%, while export, external market, a reduction of 6.4%. Gross profit grows by 11.5%, reaching more than BRL 800 million, and gross margin goes from 43% to more than 45% in a growth of 2.3 percentage points. Again, given a net revenue and reduction of CPV, and being that the component with the highest impact, recurring EBIT grows some almost 34%, reaching more than BRL 3 million, and our margin grows some 3.6 percentage points, peaking 17%. The same behavior as the second term, the behavior of the term. Our recurring net profit grows less than net profit. Finally, our recurring net profit of almost BRL 450 million and a growth of almost 11%, and the recurring net profit grew by 1.2 percentage points, peaking 25%. Here, the same spreadsheet, considering the impacts of Law 14,789, it grew 6.6% to almost BRL 2 million, if it wasn't by PIS and COFINS taxes. If it wasn't for this, it would grow by more than 2.5%. Recurring EBIT peaked at BRL 305 million instead of almost BRL 302 million, so a 35% growth. Our recurring profit would have grown more than 16%, peaking 471 million instead of the almost 11%. Here, given the result of the BRL 404 million accumulated, we have BRL 169 million coming from tax incentives, so we have a basis of legal reserve of some BRL 222 million to distribute dividends. Because we already shared some BRL 89 million in the first and second quarters, we still have a remaining of almost BRL 135 million. How would these be distributed? In terms of dividends, 79 point almost BRL 90 milllion, 80 million BRL, so this would be some BRL 0.08 per share. JCP, it is equivalent to BRL 0.05 per share. These would be given on December 6th, December 5th, so from December, they become ex-dividend. This is an updated graph, how we distributed dividends since going to the market, opening, and it amounts to BRL 12 billion. If we take an updated by IPCA, it's some BRL 9 billion, and the accumulated with no correction, it's BRL 6 billion. We have a payout of 54%. This represents a dividend yield of 5.1%. What I had to talk about Q3 and accumulated this year, this is it. Now I'm open to questions. We'll start Q&A sessions. Please be reminded that if you have any questions, you should click on Q&A in the inferior part of the screen to join in. When announced, there will be a prompt to activate your phone, and so you do that and you start your question. Please be brief and concise in your questions. Now, please be reminded that you should click on Q&A section in the inferior part of the screen and ask your question, so get in line. Let's start first question from Lucas Xavier, investor. Is there an action plan to the possible import rate increase in the U.S. from a new government? Good morning, Lucas. We don't have any plan so far because historically, in moments of increase of import taxes, and the Trump government has spoken explicitly on import taxes on Asian countries, and we see it more as an opportunity than a threat on this import tax increase because North American industry, well, U.S., they don't have a shoe footwear industry which produces our type of product. So we see it more as an opportunity, being Grendene an option to Asian countries more than a threat. Now, the following question from Matheus Rolim, sell-side analyst. Thank you also for your presentation. I would like to understand the impact of Alpargatas share in Grendene market. Without a doubt, we have competitive prices. But how do you see ticker ALPA4? Thank you. Can you repeat the question, please? ALPA4. Certo. ALPA4. Certo. ALPA4. Certo. ALPA4. Well, yes, Alpargatas is a renowned company with a strong brand. Historically, because we have a stronger brand in products that are similar, we have a pricing that is a little bit more competitive. But what we're seeing is a movement that is strong in liquidity at the end point, not specifically Alpargatas, but other competitors. And what we see is to be positioned and work to have competitive prices in terms of design, quality, and pricing. Thank you very much. Next question from Alexandre Moretti. I would like to know what are your expectations on dollar variation? Is there an impact on revenue given that 17% of volume is export, and if there's an impact on the cost of raw material? Thank you very much for your question. Now, the strengthening increase of dollar price, it is more positive to Grendene because we have more revenue in dollars than costs. So the strength of this exchange rate is favorable to Grendene. And as per costs, our raw material costs are updated on a monthly basis. And yes, they are influenced by dollar, but our Q3 results already reflect this increase. Thank you very much. Now we finish the Q&A session. We would like to pass the mic to Mr. Alceu Albuquerque for his final words. Good morning to all. Thank you very much again for your presence. And now our investor relations team is available if you have other questions. Thank you very much and good morning to all. Now this result presentation is finished. Our investor relation department is available to answer all other questions that might arise. Thank you very much to all participants and have a good day.