Good morning, ladies and gentlemen. Welcome to Hypera Pharma's earnings call for the second quarter of 2026. We have with us Mr. Breno Oliveira, CEO, and Mr. Ramon Sanches, CFO and Investor Relations Officer. This event is being recorded and may be watched on the company's investor relations website at ri.hypera.com.br. All participants will be in listen-only mode during the company's presentation. After that, we will begin the question- and- answer session when further instructions will be given. Before proceeding, we would like to remind you that some of the information contained in this conference call may include forward-looking statements or expectations about future events. This information is subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied. I will now turn it over to Mr. Breno Oliveira, who will begin the company's presentation. Go ahead, sir. Good morning, everyone. It's a pleasure to welcome you to our earnings conference call for the second quarter of 2026. I'll begin the presentation on slide three. This quarter, we combined growth in sell-out, revenue, EBITDA, and net income with strong operating cash flow and reduction in net debt. Our net revenue grew 8.5%, driven primarily by 7.6% growth in sell-out. The sell-out growth was primarily driven by progress in the skincare, central nervous system, and gut health categories, where the company stands out with a broad portfolio of products, including those commonly used during GLP-1 based treatments. New product launches over the past 12 months once again contributed to our performance, adding 2.2 percentage points to sell-out growth this quarter. As a result, we gained market share in our target markets, which grew by 6.2% in the second quarter of 2026. Gross profit grew by 11.5%, 3 percentage points higher than net revenue growth, helping us achieve an EBITDA of BRL 755 million this quarter with a margin of 32.3%. Net income grew by 15%, driven primarily by the reduction in financial expenses following the capital increase carried out in the previous quarter. This quarter, we also made progress in working capital management by reducing internal inventories of raw materials and finished goods, supported mainly by the recent improvement in logistics efficiency indicators that I mentioned during the last conference call. As a result, we reduced our working capital investment to 28% of the quarter's annualized net revenue and achieved operating cash flow of BRL 819 million, a level higher than EBITDA for the same period. The combination of growth in operating income and greater efficiency in working capital management contributed to the reduction of our net debt, which stood at BRL 5.9 billion at the end of the second quarter, equivalent to 2.1x the EBITDA for the last 12 months. In addition to these significant financial advances, we continue to reward shareholders with the declaration of BRL 185 million in Interest on Equity, and we took important steps to expand our portfolio, which I'll discuss in details on slide four. We announced a partnership for the launch in Brazil of a new brand for non-hormonal treatment of menopausal symptoms, which according to estimates, may affect up to 80% of the 30 million Brazilian women currently in perimenopause or post-menopause. Through this partnership, we will increase the public's access to one of the most significant innovations in women's health in recent decades, and we will expand our product portfolio in this category with an innovative molecule protected by a patent through 2034. We also received approval from ANVISA for the registration of semaglutide, marking the start of our operations in the significant and promising GLP-1 market, which reached BRL 15 billion in sales over the past 12 months. We will operate in this market through Mantecorp, our umbrella brand for the prescription product segment, which is known for the high quality of its products and is widely recommended by the Brazilian medical community. SEMAVY has proven equivalence to the reference biologic drug that held a patent in Brazil until March. In addition to dual quality certification in both Brazil and India for its production process. We will continue the strength of the Mantecorp brand, the capabilities of our medical sales team, and the national reach of our distribution network, which allows us to reach 100% of Brazil's points of sale with the production capacity and operations of Sun Pharma, which chose Hypera to drive its expansion in the Brazilian market through a solid long-term partnership. We will bring a high-quality, competitively priced product to the Brazilian population, significantly expanding access to semaglutide-based treatment. I'll now turn the floor over to Ramon, who will discuss the quarter's results in greater detail. Thank you, Breno. Moving on to slide five. Our revenue grew 8.5% this quarter and reached BRL 2.34 billion, driven primarily by nearly 5% growth in the volume of products sold. Our gross margin was 61.8%, an increase of 1.7 percentage points compared to the second quarter of 2025, and 1.8 percentage points compared to the first quarter of 2026. The expansion of the gross margin is primarily due to price increases that outpaced the rise in input costs. Marketing expenses grew 13.7% in the second quarter of 2026 compared to the second quarter of 2025, coming to a total of BRL 411 million. This growth is primarily the result of expanded point-of-sale initiatives to increase the visibility of our brands, as well as the expansion of our medical sales team to support the launches of prescription products. Sales expenses totaled BRL 272 million in the second quarter of 2026, similar to the level recorded in the previous quarter. General and administrative expenses totaled BRL 97 million, in line with the first quarter levels. The increase compared to the second quarter of 2025 is due to lower expenses related to administrative teams and teams in consulting services last year, as well as increased investments in technology this quarter. As a result, EBITDA from continuing operations was BRL 755 million, with a margin of 32.3%. Net income, meanwhile, grew by 15%, primarily due to lower financial expenses resulting from the BRL 1.5 billion capital increase carried out in the first quarter of 2026, which contributed to a reduction in the company's net debt in the last quarter. Now, let's move on to the cash flow on the next slide. Our operating cash flow was BRL 819 million this quarter, representing 108.5% of our EBITDA, primarily as a result of initiatives to gradually reduce internal inventories of raw materials and finished goods, as noted by Breno. It's important to note that in the first half of the year, operating cash flow reached the same level as EBITDA, reflecting our discipline in working capital management and the company's strong ability to convert operating income into cash. After investments in property, plant, and equipment, and intangible assets, which include innovation and plant expansions to support our medium-term growth, our free cash flow reached BRL 638 million. Also this quarter, we made payments of approximately BRL 1.3 billion in interest and amortization, including the early redemption of the 15th debenture issue, which allowed us to reduce the cost of debt to a level below the CDI index. Strong free cash flow generation, combined with the capital increase and the resulting reduction in the company's gross debt, allowed us to reduce net debt by nearly BRL 400 million to BRL 5.9 billion, equivalent to 2.1x EBITDA for the last 12 months. I will now turn it over to Breno for his closing remarks. Thank you, Ramon. This quarter's results reinforce the company's ability to balance the delivery of consistent short-term operational and financial results with significant advances in innovation to expand our product portfolio in the medium and long terms. Our entry into the market for non-hormonal treatment of menopausal symptoms, scheduled for early next year, and the launch of our GLP-1 product in the coming months with SEMAVY demonstrate the success of our strategy to expand our presence in the pharmaceutical market by launching innovative products in relevant markets with attractive growth potential. Thank you. We will now move on to the questions- and- answers session. We will now begin the questions- and- answers session for investors and analysts. If you would like to ask a question, please click on the Raise Hand button. If your question has been answered, you may remove yourself from the queue by clicking on the Lower Hand button. The first question will be asked by Joseph Giordano from JP Morgan. You may turn on your microphone. Hello. Good morning, Breno, Ramon. Thank you for taking my question. I'd like to go into two points. The first is about working capital. We went through an inventory optimization process that reduced receivables. Now we're starting to see this taking place on the inventory side. I'd just like to understand what we should consider for the inventories line in the future. Is it going to continue to go down? Will it flatten out? I'd just like to understand the levers behind this. My next question is about the new categories, GLP-1s and other hormones. What do you expect in terms of revenue contribution for the next two or three years from these categories, and how comparable are they to the company's average? Thank you. Hi, Joe. This is Ramon. I'll answer your first question. Breno will answer the next one. About inventories. It's exactly like you said, the gain in working capital efficiency due to lower inventories this quarter is happening after that internal revision project that was started last year, after the working capital adjustment at the end with reduced terms. It takes some time for that to happen. We reduce internal inventories, review our policies, start implementing the purchasing review. We are starting to see the results. It's a structural gain. It will be continuous. We achieved this level faster than we expected. The project was more efficient than we expected on the short- term, and we expect some slight improvements in the future. Good morning, Joe. To answer your second question on the new product categories, these two products have a lot of potential. The GLP-1 line, as you know, has been growing significantly, and we believe that this will continue to happen in the future as new brands come into this market and as prices reduce. We believe that a part of this market that is not audited, imported from Paraguay or compounded, will migrate to the formal market that's regulated by ANVISA and sold in pharmacies. I think there's some potential here. The hormonal treatment for menopausal symptoms is a BRL 1 billion market. The non-hormonal market is new in Brazil. It has a lot of potential, and it is a patented product. The patent will hold until 2034. We have a long time to work with this before the patent has dropped. Both products, both categories, have the potential of being among the top products for Hypera for the next years. Considering margins, I think on average, they will tend to have margins close to what we see in the company's average. It's not going to dilute anything, but it's also not going to be accretive for the company's margin. It will contribute towards our growth. Great. Thank you. Thank you, Joe. The next question will be asked by Gustavo Tiseo from XP Investimentos. Go ahead, Gustavo. Gustavo, you may turn on your microphone. The next question will be asked by Antonio Cardoso from Jefferies. Go ahead, Antonio. Hi. Good morning. Thank you for taking my question. I have one question on my side. A lot has been said about requests and processes at ANVISA for GLP-1s and generics. Who is your competition here, and what do you think is the right to win for Hypera in this segment? How will the market share be split between the players that already have approvals and the new forthcoming approvals? Also, I'd like to understand your CapEx cycle. How much smaller will it be, if it will be smaller? Do you expect a relative reduction this quarter? I'm trying to understand if your CapEx will be slightly lower or less offensive in the next quarters. Thank you. Hi, Antonio. I'll answer your first question, and then Ramon will answer the second one. ANVISA did disclose the number of registration requests that they are assessing and what they already have approved. Like you said it yourself, we believe that among all of these, a smaller number will be successful from the commercial perspective. In order to be successful. They didn't get any requests for generics. All the products that are being submitted for approval are branded products. We believe that the most successful players in this market will be the companies that have a good production cost to keep it profitable, even at lower price levels. The ones that will have some sort of brand differentiation. Our brand is very strong with the medical community. We have several products in cardiology and endocrinology, which are the highest prescribing areas for GLP-1s. We have a lot of traction with these medical specialties. We have a strong team. We have many sales reps on the field. We have other products in the prescription basket, we can optimize our medical visitation time. We have products for adverse events of semaglutide, like nausea and constipation. We also have Colflex Whey for vitamin D, vitamin B12, which are often prescribed along with GLP-1s. We can improve our prescription pool and bring in some of it to the product baskets that are sold. We really believe that these factors will be important, and very few companies have the same potential that we do with all of these factors. I think this is what will make us successful in this segment. Hi, Antonio, this is Ramon. About CapEx, we mentioned in the past that we still won't see a reduction this year. We have some important projects, especially the expansion of the institutional market plant. We expect this level to still be high in 2026. Naturally, after these strategic projects end, we will see a significant reduction in our CapEx after 2027, maybe in 2028. Thank you. Just a follow-up about GLP-1s. You mentioned the production cost is one of your advantages. Can you explain how much you can stand out at this and also how relevant this is for the market in comparison to Novo and Sandoz, which is your other competing player? Sandoz is actually a distributor. They don't make the molecule. The production is carried out by a different company, which doesn't have the same scale as Sandoz. Sun Pharma is the biggest pharma industry in India. They are already selling in India, and they have the production scale. They are going to do a global launch as patents are dropped in other countries. This is a company that is very used to working with generics. The production scale is quite relevant. They have 40 plants around the world, we believe that the global scale will be very important for the successful players, of course. We're seeing a reduction in API costs as patents go down and as new players develop APIs. It is expected that the cost goes down significantly. Although their approval has already been received, Sun selected Hypera as its partner for the Brazilian market, considering the strength of the Mantecorp brand, our strength in performing medical visits, and also distribution. In Brazil, distribution is very important. Our products are taken to 100% of the Brazilian pharmacies and major distributors and pharmacy chains. This makes a big difference. As access improves, prices drop. Thank you. Thank you, Antonio. The next question will be asked by Vinicius Figueiredo from Itaú BBA. Go ahead. Hi, everyone. Thank you for taking my question. The point I'd like to explore with you is you've already answered some other questions related to this, but I'd like to ask about your menopausal symptom treatments. If you can tell us a bit about what the market for it is currently, who you are competing with, the economics of this partnership, it would also be important to understand, and the launching time. That's the first point. The second one, still related to launches. You mentioned that there's a sell-out increase from the projects launched in the last months. That would help us to understand their contribution to your top line. If you can break down these 2 percentage points that were added in this quarter, what were the main contributing factors? What were the most significant molecules that helped with this outperformance? Thank you. Hi, Vinicius. So let's start with your first question. Fezolinetant is a molecule that has already been sold since 2023 in some countries, in 17 countries. Over time, they got approval in several countries, and they've sold over $430 million during this time. We can't disclose details on the contract, but throughout this time, we will sell our own brand here in Brazil for this molecule. The Brazilian market, as I said, is more than BRL 1 billion for hormonal menopausal symptom treatments. This is something that can be used in addition to the hormonal treatment or to replace it for women who have contraindications or who don't respond to hormonal treatments. This is a new market, and we see a lot of potential for it given what we're seeing and considering the advantages of this new type of treatment. Another important point is that we don't see aggressive competition here like we do for other products that have their patents dropped. This is a market that has less of a price struggle for the next years, and we're very strong in gynecology. This is not a new partnership for Hypera. We have similar ones with other global players that selected Hypera as its partner in Brazil, and we always have our own brands and products. It's not a part of our business to distribute third-party brands. Our business is to use products and medications with high added-value products using our own brands, especially Mantecorp. That was your first question. Your second question was about the contribution from the new launches. We have many launches in our portfolio. There's a block here that contributed towards this performance, but there are some examples, like Forxiga, that we mentioned in previous calls. Expectorants represent BRL 500,000. We also gained market share from the reference product in this category. Lisador for muscular pain is another product that has been very successful with the medical community. It's a muscle relaxant that is not anti-inflammatory. This was a demand that doctors had, and it's been performing very well. Some generics like gliclazida, liraglutide are doing very well as well. Vitamin B12, our brand, has also contributed towards our growth. Now we're launching Cyprocal chewables, so this is now going to arrive at the pharmacies in the next month. We don't depend on a specific product. This is the beauty of Hypera. We have several brands. We can do line extensions, and we can also start new brands with medical visits. Great. Breno, if you'll allow me to have a quick follow-up. Considering this menopausal symptom treatment, since it's protected by the patent, it's competing actually with other molecules or other technologies, right? Correct. If there are other patented molecules that arrive in Brazil, but there aren't any yet. Excellent. Thank you. Thank you, everyone. The next question will be asked by Bob Ford from Bank of America. Go ahead. Hi, thank you for taking my question. How much of your marketing increase was due to the World Cup, and what should we think about your marketing investments for the rest of the year? And how do you plan to expand the addressable market for SEMAVY, especially for patients who use tirzepatide from Paraguay or compound pharmacies? What is the share of this in your current sales, and how do you plan on positioning your portfolio versus SEMAVY to promote this component? Thank you. I'll try to answer your question and remind me if I forget about any. Let's start with marketing. We mentioned in the previous call that we're now focusing on the World Cup, and we expect to sustain these levels. In media, we will see several launches in the next quarters, and we believe that it will be closer to the levels we saw in the second quarter. About GLP-1s, the first factor in this segment is that the medication that is purchased from Paraguay and from compounding pharmacies are all due to the price. Until recently, the price was a factor that drove consumers to find cheaper alternatives. With the new brands, this price has dropped even faster than we imagined, but it was not very different from the levels we expected for the medium and long- terms. The price is the biggest factor, and there are benefits in using, of course, medications that have been approved by ANVISA and that had quality controls. It's important to bring information for physicians and patients from now on. We're attempting to promote this with new physicians. Most of the promotion is focusing on cardiologists and endocrinologists, and we see potential for other medical specialties to prescribe it as well. Gynecologists and other specialties that can prescribe, but that are not so familiar with this class of drugs. There are other medications in our basket, and we're the company that has the most products, as I mentioned in one of the previous questions, for nausea. We have Dramin and Ondif. If you put them together, our revenue is around BRL 300 million for this category. Vitamin D, this is one of the most prescribed medications with GLP-1s, and we are leaders in this category with the Addera brand. We have Tamarine, which is for constipation. This is also very relevant. When you add all of that together, it should be about BRL 1 billion in our product basket that can be recommended with SEMAVY. With that, we can dilute the cost of our medical visits team. We also have the skincare line. Other representatives will also carry skincare products for rejuvenation, for skin firmness, which is one of the side effects of losing weight quickly. We are the best-positioned company to benefit from this entire basket, not only the main product, but also products that are recommended in the same basket. Did that answer all of them, Bob? Yes, thank you very much. The next question will be asked by Raphael Elage from BBI. Go ahead. Thank you for taking my questions. We also have two. I'd like to ask about improvements to your gross margin. You mentioned price increases, but if I'm not mistaken, there was also an effect from the working capital optimization process in the second quarter of 2025. If you can tell us about the different moving parts that I saw here for this improvement in gross margins that would help with our projections. That's my first question. The second one is also about SEMAVY. With an approval from ANVISA and after your indication in the release, the launch would probably be closer to the third quarter. You also need to build up some inventory to sustain the initial sales after the product has launched. What comes to mind is that you will probably see an inventory increase in the third quarter without the revenue. I'd just like to understand if this is what you're thinking as well, and what we should consider for the third quarter. That's all. Thank you. Hi, Raphael. The 62% margin for the quarter has received contributions from price increases, a gain in inputs, or a slower increase in the inputs line due to the working capital reduction and with inventories that are lower than before. As we said, this is a natural consequence of adjusting our inventories in the channel and inside the company. This will continue for the next quarters and reduce our level of losses and improve our margins. Considering the timing and the impact of SEMAVY to our inventories, Raphael, our plan, as we said when the approval happened, was for it to happen within two months. That means that sales would take place in September. It will depend on the timing, on how many sales we can actually make, and how much we have left over in our inventory. This is a one-off, but ideally, as the products come in, we should place it with our customers, and the impact of the inventory will not be as relevant for us. It's also important to mention that we had a stage two in advancing the process, which is the approval of the maximum price by CMED. This is a necessary step to list the product. This was done yesterday, and we should publish prices to consumers closer to the launch date. Thank you. That was very clear. Thank you. The next question will be asked by Artur Alves from Morgan Stanley. Go ahead. Hi, Breno, Ramon. Thank you for taking my question. I think that my questions have mostly been covered, but considering a potential upside that is yet to come, you were benefited by the sales of immunoglobulins. Do you have any updates on this timing? Remind us of how much you sold. I think it was BRL 130 million, I'd just like to understand how the market behaved since then. Did you see relevant growth? Do you have any expectations? What's the dynamic behind this molecule? Thank you. Hi, Artur. That's a good point. I think you're correct. I don't know, but I think it was BRL 100 million that were sold in 2022 when we were authorized to do it by ANVISA before getting approval. We took that opportunity then. Since then, the market has changed significantly. Presentations have changed, and we have had higher concentration and great margin potential. We don't believe that this will affect the company's margins. If everything goes according to plan, next year we will have this product in the market. Thank you. The next question will be asked by Leandro Bastos from Citi. Hi, everyone. Thank you. I have a couple of questions about SEMAVY. You mentioned your launch expectations and working capital impact. I'd just like to understand if you understand the investment need and the size of the opportunity and the timeline for this marketing, if that's going to happen before sales. That's my first point. Also still on SEMAVY, considering that this is a model with partnerships, can you tell us about how flexible term revisions will be? You mentioned, for example, that prices dropped faster than you expected. How often can you adjust this partnership? Thank you. Hi, Leandro. Considering the marketing phasing, this is not different from other launches that we have in OTC and in prescription. Usually, investments are higher in the beginning of the launch. In the case of medical visitation products, you start promoting with representatives. Medical revenue grows through the next months. You have product launch events. There are promotional materials, and this is happening especially now. We've had some smaller ones throughout the quarter, but there were also some expenses during the third quarter. Sales start growing with time. This is not different from what we see in other products that require medical visits. Considering the partnership with Sun, as the name says, it's a partnership and they chose Hypera to access the Brazilian market, so it needs to be good for both sides. We believe that Brazil is one of the main markets for semaglutide, especially now before the patent is dropped in developed countries. I think Brazil is the biggest market for semaglutide for the next years. We have an agreement which needs to be good for both sides. Both sides need to win, and this is what's happening with this partnership and this product. Great. Thank you. Thank you, Leandro. The next question will be asked by Samuel Alves from BTG Pactual. Go ahead. Good morning, Breno, Ramon. I have a couple of questions. First, I'd like to ask about your working capital seasonal pattern. Your working capital has been doing well in the optimization lines and in inventories. I'd like to hear about how seasonal this line will be from now on. After all of these adjustments, should we consider the historical patterns? Do we expect the first and second quarters to have higher consumption rates? If you can recap that for us, that would be great. That's my first question. The second question is about the institutional market. If you can tell us about the B2B and how much it represents in the company, your long-term goals, if they've been revisited. That's all. Thank you. Samuel, this is Ramon. I'll take your first question. Breno will answer the second one. About working capital, the gains are structural. They should improve in the future. Considering the seasonal pattern, I don't know if I understood your point, as we mentioned in the previous call, we have lower sales levels in the first quarter, naturally, our working capital in days will go up. Although in drivers, this won't change. Naturally, the metrics behind working capital will go up in the first quarter due to the lower sales. After that, there's no significant difference. We expect these levels to be similar to what we're seeing now. What might happen in accounts receivable, as we mentioned in the first quarter, is that depending on how sales take place in the quarter, days and accounts receivable might go up or down because the average payment terms are 60 days. What we've been doing since the working capital adjustments to the channel is this, and this is what we will continue to do. It might change slightly considering how much happens in the first month of the quarter. The variation is not very big. Working capital efficiency has continued to give benefits this year and for the next few years. We also expect it to gradually improve. Samuel, about the institutional market. Last year, our performance was slightly lower than we had expected at the beginning of the year, especially due to the public sector performance. We're seeing that this trend is reversing now in the first half of the year. We're also seeing it in the third quarter. The big question here is the fourth quarter with the Brazilian elections, what impact will that have to the entire market? Thinking about the medium and long terms, this project is going according to our expectations. We had a few launches from the creation of BU and our product called Igluci, which is amoxicillin. It's reached 16% market share in the category. Paroxetine with Tabexi as well reached 20% market share. We're doing very well. Starting next year, we're going to start to see a new front, which are the oral oncology medications. We've had some registrations, and we expect to see more early next year. We'll go into this category as we defined in our strategic plan. This will be a core category for our work. It took a bit longer than we expected due to ANVISA approval dates. In general, we're doing very well in this business unit. That was very clear. Thank you, Breno. The next question will be asked by Gustavo Miele from Goldman Sachs. Go ahead, Gustavo. Hi, Breno, Ramon, and Douglas. Thank you. I also have two questions. The first is, I'd like to hear from you about your optimal capital structure for the rest of the year. In this quarter, we had robust cash generation, organic cash generation. What do you think will be the stability level for the company? What do you intend to do at the end of the year and early 2027? In this context, is the M&A market for smaller assets something that will make sense for you for some product lines? That's my first question. My second question is, I'd like to ask about your sell-out in July in the legacy categories in the company. You talked about launches, but I'd like to hear about your legacy products in the company. We know that in the middle of the year, there's winter, and that affects a part of your portfolio. If you can tell us how you performed at the beginning of the third quarter, that would be very helpful. Thank you. Hi, Miele. I'll answer your first question, and Ramon will answer the second one. Our focus recently, in the last few years, has been to reduce indebtedness. The capital increase took place to accelerate this process. We finished the quarter slightly above 2x EBITDA. That's something that we should expect for the next months. We have the JCP payment in the fourth quarter, so we will continue to generate operational cash, but there's the JCP payments. Our goal is to reach at least 1.5x EBITDA before we consider other capital allocation alternatives. M&As are one of them. We're going to assess every option we have. Accelerating investments in our own business, share buybacks, increasing JCP distributions. All of these alternatives will be assessed by the management and by the board. Our focus initially is to continue to reduce indebtedness, especially although interest rates are going down, they are still quite high in Brazil. Gustavo, this is Ramon. About sell-out, it's still early to talk about this. The month of July is not finished, or it's not concluded. We don't have the numbers, but according to our previous information, its performance is very close to what we expect for the year and in our year- to- date. The baseline is doing well. The new launches are doing well as well, but the baseline is also delivering the same we expected. I don't know if that answers your question. Yes, it does. Thank you. Thank you, Breno as well. The next question will be asked by Gustavo Tiseo from XP. Go ahead, Gustavo. Hi, good morning, everyone. Sorry for the issue I had when I tried to ask my question before. I have a couple of questions to ask. Some have been mentioned, your cash was very strong. Inventories went down significantly. I'd just like to know if we can consider these levels as the normal or if there's anything that will affect these levels. I'd just like to understand if your cash generation will remain at these levels, which are very strong. I'd also like to ask about your taxes. It was very low. Is there anything that was structural here that can remain at these levels? Anything that we should know? Thank you. Hi, Gustavo. On working capital, as we mentioned, the gains are structural. It's not a one-off gain, it's a structural gain. This is the new inventory level and inventory in days, and we have some opportunities to improve this, especially next year, if we can deliver everything we expect we will deliver with this project. Your next question, the income tax group depends on some factors in the company. We have ICMS subvention, JCP, and the which depends on the company's indebtedness level. It will vary. It's always at a low level. We're going to be benefited by income tax in the future, but it's hard because on a quarterly basis, it depends on other factors. I don't know if that answers your question completely. No, that was clear. Thank you. Thank you everyone. Great. Thank you.