Hello and welcome to Intelbras's first quarter 2025 earnings conference call. My name is Bruno Teixeira, Head of Investor Relations, and it's a pleasure to join you this morning. I'm joined by Mr. Henrique Fernandez, CEO. Henrique, welcome. This is the first earnings call as a CEO, and we are now going to get started with the presentation. Before that, I'd like to inform you that this conference is being recorded and will be available on the company's website, where you can also find the slide deck. You can download it now to follow the presentation, and after the call, you will also be able to find the video playback on our website. During the Q&A session, please use the Q&A feature that you can find at the bottom of your Zoom screen. Please enter your name, organization, and the language in which you are asking your question, and we are going to take the questions in the order they are submitted. When we call your name, you will receive a pop-up message to enable your microphone. The information contained in the presentation and any statements that may be made during the conference call about the business perspectives, projections, as well as operating and financial targets for Intelbras, are based on the beliefs and assumptions of the company's management and on currently available information. Forward-looking statements do not guarantee performance. They involve risks, uncertainties, and assumptions, as they refer to future events and therefore depend on circumstances that may or may not occur. Investors should understand that general economic and market conditions, as well as other operating factors, may affect the future performance of Intelbras and lead to results that differ materially from those expressed in such forward-looking statements. Now, I'd like to move on to the presentation, and after the presentation, we'll take your questions. Okay, as we usually do, I'd like to show you the main highlights of the quarter. The quarter was impacted by a transition in our system, which caused an 11% drop in our revenue, reaching BRL 921 million, and the deleverage caused by the lower revenue had an impact on our EBITDA and net income with significant drops of 51% and 60%, respectively. Those drops are also related to a stronger first quarter in 2024. Right in the beginning of 2024, we had a superior performance than our historical levels, and the consequence on our ROIC is very significant as well due to the lower volumes in the first quarter. The first quarter was indeed impacted by the ERP system, and we're going to give you more details on that during the presentation. Now, about our net revenue, we are delivering a growth in revenue, but in the first quarter, we had an 11% decrease. The same thing happened with our EBITDA. Now, if we look at the details of our EBITDA and we see the strong EBITDA that we had in Q2 with a 16% margin and a little bit shorter than 9% this quarter, we can see the effect of the deleveraging with an impact on our margins, but also revenue and net income, and expenses and depreciation are relatively normal. Especially in expenses, we are recognizing the idleness of BRL 15.7 million, which was mainly due to the downtime in our factory during the transition. We were not operating for some time, and that idleness, that downtime, was recognized as expenses in the quarter. We had those two important effects: operating deleveraging and also downtime, which impacted our expenses in the quarter. Now, I'd like to give you more color on our gross profit. It is in line with the past three quarters, our recent track record. I'd like to highlight that just like the downtime that we had in the first quarter, we also had an impact on our gross profit because of that. Over the quarter, we increased our volume and efficiency, and we made up for part of that. The three businesses are, according to normal, with the downtime level also back to normal, but we can see some opportunities in the next quarters so that we can work on our margins and keep them according to the normal levels. Now, I'd like to give you more color about each business unit. First, security, accounting for 57% of our revenue this quarter, clearly impacted by the unavailability of significant products because of the new ERP system. Distribution inventory was consumed during the quarter. We're going to give you more details about that. We did lose some sales, but most of the sales were performed with the inventory that we had at the distribution center. The sell-out is going according to plan, and we have a strong presence in the security market for sure. The 6 percentage point drop year on year is not related to the market at all. It is indeed, however, related to the difficulties that we had in the migration of the system and the bottlenecks related to it. Now, ICT, it accounted for 22% of our revenue. We can also see the impact caused by the ERP system transition and the sell-out being served by the inventory at the distribution channel. In our portfolio, considering our ICT portfolio, we have different strategies that are not the same as we usually have. In our ERP system, we have ways of working on that strategy, and the main effect in the first quarter was already addressed, but there are a few things that we need to improve on so that we can bring in more revenue, but also capture efficiencies with less effort from our internal teams so that we can sell and deliver without so much effort on our side. This drop that you can see right here of 6% is related to that. We struggled more with the strategies that we wanted to implement in the first quarter, and also we were impacted by the bottlenecks caused by the transition of the system. Lastly, energy. This was the segment that had the sharpest drop. It accounted for 21% of our revenue this quarter. The on-grid solar budgets and all the effort that we have invested in installing generators at the roof of the small and medium enterprises is evolving with budgets above what we had in 1Q 2024. Revenue was impacted indeed because we were not being able to build these projects, especially in February. The reality is that we had significant activities in the solar on-grid projects. Despite the fact that we struggled with generating revenue in this segment, we saw a significant reduction in the large-scale on-grid and off-grid solar projects, and the impact here was sharper. It was an additional impact to the SAP issue, and we're going to have the opportunity to address more details about that in today's conference call. For the other energy businesses, and as we always say, energy is not just about solar, we had the impacts that were in line with the same impacts that happened in the security and ICT businesses. Now, let me show you the impacts of the migration. This chart shows you two bits of information. First, revenue, and then we are going to show you production. Here we are using October 2024 as the reference. It was the highest volume that we had in terms of production and revenue last year. We are using this for comparison purposes to show you the effects on revenue and production. In gray, in the gray bars, you can see the revenue generated in the previous system, which was TOTVS. We had been using it for 20 years. Starting in the first quarter 2025, we saw a slight decrease. As we migrate from 4Q 2024 to 1 Q 2025, we can see that a large portion of the revenue was still billed in the previous system, and those products were shipped in the first month of 2025. That worked well. We achieved our targets. In the first month of the quarter, we already started seeing revenue coming in through the new system. Since the very first day operating under the new system, we were already issuing invoices and operating and billing that portion of revenue according to our plans. We had an increase in the revenue that was processed through the SAP system in February and March. In March, we had 84% of our revenue, 84% of the amount that we had in revenue in October 2024. March is usually not the strongest month of the year. If we were to compare March 2025 against March 2024 with the new system and all the bottlenecks that we know existed, the revenue would have been slightly higher than March 2024. We see indications of normalization here. Of course, we expected to have an increase in revenue. We were working for that, but we can see that the bottleneck is not as significant as it was in February 2025. Now, what was the bottleneck? The main one is related to production. Again, we are using October as the reference here. We can see that as we shifted systems, we had planned a downtime period. We actually put our team on vacation during that period. In January, we started things with a little bit of a delay, and the resumption of production was a little bit slower than we expected. We can see that in February, production increased significantly. If we were to look at two-week periods, we would see that the second half of the month of February gave us more acceleration of production. As we produce more towards the end of the month, the revenue generated during that period is recognized in the next month. We can see that there was a ramp-up towards the end of February, starting March, and we can see that the level went back to more normal levels only in March. Again, our production was 80%-84% of the production that we had in October. If we look at April, you can see that we are already at 92% of that level that we had in October 2024, which is a very good level. March is pretty much in line with our expectations for that month in our original plan. In April, if we compare April against October 2024, and if we consider the business days, because 92% is related to the absolute volume, but if we look at business days only, days in which the factory was open producing, April is already 5% higher than October. It is outperforming October. That is why I wanted to spend a little more time on this, because I wanted to show you that the bottleneck that caused revenue constraints in the first quarter of 2025 and caused an availability of products is already in the past. The factory is now running. Efficiency is coming in. From now on, we believe that this subject is not going to be impactful or relevant for the second quarter of 2025 and the rest of the year. Now, here I'd like to address another point that we pay great attention to, and we always share our perspective with the market about this, and the subject is cash. We can see an operating cash burn this quarter still related to the payment of the received inventory last year in the third and fourth quarters 2024. We can see very clearly here that in the fourth quarter, we had a lower level of shipments, and we had revenues lower than we expected, but our inventory did not go up, which shows that we are invested in making inventory be used as we bring in more revenue. Starting in the second quarter, we can see that things are going back to normal. When it comes to investments, we finished a very important cycle in 2025 with PPE and expansion CapEx. In the first quarter, we have a number that is more in line with what we expect going forward. Our cash in Q2 2025 will change over the next quarters, and we are going to go back to the levels that we usually communicate to the market. We are going to operate with 1.5-2 months of gross revenue in cash if we continue with that mindset, and that is how we are going to guide our operations. Here we have more information about expansion and maintenance CapEx, pretty much in line with what I just said, with fewer investments over the year. Maintenance CapEx is at about 1.7x the revenue. We are not going to allocate so much capital in expansion this year. To wrap up the presentation, I brought a few pictures to share with the market because I believe that's the way we deal with our business partners and customers. We always want to be transparent and straightforward in our messages. We brought the entire commercial team to Santa Catarina, São José, for two days, and we also had our Brazil and Latin partners here with us. We know that the pain that we went through in unavailability of products, which we had in the first quarter of 2025, also impacted our distribution channel, our partners. We discussed very clearly the reasons why that happened and how we were addressing each of those points that came in the way of our performance and their performance also in Q2. We had one single message being conveyed to everybody. Mr. Altair left the role of CEO, and Henrique took over the CEO position. We were there addressing each important point so that everybody there knew that they should stay with us because there's plenty of opportunities for us to work together. We also made a video for if you are curious about it, if you want to take a look at it, it's available on this link right here on the presentation. We made a decision of migrating the system, looking into the future. Intelbras has a very clear, well-structured business plan that requires a number of structures and a very robust back office so that we can continue on our growth journey. ERP is one of those pillars. We made a decision for the long run, and indeed we had that impact, but it was limited to the first quarter of 2025. Operations within the first quarter and also in April, as I showed you on that chart, we can see that the production is going back to normal. We are going to capture the gains from that migration, although it was painful. Now we're going to have an even sharper focus on growing our ROIC. We are not satisfied about where it is right now, but we know that it was temporarily impacted by the first quarter results. We can see opportunities to improve our ROIC, and we are all here working very hard to take the company back to the normal levels, the normal trajectory. If we work according to our plans that we designed for this year, we are going to see cash and ROIC going back to normal levels. With that, I conclude the presentation. Before we start the Q&A session, Henrique, I think it would be nice for us to hear from you a little bit as well. Thank you, Bruno, and congratulations on the presentation. Good morning. I would like to thank you very much for being with us, keeping in touch. This conversation, this interaction with you is important for us. It is part of the transparency that we want to have always. As you saw from Bruno's presentation, we had one-off effects here. We did not have any technological problems that caused our products to not be desired anymore by the customers. No. What we did was aimed at pursuing sustainable growth, and we had a real growth over the past years of 12%. This quarter was intense, as we knew it would be, and we got ready for it. The transition of the ERP system to SAP was very important for us, and now we have an end-to-end view on the processes. The processes are all integrated. If we have a problem, we have to address it at the root cause so that we can prevent it from happening again. As those problems were happening, we were still delivering results, making adjustments, taking good care of our customers as the current economic scenario requires from us. With all the plans that we had in place, we did not generate losses, which is very common for companies that migrate their ERP system. We issued invoices from the very first day of the new system, but we need to be transparent. The transition was challenging, and it caused impacts on the company. Some processes were slower in the beginning. We had to go deep into the details of all the flows and bring in more people into our team, but we were able to migrate the system, and our team was engaged all the time, making things happen. This is a necessary step because the SAP system is a transformation pillar for us, which will allow us to grow with more transparency, intelligence, integration. It makes us more data-oriented, and we are going to reap the benefits of this migration in the future. We are already seeing those benefits. We have 5% more efficiency now, and that results in better costs, consequently better margins, and more competitive prices, of course, depending on our strategy in each business line. As for inventories, some channels were prepared for that and invested more in inventory. Others did not. At the end of the day, with a slower resumption in our production, some channels had disruptions, but it did not impact the installers because installers can go to different channels to find the products that they need. The channels that were better prepared decreased their inventory significantly because the sellout was still very good. Now our channels need to build their inventory back. Indeed, we lost some sales that will not come back, but we will be able to recover much of those sales. We had high cash because of the drought in Manaus and because of the plans for the transition. We are going to start generating operating cash starting in the second quarter. It is clear to us that inventory is above the necessary levels, but we are managing it with a lot of focus. We can already see a decrease in our inventory. The ROIC in this quarter was affected by operating deleveraging because we needed to allocate capital in inventory. As we normalize inventory, we are going to see the ROIC get better. As for gross margins, they are at healthy levels, keeping competitiveness, which is critical. In expenses, we had downtime accounting for BRL 15 million. If we exclude that effect, the expenses went down year on year, coming to BRL 29 million. Expenses are under control. Headcount is going down. We are focusing on simplifying our portfolio, getting closer to the customers, and allocating capital in a more structured way without improving or increasing expenses. Usually, 2Q expenses are higher than 1Q expenses. Now the system is operating. We need to gain momentum and train our team and keep on improving our processes. A few processes here and there need some improving, but they do not cause major impacts, and they will be solved by the third quarter this year tops. One of them is related to ICT, and the other one is related to exports. Now let's talk about the market. Scenario is still challenging. Interest rates are high, and competition is tough, as it's always been. The opportunities are out there. Companies are going digital. The products are more and more connected to the network, and that helps us leverage the ICT segment. Now, with a weak economy, we can see improvements in sales due to the lack of security in these periods. AI related to electronic security in cities is also bringing opportunities. The pursuit for power efficiency and Nobreak s and similar equipment has never been so strong. That is where we add value, providing an end-to-end solution across the board, across the three segments in which we are present. In energy, we had an increase of 26%, but that is not only the impact of the system migration. We did not have major projects this quarter, for example, which accounted for 15% of the total number of energy in 2024. We need to take into account the price drop of 20% throughout the year in security. The projects for rooftop generation, we had higher sales in January and March, but with a strong impact in February due to the system. We could have sold more if we compared with the first quarter 2024. Energy is not just about solar, and we are allocating capital in a better way to bring more return and profitability. We have a robust model. We have industrial scale. We have a national footprint, a diverse portfolio, and we convey trust and confidence with our brand. We have good people out in the field, in our back office, and we are investing in solutions that will add value to our customers. We are adjusting things, simplifying our portfolio to decrease the complexity of our operations, making the company more nimble and agile, always focusing on the short, medium, and long term without losing sight of our spirit of innovation in our solutions delivered to the market and in the way we interact with our customers. Our focus looking forward is very clear. We're going to grow with profitability and focusing on our ROIC. The second pillar is improving customer experience across all channels and installers and distributors. We also want to capture synergies with the new system. All these support tools, not only SAP, were implemented over the past years to bring excellence in our everyday tasks. Another point that should be mentioned is that we are keeping an eye out for opportunities in the market. We need to be strategic and seize the opportunities that arise. Now we are here to take your questions. Thank you. Okay, the first question comes from Gustavo with UBS. Please go ahead. Good morning. Can you hear me? Yes, please go ahead. I have two questions. The first one is about your perspective on the first months of the year. Also, I would like to draw a comparison between March 2025 against March 2024. Your ICT levels last year had not ramped up so much in comparison with what we saw in the later quarters. In 1Q 2025, we would expect a higher volume. You said that March 2025 was slightly higher than March 2024. I would like to know more about that, considering that ICT ramped up after March 2024. My second question is related to how you are putting things in place to make up for the sales that you lost in the first quarter. If you can comment on sales initiatives, for example, aimed at offsetting the effects that you had in the first quarter and speeding up the revenue inflow to make up for the losses that you had in the beginning of the year. Thank you for your questions. About ICT, indeed, we had orders, we had businesses, but the system transition caused a great impact on our business. There are some business models that are not so traditional in the ICT business that impacted the results more than we expected. That is related to our distribution model. We focused first on the main issues, and we left the other ones that are less representative in terms of profit and revenue to be addressed later. Most of those issues were addressed and solved towards the end of March. Now, about recovering lost sales, we need to have the products to deliver to our customers. We are now, with all of our plants producing at full speed, and Bruno showed you that we actually increased our productivity. We are going to keep that speed. Now we need to recompose our inventory because the inventories were consumed a great deal. Of course, we have imported products that are finished products that we sell to the market. We have been addressing that with a focus in our plans on the products that are in greater demand in the market and that bring the best margins to the company. That is what we are doing to try and make up for the lost sales. Okay, thank you very much. Thank you, Gustavo. Now the next question comes from Bernardo with XP. Hello, good morning. Thank you for taking my question. The first question is about the ERP transition system. You showed the numbers for March and April. I thought that you were very constructive in the way you talked about these issues during the conference call. Sorry, your audio is breaking. It is better now. It is a bit better now. Now, I would like to know more about the main risks and what is keeping you awake at night. The second question is about the inventory dynamic. Considering that you had an increase in the inventory of finished products, how do you interpret that apparent dichotomy between higher inventories and a disruption in the first quarter? Is there any concern about the quality of your inventory? Thank you. About inventory, Bernardo, our inventory level is healthy. It is going to be consumed throughout the year. That is our plan. We have also a need to produce raw materials and finished products. Yes, we do have a surplus in our inventory, but that is mainly related to finished products. Usually, what happens is that the finished products inventory is a bit higher than it was at the end of 2024. You should remember that I told you that the production ramped up towards the end of the month, and much of the finished product production was not recognized as revenue within the month of February. It was carried over to March. It seems like it is available inventory. However, it was already sold, but it was not delivered yet. As for your question about what is keeping us awake at night, SAP is no longer a problem. Now we are going to work on making up for the lost sales and getting closer to the customers. There is really nothing that is keeping us awake at night. It used to be the case a few months ago when we had the transition, but it is not the case anymore. Okay, thank you. Now, Leonardo with Itaú BBA. Hello, good morning. Thank you, Bruno and Henrique, for taking my question. I would like to know more about the competition in the security business. What are the new players? Do you think that there is a pressure for prices and lower margins? Although you had a challenging quarter, your gross margin increased by 40 basis points. Do you think that that level is sustainable? Do you think there is room for improvement as things go back to normal? Good morning. In security, in the security business, the environment is as competitive as it has always been with new players. We believe in the importance of delivering products with appropriate prices and healthy margins. That is what we have been doing. The main competitors have been increasing their prices. We see the scenario right now as a healthy one. It is not a concern for us right now. We used to have a larger gap, and we adjusted it throughout the past quarter, 1 Q 2025. The second question was about the margin, right? The margins that we had at the organization level in 2023, towards the end of 2023, early 2024, the margins were higher. It is more or less the same level that we had in 2024. It is very similar to the margin that we have right now. To give you more color on this, Leonardo, if you look at the different quarters, we had about 29% in consolidated gross margin. That has a number of effects related to the migration first, preparing for it, and then during the migration. When it comes to improving margins, that is what we are always going to pursue. I think that we should be clear that this level that we have right now is appropriate. Of course, we are going to try and improve it, but I do not think I should tell you that things are going to change right in the second quarter of 2025. We might have some improvement, some fluctuation. It is natural. It might happen, but the current level is a good one, we believe. Okay, thank you. We have a question submitted by Luca with Bank of America. The question was submitted in writing. It is about the impact on the 1Q 2025 results in the energy segment. He wants to know what impacts were related to the ERP system and which ones were not. When it comes to prices, is there any effect at all that should be mentioned? He is also asking if we plan to readjust the prices. Luca, the impact was not only related to the system in the energy business, chiefly the solar business. We also had some projects that were sold in 2024 and also in the first quarter of 2025, but they were not implemented in the first quarter of 2025. That accounts for 15% of the energy business last year. If you add the 20% drop that we had in prices for these products throughout 2024, you can see that the impact was significant. On the other hand, we had an increase in the sales of solar panels and generation kits, which is our focus. We are working extremely hard on improving our ROIC, pursuing more profitability. When we analyze these projects, the generation products, that is very clear to us that we need to focus on it. Selling the solar panels and Intelbras is able to serve customers all around Brazil. That is one of our main strengths. Now, when it comes to prices, do you mean prices in the solar business only or across the board? I think that he means across the board, including when it comes to FX. We have a very clear price adjustment policy. We fluctuate according to the FX rate within a certain range. We analyze the prices and also the market moment to make that decision. FX is not going to cause us to have prices that will not allow us to sell and will cause high inventory. In some situations, we would rather sell so that we can get a better cost later on and keep things running. The next question comes from Cesar with Sensinger. Lucas, if you want to ask any follow-up questions, please feel free to. On with Cesar. Thank you for taking my question. We know how challenging changing an ERP system can be. I have a question about this. I understand that the revenue is coming back, but I would like to know more about your efficiency, especially in the second quarter. In 4Q 2024, we said that looking forward, our EBITDA margin should be at 30%. Do you think that is feasible? Do you think you will be able to achieve it in the second quarter? Maybe it will only happen in the third quarter. My final question. Towards the end of your release, you said that the plan for the rest of the year is still the same. I would like to know the impact of the first quarter. I would like to know how is that going to impact the rest of the year. Okay, I'll start with the question about the EBITDA, and Henrique will address your other question. Indeed, in the first quarter, it was an outlier. It is very clear to us. We had operational deleveraging. If you look at the other EBITDA components, you can see that the gross margin was appropriate, expenses too. If we had normal revenue, our EBITDA would have also been normal. I think that's how we are going to work from now on. We are going to bring revenue to the range that we expected for the rest of the year. The natural consequence is to see an improvement in our EBITDA as well. I don't think we should give you a number, but rather tell you that just like revenue is going to go back to normal, EBITDA will go back to normal. That's the main message here. If we extend that to the full year 2025, the first quarter for sure is not contributing that much to the average 2025 EBITDA. If we look at our track record for the past 20 years, 13% is a very clear number. In adverse scenarios, it was a little bit lower than that. In good moments, it was a little bit more than that. I believe 13% makes sense for this year, but we can make simulations very clearly about our EBITDA for the rest of the year starting into Q25. Cesar, we want to grow as a company, but not at any cost. It is not just about increasing our revenue. We want to increase our profit as well, maybe with profit growing a little bit more than revenue, preferably. Now, looking forward, it all depends on the market and a number of factors. I believe that the main paths that we can take to achieve what we planned involve, for example, our track record with a 12% real growth on average. What we usually see in the market when we have a weak economic scenario, security usually sells very well. Companies are going digital. We have more and more products connected, and that requires ICT products. We need more power efficiency, and that is good for our energy business. Now we have all of the processes in place because of the new system, and we have all weapons to address this market. Another point that I would like to convey to the market, as I always have, our plan for 2025 was not to repeat the growth that we had in 2024 because the macro scenario is challenging. Interest rates are high, and inflation is eating up the income, family income. The growth is not going to be the way it was in the past, but it is still feasible. We need to find ways of finding that revenue that we lost in the first quarter. Inventory will go back to normal. That is it. We just need to find ways to make up for what we lost. Okay, thank you. Congratulations on the execution of the ERP transition. We know how painful it can be. Congratulations and thank you. Now, I'd like to turn it over to Marcelo Santos with JP Morgan. Good morning. Thank you for taking my question. I'd like to address the issue about the lost sales. I know you cannot give me an exact number, but I can imagine that part of those sales will come back to you. I would like to know a ballpark figure of what the effective losses were. Are you going to need, for example, overtime work and additional costs to make up for what you lost? How much of your margin will be impacted if you need to produce more than you would normally? Your question is about what would it take for us to produce more than 100% of our capacity, right? To address your first question of how much we lost, it's hard to put our finger on it because some channels got prepared for it and others did not. Some channels bought additional inventory, and they had a more robust inventory to support and address issues that may occur. Others did not do that. Since we have such huge presence in Brazil, when we had issues in one channel, the customers, when they needed our products, they changed to a different channel to find our products. In their region, someone always had that product. It is just about having to find the product in a different channel. It is very hard to put a number to it. I would be lying to you if I were to give you an exact number. What I can tell you is that sellout is happening, and it is going well. Sales are still happening, and we need to take the inventory out there to the field. The lost inefficiency that you mentioned, it has been addressed. We are producing at full capacity. The costs that we are incurring right now are not costs that bring inefficiency. Much on the contrary. The best thing that can happen in a production plant is to have full capacity because it allows you to keep that pace of delivery, and you start actually decreasing your costs. That is exactly what you saw in the chart that Bruno presented with a better production, a more efficient production, delivering almost the same as we were before, but spending less. That is a reflection of what the benefits that we are getting from the new SAP system. Okay, just to see if I got it right. Since part of the sales in the first quarter will be carried over to the next quarters, you are going to have good sales because the inventory will be back to normal, and the sellout is good. Does that mean that you are going to have a better margin than you did in the past because the units, the plants will be operating at full capacity? Is there a trend of higher margins in the coming quarters due to this unusual volume? It really depends. It depends on whether we want to turn this number into results or if we want to turn this into production and inventory to serve the customers out in the field. It really depends on a number of factors. If we had only one product or 10 products and now we are producing 20, yes, the margins would be higher. Since we have a larger inventory in a number of business units, I can't really tell you exactly if that assumption holds true. We are reaching the end of the call, and we have some questions submitted in writing. Maybe we could summarize them. Let me see. We have a question about the sales channels. I think we have addressed that already. There is a question about comparing April 2025 against April 2024. We achieved our target for April. That was good because January, February, and March were not so good, but now we are achieving our targets again. That happened in April. There is another question here about the tariffs, the US tariffs. The main partners and suppliers. I will try to briefly address this one, and I want to turn it over to you for your closing remarks, Henrique. About the United States, the market should have clarity about the fact that the main competitors here in Brazil, in the same businesses as Intelbras, do not sell to the United States due to issues prior to the tariff problem. For example, security. Our ICT competitors, one is banned in the United States, and that has been the case since 2019 or 2020. The American market was not a volume reference for these competitors. With or without the tariffs, they would not sell to the American market anyway. That really does not change the competitive landscape here in Brazil. Of course, we need to pay attention to potential opportunities or additional challenges. If we look at the main competitors, that is what you can tell, what we can tell you about that. There are many other questions that we do not have time to address. I will address them via email. Also, feel free to contact us, the IR team. If you need comments from Henrique, I am going to submit the questions to him as well. Since this is your first conference call as the CEO, Henrique, I would like to turn it over to you for your closing remarks. I would like to take this opportunity to thank the Intelbras team and our business partners. Through all these changes and challenges, our team did everything they could with resilience and a sense of ownership. They are strong pillars of our company. To our business partners, you are and will continue to be a pillar of our strategy. Everything that we do takes you into account. You, analysts and investors who have been with us, contributing with questions, should note that we are together keeping a focus on the long term. The company is going through a transformation, and that is good. That is making us stronger for the future and more relevant. We have a firm commitment of growing with responsibility, generating sustainable value to the shareholders, and keeping our reputation as one of the most respected companies in the sector. We do that by valuing our biggest asset, our people, engaging with our talent and also with partners that trust our brand and have trusted us for decades. Thank you very much, and see you next time. With that, we conclude the 1Q 2025 conference call, and we are here to answer any questions that you might have. Have a good one. Bye-bye.