The information contained in this presentation and any statements that may be made during the conference about the business perspectives, projections, as well as the 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 that we've clarified these points, I'll start the presentation and then I'll give the floor to Enrique. All right. Some highlights on the second quarter with our main indicators. We have a 5.1% growth in revenue year on year. This first quarter this year was not usual, and we grew 35% quarter on quarter. We're back on our normal revenue levels. Our EBITDA also grew 90% quarter on quarter, and it dropped 3% year on year. Now that operations are back to normal, we see this increase in operations and EBITDA back to its normal levels. Net income has a more positive perspective. 15% growth, almost 16% year on year, and 120% quarter on quarter. Our ROIC is much more positive if we compare the quarters. We are getting back to our level that we understand is the right level for the company. We have our historical net revenue. We had a 5.3% growth in revenue year on year. When we compare year to date to the previous year, we still are 2.3% lower because the first quarter of this year was weaker as we explained in the first earnings call. Our EBITDA also dropped slightly, but that is year on year. If you compare it year to date, it's still impacted by what we discussed in the first quarter. We go from 13.4% - 12.4% in our EBITDA margin. It's natural for our operations. The gross margin in the second quarter of 2024 was higher. Our expectations for SG&A is that it should be controlled and depreciation should also be controlled. This is in line with our historical data. This is an important perspective because this is the first quarter after a quarter when we migrated our ERP system. That's a very important system for the company. The impact was limited to the first quarter. When we look at our gross profit, and this is something we had discussed in the first quarter, we see that the gross profit is climbing up following our revenue, and we're slightly above 29% in our margin. Our revenue composition in the second quarter, when we see security climbing up in our revenue share, we expected to see a grow in our gross profit margin. We see the margins as we expect them to be in comparison to the historical margins. In the second quarter, we have a negative impact in PVA. That's a financial variable that impacts our results. This is what limited our growth in gross profit margin. To delve deeper into this subject, we have these tables here. The AVP follows an accounting norm. There is CPC 12 that addresses this matter. The objective here is for you to understand this effect without trying to adjust margins or say that the margin is wrong. The margin was 29.3%. This financial variable has its impact. How is it that we see this in our gross margin? It reduces revenue. When we look at present value and we discount the SELIC interest rate, we have the number that we have, and we also have the cost brought to present value based on the days payable outstanding, DPO. When we look at this perspective, we see that each quarter had an impact in revenue and cost. I have this chart to help us understand. With the third quarter last year and the second quarter this year, we had a very similar level of net revenue, also a similar level of taxes. We had exactly the same gross margin in both these quarters. When we look at the gross margin and how it is broken up, we see that we have 18.8 million in revenue in the third quarter of 2024 and 28.4 million in the second quarter of 2025. In costs, we had 17 million in the third quarter last year and only 8 million on in the second quarter of 2025. From a revenue discount perspective, we have two variables: the DSO and the DPO. We had 73 days in our DSO, and now it's 75 in the second quarter this year. It hasn't really changed. What has changed is the DPO, which has to do with the SELIC rate that has climbed up. It was about 10.5%, and now it's about 14%. This is the current scenario that we have with the SELIC base interest rate, and this is not going to change. The discount in revenue is going to be impacted by this higher interest rate or base interest rate. We just wanted to clarify this matter. Our attention point is in the PVA, in COGS PVA. Why is it that it goes from 17 - 8? If we look at the DSO, we went to, oh, pardon me, DPO, we go from 194 - 81 days. There is no change in the business with the suppliers, with the vendors. Each new shipment is sold Intelbras with the standard days. We have an inventory that is less financed or financed in fewer instruments. We go from 17 - 8.7. We could have a hypothetical gross margin without our PVA just to help understand what the impact of the PVA is. We could compare them with and without the PVA effect. We see that historically, the PVA impact is quite small, immaterial. That's why we don't talk about it much. In the second quarter of 2025, we see almost 1%, 90 bps. That's why we're addressing this information. As we go back to our inventory financed adequately, the COGS PVA is going to have less impact and we'll no longer see this impact. I understand this is a rather complex subject, and of course, we can go deeper into this discussion, be it in the Q&A session or if you prefer in our individual meetings. This is really to show that the operations are in line and we have this financial impact in the second quarter of 2025 because of the inventory being financed differently, as we can see in this table. Now looking at each of our business segments, we had security accounting for 62% of our revenue. This is a substantial increase, almost 17% increase year on year, almost 50% quarter on quarter. We really do see that our ability to service the outstanding orders or to fill the outstanding orders, and we see our sellout in line with what was expected for the period. The market is quite active, and we were able to really recompose or replenish our inventory. The projects that we have in security, as well as our security plans, everything is in line with our expectations, and we expect the year to continue to perform as such. As for our IT/ICT, we had accounting for 21% of our revenue. We see an increase quarter on quarter and a slight decrease year on year. It's important that we're clear on the point that part of the growth last year was due to the new lines that were introduced and mainly to the fiber optics or the optic fibers portfolio. We see the market being a bit more cautious with the vendors, and there's a fiercer competition right now. We're more cautious here when it comes to our ICT revenue. The business is well structured. It's going up. The Tubarão plant is really working 24/7. That's about cables, right? Cables have a tighter margin, and this impacts our ICT margin a bit. Lastly, we have energy. You accounted for 16% of the revenue in this quarter. We don't expect major projects to be a substantial part of our revenue in 2025. This can be seen in the figures reported in the second quarter. We're prioritizing profitability and returns on the on-grid rooftop solar panels. As we structure our revenue, we're also organizing our back office so that it can be dealing with this level of revenue, also making sure that operations are in the right size so we can continue to invest in UPS and vehicle charging solutions and fonts, right, that are a great avenue for growth here. You could see in our IDR, our look or our focus on inventory is very substantial. For five or six quarters, we had been looking at an increase in inventory in the course of last year to increase the finished units and also so that we could be able to protect ourselves against the drought and the Amazon River. We have BRL 2 billion in inventory, and now we have slightly less than BRL 1 billion, and we're back to 150 days DPO. We see that this is performing as we planned. Now we're going to go back to buying again. We're going to go back to financing this inventory again. We're really able to execute our plans. Those that looked at accounts payable could see a reduction there because of the amount shipped. There's no accounts payable factored into our balance sheet. This should go back to normal levels in the third quarter. Operating cash is above BRL 225 million in this quarter. Our free cash flow is also quite substantial, almost BRL 300 million. In the second half of the year, we expect to see substantial cash generation for the company. When we look at CapEx, it is also in line with what we had planned for the year. Our maintenance CapEx is as expected, and the expansion CapEx is lower. This is less than 40% of what it was last year. There is no need to invest more to plan for the future, nor to reap the results in this first half of the year. This is the expectation that we have for the year of 2025 and 2026. Our perspectives for the end of the year, and I'll give the floor to Enrique in a moment. We wanted to highlight our cash generation, the normalization of working capital. We expect this to continue to improve in the second half of this year. In mid-July, we published a communication about the change in VPs and the Head of the Customer Department and Market. This is very important because this really stresses how much value we place in this segment. We really want our customers to have access to our products as best as possible with the best price possible. We have this commercial strategy that is now spearheaded by Marcio Ferreira. We understand this is a very clever move, and that's going to help us support our business levels as well as improve them. The second half requires caution regarding revenue growth. There is an importance in growing sustainably, and we need to deliver return on capital. Our ROIC has been an important variable and important indicator for our decision-making process. Thinking about keeping the company growing and delivering results, we need to be more cautious when we look at expeditious growth in revenue. I conclude my presentation, and I'll give the floor to Enrique, and he'll be able to give you more color on these matters. Over to you, Enrique. Good morning, everyone. Thank you for joining the call. Thank you for your trust in us, and thank you for being with us on our journey. Accountability is key in our governance, and we really cherish transparency and trust. In 2025, we had transitions and confirmations. We see that our ability to execute is more mature, is better integrated, and even in a macroeconomic environment that is adverse with higher interest rates and persistent inflation and a shyer customer, we have been able to adapt our business model. We have prepared the company for a new cycle. The external scenario continues to be quite demanding, but we can't change this scenario. We need to surf it. We need to navigate it. We need to be brave to make adjustments and to move on. At the end of the quarter, we really felt we had made good progress, especially due to firm decisions based on ROIC, business by business. Still with the impact on the ERP change, we had a 35% increase quarter on quarter in revenue. We had our EBITDA margin back to two digits with 12.4%, and our net income grew 15.9% year on year. Beyond these figures, what really makes us proud is what they mean, which is that Intelbras is learning. It's growing, developing, making more mature decisions and analyses, and being more disciplined in executing its plans. It's not only about navigating the quarter. It's about consolidating a transformation that started when we implemented the new management system, but it goes way beyond it. We changed our structures, flows, portfolios, incentives. We have adapted our commercial policies. We reduced our headcount. We increased our leader training, and we have a new perspective on capital allocation. This new Market and Customer Journey Vice President is another step towards improving our decisions, making simpler decisions, and having our business as an even more customer-centric business. This change in ERP had its impact. It was complex. We had lessons learned. We needed to make adjustments, but we were able to stabilize our operations. Intelbras operates perfectly in this new system. Now, when we have started reaping some of the benefits from this integration, more visibility in our processes and more discipline, faster decisions, we have reduced operating complexity. We have increased our productivity and our plans. Above all else, we continue to service the market. We continue to focus on our solutions. In the business units, we had different dynamics. Security grew almost 17% year-on-year. We were able to replenish our inventories in this channel, filling our back orders, and our growth avenues continue to be strong. We have solar solutions and projects, connected homes, and access control. In short, we have recovered a substantial part of the pent-up sell-in in the first quarter, and we're replenishing our inventories, and our portfolio continues to be quite relevant. ICT is still going through a transformation. The first quarter had substantial losses in the ISP channel. Many of these customers, they buy on demand. The ERP transition made us miss some opportunities. We delivered BRL 165 million in revenue this quarter. More important than that is our change in attitude. We're no longer competing per volume, and we have reinforced our return on a client or a customer-by-customer basis. We want to be in this market, yes, but we want to be there with a good ROIC and with good profitability. We're able to adjust our expectations and reinforce our commitment that is long-term with all of the links in this chain. We have an increase in our volume in comparison to the first quarter, but the ISP channel still feels the pressure. There is fierce competition, and we made the decision to have profitability. It is an important market, but it calls for discipline. We have this discipline. Turnover is there, and it's looking good. We had a substantial increase quarter-on-quarter, and we had stability in this quarter. We can already compare revenues considering this new portfolio. We're cautious when it comes to the second quarter, thinking about the market, and we're quite attentive to the ROIC we're generating. In energy, we see that the quarter still shows the impacts that have come from the previous quarter. We had a 19% drop in comparison to 2024 because there are fewer mini power plant projects. Now, the roof portfolio is more fragmented, and it's reacting. The UPSs are also going up. We prioritize profitability over volume, and this discipline will also drive this segment. New ideas, new lessons, and new focuses will prop up. We understand that energy goes way beyond solar power. It's not going to go up. Solar power is not going to go up this year. It's going to go down a bit this year. In 2024, we had some important power plant projects. A highlight is the one we had in Amazon, and that contrasts with what we have in 2025. We continue with our strategy to balance our business because we want UPSs to continue to grow, and we don't want to depend too much on solar power. We want to reposition our portfolio, accelerate categories, and make sure we have cross-selling between our different businesses, including ICT. Everything should be in the same brand, which is what Intelbras can offer. We have our three business units interacting well for companies, for homes, and integrating security with AI connectivity and uninterrupted power. This is a point of no return. In September, we had a peak of BRL 2 billion, and in the second quarter, we had BRL 1.5 billion. We dropped BRL 500 million in inventory. We had to review our portfolios, make adjustments in production, and rethink working capital. Every dollar, every real that is spent in working capital could be generating profit elsewhere. With SAP ERP, we can now analyze our product families better. From the engineering to the commercial department, we want everyone to be clear on their decisions when it comes to return on capital. ROIC is now part of our decision culture. Companies that can create profit on capital well, they're able to say no to growth that is not productive. We're rethinking projects, prioritizing, reprioritizing scopes, and rethinking businesses that used to look good until recently. In the long term, this is our path forward to increase value for the company and to create more value for the shareholders. This culture has allowed for faster decisions when it comes to pipeline and innovation forums, and also when it comes to commercial proposals. We really are building bit by bit a new leader generation that is not only aware that the concept of returns exists, but that is going to use it as a key element in decision-making. We're back to generating operating cash, which is BRL 125 million in the quarter, even after financing the SAP ERP ramp-up. Our ROIC is still lower than what we deem adequate, but we see an interesting curve, a good curve, and this is the type of curve we expect to see in the whole company. We have simplified our portfolio in infrastructure. We have reorganized plants, and we are now assessing new products that we want to produce differently. We also reorganized our market and customer journey perspective with the new Market and Customer Journey VP department. That allows for more focus on what really matters. Our pillars continue to stand firm. Grow with profitability. We will not grow without profit. Every initiative needs to have a positive impact on our ROIC in the present or in the future, but there must be a plan, be it a new product, a new plan, a new project. We want to improve our customer experience, especially the end customer. Every point of contact matters. Every service provider matters. It is in our DNA. We are a reliable company. We grow and change as customers buy our products. We need to grow with them. We need to change with them. SAP ERP is a foundation that allowed us to reap benefits. Now we can improve our whole production chain end to end. When it comes to new businesses, and we want to continue to grow, we're attentive. With the criteria that allowed us to be a respectable company, return on capital, the right timing, we are not in a hurry. We're always looking at opportunities that allow for us to improve our portfolio, allow to improve our synergies, and really give us a competitive edge. We really have that owner's spirit. That's what I wanted to tell you now, and we're available for your questions. Can we allow Cesar to unmute his mic? Good morning, Cesar. Good morning, Enrique. Good morning, Bruno. Congratulations on the swift recovery after starting your new ERP. We know that some companies may take months to be able to reorganize themselves. I've got two questions. The first has to do with security. You've recovered a substantial part of the demand loss in the first quarter. What do you expect for the third and fourth quarter? Is there more room for us to fill or for you to fill these back orders? We see that in ISP, the competition is fiercer. What is your expectation on revenue there, and what are your strategies? Thank you. The plan for the year is not impacted by the first quarter that was weaker. We expect to see growth. As for ICT, we see the turnover. We had substantial growth quarter on quarter, as I had said in my initial remarks. Can you hear us? Are we back? All right. Going back to ICT, we see your turnover. We had substantial growth in the second quarter, quarter on quarter. We see more stability. We're now comparing revenue, thinking of the current portfolio that we have, the new portfolio that we have. We are cautious regarding the second half when it comes to the market, and we're really keeping a close eye on our ROIC. Thank you very much. Bernardo from XP. Thank you for taking my question. The second quarter allowed for the operations to be normalized after the change in ERP, and that is clear when we look at the results, especially when it comes to fund and security. You're more cautious when it comes to ICT, and I understand your new, your new approach when it comes to more profitability, and Enrique is giving his style. When it comes to the recovery that we have in the second quarter, is it going to be sustainable, or was it driven by this backlog in the first quarter? Thank you, Bernardo. The company continues to work well with our DNA, which is a DNA of growth. We're now really focused on profitability and returns, return rates. This is a balance that needs to be struck. It's not growing at any cost, but it's growing with profitability. This is how we're changing the company. We're not going to wage wars, wage price wars that are going to impact our focus, our plan. Do you want to say anything else? No, I think that's right. We see the company growing, and that doesn't change. We have very clear growth avenues, and now we're going to continue to execute our plan. It's no use to grow without good return rate and with an impact on profitability. This is a good point for us to use the yardstick for our expectation growth. All right. The security segment, did it grow because of the backlog, and will it go down in the second, rather in the third quarter? What do you expect for security specifically? We'll still continue with the plans that we had at the end of 2024. There was some pent-up volume that was delivered in the second quarter, but we continue to see growth for this year. It's a good opportunity. Enrique just mentioned that, and we had this information, our press release. Our growth avenues continue to stand firm. We continue to do our work with access control, and there is room for expansion and market penetration. The same applies to the connected home with the cameras and whatnot. There's a lot of opportunity for us to seize. All the other markets we're growing into, and that we're still going to develop. These growth avenues still call for a lot of actions. We already have a substantial market share, yes, but there are still new markets to be created in technologies that we're just getting started with, such as facial recognition, AI. Many changes are replacing their CCTV systems with AI systems. Solutions that are smarter and that add value to the client, to the customer. This is a market that is clearly growing, even in this critical microeconomic scenario that we're weathering through. When people feel insecure, security products will sell more. We all believe in the continuity of our growth in security. We're following our plans. Now we have Livia from JPMorgan Chase. Thank you, Enrique, and Bruno. Thank you for taking my question. My first question has to do with ICT. The revenue decrease, does it come from going back to normal activities, or is it because of the fiercer competition? If there were no ERP impacts, would we still see a decrease in there because of the competition? The second question, can you hear me? You were asking about the impact of ERP on ICT. Should I repeat my question? What we would like to understand is if there were no ERP impact, would we still see a decrease in revenue stemming from fiercer competition? We just want to gauge how much each element impacted the quarter results. This focus on profitability, not waging price wars, does that apply to security as well? How much will you prioritize profitability in this business unit? Can you help us understand our expectations for the next half of the year? Should I begin? Yes. One way to look at the impacts in the first quarter has to do with new customers, new deals with these customers, and a change that we see from last year. In the second quarter, we had a new portfolio. We grew in the third and fourth quarters. We were sustaining the old customers and creating new customers. In the first quarter, I wasn't able to deliver, so I left the doors wide open for competition. I need to recover that. This is something we cannot dismiss. I used to do businesses that I don't do any longer, so I need to recover those. That alone would be a challenge to bring growth back to the levels we had in the second quarter last year so that we can compare these quarters year on year. Now we're more attentive to this profitability approach. We're not going to grow without profit. We'll go beyond just good prices. If they want to buy the cheaper product, they were going to buy it from our competition. This is what Enrique was saying. We may be saying no, or we'll be saying no to deals that are not fitting this profitable growth approach. Yes, we had this issue, and we left the doors open to the competition. That applies. That's important. There's a second point which has to do with our perspective on the business and how we're executing this commercial strategy. Just to add to what Bruno said, this analysis applies to all of our business units. I'm not going to say this is our only focus, and we need to leave everything else aside. Of course not. We'll, of course, think this through. In security, we have 11 categories, 11 product categories. There are different businesses within security. Some of them have a certain pace in a more conventional style for the segment. There's some normalcy in this business. We need more sales campaigns. We need to understand our end customer better. We need to understand their habits and how we can address their pain points, how we can deliver solutions that are ever more thorough, and how we can offer a complete Intelbras product or package. There are other products that are still in their infancy. These strategies are being analyzed and processed, and we're monitoring them up close. One of the indicators we have there is return on invested capital. Of course, that is important for you to see if that business makes sense. We're not saying that everything is just that, right? We need to think things through and be consistent and coherent in our plans and how we're going to get to where we want to get. Thank you very much. Now, Gustavo from UBS. Morning, Gustavo. Morning, Bruno and Enrique. I've got two questions as well. Can you give more color on these external uncertainties that were mentioned? Especially when you mentioned that people may feel insecure, right? What is external to your operations? My second question has to do with ICT. You mentioned fiercer competition when it comes to ISP. If you could give some color there too, what do you expect for your gross margin, also considering this greater focus on ROIC, not only in ICT but in the company as a whole? External uncertainties. I wouldn't say it's only about feeling insecure, or it's not only about security, right? Bruno covered CapEx in his presentation as well. You saw what our investments are like, and there's a substantial decrease in comparison to what we used to have. Of course, because we had been preparing. This attentive look or this attentive perspective to other actors with a 15% base interest rate with a 5% inflation. Companies normally hold back on investments. In our B2B market, what the external conditions could represent is a decrease in investment, which is what we can see already. The budgets for bigger projects go down. Deals take longer to take place. This is what we could expect from these external factors. There's nothing specific to security. You mentioned that, right? When people feel insecure, there is more security in business, right? There's more security in business. Gustavo, it's not anything that we are feeling from the competition or anyone that is breaking through because of a different threat. The competition remains the same. We continue to keep our finger on the pulse, looking at what the competition is doing with their prices and proposals and with everything they do, their import levels. Everything is mapped out. We continue to stand our ground concerning our plan for the second half of the year. Thank you very much. As for my second question concerning ICT, gross margin, considering the ROIC and fiercer competition. Sorry, I was going to answer that question, and I got carried away. All right. I presented the PVA charts showing the impact on the consolidated margin. We can look at revenue and COGS, right? Energy would have improved margin. Security would have had a positive margin quarter on quarter, but it still would not have sufficed for the ICT margin to improve. There is an ICT gross margin impact. We would have seen a decrease quarter on quarter in ICT nonetheless. We're taking that into account for our commercial proposals. We expect, or we hope, that the ICT margin is going to improve, but it's still something we're not certain about. The second quarter, if I'm not mistaken, is the lowest ICT margin we have had in our recent past. We hope to have a more balanced margin than we normally see in the third and fourth quarters, but we don't expect it to climb back up to what it was in 2023, for example. Thank you very much, Bruno and Enrique. We've got two questions outstanding. Victor from Goldman Sachs. Morning. Thank you for taking our questions. Good morning. First question. When it comes to PVA and inventory, could you give us a little bit more color on how quickly you should go back to normal levels on shipments and if the purchases have gone back to more normal levels in July? 150 days was a figure that many people had in mind. I don't know if you expect it to go further down, but you also mentioned this focus on working capital, right? The second question is, do you have any more visibility on this continued decrease in the energy revenue? There were some solar projects that were getting their revenue accounted for more recently. Is that all covered? Are there any other projects ongoing that are close to an end and that could leave revenue in the coming quarters? Let's start with inventory. We always talked about 140, 150 days in the second half of the year. We already got to that in July. There's an explanation note in inventory, and you see that inventory shipped is still low. We'll see that climb back up. I think we should continue with the 140 - 150 days as a reference. We don't expect it to reduce this year. We'll be quite happy if we see the third and fourth quarter on these levels with inventory being refinanced, right? That is our focus and the working capital comment that we made. Of course, as Enrique said, every dollar invested in inventory has an impact on the operations, right? It's standing still. We expect to stay at 140 - 150 days, with financing and better conditions and replenishing, restructuring our inventory. I think this is the main point. When it comes to energy and focusing on solar energy now, we continue to focus on roof. There are 20 million properties that can have solar power, and we'll continue to focus there. We're also looking at other possibilities. If we need to leave that because there are changes in regulations, say, to our detriment, then we'll have our inventory replenished, our focus on profitability, and UPS supplies and vehicle charges. You mentioned projects that are coming to an end, right? There are some projects that are ongoing, but these are public, and they're often tenders. You have not only the pricing matter, but also complex services in remote regions oftentimes. We expect very low volumes in 2025 on that front. The tender had very low price levels, and that didn't make any sense to us. I think that's it. Thank you very much. Now, Maria Clara from Itaú BBA, and we're getting to the end of our call. Good morning, Bruno, Enrique. Thank you for taking my questions. Can you talk a little bit about your expectations to getting back to normal levels in the coming months and years? We see you're reorganizing profitability, improving cash flow, but it'd be great if you could talk a little bit about your internal expectations. Thank you very much. If we annualize the ROIC for the first quarter, it was a one-digit ROIC. If we did that for the second quarter, then it would be 16%, if I'm not mistaken. We expect the capital allocation structure, as well as profitability, the results on operations to calculate ROIC are going to continue to improve. We have a working number that hopes for a number that is above 20%, but there is a journey ahead of us. We had one quarter that was spectacular, but we need to pave this road towards what we have always delivered. I think it's quite clear to everyone. I hope it is. Last year, we invested a lot in inventory. We had made a number of investments in the past two to three years. Some have paid out really well. Some are still developing more slowly. As we have a better capital structure, especially when it comes to working capital, then we'll see ROIC climbing back up to historical levels and surpassing the minimum bar. Enrique mentioned that the whole company is involved in the decision-making process for any decision that may impact our ROIC, and this is a continued activity. I don't know if I've helped give color, but this is basically what we have in mind. Thank you very much. Thank you, Maria Clara. All right. There are no further questions. Oh, hang on. There's one last question. Bernardo? Is it a quick one, Bernardo? I'm going to allow you to unmute, but please ask your question quickly. We don't have much time. Bernardo? Okay. All right. Can you hear me? Oh, we can hear you now. Thank you, Bruno. It's a quick question. After Enrique's explanation, I was just wondering, you're pursuing profitability and a simple portfolio. Would it make sense to think about any bigger impact on production or inventory in the second half of the year? Do you mean the write-off? No. Definitely. That's a definitely no. We want to organize operations, make things progress, and this is what we expect. That's crystal clear. Thank you. All right. To be punctual, I'll just give the floor to Enrique for his final remarks. I'd just like to thank you and thank our Intelbras team, first of all, for your commitment and devotion, resilience. You're the reason why we are really achieving this transformation successfully. Thank you to our business partners, your pillars of our strategy, and thank you to our investors and analysts. Your questions, your provocations really help us become a better company, and we really regard you in high esteem. We're focusing on the long term. We're disciplined, and we're always humble and continue to learn. You can count on us. Thank you very much, and I'll see you in our next earnings call. Thank you, everyone. This is the end of our second quarter earnings conference call. Thank you.