Good morning, everyone, welcome to Intelbras' fourth quarter 2025 earnings conference call. My name is Bruno Teixeira. I'm the Head of Investor Relations at the company, and it's a pleasure to be here with you today. Joining me is Mr. Henrique Fernandes, our CEO, for our earnings call. Please note that this conference call is being recorded and will be made available on the company's Investor Relations website, where the presentation is already available for download, and the replay of the webcast will also be available after the call. As usual, for the Q&A session, we recommend that you use the Q&A icon to send your questions. That is at the bottom of the screen. Please write your name, your company, and the language you'd like to ask your question in. We will answer these questions in the order they have been sent to us. When your name is called out, please turn on your microphone when the pop-up allows you to. The information contained in this presentation and any statements made during this conference call regarding Intelbras' business outlook and projections and operational and financial targets are based on the management's beliefs and assumptions and on information currently available to the company. 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 the general economic conditions, market conditions, and other operational factors may affect Intelbras' future performance and may cause actual results to differ materially from those expressed in such forward-looking statements. With that, let's begin the presentation. You can already see our slides. Let's start off with our highlights on the fourth quarter. We have a 9.3% decrease in revenue. It's BRL 1,067 million. There is an increase quarter-on-quarter. It's what we normally expect for the quarter. There is an improvement on EBITDA. There's a minor dip year-on-year. There's a substantial increase quarter-on-quarter. As for net income, we see a substantial increase year-on-year. We are almost at BRL 138 million, with an 8.2% increase year-on-year. With a minor decrease quarter-on-quarter. This is basically the impact from the deferred income tax that brought the lower results in the quarter, in the third quarter, in comparison to the third. If we look at the results at the bottom line before taxes, we have a 33% increase year-on-year, and the decrease quarter-on-quarter, that is almost 7%, would actually be a 5% increase. What has impacted the results here was the deferred income tax that went into the fourth quarter, and I think it's important to mention that in the course of the year, as usual, our income tax is very close to zero in 2025 as well. An important indicator that we have been monitoring is ROIC, and we can see that in the quarter-on-quarter comparison, there has been an improvement and a 3 percentage points decrease year-on-year, but it has been climbing in the past 3 Qs. As for the margins, we see that a gross margin is quite stable in comparison to the 3Q. The EBITDA margin has increased both year-over-year and quarter-over-quarter, and the net margin has a minor decrease here in the quarter-over-quarter comparison, but there is an increase year-over-year. Now, when we look at the net revenue, I like to linger on this chart a bit longer. We have historical data here, but I will be focusing on the period going from 2021 to 2025. Let's understand how revenue is structured, and let's focus really on these four last years, and we see that revenue hasn't really been going up in these past four years. When we focus on this period from 2021 to 2025, in 2021, half of the company's operations were in security, and the other half was basically ICT and energy. Energy, with the expectation of accelerated growth, and we did see an increase in revenue there in 2022, mainly driven by solar power. There is a change here in 2023 because of the regulatory changes. At this point, we understood solar power a bit better, and we started prioritizing an increase in efficiency and profitability more than an increase in our market share. We weathered the challenges of 2023, and in 2024, we saw substantial solar revenue with off-grid powers and power plants. We removed that from our plan in 2025. We see this difference here because of solar energy. Part of the increase we see in 2024 comes due to the GPON portfolio. We signed a deal with a good partner at the end of 2023, and that has also contributed to the company's revenue in 2024. In 2025, we've talked or we talked a lot about the risks and the possibilities in the GPON business, and in the second half of the year, in 2025, we brought the revenue to healthier levels, lower levels, but we've discussed this at length. I have 60% security. These two years have a more similar revenue structure that we understand is actually suitable for us to start growing structurally in a more robust fashion. Now, when we look at the EBITDA chart, and we normally look at this one as well in our earnings presentations, let's look at the 2 past years and look at the 4 halves of these years. We have the comparison here, year-over-year, and that shows a substantial impact. The 1st quarter, 2024, shows our EBITDA margin higher than our historical levels. It was close to 15 or 14.7. We got closer to 13, close to historical levels. The 1st half of 2025 had an impact because of the system migrations and the works we did in the 1st quarter, and we saw an EBITDA margin lower than what we normally see, about 11%. In the 2nd half of 2025, we are climbing back up. We had three halves going down, and now we're reaching an inflection point, going back to the company's expectation levels. This is a clear sign that the decisions made in the past halves and in the course of 2025 are bearing results. Now let's look at the fourth quarter, specifically. EBITDA is BRL 165 million in the fourth quarter, 2024, and BRL 162 million in the fourth quarter, 2025. That was impacted by the drop in revenue, and even though the margin is lower, you lose a little bit in the gross profit. We have, of course, expenses controls. We always try and find more efficiencies, and we have a result with lower revenue, with a 13.9% margin. It's a very interesting margin. The path ahead is very clear, and we can see it. When we look at the consolidated gross profit, it's also impacted by lower revenues, but we see a slightly higher level than what we're used to seeing. We'll, of course, continue to work to deliver these results. We know that this is a macroeconomic scenario with high interest rates, and there is an impact on PVA. We talked about this in the previous quarters, and this is a chart that I show you again just to show that we're on the same level of PVA impacts on our gross margin. The inventory is going to be financed again, and it will become costs, and we'll see the cost PVA contributing to a lower operating margin. As for the three segments, three business units, we see that security accounts for 62% of the revenue of the fourth quarter and 61% of the revenue of the year. There is a 5% increase year-over-year. We see that the market activity is impacted by the macroeconomic scenario. The average ticket has been a bit lower in the market. That has an impact on the turnover and the sell-in into our channels. The competitive scenario is also the same, it hasn't changed, and we see the gross margin is changing as per our expectations with the effects that we see with changes in mix, cost, and flow. As for ICT, it accounted for 22% of our revenue, both in Q4 and in 2025 as a whole. The revenue decrease has to do with the GPON segment. We see that the numbers are in line with seasonality and with what we had planned. We see that security for enterprise networks is going up. In SMEs, we have a substantial market share there. The gross margin is fluctuating within the normal range. Energy, last but not least, energy, it accounted for about 17% of our revenue. There is a substantial difference here year on year. We talked about this last year. We're now gonna be focusing on major projects, and we're gonna be focusing on roof generators, focusing on profitability. These two decisions cause this impact on revenue. Roof generators had a slightly lower sales level in the second half of the year, but we have an interesting revenue mix, and we see that the quarterly increase is mainly driven by the UPS and power supply product lines. The energy mix is healthier, it's more robust, and this is very interesting when we think about the long-term strategy. The solar power scenario is very similar to what we had seen in 2025. For us to really face this context more efficiently, on the 30th of December, in the shareholders' meeting, we decided to incorporate Renovigi. We integrated Renovigi, aiming at strengthening our operational structure for the solar business unit. From a cash generation perspective, well, we are a company that generated a lot of cash in 2025. Very robust cash generation in the fourth quarter. The free cash flow is BRL 16.232. It's quite robust. We paid BRL 300 million in dividends in December. We brought it forward. The financing fund, or rather flow, was impacted by this decision, and we closed the year with BRL 1 billion in cash and a very robust financial structure to start 2026 very robustly. From a CapEx performance perspective, we had BRL 100 million in CapEx. That's half of what we had last year, and the CapEx levels are quite different to what we had been seeing in the years where we were investing and expanding. From 2021 to 2024, we had a very strong expansion cycle, 2025, we had less need of expansion, and that's what we expect for 2026 as well. CapEx should be similar to what we had in 2025, now in 2026. Before I give Henrique the floor, let's talk about the perspectives for 2026. 2026 will be a year that will reflect the strategic decisions made in 2025, and this could impact revenue growth, but it will also improve our profitability and our ROIC. We'll see this happening in 2026, and this improvement in operations, which is going to be very present in the communication channel. The customer journey, the customer will have what they need delivered with, or rather, as smoothly as possible. In gated communities and SMEs, we really want to deliver this value. This is what we have been devising, and this is what we're going to be executing in 2026. Our business generates cash. It's quite healthy. In 2026, we expect the working capital to also perform or improve. We expect to continue to make our financial structure more robust, and this is how we start the year of 2026. I'll stop sharing my screen, and I give the floor to Henrique. Good morning, everyone. Thank you very much for joining us in our earnings presentation. I'll structure today's discussion into three parts. First, I'll expand on Bruno's remarks regarding the fourth quarter. Second, I'll walk you through the key dynamics across our business units, and third, I'll close with a summary of the year and outline our priorities for 2026. This quarter reinforces the decisions we made throughout 2025, and the quality of our results is going up. Even in a more selective demand environment, and with intentional adjustments in specific portfolio lines, the quarter-on-quarter improvement in EBITDA margins shows that operational discipline and execution are gaining traction. Throughout 2025, we've made progress in standardization, management routines, and operational simplification, mainly with SAP as an enabler to reduce complexity and increase efficiency. All of this with a very clear objective, namely, improving customer experience and strengthening the health of our operations. Some of these gains are already visible, and others will be visible as the execution matures. In cash and working capital, we see we've performed consistently. We realigned inventories, and as planned, we resumed purchases in the second half, and that is in line with our new strategies. The company had 1.5 times EBITDA and distributed BRL 300 million in dividends in December. Our cash position continued to be robust, allowing to navigate cycles and invest selectively and capture opportunities when they arise. We're a company with a strong growth mindset and a long-term ambition. Over the last 12 months, the pre-tax ROIC was at 15.1. Bruno mentioned that, it's showing quarter-on-quarter improvement. ROIC has been a reference for our decisions, business by business. When we look at the business units where the decisions are clearer, if we look at security, we see that we continue to become more relevant and deliver positive performance. We want to work closely with the channels, we continue to read the market very carefully. We have been maintaining our market share. We have not lost market share in 2025. In 2026, the market should continue to be competitive. We want to be more efficient. We want to have more focus in our execution. There's a lot that we have to do when it comes to solutions, more integrated products. We want to have a more integrated type of sales, where we have cross-selling between different business units, and we can really boost the company's results as a whole. Still talking about security, the gross margin fluctuated, but within the expected ranges due to mix pricing and the cost dynamics. We'll continue to have specific actions taken in specific contexts and always looking at the cost reduction possibility. That's always a focus. How can we have the best product, but how can we have that in a more economical way, reducing costs in a more productive fashion as well? There is a cross-cutting point here, which is the memories. The market may have a question about this. There's a global movement that impacts the price and availability of memories, and we have been quite active in looking at possibilities to deal with that. In the short term, everything is well managed. Now, when we look at ICT, we had some important adjustments there, especially in GPON. We're striving for more balance when it comes to profitability, ROIC, and revenue. We want to have a good relationship with suppliers, but in a healthy manner, so we can have a different revenue base with more profitability, with better returns, and this is the economic beacon guiding us. As for our partnership with FiberHome, 2025 was a strong year. Bruno talked about it, and 2025 was a year to adjust expectations and strategies. The format for 2026 is already designed, and the next quarters will give us more evidence to guide future decisions. When we look at fiber optics and cables, we're talking about fiber itself. In Brazil, the market is really heated because of the Tubarão plant, and it's operating as expected. When we talk about new avenues in ICT, the competition with the competition is still strong. We're working with SMEs, and we're working with major projects that are going to be important growth avenues for the company. As for energy, the quarter shows the strategic repositioning that we had in the quarter. There's no magic trick there. We directed our efforts for profitability and return, and not to grow market share in solar energy. In 2025, there was an impact on revenue because there was no major project, and in the fourth quarter, especially, we had less sales in on-grid generators. I think it's important to stress a point here. We did not discontinue solar market. It's big, it's important. Well, it's important for our main market activities in an integrated fashion. In energy, we had an improvement in margins and also growth quarter-on-quarter. We see that the mix is healthier. This is very positive. In 2026, we continue to have our solar profitability strategy with discipline to grow in the other lines of the segment as well. We expect stability in solar volume and a structure that will deliver results without the need to depend on revenue. We continue to see improvements in UPSs and vehicle chargers, and we're very attentive watching the macroeconomic scenario. We're getting to the end of 2025. We can see these gains being generated. In 2026, the adjustments will probably finish being made, and in the second half of the year, we should see more gains in efficiency with the simplification, this capital discipline that we've been talking about for so long, that should be more visible in operations. Also ROIC, which was a point that we recurrently talked about last year. Working capital continues to improve and will continue to improve, and inventory efficiency also helps sustain the free cash generation. You can be sure that all of this that is being done has a very clear objective, which is to resume growth, especially in businesses where we have a competitive edge, generating more value in the long run for the shareholders and for our customers. Thank you very much. Bruno and I are available for your questions now. We'll take your questions now. Thank you, Henrique. We have Victoria, an analyst from JP Morgan. Victoria, please. Thank you for taking my question. I've got two questions. The first one has to do with security. What is your perspective for growth in this business in 2025, considering the more challenging macroeconomic scenario and the competitive scenario? Do you see any specific go-to-market segment being impacted by the macro scenario as well? My second question has to do with anti-dumping. Can you give us a bit more color about that? How much may still carry over into the first quarter, and can you talk a little bit more about the segment? Do we expect any offenders for this measure, or should there be any review of the portfolio? Thank you, Victoria. Thank you for being here with us. Security grew 5%, and it will continue to grow, especially in integrated projects, software. We didn't lose market share. We maintained our market share, and we believe that security will continue to have a strong demand, and as the economy improves, that demand should also improve. We expect to see growth in 2025. As for anti-dumping and fiber optics, it happened in Brazil, that means that imported products had over 100% taxation. That boosted the Brazilian manufacturing. The anti-dumping really improved the Brazilian industry. The end product for the customer mainly, had an increase in price, but it's still much better than the imported product. This is boosting sales in Brazilian companies as Intelbras is being boosted in the fiber optics cable sales. As for new offenders, it could impact our portfolio. Well, the major actions that we needed to take have been taken. They were taken in 2025, there's no major impact that we expect. If I may just complement your answer. Victoria may have thought there would be challenges in revenue, the anti-dumping measure actually helps the national industry. Anti-dumping was validated at the end of December. For this 2025 results, you can't see an impact there. We'll probably see the impact in 2026 with the whole industry, with anti-dumping applying to any imported cable. Thank you very much for taking my question. Thank you, Victoria. Silvio Safra. From Safra, you may ask your question. Silvio, can you hear us? Can you hear me now? Can you give us some more color about the competitive environment in security? The price reductions, were they responses to the competition, or it was a proactive action you took to increase market share? The CapEx levels in 2025, they're expected to be the new normal, say, for the company. Well, there are cycles in CapEx. From 2021 to 24, we had an expansion cycle, and at this point, we don't need to expand. We're capturing the synergies and the efficiencies we had in these investments. In 2025 and 2026, we have the expectation of lower CapEx levels. I won't say that BRL 100 million is going to be what we'll have, but it could be a ballpark reference. This is what we see when it comes to opportunities in 2026. It's important to say this on an earnings call. We see that Manaus is a region that is protected by the tax reform, and we've been trying to find more opportunities in Manaus. If we see these opportunities be in land lot, be it in a plant that may be inactive, then we should act. This would lead to different levels in CapEx in 2026, but it wouldn't be any major investment. If this opportunity arises, we will act, and we will have this information shared with the market. Around BRL 100 million, this could be a reference, and with this cycle, we should expect something similar in 2026, what we had in 2025, and in 2027, we'll see how new demands arise and how revenue behaves. As for security and price reduction, I believe you may be looking at results, but you can't forget that we have product mixes. Sometimes there is an impact on one product more than another%, from a percentage standpoint. In 2025, we didn't really have any major changes in the pricing tables, nothing that changed the structures. What we have is maybe to have a spot change made to a specific item, to a specific product, or in a specific region, then you may have an action to increase or maintain our market share. There's no structural change. Every improvement we see in cost or in operating efficiency is normally passed on. Of course, we need to look at the whole picture, what makes sense, what doesn't, but we will pass it on to customers to have Intelbras more and more present in our customer's home, but also more affordable, making technology more accessible, allowing more and more people to have access to it. Again, no structural change. Thank you very much. Gustavo from UBS? Thank you for taking my question, everyone. Good morning. The message from the management, you talked about growth that is slightly higher than inflation, and there's a plan to increase revenue above inflation. Do you expect that to take place in 2026 or in future years? You talk about assumptions that are conservative in the market. What are these assumptions? Are you thinking about inflation, interest rates? Thank you. 2026 is a year that will bear the results of the decisions taken in 2025. I won't give you exact figures, of course, but the inflation as a target is a challenge, that when we look at the revenue. In a revenue composition, as I mentioned in the presentation, we want the revenue to be more robust, and we want to have a foundation to have the real growth in the five-year plan. The real growth is expected to take place in this five-year plan. When you talk about the assumptions in a company as large as Intelbras, with so many working fronts, we need to have a bit more clarity on their breakdown. This is really based on a business unit reference. We need to look at the market where we operate, we need to look at our market share, we need to look at the competition. The assumptions vary substantially. In this analysis, one thing that we take very seriously is controlling expenses. We first deliver and then invest more where we need. Of course, not in businesses where we have market expansion and more innovation, where we need to gain more market share. Just naming different examples of markets, just for you to understand our rationale. When you look at electronic security, for example, analog cameras, well, that's an important business. The market is being addressed by a different technology type, AP technology, so then that market goes down. There is one technology that is replacing that one. The same applies to Wi-Fi replacing IP. We have a more conservative assumption for analog and a more aggressive assumption for IP and Wi-Fi, for example. These are future trends, and we need to continue to work to improve and expand on this. Again, the assumptions will vary very much from one business segment to another. On the Investor Day, we shared with you what the assumptions are that we are basing ourselves off of. You can find all of this information there, Gustavo. Thank you, everyone. Just to try and see if I've if I understood the first question. The medium-term growth message. In the past, you spoke about 9% growth above inflation. Of course, the recent quarters have posed challenges for this real growth. This growth above inflation, it should take place in the coming five years. Is that right? Just to try and understand where we should be, and so we can gauge our expectations. We are already on levels of different companies in the recent past, and 9% would be very ambitious. I don't think it's very wise to set a target for real growth above inflation, but the objective is to continue to grow, to generate more revenue, and create more value. Okay, thank you very much, Henrique. Maria Clara from BBA. Morning. Morning, Bruno. Thank you for taking my 2 questions. They have to do with the final remarks in the release. You should deliver all of the operating adjustments in the first quarter, 2026. Could you give more color on what deliveries are outstanding still when it comes to this restructuring approach, and what the sustainable margin levels could be looking forward? The second question has to do with gross margin. There is a tailwind for the company with a weaker American dollar, but there are concerns from some companies concerning everything that is happening with memory out there. The price is rising. Could you talk a little bit about how you expect these 2 factors to impact the gross margin in the course of 2026? Thank you. Thank you, Clara. There are 2 interesting effects when we look at your question. The dollar is going down, but copper, gold, memory, everything is going up. There is 1 thing canceling the other out. As for costs, there are memory costs that have basically doubled. They've increased twofold, and they're very important in some systems. There is a cost increase that will be passed on to the market, and there are other technologies that will cover the use of this kind of memory, and that's also part of our portfolio already. The deliverables in 2026, mainly, we worked on reducing expenses, finding more synergy, and on the sales end with the IT team, with everyone simplifying our portfolio. We've been reaping the results of these businesses. We have had more plant efficiency, we have had better output, better factory output. These are two important deliverables that we have to have by the end of 2026. Of course, we need to balance our inventories so that they can be ever healthier and financed by our partners. Clara, you mentioned the dollar as a tailwind when you asked your question. This is, I think, a perspective many analysts have. We ought to be cautious because FX is part of the cost. If it's part of the cost, it impacts the price. The market understands that electronic devices will be impacted by FX. Whatever effect we get, it's going to be very short term. We have to be careful when we project the operations performance based on FX. I think it's an unwise approach. If there is a positive impact in the one quarter, in the following quarter, it will be back to its previous stability. If you had a negative impact on the one quarter, it will also have been stabilized by the following. We're still adjusting our inventory levels. We want the inventory to be more financed. If we want to compare it to the 3rd quarter 2024, we were loading up our inventories. The impact on FX was much bigger than it is now. It's quite clear. Thank you very much. If I can just follow up very briefly around the deliverables in 2026. The adjustments in the product mix, especially considering GPON, have they been completed? How do you mean that, adjustments? Adjustments with the partnership with FiberHome, the discontinuation of some products. I know that you discontinued some products that weren't particularly profitable. Would it make sense to discontinue more products? Pricing, how are you looking at that? This is in line with what I had said. We want a healthy relationship between Intelbras and the providers, and the suppliers. As for the adjustments that were made, that was present at GPON and other businesses as well, but we analyze it in a broader perspective. Everything that will or will not impact our results and help pay the expenses of the company. Everything that does not contribute to the expenses or there is a stumbling block for our ROIC, that is not going to continue in the company, whatever the business is. GPON, specifically, that is one business front that we are still working on. The volume decreased substantially, and it won't continue as it was in the past. What we are analyzing is what it's going to be like in the future, considering the changes we made recently. If it gets better, it will stay. If it doesn't, it will be dropped. That's very clear. Thank you. Thank you, Clara. Luis from XP, you may ask your question. Good morning. Thank you for taking my questions. I've got two as well. Capital allocation and cash generation is the first one. Cash generation was strong in 2025, and at the end of the release, you expect robust cash generation in 2026 as well. You also mentioned that the CapEx levels are going to be close into 2025 and 2026. You mentioned the CapEx possibilities in Manaus. Well, there will be a lot of free cash generation. Do you have any expectation to increase the payouts? That's my first question. The second question has to do with the EBITDA margins. The EBITDA margins, whereas it was 3.9% this Q. It was close to the highest historical levels. During the call, you mentioned there is an inflection point for the margins now. Considering that security is increasing its share in the mix, you see these OpEx efficiencies captured in 2025, that should also apply to 2026, as well as an improvement in the margins in other segments, could we consider that the recurring EBITDA margin is going to be structurally better than this 3.9%, pardon me, 13%, not lower, the lower end of the 13%, but closer to 14%? Well, we are designing a strong cash generation for 2026. We have this conservative expectation to have robust cash. We want to keep the dividend policies as is. We have a clear plan for 2026. Discussing the point again is not a problem, of course, but the distribution policy should remain the same. This message should be clear to the market. You shouldn't be speculating about higher payouts, hundreds of millions paid out in dividends. The dividends should continue to follow the policy we have. As for the operational results, we expect to see improvements, but we can't forget that the fourth quarter, structurally speaking, always has better margins. You can look at that historically. You have more operating leverage. I think it's wise to look at the models with a margin that grows in the course of the year. If we have a reference that is 13.9, it's going to be too high. The first quarter has lower revenue, lower operating leverage, and lower structural margins than in the fourth quarter. We should see the margin improvement with more profitability and with better expenses control. Thank you very much, Bruno. Thank you, Henrique. Thank you, Luis. Daniel from BBI. Federle, Daniel Federle. We're close to the end of our call. There are some other questions here, and just before Daniel asks his questions, let me just clarify that we have taken notes of these questions, and myself, Luigi, we will answer them right after the call. Daniel, you may ask your question. You may unmute. Thank you, Bruno and Henrique, for your time. I've got two questions. The first has to do with the gross margin in security. When I read the release, it looked like the main driver for the reduction was some price issues, but when I listened to you during the call, it looked like it was more about the mix. To me, I had understood that the decrease in dollar prices had reduced the prices in the market, but it may not be like that. ROIC is my second question. The company seems to be headed towards higher ROIC. Could you share with us where that's probably going to be stemming from? Is it going to be from better margins or reduction and capital investments? Which is going to be the bigger lever? Any improvement in payables and receivables? Generally speaking, we need to improve on the numerator and denominator as well. In the first half, we're going to have a strong comparison to the first quarter last year. Then we're going to be seeing better ROIC levels or maybe a replacement. ROIC always looks back on the 4 past quarters. When you remove the stronger quarter, then you change the return levels. You have a new. That's the numerator. The denominator basically has to do with inventory and financing. If we look at receivables, we've been quite stable. Some fluctuation, depending on how you calculate it. We don't really expect substantial improvements. Of course, there'll always be opportunities. Inventories and payables are the main focus. I like dividing payables by the inventory. That will show how much inventory has been financed for the supplier. We had 80% of our inventory financed, and we have recently had 40%. We saw this change in the third quarter and confirmed it in the fourth quarter, and this should continue in 2026. There is an improvement in results. There's an improvement in the capital structure, basically financing the inventories, and we can start discussing more efficient inventory. It can be more financed and be more efficient. These are points that we need to look at later on as we see how 2026 performs. As for security margins, we haven't had any substantial change in the price tables with differences in dollar and FX. There hasn't been any major change stemming from the dollar valuation or devaluation. Nothing substantial we did from a structuring perspective. What we see here is an impact from the mix. The mix was being sold in one way, now it's being sold in a different structure in the portfolio, that's natural for the business. It may even depend on seasonality as well. Alarms normally sell a lot at the end of the year because people are going to go on holidays, then alarms sell more. You have better margins there. It really depends on the mix. Just another point here, I think the market has heard this in previous conversations. We have promotions, we have sales, the margin has been performing as expected. The fluctuations we see are no structural fluctuations. All right. Congratulations. Thank you. Before we wrap up, I'd just like to say that we understand there are several questions that didn't get to be answered. We have come to the end of the call. I would like to thank you all for joining. Those who haven't had the chance to ask their questions live, the IR team and Henrique will review them and answer them individually. Thank you very much. This is the end of our fourth quarter 2025 earnings call. Thank you very much for joining.