[Foreign language]. Good morning, everyone. Welcome to the Resultados em Foco. I am Priscila Grecco, I'm the CFO of Itaúsa, and it's a great pleasure to be once again here with all of you to share the financial results of the holding for 2023, the perspectives for 2024, and of course, answering your questions. This session is going to be a bit different from the others because Alfredo Setúbal, he's the CEO and Investor Relations Director of Itaúsa, is not here physically with me at the studio, but he wants to take part remotely. Let's connect. Good morning, Alfredo. Welcome. Good morning, Priscila. Good morning, everyone that is watching us. As Priscila said, I am here online, and it's a great pleasure to be with you, to take part in the event, and take part on the Q&A session, which I think is the most interesting moment where we can discuss our strategies and we can discuss the results of each of our companies that we're investing in. Thank you, Alfredo. I'll come back in a short while. I'm going to give a few instructions for the start of the event. Before going to the agenda, I would like to remind you that we have the simultaneous translation into English and Portuguese. If you'd like to access it, you just have to click on the American flag on the platform. You can also submit your own question, comment, suggestions through the platform. There is a box for messages. You can use that box or Twitter using the hashtag #ResultadosItaúsa. Now I'm going to show the agenda for today. So we start with Alfredo. He's going to connect once again with us, bringing a bit of the macro context and the business environment. Then we're going to go over the results of Itaúsa, showing the panorama of the numbers of the invested companies. We're also going to talk about capital allocation and liquidity management, which are very important news on the advances. Well, we're going to talk about number four, which is the favorite moment of everyone, and then the final consideration so we can discuss the highlights of the year after the proceeds, and then we can clarify your doubts during the Q&A. Well, let's talk about the next topic. Again, let's bring Alfredo back to get his outlook on the business environment. How did you see 2023, and what do you think about 2024, Alfredo? The floor is yours. Thank you, Priscila. I think that 2023 started with low expectations of growth of the economy, a lot of uncertainties in regards to what would be the new government, mainly due to many of the things that were discussed in the political campaign that brought a bit of insecurity to the investors, the companies, and society as a whole. Now, over the months, the scenario has calmed down, the expectation for the GDP, which was about 1% for the growth of last year, we could see a GDP of almost 3% with the agribusiness being the main engine and industry still relatively weak all throughout the year in Brazil. We live in an environment of interest rates that are very high and a very significant reduction of inflation. So it was a better scenario than what we expected, but some sectors that are more sensitive to the interest rates, two specifically that affect us in our investments, they suffered a bit more, which was Dexco. They work in the real estate construction market that had a performance that was worse due to this segment being cooling down and Alpargatas, which we're going to discuss later, due to a drop in the income that happened in Brazil all throughout. For 2024, we see a stable scenario. We still have low growth. We imagine something about 2%-2.5% of growth, not having the agribusiness as the main engine as 2023, but services, services. We can see that the activities in the service market are warming up in general. So this will be the sector that will pull up the growth of the economy this year. Due to the continuity of the dropping of the interest rate, we're going to see some sectors of the industry that are regaining some of their activities: the automobile, once again, construction and real estate. We are expecting a better year. So we're going to expect a more pleasant situation from the standpoint of the economy itself. Central Bank should continue to decrease the interest rates. Tomorrow we're going to have a meeting, and our expectation is that it's going to be a 0.5% drop. And then we have an expectation that at the end of the year, the interest rate is about 9.25% per month. This is a benign scenario that will bring an economy and an environment that is more healthy for growth. Inflation, once again, stable, dropping a bit more. It's within the range of the objective. The objective is 3%, but it can vary 1.5%. So we believe in an inflation of 3.5%, the upper limit 4%. This is a very stable scenario. The exchange rate, we can see it very stable with a flow of the commercial plus financial. So we believe that there's going to be an exchange rate of 5 reais to the dollar. That should be the reality. If there is a very strong influx of entry of resources, maybe it can drop below that. But the exchange rate is not going to be a factor that will pressure inflation, neither the costs of the companies in 2024. So we see a scenario, economic scenario that is okay, a growth with low inflation, interest rates dropping, and a scenario that is good, benign in a general way without a great enthusiasm, but benign for all the companies that we have a participation, specifically those that are more leveraged. CCR, for example, that interest rate will benefit these companies in terms of financial expenses. And there is a growth of interest rates that are lower and inflation is stable that should generate an environment that is good for the activities of the financial system. And we see the possibility of growth in the credit portfolio of Itaú Unibanco with a low delinquency in a scenario that we have the expectation. In general, therefore, this is a scenario that we are seeing as good, not a great deal of enthusiasm, but it's good for our investments. Thank you, Alfredo. Thank you for the introduction. Very enriching. We will come back soon. We're going to go over the numbers of Itaúsa. This context that Alfredo brought, how is it reflected in our numbers? I think that we had another year of results at a record. The highest net income, which is recurrent for the market, was reported BRL 14.1 billion, 3% increase in regards to 2022. An ROE, profitability over our liquidity assets, recurrent 18.3%. This is in this historic threshold. We are very comfortable. It's been stable. Our net patrimony, well, we have the negative non-recurring effects that are coming from the investments, some impairments from Itaú Unibanco and Alpargatas, and the Argentine operation, BRL 13.5 billion, our net patrimony, net asset, BRL 83 billion at the end of the year. Our market share, our portfolio value of the market of the invested companies, the participation that Itaúsa has of those assets, reaching BRL 137 billion, a very expressive growth of 34%. That really shows solidity and the quality of the portfolio. So let's talk about how Itaúsa performed in the stock exchange. How is Itaúsa performing? We have the periods of analysis to see how the shares of Itaúsa have valued in regards to Ibovespa. In the period of 10 years, we had a valuation of 311% in regards to the main benchmark, which is Ibovespa, which is 134%. And in the short term, if we consider the last 12 months, February backwards, 45% of valuation in regards to Ibovespa, facing Ibovespa of 23%. So this is a performance that is very consistent, consistent with any of the periods analyzed, and it shows the resiliency, capacity, and the capacity for creating growth and value for our shareholders. Let's talk about discount. Discount is still very high from what we consider that is fair. Here is the position of February: 22% discount. So we are talking about our pricing, Itaúsa capital markets, BRL 106 billion, which is lower than the stake that we have from Itaú Unibanco, which would be valued at BRL 124 billion. The market is giving a discount in regards to our participation in regards to Itaú Unibanco. That without taking into consideration all of our investments, which are valued at least BRL 12 billion. And this is in the non-financial market. We have the consideration at the base level, and I'm going to comment that we have an important record for the creation of value for these recent investments. Certainly, we consider that this is a fair value for this investment, and we are going to get a discount that is implicitly higher than that with which we have commented to the market and the recent value creation of our assets that we had investments over the last few years. We always talked about a case, which is very important for the value creation: NTS, great capital allocation by Itaúsa. We did that investment in 2017. When we consider that the TSR, that's an indicator of all the shareholder return, which measures the return, the valuation of the assets, plus the proceeds for a period in regards to the initial price of the investments in a certain period. NTS, we invested in 2017. We reached a total shareholder return of 378%, much higher than any benchmark that we analyzed from Ibovespa. Copa, which is another case that is very interesting, the allocation, recent capital allocation, we reached almost 200% of TSR since the acquisition, and it's much higher than CDI and any other indicator that we analyzed. Ibovespa as well. Aegea, this is for utilities, a growth of EBITDA annual since our acquisition, a growth on average every year of 75%. We've seen all the concessions that were achieved since our acquisition and also a very high record of value acquisition, value creation, if we consider the multiple over the EBITDA with that important growth that happened. Itaú Unibanco, our main asset, is very recurrently bringing a record of value creation. Here, a period of 10 years, we consider 333%, much higher than benchmarks. Itaúsa, as I commented, with a growth, a record of growth that is very consistent. We have space for that consistency and those recent records for value creation of our assets in regards to assets that are in our portfolio for some time, and they have to be priced in a more adequate way for the market in our shares. Now, let's go over the numbers of 2023, starting with the panorama of what happened with the numbers of our invested companies. All of our invested companies, they already did their reports to the market, earnings calls. Let's see the panorama of the main highlights, starting by Itaú Unibanco. They reported BRL 34.7 billion net revenue of recurrent ROE, very solid results. Alpargatas, in a moment that is more challenging, sectoral, as Alfredo commented, but also with issues, difficulties, operational issues, and all that reflects of increase of stocks, of warehousing that the company saw in 2023. So they reached BRL 215 million of EBITDA recurrent in the year, BRL 48 million of liabilities, losses, a drop in regards to the result of last year. Dexco, a sector at the moment that is more challenging because of the macroeconomic scenario that impacted our results that is reported by the company, BRL 1.4 billion of EBITDA that is recurrent reported and a net revenue of BRL 371 million. Infrastructure, where we have the investments in CCR, CCR reporting an EBITDA that is adjusted for BRL 7.8 billion and BRL 1.4 billion of net revenue. So also a growth that is very important for all the modalities of the company. Ape, our invested company in the utilities sector, a growth of 82% because of the new concessions that got into the portfolio this year, BRL 4.5 billion of EBITDA this year, BRL 582 million of revenue, a growth that is very healthy and relevant in regards to last year. Copa Energia, our invested in the distribution of natural gas, very robust investment. The margins are reflecting that, recovery of margins and the capture of synergies of costs and expenses with the integration of Copa gaz, an EBITDA that is reported at BRL 1.1 billion for the growth of 22% and a net revenue of almost growth of almost 80%, getting to BRL 562 million. The transport NTS gas, this is a company that is generating cash, reporting BRL 6.8 billion of EBITDA and a net revenue of BRL 3.3 billion. Now, let's talk about how these numbers of our invested companies are impacting the results of Itaúsa. So let's talk about the evolution. Our net revenue is getting to BRL 14.132 billion in the year. That result is impacted BRL 1.7 billion of capital gains for the selling of the shares of XP in 2023. And that result had an impact of the growth of the results that we capture from our invested companies. As I reported in the previous page, we reported very solidly, and we had companies in very challenging market times. But in general, our invested companies, they're contributing with a growth of 6% of the growth that we captured in the year. Our own result is worsening in BRL 126 million. I'm going to comment what is within this. Well, this is the cost of Itaúsa, the cost of the holding, with a reflection that is very important of the increase of the tax expenses that I'm going to explain later and our financial result that is improving in 46 in the year, mainly in the cash generation of the period. Here is the movement of IRCS deferred and the movement of the assets. We have a reflection in this provision. We're going to talk about the components of our results, our profits. Well, let's start by the income. So our invested companies, which is the main component, as you can see the result that we have from our invested companies of BRL 13.5 billion. So an increase of 6%, as I commented in the previous page, all of this is an equivalency of patrimony in regards to the net revenue that is reported from our invested companies. We have our own results of BRL 683 million. Our own result is always negative because you have expenses, tax, administrative, and other expenses with a worsening in regards to the previous year because of more tax expenses. The financial result, which is in a positive effect, an improvement in regards to the previous year, but the financial result, which is the cost of our net debt, the cash profitability, negative BRL 572 million. Here, effect of IR/CSLL and the gains of capital by the sales of shares of XP. Let's comment on every block, the variations. Let's start by the result, our own result of the company, composed by our administrative expenses mainly and tax expenses and other small expenses. We had here a growth of BRL 126 million of 22% explained essentially by larger tax expenses, which is our PIS/COFINS taxes, which we pay over every value that we receive from our invested companies. In the year of we received more interest over capital, which is the reflection of the dividends over our own capital. Well, the main is Itaú Unibanco, and here we have PIS/COFINS. It's more news, good news, because we receive more investments of Itaúsa. Here is the fiscal inefficiency, and we are growing close to the inflation. Let's talk about the new component, which is the financial result, which is an improvement of 8% year-on-year of BRL 46 million. The result is on the negative because it's an effect of our cost of our leverage of our capital structure. But we had more cash mobility effects contributing positively for this variation due to a higher cash in the year, and that has to do with the selling of the XP shares all throughout the year that reinforced our cash flow. And for that, we had a positive effect of cash profitability that is partially compensated with more expenses of the interest rates, which are the debentures that we had issued in the investment cycle that we did. Going over the last component, which is the main one, the main results of the captured results of the investment companies reaching BRL 13.5 billion, a growth of 6%. So that is reflecting the robustness of our portfolio. We had a highlight that is very positive for the results where we captured Itaú Unibanco, CCR, Copa Energia, and IGA. These are the companies that are better performing in the year. Negative reflections that we have of Dexco and Alpargatas in a challenging, impacting the demand, impacting the demand for the products of these companies. We have the negative reflection of XP of almost BRL 200 million, and here is the less patrimony equivalence that we capture from the result of XP due to the reduction of the participation in this investment. NTS, even though the results are very positive, this is the only company that we account in a different way where we consider NTS as a financial asset marked to the fair market value. In this case, we did the update of the fair market value of NTS, and we had an impact of the deflation of IGP-M in the period. So this is a study of the localization of the model and the result of the negative fair value in comparison to the positive fair value of last year. This is the impact in this year. With that, I can give you the important overview of the results of our invested companies and how is the result of Itaúsa composed itself. Now I would like to go over the next topic, which we had a lot of advancement, which is the capital allocation and management of liquidity. Let's do a retrospect with the selling of the shares of XP. We closed completely the selling of XP, and we left the participation, we zeroed the participation in December 2023. We still had the reflection in our results in 2023 of BRL 1.7 billion in gains of capital from the selling of the shares, our cash, the entry of cash by the selling, BRL 3 billion over BRL 3 billion last year. All of that cash is utilized for the reinforcement of cash and the prepayment of debts that I'm going to comment thereafter. This is a retrospective from 2021. When we started to do the selling of this investment, we started to see the accumulated impact in our result of BRL 5.2 billion of capital gains in the selling that we had done and the cash of BRL 9.5 billion. If we update the price of selling of every lot that we did since 2021 until December, we are talking about a price per share of selling, well, selling price BRL 132. This is a price that reflects very well the good execution of the strategy for selling of these shares. This is a price that is higher than the current quote of the share. Remember that we always did the selling of the shares looking for the fiscal optimization and maximization of the value creation for our shareholders. I commented that the main destination here was the cash reinforcement and the reduction of our debt, the deleveraging. We are consistently commenting on our intention given the scenario of the interest rates that is high in Brazil. Our intention is to reduce our debt, reduce our financial expenses, and therefore, we are executing in a very consistent way that. Here is a retrospect of the third quarter of 2022 when we reached the highest net debt of Itaúsa, gross debt of Itaúsa, sorry, BRL 8.4 billion. And since then, we had a movement of the reduction of the gross debt. And you can see that from the selling of XP, we did the first movement in 2022. We closed 2022 with a lower gross debt, and in 2023, we did two movements for the reduction of the prepayment of debt. And that, therefore, we closed the year with BRL 3.8 billion of gross debt. With the cash that we did with the selling of XP and the reinforcement that we did, we also managed to do the reduction of the net debt. If we consider September of 2022, which is comparing with that BRL 8.4 billion of gross debt, we had BRL 5.8 billion in net debt, and now we're closing with BRL 0.7 billion of net debt. So a reduction that is very important. Another movement that I think that is very interesting from last year is. Debt profile, and there is the average deadline that is from 2.3 years in September of 2022 to 6.5 years in average deadline. So that is a reflection that is very positive in the liquidity management of the company, mitigation of risk, refinancing, and with that, all the movements of prepayment. With the refinancing that we did, we zeroed each and every amortization of the main debt until 2027. So the next amortization only happens in 2028. We have the indicators for leveraging here very healthy. We have a lot of robustness in terms of interest rate coverage and level of leveraging of our spreadsheet. So now the issue that all of you have waited for anxiously, we have a lot of questions in regards to that in our social networks. I'd like to remind you, if you'd like to submit your questions, you can do so in English as well. Use the message box and the platform or through X using the hashtag #ResultadosItaúsa. We are following up on your questions. Proceeds. We had the positive news for our shareholders. We had an increase of 100% of our proceeds in 2023, reaching BRL 8 billion of the interest over capital declared over the company. Well, it was BRL 4 billion-BRL 8 billion that reached a payout of 62%. So a growth that is good when we compare over the last years at a threshold of 31%, the double of payout this year, 62%, getting our dividend yield of positioning of 8.4%, which is a growth that is very robust, and it gets us in this sixth position of the highest dividend yield of the listed companies at the B3 stock exchange here in Brazil. So there is an increase of the proceeds. We had positive news, and we've done another type of remuneration for our shareholders, which is the payment of a bonus. We did the bonus on the shares. We did it last year, payment of bonus of 5% capitalizing almost BRL 9 billion of reserves of net income. We have the price on the share that highlights the fiscal benefit for our shareholders. We have, over the last few years, a demonstration of trust of our shareholders, which is the call into capital with 100%. What we couldn't conclude, we couldn't conclude the call to the market of. We did the homologation of the capital at the end of the year last year. For those shareholders that subscribed and that took part in our call to the capital, they also had the bonus of 5% after they did the homologation of this capital. This is positive news. Well, yesterday, there is a new declaration of the interest over capital on capital. We have the board approving BRL 614 million, the value of BRL 0.05 per share. So the shareholding position, for those of you that have shares of Itaúsa until March 21st, sorry, you're going to have the payment until, well, the date is going to be paid until August of this year. So good news on the proceeds. And also, I'd like to, before giving the floor to Alfredo, I'd like to bring the highlights of what he saw in our portfolio, Itaúsa, and giving the panorama and also getting the unlock of Alfredo for 2024. And therefore, I'd like to remind all of you that Itaúsa publishes regularly the news and the information that is relevant for the holding and also the companies of our portfolio in the website and the newsletter and the social networks. So follow Itaúsa on Instagram and also X, former Twitter, and also enroll yourself in our YouTube, sign up on our newsletter, and you can get to know everything that happens to our portfolio. I would also like to ask you that at the end of transmission, please answer our satisfaction questionnaire. We're always trying to improve. So capture the QR code or click on the button, and you can submit your questions, your comments. And now, yes, we can connect with Alfredo. Alfredo, here are the main numbers of Itaúsa. But I want you to give your outlook. Since you are on the board of a great deal of our investee companies, what would you highlight from our portfolio and also Itaúsa in 2023? Well, thank you, Priscila. Congratulations on the presentation. I think it was positive numbers that we announced to the market. They reflect a good performance of our companies. I think that we had results that were positive. I think that we did a great movement, financial movement, reducing our shares on XP. With that, we can do an increase of our debt, the decrease of our debt on the timeframe, and that is very relevant. All of that is reflected when you have the dividend yield and you have Itaúsa in regards to the results of Itaú Unibanco. I think it was a very positive year for Itaúsa. Internally, without getting into the details, we had great advancements in governance, control, and all of our operation of the day-to-day that is more robust. It was a positive year, and I think that we can continue to expect for 2024 an improvement, as I commented, of our operations. I think that the bank has continued in the gains of efficiency, in the results, in focusing on the clients, digital transformation. So I think that this is a long journey, but I think that the results have a lot of quality and low levels of delinquency. This year, we continue with this journey, possibly with the same scenario of the low cost of credit. And in the area of industry, Dexco and Alpargatas, we have better results. And I think that the environment will be better for the companies all throughout 2024, the same with CCR. We've seen the numbers that are much higher in terms of the movement of the ports. All the area of mobility is, well, reflecting that the service area will be pressuring the inflation, pulling up the GDP. And so we have the numbers of CCR and the indicators of the economy. Copa indicates that these are positive results, an economy that grows. We have the organic growth, and we have the cash generation, the inde, and this is going to be reduced with the amortization of the debt of Copa. And so we get into a moment that we have a virtuous cycle of Copa Energia, and we can eventually have new investments in the sector of energy. So we are not depending so much on the macroeconomic. We have great opportunities for the next years in terms of privatization and concessions. Last year was, well, we have Corsan, and we have the portfolio, but we are going to have opportunities, certainly, so that Aegea will continue with the journey of growth. We like that asset because, regardless of it having an expansion, it has a social improvement of the quality of life of people. This company is working with the utilities. It's very good that we have the ESG strongly, not only in governance but also the environment with people and improvement of quality of life. So this is an asset that we really like. NTS is always, well, works like clockwork. It has a very rounded operation. No surprises, really, here. I would like to highlight also the selling of ESG, and we started to work with the Itaúsa Foundation that we created last year. We followed on the first projects in 2023, BRL 7 million realized. This year, we have the budgeting of BRL 50 million reais, already with some projects approved within what was proposed in the foundation and helping with the productivity of the Brazilian economy and the improvement of the environment. So I think that we start 2024 with the ESG, not only with our foundation but also with an agenda that is very important and agreed with our invested companies of what are the points where each are going to act so we can have a better follow-up of this. This agenda… [Foreign language]. We will continue with this agenda, and we will work together with our invested companies. And the holding itself, everything that has to do with the activities as well, with a lot of quality. So I think that we can expect a good year for the companies. I think that we can have a growth of results in all the companies of our portfolio, and we will have the interest rates that have a positive impact as construction and real estate and Dexco, and also the more leveraged companies by the sectors which we work with, which is infrastructure that have debt on the long term, but they're doing the investments necessary with the concessions that were acquired. So I see that this is a positive year. We hope that this will continue to, well, that we don't have a recession in the economies of the world. We are growing in the world economy, and, well, geopolitics is not different from what we saw. I think that the scenario for Brazil is positive, and for our companies, is very well positioned. I think that we can benefit very well from this more easy scenario that we have in Brazil in comparison to abroad. Thank you, Alfredo. Now we're going to continue with the presentation, and then we'll see each other in the Q&A. Now, actually, we're going to start with the Q&A, and let's answer your questions. Let's start. [Foreign language]. I have the order in the chat by names. [Foreign language]. Well, this is also the time that we're going to answer the Q&A session. And we have analysts, market analysts, that are going to take part, and they're going to answer your questions. The first one is Daniel Vaz, da Safra? Good morning. Can you hear me? [Foreign language]. Welcome. [Foreign language]. Well, this is also the time that we're going to answer the Q&A session. And we have analysts, market analysts, that are going to take part, and they're going to answer your questions. The first one is Daniel Vaz, da Safra? Good morning. Can you hear me? [Foreign language]. Welcome. [Foreign language]. Well, this is also the time that we're going to answer the Q&A session. And we have analysts, market analysts, that are going to take part, and they're going to answer your questions. The first one is Daniel Vaz, da Safra? Good morning. Can you hear me? [Foreign language]. Welcome. [Foreign language]. Well, this is also the time that we're going to answer the Q&A session. And we have analysts, market analysts, that are going to take part, and they're going to answer your questions. The first one is Daniel Vaz, da Safra? Good morning. Can you hear me? [Foreign language]. Welcome. [Foreign language]. Well, this is also the time that we're going to answer the Q&A session. And we have analysts, market analysts, that are going to take part, and they're going to answer your questions. The first one is Daniel Vaz, da Safra? Good morning. Can you hear me? [Foreign language]. Welcome. [Foreign language]. Well, this is also the time that we're going to answer the Q&A session. And we have analysts, market analysts, that are going to take part, and they're going to answer your questions. The first one is Daniel Vaz, da Safra? Good morning. Can you hear me? [Foreign language]. Welcome. [Foreign language]. Good morning, Alfredo. Good morning, Priscila. Well, my question is also aligned with the message of management, that you demonstrate a need of, well, the high interest rates. You have to be careful. The geopolitical issues in the world that we hear from Alfredo, that there is a more positive scenario in Brazil for 2024 when we see the inflation, which is a lowering of the costs cycle. So what are the possibilities for 2024 in terms of looking at this positive scenario in Brazil? Do you think that there is a possibility of you doing some acquisitions? You saw the leveraging strategy. So you are doing well with the services of debt. What are the priorities? What is the sector that you want to invest? Do you simply want to do the reduction of leveraging and maintenance in this case? Thank you. Thank you, Daniel. Thank you for the question. Well, I think that we have a scenario that is reasonably positive in the Brazilian economy without a lot of enthusiasm and euphoria. It's, well, not something that is going to make the economy and the inequalities I don't think that they're going to be minimized with the degree that is necessary. And this is a scenario that we see for the next years. Well, low growth, low inflation, and dropping of the interest rate. We see and analyze, Daniel, the set as a whole. We see in Brazil, regardless of the interest rate dropping in a very strong way, getting to 9%-9.5% per year, the cost of Brazil, the risk of Brazil, is still high. So we see the NTNs that are longer indexed to the inflation with the interest rate of 100 and well, this is an interest rate that is very high. If you add the premium to the interest rate on the risk, the additional risk of the new investment, then we were talking about something 1% or 3% more in the return of that. So the inflation of 4% with an interest rate of 6% but a premium of 3%, then we're talking about an investment that would need to be profitable with a return rate of 13% per year. So with that, we see a lot of difficulties in finding assets with this return, with the quality that we would expect that Itaúsa would do, an investment that is relevant. So I think it's difficult at this time that Itaúsa has a new investment and that we invest this aspect of interest rates, of high interest rate returns to compensate the risk of doing the additional investment. So we're going to continue to see. We're always looking. We are signing a lot of NDAs. We're looking. The private equity companies are seeking us to analyze opportunities, and we continue to see them. I think that the gap that we have in the portfolio is always something connected to the agribusiness, which is very relevant in the Brazilian economy and that we do not have any assets that is directly connected to that sector. We haven't found anything that would justify the investment by the return or the opportunity that we had. But we continue to see. I think that the strategy continues to be the leveraging. We have. The real interest rate, it will be very difficult. It It will drop below the 6%. So we have a debt that is still to be paid that is very much reduced but still very high. Itaúsa is a holding from the segments of the dividends that we received. So we have to be careful analyzing the opportunities but with a lot of tranquility. And if possible, if we're not having any opportunity for growth, we are going to continue with our journey of reduction of the debt and expecting a new opportunity. Remember that Itaúsa did all of these investments through leveraging with the issuance of debentures in the Brazilian market, 7, 8 years. So if there is any other opportunity with the reduction of leveraging that we've done, we can think about endowment of the company if, in fact, there is an important special opportunity. Otherwise, we're going to continue with the process of deleveraging of Itaúsa. Thank you, Alfredo. Now, I'd like to bring our new guest, Thiago Batista, UBS. Thiago Batista, the floor is yours. Bom dia a todos. Good morning, everyone. Well, I have a question about the flow of dividends. '25, you talked about the perspective for 2024, but you talked about a good perspective for the flow of proceeds for the year. My question is, in your opinion, is it material, the payment of dividends of the other companies that are not Itaú, throughout 2024, or with that flow of the non-financial selling, would it be growing up ahead thinking that throughout 2024, Itaú will pay a great deal of dividends? Is there anything that is coming from the other companies? And simply a quick follow-up. Itaú has something about 90% of the assets of Itaúsa. Is that the perspective for the future, or can we see diversification of your portfolio? Obrigado, Tiago. Obrigado pela pergunta. Thank you, Tiago. Thank you for the question. Well, the dividends of the companies that are non-financial, they're still not sufficient for us to pay the additional dividends for our shareholders. Some are still in a long process of investment, such as CCR, Aegea that has a CapEx that is very high with leverage that is very high. So the financial expenses have an investment that is equivalent of the EBITDA that is generated by these companies. But we see Copa is going to pay a dividend that is much higher this year. We see Dexco, which is a reasonable dividend, regardless that the operation is not so good, but there is a space for that. So we see NTS will continue with the flow that is much more relevant of dividends, but these dividends are not enough for us to pay for the additional dividends. We have all the expenses of the holding, and Priscila showed, well, taking into consideration all of the expenses. Plus the donation of BRL 50 billion for the Itaúsa Foundation, so BRL 200 million in expenses of the holding. But we have another BRL 500 million of expenses, financial expenses, payment of interest rates of our debentures. And we have also 500, 400 million of inefficiencies, fiscal inefficiencies in regards to the interest on capital. There is a subholding before we get to the Itaúsa. So we are still not in a condition, well, we haven't got a flow of dividends that so we can zero the expenses of the holding, but it's not enough to pay for the additional dividends. There is an expectation, and I commented in this year, well, in this event, we are in a trough, in a valley. We are inverting. There is a big elevated CapEx, so we haven't had a lot to work with for the payment of dividends. But we see that in a growing way for the next year, so we can distribute more dividends for our shareholders besides what we have in practice, which is passing on the dividends of the interest over capital that is received by the bank itself. So this is a part of your question. The second part, it's very difficult for us, Tiago, to do the diversification when we have 37.5% of Itaú Unibanco, which is a giant, a very strong participation, the bank that gives you results, BRL 35 billion-BRL 36 billion, just with the liquidity of this operation. It shows the concentration of our results and our investments. So I think that we have to expect something about around 90%. What we see in the portfolio is a portfolio of companies that are good, they are relevant, and we see them with a unique portfolio. So they individually, they have a lower weight in the results of Itaúsa. And I think it's very difficult that this will change in virtue of the size of the result of Itaú Unibanco over the next few years. Thank you. Now, the next guest that will take part, Eric Ito from Bradesco BBI. Hello, Eric. Hello, Priscila. Hello, everyone. Hello, Alfredo. I have a question on interest on capital. I know that in the last call of results, well, the theme was about the extension of it. In that sense, you commented, Alfredo, that for Itaúsa, you had a benefit of the reduction of inefficiencies, but in the whole, it wouldn't be compensated for the negative impact of the subsidiary. So could you tell us, what do you think about this theme? What would be the fair discount, therefore, of Itaúsa in this scenario? Thank you, Eric. Well, interest on capital, JCP, if it's over, we're going to have an expense, tax expense of our fiscal inefficiency because we are holding of about BRL 500 million. So that would be a direct gain for the shareholders that we would release BRL 500 million for us to do the amortization of debt, payment of dividends. We can do new investments. We will have some breathing space. But the effect on the subsidiaries, especially in Itaú Unibanco, would be much worse because the bank would be more taxed. So we wouldn't have the fiscal benefit of the interest over capital, and that would make the results of Itaúsa be reflected by the asset equivalence of Itaú Unibanco being lower. So another one is, well, in the view of Itaúsa, the vision of the shareholder of the asset growth and the company, is better that the JCP will continue. That will create more value for the shareholders. So once that is done, then we will have that direct gain, immediate, of BRL 500 million of keeping those expenses in the PIS and COFINS. And that discussion is still very open. And we have that discussion for the next year. The focus is to regulate the tax reform, the complementary. So apparently, this discussion, we're going to have the part of 2025. 2024 will continue. 2025, we're still going to continue to be having the JCP and the non-taxation of the dividends. So we have to see how Congress continues and the ministry, how they continue to see what is proposed and what is approved by the National Congress itself. Thank you, Alfredo. I think that there is another question of Eric about the level of our share. What is the fair share? Well, I think that those BRL 500 million, they shouldn't be discounted because the inefficiency, one of the factors, is that fiscal inefficiency that sometimes we see the results of Itaúsa, and it's 4%-5% of the result. So the fair share would be, in my opinion, about 15%-18% of the entirety of the holding. We have the discounts in every market and every country. I think that here, the discount with Itaúsa is very high. So, I think that the market still sees Itaúsa at a discount to the, and we have the rest of the portfolio that has created value for the shareholders. We didn't realize that value because we sold the shares of XP. Just the shares of XP that allowed for the reduction of debt, it generated value, positive results. As we continue over the next few years, the portfolio, we will continue to have gains with the realization that is very substantial because the rates of return in these investments are very high. So, I think that this discount, the expectation is that it's going to decrease in and of itself because the creation of value for the non-Itaú portfolio is very high. Priscila also commented during her presentation of the closed companies, non-listed, Aegea, they have a value, fair share value in our internal valuations that is enormous in regards to the accounting value that they are accounted for. So the discount that we see today as 22% is much higher than that in terms of the real value in regards to our books. Thank you. I commented the how do we measure the TSR? The last investments were very robust for capital that we've done over the last few years. Which is not priced, as you mentioned. Now, I'm going to call Tiago Binsfeld from Goldman Sachs, and he's going to ask a question. Hello, Tiago. Welcome. Hello, Priscila, Alfredo. Thank you for the opportunity to ask a question. Well, what about the profitability? Over the last few years, we saw the capacity to generate revenue in tariffs. We have the interest rates. There is a lot of noise in regards to credit cards, but the banks have done a lot of efforts. So in the balance of that, how is the sustainability of the bank thinking up ahead? We're going to get an ROE of 24%, or? Thank you, Tiago. This is a very interesting company. Well, question, and it's a very difficult to answer. I think that Itaú has had that return of 20%. I believe that this will be kept over the last few years. We're still going to keep it over the last few years. We've worked strongly internally in the reduction of costs, seeing the need of reducing costs so we can be more competitive, specifically with the digital banks. This is our goal that we've worked strongly, and we've, in fact, reduced the cost of the bank at the same time that we reduce the business and we improve the investments and the perspective of the results. We did great growth in technology, and we have 15,000 people working in technology. So we can remove those differences in the digital bank and the applications. So on the side of efficiency, it's fundamental that we have to continue to work. Revenue, we have expectations, which is natural that a great deal of the products that are traditional, we are going to continue margins and prices and revenues that have to be compensated by other products, by the reduction of cost and by the growth. So if Brazil grows, the revenues also grow. We have a problem in the financial system that the revenues of the banks have not grown a lot regarding the low growth of the economy. So that brings risks of credit because these companies and physical companies, they have a certain level of leveraging. So for you to grow the revenue, you have to have a degree of additional risk that at this time, Itaú Unibanco is also not wanting to take risks in regards to the uncertainties. So we have to work with all the reduction of cost, the gains of efficiency, reducing the number of branches, personnel, using artificial intelligence in our favor in terms of products, services for the clients, and at the same time, to try and grow the revenues in an environment that we see in some products are decreasing, and there is a possibility of growing revenues, for example, for Itaú Unibanco. In insurance, there is the management of assets. So we have to compensate the low growth of the credit portfolio, which there would be a great leveraging of the financial system with the cost reduction. I think that the bank is well-positioned. We manage to compete very well with the digital banks. We've done an effort with the technology that is very good, with the cost and products and services that is very big, but the challenges are not small. So we cannot think that Itaú Unibanco has to rest on its laurels. No. We have to be humble. There is a lot of competition, and they are gaining the market, and they are showing growth. We have to adjust all the operation of Itaú Unibanco for this new reality of competition and a scenario that is possibly, which is our basic scenario, of low growth. So we have to adjust that to continue to be competitive in regards to the banks, mainly the digital banks that are gaining the markets in Brazil. Thank you, Alfredo. Now, Fernanda Recchia, she is the analyst of JP Morgan to ask the last question. Hello, Alfredo. Good morning. Thank you. My question is about Alpargatas. We, the analysts, are we hear that the non-financial sector, we hear the stories that we know that Alpargatas has gone through a change in management and a few operational issues as well regarding the management of stock, the international strategy. But I think that the worst is past us. So I wanted to ask you, how do you evaluate these recent changes, the positioning of Alpargatas today, and the perspective for the recovery of the operational gains up ahead? Thank you. Thank you, Fernanda. Thank you for the question and the opportunity to talk about Alpargatas, which, in fact, has been our ugly duckling in our portfolio, right? Well, over the last few years, few years post-pandemic, we've proved that throughout the pandemic, we proved that the management at the board of directors, an expansion plan for Alpargatas based on Havaianas and the subproducts, and with an expansion that is higher in the international area. That was approved, okay? But unfortunately, we didn't have an execution that was done in a way that we expected. We had a lot of difficulties. We ended up creating a portfolio of products of the flip-flops that was much more complex and that brought a lot of complexity on the shop floors. And that generated the problems with the selling, and that generated a problem with logistics that ended up hindering the results of the company. So I believe that that poor execution of the plan approved by the board of directors took us to poor results with Alpargatas, Havaianas, and with an enormous increase of stocks because the deadlines were not fulfilled, especially abroad. Mistakes that were made that were made. were made. It's very difficult to get into the American market, which is very big, and that we still have three, four times the strategies, and we haven't fixed it yet. So we've had a lot of expenses and almost no revenue. In the Asian market, the same thing. China, Indonesia, the difficulties of expansion are very big. And that is reflected in the results of the company that were very much affected, especially by the growth of stocks that ended up taking us to a working capital that is very high. And with that, we had financial issues and debentures. We were making debt to work with the company. Last year, we opted with the substitution of the CEO of the time. Throughout last year, we did a process that was very cautious for the choosing of the new CEO. With that period, Edmond, which is a former executive of AB InBev, which is from our board, he is from our board, he is the interim president of the company and already started the strong process of structuring of operational improvement, reduction of SKUs, etc. As you've realized, the company has improved quarter on quarter. Last year, we did well. So it all indicates that this year will be better, and it's seeking that trend of improvement. The new CEO took on the company at the end of March, of February, sorry. He got in well. So we are in a different dynamic in the company of reduction of debt of stocks, the new collection that was presented and very much well received all throughout Brazil and abroad. As you said, the worst is past us, it seems. Today is a year of recovery of margins, recovery of image in facing our clients. We had cancellation of requests. It was a year that was very challenging, specifically for the international market. So we are recovering the company, and we think that we're going to reduce the working capital, and we are recovering the market share. And we can see how all of that will work. And we are having good expectations for Alpargatas. Also, we commented that we did a great impairment for last year in our acquisition of Rothy's, which is the shoe company in the United States where Alpargatas has 49% of the company. It was purchased at a moment where the valuations were very high. Then with the increase of the interest rate with the American market, the valuations dropped a lot. And the similar companies, Rothy's, and all of that had significant drops in the American stock exchange. So we did the impairment, and that shows that the company doesn't have the value that we paid two years ago. So we did the impairment on the brand in such a way that we want to adjust accounting the numbers to the reality of the shoe sector that was very much affected, as I'm shown with the international market that is very strong. But we are optimistic. We're very optimistic in regards to Rothy's. It has opened new stores in a lower rhythm than what we expected in the business plan when we did the acquisition, the American interest rate. But this is a company that we believe that has a good product that is very sustainable with good stores and ecological, sustainable work. Unfortunately, we bought at the wrong time. That's the reality. We did that impairment, but the company is growing. And I believe that this is seen as the investment that we're going to see the fruits in the case of well, the worst is past us, and we're going to recover the market, the shares, and everything back on track in the operations of the company. Thank you, Alfredo. And now I would like to call our next guest, which is Eduardo Nishio from Genial. Well, welcome once again. Good morning, Priscila, Alfredo. Thank you for taking my question. Well, I wanted to do a follow-up on the tax return. You talk about JCP, but I think that the issue is more profound, and it's being discussed now, which is the impact of that on the banks, which is the banks already pay for a tax which is very relevant. And we are discussing maybe a reduction of that 8 percentage points and all the impact in Basel as well. So we have the reevaluation of the fiscal credits, and that has a relevant impact in the capital of the banks. So how do you see that issue of the taxes, and how do you think that we could do the exceptions for the banking sector? What is your opinion? Thank you, Eduardo. Well, let me answer here. I think, Eduardo, I think you have important issues. The tax is very high, and when we exclude the interest on equity, which is the scenario that was discussed up until now, we increase that effectively. There is an impact that is extremely relevant for the financial sector that has to be balanced by a reduction of the corporate IRPJ/CSLL. We don't have an important reflection on the results for the operation itself of the bank, the concession of credit. Of course, that has a reflection on the company. What we understand as being fair, if in fact there is going to be an extension of the JCP, there has to be a compensation of the reduction of the corporate tax. This is what is expected. Let's wait for the evolution of this issue. Today, we don't have a clear signaling of what is the path of the government. We've gone through several studies, but we don't have the surety of what is the path to tread. But the impact would be expressive, and there should be a compensation of IRCS so that that impact is partially mitigated. Would you like to comment? Well, Priscila, thanks. The first thing that I read yesterday and today, the Ministry of Economy saying that this is a subject matter for the future and that there should be a compensation of the reduction of shares in such a way that is as neutral as possible if the path is the extension of the interest over capital, and we would have a reduction of the corporate costs. Another point, which is the discussion of interest over capital, which is very complex. It doesn't seem as simple as it seems. The Ministry of Economy and the central bank, they understand that the banks have a very big interest over capital because we have regulatory that is kept by the banks is very high. So what ends up generating the interest over capital nominally is very high because the banks have a high capital in regards to the regulatory rules of Basel that regulate the banks in a worldwide level. So there is that understanding that the banks do not have the high capital by their own will and because it's a regulatory issue. So that understanding is very important, and that might take, depending on how the things are going, depending on the financial system, to have but we're going to have the need of that regulatory capital. But the decision will be for next year. It's very complex. It's not as simple as it seems. It's not simply eliminating the interest over capital. There are countries in Europe that they have similar things to interest over capital, similar to Brazil. So we have to wait to see how these discussions will be replenished next year. Next year. Alfredo, we still have a lot of questions, over 200 questions that we received from our audience. So I think that the proceeds is what people ask the most. So Wendell Silva, Diogenes, Décio, Lucas Eduardo. They're asking, "What should we expect about the dividends of 2024, dividend yields expected, and to see if the future that will be kept in the same threshold that we had in 2023?" Well, that is a recurring question that we've had at base 900,000 shareholders that is focused on the growth of dividends and addressed on this issue. We have a common practice of passing on all the dividends that we receive from Itaú Unibanco to shareholders and the interest on the dividends that we receive from the non-financial sector to pay for the holding expenses, as I commented before. Our idea is that this is kept over the next few years. I don't see any reason why that shouldn't happen, even though there is an additional investment. If we find an opportunity that will compensate the risks, as I commented before, we can leverage Itaúsa once again. We reduced very well the indebtedness of the holding. So I think that what we can expect is passing on the dividends that Itaúsa receives to the shareholders of Itaúsa. That is the practice that we expect for the next few years. Well, the bank did the profit sharing in regards to an excess of capital that we had at Itaú Unibanco. That was very relevant. So we've had the additional distribution of dividends of BRL 3 billion to our shareholders. Well, I think that the amount that is going to be distributed, it depends on what we are going to receive from Itaúsa at Itaú Unibanco. This is going to be very substantial. The bank distributed 60% of its income, Itaúsa as well, a bit over 60%. But we cannot affirm that this threshold will be kept because it depends on what we will receive all throughout this year and at the beginning of next year from Itaú Unibanco regarding the net income of 2024. There are several variables that fiddle with that. If the economy grows, grows more, and the credit portfolio grows more, you need more capital. So there is a series of topics that influence the decision-making process at the board of directors of Itaú Unibanco which is very difficult to predict. Something that we can expect is the continuity of the practice of passing on the dividends that we receive from Itaú Unibanco. Alfredo, also questions regarding payment of bonus. Can we expect that well, José Marcos, payment of those subsidies? Well, we do. The The incorporation of reserve of capital for the capital of the company with a premium over the shares, small premiums, single percentage points, as we don't so we don't have any questions, fiscal questioning, in regards to that profit sharing, which is a distribution at the end of results that are accumulated of the company and not in the way of dividends but in shares. And those shares, they have a cost. You can realize that when we do the bonification of 5% as we've done now, "Oh, well, the cost that is attributed to each of the shares, if I'm not wrong, it was about BRL 17." So what happens? When you pay with a higher cost, your average cost of shares grows. So when you sell those shares, you will pay less interest rate because your cost will increase in regards to in regards to the proportion of the capital of Itaúsa. So it's important that now we are at the moment of delivery of the interest rate, interest tax. We have to have the natural persons. We have to incorporate that cost through the bonified cost because it's going to increase your cost, and therefore, we will have a lower interest rate in the moment that you do the selling of the shares. Well, let's see this year. We're going to see how things are ongoing, but we cannot guarantee if we're going to have or not a new payment. We're going to see if there is any change of the rules. This is a decision that we usually take in November. Actually, November. Let's see if there is going to be an incorporation of reserves, and consequently, there is going to be a payment. Well, thank you, Alfredo. Also, a lot of questions of repurchasing the shares. We talked about the share that is discounted. Is there any repurchasing of the shares in the future? Well, there is an open program which is simply to see the options for the administrators of the company. We have 10 million that is open. We talked about this in the beginning of the month, the purchasing of the lot facing a program this year. But there is no project purchasing the set. So it would be a great investment, certainly, for the shareholders of Itaúsa because you have, you're purchasing the shares with a discount. So you would have a return rate that would be much more interesting. But the board of directors has opted for doing the distribution of the dividends of the interest over capital. Well, some questions. You commented a bit about that at the moment of the holding of the investment. So about the portfolio management, Paladino and Alex Santos, they want to know if Itaúsa is going to increase the position in the company's already present and of holding. Do you see any specific sector or any possibility in increasing the investment in NTS and the electric sector as well? Well, with the companies that we take part, we see our positions. So it's very unlikely, for example, at Alpargatas, at this moment, we wouldn't have our participation. So in the case of Dexco, the same thing. It limits how much each block of the shares of Dexco can have of its capital. So we are limited to that. Copa Energia, we have 49% of the company. So there is not a whole lot of space for us to increase in participation in the companies that we have in the portfolio. But having opportunities, we're going to have an increase of capital in those companies, and we have to keep our position or even increasing if there is anything in regards to other shareholders. So yes, depending on the case, we can study an increase of participation in our portfolio. Alfredo, some questions about the expectations for Itaúsa in the future. Now, what should we expect of Itaúsa in the long term? What is the path predicted for the company? This is Rafael Bellinger, Marcos Araújo, and also they talked well, Legend Ricky, they talked about the future of Itaúsa. I think that you can expect that we will continue to do a very cautious allocation with good interest rates for our investments. The bank will continue to be the crown jewel of investment of Itaúsa that represents about 90% of our investments and our results. The bank is very big. Our participation is very important. But in the other companies of the portfolio, I would like to say that we can see all the movements. We have participations in other companies or simply selling and waiting for the opportunity to do another investment. And this is the moment that we have a more active management of this portfolio. We sold Itautec recently. We sold Elekeiroz. We sold all of our participation at XP. We purchased this portfolio that we have. So if tomorrow we think that there are certain investments that we got to a maturation and valuation that is adequate, then we can sell, and we can find other alternatives. What we can expect is that the bank, being a bank, going over the dividends of Itaúsa and trying to maximize the investments of the non-financial portfolio in such a way that we can create value to the shareholders, and therefore, we can keep the profitability of Itaúsa in high levels. Well, here is a question about the IPO of some invested companies, Ivo Menezes, Marcos Steger, and Wesley Oliveira asking if Alpargatas, Dexco are going to be listed NTS. So what can we comment on the opening of capital, some of the companies that are in the portfolio? So there is no discussion about this opening of capital. These companies are generating cash for the investments. So I don't see anything on the short term that is happening in IPOs of the companies that we have participation. Everything is possible. We're going to see the valuations of the stock exchange, the need of capital for investment that the company might have. But there is nothing on the radar, let's just say, on the short term for the opening of the capital for any of the non-listed companies that we take part. Alfredo, I think that with our transmission, there was some interruption for a few moments. I would just like to comment that all of this transmission, the live will be available at YouTube for those of you that later, if you lost the connection, you can watch it again. It will be later on YouTube. So I wanted to bring another question here that I think it's very interesting, and it talks about the moment. It talked about Instituto Itaúsa, the sustainability, the strategy of ESG. And Eduardo Souza said, "Considering the trends of the financial market, how is Itaúsa investing? How can we mitigate the risks, and how can we keep the commitment to sustainability and corporate sustainability?" Well, as I commented, Priscila, the management of the capital allocation is very cautious. We really look at the investments that we're doing, with whom we're partnering up. So we have the decision-making process for the capital allocation. So in that sense, we are very well positioned. On sustainability, I think that this is very relevant. As I commented, this is a priority in the agenda, not only through the Itaúsa Foundation but also through our influence that we might have along with the invested companies that we've taken part. We've taken this discussion. Well, we have to try to prioritize. We have, well, especially environmental governance. They're very good in general. So in the sustainability agenda, we have an agenda that is priority regardless of the difficulties that this agenda brings in terms of cost control. But we have a conviction that the companies that are non-adherent to this journey of sustainability, of reduction of the consumption of energy, of water, they're going to have a lot of difficulty in keeping their positions with their consumers in the future. So this is an agenda that we give a lot of priority, and we are going to continue to give to the holding and for the invested companies with what we can work with. In fact, and we hope that we can work with the sustainability agenda for the future. Alfredo, to close, I mean, we have a lot of questions, but we don't have enough time. And I would like to bring a question from Augusto Valentini. He represents the small investors. Remember that we have almost 1 million shareholders in our base spread throughout Brazil. So he represents that public very well. And he wanted to know from you, Alfredo, what are the main reasons for the small investors to have a conviction that investing in Itaúsa is a good investment on the long term and how Itaúsa recognizes the importance of these small investors? Well, it's interesting. I think that we give a lot of value for these small investors. We like to have this space. We like to have it pulverized. Almost every single city in Brazil has shares of Itaúsa. So it's a source of pride and joy for us to be, well, the companies that has one of the most spontaneous bases of shareholders. We try to work with the social networks. This is a way that we can communicate with our shareholders, stakeholders in general. We have a strong working with LinkedIn, with Facebook, and with Twitter. We've grown our bases of followers on YouTube, our videos of results, our videos that are more didactic in regards to the proceeds and capital. We've seen a lot of people seeing our campaigns. They have a lot of repercussions. So we've done that effort, very strong effort, of keeping our shareholders informed. We have thousands that have registered to receive our information, our reports every month. So we do a big investment. So we have a contact, and we can be closer to the shareholders. Well, why investing in Itaúsa? I believe that, first of all, historically, Itaúsa will. 50 years as a holding, non-financial. We have records to show very solid growths, important growth for our shareholders. Of course, the last profitability is not a guarantee of the profitability of the future, but our records are very positive, and we've shown a profitability that is very good in terms of Itaúsa in 10 years when we compare with Bovespa. It's almost double. So the performance of our companies that are led by our investment, which is Itaú Unibanco, has given us a lot of surety that we have the adequate portfolio with good profitability and a flow of dividends that is very good. And I personally don't think well, of course, I've seen the difficulties in competition in the financial system of the fintechs, the digital banks. But I think that Itaú Unibanco has a position, a management that is very strong, very solid, facing these challenges. Our biggest investment, which is 90% of our portfolio, it's an investment that we have a lot of trust and will continue to bear fruit, and the bank will continue to be very profitable in Brazil. I think that the management, transparency, governance, focus on sustainability, the dividend yield that is adequate, payout that is good, I think that these are enough reasons so that Itaúsa is considered a good investment by all the investors, the institutional investors, the natural persons. I think it enables us to be in this position of a big company, Brazilian company, committed with Brazil, with the norms, with legality. I believe that we are very solid, and we are very qualified to have this amount of shareholders and even a larger amount of natural persons, I believe, in our management. Thank you, Alfredo. I think that we could work with our audience. I would like to thank you for your time and give you the floor so you can give us your final ideas. Thank you, Priscila. Thank you, everyone that took part, thousands of people that saw our live, remembering that it will be available if you couldn't see it on YouTube, our networks. It's a pleasure to be here. Our responsibility as a big listed company, as a big industrial company, we have to account, we have the accountability, and we believe that the results are very good. We have the expectations that 2024 will be a very good year for the investments. We hope that our investments will continue to grow in a very solid way, contributing to the development of Brazil because Itaúsa takes part in a lot of companies. As our campaign has said, we are very much connected to the day-to-day of Brazilian people through Itaú, Deca, Portinari, Copa Energia. It's a leader in the sector. So we have here investments that show our commitment with Brazil, and we will continue to do so. We can hope to bring good returns on investments for our investors, not only financial but also reinforcing sustainability of the companies that we take part that are better for Brazil, more sustainable for Brazil. We can grow and generate a bigger growth than what we've seen over the last few years. Thank you, Alfredo. I think that we managed to work with all of the questions of the audience. But should you not be able to clarify your doubts, you can get in contact with the investor relations area through our profiles in the social networks and also the email. We are available. We want to hear your opinion. It's very important, your opinion, your comment about our event. You can use the QR code that is appearing on the screen or click below to have access to our satisfaction questionnaire. Resultados em Foco is staying here. You can see our live in our YouTube channel. Thank you very much for being with us, and we will see you in the next Resultados em Foco.