Good afternoon, ladies and gentlemen. Welcome to Jalles Machado conference call to discuss the results of the first quarter of crop year 2026-2027, first quarter 2027. This call is being recorded and has simultaneous translation into English. Both replay will be available on the company's website at ri.jallesmachado.com.br. All participants will be in listen-only mode during the presentation. After the presentation, we will hold a question-and-answer session, and further instructions will be given then. As we have limited time in this call, any questions that are not addressed during the call will be answered later by the company's RI team. The earnings release and the presentation on the first quarter of crop year 2026-2027 can be accessed on the company's Investor Relations website, and also at the CVM's website. Before proceeding, I would like to mention that any statements that may be made during the conference related to the company's business prospects, forecasts, operating and financial targets related to its growth potential are based on the company's management's expectations about the future of Jalles Machado. Such expectations are subject to change due to macroeconomic conditions, market risks and other factors. Today with us is Mr. Rodrigo Penna de Siqueira, Chief Financial Officer and Investor Relations Officer, and Henrique Penna de Siqueira, Commercial Vice President. I would like to turn the floor over to Mr. Rodrigo Penna. You may proceed, sir. Thank you, Doris. Good afternoon. Good morning, everyone. Thank you all very much for joining us. One more earnings release call, first quarter 2027. We have brought to you a little bit about the market, such a volatile market, so many things happening at the same time. We have brought Henrique, our Commercial Vice President, to be part of the question-and-answer as well. We are going to talk a little bit about the market perspective. We are going to share operational highlights, commercial highlights, financial highlights, and a little bit about cost of production. Let us start speaking about the sugar market. The world sugar balance of supply and demand for the year, we have a surplus according to the world sugar stock to use ratio. That is the position from August 2026. For next year, we expect 1.6 million tons in deficit. You can see here the curve at lower levels of the historical series since 2014-2015. For the past two weeks, there had been a number of reviews of some agents reducing further this deficit. Some are getting to 3 million tons-4 million tons of deficit for next year. According to Datagro data, there is a reduction of production in India of 1.3 million tons, Thailand almost 2 million tons, EU with a substantial decrease of 16.6 million tons, going from 16.6 million tons- 14.1 million tons, a major risk of production, especially from beetroot. China increased 200,000 tons, not very much. Center South with an increase in tons, 0.7% variation. Because of El Niño affecting all the countries in Asia, which may also affect Center South region with rain, abundant rainfall expected in the state of São Paulo and Paraná. We expect a major effect if it happens. The situation has changed enormously in the past two weeks. Here there is a comparison of the curve of the future of sugar in BRL. The dotted curve, it is from one month ago, so the light green curve. The other curve is a one-week-old curve. Comparing both curves, there had been over 15% increase in prices. Then 13.5%, 12% in October 2027 and March 2028 on, there has been an increase as it were at a better level. At the same time, there had been a reverse in speculating funds, which are constantly used by the market to measure this position of purchasing or selling, supply or demand. On the week of August 4 as a reference date, they were trading at 91,000 contracts sold. One week later, 25,000 purchased contracts or bought contracts, or 116,000 contracts. The second highest weekly change in history since when the data started being collected. A quick reversion, very significant one that we observed in recent weeks. It shows an improved landscape. The trend couldn't be really explained because the market was indicating deficit for the upcoming year, but with prices which were loose and very low. Well, now we can understand because the foundations are really impacting the market. Now, speaking about ethanol, last year there was a demand of 33.6 million liters. This year we are growing 1.85 more of corn ethanol. These are data from FGA from August 26. Sugarcane, 3.7 billion increase. If we add up both in terms of supply, there would be 4.6 million liters, which will be mitigated by E30 for four months and eight months of E32, which add up 1 billion liters growth of auto cycle, 680 million liters. And inventory levels. The stocks were very low last year, much lower than the history, therefore, we expected to have a difference in inventories through the crop season. Compared over the same basis last year, we are talking about 3.4 million liters more that the market has to sell during this year. This is why ethanol was subject to so much pressure at the beginning of the crop year. We will have to have a parity below that of last year. It was 68% last year. This year it will probably be, as you're going to see, at the range of 62% on average, but there are many talking about 64% on average. Relying on the curve presented by SCA Brasil, which is updated weekly, this one was from last week. It's estimated ethanol at gross price going from BRL 2.58 in August- BRL 2.50/BRL 2.55 in August, and starting to pick up from now on. What has happened in recent days? São Paulo is at BRL 2.75, so it has pulled up the prices in the market of São Paulo, anticipating the movement because of increase in sugar prices. Many plants are changing the mix because of the reactions of prices in New York. Now, parity in August, which was 57%, is expected to grow up gradually, and now we anticipate, and looking from hindsight, it seems that consumers now are really buying more and more ethanol. We know there is some level or some period of delay from the beginning of price drop at a parity level that encourages consumption, but it takes a while for consumers to really embark on buying more and more ethanol. But now it is there and we can have an improvement in prices. Another important thing to mention before I go into the next slide, and it was shared in the news, there is a project, PLP 114, which was being discussed in the Congress in Brazil. Last week it was approved in the Congress and Senate. Still waiting for the approval or veto of President Lula da Silva, but it is expected to pass. This PLP 114 bill will give the same incentive that was given to gasoline to ethanol, and it was BRL 0.44 of subsidies to gasoline for ethanol. So for gasoline type A, right? But gasoline C, which is used for consumption, had a 32% of ethanol, 68% of gasoline. So that would be 0.68% of the amount, which means BRL 0.30. This is what passed and it is going to be retrospectively to May, and as long as there is subsidies to gasoline, there is going to be provided also to ethanol. It is good news. It would not be acceptable, of course, to provide incentives to fossil fuel and simply have renewable fuel out of that receiving of subsidies. So that is going to be very important for the market of ethanol and biofuel. But even so, while our prices are lagging behind the price of gasoline A, even with the BRL 0.44 and Petrobras increased it by BRL 0.48, but there is still a huge gap that should be passed through to prices. Petrobras is still controlling that. It impacts negatively for us at the ethanol market. This bill of law, PLP 114, as I told you, it is going to be retrospectively amounted for since May, and the government has also agreed the credits of tax up to BRL 750 million that the crushing plants have can be compensated for a while. Still waiting for regulation, but that would be one more initiative that would be helpful to kind of offset taxes. Operational highlights. Harvest area was 2.5% higher than last year, crushing 10% higher as well because of productivity, which is 7.4% higher than the same period last year. Jalles closed with 99 tons per hectare. Otávio Lage is 90 per hectare, and Santa Vitória, 79 tons per hectare. That was the yield. TRS per hectare, here we can see 88% increase. Median TRS, 1.3. A production mix which was ethanol-oriented. Because sugar was not performing well, we had a more ethanol-oriented mix, changed our hedge position when sugar was at 1,600- 1,700, going more into a ethanol-oriented mix, and it was the right time, so to speak, of adjusting this position for our new mix that we are going to show you. From the first quarter on, we have 100% of sugar for the year is subject to hedge. All fully hedged for the current year, crop 2026-2027. Average age of sugarcane, very similar to what we have, 2.6 years. Jalles and Santa Vitória, lower, and Otávio Lage is somewhat higher than last year. Here, commercial highlight, without considering the effects of hedge, significant decrease, 26% in the average price of sugar. Ethanol had growth or a decrease, rather, of 12% in the price of all kinds of ethanol. That is the weighted average of all types, including hydrous and anhydrous. It started at BRL 3.12, and it went down in May and June. In July, it went even lower, but in August it has recovered. It's back to BRL 2.75 in São Paulo. We have sold less than the same quarter last year, only 35%, or rather, 51% of our TRS, as opposed to 68% last year. Therefore, our ethanol inventories went up in our strategy of not selling ethanol when the prices are as low as we had. Of course, we still sell a little bit, but we really decrease the sales strategy. Sugar inventory is somewhat below the previous year. The first quarter was very much ethanol-oriented, as we told you. Now, financial highlights. EBIT, EBITDA, they are adjusted here. In addition to the adjusters that we've always done with equities and biological assets, we've considered the settled hedge for an exchange in sugar that we do of sugar in USD and foreign exchange, of course, transforming that into Brazilian reals, but that applies only to sugar. In the quarter, EBIT margin with a settlement of hedge was 19.6%, BRL 67 million, as opposed to BRL 27 million previous year. Adjusted EBITDA, in turn, EBITDA, even though there was lower amount of revenue, it was aligned with a much higher margin of volume than previous year, BRL 79.1 million. Net income had a negative impact of BRL 74 million as opposed to -BRL 14. But if we exclude non-cash effect, MTM, biological assets, we end up getting to better cash earnings despite the challenging price landscape, maintaining inventories. We still had better results than last year, and this is thanks to the hedge, because theoretically it should be worse, even though we had better yields, but the price conditions were much worse. So hedging was essential in the results for the quarter. Why had our MTM been so negative in the quarter and affected our results and net profit? Hedge and derivatives was - BRL 74 million, as opposed to BRL 231 positive in the same period last year. Let me make a highlight here, especially the hedge of indexers. 80% of our debts were issued with IPCA+, and the debts were swapped to CDI. With the opening of curves that you can see here on the left, we can see the curves of NTN-B from March fourth quarter 2026 to the first quarter. Curves got separated here in a one, two-year period, 100 basis points. This is exactly the impact that has accounted for this BRL 50 million MTM. But this is the debt we have with 10-year maturity, average maturity price of five years. This is going to be paid throughout time, but we can also expect the curves to get closer. But that's a historical highs for this variation of yield curves, really, because since the end of the government of President Dilma Rousseff. In terms of hedge, what is ahead of us? We have a volume fixed overall guidance of 85%, but over the available volume for hedge, we have 100% fixation on our crop 2026, 2027 of BRL 2,500, which is 27% above the market from August 11. For 2027, same range, BRL 2.5. The market's at BRL 1.1. We are 18% ahead. For 2028, 2029, with the recovery of the market, we are somewhat below. But 2028, 2029, we only have 24,000 tons fixed for that period. It has just been the beginning of setting the hedges based on our policy. The volume is still open for it. In 2027, 2028, 179,000 and 157,000 tons of 2026, 2027 of sugarcane already fixed by hedge. As there had been inventory retention, there was an increase here, 2.3%. Adjusted EBITDA was below. Here, we do not have settled hedge because the metrics that were defined to negotiate our debts does not consider settled hedge. This is just regular hedge calculation. It is increased because the EBITDA went down. We had lower revenues, but have inventory ahead, and the debt went up because we have higher inventory levels. BRL 1.6 billion is our cash, covering all our maturities for 2029 and 2030, five-year period. In July, we reported an operation of long-term with IFC. It is an operation where we had BRL 300 million, $60 million. Long-term operation at a cost of SOFR+, which was somewhat below CDI + 0.6 per year. At a price level, which is very coherent with the levels that we captured in the market. All in, right? Production cost. Well, cash vision, we have a quarter which was somewhat distorted, I have to say, because the cash understanding is all our recurring CapEx. As we had low revenues, we had very little depreciation. Therefore, it is a quarter that if we do not sell as previous years, it requires some adjustments to avoid distortion. This is why I always like to show cost of production in millions and in tons of TRS to show the difference between what we are producing and accounting for. We had 0.4% lower cost and 5.1% lower real over TRS. The cash understanding is getting more and more coherent as there are more periods coming to account for. It is fair at the end of the year, but as a market practice, we always share with you the interim results. But it is important to really explain why, because in the first quarter, this number may get not as precise as expected. Well, we had a quarter not with great revenue, but our crushing levels at very good numbers. In Goiás, we did not have to stop any of the production because of rainfall. Santa Vitória in June experienced one rainfall not expected for the period, and we had to skip some production days. But apart from that, everything is running as expected to close the season in November. Even in Santa Vitória, we do not expect to have any excessive sugarcane in the fields. Harvest will be completed. Now let us go into the question-and-answer session. Henrique is here with us, and he can answer any commercial questions you might have. Let us start our question-and-answer session now. To ask a question, please use the question-and-answer button on the lower portion of the Zoom if you want to ask a question. Please write down that you would like to ask a question through the microphone, and then your mic will be unmuted. The question can be submitted in writing using the question-and-answer icon. If you are connected over the phone, you can also ask a question. In this case, type star nine through your phone. Once your name is called, you are going to hear a command to type star six, and by doing that, you can open your microphone. Just do it once, please. The first question comes by Victor Modanese with UBS. Hello. Good afternoon. Thank you for taking my question. First, I would like to have an update on your strategy of sales of ethanol and also your mix. Considering the current prices of both commodities, we can see a sugar-oriented mix going up in some regions. That is my question. In your case specifically, considering the tax benefit, your location, your distance from the port, have you thought about going into more sugar-oriented mix? As Henrique is here, with the improvement of ethanol price in last week, as you mentioned yourself, is it worth thinking about selling more from now on because you have prepared good inventory levels? My second question is an update about organic sugar. Have you been talking to your potential clients? I know sales are more concentrated on the second half of the year, but I would like to know what you have been talking with your potential partners about the purchase of organic sugar. You have talked about a 5% possible drop in price of organic sugar in your last call. But now, knowing about the prices in Brazil and also regional competitors that work and also have organic sugar production, are you expected to maintain the same levels? Thank you. Good afternoon. Great to be here with you. Now and then, I show up to talk a little bit with you. Thank you, Victor, for the question. I am trying to address all the issues, and please let me know if I forgot anything. About inventory policies, this was the idea, as Rodrigo said. We saw the prices of ethanol. The prices went down compared to previous year. In May, the price was really low, and from then on, we thought that we could really use our storage position in Itaparica, Jalles Machado, and Santa Vitória. We started building up our inventory, selling lower volumes than last year, having that in mind. Of course, we monitored it closely, but we believed that there was a high potential to increase prices. Now, thanks to price increases, we are thinking about future opportunities. We can still carry on our inventory without selling it immediately. We will hold it for a while to sell it at the best time where we can see good carryover for the period that we have off-season, but always monitoring ethanol prices, because if it reacts strongly in upcoming days, we can also calculate what we expect. We consider carryover. Normally, there is 14% interest rate. If prices go up to BRL 2.80, BRL 2.85, maybe it makes sense to sell a part of our inventory. But so far, we expect to wait until off-season to sell the volume of ethanol we have in our inventories. You have also asked about mix. In the beginning of the month, we had made a change. As you know, our unit, Santa Vitória, is in Minas Gerais, very close to export points, and the unit is in Goiás. In Goiás, we have maintained the same focus because the price is highly competitive with the subsidies for hydrous and anhydrous ethanol prices. But in Santa Vitória, now it makes more sense to sell sugar and to produce more sugar there. We have switched our production to sugar-oriented mix in the unit, Santa Vitória. It is so great that we had a large volume of sugarcane available. That's going to be quite good production at good price ranges, and part of the volume has already been hedged. Now, talking about organic sugar, our position is quite robust. We have already traded nearly 90% of the volume of organic sugar. We are contracted in most of this volume. There was an impact in price. As we thought that the U.S. could maintain the high tariffs, our customers in the U.S., they started asking for discount in part of the volume. There was a decrease in price of about 8% over last year. But in terms of volume, there are two points to be made. First of all, there was a minor decrease, including the volumes for the U.S. However, it is related with the break bulk movement that we had in the first quarter last year. Break bulk was a ship of bagged sugar in the lower portions of the ship. It was a one-off episode, and it was in April, May last year. This year, we haven't had that, any of this break bulk initiative. So the total organic sugar sold up to March next year will be at about 65,000 tons- 70,000 tons. Have I covered all your questions? Yeah, absolutely. Thank you. Let's move on to the next question. Guilherme Bottura with BTG Pactual. Good evening. Hello, Rodrigo and Henrique. Good afternoon. I have two questions. First, concerning the unit cost. I think during your presentation, you show the difference of unit cost of TRS that you produce and that you sell and why there might be distortions during the quarter. Thinking about the crop year as a whole, based on what you've seen so far and what you anticipate, what do you think it's possible to consider in terms of dilution of unit cost for this crop year? My second question concerning productivity, but now focusing on Santa Vitória. There has been a decrease on the average age of your sugarcane fields in Santa Vitória, meaning that you've been really renovating it. How much is still left to get to the ideal, so to call, sugarcane field for this unit? And when you get to that level, what would be the amount of sugarcane per hectare that you expect this unit to be able to yield? Thank you. Good afternoon, Guilherme. Thank you for being here with us and for your participation. It's a good question. I'll just piggyback on your question to share with you some interesting data concerning Santa Vitória and the yield of irrigated crops. But first, talking about cost. In the last call, I told you that we were expecting a recovery of productivity. If we combined it with what's going to be spent, we expect 5% cost reduction, which is what we showed in the first quarter. What we are producing already had shown 5.1% cost reduction per TRS ton. The average age of our sugarcane field in Santa Vitória in the quarter, it was low because we had the first sugarcane planted last year. It was not the best, what was harvested this quarter. But it has low average age because we are renewing the sugarcane fields and expanding them. The one we have in Santa Vitória, what we estimate is to bring productivity to 80 tons per hectare, which is our goal. We were expected to do it this year. We told you, we gave you a guidance in a Jalles Day, three years, saying that this year we wanted to reach 79 tons per hectare of yield. We didn't get that much because of the drought last year, and also because of management adjustments, which were somewhat slower than expected. I think Joel talked about that in our last call. Joel, our Vice President of Operations, was asked to give you some more information about that. Even those who were with us in Santa Vitória last year, out in the field. We showed you where we had the implementation of three central pivot for irrigation. We already have 60% of these areas of pivot irrigation. Next quarter, I'm going to show you what the 100% looked like. But the productivity that had been estimated at 150 hectares went up to 170 hectares. In terms of viability to have this irrigation project, we considered 130 hectares for the feasibility study. The company estimated 150 hectares for these years, seeing that the sugarcane was great. But we are getting even more surprised because the same area, when we used to have unirrigated sugarcane, of course, where the previous owners of the unit, Santa Vitória, used to operate under their management, but it reached 80 tons or 85 tons of cane per hectare. The same sugarcane in the same area in the previous cycle. Can you see the variation? It went from 80 tons, 85 tons up to over 170 hectares. The question that we had, whether full irrigation would have an impact in unit Santa Vitória, as it has here in Goiás. It is being much better even than we thought. Something good, because we have water abundance, and this is going to help us increase yields. But there are a number of other things that we've been doing in terms of management, salvage irrigation, organic fertilizers, and also replacement of areas, right? Exchanging areas that had lower clay content. We are returning some areas, getting others. All of that has been done by the company to adjust that because there is a full supply of areas in the region to be explored, right? So center pivot irrigation has proved to be essential. That's great. Very clear. Thank you very much. Now a question from Gabriel Barra with Citi. Gabriel, please unmute your mic. Gabriel, I'm sorry, cannot hear you. Well, I'll give you the question later, Gabriel. Let me now invite Bruno Tomaz with Itaú BBA. Hello, good afternoon. Thank you for taking my question. Rodrigo, when we look at the crushing in the quarter, we have a 10% acceleration, very much aligned with the guidance you've provided. But the 10% you added in the explanatory note, I didn't think that would be 10% for the quarter. So please help me understand how good that 10% can actually be. Would there be any upside in that specific guidance? Just comparing really the beginning of the year and the expectations that you have till the year-end. As to the settlement of hedges in the quarter, it seemed that there was some mismatch between the hedge you had in the past as opposed to the production index that was more ethanol-oriented. Now, you are back in 100% of hedge of the available volume. Tell us more about the timing and how you undo operations. And maybe it could have been done more by the end of the year if the market just became more sugar-oriented. For example, we've just heard about that adjustment in Santa Vitória. Just understanding volumes and timing, how do you manage that in terms of hedge and the operations that you've had with your settled hedges? Hi, Bruno Tomaz, can you hear me all right? Yes. Crushing in the first quarter. Let me tell you how it was as opposed to our guidance. We have confirmed our guidance in the release, but it has a bias of an upward trend. The first quarter was surprisingly good, but we still have, of course, the continuation of the crop year. We've been monitoring it closely, and we might revisit if we are going to maintain the same levels of crushing or not. So far, I can tell you that the first quarter was somewhat better than we expected. Not much, but any percentage in sugarcane volume impacts our cash, of course. Now, hedge settlement. Very good question. We had an adjustment because we hadn't had a hedge for a landscape which was more sugar-oriented than it was in May and June. Why did we decide to make an adjustment going into a more ethanol-oriented mix? Because the price was BRL 1,600, BRL 1,700 per ton. It was a good moment to have the adjustment, so we made the adjustment to the point that we realized it would go into ethanol-oriented mix, but not the end of the crop year, because we can produce sugar. We are not working or supporting our hedge for speculation, but rather for price protection. There is a logic policy to be followed. We've adjusted between May and June, but without undoing anything to the end of the crop year, right, because of sugar-oriented mix. There was an 80%, and now it was 100%. It became 100% of available volume. It turned out to be good, right? Because once we made the adjustment, it was at very low levels, and then we started working on ethanol, which was better. But now, if sugar pays better, we already have a sugar-oriented mix to the future, and if it is so, we can always sell it at better levels than we had bought back. But for the volume that we expect to have of sugar yield, we have 100% of the operation fully hedged. Good explanation. Thank you. Now the question from Citi, but not Gabriel Barra. It is Pedro Gama with Citi who is going to ask a question. Rodrigo and Henrique, thank you for the opportunity to ask you a question. Most of the points have been approached, but I would like to have a follow-up concerning the sales of ethanol and consider climate impacts. Maybe increasing the production of sugar yield, and maybe there would be a reduction in the days for crushing, especially because of El Niño. Do you expect to sell more ethanol in the next crop months? What are your expectations of sugar volume? I would also like to see about the subsidies of ethanol, as you've mentioned, the approval and the pass of the law, and how that would impact your strategy. Thank you. Thank you, Pedro. Well, concerning sugarcane and sugar-oriented mix, there are two points to be made. Sugarcane has low quality, as you pointed out, and there might be more repeated sugarcane because there is not enough time for crushing because as some of the industries will lose its capacity and will have fewer days for crushing, that may have an impact. In our curve, we have been doing the following analysis. Any and all sugar produced during the crop year will be sold during the crop year, and whatever is produced of ethanol will be carried over to off-season. So we have to analyze prices that are going to give us the more optimized results. I am always comparing price of sugar today with the ethanol price that will be in the future. Therefore, there might be some point in which I decide to change the mix because of that. But still today, when we analyze the ethanol curve into the future, we do not expect to see that upside to make sense and convert it back. These are going to be the factors that will help us make decisions whether we are going to have the maximum mix of sugar or not, and also VHP sugar contracts. This is the first point. Now, speaking about ethanol sales and the commercialization curve, we are still anticipating prices off-season to have good potential, but it will depend on attractiveness and demand. In recent weeks, we have been talking to IBP, the known syndicate, so Vibra, Raízen, and Ipiranga, the main players in the market. We have seen that the demand has gained more and more attraction. We have been talking, and in the second part of July, it was 830 million liters in the first part, in the second, weeks would probably be 1 billion liters for hydrous ethanol. If it really happens, it creates more and more momentum. If the demand increase and reach 2.2 billion liters per month, there might be a greater upside off-season paying much higher than was initially estimated. This is the dynamic we analyze. Nothing is really definitely defined, because what is going to be the reaction of the market to this new approval of subsidies? If the ethanol changes prices, there might be impact in sugar because they are communicating vessels, right? Supply and demand of sugar and ethanol go hand in hand. Any changes in the market have to be immediately analyzed, and we have to react accordingly. That is great. Thank you. Quite clear. I would like to apologize, Pedro, I said your name wrongly. Pedro Gama with Citi, who asked the last question. We have one more question. Giovanni Taviano, please. Good afternoon. Thanks, everyone. I have two questions. First, you said that in commercialization of 2027, 2028, your average price of sugar is BRL 2,500 and the market is BRL 2,100. As a result of the increase in sugar price, can you also speed up commercialization of sugar? What is your end term to hedge the volume of the first half next year? Based on what you talked about in Jalles Day, you have talked about corn ethanol, already working on it. Have you updated your inventory levels or anything along these lines? Well, Giovanni, I am going to ask Henrique to talk about the commercial side of your question as he is here, and then I will tell you a little bit about the second part of your question about corn ethanol. Thank you for the question, Giovanni. Good afternoon. Well, we have this price of BRL 2,500 for crop year 2027, 2028, and we think that our trend for next year crop will be to have maximum sugar-oriented mix. Our plan of crushing, this is the current snapshot, of course, a more sugar-oriented production. Therefore, percentage would be quite close to that. Very reliable because we have our estimates of volume and our hedge based on a sugar-oriented crop. If this is really confirmed, we would have the settlement of hedges as we sell throughout the year. All build up on what we showed you. I do not know if that is the question you had in mind or whether you wanted to know anything else. No, no. That is quite clear. Thank you. Rodrigo, please. Well, corn ethanol, it is at the same page as in our last meeting in Jalles Day. It is under study that we want to carry out, but we have been looking into the market and see what it is going to look like if we have more ethanol, sugarcane ethanol, waiting for the presidential elections, and we are only going to define whether we are going to go into corn ethanol next year. This year, we are just running internal studies and analysis because if we have lower challenging prices, we did not want to impact our capital structure. We did not want to go into leveraging and considering all the investments, which would be something like BRL 750 million based on the initial analysis because there are a number of initiatives that we could really deal with to try to reduce the investments. This decision is going to be made probably next year. It is good because now, throughout this year of 2026, we are going to analyze how the landscape will be as we have higher supply of ethanol and considering the prices of biofuel. We will only have news about it next year. Great. Thank you. Let me remind you that to ask a question, please use the question-and-answer in the Zoom app. Click there, write down your question, or please let us know you want to ask your question using the mic. Doris, while we are waiting to see if there is any more question, I think we have time for one more question, but we would like to make a point. You are going to see the cash flow in our balance sheet. We've had a reduction of cash and cash equivalent, but it didn't happen. There was a change in line. We had an exclusive investment fund to manage our cash position in the quarter, which was accounted for as financial investment. It goes from cash equivalent line and go into financial investments. But it's all daily liquidity, immediate liquidity, only public bonds and triple A banknotes, high liquidity levels, all prefix, just to be able to work with cash management, really, in our cash flow position. You might say, "Well, you've been investing cash." No, no. The cash is there under financial investments. Rodrigo, I think there are no further questions. I'm going to hand it back to you to make your closing remarks. Once again, we would like to thank all of you. Thank you for your participation, for your questions. Still challenging situation for the market, but in the past two weeks, we've seen an improvement concerning the levels for sugar and ethanol. We've been positively surprised with the yields of irrigated sugarcane in Santa Vitória. When do we want to reach 79 hectares or 80 hectares? It was this year, our initial estimate, but maybe in the next one or two years. I have no guidance to tell you about that, but we've been observing changes happening in Santa Vitória, and we hope we can have good news from there to share with you in the future. Thank you all very much and hope to see you in our next earnings release call. We are working and working very hard, and especially this time of challenging prices, it puts the team to be more creative, to come up with alternatives, to do better, do more with less. The team has working diligently to build the budget of the next crop year in a more efficient, competitive fashion so that the company is properly prepared for our next cycle of commodities increase. We know that commodities have ups and downs, so if it's down, we know that it's going to go up inevitably. Let's see if Henrique would like to say anything before we close. Thank you. Let me thank your time, your questions. Very tough questions focused on hedge, organic sugar, and these are things which tend to deserve more details and additional information. It's always great to answer your questions. If you have any questions, please let us know. Thank you all very much. Thank you. We close now the call with the first quarter 2027 of Jalles Machado. Thank you all very much. Have a great afternoon. Thank you.