Good morning, ladies and gentlemen. Welcome to the earnings video conference of Kepler Weber to discuss the results for the fourth quarter of 2025. Joining us today are Mr. Bernardo Nogueira, CEO, and Mr. Renato Arroyo, Financial and Investor Relations Officer. We would like to inform you that this presentation is being recorded and translated simultaneously. The translation option is available by clicking on the Interpretation button. For those following the video conference in English, it is possible to mute the original audio in Portuguese by clicking on Mute Original Audio. During the company's presentation, all participants will have their microphones disabled. We will start the question-and-answer session. To ask questions live, click on the Raise Hand icon, and when you are announced, you will be prompted to turn on your microphone, and you will be able to ask your question. For those interested in submitting written questions, the question-and-answer feature is available in the bottom bar of Zoom. Simply click on the Q&A icon, type your question, and submit it. We would like to clarify that any forward-looking statements that may be made during this video conference regarding the business perspective of Kepler Weber, its operating and financial goals, constitute projections by the company's management, and these may or may not occur. Investors should understand that political and macroeconomic factors, as well as other operating factors, could impact the future performance of the company and could lead to results that differ materially from those expectations expressed in such forward-looking statements. Next, we will present a brief retrospective of 2025, a year marked by the celebration of Kepler Weber's hundredth anniversary with meetings and events that strengthened connections with clients and stakeholders by technological innovations that drive the transformation of agribusiness and by awards that recognize our excellence in all work processes. I'll give the floor to Mr. Bernardo Nogueira, who will begin the presentation of results. [Foreign language] I will now turn the floor over to Mr. Bernardo Nogueira, who will discuss the results. Good morning, everyone. It's a pleasure, it's an honor to be here with you once again to share the results of 2025 related to the fourth quarter and also to discuss this prospect for Kepler for our business for 2026. Now, delving into the numbers, we closed the fourth quarter at BRL 398 million as net revenue, and the full year of 2025 with BRL 1.419 billion as net revenue. EBITDA of BRL 67 million for the fourth quarter of 2025 and BRL 231.9 million for the year. Net income of BRL 64 million in the fourth quarter, and the full year closing at BRL 156 million. 2025 was the first year that was adverse for the agribusiness in the past five years, so we are very happy with the results that we are posting. Very consistent results. There will be a time when we are going to put the prospect of the year of 2025 and how we can compare the results to those of the last 10 and 15 years. We are very proud of the work all the team has been doing and the results that are being delivered. Now discussing the business according to segments. I'm gonna use this slide to talk about the year of 2025, but I'm also going to touch upon 2026. Our vision for 2026, very clear for the first half of the year and the second half of 2026 will be built in the next three or four months. Now talking about farms, we can see that the first year was very satisfying. There was a drop of 9% in revenue. Still very positive considering the environment that we faced, especially for the growers of soybeans. We saw a drop of 26% in the revenue of the segment. As the farms, this is the scenario that we understand we're gonna have in the first half of 2026. We understand there will be a retraction for the rural producers that will kept at this level or maybe even higher than that. Now discussing agribusiness. We can see that there was a reduction in the year of 70% when compared to farms, and a reduction for the quarter of 32%. The news is a bit different. We made good business deals in the fourth quarter of 2025. Good sales for the agri business based on biofuel and major projects. Our portfolio, we'll discuss more about it. Our portfolio is filled with businesses with the agri business. We expect that the first half of 2026 will have a growth in agri business. As to international business, this is the star of the year. We posted a very important growth in international business, especially in the fourth quarter of last year. We delivered 19% growth in international business, and from 2023 to 2025, we posted 100% growth. We know that we grew more than 250% in our CAGR. It's the segment that grew the most at Kepler in the past few years. There is a reason for that, because this is part of our diversification initiative. We were getting prepared for the adverse market in Brazil so that we could go through the storm. International business is a very important pillar that we have, and we can see the deliveries very clearly. For 2026, I was talking to the International Business team. Today, they are together discussing their businesses, and we see that Paraguay, Uruguay are important countries to us. They have very similarities with Brazil based on soybeans, and they have been facing some difficulties. On the other hand, we have Argentina, Venezuela and Bolivia with a political scenario very favorable to the business. We imagine that the first half is gonna be good in terms of international business pipeline. I'm very happy if we equal the results that we posted in 2025, in 2026. After growing 100% in two years, if we level off at this level, that will be very satisfying for our international business. Ports and terminals posted an important reduction. We have five or 6six major projects for the year. In 2025, we were not successful to close important businesses for ports. For 2026, we do not have major pipelines for ports. Businesses may happen in the second half of the year. In the first half of the year, the results are going to be very similar to those previously posted, and we're going to build the pipeline for the second half. As to replacement and services, we posted excellent results, a growth of 10% in the year. As I mentioned before, international business is the segment that grows the most, and this is part of our diversification strategy. We had similar results in the previous quarter compared to the previous one. This is a business that does not get impacted by the crisis. People say, "Oh, if you do not, if the client will not build a new unit, will it renovate its existing unit?" The answer is yes. If they have energy. I usually compare it to cars. Instead of replacing only one tire, replace the four tires and you do the balancing of the car. I would say that they are going to replace just one tire. Because of microeconomic reasons, we see this situation, but it shows that it has resilience when compared to farms. Now, moving on and discussing sales of the fourth quarter. We clearly see that the agribusiness has accelerated its businesses, so ended 2025 with a backlog of orders higher than the previous period. We present a growth of one digit, but it's still a growth. The composition of this portfolio is very important to understand, because this is what makes us form our expectation about revenues and results. There was a reduction on farms and there are three important impact. First, it's very important to have this revenue stability. We see that the revenue is likely to behave very much in line with what we've had in 2025, with a one-digit variation, maybe negative. Agri business projects, even though they are part of a major backlog, the agri industry projects are longer when compared to farms that would last from three to six months. It's a long-lasting portfolio, and it puts pressure on profitability. We know that the greater the project, the greater the pressure from the purchaser. Today, we see that there will be a pressure of two percentage points in the gross margin of this portfolio that we formed for 2026. This is the snapshot that we currently have. I'll turn the floor to Renato for him to discuss our financial results. Good morning, everyone. First of all, it's a pleasure to be here with you and discuss our fourth quarter of 2025, and also the 12 months of 2025. As we have mentioned in the latest quarters during the calls that we had, we had a very challenging year for the agribusiness sector in Brazil. The results that we deliver are very satisfying considering the macroeconomic situation that we are facing this year. In the fourth quarter of 2024, we delivered EBITDA of 82.1 or at 70%. When we compare the quarters, we had a drop of. It's important to mention that our production costs, our COGS as a whole, manufacturing cost, manufacturing efficiency stand at excellent levels. We have to look at price. Pricing follows compressed situation because of interest rates and scarcity of credit. There's little credit. The credit is very expensive, and the commodity prices dropped a lot along the year, and they continue to be pressurized. It's important to mention that everything at Kepler that is bringing in efficiency is being considered. Continuously, we've been doing this, but there is the pricing that suffered along the year. Something that we also mentioned along the quarters is our efficiency of SG&A. We saw that in the fourth quarter, we had efficiency of BRL 5.6 million in SG&A. It minimizes the inflation pressures and reduces BRL 5.6 million in relation to the fourth quarter of 2024. These are numerous actions that are being implemented. The Lean Office, something that is very vivid at Kepler. We invested in system at the company, and we have better operating system as a whole, and we have worked hard on non-quality costs. We have been reducing the costs, and this affects the sales line. In the fourth quarter, we had BRL 11.4 million that came from other operations, and we see the benefit on the result of the EBITDA. It's important to mention here that this comes from tax credits that have been recovered from previous years. It's important to mention the dynamics of Kepler. In 2023, we had something very similar with that. In 2021 and 2020 as well, something similar to that also happened. This is important to show that the company perceives the opportunity out there. It's a very conservative company from the tax viewpoint. When we see opportunities to recover credits, extraordinary credits, we take the chance. We had a drop of BRL 19.6 million when we compared the EBITDA that we had in 2024. We ended at BRL 232 million. The explanations are very similar that we had for the fourth quarter. As for SG&A, the behavior has been very well controlled because otherwise the portfolio would grow 15%. That means that SG&A as a whole drops and the sales line rises a little because of the investments that we had with Procer. Here we see the impact of gross profit of BRL 120 million. All the drops are concentrated in the gross profit that dropped. I would also to mention that the operating costs of the company, COGS have been worked on. They are very effective, and we have prices that have been pressurizing the gross profit. When we look at the snapshot for the year, we have BRL 23.3 million of receivables in other operations, and also coming from taxes that were recovered along the year. Now, when we look at the CapEx of the company, we see that there was a growth in this year when we look at CapEx. From BRL 48 million to BRL 71 million. This is a growth of 50% that we posted. I would like to stress two points. First, ours is a company that has the privilege of having a good operating cash generation. Our business generates cash. Our business has the solidity and the health that allows us to manage to invest even in challenging moments. We invest in CapEx that is important to the company. Another important point for us to mention is the following: the quality of the CapEx that we are using. We grew a lot in new products. New products nowadays account for 21% of our investments. In other words, the new products are going to be future revenues for the company. It's a CapEx that's being used by the company for the future. Now, speaking about the fourth quarter, we invested 50% in IT systems the company has been investing in. Basically, on January 1st, we shifted to SAP S/4HANA in addition to CRM. Also we have been investing in structures that will bring a lot of efficiency to the company in the future. The important point for us to point out is that the company continued investing in the future. We continued investing in new products, technology, which are all relevant for the future of the company. Now talking about our ROIC, we can see that our ROIC has grown when compared to the third quarter of 2025. The ROIC stood at 21%, at this moment it stands at 23%. I believe that if you compare the dynamics of the market in Brazil, and especially in the agribusiness, we are not likely to find companies that are returning cost of capital. Kepler is one of them. Kepler returns its cost of capital. The ROIC stands at 23%. Of course, clearly it dropped in relation to 2024, but it's a ROIC that is kept at a very high level when compared to our market peers. This is something we are very proud of, you know, to maintain our ROIC above the cost of capital. Now talking about the cash now. We started from BRL 364 million cash level, and we ended the year at BRL 360 million. In relation to the whole year, before getting into details, we'd like to say that the company paid BRL 145 million in dividends along the year. BRL 70 million in relation to 2024. BRL 75 million in relation to the year 2025. Notice that we accelerated the payment of dividends in the fourth quarter of 2025. We had a cash of BRL 364 million. We had an adjusted result of BRL 75 million. We invested in the working capital, considering that the fourth quarter is a period when, because of the seasonality, we have more sales concentrated in the fourth quarter. We did the necessary financing. We're causing a great impact on IT. We made the payments of financing at the level of 17%, and we were able to pay BRL 50 million in dividends along the year. When we look at the cash generation, and we look at the profit of BRL 150 million, we pay the highest payout in the last years of the company, and we are very proud of having and showing the numbers. Last year, we paid 70%, and this year we paid 94% of payout this year. I'll turn the floor back to Bernardo for him to continue the presentation. Thank you. Excellent, Renato. Thank you very much. This image that you see. We know that we are working in a cyclical market. This is biblical. This in history, seven years of plentiful and seven years of drought. That shows how we behave throughout the cycles. If you do not know the cycle, in origin you see the price of the soybeans in bushels, in dollars, right? In gray, the gray bars represent the EBITDA margin of Kepler in different years. We have Selic interest rates, the average of the interest rates, Selic. In green, we have the Brazilian crop of grains. It's very impressive when you look at the numbers. In 10 years, it jumped to 200 million-350 million tons. The storage deficit, that is represented by the percentage that Brazil managed to store of its own crops. It moved from where we stood at 81%-83% capacity of storage capacity, and we stand at 64% as storage capacity. Why do we show this image, this graph? Because we'd like to share with you, and this is also used for our own analysis. This shows how we behave when we compare apples to apples. If we look back at 2016, 2017 was a moment when the market conditions was very similar in terms of interest rates that stood at 15%-16%, very similar to what we have today. The commodity prices were also very similar to what we have today. Kepler had negative margins at the time in EBITDA, and now we stand at 15%. That clearly shows that the strategy that we have adopted in the past 10 years with diversification and international business. We can see that the management has been very efficient using the lean culture. We also see that there is demand for storage capacity, even though there is a challenging market, but there is the need for storing the grains in Brazil. This is something that is going to be constant, it's going to maintain in Brazil, it's not gonna be left behind. This helps sustain the results even in a tough scenario. We are going to share some other perspectives, but I think this is something very important for us to share with you. This is also a slide that we usually show on the calls, but with some updates that reinforces our core. The first point of our investment thesis is the following: Even though the agribusiness is facing difficulties, we know that this is the best business in Brazil. This is the only business in that Brazil is competitive across the world. We have been working with this agribusiness for 100 years. We are very happy to be part of the agribusiness. The storage deficit is gonna help our demands our products to be demanded for the next 20 years. There is no other option. Considering our investment thesis, we can see the industrialization of the agribusiness in Brazil. Brazil is the champion, the protagonist to feed the world. We have seen the transformation in the past few years in relation to the industrialization because of biodiesel, soy, soybean biodiesel and biofuels, and many businesses have been closed with São Martinho, Be8, and Cocamar, important businesses associated with the industrialization of the agribusiness. As to strategy, we talk about the diversifications, where we put the eggs in different baskets. Our focus is on international business that in two years we grew by 100% and we show the resilience it brings to our business. If corn, soybeans and rice is not so good, we see opportunities in other countries, Venezuela, Peru. That will bring us resilience and that will make us stronger. R&S has been growing as well. It grew by 10% in 2025, and this is a very important year in our business. When we talk about R&S, we also include Procer, that in January reached 25% of the connected capacity in Brazil. That means more than 75 million tons are connected. We keep on moving, advancing, connecting logistics companies, trading companies, insurance companies. We are beginning the universe of generating value by using the data coming from this connection with Procer. Renato mentioned SG&A. We have been able to reduce SG&A. We are reaching highest efficiency in a moment of adversity that we are facing. It's a very important moment to look at the costs and look at efficiencies across all processes without neglecting the relationship we have with the clients. We are gonna talk about all the efforts that we make to have good relationship with the clients and providing services with excellence. This is a new graph. This is the first time we are showing you in this format. It shows important data that is provided by Caleidoscópio Consultoria. This graph is better than a thousand words. This is what it shows. The bars down below show the revenue of an average grower of soybeans in Mato Grosso. The gray bar are the production costs, and the black line is what is left, the net income of this producer. This is what we see when we look at this graph. What is interesting to see and share with you. The first thing that we immediately see is that it's something cyclic. In 2010, 2015, we faced a moment of good profitability, 34%. There was another tough moment in 2017 with the profitability dropping to 15%-16%. We had this moment that we faced after the pandemic, which was spectacular for the agribusiness. It's very clear when we transform numbers into an image, so we can see that today the scenario is really adverse. It's very hard for the grower. This is where we are at 2% of net income. People say, "Oh, it went back to the levels of pre-pandemic." No, it's much worse than that period. Pre-pandemic levels stood at 16%, and now we are at 2%. There's not much being left for the grower to invest in the chain or to bring oxygen to the whole chain. These are the messages we would like to convey. We are facing an adverse scenario. 2025, 2026 are adverse scenarios. We're gonna say what we're doing about this. There's another message that we would like to convey to you. The thing is that this is cyclic. I've been in the market for 40 years, since when my father decided to be a grower. We know that better days are about to come. When we see the previous slide, even in a tough scenario, we have been able to generate cash and make good investments in our company. To provide some numbers of where we are and what to expect for 2026, we did a very simple exercise. We considered the main crops, which are soybeans, corn, and rice. This is the annual production. Soybeans in 2021 stood at BRL 140 million. Average price, BRL 170 million. The revenue, the gross revenue, and the net income based on the margin that we saw in the previous slide. We do this exercise, this calculation along the years considering the main crops, and the result, we come to the bottom line, we see that there was a very important drop from what we saw in 2021 and 2022. Also consider what we saw in the past. This is the current scenario, the agribusiness chain, considering the main crops of corn, soybeans and rice account for BRL 20 billion-BRL 27 billion. This is what they have for investments, and that would include everything, purchase of machinery, tractors, opening land spaces. The investment amount is much lower without a doubt. This is what we understand. Looking at the storage deficit and all the damages that the lack of storage has, we understand that there will be a prioritization for storage. We see that there will be less investment in opening land areas and they are more likely to look at where to store their product. This is my last slide before we open the Q&A session. This is a little bit about our focus. We know that it's gonna be hard to play this game. We understand that in any sport you're gonna have a hard competitor, so we have to raise the bar of the game techniques. When we go through a storm, you do not turn off the engine, but you cut the fat. We are getting ready to go through this adverse moment. We are cutting costs whenever we see some fat. In 2025, we had cost reduction in processes, and we also had lots of engineering initiatives to reduce the product costs. This is something which is going to continue in 2026, and we have already seen the results in January and February. We are also going to reduce the costs and guarantees. We have more than 270 projects in Brazil, and we understand that problems will happen at any project, and we are trying to be as efficient and as organized as possible so as to reduce the cost with those guarantees. We reached a number of BRL 9 million. We are going to continue to see the reduction in the first half of the year. In relation to SG&A that was mentioned by Renato, we will reduce the inflationary pressures. Whenever we can make cuts without damaging the business, we are gonna go for that. Now we are gonna strengthen our relationship with the clients. We are gonna get ever closer to the clients. Projects such as insourcing part of the fuse assembly. This is part of the project, and then this will increase our operating efficiency and also our revenue. Our revenue and also focus on R&D. We can see the results that we made in R&D in the past, and this is part of the CapEx that was discussed by Renato. We use metrics. We say, "What is our sales of the products that were launched in the past five years?" We see that there was an evolution from 3% to 12% in these metrics if you compare 2023 and 2025. The new products are helping us. In a moment when there is a natural retraction of the growers, we are being able to capture more value from our current clients with this expanded portfolio. This is an area where we keep on believing and we keep on investing in 2026. As to the commercial strategy, we think what are the what is the focus? The news say that agribusiness is in crisis, but there are niches of prosperity. There are major biofuels projects that are already being implemented. We have major projects for 2026, and this is where our focus lies. We have emerging crops in the agribusiness in Brazil. To mention some, canola, sorghum, sesame, even, it's a lower share. These are productions that are growing by 50% or 100% in the past two years. We are talking about new demands, new projects, new processing units of sesame in Tocantins, for example. This is something we are doing just now, and we see them as business opportunities. We have a focus in a more adverse moment. Our focus in the commercial area is to defend before expanding, so we are going to defend our client base before expanding, so that we can have major and more important growers and cooperatives. We want to be very close to them, renewing the portfolio when necessary. We're using cross-sell, up-sell, expanding within our existing clients. 70% of our revenue are the ones that have already purchased from us. The emphasis on value propositions. In a moment of crisis, clients also want to reduce their operating costs. They want to reduce labor costs in their units and our work, our engineering has a focus on reducing the labor. For example, for the drying process, we can reduce 70% the labor used, or we can increase 70% of the operators in the drying operation by using our equipment. Our sales are founded in this fast ROI in reducing the operating costs. As a final remark, we understand that crisis is a moment of discipline and focus and not retraction, not doctrine. This allocation of capital nowadays will make Kepler even stronger for the future. Thank you very much. I think now we can open the Q&A session. We are now going to start the Q&A session. I'd like to remind you that if you wish to ask a question, click on "Raise Hand" button, and when announced, prompt to activate your microphone will come up on screen, and then you may open your microphone and ask your questions. For those interested in submitting written questions, the Q&A feature is available in the bottom of Zoom. Because of the large number of questions that we usually receive, and in order to meet the needs of participants, the answers will be grouped together. We'd like to reinforce that the questions by microphone will have priorities. If your question is asked after the topic that was announced, the investor relations teams will provide the answer later on. Our first question comes from Kiefer Kennedy with Citibank. You may proceed, sir. Hello, everyone. Bernardo, Renato, thank you very much for taking my question. I have two questions on my side. First, I would like to talk about the core segment of the company. Everything is very clear after Bernardo's explanation, all the difficulties and the macro actions of the company. I would like you to talk about the gross margin. In addition, the lower volume, I think the margin has already been affected in the fourth quarter. When we put them together, farms and agribusiness, it amounts to 18.5%. So how have you been discussing pricing with the clients? I imagine that it's an important variable for you to control volumes. How can we see this behavior for 2026, considering this order backlog that Bernardo mentioned in the beginning of the call? I think it's important to understand the trajectory of revenues and margins. We would like to understand how have you been discussing pricing with the clients. My second question, the result of the fourth quarter somehow would influence by helping or by disturbing somehow the negotiations with TP3. I think you extend the the period of discussion. I don't know if there's a direct relationship with the moment when you release the results. Just want me to understand if there's an influence in a negative or positive way, all of the discussions. Any update for the next steps in the agreement would be good for us so that we can get an update about the topic. These are the two questions I had. Thank you, Kiefer, for the question. Good morning. Now, answering the first question in relation to the gross margins, especially farms and agribusiness, we have posted a drop of about 5%-6% along the year when we look at those segments in a segmented manner. As I mentioned before, this is a result of the pricing effect. This has not much to do with COGS and manufacturing costs. It's basically focused on pricing. Basically, we have been pressurized by our clients who have difficulty to obtain credit. Sometimes the credit tends to be more and more expensive. Agribusiness used to have structured operations, CRAs and LCAs that are now very segmented and not so much available for the operations. We see pressure on farms of PCA, which is very low when compared to the previous year. In addition to that, the spot interest in the market is very high. That would make the purchasers to have more pressure, additional pressure. That's a result of the macroeconomic scenario, in addition to the price of the commodities that also pull the prices down. This is the main point. When we look at 2026, we understand the scenario, especially for the first half of the year, is very similar to what we saw in the end of 2026 when it comes to margin. We also understand that there is a small negative fluctuation among 1% and one-something percent that could generate some impact, especially as a result of the mix. When we look at the share of group business, it tends to be bigger, as Bernardo mentioned. But this mix would affect the gross margin of the company when we look at the whole image. Would you like to add anything, Bernardo? Keith. I think, everything that, Renato said is perfect. In an environment where you do not have so many businesses on the table, the competition tends to be higher, and that also impacts international business. When we look at Paraguay, Uruguay, and even Argentina, the players, Brazilian players account for more than 70% of the business of storage in Paraguay. They are Brazilian businesses, and this is something that we also see in the neighboring countries. Now, going back to your question, I forgot to answer about fourth quarter. If the fourth quarter would impact the negotiations, I don't think so. This was an expected result by the market. If there is any impact, which is different from what the market expected. The fact is that we delivered results which were very similar to what was expected by the market. Can I add to that, Renato? I think it's important to say that since the beginning, when we first received the proposal with GPT, our focus is on the company and on the implementation. We would not do anything that would decrease our focus from our daily activities of clients, cost reduction. Life as normal is being followed. We have done everything in a very professional and clear way, and we have been preserving Kepler, and all those negotiations are going on. We were cautious enough to be focused on our business so that the 2026 can be as good as possible. Very clear. Thank you very much for the questions for the answers, and have a good day. Our next question comes from Guilherme Nippes with XP. You may proceed, sir. Good morning, Bernardo, Renato, team, and thank you for the opportunity. I also have two questions on my side. The first question is you have already explained the dynamics of the two segments of agri industry and the segment of farms, but I would like to understand a little better if you could provide more detail about the growth and the prospect for those two segments for 2026. As to agribusiness specifically, I would like to know if there is a specific segment that has been surprising you in a positive way along the year, and what you expect for 2026. My second question is the following. It's about the growth of international business. You mentioned about expanding to Bolivia and Paraguay to implement larger projects that are described in the release and also the segment of replacement. I would like to understand your prospect for this year, and if you could give more details of what you expect so that I can understand in more clear way all those projects and what you expect to happen in 2026. In other words, more details about agribusiness and farms and also the prospects for international business and replacement. Great, Guilherme. Okay, we need one hour to give you all the details. We can schedule that. To give a brief answer also answering the questions, as to farm and agribusiness, we have a portfolio and a sales pipeline. These are different things. We have the contraction that is going to continue in the first half of the year. Farmers have had a downturn, and major farms are the ones that are purchasing. That's Bom Futuro, Maggi. These are more structured clients that have different ways of getting finance. The grower that we would consider to be average grower, medium grower with 5 hectares, 5,000 hectares, they are more restrained in general way. Talking about agri industry, agribusiness, the demand is very strong for biofuels, corn ethanol, which is very competitive. We have been very, very successful. When compared to sugarcane ethanol and wheat ethanol and also as other terminals, as we see with B8 and biodiesel with canola and soybeans. We had good business with Cocamar. We were the winner. There are new products that were launched in 2025, and we have a very important pipeline in the south of Brazil for new products for biodiesel. In addition to the soybean and the canola project. For agribusiness, biofuels would be the main focus. There are new crops to be considered, such as sesame, which is growing by more than 100% in the last two years. We see in sesame an opportunity for processing industry and also for exporting this project. This is part of the package that we refer to as industrialization of agribusiness with new crops. I made some comments about international business. I talked to the team this morning, and what is essential for our strategy is to look at this. We had record revenues. We hope to maintain this level, and we are going to be focusing on the countries that are improving their situation in the political and economic reviews. Argentina, Bolivia and Venezuela would be those countries. We have a major focus, and there's a lot of optimism when we talk to our Paraguayan, Uruguayan representatives. They think like us. They also feel the pressure for margins. When we talk to the representatives of Bolivia and Venezuela, we see that they are more enthusiastic. That comes from lower interest rates and a more favorable and stable macroeconomic scenario. The expectation, in summary, for international business is that if we keep the level that we reached in 2026, the results will be satisfying, good, positive, and this is something that is reachable. In terms of replacement services. As mentioned, there are some disadvantages, some difficulties. There is a bad humor in the agribusiness so that would keep the investments down. The nature of replacement service, on the other hand, is more constant. There are problems that will happen. More than 10,000 units, storage units across Brazil of Kepler Weber and they need maintenance. Whenever there is a problem at the unit, it cannot stop. You have to do the maintenance. There is a high level of consistency. In our R&S, we have an equipment called the Seletron, which was an acquisition that we purchased four years ago. A piece of equipment that is being used in the segment of seeds using Seletron. The grower is trying to optimize the product, investing in quality, investing in equipment such as Seletron, that does this function of using optics to improve the selection of grains. This is part of the mix that we have with our R&S. We know that our mission is to reach the digital. The team knows that. If we have high digital level in our R&S, I will be happy as well. Very clear. Thank you. We'd like to remind you that those who wish to ask a written question, click on Q&A on the bottom part of Zoom and submit your question. Our next question comes from Guilherme Cruz with Verus Brasil. Could you make some comments about the evolution of the initiatives of the company to expand the operation in coffee and seeds, and what's the current view of the company to those markets? The CapEx in new products contemplate those initiatives that I mentioned. Thank you. Guilherme, hello. I talked a little about seeds beforehand in the previous answer when I mentioned the Seletron equipment. We've been starting operating in the seed segment with different clients. More industrialized clients and processing of those seeds using Seletron. If you don't know the equipment, go to our site and get to know it. It's a very modern equipment using artificial intelligence, and it has the capacity to read the seed damages. We had more than 50% growth in the sales of the equipment, and this was driven by seeds. 54% of this growth was focused on seeds. R&D will work so that we will continue developing it. There is also M&A possibilities. We do not discard this possibility, so we haven't talked about it in the past 3 years, but this is something that we can discuss for coffee and for seeds. We have the classic storage for coffee that is migrating from bags to bulk storage. The largest exporter of coffee in the world is Cooxupé in the interior of Minas Gerais state. We have been trying to use selection machines also to be used in the coffee production. But nowadays we have no initiatives related to coffee for the company. The last question you asked was about the CapEx. In general terms, CapEx is invested in the most classic business. CapEx in the drying process and generation of heat and drying of grains, and also optimization of our silos. CapEx is more focused on our core at this moment. Our next question comes from Tadeu Azevedo, individual investor. Congratulations on the resilience on the results. I would like to know what are the CapEx dynamics for 2026 in terms of level and focus. Thank you. Thank you, Tadeu. Good morning. This CapEx was BRL 71.2 million. So this is about 4.7%-4.8% of our net income. Last year, we had a CapEx of BRL 47 million. That would account for 3.1%-3.2%. We understand that CapEx dynamics for 2026 is likely to stand around 3%-3.5% of our net income. Net revenue, a little below of what we had in the previous periods. 2025 showed a relevant impact with the costs of SAP, which is a one-off cost, and this is not likely to happen this year. How are we going to segregate for this year? It's gonna be segregated in the main players of our CapEx, which is supporting modernization and new products. As we have mentioned, we have been investing a lot in new products because we understand that this is an essential investment because we're investing in the future of the company. We are likely to maintain the way it is. As Bernardo mentioned, 12% of our products were developed in the past five years. We tend to follow the same path. CapEx is gonna be a bit lower than what we had in 2025, and the three main pillars will be supporting modernization and new products, considering that IT will have an important impact, but not as large as the share that we had last year. The Q&A session has come to an end. We turn the call over to Mr. Bernardo Nogueira for his final remarks. Thank you very much for the time you took to be with us. I have some final remarks to share with you. In 2025, also in 2026, we know that the cycle is more adverse. We were expecting and we got prepared for the cycle. When we started with our NS ten years ago, when we reinforced our international business, when we focused on developing product that would increase the revenue, had a purpose to knowing that the 2023 and 2022 wouldn't last forever. We knew that this adverse cycle would come to happen. Some analysts ask about what to expect. They said, "When there's a downturn in business." The answer was, "We're gonna be ready." We show that we were ready in 2025 for a tougher cycle, a more adverse business cycle, and the same applies for 2026. 2026 is gonna be hard to play, but we are ready for it. We are gonna raise the bar even more in terms of efficiency, professionalism, and we're gonna be winners and continue in the investments in the future of the company. We are gonna go through this cycle. Our focus is in the implementation and efficiency and also in the integration of the company, focus on the client. Commercial, planning, procurement, plans, logistics, everything is well aligned. We're all focused in meeting the needs of the client in the most efficient manner. I would like to thank you so much. My big thank you. I'm very proud of my team. Thank you, Kepler Weber's team, and thank you so much for being together with us so that we can face 2026. I would also like to thank for all the trust you, the more than 2,000 clients work with us on major projects which are very significant. I would also like to thank our 73,000 shareholders. We work very hard to honor the investments you've made. Thank you so much and have a great day, everyone. The earnings video conference of Kepler Weber is now closed. Should you have any questions, refer them to the investor relations team by the email ri.kepler@kepler.com.br. We appreciate everyone's participation and wish you all an excellent day.