Good morning, everyone, and welcome to Lojas Quero-Quero's 4th quarter 2025 earnings conference call. My name is Igor Sehn, Financial Planning and Investor Relations Manager. Joining me today are Peter Furukawa, the Chief Executive Officer, Jean Pablo de Mello, Chief Financial Officer and Investor Relations Officer. To begin the presentation, please turn to the agenda on Slide 3. On today's agenda, initially, we will present our strategic pillars, followed by expansion and projects. Next, we will present the quarterly and full year results. Finally, we will open the floor for questions and answers. To submit questions, please use the Q&A icon in Zoom. We will now go on to Slide 4, I'll turn the floor over to Peter. Dear shareholders and colleagues, it is a pleasure to be here once again to share with you the main results for the fourth quarter and for the full year 2025. Well, back in mid 2024, we believed that interest rates would decline in 2025, and we decided to continue investing in the company's growth and the maturation of the stores opened in recent years. However, 2025 turned out to be an atypical year, with the highest real interest rates seen in decades, significantly increasing the challenges for the entire sector. Despite this, Lojas Quero-Quero maintained its agenda of growth and strengthening of the home, rural, and construction business, which becomes clear when we look at the performance for the fourth quarter. We maintained our focus on executing our five strategic pillars. In the first pillar, gaining market share, the company's total gross revenue grew 3%, reaching BRL 858 million. Our same-store sales declined 2% in the quarter, still reflecting the challenging environment, but with a consistent improvement throughout the month. We began the quarter in negative territory and ended it with positive growth, showing a clear inflection in sales trend. We opened two new stores in the fourth quarter of 2021. Once again, we opened two new stores in the fourth quarter and ended 2025 with 586 stores in operation. In credit and collection excellence during the year in which delinquency reached record levels in the country, we kept the portfolio quality well controlled and stable. The VerdeCard portfolio ended the fourth quarter with 11.1% delinquency, in line with our historical levels, confirming the resiliency of our credit card model even in challenging macroeconomic environments. Our credit portfolio grew 18% per year, supporting our stringent work. In the more with less pillar, sales grew 4% vis-à-vis the fourth quarter 2024, despite an increase of 2% in our store base. Administrative expenses had a nominal drop of 2% vis-à-vis the previous year, reinforcing the discipline of the company and efficiency in capital allocation, while we also continue to support store operations and expansion. Within the digital sales pillar, we reached a record 28% of total sales in the fourth quarter, an increase of 3 percentage points compared to the fourth quarter 2024, an important step in consolidating our digital business model. In high performance culture pillar, we trained 198 new managers throughout 2028. We have 253 employees enrolled in the Desponte program, strengthening our leadership pipeline. As I mentioned, we ended the year with 586 stores, reflecting 21 openings in 2025, 2 in the first quarter and the close of 8 units during the year. We are now present in 497 cities across the states of Rio Grande do Sul, Santa Catarina, Paraná, Mato Grosso do Sul, and São Paulo. We renovated 27 stores during 2025, including 5 renovations in the fourth quarter, enhancing the attractiveness and productivity of our store base. 6 stores were opened in Rio Grande do Sul, 3 in Santa Catarina, 10 in Paraná, 1 in São Paulo, and 1 in Mato Grosso do Sul. We continue to maintain 85% of our stores in cities with fewer than 100,000 inhabitants, reinforcing our focus and leadership in Brazil's interior markets. With this, I conclude my remarks and give the floor to Jean. Well, thank you, Peter. It's a pleasure to be with you once again to speak about the results of the company. On Slide number 8, we see our revenues, we have a vision of the last few years in the company and Brazilian retail. We spent the years 2022, 2023, when we had an increase in inflation and an increase in interest rates, you will see the performance of the retail market. The retail market is having a difficult time with a negative same-store sales with a drop in 2022 and 2023. In 2023, we began with stability, first of all, in volume. We had a price deflation in 2023. This led to a resumption in 2024. In the bottom to the left, you'll see our quarterly sales. We have a drop in same-store sales. We have a slight increase in sales. The flooding in Rio Grande do Sul is something we have left behind in 2025. In the second quarter, we began to see a worsening in the macroeconomic performance as a whole. We also faced a quarter where the interest rates literally hit the highest point ever. In June, July, we had a drop in demand and an additional decline in the third quarter. We had a drop of two digits in same-store sales in the third quarter. As Peter mentioned, I think this is the first piece of good news, a resumption of sales in the retail market in the fourth quarter. We began with a drop of 2 digits in same-store sales to end the quarter at a balanced position. It was a gradual and consistent enhancement, setting forth positive expectations for 2026. We will still have a very strong base in the first quarter, and to maintain that level, the year would be very different vis-a-vis 2025. The retail market faced challenges in 2025. Financial services and credit cards grew with a revenue of 12% for the year and in credit card, a growth of 16% for the year. As Peter mentioned, we had a growth of revenues of 4% in 2024, reaching BRL 3.2 million in revenues. Here you see the impact of the very high interest rate and the weaker demand in retail impacting the company margins, not only in retail. We ended the year with 22.4% in the middle graph for gross margin for the retail, a drop vis-à-vis the margins of 2024. In financial services, the impact is even stronger in the cost of capital that a credit portfolio has, of course, a cost of capital linked to it with an impact on margin and with a consequent decrease of margins throughout 2025. This does not appear here, vis-à-vis previous quarters, we see a stability and a very good outlook. If there is a drop in the interest rate, we should see an improvement in the margin of financial services. Unfortunately, we had a drop of 3% in gross margin because of these drops that we witnessed during 2025. This is the second point where we focused our work, not only this year but through time. Of course, this offers us a very interesting base for the year 2026. We carefully looked at expenses, at investment, and this is reflected in the fourth quarter. We have a growth of operating expenses of 3.7%, although we grew the base of stores by 2% below the inflation of the period, and sales expenses grew 4.1% in the fourth quarter, 2025, and we had a reduction in general and administrative expenses of 2.2% in the fourth quarter. This shows us what we have been remarketing with you in the last quarters, the work that we are carrying out with a reflection in the results. We control expenses grow below inflation. Going into slide 9, we had a drop of sales in the retail, especially in the third quarter. Due to pressure in leverage, we delivered an EBITDA of BRL 54 million, BRL 14 million adjusted, and an EBITDA for the year of BRL 151 million for adjusted EBITDA, once again, because of non-recurring items. This is a clear effect of the operating deleverage. We have a drop when there is a reduction in the retail market, and of course, with the growth in sales, we are able to deliver this operating deleverage. We're operating below the potential of our performance, but of course, better than the former quarters. This was mentioned by Peter and myself, the impact on net income. We ended the fourth quarter with a loss of BRL 43 million, reaching BRL 24 million for the year. Once again, we have that effect of the operating deleveraging and, well, the effect of the high cost of capital. We begin to stabilize our results despite the very high interest rate. The fourth quarter had results somewhat better than those of the third quarter. In the next slide, we're going to show you some of the strategic items that the company pursues historically. Of course, I spoke about the resumption of sales with an improvement in the fourth quarter, the control of expenses, and a third very relevant point, which is the control of our default levels. I think it is broad knowledge that the scenario of the credit market in 2025 was highly challenging. The households have their income compromised, but despite this, we were able to grow the portfolio in a healthy way. We ended with BRL 1.6 million in our credit portfolio through the VerdeCard, and we have a delay on the portfolio of 11.1%. This reduction of the second and third quarter is quite well aligned with the fourth quarter of 2024. This controlled default is always good news, and it is something we will continue to pursue. It's something historical for the company, and this will also be our focus in 2026. In the next slide, we see that we continue to see a demand for credit, the growth of our credit cards, a growth in the use of our credit cards, so much so that we end the year with a growth of 22% in transactions. This transaction volume will lead to an increase in the credit card portfolio with controlled default levels. What is interesting to discuss here is the penetration of the VerdeCard card as part of our sales. We have more than 60% of penetration. In 2018, 2019, we had a drop after the pandemic, and we grew again last year, reaching 54% of penetration of our credit card, and we do have demand. We see that there is a potential to further increase this penetration. This doesn't mean stealing away share from other forms of payment. It means bringing in more customers and increasing sales, but this will have to be aligned, always thinking about keeping default controlled. We see the future potential of penetration and sales, but this is something which we will do when the moment is more propitious for this. We go on to the fourth point, which is our cash flow CapEx. We ended the year opening some stores. We renovated 27 other stores. This is a choice that we made in 2023 to reduce the speed of our expansion because of the cost of capital and the macroeconomic situation. We totaled BRL 49.4 million in stores, logistics and other areas. We continue to invest as we know about the potential of sales and the potential that these stores deliver to us. I will now go on to our final Slide, number 16, to show you the results of this. This is something we have debated a great deal for some time. We have a cash cycle during the year, a cash burn in the first half of the year and cash generation in the second half of the year. This becomes very clear when we look at the adjusted net debt at the bottom. We had a cash consumption that was somewhat higher because of the drop of sales in the retail in the second and third quarter. When there are drop of sales, we have pressure on our working capital. Once this is stabilized, once the sales become stabilized, we once again generate cash and reduce our adjusted net debt during the fourth quarter. We ended the year with a controlled operating leverage, as you can see. Despite these moments of a more difficult macroeconomic scenario, we work with good working capital and cash management along with default. This is one of the points of our focus. We ended the year with a management of liabilities with only 16% of our debt with a short-term maturity throughout 2025, we carried out issuance of new series of the FIDC card. This is a reflection of the work of credit and collection control default. Through the third and fourth quarter, we lengthened the profile of our debt. Here you can see the detail of the results of the company in 2025, and I will return the floor to Igor so that we can go on to the question-and-answer session. Well, thank you, Peter. Thank you, Jean. We will now go on to the question-and-answer session. Should you wish to pose a question, please use the Q&A icon in Zoom. The first question is from Vinicius Pretto from Itaú BBA, and will be answered by Peter. I would like to know your mindset in terms of evolution of demand in this 1st quarter. Is this a result of Reforma Casa Brasil? For those who make less than 5,000 reais, is this gonna help with the resumption of demand in 2026? It's always good to hear your questions. Thank you for the question. As you mentioned, there was a turning point, a positive turning point in October, November, December. We ended December with positive results. We had a problem in terms of useful working days. We have to look at the year as a whole. Now, we are positive regarding this. We're holding back on costs. We, because of this, are more optimistic in terms of what will happen this year. There are four points, Pretto, that we are referring to. You mentioned the issue of the income tax. This helped a large mass of Brazil, and we're witnessing it. The second point, at some point in time, there will be a reduction of costs, and this should continue with ups and downs until the end of the year, resuming our consumption. Another issue is the harvest. The harvest has been very good, and it will help us in the field that we are very active in, which is working with agriculture in the hinterlands. The fourth point. We had a more challenging competitive scenario, so competition became weaker, or many of the stores were closed down, or the businesses were closed down differently from 2025 when we began more optimistically. This year, we foresee having a better year with all of these variables aiding and abetting us when we are stronger as a company with cost contention, thinking very judiciously and holding back on default. We should have a better year than we had in 2025. That is my vision so far. Thank you, Peter. The next question is from Vinicius Pretto from Itaú BBA and will be answered by Jean. I would like to further explore the topic of credit, which has been the evolution of default in this high interest rate environment, and if the drop of interest rate will change the appetite for credit, loans. Thank you for the question, Pretto. Let's begin with what we have already seen. As I mentioned formerly, we have observed a macroeconomic situation that was more difficult in 2025 vis-à-vis 2024. This is due to the data of default and the household debts in families. Now, that pressure does come from the market, so we have worked on the two solid pillars that we have structured in the company. Credit, first of all, the concession or the granting of credit. We work with modeling in the stores to be able to offer credit to our customers so that they can buy from us and use the credit card. Of course, the credit levels have to be adequate without exerting pressure on the customers, without leading to default. We're not going to tighten up or loosen up the granting of loans, we have to be more attentive using updated information to know that if the situation becomes more difficult, we will have greater flexibility in terms of credit grants and become more conservative. Once again, we are working in controlled conditions as happened in 2025, and we hope that in 2026 we will stabilize those negative factors that happened in 2025. Another important pillar here is collection. That contact with the customer seeking a solution for specific customers. We have teams working at the stores that are focusing on this. Of course, there are some variables that could begin to enhance this macroeconomic scenario throughout the year 2026, but this will not alter our appetite for loans. Once the scenario, the panorama of our customer improved, naturally, we would be interested in offering more loans and increasing the penetration, as I remarked. We're not going to do this before. We want to see this materialize. Once we see the market has improved, we will have that opportunity of reinforcing the part of credit in the company to further leverage the retail market. If these variables end up being positive in 2026, we hope that we can benefit our business further as well. Thank you, Jean. The next question is from a private investor and will be answered by Peter. Which has been the sales performance between different states and categories? Have you observed a change of trend at the beginning of the year? Peter, your microphone is muted. Thank you for the question, and I do apologize for that. We have not observed a great difference in terms of performance among the states. We are in a highly agricultural region, and I think the results are quite the same during the period. What we have noticed are seasonal impacts. We have observed lower sales for air conditioners, for fans during this period. This represents several BRL million less that we had during January and February. As part of our focus, which is home and construction, we had an increase, a significant increase, in some products that relate to gardening. For example, we sold more than 100 tractors and lawnmowers in January. There's a change of mix in sales and categories. We have strong sales, but the sales were equally distributed among the categories. I hope this has answered your question. Well, thank you, Peter. The next question is from an investor and will be answered by Jean. If you could remark on the main drivers of your cash generation in the fourth quarter, and what is it that you imagine in terms of expansion in that scenario of high interest rates and weaker consumption? Well, I had already remarked this formerly, our work in terms of management of cash. We are at levels that are still below what we should have going forward because of our portfolio. The stabilization of sales begins to generate more demand, as we observed in the fourth quarter. This depends on our management of working capital. As you saw in the 4th quarter, we were able to generate cash, stabilize the debt, and begin to work with more coherent levels for 2026. Additionally to this, there is a vision that we have been using for some time, the cash generation we would like to have. There's always a potential of expansion of new stores, something we have done through the last decade. We pretend to open new stores and increase the pace only when cash generation and the macroeconomic environment are better. We hold back on our CapEx. We have done this in the last few years. It continues to be our focus, always awaiting that improvement. Once there is an enhancement in demand, in results, and in cash generation, yes, we could discuss an increase in our expansion. It's not something we would do at this precise moment. Thank you, Jean. With that question, we would like to conclude our Q&A session. I will return the floor to Peter and then Jean for their closing remarks. Before we close, I would like to speak very quickly about what we foresee for 2026. As I mentioned, 2025 was a difficult year for the entire sector and for the company, especially in the second and third quarters. In the fourth quarter, we still had negative sales, but throughout the months, we ended the year on a trajectory of recovery. This project of enhancement with a positive performance will continue on in 2026. At the beginning of the year, same-store sales point to a more positive scenario. January had a growth year-on-year. February had a different behavior because of calendar effects. We have to look at the entire quarter. March will be determinant to consolidate our reading of this trend, but we do see a better story vis-a-vis what we had nine months ago. In terms of profitability, we continue to be in a challenging environment. We still live with a very high interest rate. Our initiatives of cost control and efficiency put in place in 2025 are bringing about concrete results. We had a reduction in SG&A vis-a-vis 2025. With revenues on a growing trend, we feel more confident regarding the evolution of the company in 2026. The sector has gone through a relevant process of selection this year. We reduced the presence of some stores or closed them in some regions. We're going through this difficult period, and we want to preserve our base, and we want to enhance our relevance as one of the main players in the South and Midwest in Brazil. This will put us in a special position to capture healthy growth opportunities as the environment improves. Besides this, we have some macroeconomic factors that could favor us in 2026. The reduction of income tax for those that make less than five minimum wages will favor us in the South. We're working with the expectation of continuity in a cycle of a drop of interest rate throughout the year, benefiting the consumer and the companies. Of course, the good harvest forecast should increase sales in the hinterlands, where most of our base of stores can be found. This does not change our discipline. It reinforces the confidence that we are acting in a more favorable environment when compared to 2025. I would like all of those that have been to this call, the shareholders, our colleagues and our teams, analysts and investors, thank you for the constructive dialogue we have always had. For the team, thank you for being at the frontline during a difficult year and allowing us to get to a moment of recovery. We're fully convinced that we're doing the right changes for the Quero-Quero stores and that we will be ever more strong during this period. With this, I would like to turn the floor over to Jean, who will also help me close this conference. I would simply like to thank all of you and say that the entire IR team is at your entire disposal. Once again, thank you for your attendance, and we hope to see you at the next call.