Good morning, ladies and gentlemen. Welcome to LWSA's Q2 2026 earnings conference. Joining us today are Chief Executive Officer, Mr. Rafael Chammas, and Chief Financial Officer and Investor Relations Officer, Mr. Andre Kubota. For the question-and-answer session, we will also be joined by members of the company's senior management team. This event is being streamed via Zoom webinar with simultaneous interpretation into English and will be available for replay at ri.lwsa.tech. The slide deck for today's presentation can be downloaded from the Results Center under the Financial Information tab on the same website. All figures are stated in BRL and have been calculated in accordance with Brazilian accounting standards as defined by the Brazilian Accounting Pronouncements Committee. Before we begin, please note that any statements made during this presentation regarding LWSA's business prospects, operational and financial forecasts, or future growth estimates are projections, and as such, are based solely on management's current outlook for the business. This outlook is highly dependent on market conditions, the performance of the Brazilian economy, the industry, and international markets, and therefore are subject to change without prior notice. Unless otherwise stated, all variations in rounded figures presented here have been calculated in thousands of BRL. This business performance presentation includes both accounting and non-accounting data, such as organic and pro forma operating and financial results, as well as projections based on management's expectations. The non-accounting data have not been reviewed by independent auditors. For the question and answer session, we kindly ask that you use the question-and-answer button at the bottom of your Zoom screen to submit your question. When submitting your question, please remember to include your name and the name of your company. As a standard practice, your name will be announced so that you can ask your question live, and a prompt to activate your microphone will appear on your screen. I will now turn the conference over to Mr. Rafael Chammas, who will begin the presentation, followed by Mr. Andre Kubota. Mr. Chammas, please, you may proceed. Good morning, everyone. Welcome to our Q2 2026 earnings conference. In the first slide, we have the executive summary, which I would say is one that shows the consistency of our earnings. As we've been said, this is a company that has been growing at double digits. We ended this quarter with 12.4% at BRL 276 million. It's important to mention that our growth has been very much driven by the growth in subscriptions growing at 14%, and also the customer base for several consecutive quarters. We have had an increase by close to 5,000 customers per quarter. Both subscriptions and the segment have grown. With also great cash increase over the quarter, which has been true for several quarters consecutively. I think that we have very impressive figures to show this quarter. We have an adjusted margin of 27%, 6.4 percentage points versus the same quarter of last year. This is the widest margin and the highest EBITDA in the last few quarters, so 35% increase in our adjusted EBITDA quarter-over-quarter. We also ended the quarter with close to 28% commerce margin, an increase by 6.4 percentage points year-over-year, and BRL 76 million in EBITDA, the highest in the last 24 quarters. It is important to say that our EBITDA has been translated into cash. This is another quarter where our cash generation has been very high. BRL 137 million in cash generated in the first half of the year, which versus the same half of last year, represents an increase by 51%, with a free cash flow margin of 18% in this half of the year. The operation in the last 12 months came to BRL 271 million, with a yield of 15%, which is to say we have been able to make our growth to translate into a bottom line. Also, very interestingly, our profit for the period was very interesting. BRL 65.7 million in the quarter, which represents growth by nearly 50% year-over-year. When we look at the first half of the year, we have an adjusted net income of BRL 119.7 million. An increase year-over-year by 51%. A lot of what we have been saying in several quarters is shown here. Consistent growth by adding subscribers, efficiency, and cash generation. I think this is very consistent with what we have been saying every quarter. Moving over to the next slide, more details about our operations. Drivers in terms of our growth dynamics. The ecosystem GMV, BRL 20.3 billion, representing 15.2%. TPV, which is very important for our operation, went up 13%, so we end the quarter with BRL 2.3 billion in operations. Our net operating revenue of BRL 375 million, up 8.2%. As I mentioned, our commerce revenue at BRL 276 million, up 12.4%. Our subscription revenue up 14% at BRL 148.6 million. Our platform subscribers, which is an indication of the health of our operations. All of this shows that there has been no slowdown when it comes to our solutions. We ended the period with 215,000 close to 216,000 active subscribers in our operation, an increase by close to 9% year-over-year, and a net addition of close to 5,000 customers. It is a record-breaking quarter for us in terms of clients. I talked about the margins with adjusted EBITDA up 35% and BRL 137.2 million in free cash flow after CapEx. Andre Kubota will give you further details, but I would like to spend the next slides talking a little bit more about our operations and most importantly, about AI. Moving forward to the next slide. In the last few quarters, we have talked a lot about how AI is no longer an isolated resource or functionality, but rather having become a layer of efficiency to our customers. Agent orchestration is something I would like to talk about in a more schematic way with regards to our outlook. We wanted to develop our operation knowing that we would have a very good asset, which means we had the data from our customers and multiple workflows with which we would be able to build an orchestration layer that would add a lot of efficiency to our customers via these agents. That is what we are now starting to deliver in a structural way within our operations. This agent orchestrator is launched first in our operations for our larger commerce customers, which is Wake, but with a unique architecture, which is now being replicated to the entire group. This orchestrator coordinates a suite of specialized agents, each of them tackling a specific issue. I will be detailing each one of them in the next few slides. Moving over to the next page, I start with the catalog enrichment agent. This is a very important agent when we think about our customers' sales because it operates from an SEO standpoint. It improves both traditional search engines and LLMs, which are increasingly mediating purchase decisions for our end customers. It connects product bases and enriches their catalogs, adapting the profile for each merchant. Obviously, they have optimized communication for their end customers. It is a way to drive sales for our customers and very significant working as an autonomous agent across our entire customer base. Moving over to the next slide, also about sales, but from a different perspective, which is communication in terms of segmentation and promotional strategy. This is an agent that promotes a smart segmentation of the audience for all our customers. We have a fully automated and integrated native operation consolidating the history data, behavior data for users in the client's website. The customers ultimately have a history that feeds into the audience segmentation, identifying Audiences and opportunities, ultimately becoming a full-fledged orchestrator for the customer's CRM, obviously with actionable ways of providing opportunity. We can fully optimize the way our merchants or our customers seek to increase their sales, speaking to their end clients in a very sophisticated way, leveraging AI to tackle this wide database that we have for them. Now moving forward, we show how we help our customers in a critical operational way. This is something we have been calling the health and operation agents, which manages orders. Ultimately, this is how it works. Because we have very important omnichannel operations, it is very common for a product to sell off in a brick-and-mortar store or in the commerce store or both at the same time, which ultimately creates a disruption and creates an issue in terms of the customer experience. Ultimately, it affects the result because it can disrupt the sale itself. This agent identifies bottlenecks and proposes automated decisions in terms of inventory counting. It points out any divergence and provides a little bit wiggle room for the operating team to adjust their order processing. It improves the customer experience, improves sales conversion capacity, and helps you to monitor the operation at large. This is an agent that works in several different contexts within the operation, especially taking into account the omnichannel experience of the customer. This is the last agent, which is also very interesting because it is specifically about money. It deals with the logistics intelligence validation. The last example, which is a very smart and interesting agent because, again, it injects money right into the veins of our customer. This is a logistics intelligence and validation agency. What this is about is the decision to deliver a product should not be made considering only distance, but rather looking into more efficient ways of thinking across distance and inventory and cost and freight profile and coverage and inventory. Sales should take into account not only one variable, which is distance, but rather working in a smarter way. And what this agent does is it thinks about which store or which distribution center should send the product to the end customer. So this provides better experience to the end customer, but also optimizes inventory management and logistics costs for our clients. This is only possible because we have a very wide operations and data layer from our customers for them to make these decisions, which are not necessarily binary. It is not about what is closest or cheapest in terms of allocation. These are just a few examples that are already operating in practice for our customers, but it shows the power that LWSA has in leveraging the structured data from our customers in multiple critical ways, all of that connected via a single platform, and shows the potential of what we can bring to our customers by leveraging AI. Still on the issue of our potential ways to serve our customers, I would like to show a few concrete data with regards to the use of AI, especially when it comes to IPMS. I had shown a few of these data points before, but this shows how much AI has improved substantially of our SME customers. It shows the experience and their capacity to sell. So these are direct data points. So year-over-year, the average time to launch a store has dropped by 72%. All of the capacities that we provide for our customers through our automation stores and the way they create the store and include their inventory has helped to reduce the time for them to make the store go live in 72%. This shows how effective this has been, and not only have they been able to have a much more expedited e-commerce operation, but also helps them to sell faster. Year-over-year, the figure has increased 22% when it comes to stores with the first sale within 60 days. So the provision of tools with native integrated AI in the context of using our products has shown how successful and useful this has been ultimately for our customers. Ultimately, before turning over to our Chief Financial Officer, Andre Kubota, a very significant strategic move which consolidates our ecosystem thesis, which is the strategic repositioning of Bling. Last week, we launched our Bling rebranding communication, which solidifies what we have been saying about our go-to-market and product strategy, which is to unify within a single journey every component we deem significant and critical in the successful journey of an SME. Integrating via Bling, we provide the capacity for our customers to manage and sell through several different channels via their own virtual store within Bling. So we already have the context for the customer, their inventory. They already have a virtual store via a single click, so they are ready to sell. Not only that, but we also have all financial services fully integrated in the store. So it is a virtual circle. Financial management, sales, and logistic management, including all of that capacity within that portfolio with solutions that we are offering in an integrated way to our SMEs through a single journey and a single product with a single purpose, which is much broader, which is a full-fledged business platform for our customers. I am confident that this is a very significant strategic movement because it enables our customer and sets them up for success because LTV, propensity to marginal use, and solutions reduces barriers and makes the experience a lot more seamless and successful. I have talked about the importance of critical workflows and integrated data points, and this shows how we create a strategic moat that is very significant with multiple business layers, fully integrated and orchestrated, definitely providing a much better experience to customers. Not only that, but by repositioning Bling that way, we also enable Bling to expand its addressable market. We now have product operation and service dynamics to bigger clients than we used to serve before. We are now tackling a different customer profile, which will substantially benefit within the context of e-commerce retail with a solution such as this one, consolidating our operations. I always like to remind people that ultimately for SME customers, these are things that cannot be separated. Selling more and selling better, and managing better. They can better manage their own business and their multiple channels, their marketplaces, their social commerce. They can set up their own store, manage logistics, provide a fully integrated financial service, and do all of that in a horizontal way, paying their taxes and issuing invoices, obviously monetizing the entire flywheel. This is it. Thank you very much, and I will now turn over to our Chief Financial Officer, Andre Kubota. Thank you, Rafael, and thank you to everyone who joined us for our Q2 earnings conference. Moving forward, talking about our net operating value, we see growth by 8% year-over-year to BRL 375.2 million, with the commerce business contributing with an increase by 12.4%, up BRL 276 million, with a highlight to our subscription revenue, which has increased by 14%. Our BeOnline business is still slightly declining, a result of the optimization of our portfolio and capital allocation products and services with greater profitability, which will become clear in the next slide. Moving forward, when we look at the adjusted EBITDA, we see substantial increase by 35.1% year-over-year. A record quarterly EBITDA and record margins as well at 27.3%, highlighting the commerce business, which grew by 46.5% with an EBITDA margin of 27.7%. The BeOnline business, as I said earlier, despite a slight decrease in revenue, showed an increase by 10% year-over-year, reaching a 26.4% EBITDA margin. We are working a lot in optimizing our portfolio, recycling our portfolio, and allocating capital to more profitable and scalable products within the company. Moving over to the next page. Looking from a slightly longer time horizon perspective, in the last 12 months, we show the record-breaking figure, both in nominal terms, and in terms of margin. We reached BRL 377 million in the last 12 months. It is also important to note that this is the highest nominal adjusted EBITDA in the last 12 months that we have had in a very long time. In the last 12 months, our cash generation reached BRL 271 million, and that is after the investments we have made within the company. We're reinvesting in the company's growth, and the margin versus our net revenue came to 18.3%, up 8 percentage points versus the margin we reported last year, which was 10%. From this cash generation, we distributed nearly BRL 200 million in shareholder return in the last 12 months. This concludes our financial details, and we'll now move on to questions and answers. As a reminder, if you have a question, please submit it using the question-and-answer button at the bottom of your screen. As a standard practice, your name will be announced so that you may ask your question live. Our first question comes from Mr. Luis Chagas with XP. Please, you may proceed. Hello, everyone. Good morning. Congratulations on your earnings. It's very interesting to see the company's great execution and evolution over time. I have two questions. The first, your EBITDA margin is still a major highlight, so I wanted to understand how you think of your trade-off between reinvesting and accelerating growth versus continuing to expand your margin in the next six months. How do you see that path of growth in the next 12 months, considering your level of growth? My second question, I found very interesting the way you mentioned the catalog agent because it seems to add a lot of value for customers as it provides better context. How do you expect to increase sales conversions by using your catalog in general? In terms of the agents, how would you charge for them, and how would that affect your expected gross margin? Hi, Luis. This is Andre Kubota speaking. Thank you for your questions. I will take your first question and then turn over to my colleagues to take your second part. We agree with you about our margins. I think this has been a very significant highlight when we think about what the company has delivered. We have great reason for that margin growth. We've been working very hard and recurrently in improving cost efficient without failing to invest in different business fronts that will provide gains for the future. We are seeing productivity gains in using artificial intelligence automation within our internal processes. This has been very strong when it comes to customer support. Also we're seeing some outstanding synergy from our mergers and acquisitions. Maybe a third point that's becoming more and more significant is our strategy when it comes to capital allocation and focusing more on scalable products which are more profitable for the company. Not only have we made structural moves when it comes to selling companies last year, but even within the company's portfolio, we might have one or other product that's more of a legacy product that provides different profitability. We might either discontinuing or reducing the share of those products. Our revenue in a few businesses has seen lower profitability. But looking forward, we are looking at very interesting margins. We operate in a market that's growing significantly still, and we're often talking about or looking at these trade-offs between investing in growth, but we're always trying to reinvest to continue to grow. This is a little bit of what I would have to say to your first point, and then I'll turn over to my colleagues to answer your second. Hi, Luis. Good morning. This is Alê speaking from Wake. And it is interesting to have a very solid perspective in the use of AI, especially within Wake. I think Willians can talk a little bit about that later because the application on his side might be a bit different. When it comes to the agent orchestrator, we are using it in a very strategic way. First of all, because in addition to having an optimized catalog, we have several other agents which will not only improve conversion, but also make our customers' operations easier on their everyday lives. We have an agent for auditing. We have an agent that can create promotional sales in a more effective way. We also launched something called Audiences, which is an integrated CDP within the platform, which could move or customize the website via AI agents. This army of agents is coordinated by this orchestrator which we have just launched. Our perspective is this is a very important thing because it will not only provide or allow these multiple agents that the team is developing to be used by merchants, but also allow them to create their own agents. This ecosystem will also be able to create agents so that this orchestrator can manage both the external and internal agents for the customer. This creates a universe of new possibilities for customers, and the way to monetize that is obviously by providing token packets or suites of tokens. We will be talking about the better he can execute the task, the more we will be able to monetize the use of these agents. In parallel to that, when an external agent from the ecosystem or by the client can operate within the platform, the use of the platform's computing power will also be charged for. By providing these very mature and complex operation use, we also can make the platform even more reliable and even better. Thank you so much, everyone. This was very clear. Our next question comes from Mr. Lucca Brendim with Bank of America. Please, you may proceed. Good morning, everyone. Thank you for taking my questions. I have two. First of all, I wanted to follow up on the issue of margins, which has really been the highlight in the last few quarters. I wanted to understand whether the level that you have reached in the last quarter might be seen as the basis for the future, or if there has been anything that was one-off that moved the level up. Thinking long term, how much room do you see for your margins to grow? Or how far could it be thinking of a longer horizon? Do you think of a cap, or what would your target be for the future? My second question is about BeOnline. You guys have made several adjustments to your portfolio. You are trying to remove these less profitable products. But when we think about the optimized portfolio, how is the business growing with the optimized portfolio and how would you see BeOnline growing with this new streamlined portfolio? Thank you. Hi, Lucca. This is Andre Kubota again. I will talk a little bit about our margin, and then I will turn over to my colleagues to address your second question. With regards to our margins, we have no formal guidance as to a figure we are looking for in the future. But for some time, we have been sharing with you that historically, our margin has been close to 27%, including in the commerce business. We believed it might take some time longer for us to reach that. With everything that is going on and all the efficiency gains we have had with automation and also scalability with the business, as well as improvements in our support business, I think we might reach that level even faster than we thought. Also, the portfolio optimization is taking place at a very fast speed. Looking forward, we also believe that we have potential growth with a secular tendency for digitalization and great potential. We will continue to reinvest in the company. We do not foresee any additional growth vis-à-vis the current level, and I think this is sort of how we see this margin trade-off looking ahead. I will now turn over to Higor, who will talk a little bit about BeOnline and take your second question. Hi, Lucca. Good morning. Thank you for your question. With regards to BeOnline, this is something that you have mentioned and something we have been saying for some time about our operation, which is taking place in a mature market. When we go back to strategy, BeOnline is located in this mature market. We have Locaweb, which is an operation that dates back to 20 years ago, and obviously several of our products carry this history and have carried some of this customer base, which is now being refreshed, as Kubota mentioned. In some cases, when the product is showing indicators in terms of customer base and profitability below or falling short of the expected, we are now being very careful to migrate this customer base and making it more profitable. This is ongoing, and there is still much of the process that we have to go through moving forward. To your point, when we split the portfolio in two, thinking about new products, which we have either launched more recently or we believe to be the future of BeOnline. We split that from the older products marked by these more mature characteristics or which belong to a more mature market. These are products where we have made an effort to invest in them, or this is where our strategy will work. These are growing significantly or at a pace that we see as very consistent with our global peers. We have been very fortunate with our new portfolio, but as you can see, there is still some work in terms of monetizing this operation that we will continue to perform moving forward. This is work that has been bearing very great fruit. This is something we have been doing without hurting the company's ability to reinvest, meaning we are seeing profitability gains, and at the same time, we are making that happen. We are refreshing the portfolio. Our intention is to do that without hurting the company's indicators and without jeopardizing what we understand to be a healthy operation and a healthy customer base. We prize for quality and for serving these clients really well, especially when it comes to essential services and our digital footprint and cloud and infrastructure. This is something that we have to do very carefully because everything we do has a huge impact on Brazil's internet. We are very aware of that, and we will be executing our plan very carefully. Thank you so much. It was very clear. Our next question comes from Mr. Leonardo Cintra with Itaú BBA. Please go ahead. Good morning, everyone. Thank you for taking my questions. Congratulations on your very strong results. I wanted to understand what you have in mind when it comes to enterprise SME and GMV in this quarter. We saw that SMEs have moved much of their sales inventory to marketplaces, and there was more traffic in enterprises. I wanted to understand how you expect that to evolve moving forward. Also, I wanted to talk about the cloud business. Last quarter, you had just moved out of your soft launch. If you could talk a little bit about how the strategy and your roadmap has moved forward, how it has scaled when it comes to client use, it will be very interesting to hear. Thank you, Rafael. It is interesting that your question addresses precisely our strategic positioning. When we think of SMEs, obviously they struggle a lot more to sell with a lot more limitations. Having a product that adds multiple functionalities, allowing customers to sell via multiple channels, leveraging their options to survive is very interesting. We have moved our ecosystem to evolve within this logic of a full-fledged business platform, and we see that that is very important for customers. It increases their probability for success and survival. There is also something implicit in your question, which is monetization is not exactly the same. In B2C, our ability for profitability gains obviously moves from transactional services to payments. There are two things which are very important. This is independent of the client's success, but we are also creating monetization layers that will benefit from this dynamic that we have no control over. Obviously, you see channels sort of fighting amongst one another, which is something that eludes our control, but we directly benefit from the monetization of that. What I mean is the pricing of our packets have variable dynamics embedded into them when it comes to sales performance. Regardless of where the sale takes place, in the near term, we are gaining from that. This also enables us to offer new types of products. We are talking about the evolution of financial services, and we are now testing a few credit products. As this ecosystem moves forward, our potential to continue to offer services and to grow also increases. For SMEs, regardless of that, we see that it has become more and more essential to work in high complex environments. This is where Wake's positioning becomes clear. This is an operation that we launched three years ago, and we are now seeing via indicators that we have been very successful. We now have a widely recognized platform and very powerful, and we have been able to bring in clients that are improving their sales and conversion rates, and also integrating their omnichannel strategy. These are customers that highly benefit from the fact that we are a solution with a full-fledged and fully integrated solution in a single system, a single product. I will now turn over to Higor. Thank you so much for your question. We are very happy about the product, but we want more. Let me add some color to that. What I mean when I say happy with the product is this. I will give you an example. a few weeks ago, we had an event here at Locaweb with about 30 influencers. These are technical influencers, people who address big tech issues on an everyday basis, talking about technology in very in-depth discussion. We invited them to present or to introduce the product and have a discussion about how ready this product is to address the more complex technical demands that the digital world requires. It was very well received. We had wonderful feedback about the product during this event. Also right after the event, the feedback continued to come, and it continued to be very widely well-received. This is an example about how happy we are with the product and how huge the potential we see for it is. We are doing a few other moves internally. For example, we have been discussing a plan to accelerate, and this is an internal discussion we have had, which is we have a few products to launch now in August, September, and October, which will make this an even more competitive product, especially when it comes to big players. We are very excited because this is a product that touches directly on cost, meaning this is a product which is very strong technically, but also it tackles a huge problem in Brazil, which is price. It is highly competitive, while also delivering something very strong, and this is what the specialized market agents are telling us. It delivers well on quality. We are very excited. This falls within our adoption and growth plan. Also from a quality perspective, it is also ticking all the quality criteria boxes. We are very, very happy. That was very clear, everyone. Have a great day. Our next question comes from Mr. Gustavo Farias with UBS. Please go ahead. Good morning, everyone. Thank you for taking my questions, and congratulations on your results. I also have two questions. First of all, considering the slowdown that we saw with your revenue over the last quarter, especially when it comes to the broader retail environment, if you could talk a little bit about where your mind is when it comes to your growth in the second half of the year, that would be great. Also, if we could talk a little bit more about your ARPU. We saw a slowdown in your subscription revenue and at the same time, an acceleration in your subscription base. If you could talk a little bit more about your ARPU, that would be great. Hi, Gustavo. This is Rafael speaking. Well, I think your second question sets the tone for the first one. The critical thing for us is to continue growing our subscriber base. I think we have been very successful at that. This is now the third consecutive quarter with record-breaking figures in a net base. This goes to show that this complex environment is very high in demand. Our growth sales are still going really well. We are not seeing any change when it comes to retention, quite the opposite. This has allowed us to consistently grow our customer base, and consequently, that involves the addition of customers with a lower ticket profile, and that adds some changes to our ARPU. That is very healthy because ultimately what we want is for customers to join us, be successful when they launch their operations. And we had some data points showing that that store launch has been very expedited, very fast. We want them to sell fast and to extend their lifetime with us. Throughout that journey, they are able to grow, and we monetize them via several different products integrated into their journey. Of course, we've been able to monetize that. We're seeing also larger clients with a higher ticket. From the operation economics perspective, we are still bringing in clients and helping them to succeed. When we think about the macroeconomic environment, that translates into a GMV, the sale GMV for the customers, and consequently affecting part of our monetization. We did see in the second quarter, retailing taking a huge blow, and the e-commerce industry itself has faced many more challenges. We're seeing a similar profile in the second quarter. So we're seeing going into Q3 very similar to what we saw in Q2. But obviously, we're still benefiting from an operation that's still bringing in more and new clients. We've been able to grow our customer base and also allow them to grow more into the future. Yeah, that was super clear. Thank you so much. Our next question comes from Victoria Scaro with JP Morgan. Please go ahead. Hi. Good morning, everyone. Thank you for taking our questions. There are two, actually, from our side. First of all, you mentioned when talking about revenue, the GMV that you expect for the second half of the year. So my question is, what was your perspective when it comes to the impact of the World Cup in your sales GMV in July? What was your position, or what did you see that growth? And also, my second question is, Bling saw a very interesting repositioning. That was a very interesting move. So my question is, when it comes to the timeline, how do you see those movements? Do you expect any sort of investment like that in terms of repositioning, and how should that affect your revenue going into the future? And what would be the timeline of that? Thank you. Victoria, thank you for your question. I'll talk about an outline, and then I'll turn over to Rafael to talk about Bling. Well, the World Cup is something that's very specific. Sports stores see very significant growth. But what we saw for the rest of the customer base was a very tough and challenging period when it comes to sales GMV. The Brazilian people was very much focused on buying World Cup-related products such as footballs and jerseys. But what I saw was retailing trying to move to promotional sales, especially throughout July. But the World Cup is very significant for a very specific segment within retail, but the rest of the business actually takes a huge hit. I'll turn over to Rafael to talk about Bling. Hi, Victoria. Just to add context again, the movement is the consolidation of our Ecosystem theory. When we look at this movement that begins with the expansion of Tray, which is not only a virtual store but also a marketplace aggregator, the entire theory of embedded services was very much the mindset that we adopted when building our e-commerce theory. And now, with a much more expansive and powerful product with broad back office management, financial management, logistics, and sales itself, all of that ultimately makes it the expansion of something that had always been our focus and strategic theory. When it comes to timing, the formal launch in the e-commerce forum last week already positions this when it comes to even rebranding Bling itself. There is no investment when it comes to incrementing the product. This already goes into the dynamics that we are already on. There is no allocation of additional capital. This is already live. We move forward. This already strengthens our solution of what I mentioned in my last answer. This is an environment that is growing more complex and critical, and we benefit significantly from this structural environment of complexity. For us, it is a way to position us as something that is differentiated from the rest of the market, seeing as we have the ability to provide this fully integrated experience across every different layer that is very relevant for a merchant's success. Thank you, everyone. That was perfect. Our next question comes from Mr. Mauricio Gruman with ADH. He asks, "You began embedded credit in the first quarter of the year in a conservative way. Could you provide a few concrete numbers for the second quarter when it comes to the portfolio originated and also the delinquency in the first crops? Especially, what was the source and the cost of funding?" Thank you so much. Well, with regards to our credit operation, we began operating that in February, and we have been very conservative in offering credit. This is still a pilot program, and it is a lot less about figures and a lot more about the dynamics of the product. How do we get the price right or the platform right? This is a product that is not fully embedded into our platforms. It is still very high touch, and the idea is by the end of the year, it will be fully embedded into our platforms. We fully believe that this will be a product that will grow significantly. The internal structured figures are a huge differentiator for modeling, so we understand that to be a huge differentiator for the operation. The operation also has the look at the lock-in for the client, and this is part of what we are doing now. We have this product that we have been calling a fast turnover. This is a product of up to 180 days. As we expand these credit products, the idea is to move to installment products with longer payment terms, and especially with Bling, which we believe will be a very significant player in this structural theory. Of course, this is still very much the beginning, so delinquency and rollover is not something that we can pinpoint at this point. What we have seen so far is very exciting. With no further questions, the question-and-answer session is now closed. I will now turn the conference back over to our Chief Executive Officer, Mr. Rafael Chammas, for his closing remarks. Well, I would like to thank everyone for joining our call, and we will see you next quarter. Thank you so much. This concludes LWSA's Q2 2026 Earnings Conference. On behalf of the company, we would like to thank you for joining us and wish you a great day.