Good afternoon, and thank you for waiting. Welcome to Marfrig's earnings call for Q3 of 2024. This presentation is being recorded and interpreted into both languages. For Portuguese, click on the interpretation button. Portuguese. You can choose to mute original audio. We have Mr. Marcos Molina, Founder and Chairman of the Board, Mr. Tim Klein, CEO for North American Operations, Mr. Rui Mendonça, South America Operations, Mr. Tang David, VP of Finance and IR, José Ignácio Scoseria Rey, Corporate Director, Mr. Paulo Pianez, Sustainability Director, and IR Director, Mr. Eduardo Puzziello, are all with us today. All participants will be in a listen-only mode. We will then have a Q&A session, where the instructions will be given then. We would like to clarify that statements made during this conference are related to the company's business perspectives, forecasts, operational goals, and financial goals that are based on the beliefs currently available to the company, as well as information available to Marfrig Global Foods S.A. Future projections are no guarantee of performance because they involve uncertainties. They involve future events that depend on circumstances that may or may not occur. Investors and analysts believe that overarching economic conditions, among other operational factors, may affect Marfrig's results that will lead to results that are substantially different from these future assumptions. Over to Mr. Eduardo Puzziello. You may have the floor now. Thank you for joining Marfrig's earnings call for the third quarter of 2024. Let me begin with Marfrig's consolidated revenue at BRL 37.7 billion, 12.4% above net revenue for Q3 of last year. Regarding revenue by geography, the North America operation accounted for 48% of consolidated revenue for the quarter. South America operation, considering only the managerial results of continued operations, accounted for 11%, and BRF results accounted for 41%. When we analyze revenues separately, the continued operation in South America recorded net revenue of BRL 4.3 billion, with an adjusted EBITDA margin of 12.1%. BRF's net revenue reached BRL 15.4 billion, with an adjusted EBITDA margin of 19.2%. Finally, the North America operation reported net revenue of $3.2 billion, with an adjusted EBITDA margin of 2.4%. The consolidated adjusted EBITDA was BRL 3.9 billion, 60% higher than that of Q3 of 2023. As a consequence, the consolidated adjusted EBITDA reached 10.3%, 307 basis points higher than the margin for the same period last year. When we analyze the adjusted EBITDA for the quarter consolidated by geography, North America accounted for 11% of the total. The South American operation represented 13%. The BRF's EBITDA accounted for 76% of the total. Onto the financial highlights now. I'd like to point out that the free cash flow was positive at BRL 1.4 billion, and the net income for the third quarter of this year was BRL 79 million, reversing a loss of BRL 112 million for the same period in 2023. The dollar remains the primary currency for our results, accounting for 74% of the consolidated revenue in Q3 of this year. Regarding Marfrig's financial leverage now, we have been deleveraging over recent quarters. Within that context, at the end of this quarter, we reached a consolidated leverage of 3.0 times the net debt multiple over the adjusted EBITDA for the last 12 months, compared to 3.38 times at the end of the second quarter of 2024. On September 25th, Marfrig received a favorable court decision from CADE regarding the sale of assets in South America, which were delivered on October 28th, with proceeds totaling BRL 5.7 billion. Finally, the board approved yesterday the distribution of BRL 2.5 billion in dividends, a yield of over 17% compared to the last share price of the company. I'll turn over now to Tim Klein, CEO for the North American operation. You may proceed now, Tim. Thank you, Eduardo. Let's begin on slide four, where I will comment on the results for the third quarter. Starting on the first chart on the left, sales volume was 4.9% lower than the same quarter of last year, due mainly to the fact that Q3 of 2024 included 13 weeks of activity, while Q3 of 2023 included 14 weeks. Net sales were $ 3.2 billion, a decrease of 3.9% versus last year. The effect of one less week was partially offset by higher live weights and cattle costs. EBITDA came in at $ 79 million, which was 47.1% lower than last year, with an EBITDA margin of 2.4%. Beef demand in the quarter was good, both at the retail and food service segments. Beef prices increased, but not enough to offset the high cattle prices and lower drop values. Now move to slide five, where I will talk about U.S. market data. Starting on the left, USDA reported Kansas live cattle prices averaged 185.92 per hundredweight, up 3.2%. The USDA comprehensive cutout averaged 313.74 per hundredweight, up 2.6%, while the drop credit declined 15.4% to an average of 11.45 per hundredweight. The cutout ratio was 1.68 versus 1.70 last year. As we move into the last quarter of 2024, cattle feeders continue to have leverage as supplies tighten further. We are encouraged that beef demand remains strong, allowing us to maintain a profitable cutout ratio in spite of record-high cattle prices. Looking forward to 2025, cattle supplies will continue to decline cyclically. As a result, the industry will operate at reduced capacity utilization levels. Now I'll pass to Rui. Thank you, Tim. On to slide six, please. I'll discuss the Q3 performance of South America's continued operations. Let me start with the chart on the left, total sales volume of continued operations. We reached 219,000 tons this quarter, up 22% when compared to Q3 or the same quarter, 2023. The strong growth results from the company's investments and capacity expansion in recent years, as highlighted in the previous quarter's earnings call. Moving on to the chart in the middle, net revenue. We reached BRL 4.3 billion in the quarter, up 29%, the net revenue for the same period of last year. This growth is due to the combination of higher sales volume and average consolidated price, with a special highlight on export prices, which grew over 10% in reais compared to the same period of last year. On the right, that's the adjusted EBITDA chart. We reached BRL 517 million, an increase of over 8% compared to the EBITDA for the third quarter of 2023. With this, we reached an EBITDA margin of 12.1%, an excellent result despite the strong comparison base for the same period of 2023. Next slide, please. I'll discuss the dynamics of exports in continued operations. In the third quarter of 2024, we've observed a smaller share of sales to China compared to the same period in 2023. Now they represent 49% of exports from the continued operations, South American operations. I'd like to remind you that while the Asian region remains the largest importer of beef, we have focused on expanding our sales channels into other markets to continually capture the best commercial opportunities. With this goal in mind, we have seen excellent opportunities in several markets, with a special highlight in the North American region. Therefore, when we analyze the third quarter export chart for 2024, we see significant growth in this region's share. Moving on to the next slide, I'll conclude my part of this presentation showing you the new structure of South America's operations. As detailed on the map, we can see the operational structure and the geographical diversification of Marfrig's assets in South America. I'd like to remind you that despite the transaction completion and the asset transfer in Brazil, Argentina, and Chile, we're still waiting for the decision of the Uruguayan authorities to conclude the transaction in that country. That concludes the South America operations section, and I hand it over to Paulo Pianez. He will comment on the sustainability highlights. Thank you, Rui. Marfrig achieved significant results in its ESG agenda in its third quarter. In the Marfrig Verde+, the traceability front, the company that already monitors 100% of direct suppliers through satellite, this quarter achieved 89% control of indirect suppliers in the Amazon and 76% in the Cerrado. As for the regularization and inclusion of farmers, 580 farms were reinstated this year based on the Marfrig Verde+ program. These are suppliers that have resumed operations in accordance with our commitments, demonstrating strong compliance to the principles of this program. More than 41 farms have been reinstated since the beginning of the program from 2021 to this quarter. Improving the production system, more than 1,750 new suppliers have joined the Marfrig Club program, which disseminates good sustainability practices. Still this year, 100 new cattle producers joined the Sustainable Calf Program in the Juruena Valley in Mato Grosso in the Amazon region, offering technical assistance to small cattle farmers, obtaining support to legalize their land and to promote the intensification of livestock production and forest restoration, also with individual traceability of animals from birth. In terms of operational improvements and the National Solid Waste Policy, the company expanded reverse packaging logistics by more than 2,000 tons of recycled materials, growing 49% when compared to the same period last year. Last but not least, Marfrig was awarded the Gold Seal by the Brazilian GHG Protocol program. The Gold Seal is an important certification granted to companies that meet all transparency criteria in publishing their greenhouse gas emissions inventory. It is worth remembering that Marfrig was a pioneer in the beef industry in reporting GHG and the only one to report Scopes 1, 2, and 3, and also to have its targets and scopes approved by SBTi. Those efforts and results obtained with the Marfrig Verde+ program, along with other actions, demonstrate our commitment to sustainability, generating positive impacts throughout the company supply chain in all regions where it operates. I now pass it on to Tang that will present the financial results. Thank you, Paulo. In the following slides, I'll show you Marfrig Global Foods' consolidated financial results for Q3 of 2024. On slide 12, I'd like to start with the left-hand chart. In Q3 2024, we generated BRL 37.7 billion in consolidated net revenue, a 12.4% growth over Q3 2023. Of this revenue, 41% was generated by BRF, 48% in North America, and 11% in South America. In terms of currency, 76% of net revenue was tied to the dollar and other strong currencies, 24% in reais. On the right, in Q3 2024, we generated BRL 3.9 billion in adjusted consolidated EBITDA, with a 10.3% margin. Q3 2024 EBITDA is 60% higher than the same period of last year, with a strong contribution from BRF, 76% of adjusted consolidated EBITDA in Q3 2024. These increases in revenue and EBITDA reflect Marfrig's strategy of investing in a diversified business model, both in protein and geography, with a focus on a value-added portfolio. On slide 13, this is the free cash flow data. In Q3 2024, consolidated operating cash was positive at BRL 3.7 billion. CapEx investments amounted to BRL 942 million, and financial expenses were BRL 1.3 billion. As a result, free cash flow for the quarter was positive at BRL 1.4 billion. Slide 14, net debt and leverage. Consolidated net debt stood at $7.1 billion at the end of Q3 2024. Meanwhile, the leverage ratio measured by the ratio of net debt to LTM adjusted EBITDA fell from 3.05 times to 2.86 times in dollars. When measured in reais, that ratio dropped from 3.38 times to 3 times, highlighting the strong operational results of our segments in South America, in all three segments, actually. Slide 15, leverage reduction. With strong operational performance in Q3 2024, along with the partial receipt of proceeds from the sale of South American assets in October 2024, we implemented several actions to reduce consolidated debt, financial expenses, and leverage. At BRF, more than BRL 2.5 billion was already reflected in the company's gross debt in Q3 2024. At Marfrig, I highlight the $500 million U.S. dollar call on the 2026 bond announced in October 2024, along with the early redemption of the 10th debenture issuance amounting BRL 500 million, on top of BRL 1.25 billion in prepayments and settlement of bilateral lines. These initiatives for leverage reduction, financial expense reduction, and debt reduction are part of Marfrig's financial discipline in capital allocation and value generation to our shareholders. On to my last slide. I would like to point out Marfrig's profitability. For the fourth quarter in a row, we presented net profit of BRL 79 million in Q3 2024, compared to a loss of BRL 112 million in Q3 2023. Our protein diversification and in geography and our model, our business model at a value-added portfolio, contributes to generating robust value to Marfrig's shareholders. We remain focused on continually capturing operational efficiency, cost control, and leverage reduction, resulting in maximized returns for all our shareholders. Thank you very much. I'll hand over to Mr. Marcos Molina for his closing remarks. Mr. Marcos Molina, you may have the floor now. Good afternoon, everyone. Some final thoughts to give you an overview on capital allocation. I won't be present in the Q&A session because I have to travel, and I won't be available, as you know, through our investor relations channels. First, I want to thank all our shareholders. In 2023, we had a capital increase both at BRF and at Marfrig, and over 90% of shareholders participated in that capital increase at Marfrig in 2023. It was BRL 2.16 billion and BRF BRL 5.6 billion. Special thanks to SALIC and PIF for the partnership over the years with the initial investment in increasing capital, and that's also an expansion strategy in the Middle East, as we announced recently, along with PIF in this new joint venture, Halal. At Doha, that gave us growth and the consolidation, having the Sadia brand after the conclusion of the joint venture there. I want to thank the investors that invested in 2023. We chose to be financially conservative without paying out dividends in 2023, but rather increasing capital and t oday, yesterday, actually, we decided to pay out dividends as a return for the investments made in 2023. On November 15th, we have a clear vision of Q4 that will be in line with the previous quarters in the year, with cash generation, robust results, showing that we adopted the right strategy in both companies, especially with CapEx investment that we started in 2021. BRL 2.5 billion in dividend payout. This is no guidance, but just to replicate Q3, adding what we received from the sale of assets, but also cash generation. This is going to be the seventh consecutive quarter reducing our debt level. We will end the year below three times and maintain our financial discipline, reducing our debt versus EBITDA, with cash generation and solid capital allocation, providing returns to shareholders and allowing the management to invest in our growth. I want to thank all the leadership team, both at Marfrig, BRF, and National Beef, Tim Klein, Miguel Gularte, for the excellent job they've been doing, leading the companies over the years, allowing us to achieve these results. Capital allocation, except the dividend payout, we still have BRL 3 billion. We've bought back 500 in bonds. As of May, we have more options to pay the debt. We will keep on paying the debt. BRF has its lowest indebtedness level. Closer to the assembly, we will decide on dividends and capital allocation, but cash generation is important, and we want to be financially conservative. We want to achieve investment grade and provide returns to our shareholders. We are confident. Closing this quarter, we are buying grains and cattle with low inventory levels, and we are increasing our boxed beef products, value-added products, improving productivity and efficiency. Miguel showed us the strategy we must follow. National also has a solid strategy. We concluded investments, revamping one of our plants that will become one of the most modern in the world at Liberal, that will be fully operational in January. So, we are very optimistic for 2025 as well. I want to thank everyone for your trust. Let us move on to the Q&A session, and we will be available. Thank you all very much. Thank you. We'll now start the Q&A session. To ask a question, please press the button "raise hand." Once you hear a name, a dialog box will pop up on your screen. You can unmute your mic then. For Portuguese, click on the interpretation button for Portuguese. If your question was asked, you can exit the queue. Please hold. Lucas Ferreira from JP Morgan asks the first question. Good afternoon, folks. My first question is a follow-up on what Marcos just said about, and it's about capital allocation. Maybe the question is more directed to Tang as far as the balance sheet goes. When you decided to pay out the BRL 2.5 billion, the optimal leverage ratio, thinking about a short-term cycle for both National Beef and cattle and herds in the U.S., what would be the ideal leverage ratio that would make you feel comfortable? Now that you have more resources coming in from the sale of assets, could that be translated as more in dividends? How about a somewhat bigger buyback program? Why BRL 2.5 billion in dividends, and why not more buybacks? The other question is about Rui. Could you talk about the cycle in Brazil? Beef, cattle, and what's your take about the cattle price? What are the implications on demand? What is the outlook for the price of 15 kilos in the coming months? Thank you. Lucas, our cash position is very comfortable in consolidated terms. In the three segments, quarter on quarter, our performance has been very strong. Even with the low cycle in the U.S., National Beef is delivering positive margins and results. So, another important factor, this is the sixth quarter where our leverage drops at Marfrig in consolidated terms. So, comfortable cash position, adjusted operations, our strategy to diversify geographically, selling more value-added products. This is what the board looked at to make the decision of paying dividends. Besides, there was the sale of assets, the monetization of taxes. You must have seen the monetization of taxes. We have the sale of the tannery, allowing Marfrig to be very resilient with very robust margins. So, those were the fundamentals that were considered by the board for the decisions that were made. You saw in our presentation that both Marfrig and BRF have worked to reduce the gross debt. So, all those factors make us comfortable to have made that decision. Hi, Lucas. This is Rui. Good afternoon. Since 2022, we have a strong supply of cattle in Brazil. Still in Q3, we had 10% when compared to 2023. That increase in Q4, an imbalance between supply and demand, and a substantial increase in the 15-kilo price. But we have a new operations model with the feedlot, with higher occupancy rates. In that very critical time, in September, in October, we maintained the occupancy rate above 90%. The feedlot numbers, and we had 30 applications. Even the added value, we've been increasing. That gives a differentiated position. So, we remain optimistic about the coming quarters. We have to look at the very strong demand from the international side. There has been a price increase in China. We are now exporting boxed beef to Japan. So, those alternatives make us feel optimistic about it. Thank you. Gustavo Troyano from Itaú BBA asks the next question. Good afternoon. I actually have two questions. First, the question is to Tim about North America. We're coming out of Q3, and now we're right in the middle of Q4. We know their seasonality plays out. Demand is not as strong when compared to Q3. Is the seasonality this year similar to what we had before? I want to better understand profitability as we move into Q4. Still on the North American operation, what's the outlook for next year now that we've had guidance from your competitors? There's that marginal worsening when compared to forecasts for next year. What's the expectation for North America? Is that aligned to your guidance, or is there anything else the company can do to lessen that negative impact? My second question is to Rui now onto South America. You talked about the exposure to boxed products. Rui, can you elaborate as to the variations of the margins in the processed products and the fresh meat? I'd like to better understand your more resilient portfolio. What margins can we expect when you look at the price of 15 kilos? Because in fresh meat, we have a more direct transition into the margin. So, what's the evolution of that margin for boxed beef, especially when compared to fresh meat? So, Tim, you go first. Tim, you're on mute. Sorry, I was on mute. This is Tim. In terms of seasonality, yes, we are seeing the same seasonality in Q4 compared to Q3. Beef demand, however, has been exceptionally strong, even in the fourth quarter. We have the holidays coming up, but all in all, we're seeing decent demand at the levels we're processing cattle and the heavy weights that we're working through. So, we feel pretty good about where we're at here in the fourth quarter. In terms of the outlook for 2025, we have not seen any meaningful signs of retention taking place yet. So, we expect 2025 to be in line with previous expectations and margins at the low end of the cyclical range. Hi, Gustavo. When we speak about value-added products, we put together boxed and branded products. For instance, the support from the feedlots that brings us better quality beef increases our share with branded beef. To give you an idea, 40% of the sales volume is branded beef, and besides the feedlots that we will expand then, we are working in large plants where we slaughter, debone, and box beef, so large plants have a production cost 35% lower than a mid-size plant, so that's a margin improvement, and we can't forget that in this brand combination with BRF, we truly believe in leveraging our sales and leveraging our margins, selling brands with renowned quality, sustainability with international and national recognition, so we truly believe in that project and partnership with BRF using the synergy between the two companies. All those factors will guarantee better margins in our model. Thank you. That was very clear. Isabella Simonetto, Bank of America, is up next. Thank you. Good afternoon. I have two questions. The first is about the pricing dynamics for beef. Much has been talked about the strong demand both in the U.S. and here, also in the export market. It's a very supply-constrained scenario. Both from Rui and Tim, I would like to hear your take on what's the risk of having even higher beef prices, providing more profitability, especially in the U.S., despite this low cycle. The second question is about leverage. I think you approach leverage looking at the debt in a consolidated fashion. But I believe that the BRF cash generation and the drop in that leverage has been contributing positively in the consolidated results. But when you look at Brazil, excluding BRF, or Marfrig excluding Brazil, there's a significant portion within the holding company. So, I would like to understand how the company looks at this picture and the need to de-leverage the holding company right now. Or maybe you believe it's a natural movement coming from the cash that BRF will be increasing to a certain extent, or maybe other movements coming from assets that we may expect in the future. Yeah, yes, this is Tim. I'll answer the question regarding the cattle prices. We fully expect cattle prices will continue to move higher as we go through the cycle. But again, beef demand has been very robust, and we expect that although margins will be at the low end of the range, we'll still be able to manage our way through it. Hi, Isabella. Speaking about fresh beef prices, we must remember the new approvals for exports that Brazil has obtained, especially Marfrig, along with the approved plants we already had. That opens up a large market alternative. Yesterday, we renewed the Mexican tax exemption program. That is, our beef will not be taxed in Mexico, which is interesting again this year. So, our work to diversify markets along with our brands, well, there will be a cost transfer to the market, and the beef might become more expensive in that period. Obviously, the domestic market has performed strongly in the past few years. This quarter, we grew 15% our sales volume in the domestic market as compared to the same quarter last year. Our domestic market also receives a lot of boxed products both in Brazil and in Argentina. 70% of boxed beef that already accounts for over 25% of our revenue will be sold to the domestic markets in Brazil and Argentina, so the domestic market has absorbed branded and boxed products whenever needed. Isabella, we control leverage in a consolidated fashion. But in answering your question as to the ex-BRF, I think Marcos explained it in his closing remarks. He said that Marfrig has several options to decide as to how it will distribute. By segment is one of them. So, we remain comfortable at this leverage level, even in the ex-BRF. But Marfrig has alternatives, just like Marcos explained. That was very clear. Thank you. Ricardo Alves from Morgan Stanley asks the next question. Good afternoon. Thank you for the call. My first question is to Tim. I'm sorry if I did not understand your previous answer, Tim. Let me follow up, still talking about the cattle cycle for 2025, especially the retention of heifers. I would like to hear your most recent opinion on heifer retention. And what's your take? How can this retention impact cattle supply next year? Cattle prices are going up. That's clear. But I would like to understand your take on heifers. My second question is to Tim as well. Can you elaborate on having higher weight in the carcass will impact your operation today? How can we expect as to the carcass weight for 2025? Because the USDA has already revised upwards the output for beef next year. This is a very important dynamic to understand the impact on your operation. My third and last question to Tang. The only thing that is not clear to me, the remainder of that money, I think Marcos put it clearly about capital allocation, among other things. But on a short and mid-term basis, what are the most obvious strategies for liability management? What can we expect from Marfrig as to how you address your gross debt? Thank you so very much. Tang. Oh, Tim, rather. Yes. Regarding your question on heifer retention, as I said before, we have not seen any signs that retention is taking place yet. Our expectation is that it will occur sometime in the next year. We would guess because we've got good grass conditions in some of the key areas. So, when that happens, those heifers will be held back. So, obviously, cattle supplies will drop in the feedlots. And we've forecasted that and baked that into our numbers for 2025 and beyond. So, that will happen. We just don't know when. And we watch the data every week on the receipts at the auctions to look at what the steer/heifer mix is coming into those markets. The weights, as you pointed out, we've seen record carcass weights. The reason is the cost of putting those extra pounds on is much less than what the market is for those pounds. Cattle feeders are feeding the cattle to very heavy weights. We have seen those weights level off. They're about as heavy as they can get. We don't see that as being a detriment to our margin structure in 2025 like it was in 2024. For us as a packer, we buy cattle by the head, but we sell pounds. If you have more pounds per head of product that you have to sell, you have to clear in the market, that tends to put pressure on the market. We don't see those weights going up much further, if at all, from where they're at today. Ricardo, you saw our presentation that Marfrig is removing BRL 4 billion in debt. BRL 500 million in bonds, the debentures that we bought, the bilateral lines, all of that is included in those BRL 4 billion. In the normal course of our liability management, we are always on the lookout for opportunities, and with a strong cash generation, we have a list of bilateral lines that we have available, and according to our cash generation, we eliminate those financial expenses. Thank you, Tang. Thank you, Tim. Guilherme Palhares from Santander. You may ask your question now, sir. Hello, Tim. Good morning to you. Thank you. Thank you for taking my question. My first question is to you, Tim. Tim, what's your take on all the political issues now with the new administration, labor availability, and closing some markets as far as imports are concerned, and the tariffs problem? I would like to hear your take on what the impacts may be in the industry. What are the top concerns you have? This is my first question. The second question, I'd like to go back to Brazil. We would like to better understand this very strong demand. Just like we said, Rui, we've seen an important price transfer for the wholesale with higher cattle prices. How can you project years in, earlier this year, or earlier next year with more income restrictions? Are you going to keep on transferring those higher prices to consumers, or do you envision something that won't happen both in cost and also in the revenue side? Thank you. Tim? Yes. Regarding the change in administration, we've been there before. Four years ago, we had the same administration in there, the same issues that we dealt with as far as immigration, as far as tariffs and free trade. So, we've been there before. It did not impact our business. We don't expect that will impact our business during this administration. As far as the domestic market goes in Brazil, obviously, our unemployment rate is very low. Our inflation rate is also low. That favors the domestic markets and its purchasing power. Obviously, as we focus on brands, we move away from the rest of the market. It's a lot easier to transfer costs if you are selling renowned brands, especially now with the brand partnership with BRF. We have the main brands in Brazil, Sadia and Perdigão, namely. So, we sort of move away from the rest of the market in that sense. But we must remember that the dollar is very strong. That has directed a lot of volume to exports, making the market leaner, allowing us to move prices up. It's a combination of factors, actually. Perfect. If you could just clarify the dates for the Uruguay operations, what are the main future dates to conclude the operation? Guilherme, as we've seen, there was a second refusal on the antitrust agency in Uruguay. This is the last resort is with the executive branch. Decision should come in December. So, this is going to be the final verdict. Thank you, Rui. Thiago Bortolucci from Goldman Sachs asks the following question. Thank you for taking my question. I'd like to focus on South America with Rui. In one of the answers, Rui, you said that the penetration of value-added products is about 40% of your portfolio, right? With all the investments and expansions that you've made so far, on top of the expected resilient demand you mentioned, where can this mix go next year on a mid-term basis? Where would you like to bring your portfolio settled? That's my first question. My second question is to Tang about capital structure and capital allocation. We understand that you look at leverage at a consolidated level, and we also understand the deleverage history of the company. Earlier, colleagues from BRF mentioned and said they have a very constructive view for expansion and growth from now on. My question is, given BRF's ambitions, today, Marfrig's needs to deleverage as a whole, Brazil ex-BRF may be needing some cash from BRF. Is that a limiting factor as to how much you can invest from here on out? These are my questions. Thank you. Thiago, I'll speak about the domestic market. When we say 40% of branded products, we must remember that the cattle is made of different parts, and some are not appropriate for brands. For instance, Acém, one of the quarters in the front quarter, if we just look at grilled cuts, over 60% of our sales are branded. Obviously, we can advance in those brands with combinations with box products. We have done some work. We have some beef products this year using the synergy with the companies, among many others we will capture. So, those cuts that are not attractive to bring consumers to the brand, that are alternatives like processed and other possibilities, and we will keep on growing that percentage using that strategy and using quality improvement of the cattle that comes from the feedlots. On your question, no, there is no limitation to BRF's growth. Marfrig is comfortable with our leverage, so we have an array of options that are no limitations for BRF's growth. Thank you very much. Very good.