Good morning, and welcome to M. Dias Branco earnings call regarding the second quarter of 2026. We have with us here today Mr. Gustavo Lopes Theodozio, Vice President of Investments and Controllership, and Fabio Cefaly, New Business and Investor Relations Officer. We would like to inform you that this event is being recorded, and all participants will be in a listen-only mode during the company's presentation. After M. Dias Branco's remarks, there will be a question and answer session for investors and analysts. Translation is available by clicking on the interpretation button. For those listening to the video conference in English, the original audio in Portuguese can be muted by clicking View Original Audio at the bottom of the platform. The webcast is also being broadcast simultaneously on YouTube at the address www.youtube.com/RIMDias. Before proceeding, let me mention that forward-looking statements made during the earnings call regarding the beliefs and assumptions of M. Dias Branco, as well as their financial predictions, involve risks and uncertainties and assumptions. Investors should understand that general economic conditions in the industry and industry conditions, as well as other operating factors, could also affect future results of M. Dias Branco and could cause results to differ materially from those expressed in such forward-looking statements. Now I will pass the word to Mr. Gustavo. Mr. Gustavo will begin the presentation. Please, Mr. Gustavo. Good morning to all. Thank you for coming to our teleconference for the second quarter of 2026. I would like to start with the main highlights in this quarter and then, like we usually do, I will go to Fabio, which can give us some more color on the initiatives in the company. Well, this quarter was marked by the continuity of the operational performance that we have shared with you before. For fourth quarter, we have shown growth in sales volumes with a gain in market share, even given a more difficult scenario for the consuming market, given the high level of debt of Brazilian families, high interest rates in the market, and also some changes in consumer behavior. This good performance, despite all this, shows that our structural initiatives implemented in the sustainable growth of the company. When I say sustainable growth, I mean that besides growing in volume and gaining market share, our results also demonstrated growth of our gross margin as a company. We restructured our commercial and sales department, created dedicated sales fronts, and implemented the model that is focused on sell-out with more campaigns being executed at PDVs. We went from the sell-in model and broadened and diversified our portfolio in almost all of the company's brands and fronts. This quarter was also marked by the growth of our dependencies. So we have invested in new categories. We entered the snacks market, healthy snacks as well, and healthy foods, and have been maintaining this strong, solid growth, expanding and growing at two-digit numbers for the eighth consecutive quarter. Snacks and health food have increased in relevance in the portfolio. We opened in three categories. You can see that we also grow into different areas, and even though healthy food still represents a limited amount in terms of the company's top line, it still shows that we are moving in the right direction when we look to the future. More contribution of higher added value products in detriment of the lower added value. In terms of profitability, even with the reduction of average prices in categories that are directly correlated to commodities, we still see the growth of volume together with the reduction of costs and a better sale mix, which results in the expansion of our gross margin that I mentioned, as well as increases profits year-by-year. Besides this, we have also moved forward with important initiatives to improve our operational efficiency, to optimize our infrastructure, a process which will continue solidly throughout the next quarters. Fabio is going to share with you throughout the presentation what we have done to better control SG&A. I will also go back to the Q&A session. We continue to invest in our plans. You saw the increase of CapEx, total focus on operational efficiency through automation, modernization of the industrial park, and as a consequence, gains in efficiency. Regarding the financial position, the company has maintained an important competitive advantage. We are closing another quarter with a strong cash generation and broadening the position of net cash. We kept our AAA rating for the ninth consecutive year, even in this very challenging environment. These factors together allow the company to keep investing. I am going to now pass the word to Fabio, and we will go into our PowerPoint, and then we will come back to Q&A. Thank you all for coming, for sitting with us today, and we will talk soon. Fabio, the floor is with you. Hi, Gustavo. Good morning. Good morning to everyone who is here with us following our 2 Q 2026 earnings call. To give you some of the numbers in Gustavo's opening remarks, we closed this quarter with BRL 2.7 billion in net revenue. That is a bit lower than last year, but higher than the last quarter. In the accumulated series, revenue remained in line. Second quarter, we had 477,000 tons this quarter, so higher than last year, higher than the first quarter. Also with a growth when we look at year-by-year. EBITDA of BRL 284 in this quarter, BRL 430 for the quarter. For this quarter, a good recovery when compared to the first quarter and below what we saw in 2025 for the second quarter. Net income followed the same trend as EBITDA and cash flow also was strong. This is historic for M. Dias Branco. It is one of our outliers, more than BRL 322 million for the quarter and half a billion for the accumulated of the year. This underscores our dynamic of being a company that generates a healthy cash flow and has a healthy financial organization. We look at market and talk specifically about biscuits and pasta. Cookies, crackers and pastas. We will go into other markets soon. But when we look at our net revenue here, like we always do in our earnings calls, we share the information of the cookies and pasta market. This is not M. Dias' results, this is Nielsen results. What are our highlights here? First, we look at two different markets, cookies and pasta year-by-year, second quarter 2026 versus second quarter 2025. Both markets retracted a bit in consumption, less than 1%. What we see in general is a consumer market that has become more challenging. There is a retraction in consumption even for categories that are basic needs. In terms of value, the cookies market increased 5%. This was because of the increase of the average price ticket for the market, while pasta maintained a stable pricing, which speaks very well with the wheat dynamics this year and last year, causing the market to retract 1% in value. When compared to the first quarter, we see growth for cookies price-wise as well as volume-wise. Obviously, volume is related to seasonality. Usually, the second quarter is stronger in terms of demands when compared to the first quarter, but we did see a recovery in prices in this category. While the pasta market increased two digits, grew two digits versus the first quarter, and prices remained stable. If we look at M. Dias' results for the same market, I can highlight an increase in the volumes we sold. So 4% increase compared to last year. For the accumulated of the year, we also keep a 4% increase. Quarter perspective-wise, this is the fourth consecutive quarter in which we grow in volumes. This drop in average price regarding when compared to last year is directly connected to the items that are more commodity-centered, so closer to wheat products. Wheat dropped from last year to this year, so we did see a drop in prices for pasta and wheat. When we combine these factors, this caused a drop in 1% in revenue. This is the dynamic we see in the last minus 2% for the main products, so cookies and pasta, for wheat flour as well, while the other products grew 12%. This is the eighth consecutive quarter where we have two-digit growth in the other sectors. To remind you, this is an important growth sector, which is connected to our medium and long-term goal. These are products in markets that grow with higher prices and higher margins. Versus the first quarter, everything grew. Volumes grow thanks to execution as well as seasonality. I think that the main highlight here is the increase of average price from 4% from the first to second quarter, which is directly related to the mix improvement. We saw the cookies and pasta market growing more than wheat flours. This generated a growth in the mix directly affecting the average price. Which is what you can see here more approximately, that increase of 4% from one quarter to the next. If we look at volumes and read at the short term. This is a reading of what was accumulated in 12 months. From left to right, we have accumulated in second quarter, 25 - 26, and until we see that every quarter when we look at the accumulated of 12 months of volumes, there was growth. From one point to the next, volumes increased 8.3%. Even in a consumer market, which has demonstrated itself to be more difficult, even retracting at some moments, this is fruit of our execution, and these are the main points that we understand have been the enablers of this growth as Gustavo, mentioned in the introduction allowing us to maintain consistent growth quarter by quarter. We have made different activations, first quarter and second quarter in the sales points and in all of Brazil, we called this campaign Big Promo, so it involved all of the states in Brazil. Over 7,000 stores and retailers were activated. Over 1,000 prizes were distributed in coupons, cars, motorcycles. We think it was a very successful campaign, a campaign that worked, that increased results, that brought in the results that were expected. We saw growth in volumes and increase in market share in the environment that is a consumer environment that is retracting. We have also campaigned in order to strengthen M. Dias' main brands. The highlight for this quarter is Vitarella, with some celebrities involved and focusing on traditional brands in the market, cream crackers, Maria e Maizena, wafers, Cristal crackers, a big campaign focused on the northeast region of Brazil. We also saw that innovation was very present during São João festivities. The São João or June festivities are very important in the northeast of Brazil, so we launched focus programs, basically special editions. There was Lámen Baião de Dois, Esconde-Esconde de Carne de Sol, sun-dried meat, corn cakes, peanuts, and chocolate. These were all special flavors, were super successful also in the northeast as they pay homage to the São João festivities in the month of June. Successful campaign there. Given these investments in marketing and these well-focused investments, not only in the first quarter and second quarter of this year, but investments that have been made over the last few years, we received with a lot of satisfaction and joy, the news of the country which relates the 50 most consumed markets in the Brazilian homes. We have Vitarella and two M. Dias brands. Vitarella is the main cookie brand in Brazil, not only M. Dias, but in Brazil, the most important cookie brand, which also occupied the 12th position in all the brands. Piraquê, which was acquired in 2018, and today is in the 26th position in terms of the most consumed brands in Brazilian homes. In our food servicing channel, where we have spoken to you a lot about this in the last few quarters, this sector has been under intense transformation in the way we approach the market, the clients, the leadership. Today for this front of growth, Daniel has joined the team about two years ago and is doing a great job there. He has really been transforming the way we sell flour, vegetable oils, and we just launched also a wheat Farelo brand, which is a subproduct from the wheat milk process, but it is an important feed for animals. We launched the Gran Farelo brand, which has a different packaging facilitating clients' lives, and we have seen that it has been a success in terms of sales. Just to discuss the surrounding brands, like food service and the adjacencies, we also have been leading the way, 100% dedicated to this business, snacks and healthy products, the new markets in terms of net revenue. It is doing more than BRL 500 million already. Felipe heads up that business. He joined the team also about two years ago. Along the same lines of accumulated revenue over the last 12 months. Looking at the last few quarters, we see growth in all quarters for these sectors or adjacencies, which shows that we are consistently executing well here. From one end to the next, it is a two-digit growth market, 12.5%. Healthy products is worth highlighting, especially our granolas. The granolas were leading that market. Our market share is double the competitors, and when we compare to last year, we increased market share in 6% points. We have gained share consistently and also been growing share consistently. Snacks is something we are betting on. It is an over BRL 10 million market. We have been acting with corn snacks, potato snacks. The Frontera lines also tortillas. Frontera brand has also been very important. We have invested in marketing for those products, and it is a two-digit growth also for those quarters. There has been an important effort to activate and brand. During the World Cup, we focused on snacks because they are products that dialogued well with the World Cup, so focusing on Piraquê, the Frontera brand. We also activated in Lámen with some different flavors of countries that went to the World Cup. Also focusing on Adria and Isabela, besides Piraquê. Just to remind you some of the snacks that we have in this Frontera category. These are the flavors we recently launched. We did marine salt and also potato chips in the Frontera brand. It is a brand that today has tortilla as well as potato chips, as well as wheat snacks. Wheat, corn, and potato. Gustavo just reminded me that we have the wheat snacks as well. They are in one of the airline companies in Brazil. If you fly with them or have the opportunity of seeing our snacks while you are in the air on a national flight. Moving revenue market and now going to costs and expenses, we can go through some of expenses with you. We usually start with this slide here, and you can see that the BRL appreciated in the last few months. When the BRL appreciates, wheat has been assessed and has demonstrated an increase in terms of global issues and news. I think everyone is following this as well as palm oil, which has demonstrated an increase in the last 12 months. Palm oil in the last 12 months, also from one quarter to the next. When we look at or join price demands as well as the dilution of fixed costs and variable costs, we see in this graph that from last year and what we see this year in this quarter perspective, this year, we are being able to have a clear perception between cost and price that is much better than last year. We have spoken to you a lot about the fact that there has been a great effort in terms of team and of people to improve the way we are executing pricing. We are piloting the ship better, piloting price vacation better, and we see that the variable cost has dropped and fixed cost has dropped, or been left aside. Price also dropped from one year to the next. This is directly related to wheat in BRL decreasing in price. But the relation between last year and this year was better. Our margin went from 3.3% to 3.4%, so this also demonstrates an increase from last quarter. Besides the consistent growth in volumes, we have also seen a positive highlight this quarter. We are working to maintain this strong expansion of our gross margin. When we look at the years accumulated as well, we see an expansion of the gross margin from 32% to 34%. Expenses, then we need to focus on SG&A. SG&A are expenses with sales and administrative expenses. We did see growth from one quarter to the next in nominal and relative terms from 14.3%. It is growth that increased inflation. We can explain a good part of this growth above inflation according to these points here. There was an increase in volumes of 4.4%. A big part of expenses of sales was this 404%. We also had non-recurrent expenses of BRL 12 million with the Acelera project, which I will tell you about soon. Basically, it is a process where we outsource our services, our administrative processes, and there was a cost for implementing that, which totaled BRL 12 million, but it is non-recurrent. The increase in diesel prices, given the conflict in the Middle East, also brought instant impacts to our business. When diesel went from BRL 6 - BRL 7, isolating other factors, if we look just at the increase of diesel prices, that in itself brought an impact of BRL 5.6 million in the last quarter. We had also some other impact, expenses related specifically to the World Cup regarding commercial activations, which we will not see next year. They were directed to that campaigning. Some millions were directed to those campaigns, and also it is more an issue of timing and the unfavorable impact of BRL 4.5 million from the annual wage adjustments in different periods. This year, annual wage adjustments happen every year, but last year it was implemented in the third quarter of 2025, and this year they brought it to the second quarter of 2026. That is why you will see an unfavorable impact of BRL 4.5 million from wage adjustments. Besides inflation and growth in volumes, we had these other external factors which contributed to the growth or an increase in SG&A of 14.2%. Gustavo wisely mentioned at the beginning of the call that the consumer market is more challenging. We need to revisit our structure and expenses so we can re-adequate this structure to the context. We have three big initiatives that are already being implemented and are underway. The first, moving left to right, is the Acelera project, where we created a center for shared services, and we are then transferring our more transactional activities, like tax receivables, accounts payable, and other processes, to an outsourced service supplier, and this brought us an implementation cost of BRL 12 million recognized in the second quarter. This process involved the reduction of 314 of our positions. This year, we may have gains, but I would say it is probably going to be stable and we will see these effects more in the future. We have the gains, but we have the costs of implementation. Starting next year, the expectations are that we will have net responses from this project. Besides the Acelera project, we are revisiting the entire structure, so employees, the team, and making changes to all departments. These changes took place in August 2026, and we reduced 307 positions thanks to those changes. Also recombining the management positions, so Healthy and Snacks with International Business was revamped, and today, International Business is now under Felipe's responsibility, and he is responsible for the adjacencies with Healthy and Snacks. Besides that, the third initiative here is that we revisited our entire structure of expenses. Besides expenses related to people, this was very detailed and involved all of the areas of the company. We mapped and committed to internally reducing BRL 37 million. This involves consulting, projects, events, and other discretionary expenses. We saw an increase from one quarter to the next versus last year. Even with the improvement in gross margin, EBITDA was still a bit below, and that is because of the factor of expenses. A lot of this has already been addressed, and we'll certainly optimize the cost structure starting quarter 3. Same dynamic for the accumulated results of the year. The EBITDA dynamics are what we see in the net profit, so without any novelty in direction. In terms of cash and investments, we have cash generation during the quarter and the accumulated for the year, as well as cash flow. When we look at cash flow, the main lines, the three main lines, you can see that while we were able to grow volumes in 4%, the work with cash conversion was effective and we were able to reduce our cash conversion cycle when compared to first quarter and last quarter of last year. We ended this quarter with the net position of BRL 767 million. This means that M. Dias Branco has more cash than debt. When we compare it with EBITDA, it would be 0.7% of EBITDA in the last 12 months. For the ninth consecutive year, Fitch reaffirmed our rating. AAA is the highest Fitch rating. Ever since 2018, we have the exact same rating and have been keeping it year by year. Thanks to M. Dias' strong market position, our leadership in cookies and pasta, our biscuits and pasta, our history of cash generation, and also net revenue, which is clearly solid in our business. Our gross debt of BRL 1.1 billion four hundred is almost all long-term, especially starting 2019. Investments for the quarter totaled BRL 274 million. And for the quarter, BRL 112 million, which is almost double what we did last year. For the last quarter, we already discussed that M. Dias is probably in another investment cycle in terms of our infrastructure and logistics of the factories, searching for automation, modernization, gains in productivity. When we look at all of the regions in Brazil, there is some highlight to the categories of pasta in the north and northeast and cookies in the southeast. This is our strategy, as we always comment, focused on the current business, cookies and pasta. Other categories which Felipe is working with and have grown two digits for the eighth consecutive quarter and our international business. To close our presentation, we can end with ESG. ESG, these are our main indicators, which we follow here on a monthly basis internally, quarterly with you. Some of them also compose our individual goals, and we see that in general, results were very good. The arrows are all in green. From the point of view of water residue, the use of renewable energy in scope 2 and women in leadership totaling 31%, and an increase when compared to last year of 3% points. With this slide, I would like to close this call and say that we can go to questions and answers. Thank you. We will now begin our Q&A session for investors and analysts. In case you want to ask a question, please raise your hand. You can then click on the button and open the mic. We would like to ask you to wait while we gather the questions. Our first question is from Gustavo Troyano from Itaú BBA. Gustavo, your microphone is open. Please go ahead. Good morning, everyone. Thank you for taking our questions. We have two points to explore here in the top-line dynamics. Mainly, I would like to start by discussing your top line for your main products. Where you've already signaled the gains in shares, probably there's also a gain in terms of price versus industry. If we could discuss in a more granular way along these lines, what do you understand was a sequential gain in pricing, and what was the mix in products? I think that we've already understood what happened in the quarter, and maybe you can keep telling us what's happening in terms of the gains in shares in the market. Also pricing moving forward. The pricing strategies moving forward. Historically, you have a higher stock than competition, so I imagine you're probably still not at an inflationary cost similar to what competition has. My question is, are you seeing competition raising prices? Also, if you could also join this with the consumer environment, especially in the Northeast, and understanding that there may be space for increasing prices moving forward in this environment of consumption. But it would be good to hear what you think about this. Okay? Thank you. Thank you, Gustavo. This is Gustavo as well answering you. Let me start with your second question, then Fabio will take your first one. The competitive market in general for pasta as well as cookies is probably, I would say, not changing very much in terms of the last quarters. Price is always the leverage that companies have available for competing, right? But I think more and more, Gustavo, it has become more difficult to just pull that lever, let's say, in terms of margin expansion. Given this restriction we have seen in the food market, according to everything we've seen in the past so indebtedness, et cetera, interest rates, and all of that. What we have tried to do is not count with price too much, except for compensate any effective gains in costs. This has always been a main direction. Let's not bet on gains above internal inflation because consumer market is more reduced at the moment, so we can't really move in that direction. Another tool that companies used a lot in the past is package downsize and it moved. It's at its limit. The consumers are more and more considering the packaging, and that became pricing in the end. Pricing is not the easiest tool for gaining margin, expanding revenue. We've gone much more along the lines of what we do at points of sale, and I would say that that can be broken down into two different points. When we talk about execution, we're talking about gains in volume. We haven't used the price leveraging down, let's say, but it's much more things, for example, occupying more space. For example, having promoters that are more efficient in the way they are filling the shelves and opening new PDVs. There's the pricing, which is also very connected to our sales structure and marketing strategy. This changes the operational routine, the logic changing at stores for instead of doing big negotiations for sell-in, we're basically not using that model anymore and are really focused on the JBPs with big sell-out, with big brands, big stores, and also making a bigger effort with retailers to assure that sales to consumers happens and not only sales just to trade or the store owners. This is one of the leverages volume through a better execution and planning. The other mix. We gained more or less, let's say in terms of growth, 3% in the mix. The mix has been something relevant and we have launched a lot of products in all of the brands, some in ins and outs or products that have their life cycle defined. The amount of launches for the Northeast, I think you're concentrated more in São Paulo and in São João this year, for example. The Northeast, the amount of new SKUs that we launched for the regional markets in the Northeast was immense, and it was immensely popular. A super successful campaign. This leveraged our mix very well, and we brought our chocolate wafers. But instead of chocolate wafers, we put peanuts, which is a flavor of that season. Also we did the D-Tone with chocolate coverage, but also with peanuts. Canjica, which is the corn cereal that's eaten also in this season, and Lámen also, specially flavored corn. All of that expansion was very successful and popular, as well as those adjacencies which usually would take longer to ramp up. It took longer than we wished, but now with the changes with the team that's dedicated basically an M. Dias Branco department totally focused on distributors regardless of M. Dias Branco so that we could in fact be focused and assure that the channels and the categories. Now new launches as well as marketing and the growth of these categories that we invested in on volume. I apologize for this long explanation and taking so much of your time, but I really wanted to share with you or be very objective with you, Gustavo. Price on its own, just pricing as a leverage has not been M. Dias Branco's focus in terms of the way we're evolving our margins. We're much more interested in volume through execution and mix through the investments in R&D. Gustavo, good morning. If we look at cookies and pasta for the second quarter of 2026 versus 2025, which is what you asked about, in terms of market share, we increased the position of market share volume in these two categories. In the year by year, for almost all regions in Brazil. Expressive gains in market share which is not concentrated in one region, which corroborates what we have told you about our focus on execution, on sell-out and sell-in as a result of sell-out. This is what we have seen generating impact on our results. If we look at sell-in, and it is also something you asked about, if we look from one year to the next in the category of pasta, we have seen more pressure on pricing, which is normal in a moment in which we have a drop in wheat, which is the main commodity of this category. Short term from the first to second quarter. Especially in the category of cookies, we were able to reach a very positive equation of increase in average pricing, increase in volume, strong increase in revenue. All of this together ended up creating a positive mix in our average price, which was the 3% of the 5% price increase that we saw from the first to second quarter. Thank you, Gustavo. Thank you, Fabio. Our next question is from Henrique Brustolin from Bradesco BBI. Your mic is open. Thank you, Gustavo, Fabio. Thank you for taking my questions. I have two. Very much along the lines as the last two questions about main products. I would like to ask you to help us understand performance when we look at the revenue of these categories year by year, because as you mentioned in the release, the market volume has dropped 1%. I understand M. Dias Branco can perform better in terms of market share gains, and we also see the revenue of M. Dias Branco falling 2% per year, while cookies and pasta was very stable. When we look at performance value versus revenue in terms of the mix and your categories, which are more indexed to commodities, suffered more than but did these months also help you see some adjustment in the base which explains the performance and revenue of what we see for Nielsen? That is the first question. The second question also about market share, Fabio. There were lots of information that you shared with us in terms of volume and consistency. Could you tell us a bit about KPIs, the commercial indicators, how you see the evolution of your main indicators throughout the last year to help give us some base in terms of the market share gain you have been delivering. Thanks. Thank you, Henrique. I am going to then go to Fabio. Looking at top line of the main products, this drop is very much related to the point that Fabio mentioned before in terms of price. Rice, great. Pasta price retracted, very much aligned to the commodities retraction. When we look at that drop, it is connected to that commodity drop, price drop. Cookies moved up. Mix-wise, also moved up. The lower price for pasta, when we look at commodities, when you look at the price index, you are not going to see a relevant change. It was not a behavior that was specific to M. Dias Branco. The market behaved the same way. Some states adjusted some things, and we understood that we could go a little bit lower with the price index there by year as an example. But in general, our price index, our average price index, does not change in a very significant way throughout the quarters. If you look at, for example, pasta, M. Dias Branco pasta, for the second quarter of 2026, we ended the quarter with 94. When we put all of our brands together, 94% of price index. First quarter was 95. So very little. If you also take our second competitor and also from Seara, you know who that is, their price index is at 90. Just so you can see what we are talking about here. So four points less than M. Dias Branco. This price point reflection is much more connected to commodities than to a strategic change in dropping prices or mixed price. That is a movement of the market in general. Hi, Henrique. Good morning. I hope you are doing well today. Some KPIs, I think to give you a first example, there is an indicator that we call perfect store indicator the loja perfeita. We have talked to you about this indicator in some other opportunities, and it is actually a goal now. One of our team's goals is the perfect store indicator. That indicator consolidates other indicators, the assortment in stores, pricing, correct pricing of items, the availability of items. This is an indicator that we follow frequently, and it is also part of the group of indicators in management. Another indicator which also dialogues with the dynamic of having sell in as a result of sell-out is the stock level at our clients. So we follow this weekly and the main stores that M. Dias Branco is present at. SKUs per PDVs are important KPIs and things that consolidate some KPIs. So level of execution in the Southeast. For example, performance in the Southeast. This is a region M. Dias Branco is relevant in and also has a lot of opportunities for growth. So we see this as an internal project, treat it as an internal project, and it is something that is on our radar, on the management's radar. Another point that we saw more in the first and second quarters this year was the campaign, the big campaign I mentioned in presentation that we called it the Big Promo. That campaign, that sales campaign, was launched in over 7,000 stores in Brazil. So we finished a survey on what were the results of the Big Promo, and the results were very positive. Just starting there, you can see some examples of management indicators that we follow frequently. Very good. Thank you. Thanks for the answers. Next question comes from Isabella Simonato from Bank of America. Your mic is open, Isabella. Good morning. Thank you, Gustavo. Thank you, Fabio. If you could go back to the discussion on the dynamics of pricing and cost. I understood, Gustavo, that all of your initiatives are focused on leveraging margins that the company is implementing, but possibly you are facing an increase in costs for the next six to 12 months that may be relevant given that we are seeing a recent depreciation of the exchange rates. What I understand now is that we continue to go through what you say as internal inflation of the company. How does this dialogue with your consumer environment, where it does not seem that there is a drastic change or a drastic improvement moving forward? I understand that from the point of view of positioning competition, you are not using pricing to gain margin in function of a better competitive execution at PDVs. But once you come to a point where the whole industry has to adjust pricing because of this, I have a question about how you perceive this in terms of the elasticity and the capacity of the category to absorb this type of pricing or price adjustments and index adjustments. Thank you, Isabella. Thanks for the question. Good morning. You are right, this increase in costs, we were already talking about this internally for the last tw-three months, and when we say this is more difficult than, it is more difficult in general. It is more challenging in general. We have not tried to pass this on, these costs. But the cookie market absorbed price differences better, so prices went up. They increased for the whole market, not only M. Dias Branco. What we have done is we have improved our search for not losing margin and having an efficiency in terms of price and cost. We are focused on, for example, the margins, the flours, home flours, industrial flours, and we have a weekly dynamic where we are defining pricing, and I think that is a bit of what we are working towards. Elasticity is better for pasta. We perceive that, and changes in pricing of pasta and volume have a pricing that is less intense, but cookies less. Given what you just mentioned, we already saw this happen eventually, even with the head positions that the company has. We saw this happen in July, and it is not relevant yet, but it starts pointing upwards. You can see that this conflict, Ukraine started bombing Russia, and even though Russia had a production which was spectacular this year, it is also demonstrating some troubles in the Black Sea. Russia's production also is not able to also move. Because of the conflict, we are starting to see that El Niño is coming probably with a lot of drought in the north and more rain in the south. These are tension points. We have already adjusted the tables because you know that between capture and pricing, there is a timing. There is a protocol by contract and the big network is between 50 and 60 days. We already protocoled some tables in the past which should start capturing some part of this pricing in August. This has been in our head, and we believe that the industry as a whole will also move in this direction. Thank you. Next question comes from Arthur Devite from XP. Your mic is open. Good morning. Thank you for taking my question. My question is regarding consumer behavior, consumer dynamics. We have heard from different peers and different listed companies that consumers have a tighter budget. They are more vulnerable financially, which has impacted sales in different sectors. My question is: would you be able to quantify for us or show us some examples of how this has impacted you or hasn't, and also telling us about how the issue of the income of the consumer and how we can think about this for the next few quarters. Consumer behavior for the next quarters, will this recover? Are we on a severe downfall? Will we see pressure along these lines? Thank you for opening this forum. Hi, Arthur. Good morning. Fabio here. Thank you for your question. I think what you described is exactly what we have seen in the day-to-day, and it is also what our sales team has reported, and also what we have received from the research institutes that are renowned and known in Brazil. I think we are seeing the same context repeated. You asked about how this could be quantified. I think that it is a bit of what we mentioned in the beginning of the presentation. When we look at the cookies market retracting 1% and pasta retracting 1% in volume, I think this is probably the most final quantification, let's say. When we look at the past years, we see a market sort of sidelining or growing a bit. There are a series of factors involved here. Along what you just mentioned, I would also add inflation and food pricing that we have seen in the last few years. Altogether, this has committed families' budgets quite a bit, and that is what we see happening with the 1% of volume price retraction on the other end. We are not going to only stand and watch what is happening. Actions must be taken. That is why we made a series of changes in the organization, changed team size, processes, indicators, like Henrique asked about, and volume continues to perform well, an increase of 4% this quarter. Also growth in the past quarters. We have been able to expand our market share. In terms of consumer behavior, we are well-aligned with what you are saying, and I think it is what we have also been observing in terms of behavior, and let us see how it goes. Thank you. Next question comes from Laura Hirata from Santander. Your mic is open. Good morning. Thank you for the space to answer this. I would like to explore two points. The first is price related, and as you mentioned beforehand, we have seen a pressure on wheat and vegetable oils and understanding how this outlook can change or make your head policy more flexible in terms physically as well as financially. Second question is about logistics. One of the points for increasing SG&A in this quarter is logistics related, and I would like to understand more about it and also understand if it is connected to bigger distances between production and sale or if this is just because of diesel. Those are my questions, and thank you. Hi, Laura. Regarding these five points you mentioned, there is a direct connection to price of diesel. This has no relation or change in the average distance versus the first quarter. Price at the pump and diesel prices change almost instantly. It is another component of a price increase here with the commodities. Commodity-wise, wheat and palm oil are the two main commodities, and wheat, we have four months of stock between what is in the silos at home and what is on the way to other countries or to the south of Brazil. We have some time to reflect on the movements of the market, competition, retail, and consumers. At the moment, we do not predict any different changes to the head policy, but this policy is flexible for us to increase or decrease positions, and we discuss this, obviously, our headcount every month in the committee where we have a big part of the higher management cycles of the company. Thanks, Fabio. Very clear. Our next question is from Jihad Abras from BTG Pactual. Jihad, your microphone is open. Actually, it is Thiago Duarte for BTG. Pleasure to speak to you, like usual. I would like to link onto this issue and creating some consistency in terms of the states of the company in the last four quarters, last few quarters. I think this coincides with the changes and commercial Vice-Presidency, the arrival of Mateus, sales VP, also higher volume of innovations and more caution with pricing, as well as the increase of pricing, and where we see some fruits also in terms of the gains in market share. Question for you is, which are the main mechanisms used today for all of you, management of board, that we should keep looking at? Is it purely and simply a gain in shares, improvement of EBITDA or ROIC? I think it is clear that costs and benefits of the sales strategy in these last few years is clear, but it is not clear where you want to go. I would like it if you could just give us a few more comments on that so we can think about the next quarters. Thanks. Hi, Thiago. Pleasure to speak to you, and also a pleasure to answer your question. Let me go through your barrage here. We do see that the effort that we discussed, changing concepts, commercial or sales concepts, the way management works and talking to clients, focusing on execution, as we mentioned, and using the motor for innovation, other products as well. Very good summary on your end, and certainly what we are trying to show that is showing up, but as you yourself said, it is a journey. So, we cannot consider a spike of this because it creates. It depends on a huge army, marketing, et cetera, and the industry needs to follow through with this. So changes in product, sometimes you have a higher demand or a higher added value, but we were not prepared for this, so an increase in CapEx as well. The entire company needs to move together towards this strategy, but it is a bit of what we have seen happen. When we look at metrics, they do not change. We have a trigger, which is nominal EBITDA, but it is just a trigger. Our main metrics are EBITDA margin, revenue, and market share. Those are the three, EBITDA margin, revenue, and market share. There are also other areas in which you stratify more, so these are the short-term goals, which are gathered yearly. Then you have the ILP, which is the long-term incentives, where every three years we receive these, and it's conditioned also to permanence at the company. This is being reviewed for the next cycle. But today, it's basically a TSR. That's it. So you have operationals, EBITDA triggers, EBITDA margin revenue and market share and TSR. Then the sector's goals as well. Targets. Thanks, very clear. Thanks, Gustavo. Our next question comes from Renata Cabral from Citi. Your mic is open, Renata. Good morning. Thank you for the opportunity to ask questions. My question is along the lines of the last one, but with just a different nuance. It looks like the problem of volume is being left behind. We are seeing consistency in the increase in volume, but results recovery, still not at the same speed. With growing volumes or volumes growing for the fourth consecutive quarter, gross margin 34%, as you can imagine, this improvement reaching EBITDA in terms of well, when we look past the short term, this is a question, and within that question, also talking about EBITDA margins or levels in the past. If we look on the long term. The company may reach them, but the industry is changing a lot in terms of competition, et cetera. So I'd like to know what you think makes sense to discuss in terms of EBITDA margins being stable in the future past the maturing of the commercial investments in Acelera. Hi, Renata. Thanks for your question. Gustavo here. You're right, very right. I would say that our shares for volume execution are along the way. No one won the war, so we're still just at the beginning of this, but it does show the trend. When you talk about results, we don't have them yet. It's important to remember that things are seasonal throughout the year, so seasonality is very important to us. First quarter is always slow for us, so that's historic. Let's say, looking at the last 10, 20 years, it's all the same. First quarter is weak. Second quarter improves when compared to the first. Third is the best, and fourth is better than third. Third is better than first and second, right? Besides Christmas, we also compete in other categories. So I think that in terms of volume, price cost volume, that is adequate, very similar to what happened in the second quarter. When you increase that volume, it naturally increases in the third quarter of second semester. Third and fourth quarter, you're also going to see an improvement of results when we look at the indicator you're asking about, which is EBITDA. So just by diluting these results, you'll see that second quarter will have an improvement when compared. Well, you'll see results improve in the second half of the year when you look at EBITDA and EBITDA margin because of the natural seasonality of the business. But we're not expecting seasonality to the seasonal nature to adjust itself. So we know that revenue dropped because of commodities. We were able to improve our margin, so price cost is good, but this did dilute more. What was the conversation in the last few months? We have to reduce SG&A. SG&A, some of it was seasonal or temporary, but some of it is more permanent. First of all, what can we adjust here in terms of the future? Payroll or head is always one of the main items that we end up adjusting, so we already started bringing down some layers, and especially executive-wise, more leadership than frontline. Non-frontline, we did more. We joined the boards and rationalized promoters in terms of productivity by store. The administrative part also assessed supply. There was a reduction of almost 300 and something people in terms of leadership and analysts. We didn't cut down production. That is exactly to adjust SG&A, so we can offer better services than we do today. There's a series of artificial intelligence ready that could put these operational areas and create a CSC that's much more optimized. We reviewed all of the expenses area by area, and we're not waiting only for this increase in volume in the second quarter. The company is moving towards assuring that this increment, which has been consistent in volume, reaches P&L at the same intensity. What can we expect, thinking moving forward? This is what our goal looks like. I'm obviously hoping 2026 is better than 2025, and I hope 2027 is better than 2026. In terms of EBITDA margin, that was what you asked about. We can't say it's going to be X and expect Y. We're talking about sequential increments. 2026, in our perspective, would be better than the 2025 EBITDA margin. Fabio wants to complement here. Hi, Renata. Good morning. I hope you're okay. I want to bring another component in that I believe, we believe, will be important short- and medium-term. These are gains of productivity because of the CapEx cycle that is happening. In terms of the accumulated of the year, we have almost BRL 300 million rise in CapEx, double what we did last year. Capital, which is being allocated in our factory so we can reduce costs in the transformation. Reduction costs is obviously not one day to the next. You buy machines, you install machines, improve production, takes months, right, to execute this kind of change. Besides what Gustavo mentioned in a medium to long-term perspective, we should also see some gains in gross margin given these investments being underway. Thanks, Fabio. Thank you so much, Gustavo, as well for the very detailed answer. Thanks and good day. Let me just continue. Scotia, Felipe and Juan sent a question here in writing. I will read it and then I'll answer. They sent two questions. The first about pricing was already answered. Second one on SG&A. They asked, "Could you talk about the gains that are expected from your efficiency program? When will benefits begin to appear on the results?" Let me go back to what I just mentioned and sort of repeat what I said at the beginning of the call. There are three big initiatives, the Acelera project, the re-dimensioning of structures. These two have implementation costs and gains. 2026, one should probably tie out the other. We revisited all of the company's cost structure, found BRL 37 million, and should have about BRL 37 million in gains in the second quarter of 2026. Okay. Our Q&A session is officially closed. I would like to give the word to Gustavo for his closing remarks. Thank you for coming and participating. I also want to say that our IR, Investor Relations team is available for future questions. Thanks, and have a great end of day. The video conference of earning calls for M. Dias Branco is officially closed. Thank you for coming, participating, and have a great day.