Good afternoon, ladies and gentlemen. Welcome to Mills 4Q24 earnings conference call. Joining us today are Sérgio Kariya, CEO, and Renata Vaz, CFO and head of investor relations. Please note that this presentation is being recorded and simultaneously translated into English. To access interpretation, please click on the interpretation button. For those listening in English, you can choose to mute the original audio in Portuguese by selecting "Mute original audio." During the company's presentation, all participants will be in listen-only mode. We will begin the Q&A session. To submit a question, please click on the Q&A icon and type your name and company. When your name is announced, you will be asked to unmute your mic. Please do so to ask your question. We would like to remind you that any forward-looking statements made during this presentation regarding Mills' business outlook, financial, and operating projections and goals are based on the company's management expectations and are subject to risks and uncertainties. Investors should understand that political, macroeconomic, and other operating factors may cause actual results to differ materially from those in such forward-looking statements. To start the earnings conference call for Q4 2024 of Mills, I will hand the call over to Sérgio Kariya. Good afternoon, everyone. It's a pleasure to be here with you once again to discuss Mills' fourth quarter and full year 2024 results. We had notable achievements this quarter, which we will walk through with you, which had a positive impact on our performance. The year 2024 was marked by significant progress in our sustainability journey, expansion of our project portfolio, and another year of strong results, reinforcing our leadership position in Brazil's equipment rental market. In the period, we strengthened our strategy of sustainable growth with financial discipline and closer relationships with our customers, maximizing synergies and advancing in our ESG agenda consistently with relevant deliveries. Now, let's take a look at the key highlights for the quarter and year, which showcase our resilience and capacity to adapt even in an increasingly dynamic economic environment. We delivered another record quarterly net revenue, reaching BRL 433 million in 4Q24 and BRL 1.6 billion in 2024. This is an 18% growth year- over- year and 14% versus the year of 2023. If we look only at net rental revenue, we reached BRL 398 million in Q4 2024 and BRL 1.4 billion in the year, growth of 8% and 5%, respectively. Adjusted EBITDA stood at BRL 210 million in Q4 2024 and BRL 760 million in 2024, up 10% versus the fourth quarter of 2023 and 9% above that of 2023. The EBITDA margin was 48.6% in Q4 2024, an expansion of 1.2 percentage points related to the previous quarter. Net income reached BRL 76 million in Q4 2024 and BRL 285 million in the year, with net income margins of 17.5% and 18.1%, respectively. Cash net income was BRL 113 million in Q4 2024 and BRL 427 million for the year, with cash net income margins of 26.1% and 27.1%, respectively. Operating cash flow reached BRL 144 million in the fourth quarter of 2024 and BRL 552 million for the year, growing 22% and 24%, respectively. EBITDA to cash conversion was 71% in the quarter and 74% in the year. Leverage remained at healthy levels, below covenants established, ending the year at 1.4 times net debt Adjusted EBITDA ratio, a key strength that provides strategic flexibility to capture new opportunities and continue driving sustainable growth. Lastly, our disciplined capital allocation allowed us to create even more value for our shareholders, resulting in the largest dividend payout in Mills' history, at a total of BRL 143 million, a 98% increase over the previous year, reflecting our commitment to balancing sustainable growth, financial soundness, and attractive returns to our investors. Moving on to the next slide, I'd like to highlight some of the awards and recognitions we received in 2024. These reflect the continued progress of our sustainability journey and reflect our commitment to practices that shape the present and build a more responsible future through excellence and innovation across multiple areas. All that said, it is with great pride that we became the first equipment rental company in Brazil and the first in history listed worldwide to receive the B Corp certification awarded by the B Lab, an international organization to companies that meet high standards of social and environmental responsibility and transparency. Additionally, we were included in the Efficient Carbon Index, ICO2, and IGPTW, the Great Place to Work Index, reinforcing again our commitment to sustainability and workplace excellence. We were once again recognized by the Great Place to Work as one of Brazil's best companies to work for, reaffirming our dedication to a positive and inclusive work environment. We were named the Best Rental Company of the Year by the IAPA Awards and Latin America's largest access equipment rental company, ranking 22nd globally in the IRN Access 50. On the next slide, I'd like to highlight that with our strategy to expand our product portfolio, we have more and more companies—a company that is a multi-product offering complete solutions to our customers—and we want to increase our exposure to long-term contracts, starting working in intralogistics and also working with heavy equipment. Rental revenue tied to long-term contracts expanded by 11 percentage points, going from 33% in 4Q 2023 to 44% in 4Q 2024. Our growing proximity to customers reflects our commitment to being more present and accessible in a constantly evolving market. This way, we continue to serve our over 10,000 customers with a comprehensive and integrated portfolio. In addition, we continue to expand our share of wallet with these customers through cross-selling between business units and also demonstrating the effectiveness of the company's multi-product strategy. With that, I'll now hand it over to Renata, our CFO and IR officer, who will talk through the financial performance of Mills in more detail. Thanks, Kariya. Good afternoon, everyone. We're going to see the consolidated results. We reached net revenue of BRL 432 million in Q4 2024 and BRL 1.5 billion in the 2024 full year, 18% growth compared to the fourth quarter of 2023 and 14% over the year of 2023. The performance reflects an increase in rental revenues of 8% with growth in all business units. These results are also a direct outcome of our focus strategy to expand our portfolio with consistent growth in heavy equipment and the start of our operations into intralogistics. Adjusted EBITDA came in at BRL 210 million in 4Q24 and BRL 76 million for the full year, up 20% compared to 4Q23 and 8.5% year- over- year. The Adjusted EBITDA margin stood at 48.6% in the quarter and 48.3% in the year, reflecting our operational efficiency and maintaining at healthy levels. On slide 8, we talk about net income reaching BRL 76 million in 4Q24 and BRL 285 million for the year, with net margin of 17.5% and 18.1%, respectively. These results reflect our consistent ability to create value for our shareholders. On the right side of the slide, we show adjusted operating cash flow of BRL 144 million in the quarter, a 22% increase versus the same period last year, mainly driven by changes in investments and the variation of the way that we account for them between periods, influenced by purchase, delivery, and payment schedules. In 2024, operating cash flow totaled BRL 552 million, 24% higher than 2023. EBITDA to cash conversion was 71% for the quarter and 74% for the year. Also worth noting that free cash flow to the firm was negative BRL 65 million, reflecting another quarter of strong investments in rental assets. Now, talking about indebtedness on slide 9, throughout the year, we remained committed to optimizing our capital structure, balancing strategic fundraising, strong cash generation, and healthy leverage levels. In November, we completed our 10th debenture issue, raising BRL 500 million in two tranches. The first, BRL 250 million at CDI plus 1.15%, five-year maturity, and the second, the same amount with CDI plus 1.3%, with maturity of eight years. Proceeds were used for the prepayment of the sixth issue, new investments, and to strengthen our cash position. Along the year, we also completed the eighth and ninth issues, bringing total funding of BRL 1.1 billion in 2024. As a result, we closed the year with gross debt of BRL 1.8 billion, reflecting our issuances and the stronger cash position. Despite the growth, we maintained net debt adjusted EBITDA controlled at 1.4 times, again reinforcing the commitment of having efficient capital allocation. Another point that is worth highlighting is the significant improvement in our average debt maturity, which closed the year at four years, and also average cost of debt, which declined 70 basis points to CDI plus 1.6% a year, 88% of our debt in long term, providing greater predictability and enhancing the company's debt management. Lastly, our amortization schedule is now much more balanced, with maturities spread out over the coming years, reinforcing our financial discipline and ability to allocate capital effectively. Now, going to the results of our business units, on slide 11, we show the strong performance in rental with net revenue of BRL 369 million in the quarter and BRL 1.3 billion in 2024, up 18% and 16%, respectively, compared to the same periods last year. The growth, once again, was supported by higher rental revenue, particularly driven by the extension in heavy equipment and the start of operations in intralogistics. As for Adjusted EBITDA, we reached BRL 171 million in the fourth quarter and BRL 619 million for the year, 8% and 11% growth, respectively, with margins of 46.3% in the quarter and 46.5% for the full year. Talking about Forms and Shoring unit on slide 12, when we take a look at this business unit, we saw another quarter of growth. Net revenue reached BRL 63 million in 4Q 2024, up 15% compared to 4Q 2023, and BRL 242 million in 2024, a 5% increase year- over year. The growth was driven by higher average pricing in the comparison periods, aligned with our strategy to adjust prices in the unit, along with the increase in the number of projects in 4Q 2024. Adjusted EBITDA reached BRL 39 million in the quarter, up 19% versus 4Q 2023, and BRL 141 million for the full year, in line with the results of 2023. EBITDA margins were 62% in the quarter, up 2 percentage points year- over- year, and 58% for the year. Now, we are going to start the Q&A session where you can ask your questions. Thank you. We'll now start the Q&A session. Just as a reminder, if you have a question, click on the Q&A icon and enter your question, or you can raise your hand. When you are announced, a prompt will appear on your screen for you to open your mic. Please unmute your mic and ask your question. Our first question comes from Fernanda Recchia from BTG. You may go on. Hi, Sérgio, Renata. Thanks for taking my question. I have two points I would like to explore with you. First, the strategy of price adjustments. I would like to understand what your yield is like. In our last conversation, I thought you had adjusted everything already, so I would like to confirm that. Looking into 2025, what is user mindset? Sérgio, if you could also talk about occupancy rates, just for us to have an idea of productivity. That is the first question. The second question, I would like to explore your cost efficiency strategies, as you mentioned in a release. We did see improvements in Q4. I would like to understand if you look at SG&A over revenue, there are expectations to improve this indicator, given that in Q4 you did have some costs in terms of terminations, or if that's already the normalized level. These are my two questions. Thank you. Good afternoon, everyone. Thanks for your question, Fernanda. First of all, in terms of price adjustments, the fourth quarter of 2024 is going back to the same levels of the first, second quarter of last year. I think along the first quarter of 2025, compared to the fourth quarter, we have prices relatively stable. Our occupancy rates, just as a reminder, the first quarter of the year has a seasonal effect, both for light and heavy vehicles because of collective vacations, because of rains, because of intercrop periods. In heavy vehicles, we have a contracted portion that comes back in 2025 because they are long-term contracts. Because our focus is to improve productivity in all our business lines, we reduce CapEx for the year of 2025 to have this ramp-up of productivity along the year. As for cost efficiency, the fourth quarter, yes, had some adjustments. We had termination costs, adjustment costs. The cost was not allocated as adjusted or non-recurring. We are carrying those costs in our books, and it was about BRL 2 million. If we excluded this effect, we would have an effect of 50 basis points in our margin. We are talking about BRL 30 million reduction in the reduction in the year in terms of G&A, and we believe we are going to deliver that. It is not a full impact yet. It started in the fourth quarter. Somehow, it was offset by the terminations, but this is to be captured along the year of 2025. Very good, Sérgio. If you allow me, just a follow-up about the yield. Your idea is to keep your yield flat for 2025. Are you still considering demand to define what kind of strategy you are going to have? Yes, basically, this is it. So far, we are keeping our yields flat, but I think because of the macroeconomic scenario, interest rates, we still have to see what the effect on demand is going to be for the second half of the year. We expect not to have any adjustments in terms of prices for 2025. Very clear. Thank you very much. Our next question comes from André Ferreira from Bradesco BBI. You may go on. Good afternoon, everyone. Thanks for taking my questions. I have two questions. The first, if you could please talk about expected investments for 2025 and how much of this is going to be on heavy equipment. The second, that is construction, mining. When you think about growth of heavy vehicles quarter on quarter, we see a deceleration compared to previous quarters. In my accounts, it is 3% growth compared to 11% growth in the third quarter of 2024. If possible, and if you can explain this deceleration, if it is seasonality or any other effect, that would be highly appreciated. Hi, good afternoon. André, first about capital expenditures for 2025, given it's going to be a more challenging year because of high interest rates and we are preserving capital allocation and leverage ratio, we are going to have slightly lower investments, almost half of what that of 2024, and most of it to heavy vehicles intralogistics, where we see an interesting pipeline that brings us more flexibility of revenues. As for your second question about deceleration in heavy vehicles, no, that's not it. Later on, we can talk more about that, where you saw it in our release, but it continues very strong with a good pipeline, especially on our focus on long-term contracts, perennial industries, even infrastructure projects of long term. What happens is that you have the first quarter of 2025, you have the intercrop period, you have rains, especially for sugar and alcohol, and that does impact costs and demand. We do not lose the contract. We just decrease utilization, and then in the second quarter, we continue with full utilization and full charges to customers. Very clear. After the call, we can have a follow-up conversation. Yes, perfect. Our next question comes from Gabriel Frazão from Bank of America. You can go on. Good morning, everyone. Thanks for taking my call. I have a question about long-term contracts that represented 40% of revenues in the quarter. Can you give us some color if this increase of percentage of revenues connected to this contract has to do because of acquisition of JM, or it is happening in other segments? Should we consider that this is a comfortable level for you considering the current interest rates and infrastructure projects? Hi, Gabriel. Thanks for your question. I think, yes, it has to do some to JM, but remember that JM, we just started with the company in the end of the third quarter, so it did impact some of the third quarter and the fourth quarter in full, and heavy equipment also that grew significantly year on year. We almost doubled from 2023 to 2024 our heavy equipment business and always focus on long-term contracts. I think the main point in terms of having a balance between turnover and long-term, we focus, as we mentioned in the beginning of the call, on long-term contracts to have a bit more predictability in terms of cash flow and revenues. Very clear. Thanks, Sérgio. Thank you. As a reminder, if you have a question, just click on raise hand or on the Q&A icon and send your question in writing. Please wait. Once again, to ask a question, just click on Q&A and type your question, or click on raise your hand. Please wait while we collect the questions. Our next question comes again from Ms. Fernanda Recchia from BTG. You may go on. Hi, everyone. Just one more question. Could you please talk a bit about your mindset for buyback and the payout of dividends? I remember that Renata mentioned that you were considering decreasing a bit of your organic CapEx. It would be nice to hear a bit of your strategy for these two fronts. Fernanda, we are always looking into that, the company as a whole. Talking a bit about the share buyback, we announced last year a new buyback program, and we completed approximately 20% of this program. As for dividends and interest on equity, we are always looking into what makes more sense in terms of profitability to shareholders. In 2024, we had a payback of almost 50%. For 2025, we are not seeing anything out of the ordinary. It all depends a lot on the scenario the company is looking into. Always remember that we also have inorganic CapEx. It is a very holistic view: share buyback, dividends, organic and inorganic CapEx. It is important to highlight that because the company is at a very comfortable leverage ratio, this makes it easier for it to seize opportunities regardless of where we are going to allocate. Thank you. Inorganic growth, any industry, any specific focus, or are you looking at possibilities overall, any specific industry? Fernanda, there is not a specific focus now. We are very open to opportunities to try and capture anything that makes sense strategically for the company, not only to bring the volumes, but also specific knowledge of an industry or strategically some contracts that we are interested in. It is a broad streaming in terms of targets. Thank you very much. Very clear. Our next question comes from André Ferreira from Bradesco BBI. You may go on. Hi. Just one more question on my side. On your 3Q conference call, and you correct me if I'm wrong, you had mentioned that you were expecting another 5,000-6,000 machines to enter the Brazilian market in 2024, 70% from China. How do you see these machines coming to Brazil for the first quarter, but for the whole of the year of 2025? André, I think it is what we mentioned, and it probably is what happened in 2024. Indeed, the vast majority, almost 70%, was equipment coming from China. I think the competitive environment compared to the fourth quarter to the first quarter, or even compared to the third quarter, was not much different. There are no new players. I think the market is more stable now. We have also always to monitor to see what's going to happen this year. In terms of opportunities, somehow, even smaller companies are very much leveraged, and that brings Mills opportunities for us to capture opportunities. Perhaps new players and competitors have higher leverage and therefore less opportunities to grow. Very good. Thank you very much. Our next question comes from Matheus Soares from Market Makers. Hello, Kariya and Renata. Congratulations on your results. You talked about the macro scenario and lower CapEx. Are you feeling a deceleration in the beginning of this year? Hi, Matheus. Thanks for your question. Not really. I think along the first quarter, we have not noticed any deceleration in any specific industry. We continue following the market, especially because our contract that can potentially be more affected in the second half of the year because of interest rates, but we still see opportunities to allocate capital, especially in long-term contracts. What we did is basically a bit more focus on capital discipline, given the high interest rates. We are working with our contracts to have additional CapEx. Whenever we have additional CapEx, we have to have a coherent hurdle to the Brazilian reality. A consequence of that is lower CapEx for this year of 2025, lower investments to grow in 2025 compared to 2024. Just as a reminder to ask a question, just click on raise hand or on the Q&A item and ask your questions. The Q&A session is now closed. We are going to turn the call back to Mr. Kariya for his final considerations. Thank you, everyone, for joining our conference call. In 2025, we remain confident in our strategy and our solid competitive standing. Our priorities are very clear. Keep capital allocation discipline, keeping the company's leverage at healthy levels, continuous focus on cost efficiency and the company's working capital, focus on increasing productivity, continue to reinforce revenue predictability through long-term contracts, maximizing synergies in between new business units to capture new opportunities, strengthening relationships, continue the strengthening of relationships with our customers, and a continuous consistent progress on our ESG journey. On this path, we were proud to be recognized worldwide in sustainability by the IAPA Awards in 2025. This reinforces our commitment to a more responsible future. Again, we thank our employees, customers, partners, and shareholders for their trust and commitment. Together, we will continue transforming the equipment rental market in Brazil. Thank you very much for joining our call today. Thank you. Mills' conference call is now closed. If you have a question, please send your question to the investor relations team at ri@mills.com.br. Thank you all for joining us and have a great day.