Good morning, ladies and gentlemen, and welcome to our CCR Day 2024. Before we begin, I would like to give you some safety information, since that is our pre-existing condition. We have security devices. We have a fireman, Sabrina, here, who will be helping us, and we have emergency exits at the back of the room behind you. Please remain calm if anything happens, but nothing will happen, so have a great event. Mobility is life. It generates connections and meetings. We are constantly coming and going. We are CCR, the biggest infrastructure and mobility company in Brazil. For 25 years, we have been connecting people to opportunities. We have over 17,000 employees united by a single purpose: improving people's lives through mobility. We serve society with excellence, integrating different areas of knowledge to offer the best experience to our clients. We are in 13 different Brazilian states and in three countries. Our numbers reveal the importance of our work in people's lives. We are present in millions of people's lives. Through sturdy investments, we are generating a positive impact for everyone around us. Leading the mobility industry by focusing sustainable value is what drives us. We took on the commitment to provide BRL 750 million to social impact initiatives by 2025. We are democratizing access to culture and helping build sustainable cities. We value meetings. We value life. Integrity, integration, and impact. We are CCR. Good morning, ladies. Good morning, gentlemen. It's a huge pleasure to be a part of this event today with you. Let me tell you a secret. I hadn't even told this to the folks from CCR who weren't in the company 15 years ago. I feel like I'm part of CCR for the last 15 years out of the last 25, because I took the communication training with the CCR executives. It was beautiful. I loved participating, so it really is a pleasure to be back here with you. I'm very happy to start this meeting, and today we're going to share some results. We're going to talk about the advancements that we've made in the Value Acceleration Program. We're going to talk about CCR's vision for the future, and you know that this is a very special year for the group, because it is celebrating its 25th anniversary. That is quite a bit, 25 years working in an extraordinary way in Brazil. So let me tell you the story of this super group. It was founded in 1999, and its ambition was to transform mobility in Brazil. That's a great goal and purpose, right? To transform mobility. It is the biggest mobility infrastructure group in the country, with a diverse portfolio, including roads, airports, subway lines, trains, VLT, and barges, in 13 Brazilian states and three additional countries. So congratulations for that video. It was beautiful. It really is touching, and it shows the power of the CCR Group for everyone. 2023 was a historical milestone for the CCR Group, because it boosted a global revenue of BRL 14.9 billion. Let me repeat that number because it really is impressive, BRL 14.9 billion in 2023. In the first quarter of 2024, it posted a growth of 41.5% in adjusted net revenue, 41.5%, and that consolidates its position as one of the main players for the infrastructure and mobility industry. I'm really saying this with a lot of pride, because this is a group that is a big part of our country and three other countries. The CCR Group has been posting solid results. It has several initiatives, robust investments, and always focusing on improving people's lives. It is creating sustainable value for its shareholders, and now it's a huge pleasure to invite to the front Mr. Miguel Setas, CEO of the CCR Group, and he's going to welcome you and share some updates for the group since the last CCR Day, which was in September 2023. Welcome, Miguel. It's a pleasure to have you here. The stage is yours. Thank you, Christiane, for being so nice and for making such a presence. Welcome to CCR Day, everyone. Here we are, eight months after our previous CCR Day, which was on September 28th, 2023. But first of all, I'd like to thank our board and welcome them. They're here, represented by the President of the Board, Fernando Abril-Martorell. We'd also like to welcome our investors and market analysts, and a number of our executive directors, I'm going to introduce them soon, and all of our friends. We have a full house, so I hope that you all feel welcomed. We are here in person at Casa Giardini, but we also have many people watching us online who were unable to attend in person, so welcome. And throughout the morning, we basically have three goals to meet. We wanted to have a short meeting, so we'll be here for two or 2.5 hours, to give you an updated view of the deliveries since the last CCR Day. So we want to show you what the company has delivered since the last time we met, and reaffirm our strategy. Our second goal is to give you an update on our strategy itself. During the last CCR Day, which we had last year, we gave you a general overview, and now we're going to be a bit more precise about our goals and what we want to deliver, and what deliveries we'll make in the near future. We're also going to tell you about our ambitions for the middle to long term. So we will talk about our 2035 ambition, discussing the company's vision for the next ten years, the next decade. So that will give you an idea of how we're getting organized strategically. So this is our agenda. After this opening and after commenting our delivery since the last CCR Day, we will hear from our CFO, Waldo Perez, who will tell us about operational excellence, CapEx management, capital structure, and dividends. So he'll make the next two presentations, and then the three business CEOs will give us updates on our business platforms, urban mobility, roads, and airports, and I'll conclude by talking about the 2035 ambition. And finally, we're going to have a conversation with you, and for those of you watching us online. And we'll have a Q&A at the end, and we'll close around 11:30 A.M. So let's start by introducing our executive team. We have all of them here. I've mentioned Waldo Perez, our VP—our CFO and VP of Investor Relations. We also have Eduardo Camargo, our CEO for Toll Roads. We have Fábio Russo, CEO of Airports; Márcio Hannas, CEO of Urban Mobility. We have Raquel Cardoso, who is a newcomer to the group, so let's give her a hand. Raquel is a very well-known executive. She has a long experience in human resources. She spent 12 years at the Gerdau Group, and she has recently joined CCR a couple of months ago. And she is a VP of People and Organizational Development. We also have our VP of Governance, Legal and Government Relations, Roberto Penna, and our VP of Sustainability, Risks, and Compliance, Pedro Sutter. So we're all here, and at the end, we will all come to the stage to answer your questions and to have a more informal conversation. So before we go into our strategic agenda, and before we talk about our long-term view, I'd like to make note of the situation that is happening in the south of Brazil. This is one of the worst disasters it's ever faced, and we've been supporting them closely. As you know, CCR has a very important road and important concession in the state. It's one of the main highways in Rio Grande-- in the state of Rio Grande do Sul, and we have three airports in three cities in that state, which have not been affected by the disaster, but the toll road has. We want to highlight that it was cleared in 10 days, and I think you saw these images. There were some images shown on social media and in the news, and that was portraying our road, so we were able to clear it very quickly. So that really shows our operational capacity, and so we want to show you how we were able to provide emergency support for the people in such a difficult moment. So we supported rescue operations, transporting supplies. We helped the civil defense there to manage the crisis, and we worked intensively throughout that weekend in which we were engaged with supporting them. So I'm very happy with the institutional work that we were able to do with our teams, you know, providing their time and energy to alleviate the crisis that the state was facing. I won't go into details here, but we transported supplies, we lifted airport taxes for humanitarian supports. We lifted the toll. We supported SOS Rio Grande do Sul, and we also had a program for our employees. We have about 70 people who were affected by the event. And of course, this is necessary so that life can go back to normal for them. So it was a moment of intensive work, and we are committed to supporting the state and rebuilding its infrastructure. Now, let's continue with a summary of the latest deliveries that we've made since the last CCR day. Starting with a slide showing our solid growth in 2023. We received solid demands across our three modals, with solid figures. You see that our demand grew by 5% in toll roads, 12% in urban mobility, and 29% in airports. So we are receiving healthy demands. But it wasn't only the external impact that boosted our results. As you can see, our revenue went up by 8.5% and our EBITDA by 13.2%. So we see that our adjusted margin is at nearly 59%, up 2.4 percentage points in comparison to the previous year. And one piece of data that we've been communicating is our OpEx cash to adjusted net revenue. It was above 42% in 2022, and it landed at around 40% in 2023. So it really shows how efficient we have been. And that takes us to our adjusted earnings per share, which went up 90%. And our TSR, when we look at our competence, was 35%. So 2023 was a solid year, and it shows the strategy that the CCR Group has had, and its vision is leading us to solid, very strong results. Now, let's look at a strategic update. In the next three slides, I'll be very brief, because we are basically recapping what we presented eight months ago. Our initial idea is this: right now, we have a Value Acceleration Program that is based on 10 topics. As you can see here, we have operational planning, financial planning, risk management, regulatory management, and this includes digital and IT, customer experience, culture and people. So this is a comprehensive list of the topics involved in our operation, and we now have 25 work fronts, aside from these 10 work topics. And they're all centralized in their management. They have a dedicated manager keeping track of each program. We have regular rituals to keep track of the deliveries that we are making on these 25 initiatives. The 25 work fronts are addressing, or at least they're starting to address, three fundamentals. The board, our executive team, and others have approved at the end of 2023, these three fundamentals. So we are starting with a new strategy, which we communicated in September last year, but we're also moving towards a new culture that includes our essential values, our convictions, and the way in which the company works, and a new organization. So we want to show you the essential elements of this new transformation, and here they are. As I said, we had a new vision, a new strategy, which is leading the mobility sector, as I said in the beginning, and as we watched in the video, with a focus on creating sustainable value. The word sustainable is used intentionally here for its ambivalence, because we mean sustainable over time, but we also mean that we are aligned with sustainable practices, which follow the highest international standards. So this is the vision that you see here, in the circle to the left. After that, we have our six strategic pillars, which can be summarized by these four pillars, which we're now following. The growth pillar, we also have efficiency, returns, and ESG, which represents the quality of our returns. You'll see in this presentation that we've evolved in the terminology that we use. So eight months ago, we changed this, and now we're adopting a view of sustainability from the top, and it's not only restricted by sustainable practices, right? It's not only restricted to ESG. We're trying to broaden this to a sustainable type of leadership. So these are the four pillars. We're going to show what we are going to deliver in the months. The first pillar of growth, it's a selective growth, and we have three messages related to this. First, we are executing an organic plan for growth. We had BRL 33 billion of investments, and that had already been allocated, so as to say, let's make it round numbers. At the moment, we're executing this investment. It's an organic growth that has already been committed. It is part of our commitment, and we would like to say that 2023 was a year that showed our capacity to execute. We increased by 100% the CapEx of the previous year, more than BRL 6 billion of CapEx, which is an increase higher than 95% when compared to the previous period. And then Waldo Perez will provide more information about it. We have a lot of discipline, so rigorous capital allocation. We saw in the previous auctions, CCR Group took part in those auctions with a vision that I would say is very rigorous in terms of value creation, and this is the commitment we have.... So each dollar, each real that we invest at CCR, will be managed in a very rigorous and selective way, and this is the commitment that we would like to have with you. First, we have a business pipeline, which is very broad, which has already been committed, and the pipeline of opportunity, BRL 109 billion, that we identified allow us to be very selective. We are very picky in terms of choosing our portfolio. So this is something we're going to continue to be doing in the months to come. And then we also have the continuous focus on contractual de-risking. Every quarter, every month, these numbers may not be very evident, but along 2023, we had 10 rebalances for our contracts that amounted to BRL 2.8 billion. That was an amount that was integrated in our portfolio of our business. With this additional value, we have BRL 2 billion and BRL 1 more per share. So it's a fundamental value creation, considering we are focused on profitable growth. Now, let's talk about efficiency. Then we would like to convey three important messages. We have a holding, which is more strategic. We used to have 300 people in the holding. Now we have 200 and some people. It's a more strategic holding. The business, the operational areas, the supporting areas, the operations, they have to have this mission, which is more focused on operations. So a more strategic holding, this is what we have, a continuous development of efficiency. We want to reach 2023-2026, as we have communicated in the previous CCR, reaching the 38% OpEx cash over net income. This is the first time we define a deadline. We mentioned this ambition, but we hadn't set a date, so we are saying that we are going to reach this goal in 2026. So we, we are to reach 2026 at 38%, and we will see that we will have other ambitions to be communicated in the future. So this is the calculation we made. So we have BRL 350 million in energy management. In the first CCR day, we said we will optimize by 10%. Today, we bring you this optimization, so we have more 20% of this energy management, and we expect to deliver this amount up to 2026, allowing us to capture more than BRL 600 million in benefits. BRL 500 million that we mentioned in the previous CCR, related to a restructuring of costs, and energy is responsible for this increase, and Waldo will provide more information about this. He will provide more details about the energy management. And I would like to say that the vision that you see here is very well aligned, which was related to the goal that the board delivered to the CEO when he joined this new team. This is the message that was sent to the executive team, and this is based on those notions: a simpler, more efficient, a company that generates, creates value, a company that takes the lead. This is what we want to deliver to all of you when we deliver our strategy. What's the organization like today? The message is the following: We... It's very clear for us of what each person's role should be. Holding a strategic architect, operations are focused on shared services and other activities on the operational base of the company. The second part is that we want to have more autonomous platforms, more autonomy to the platforms. These are business. They could even be autonomous companies, and we are going to give them the autonomy necessary. To the side, we have the excellent services. So these are the services that cross over all the organizations. So these are skills such as supply chain, CapEx, technology. These are activities with different contexts, and then save the company in a cross way. And then we also have related businesses that are going to be very clear in the ambition of 25, because they are growing at a very fast rate when compared to the core business, and this is why they are going to gain a lot of value. And on the base, we have a center of shared services that generate efficiency, gain scale, and contribute to the competitiveness of our operation. And then attractive returns. I'm getting close to the last two blocks related to growth, efficiency, and return, and sustainability. In terms of attractive returns, there are two messages we would like to convey. First is the policy review. Waldo Perez will provide more information. This allowed us to optimize our capital structure. We have a purpose to reach zero net debt for the holding, and this objective has already been delivered by 50% in 2023. We reduced the net debt by 50%, and then on the right, we see that there is a dividend policy review that allowed us to deliver a payout of 50% and have a TSR of 35% last year. In relation to sustainability, we would like to share some information. Decarbonization. Our company was the first one in the field that had its targets in terms of Science Based Targets initiative internationally approved. And this is something that when we are going to go deeper into the topic. 2033, we want to reach in Scope 1 and Scope 2 at the right level. We doubled our renewable capacity, so we have this installed in our highways, and we want to reach in 2024, and this is announced that we would like to make here before you. Our objective was to reach 2025 with 100% of our renewable energy. So together with Pedro Sutter, our VP, is going to be brought forward to 2024. So we are having our negotiations, consultation in the market, and more than 23 companies are making their proposal, and we are migrating to a 100% green portfolio in our modes. Circularity, 30% of reuse of our asphalt milling, against 21% in 2022. Diversity and inclusion. We reached the end of the year of 2023 with 43% of women representation in the high leadership, in the top 50 of the company at the global level. So the evolution has been very important, of 18% in comparison to 2022, and they are in the first line of the management of the company. And then we also would like to mention the social investment by means of our institute. BRL 55 million was invested, and this is part of the commitment that we made, that we decided to invest up to 2033. And I would like to congratulate our president, who's doing an excellent activity in using the resources that the company has for social causes, for environmental and cultural causes. In terms of ratings, there is an upgrade of MSCI from A to AA, and CDP from B to A-. So these are performance indicators, which are so important. I'm not going to go into details about this, so there is a lot of information in relation to sustainability. I would like to say that CCR Group is very proud of taking the lead, and this is all part of our strategy. And finally, I would like to say that in the past few months, we understand the delivery that we made, such as profitable, selective growth, superior efficiency, attractive returns, and leadership in sustainability, all this, very important, and we have preserved the... all those items, and we understand that all deliveries have been very consistent, and we're here to reaffirm our commitment to those objectives and so that we can project the future together. And I believe this is what I had to say. Now, I turn the call over to Christiane. Thank you so much, Miguel. We would like to thank you for this initial presentation delivered by Miguel, opening our CCR Day. Before moving on, I would like to congratulate CCR Group for all the support that you have been provided us for to support the and help the tragedy in the south of Brazil with money, with work, with all the support. I would like to thank you for all the support provided by the people in the south. I would like to make some comments about Miguel, what Miguel said. Everything was very evident, considering the numbers that were shared, numbers that were shared with us, showing that this growth of CCR Day was really very, very solid. Then he brought three foundations for the transformation, which I thought was very interesting when he talked about the new culture, the new strategy, and the new organization. All of this considering the four core pillars which are fundamental to the group: growth, efficiency, return, and ESG. This all related to sustainability, and I loved what he said. In fact, as a company that has a team that takes the lead, and of course, I need to mention a figure that attracted my attention. I do lots of debates, trainings, and events, and I would say that I had never seen a company with 46% of women in leading roles. So a round of applause. Congratulations! I, I do lots of work in relation to women in leadership positions. I even wrote a book about it, and this is the reason why I needed to mention this, and thank you for making this happen. So we heard a summary of what we saw in Miguel's presentation. In addition, I would like to share some very important data with you. CDP disclosure increased the rating of the company from B to A-minus, recognizing all the actions to mitigate the environmental impact of its operations. So let's move on without much ado, without further ado, because we have lots of things, lots of things, lots of content to share with you. To talk about operational excellence, capital structure, and dividends, and what are the financial expectations of CCR Group. So I would like to invite Waldo Perez, VP of Finance and Investor Relations. Welcome. Thank you. Good morning, everyone. I'm going to start talking about the operational efficiency and our ambitions, as mentioned by Miguel, and our excellence in managing CapEx, considering all the deliveries we have given recently. As it has been mentioned, our ambition is to reach the OpEx cash over net income of 38% up to 2026. So this is an ambition that we look at very carefully, and this accounts for BRL 500 million in capture. That is to be done in this year, in the next two years. After months of working and now looking at each of the line and where we believe we can improve, we came to three hundred and fifty drivers of cost and more than a hundred initiatives. And we are going to devote to them every other week in order to capture higher efficiency. And with this, I brought you three generic categories showing where we are going to go after those efficiencies. Just some examples. We have some opportunities, as I'm going to mention. As you can see, you can see some circles related to the capture, the materiality of the capture, and to show how each of those categories play out. So the first one is energy, as it has already been mentioned in the previous CCR day. I'm sorry. Okay, there we go. Yeah, technical difficulties. In the previous CCR day, we mentioned the BRL 350 million related to energy, and we saw a 10% possibility of reduction of those costs. And we identified that this number could reach at least 20%. So we are talking about BRL 60 million in opportunities, only considering this item, namely energy. So here, also, the centralization of the management. So this is the first initiative that is underway. We also have the migration for a free flow in some of the concessionaires where we were not operating in the free flow, and this is going to bring about a short- and medium-term impact, as well as new models of contracting. We even made some analysis of having self-production in the group. So we can see this is an area of operation that, if you remember the organization chart, it would be in the adjacent businesses. In terms of organization, we have a new organization, as mentioned by Miguel, and with this, we had a 30% reduction in the holding already. The next step is to do a very deep analysis in all organization, in all the platforms as a whole. We have already identified a number of opportunities where digitalization-... or robotization of some tasks that are done manually at present, and they can bring in productivity at a higher level. We also look at the leadership up to the levels of coordination. Where can we possibly make a more efficient structure and increase productivity? This is another way that we see some possibilities of capture, and also in the outsourcing of some activities. I have already mentioned this previously. In the second half of this year, we are going to go deeper into some activities where we identified the possibility of outsourcing some activities to start this. So, and we believe that there are opportunities to capture, those possibilities, and also, there, there's possibility of improving the services by structuring better. In operations, we also found 150-200 points in at the end at the platforms, which are really performing activities that should belong to the SSC. Next year, our plan is to bring this under the Shared Services Center management, and by doing that, we also believe that we will have some synergies and scale savings, which should also impact our group's financial efficiency. In roads specifically, we've discussed our ambition, but our ambition is to have, by 2026, 100% of self-service at the tolls. That will also provide a number of benefits to the entire group. Here are the three other categories: materials and supplies. This is related to the supply chain and the services that we mentioned before. This is a combination of the supply chain and purchases that are under shared services. So we're looking at new contracting formats, performing better should-cost analysis, so that we have efficiency in understanding how much a service should cost. And that will allow us to have more negotiations with the counterparties. Analytical pricing models, so that we'll have better hiring principles, and in some cases where we have a good enough scale, we should have some rebate mechanisms which are not a part of the group's strategies yet. So these are just a few examples. In facilities, which is also managed by shared service centers, we also want to have analytical pricing models, SLA standardization, activity robotization, and this will be discussed further. One example of that is cleaning, and our idea is to have significant improvements there. And finally, technical services. This is related to toll roads, and here we're discussing innovation, so implementing technologies with green management and conservation. That includes plant growth regulators, slow-growing varieties, reducing the number of times in which these areas need to be mowed, and the introduction of drones and robots in mowing. That will allow us to have better productivity. So these are the initiatives that we are using in general to reach that 78% index, and we feel comfortable in the fact that we will be able to deliver these BRL 500 million by 2026. CapEx, we had a great year, BRL 6.2 billion. That's our historical record. As a reminder, this is a very complex kind of investment. We are investing into structural parts of the company, and this is the level of growth that we expect will be recurring for the entire group. More important than the value is being assertive. It's been the highest investment in the history of the company, but we've never had such a high execution level, and I mean here, physical execution. Our execution was over 90% last year, much higher than in previous periods. We had never gone above 80%, and this is based on the practices in our CapEx community, which lead to continuous improvement. We're looking at the next five to seven years, identifying risks, attention points, and mitigating them to always bring the CapEx on time and on budget. We look at previous licensing and all contact points so that we can obtain these licenses, disseminating best practices. We have, you know, engineering areas in each platform, so we have to standardize these processes, so that we're all at the same maturity level. This is what it has brought us to this figure, and for 2024, we are continuing to improve things on this area. So in the Center of Excellence shown by Miguel, in the second quarter, we're going to have a CapEx Center of Excellence, which will be very lean, with very experienced professionals in construction and planning processes, who will support the different supplies and engineering areas in the entire company. So this is a group that will discuss innovative solutions, and they'll have a broader view. They'll be able to sit down with supplies and engineering, and seeing ways of honoring contracts. So we are defining strategies with our suppliers, where to use each supplier, and what kind of supplier will be better for each kind of construction work. Some of them will be broader, others will be more focused on certain regions, and of course, continuous improvement for planning and processes. This is a core topic for the company. We're focusing on delivering on time and on budget, and we will continue to pursue better figures. With that, I'll hand it over, or rather, I'll continue with capital structure and dividends. We recently reviewed our financial and dividend policies. Both of them are on our website. They used to be a single policy, but we decided to split it into two, so that they are more clear. But both of them are unified under the company's management. So when we reviewed our financial policy, we decided to analyze our history for the last seven years of cash results, capital structure per part of the group. We looked at our debt and also our long-term forecasts. So first, we looked at our rating, where we want to be. We want a capital structure that will give us Triple A rating. Why are we aiming for that? Well, we want to have broader access to the capital market, and we want to have a better cost, and that requires good credit ratings, which will support our growth. Corporate guarantee. Companies are not the same in their debt. We have more mature concessions, which might need corporate guarantee, but some might not. Some are starting new projects, some still have a long road ahead, and these would require more corporate guarantees. So it's a deep analysis of when we should provide guarantees. Borrower profile, indexers, and cost, so we should have a higher PCA and CDI mix. Which one of them have historically been cheaper? Where will this debt come from? Terms, so when would be the optimal term? And this, of course, is related to risk, financial risk, financing risk. In certain moments, the market might be down, liquidity risk, and we're also looking at counterparty risk. Where do we apply our cash? With which parties should we hedge, and what criteria will limit our exposure? And thus, all will be used to define our capital structure. What is the optimal capital structure for us? It will be the most efficient one, meaning the one that will provide the highest returns for our shareholders. This is a value generation that we are discussing so much, but it also needs to be balanced by the right credit risk, so that the market will continue to invest in the company. So this takes us to our target capital structure, in a more general view. So debt to equity ratio should be 60/40. Right now, we are at 55/45. But what is the limiting factor for this? It's Net Debt to EBITDA, which should always be below 3.5 times, and this is Adjusted EBITDA, okay? So that will be our limit, and this is a self-imposed boundary, so that we can maintain the company's financial resilience. And what is the capital structure that we believe will make sense for the company? So an Adjusted Net Debt to EBITDA of 2.5-3.5 times. When you look at the medium and long term, this is what we usually operate on. Where we will be here will depend on, you know, what kind of moment it is, if we're growing and investing. But if we're in that threshold, then this, this will be fine, and our target payout is 50%. So of course, we're going to work on this payout. If we are above 3.5, this payout will probably be reduced to 25%. If it is below 2.5 times, that means that we'll have an inefficient capital structure. So if we don't have immediate use for our capital for new investments, then we will probably have payouts, which can be done through share buybacks. This is something that we often discuss, but also it can be an increase of our target payout above 50%. So this is how we manage things. Looking at our duration, our ambition is that the duration will be at least five years. Based on our analysis, this would be the appropriate level, so that we have low risk. That's an important point. There are very few companies in Brazil that have the capacity of having this kind of duration, considering the term profiles for the financial market. And again, our ambition is to be Triple A. We already are Triple A with S&P and Fitch. This is local, of course, and now our ambition is to also be Triple A at Moody's. So this is a summary of our target capital structure and how it will be managed. We can already see some significant advances at this. This is an effort that we've been making for a long time. So in dark blue, we see our net debt at the holding company. We reduced from 34% to 15% in the company's net debt for the entire holding, that is. So it's very significant. Our net debt to EBITDA is at 3x, and we've been operating between 2.9x and 3x, so it's quite stable. When we look at the mix of CDI and IPCA across our entire debt, we were at 65% CDI, and we're now at 45%, which is a more appropriate level for a company that has all of its terms adjusted to IPCA. So this is in line with our policy. Looking at debt duration, we went from 3.7 to 5.4, and again, our policy is to have at least five years. When we look ahead, the percentage of maturity from the ninth year onwards was at 22%. We're now at 43%, which is a great figure, and makes us feel very comfortable about our entire debt profile. This was presented at the end of the first quarter, 2024. We have an extended profile. It's very linear. Risks are low, and looking at 2024, it's already been addressed. So out of the BRL 4.1 billion, BRL 678 million have been refinanced in early April. So we captured along Lines Eight and nine. We received the cash, and we started a bridge loan, so this has already been addressed. The BRL 1 billion in purple for Rio-SP is due December 2024. In the next 90 days, we will calculate this entire debt so that we can address all of the future debts. So this will be bridged in the next few months, and the outstanding BRL 2.3 billion, as you can see, is spread across the group. So there's no maturity that is so relevant for CCR, and 38% of it will be paid out from the company's cash. So the company is still healthy, and it's still generating a lot of cash, and that allows us to reduce it even more. So what this means is that we are extending our debt profile, and we're putting it at a right cost with right indicators. We're already rated at triple A in two agencies, and we're trying to achieve more. Our amortization profile is quite comfortable, and this all is positioning us for more growth. So I always get asked if we can continue to grow. The answer is yes, we do have the balance and the space for it. And that concludes my talk. I'll pass it, hand it over to Chris again. Thank you. Thank you very much. We would like to thank Waldo, who's been showing us the current scenario, and we can see how great it is to hear the group's strategic plan and how the company is really being consistent in executing all of its investments. In 2023, the CCR Group reached, as we just saw, with Waldo, its record investment of BRL 6.2 billion in expansion, acquisitions, and improving its operations. But the most important thing is getting it right. 90% was the assertiveness rate, as we saw in his slides. So, these were great figures, as I said before. Of course, these strategic pillars and the investments made, unfold throughout the entire company. And now we're going to hear more about these pillars in each part of the company. Now that we've heard an overview, we're going to hear from the CEOs of each business platform. So during this section, we're going to be talking about opportunities and the achievements that CCR will see in the future. So to start us off, we'd like to invite the CEO of the Toll Roads Platform, Eduardo Camargo. Welcome. Thank you. Good morning, everyone. Thank you for that introduction. I'd like to thank Geraldo Ardessi, Vitor Piossoli, Jorge Ferral for being here. So I'm going to tell you a bit about the Toll Roads platform, and I hope to show you why CCR has the best one and the best investment option in Brazil. We have a very diversified and resilient asset portfolio, as I'll show in my presentation. I'm going to tell you how we've been using technology and scale to leverage our operational efficiency and sustainability. I'm also going to tell you how we've been managing our contracts. We have a team that focuses on excellence here. So all of these balances that we mentioned, or at least a part of them, have been reached in 2023, and there's a lot that can still be done in 2024 and in the next few years. We're also going to talk about a concern that the market has, which is the CapEx for roads. We have BRL 26 billion to execute, and I'll show you how we've been managing this CapEx, and it's always been delivered on time and on budget, and in line with our business plan. And finally, I'll show you that not only are we working with efficiency in deliveries and execution, but also that we still have many opportunities on our horizon with government programs and subnational entities. And finally, I think we can show you how we've been managing catastrophes. We recently had a natural disaster in the south of Brazil, but about a year and a half ago, we had a catastrophe in the Rio-São Paulo concession, and we've been doing that very well. So starting from here, this is not a new information, so we have a portfolio of 11 assets, and the first point of this portfolio is the geographic diversification. So we are present in different states of the federation. As I said in the previous CCR date, we talked about the profile of the traffic. We have different traffic, tourism, commuting, cargo, and I'm going to bring to you, maybe for the first time ever, the profile of cargo of the CCR Toll Roads. It's a very diversified profile, and that allows us to have a very resilient portfolio. There's a topic that I usually like to mention, which is the fact that one-third of the national fleet goes through our tolls, and 50% of the national fleet are also used by our services. For the next years, we are going to work with bringing revenues connected to all this traffic profile that is associated with monetization of the base database that we are sharing with you. Still talking about the resilience of a portfolio, we can see the profile of the cargo that we have. There's no concentration of product in our portfolio, so the portfolio is agribusiness, because Brazil is basically agro. But we have a matrix which is very important, that provides us with more resilience. We have been performing very well in traffic. We ended with a growth of 6% in traffic, and part of this growth, of course, is based on the suspended axle that we started to charge in last year, and we are delivering the results related to suspended axles, axles or loaded vehicles. And the curve, which was already interesting, had an upward trend. So there's a concern about the from the market that I would like to address and tell upfront what was the impact, considering the calamity in the south. The first, of course, is that the toll stations were not operational. One of the seven of ViaSul is not operational yet. We plan to make it operational- ... next Friday, and one of the measures in order to deal with the crisis was to open those tolls in the most critical moments of the calamity. Those openings generate a loss of revenue of about BRL 12 million. As you, as you're going to see in the data that we're going to disclose in May, the fact that the traffic is lower when compared to the same month of last year, if we do not consider ViaCosteira and ViaSul, because there was some traffic lost in the period. Otherwise, it would have performed between 3% and 4% above of the last year, the same level of performance that we have seen in the last few months. There is also the information that needs to be shared by the market, is the fact that for 12 days there was no communication with the secretary that gives the information about the suspended axles, and that generated little loss. The backup of the server was also located in Porto Alegre. So that's the reason. As Miguel and Waldo mentioned, we have our ambition. Then I talk about the second pillar, to show what we have been doing in order to have a more efficient company. What we have been doing in order to go after efficiency, be more competitive, and work always competitive in the auctions that we have in the future. One is the topic of means of payment. In the last CCR day, we said we'd no longer want to handle money in the toll stations, so we continue growing our AVI, the 100% electronic stations, from 66% in 2021, and reaching a level of 77%. Cash has been reduced in an exponential way from 28% to 13%, and we started using the cards in the end of 2022. And we place our bets on this so that we no longer will have cash in our toll stations. So this is when we started self-service activities. So 30% has already been reached for self-service. We started self-service in Rio-São Paulo highway, and we have already reached 30%, so that means that this is a means of payment that is wanted by our clients. We started in other highways, and we have already reached 11%, and in the next week, we are going to start operationalization, since we have already talked to our techs. And the next CCR day, I'm sure we are going to bring even more important numbers. We have also digitalizing our channels of communication with our clients, so we are pioneers when we installed the chat bot in communication with our clients. And chat bot is used for the payment of toll fees for those who use the free flow. Since the last CCR day, we tripled the number of transactions in free flow. In the last CCR day, we had processed 500,000 transactions, and now the number of default rate was 13%, and now we have reached 8%. So we're talking about auspicious figures with a level of satisfaction, which is very high by our client. As you know, this is a laboratory so that we can operate a free flow in the metropolitan region of São Paulo as of the first quarter of next year, where we are going to multiply the number of transactions by 10. This all in line with the ambitions of no longer having cash in the toll stations. In addition to being more efficient, I would like to say what we have been doing in order to bring more efficient in the conservation of highways and bring more sustainability to our operations. So we have been working on mechanization, digitalization with automation of all operations, and conservation of our highways. There's a big concern also for us to test models, different models of vehicles, because we are very pragmatic. Those that operate in a flex fleet, we have used percentages of with vehicles using renewable fuels that have reached 90%, and we have been testing the logistics of electric vehicles and other types of motorization for vehicles. Now, talking about contractual management, everybody knows we have an agreement that we have already had another bidding process, and this has been going on for three or four years. We are now in the final negotiation phase. We are in the last week of negotiation when we are rearranging this agreement, and then there is a bureaucracy deadline, internal red tape and everything, but our expectation is to have the complete de-risking of the MSVia, because this is something that has been damaging our portfolio. Another topic that we have been negotiating in São Paulo is related to Renovias. It's the only asset where we had never had a very broad agreement in order to put down to give a solution to the liabilities. So the contract is going to be extended, and the concession will be extended so that a new meeting will be prepared. Another important information that I'm going to repeat in the CCR day is about the evolution of our CapEx management. You know, BRL 26 billion of CapEx is to be committed in very complex regions. The message I would like to share with you is that we have been very assertive. We have been very assertive in relation to our business plan. We are going to deliver this CapEx on time, on budget. The deliveries are already materializing. We have a percentage of materialization of the CapEx that you can see here. This is the total CapEx of CCR Highways, because a large amount is allocated in the Rio-São Paulo. It's important for people to see how we are ensuring the prices and the supplier. Serra das Araras is a work that has already started, and some deliveries have already been made. Also, Vale do Paraíba and São José dos Campos, which are works that have already started. The idea is to show you the materialization of those deliveries. 2024 and 2025 will be marked by important investment deliveries related to those highways, which, and these are very complex highway works, and it goes over a high-level highway and connecting the municipality of Osasco on time, on budget, as has been mentioned before. It's very symbolic because we're going to deliver this work in the first half of next year, and they are in the region of Barueri and Alphaville, and this is a work that is going to transform that region. These are also works that double the highway in all the part of Raposo Tavares Highway, and SPVias also will deliver in the next quarter of next year. This is the foundation stone that was part of our strategy. This was part of the bid of Rio-São Paulo. We had a partnership with the contractors, which were very experienced, and we signed the agreement with, in order to deliver this work absolutely in line with the business plan. So this is the electronic show, and we were... video, and we were very, very careful when we chose the solutions, and there's a lot of sustainability involved. We are going to reuse 100% of the waste generated in this work, so we considered all the risks. We decided not to build some tunnels because of the safety aspect, so we decided to work with other solutions. So this is another delivery that we materialized, and the president was there, delivering this work in the region of Bonsucesso, close to the municipality of Guarulhos. We continue investing in the self-generation of energy, so 100% of our energy will be from renewable sources, and part of it will come from self-production, from plants that we have been building. In terms of sustainability, we have prepared our suppliers so as to use those machines. We are going to reach 30% this year. So last year, we—IBAMA had approved. You know, we are the only company that has a private laboratory for pavements, and we built a thesis, and we were approved by IBAMA, and this is something that is going to revolutionize the use of the material that is recycled in our highways. And getting close to the end. In addition to building all this efficient portfolio in Brazil, which is among the 90% of the most efficient in the world, there's a pipeline of opportunities, which is huge. There are assets of different sizes in different regions of Brazil, and CCR is going to be very disciplined when choosing those assets. Those are assets which have the profile of CCR, so we can manage complex assets, and this is where we work better, and this is our differentiator. So we are going to be very assertive in choosing those assets, so we can use very well the investments from the resources from the investors. So, talking about Rio Grande do Sul again, I would like to draw your attention to how our teams worked 24 hours, seven days a week, in recovering the highways. And we know how important the infrastructure is for the recovery of the state. So in 10 days, we managed to free up the traffic. It's still in precarious forms, and there was an area that was below water, which is to be operated by Friday. As this is the road, this is our road, and this is what it's like 10 days after the tragedy. This is the last slide, and I would like to talk about safety. We are obsessed by safety at CCR, at CCR Highways. We have been looking inside and outside. When we look inside, we managed to reduce TFCA in more than 30% every year, so we are going to go after zero accidents culture. We have been up working with the technology of artificial intelligence in our own cars. So the cars are equipped with international artificial intelligence that allows us to monitor and prevent accidents. So we reduce by 40% the claims associated with our vehicles. As a leader in the sector, we launched the movement, Get Away From It, and we had some adhesions, and we want to change the behavior when there is service being provided, so that people can move away and provide more freedom for the service. So I finish my presentation here and turn it back to you. Thank you, Eduardo. We would like to thank you for the presentation, and I'm going to have a quick report of somebody who uses the road quite a lot. I really use the highway, and it's really impressive, the quality of the services provided by you on the highways. Not only the highway itself, but the few times that I needed some service, it's incredible how fast they come to where we need. So it's a very honest report. So it impacts the investments that we make and the transformation that the highway platform has generated in the sector. Of course, the users notice this, and it's very clear. I would like to invite Mr. Márcio Hannas. He's the CEO of the Urban Mobility Platform, so that he can talk about the subway trains. Okay, thank you. Thank you, Daisy. Thank everyone. I'm going to talk about the Urban Mobility Platform, and I'm going to give seven messages that I would like to take home. The first one is that we have a competitive scale business on a global level. The second point is that we have a business model that has demand protection and also revenue protection. We have been working on growing supplementary revenue, and we have also been working on efficiency through technology. So we also work on operational excellence and sustainability, and we have the capacity of de-risking our operations. And lastly, we have a robust pipeline with opportunities for value creation that I would like to show you in the next slides. To talk about our size, we are the biggest operator of rails in Latin America. We're the 7th, 7th biggest rail operator in the world that is private. In comparing April last year and this year, we had a growth of 6.8% in passengers per day. We operate 189 kilometers of railways. We have 7.7 thousand direct employees, 130 stations, and that includes barges, trains, subways, and we will reach 100% of renewable energy used in our model. To tell you a bit about our global scale, here is a comparison with all of the private rail operators in the world. We'd like to highlight that some of them operate not only rails, but railways, but also buses, and this reflects their demand in railways. When we compare ourselves to other global players, we are ranked 7th. We have two in Asia and four in Europe, which are bigger than us, so we're the seventh, and we're growing. I think, very soon we'll be able to reach a higher rank. If we look at public operators, then we are the fifteenth, so we're very relevant in the global rail track operation landscape. ... So you've seen our revenue cost and EBITDA figures, but I brought a couple just to underscore what we're doing. First, our demand growth. So between 2022 and 2023, we grew 12%, showing that we're still recovering the demand that was lost because of the COVID pandemic. I've showed a comparison between April last year and this year, a growth of 6.8%, and we believe that this recovery of the pre-pandemic demand will flatten out, and we will continue with organic growth in 2024. Oh, and I forgot to mention some of our investments. We invested BRL 2 billion last year. Mobility is different from toll roads because our the biggest part of our investments are in the beginning of the operation, and then it becomes a recurring investment. We're basically delivering for lines eight and nine. Our business model has demand protection and revenue protection. If you look at this table on the left, you'll see that all of our contracts have mechanisms for mitigating demand risks. It usually covers a couple of the first years of operation, but some of them go until the end of the concession. We still have six to 20 years of protection, meaning that if demand is above or below what is foreseen in the contract, if it is below, we receive some recomposition, and if it's above, this is returned to the conceding powers. On the right-hand side table, you'll see that all of our technical tariffs, and this is not what the client pays. The technical tariff, which is what we receive per passenger carried, all have readjustments based on our operational costs. This is a bit different in each operation because it will reflect our cost base for that specific operation. Continuing, showing our rapid supplementary revenue growth. When we add up our retail revenues and media, besides our real estate revenue, our projection for 2024 is that we will have 45% growth, up to BRL 180 million. Our projection for 2027 is BRL 360 million. And how are we going to achieve that? A high growth of our GLA, our gross leasable area, especially in our facilities. We are building six malls, which are connected to our train, subway, and VLT stations. Three of them are already in the consolidation phase, meaning that we are already renting out stores. One of them is in Rio de Janeiro. One of them is in the North Access station in Salvador, and one of them is Mall Vila Sônia, the final station on Line Four here in São Paulo. So these malls already have their spaces rented, and we have a few more that are being built. We're also exploring naming rights. We have one in Line Four, and we've just concluded two more in Line Nine. This is also a complementary source of revenue. We're also performing media sales at bus terminals. That might seem strange, but we have 18 bus terminals which are interconnected to our stations, subway, train, or VLT. We're also exploring media sales at these bus terminals. Finally, we're doing some work with real estate. Some of the land came in our concession, and we're exploring that with logistics warehouses, but also commercial and residential enterprises. That's how we will reach BRL 360 million in revenue by 2027, and this will come from complementary revenue. Continuing, we have four examples of very successful pilots that are now being replicated across all of our operations, using technology to capture efficiency. The first one is virtual reality training for our maintenance team. This allows us to have lower training costs and also provides faster response times whenever we have an issue or anything that needs to be corrected in our operation. We also have a new shift management system. This allows us to manage our shifts, especially drivers, but also our security staff. We also had a successful test of robotic station cleaning. We mentioned this before, and this allows us to reduce costs, even costs for cleaning materials. So during the time the station is closed, this robot is able to clean the station by itself. Finally, we have automated bicycle parking services through a new app that generates a QR code and allows our bicycle parking to be self-serviced. So this also allows us to have more efficiency for our safety and service teams. Still on operational excellence and sustainability, this year, we opened the largest and most modern bogies workshop. You might think that this is a place where we do magic, and it's almost magical, because these bogies, these components shown in the picture here, need to be fixed every once in a while. What does it mean to have a good workshop at the scale we are? We right now have 1,700 bogies here in São Paulo, allowing us to have our own workshop to recover that. With this workshop, with each revision, with each operation, we have a 35% reduction in cost, which gives us savings and also makes us more competitive for the next auctions. And it's not only about reducing costs, it's also about sustainability. This workshop has been created with a water re-utilization, reuse system, which allows us to save 160,000 liters of water in this process. Talking about operational excellence, and we've heard about this before, we're also reducing the energy cost per kilowatt hour. Again, we're moving to the free market, and by the end of the year, 20% of our energy will come from renewable sources. But because of our current contracts, by 2026, we will capture 100% of the benefits from these changes in contracts, and there will be a reduction. It will be 80% of the cost of energy in our current operations. Again, this makes us more competitive for new auctions. Speaking about de-risking our contracts and managing them, in the last three years, in mobility alone, we had renegotiated contracts, removing BRL 3.5 billion in liabilities. In mobility, specifically, in the last three years, it was BRL 3.5 billion in liabilities removed from our contracts. We're still discussing with the conceding authorities to remove some further liabilities. In VLT Carioca, for example, we still have the rebalancing process for COVID-19. In Via Quatro, we're rebalancing for the phase two delay. In Metrô Bahia, there's a demand mitigation mechanism, and the second one, due to a delay in the implementation of the train. Lines Eight and Nine, we also have an agreement on delayed returns of trains, and there's a new signaling system, which will allow us to have a more regular operation for these lines. Finally, with Barcas or barges, and this had already been foreseen, in our discussion with the state of Rio de Janeiro, we are approving an imbalance for the fifth five-year term, and this might still happen this year. Talking about operational de-risking, in lines Eight and nine from the first quarter of last year, in our performance measurement coefficient, we went from 65%, in the first quarter of 2024, we reached 82.8%. In April, we reached our record level for PFC, 92.5%. And this demonstrates how we are recovering our operational quality in the last few years as new investments have been advancing. So we replaced 27,000 sleepers, we received 24 new trains, and there are 18 in operation. 35 kilometers of tracks have been replaced by April 2024, and 82 kilometers of the aerial network has been revised. So this is operational turnaround. We're making a huge effort in this project, and I won't go into details because there's no silver bullet that will allow us to do this easily. We have to go through several initiatives. I've mentioned the investments that we've made in technology, which are also being used in lines eight and nine, energy, complementary revenue. So there are many initiatives that will generate an expressive result in recovering this project. Finally, I'd like to discuss our pipeline. We have a robust pipeline with many opportunities for value creation. There are discussions in the current contract, represented here in blue, so we're talking about the extension of the line of Line Four, the extension of Line Five. In Bahia, there's an extension, there's a southwards extension for Line One, an extension of the and there's also a VLT operation for Salvador. And there are also new opportunities, which I'm sure you've heard about, because some of them have been communicated. Lines 11, 12, and 13, there will be an auction this year here in São Paulo. Lines 10 and 14 next year, and TIC West to Sorocaba, and also Line Three in Rio de Janeiro. Just to give you some more details about the Line Four extension. We've already executed basic engineering here. It will be two stations, 3.4-kilometer long tracks, an increase of 80,000 passengers per day. It's an underground section that will require an investment of BRL 3.4 billion. With Line Five, this is also behind schedule, but we're working on the basic engineering for this extension. It will also be two additional stations, 4.6-kilometer-long tracks, an increase of 110,000 passengers per day in our forecast. It's an elevated and underground section, and it would require an investment of BRL 3.4 billion. Finally, in Bahia, we have the two extensions I mentioned. The Sul to Campo Grande, with one additional station, it's 1.2 kilometers long. It's an underground section that will increase 18,000 passengers per day and BRL 1.2 billion in investment. And also the Lauro de Freitas expansion, which will be 3.4 kilometers long and will increase the number of passengers by 37,000. It's an elevated section that will require BRL 3.4 billion in investment. So not only do we have new projects, but we have opportunities in the current ones under discussions. This concludes my presentation, and I'll turn it over to Chris. Thank you. Thank you, Márcio. It's amazing to see how much work that you've been able to handle so well. We'll continue this section as we're doing a deep dive into each business, and we'll invite to the stage Mr. Fábio Russo, who is the CEO for the airports platform. Thank you, Christiane. Good morning, everyone. We're going to tell you about our airports platform. We'll begin by showing some of the highlights that we're going to discuss today. First, we're talking about the third-largest operator in Brazil. We have three airports in Latin America as well. It's a benchmark for operational efficiency, and the size of it allows us to work intensively at a scale, working on demand creation, demand for flights, and also demand for additional sources of revenue. This scale also makes us a benchmark for operational efficiency, as I said, and this applies not only to Brazil, but also for Latin America, as we'll see. We're talking about a region where the main airport operators are present, and we're the ones known for our efficiency. We do it by pursuing the best experience for our customers. When we look at surveys and studies, this is always how we're seen. We're going to talk about the investments we're making in Brazil, and we're also going to mention resilience and environmental impact reduction. So let me tell you about our portfolio, our footprint. It's the same as it was in our last CCR day. So we see some airports in the south and central blocks. We also have two airports in Belo Horizonte, but also in Quito, San José, and Curaçao. CCR has invested in airports for many years. We acquired this participation over 10 years ago. We also got this concession in Belo Horizonte over 10 years ago, but we weren't operators. We became operators when we received this, this, and this contract. And the way in which we did it, the way in which we structured ourselves, was this: We created a headquarters here in São Paulo, where we have our senior management, and at the ends in each airport, we have teams that are operational. This became very efficient, not only in savings, but also in the agility in which we make our decisions, in which we talk to our stakeholders, commercial operators, airlines, and so on. What we've been doing is improving and perfecting our structure here in São Paulo. Today, 43 million passengers use our airport, our airports, from 40 million in the previous CCR day, at EBITDA of BRL 1.3 billion. When we talk about demand expertise and commercial revenue, this is a capacity that we have, which is equivalent or even higher than any international operator. You know, we have that idea that if we have an airport, say, large, the company will be able to bring in more flights, and which we can show you with numbers. Numbers, by the way, that can be compared with other operators, that this is not really true. What differentiates one port operator from the other is the capacity to sell the destination, the capacity to sell that journey, that route. It's mathematics. You show where you convince an airliner to fly to your destination, and this is something that we have done very well. We have a very well-qualified team. We also have some teams in airports outside Brazil, and we can show this. These are data of 2023, but the data's similar in 2024. Quito Airport, for example, it has been facing some difficulties, but we attracted some routes to Quito, Quito Airport as well. Cargo. Cargo is a very relevant topic for us, and it's becoming ever more relevant. Why is that? Because when we got the Southern and the Central blocks, we got those cargo operators that are going to expire along the years, and we start taking part in the revenues, and we start to include efficiency to those contracts. We have just approved the cargo terminal focused on pharma and in Goiânia Airport. It's a very interesting business that is fully occupied already, and the idea is to expand if demand comes in. And we are also approving a reinforcement that we made in Navegantes Airport to bring the ships. That is the cargo of Vale do Itajaí. And those are cargo that go through Campinas, so the demand is very repressed. All we need is the approval, and we believe that we are going to start operating in the beginning of next semester. Another topic is about the commercial revenue. There are many important drivers that I would like to share with you. One is to occupy areas that, at Infraero time, it was under-occupied or with contracts that were not very attractive, and we are going to deliver new areas as well. We have been delivering some new areas, which are part of the... part of the investment of the agreements, and this is something that we are going to continue doing up to the end of the year. So commercial revenue is already something very relevant when we talk about percentages, when we compare airports like ours, who have higher percentage of the commercial flights. So our performance is better when compared to similar airports, and it's going to be even more important. The secret here is to have a very good team, a focus, focused team that can make those deliveries. This month, we inaugurated three operations in the airport of Goiânia and another operation at the VIP room. So this is news that we're going to bring every month. So what's the result? We have very impressive figures here. Passengers, 8% on a recurrent basis. First quarter, over first, first quarter, 21 for aeronautical revenues. So we see that the occupation of the airports in Brazil has been very relevant. We see more routes and more areas occupied. This is part of our business plan, and we have been very successful. But we also see this in more mature airport. The international airports, all the three are very mature, and they all bring very significant results. Efficiency. CCR Aeroportos' structure was born to be efficient, and we have been improving this efficiency every quarter. Cash cost is lower every quarter. EBITDA margin grows every quarter, and revenues are higher every quarter. So this is our major focus, and these were the numbers shared in the previous CCR Day. We are partners of some port operators at the international level. The restructuring of Belo Horizonte was led by us. So we can also see some improvement potentials, because our airport is growing ever more mature. I'm still in the phase of making investments. I'm still in the first two years of concession, so my efficiency per passenger, my cash cost, tends to be lower and better as we move on quarter-over-quarter. Even though we are very focused on generating revenue, even though our focus is on optimizing our operations and higher efficiency, we are still looking at the results that our clients perceive at our airports. So we bring two sources. One is the ACI, which the largest association of airports across the world. Skytrax, the only airport in Latin America with five stars. AERIS, for the second year in a row, the best airport in Central America, competing with very important airports that belong to international operators, which are very renowned. Quiport, seven times in a row, the best airport in South America, competing with other countries, such as Chile. So this is also our focus. Also in Brazil, we use SAC and ANAC surveys. Imperatriz, sorry. It's the largest regional airport in the northern north area in Brazil, competing with other airports. It has to do with quality, it has to do with services, a classic. Investment. We say that those are old pictures because they are one week old. We're operating in 15 airports at the same time. Very complex operation to manage all those operations. Imperatriz, São Luís, Bagé, and the works are progressing very quickly. They're all on time, on budget, and the final date will be November 28. So everything is under control. And what do we see there? We are expanding... Excuse me. So we are expanding and retrofitting terminals, we're giving more commercial areas and providing more comfort for the users. We're expanding the parking area, reinforcing the aircraft yards for international flights, international flights to Curitiba, to Foz do Iguaçu, and Navegantes. We are expanding the boarding bridges and increasing them in number. So this will make a significant difference in our quarter-to-quarter revenue. Lastly, growth opportunities. So, COVID rebalancing claim has already been approved by the granting power, but still there's a discussion that is likely to happen along this year, and we are talking about an extension of three years, Curaçao and AERIS. So there's a possibility of making new investments. So those contracts are not similar to those we have executed in Brazil. The risk of those contracts is not ours, so the investment's risk does not belong to us. So we're talking about the addition of those two contracts of $400 million invested in those airports in a two-digit level in dollars, two contracts that do not have the risks that I mentioned. So these are discussions that we are likely to complete along this year. Belo Horizonte Airport, there is no risk about this, by the way, so there is this rebalancing being granted by the government, and the methodology is very clear. Now we are discussing how we are going to discuss the other runway, and this runway that is going to be built is already included in the negotiation. The airports that we have that are more mature follow the way of being sustainable and having a green certification. The San José airport already have those certifications, and the airports in Brazil are still having their works being done. We include a complete revolution in the way we're going to use water, the way we are going to treat the sewage, and we are getting ready to certify in ACA. Little by little, we are going to do this according to the plan, so we are going to reach levels similar to the Aeris and Quiport in the next three and four years. So this is what I wanted to share with you. Thank you very much. Thank you, Fábio. Thank you! ... Thank you, Fabio. Thank you very much for your presentation. The outlook is broad, very interesting about the business, and how the company is migrating to a low carbon operation. This is something that we have been discussing during this morning. Always operating at the highest operational excellence level in order to meet the needs of the market. So I would like to invite the CEO of the group, Mr. Miguel Setas, and he's going to share with us the next steps for the next 10 years. Thank you. I hope that this morning has been very fruitful so far. I think it was clear from the presentations of our CEOs how enthusiastic we are about the quality of the assets we manage, and the potential for creating value, considering our, considering our business portfolio. So I would like to thank you for being, still being here with us. Now I would like to an opportunity to look into the future in the midterm. So I would like to see this as a direction, a way of looking at the future. Look at 2035, which is the vision that has a direction. It has a way, a pathway already decided. Of course, we will need to make some adjustments along the way, but see what we're gonna say as the set of intentions that we're going to share, but we will make some adjustments and corrections to the routes, and this is something we're going to share during the events. What we would like to focus your attention to are the four dimensions that we believe to be essential to provide the basis for our vision. So our ambition is to lead this area with the creation of value. When we look at the next 10 years, we divide it into three ways: a triangle and the bases. We do not believe there will be growth if it's not selective and profitable. This is part of creating a value. So this is the first main dimension that we see at the top, and then we have the... In the two feet of the triangle, we can see the very important items: value creation and a strong balance sheet. So value creation captures all the dimensions that we mentioned: optimize, capital structure, productivity. So this value creation is captured in this part, on the base of the triangle, and we want our business to be sustainable along the time, and this is why we need to have a very strong balance sheet. On the basis of the three dimension, we need to have sustainability. So this is something that we refer to as responsible business, and CCR Group is going to take the leading role in this initiative. This ambition has some points that we would like to highlight. We are going to tell you about some of those pillars, some items that shows the path we're heading. First, profitable and selective growth. If you look at the top, we have assumed the commitment of delivering recurrent results of high single digits, at least. At least high single digits. It doesn't mean that it's not gonna be a double digit, but in a conservative way, we understand that the minimum growth should be close to 10% or the double digit. And I'm going to explain why I believe that this is possible, considering our portfolio. Our vice president showed the possibility of... the possibilities that we are going to choose in a very selective way. So there is the assumption of gaining those opportunities at a regular pace, so the reality may turn out to be different. But this is our ambition, and this is how we look into the future. The second point, as Márcio Hannas explained very well, Fábio Russo was also very clear when he talked about those topics, but we see that the toll road platform has lower possibilities. But we are saying that all those businesses that account for a percentage of our revenues will grow and reach 10%, so the growth rate is, will be higher and reaching high single digits. You saw the numbers that Márcio shared with us, 40% growth of supplementary revenue in urban mobility in a single year, so we can see the numbers are increasing very fast... The total revenue will have additional businesses. As we saw, airports would account for 10%-15% of our portfolio. We understand that supplementary businesses will be another business vertical, which will be very significant in terms of our portfolio. In terms of value creation, we convey a message of efficiency, productivity. This dimension of value creation has three fundamental messages. The first one is that the optimization of cost, optimization presented by Waldo Perez will continue after 2026. We want to reach 2026 at 38%, and we understand that we are within the benchmark that we prepared of 800 concessions. We understand this pathway to efficient, efficiency is possible because we have identified many possibilities, and also because the operational leverage will allow us for a higher scale, and this is our intention. This is OpEx, it's just lower than 35%. This is our idea for 2025. And the other ideas is to confirm what we have already said, to deliver a total shareholder return about the capital, and we have our commitments with a policy of dividends that has a payout of 50%, as Waldo explained. This is something new in our conversations. These dividend policies have scales, so 3.5 net debt over EBITDA will have reduced payout, of course, but we will have initiatives that will increase the structure of capital of the company. The 50% payout target is a simplification of our dividend policy that was explained today. And strong balance sheet, we have four messages. We have a target leverage of 2.5, up to 3.5 times, and the recycling of capital, we have an intention of having this with three levers, and we are going to discuss this more deeply. We understand that this can generate BRL 5 billion-BRL 10 billion of recycled capital that is going to be reinvested in our business. If that's the case, right, in these specific moments. So that means a range of BRL 5 billion-BRL 10 billion in capital recycling potential. So this is a confirmation of what we had already mentioned. We created zero net debt at the holding company. We are committed to getting a triple-A credit rating in three agencies. And here we also have three messages in leadership and sustainability. The first one is 100% of our portfolio energy coming from renewable sources. We also want to have all of our assets with a climate resilience plan implemented. If you remember from our previous CCR day, our commitment was to have 100% of our assets with plans, and what we want to do by 2035 is to have these plans implemented. It will be a decade to implement these plans, and that includes CapEx investment for our assets. Then finally, below here, we also have an announcement that we are making today, which is our commitment to carbon neutrality in Scope 1 and 2 by 2035. If you're not a specialist, we're talking about direct emissions and indirect emissions. So by 2035, we want to be carbon neutral. This doesn't only apply to rankings and newspaper headlines, because we believe that being carbon neutral for the CCR group is NPV positive. As you know, we are saving in the energy costs by migrating to the free market, and with renewable sources, we will have additional savings. So this is an equation that is not only good from the standpoint of sustainability, but also from the economic standpoint. So these are our greatest commitments, and now I'll go into details into each of these layers. At the end, we'll start the Q&A sessions if you have any questions. Let's talk a bit about growth. You heard this in our VP presentations, that we are at a different level across all platforms. We're leaders in toll roads. 36% of the revenue in this industry belongs to us. We're also on the list of the top 10 private operators in the world, in private railroads. We're the seventh... We're the leader in Brazil, and we're the seventh in the world.... So these are some competitive advantages. We're not here by mere chance. This is based, as we saw before, on our competitive advantages. In airports, we are not lagging behind. We're not the largest, we're the third largest operator in Brazil, but Fábio Russo showed us that we are leaders in efficiency. You saw our cost in comparison to other airports in Latin America, in Asia, in Europe, and in the Middle East. CCR has a lower cost, and this can be seen in an international comparison. So this is what is going to allow us to continue pursuing our simplified strategy. What do we want to do in toll roads? As we showed you before, we have a huge pipeline of works. We need to continue executing this. This is one of the biggest investment plans for any Brazilian plans. So we need to continue executing it and having a good leadership position. So this is a platform that grounds CCR. It's part of our basis. I hope you understand the symbolism of celebrating this year, the 25th anniversary of our company, and this is exactly the moment in which we're announcing our long-term ambition. But 25 years ago, the CCR Group started working on this business unit and this platform, and this is what is sustaining our competitiveness. This is what makes us stand out from the market. In urban mobility, this is a new or a more recent business for us from the last 10-15 years, but we already have a scale that puts us in a good global comparison. So Márcio showed that we have BRL 69 billion in opportunities in the future, so we need to be selective. And after that, we have airports. We know that in a market like Latin America, where most operators are under 10% of market share, we understand that this will have a consolidation, and there will be scale gains. So we want to participate in these movements, building up our sector and being a part of the biggest airport platform in Latin America. So this is our vision, and this is what we're working on, and we can tell you a bit more about that. The fourth dimension is adjacent businesses. I've shown you throughout this presentation that we are very engaged in growing in, you know, parallel revenues, revenues that are outside of our core business. So we want to show that this is a vertical that is relevant for our business as well. Just to give you some more details about that, what adjacent businesses do we see growth coming from? Currently, 6% of our revenue is complementary. We know that that represents about BRL 1 billion, as you can see. And this includes all our platforms: airports, urban mobility, and toll roads, airports representing the biggest share. What this means is that we have a lot of potential on real estate businesses. So increasing our rentable area, but also energy, telecom, logistics, advertising, car rental, this is all in details, and we have plans for each of these lines for 2035. We're really looking into it so that these businesses can be consolidated in the CCR Group. We believe that this will allow us to have a revenue of over 10% by 2035. Of course, we have ambitious scenarios. And naturally, you know, as the portfolio grows, we will need to revisit these figures. This is one of our messages, which is continuing our cost reduction journey. That goes beyond 35%. Of course, these changes need to be done responsibly. They mean structural changes in managing people, and there are a number of things that need to be done responsibly. We are committing ourselves to a journey that will go beyond 2035, and it will be continuous with optimization, not only because we are all having more operational leverage, but because we know that there's an optimization potential. We're trying to use technology to bring intelligence and technology. We've talked about artificial intelligence, automation, mechanization, and these technologies will evolve significantly in the next years. Our operation will imbue this technology with higher efficiency levels, so this is our commitment to you. Then, in recycling capital, as you might imagine, we're not going to be very extensive at this. We need to find where we have capital recycling potential, and the first and most obvious lever is platforms. So we're building two platforms: an airport platform and the urban utility mobility, excuse me, platform, that will have a societary organization. Toll roads might also evolve into that model, where we're going to have a societal representation. So we understand that they can take in partners. So the relative contribution to capital recycling is going to come by unlocking value from the platforms, so that would be the first contribution. The second one is what we call divesting selected assets. Some assets that have a high-risk level that need to be optimized, but that can be taken out of our portfolio, so we might divest in some selected assets. And the third lever is selling minority stakes in assets, in some selected assets from our portfolio. So this is our qualitative assessment in relative terms of what can contribute the most to generate BRL 5 billion-BRL 10 billion in cash through capital recycling. We have two missions here. First, to generate value, because we are crystallizing value when the transaction occurs, and also to create some space in our balance. We heard from Waldo, we want to create space in our balance to increase our firing power and continue to grow. So these are the two missions that we have with capital recycling. And we're coming to the end, and very soon we'll start our Q&A. I know that we are a little bit behind, but I want to say that we are taking this blueprint and this sustainability vision as a commitment in our agenda. We also want to be leaders in sustainability. The first point is that we want to reduce climate risk and our environmental footprint. I've mentioned this before, a renewable energy, the climate resilience plan, and carbon neutrality with positive NPV. The second pillar is sustainable management for our value chain. It's impossible for CCR to become a sustainability leader if its partners don't have the same sustainability agenda. So 100% of our partners are fully aligned with compliance practices, sustainability practices. The third point, as we've mentioned, is having an impact on society. We've heard in our institutional video that we want to invest nearly BRL 1 trillion. In nominal terms, this means BRL 750 million in projects by 2020-2035, that will have an impact in society. We have a company of over 7,000 people, and people are the basis for any organization, so our policy is to respect them, and we want to focus on valuing all of the employees. So we want to have high engagement levels. We want to have representation. We know that there are underrepresented groups in society, and they need to be represented in our companies and in our leadership, and of course, across the entire organization, specifically gender and race. I would say that our inclusion and diversity agenda needs to be broader than that even. And finally, we have a layer that cuts across all of these four pillars, our integrity and safety culture, which includes our governance with international standards, which is an unnegotiable value. We are fully committed at CCR to following these very high international standards and our zero-accident culture, a culture that will allow us to reduce the number of accidents in our operation and from our partners. If you want a blueprint of our vision, this is what it would be. And before I conclude. This is the journey that we want to take by 2035 to be carbon neutral, to reduce emissions in Scope 1 and 2, and to go to zero by 2035. Of course, we all will need to offset in some way or the other. We understand that there will be residual emissions that will be difficult to limit by 2035, so we might need to have some offsetting strategies. But in generic terms, this is what we need to do. Beyond renewable energy, we also need nature-based solutions, the use of biofuels, fleet electrification, improving the efficiency of cooling systems: this is all a part of a master plan, a number of initiatives that we will need to implement to reach 2035 and be carbon neutral. And again, with positive NPV, generating value for our stakeholders, our shareholders, and for the environment. That's our commitment. And I think that's all. This is our main message that we'd like you to take away. Why do we believe that the CCR Group is the best investment option in the infrastructure and mobility segment in Brazil, or the best player in Brazil? Here are 10 reasons. The first is that we have a robust opportunity pipeline, which is based on Brazilian needs. Brazil has an annual gap of BRL 80 billion in investments in infrastructure, and that goes beyond mobility. We're talking here about all kinds of infrastructure: sanitation, electrical, telecommunications, and we want to be a part of this growth story for the next decade. We're well-positioned to be one of the main players in this story of growth. We have referenced shareholders who are converging in this direction to create value and looking at the long term, 2035. We understand that we are committed to this long-term vision for the company. Third, a quality portfolio. You saw this throughout our presentation. I think a new thing that we showed or tried to show was how our demands for roads, for example, have been very diverse, so it's very resilient. And many people ask: "What's going to happen, you know, if prices of commodities change?" and so on. Our portfolio is extremely diverse. It's very resilient to these impacts in demand. And also, index. In the inflation environment that we see, it's very important to, have a good basis for that. The fourth dimension is focusing on creating value. Our commitment is to deliver a total shareholders' return above the cost of capital. We have to have financial discipline. If there's a drop in real and drop in dollars, everything is gonna be used in a very, very tough discipline, very rigorous discipline, to ensure that all the amounts are allocated correctly. Sixth motivation is a sophisticated management of risks and regulatory affairs. We understand the risks according to other models. That what we use are state-of-the-art models that allow us to make the right decisions when we allocate the capital, so, because we understand all the risks associated with those assets. We have an excellent team aligned with the incentives that are focused on growing value and a high-level governance. So these are the ten reasons that we understand that make us happy, and we are here in order to value your investments. And those are the reasons that we believe that investing in CCR is to make the right choice. And I turn the floor back to Christiane Pelajo. Please don't go away, because now we are going to open the Q&A session, as announced by Miguel. This is a moment that is enjoyed by everyone. While we organize the stage, I would like to invite Waldo Perez, VP of Finance and Investor Relations. I would also like to invite Pedro Sutter, VP of Sustainability, Risks, and Compliance, Flávia Godoy, Investor Relations Director, and also Eduardo Camargo, CEO of Toll Roads Platform; Fábio Russo, CEO of Airports Platform; Márcio Hannas, CEO of Urban Mobility Platform; and also Roberto Penna, VP of Legal, Governance, and Government Relations. I would like to give a message to our online-... Participants, we know that there are hundreds of people online, so I would like to thank you all, and I would like to say that investor relations teams are available to clarify any points you might have. So don't go away, because your question may be asked by somebody who is also online. We still have a lot of content to be covered. For those who are here in person, of course, I would also like to thank you for being here with us, and we are going to have the microphone available for you should you feel like asking a question. So we are gonna take the microphone wherever you are, so that you can ask your question. Please introduce yourself, say your name, where you're from. It's very important to know which company you, you are with, so that we can connect, so you can direct the question to any of our officers. So Raquel is here with us. Raquel Cardoso, who is our, our VP of People and Organizational Development. She will leave in a moment, because she needs to take a flight. So the first question... Feel free to ask your question. Oh, there's somebody here who would like to ask a question, and somebody else over there. So, yes, you, you can ask your question, and then I'll move on to you. Yes, go ahead, ask your question. Christiane, would, would you allow me... Would you allow me to make a little change? Raquel needs to go to Brasília. It's an official appointment that she has, and she needs to fly for Brasília. I know that you just have 5 minutes, so since it's the first CCR day she takes part in, I would like her to mention what her, what are her first impressions of CCR, and what's your focus for the future? Thank you, Miguel. Thank you. Good morning. It's an honor to be part of CCR. Oh, her microphone is not working. Okay. Yes, that's right. Okay. Good morning. Thank you very much for the opportunity. I apologize, because I need to leave for Brasília to talk about diversity, so we're also going to have a commitment related to the sustainability agenda. So I've been with the company for 2 months, and I'm getting to know about the business each and every day, especially about the growth, strategy, and all the challenges related to people and the organizational development on this agenda. I would like to comment on what you've brought to us related to our challenge with our new organizational model. This is a structure that we are going to go after, which should be simpler, more efficient, more cooperative, and this is why we've been working in order to search for efficiency, understanding the roles and responsibilities, and also the alignment that we have been after for platform, CSC, excellent services, and evermore through the CCR culture, which is something that we have been building so that we can work in a more integrated manner. I believe that new capacities, new competences, new skills are going to be invested in. We are going to develop. This is part of personal area and also technology, and this is the reason we are going to need more efficient, more proactive pe ople, so that we can go after the ambitions we have to, until 2035, in a very summarized way. A round of applause. Applause to Raquel. You have to leave, right, Raquel? So feel free. You cannot miss the flight, because we never know. Thank you very much. Ye s. Okay, thank you very much, Raquel. So he's going to ask the first question, and then I'll let you ask your second question. Congratulations on the event. Victor Mizusaki with, uh, Bradesco BBI. I have two question. The first, Miguel, is related to the vision 2035. You show, showed the EBITDA growth— Can you hear him well? We cannot, we cannot hear you well. So could you come closer, please? I'm sorry. Maybe you can hear his question, but it's been difficult for us. So Miguel, in relation to EBITDA growth, the target for 2035, if you could comment on the growth. Are there new assets involved? Are there the execution of the amendments as you presented during the presentation, are you going to divest some assets? And the second question is in relation to the division of highways. When we talked about competitiveness in the recent auctions, we have seen that constructing companies or consortiums of and financial players, we can see also that the operators have an activity related to construction. Would you like to look at this opportunity of construction to increase the competitiveness of the group? The sound is not so clear. It's not very easy to understand, but I believe I understood your two questions. One is related to the EBITDA of growth up to 2035, and what would that include? All the assumptions are the estimates that were presented, so we intend to grow in all the fronts. A growth in all the assets and a more organic growth from the growth of demand, a growth by extending the duration of our contracts related to urban mobility, and some assets are in the process of being renegotiated, such as MSVia, and also new assets. This is what is comprising this estimate of the scenario. As you can imagine, it's a more conservative scenario. There is a pace of when we are going to acquire new assets, which is a bit conservative, but we also intend to grow at two digits. But this is not the commitment that we made today. We understand there is a base for acquisition of new assets that is quite realistic, that would include those 8%-10% of growth on a recurring annual basis for the Adjusted EBITDA. I would like Edu and Waldo to make some comments about your other question. You know, this has to do with other competitors, construction companies, and also other companies, ex-foreign companies, and he asked if it would make sense to us to also operate in this area. Thank you, Victor, for the question. Historically, CCR has been taking part in bids, but we have been studying the possibility of having established some partnerships. So, the way it is organized, it's not isolated, but we can see that the leverage is very low. If we want a partner for the partnership, we would consider the kind of partner that we would look for. So this is a topic that we have been studying. Miguel mentioned the possibility of creating two platforms, but this is a possibility for the toll roads platform, considering the large pipeline that we have down the road. So this is something that has been discussed. If we are going to start operating in the construction area, directly in doing construction in their business is very unlikely, but by means of association, this is a possibility that we are still... we are considering, and we are very aware to those possibilities. And if I could add, the way we look at CapEx is, and the way it's structured, is to have a more organized structure so that we can leverage our engineering capacity with the capacity, with the partnership with the EPCs, that will bring stability and improve the way we deliver the services to our partners, and in such a way that we can manage and also mitigate the way we produce the or allocate the investment. So we prefer this format instead of becoming a construction company, which is not part of our strategy nowadays. Thank you very much for the answers. And we have another question. You can add information to the answers. Feel free. Lucas Marquiori with BTG Pactual. Congratulations on the event. I have two questions on my side. Can you hear me? Yes, I'm going to try to speak closer to the mic. First, Waldo, if you could provide information about the capital recycling, the plan of BRL 5 billion-BRL 10 billion, is it within the target of 2035, or can it be brought forward? Is it fair to understand that this recycling of BRL 10 billion would come from mobility and airports? Could you define this recycling strategy that you mentioned? The second question, I think, is a more generic question. I would like to understand how you are defining the price of climate risk. So we had some important events, such as the pandemic and all the rain in Rio Grande do Sul, and I think this is going to be involved in the risk with the government authorities. And how are you getting ready for those events? Those are excellent questions in relation to the portfolio recycling. So this is an ambition that we established, ranging from BRL 5 billion-BRL 10 billion, based on the analysis of what is still about to come in, in relation to the captures that we want to include in our portfolio. We see opportunities to see this recycling, have a new capital, and reallocate this capital in a more interesting return. As Miguel mentioned, yes, most of the resources are likely to come from the recycling of the platforms. In terms of mobility, the idea is to establish a partner, a relevant partner. As to airport, is to contribute, and having or to be a part of a larger platform that could be a platform of Latin America, and maybe could be the only player in this segment with this configuration, this setup. We are going to look at some assets case by case, that may be mature, and we do not see how to extract added value or additional value. Also those assets which are located in a specific geography that would have a level of risk that we would like to receive according to our risk management. We may have some partners in some specific businesses. We do not have a recipe for a cake, but this recycling will depend on how the stations will evolve, what are the new businesses that are going to be brought in, how the capital structure will evolve for the group, and also how fast we want to deaccelerate the net debt with the holding so that we can bring more efficiency. So these are levers that we have been considering for managing the capital and also to accelerate the investment whenever we feel more appropriate, considering the market conditions, such as interest rates. When we look at the market, and we understand that there are those who are interested in, say, value the assets as we believe to be suitable. So it's a consistent work that we are going to be doing up to 2035. It may come sooner or later, but the point is management. We are going to manage the capital structure, we are going to manage the balance sheets, and we are going to manage the investments. So about the pricing of climate risk, I'm going to turn to... to Sutter. We have two main drivers that make us go for those resiliences. We identify the pressure, a natural pressure related to the cost related to our assets. So we are going to try to neutralize this pressure that we feel on the cost when we hire insurance. So, and also considering the difficulties we have when we contract insurance in the market. And we also have to understand the risk of the assets, and we have been having extreme climate events, and that changed the scenario, how the prices are going to be defined. So these are the main two drivers, in addition, of course, to try to alleviate the effects that happens in the communities where we operate. What have we done in the past 12 months? As Miguel mentioned, up to 2025, we have plans to make adaptations in all business units where we operate. What did we do in the past 12 months? We invested large amounts in the mapping out of the 3,500 kilometers of highways and the 200 kilometers of railways, and also in the airports. We mapped all the effects of those climate events in all those sectors, and then we are going to develop the plans which are structured. And part of the plan would involve the incorporation of different systems and processes. We have already implemented some pilot models that are incorporated in our operational control centers. And in addition to that, we have a different system for managing crisis. And in Via Sul, you saw that we did an excellent job, and what we want to do is to replicate all the success in our business units. For defining the pricing of all this, we need to see that and make our structure very resilient. We want to be recognized as the most resilient structure to climate events. Can I add to that answer? I just wanted to say that we've been talking about this for some time, especially with the granting powers. And from the public hearing in Rio, São Paulo, for example, we started working on influencing so that the contract addressed this kinds, these kinds of risks. So new, newer contracts are much more clearer on, who the responsibility belongs to in the case of external events. So now we are contractually protected. More recently, we've been very vocal. You know, contracts are now including a specific part of the revenue, which is allocated to a fund, which will be used for climate resilience. Now, of course, things do need to happen, but if the event becomes material, like in Rio Grande do Sul, for example, we've been speaking to the Ministry of Transportation, to the regulators, to see what kinds of investments can be made in these contracts to make these assets more resilient. To make them, you know, to protect the infrastructure so that it doesn't get damaged as much in a catastrophic event. And we implemented very successfully some maps to see where the risks are, and we're doing preventive planning. So in some roads where we found this potential risk, we can close them down for traffic, and if we find a risk, then we can prevent them and protect our clients. Yes, climate risk is something that cuts across our entire value chain. So from capital allocation, we are already looking at, you know, deciding to be on a certain road or not. A great example, as you might imagine, is, the subway in São Paulo, where we included, climate risks, into the price when we decided to participate in this auction, and then in the operation itself, managing the contract. Pedro mentioned this. So it really cuts across our entire, value chain, and that's something that we're paying close attention to. Great! We've received one more question. Hi, everyone. This is Rogério. Can you hear me? Rogério Araújo from Bank of America. So I have a couple of questions. One of them is on cost reduction. So just to give us some more transparency on what is, coming into these 38-35 points revenue for your ambitions to 2023. So do you have, for example, a cost that can be centralized and unified? What's the most striking thing? Just to make it palpable. You also mentioned BRL 750 million in social projects, but I just wanted to understand, you know, what is the comparison to the historical level, maybe a rate on revenue or any sort of metric that can help us. My second point is about new projects. You mentioned a leverage between 2.5x and 3.5x, and that means that you can get, you know, two or three projects before you get to 3.5x. That's excluding efficiency. So what strategy do you have? Is it no longer participating in projects? Are you going to raise your equity in the future or, you know, disinvest some assets? I know that it's still far, but I'd just like to understand if you have a strategy for it. Thank you. Okay, I'll answer your second question on social investments. The first one is connected to costs. So in our presentation, we tried to list, you know, where we see opportunities coming from to capture efficiency in these six categories, right? And we gave some very good examples. But it is a lot of work, so we have many initiatives that have already been identified. They're connected to drivers, and we're going to manage them continuously to ensure that they are captured. To give you a direction, we're trying to increase 1% year- on- years until we reach 38% below. If we can get more, that's fantastic. We'll try to go as much as we can, but this includes things from improving energy management, and that will be already BRL 60 million. We have some opportunities to outsource a number of activities. We also have opportunities to review our platform structure. We can bring some activities into shared management, technology, innovation, so mowing and supplies. There's a number of things that we can do to have a more refined cost structure. We can also improve contract terms for facilities as well. So it's a number of initiatives. There's no silver bullet. I think the goal is to have the ambition that we took. I mean, we spent 7 months going line by line, defining action plans, and now we're just going to capture them. So it's about continuing this effort, and we hope that with every quarter, you'll be able to see the results coming in. Thank you, Rogério. In the last CCR day, we had announced BRL 500 million investment into social and cultural initiatives. So we had this initiative, and we are assuming that we're going to have the same investment, so BRL 50 million yearly. So you saw that this was 55 in 2023, 55 million. So 60% is, you know, tax breaks that we have in Brazil, the Rouanet Law, ProAC, and so on, and direct sources. So this is the makeup, and we decided to simplify it, because this kind of investment in the next years will remain essentially flat, and that's how we're allocating resources. Great, thank you for those answers. We also need to answer that question about new projects. Right. So the good news here is that the number of opportunities that we have still to come are very vast. So you can't do everything. We're trying to do profitable and selective investments, so we're looking at all of the opportunities that we can have. We're performing due diligence, but we're pursuing the ones that will add the most to our portfolio. What that means is that we do have some space in the balance sheet to grow. We're not going to win everything. In some cases, and we've done this in the past, we might work with partners to reduce our capital needs, to expand this range of opportunities. We have thought about bringing in a partner in mobility to accelerate our growth there. That's another way of trying to accelerate growth. But at the end of the day, it's about balance. It's about balancing this pursuit for growth, where we are committing to having EBITDA growth, at least single digits, and with some projects, even more than that. But balancing it with a robust financial management, and to do it consistently. And of course, this will depend on how the new tenders are formatted. You've seen that in the previous ones, you don't need to have an authorization and only reduce tariffs. So if you find a project that is close to our capital cost and that considers the risks, and finance that project alone, that's also a way of growing without burdening the group. So there's a number of things that we can do, and with this project, we don't need to wait for something to happen like we saw in 2021, where we got five concessions in a few months. So we know that, you know, if we work well with every month, we're going to be able to get new projects, or we'll be able to deliver, prepare our CapEx, and finance it in the most interesting way, so that we get the best results. I think what investors want is to see capital allocation with the right results and not just growing for growth sakes. I think we can fit in one last question, or maybe two. Let's start with you. Go ahead. Hi, everyone. Congratulations on this event. I'm from JP Morgan, and we have a couple of questions. First, it really seems like you did a great job in CapEx management. Until recently, we were talking about increasing prices, inputs, but what have been the main challenges for you in implementing this CapEx? So that's our first point. The second one is about the regulatory agenda. With the discussions you've been having with the government, what's your perception of the regulatory risk for the three models that you operate? Thank you. If I understood this correctly, you're asking about CapEx management challenges? I would say that in a broader view, what we've been perfecting in our CapEx management is not looking at what you're executing now, but rather looking towards the next five to seven years. So we're being very critical of ourselves. We're looking at the most complex projects. We're trying to see what licenses we need to obtain, and how difficult it is to do that. Where we have the highest complexity, maybe some special regions or areas where we'll have partners for that. In general, these are three categories, and when we talk about that, we're looking far ahead. We're looking at mitigation plans, and, you know, with every day, this risk that we see for five, 10 years, we want to mitigate and remove. Again, this is done beforehand. When you look at supply, I mean, if you don't work in a company, you don't know how difficult it is. But the supply team is closely aligned to the engineering team, so that the projects have the best and most precise specifications, and so that these things can be priced in, and then so that we can understand the risks that we're facing and be more aggressive. So this is a kind of partnership that we have to improve with these teams. So we're trying to eliminate risks, working on licensing to make sure that we can do it correctly. And when you have specific projects, and so on, we want to advance it. With the CapEx group that we're also creating, we're going to have a more precise understanding of these more complex parts, with someone looking from outside and even raising questions inside the company. You know, is this the best solution? So that's those are the challenges that we're facing, and again, with continuous improvement, we're trying to focus on making these deliveries. Sorry, go ahead. About the regulatory environment, I think it's great. We're still reviewing the partnership between our company and the government, and that means having more dialogue. So lawsuits between both sides have become an exception. We've seen several examples of that. So, for example, the execution of MSs and the Court of Accounts, and also we have some forums in the agencies themselves, so that we can solve these things peacefully. So this has created an environment of trust, which has also allowed our business to develop in the contracts themselves, as you saw in the presentation. There's a number of opportunities that we see in the contracts themselves. So to summarize, it's been doing well, and I think the government agencies have become aware of it and other parts of the government. They understand that litigation takes us nowhere. So it's always about negotiating and benefiting the public. Okay, so we have two more questions. Can you hear me? I'm Alberto Valério from UBS, and I have a couple of questions as well. First is about rebalancing. Setas mentioned in his first presentation that we had BRL 12.8 billion in rebalances, and we also saw the rebalance in Quito. Is there anything that we should expect besides that? Anything on urban mobility? And the other point Eduardo Camargo mentioned in his presentation on toll roads about MSVia. So I'd just like to ask if you have more details about that, the timeline, how it's being negotiated with the government, if it's based on CapEx or tariffs, and what will be the NPV for this project? Thank you. Let's start with you, Penna. So regarding rebalance, this is constant work that is done by the platforms. It's normal in a contract renegotiation to talk about regulatory liabilities, and so on. So there are some rebalances that will be made this year. We're dealing with a number of them. And I can't really tell you because many of the things are still being negotiated, but this is the result of this regulatory environment that I just mentioned. It's good that the granting power deals with this, so it doesn't become a snowball. On our end, on our side, it's also important to bring sustainable solutions to- ... for the government. So this will continue to appear in the next CCR events, solutions for these liabilities. About MSVia, I have to be very clear, because there is a confidentiality that protects all this information. But in generic terms, we are talking about a new negotiation of the contract, as you probably know. So the government had made headway in the feasibility studies for the MSVia for the next two plots, so the new negotiations should be more advantageous. This is what we're negotiating than the two for the new bids. So it should be more interesting from the public interest than the agreements that are valid nowadays. So it's a complete renegotiation, a new fee, it's a new schedule for investment. In practice, it's a new business, so we are going to de-risk the current, and we are going to execute a new contract. In generic terms, this is it. Now, your question, please. Hello, good morning. My name is Ademir. I'm vice president of SETEC Engineering Company. My question is to Eduardo. First of all, I would like to congratulate not only on the event, but on the results. You talked about the investment pipeline and how selective you are in terms of the supply chain. This is something that we monitor, and we always think, "Will CCR take part in it or not?" I would like to know about Santos-Guarujá Tunnel. Would it make sense in the CCR portfolio, considering the risk? Santos-Guarujá Tunnel, in a summarized way, it is more related to construction than concession. Our profile is more focused on operation, so the tunnel has a risk in the execution of the CapEx, so we need to understand how this is going to play out. So it's a type of project that I believe that is what we understand, that it's at high risk, when it comes to executing the CapEx. So we prefer assets where we have more control on the execution of the CapEx, and the upside of revenue should be better. So this is the kind of investment profile that we prefer. For those who are attending the event online, all the questions and comments are going to be answered by the IR team of CCR. So I would like to thank you all very much. For those who are attending this event in person, and also those who are online, I would like you to answer the QR code on your table. Could you answer the survey so that our events can be ever better? So I would like to thank all the officer, officers who are here. It was a great honor to be here with you this morning, talking about different topics and relevant topics about mobility and infrastructure. I would like to thank you for the participation. I was very happy with your participation, and I hope that we can be here before 15 years, and I'd like to turn the call back to Mr. Miguel Setas. First, I would like a round of applause to Cristiane. So I would like to thank you all for attending our event. We are very enthusiastic about the vision that we shared with you. We are very committed to the strategy, and we would like to thank you for the trust you placed on us. It's wonderful to count on this community of investments, and analysts, and all those who are interested in our affairs. Thank you very much.