Good morning, ladies and gentlemen, and thank you for holding. Welcome to CCR SA's conference call, where we will discuss our second quarter of 2024 earnings. We would like to inform you that this presentation is being recorded and translated. The translation can be heard by clicking on the Interpretation button. If you would like, you can also mute the original Portuguese language audio by clicking on Mute Original Audio. Before we continue, we would like to clarify that any statements made during this conference call about the company's business perspectives, any projections, operational and financial goals, are simply beliefs and assumptions by the Board of Directors at CCR. They are based on currently available information. Remarks about the future are not a guarantee of performance. They involve risks, uncertainties, and assumptions as they refer to future events, and therefore depend on circumstances that may or may not occur. Investors should understand that the general economy, industry conditions, and other operational factors may affect the company's future results and lead to results that differ materially from those expressed in these forward-looking statements. We will now hand it over to Mr. Miguel Setas, the CEO of the CCR Group. Go ahead, sir. Hello, everyone, and welcome to our conference call, where we will discuss the earnings for the second quarter of 2024. I am Miguel Setas, the CEO for the group, and I'm here with Waldo Perez, our CFO, and our Investor Relations Director, Flávia Godoy. We'd like to give you a summarized view of the main highlights for the second quarter. It was a solid quarter. We received record demands for many of our assets. It was the best second quarter in the company's history, and especially for our most important assets, AutoBAn and the Belo Horizonte Airport, we had the highest month historically for them. So we also controlled costs by continuing to implement our cost reduction plan, which increased by 14% our Adjusted EBITDA, comparing the second quarter of 2024 with the second quarter of 2023. Our EBITDA margin went up 0.9 percentage points, and this is translated into a 102% growth in our adjusted consolidated net income. Of course, we also have to highlight revenues, not only our core, but complementary revenue. As you know, our goal is to increase our mix, and we had an increase of 18.6% quarter-over-quarter, which shows the potential growth in this revenue line. When it comes to costs, we are continuing our cost control program. OpEx to cash was down two percentage points to 40.5%. Our efficiency program, it continues. Finally, we have two other highlights related to financing. First, the issuance of the best incentivized debenture in the Brazilian market, a value of BRL 9.4 billion, which come to a term, a total of long term BRL 10.75 billion in long-term financing for Rio-São Paulo. This was performed for an investment of over BRL 15 billion into our structuring assets in our portfolio. Finally, a highlight for liability management. We had a seventeenth bond issue of BRL 2.2 billion. This is more competitive than the previous financing plan to optimize our financing costs. One final highlight, which is not here on the slide, is that, as a reminder, we concluded our optic fiber operation with Samm, a transaction that led to a value of BRL 100 million, and it continues to optimize and reduce our portfolio and also our capital recycling plan, which, of course, is a part of our strategic plan. So this is a brief summary. I'll pass it over to Waldo Perez, who will go into details, and I'll return at the end for the Q&A. Thank you, Miguel. Good morning, ladies and gentlemen. We will now discuss the main highlights for the second quarter of 2024. As Miguel said, this was a solid quarter when it comes to demand. We had 13.8% growth in toll roads, 8% growth in urban mobility, and airports grew by 9%. In toll roads, commercial vehicles were 7.6% of the growth, mostly due to the sugar industry that posted record exports. We also had cotton, coffee, and some other products that had a huge impact to our demand. And there was a representation of 3% for suspended axles, which also led to higher revenues. So it was strong, a strong quarter for toll roads. For light vehicles, it was a bit weaker, so there was a reduction of 0.3%. In Rio SP, we had a reduction of 4.5%, mostly due to the construction work and the investments that we have been making to Rio SP. And as you know, there was also a natural disaster in Rio Grande do Sul, which impacted Via Sul and Via Costeira and led to a reduction in vehicles. But it was still a very strong quarter. Urban mobility grew 8%. In Metro Bahia, we included two new stations with Tramo 3, and a 24-hour operation for some events, which also led to a higher demand. For ViaMobilidade, Lines 4 and 5, we had a growth of 11.8% and 5.3%. This was due to the increase in commercial activities and trade. VLT grew 29% due to the operation of the Terminal Intermodal Gentileza, which was not in operation yet in the second quarter of 2023. Airports, the main highlight were international airports. Aeris, 14%, Curaçao, 30% increases. This is mostly due to the consolidation of international routes. In Brazil, BH Airport grew 15.3% in domestic traffic due to a higher number of flights from Azul and LATAM, and BH Airport also had its best June in history, with over one million passengers. So it was a very strong quarter across all of our modals. Looking at costs, as Miguel said, we had a reduction in two percentage points to our OpEx cash to adjusted net revenue index, down to 40.5%. When we compare costs between the second quarter of 2023 and the second quarter of 2024, we can see the main factors. Personnel costs, we had a number of contract cancellations and a higher provision for PLR. Third-party services also had an increase, especially due to MS Via, where we had to recover a part of the pavement according to the concession contract. So that was the increase we saw in comparison to the second quarter of 2023. We also had more cleaning and maintenance services in Curaçao and Aeris, mostly due to the additional traffic and the higher number of passengers, and also Metrô Bahia. When we look at non-recurring costs, we had BRL 217 million, which is basically the investments made to Via Oeste this quarter, which are accounted for as an expense instead of a CapEx. So again, in this quarter, we had solid cost control, and as a result, we saw consolidated Adjusted EBITDA growth reaching BRL 2 billion, up by 14.4% this quarter. Toll roads represented 10% of this growth, urban mobility, 33%, and airports grew by 28%. So it was very robust, and here we can see, especially in urban mobility, the increase from the number of passengers and the increase in EBITDA, which grew but also was affected by inflation. Nonetheless, it was a strong result. As a consequence, we have our adjusted net income that more than doubled, 102% growth, reaching BRL 411 million. If we look at our net financial results, there was a reduction, 9.8% lower, mostly due to the reduction of the CDI by 4-13.4 percentage points, and this calculation includes BRL 81 million from the Lines 5 and 17 financing plans. So it was a strong quarter. We had very good results. This all shows that our efficiency program is on the right track. Investments. We're focusing on investing well. We reached BRL 1.6 billion invested, out of which BRL 217 million are in Via Oeste alone. As you know, these are accounted for as an expense. The biggest investments in toll roads were in Rio SP, with expansion, expropriations, pavement and system recoveries. BRL 45 million were invested in Via Costeira, implementing marginal roads, walkways, and pavement restoration. We also invested in Via Sul, despite the rain, with pavement recovery, duplications, and several improvements in different sections of this road. Urban mobility received investments in Lines 8 and 9, where we spent most of this CapEx. Airports in the south and central blocks, we are focused on delivering phase IB, which will conclude in November. So all the investments here are on improving terminals and in general, improvements. So we are performing according to our plan for the year, and we're continuing to look into this. Leverage has been controlled. Our net debt to EBITDA rate for this quarter was 3.1 times. You can see that our debt for the holding was BRL 4 billion, which is a reduction in comparison to the second quarter of 2023. Our debt has been extended. 43% of it will be due after 2032. And here you can see RioSP's bridge loan. As was said in the beginning, we contracted BRL 10.7 billion with BNDES through market debentures and FINEM. So that removes risk from this project. It has been financed to implement these BRL 15 billion in CapEx, and this BRL 1.1 billion has already been refinanced with the first and second series of the debentures. It will be a total of eight series by July. So the cash impact will take place in the third quarter. So that makes our second quarter very confident when it comes to financing, and you can see that our debt profile has been extended with all of the disbursements that took place during the quarter. So that concludes my presentation. We had a strong demand, strong EBITDA growth, 102% in our net adjusted income. Net debt to EBITDA was 3.1 times. So we now have had six quarters in a row with consistent indexes, and we have been performing very well. With that, I'll hand it back to the operator for the Q&A. Thank you. We will now begin the questions and answer session. As a reminder, if you'd like to ask a question, you can click on the Q&A button and type in your name and the company you represent. When your name has been announced, you will get a request to turn on your microphone, and then you can ask your question. The first question will be asked by Pedro Bruno from XP. Go ahead, sir. Good morning, Miguel, Flávia, and Waldo. Thank you for taking my question. Can you hear me? Thank you. I actually have two questions. First, I'd like to get an update about the strategic use of your airport assets. You've been vocal about reducing priorities set on this business unit on the middle term. But if you can tell us what your focus has been in executing this CapEx, that would be great. I think despite that this unit's CapEx representing about 5% of the total CapEx, there's still questions about the overall CapEx. We've seen that airport CapEx has been changing, and this drew our attention. When we look at the central and south blocks and Pampulha, the exception here is Belo Horizonte, due to the investment commitments you have there. We've seen that this number of commitments has been going up 20% above your CapEx execution, plus inflation quarter on quarter. So I'd just like to get your perspective on that. There might be a readjustment that was accumulated there. So we'd just like to understand if there's anything noteworthy in your CapEx execution in airports. So those are my two questions. Thank you. Thank you, Pedro. Let me make a comment on the first part of your question, and then I'll let Waldo and Flávia answer, as well, specifically on the evolution of CapEx for this quarter. So to tell you about our strategy, I think your question has already answered what our intentions are. 2024 is a year in which we are focused on executing our CapEx. As you know, we have until November 2024 to conclude the works in the 15 airports we have in the central and south blocks. This is what we're focusing on, de-risking this portfolio. You have probably heard this in our results, in our previous conversations, but we are focused on continuing our efficiency program. So optimizing costs is a relevant priority for airports and also reducing our top line. As Waldo said, this means international routes, new services that we're providing in our terminals. You've probably seen that we are opening six additional VIP lounges for complimentary revenue, so we're working on the top line and bottom line so that these assets become more mature, so that they get ready for what we believe will be our next agenda, and we've been very explicit on this. Our agenda is to combine assets, possibly. And if that happens, if it is possible, we will be able to have more value from this portfolio, so this agenda remains. We're preparing this agenda right now, as we are also doing for the mobility platform. We're working on governance, organizing our platforms, simplifying our social structure, so it can be an enabler, and also to identify potential partners that may be with us in urban mobility and airports. So this is our agenda. Waldo, I don't know if you have anything else to say. Well, to answer your question on CapEx, first of all, you made a comment and for us to be assertive in CapEx and to control our business plan and costs, it's critical to manage our CapEx, whatever the value is. So yes, CapEx is lower in airports than toll roads because complexity is different. In toll roads, you might have more concentrated CapEx and higher volumes, but in airports, we're talking about 15 airports where you have distributed CapEx. So managing and implementing these investments in the right way to meet the contract requirements needs special attention and precise delivery week after week. So that's why we've been focusing so much on executing phase IB. Balances, I think that was your other question. They vary according to a couple of things. First, there are readjustments according to accounting rules, so this is a regulatory investment balance that is specified in the beginning of the concession contract, but we also try to improve it. We've seen investments in Navegantes and Londrina, and I'll let Fabio talk about that. Where besides the business plan, we have improved efficiency or revenue for our clients. So that's why you see this variation quarter on quarter. I think Flávia can give us some more detail on that. Good morning, ladies and gentlemen. Pedro, thank you for that question. So looking at the three airport assets, I think we have to highlight that the company is in a significant de-risking phase for this platform. As we've been saying, especially in the latest investor date. The estimated investment for 2024 has already communicated some improvements that we have communicated to make these projects more profitable. So this was a potential revenue that we found, and we have been investing in some additional projects, especially Navegantes, the terminal to receive cargo ships, and we've also made some investments to the Londrina Airport to expand the runway. So these were some opportunities we found. They were not based on the contract, and that it's all aimed to improve how much we can extract from these projects. So this account is not necessarily a sum zero.... This is a CapEx that we've been investing without any additional cost. So this year, we'll conclude a significant part of this investment. Thank you. That was very clear. Thank you, Pedro. So for the next question, we will have Filipe Nielsen from Citi. Go ahead. Good morning, everyone. Thank you for taking my question, and congratulations for your results. I have a couple of questions. First, do you have any updates on MS Via? How has that process been going? We've discussed this contract, and we- I'd just like to understand how that has been going. Secondly, on margins, we've been seeing significant growth in margins year on year. I think this is within your expectations, but I'd just like to understand what has already been performed from the initial plan you showed. What are the next steps in this cost reduction process? If you could tell us a bit more. Thank you. I'll answer your first question about MS Via. This is a process that is going according to plan. As you know, our contract in this concession runs until March 2025. The negotiation that was ongoing has been concluded. So now we're following the internal rights to get it approved, and it's all going according to plan. So we just have to wait for some more news, but according to the information we have, the initial term continues the same. By March 2025, we hope to conclude this process. So I'll let Waldo answer your second question. Yes, about our efficiency plan, we're that's included in our value acceleration plan, as we heard. As we mentioned in our CCR day, there's no magical solution. There's no silver bullet. It's a number of initiatives. So we have to manage this week by week and look at how costs evolve, and looking at other solutions to see where we can optimize, where technology can help. In CSC, from the beginning of the year, we have been looking at our entire structure, process by process, so that we can do this faster with, fewer people in each one. This is an area that has been advancing well. We have been looking at outsourcing, and that may lead to some actions next year, and supply as well. We've been seeing some significant improvements in efficiency gains in contracting through some changes in contracts and, in how we relate to our suppliers. So there's a number of initiatives. Something that has been helpful as well in this new organization we designed is to manage each platform. So we have CFOs in each platform, which help us look at how we are controlling costs at a closer range, something that we didn't do before. You know, in a company of this size, it's important to look at it closely so that we can be efficient. So we're starting to see some efficiency increases, so we're getting close to the ambitions that we have set for the organization. Thank you. The next question will be asked by Victor Mizusaki from Bradesco BBI. Go ahead, sir. Good morning. Congratulations for your results. I have a couple of questions. The first is: in your release, you discussed mobilization for Serra das Araras. So if you can tell us a bit more about this process, I know that this is an old project in the series in Nova Dutra. So were you positively or negatively surprised by anything in this? And the second question is: the São Paulo state government has already published bid tenders for Sorocabana and other projects. How have you been getting ready to participate in these bid tenders? Thank you. Thank you for your questions, Victor. I'll pass it over to Waldo soon, but for Serra das Araras, as you know, we've received environmental licenses, and we've started construction. It's a structural construction, right? So it will change the experience for the users in the region. So far, we've had no surprises. I think we're still following the same initial expectation. A significant investment of BRL 5 billion, and the execution term is long. So I think it will conclude by 2028. So that is our plan. We've been seeing images every day, and it has been progressing normally. I don't know if you have anything to say about Serra das Araras. Yeah, I think that was it. If there has been any challenge, it was probably environmental approvals. IBAMA had a strike, so in our CapEx management program, it was seen as critical. That was an attention point. We had some teams that were focused on obtaining environmental licenses at the right time, and it worked. So we started very well with Serra das Araras, and we expect the project to go according to plan. Your second question was about Nova Raposo and Sorocabana. These are two very relevant projects for CCR, as you may imagine. The bid tenders were published recently, especially the one for Nova Raposo. So we're looking at the projects and getting ready to make a decision on whether we will participate in them. But obviously, these are projects that are a part of our list of priorities. They are two very different projects. As we know, Nova Raposo has 93 km. Arriving in São Paulo is complex because of all of the different functions we need to do to implement it. Sorocabana is a bit longer, so it's something that we know very well. Looking at the roads included in this concession, so naturally, we're going to use what we already know in the CCR Group to get ready for this. Any comments, Waldo? No, I think that's it. Next question will be asked by Alberto Valerio from UBS. Go ahead, sir. Thank you, Miguel, Waldo, and Flávia. I have a follow-up question to Victor's question about new bid tenders. The government announced eight new ones for this year, five federal and three at the state level, and four additional bid tenders for next year. So what is your take on them, when it comes to CapEx and cash generation? Does CCR need to leverage itself, or would these be assets that would generate cash from the beginning? You mentioned that your TRR would reach double digits, so I'd like to ask about that. And finally, what is your perspective on the competition for these bid tenders? We saw that there are some regional players, so what do you expect for the next 14 projects that are opening up in the next 12 months? Thank you for your questions, Alberto. There were many of them. So first of all, we've been selective in our strategy. You mentioned five federal bid tenders for the next year, so it's a vast pipeline, and we have to select. As you saw last year, we were very selective in what we decided to get involved with, and that's how it will be for the next auctions. Of course, assets where we are already present, like Via Oeste, are a priority for the group. Assets that we know historically, like the state of Paraná, this is a market that we have a lot of interest in. So we have been selective in the assets that are being prepared for the next tenders. Concerning profitability, I think 381 is a great example of that. The projected profitability for the next tender is double digits, so that's very relevant for us. We have been interacting with the conceding powers on the market, and this has allowed us to adjust our expectations. We've been very dynamic, and we've been continuously improving it, and that's what we expect to happen. I think conceding powers are actively listening to the market needs, especially the operators that are competing right now for the assets. For the competition, and I'll let Waldo answer, we have several types of competitors. We have traditional companies in the industry, we have international companies that are also betting on the Brazilian market. We have companies that have a more financial history. We have other operators. So at CCR, we are valuing a healthy competition. So I think especially the toll roads market is a countrywide market. It requires a number of competitors prepared for all the opportunities that can come. So we welcome these competitors, and we will be participating in the tenders where we have the most potential. Yeah, I think Miguel said it all, but to state it clearly, we have been analyzing a number of opportunities. We are looking at them on a case-by-case basis, and at the end of the day, it will depend on the contract, how it is structured, and its risk and potential returns. So we have Rota dos Cristais, Rota do Zebu, Nova Raposo, Sorocabana, three in Paraná, and a number of new ones for next year. And here I'm only talking about urban mobility. So we have a selective process. We're going to decide which ones we will create proposals for, and it's always a matter of market intelligence. With that being said, it's always about risk, returns, and how much value it can add to CCR's portfolio. Just adding to that, Alberto, you've mentioned, CapEx, cash generation. I don't want to go into technical details, but the SICRO table, which is a price reference table that we use, has been outdated with comparison to the market. So we have some CapEx estimates which are different from what we see on these official tables. I think this table requires an update. In our business case, we've included a more assertive and precise vision of what we believe, the CapEx should be for our projects. Concerning cash generation, you're right. Some projects are accretive. Because we have demands for the ongoing projects, and some of these projects might be more backloaded. They might be further along. Some of these projects can have a positive impact to the group's leverage in the first years. This is also a factor that we take into consideration when we determine our time to cash or the long-term cash flow for several ye ars of projects. Great. Thank you. The next question will be asked by Rogério Araújo from Bank of America. Hi, good morning, Miguel, Waldo, and Flávia. Thank you for this opportunity. I have a couple of questions. The first one is a follow-up on the efficiency program. In CCR Day, you gave us your vision for 2025. Your goal was to reduce three percentage points in OpEx to revenue by 2025. So when we calculate the margin gains that the company would have, we are already close to these three percentage points. So my question is: Is the company being conservative in its ambition, and is there space to have a higher delivery? Are you more limited in reducing costs incrementally, considering that this short-term plan will be by the end of 2026, as for the end of 2026? Thank you. I'll let Waldo answer at the end. So in your question, you've basically answered our what our vision is on costs. You probably remember, Rogério, that by we said 2026, below 38%, and by 2035, under 25%. Our expectation is to have a higher efficiency than these limiting factors. This is the maximum for 2026 and 2035. As you might imagine, we hope to surpass these goals and have a higher efficiency throughout this time. We want to communicate this to the market in a way that is credible, conservative, and we want to receive consistent results in our commitments. The 38% that we hope to deliver by 2026 will be our first delivery, so we are looking at it closely, and obviously, depending on where we are by 2026, we might have some adjustments to that expectation. But initially, we want to deliver to the market an efficiency that is below this amount. This is our focus for now. Yes, it was a conservative ambition, so, as to give the company some direction, but at the end of the day, we're focused on this 38% on the short term. And it will be reviewed, as we do with any other strategic plan, so we might be more aggressive later on. So Rogério, if you can give us some more color on this plan, or excuse me, if I can give you some more color on this plan. We have already identified line by line, what the plan was to reach the indicator that we had been proposing for 2027, this 38%. Since then, we have continued to work with external, international, consultants to complement this first batch of measures with an additional, figure. So this is what we have been doing. Just to conclude, Rogério, where did these goals come from? The 38% will place us among the 800 companies that we benchmarked with in the first quartile. So 35% would put us in the first tenth of these companies. So these ambitions are due to these benchmarks, but of course, we will always try to overcome these, marks, and we hope to, deliver even better results. Great. That was very clear, Miguel and Waldo. Thank you. If you'll allow me to ask you a second question on your financial revenue. It's nearly, seven percent above your cash position, and before it was about 5.5. So did that happen due to anything specific? Should we pay attention to anything here? Or, is there nothing too noteworthy here? The company has been in a significant investment cycle, so we've been able to capitalize more. We have a financial revenue, which reduces our financial expenses because of these investments being captured. We found significant improvements in Rio SP, and there are also projects, Lines 8 and 9, among others. So it's basically due to increases in capitalization. Perfect. Thank you, everyone. Have a good day. The next question will be asked by Guilherme Mendes from JP Morgan. Go ahead. Hi, Miguel, Waldo, and Flávia. Thank you for taking my question. I have a question on complementary revenue. You mentioned this in your release and your presentation, so if you could give us some more details about what are the main levers there for supplementary growth, what are the main segments, and do you have any goals on how much contribution will come from them? Yes, Guilherme, in our CCR day, we mentioned that we do have the goal to increase the participation of this line in our revenue. In the latest CCR day in May, we communicated our ambition, which was to have higher than 10% contributions from complementary expenses. We believe that this can basically double. Why is it so relevant for our work? So while in the main business we have our EBITDA margin around 59%-60%, as you were able to see in our results, in complementary results, our EBITDA margin is above 90%. So in this 10%, we have a higher weight. Of course, this can also lead to more value being generated for the company. There are some areas that we've been looking that have some potential. One of them is retail. You've probably seen that in our urban mobility activities, we have and in our airports, we have been using the space in our airports and in our train and metro stations to explore commercial spaces. So as a reference, we have five malls. Three are already in operating. So in Rio de Janeiro, in Vila Sônia, and the Acesso Norte mall in Salvador, Bahia. So those are the three, and we have two that are being prepared in Metrô Bahia in Salvador. So, as you also heard, we have an increase in our gross leasable area. This is just an example in retail. Another example is real estate. So the possibility that we have in exploring real estate assets in airports and urban mobility is especially toll roads. So using rest areas to create more commercial areas. And the third element is advertising. You can see that in our stations, in our commercial areas, we have been using a lot of advertising. In airports, we have cargo carrying, which is complementary to our passenger business. So these four things, cargo, real estate, and retail, and commercial, will create a lot of potential for the future. If the EBITDA in our main business has been growing by high single digits, which is what we communicated to the market, we believe that complementary revenue can grow in double digits in the next few years. You can see this in this quarter. We had a growth of 20% in complementary revenue, quarter to quarter, and this will continue to be our focus. We've been bringing people who are very trained in this area so that we can extract more value from these lines. Thank you, Miguel. And a quick follow-up on ViaSul. We've seen relevant recovery in June, so has July normalized this level, or are you still suffering impacts from the floods? Yes, we were very active during the crisis with our crisis management teams. We were able to mitigate the situation there in around 12 days, so it shows how the company was able to execute its plan quickly, and we were able to recover our flow, and I think July was even better than last year. So we are performing well, given the situation that we had to go through recently in Rio Grande do Sul. Great. Thank you. The next question will be asked by Lucas Marquiori from BTG. Go ahead, sir. Hi, everyone. Good morning. I have a couple of questions. First, on traffic. If you can tell us what areas have been leading in traffic increases this year? Is it import, exportation, agriculture? So if you can help us understand that. And secondly, we've talked about MS Via, but what other rebalances are being negotiated? I imagine that urban mobility has some ongoing negotiations, so if you could tell us a bit about that, it would be great. Thank you. Thank you, Lucas. So to talk about traffic, I think we were positively surprised with this quarter's traffic. You saw in our initial references that we reached record levels in June in AutoBAn, our super toll road here in São Paulo, which is the main asset in our portfolio. It is 14% above pre-COVID levels. So when you look at the traffic in June 2024 to 2019, we are 74%, excuse me, higher. So we're benefiting, of course, from exports. We've seen cotton multiply from January to May 2024 versus January to May 2023, to multiply by four.... So it increased fourfold. So cotton was one of the commodities that was most surprising, to us, and Waldo also mentioned some things before: sugar, coffee, paper. It's a number of commodities that increased significantly in the last few months, especially led by the exporting market. In agriculture, we know that harvests have been lower, but in this case, this was offset by a positive surprise in sugar. This year, we had a very favorable sugar harvest. Before, at some point, it had a difference of 20% in comparison to last year, so that led to a positive impact, reducing and offsetting the demand for grains, corn, and soybeans. So in Mato Grosso do Sul, we had MS-163, and two ethanol plants were built in the south of the state, allowing this road, BR-163, to have more traffic from the corn produced in the north of the state to these two plants built in the south. So market dynamics are dynamic, right? I'm being redundant here, but we are seeing that in commercial terms, we have been seeing vehicles with one to three axles, vehicles with six to eight. So we've been very detailed in our analysis, and we have been seeing a surprising dynamic in the commercial area. So even in this quarter, where we had an accumulation of the volumes in Via Costeira and Via Sul because of the climate event in Rio Grande do Sul, we still saw an increase for the global demand, even with this negative effect. Now let's talk about rebalancing. The regulatory agenda is one of our focuses in the company. We've presented some of the results of our regulatory teams during the CCR Day. There's a number of rebalances that we are still pursuing, so first of all, Renovias, which is not under our control anymore, is a road that will come to term in October, so there might be a rebalancing discussion by then if there is an extension, so that might be something that happens on the short term. In VLTs, we're still discussing the fifth five-year plan. Discussions are still ongoing, and we hope to resolve the situation by the first quarter of 2025. In Metro Bahia, we have some very relevant claims, where we are not only looking at the demand, but other rebalances that might take place in Bahia. In Quito, we have a very promising situation. A situation in Ecuador has made this take longer than what we expected, but we expect to extend the concession contract there very soon. So this is a proactive agenda that we have in the company to ensure that we're capturing all the value from our concessions. Thank you, everyone. Thank you, Lucas. The next question will be asked by João Frizo from Goldman Sachs. Good morning, Miguel, Waldo, and Flávia. Thank you for taking my question. It's just a quick follow-up about this year's CapEx. If we look at the guidance that you published in the fourth quarter, 2023, you were estimating BRL 8 billion in investments this year. And if we look at the first six months of the year, we have executed about BRL 2.9 billion. So that would require an acceleration in the second half of the year. So will this actually happen in the second half, or is there a risk of it being below expectations? Thank you. Perfect. We are focusing on delivering this CapEx and being assertive, as we mentioned in CCR Day, and we're looking at the physical execution. This is what we are referring to in our contract obligations. We concluded it at 48% of what was foreseen in our physical-... Deliveries delivered. So we are going according to plan. There's a delay between the physical and financial disbursement. There's a situation in the south of Brazil that will probably be slipped to next year, given the rains and how it is impossible to do any construction work in the south of Brazil as of yet. So that is expected. In airports, we have an atypical situation, considering the contract that we have. Despite the physical execution being delivered by a certain date, we still will need to approve this construction with the conceding power. So this disbursement will only happen later on, so there will be a mismatch there when we see the curves, or physical execution and the financial disbursement, which is what you see when we mention the CapEx, the predicted CapEx for the year. This is all to say that we are in line with what is, what we had forecasted. We might see some disbursements in airports at the end of the year, and in southern Brazil, some of it might slip into next year. Thank you. The next question will be asked by Luiz Peçanha from Safra. A couple of questions on CapEx. You mentioned that you have until November to, account for this CapEx, so it really is a tight schedule. You have five minutes to execute, financially, 70% of your CapEx for the year. But in addition to that, I'd like to understand your total CapEx balance. We've seen that the Brazilian real exchange rate has gone down, so do you have an understanding of the impact of that to the company's CapEx? Great. So considering CapEx management, I just want to be precise. This date in November was for the phase one of airports, where we will deliver the investments made. And what I answered is that the difference between the physical execution and the disbursement will happen, because these are two different dates. The physical execution will advance until November, but its disbursement will probably come in by the end of the year or maybe even early January. But the relevant part is the physical delivery, which we have been doing according to plan. Considering CapEx, I'll let Flávia answer. Good morning, Luiz. So to tell you about our investment balance, which is published in our quarterly results. Our current balance is about BRL 29 billion, mostly in the toll road platform, as I mentioned, in some of the answers to the questions made here. The company has been working on being assertive. So when we talk about sensitivity to the devaluation of the Brazilian real, we're talking about a CapEx that has already been contracted, mostly. So when we look at our investment balance, toll road platform is about 90% contracted. In airports, where we're doing a lot of de-risking, BRL 2 billion has been contracted. So it's an execution with within the company's budget, and we're not seeing any excess cost due to this reduction in the FX exchange rate. Great. Thank you. That concludes the questions and answer session. We will now pass it over to Mr. Miguel Setas for his closing remarks, and we will conclude the call. Thank you for your time. This was a very comprehensive Q&A. We have been with you for over an hour. So for the next quarter, you can count on our commitment in executing our plan and our commitments. So we have been committed to the transformation and value generation plan. It has been ambitious, but we're excited with the future results. Thank you. This concludes CCR's conference call. If you have any questions, you can send them to the investor relations team through our email, our I-