Good afternoon, thank you for holding and welcome to the earnings call for the second quarter of 2025 for Motiva Infraestrutura de Mobilidade S.A. This presentation is being recorded and simultaneously translated. If you'd like to listen to the translation, you can click on the interpretation button. If you are listening in English, you also have the option of muting the original audio by clicking on mute original audio. Before we continue, we would like to clarify that any statements made during about the company's business perspectives, projections, operational goals are simply based on the company's assumptions and beliefs, which is therefore based on the information that is currently available for that. The remarks about the future are not a in review of performance. They involve risks, uncertainties, and depend on favorable conditions. It's essential for investors to understand that the general economic conditions, industry conditions, and other factors may affect the company's future results and may make them differ materially from those expressed in this formal statements. We will now go to Mr. Miguel Setas the CEO for his opening remarks. Go ahead, sir. Hello and welcome to our earnings call for the second quarter of 2024. My name is Miguel Setas, CEO. I am here with our CFO Waldo Perez and the Investor Relations Director, Flávia Godoy. As per usual, today we are going to make a brief presentation of our results and then we will remain available at the end for questions and answers. This is a quarter in which we consolidated our strategy. We were able to post very positive results this quarter. Our net profit went up 235% year- on- year, representing BRL 897 million at the end of the quarter and an adjusted EBITDA growing at 4%. We'll see more details later on. T he company's total, is down 24% year-on-year. We will show several comparisons later on to make it clear what were the effects of each part of this business. At the end of the day, it is showing that the company has been advancing against its efficiency program and has been delivering cost reductions which have been announced before in our strategy. Results of cost reduction have one component, as you can see there was a reduction of 10% at headcount versus December 2023, which was the biggest size of our organization headcount. Since then we have reduced 1,700 headcount in our structure, which is significant a bout 10 of our size. Its OpEx cash to o ur adjusted revenue ratio is already. I n the first half it was 38%. It was in the last 12 months it was 40%. The second half of 2024 still carries some weight in this ratio, but we believe it will be below 40%, closer to 38% until the end of 2025. We are advancing our goals by about 1%. CapEx for the quarter, which was also positive and increased 31% versus the first quarter of 2025 and about 9% versus second quarter 2025. Our CapEx execution has ramped up as was expected due to our investments contract optimization. It is now called Motiva Pantanal. This is our concession in much of the Centro-Oeste market, which now has the conditions that will correct, which is a disbalance from this concession from MSVia. It is now rebalanced for this new contract. I would also like to highlight that we are performing according to our estimate in our business. Time will tell how these numbers behave, but for now we have not seen any significant changes from our projections in our business plan. Another highlight is signing an amendment for the European signaling system that will allow a better performance in this asset. At the end of the day, this will be translated into a higher satisfaction rate for the clients. Finally, two notes. One on sustainability. The company has confirmed presence in B3's Corporate Sustainability Index for the fourth year in a row. Concluding the highlight on liability management. T his week we concluded an optimization operation, AutoBAn financing plan, issuing debentures for that asset that led to a significant reduction of our average, which will create more than BRL 320 million in value from the liability management operation. This was a quarter that was closely aligned to strategy implementation. We already see a significant effect not only of the conclusion of MSVia the beginning of Rota Sorocabana, but also unbalanced from MSVia, now called Motiva Pantanal, and also due to the fact that we concluded in the first quarter contract that barges in re. This was also going to lead to high economic unbalance operations. This has created a significant impact this quarter and therefore we're very happy, very excited with how our strategy is being implemented and communicated to the market. I'll hand it over to Mr. Waldo Perez, who will give us some more details on these highlights and we'll come back at the end for the Q&A. Thank you. Good afternoon. We will now discuss the quarter's highlights. The quarter's operational performance reinforces the resilience of this portfolio. In toll roads, t he highlight was growth in passenger vehicles of 5.4% driven by extended holidays and recovery in regions affected by weather events. Events also catalyzed stronger growth in commercial vehicles at ViaOeste and ViaSul, which contributed to a 2% growth in commercial vehicles. Although we're still in an initial period of operation with just over 20 days production, the first results for PRVs already demonstrate adherence to the performance observed is above the government's demand studies, which reinforces the consistency of our internal models and confirms the increase in departing traffic. As we expected, these early signs are positive and indicate that the concession is progressing well even at a very early stage. O n the Rails platform p erformance was slightly positive, reflecting the consolidation of demand on the Vila Carioca and higher occupancy in office regions served by Via Pátio and ViaMobilidade Lines 8 and 9. In airports, w e had another strong quarter. Demand grew by 10%, especially at BH Airport and the South Block, which benefited from incentives and route expansion respectively. Our portfolio is robust and resilient, and this combined with inflationary protection of our businesses enabled an EBITDA growth of 4%, 1.2 percentage points of margin expansion, with margin expansion on all platforms, so very solid result. Even with this portfolio expansion, the company has kept a tight rein on this quarter. Excluding non-recurring effects, we saw a 1% reduction in cash with an emphasis on lower headcount. The 8% reduction in headcount contributed positively to the variation in people count, helping to partially contain the impact of the layout. On the other hand, third parties, the main factors that put pressure on operating costs were first the increase in investments in conservation in the ViaOeste and ViaSul and also higher maintenance, cleaning, and systems services, especially in track internal main assets. Additionally, in the same line as other costs, the closure of the loss estimated MSVia and the receipt of claims at ViaSul were factors that contributed positively to this result. We ended the second quarter of 2025 with an efficiency ratio for the last 12 months of 40%. However, the results of cost reduction and portfolio optimization initiatives are now beginning to show. The efficiency ratio for the first half of 2025 was 38%, reflecting consistent progress towards our ambitions. Maintain this pace of coordination, we believe that the projected target for 2026 can be achieved still this year. In the second quarter, portfolio optimization boosted Motiva's profit net income, despite non-recurring tax rate and non-adjusted, EBITDA remains reflecting the resilience of the business model. Our strategy of focusing on more profitable assets and the active management of share contributed directly to this. Although the financial result was pressured by the high level of interest rates and a 24.8% increase in the company's gross debt, there was a significant positive impact of BRL 480 million resulting from the constitution of MSVia deferred tax assets, which helps to mitigate some of this pressure. In addition, the comparable effective tax rate excluding non-recurring effects reached 39%, which is a reduction of 6 percentage points compared to the same period last year, a significant advance in the company's tax efficiency. Also, we can already see the effects of Motiva's active portfolio management with a strategic, disciplined, and profitability-oriented approach. Even with the expansion of its portfolio, Motiva has maintained a solid, balanced financial profile. Consolidated net debt to BRL 32.3 billion highs with around 50% maturity at 2032, preserving its long-term profile and ensuring predictability and financial success. Leverage remains under control with the adjusted net debt to EBITDA ratioat monthly. Naturally, it's higher than in the previous period given that the new assets are still in the startup phase and do not reflect their full cash generation potential. Another positive point is the diversification of debt and its indexes combined with an efficient hedging strategy, which protects the company against market fluctuations and strengthens its ability to grow responsibly and sustainably. As was already mentioned by Miguel Setas, subsequent to the second quarter of 2025 and in line with ongoing efforts to reduce the cost of debt, we carried out a liability management operation at AutoBAn, replacing the CDI + 2.14% rate with a new CDI - 0.17%, a reduction of 231 basis points. This initiative represents a significant advance in financial efficiency and will result in a gain of NPV of around BRL 320 million, reinforcing our commitment to discipline and liability management and to generating sustainable value. The accelerated pace in investments was one of the highlights of the quarter, with a growth of 31% compared to the first quarter of 2025. This reflects Motiva's commitment to improving infrastructure and the customer experience. Works on highways, railroads, and airports are progressing consistently in the maintenance, especially duplications underway in the ViaOeste, RioSP, and ViaSul concessions. R efurbishment of five toll plazas already operational at the RTS, improvements to more than eight stations, as well as investments in energy systems, especially on Lines 8 and 9 and ViaQuatro. E xpansion of the Iris terminal in line with the investment schedule set out in the comments. Emblematic projects such as the duplication of Serra das Araras and the modernization of Lines 8 and 9 illustrate how resources are being used with a focus on positive impact and efficiency. I'd like to also bring up an important point about ViaOeste. As of the second quarter, in particular, proof of work began to be due to the future economic benefits of the highway network previously managed by ViaOeste and currently managed by Rota Sorocabana. Summarizing the financial highlights of the second quarter, we had another quarter of growth, margin expansion across all modes, significant increase in profitability, rigorous CapEx execution. That concludes my presentation and we can now begin the question and answers session. Thank you. We will now continue with the questions and answers session. If you would like to ask a question, you will then get a request to turn on your microphone and then you can ask your question. Lucas Marquiori from BTG, please go ahead. Thank you. Thank you, everyone. A couple of questions from me. I'd like to ask about capital structure, CapEx. I think it was accelerated this year and that's part of your plan. Give us an understanding of how level of leveraging, what that should be like for the rest of the year? What capital acceleration programs do you have and what CapEx double should we expect the rest of the year? Secondly, I'd like to ask about, they were slightly higher. I'd like to understand if there was any cause for this project. I imagine that they are recurrent if you can. Lucas, thank you. Thank you, Lucas. Capital structure and then Flávia will go into details about our, but if you consider that there was a gain from to pay for these authorizations to perform the required, that meant that we had additional leverage and the cash flow still in the initial, by the end of the year leverage will naturally decrease. So considering the terms that I present, only have BRL 1 billion for next year. Next year, we are feeling very happy about this leverage and the fact that this will improve over time as these projects advance. Yes. As you know, we have this concern about net debt and the holding, that line up due to these captures. This is a part of our strategy to continue looking at opportunities for capital recycling. This is still ongoing. However, as a conclusion, it's likely that this would happen next year, not this year. Lucas, good afternoon. Thank you for that question. When we look at the second quarter, we're talking about a quarter that usually has a seasonal pattern. The seasonal pattern is due to contract cancellations which took place in the second quarter, and this impacted not only the whole holding units. Looking at the holding, this means BRL 12 million. Another relevant point, when we look at our release which discusses the holding others. We are consolidating data so that we go through this cycle that is changing, especially about 85%. This doesn't belong to the holding. We're looking at a different structure. Details are available on our website in the investor relations page. There's a breakdown there. We're talking about some work specific, some could be called non-recurrent just as we had PGLP, something that always happens when we look at net revenue ratio 2024, let's say has taken us to this 38%. That's a good milestone, and I think it shows that we're going to conclude this by 2025, at the end of 2025, in advance from our planned dates. Thank you, Lucas. Matheus Sant'Anna from XP, go ahead. Hi, Miguel. My question is about contract renegotiation. There have been projects profile for the market change how these tenders are organized. What do you think about these projects? Thank you. Thank you Matheus, what I would say is we have an obligation, all opportunities on the market right now. I would say our strategy is the same that we're being selective, so we're looking ahead and seeing the opportunities that we can capture from recent facts. One of them required a contract renegotiation, and we have a very selective strategy with profitability requirements, positioning with a requirement for a very high requirement for risk and return. These two renegotiations you mentioned are being studied. There have been no decisions made by the company if we are participating in this or not, but we are analyzing this part of the market about competitiveness and competition in the market, e continue to look at how other operators are participating in the market. As you know, we have strategic players. We have financial sponsors, which are active construction companies. We have players. We understand that this is a limitation which will get a lot of these players competitive. We believe that it's a moderate competitive environment right now, and of course this is good for Motiva since we have capital and we have several competitive advantages. Thank you. Alberto Valerio from UBS. Go ahead. I have a question. Margin was better than we are looking items this quarter. Cn we sustain this rhythm in the next quarters. What should we expect for the next year? Thank you. A quick comment about your second question and then I'll pass it over. About CapEx, we concluded with a significant advancement at first. Typically, the second half of the year has a more relevant CapEx volume. This is more than twice as much as we had in the first quarter. We are convinced that close to this we'll hear more about this, our estimate for CapEx next year. Of course, we're going to have specific moments to talk about our capital budget for 2026, but the responsibility we took with the new project, the magnitude of the projects that we have, similar to what we had in 2025, so very similar ballpark to our investments in 2025. We expect to see higher execution rates so that we can be closer to our capital budget. Any questions about Rota Sorocabana? R ight, Alberto about Rota Sorocabana we're still at the beginning, right? There hasn't been much time. Our demand has been lower than we expected, and that in itself margins, but when we created our studies and when we set the entire structure for the necessary cost to operate this concession, really focused on efficiency. Since it's a new concession, that makes it easier to focus on efficiency from the beginning. S o our guidance was 63% margin. Initially, it was 74%. I cannot say that it will remain at that level, but we're comfortable in the fact that we will have attractive margin levels considering how focused we are. That was very clear. Thank you. Is that close to {} billion? Yes, without VOPs. If you consider VOPs, BRL 80 billion. Thank you. André Ferreira from Bradesco g o ahead. Good afternoon, everyone. Thank you and congratulations for these results. Two questions. When we look, the comparable traffic for the road excludes at year on year but with a deceleration. If you can tell us about your expectation for the rest of the year and what will drive this traffic, which should drive this traffic? Second question is, previously you talked about opportunities related to contract renegotiations. If you can talk about those pipeline for new projects, that would be great. Thank you. Thank you André Ferreira. I'll pass the first question over to Flávia to answer the first question. When we look at the preliminary figures, we have a very positive. We still had a significant volume. Our priorities, there are also, you know, renegotiations, extensions, part of our focus. We're also looking at synergy to our strategy, how we participate. This is a negative issue. I think it's clear that we're being selective and controlling follow risk with the right level of profitability. We're being surgical, we're being select, good selection criteria. We've been very disciplined. Our victories confirm. We're not going to let go of our high standards of risks and returns in our projects. That was very clear. Thank you. Thank you. André Ferreira. Filipe Nielsen from Citibank, g o ahead. Guilherme Mendes From JP Morgan. Please, go ahead. Hello everyone. I'm wondering momentum and EVG players, what level management. Second question is about liability. First, congratulations and I'd just like to ask if there are operations. Thank you. Thank you for your question. In May we published a material which basically said that we are in the negotiations. We're still on that stage. There have been no changes, no conclusion to this process. This is what Waldo alluded to. I'm not going to make any statements but we're going to keep the market informed. I'd just like to highlight a couple. First to our financing, biggest airport in the world. We will continue and when we have any relevant information we will communicate that to the market. Liability management. With regard to liability management, I also remember in that last quarter we got the same question and the answer remains. We're constantly focused on optimizing capital structure, the treasury and finance. We're always seeing when we can pay them in a balance, what is the cost. When we have favorable market conditions, which has been the case, that's when we have space for more liability management. We do expect to have some further operations until the end of the year. It will be a potential value generation of BRL 600 million in the last 12 to 18 months. That was very clear. Thank you. Miguel and Waldo. Ricardo Bello Genial Investimentos g o ahead. Hi everyone. C an you hear me? Perfect. Congratulations on this result. I'd like to ask those traffic, especially with the regard to agro business. Y ou mentioned just like to know if you believe this demand will change in the special especially for Santa Apollo Industries. I also like to ask about airports fuel and higher occupation in the central South Block with more what other synergy how that can add to our results in this industry for the next quarters. Thank you. Thank you, Ricardo. Soon we've been making a detailed assessment of the so-called tariff operations. We believe that this will be limited as a systemic national economy which can end up affecting the entire country, the Brazilian economy. The direct effects will be more limited. I asked Waldo to talk about this. Yes, that's exactly it. According to our analysis, which have been taking place from the beginning of this issue, we're not only focusing on demand, but also looking at our suppliers in general. The possible impact that we estimate may appear, but they are still small. We don't have anything significant on the radar that impact our business. That being said, we will continue to monitor and look at to make sure that this will not occur. If it does it can be, We have synergies between our portfolio and Brazil and our international market. We are initiating some flights to Curacao, Costa Rica from Brazil. We're looking at negotiations firing gradually bring in, you know, a better mix, improving the mix for store owners, bringing products that can have a higher ticket. Commercial revenue is a significant and growing area. We are always looking at how we can better fuel number of flights per hour across our airlines. That's a constant challenge between airports and airlines. We're always trying to avoid peak hours and spread this across the day in order to have better efficiency. That's another efficiency that we're seeking. We're always trying to develop this with our airlines to develop new lines and optimize routes, which is always good for us. For us, the medium term there's some potential having more real estate investments. Goiânia, for example, we are a logistics terminal partner has been and once it starts to operate, this will provide additional. That's one example. There are several other opportunities. This takes time because between developing the project, getting approvals and starting operations usually takes several months. Thank you. Thank you. Ricardo. Filipe Nielsen from Citibank sent us related to initiatives, other initiatives in the follow up on new products considering leverage level, how much space do you have, etc. What size, what amount. Tthank you, Felipe. Revenue looking at our initiatives according to executing, helped by the company's operational with the top level growth. This will also help us. Right now we're making an addition to review our strategic September 2023, September 2025, and maybe what is new about this projection, this addition that we're going to connection between this efficiency variable and our plan for the year of implementing technology. We are creating technology and innovation plan and this is being linked to our cost reduction ambitions. Our expectation is that September, when we go to the market, we will have an update to the ratio that we communicated, which was 38% in 2020. If we reach this in 2025, our ambition will naturally. Waldo if you have any comments about this. We are in the implementation stage. Last year was the diagnosis stage. We were developing all of the different initiatives and this year we are starting to capture these initiatives. Part of it has been captured in the first quarter, but there's still some space to new capture more. Our efficiency team is developing a new plan for next years, which will continuously look at process improvements in innovative ways. Also, as Miguel mentioned, we'll use more technology in order to provide a higher level of efficiency than what we currently have. Pipeline the company 6 because of the ramp concession, it will go down, it will be within boundaries policy and so we're close to the limit. Naturally, our projects quest allocation has enough time when you take a commitment in investing in a road and so on years in advance. This is how we look some good CapEx adjustments and that's why we have a curve with some stability for the next few years and then we will start seeing some space for the day after right on this curve with longer. Ideally, the company will try execute it constant pace, good relationships with the companies. The more this current is continuous, the less it fluctuates, the better the relationship we have with our strategic call partner. This will allow us to, you know, do both things at the same time. Anything else? I don't know if that answers your question. He won't be able to say because he sent it in. If there are any outstanding questions, we are available after this meeting to answer you questions. This concludes the question sections answers. We will now hand it over to Miguel Setas for his closing remarks. We have been in this call for nearly an hour. Once again, for your attention this quarter, our portfolio assets that we've included with the right level of profitability. We expect that for the next quarter, especially, will give us better results. Thank you. I hope you are well. This concludes the company's conference call. If there are any questions, send them to the investor and have a good afternoon.