Good morning and welcome to Movida's 2Q 2025 Earnings Conference Call. Today with us, we have Gustavo Moscatelli, CEO, and Daniela Sabbag, CFO and Investor Relations Officer. This event is being streamed on Zoom and also available on the company's website, ri.movida.com.br. Please note that all participants will be in listen-only mode during the company's presentation. After that, participants may submit questions through the platform, which will be addressed by management during this call or later by Movida's Investor Relations team following the conclusion of the session. We would like to remind everyone that today's presentation will be conducted in Portuguese, with simultaneous translation into English. For those who wish to listen to the presentation in English, you can simply click on the interpretation button at the bottom right corner of the platform. As of now, participants are welcome to start submitting questions through the Zoom platform. To do so, just click on the Q&A button located at the bottom bar of your screen and type in your question. Before we begin, we would like to clarify that any forward-looking statements made during this call regarding the company's business outlook, operational and financial projections, and targets are based on Movida's management beliefs and assumptions, as well as on information currently available to the company. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties, and assumptions as they relate to future events and therefore depend on circumstances that may or may not occur. General economic conditions, industry trends, and other operating factors may affect the future performance of the company and lead to results that will differ materially from those in the forward-looking statements. The results to be discussed in this call are presented in the earnings release and the financial highlights spreadsheet available on the company's IR website. Now, I'll turn the floor to Mr. Gustavo Moscatelli. You may go ahead. Good morning, everyone, and welcome to Movida's 2Q 2025 Earnings Conference Call. I'd like to start by thanking our people, more than 6,000 employees, for their dedication and commitment to delivering the high-quality results we saw in the second quarter. Let's begin on slide three. I'd like to highlight the key pillar behind the transformation in Movida's results and its positioning as a benchmark in the Brazilian rental car market. We have significantly raised our customer service standards, and this has been recognized directly by our clients. We won the NPS award from Opinion Box, the largest customer satisfaction survey in Brazil, reinforcing our reputation in the market. We also received the RA1000 Seal from the Reclame Aqui platform. We've been consistently investing in customer experience through a combination of digital innovations and physical store improvements. We launched a self-service kiosk, an innovation in this industry, and a new queue management system, which has helped reduce wait times by 30%. A core focus has also been on training and developing our people. We have created programs to ensure that every interaction is a unique, customized experience for our customers. As a result, we gained 322,000 new customers in the first half of the year, including 25% growth in June 2025 compared to the same month last year. Finally, we reinforce our new brand positioning through a marketing campaign centered on delivering the best customer experience and highlighting what makes us different. These initiatives demonstrate our ongoing commitment to innovation, quality, and customer satisfaction. On slide four, we summarize the structural improvements we continue to deliver consistently, always in line with our goal of creating value for our shareholders. The first highlight is the continued price adjustment in the rental car. Our average daily rate grew by 15% year-on-year in 2025, reaching BRL 154. Second, we have maintained strong pricing in GTF, with new contracts yielding 3.5% per month compared to 3.2% in the same period of 2024. Third, we continued our capital allocation strategy focused on long-term contracts. In 2025, 60% of our gross fixed assets remained allocated to GTF, which supports predictability and cash flow resilience. Fourth, we remain focused on optimizing costs and expense management. This helped us sustain record high margins, EBITDA margin of 68.7% in rental car and 76.1% in GTF. These results highlight efficiency gains across the company. Finally, we maintained a strong performance in used cars. In the quarter, we sold 25,917 vehicles and kept our margins stable at 1.1% EBITDA margin. Now, moving on to our consolidated results on slide five, we reported once again new sequential records in net revenue from rental activities, EBITDA, and EBIT. Operational improvements across all business lines have led to a transformation in profitability indicators throughout the year. In 2025, net revenue reached BRL 3.7 billion, EBITDA hit a record of BRL 1.4 billion, and EBIT also reached a record of BRL 785 million. Net income was BRL 68 million, a 59% increase compared to 2024. As a result, we delivered the highest return on invested capital in two years, 12.7%, an increase of 1 percentage point compared to 2024 and 4.7 points above 2023. It's important to highlight what drove this performance. When we analyzed the rental segment, which is our core business, we had fleet growth of only 4%, and net revenue from rental activities rose 18%, the highest growth ever recorded by the company. In the same period, rental EBITDA and EBIT grew 21% and 22% respectively, also setting new records. The level of operational efficiency continues to support consistent value creation for shareholders, enabling us to continue developing our business. Now, turning to slide six, we present the evolution of our rental EBITDA margin since 2016. We show that we reached sustainable results since the IPO. In the second quarter of 2025, rental car EBITDA margin reached a record 68.7%. In GTF, it continued to deliver strong margins at 76.1%, showing consistent profitability. These levels of record margins reiterate the effectiveness of the actions we implemented to gain efficiency and reflect actions to reduce costs and expenses since last year. They position us for a new stage of value creation. Now, on slide seven, we show the depreciation trend of our assets. In rental car, depreciation per operational car was BRL 6,700 per year in 2025. This amount is in line with the past five quarters, with a stable, healthy depreciation rate. This reflects an optimized fleet mix and new car depreciations maintaining between 8% and 9% per year. In GTF, depreciation per car was BRL 10,700 in the quarter, with average rates between 9% and 10% annually. This reflects gradual increases in average car value as our contracts typically span three years. On slide eight, we are going to break down the key strategies for the quarter in rental car. As you can see in the top left chart, average daily rates have been increasing sequentially, driving profitability. The average rate in 2025 was BRL 154, 15% higher year-on-year. On the half-year comparison, the increase was even higher, 18%, reaching consolidated rates of BRL 156. In the chart below, we show yield evolution along the quarters, showing that our pricing and sales mix strategy pushed yield to a record 4.3% in the second quarter this year, which is our highest level in what is typically the year's low season. The continuous improvement in service quality is also driving growth in occasional rentals in the company mix. This strategy has been a winning strategy since the occasional rental shows more elasticity in price and demands. Therefore, occasional rentals now account for 43% of the total data rentals, up 8 percentage points compared to 2024. Now, going to slide nine, we bring financial consolidated results from Movida. Net revenue was BRL 3.7 billion, up 71% year-on-year. Rental revenue grew 17.7%. Again, we would like to highlight that our fleets grew only 4%, which reflects productivity gains in our operation. EBITDA reached BRL 1.4 billion in the quarter, up 20% year-on-year, and 23% comparing the first half of 2024 to the first half of 2025. Rental EBITDA grew nearly 21%, even higher compared to the same quarter last year, and 25% on a half-year basis. As mentioned, EBITDA margins remain at record levels, which demonstrates the accuracy of all our recent initiatives in all rental lines. EBITDA in the quarter was BRL 785 million, up 25.2% compared to 2024. I'd like to highlight once again our net income in the quarter, BRL 68 million, up 59.1% year-on-year. In the first half, BRL 146 million, up 60% compared to the first half of 2024. On slide ten, we show how all our efforts are reflected in the return over invested capital. Our ROIC reached 12.7% in 2025, up 4.7 percentage points compared to 2023. This shows the continuity of expanding value to shareholders, exceeding the cost of debt by 3.1 percentage points, delivering the best return in the last two years. This performance, combined with ongoing initiatives, price adjustment, yield improvements, used cars productivity, and capital discipline and liability management, has driven sustainable expansion in our ROIC spread. Moving on to slide 11, we bring the preliminary used car results for July. We kept volume and margin stability over the past 18 months, showing consistency and predictability in the used car segment. In July, used cars revenue was BRL 572 million, with EBITDA margin at 1%, reflecting scale maturity and operational efficiency across the entire asset cycle. This performance is the result of a differentiated market positioning. Less than 27% of our fixed assets are tied to the recent IPI tax cut. Also, the average age of the cars we sell is around 21 months, which keeps the price gap vis-à-vis a new model at 15%-20%, sustaining product attractiveness. Another important point is the stability in the sales volume, which supports the company's level of efficiency, eliminating pressure to grow sales or expanding a store account. Finally, we show the flip table trend in our car inventory. Even after the IPI cut, our vehicles appreciated 0.04% in the last month, with a year-to-date average monthly depreciation of 0.3% compared to 0.8% in 2024, proving the effectiveness of our purchasing mix and asset cycle management. Now, I'm going to hand it over to Daniela. Daniela, you may go ahead. Thanks, Moscatelli. Good morning, everyone. Carry on with the presentation. We are going to show the business highlights. On slide 13, we show rental car results. In the first chart, we have the highest revenue per car of the company, with a record BRL 3,428 a month in 2025, up 11% year-on-year, and BRL 3,382 year-to-date, up 9% compared to the same period last year. It's also worth highlighting it was the best seasonal performance ever between the first and second quarters, with 2.7% growth. Remember that the first quarter is high season and Q2 is low season. This, combined with optimized capital allocation in the operation, drove yield to a record 4.3% in 2025, compared to 4% in 2024. On slide 14, we move on with the rental car indicators. Net revenue was BRL 843 million in the quarter, up 12.6% year-on-year. The average operational fleet increased just 1% in the same comparison, reaching 91,000 cars in the second quarter of 2025. EBITDA totaled BRL 580 million, up nearly 20% compared to the second quarter of 2024, and EBITDA margin reached a new record of profitability, 68.7%, the best margin ever reported by the company, with an expansion of four percentage points. As a consequence, EBITDA per car also expanded, reaching BRL 2,122 per month this quarter, up 18.5% year-on-year and 13.9% year-to-date, getting to the number of BRL 2,043 per car. On slide six, we show GTF operational metrics. We close the second quarter of 2025 with a total fleet of approximately 142,000 cars, up 3.4% compared to the second quarter of 2024. Our revenue backlog reached BRL 7 billion in the second quarter of 2025, growing 10% versus 2024. On the next chart, we show the representativeness of GTF in our gross fixed assets. As we mentioned, it remains a strategic priority for the year. The share is kept at a high level, 60% of our gross fixed assets in 2025. On slide 17, we show GTF financial results. Net revenue was BRL 996 million in the quarter, up 22% year-on-year, while operating fleet grew at a much lower level, 6.6%. Therefore, we had a new sequential increase in monthly revenue per car, BRL 2,094 a month, up 14.2% year-on-year. On the half-year comparison, the evolution was 16.8% compared to the second half of 2024. EBITDA grew 22.2% compared to the same period last year, reaching BRL 757 million, and margin hit 76.1%. As a consequence, EBITDA per car averaged BRL 1,999 per month, up 14.7% year-on-year, and also 18.8% year-to-date. Next, on slide 19, we bring our indicators and metrics for used cars. We continue at a healthy performance with sales of 25,900 vehicles in the quarter, an evolution of the first quarter of 2025, and nearly 51,000 cars in the first half of 2025. Since the first half of 2024, we have had a sales volume of approximately 51,000 vehicles per half year, which is a very stable amount and shows the stable volumes of the company over the last two years. Net revenue was BRL 1.8 billion in the quarter and BRL 3.5 billion year-to-date, growth of 3.6% compared to the same period last year. EBITDA margin held steady along the last five quarters, 1.1% in 2025. It's important to highlight in this slide that the continuity of the level of sales in the last 18 months ensures the fleet age that is predictable and also with predictable operations. On slide 20, we highlight inventory mix evolution, which is a difference for the positive performance of used cars. Our current profile favors sales liquidity with a growing share of more basic models for sale. Hatchbacks in our inventory was also kept this month at a growth with now 72% of our inventory. This will continue to contribute to a better asset turnover in the coming months. In addition to that, Movida also has a unique market positioning due to our brand and model diversification, strategic store locations, balanced retail and wholesale channels, and marketing investments focused on retail sales. On slide 22, I'm going to talk about our debt profile. On this slide, we show our debt maturity schedule and also the maturities every quarter from 2025 and 2026. I'd like to highlight that our maturity schedule is highly balanced with no relevant concentration over the next two years. Our cash position in 2025 was over BRL 3.4 billion, enough to cover more than 70% of gross debt maturing through year-end 2026. Gross debt in 2025 was BRL 19.2 billion, net debt BRL 15.8 billion, with a cost of CDI average cost of CDI + 2% and average maturity of 3.4 years. I'd like to highlight that we have large access to credit line. We raised BRL 3.2 billion year-to-date, and again, in addition to the car mix, we have a differentiated positioning because of the diversification of brands and models with higher liquidity, stores at strategic points, sales channels balanced between wholesale and retail, and market investments that foster retail. On slide 23, we show leverage and interest cover metrics as well as the schedule for the payment of suppliers. On the left, we have leverage net debt over EBITDA reaching the lowest level in two years, 2.9x in the second quarter of 2025, going down from the second quarter of 2024, down 0.3x versus 2024. If we analyze the results of the second quarter of 2025, leverage would be 2.7x. In addition, our interest coverage indicator, that is, last 12 months EBITDA over net financial expense, is stable over the last three quarters, 2.5x. On the right side, we show our supplier payment schedule. It's important to highlight here that the supplier balance went from BRL 5.1 billion in 2024 to BRL 4.2 billion in the second quarter of 2025, a reduction of BRL 873 million in the period. In addition, we still have BRL 3.5 billion of remaining payments for 2025, and it's important to highlight that this is equivalent to used cars revenue in the first half of 2025. Now, I will turn it back to Moscatelli for his closing remarks. Moscatelli? Thanks, Daniela. To wrap up, let's go to slide 24, where we highlight the company's strategic pillar for the second half of 2025. First, I would like to highlight that we were recognized as the company with the highest NPS in the segment by Opinion Box, Brazil's largest NPS survey. This award reinforces our commitment to service excellence to our customers. Second, operational efficiency. We continue to deliver the best margins in the industry, 68.7% in rental car and 76.1% in GTF. We continue to repricing our daily rentals with growth of 15% year-on-year and expanded the share of occasional rentals to 43%. We have also maintained stable used car sales, both in volume and margin, ending the half-year at 1.1%. Our return on invested capital reached 12.7%, confirming our ability to create value to shareholders. This is a result of our continuous focus on extracting value at all stages in our asset cycle. As for capital allocation, we continue to keep 60% of our gross fixed assets in GTF, which supports predictable performance. We have the best rental car yield ever, 4.3% and 3.5% in GTF. I'd like to highlight that the focus on increasing service level has driven both customer loyalty and expansion. In the last six months, we gained 322,000 new rental car customers, a clear evidence of the strength of our value proposition. These pillars, customer efficient returns and capital allocation, demonstrate how Movida combines operational excellence with customer focus to generate sustainable profitability and long-term value. As a final message, I'd like to emphasize our enthusiasm for what we have delivered. These results give us confidence to continue executing our strategic plan with discipline and to keep pushing for operational excellence while maximizing asset value. This will ensure proper value creation for our shareholders and long-term satisfaction for our customers, supporting the sustainable growth of our business. I'm confident that we are on the right path and there is still a lot ahead. Once again, I thank our people for their dedication and for everything we're building together. We thank our customers, clients, shareholders, and partners. Thank you very much for your trust. Now, we are going to open the floor for questions. Again, thank you. Thank you. Movida's conference call is now open for the Q&A session, at first for analysts and investors only. If analysts and investors have a question, just click on the raise hand button at the bottom of your screen now or at any time after this announcement. If your question is answered before it comes to your time, just raise your hand to leave the queue. When you ask your questions, please make sure to speak close to your microphone so that everyone can hear you clearly. Participants may also submit written questions through the platform. Simply click on the Q&A button on the bottom bar of your screen and type your question. Our first question comes from Lucas Marquiori from BTG Pactual. Lucas, you may go ahead. Thank you. Hello, everyone. Good morning. I have some questions about the IPI tax cut program. Thanks for the information. First, you said the average car has a cap of 15%-20% compared to new cars. Aren't you seeing a cascade effect? New car prices go down, and therefore used cars' prices also go down so that you have to adjust the price of these categories for the future. I was curious about the average inventory even going up slightly. I'd like to understand the dynamics and how these effects of IPI are cascading to your inventory. Finally, a quicker question. If in the program itself you envision accelerating your purchases because you can also buy cars at a discount, does it change your CapEx strategy? That's it. Hi, Lucas. This is Moscatelli speaking. Good morning. Thanks for your questions. I'm going to start with the IPI tax cut, as you mentioned. In our inventory, as you saw in the presentation, we had an appreciation of 0.04% in July. That is an issue that is very much connected to the strategy we adopted in the last two years, changing the fleet mix. You remember that we had an average ticket of $95,000 and we reduced to $79,000. IPI, because of the cycle of our asset today, especially in the rental car, we are making cars available at 21 months old. We didn't have this cascade event as you asked. The 3.27% of any percentage connected to that, that was a reduction for some cars, still is quite far from the cars that we are making available for sale. We said between 15% and 20%. That has to do with customer affordability. Customers that buy a car of $52,000, $59,000, which is our retail price, will pay $71,000, $72,000 for a new car. This is a matter of affordability, and given the interest rate, they stick to used cars and do not migrate to new cars. So far, no cascade effect, and that's why we saw July also very stable in terms of performance, both in volumes, revenue almost the same, and EBITDA margin about 1%, which is our target. As for CapEx that you mentioned, undoubtedly that brings an opportunity for us to improve future cash flow, given that the unit CapEx of these specific models is going to be lower. We cannot do that deliberately because the consequence of that is to have more pressure for the sale of used cars. You have to force the sale to go to a new car. Given that the market is not easy, we are being very cautious in analyzing this. The program will lead up to December 26. By then, we are probably going to replace the whole fleet, but we don't have to rush and really move before things should. We have a very detailed plan, and I think that strict execution makes a difference. We are always looking into that in case an opportunity comes up. If you have any more questions, just ask. Otherwise, thank you. No, very clear. Thank you very much. Our next question comes from Andre Ferreira from Bradesco BBI. Mr. Ferreira, you may go on. Okay. Thanks for taking my questions. Congratulations on your results. Two questions. First, on costs. I'd like to understand some points. First, what most contributed for the drop of 9% approximately in costs without depreciation of rental car Brazil? In GTF, what caused the highest increase of 38% in SG&A in GTF? Third, in IPI. As a follow-up, soon after the announcement, OEMs announced discounts that are even higher than the IPI cut. We got feedback from the industry that they are also including bonuses that were applied. In your view, what do you think the price of cars is going to be like? What impact of prices would you consider to keep your fleet? Thank you. Hi, Andrea. This is Moscatelli speaking. Thanks for your questions. I'm going to start with the costs of the two segments that you mentioned. In the rental car, you did observe a difference of 8%-9% compared to the same quarter last year. What I've been saying in recent calls is that we implemented and are enhancing a system that is proprietary to control our costs. That has been very effective. We have been reducing the maintenance unit price of the cars quarter on quarter. That's basically a reflex of the stool of this new management model that we adopted for the maintenance of rental car, and that is now being implemented at GTF. We expect for the future also to reap the fruit in GTF as we are in rental car. As you saw the rental car margin going up, you're going to see that. SG&A for the GTF, almost 30%. This is because the second quarter of last year, we had a reversal of a bad credit of a large client. They paid us, so we had a reversal of a provision for bad debt, and we didn't have it this year. It was a one-off situation. It seems that SG&A grew by 30%, but this is just because of the provision for bad debt. Final question about IPI. Andre, I think that the IPI tax and the cut we had recently for us, I see it slightly different from what you said. With the information that we have available today, I don't see any reason for impairments, and I'm going to say why. First, because today we don't have in the company any pressure to increase the volume of sales. If you go back to the last eight quarters, we are selling about 8,500 cars per month. This is the level that is needed for us to keep the rental car fleet age at what it is today, which I think is very healthy. This is the first point. The second point is that our fleet mix, as I mentioned when Lucas asked his question, is very different from what we have in the rest of the market. If you compare to other rental car companies, our mix is unique with an average car price that is lower. As I mentioned, it is quite relevant because of customer affordability. Customers cannot even, you know, with new car prices. I did see that OEM went down even further than the 3.27% IPI tax effect. You know, the difference between new and used car prices is still huge. Finally, I do see still an opportunity to gain efficiency in the rental car segment, given the stability of volumes that we have and that we are going to continue to see in the coming quarters. We do not want to go up in terms of sales volumes. The operation is stable. We are just cruising the market. Now we are focusing on extracting the most level at all stages of the cycle, including used cars. You're going to see even further gains in SG&A, opening of some stores to have even better retail sales. That's not a need; it's an opportunity for continuous improvement. I don't know if it's clear, but if you have any follow-up question, I'm here for you. No, very clear. Thank you very much. Our next question comes from Daniel Gasparete from Itaú BBA. Ms. Gasparete, you may go on. Thank you. Good morning. I have two questions on my side. The first to try to understand a bit, Moscatelli, your views on the rental car segment. How will you think of your strategy in terms of daily rates if you're going to have further increases now that you are more stable? To understand a mix and daily rates for the rental car segment. Second, just as a follow-up of what you mentioned, what you're saying implicitly is that the spread is going to be even better. New car prices are going down, but used car prices are going to stay. What you're meaning is that used cars are going to have an even higher spread. Is that it? Should we expect this? Should that be incorporated in the assumptions of depreciation from now on? Thank you very much. Good morning, Gasparete. This is Moscatelli. Thanks for your questions. Rental car daily rates. I'm quite optimistic for the second half of 2025, given specifically the results for July. My optimism is connected to our main strategy in the past two years, which is really to set apart in terms of services to customers. We did talk a lot about this in this material. We even brought something different. We worked very hard in the last two years, and we are reaping the fruit. We really want to set apart our value proposition to our customers, and we have been recognized. As we do, customers have been very flexible to our prices. We have not dropped the volume of daily rentals, even increasing the occasional product, and we were able to increase prices by 15%. Given the level of interest rates and the volatility, you know we have to pay attention to prices. Even value propositions to customers have been extremely valued, and they have been open to increase. In July, just to give you a preview in terms of used cars, it was the best July in the company ever. Generally, January is the best month of the year, but for the first time, July was better than January, both in price and volume. I'm very happy with what the company delivered in July, and that brings some excitement about the second half of the year, which is seasonally better. I do not see a problem. No red flags about daily rates. Quite the opposite. I think it's our obligation, our duty, to first continue delivering differentiated services and therefore higher daily rates that are necessary for the company. The second point, the spread between purchase and sale. You're right. I think this is a benefit that we should capture in the company's cash flow for the future. We don't consider that in the depreciation rates now. We think it's early. As it materializes and we gain volume in the company's P&L, it can be an upside. As usual, I prefer to be conservative in terms of depreciation and little by little absorb more margins at the cycle of the asset than having a too early depreciation rate and then having to make up for it. Your rationale is correct. If you have any more questions, just let me know. No, very clear. Thank you very much and have a good day. Our next question comes from Guilherme Mendes from JP Morgan. JP Morgan, I'm sorry. Mr. Mendes? Hello. Good morning, Moscatelli, Daniela. Two questions on my side. Return on invested capital. You talked about some levers in terms of prices and costs, and we do see an important improvement in the right spread. How do you see it in terms of the future that is 12 months ahead? Is it sustainable? And second, just to clarify, in terms of growth, CapEx fleet, Moscatelli, you did mention that you have to watch the IPI tax program cautiously. Do you think that your fleet would be more or less flat year-on-year, or do you see room to increase in your fleet size? Hi, Guilherme. This is Moscatelli. Thanks for your questions. Thanks for joining us. Right spread, you have seen continuous improvement quarter after quarter. What I believe in is that with the maturity of the company today, it would be sustainable to have something between 4.5% and 6%. I think we are on the right path. We are at 3.1% right spread today. The improvements that I mentioned, July, I already gave you a preview. For the second half of the year, I think this expansion will come. We will continue to see that quarter after quarter. We are going to continue following this trend. I think that we are going to reach this 4.5%- 6% in the next 12 months. As for the fleet, I did mention in the beginning of the year and even the end of last year that our strategy is to keep our fleet size flat, with focus on levers in our balance sheet, given the interest rates level in the country. We are doing so. The strategy has not changed. The interest rate is still high. In my view, in the company's view, an important lever to create value is the company's deleveraging by generating cash and having operational improvements for better results with the same asset base. That's the idea: to keep the fleet flat, have higher value extraction, and we are going to continue in the second half of the year as in the first half. Very clear. Thank you very much and have a good day. Our next question comes from Filipe Nielsen from Citi. Mr. Nielsen. Hi, everyone. Good morning. Thanks for taking my question. Congratulations on your results. I think my colleagues asked most of the questions I had, so just two more only. One is a follow-up about daily rates, volumes, elasticity, but more towards the competition. How do you see the competition reacting to you increasing prices and being able to hold your volumes and increasing daily rates? Has the strategy been reaching markets that the competition is not reaching today or is retracting from, or is your focus for the whole of the marketing following the same trend? Just for me to understand the competition dynamics. And then just one point about the capital structure. You have BRL 1.6 billion approximately of debt maturing still in 2025. I understand that EBITDA has been strong, but you also have a huge supplier line. Are you talking to the debt market? How are negotiations, average costs? If you could give us some color about this, I would appreciate it. Thank you. Hi, Filipe. Moscatelli speaking. Thanks for your questions. I'm going to start with prices. Undoubtedly, we have been leading the market with regards to adjusting prices. This leading role, as I mentioned, is based not on a discussion, you know, prices against prices, but really setting us apart in terms of offering best services. I think that's why we are able to increase prices without losing volume. We have better services today. We really set us apart from the rest of the market in terms of service level, and that has enabled us to even increase our customer base. This is very important. We had 322,000 new customers in the rental car in the first half, with a daily rate that was 15% higher. It's not really price, but it is better services. I think this is what we have been doing, and this has enabled us to support the prices the company needs to continue sustainable and delivering the results that you saw. As for capital structure, as you mentioned, we have BRL 1.6 billion in debt to mature in the second half. It is quite low compared to the scale of the company today. We have three major negotiations with the markets today, ongoing, close to $4 billion reais. That should be completed in the next three to four months. It's not a concern of ours. Quite the opposite. After the results of the first quarter, I think the market as a whole, not only in equity but debt, saw that the company, operationally speaking, but also in terms of balance sheet, continues quite strong. We have improved quarter after quarter. Leverage going down, now 2.9x, the lowest leverage in two years' time. That has contributed to the conversations with the debt side of the market. We have been quite selective in terms of cost and duration of marginal debt. We're still, to be quite candid, having been able to lower the cost of debt, but it hasn't increased either. The volume that we need to refinance the debt in the short and mid-term, given the scale of the company and ongoing conversations, is not a concern of ours. Quite the opposite. It shows that the company is quite solid, and we have open doors, both domestically and internationally. I think I've answered everything. I don't know if I missed anything. No, very clear. Thank you very much. Our next question comes from [Jose Araujo] from Bank of America. Mr. Araujo. Hi. Good morning, Moscatelli. Daniela, thanks for taking my question. I have three quick questions. First, are the revenues and operating expenses that we saw in the results a bit above what we usually have? If there is anything one-off. Second, about the implied cost of debt, when we get the debt at the end of the quarter and the expenses that you had with debt, CDI + 1.5%, slightly below 2%. Any one-off effect here again? Perhaps the debt increasing over the quarter. And the third, the cars that you announced that you are selling to AUTOMOB. If it is similar to what you sell, if the cars you are selling to AUTOMOB are different in any way from the others that you sell. Thank you very much. Hi, [Jose]. This is Moscatelli speaking. Thanks for your questions. In other revenues, as you mentioned, we had an expense of $1.6 million against a credit of $1.9 million last year. It's slightly worse. I don't know if it was your point. Otherwise, we can talk about that with the IR team, just to detail this difference to you. The implied cost of debt, CDI +1.5%. We say CDI + 2%. Perhaps CDI + 2% is all in. I don't know if you're considering only the interest portions, but we consider all expenses to be able to raise the money. I think it's a more thorough view, and that's why we use CDI +2. CDI + 1.5%, perhaps just the rate. Finally, the cars that we sell to AUTOMOB are just like any other buyer in the market. We have all the operations audited by independent members. There is no reason for us to do anything different. Exactly the same conditions that we offer to the whole of the market. Sometimes we even have a bit heated discussions, but it's a very sensitive business to us. We make a point that it's exactly at the same conditions that we have for the remainder of the market. Any other questions we can address later on, okay? No, very clear. Just one follow-up about this line. What is exactly included here? Because if you consider the quarter for the last three years, most of the years is above $30 million. What do you have exactly in this line and what's the dynamics for the future? [Jose], I'm not sure. I think there is a table in our statement. Otherwise, we can give you the details, but it's a portion of expenses of the holding, indemnities that have to be made to suppliers or clients for any court decision, any discussions in terms of contingencies for the legal department. Very detailed, and we can go through that with more detail just for you to clarify your questions, but nothing really that draws attention. Okay, very clear. Thank you. Our next question comes from Alberto Valerio from UBS. Mr. Valerio. Good morning, Moscatelli. Daniela, thanks for taking my question. Just looking into the future, a more strategic question. You increased the average daily rate and also the amount of cars this quarter. I would like to understand the mix. What is your idea? What are you considering for the future? Hi, Alberto. Thanks for your question. We bought a bit more SUVs and automatic sedans this quarter because of the seasonality of July, because we have a demand for this type of car, but nothing that really changes our strategy. One-off because we know the market and its specificities and seasonalities, just to offer the best car at the best time. Because we know seasonality, we understand the asset cycle, we have seen some benefits. One of them is this: to know how to buy the right car at the right time for a certain seasonality. That's why you saw a slightly higher price this quarter, but no changes in strategy. Thanks for your question. Thank you. Thank you. This concludes today's Q&A session. Now we are going to invite Mr. Gustavo Moscatelli to go on with his closing remarks. Mr. Moscatelli? I would like to start thanking everyone who is joining us, starting with our employees, investors, analysts that follow us from close and contribute to our development. I would like to say that I'm very encouraged with the performance of the company in the first half, but we start the second half with a new cycle to create value. The results of July, as I mentioned, bring further excitement, even with the macroeconomic volatility we see. The company is very much focused on extracting value at all stages of the asset cycle, delivering constant improvements and always with the main pillar of setting us apart in the market. I think that has been the greatest change in terms of positioning. This has brought results at this level of profitability you see. Once again, thank you very much and see you next earnings call for the third quarter. The whole team is always available for you. Again, thank you very much and have a good afternoon. This concludes Movida 's earnings call for today. Thank you very much for your participation and have a great day.