Gustavo Moscateli, CEO, and Daniela Saccardo, CFO and IR Officer. This event is being streamed on Zoom and also available on the company's website at ri.movida.com.br. Please note that all participants will be in listen-only mode during the presentation. After that, participants may submit questions through the platform, which will be answered 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. Those who do not speak Portuguese or who wish to listen to the presentation in English can click on the interpretation button on the bottom right corner of the screen, or on the three dots for more if that's not visible, and then select English as your preferred language. For optimal experience, click on Mute your original audio. 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 conditions, and other operating factors may affect the future performance of the company and lead to results that differ materially from those in the forward-looking statements. The results to be discussed in this call are presented in the earnings release and in the financial highlights spreadsheet available on the company's IR website. I'll now turn the floor to Mr. Gustavo Moscatelli. Sir, you may go on. [Foreign language] Bom dia a todos. Good morning, everyone, and welcome to Movida's 3Q 2025 earnings conference call. I'd like to start by thanking our more than 6,000 employees for their efficiency, dedication, and quality in executing the deliveries that resulted in the supporters' performance. Now, let's begin with Slide three. I'd like to highlight the continued initiatives reinforcing our commitment to improving the customer experience and capturing operational efficiency gains. This pillar has been key to consolidating Movida as a benchmark in the Brazilian car rental sector. The first highlight is the expansion of the digital experience in our physical stores. Today, 10 stores already feature self-service kiosks, which account for 26% of contracts opened in these locations, reducing the average time to open a contract to just two minutes and ensuring an NPS of 95%. Our goal is to reach 20 stores by the end of this year, further enhancing convenience for our customers. The second highlight is the launch of Movida Pit Stop, our first quick service center designed to serve rental car, GTF, and car subscription customers. These facilities were designed to offer greater convenience, located in parking lots of shopping centers and supermarkets, as they already show an NPS of 94%. By December 25, we plan to expand to 10 units, ensuring greater control, management, and maintenance cost reduction, while also improving the customer experience. Another important initiative was the launch of the new Movida Loyalty Program, which already has more than 2.5 million registered customers. The goal is to increase rental frequency and strengthen preference for our services by offering exclusive benefits and strengthening relationships with our clients. All these initiatives reflect our ongoing commitment to innovation, operational efficiency, and above all, to delivering the best experience for those who choose Movida. Moving on to Slide four, we brought a summary of the structural improvements we continue to deliver consistently, always focused on generating value for our shareholders. The first relevant action refers to ongoing price adjustments in the rental car segment. The average daily rate increased 12% in 3Q 2025 year-on-year, reaching a record consolidated rate of BRL 159 per day. Second, we have maintained strong pricing levels in our fleet outsourcing segment, with new contracts delivering an average monthly yield of 3.5% compared to 3.3% in the same period last year. Next, I'd like to highlight our capital allocation in long-term contracts. In 3Q 2025, 61% of the company's gross fixed assets were allocated to the GTF segment. This initiative continues to drive predictability and resilience to our consolidated results and cash generation. The fourth initiative refers to the ongoing optimization of costs and expense management. As a result, we've maintained record EBITDA margins, 68.8% in rental car and 76.5% in GTF, showing an improvement in operational efficiency across the company. Lastly, we have sustained strong performance in used cars. In the third quarter, we sold nearly 24,500 cars and kept stable EBITDA margins in the segment at around 1%. Now I'm going to move on to Slide five with our consolidated results. We reported another quarter of sequential record highs in net revenue from rental, EBITDA, and EBIT. Operational improvements across all business lines have led to a true transformation in profitability indicators throughout the year. In 3Q 2025, net revenue reached BRL 3.8 billion, record EBITDA of BRL 1.5 billion, and record EBIT of BRL 854 million. Net income was BRL 70 million for the quarter and BRL 216 million year to date. As a result, we delivered the highest return on invested capital of the past three years, 14.4%, which expanded two percentage points compared to the same period in 2024 and 6.4 percentage points higher than 2023. It's important to highlight how these indicators evolved when we analyzed the rental segment, which is our core business. Our operating fleet increased only by 4%, while net revenue from rental grew 15%, the highest in the company's history. Over the same period, EBITDA and EBIT from rental grew 19% and 23% respectively, both reaching record highs. The current level of operational efficiency is reflected in the company's strong results, driving a significant improvement in our value creation cycle for shareholders. Now I'm going to go to Slide six, where we present the evolution of our rental EBITDA margins since 2016, showing that we have sustainably reached the best operating results since the company's IPO. As mentioned in the third quarter, EBITDA margin in both rental car and GTF reached record levels, 16.8% in the rental car and 76% in GTF, demonstrating consistent profitability in recent quarters. This record level of margins reaffirms the accuracy of the measures implemented to enhance efficiency and reflects the cost and expansion reduction initiatives we've been executing since early last year, positioning the company for a new phase of value creation. Now turning to Slide seven, we bring the depreciation trends of our assets. In rental car, annualized depreciation per operating car in 3Q 2025 was BRL 6,900 a year, consistent with the past five quarters, showing a stable, healthy depreciation rate for the segment as a result of a well-defined fleet mix with new car depreciation between 8% and 9% per year. In GTF, annualized depreciation per car in 3Q 2025 was BRL 11,000, also showing stability in depreciation rates between 9% and 10% a year. On Slide eight, I'm going to give you a breakdown of one of the strategies for this quarter focused on rental car. As shown in the top left chart, pricing in the rental car segment has grown sequentially, expanding business profitability. The average daily rate in 3Q 2025 was BRL 159, 12% higher than in 3Q 2024. Over the nine-month period, the increase was even greater, 15%, reaching a consolidated rate of BRL 157. One point I'd like to highlight is that for the first time, we achieved a simultaneous increase in both average rate and rental volume, that is, the number of rental days, showing growing accuracy in business management. The chart below shows yield evolution across quarters, reflecting how pricing strategies and sale mix composition have raised yield levels to a record 4.3% per month in 3Q 2025, the highest in the company's history. Continuous improvement in service quality has also driven higher participation of occasional rentals in the mix. This strategy has proven successful, as occasional rentals have shown better price elasticity and demand. Consequently, occasional rentals accounted for 43% of the total rental days in the quarter, up 19% year-on-year. Now let's move to Slide nine, with Movida's consolidated financial results. Net revenue reached BRL 3.8 billion in 3Q 2025 and BRL 10.2 billion year to date, up 7.6%. Net revenue from rental grew 15.3% in the quarter. Once again, I would like to highlight that our fleet grew only 4% year-on-year, which demonstrates productivity gains across operations. For the nine-month period, rental revenue grew 19.3%. EBITDA reached BRL 1.5 billion in the quarter, expansion of 18.5% year-on-year, and 21% over the nine-month period. As mentioned earlier, EBITDA margins remain at record levels, confirming the accuracy of all measures implemented recently across all rental lines. EBIT in 3Q 2025 totaled BRL 854 million, up 22.6% year-on-year. Finally, net income in the quarter reached BRL 70 million and BRL 216 million year to date, an expansion of 27.6% versus 2024. I'm moving on to Slide 10, where we show how these results translate into higher returns on invested capital. Return on invested capital reached 14.4% in 3Q 2025, a significant improvement compared to both 2024 and 2023. This result demonstrates the continuation of value creation for our shareholders, exceeding the cost of that by 4.1 percentage points and marking the highest return in three years. This progress, combined with ongoing initiatives such as price adjustments, yield evolution, productivity in used cars, and disciplined capital allocation and debt management, positions us for sustainable and increased ROIC levels. On Slide 11, we bring our net income and leverage guidance for 4Q 2025. This projection reflects the consistent improvement of our operating indicators, which have been steadily driving strong sustainable results. For 4Q 2025, we project a net income between BRL 75 million and BRL 90 million, representing growth of 21%-44% year-on-year and 42%-70% above market consensus. This will be the company's best quarter result in the past three years. Considering this guidance, full year 2025, net income will total between BRL 291 million and BRL 306 million, representing growth of 26% to 32% compared to 2024. The second guidance indicator refers to leverage, measured by net debt over EBITDA. We closed the fourth quarter last year of 2024 at three times and project to reduce to between 2.6-2.8 times by the end of this year, maintaining a healthy and solid capital structure and reinforcing our financial discipline. With these projections, we reaffirm our commitment to sustainable growth and value creation for shareholders. Now I will turn over to Daniela. Daniela? Thank you, Moscatelli. Good morning, everyone. Continuing with the presentation, let's go through the highlights by business line. On Slide 13, we show rental car highlights. The first chart shows record monthly revenue per car, reaching BRL 3,497 a month in 3Q 2025, up 7% year-on-year, and BRL 3,421 year to date, up 9% versus 2024. This progress, combined with optimized capital allocation and an ideal fleet mix, led to significant yield, 4.3% a month in 3Q 2025 versus 4.2% in 3Q24. On Slide 14, we move to rental car performance indicators. Net revenue was BRL 874 million in the quarter, up 14.3% year-on-year. The average operating fleet expanded just 6% in the same comparison, reaching 92,000 cars in 3Q 2025. EBITDA reached BRL 601 million, up nearly 22% year-on-year. EBITDA margin reached a new profitability level, 68.8%, the highest ever reported by the company, expansion of 4.2 percentage points. As a result, EBITDA per car continued to grow, totaling BRL 2,170 per month in the quarter, up 15.1% year-on-year and 14.4% year to date, reaching BRL 2,085,000 per car. On Slide 16, we present our GTF indicators. We closed 3Q 2025 with an average operating fleet of about 128,000 cars, up 3% year-on-year. Future revenue backlog totaled BRL 7.1 billion in 3Q 2025, up 2% versus 3Q2024. The next chart shows the share of GTF in gross fixed assets, which remains as part of our strategic focus for the year. The share continues high and reaches 61% of our fixed assets in 2025. On Slide 17, we show GTF financial results. Net revenue was BRL 1 billion this quarter, up 16% year-on-year, while the operating fleet grew at a much slower pace, 3.4% over the same period. This, therefore, resulted in another sequential increase in monthly revenue per car, reaching BRL 3,025 in 3Q 2025, up 12.2% year-on-year and 15.1% for the nine-month period. EBITDA grew this quarter 17.1% year-on-year to BRL 791 million, with EBITDA margin at 76.5% in the segment. Consequently, EBITDA per car also grew, averaging BRL 2,057 per month in 3Q 2025, up 13.2% year-on-year and 16.7% year to date. On Slide 19, we show our used cars performance. We continue a healthy operation, selling 24,500 cars in the quarter. Since 1Q 2024, we've kept a stable volume around 25,000 cars per quarter, reinforcing the company's maturity and operational efficiency. Year to date, we sold 75,200 cars. It's important to highlight the reduction of the average age of the rental car fleet, which fell from 11- 10 months in the quarter and from 12- 10 months year to date, maintaining the fleet at healthy age levels. Net revenue was BRL 1.8 billion in the quarter and BRL 5.2 billion year to date. It's important to highlight that the average selling price per car increased from BRL 67,700- BRL 73,400 in the quarter and from BRL 67,100- BRL 71,100 year to date. EBITDA margin remained stable over the past five quarters, at 1% in 3Q 2025. It's important to highlight on this Slide that maintaining consistent sales volumes over the past seven quarters ensures a stable average fleet age and operational predictability. Finally, as SG&A, we observed stability in the quarter at 4.9% in both 3Q 2024 and 3Q 2025. For the nine-month period, it slightly increased from 5.2%- 5.3%, a minimum variation of 0.1 percentage points. The result demonstrates strict control of administrative and commercial expenses and reinforces our cost discipline. Going on to Slide 20, we highlight our inventory mix progress, which is a key driver of used cars performance. The current profile offers higher liquidity and sales attractiveness, with a greater share of entry-level cars. Hatchbacks accounted for 63% of our inventory this quarter, supporting faster asset turnover in the coming months. We also show the FIPE price table, which indicates an average monthly depreciation of 0.4% in 2025 through October, compared to 0.8% in 2024, clearly demonstrating the accuracy of our purchase mix and full asset cycle management. In addition to the car mix, Movida's distinctive position comes from brand and model diversification, strategic store locations, a balanced retail-wholesale channel mix, and marketing investments that foster retail sales. On Slide 22, I'm going to talk about our debt profile. On this Slide, we highlight our cash position and debt maturity schedule, pro forma, as well as the quarterly maturities for 2026. I'd like to highlight that our schedule remains extremely well-balanced, with no relevant concentration next year. Cash position in 3Q 2025 exceeded BRL 3.3 billion, enough to cover over 100% of gross debt payments until the end of 2026. We also have a breakdown of our cash, showing 53% in AAA-rated Brazilian banks, 44% in government securities, and the remainder in offshore accounts. Gross debt in 3Q 2025 totaled BRL 18.8 billion. Net debt reached BRL 15.5 billion, with an average cost of CDI plus 1.9% a year and average maturity of 3.2 years. I'd like to reinforce that we continue to have broad access to credit lines, with total funding of BRL 4.3 billion as of 3Q 2025. After quarter end, the 23rd and 24th debenture issuances highlighted on this Slide allowed us to extend 2025 and 2027 maturities to five years at lower funding costs. On Slide 23, we bring our indicators on leverage, interest coverage, and supplier payment schedules. On the left of the Slide, we have leverage measured by net debt over EBITDA, which reached its lowest level in five years, 2.7 times in 3Q 2025, down 0.4 times year-on-year. If we annualize 3Q 2025 results, leverage would be 2.5 times. In addition, our interest coverage ratio, EBITDA LTM over net financial expense, remained stable at the level of last year, at 2.4 times. In the top chart, supplier balances decreased from BRL 5.1 billion in 2024 to BRL 4.2 billion over the past nine months of 2025, a reduction of nearly BRL 900 million in the quarter. Now, I will turn back to Gustavo Moscatelli for the closing remarks. Gustavo? Thank you, Daniela. To conclude, on Slide 24, I'd like to reinforce Movida's main strategic priorities to ensure operational efficiency, profitability, and sustainable value creation. The first point is improving rental car occupancy rates to maximize fleet use and dilute fixed costs, increasing profitability and contributing to higher yield and margin expansion. Currently among the best in the sector. Next, we are continuing to review price adjustments, using artificial intelligence and machine learning to capture greater value in car location across stores. Another highlight is the internalization of, sorry, with the use of technology to have the best value in each store. Another highlight is the internalization of maintenance through Movida Pit Stop and preparation centers, ensuring greater control, quality, and fleet availability, combined with significant cost reduction and more efficient capital use while enhancing the customer experience. We are also advancing in process digitalization, aiming to reduce SG&A and increase margins through automation and greater technology use. Lastly, we are expanding retail sales channels for used cars with new store models and a focus on converting wholesale profile cars into retail profile cars, ensuring higher returns on invested capital. All these initiatives reinforce Movida's commitment to maintaining premium service levels to our customers, fostering customer loyalty, and expanding our client base to deliver sustainable profitability and long-term value. We are confident in the execution of our strategic plan and remain committed to evolving with accuracy, ensuring satisfaction to our customers and value creation to our shareholders. I'm confident we are on the right path and that we still have much more to deliver. Once again, I thank the entire Movida team for their dedication and for everything we are continuing building together with our clients, shareholders, and partners. Thank you all for your trust, and now we are going to open for the Q&A session. Thank you. The conference is now open for questions from analysts and investors. If analysts or investors have a question, please click on the raise hand button located at the bottom bar of your screen, either now or at any time following this announcement. If your question is answered before your turn, please press the lower hand to exit the queue. When asking your question, please make sure to speak close to your mic so that everybody can hear you clearly. Participants may also submit written questions through the platform on the Q&A button at the bottom bar of your screen and type your question. Please hold while we collect questions from analysts and investors. Our first question comes from Filipe Nielsen from Citi. Mr. Nielsen, your mic is clear. Good morning. Thanks for taking my questions. Congratulations on your results. I have two questions on my side. I will start with depreciation. We have seen the numbers that you show in terms of sales mix [Foreign language] vis-à-vis the FIP table. It seems things are stable. The mix helps. This quarter, we did see a slightly higher depreciation, both for the rental car and GTF depreciation by car. I'd like to understand if you see any pressure in terms of depreciation, any adjustments to be made, or if this higher depreciation rate quarter-on-quarter should be stable. Just trying to understand the depreciation trend. Second question, a bit more related to the guidance. You had a good deleveraging this quarter, but your leverage guidance for Q does not imply a major continuity of deleveraging. I would like to understand a bit of this dynamics, how you're going to keep your deleveraging stability even with a better quarter and with very strong operations. Thank you very much. Hi, Felipe. This is Moscatelli speaking. Thanks for your questions. I'm going to start with depreciation. As you did mention, you could see that we had a depreciation value per car annualized is likely above previous quarters, both in rental car and GTF. That is 100% connected to the price of the cars we are buying to make up our fleet. You saw that acquisition costs in the third quarter were slightly higher, and so in the second quarter. Therefore, you have a higher level of depreciation. However, what is most important here is the annual depreciation rate, which is stable. As you have a slightly higher average price because of car inflations in the last 12 months, obviously the cost of replacement is slightly higher, and then the nominal value of depreciation is higher, but depreciation rate has been stable in rental car between 8%-9% and GTF between 9%-10%. It is just an average purchase price. I do not see any additional pressure on depreciation, as you mentioned. As for leverage, I think we had a huge effort in the last 12 months. We went from 3.1 in 3Q 2024 to 2.7. The fourth quarter is seasonally the best quarter of the year to us, and the expectation, as we mentioned in our guidance, is quite positive, and that might reflect leverage. We did show an interval in which we are going to have a reduction compared to the third quarter, but this is a quarter where we grow the fleet a bit. The mix of these two things should lead to a leverage ratio from 2.6 to 2.8. An upside compared to the third quarter, perhaps not that representative, but considering the size of the company today, any 0.1 times is a big thing. Anyhow, we are closing the year with a very strong capital structure and a much healthier leverage than what we had in the beginning of the year, and with operations a lot more well-oiled. I think the whole thing is quite positive. Very clear. Thank you very much. Our next question comes from André Ferreira from Bradesco BBI. Mr. Ferreira, you may go on. Good morning, everyone. Thanks for taking my question. Congratulations on your results. I have two questions. The first is the guidance in terms of net income for the fourth quarter. If you could give us a bit more color, you have the seasonality of rental car, any margin expansion that is relevant in GTF, in the rental car, I suppose so, because of seasonality, but any comparable improvements, costs, for example, the car purchases, anything additional to what is business as usual in fourth quarter. What are you supposing in terms of rates, depreciation? Any color is most welcome. The second question is the price of new cars that were a bit higher in the second quarter and third quarter, both in the rental car and GTF segments. What is the changing mix that is leading to those increasing prices? That is my two questions. Thank you very much. Hi, André. This is Moscatelli. Thanks for your questions. Thanks for attending the call. I'll start with the guidance. You asked a bit more color on the guidance on net income for the fourth quarter. We obviously have our numbers for October closed, and in November, we already have a huge clarity on what the month is going to be like. These two months, in terms of results, were very positive and beyond our initial expectations. In addition to that, as we are looking into December, as we did last year, our volume of reserves is between 10%-15% higher, and prices at the level that you saw in recent quarters, 10%-15%. The combination of all this, particularly in rental car and GTF continuing growing, but not as volatile as rental car, means no big surprises for the fourth quarter. Rental car is what is driving the results for the fourth quarter. That was the background for the numbers that we disclosed in the guidance. You talked about acceleration in car purchases, GTF margins. No acceleration in terms of car purchases. We are following our year plan by the letter, and we had committed to have a flat fleet number for the year, of course, respecting seasonality to capture more value, but this is what we are doing. Nothing disruptive, no major acceleration. It is what we had planned for the year. I think this is the result of this guidance with profit well beyond expectations. Purchase prices and depreciation. In the third quarter, we bought some cars to cope with the seasonality of the fourth quarter. Obviously, for this type of seasonality, we have a huge demand for higher-priced cars, automatic cars, SUVs. In the end of the third quarter, we had some opportunities that made us advance the purchase. If you think of the average price, it is BRL 85,000, which is the mix that we consider optimal for the rental car fleet. No change in mix, just using a timely purchase to cope with the seasonality of the fourth quarter. Very clear. Just a follow-up in terms of guidance. In the guidance for the fourth quarter, can we assume a positive impact of interest on capital, similar to what we had in the third quarter? That's a good question. Thanks for raising the point. Along the last two years, André, we put all energy and focus on the company to improve the company's operational leverages to generate value. Now we're coming into a period in which we want to refine our whole P&L. Daniela and the financial team have produced excellent work because we're not capturing all the benefits that we had in the payout of dividends and part of its property profit, I'm sorry, on interest on capital. Now we are making our payments on interest on capital, and now we are going to have a rate very close to the competition. Our rate was 30, 32, and the competitors 18. As of now, as we are making our payments of dividends through interest on capital, that's what we're going to have for the third quarter, fourth quarter, and the remainder, and also the entire next year. Thank you very much. Very clear. Our next question comes from Lucas Esteves from Santander. Good morning, Gustavo, Daniela. Congratulations on your quarter. The sequence of results makes it clear all your efforts to improve the company. I have one question on used cars. Hatchback inventories went from 72% to 62%, showing that the sale mix in the period could be more concentrated on those models. Still, the average price went up 4.3% quarter-on-quarter. I would like to understand the drivers of a price increase. Is it a mix in fact, sales channel, average age, and how you expect the average sales price to be in the fourth quarter, considering that you already have lots of information on the quarter? Thank you, and congratulations once again. Hi, Lucas, this is Moscatelli. Thanks for attending. Thanks for your questions. Used cars, average prices, this is connected to two main factors. One is what you mentioned, and I did say that during the call, which is used cars that were bought at a higher price, especially in the last year and a half. The average being a bit high here. The profile, hatchback, sedans, SUVs, has changed a little compared to last year, but it should be stable at 60% on the rental car. We do not see a huge change given the fleet and the sales of the fourth quarter that we already can predict well. The average price of the fourth quarter is going to be very close to the third quarter, with a mix on 60% of hatchbacks. Another important point is that part of the increase on average prices, and I did mention that in terms of priorities for the future, which is to increase the share of retail sales on the total mix. We did increase it a little this year, but we have much room with the initiatives that we disclose, opening of stores in car shopping centers to capture cars that we believe today have a wholesale profile, but that we can be sold in retail to some consumers. With that, we are going to have a slightly higher average price and therefore higher profitability. The difference of prices between wholesale and retail is 10 percentage points. If you remove 6% of SG&A, you still have 4%, which is huge, considering the amount of cars that we saw. We are starting to see the improvement, but most of the benefits will be seen as we direct more cars from wholesale to retail. Thank you. Very clear. Our next question comes from Daniel Gasparetti from Itaú BBA. Mr. Gasparetti? Good morning, everyone. Thanks for taking my questions. I will just, most of my questions were answered already, but what has drawn my attention is the rental car resilience, impressive volumes, even with the migration to occasional rates, a growing prices. Moscatelli, what do you see in market behavior in terms of resilience? Do you think you have more room to increase rates? The second question is just to explore what you just said, the breakdown between wholesale and retail markets. This is quite impressive because it seemed it was very difficult for you to migrate from wholesale to retail. You did mention the possibility. It is certainly not easy, but can you tell how you were increasing penetration and relocating sales, why you could not do that before, what you are doing now? Is it something different in terms of sales capacity? Because the difference is so high, it does not seem logical that you did not try to do this before. I would like to know the dynamics now. Hi, Gasparetti. This is Moscatelli. Thanks for your questions. I will start with room to increase rates, volumes, and how we see that. I think we are still in a process of learning by doing. We have been testing new tools, new initiatives, new strategies to establish the right price and to have the right mix with the company. We are learning with our errors sometimes. Now, indeed, and you did see that an improvement. I think it was the first time that we had a representative increase in prices and still some increase in volume, although small. To me, what is clear is that the potential is so huge. Why is that? Because we did a lot of things and the idea of going into more occasional rates, and this is all positive. Occupancy rate is at 72%. For me, it's not optimal. Our major focus for the coming three months, which is the fourth quarter, but for the whole of next year, is to work to increase utilization rates above 77% with the same mix. For us, this is getting clearer that it is possible. Because we had so many changes of monthly rentals to occasional rentals, we did get a bit hurt in terms of occupancy rates. This is getting clearer, and it's going to be another lever of value. More fleet, better prices, better margin, better profitability for the business. Your second question on migration from wholesale to retail sales and why we didn't do that before. We've always been very careful about the profile of cars that we make available at retail stores because it has to be appealing to customers. They have to feel that it is not very old, not too used. We have some rules in terms of mileage, car status, and etc. That was a barrier of what cars we could direct to retail. You know, taking a deep dive in the business model, we realized that there is part of the retail market that wants to buy cars with higher mileage. A clear example. The rule is not to sell cars above 50,000-55,000 km. Everything that was above 55,000 km would be wholesale. We realized that there is a buyer up to 80,000 km. We want a sales channel to get to these consumers. We have these car shopping centers. I don't know if you know them. They are multi-brand car centers with customers slightly different from our usual retail clients. That has been going very well and realized that that can be a sales channel for us to increase our share in retail with cars that until today were only wholesale. Just to give you a clear example of our mindset and why we want to migrate, we think it's possible to migrate more cars from wholesale to retail. I think that we have a well-stable operation, which helps us, you know, think outside the box. We are selling the same number of cars, 25,000 per quarter since the beginning of the year. No huge volatility. This profile of a more mature, stable company brings benefits, thinking of constant improvements that we could not consider before. The combo of all that has brought new actions that we or the sector considered before, and obviously with benefits to business profitability. Thank you, Moscatelli. Makes sense. Just a follow-up to your first answer. When you say price increases and rental is increasing prices, what is your perception in terms of consumer behavior? It is being more expensive to rent a car and even the perception of the car itself. Sometimes they rented better cars at a better price, and now they are renting worse cars at a worse price. Do consumers have an alternative? If not, they are just accepting the price increases. There is no competition. I do not know. And why your NPS is so strong? I think this is an excellent point, Gasparetti. Everything that we mentioned in terms of results are indeed very consistent because of one priority for us, which is to improve the customer experience more and more. You follow us from close and you probably realized during this period that the company's main initiatives, especially in the last 12 months, have been directed to improve customer experience in many areas: digital, physical stores, POS, etc. That has indeed increased the customer loyalty and the customer base. Allied to that, I think that all those efficiency actions that I mentioned have made consumers at the time to choose prefer Movida. This is very clear to us. Now, when you think of prices isolatedly, on a trip, you see hotel prices and other alternatives, Uber, taxis, also with increased prices. You cannot see the rental car business isolatedly when it is part of a larger budget that is vacations, including all these players. I think that our market, the rental car market, is still behind all these other players that make up the budget of a trip. Very clear. Thank you very much and have a good day. Our next question comes from Guilherme Mendes from JP Morgan. Mr. Mendes? Hi, Moscatelli Daniela, thanks for taking my questions. Good morning. First, follow-up on Gasparetti questions on the rental car. Just to confirm my understanding, you said that the main leverage would be increased occupancy, not necessarily to the extent of decreasing prices. It is just an upside in terms of occupancy. Is that a correct understanding? Thinking of prices that you are passing on, we saw in the Q3 there was a combination of mix and price pass-throughs. Thinking for the future, do you see room to continue passing through prices without changing your mix? The second question, thinking of 2026, this year was a year that we saw operational improvements, de-leveraging. Does it make sense to think of 2026 as a year that you're going to grow your fleet compared to the numbers of 2025? Hi, Guilherme. This is Moscatelli. Thanks for your question. Thanks for attending. I'm going to start with the rental car business. Indeed, the lever to improve profitability is very objective in terms of occupancy. We have 72% occupancy this quarter, and I believe we should be between 77% and 78%. That is almost 5,000 cars a day being used. If you do the math, the potential is huge to improve profitability by increasing occupancy. Prices are not an element not to consider. They have to follow occupancy. We see the prices of brand new cars going up. Pass-through is something that you have to do to have business sustainability. The whole industry has to continue to pass through prices. Because, as I mentioned, the price of brand new cars is growing and we have high interest rates in Brazil. I do not think it is one or the other. We have to address both. As for mix for next year and pass-through prices, I think we should consider the same increases we had for next year with the same mix. I do not see a change, or a reason for us to change our mix between monthly and occasional, but the pass-through should be as high as this year. Finally, you did talk about growth for next year. With the scenario that we have today and being very cautious because I think that caution is very valuable at this point, I do not see any reason for us to bring risk to the company. To increase fleet now with the interest rates at the levels that we have today, I think is unnecessary risk. For now, with the visibility I have, we are going to continue to direct all cash generation to de-leverage the company. I think this is the greatest value that we have combined with the return on investment capital that we are generating. Very clear. Very, very clear. Have a good end of week. Our next question comes from Alberto Valério from UBS. Mr. Valério? Good morning. Thanks for taking my question, Moscatelli, everyone. I have two questions also on my side. We are talking about occupancy of your operating fleet, but you have operating fleet compared to total fleet. I would like to know if you can reduce this difference a bit. You have reduced in previous quarters. I understand that is also logistics. Now you have a more stable fleet. No major growth for the future. Do you think you could decrease this difference between total fleet and operating fleet? Second question on your balance sheet. If you could talk a bit of your plans for the coming quarters and next year. You had a fantastic funding effort in October, a very good rate. What should we expect? You have the supplier lines. You have amortizations for the next year. If you could give us a bit more color. Hi, Alberto. Before starting to answer, I'm going to apologize to Guilherme. I called you Gabriel, but I knew it was you, so my bad. Going back to you, Alberto. Undoubtedly, when we take a look at the company's profitability, we see total occupancy of the fleet. Operating fleet is something that the market follows, but in terms of capital allocation, of course, the best indicator is the total fleet. We did decommission a bit more cars to advance sales and inventory for the used car sales. We know that December is not the best month to sell, December or January, but we made it so that September and October would be better months. We want to improve our total occupancy rate, and it comes from these two things: occupancy in sales of used cars, but also by increasing the occupancy rate of our operating fleet. Balance sheet, I think Daniela and the team developed excellent work throughout the year. We almost removed all materials for 2026 and a bit of 2027. Today, we have approximately BRL 2.3 billion to mature in 2026, and we have a pipeline of settlement of BRL 1.9 billion into operations. The market has been very good to us in terms of bank credit. We have not seen any restriction to raise funds, quite the opposite. I think that certainly the performance that we have been disclosing has helped us in raising new funds. For the end of the year, about BRL 1.9 billion, very well advanced, and that will make us probably clear all maturities for next year. We start the year already thinking for 2027. Thank you. Our next question comes from Rogério Araújo from Bank of America. Hello, good morning, Moscatelli. Thanks for taking my question. If you could talk a bit about the recurrence of some items, especially costs. The first PIS/COFINS tax credits, 10.1% in gross rental revenue. Do you think this is coming back to 9.25%? Could you talk about why it increased? The second question is the line of other costs. When you talk about the breakdown of IRR, it was BRL 13 million. You have an average of about BRL 30 million in the last two years. Finally, we estimated a gain with bond repurchases of BRL 7 million, if it makes sense, and what to expect for the future. Thank you very much. Hi, Rogério. Good morning. This is Moscatelli. Thanks for attending and for your questions. I'm going to start to answer. If I miss anything, just let me know. PIS/COFINS tax credits. In the end of last year, we had a corporate restructuring within Movida subsidiaries to put together two taxpayer numbers to have a better tax structure and have more tax efficiency, as you're seeing now. Along 2025, you saw credits slightly higher than last year, but it was because of the corporate change we had last year. Two taxpayer numbers, one that was taking credit, the other that was paying COFINS taxes. Putting together these two subsidiaries, these two taxpayer numbers brought those benefits throughout 2025 and for the future. The second point was the others line. This is a line that traditionally has some volatility, some bonus reversals, some legal issues. In the first quarter, you said 36, then one, then 13. You have certain volatility, but really not quite representative. If you want to have a bit more disclaimer of what we have inside, we can talk about that later on. Interest on capital, I think I did mention that. Indeed, we were a bit behind in some initiatives to improve our tax base. This is one. We always paid out dividends, and we did not enjoy the benefits of interest on capital, as our competitor does. We are going to do everything through interest on capital. With that, we are going to have a rate much closer to the competition and well beyond what we had. We paid 32%, and now it is going to be between 18%-20%. This is what you are going to consider for the fourth quarter and the coming quarters. Thank you, Moscatelli. Just potential buyback. We had an average in face value. We got to BRL 24 million of potential gains in the quarter. Does it make sense? Is the company continuing to buy back given the opportunity? If I may, a follow-up on PIS/COFINS tax credits. You talked about a corporate change putting together two taxpayers, but when the line is above 9.25%, you create a tax credit that you do not use, or do you use it for income tax or any other tax that is not PIS/COFINS? Hi, Rogério. Bonds. The amount does not make much sense. The third quarter was the one that we least bought back in the domestic and foreign markets because the spreads were very decreased in the secondary market. In the beginning of the year, the spread was much higher. We bought more. In the third quarter, they are almost at the price of issuance. The amount does not make sense. We can talk about that later on, but it was the quarter with the last buybacks in the year. Second, we do use, yes, this credit, even when it is about 9.25. We have credits on maintenance inputs, depreciation, and we enjoy this benefit. What is credit? Receivable, but because cars have a higher average price, we can enjoy everything. Again, if you want a bit more color, we can share that with you. Thank you for your questions that are very good to clarify everyone's questions. Thank you very much. [Foreign languange]Isso conclui a sessão de perguntas e respostas de hoje. This concludes Movida's earnings call for today. I'm going to invite Mr. Moscatelli for his closing remarks. I would like to close our conference call this quarter, and I could not fail to start thanking everyone that works with me on the day-to-day and are making this company better every day, that are changing the perception of our services, which is the basis of everything that we shared with you today. In addition, I'd like to reinforce that we are very much focused in discipline of execution. This has brought benefits to the company in all business lines. It's more stable sales volumes in used cars, used cars, stable margins, no pressures to sell or buy cars. This new company has a lot more stability and has brought a much clearer view of levers yet not explored to increase value. This is the company's priority as it was in last years and will continue to be in the fourth quarter and year of 2026. Once again, thank you very much. The company is always available to answer your questions. The IR team is fully available. See you in the conference call for the fourth quarter. Once again, thank you very much and have a good day. This concludes Movida's earnings call for today. Thank you very much for attending and have a good day.