Present in the video conference today and available for the Q&A session are Mr. Pieter Klinkers, CEO, and Mr. Renato Salum, CFO. We inform you that this video conference is being recorded and will be made available on the company's investor relations site, along with the respective presentation. We highlight that Mr. Pieter will conduct the presentation in English. For your convenience, we have available simultaneous translation into Portuguese and English, and you can access them using the icon in the form of a globe that says "Interpretation," located in the bottom center of your Zoom screen. You will have three options: original audio, Portuguese, and English, and you should select the one that better fits your needs. For the Q&A, we ask that you use the Q&A icon on the bottom of your Zoom screen, and the dynamic standard will announce your name for you to ask your question live. At that time, a request for you to open your mic will pop up on your screen. We suggest you use the translation tool if you need. Before moving on, we would like to clarify that statements made during this video conference related to the business perspectives for the company, projections, and operating goals, and financial goals, constitute beliefs and assumptions from Iochpe-Maxion's management based on information currently available to the company. Future considerations are not performance guarantees because they involve risks, uncertainties, and assumptions regarding events in the future that may or may not occur. I will now give the floor to Mr. Pieter Klinkers, CEO. Please proceed, sir. Hello, everybody. Thank you for listening in to our third quarter 2025 earnings call. Before we start to share some slides and talk about some numbers as we do usually, I want to come back to something I said earlier this year during our investor day in São Paulo when I referred to a quote from Ayrton Senna. I think all of us know him, who said, you may remember I said this, who said, "When it's sunny weather, you cannot overtake 15 cars, but when it rains, you can." Why am I referring to that quote again? I think when you look at our third quarter results, it is reflecting some rainy weather in some regions, particularly North America. We cannot change the weather, of course, but we can try to adapt as fast as possible, maybe faster than others. We can try to mitigate that rainy weather in one particular area with some more sunny weather and some more performance in other regions. I think that's what you will see back when you look at our numbers and when we talk through the slides. Let's keep that in mind. We can go have a look at some of those numbers. If you look at the next slide, you see we used to look at global production, ex-giant. You see a little bit of contraction in LV, light vehicle, 0.3% this year and next year, some more light contraction, maybe stability, but it's not great. There's not great growth at this moment. If we look on the truck side, on the right side, I think here it doesn't look too bad. It's plus 2%, including China, minus 5%, excluding China. If you look, and we will talk about it more during this call, if we look particularly at North America, which is a very important market for us, especially when we talk about components, not so much when we talk about wheels, but for components, it is very important. That segment, and especially the heavy truck segment, is very important. You get class four, five, six, seven, eight, and most of our business, when we talk components in North America, is actually in class seven, and by far the most is in class eight. The higher up the classes, the more contraction we have been seeing already in quarter two, but quarter three was particularly down in that area, in that segment. We will talk about it a little bit more during the call. If we look on what it does to our net revenue, this. Market situation, you can see our revenue in the third quarter mounted up to BRL 3.8 billion, which is slightly down, 4.5% down to the same period in last year, 2024. There is another slide where I will talk a little bit more in detail about it, but I can guarantee you that if we would have had only half the drop of what we have seen in North America truck, that number would have been up instead of down. This has been impacting our overall net revenue meaningfully. Our gross profit, I would say, given that situation in North America truck, very healthy, remained at about 12%, 12.1% in the third quarter of 2025, and we're actually pretty happy with that number. Our EBITDA amounted to BRL 390 million in the third quarter, and that represents a margin of 10.3%, excluding restructuring costs, which amount to approximately BRL 32 million. Our net income was BRL 35 million, and with all of that, our leverage ended up at 2.55 times, a little bit higher than we wanted, but still a little bit lower than in the same period one year ago. We will also talk a little bit more about growth, particularly in South America. There is a dedicated slide about that in the remainder of the presentation. If we look in more detail on our revenue, you can see that in the third quarter 2025, we were pretty much equal to the last year, same period. If you look at the nine months 2025, we actually show some growth, but if you exclude FX, these numbers are a little bit down compared to last year, same period. As I said before, this North American truck market situation has impacted both the nine months, but more so the third quarter of 2025. I can also tell you that when our impact was the highest in the third quarter 2025, also our mitigation was the highest in the third quarter 2025. That is one of the reasons why the numbers are pretty equal between the two quarters, last year and this year. That means the more impact we have been having, the more we have been able to offset that in other segments, other products, other regions in the world, which is, I think, a good thing to have happening in the company. If we look on our revenue by product, as we already saw happening in the second quarter, you can see, of course, with that North America truck situation impacting components, our components business very meaningfully, you can see that the percentage of wheels in the company has been growing. That is because of components going down, but it is also because wheels going up overall in the world. Right now, it is about an 80%-20% split between wheels and components. If you go to the next slide, you see that also in our revenue by customer. Clearly, you see TRATON. TRATON is a global customer for us for wheels and for components, but we have a big business in components with TRATON. That is their international brand in the U.S., and you see that revenue going down year over year, same quarter. Same for Daimler, of course. Again, this is a global business, and we do a lot of wheels with them around the world. We do business with them for components in South America, but just the impact of North America truck makes that bar go down in 2025 meaningfully versus 2024. The good thing is, again, that some of the other bars are going up. If you look at customers like Ford, or you look at Toyota, or you look at Volkswagen, we are actually gaining quarter over quarter. That means in total, the impact of the North American truck market is there, but it's not as big as it would be if we would not have been winning in other segments with other customers in other regions. If we look more in detail in other regions, I think South America, clearly, I would say we are continuing. You've been seeing that already in the first and the second quarter. We're doing it again in the third quarter. We are outperforming the market. The market quarter over quarter was pretty flat from a light vehicle point of view, and it was pretty down. Even though it's only 4,000 trucks, but pretty much down on the commercial vehicle side, quarter -over -quarter, year -over -year. Contrary to that, I think Maxion clearly up in light vehicles in a flat market and not as much down at all in the commercial vehicle sector. Overall, our revenue is up in the first nine months of the year, meaningfully 6%-7%. Even in that third quarter, it's still up by 2.6% versus the same quarter last year. On the other hand, if we. Look at North America, we see this is where the big drop is, and not so much in light vehicles, but specifically in commercial vehicles. You look at some of the market numbers and they say it's - 5%, or maybe when you look at North America, it's - 25%. In the segment where we operate, class seven, mostly class eight, we've recently seen some public announcements from big customers. I talked about TRATON. They were announcing their sales were down in the third quarter at about 64%. Daimler Truck said their sales were down close to 40%. We're seeing their production maybe a little bit more down than what their sales were down because already in the second quarter, they were down. They have been slowing down production even more than their sales has been slowing down in order to build down some inventory. Overall, our numbers reflect very much what is happening in the market of heavy trucks in North America. Here is where we see the big drop in our revenue, quarter -over -quarter, and with that third quarter also for the nine months. In 2025, if we look, if we go to EMEA, this used to be Europe, and now we call it EMEA. The only difference is the South African plant, which is, I believe, our smallest light vehicle aluminum plant. Of course, the comparison between the two quarters and the nine months compared to last year, that is apples to apples. It is the same perimeter. I would say I am happy to say that we have a strong performance, a stronger than the market performance. That is true for both light vehicles and in commercial vehicles. It is true not only for revenue, but I can tell it is also true when you look at units. That does support our overall global results. The units are clear. We are gaining share because the market in light vehicles is pretty flat. Our numbers are up. Our units are up in light vehicles. In commercial vehicles, it is only 10,000 trucks more, but the market has been coming back a little bit in the third quarter of 2025. Let us hope that continues into the fourth quarter and into next year. At the same time that the market came back, our market share keeps on growing. Besides the units being up, we can also say that the recovery of higher raw material costs and other inflationary costs and the positive mix. With that, I mean, we're supplying, for instance, on the light vehicle aluminum segment, we are supplying more and more the premium segment. That all contributes to a positive story, I would say, in Europe, EMEA. We go to the next slide. Asia, our revenue a little bit down in the third quarter 2025, but I can assure you that we will be growing in the Asian market, which, as you know, for us is mainly, not only, but it's mainly the Indian market. We're very focused on India with our operations and with our sales. I wholeheartedly believe that we will be growing in this growing market, and you'll see that back in 2026. With that, what does that all do to our profit and our profit margin? As I said before, a 12.1% gross profit. Actually, we think that's a very appropriate number given the circumstances that we talked about when we talked about the market. 460 million in the third quarter or 1.44 billion in the nine months from a gross profit point of view, we think those are very. Those are actually very strong numbers. We go to the next slide. We see our EBITDA. And our EBITDA margin. Here's where we see a little bit of the contraction. Where we cannot fully mitigate all of that heavy rain when we talk about IoT and Sana and his rain, the heavy rain in North America from a truck market point of view. Our margin, excluding non-recurring effects, primarily restructuring costs in North America, ended up at 10.3% in the third quarter and now amounts to 10.2% year to date. We go to the next, the net income, $35 million in the third quarter. I would say again, North America truck production situation impacted our results meaningfully also from a net income point of view. On top of that, we had the restructuring cost. On top of that, of course, as we all know, financial expenses are higher simply because of the CDI, the Selic cost. That is what we see back here on this slide as well. When we look at investments, we always talk about disciplined CapEx management, and I think you see that back on this slide. Our investments are actually down year -over -year. Of course, we do that because of some of the market slump that we see primarily in North America. We try to manage our investments down there where appropriate, there where possible. We think at the end of the year, we will come in with the number that we have been talking about in the prior calls, maybe a little bit lower because of the adaptations that we are doing because of the market situation. We go to the next one. Our leverage is a little bit higher than we were targeting, but given the market situation, we are still happy to say even with that, we are slightly below where we were one year ago, even though we are slightly up from the prior quarter's presentation. So 2.55 was the number for our leverage at the end of quarter three. Go to the next, Ainá. Our gross debt, not so much change on this slide. We think it is a healthy composition of currencies when it comes to our debt. When you look at the term, 93% is long-term debt. That is very healthy. If you look on the top right, also our liquidity, our cash situation seems to be very healthy with $1.6 billion cash in hand. On top of that, EUR 760 million of undrawn credit lines. If you look at the cost on the bottom, I do not think these costs are uncompetitive. Actually, these are pretty good numbers. I think the plus 1.2% is competitive, the 3.5% in Euro is competitive, and the 5.4% in dollars is competitive. It is the CDI that is not competitive, but we all know about that situation. We go to the next one. Going away a little bit from the financials, talking about the business. We present here our third quarter 2025 SOPs. I think it's more important to mention to you guys that when we talk about market share gains and outperforming in some important regions for us in the world, when we look at wheels, I can tell you that our new business wins, so the amount of new orders, of wins we have, is significantly higher year to date 2025. I don't talk 5%, 7%. I talk tens of percentages, significantly higher than the same period last year. Already last year was better than the prior year. It's another proof for me when I look at the numbers that we are having some very good traction with the company globally on winning new business at appropriate margins. We go to the next slide. If you win share, especially when you win share in a growing market, and a good example of that is the South American light vehicle Aluminum wheel market. Our wheels are wanted and cars are wanted as well. You want to service your customers correctly, you need to do something. I think you could have seen in the press release that we have been working hard on being able to service our customers like we want and to profit, of course, from this market growth. Besides supporting our customers temporarily from global operations, which is very important to be doing, and we can do that as a global company, also we are redeploying assets from entities around the world, Europe, Asia, back to Brazil, to our plants in Limeira and in Santo André. On top of that. I believe you may have all read about our recent acquisition of a majority share in PolyMetal, which is an Aluminum wheel factory in Argentina. Of course, the Argentinian market is doing well, and we believe it will be doing well going forward also. The main strategic target here is to expand this factory, and it will be much more efficient for us to expand the factory here. In fact, we have equipment standing ready to be installed on adjacent land in San Luis. Doing that in Argentina creates for us a situation where we will be able to produce wheels that we produce today in Brazil for Argentina, to produce those wheels in Argentina, which again frees up capacity in Brazil for Brazil. This is just an example of how we try to service a growing market where we gain share. In a very efficient way, meaning without spending a huge amount of money by building a new plant. We try to figure out a way to serve the market correctly and profit from that market growth that we are having in that market. With that, let's go to the next slide. We talk a lot about steel components and Steel wheels and Aluminum wheels, but we do not talk so much about the two materials being merged. I cannot tell you yet that it is happening, but I can tell you that we have been trying for some time. I can tell you that we are making a lot of progress. We are now at a stage where we are involved with two OEMs, one in Asia and India, one in Europe, for making a wheel that is made out of steel and out of aluminum. Wheel is a very important styling element, but the styling you only need there where you look at it, not there where you put the tire on. We would make the rim out of steel and we would make the disc out of aluminum. With that, we save costs on the steel part and we guarantee the styling on the aluminum part. Not easy, but I think if anybody will be able in the world to make it happen, to pull it off, it will be Maxion because we are kind of the only one that is producing both Steel wheels and Aluminum wheels. In many instances, by the way, we produce it at the same location or in the same region. This would be a true strategic advantage for our company if we will be able to make that happen. Again, I can't guarantee it yet. We're working at it with our customers, but I hope we will be able to talk about it a little bit more in one of the following earnings calls. With that, I think let's go to the last slide, wrap it up. I think it's not what we wanted, the market that we see in North America, and it's impacting us. We believe that is a temporary situation, and we believe we will be very strong when that market comes back. I'm not saying if that market comes back. I say when it comes back. I think in the meantime, we're doing a good job on managing through that situation locally and mitigating that situation with our results in the rest of the world. That makes us, I believe, a resilient company. We continue to deliver appropriate productivity. We continue to be disciplined in our costs, and we continue to be disciplined in our pricing management. I can guarantee you that from a growth point of view, I have given some examples on how we try to grow and what we're doing with new business wins. It's really a good story. I think overall, very important as well, our customers remain to see us as a very reliable, stable, and high-performing partner. I come back to Iochpe and Sana. Maybe we go a little bit slower because of some heavy rain locally, but I believe we will be able to overtake. With that, I pass it on for Q&A. [Foreign language] Now we are going to start our question and answer session. We would kindly ask you to ask all your questions at once and wait for the answers from the company. Reminding you that to ask your questions, we ask you to use the Q&A icon, and your names will be announced so you can ask your questions live. At that time, a request for you to open your mic will pop up. Our first question is from Gabriel Tinen from Santander. Gabriel, you can go ahead. I'd like to know if the capacity has been adjusted already, if there's anything else to help. In terms of capital allocation, if you could explain the rationale for the participation of PolyMetal and the opportunities you see in these markets. Also, still in that topic, if you could talk about the North American market and talk a little bit about how you saw cash management and how you see the leverage for 2025 and 2026 a little. Okay, thank you very much. I believe that were three questions, so I will try to give three answers. I believe the first question was around our management of capacity in North America. Of course, we have been adapting our capacity in the sense that we adapt headcount, and so a very significant number of people have been leaving the facility. We hope to see them back in the future. I'm sure we will see a good part of those people back in our plan. In that way, the capacity has been adapted. We are also convinced that when this market comes back, and the longer the downturn would last, the steeper that comeback would be, we believe. When it comes back, we are very well prepared with our existing operations in Mexico from a components point of view, as well as with the new plant that somewhere in 2026 will be ready to operate. It might just be that is exactly the same time when this market comes back. I hope that answers the question from a capacity point of view. The other question, the second question was, I think, around the rationale on PolyMetal in Argentina. As I said, the light vehicle market in Mercosur, particularly in Brazil, is doing well. We are doing well in that market. If you're gaining market share in a growing market, you also need to make sure that you have the capacity. Instead of building yet another new plant, we've come up with some other solutions that require some investment, but a lot less investment than just building a new plant. The redeployment of assets, getting equipment from around the world there where we need less than in Brazil, is one pillar. The other pillar is expanding capacity in Argentina at a much lower CapEx number than when we would build a new plant, for instance, in Brazil. Those actions together, we believe, will make sure that we can supply our customers, which is really what we want to do because this is a very good market for us and for our customers. The third question, I think, was around the market in North America. I think it's impossible to say what will happen to this market in the short term. I think most industry analysts would agree with me when we say this market will come back. If you ask me what day, what month exactly, that's going to be very hard to predict. We believe that somewhere, and this would be our assumption, that somewhere during the course of 2026, which is not too far away anymore, by the way, we're having the November earnings call, somewhere during the course of 2026, this market will turn. We should be ready to supply this market with a steep increase, which is our assumption. I hope this answers the questions you asked. Thank you. Did you get the feedback? Yes, it did. Thank you, Pieter. [Foreign language] Next question comes from Gabriel Resende from. Itaú BBA. Gabriel, you can proceed. Thank you, Rodrigo. Good morning, everyone. I would just like to follow up regarding North America. I understand Pieter's comment that you would expect some return in summer 2026, but I'd like to confirm how you have been feeling the body language of the OEMs in terms of orders for the next two or three months. I understand that a short time before we had a deterioration of the market. I would like to understand if this is continuing to happen or if they have stabilized now in the third quarter, mainly if the volumes have started to stabilize. I also would like to confirm the matter of the restructuring now for the third quarter. Should we expect anything in other markets considering 2026 where volumes, where the performance is not as good as 2025, especially for commercial vehicles? Is that the expectations of the company? Do you expect any impact on other geographies also? Hey, Gabriel, thank you for the good questions. North American market, I think the visibility from our customers is very low. That's unfortunately something that we need to admit. That being said, volumes are not only stabilizing. We see an increase of volumes, but we only see it for November and December. We like it, and we will make it happen. It is a good thing to happen, but we're not sure if this is the start of a structural recovery or it's just a temporary impact in the end of 2025. I hope it's more structural and it's the beginning of a strong recovery. Right now we see that happening in the last two months of the year, but we do not have that visibility yet for the first quarter of 2026. Some good news, but let's see if that is structural or just temporary, but we will take it. When you talk about us seeing any potential auto restructuring, particularly in CV in 2026, I would say Europe not. The market should come back to some extent, and we are gaining market share. I think 2026 will be a good year for us when it comes to Europe. The same in Asia. I think we will have a good year in Asia next year with growing volumes in both India and China for us from a commercial vehicle point of view. North America, my take would be that what we lost in 2025, particularly in the second half. Hopefully, we are gaining back over the year 2026, maybe a little bit more towards the second half of the year than the first half of the year. Let's see how this situation in November, December that we see right now develops into 2026. When you talk about South America, interest rates are too high. I would say we don't expect a major downturn, but we also don't expect a major upside in South America. I would say we're not particularly worried about that market. We're also not particularly excited about that market, but it's an adequate level for us. We don't believe we need to do a lot of restructuring in any, as we see it right now. Does that answer your question? [Foreign language] Yes, Pieter, thank you very much. Have a good day. You too. [Foreign language] Our next question comes from Fernando Urbano from XP. Fernando, please go ahead. [Foreign language] Good morning, everyone. Thank you for hearing my question. We have two questions. The first regards Europe. What got our attention was the good performance, especially for light vehicles in the region. You have mentioned the possibility of gaining share in that area. If you could give us a current view of the competitive scenario in that area, and if you expect any growth in the region higher than the consolidated one for the company. The other regards supply chain. We have heard many news in the media regarding semiconductors. Some OEMs have mentioned possible stopping production, but it seems that in Brazil it is under control with the guarantees from Chinese suppliers. I would like to know if that has impacted you and if you see any risks in the supply chain, talking about automotive production globally for 2026. Thank you, Fernanda. Let's start with the European market. I think from a market point of view, I believe next year there will not be a lot of growth. I do not know if it is going to be 1% or 2% contraction or 1% or 2% growth, but I think it is pretty flat, which is not a disaster, but I think we need to do something more if we want to grow. Our plan is to continue to grow in Europe, both from an LV point of view as well as from a CV point of view. I think CV, actually, the market is designed to grow back a little bit next year. That would be a combination of market growth and market share growth, which is what we would be looking forward to. It's a target. It's our assumption that this is going to happen next year. When we talk about market share growth in our business, if you win something or also if you lose something, you don't lose it if you want it. You don't lose it the next year. Or if you lost it, it will take you a little time to regain it. Once you're on this trend of gaining market share, I'm not saying it's there forever, but it's there for longer than just the current year. What we see happening this year in Europe, to some extent, maybe even a little bit more, maybe a little bit less, but I think the trend should be continuing into 2026. Even though the market is kind of flattish on LV, I think we will be able to grow. In CV, I am very, very convinced that we will grow and actually grow more than the market next year. Talking about supply chain and Nexperia coming from Holland, it's all over the news, as you can imagine. I think people were very worried, and rightfully so, until recently when there was some relaxation, as you mentioned already. We are not out of the woods, I would say, but it seems that it's going in the right direction. I can tell you that to date, we've had no or negligible effects in our customer releases because of this situation. Let's hope it stays like that. As you say, it looks like there is some relaxation compared to just one or two weeks ago. Fair enough? [Foreign language] Yes, thank you. Have a good day. [Foreign language] Our next question comes from Andressa Varotto from UBS. Andressa, please proceed. [Foreign language] Good morning. Thank you for hearing our questions. There are some items I'd like to mention. First, regarding margins, thinking about the trajectory of margin and thinking of the recovery of the North American market. The third trimester's recovery, could you consider a normalized level until the volume recovers, or can the company expand the margin considering the explanation you have given, although there is a consensus that the market will take a while to recover? Another item, also regarding North America, regarding structural components, that influences even more for commercial vehicles. I'd like to understand what is the exposition of these two segments in commercial vehicles and understand the difference. Thank you. I've noted three questions for myself here. First of all, talking about margin and maybe normalized margin. Let me put it like this. If the North American truck market would have been similar this third quarter to what it was in the third quarter of 2024, I think our margin would have been a solid 11%. Okay? When that market comes back, that would be my minimum expectation to be reached. As you know, every year, all other things equal, we will be targeting some volume increase, so some top line increase, and also some bottom line increase. That was our target, and that will remain our target. I feel confident we can make that happen next year, based on how I see things today. I hope that answers the question on margin. On the truck market, within the truck market in North America, there are large differences. The smaller trucks that we, for instance, supply with wheels, there is not such impact as what we see on the heavy trucks. The heavier the truck gets, the more impact we see. I said TRATON and Daimler on their heavy trucks, the Class 8 trucks, the biggest trucks, they really see big drops, 40%, 60%. That is what we are seeing as well for the products that we supply to that segment, but not for the smaller trucks. The Class 4, 5, 6 actually is pretty stable, and you see that back in the wheels numbers in our company because that is the segment that we supply from a wheels point of view, and those numbers are actually slightly up in our company. It is a big difference within the North American. Truck segment between smaller trucks, medium trucks on the one hand, and heavy trucks on the other hand. Does that answer your question? [Foreign language] Yes, yes. Thank you, Pieter. Okay, you're welcome. [Foreign language] Our next question comes from Luiza Mussi from Safra. Luisa, you can proceed. [Foreign language] Good morning, everyone. Could you give us a little bit more details about the difference we saw from light vehicles in North America, with Steel wheels growing up and Aluminum wheels going down? We would like to understand what led to the difference in performance in that sector. Thank you. Thank you for the question. I'm going to answer this one as well. North American Steel wheels, it is a good story for us. I think you will see that actually expanding that situation into 2026. have one very significant business that has just started up in the second half of this year with a big North American EV manufacturer. Believe it or not, those are Steel wheels and not Aluminum wheels. That is a big win. That was a big win for several of our factories around the world. The first one to start up is our plant in Mexico. That is what you see happening on Steel wheels, in this case, in San Luis Potosí in Mexico. That is explaining the Steel wheels story. On the aluminum side, we are changing programs between customers. I am very convinced next year we will see very meaningful growth beyond the market in our plant in Mexico from a wheels point of view at Chihuahua. Even though we have a little bit of a decline right now, we're gearing up the plant for SOPs starting now in the fourth quarter of 2025, as soon as we can, and as soon as we're ready with the tools. We can supply, and that will continue throughout 2026 and going into 2027, 2028. It will be a good story also from an aluminum point of view in North America. I hope that answers. Okay. [Foreign language] Thank you. Our next question is from Andrea Masini from Citi. Andrea, you can proceed. Yes, thanks, Pieter and Rodrigo. I wanted to ask about the Ford aluminum factory fire in New York State that happened on September 16, so kind of recent. It seems to have impacted the F-150 production. Of course, Ford is the second biggest client of Iochpe-Maxion. If we should expect any impact from that on the fourth quarter, this is question number one. Question number two would be any comments you could have on the Section 232 tariffs, which are, of course, on steel and aluminum? You guys have production of wheels both in the U.S. and Mexico, so maybe those two production hubs could be affected by the tariffs. Any comments on that? Thank you. Thank you, Andrea. The Novalis fire, of course, we've all notified that. Even though we see a little bit of impact, so it's not that we do not have impact. We see some impact, but it is more than compensated by the good news that I just talked about in the prior question from Luiza. I think we see some impact, but we have more good news than bad news. Bottom line. It's still a growth story for us. When you talk about tariffs, it's still the same mantra as we have been saying the last couple of calls. Yes, there are indirect impacts that we see. For instance, North America trucks, it's related to tariffs, we believe. We don't foresee major direct impacts for our production in Mexico or for our wheel or components production and sales in Mexico or from Mexico to the U.S.. Still the same story. Very little direct impact, but of course we see some indirect impacts. Hopefully that answers your question. It does. Thank you, Pieter. Thank you. [Foreign language] With that, we are closing the question and answer session, and we would like to give the floor to Mr. Pieter Klinkers for his final considerations. Thank you, Rodrigo. All in all, I would say a third quarter that is a little bit weaker than what we would have wanted and than what we would have expected. If we look at the macroeconomic environment, if we look at the North American truck market, I can say bottom line, the teams have been doing a good job on both mitigating regionally, there where the issue was and is, as well as mitigating the impact from a global point of view. I believe going forward, I have mentioned it a few times. We cannot change the market, but we will try to continue to do better than the market, there where possible, there where appropriate. You can count on us to give it our all to make that happen. I believe in the short-term, midterm, the market in North America will come back. We will be very well positioned to serve that market then appropriately. The rest of the market, we're doing good anyway. Our plan is to continue to do that also in the fourth quarter and in 2026. Thank you very much. Bye-bye. [Foreign language]