Good morning, ladies and gentlemen. Thank you for joining us today. Welcome to Natura 's Second Quarter 2025 Earnings Call. For those who need simultaneous interpretation, that feature is available on the platform. Simply click on the interpretation button, the globe icon at the bottom of your screen, and select either Portuguese or English. If you are listening in English, you can mute the Portuguese audio by selecting Mute original audio. Joining us today are Mr. João Paulo Ferreira, our Chief Executive Officer, and Silvia Vilas Boas, our Chief Financial Officer. The slide presentation for today's call is already available on our investor relations website. I'll turn the call over to Mr. João Paulo Ferreira. Please go ahead, sir. Good morning, everyone. Thank you for being with us this morning. To review our second quarter 2025 results, let me start with an update on the progress of our restructuring journey, which began in mid-2022. Since our last earnings call, we have completed the merger of Natura &Co into Natura Cosméticos. We now have assets held for sale. After the Chapter 11, a dedicated team with the support of our legal and financial teams resumed the separation or the sale of these businesses. This initiative moved on substantially in recent months. Our auditors have rectified as held for sale given the high likelihood of concluding these processes in up to 12 months. On top of that, we are now consolidating the merger of Natura &Co and Natura Cosméticos on July 1st. We now have a simplified structure in the holding company, such as our Board of Directors and investor relations. What does that mean? From this point forward, our continuing operations, meaning our P&L, cash flow, and balance sheet, will reflect only our core business. In other words, Latam and the remaining corporate functions. That said, once the deconsolidation of assets held for sale is finalized, we may still see some non-operational, non-recurring accounting impacts. Moving on to our operating highlights for the quarter. During this period, we took another step in Wave Two, the integration of Avon and Natura in Latin America. We're now nearing the end of this long and important journey, which is expected to wrap up by year end. In May, we completed the integration in Mexico and moved ahead with preparations in Argentina, which went live in July. We still see some volatility in both markets in line with our planning activities. Moving on to brands, our health indicators remain healthy throughout Latin America and Natura brand grew substantially in previously integrated markets, notably in Brazil which increased double digits offsetting the Avon impacts. As we said during our investor day, Avon will go through some repositioning. Its innovation pipeline is being rebuilt. Significant positive effects are expected to come only in 2026. Moving on to our channels, our digital operation increased above the consolidated numbers due to the modernization efforts in 2024, the strengthening of our teams and new sales models such as live shops and marketplaces. Our retail operations also maintained that consistent increase in productivity and efficiency. Amid all these developments, we kept recurring EBITDA margin at 14.7% in Latin America and 14% consolidated, delivering positive cash generation for the firm and net income of BRL 445 million for continuing operations in the quarter. On the ESG front, we earned an A score from the Carbon Disclosure Project for climate and supplier engagement, both of which reinforce the strength of our net zero roadmap and our deep commitment to our entire value chain. More importantly, we also published our 2050 vision and took a transformative step moving beyond sustainability to a regeneration focused approach by mid century. Our goal is to be a fully regenerative company promoting life and generating positive impact across four capitals: financial, natural, social and human at the same time. I'll now hand it over to Silvia who will walk you through the quarter's financials and I'll return later with my closing remarks. Over to you Silvia. Thank you, JP. Good morning, everyone. It's a pleasure to be here with you again, and thank you for coming. Before I start talking about the financial results, I'd like to reinforce a point that JP made in his opening remarks. Given the classification of Avon International and CARD for available for sale assets and discontinued operations, this presentation will focus on Natura in Latam, which is our core business. When we refer to continuing operations, we're always talking about the Latam operation and the holding. We know that these changes are relevant and have an impact on your analysis, and in order to make things easier, we've detailed the explanations in the release and included the reconciliation for the first quarter in the appendix. All the figures for the second quarter and the first half of the year are comparable. With that being said, let's start with revenue. In the second quarter of 2025, revenue grew by 5.5% year-on-year in constant currency and by 2% excluding Argentina. Speaking of the Natura brand in Brazil, the 10% growth was driven by the productivity gains of our consultants with a better mix, price gains, and stable volumes. This also reinforces our commitment to market share gains this year, which has already been boosted by the above market expansion that the brand posted in the first half of 2025. It's worth noting, though, that we already felt a strong slowdown in the Brazilian macroeconomic scenario starting in June, which also impacted the cosmetics market as a whole. Moving on to the performance of the Natura brand in Hispanic, we also saw an increase in revenue, up 17.8% in constant currency or low single digits. When excluding Argentina, this was a healthy growth, but with a significant slowdown when compared to the year-on-year performance we had in the first quarter of the year. This was an expected slowdown as we reinforced during Natura Day given the implementation of Wave Two in Mexico and the preparation in Argentina. Now, looking at the Avon brand, which in line with what we said in the first quarter earnings call, continued to suffer with the effects of less innovation in the portfolio and thus showed a 12.9% drop in revenue in Brazil. In addition, similarly to Natura, but to a greater extent, the brand is also suffering from the evolution of Wave Two in Mexico and Argentina, which is why we see a 13.6% drop in Avon's revenue in the Hispanic region. It's also worth noting that in this second quarter in Argentina, Avon completely discontinued the use of physical magazines and made the transition to fully digital magazines, something that had already been done by the Natura brand and which leads to expected and important impacts on revenue in the country. Finally, revenue from the home and style category grew by 2.8% in Brazil as a result of a successful opportunistic campaign. In line with the strategy we commented for this category during Natura Day. In the Hispanic region, revenue fell by 25.6%. Excuse me, 25.9%, also impacted by the evolution of Wave Two. It's worth remembering here that especially in Mexico, this is a more significant impact due to the greater exposure of this category of the country's total revenue. Now continuing with the profitability slide, you can see in the graph that we went from a recurring EBITDA margin of 13.2% in the consolidated figures for second quarter of 2024 to 14% this quarter. One of the effects of 80 basis points year-on-year is the reduction in holding, as JP explained, which now represents 70 basis points of total revenue versus 150 basis points in the same period last year. In addition, Latam maintained its recurring profitability of 14.7% leveraged by a gross margin that evolved 80 bps year-on-year and which was driven by the expansion of gross margin in all countries that are more advanced with brand integration. This EBITDA margin also reflects an improvement in selling expenses, which also benefited from the efficiencies obtained with Wave Two and Natura's growth in Brazil. On the other hand, administrative expenses showed an increase of 180 bps year-on-year, explained mainly by greater investments in innovation such as those we're making in the Avon brand and in systems, especially the new integrated planning process, which is very relevant to increasing the company's structural efficiencies and which we shared with you in more detail during Natura Day. In addition to that, administrative expenses were also impacted by the expected deleveraging in the Hispanic region, given the volatility of revenue amid the integration in both Mexico and Argentina. After a long journey, it's now time to return to the company's net profit, net income. On this slide you can see how profitability benefited our net income, which reached BRL 445 million in continuing operations during second quarter of 2025 and BRL 195 million when we include assets for sale. This recurring EBITDA of BRL 796 million was partially offset by adjustments of BRL 138 million, which include BRL 88 million in integration costs for Wave Two and BRL 46 million relating to the holding strategic projects. When we exclude non-operational effects such as discontinued operations of BRL 250 million, the PPA, and these EBITDA adjustments I've just mentioned, our adjusted or recurring net income is BRL 564 million. It's important to note that in calculating this, we included the benefits that the adjustments generate in income tax at an illustrative rate of 25% as explained in the early earnings release. Moving on to cash flow, here we see the cash flow from continuing operations for the first half of the year, as we see in the smaller orange bar. In the first half of 2025, we saw a cash flow for continuing operations of BRL 290 million. This was benefited mainly from lower working capital use. The slower use especially reflects the accounts receivable line, which had better dynamics than the typical seasonal pattern for this period given tighter credit restrictions this year versus 2024. The company's cash flow of BRL 290 million is split between BRL 408 million generation in Latam and a use of BRL 118 million at the holding. When we include the expected impact of financial expenses, BRL 299 million related to the company's leverage, we have a negative free cash flow from continuing operations of BRL 9 million. - BRL 9 million. Now we have to explain how we got from a negative cash flow from continuing operations to a change in cash and cash equivalents of BRL 2.1 billion? We'll see this on the next slide to make it clearer to you. Here we are showing our net debt. You can see that it went from BRL 2.4 billion at the end of 2024 to BRL 4 billion at the end of the first half of 2025. This increase in indebtedness is mainly explained by discontinued operations, which have more than offset the positive benefit of approximately BRL 500 million from our U.S. dollar- denominated bonds given the appreciation of the Brazilian real. What were the main effects that impacted these operations? The two most significant effects. First, the reclassification of BRL 735 million of cash from Avon International and CARD, which are no longer consolidated with the company's cash and now are included in the assets held for sale line. The cash consumption of these assets, which totaled BRL 1 billion, is split into approximately BRL 700 million of expected operating consumption due to the expected seasonal pattern this period, and the remainder is mostly explained by unfavorable exchange rate effects, which total BRL 1.8 billion. In addition to that, we also had effects related to the share buyback program announced in March 2025, which to date has totaled BRL 140 million. Also, exchange rate effects of BRL 200 million and, as mentioned previously, financial expenses of nearly BRL 300 million. All of these factors brought our net debt to EBITDA ratio to 2.18 times at the end of the second quarter. It's worth emphasizing that this in no way changes our view of the optimal capital structure for continuing operations, which varies between 1 and 1.5 times. We're always looking at the end of the fiscal year to discuss leverage, given the cash profile between quarters, which for us and other consumer companies tends to concentrate cash generation in the fourth quarter of the year. Finally, as mentioned on Natura Day, our amortization schedule remains very comfortable, with the next major maturity only expected in 2028. Since we're talking about Natura Day, before I conclude, I'd like to emphasize that this will be the last quarter that you will see the release in its current form. From the third quarter onwards, we will share a new disclosure presented at the end of the event, which goes into more details about operational KPIs and the operating income statement for Brazil and the Hispanic region. I'll now hand the floor over to JP for his closing remarks and I'll return for the Q&A. Thank you. Thank you, Silvia. Before we move to Q and A, I'd like to wrap up with a few closing remarks. Cash consumption offsets the good performance in Latin America. The conclusion of strategic efforts for becoming international is an absolute priority for both the Executive Team and the Board of Directors. We have moved along substantially in Q2, but there's still plenty of work ahead in 2025. Wave Two is on track to finish this year, and to get there we still need to complete certain system simplifications and fully transition production from our Interlagos facility to Cajamar. The micro backdrop in Latin America remains choppier than usual. We continue to strive for better EBITDA margins, focusing on operational expenses. We remain confident given the strengths of our business. As we've seen in Natura Day, this is based on five pillars: strong brands, strong markets. And again. We point out that we have brand equity indicators showing that our brands are very healthy in Latin America. We grew above market average with the Natura brand, despite having a lot of work to do with the Avon brand, the single distribution model which we master. We have proven that whenever the integrations mature, direct sales are maintained, remain to gain traction in productivity, and non-direct sales keep on growing above the company's average. Our innovation capacity is second to none. We innovate to protect our leadership as we've seen in the Aura Alba introduction, strengthening the perfume category. We are now the number one player in Latin America and again building market share with introduction of products for hair, a category that we are growing at double the company's average. Of course, new introductions and new launches will help us in our pipeline. A very attractive economics background. We've seen margins getting better and better, driven by markets in which the integration is mature and improved profitability, cash generation, and net income. Finally, we can make a difference with our people. We have improvements in results, we can handle major changes, including the holding, incorporation, and the reclassifications of our assets as held for sale. In summary, we are at the same time simplifying and building our future. Looking forward, the business scenario is less favorable, consumption is slowing down and under a lot of pressure in Mexico and on top of the FX changes in Argentina. Simplifying things with the right capacity makes us feel confident to capture opportunities and face possible challenges. That's it for me. Thank you very much. We'll now have the Q and A session. We'll now begin the Q and A session. To ask a question, click on the Q and A icon at the bottom of your screen and type it in to join the queue. When your name is called, a prompt will appear to unmute your microphone. Please do so. Before asking your question, we kindly ask that you state all your questions at once. Our first question comes from Rodrigo Gastim from Itaú BBA. Good morning everyone. I have two questions from my side. The first is specifically about Avon International. I'd just like to understand from a technical standpoint what are the strategic alternatives that would make the consultancy comfortable in moving this in assets to assets for sale? Secondly, Silvia, you've talked about the deceleration of Natura Brazil in June. Did you feel anything in sell in in your channel with the consultants? Do you have any perceptions of sellout if there's also a slowdown? That's my question. Thank you. Okay, let me start by answering your second question. Yes, we have a detailed model and we can feel movements in the consumer market based on our consultants' activities. We were able to detect a slowdown at the end of June in their activities. I'll let Silvia explain this technically about the reclassification to available for sale. Hi Gastim, thank you for your question. About discontinuing operations with Avon International and CARD, as we mentioned, this was made available for sale. What we can share right now is that as we've said from the first quarter and on Natura Day, this process has the company's full dedication. We're moving fast and we're assessing all of the assets combined in this operation. I can't go into further detail about the evidence that we have but none of them have triggered a material fact or any communications to the market. We will do that when the moment comes. Great, thank you. The next question comes from Vinícius Strano from UBS. Go ahead, Vinícius. Good morning. Good morning, João. Silvia, thank you for taking my question. My question is about gross margin. 80 bps in Latam. Can you help us identify any impacts in pricing, product mix, geographies? What the sales are, what sales are in all these markets? Let me go back to Avon International. Can you elaborate on the exit strategy in deficient geographies? What's the status of that plan? and what about cash consumption? looking forward. Very good. Let me start with gross margin. I'll ask Silvia to explain that further. Let me say that combined operations have seen gross margin improvements. Silvia. Thank you for your question, Vinícius. Let me address gross margin. As JP said, we've had expansions in all countries that are mature with the exception of Mexico, that in Q2 it was impacted by non-recurring transactions in our gross margin. We expect this to stabilize from now on, as it has happened in all combined countries. Solid margins in Brazil impacted by a richer product mix and good price management strategies. Argentina that you also mentioned had healthy gross margin in first half. Gross margins in Argentina are usually below the total average for the region. Again, Wave Two is proving itself in helping gross margins in the region. Let me address your third question now about cash consumption in Avon International. As you've seen in this half of the year, cash consumption was BRL 700 million, slightly above what we had last year, about BRL 500 million, related to operation consumption per se and the difference accounting for transformation costs. Let me remind you that these transformation costs are non-recurring. We made investments in Q2, we're about to make some more investments in Q3, but down the road we don't expect cash consumption at the same level in our continuing operations. For Avon International, consumption this year is expected to be smaller than that of last year. The restructuring moving on according to plan will contribute in that sense, even unlocking some value for the [FX]. The other question is about the status of Avon International. As I said before, the process moving along according to expectations, but it's gaining traction. Excellent. Thank you very much. The next question will be asked by Danni Eiger from XP. Go ahead. Good morning. Thank you for taking my question. I have two and they're both related to Wave Two. My first question is about the challenges you've been having in Mexico, that transition of the magazine in Argentina, and the opportunity that comes with flexible orders from both brands starting in the second quarter of 2025. I'd like to ask how this is currently doing? Are you still facing challenges in Mexico according to your consultants' feedback, and the same question for the magazine? Have you been doing trainings? What has been mitigated? With flexible orders, will this be implemented in all of Brazil or only in the regions where it was already being performed? My second question is about your gross margins. You expanded in all mature countries. Silvia mentioned now that margins in Mexico are close to being stable, but I'd just like to understand when we will start seeing effective gains, especially from Mexico? if you are starting to see that in the third quarter, the expected gains from Wave Two. Thank you. The implementation of Wave Two, during the implementation itself, there's always a level of instability and we haven't been surprised by anything. This was basically in line with what we had already been planning. With that being said, Mexico had a much smoother relationship with salesforces than we had expected, but we had more trouble in logistics than we expected. We had to change transportation companies, close a distribution center, and the mix changed significantly. The demand for Natura products changed significantly, and this will take a while to settle. I am foreseeing that throughout Q3 the operations in Mexico will have reached stability. I'd like to make a side note that gross margins in Mexico dropped in Q2 due to non-recurring effects, which will not happen in Q3. In Argentina it was the opposite to a certain extent. Logistics have been much easier. We were able to predict some of the effects we saw from Mexico, but in sales we're seeing more noise because changes are more significant, such as the magazine. When we implemented the digital magazine in Natura years ago, we saw that this took about six months to be completely settled with our salesforce, and we're referring to a part of our salesforce that started with Avon. I think we'll still see some turbulence in Argentina until the end of the year. What we call multi- flag orders, so effects from one brand that allows a second brand to have an easier entry point, are being implemented and they will provide significant productivity gains. At the same time, we're making adjustments to our commercial model to facilitate the activity of the smaller consultants. All of this combined will give more energy to direct sales to our consultants networks. The first signs have been very positive on gross margins. We do expect to see more stable gross margins, and as a consequence, we will capture more benefits from Wave Two starting in Q3. This is a gradual process, and after combining the businesses, what we expect in gross margins for the second half is for it to remain healthy across the region. Obviously, we are paying close attention to Argentina because that can generate unforeseen impacts in this journey given the exchange rate fluctuations. Thank you. João Pedro from Citi asks the next question. Go ahead, sir. Thank you. Good morning. I'm sorry, but I would like to go back to the previous point. What has changed when compared to the first quarter was why wasn't this asset held for sale in Q1? What was the reason behind it? Is the plan improved? Can you elaborate as to why that asset was not held for sale in Q1? A question to you, Silvia. What does that mean to the premium? Whether you can capture some tax savings? A question about operations, JP, do you believe you have to adjust the deadlines or the extensions for consultants? Are you gaining market share and how are you going to position? Do you believe there's a need for any adjustments? Hi João. As to Avon International, what happened between Q1 and Q2 is that the process simply evolved. There are many steps taken along the way to restructure all these operations. We have to conduct market surveys in. The mar. That moved along and consultants deem that the likelihood is very high to happen, to be finalized in 12 months. That's what happened, that's as much as I can tell you. Let me address the operation now, and then Silvia will answer the next question. Consumption is slowing down in Brazil across the board. I've seen reports from other consumption companies. That seems to be a trend, and we've been monitoring relative performance, and we have results that indicate we are gaining market share. We believe that the second half will bring slower consumption, and that's why we have to make operational adjustments. We are controlling credit delinquency rates, which are very slow, but we have to adjust the mix, and the mix will have to be moved more towards daily consumption products and a little less on beauty products that are more discretionary in nature. We have gained experience in the recent past, and we make adjustments in our offers so that we can maintain our productivity. In other words, we have to navigate these waters according to the market waves, and we are well prepared to do so. Hi, João. João. Good morning. Thank you for your question. Let me address tax benefits from the reverse incorporation. We keep on assessing every possibility, and we're going to include those that make sense, but we're still in that consideration phase. Thank you very much. The next question will be asked by Ruben Couto from Santander. Go ahead, sir. Good morning. Thank you for taking my question. I'd like to ask about G&A expenses and R&D for the rest of the year. I think that was impacted from the reclassification from IT to OpEx, but I think there's still a lot of investments to be made in innovation and other things. I'd just like to understand if you expect expenses to grow closer to the second quarter's level or should we expect that for the rest of the year? Thank you. Hi Ruben, good morning. Thank you for that question concerning G&A. As you said it yourself, we have been making investments into innovation not only in Natura but also in Avon since we took over R&D and management for the brand here in the region. That's a very important point in recovering our growth in Latin America. In addition to that, we're also making investments that are extremely important to execute our strategy that will unlock more value. The Structural Journey and Systems was focused on reviewing our integrated plan and that's one of the enablers for that. Considering intangibles, we still have a 20 basis points impact in Q2 and starting in Q3, we will have a more normalized level. For the future w e expect until the end of the year to capture more efficiencies from Wave Two in Mexico and Argentina or from other efficiency initiatives that we're pursuing, just as JP said. It's important to highlight that the slowdown in Brazil will make this a greater challenge. We're always seeking efficiencies in G&A so that we can continue making investments to enable our strategy. Obviously we are very disciplined in allocating capital. We're focusing on returns and we're combining these two factors to support our income year-on-year. That was very clear. Silvia, thank you very much. Luiz Guanais from BTG is up next. Good morning, JP. Good morning, Silvia. Can you give us some more color as to the cash generation drivers for Natura Latam? You talked about working capital and the discipline in capital allocation. Can you elaborate on what we can expect from now on as far as cash generation goes in Natura Latam? Thank you. Hi Luiz, good morning. Thank you for your question. Let me address cash generation in Latam. We have cash in Q1 and Q2, and more specifically in Q2 the main driver was operational working capital, mostly in accounts receivable. Basically, because of what JP said, we are more credit constrained to handle the scenario when compared to the situation last year. We had two important quarters for Latam because these are seasonally or traditionally consumption quarters. Looking forward, we expect to keep on improving on the cash conversion in 2024. The conversion rate was significant, and we expect that once we finalize Wave Two, putting an end to the transformation cycles and a simplified holding structure, we will then be able to convert even more cash. Anyway, we expect to have better cash conversions this year for the remainder of the year when compared to last year. Thank you, Silvia. The next question will be asked by Irma Sgarz from Goldman Sachs. Good morning. I have two quick questions about the new product launches and innovations, especially for the Avon brand, but also Natura. I'd like to understand the timing for that. If you could tell us a bit more and if this is still expected for the second half of the year or if it's expected for next year? Also, what should we consider for investments in marketing for the channel around these new launches? I imagine that with this slowdown it would be very important to also support the new launches with marketing, but I'd like to understand your thoughts on that if you believe that is necessary. My second question is about the medium term with channels growing, you know, beyond direct sales at a very fast pace. Other channels have been growing at around 10%- 15% of your total sales. What can you tell us about this mix between direct sales and other channels? How do you believe it will go in the next years, especially concerning the digital store that you have and the growth that you've been having in this channel? What interferences do you see in the traditional channel? Thank you. Hi. Starting with launches, our pipeline is being rebuilt and there are some launches on this pipeline, but significantly, we will start seeing them more at the end of the year. We expect effects from this in early 2026. We're confident about this effort, but it's the result of a complex repositioning for the brand, so it will take some time. Natura still has a very robust pipeline and that's why we've been seeing significant market share gains across all categories. We lead in fragrances, body, and the other categories that we're deciding to get a better share on, such as hair products. Our launch pipeline has been very robust in Natura. Evidently, it needs to be supported. When there's unrestricted consumption, the strength of the brand makes a big difference. Training our consultants is also important. These are some areas that we are continuing to invest in. That's why we're seeking efficiencies in other lines such as G&A, as Silvia just mentioned, so that at the same time we can ensure that we will have profitability gains and more investments to our launches, supporting our brands and our consultants. Now to talk about our online retail channels. Our strategic plans are for these channels to continue growing above the average for the company in the next three years. We expect that these channels will grow above company averages. We've been learning to manage channel conflicts as they appear. We opened our first store in 2016, so that's been a while. We now have over 1,000. We've been learning to deal with conflicts between channels as they come up. This is solved through price policies, promotions that are specific for each channel, assortments. This all makes all channels equally profitable, and they make participants, especially consultants, have good business opportunities. We feel very confident with this accelerated growth. Thank you. Pedro Pinto from Bradesco BBI asks the next question. Hello, everyone. Good morning. Thank you for taking my question. The first one has to do with the environment. In Mexico, you've detected a lot of pressure, something similar to what happens in Brazil. The company is making the necessary adjustments in Wave Two. Can you elaborate on your feel from the market, maybe a potential slowdown in demand? What about your market share for brands in that region as well? Thank you. Hi, Pedro. We have been keeping track of several r eports s lowing down in orders in Mexico, which will impact the macro. The macro scenario that impacts our market. We have the smallest market share. In relative terms, we have a lot of room to grow. I cannot say that the macroeconomic scenario is impacting us directly, especially with the micro changes in our internal activities. We're now implementing those internal changes, and I believe we'll be able to gain market share despite any market slowdown because we are relatively smaller there. Of course, we are closely monitoring everything. Thank you. The next question will be asked by Bob Ford from Bank of America. Go ahead, Bob. Thank you. Good morning, JP and Silvia. What are your remarks about future capital injections into Avon International? What are the beauty segments that Avon is losing share in? What are the efforts you're making to recover the brand? Thank you. Hi, Bob. Good morning. Bob, can you repeat your first question, please? \ Yes, of course. If you can talk about cash burn at Avon International and if there's any potential for future capital injections? Hi, Bob. Okay, now I understand your first question. Cash consumption at Avon International was around BRL 700 million, as we mentioned, which is expected for the first half of the year due to the seasonal pattern for the year. There are still impacts from the investments into restructuring that we made, which will give us more value for this asset and will contribute to reducing cash consumption at Avon International in comparison to last year. Regarding investments, we mentioned that during Q2 and Q3 we will have investments in restructuring. This is all in the plan that Avon International has been leading. Your second question was about cash consumption in Latin America. I don't have a lot to add to what I've already said. You have been analyzing the market for many years, and you understand that when we have pressures in consumption, we tend to see migration from beauty categories to personal care. We have been seeing that to a certain extent. We also see movements towards lower price points in the beauty category. Our portfolio was quite broad, and this allows us to capture many of these changes. We also have a broader presence. As we mentioned during Irma's question, we have channels that are available in different moments and that offer different purchasing options so we can maneuver with these changes in the market. We have been monitoring trends very frequently. We're making adjustments to what portfolios we're trying to encourage so that we can navigate these waves correctly. JP, would you be able to migrate Avon into an umbrella brand furniture? that seems to already be happening in Brazil. No, it's a second brand, it's not a secondary brand. It has different offers, different price levels, different target audiences. The commercial rationale behind it is different as well. The goal for Avon is to serve a different audience than Natura. The sales force is learning how to deal with multiple brands. It's the same sales force, but it should not be a sub- brand for Natura. Thank you. Andrew Ruben from Morgan Stanley asks the next question. Go ahead, sir. Thanks very much for the question. Just thinking about some of the Latam markets, you spoke already about Wave Two in Argentina and Mexico, but can you provide an update on some of the markets where you're more progressed with Wave Two? Maybe Chile, Colombia, how these markets are performing in terms of growth, margins versus the segment average, or just any other color now that you're a bit further in those geographies? Thank you again. Hi Andrew. Yes, in actual fact, in those markets in which integration is mature, Chile, Colombia, and Peru, we've seen the business grow overall with important representatives. Growth or the number of representatives are growing a relatively stable channel back to the growing trend, and at the same time bringing in margin gains, both gross and EBITDA margins. We remain satisfied with the results we've had so far, and I remain confident that the same thing will happen in Mexico and Argentina once we go through that initial phase. This concludes the Q&A session. This concludes the Q2 Natura' s Earnings Call, and the IR team is available to answer any questions you may have. Thank you and have a great day.