Morning. It's a pleasure to have you here. Welcome to Marcopolo. We're always very proud to have people from our home, people who live our everyday routine. We always say that being here is different from being connected. I also would like to thank people who are connecting. It's to see how we are doing in terms of production, the energy of the team, how we are evolving as a team. It's a pleasure to have you here. Let's talk about the current moment and the protagonism of Marcopolo. Why protagonism? The view, sustainable view. We understand our role and in our role, looking at the current market today, we can see the market lacks as a provider. What is that? I bring a little what Marcopolo did in its history. We have gone through many complex years, and in these complex years, we thought about new solutions and some I can highlight that are important. The market was retracted, and looking at the market, we thought what we can do different, what can we present to the market? We thought about biosafety solutions. Looking on that difficult time in the market, as a bus manufacturer, I need to propose new ideas and to bring new solutions. The year of 2021, a market moment that was very retracted. The company launches G8, and the purpose of G8, that was what the company was doing. So we looked at the market and we thought, "I'll bring a new product in a reduced moment." Yes, and that is the role of the organization to understand how to propose new ideas in these times. Ricardo will talk a little about the market. We have been growing on the market. From 2015 to 2019, we grew, and from 2021 to 2024, and now we have a bit of a flat curve again. On a way, we understand it's okay, but on other side, we carry this view of renewal. We need renovation. In this curve, we understand the renovation will come after, and this is one of the big advantages on our business. To know there is this innovation need and showing more efficient products. Customers are seeking for better products, and we, as a company, we are looking for alternatives. Today, we are connecting the market more and more. We're looking at this moment, and we understand our relevant role as a bus manufacturer. That goes through many things for public transportation share. It goes through impacts on taxes. It goes through a number of different things. Let's see here what was our proposal. Besides products, we have already presented panels. The proposal of the panels is to spread around the sectors. As you saw, Edmundo, president of NTU. We had discussions with banks, financial discussions, panels on tax reform. We had panels about new energy. The goal of the company that moment was really to get the sector all mobilized. Goiânia, the city. Cities that they could structure themselves with renovation. Among the good examples, we have electric bus sales, gas bus sales in a city where the level of passengers is very similar to what it was pre-pandemic. This is the message I want to leave you. Continuous fleet renewal necessity, and we are restructuring. The cities are renewing. They are rescuing the system. We have the role of mobility, whether urban or road mobility, connected to contamination reduction, quality of life, and that goes to the other end, not just life quality in the cities, how much that moves the economy and avoids waste. That is what we are trying to do, trying to bring a number of different institutions for discussion. I covered transportation, I covered the public transportation, but besides that, we need to talk about our core, our product, understand the current moment in the market, bringing solutions that reduce this gap. The current gap, besides renovation that is happening in a slower way, we see the costs. War impact, diesel cost, how much that impacts around 40% cost in operator, that is diesel. I will be showing you the new launches we had in some fairs, G8 Tech. They come with this idea of reduce, bring more competitiveness, and improve this value to our operator. Also, safeties are trying to bring them back to the system. Using Goiânia, Brazilian city example again, when you create a system that works efficiently, when you synchronize the move of the traffic lights, you create a better mobility environment, and that is what you see in our products in our market. This proposal, this is the message I would like to leave you, this proposal, move of proposing things. Again, the biggest role is to be the main protagonist in solutions. I am talking about a 5-ton bus, until a double-decker. Here is our portfolio. Today, we are global leaders. We have the largest global product portfolio in terms of buses. We understand our global presence also allows this range. We have a very good share of procurement, of purchasing in global markets. We will have markets mainly where we have production, where the urban presence is strong. Now talking a little about energy transition, the companies, what they have been trying to do. We do not have a crystal ball to get the right technology that the market will use next. But based on geographic location, the range of portfolio, the technology solution will be varied. I will reach a certain market and the energy will be different, the technology will be different, either electric or gas. We really need to understand what kind of technology that better makes the transition, makes it happen. Today, we see that our operators in many markets, to renew, to change from diesel to another solution, either because they do not have infrastructure or because the solution is not available or because the energy solution was not a good idea, the cost of operation. From the moment we understand which solution better brings competitiveness to the market, this is the one the company develops. For example, Argentina. Main discussion in Argentina today are the market. They have a competitive cost. The product, the fuel is cheaper, the solution that is better for the market. Besides all the panels and all the discussions we had, we brought some solutions of propulsion. Electric works very well for São Paulo, very well-established infrastructure. We have other solutions in other regions of Brazil, of power plant and biomethane transformation. We brought our hybrid bus. When we look Brazil's market, we understand how ethanol is important because we are the global producer of ethanol. We understand this is one of the most competitive solutions to sell in the Brazilian market. We have been carrying out tests, the Volare you saw at the fair. We have a similar product, Cetran, the companies that make passenger transportation to the power plant. We can see the competitiveness of product. The cost is relatively cheap, and it serves the decarbonization issue. We covered that before. Ethanol works as a generation engine, and all the mobility is done through the electric motor. It is an electric product, but there is a ethanol generator, and it's in its life production, what generates in the engine also in a sustainable way. I think the big message here is not when we are searching for mobility solutions, this is the big message we have here. In fact, what we have in Brazil working, international market, talking about gas, talking about bringing electric solutions. This amplitude, this range of portfolio is what will make us invest in solutions that will generate business for Marcopolo. Our presence, we are acting in all these places. Australia, it's been a big result for us. It was in 2025, is in 2026, will be 2027, a very major presence in this market, very focused engineering here. China with a smaller operation, more strategic. We have been working new technologies coming from China. Of course, the company learned to develop all its supply chain very close, but we keep China as a hub to be explored in terms of technology and global sourcing. Also at South Africa, an operation with good results. All of them in this year, the market's a bit more retracted except for Australia, but operations are being adjusted and aligned with the Brazilian market, our biggest development center for the company. We have this strong work of creating technology bases and engineering bases that can serve the other plants as well. Many of the global platforms of products we are developing, Brazil is one of the big centers that develops. But the company has brought technology from other places. Yesterday, we were riding a bus that we got a lot of solutions and ideas from the Australian market. We have been working this consolidation. Australia, Pablo will talk later. A relevant operation, 100% ours. Colombia, that comes in a very interesting moment of renovation, especially TransMilenio. We will see in the next months, growing results in operations. Mexico, as we will cover later, talk about their market moment, and our presence in the U.S., the second biggest shareholder. The American market is a market that Marcopolo has been looking at consistently. The European market is a market to be explored by Marcopolo. In the case of Europe, we have done some contacts. After the end of this year, beginning of next year, we will have G8 in Europe. We have been doing a few exportations from Mexico to the U.S. We are also looking at that market as a global company who wishes to grow and wants to expand its geography. Speaking a little, what I said before, our position as a company, we want to be more and more competitive in the sense of mobility, markets where the company performs in a very relevant way with important market share. Many of the markets we act today, they are big purchasing markets with big fleets, and that's what we understand. Our role is important as a market leader to bring in products, new technologies. We were also talking about joining and getting all the ideas together. Our engineering teams are developing products in a more global way, bringing and taking technologies from one place to another. In Europe, product coming from Brazil with some adjustments, of course, to meet the demands of the European market. The product we develop in Brazilian market has a very interesting global acceptability. China has just launched a G8 that was produced in China to serve the Australian market, and some new launches we are doing, they are looking more and more to big platforms. Module global that we can enter and implement in each of these markets. Two big products looking at the current moment. The client wants to renew. I think this is an important message that is worth telling here. I know you talk, I know you have the opportunity to talk to all the markets. The markets they want to renew, they want a new product, they want to attract passengers, but I said before, in terms of urban bus, the costs with diesel, materials related to internal situations that we have, they are things that have made this be a bit harder. They need availability, they need product, they need efficiency, they need alternatives, and then in this moment, Marcopolo brings two important solutions, Torino and G8. Let's talk about Torino first. It's our flagship of urban segment. We launched Torino 40 years ago, so it's well-established, over 120,000 units. What we bring, analyzing the market and the needs, we need to work some things to mobilize. First, efficiency, especially a product where the maintenance time is faster, that it is less stopped in the places, it's more efficient for longer. This is a moment that we need the fleet on the road. I have the impact of diesel in my operation, so thinking about that, we need to bring solutions that really got the market together. You will see some alternatives we are bringing to the market. Speaking about comfort, about seats, thermal comfort, temperature distribution, the operator comfort, the driver. We're trying to create a more comfortable environment for the driver. Fleets roading for longer, the availability of the product. An urban operator today needs the fleet roading, circulating, and here we say, when we launch a product that is over 40 years of history with established structure, we are offering reliability to the market. Some fronts of Marcopolo, some of the solutions to make the maintenance easier, to leave the bus from the garage, prevent failures, anticipate product flaws, and shortening the idleness of the bus inside the garage. So we need accessibility solutions to shorten this operation time for the passenger. Let me show you guys a video. Torino has been launched at Lat.Bus in August. It has been well approved and accepted. We started producing it. We're going to produce most of them in São Mateus plant. We might have it in Caxias do Sul plant too. Besides being an amazing design, we see that the operator is another big hit. What they aim at, people want the buses to be in action, to be on the road. They need to be forecastable. They need to be available. When we talk about engineering, it needs to meet the needs of each geography. We need to bring solutions to really move the sector, and that is what we have been doing. The new version of Torino 2027, it brings this goal. It has this goal on it to really reduce all these costs from our operators. Talking about road, we launched G8 Tech. It aims at technology, efficiency, and comfort. Some solutions aim at the operator and the passenger as well. The system in general, considering the driver, we think about solutions that are connected to acoustics, thermal, and also seats. Some options that bring comfort to passengers and drivers. We also improved some effectiveness in this efficiency, considering the reduction in fuel use. The company has worked with ITA for a while, and we proposed a challenge to them to reduce, basically, the coefficient of slippery and some solutions were connected to the side and to the rear of the vehicle and together with the change of mirrors, we changed mirrors to cameras. We also were able to reduce the consumption of fuel. We also worked on some technology options, talking about safety for passengers. We are using AI in our vehicles, so they recognize the fatigue levels of the drivers, and if they are too tired, they basically suggest the driver to stop and take a break. Solutions related to safety, also to passenger comfort and also some solutions related to aerodynamics. Launched in 2021, as I said before, it was a courageous and bold move we made to find solutions in a specific moment, and it was well received by the market in the first and second year. More than 500 units exported. It is our flagship in road, as Torino is in urban. We basically have always been trying to anticipate and understand the needs of markets, trying to reduce operational costs, trying to make the fleet available for the operator. Looking at all that, we put solutions into this vehicle that could benefit them. I have spoken a lot to our operators from Brazil and others in order to provide a very competitive business. The feedbacks show us that it basically is a great competitive advantage for those who use it. We have been producing a lot to Brazil, to Latin America. It is also going to be produced in some other plants around the world. In Mexico, we are going to be able to export it soon. It has already been produced in China to also deliver to Australia. The idea is to have technology on board with all our solutions. As I spoke about the slats, what our operator worries the most is the cost, is the uptime to have the fleet available and the cost of diesel. When we work more widely, trying not only to reduce weight, but also to reduce the drag coefficient, we are able to reduce about 3.5% in the consumption of diesel, which is one of the bigger costs. We show that we are together. Here I will raise the work that has been- [Non-English content] Good morning. I will be talking a little about the financial scenario, about performance, some indicators, and bring some additional data. When we look Marcopolo today, product solutions, this protagonism of the ecosystem. We also prepared for a market. We knew all this repressed demand. We thought it would be stronger, especially in some segments, such as the urban segment. We have seen the reflex on these repressed demands. Ricardo will cover more in terms of production. We can see the fleet with added value also impacts on the expected revenue. When we look the net revenue point of view, it's our second semester information, where we see here the company shows a growth. The second quarter of 2026 comparing 2025, net revenue increased 3%. We can also see that in the first six months. Here, in fact What helped to compose this revenue, microbus, around 8%, 9%, they represent in the revenue, coming to 18% of this year. The micro volume is very important. The Caminho da Escola program represents a lot, and also the Ministry of Health concentrates a lot in our first semester, generating this significant volume in number of cars, added value in terms of revenue. But when we look the accumulated, the consolidated number, we can see the growth in the year. That reflects when we talk about our profitabilities, our EBITDA margin. We get from a margin 17.3% to a margin of 14.3%. So our added value in terms of revenue, because of the microbus number. We see with these contracts, the prices that were in the last years. We feel more the last deliveries, and that makes our profitability numbers to drop 3% when we talk about absolute value when we deliver. But we can see in practical terms that a smaller profitability, this is the big point, the number. When we look at these numbers, we have a discipline inside our business from the point of view that we are looking expenses, capital reduction, to maintain this delivery level. Effectively, this is what we are searching more and more. In terms of SG&A, we could deliver less with the SG&A as we delivered last year. But as André said, we are working a lot the competitiveness because we know that at least in a short-term horizon, our demand doesn't come in a level we have designed. All these, the Marcopolo protagonism to try to strengthen the ecosystem. It's a system that comes in a sort of degradation. The operators, they suffered impact in the last years in our operations. In tariffs and taxes point of view, they didn't suffer the necessary adjustments, costs like diesel, tax reform, other things that this segment is trying to restructure itself, but not to the point of big purchases. That makes our operation to have an impact since this is the biggest volume, especially in the Brazilian market. We are always reinventing ourselves, and that's what Marcopolo has been showing through the years, even in the pandemic, or in fact, making the necessary movements to bring this or when we launch new products in the market. I think this is the moment we challenge internally to discipline ourselves in terms of costs and having an EBITDA margin that we are delivering in this moment. When we talk about revenue, we look the operations that consolidate our results. The first semester of 2026, first half, Brazil has more representativity. Microbuses help a lot this revenue composition, but we also see impact into big markets. They end up effectively contributing for global results. Australian market, Argentinian market. We see the Australian market having more representativity. We have more the exportations from Brazil. We see South America, and despite keeping the same number of share, we see our currency BRL stronger in this first semester and the margins we delivered last year also summing the competitiveness challenge. We also see an operation in terms of volume. We had a big renewal in 2024, 2025. When we see the Australian market, we have a long line. The main markets we act in Australia and markets that didn't even start the renewal. Markets that we had big clients. When we look the scenario that we are performing, the volumes we are delivering in Australia, we are still not considering the most relevant markets starting their renewal process. What we have in Australia, it's a restructuring process. In Brazil from 2021, 2022, when we basically have a big skip, a big jump in our business model, where we adjust volumes and we have a more disciplined operation. In Australia not just from capturing a relevant market, we see, but also profitability, rentability. The first term here, the first semester, you can see the numbers comparing to 2025, and the operation maintains in 2025, especially because inside the bids that happen, we have a portfolio that is enough to occupy all of our operations. In terms of portfolio here in Australia, we have a wide operation of performance segments, urban, road, G8. 1 and a half years ago, we launched a There's a very interesting perspective to be acting, performing in a segment where we weren't relevant. It's still not generating all the potential of results we can see here. It affects something. We can think it's an operation that still can generate good results, can deliver good results. From the international market point of view, here covering Mexico's going through a discussion with U.S., Canada, and that has delayed their renewals of the decision-making, the investments in Mexico. When we look the volume in the market, the total market was around 2,000 buses, and the years before, the number was 7,000, 8,000 buses. So there was a significant drop in the Mexican market. We see the coach bus segment is concentrated in five big customers, and these customers are discussing financing. Last year, recently, we see the decision-making issue for the clients was the financing, and we have very competitive lines of credits that ends up making a difference for these clients. The solutions we showed you, they are being taken, delivered to Mexico, showing what can be done to the client from the operational point of view. We have demanding customers, and this demand tends to come in the next years, and for the Mexican operation. Also worth mentioning, Argentina. It's one of the most relevant markets we have, both coach and urban buses. Marcopolo is a leader in this market, but in renovation since 2018, we can see the market purchasing only what's necessary. In this context, what is local is being manufactured by local bus bodies manufacturers, and the segments on the road. Marcopolo doesn't have such a market share there. We see a strong movement in the cities adopting policies to adopt, to renew the fleets. When we look Buenos Aires, we see the vehicles, we can enter either with GNV or electric. So we combine product solutions that Marcopolo is developing, that it's much more about the financial scenario in Argentina to promote fleet renewal. But we can see conversations starting, and we haven't seen that since 2019. From the coach bus point of view, we can see that, in fact, clients, things in Argentina, they start getting stronger. Last year, we saw a significant difference. We produced 578 buses, and we see how much that is sustainable because the market today, if we take the track record, we have around 450, 600 buses, coach buses. From what we exported from Brazil to Argentina or what we produced entirely here, and from seen here until 2024, with things related especially to economy, we saw these purchasing moments because of systems the government created to treat the border division systems. After the peak, we had some other moments, and we can see in terms of Argentina, we should see this market flat, but we can see a credit scenario in Argentina. It's gradually growing. When you see their GDP on 10%, 12% credit versus GDP, it's a shy scenario facing other markets comparing to other markets. But we see it's a market that is restructuring itself, creating the mechanisms that people can go back to credits. When we look to some acquisition in Argentina, the client can, in most of the times, finance just a part of this bus. So we need this client to have the immediate capital allocated. Now we can see it also depends on a bigger construction on the financial market. We can also see a portfolio in Marcopolo Argentina. It's a Marcopolo that serves the necessary demand. In the terms of customer relation, we have kept in Argentina for the last 20 years, we have created a good relationship with customers, and the key relation is availability of the car, of the vehicle. That puts us as a good partner when there's fleet renewal. Then in net income, we have a favorable scenario in 2025. We are not doing much here in 2026, but there is a restructuring in the second semester, always thinking that if this demand is coming in a situation, we are ready. We adjust the demand in a way we can be fast, and we don't lose any resources. The international market, Argentina, Mexico with good expectations, with the adjustments made, so we don't have losses in these operations. The Australian market relevant from the results point of view, the ones we had in the first semester. New Flyer, Colombia. We have in the first semester here relevant operations. New Flyer, we have this recovery process. We follow up this operation as an investor. We are very close to the operation because we see the market is a market where New Flyer is a big player. There were some important players who left, and they can access the federal resources, and that is a differential relevance when they offer products. They have adjusted prices. We expect they have good profitability. Colombia, it's delivering a reasonable value, but when we look medium term, we have TransMilenio, we have the renewals that happen in 6 to 12 months. We might have a specific ramp-up production moment in Colombia, and that will also make that it generates a significant value for their company. The profitability, when we look to our ROI, we have 1.2 percentage points. We also count almost 95% we had distributed last year, JCP and other. Our ROIC, the impacts in our margins, they have 3.1 percentage points in our ROIC. The working capital micros helped us in revenue but also established the volume of capacity. We see working capital analysis. I'll go back after. In the second quarter, what we have here is BRL 49 million in our operating cash, and a lot of that is because of receivables, around BRL 500 million, and that is a lot to do with the programs of Ministry of Health, Caminho da Escola, and they bring us this difference of competitiveness. But from the financial point of view, the system of payment of the government is longer, and we also have the elections in Brazil that have a wait. We have some government issues coming from amendments. So we have to wait until the end of elections to have some receivables paid, and that's what happens when we have longer cycles like the Caminho da Escola. We can see that, in fact, the company has been kept the indebtedness even with longer financial cycles or with other kinds of distribution. We, in fact, can maintain the indebtedness of the company because we have a strong discipline in terms of expenses and capital allocation. When we talk about capital allocation, we have definitely, especially 2024, 2025, we understand we must be keeping this level. We launched some products, we launched new families. We have been acting different and also seeking more and more vertical processes that make sense within this technological renewal products and deliver products that are more suitable globally. So here you have the opportunity to meet the operations of Marcopolo, a very relevant investment we did in the plastics, in the most diverse technologies, and here is where with something we can bring to the product, especially in terms of competitiveness. When we think about the levels we have today, we see we are preparing. The three big markets, Argentina, Brazil, and Mexico, they have this repressed demand. The demand will come, and we need to be prepared. When these markets return, we have the capacity and the technology to depend less on people, but also use the operational leverage and bring a bit more. From the shareholder remuneration, we have, following what we have been talking along with you guys, we have in the first semester 0.21 of payout, also summing the dividends that we paid related to the second quarter. We had 95% of profits that were distributed and also our liquidity scenario and taking the opportunity that we see to repurchase. We have approved the biggest program in the company, bigger than 2024. We are working the possibilities, but really to take these opportunities, we have a lot of added value so the company can be effectively delivering more than that, the repressed demand from the market that we believe will be better in the next months. If you have any doubts or you need to clarify anything, I will be here to talk to you. Thank you so much. Good day. Morning, everyone. Let's get back to business. It's a pleasure to be talking to you today and to the ones remotely. I will talk about the market scenario, the way the bus business is now, and how Marcopolo has been capturing the opportunities in this current challenging scenario. I start by the graph of the Brazilian bus production. We talk about the total production in Brazil, for the Brazilian market and for exports. We divide it by three blocks. In blue, you see Volare. In light gray, foreign market, and in dark gray, internal market. Since Volare started, we have sold the integral unit, body, and chassis, and for exports. This graph actually shows the growth over the years, as previously said by Pablo and André. In the beginning of this year, when we see the first half, considering the perspective of production, we see some growth. Later I will talk about in terms of segments. Speaking about the domestic market, since the post-pandemic period, every semester, there is a growth showing in our market. This growth has been consistent time over time. Until the middle of 2025, when the second half showed a reduction in comparison to the previous second semester of the previous year. We could see this reduction coming up since last year. The first half of 2026 then, when we remove the purchases from the government, speaking firstly about coaches and then chartering, a reduction of 20%, and urban, a reduction of 18%. In micro, without considering the purchases from government, they have performed better, but also dropping about 8%. When we consider the governmental purchases focused on micro, there is an increase comparing the first half of this year to the same of last year, mainly because of the Caminho da Escola program. We had some volumes from a previous batch, and also the Caminho da Saúde. That is a new program that has also brought an additional volume. We also had some small demands from municipalities and other states. When we see the first half of this year, the volume is higher, mainly brought by these governmental purchases. Otherwise, there would be a reduction in volume. When we talk about exports, as you can see, comparing 2025 to 2026 first half, the year-over-year, 2024 to 2025, we could see a growth mainly because of exports to Argentina. This year, the volumes of exports is lower. As Pablo mentioned, the Argentinian market has changed and Marcopolo is responsible for more than 50% of their exports come from here. It was not possible to compensate everything with other markets such as Peru and Bolivia. We can say that these numbers have added positively to us. Considering the consolidations, when we take a look at a long-term past, when we had lower interest, when we talk about average, considering the standards over the years and also considering the aging of the fleets, from 2025 on, we see that the scenario of this aging of the fleets started growing. So, even though we have been selling more than 25,000 units internally in Brazil, it is not possible to keep this age of these fleets. We have been repressing some of the sales year-over-year, and we believe that we are going to have recoveries from these old fleets as well. Talking about sales to government, these sales from the Caminho da Escola program started in 2007. In the beginning of this year, we concluded the previous phase and the phase 13 has been started, and by the brand Neobus in partnership with Volkswagen, now completely with Volare. We won this batch, and that means that we are going to sell more than 7,000 units. There has been a break between the first half and now. Since last month, we have effectively been able to move forward considering this contract. Now we are going to start producing from the third quarter on, and mostly from 2027 onwards. Because considering the tender that was longer than expected and previous ones, we also have now the election period that also delayed a little bit this program. Phase 13 has been started now and the productions are going to start from third quarter on and will continue in the following year. Therefore, we move on constantly. The other program we have to talk about is the Caminho da Saúde. The Ministry of Health has made this purchase. Marcopolo, together with Volkswagen, also won this tender of these 3,005 units. We have delivered these blue buses on the right, 1,500 units. This tender is actually still ongoing, but during the election periods, we have to stand by and wait. We expect to have even higher volumes. This first phase was very successful. Caminho da Escola you know well, but Caminho da Saúde, as it's a new program, maybe some of you don't know about. Through the Ministry of Health, they buy these vehicles and they distribute through municipalities to chartering of patients that are under treatment between cities, considering the journey from their homes to the reference hospitals. These vehicles have been distributed to the cities which have this need. In both programs, Marcopolo participates with Volare and Neobus. Volare and Neobus in Caminho da Escola, and only Neobus Two Caminho da Saúde. Here we're talking about a long-term partnership, not only about being part of the tender, but also going beyond, bringing benefits in the development of product, considering that we have been adding technical details that make us even more highly competitive. Considering price, we can also gain volumes and results to our goals. Just adding these sales to governments is one of our goals to recover our volumes in periods like we are living now. This is a map from our presence. I not only bring the factories, the plants, but also our points of service, our sales strength. As I said, more than 50% of our exports are from Marcopolo brand, and most of them, more than 70% of these exports, are from products from coaches, so from highly added value products. As you can see, we have a huge distribution network in Latin America and in Brazil, and these make us strong to be present in all Latin America, and it brings relevant participation in terms of market share locally. This is our presence in Brazil, considering the three brands in three different colors as you can see on the left. We have Marcopolo network, Volare network since 1998. Volare has been sold as an integral vehicle, chassis, and body. Neobus, we use this brand for these governmental sales. Each one of our brands has its own independent network. Marcopolo, we can see that we have our own representatives, our own subsidiaries, and service points. As you can see, Marcopolo has the biggest service points. In Volare, we have 26. We make up their sales more similarly to what happens to the automotive segment. The sales, they are separate. Actually, at Marcopolo, we have the purchase of chassis and body separately, while for Volare it is a single sale. We service 26 economic groups. We have one, our own dealership in São Paulo, and it has been guaranteeing a very expressive market share, 54%. As I spoke about Neobus, it's specialized in the after-sales of governmental sales. Another important point to share, for a while, Marcopolo has been not only making the bodies but also chassis, considering the integral Attivi and Volare with our own chassis. For that, we have been structuring our parts, our spare parts network, so we can capture this opportunity, and we can sell items for our chassis that are things that are very largely sold. So we can sell not only chassis, but also chassis parts. We have restructured our brands and all of that under the umbrella of Marcopolo Parts. One segment focused on the genuine parts. Another vertical for services. Services for all our products, the ones that we put on others chassis or our integral vehicles. New parts that have been reworked and reused. This is a segment that happens a lot in trucks and commercial vehicle. Sorry, automotive segment. They come back from the market, they are renewed, and they are resold with a special price. The fourth vertical here, that is the exclusive line of alternative parts. This is a very common practice from automotive and truck segments. These parts that are from parallel, from actually we know that there are parts that they are not genuine, and we have to also develop some solutions to fight these ones. Considering spare parts, this is an internal project, a special project, mainly because of chassis, because it is a new world of opportunities with parts that are from high demand and high wear, and volume. To wrap up, I am going to talk a little bit about Lat.Bus and Drasco, about our positioning in being more and more protagonist in our sector, not only about the market share and products, but by the initiatives and the way we make all this ecosystem move. We use Lat.Bus to move one step ahead, and we have consolidated since last month. This is the biggest exhibition trade show in Latin America. There were more than 200 exhibitors, more than 30,000 visitors. Our participation has been structured so we could continue being seen as a protagonist. We decided some strategic pillars for our participation. Besides this connection with clients and showing new products and launching products. So we launched two significant vehicles, the Torino 2027 and the G8, so it could be seen as a participation in a global level. Our presence there, we had the biggest stand in this exhibition, more than 10 vehicles in our main stand. We also had many units that were there available to be sold On The Spot. We provided coaches and also some vehicles that could be sold there. I am going to talk about that next. The other point that André brought before was the creation of content considering agendas that were relevant to our ecosystem. So through the participation of relevant entities, we also brought communication channels that were different from the regular ones, so we could really have a large participation and coverage. We brought Jovem Pan, Band News, among others, to have this exposition of all these agendas to the public in general. As a result, we sold more than 300 vehicles. On this On The Spot sales program that we created, we sold all the 28 vehicles. We had five others that were not inside the stand. Differently from what we normally have, let's wait for the exhibition. These were businesses generated and deals closed there. Just one example, the first vehicle sold was for a client that hadn't started a negotiation before. He arrived at the exhibition and in the opening, as we had previously mentioned, we would have these vehicles on the spot. He negotiated price, and when they closed, "This is my vehicle. This is my bus." We closed, then he opened a bag, and he got a sticker, and he put the sticker on his bus over there. He wanted to close that deal. He was ready for it. It was something surprising. As you can see, these stickers, they are being shown in the picture next to the girl with the brown shirt. Talking about the foreign market, we wanted this exhibition not to be only for Brazilian clients, so we brought all the representatives from the foreign market. They brought some clients as well from Latin America. There were more than 40 countries present. We had some clients from South Africa, from Australia, to show how wide this participation can be. So we could show all the launches, not only to the Brazilian clients, but to the global ones. There was more than 40 hours of content provided and relevant discussions brought, not only relevant for Marcopolo, industrially speaking, but also for mobility as a whole. Over the next few months, they will be gaining repercussion, not only in specialized media, but also in open channels and broadcasts. It was a huge success considering a fair, considering a trade show. For Marcopolo, it was really positive considering this identity protagonist that we had in mind two years ago, and that we made come true over these very intense three days during Lat.Bus. That's it on my end. I am going to be available for you to answer any questions. Now I am going to pass the floor to João Paulo. Good morning, everyone. Welcome to Caxias do Sul. A day that started a bit colder, and apparently, the weather is hotter than São Paulo. It's nice to see some familiar faces and also the opportunity to know new people. I come here to talk about our strategic planning, and you will see a very aligned communication. You will also see, I bring a lot of reinforcements of what has been already said during the previous presentations. What we have here, so our growth, the chronogram of growth, our agenda, Marcopolo 2030 is what sustains our vision, our ambition for the next years. I'll bring two perspectives here. The most important, how Marcopolo is constantly working to prepare itself internally and strengthen this growth journey. Also highs and lows because of the market, how we face that in a competitive way, and second, naturally, how can we translate this capital allocation, all the investments, our strategies and the growth vectors. We have here five big drivers, five big pillars on strategic planning of our organization. People and organization, processes and technology, products, market and customers, and diversification. I will cover four of our main initiatives and execution ideas here. Industrial competitiveness, which has been constantly repeated during the other presentations. I don't like to use digital transformation, but I like to use digital acceleration, and especially now with artificial intelligence, also translating into opportunities for Marcopolo. Also, I'll be talking about products and proportions, as was brought before, and highlighting specifically a geographic expansion project for Marcopolo Europe. What is the big message I'd like to share here? At the center of Marcopolo's strategy, we have competitiveness. When we look at the two fronts of execution here, industrial competitiveness process and digital acceleration, we are looking from the door in, inside, preparing the company to sustain the company and the margin. When we talk about products, propulsion, geography, diversification, this is where we are driving the growth towards. About industrial competitiveness, because many of you know, many of you don't, but what is the business model and the reality of operation at Marcopolo? It's a strength that we have, a scale model with hyper-customization. This is a big challenge that we have. When we look at the roadmap with new solutions for the future, we have to work on the automation of our industrial product. That is the big challenge, because we need to find a balance on how much we make this automatized, to the point where we have a balance of flexibility. This is a very strong characteristic, a feature of the company. I'll bring you here some examples from 2020 to 2025, 2026, projected with the delivery of projects ongoing. We had here a big difference of nearly 70% of the automatized manufacturing. We must reach the end of this year with almost 16% of automated hours of production. We grew almost 200% our robot university with installed capacity, and it's a number of 50 units of robots. Connecting with the product strategy that was mentioned before, Torino 2027, it's getting now into operation with almost 22% of automated hours. Just to understand how big that is, it means almost 50% of the welding during the manufacturing process. This is how big it is, transforming to something you will see later when we visit the shop floor. Also, and additionally, we are investing strongly on industrial automation. Obviously, we are looking the artificial intelligence initiatives, and here I'm talking about new technologies, augmented reality, so we can bring the benefits of such things within our industrial process. This has naturally been changing very fast, very quickly. We have to look at the best practices, technologies that have been validated in the market so we can start bringing to our business. We will start making a number of productive processes that will be followed by devices, by tools of AI, both from the competitiveness point of view of costs and quality. You know our business model. We depend a lot on specialized labor, and one of the benefits of using this technological revolution to our advantage is to have less work, to have a very fast setup of our shop floor, and depending less on specialized labor, which is getting less and less available on the market. And of course, still prioritizing one of our pillars, which is having a flexible business model with a wide portfolio, like André mentioned before. I think this is the big message. Automation, we will keep growing. We will bring a bigger level of automation, a higher level, but that makes sense. This cost equation, this flexibility equation, bringing more quality control without losing our flexibility. Talking about digital acceleration, transformation, we have to cover that, since everything is about AI today, not just professionally, but also personally. How we are dealing with AI inside Marcopolo. It's not an IT project. It's not a project that is closed in a department, but it's a big vector of competitiveness. And here I'll bring three big pillars, big axes, that will go through people, qualification, how we are applying that on our daily business, and how we can have these digital bases well applied and safe. First big step we have chosen here is to train people, starting by the executives, the C-levels. What is the AI itself? How can we bring a return to our business? And also where we shouldn't apply AI. We will see how fast AI develops updates. It's absurd. It's super fast. What we are doing with AI today didn't even exist six months ago. So what is to come in the next months and years, it's something we cannot forecast. That's why people must be prepared, and we are worried about that. We want to create a governance model so we can bring this distribution, always focusing where to prioritize the results brought inside the organization. And here we have a number of opportunities that have been mapped, so we can put this into practice. It will bring us speed of decision. We will have agile, fast decisions, and also, we will be able to prioritize investments because we understand AI also costs. If you use AI in a wrong way, it can be a problem for your business. Leaving that on our daily routine, we understand that today we have around 130 agents in different areas of the company. These are not autonomous agents. We're talking about the employee, the person looking the results, and then we validate and make sure it makes sense to our business. In the industrial area, with our complexity of projects there are benefits. The model of planning Marcopolo's portfolio, the variability of market we have. So we will have a big advantage to Marcopolo in the future, and also to have a better use of materials. It's a complex product in its core, in its nature, and where that will be shown, obviously optimizing, and also material consumption. To finish, scalable and secure foundation. Our modernized ERP, we have a complex ERP. We had a migration in the first quarter of this year after almost 12 months, which was successful. The migration was very successful. We have a more modern system hosted in the cloud. We didn't have any impacts in our operation. Very small downtime within what was during the vacation. When we talk about scale, we have a lot of data, and without data, there is no AI. We have to be very careful getting close to important people in this area when we talk about structure, about data foundation, about data mesh and integration, not just with our ERP, but all of our systems. Last but not least, safety, security. When we talk about digital surface, we have higher risk of cyber attacks, and we take this very seriously given the important investments we have done at trying always to set the bar very high with the best practices in the market when we are talking about security to make sure we have the continuous business. The message here is that technology comes inside the strategy and the competitiveness of the company. It brings productivity, agility, faster decisions, and a resilient foundation when we have a positive cycle and costs in the same proportion. Now, product and propulsion we have in the ecosystem, André was talking, and the decarbonization, as we speak for a long time, is organized into these five interdependent fronts. I am not going into detail on them, but the three first items are controlled by Marcopolo, by the multi-technological strategies, whether by products or solutions we develop with the other OEMs or the other bus companies. Regardless of the problem, Marcopolo has a solution about sales and after sales. The biggest sales network globally, I am not afraid to say that. This is a very big, a very important strength when we talk about energy transition because since you have a modern product, you also require a better network. Looking at technology, Marcopolo has also getting closer to other players so we can transform the new projects, onboard technologies to technologies that will bring a better TCO, a better result to our customers. Talking about AI, we are here talking about things that are different in Marcopolo, and during this journey of talking to our executive colleagues here, we have gotten closer to very big tech companies, globally speaking. When they learned about the mobility segment, about Marcopolo, we attracted attention. We caught attention. It has been very interesting to see how big techs are interested to get close to Marcopolo, seeing the opportunities and how much we have been building. To finish, we are talking about buses, and Marcopolo was important on the Latin American fair, and in the Latin American market, also in the world, and that is how it has to be, about here infrastructure, about funding, among many others. At the fair, we presented the Volare Tech Etanol hybrid at the Lat.Bus 2026 in a different proposal about decarbonization. It is a vehicle that is generated by ethanol and does not demand a heavy infrastructure as the usual electric bus would require. We want to strengthen and accelerate the electric transition in Brazil. This is a way to sustain Marcopolo's growth. To finish, let us talk about Europe, because last year, we mentioned a project that started last year, and now it is reality. We are officially launching G8 in Europe in two weeks. In 15 days, we will be in Spain, premiering Marcopolo, returning to Europe. We have already sold 21 units, even before the serial production. The deliveries, they will start in January 2027. Under 30 units, under negotiation. We start lot negotiations in November, deliveries in January. The European market has grown 10% relative to the first semester of last year. But when we look this longer phases in Europe, we see a segment that has been recovering and will bring a very interesting opportunity for Marcopolo's growth. We will launch the product in Spain, followed by fairs in France and in Italy. After, our target countries are Spain, France, Italy, and Portugal. But of course, we're checking other opportunities with other bus OEM companies to create opportunities and market share for Marcopolo in the European market. One of the strengths of Marcopolo is this geographic presence. That's it. We are in the final stage of a number of homologations so we can actually sell in the European market. First homologations have been done, and we must finish this project by the end of the year. That's it. These are some informations of Marcopolo 2030, and talking a little about strategy, execution, what we are doing. I'm here. I'm open to talk and have further conversations. Thank you very much. Thank you. We will be organizing the question- and- answer section, so we'll be back in a few minutes. [Non-English content] So, let's start the Q&A. We are going to please speak on the microphone and let's at most two questions. I'm from Santander. My first question is at the international market. Australia, you can see record over record. I'd like to know more about 2027. First half, what's the potential of the rest of 2027? Second question, more specifically about the second half of the presentation about the European market. I'd like to understand your view to this market. What potential do you see there? How these dynamics is going to be about exports into different geographies? Guilherme, thank you for your question about global markets. Australia is a market that is consolidated. In 2025, it was very positive, and from then on, we foresee it being more and more positive. They are also aiming at electrification. It is a stable market, and we believe it's going to continue like that for next year. There is a huge opportunity. Last year, it was great. This year, we saw low sales volumes, but we are very close to clients. We are very active in Brazil. So with Argentina, we see that as soon as they get a little bit more stable, it's going to grow again. Considering this last market you mentioned, this is something that we haven't been exploring much, but we believe that by the change of diesel to gas, natural gas, we're going to see an interesting move. Another market that we see carefully is Mexico. It's the market that suffered the most with the relationship with the American market. I mentioned in previous meetings, when you visit operators in different places around the world, the Mexican market was very uncertain about the future, but there is renovation coming up. We have launched the G8 there to start. People need to test, they need to see this product in their fleet. We see this market is going to resume. Mexican and Argentinian markets' potential to grow. We do not know the timing yet. And Colombia, as I have mentioned, they have some peaks, mainly with TransMilenio. We made an interesting sale that will be started the production this year and continued next year, and this is another positive point. About Australia, we are overseeing the second half bill of production. So for 2027, we foresee it is going to be in the same level from this year. Speaking a little bit about the strategy for Europe. The European market is very interesting. It brings high volumes. The volumes have been changing. Their model has been changing considering competitiveness. In the past, it was small builders, integral vehicles or body builders, and some European, mainly German and Swiss builders that are well-known there. Since the pandemic, things changed. There has been an excess of demand that could not be met in their market. On the other hand, the competitiveness of the change of fields, and considering some of these producers, they decided to close their bodybuilding manufacturing plants because of the competition with China, Chinese players, and therefore the offer started to be lower, and the opportunity started to grow for us. Some of these partners have already been inviting us and asking us to get into that market. Year over year, we see that in coach, there is a huge need in considering volumes. We also asked about future plans. We cannot anticipate, we cannot tell you much about our future strategies, but we can say that we are going to be as more competitive as possible in each one of the geographies we decide to operate. So, the evolution, the steps are going to depend on this evolvement that we are going to have, also considering the production models. I am from XP. Speaking about profitability, considering the margins, these are not the levels you have been aiming at. But considering we have a risky macroeconomic scenario, considering urban and coaches in the domestic market. Talking about the future, what are the main leverages, and what can you do internal? Could cost reduction or difference in volumes about next year? What do you expect can make profitability grow? Thank you for your question. What we have been working on is considering the market, Marcopolo has been preparing itself to improve its portfolio, to improve its production, to have the best TCO for our clients. So we have been working hardly on that. Ricardo and his team have been trying to export and produce to the domestic market in the best way possible, and also to Mexico. In this context, considering product, we have been working on the product strongly. About cost reduction, this is our homework. Marcopolo has been showing high discipline levels considering that in order to invest and develop solutions, and also in moments when things are rough, we need to foresee the opportunities to optimize our resources. Not only about making cuts to reduce these expenses, but how we can add more income. This is the challenge. When the scenario gets more difficult than we had foreseen, we have to speed up processes that we have been experimenting over the years, trying to work in the optimization of what is variable cost. João Paulo brought some examples of technological changes, improvements in the plant, in the manufacturing to depend less on the operators and optimize machine use, and at the same time, inside our administrative structure, to recognize which tasks can be done in a more automated way without any loss for the company. We have to work in the market, and we have to work inside. Mainly talking about the manufacturing in Brazil. In Argentina, we have considered some improvements. In Mexico, we have also reduced and improved our efficiency to have healthy operations, when these markets can grow again, we can effectively leverage our results and recover the profitability that we have been having before. Our whole team has been seeking this resumption because we have lots of opportunities still to work on. Two points I'd like to highlight. Talking about products, we need to have products that add value to our client, so they can find in this solution better efficiency and profitability for them. When we talk about the aerodynamic kit, this is relevant considering the current diesel situation. More and more, we can bring solutions that add value to our clients, so they can see value in the solution. Secondly, it's about production capacity versus the market perception. Considering volumes, we need to have the adequate capacity for these scenarios that we are facing, so we can be more precise to see how the market is going to behave, considering lower volumes and also higher ones because of that repressed demand we mentioned before. Hello. Regarding the repressed demand, what you can see in terms of indicators to follow up credit lines and the market in this situation. We talk a lot about interest rates in the market and if that would be enough, and other indicators you consider important. I think we can all talk about that, at least cover some points. Looking at the Brazil's scenario, the legal public transportation bringing more public and private taxes, there are some important points. All of them need renewal. The urban bus, this bigger understanding of sustainability, long-term sustainability, brings safety and consequently more investments. I believe this is a positive way. Associated to that, the new proportions. We can see a big movement, transition movement from diesel to electric, and we started having some barriers, but we are doing. When you bring alternatives of new propulsion, connected, linked to a more predictable environment, this is positive on urban. About micro buses, as Ricardo mentioned, the big moment will come from the government programs, the Caminho da Escola, and we got basically all the volume in the last negotiation we had with the government. The Ministry of Health in the program also we got in a very relevant way. When we bring bus solutions and we have a positive visibility, it also comes in an interesting way. I would say that more than indicators, look at the government programs on the micro bus segment will be important. For coach buses to have access, we have an easier access to credits, but also the high interest rate, they have always impacted the market, not just in Brazil, international market as well. We have some clients that we see their renewal process happened. The credits, for example, in Argentina, in other places that are affected. Now, we have this resume in the market. The market is returning, and we have a balance in a macro scenario. We have a better safety, and people are more interested in investing. Coach buses interest is important. Urban also has an impact, and micro buses. Governmental programs are important leverages for this business. Some indicators you can be following up on this micro bus, but the tariff record announcement. This year it was a market that could have bigger demands. We saw some cities and municipalities anticipating, and we saw it didn't happen. It happened in a more effective way since the time it happened between 2013 and 2016. We saw some of these readjustments, and what happened in the year was a diesel, impact on diesel, which ends up in this readjustment to generate this need, this necessity for purchasing. We can feel as we have the readjustments now with the debates of public tariffs, public taxes, and where effectively the operator has the conditions of doing things in this renovation. For coach buses, what we see is the indebtment. It's another indicator. In fact, it's today where we see the demand of passengers is reduced within the familiar budget, the lack of available resources on the family. The tourism and the impact on tourism operators, and we believe that is for both urban and coach buses. Also complementing, because we can separate very well the coach and the urban buses, for this movement with this necessity of what belongs for both, the better, bigger volume of purchases. The urban transportation passengers going more and more in individual transportation. We are reaching a moment that the traffic jams, the pollution, that they are an issue in a city like Goiânia, for example, where there was a bigger investment in buses. They prioritized that and generate the opposite effect. It returns the passenger to the public transportation since it's adequate, safe public transportation. That's a restructuring moment in a more practical way. When we look the urbans, also the average age of the fleet, main cities, the average number was 4.5 years, and now it's over 6. That also carries a bit the increase on maintenance cost or the known reduction of pollution consumption or other proportions. Even in diesel, if you change from Euro 5 to Euro 6, there is an improvement in consumption, difference in emissions. That is a point that leads to this need to renew the urban fleet. Coach buses are in a more direct decision. We see this strong movement where business people renewing only what is necessary because of the high interest rate. Only what is necessary, it is in the limit of the renewal time of the buses, the average time in a general way, and within a limit of this average age. That means when after a certain age, a bus will generate a maintenance cost. Also, the performance will reduce, and it generates the need. It gets better to have a new bus and that, in fact, the high interest rate at the moment. Also about the urban segment, some big important places that will be discussing a new concession cycle. For example, in Curitiba, Rio de Janeiro, big Brazilian cities. Of course, we are looking, we are following up all these movements that are more structural in the country, but that they will end up changing the scenario in 2027 to Marcopolo. What we see, the mobility managers, the mobility responsibles in the municipalities, they know this is an important pillar of their governance. I have no doubts. We are crossing a turbulent moment in the country, but opportunities will come for Marcopolo. I will also talk about other indicators in the segment that, in the short term, we can monitor. Most of you know, but since we are talking a lot to people online, Fabus, they publish every month the number of bus bodies produced. We are not working a lot with stock, with inventory. There is relevant information of exportations from Brazil's production in the companies. Prospects that can be seen in the chassis. This is a data we can use to feed our information to the market. Another data is the consolidated data with all the segments from an institution called Sindipeças about parts. They make no distinction among buses, road, urban, they consider everything, but they tend to get a more general data. The number of entity, the number of people transported for coach buses is a trend. Capital allocation, I would like to say the expectations for this year in CapEx in the last two years, because of the new products you presented. I would like to understand the company's mindset thinking the next year in terms of decision between keeping this level of investment, if there is room for that, new product developments, versus if there is not opportunity for this kind of investment. You have announced recently new plans. I would like to understand a little how the company thinks about capital allocation in the end of this year, but mainly, of course, for 2027. Another question, if you could talk about the Caminho da Escola program. You mentioned that many times. What can we expect for this year of elections? I think it is valid covering a bit more about that. Thank you. Capital allocation, especially with investments. What we have done throughout these years is to look at the market scenario like that we are starting, Brazilian market, repressed demand. When the operator starts to have a very expressive fleet, they have less availability of the bus. You can road, you can drive the bus for a longer period, which is the ideal. But at some point, you will start losing, you have a degradable system. We see the Brazilian, Mexican, Argentinian market, three big volume markets besides other markets we export. We see a very expressive repressed demand. In that context, what we think in terms of allocation, especially in fixed assets, we can have a shop floor that is as modern as possible, so we can, within our global portfolio, have a range of products with complexity, but also to deliver products with best technology and the best possible quality to our customers. We want to remove the people factor from some of these areas, bring technology inside to have more flexibility, and also deliver with flexibility according to market demands. Last year, in São Mateus, we structured our shop floor for a potential increase in the demand for road bus, microbus. We organize, we maintain the structure adequate, so when the demand comes, we are able to meet, we are able to serve. In moments of high demand, we can have the necessary labor to assemble this vehicle. We already have the structure installed, and we can leverage this structure in higher production moments. That in the point of view of machinery. We want to bring more modern machines, where we can have less bottlenecks, where we can have using our labor to assemble a vehicle. For those items that are more critical bottlenecks, that are difficult to maintain qualified labor in these highs and lows, high and low moments, we will implement technical solutions, technological solutions that will help us, enable us to not have the losses when we are not on the high production moments. Within this context, the company expects to be prepared. With all these market fluctuations, they are not effectively a problem, and we can keep delivering. That is why the CapEx maintenance, also product solutions. You have seen two new families of buses, both G8 and road buses, the renewals. Some other product families are also being developed by us, so we can still attract, we still can be competitive nationally, internationally, and use these moments of high demands, bringing technical, technological solutions. The company understands that not just in the present moment, talking about costs that can be used, but also let us not forget that in the future, we need to keep competitive with technological solutions for the products to be. Marcopolo keeps being the first choice of product for the customers. Marcopolo always wants to bring solutions during the pandemic, needs to bring the passenger back to the system via security solutions, where we have a safer environment to operate, where the fleets, the space, the seats, three rows in the bus. We have always been very positive in that system and looking now, the suffering, the pain of the operator, even the passenger with this, that they want to renew, the need of renewal. In the end, every year that operator doesn't renew the fleet, a more modern, more technological bus, there are gains, but there is a loss in the renewal. That is the operational cost. When you bring a new solution or when the operator changes the product, the lower operational cost. But when you put even more technology in the product, which is what we want to do, this gap, it's even bigger because old Torino was an old car with an increasing operational cost that can be replaced by a new product. The speed of maintenance is faster, onboard technology that is more predictable of possible failures, a more simple maintenance area. They have a problem, lack of labor in mechanics, in workshops. When you cover and talk about so many points like Torino 2027 is covering, the diesel cost was one of the big costs operationally, and we bring a solution for lower cost with the partnership with ITA. I think all of that motivates us to show that the lower operational cost. Complementing my colleagues here, we are looking, we are aiming to labor. Specialization is interesting because on one hand, it's a competitive advantage of the company, having so many people who are good, qualified. Only here in Caxias, we have 10,000 people working on both companies we have. That is a differential. But on the other hand, if one company today wants to arrive here and open a bus factory, it will be difficult to hire labor. This difficulty of qualified labors, we try to make the operator's life easier, but also we try to make our life easier. The numbers presented by JP, by João Paulo here, like 50% automatization on a Torino bus, for example. We have to understand the pains of the market, but work on solutions to be always the market leader in innovation. We don't open all the information, but we're always looking ahead. Two important messages. We never stop investing, we never stop looking ahead, bringing solutions. And another point, the company never stopped thinking the profitability of our business. We also have changed. We had a big jump on the way we think, find more competitive products. Roadways is nice to talk about. Road. When we talk about the Caminho da Escola buses, we got the whole batch of the tenders, the 12 tenders, considering all the units we mentioned before. In each one of the batches, we have a different model. One of these batches hasn't been concluded, considering the homologation. Talking about status. All the other batches, they have been homologated. Considering the tender and the product definition, and the three items that are the most relevant, the whole process is homologated. These three items totalize the 1,400 units, and with their minutes open. What is this open minute? It means that they are available for the federal governments, states, and municipalities can make the purchase. These items have 500 units that have been added in the last few days. When we consider the whole universe, all the units produced, the history says that 80%-90% of this number is bought effectively. Some of these items are not in process of production. They are under negotiation. If this item needs longer to be concluded, this volume will be moved to other batches, considering the whole demand and the estimate of the Ministry of Health, considering this one-year phase. Looking at the general review of the Caminho da Escola, 4,005 units are ready, 500 in the next few days have been added. From the third quarter on, we start delivering these units, and we expect the volumes to grow constantly from the beginning of 2027. The program got a delay, but now it is in process and moving forward. This demand, Ricardo has mentioned. They come from resources from BNDES, the Bank of Development. It can come by resources from municipalities when they adhere to this, when they join, and it can also come from parliamentary amendments. These resources can go to municipalities, and then they basically join the program. The last programs brought by the government have had that. We see that this Bank of Development had some resources, and now this is being used in this phase 13. More specifically, this is being used in the end of the year when we start delivering these vehicles. These administrative issues delayed the program. From now on, these deliveries are going to be by the end of 2026, beginning of 2027. We do not know how constant this is going to continue being, considering these parliamentary amendments. We have now to understand, considering the new composition of the congressmen. We have a few weeks to 2027 to make this scenario clearer, considering it is going to be the same level of what we have been delivering in 2026. Therefore, we can calibrate expectations, because this movement does not depend mostly on us, but it depends on how the government is going to be organized and how the Congress is going to be after the elections, considering all these amendments. Considering these requests from the Bank of Development, considering working capital. With this longer cycle, what starts being produced, it has a volume that would make us able to invest more considering cash flow, actually. We are going to have an increase in incomes. We do not have a specific demand, so we have a higher production assumed. I am from Safra Bank. You spoke about the regulatory framework. When you talk about clients, considering these deals that you have been making, and considering volumes. Normally, the fourth quarter is huge in coaches. But now considering the moment we are living about the regulatory framework, this is positive considering the structure of the urban system in the country. We used to see lots of discussions that would be individualized in different municipalities. The framework now brings more legal context to converge, to standardize the discussions in different cities. An aspect that did not happen, and it would be even better, would be about the funding, the financing, the resources for this restructuring of the public transportation, considering all the operators and municipalities. We see a movement, an interesting movement there because they try to get the support considering federal structures to discuss subsidies and the system structuring. I see and we perceive that this is something important to evolve the system in the public transportation structures of cities. Financing continues being an aspect, an issue to be discussed because this would be the most concrete solution for the structure not to be only theoretical, but to put everything in practice because it is part of the base of this regulatory framework. Public transportation is a right to citizens, so it starts to be a service that the conceding governments have to provide. The source of financing is the issue still. About the framework, what we see, the study from the Bank of Development in cities and the renewals that were repressed in Brazil, they describe basically the movement, the history of the framework. These capitals have been adopting things to make this renewal available. It has been debated together with the finance system to support all the guarantees to this funding. Considering Goiânia, for example, when they designed the framework locally, they brought some financial institutions that could help, something that we did not see in Brazil, a project financing. They built all the flow, and they made it possible. In São Paulo, they made something similar. Porto Alegre, Curitiba, Salvador, Belém, Belo Horizonte are the cities that have announced fleet renewals, and behind that, there are discussions on putting into practice the regulatory framework, making part of their budgets available to renew this public transportation system. These financial institutions, they have been offering credit mostly by the Bank of Development, but little by little, we see some private banks also being attracted to this segment, considering these payment flows that could allow the operators to collect this fund, considering all this breakdown of needs. This has been a way to leverage resources with the finance system, and the ones that have been renewing have been finding premises of the framework being put into practice. Considering the study from the Bank of Development, we see that there are steps, considering the discussions related to innovation, are providing more and more flexibility. But we can see more clearly what has been put into practice. About Move, this is a program that has brought in a lower interest rate, a more attractive one. The effectiveness of this program decides the second part of the improvement. The second phase got into the business segment included, but it had a limitation considering resources and time. A part of renewals is still limited considering the resource available and the time available. It has been designed. First, it got the premise of trucks, and because about the bus segment, it has to consider the purchase of chassis and body. We need a longer period that does not have that limitation. But it has been positive because it got a standard of interest rate that got more attractive. We cannot say it was a low interest rate, but lower than the commonly practiced at the moment. Considering volumes, about Volare that has vehicles available on the spot. Considering the financing cycle, we were able to generate more sales and about coaches. We basically took advantage of. We tried to help the clients take advantage of that in the period available. Good morning, JPMorgan. An update about the Caminho da Saúde. Considering these units are being produced this year, maybe invoiced next year. Also about TransMilenio, what are your expectations in margins considering this volume ramp-up, and how would the other plans be involved? About the Caminho da Saúde, the program, about 2,005 units, the total tender, similarly to the Caminho da Escola, it has a total volume, but not necessarily all the volume is going to be produced at the same time. The Ministry of Health bought but made a direct purchase. The program is open to new joins from municipalities and states to add more units by the ministry. So we have some units, some lower quantities being added, considering these 1,500 missing. We don't foresee an addition purchase. It can grow, but at the moment, we haven't got any confirmations of more expressive volumes after these 1,500 units that are still to be used. From this initial movement, they made to buy these vehicles for the first time, to the success of the program. Considering the distribution of the vehicles, considering the product itself that has been well-received, and the use, as I said before, to transport patients to the reference hospitals, generated a high visibility for the program. So this first step was very successful, and it opens a space. We expect not only a confirmation of a higher volume to this ministry, but also a renewal and an increase considering the timing to join the program. Talking about Superpolo. Superpolo is not consolidated into Marcopolo's results, it's by equivalence. When we see the history, we see some years we had demand peaks because of the TransMilenio demands. Talking about profitability, we have been having similar results from previous years. We don't have all the demand contracted yet. We have a renewal of part of these lines, the patches, that are renewing as well. We see the next few years, for Superpolo, they seem to be really good, close to its best results in the past. It's a good partnership because the body is basically manufactured by Superpolo and the chassis by BYD. Inside this partnership, we were able to win these tenders. We could win, basically, winning from Chinese players. We have room for one more question. A bus on the hands of the client with the digital acceleration, how do we structure the tools to optimize extraction in the research of development? Good question to make us humble. When I say we have been working very strongly on data, structuring data, we're talking about a system that we have here at home in terms of production and et cetera. Again, what we see is that in that sense, when we look today at a product that is electric, it's a digital product. We have a domain of software expertise, of software, an iPhone, a telephone, a computer, but within the data generation, we have access regarding the operation of this product, and that's very big, so more and more we will see. I can see that Marcopolo is getting closer to big players, global big players, and we can see the roadmap, the development as we have started in part of the strategies of Torino and others, that we will be applying more technology in these products in a way that we will work in transforming that in a smaller TCO for our operator. We will bring more data that will feed, that we will boost the internal development for better efficiency internally, connectivity with the passenger, and having more consumption standards along with our customers, the operators. Why not looking at the vehicle as a big data generator? We talk a lot about smart cities, so they can also feed these systems of transportation, generally speaking. We have many possibilities, big room, looking at some things in a more premature way, but you will see in terms of the strategic planning of the company, that this will be a very important growth vector for the company. Also competitiveness. Let me complement here such a good question, because looking ahead, there are some things that are happening when we consider technology, propulsion. Naturally, they start integrating chassis, bus body. Marcopolo working on its normal bus body model, like we sold some vehicles in Colombia, in Australia, with Chinese partners, or even cars sold in São Paulo with European partners. We have a bigger need for integration. It will be always connected to the best management, and that we can see the integration. We have, for example, air conditioning. How is the integration inside the operation of the doors? How is that integration? This need of integration among systems is necessary, and to think about that in a wider way, as Marcopolo is doing, bringing information until where we understand here to talk, it is important. Look that in terms of propulsion is important. Second big point, product availability. This is something simple. It is here, Torino 2027 is here. We have changed completely its electronic architecture. It is more simple, less wire, more assembly space. Also, it is more predictable. It has better availability of product. We have telemetry on board, and we have all the telemetry of what is going on, not just in terms of product performance, but also monitoring and the behavior of the bus driver, whether the driver is using the phone while driving. All this kind of monitoring is something we can do. You start integrating the matter of chassis, bus body. You start making the product more available, optimizing the performance, the management of kilowatt hour, making a more safe environment, security cameras. The last one about the passenger, if we look at public data today in Brazil per year, 12 billion round trips we can count, of course, round trips in a year, annual trips in Brazil. How can we use all this system not just to bring more performance, not just to bring more predictability to the product, but also both for the product and the passenger? The more we can integrate the passenger to the system, and I think it is a very nice way to close, but the more passengers we bring to the system the better the mobility of each city. That is why we talk so much about passenger. It is not just revenue generation. The passenger, if you look, comfort, safety, they want convenience. They want to know how long until the bus arrives, how long they will be inside the bus. The whole controlling of traffic lights in Goiânia, for example, it is to speed the process. When you are connected to the system, everybody wins. The city wins. You have less pollution in the environment. You have an increase of the passenger flow. You spend less time on the bus. You accelerate the flow, the moving, and you move, you improve the economy of the city. It is natural in these development processes. We talk more about technology in a wider context for all the reasons we covered here. It is one of the biggest roles of Marcopolo, considering its relevance, 77 years in the market, building a leadership, globally, a role model here. It is to build solutions that move the system, that bring improvement in the life of a city. Behind all that, socially speaking, generating work, also the social work we do, generating work. I think that closes our new global view, and it is one of our big development pillars. Now, a final message for Let me stand here and thank you all for being here. It was a pleasure to have you all. Familiar faces. Good to see you again and again. To be here is very different, right? You can talk to me, Pablo, or all the team. We talk a lot about numbers, results, but it is important to look at the assets behind machines, equipment, and people. You will see in the afternoon, you will have the opportunity to visit both companies, not just here