Good evening, everyone, and welcome to the Porto Seguro S.A. First Quarter 2024 Earnings Results Conference Call. Please be advised that the presentation is being simultaneously recorded and translated into English. The slides are available for download. For those listening to the conference call in English, there's an option to mute the original audio in Portuguese by clicking on "Mute Original Audio." [Foreign language] After the end of the presentation, we will go on to the question-and-answer session. We suggest that you send your name and company through the Q&A icon at the bottom of your screen. By dynamic default, your names will be announced for you to ask your question live. At this point, a prompt to activate your microphone will appear on the screen. Should you not want to open your microphone live, please write "No microphone" at the end of the question so it can be read by the operator. Forward-looking statements made during this conference call regarding the Porto business prospects are based on the beliefs and assumptions of the company management and on information currently available. Forward-looking statements are no guarantees of performance; they involve risks, uncertainties, and assumptions as they relate to future events and depend on circumstances that may or may not occur. Investors should understand that overall economic conditions of the business sectors could impact the future results of Porto and lead to results that differ materially from the forward-looking statements. I would now like to ask the Porto executives to begin the presentation. Good evening, gentlemen. Good evening. It is a pleasure to be part of the presentation of the results for the first time in the quarter 2024. We're testing a new format based on the inputs we have received from the analysts to offer you more dynamic content that will, of course, facilitate an understanding of the numbers that we present. Here we have Celso Damadi, the CFO, and our IRO and strategic planning. We couldn't continue on with the presentation without expressing our solidarity to the population of Rio Grande do Sul. This has been, of course, the most relevant topic in the country since the beginning of that catastrophe, and I would like to share with you what it is that Porto has done in that dimension. Our support is being carried out through food, but especially through mobilization and the coordination of civil defense in Rio Grande do Sul. We have 150 people from Porto, a team set up on the holiday of May, equipped with 150 vehicles that were displaced from Brazil to that region. We have aquatic boats, heavy vehicles, boats, and all of the work has been carried out for those who are insured and not insured, indistinctly, of course, to offer support to the entire population. This has an enormous social impact and impact without precedent because of the magnitude. On the other hand, it is an event that, from the operational viewpoint, does not cause surprise, considering that the nature of our business is precisely that: to act on the protection of the life of people, of their equity, when these extraordinary events occur. This is the insurance business. We don't have, of course, the predictive capacity to identify beforehand in which geography we will have this concentration of rainfall, but of course, we do have predictive models in the industry that we will show you later on that enable us, at this point in time, not only to offer help because of the infrastructure we have set up, but also to continue on with our operations in a normal fashion. Several other measures have been adopted to broaden that perception of care and support to the more affected population. For 15 days, we have extended the insurance contracts for those who happen between May 1st and the 10th. We also have a special operation in the region to speed up service to brokers and our insurees, and at Porto, to speed up the process of indemnities. We have been able to skip some of the stages that we normally use to be able to do whatever is within our reach to mitigate this impact. Now, let's speak about our results. I'm sure that in questions and answers we will once again refer to this. I would like to highlight the main indicators of this quarter. First of all, a 14% growth in total revenue. We have attained a new record in our number of customers for our products and services. We have reached 17 million customers, a 90% increase in net profit, resulting in an ROAE of 20.9% for the period, with returns above 20% in all the business units. In auto, our insured fleet increased 320,000 vehicles, reaching 6 million insured vehicles. We saw an improvement of 5 percentage points in our auto claims vis-à-vis the first quarter last year. In health insurance, we had an increase of 135,000 lives, reaching 562,000 beneficiaries. And health and dental services had an improvement of 6 percentage points. At the bank, our revenue increased 21%, while the delinquency rate of credit operations over 90 days improved 1 percentage point year-on-year. This quarter, we began reporting the results of Porto Serviço, our new vertical that offers assistance services for homes, businesses, and vehicles. In the quarter, Porto Serviço reached BRL 112.5 million, an EBITDA margin of 18.4%. Our consolidated financial result grew 69% year-over-year in the first quarter, reaching 95% of CDI. To conclude, we maintained our second position among the strongest brands in the country, according to Brand Finance, a very important achievement. This result proves further the strength of our brand, which increasingly connects with our clients with a unique identity perceived. I will now give the floor to our CFO to speak about the highlights. Thank you, Caco. Thank you all for attending our call. Now, in this slide, I show you the double-digit growth in all businesses this quarter, with a 14% growth reaching BRL 8.6 billion of growth, in insurance of 6.6%, in healthcare we reached BRL 1.5 billion in the quarter, and banking growing 21%, services reaching BRL 612 million. So we see a very robust growth of revenue in all businesses, not only a growth in revenues but also in business, auto reaching six million in the fleet, health with growth, bank with growth in its business volume. Here you see the yield, the profitability of our business, quite robust for this quarter. It was a very good quarter in terms of profitability. Our ROAE greater than 20% across all business verticals: Porto Seguro, profitability of 27%. Porto Saúde, 33%. Porto Bank, 27%. Porto Serviço, 21%. And consolidated profitability, a growth of 21%. To the right, you will see the diversity of our results: Porto Seguro with 57% share in our profit, the bank with 21%, health 15%, and Porto Serviço with 6%. The growth of banking quarter-on-quarter was more than 100%, as was the growth in health and services. This new business vertical gives us a very healthy result for the business as a whole, with interesting profitability. Once again, in the next slide, you see significant growth in net income and the historical profitability we tend to have. We ended 151% profitability on CDI, and this quarter we ended with 202% of CDI, a growth of earnings when we compare the first quarter of last year with this year, a growth of 90%. Now, this growth of profit in 2024 is a combination of a growth of revenue, a reduction of claims, a reduction of administrative expenses, and a growth of financial revenues. It's not a single item. It's a combination of factors of management that is operational, financial, and of course, operational efficiency, a combination of factors in all of our business units that we attained this quarter. Here you see the financial investment performance of 95% of CDI, as we mentioned initially, and our portfolio went from the first quarter of BRL 16 million to almost BRL 19 million in the first quarter, and our volatility that is very well behaved in results and in equity at minimum levels once again. What is more important in this slide? To show you that we have changed our allocation for prefixed funds and real BRLs. Very well. We will now hear comments on our business units. Well, thank you, Celso Damadi. Good evening to all of you. We're going to present the results broken down by the four Porto operations, beginning with Porto Health, the insurance company. When we look at the results, one of our ideas was to underscore the growth of revenues in all business lines, especially in auto, of 51%, in line with the units insured that have also increased life and others growing 51% in comparable bases. Auto improved 5.3 percentage points. Now, why in a comparable base? Because Porto Serviço, our loss ratio bases are not comparable to the old methodology. Therefore, we have worked with an adjustment, and we have a significant improvement in loss ratio, an improvement of 3.3 percentage points in P&C, and in life, 34% in absolute terms, which is a very healthy level for the insurance. In this slide, we try to highlight the combined ratio below 90% for the quarter. In the pie in the middle of the slide, we highlight the contribution. Now, this slide adds a great deal to the slide presented by Damadi that we saw in slide four, showing us the contribution of the insurance within the group, representing 60% and dropping year-on-year because of significant growth for the bank operation as well as for the health operation. So besides that reduction of the contribution of insurance and the strong growth of verticals, auto represents 60% of the company, now represents 70%. This is to back up the idea that we have several operations, and in the insurance operations, we have several businesses going besides the auto. If we look at the adjusted base of revenue, BRL 400 million, a significant growth adjusted for the first quarter because of the creation of Porto Seguro. Now, we now move on to the health operation. The health operation, a very strong result once again, at least from our outlook, with a growth of 31% in the number of lives insured and 50% of premiums, reaching BRL 5 billion. Net revenue also a record, increasing much more than 100%, almost 150% year-on-year. In terms of loss ratio, 71.4%. We always have better loss ratios during the first quarter. This is a natural part of the operation. When compared to the first quarter, 2023, there is a considerable improvement in these underwriting margins, below a combined ratio below 90%, which is very healthy. And once again, net revenues of BRL 105 million, a return on net equity average of 33%. We go to the third operation of the group, Porto Bank, with expressive growth once again in practically all the line items, revenue growing more than 20%, net revenue BRL 150 million with a growth of more than 190% year-over-year, with a cost of credit extremely well behaved of 8.3% and an efficiency ratio on more comparable bases with the large banks of 31%. When we look more in depth to the quality of our portfolio, we observe an NPL of 30 days, improving 10 base points sequentially to 6.5%, and a short-term default rate of 90 days with a slight drop. But the banking industry does have that seasonality in the first quarter of having somewhat worse indices. If we compare this to the first quarter 2023, there is a substantial improvement here, and the portfolio as a whole reaching BRL 17 point some million Reais. Porto Serviço, after the creation of Porto Serviços in 2023 in our Investor Day, now has its revenues reported separately. What is worthwhile underscoring here? Almost 700 car services. Here we have keys, problems with tires, more than 500 services for homes and businesses, an NPS of 81, an EBITDA of BRL 112.5 million with an EBITDA margin of 18.4%. In this slide, the idea is to show you the market share that Porto has in the segments it has been in for many years, and those segments that have not had considerable growth and that we are now growing within Porto. At the top, the main well, above 20% in auto, residential, corporate, P&C, in consortium, 13%, landlord protection more than 56%, and segments where we have a lower share: car, vehicle consortium, health and dental insurance, and life between 1.5%-3%. What is new about our report was the intention to convey guidance for Porto for 2024, broken down by operation. In terms of Porto insurance, we believe we will attain a growth of 5%-10% on a basis comparable to 2023, vertical loss ratio between 50% and 54%, and G&A ratio between 10.5%-11.5% for the Porto Bank. Our growth expectation for revenue is between 13% and 19%, credit losses in BRL 1.75 billion-BRL 2.05 billion, efficiency ratio of 33%-35%. In Porto Health, vertical earned premium 40%-50%, vertical loss ratio 77%-82%, and G&A ratio between 5.1% and 6.1%. For Porto Services, we decided to offer a nominal ratio because of the recent creation. So the vertical loss ratio between BRL 2.4 billion and BRL 2.7 billion and the G&A ratio 8%-9%, consolidated range of financial result BRL 0.85 billion-BRL 1 billion, and the effective rate 30%-36%. Before we open up for questions, these projections were drafted after the events in Rio Grande do Sul, reflecting our more recent projections and outlook because of the events happening in that area of catastrophe. With this, we end the presentation. Very well. We will now go on to the question and answer session. Should you wish to pose a question, please send your name and company through the Q&A icon at the bottom of the screen or press on the icon raise hand. If you don't want to turn on your microphone, please write no microphone at the end of the question so that it can be read out by the operator. Our first question comes from Antonio Ruette from Bank of America. Your microphone has been unmuted. Good evening, everybody. Thank you for your time and congratulations for your results. If you could give us more details about Rio Grande do Sul, what we would like to understand here are which are the lines that you have greater exposure to, which are the line items that will cover the event, the flooding, the rainfall. This is my first question. A second question. We continue to see very strong results in health in the growth of premiums and number of lives, and this maintains a very healthy loss ratio. If you could give us more details about this operation, we would really appreciate it. Well, thank you for your questions. I will refer to Rio Grande do Sul and perhaps dwell a bit more on this answer because, of course, this is a topic of interest to everybody. I will give the floor to Sami Foguel, the CEO of Porto Saúde, to speak about the results of that unit. We have Sami Foguel, Lene, Rivaldo, and Izak, who is the head of our asset group. So please feel free to send your specific questions to them. As I mentioned at the beginning of this catastrophe in Rio Grande do Sul, we have focused on the extraordinary part of the event from the viewpoint of an insurance company. What does this extraordinary mean? What distinguishes it from other episodes at Porto is the impact on society. I don't think we have something similar in the industry that would be comparable to the extension. The entire region continues to be heavily flooded, many people displaced from their homes. There is no need to further illustrate the catastrophe in the region. So Porto has made use of all of its resources to act in an extraordinary way in this dimension. I mentioned a short time ago what is being done by the company when it comes to reducing risk and the loss ratios. Well, this is a reason to test our predictive models that have proven to be highly efficient when, for example, we carry out the risk projection of loss ratio for the year for the rainfall period, which is how we call it. And I would like to mention once again that these models do not allow us to know if the rainfall will be concentrated in Rio de Janeiro, in the south, or elsewhere. But as the guidance already considers our projections for loss ratio, we deem that our studies in a very conservative range to a more acid range show us that the loss ratio we will only know fully throughout the coming days and that it will fall within our own range of variation for climatic events, especially rainfall during the period we had a drier first quarter. Now in the second quarter, of course, we will have a loss ratio very similar to what we would have predicted. It may be somewhat lower or higher, but these variations are part of the guidance that we have set forth. We have not had the concern when accounting for this loss to do this because, once again, our focus has been on extraordinary things. We're speaking on the management of loss ratio, and we understand that this scenario has already been created. Let me give you more color in terms of numbers in the region. If we map out the insured fleet, we will speak about other segments, but the insured fleet that is exposed to the flooded region is in a range between 0.5%-1% of all of the Porto fleet in Brazil. Now, when we look at other events, catastrophic events, climatic events, the frequency that reaches the highest level is about 15% approximately. So we're speaking about 0.5%-1% of the total fleet insured, 30-60,000 vehicles if we work on that frequency. Of course, we will get to a level of loss ratios concentrated on the event that is quite high but still very well behaved when we think about the rainfall period in Brazil if we had a more linear distribution of that claim during time. So we're once again confirming the guidance from that perspective of having a variation of probability, something that we had already predicted largely. I will now give the floor to Sami, and I'm sure we will have other questions on Rio Grande do Sul. We'll speak again. I truly don't want to monopolize the Q&A session, of course. Sami Foguel, hello. Good afternoon, and thank you for the question, Antonio. Now, this has been a very positive quarter. And speak about business after your question. If we go back two years when we launched Porto Saúde in April of 2022, we set forth our mission, our vision, and we did this once again at the end of last year. And this is something that we tend to harp on. We speak about the same things. We're speaking about consistency in execution and direction. Now, to bring this to the health world, it means we bring in all the good things that Porto has created, all of our skill. And we do have a positive legacy, 30 years of Porto Saúde with greater emphasis in the last three years. But we don't have anything individual here. We focus on the corporate health. We have São Paulo, Rio, and the Federal District where we have already doubled our share in the last few years. We still have a great deal to pursue, which brings about efficiency and a very strong expansion capacity. We began a process of repricing more than two years ago, not renewing large corporate events, which we refer to. And this, of course, has given us good results. We had mentioned that in 18 months, we saw a trend of returning to the data we had pre-pandemic. Our thesis of virtual verticalization has proven to be a success. With the medical team at Porto, we have a team of about 600 professionals with a very important stake in the consultations, therapies, and surgeries in general, and in the partnerships that we have carried out that include not only Oncoclínicas but several hospitals, bringing about a very important ecosystem for excellence in care. That brings to our balance a certain lightness in terms of our EBITDA, enabling us a growth free of CapEx. The loss ratio data suggests that everything is very aligned. The same holds true for anti-fraud exercises. We have increased by five the number of brokers working in health in the last three years. This is collective work. Looking forward, we're still very enthusiastic about this formula, and we're still focused on execution on what we set forth two or threetwo years ago. That was very clear. Thank you for your answers. Our next question comes from Eduardo Nishio from Genial Investimentos. Your microphone has been unmuted. Well, good afternoon to everybody. Thank you for taking our questions. Congratulations for the results. I have two questions. First, referring to the accounting changes, the management changes that you had during the quarter, what is it that makes Porto Serviço nowadays? If we look back at the fourth quarter, the return on investment is somewhat different at each unit compared to the ROI. Now you have changed some line items that were part of the previous units for the service. And the subscription, which unit does it belong to at present? My second question is geared to Mr. Kakinoff. That initial assessment after two quarters, what is it that you see as something that needs to be changed? Which is your initial assessment of Porto looking forward? If you could speak about what you intend to change, if there's any more relevant change in management, businesses, budget, or the focus of the company. Thank you very much. Nishio, this is Celso. Thank you for the question. Now, the answer to the first question, the change that we made, we had already discussed. Porto Serviços was for tow trucks and to help in residences. And we would report that last year by reducing the loss ratio of the auto portfolio and resident portfolio. That is why when comparing the loss ratio of auto, the reduction of loss ratio was somewhat higher than what we observe in the graph because last year we would have a managerial reduction. When we compare the profit of the first quarter of the vertical, the insurance vertical grew more than what we see in the graph because in this first quarter, that profit of BRL 50 million in the service vertical, well, that service vertical was part of insurance. So we're speaking about different things here, and we're trying to work pro forma to compare apples with apples. Now, the insurance vertical, if we compare this with the return on investment last quarter, it's impacted by that lower profit that we took from the health vertical and put in the service vertical. This is not regulatory equity. It's what we need to operate plus what we have paid in the speculation, in the operation with CDF. These are the managerial accounting changes for the period. In the consolidated results, nothing changes. But in this change between the two portfolios, this is what we did in the first quarter in a macro fashion. And speak about the car subscription. Well, this is in a portfolio where we have sundry portfolios. It's not in any of the four business verticals. It's in a line item called other portfolios so we don't contaminate any of our verticals. Nishio, your question is a very timely one. I now have spent five months in the company as an executive and 4.5 years as a counselor. When I was a counselor, I participated actively in what had been conceived as strategic planning that was successful, as we saw in the last four years. So my short answer to your question is I won't change anything. In each of the verticals, in each of the cross-cutting businesses, we have projects that are under development or at the final stage of maturity or that are already providing results. Our mission, of course, is to support and sponsor a team that is absolutely competent, represented here today with projects that are winning projects and with theses that have, of course, proven to be ascertained. Now, what have we done? We have sped up the capital allocation for the projects that seem to be more promising. We have equipped the organization with additional disciplines that will be very positive for our medium and long-term agenda. But especially, we're trying to capture all of the potential of the assets that have been developed by Porto throughout 80 years. We can see them now. The strength of a brand that has access to many people. There are not many companies that enjoy this. A perception of quality of services, of reliability represented by the strength of our brand. We have just carried out a survey that proves the weight of our assets, the brokerage channel. We have 17 million customers, and we have more than 100 products and services at Porto. The average sale, the average adoption is 1.6 products per customer. You can imagine the potential that we have of growth, incremental potential if we explore our own aquarium with people that have significant purchasing power and that have a genuine relationship with the brand. So the main role that I have here is to support this team to the utmost to capture all of that potential. Could you allow me to complement something? Now, return on equity, which I think Nishio asked about, and he asked about the margin. If you go to the end of the release, you will observe that we have a statement of all of the operations of Porto and others that include this operation with a holding. You will be able to add up and model everything separately. Now, what Damadi has done is the following. What did we do in the past? We had an excess of capital and speculation at the holding. Now, there was a gap between the holding and the rest of the company. So we have made efforts to put this allocation in different areas. The allocation of CDF is now in the service area because that's where it should be. So that excess of capital has been distributed among operations to better reflect each operation. Now, why is car subscription in other portfolios? I would like to remind you that we're not selling new cars, at least not for the time being. So it didn't make sense to include this operation in one of the verticals. And this is not a business that we will continue to grow, at least not for the time being. Simply to complement the question. Thank you. Thank you. That was very clear. Our next question comes from Daniel Vaz from Banco Safra. Your microphone has been unmuted. [Foreign language] Daniel. [Foreign language] Mr. Daniel Vaz, your microphone has been unmuted. I'm sorry. Good afternoon. Congratulations for your results. I was looking at your projections for 2025. What draws attention is that you have a well-controlled auto loss ratio in a single digit. Now, if you compare this with the previous guidance, has anything changed in the company's strategy to try to disconnect the auto revenues and Porto Services gaining more space? Perhaps Porto Services is a revenue that is still being held back. It's trying to benefit from partnerships, but which is the importance of auto when you work with the first guidance vis-à-vis the second guidance? Looking backwards, was there something that you deemed to be less important than it is? And now you're making corrections, saying Porto depends a great deal on auto. It is very important for our brand. I'm sorry for the long-winded question. I understood the question. Our guidance is 2024. You mentioned 2025. Now, this is the first time that we're disclosing guidance. When you speak about guidance comparison, this is our first guidance. There was a previous guidance where you showed that you wanted to diversify revenues and decrease the importance of auto. I think it was a guidance carried out in 2022. Of course, you're not referring to a number guidance, but a vision for diversification. Very well. I understood the question. Looking at this first long-term guidance, the idea was to diversify revenues vis-à-vis this new guidance. Is there something strategic that once again gives great importance to auto? Is it strategic for the company? Well, I spoke about strategic planning, their execution, and how they operate at Porto. We do this every five years. We're concluding the in-house planning that had been called a new season. It was made up of this reorganization, a company reorganization of the companies grouped into four business verticals that we now have evolving towards units or companies, listed companies perhaps. Well, we're speculating here, but this is a possibility. This new season that is coming to an end now was based on the materialization of a very ambitious vision that included increasing our customer base twofold, for example. Now, in that sense, I would say that we're still cooking up things when it comes to the formal strategic planning of the company for the next five years. What have we identified as potential? It's very possible that we will have growth in all of our verticals and all of our units. Porto Seguro, and the potential of other verticals probably will bring us potential growth rates that are even higher if we think about the service vertical that we just mentioned. I spoke about the strength of the brand, access to franchisees, the access to residencies, to auto. We have a very healthy database, not only of property but also consumption. And customers have access to us in terms of loss ratio. We have 300 automotive centers from Porto Seguro, the CAPs, and thousands, thousands of differentiated workshops of our network. Now, all of these items in isolation, when brought together, give us a good idea of the addressable potential of this market. So this is the auto market and the spare parts market. It's not a change of area. It's a reorganization. It's the materialization of an organizational viewpoint. And of course, the market dynamics are different from the insurance dynamic, for example. Now, you're always invited to visit us. If you go to Porto Saúde or to the bank, the professionals that are the crew that are populating these structures are very different from what a normal insurance company has because they're acting in a market vertical with significant contrasts. So it's a movement of acceleration through organizational focus. And in the Porto Serviço vertical, this is where we have the greatest potential for growth in the B2B2C operations. CDF, for example, the retail networks will hire the Porto Serviço for the setup and the products that they sell and the B2C services that presently have a very expressive portfolio that can also be acquired by those who are not insured by Porto. So we need to make those services better known. If you allow me, simply to illustrate, to give you color in this strategy we have been discussing for the last four years in health, three years ago, we had 250,000 lives. Presently, we've reached 6,000 lives. And this portfolio had a certain representativity and profitability. Now it has changed. And it grows at a different pace than auto in bank. The growth is 22%. And in the bank, we have products like a consortium growing more than 30%. So what we're saying is that this strategy of growing more in other products, as we showed you in the last slides, we have products that have a very low market share. In auto, we have a high market share. This doesn't mean that we don't have a focus on auto. We do have a focus on auto. Auto is of the utmost importance for us, but we have that possibility of growing in other products. This is happening. The importance of the profit of auto at Porto SA has decreased through time. When we look at the pandemic, at periods of pandemics, this graph is not very fair because in a period of pandemics, the profit for auto was atypical. The graph is somewhat confusing. During the pandemic, the profit of auto was very good. The pandemic brought about these inconsistencies. Auto had a very high representativeness of profit during that period. Now, the growth of Porto businesses in the last few years has brought about this broad diversification, which is our strategy. Now, to give you some figures, color, we have other portfolios like life, corporate, consortium, capitalization, health, and now services growing more than 20% per year. This is how we're setting up that diversification. It's happening. Very good illustration. It's the materialization of the strategy. All of the portfolios and business units have grown more than Porto Seguro Auto, which is our reference proxy. Auto grew in premiums vis-à-vis written premiums and earned premiums vis-à-vis the past quarter. Obrigado. Acho que é a falta. Thank you. Thank you very much. I think that what Celso said was a diagnosis I wanted to understand. Diversifying is important, but there is still a lot to do about auto. Well, that's what happens at Porto. I talk a lot, but it's always Celso that ends up clarifying things. We would like to remind you, once again, should you wish to pose a question, please use the Q&A icon or press on the raise hand icon. Please hold while we pull for further questions. Our next question is for Guilherme Grespan from JP Morgan. Your microphone has been unmuted. Thank you for the presentation. Congratulations for the results and the disclosure in the service vertical. I would like to understand with you the part of M&As. The service vertical is a very broad one, and the scope will enable you to do a great deal with the platform that Porto has presently. I would like to hear from you your appetite for M&As. And if you could go into the details, the size of the M&A you would be open to, something that could increase the revenues of the vertical two, three, or fourfold. And the guidance of Porto Serviço does not have M&As, a three-part answer for you. It would be interesting to hear Don, who is heading these M&A studies and the owner of the vertical as well. We understand that the vertical, among its areas of growth, has that possibility of expanding geographically with services that we already operate with. For that, what would make sense are small and medium-sized acquisitions of local companies that have excellent service. That would also be adequate for us speeding up the process where we could incorporate know-how to expand the portfolio of services we still do not offer. With this mandate, Don has coordinated the team working on this. Well, thank you. It's a pleasure to have you here, Grespan. I would say the following when we think about how we're thinking in the area. We have several products and services that could be distributed in three channels: B2B2C, a company that will transfer this to customers, B2C directly to customers, and B2B to business. When we think about M&A, as Kakinoff commented, we're thinking of a product that is part of the aquarium. If plugged into Porto, it will gain relevance. Or a distribution channel where the products that already exist at Porto Serviço can gain relevance. So we're thinking of channels and products. And when we're thinking from the viewpoint of geography, we can expand to other regions. We already offer this in São Paulo. Or we could bring in new products, absorb the knowledge of that product, and disseminate it. In terms of the size of M&As, Porto Serviço is in a very informal group. There's a fragmentation of operators. It's hard to find operators that would be relevant enough for the size of Porto or something that would add value. I hope I have answered your question. We look at many industrialized things, but they're normally small companies. Very well, I will give the floor to Lene to complement this. Thank you for the question, and thank you for the trust. The enthusiasm is what we share here. We truly are enthusiastic about the journey of Porto Serviço. They're presenting profitability. They still represent 80% in our aquarium, and there is good potential for this. Now, Caco spoke about the strategic vision. I would like to speak of a more tactical vision, referring to some of our strengths. An important point, besides the channels that were mentioned by Don, we have 37,000 brokers that historically have been working with us and are very eager to work with these products and services. When we speak about assistance, residential help, and other help, we're thinking about emergency services that the broker may have at hand. They can generate a link. They can work with digital promotions and explore the entire base of brokers to sell additional services. There's an enormous potential there. And packages of preventive services that we're setting up. We can take care of the home agenda every year. Packages of services referring to the maintenance of terraces, the gas heater for those who have pets, cleaning of couches, the cleaning of carpets. That is to say, the potential is enormous. And besides that, I would add a network of service renders, which is one of the largest in Brazil. We work 24/7. If a customer needs help Saturday or Sunday, if they have an emergency with their microwave or electrical repair, they will have at their disposal the Porto workers with the confidence that we have always offered. So I hope that I have added some points to show why we think we have an enormous potential going forward. Thank you. Well, at this point, we would like to end the question and answer session. I will return the floor to Mr. Paulo Kakinoff for the company's closing remarks. You may proceed. Thank you for your attendance. Thank you for your time, especially because of the schedule. And do send us your criticism so that we can continue enhancing this session that is geared for communication. Thank you once again, and have a very good rest of the week. The earnings result conference for the first quarter 2024 for Porto ends here. We would like to thank all of you for your attendance. Have an excellent evening.