Good morning, ladies and gentlemen. Welcome to Porto's Conference Call for the Second Quarter of 2026. This presentation is being recorded and translated into English. The slides are available for download on our company's investor relations website. For English, please press the interpretation button on the bottom right side of your Zoom application and choose audio in English. 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. After the company's presentation, we will begin the questions- and- answer session. Please send us your name and the company you are representing through the Q&A button at the lower part of the screen. Your name will be called, and your question will then be asked. You will get a request to turn on your microphone. If you would not like to use your microphone, please write "no microphone" at the end of your question so that we can read it for you. Any statements made during this conference call about the company's business, operational, and financial goals are based on the company's assumptions and beliefs and on the information that is currently available to them. Remarks about the future are not a guarantee of performance. They involve risks, uncertainties, and assumptions because they refer to future events, which therefore depend on circumstances that may or may not occur. Investors should understand that the general economic conditions, industry conditions, and other operational factors can affect the company's future performance and lead to results that will differ materially from those expressed in these forward-looking statements. I would now like to invite the executives from Porto to begin their presentation. Hello, good morning, everyone. It's a pleasure to be here with you this morning to present the results for the second quarter of 2026. I have our Investor Relations Officer, Domingos Falavina, and the CEOs of our verticals and the head of Porto Asset. We posted double-digit revenue growth this quarter. The ROAE was kept above 20% for the eighth quarter in a row. Auto boosted our premium growth and the better loss ratio for this vertical. In health, we added 20% a year. There was also an improvement in the loss ratio. In Porto Bank, we had an impact from credit. We were even more conservative in risk management, including provisions. We were boosted, especially by consortium in our revenue with a nearly 30% expansion. In services, strategic partnerships accelerated. The profit in this vertical grew by double-digit rates. We'll delve into these results throughout the call. Starting with the first slide. The total recurring revenue for the second quarter of 2026 was BRL 11 billion, up 11% versus the previous year. Recurring net income reached BRL 889 million, with a net income of BRL 879 million, slightly above the second quarter of 2025. This is a record for this period. Recurring ROAE was 22%. Contributing towards a recurring ROAE in the first half of 2026 of 23% and 25% in total accounting ROAE. For the first half of the year, the total recurring revenue was BRL 22 billion. We reached a new recurring net income level, BRL 1.8 billion. Looking at this breakdown per vertical. In Porto Seguro, we reached 33% ROAE, up two percentage points with a 4.9% growth in net income. In Porto Saúde, we added 329,000 members, of which 153,000 were in health insurance and 176,000 in dental insurance. Net income went up 36%, which continues the growth of these verticals. In Porto Bank, we saw an efficiency ratio improvement of four percentage points and a reduction in our net income due to bigger provisions that we made, considering some delinquency signs that were higher. We are protected in the future with this new provision level established by the company this quarter. Porto Serviço had its highest growth quarter-on-quarter. ROAE went up four percentage points to 25%, and net income went up 11% versus the previous quarter. The main drivers behind this growth in the company and the reduction in administrative expenses are the investments we've made into technology. Here, we're zooming into the share of digital customer services. In one year, it grew 9 percentage points to 73% share throughout our entire base. Digital service for brokers had an even more significant growth of 17 percentage points. This indicator and the contact rate performance, which is the number of times in which customers need to contact us if they haven't been correctly serviced in the digital channels, are factors that make up the variable remuneration and the performance for the company's leadership. During this call, we have a bit more information about these factors, about these drivers. They have provided this growth to the company, this base expansion, preserving higher ROAEs, as we can see on the next slide, and also with revenue expansion. Breaking down per vertical, we can see that Porto Seguro went up 8.5%, Porto Saúde went 14.4%, Porto Bank went up 16.6%, and Porto Serviço went up by 5.6%. This is combined to our large scale, which dilutes expenses and penetration with the digital channels. We have already applied AI on several fronts, and with that, we have protected this expansion trajectory, expanding ROAE, along with reduced expenses. Rodrigo Piccolotto will now go into these results in further detail, starting with the mix in each vertical. Good morning. Very briefly, we're going to go over our ROAE. It was 22% for the insurance company. Excuse me, 33% for the insurance company, 24% for Porto Saúde, 16% for Porto Bank, mainly due to the provisions that we will discuss during this call, and 25% in Porto Serviço. On a consolidated base, it was above 20%, and without excess capital, it was at 26%. Looking at the breakdown, we can see that net income went up 1% to BRL 889 million. The market share in auto in the insurance company continues to diversify even though we have more robust growth, as we'll see on the next slide. We went from 58% to 56%. The breakdown of other verticals remains stable. We see some growth in health, and the only one that is reducing due to the provision rate was the bank division. Looking at our technical reserves, the results and total revenue was BRL 462 million, which is a return of CDI during this period. You can see that our portfolio didn't change much except for this growth from 18%-27% in our post-fixed portfolio, which is linked to the CDI rate. Looking at Porto Seguro, this is one of the positive highlights. We saw a fast growth in auto of nearly 8% year-on-year, and we have been seeing, according to public data with SUSEP, that our growth in auto has been happening on a monthly basis. We're finishing this quarter with 8% growth with quality levels above 80 points. In P&C, we grew by 12%, and in life, we grew by 6%. We're going to show that the profitability rate is still robust in these areas. In auto, we had a reduction of 2%. Despite the strong growth, we maintained loss ratios under control. In P&C, it was also below 30%, so this is a very healthy loss ratio, and the same applies to life with 33%. Looking into the operations, we've talked about auto, but we should mention also P&C and life as drivers for our results, and they continue to grow. Net income was BRL 456 million, and ROAE was about 33% this quarter. Looking at the health operation, we added 153,000 lives year-on-year, adding 20%, and the revenue went up by about 14%. This follows the same dynamic as we saw in previous quarters. Average tickets have lower prices, but the profitability has been similar or even better than our current base. Net income went up 36% year-on-year to BRL 144 million, driven by growths in insurance and in dental, and they were all double-digit growths. Looking at the loss ratio for health and dental, we saw an improvement of 0.4 percentage points in health and in health and dental, which are very strong ROAE levels, as we'll see. It's important to highlight that we have a significant seasonal pattern in our industry. This ROAE of 24% is more comparable to the 22% ROAE in the second quarter of 2025. It was a significant expansion. Looking at Porto Bank, we can see strong growth in business at 33%. During this call, I think we'll talk about a delinquency, but it's important to highlight that our delinquency rate is mostly in credit card. The bank is comprised of several other products. Consortium has been leading this growth, credit in other areas as well. We can see that business went up by 33%. We made substantial work to reduce expenses as a percentage of our revenue, the so-called efficiency index. We're excited to see this improvement because it has been structuring for our operation. We saw a growth of 120 basis points in our delinquency rate over 90 days. Looking at a similar portfolio with the Central Bank, we're closing the gap, but we're still a bit below. Looking at delinquencies of 15 to 90 days, we see a 20 basis point improvement, which is related to the new groups that have been added to our portfolio. We have been more selective in providing credit, and when we look at stage 3, we can see that it's bouncing around 14%. What this tells us is that stage 3 has already been classified by the bank as higher risk potential. Since the fourth quarter of 2023, we've been more cautious with our customers in this stage, we've been reducing some of our exposure, and as a consequence, we see that delinquencies have not been appearing. Finally, our ROAE was 16.3% for Porto Bank, or BRL 137 million for the quarter. Continuing with our services operation, we are around 650,000- 700,000 service visits to homes and automotive. Our NPS is at around 80 points. We have seen some revenue expansion. Our top line had been pressured before due to the company's decision to remove some negative contracts. This quarter, we grew by 6% again, led by digital products and strategic partnerships or B2B partnerships. ROAE is growing in services with a net revenue of BRL 57 million and an ROAE of 25%. You probably saw some changes to our guidance. It was changed in four items. First, the loss ratio has allowed us to reduce our guidance by 0.5 percentage points. In Porto Bank, the strength of some other products that I mentioned, like consortium, other credit lines, capitalization products and so on, have allowed us to increase our revenue projection. We're also cautious about credit losses, so we increased our provisions, and the efficiency ratio went down 3 percentage points. From the reports we've been seeing about the market, and according to our estimations, this change, excluding tax rates, should be neutral or slightly positive for our profits. The tax rate was reviewed 1% downwards due to three items. TJLP, that is higher, the Lei do Bem, and the third is the incorporation of CDF by Porto Seguro, which is something we published in the first quarter. All other rates are the same, are maintained. Now we will continue with the Q&A. We will now begin the questions- and- answer session. The first question will be asked by Daniel Vaz from Safra. Go ahead, sir. Good morning, everyone. Good morning, Kaki, Dom, and everyone. Congratulations on these results once again. Like Dom said, I'd like to focus on the delinquency rate at Porto Bank. If you can tell us a little bit more about this. I'd just like to understand where this is coming from, or what kind of client is defaulting, if this is below your expectations. In the previous quarters, we understood that this was getting worse, but if you could give us some more information. Is this a high-income group? Is most of this something that had already been diluted before? Is this the [open market] customers that you acquired recently? When we look at the Porto client, we believe they are high-income customers who have a high potential in vehicles. So it would be important to try to qualify where this is coming from, if it's an overall factor, if it's concentrated, if it's in a certain region. I'd just like to hear a bit more about that. Thank you. Hi, Daniel. Good morning. Thank you for your question. I think your question is something that we've been analyzing, but it's important to break this down into a few categories. The first one that you mentioned has been discussed in previous quarters. We have a customer profile that were refinancing their debt, that's when we understood that it would be important to do some prevention work and create a credit structure in which we could not allow this portfolio to grow. We've been controlling it according to our expectations. What we noticed in the second quarter, which was important to recognize and communicate to the market, is that we found a profile in our portfolio that despite coming from our credit policies, since they are closer to insurance, in other cycles, they had been more resilient to scenarios like this one, but they have shown to be less resilient this time. How can we identify them? These are clients that have been with us for some time, three or four years. They're clients who are having their first insurance policy. They're starting with lower tiers and in some regions that we found. This was the profile that deteriorated more than we expected. Of course, this doesn't stand too far apart from what we see in the macroeconomic scenario. What happened to these customers? We see that these are entrepreneurs. These are customers who work for small and medium enterprises, which is something that we're also seeing in the macroeconomic scenario. This is something that we expected in the first quarter. We expected these customers to have a lower performance. That's what we identified, and this is going on as we expected. That added to this profile was what resulted in this adjustment that we made that will be necessary for 2026. Great, and if I can ask a second question. Have you made all adjustments? Do you have any visibility? Do you understand if this curve will flatten out at some point, or is it still early for that? Well, we had a deep back test about these profiles in the last quarters to see our credit model, what we found was that when we find customers that fit into these macro characteristics, we are already blocking them. 93% of the people approved for new credit cards are far from this profile. Although our credit policies always need to reproduce what we see in the market, the latest fine-tuning has been very precise. What changes slightly, you'll see some variation in our credit cards base, is that once we identify our customers that are already in our portfolio and that have been with us for some time that fit into these categories, we're going to be more rigorous in managing their limits and their portfolio for these products. Great. Thank you. The next question will be asked by Arnon Shirazi from Citi. Go ahead, sir. Hi, everyone. Good morning. It's great to be here again. My question is for Patricia. I'd like to ask about auto insurance. We saw a fast growth this quarter and also a share gain for the first months of the year and a market share of around 27%, if I'm not mistaken. This is something that we've been discussing internally, which is competition. How do you see the competitive scenario? We know that there were some more aggressive players. Do you think that went down recently? Thank you. Thank you for your question. In auto, I'd like to highlight that the competitive scenario is still intensive, as it always has been in auto. This acceleration is due to a few factors. We have a high commitment to profitability, and we've been firm on that, but there are some things that helped us to accelerate our growth in Porto. First, we've been working in reviewing our portfolio. From entry point to premium categories, we have different products according to each customer's need. Another reason for this growth is our analytical sophistication. As you said, we have a 27% market share in Brazil. In areas like São Paulo, it's 39%, and we have a fleet of 6.3 million vehicles. That gives Porto a very relevant critical mass to have more sophisticated analytics. This data added to our investment in these capabilities have allowed us to find more opportunities in this segment. The third point is technology. We made a significant investment to unify our technology to Porto and Azul. This means that in the past, a broker that used to have quotes in two different platforms, now have their claims systems in a single platform. That helps them in receiving their services from Porto. The next point is our broker relationship. We have ahead of 40,000 brokers who believe in Porto, and we are investing in them. This partnership is also very important in this acceleration. We're attributing this growth in auto, which grew 3% in the first quarter and now 8% in the second quarter, due to the company's investments to defend our market position and keep profitability levels. That's a commitment that we are maintaining. Thank you, Patricia. The next question will be asked by Kaio Prato from UBS. Go ahead. Thank you for taking my question. I have two. The first one is still on auto. If you can tell us about your loss ratio this quarter. It was very healthy, below what was expected by the market, so that was a very good result. I'd like to understand what you attribute this performance to this quarter, and what we can expect in the future, because it seems a bit lower than usual? My next question is about health. We see that your growth has been lower than previous quarters, but I'd just like to understand your take of the competitive environment in health and what this can tell us about this year, and also for what you expect in terms of growth for next year? Thank you. Kaio, starting with insurance, this was a quarter in which the loss ratio was under control. The main factor behind our loss ratio was that the portfolios are working very well. You mentioned auto, but P&C and life is also contributing. In auto specifically, we're attributing this to a subscription policy related to pricing and management with a lot of discipline. Our pricing strategy has been sustained, and we're now getting the results from these groups that had their loss ratios under control. Everything was within our expectations, and we see that this improvement is appearing in our guidance. The loss ratio in auto has made us review our guidance from 50 to 54, with an improvement of 0.5 percentage points in the loss ratio. We've already adjusted our expectations for the year. Kaio, good morning. Two things here. First, you're correct. This growth was slightly lower, but there's an important impact in the product mix here, which changed. About 70% of our portfolio one year ago were traditional and 30 were new lines, but now it's 50/50. When we look at this pro forma, according to the previous base, if we had the same mix, we would be growing by 23%. We have this impact from the portfolio mix, which on a comparable basis will pressure our growth for the next year for sure, considering that we had this growth in lives, which was far higher than our portfolio growth. You can see that there is a mix factor here. Does that make sense? Yes, considering the performance in claims and losses in these new product lines. Looking at this year-over-year, we will still be pressured for a few quarters, and after flattening out, this will grow along with our portfolio. Considering market competition, we see some competitive players. I don't see that the competition will cool down. Some are extremely aggressive, some are only aggressive. We continue to be technical in our product strategy with new products, new lines. This year, we started working in new towns in upstate São Paulo. We have a few regional projects. We're going to open up new areas, especially in the state of São Paulo, and launch new products there for health and dental. I think that next year, the entire industry, and including Porto, will have slightly higher loss ratios. Given that, we have to highlight that this is the 12th quarter in a row in which our loss ratio has reduced. That's three years in which loss ratios are going down. As we said, we are below the expected levels. From now on, considering a technical readjustment that will bring us to the target premium and the products we launched, which performed better than expectations. We're going to see a gradual sequential increase in the next cycles, I believe. Great. Thank you. The next question will be asked by Antonio Ruette from Bank of America. Go ahead. Good morning, everyone. Thank you for your time. I have two questions. First, in asset quality, referring back to Vaz's question, I'd like to understand this trajectory. If we look at your expenses and provisions in the second quarter, and if we assume that this will be the same level until next year, if I'm not mistaken, that would be the middle of the guidance. This is a new level of provisioning. I'd just like to understand what your best estimate is. Will you need to have more higher provisions? Are you adjusting to the guidance? Do you expect provisions to go down, or are things still uncertain? Is there still a likelihood that this will increase in the next quarters? I'd just like to understand your mindset on this right now. I understand that a lot can change, but what is your mindset on provisioning now? My second question is about the insurance vertical. We see a significant increase in expenses in sell-in. The ratio went up, are we expecting a new level here? Are these expenses required right now? Thank you. Thank you, Antonio. I'll answer the first one, and I'll let Patricia answer the next one. The guidance, was it built with this amount of fat that you're referring to? The middle of the guidance is our best estimate right now. I don't think I would say that this is a new level for the company, because as the market has been seeing, and as you know, we have credit cycles. We've been increasing the cost of risk in this portfolio, especially in credit cards. When we look at our estimates for 2026, we can't break it down per product, but in credit cards, this does not match the past and our risk appetite. It's a bit difficult for us because we can map what's happening now. The market has been getting worse margins. It's hard to say because we still don't have the right inputs for the guidance next year, but the middle of the guidance would be our best estimate right now. If this is the new level, no, we hope to work with one below that. Antonio, talking about the growth in auto, like I said, there were four things that led to an acceleration: portfolio, analytic intelligence, and our partnership with brokers. To answer your question, in our partnership with brokers, there were several programs that work very well with Porto, and our commissions level is higher than the traditional market. We tested some new programs this quarter, and some of them worked while others are being retired. When it comes to commercialization expenses, we are still at a high level. This tends to go down by reviewing some of the programs this quarter. Let me say something else. There were two things that I have to mention. We're talking about the risk cost in credit cards. When you talk about nominal, since the entire portfolio is growing, well, what I'm saying is that in general, they will be either flat or will grow. I was referring to the volume before. Okay. Thank you. The next question will be asked by Tiago Binsfeld from Goldman Sachs. Go ahead. Hi. Good morning, everyone. Thank you for taking my question. I'd like to talk about revenues in Porto Bank. You reviewed the guidance, I'd just like to know how much of this will be from services consortium and credit? I know that you're not giving a guidance for portfolio, I'd just like to understand what your appetite is in this more challenging credit context that you've been mentioning? Thank you. Thank you for your question. When it comes to revenue growth, a lot of it comes from the services in our consortium and capitalization markets, so rental guarantees. There's a natural movement in the portfolio. In credit card, our transaction is also growing, but naturally, a higher provision for losses would include rotational credit lines. Most of the increase in our business is due to the free base increase. If we compare to the previous quarter, it went up by over 40%, financial risk and consortium. To answer your question about deceleration, this is natural. If you look at the number of cards, you'll see 100,000 fewer than the previous quarter. This shows that we are selective in credit cards. Our credit portfolio is 80% credit cards, so we've been diversifying this. We have other products now. Over time, we want to diversify this portfolio to make it more comparable to other players that have the same number of products that we have. Our focus in Porto Bank, and with all of our partners, is credit with guarantees, especially car equity, which has been growing significantly. Tiago, from our total portfolio of BRL 23.5 billion, we have BRL 6.5 billion giving us interests. If we break this down into two, our card portfolio is growing between zero and one, and the other ones is coming from financing car equity and et cetera. That represents about 100% of our growth. If you double-click on that, you would see more. Adding to that, this diversification that was mentioned is a third driver, adding to digitalization, reducing telephone calls, this is a part of our growth agenda. This has been very successful in the insurance company. When we look at financial institutions that have similar product portfolios to the bank, have a very protected growth avenue, which is the growing number of customers, about 19 million people in Porto's ecosystem. What we will likely see in the next years is a mixed growth of other credit products beyond credit cards. Although this will still grow, of course, in these healthy levels that we mentioned. Perfect. Thank you. The next question will be asked by Guilherme Grespan from JP Morgan. Go ahead. Hi, good morning Kaki, Domingos. I have a question about PDD and NII. We saw an NII reduction in the bank. The first thing that springs to mind is this issue with the credit cards, I saw a negative markdown of BRL 53 million, which I think is the vehicles operation. I don't know if this is an NPV issue, the explanatory note shows a credit revenue before provisions that was already negative. I'd just like to understand that, if that's connected to IFRS, and what should we expect in the future? Will it continue to go down or will it re-accelerate? Thank you. Hi. Thank you for your question. We can confirm this to you, there's a discount that we might have provided for some events, this is calculated as a deduction on revenue. This is what springs to mind, we'll have to look into it and get back to you. Okay. What about your outlook of NII for the future? Will it go down or should we see a recovery? We are reviewing our total revenue positively, I don't expect a reduction. A significant contribution will come from credit cards. What I mentioned is that our interest earnings did not grow. I wouldn't expect interest rates to accelerate, driven by credit cards. We would need to look at the blend of all of those. On the guidance that we're presenting to the market, we are not expecting an NII variation, a significant one. What we're seeing right now is in line with what we've been sharing with you. That's the guidance philosophy since it was implemented here in the company. It's consistent with a slightly conservative bias. This also applies to NII. The next question will be asked by Eduardo Rosman from BTG Pactual. Go ahead. Good morning. I'd just like to refer back to Porto Bank, if you can give us an update on the banking product. With Itaú, you had a white label product, which you're now carrying, and there was an expectation of increasing revenue from service providers. If you could give us some updates on new revenue sources and what you expect from the banking business, because I think this is one of the places that you expected the most growth from, right? Yes. In our project, we are still including this, but we did not reduce this offer to our customers in our ecosystem. We recently reached 2 million accounts included in our ecosystem. This allows us to have banking as activities like investments and so on. This will help us to increase our relationship with our customers and generate more revenue. Our internalization project continues as we had commented before, and we expect it to take place in the next quarters. Considering value capture in our ecosystem, in this quarter, we have about BRL 400 million offered in credit options for our commercial partners. This goes to brokers, partners in our health vertical, and other businesses that we have as well. We started this capture journey to provide bank products to our first-level enterprise customers. I'm talking about performed credit. That's the relationship that we have with our enterprise customers and our suppliers. Adding to that, this change in providers basically had as a net impact the extension of its implementation program for enterprise customers. With our new partners, we are trying to advance this credit portfolio, but we're continuing with the plans that we have shared with you before and having a full-service offer for enterprises. We will discuss this with you in the next quarter and next year about products that we've implemented in this bank as a service base. Great. Thank you. The next question will be asked by Henrique Navarro from Santander. Go ahead. Hi, everyone. Thank you for taking my question. According to the most recent IPCA data, we saw some positive results for services in Brazil. Looking at that, we saw a smaller increase in auto in Brazil, and this is recent data. My question to you is this a price war? Do you see some price pressure from insurance? Is this IPCA a delayed effect from a heavier competitive scenario? We saw that a lot of this is only appearing on IPCA data now. Or do you think this is due to a tougher competition scenario? We saw that some international players were more aggressive in the first quarter. Is that continuing? Thank you. Henrique, yes, we still see some price aggressiveness in the market, but fortunately, this is far lower than we had seen in the second quarter of 2025. In these IPCA measures, we do see some delays with regards to the current snapshot. The most relevant part of this indicator concerning Porto is that Similar to what we mentioned on previous calls, we were very resilient in the toughest part of this competition. We didn't get into the fight, so to say, and now we are further away from that because the market is showing a little bit more discipline and is being less aggressive with pricing. Since these indicators are an average, we do have more extreme players. The way we've neutralized this has been very effective. We're celebrating a very robust quarter in the insurance company. This is due to the assets that the company already had. As we mentioned, a good relationship with brokers, our percentage of renewals that we have in our portfolio, which is higher than the market average. This is added to the new pricing technologies that we have applied. In the last quarter, Porto has gained an additional bit of enthusiasm about this due to how the AI strategies and pricing have been proven to be efficient. We started implementing them in the third quarter of 2025. Proofs of concept were effective. We rolled this out during the second quarter. We have been able to be far from the competition by using other tools. Thank you. The next question will be asked by Marcelo Mizrahi from Bradesco BBI. Go ahead. Marcelo, you may turn on your microphone. Hi, everyone. Thank you for taking my question. I'd like to refer back to the Porto vertical. First, I want to congratulate Patricia. These were very good figures, much better than expected. We hadn't seen these figures. [inaudible] mentioned this. I'd just like to refer back to something. We heard from you in the beginning about new kinds of vehicles. Porto works in high income, high luxury. You also mentioned motorcycles. You have an agreement with BYD. If you can share with us, I understand the effort that you've made. I don't want to minimize this, the effort you made with your sales force. From the underwriting perspective, did Porto gain market share for a product that it didn't have any share in? Are you more active in a new product? Is that what is driving this re-acceleration? My next question is what should we consider for the loss ratio? Do these products have different loss ratios? Like for example, electric vehicles. This is a new market. We don't know much about depreciation and so on. Is this being helped by electric vehicles? Thank you. Marcelo, our growth in auto was 8% this quarter. This is due to growth in several Porto segments from low-end products and also premium lines. We have a portfolio of several brands. Azul, for example, is a brand that Porto has been operating for over 20 years. It has a leaner product portfolio for price-sensitive customers. It has grown well. We also launched an insurance product for ride-sharing drivers. We also saw some growth in our traditional portfolio and our premium portfolio. This is linked to a renewal index and new insurance capture. Looking at the loss ratio, we are managing our portfolio looking at each segment. There's an important point here. Even for segments like motorcycles, which is more recent in Porto, we have enough of a critical mass to not only price it, but also to have good risk predictions. We now have 6.3 million vehicles in our fleet. We have a vision of Chinese vehicles, electric vehicles, and motorcycles per brand. At this scale, it's essential that we grow. Also that we have enough confidence about the loss ratios that we're bringing in. Just as we have been segmenting pricing and product offers, we're becoming more specialist in aftersales. We have dedicated service stations for Chinese and electric vehicles. That all makes our portfolio healthier. Thank you. Can we say that this new group has a different loss ratio that might be better or worse than last year's? In this quarter, we are seeing a combined index that is stable. Our guidance reviewed our loss ratio at 0.5 percentage points higher. We're seeing a positive trend for the second quarter with this guidance. Okay. Thank you, Patricia. The next question will be asked by Carlos Gomez-Lopez from HSBC. There's a contrast between what we see in the insurance segment and the gradual increase in demand and challenges in the credit area. Is this correct? Are we seeing a segment improving while another one is getting worse? Also, you mentioned that only 7% of new credit card clients have the profile that you want to avoid. What was the previous percentage and what's the share of this profile in your total customer base? I'll answer in Portuguese, but it's always a pleasure hearing from you, Carlos. You raise a very good point. This is one of our internal theories. Porto Seguro has doubled the number of clients it has, and in that process, we had a very important inclusion here because now Porto clients are much more diverse, and we're getting lower income customers as well. This is an adjustment that we're making to our credit models. Our average client used to be perceived as a top of the pyramid, that had an insured amount that was higher, but this is no longer absolutely true. We've been growing, and expanding our base in a very healthy way. This quarter, this created a higher delinquency level because we're navigating in markets that are not only at the top of the pyramid. This is a result of having a very strong operation, but also going into different segments. If anyone wants to add anything? Yes, just to answer your question about what this was like before. A very important point here is that this customer profile was very resilient in other cycles. What we've been seeing is that many of these clients don't have auto insurance, so that allows us to retro feed our analysis models easily. These were the measures that we just took in providing credit. This has been captured by the models, and this is what we're doing in our portfolio analysis. We are reinforcing the need for provisioning because we really want to have higher profitability than we presented in this quarter, and that was not provided by this customer profile. Thank you for your question because this allows us to give an important angle on the current moment and the company's strategy. Adding to this topic, we're really talking about a relatively small percentage of clients that have credit cards, that 7% that you mentioned, which have been described in detail. We don't expect these clients to recover in the short or medium term, not in their purchasing power or their credit capacity. This is what I'm referring to when I discuss the new provisioning level because, in practice, we're not expecting these clients to come back to our base. We still have to manage our portfolio. In this process, this requires a higher provision for this group. There's an important angle here. You mentioned a comparison between this credit issue and growth in insurance. This will probably be our reality for the next decades. The model that was created from our perspective has an advantage because it can deliver every quarter an expansion, whether it is in revenue or profitability, and it is sustaining significantly higher ROAE levels than the capital cost. This is the most important thing. It's been absorbing the typical variation that you see in the Brazilian macroeconomic volatility. At some times we'll have life insurance being affected, and at other times it will be services. Notice that in the last few quarters, basically in every one, we had a portfolio that performed below expectations. One year ago, we were talking about concerns about expanding auto. As a group, the company has been posting good results. This is what is suggested in our guidance, and this is what we're pursuing every day. The group's strength is in its capacity to absorb variations between the different cohorts, products and services. This concludes the questions- and- answer session. We will now hand it over to the company's executives for their closing remarks. Go ahead. On behalf of our team, I'd like to once again thank you for your attention and underscore that we're all available whenever you need for any clarifications. Thank you and have a good day. This concludes Porto's conference call. Thank you and have a good day.