our revenue. So Our EBITDA is growing about 20% a year. And when we look at all of the new seeds that we're laying all over the country with our expansion, this expansion can grow or contribute in 25% IRR in all these years. So whenever we sow a new seed, there is a profitability that is growing. So that's very positive. We do not depend on one single channel, one single category. We have a lot of diversity in our portfolio. We have a best-in-class execution. base for a number of situations in the pharmaceutical market. So being more digital and the GLP-1, the vaccine initiative, Any new trend in the market, is something that we are able to capture almost twice as much the market share we normally have. So normally, we have 20% market share and we have 30% to 40% whenever we see a new market, an innovative market opening up. And this gives the We still have a company that is reducing its leverage. Reducing the weight of our debt and the cash contribution we can have. And to wrap up, in the course of time. Would you like to make any other comments? No? I'll make my last comments in the final remarks. Let's open up for the Q&A. Thank you, Flavio. Thank you, Raduan. Let's now start our Q&A session. The first question comes from Luiz Guanais from BTG Pactual. Good morning, Raduan and Flavio. I've got 2 questions, actually. Can you talk a little bit more about the GLP-1? There is some stabilization here in terms of sales penetration. How has the generic been behaving? What is the difference in terms of consumers? Is there any overlap considering semaglutide and any of the non-generic and the generic products? Did you, did you hear my question? Yeah, please go ahead. So the capital structure, that my second question has to do with that and capital allocation. In the 3rd quarter, we see a greater consumption of working capital, but you're still generating cash and still reducing leverage. What can we expect in terms of capital allocation in the next 12 to 24 months? Thank you, Guanais, for your questions. I'll detail out the first answer a bit more because I think other analysts will have that question. And, um, for offsetting the impact. We did not have I mean, So GLP-1 has been at about 12%. And let's break it down into 2 worlds. We have semaglutide. And that world, that scenario is very stable. 3.4%. 2/3 Mounjaro, 1/3 tirzepatide, and 1/3 semaglutide. There has been an increase in volume in semaglutide. There has been unlimited access for all of the pharmacies. We expect now to have more product availability in the next quarter. We understand that maybe the average price may be lower than the volume uplift. We did the recent analysis. for generics and similar. products, and almost 2/3 are new customers. They had never bought this type of product with us. So these are new customers in the market. Maybe they were our customers already, but they were not buying GALP-1, or they were not our customers at all. So that 1/3 of the customers Um, is migration also semaglutide? To similar products. There was a very small migration from tirzepatide and Mounjaro. For now, we see a lot of stability there, 3.4 to 4, 3.5 to 4, and semaglutide has been quite stable. You probably saw this data in the public databases from Tirzepatide, when the combo started, there were some peaks in the demand. And after that, it went down a bit, but it's still in the same level of penetration. So there was a peak. And then it went back down. So combining all of that, we continue on the 12% level. We believe that next year there should be an increase in penetration, be it due to more availability, more competition in semaglutide. With unlimited inventory levels, be it because of some oral medications that should be available at the end of the first half of next year. So we have an optimistic perspective when it comes to the increase in penetration next year. So I try to flesh out the answer as much as possible. Because many of the analysts here probably have questions around the semaglutide. As for the second question, in the last quarter, we normally improve the cash cycle even further. There was some spot-on impact. reduce leverage even further. We're revisiting our guidance around how fast our expansion or how much faster expansion can get. Our concept pharmacy has expectations. Of course, we had high expectations, but it still surpassed them. And we are going to accelerate and convert some pharmacies. This also consumes some of the cash. We have to continue to invest in our logistics and infrastructure so that we continue to have the lowest rupture levels that we have ever had. So part of the cash is devoted to that. We've been making the necessary investments for technology, for AI in the organization. So these have been the main allocations of our capital. And will be for next year. If there's anything that is new that we understand would yield better returns, we will let you know and we'll invest in there. These are excellent problems for a company to have in a more challenging scenario, as retail has been in Brazil. We have a very solid company that has been generating more and more cash. So it's good to know that we can really count on more cash to invest in what we want. But we should be able to surpassed our initial We will probably give you more color around that on our Investor Day at the start of December. And we have been talking about this for a while. As for GLP-1, The new players, these new players in the market will encourage competition, and this competition will increase our profitability in this category. So we see some light being shed there. So these are imminent proposals. We are probably going to see this growth in the course of time as these new products come in. As these new products come into the system. Thank you very much. Vinícius Strano from UBS, you may ask your question. Hello, Raduan and Flavio. I'd like to ask a question around your gains in the commercial settings. And how you've been seeing the commercial relationship with GLP-1 customers. And you talked about the inventory effect, the impact in the 3rd quarter regarding the weather, but What do you expect here for the end of the year as well? As you prepare for the Black Friday, Thank you for your question. in our history. Gross margin is very robust, and it doesn't only come from negotiations with the customer. It has to do with very accurate pricing analysis and negotiations. It also has to do with having a strong partnership with the industry. We have almost 20% of the market share, but in some specific products, we have up to 40% of the market share. So we need to use this bargaining power. to negotiate terms that are favorable with industry. Other factors have to do with managing losses. We've been managing our inventories better. We have the lowest inventory waste in So this robust and stable gross margin doesn't only arise from good negotiations with the customer, but from these other side elements that combine. to a very substantial impact. As I already said, we have worked on a project with a consultant They've been doing a fantastic job with the commercial team. We're revisiting our practices and methodologies, our category pricing, negotiation management. We've been using AI and data, trying and being as scientific as possible. So we're very optimistic. Looking forward. we've ever had. with price competitiveness or competitiveness on the one side and margin protection on the other. There are several initiatives that make us comfortable and confident they'll have good news in the future. As for the inventory, we're also optimistic about Black Friday. Black Friday was strong last year. It was the best Black Friday And we learned a lot from the Black Friday previous experiences, what has worked and what hasn't. So we're making substantial investment in inventory and commercial investments as well. the inventory management. And on the other side, we're also managing inventory as accurately and scientifically as we can. The snapshot shows the cash cycle as slightly less favorable. That is not keeping us awake at night. We are really comfortable when it comes to We have one leader for inventory and commercial departments. We have a new executive there also helping us see new opportunities and helping us make progress there. So structurally speaking, we're very comfortable with these improvements on inventory and with the cash cycle. Well, Raduan already mentioned the inventory, but about the cash cycle, there's one specific point that we mentioned, and that was a very important factor to our results. return, right, the COGS rebate. This will continue to happen for a few months. There are some payments that will be recovered next year still. And this is about the state of São Paulo. There are other states that are analyzing this proposal, so we may have good news coming from the other states in the categories that we sell in. But for now, it's just an expectation. It's not something that we are accounting for in the business yet. The COGS— Thank you. Mauricio Cepeda from Morgan Stanley is up next. Please go ahead. Hello, Raduan and Flavio. Good morning. Thank you for taking my questions. I have 2. The first one is about the digital value proposition. You said that you brought GLP-1 to the brick-and-mortar stores with the same strategy that you had on digital, and the customers preferred to go to the stores and buy it there. Does that make you rethink the digital value proposition? In terms of everything that you build on the digital channels, have you reconsidered the implications of bringing the customers back to the brick-and-mortar stores? Doesn't that have an impact on security expenses, for example? But maybe that can also offset the last-mile logistics costs that have gone up. If you can talk more about the digital strategy, that would be great. And the second question is about your working capital. Now, with uncertainty around interest rates, How are you going to negotiate with suppliers? It seems that the suppliers are a very important part of the working capital because of supplier financing. What should we expect going forward? Is it going to be sustainable? And I imagine GLP-1 drugs have an influence on that because the inventory turn is better and you have to sell, maybe you can pay installments. What is sustainable in terms of working capital financing right now? Thank you, Cepeda. I'm going to address your first question. That's a very good thinking process, but it's very hard to extrapolate the GLP-1 situation to other categories. The price difference between brick-and-mortar prices and digital prices was 100 Brazilian reais. It's a lot. That's why the GLP-1 penetration in digital channels was 75%. There's no other SKU that will give us that break between digital and brick-and-mortar stores. And the driver between— behind that was that discount of 100 Brazilian reais. And in many cases, the customers were buying on a click-and-collect basis. They would go to the store, and talk to the pharmacists, and the pharmacists would tell them that it would be cheaper for them to buy on the app. So many of them would go to the store anyway. It's a very specific situation. I don't think we can extrapolate that experience to the entire digital channel value proposition, which is still very strong. If you exclude that, the digital penetration is still about 25%. The price differences are 2 or 3, 5 Brazilian reais, not as significant as the GLP-1 price difference. And that was the single driver behind that situation. I don't think that weakens our belief that the digital channels are extremely important in our value proposition. We are also bringing the prices at the stores closer to the digital prices. And still the penetration has not dropped on the digital channels with the exception of GLP-1. So we still believe that the value proposition is very strong for digital channels. And to have another SKU with a 75% penetration in digital channels, that was a one-off situation. So we will continue to strengthen the digital channels. Still about the digital strategy, we should remember that we have 53 million customers. It's 1/4 of the Brazilian population and we are adding 2.5 million customers every year, but only a fraction of that customer base buy online. Those are digital people. But many of them are not buying online. They are happy with their brick-and-mortar experience and we are creating a differentiated experience on the digital side as well to bring more and more customers. The digital customers The regulars usually spend 30% more per year than those customers that are not buying online frequently. So digitization has many layers. And there is a lot of benefit to be captured as we expand digital penetration to those customers that are not there on the digital channels yet. Now, as for working capital, There's not much to be said. Inventories as a whole, have been a focus of ours. João and his team have been working on a number of initiatives to make sure that we are going to get better and better results. with more quality. Today, the inventory is structurally smaller than last year, but there was an inventory disruption that was a lot better than last year. So that shows that we are more efficient than we used to be. And suppliers is one area where we still have to capture more opportunities and things tend to improve. We don't intend to go back on that line. And when it comes to payment terms, payment conditions, You know, that line really depends on how the customers want to be treated and how they want to transact with us. But that line does not represent a pressure or a benefit for us. Our working capital management has been very positive. Okay, thank you. Now, Joseph Giordano is up next with JPMorgan. Over to you. Hello, thank you very much for taking my questions. I still would like to talk about working capital. When we look at your past credit liabilities, we can see that the company is really a safe haven for many of your suppliers. If we think about the long tail, What's your perspective about opportunistic buying opportunities since we are probably going to have more uncertainties around credit? And also related to that, do you think that competition, regional competition, is slowing down? For example, if the local players need better payment terms from suppliers, maybe that can hurt the competition and not you. Another question is about the labor reform. If you could share with us some more details about that, if there's any estimate about any impacts that we might have and that we have to reflect on our analysis. That would be great. And also the tax reform, the PIS/Cofins tax credits that used to exist in the past don't anymore. Is any impact to be expected for 2027? Thank you very much, Joe. I'm going to answer the first 2 questions. Well, first, it's hard to say. Of course, the interest rates are at 13.75%, so it is an advantage for us to buy more at once, but it all depends on the numbers and the conditions. We have to do the math. and see if it's worth anticipating our buys. And we are trying to be as scientific as possible in our analysis. As I mentioned, we have a project with consultants to analyze our profitability in each supplier. And we're including the costs related to losses, logistics, all those hidden costs. We are trying to bring them to light to have more clarity about our situations with each supplier. So yeah, I think that we can have some favorable conditions that we can take advantage of. And buy more and bring forward some of our purchases to avoid interest rate impacts. Now, as for the labor reform, we are ready for the necessary adjustments. As we— as you know, we already had a 5-day work week. Now we have to go from 42 to 40 hours, 40 work hours per week, and that should happen in the next month. We know that Well, let me talk about the pharmacies first. There's a number of pharmacies that work around the clock, almost 700, and we have pharmacist managers and we won't have to change a thing in those stores. Now, the other stores that are not open 24/7, maybe what we have to do is to shorten the work hours. by 20 minutes. So they would have to open later in the morning or close earlier. And the impact wouldn't be that great because early in the morning and late at night, the flow of customers is not that big. And in some pharmacies, we close on Sundays and now we will have to close on Saturdays as well or add more staff. It's a— a scenario that deserves deep analysis, and we are going to make the necessary adjustments. And the work hours don't really have that much to do with the opening hours, but really the throughput. We will lose 2 hours of work every week, and we need to adjust the processes so we don't have to add more people. And for the customer service department, I don't think we are going to need any adjustments. We are not going to have a one-size-fits-all solution. We have to analyze each category of pharmacy and minimize the impact on our operations and also on our customers. Now, Flavio, over to you to talk about the tax reform. Well, It's a weird situation, really. There is a theory, a world of theory, and a practical world. In theory, the tax reform shouldn't impact our results. Although it is very difficult to implement, we shouldn't expect theoretically any impact. Our performance should remain the same despite those changes, but there are many things to be defined yet. And in practical terms, things can look a lot different. We signed 2 letters together with AbraFarma and IDV in relation to an understanding that it would be healthy to delay the implementation of some new reform acts. Today, we have a system plugged into the tax system of Brazil for banks, suppliers, ourselves, the entire tax operation. We have also an environment that is not performing as much as it should considering our operation flow. So we can attest to the functionality of many features, but not all, especially at a large scale such as the case of our company. There are many things to be defined still in the tax reform. Many numbers will be validated on December 15th. December 15th is a very late deadline. in the year for us to do a number of things that need to be done for the migration to happen in a structured way. For example, we need to take into account the cost or the price of all pharmacy items that are regulated according to CMED. So it's not really just about looking at the cost. in the market, but it's also a cost that has to be regulated by CMED. So we are shorting time. We believe it would be healthy to delay that deadline. However, we are going to do whatever is necessary and whatever the law mandates. The operational side We are already working with most suppliers. with the system, the new system operating normally with all the different entries that are required by the Federal Revenue Service, but we still don't have that for some products that we do not resell, for example, leases. So we are on the right way, on the right route. We expect to deliver everything on the deadlines. However, we think it would be healthy to look at the big picture, and we believe that it would be beneficial to delay that deadline. Now the next question comes from Bob Ford with Bank of America. Please go ahead. Hello, good morning, Raduan and Flavio. Thank you very much for taking my question. How effective has Anvisa been in fighting illegal GLP-1 products and how much more semaglutide could you have sold if it weren't for the illegal products? And what is your perspective in terms of price elasticity considering generic semaglutide? And now that you have Styx, the loyalty program, what changes changes? Well, it's hard to tell what the elasticity would have been. I believe that now with more inventory in the 4th quarter, we will be able to give you a better answer. And we should remember. that semaglutide accounts for 3.5% to 4% of our sales. We don't have a shortage of supply in the branded products. We do have on generics, but We believe that the price deterioration is not going to be such a big problem. If you buy the combos, you will spend R$350 Brazilian reais per month. The drop of the price has been a lot. Sharper and faster than we thought. And the new entrants that have been negotiating with us, as you know, there are many products that have been approved by Anvisa. And the new entrants want to charge the same price that is charged by the other players, and the gross margin has been around 22%, 25%. Which is a step up from what we had before. We thought that the competition would bring more gross margin, and those projections are materializing in our negotiations and our conversations with suppliers. So again, I expect for us to see a net positive elasticity effect with more supply and more competition, and the volume will grow more than the price drop from now on. And the balance will be a positive one with better gross margins on semaglutide. Now, fighting the illegal products is indeed very hard. We are saddened to say that the public agencies have not been very effective because it is indeed a very difficult effort. All pharmacies have been selling more syringes than they used to because of these new injectables, quote unquote. on the market, and you can't stop selling syringes because many people need them for their regular treatments and their legal products. So you can't simply cut that supply, but the internal indicators show that the entities have not been effective in fighting the illegal market. And this market seems to be still huge. We believe that more and more, as more and more people know other people that use those products coming from other countries and they do lose weight and they survive, that sense of risk decreases and customers are not afraid anymore to try those drugs. It is a health hazard that the country is facing. We believe that tragedies will happen soon if they have not happened yet. And there's no other product like that that works the same way. in the market. We believe that time will work its miracle and things will come to normality with time. And if the price of tirzepatide in the formal market becomes more affordable, then people will not turn to illegal solutions that much, but unfortunately that market is still huge. We don't have official numbers, of course, because it is illegal. But we believe that with time things will come back to normal. As for sticks, That is a very good operation. We wouldn't have bought it if it weren't. So customers really value that. They understand it to be a good service there at the checkout. So they really see that as a loyalty-increasing factor. Our perspective is to continue to develop the business. We want to have more partners into the ecosystem and want to increase the value perception by customers even further. We've been very transparent in our earnings calls, always talking about these TIC results in our P&L. And this was a positive impact, right? It will impact the BIP in gross margin expenses, G&A, and we're talking about a company that is adding about $5 million in EBITDA in the quarter. So it's a small impact in the magnitude of our system. And even though the, the bits and bytes, the change in our P&L because of the Styx integration, we captured half of that result even before we bought Styx in its entirety. So it's not like we're seeing something we didn't see before. We saw part of it and now we're seeing the whole of it. Strategically speaking, Styx makes sense, and operationally speaking, it is adding to our results. Thank you, Bob. Thank you. Goldman Sachs é com você. Hola, buen día. Good morning. Most of my questions have already been answered. The value proposition for employees that joined the company in the last quarter How that is impacting the base. There are other potential pressure sources. Could there be a a dilution or a decrease in expenses and, and selling expenses? In the 4th quarter now. Yes and no, Irma. The We had investments around value. Prepositions, we increase the pharmacy teams, that increase our NPS. For the first time in history, had 92% NPS with that high number of transactions. So the investments made sense and they were recognized by our customers. There are some minor pressures, some homework that we still need to do. We have a little bit more turnaround or turnover in the start positions. So people leaving the jobs and we're needing to hire more people. So there are adjustments we think we can make, but everything that we do is always cautious and careful. We want to have changes that are smaller than the ones we had in the employee proposition, but there are other sources of expenses and general expenses and the gross margin. will never do anything that will impact negatively the company's results. We'll try and find a path forward that will allow us to continue to increase the company's profitability and also make the adjustments and investments that we deem necessary and that the staff deserves. So, there should be some minor adjustments, but they will have offsets that we'll find internally. Sorry, I was looking at the wrong camera. Thank you, Irma. Pedro Caravina from XP Investments. Good morning, Raduan and Flávio. Thank you for taking my questions. Most of my questions have already been answered, to be honest, but if I can touch on 2 points, they'd be: Well, Anvisa approved the oral Wegovy today, right? Wegovy in pills. So have you had any information from other geographies? What do you expect when it compares to the generic medications? And I wanted to understand the rationale behind the GLP discounts and brick-and-mortar versus digital stores. There's the 100 real gap. Is it a defense considering the increase in competition because of platforms? If you could add some color to these 2 points, I'd appreciate it. The second point, I think, has to do with the market, the consumer. The consumers were already going to the pharmacies. Most of them were buying it online or through the app where they were seeing this friction. So in the end, they would go to the pharmacy, buy it there, 80% there, but with the price online. So there was just a difference just for show. And our direct competitors also made it easier for the consumers to buy it in the brick-and-mortar store with the same price or at the same price they had online. So this is not even a new decision, it's just a habit the consumer already had. And the competition was also doing the same. The competitors all did the same, so we just followed suit. What was the other question? Pardon me. that Wegovy, the oral version of the medication, the pills. Well, the data is very positive in the United States. It's helped spread the— size of the market or increase the size of the market of GLP-1. new consumers start using the product. If they are afraid of needles, for example, they may now start the treatment with the pills. There's a substantial number of people who feel more comfortable with the oral medication. People also will migrate from the injectable to the oral medication. But there is an increase in the market that is expected, as we saw it in the United States in the first half of the year. In the first half of 2027, we should see an increase in the market for the whole pharmaceutical segment, not only for us. But we don't have a lot more information around it. We can delve deeper into the American market. Please come to the R&D Day and we'll talk about it then. Lucas Steves from Santander. Good morning, Raduan and Flávio. Thank you for taking my questions. I'd like to look at 2 points from a different perspective. Looking at the data from Anvisa, we see that the GLP-1 Sales in Raia grew mid-teens. 13%, 14%. That's slower than the market, that is in about 30%. We see that the Southeast is losing some of the national share. Do you expect the GLP share should converge to the 19% that you have in the pharmaceutical? market as a whole, or is there any strategy to keep it above that? average. And thinking about the margin in 2027, there are some important impacts that are coming together. The historical effect. are to be reduced, with GLP contributing less to growth. And The EVP will come into the base now, and there are some shops that are still maturing. When we combine all of these different effects, what can we expect for the margin next year? Can the maturation of the stores offset that, or should the margin be more stable? So our answer is no. We don't expect to have 19% share in GLP-1. We expect the share to be higher with this molecule, with these products because they also have a higher price. We lost no share in tirzepatide. We continue to have over 40% market share there, and semaglutide is over 30%. Of course, we're closer to the lower 30s than higher 30s as it was before. That was expected because the prices were reduced and other doors were opened as these new cheaper products came into the market, we expected the share to be reduced, but we're still comfortably higher than the 20%. I don't think we'll converge down to 20% or even 25%. It is a product. With the price of 350 reais and the average ticket for— as 110, the competition is even lower. And this price— pardon me, this product alone has a threefold higher price than the average ticket. So we expect to have at least 30% of the market share, as we have other products that have a higher average than 20%. Well, we give no guidance around the margin. give any guidance, Flávio is going to give me a scolding, but I'll give you some guidance. No one works hard to make no progress, right? We're concluding our budget plan for next year and we're Well, putting in place initiatives and projects that we understand are important to face this headwind and allow us to improve our margins slowly but surely, of course, without any Crazy moves. So always growing step by step, slowly but surely, year on year. That's crystal clear. Thank you very much. Have a good day. Leandro Bastos from Citi. Good morning, everyone. Going back to the digital business, And the GLP front. Well, the company started ahead of the rest of the market in the digital front. And we see the industry trying to catch up with apps and aggregators in the digital environment that has become so important for the sector. Can you tell us what you see in this competitive landscape and the strength of these aggregators? Thank you. Well, our digital business is very strong. Our NPS is very good. We've been delivering 39 minutes. So the experience, the customer experience has been excellent. We have a very strong overshare. in the digital channel. We're disproportionately high there at about 40%. Not only because of digital, but because we have 3,700 pharmacies that are within a 5-minute distance from so many million Brazilians? Well, the aggregators, right? There's actually only one aggregator that is relevant. I mean, excluding HSBC, speaking about pharmacy, that's iFood. iFood is doing its job. They're one of our partners. They also help us on a certain level. Especially with the 24/7 or night deliveries. iFood is the only— meaningful aggregator. There are other new entrants, Kita, 99, they will play the role there. And they are middlemen, right? So, there will be customers buying from us through them. And as they have to pay a take rate to them, then you have to have a higher margin, right? So, If you have to pay a commission, you have to be more conservative in the pricing. So, these platforms are convenient, they give a good experience to customers, but they wouldn't be competitive from a pricing perspective. They wouldn't curb our growth, not ours and not our competitors. They even add value as a partner. Yeah. Thank you. Now, for the savings, Guilherme Domingues from HSBC. Good morning, everyone. Good morning, Raduan. Thank you for taking my questions. The concept, the model pharmacy, How have you been seeing the ticket, the average ticket, the customer flow, the— The whole performance there. And as for GLP-1, There are the direct There's direct impact. What about the indirect impact with, say, vitamins or other related products? We have seen an increase in supplements and vitamins. We have been investing there in the online channels and in the brick-and-mortar channels. So they buy not only GLP-1, but there are adjacent products that are consumed more, and we're very attentive to this demand. The model pharmacy, the concept, well, it really did a lot better than we expected. The buzz there was in the first month was really something that impressed us. It's been performing really well on high income. It has been accounting for 65% or 70% of sales. So almost every line we put there, the Korean products, fragrances, the professional hair projects, everything we added there in terms of product, portfolio really did well. So it was really, really good. There's a second one to open in November. It will be in Alphaville. It's my hometown. Not really my hometown. It's my wife's hometown. I was dragged into Alphaville. And then there should be a third one that could open, a third one that could open this year. It's an important growth avenue. We understand it to be so. It's an important opportunity for us to learn around the assortments that we have to have. The offers we have to have. We may not be able to apply the full model. into other pharmacies, but we can pick and choose aspects that worked. The sensory experience of customers, of them going there and actually seeing it, touching it. Friends that go together. Parent and child, mother and daughter, father and son. The people going together. Well, this is something that the digital channel can't offer. It's physical experience. And of course, everything that we have there will also be able to sell online. And you're all invited to this new opening in Santana de Parnaíba. Just to invite you to this, Model Farm allowed us to explore a number of initiatives in HPC. Follow us on Instagram, Raia Oficial. Raia Drogasil, and our campaign for the Black Friday is also going well. There's a Well, this context with the doramas, the Mexican soap operas, the Korean soap operas, So this is also going really well, so keep an eye out. Thank you. Now we're going to take one last question from Henrique Spavieri from Bradesco BBI. Over to you. Good morning, Raduan and Flavio. Thank you for taking my questions. I've got 2. The first question is, after the relatively slow CMAD price increases, what are your expectations for 2027's price adjustments and how can they create a more favorable environment for you to grow your revenue and your gross margin? The second question is, In the macro scenario that you described during the call, if we think about your operations excluding GLP-1, How resilient do you think the categories and the regions are? Do you see any movement of sales slowing down anywhere? If you can give us any color at all, that would be great. I'll start with the second question. About resilience, our results have been very resilient and solid, and you can see that in HBC performance in the third quarter. OTC and generics would have performed at the same level if we were to exclude seasonal effects. So the performance has been very solid and it's very sustainable as well, even if we exclude GLP-1. Of course, the tailwinds that we had in the past will now be neutral going forward from GLP-1 drugs. Now, about CMAT price increases, we believe they will be more similar to the inflation index next year. A few questions ago, we talked about the headwinds in terms of margins that we will experience next year, but there will be some tailwinds as well. For next year, the pre-high season period should be good if the CMAT price adjustments are closer to the inflation index. The gains should be much higher than this year before the peak season. So the tailwinds will offset the headwinds. At least that's our expectation, and we think the CMAT price increases will be more similar to the inflation index. Thank you, Henrique. That concludes the Q&A session for today, and now our executives will have the floor for their closing remarks. Well, first of all, thank you very much to the entire team. Once again, you delivered a very solid 3rd quarter result. Our people working at the pharmacies, the distribution centers here at the office, the customer service people. Thank you so much for your commitment to our purpose, our commitment to our customers, our people, and all stakeholders. Really be proud of these results. Be proud of the customers' recognition. Our NPS is at 91, 92. That is proof that the customers recognize our hard work. The market share has been increasing month after month, and that is yet another recognition of your hard work. So congratulations. I'm very proud of our entire team and I am very optimistic about the future of our organization. And I'm very optimistic based on the stock price, on our stock price. I'm very confident in the fact that we created very unique assets. Our brands are strong. They're synonymous with credibility and trust in the healthcare sector. Our customer service is recognized by our customers. In any survey, we can see that, and that comes from a strong culture. It doesn't come from a well-defined process. No, it comes from culture. Our brick-and-mortar footprint cannot be replicated by anyone. We are reaching 4,000 pharmacies. We are right there together with the customers. No one else can do that. Our digital channels are a huge strength. And we are present around the— across the board, present on every single digital channel. And our assets are extremely strong. And we know that we can add improvements and value propositions to those assets. We know exactly what to do to continue evolving. And of course, we have reasons to be optimistic based on what we have done and what the customers believe that we can do from now on. Sometimes I think that we focus too much on the future and we miss things that are happening right now. As the main executive at this company, I have to think about the future and understand if there is any threat coming, if there is any new entrant and things that can detract from our growth. That's healthy. That should continue because we need to be diligent. We need to work harder and harder to strengthen our value proposition. But— We cannot afford to miss the movements that are taking place right now at our company. In the last 12 months, our revenue came to $50 billion. If we consider the last 4 quarters, our profit increased by $8 billion year on year. In 12 months, we grew by $8 billion year on year. We are reaching 4,000 pharmacies. We gained 110 bps in market share. Quarter after quarter for 4 quarters in a row. So we need to try and find where we can improve, but we need to focus on the present as well. And the present shows a clear message about how strong this company is and how fast we can be in consolidating our company, growing by 8 billion, reaching 4,000 pharmacies, growing by 110 bps every quarter. So this is my call to action for you. Continue paying attention to the future, but do pay attention to the present as well because we are consolidating our company. That is going to greatly improve our bargaining power. with the suppliers. It is going to help us dilute expenses, and it is also going to help us invest more in technology to be ready for the future. Sometimes we are looking way ahead of us and not celebrating our achievements here in the present. So thank you once again. Thank you to the entire team. Thank you to the market players for recognizing our team. And please make sure to come to the RD Saudi Day because there you are going to learn more about our brilliant future. Thank you very much. See you next time. Thank you very much for participating. This concludes RD Saudi's earnings call for today. Have a good one. Bye-bye.