Good morning, everyone. Thank you for waiting, and welcome to the Raízen S.A. second quarter of the 2022-2023 crop year earnings conference call. It is important to point out that we provide those who need simultaneous translation with this tool available on the platform. To gain access, just click on the interpretation button through the globe icon at the bottom of the screen and choose your preferred language, either Portuguese or English. For those who are listening to the video conference in Portuguese, there is the option to mute the original audio in English by clicking on Mute Original Audio. We advise you that the video conference is being recorded and will be available on the company's IR website, ri.raizen.com.br, where the complete material of our earnings call can be found. You can also download the presentation from the chat icon, including in Portuguese. During the company's presentation, all participants will have their microphones disabled. We will start the question-and-answer session. We emphasize that the information contained in this presentation and any statements that may be made during the earnings call regarding the business prospects, projections, and operational and financial goals of Raízen S.A. constitute the beliefs and assumptions of the company's management as well as information currently available. Forward-looking statements are not performance guarantees. They involve risks, uncertainties, and assumptions as they refer to future events, and therefore depend on circumstances that may or may not occur. Investors should understand that general economic conditions, market conditions, and other operating factors may affect the future performance of Raízen S.A. and lead to results that differ materially from those expressed in such forward-looking statements. Today, we have the presence of the company's executives, Ricardo Mussa, CEO, Carlos Moura, CFO, and Felipe Casali, Head of IR. I will now give the floor to Mr. Felipe Casali. Please, sir. Good morning, everyone, and thank you for joining Raízen's earnings conference call for the second quarter of the 2022-2023 crop year. With me today is Ricardo Mussa, our CEO, and Carlos Moura, our CFO and IRO. Before presenting our results, I want to start with some highlights and advances in our business on slide 3. In renewables, our E2G production continues to grow at an accelerated pace, setting monthly production records. Since the start of the crop year, we already have produced 17 million liters. Our second-generation ethanol already is a reality. As you have been following, we announced this week the largest biofuel supply contract for over three billion liters, resulting in a firm demand of 4.3 billion liters until 2037. Also, in the renewable segment, we continue to price our ethanol with higher profitability, supported by Raízen's unique integrated chain. Another important initiative that positions us at a vanguard of solutions and technologies to contribute to a low carbon economy was the partnership with the University of São Paulo, Shell, and other partners for developing a project to transform ethanol into a source of green hydrogen to supply the buses on campus. This is clearly an important initiative for the future of fuels and will be Brazil's first station converting ethanol into hydrogen. On our power business, we are giving greater visibility given the growing relevance to our results. We began our journey with energy cogeneration projects, and today we are one of the largest power traders in Brazil and one of the largest producers of 100% renewable energy from biomass and solar, while providing access to a unique client portfolio. In sugar, we are accelerating our strategy based on the differentiation agenda. We expanded our sugar sales volume on a trading platform while advancing sales directly to destinations. Another advance was the signing of a new sales contract for Non-GMO sugar. To date, we have already sold 27% of our sugar production for the next 10 years with higher profitability. In marketing and services, we signed an important contract with Azul Airlines to supply jet fuel to 45 airports where they operate for the next five years. The agreement captures an important synergy with our executive aviation operations, given the broad coverage of Azul's operation while optimizing and increasing the profitability of our operations in Brazil. The operations in Argentina also made an important contribution to sales growth, and we concluded the rebranding of our service stations in Paraguay. Lastly, in November, we launched the new formula of Shell V-Power, Brazil's leading premium fuel, which was developed with the latest technology to increase fuel savings and reduce CO2 emissions. Shell Box already is a reference as an app in the mobility segment with numbers that continue to grow. Meanwhile, Grupo Nós is advancing in its robust expansion plans and already has over 1,400 Shell Select stores in 176 OXXO markets. We continue to make progress in optimizing our product mix and our value proposition for our customers. At the corporate level, we announced the creation of the financial services unit with the recent acquisition of Payly, which already connects directly to our Shell Box platform with the aim of expanding the product and services offered for our business and to our customers. This quarter, Raízen stock was included in the Ibovespa Index on B3, and we formed an audit board, further strengthening our governance in the company. As you can see, once again, we delivered important advances that show the intensity with which we have been working to generate business and strengthen our growth agenda. Now let's turn to slide four, which shows highlights of our results. After a strong start to the crop year, the second quarter was marked by high volatility in fuel prices, cost pressures, and the seasonality of renewables sales. Despite growing our revenue with higher sales volume, our adjusted EBITDA fell by 14%, reaching BRL 2.8 billion in the quarter. In the crop year to date, we registered growth of 15% on the same period of last crop year, reinforcing our expectation of growing results for the full year despite the scenario this quarter. On the next few slides, we will go over the numbers in more details, starting with the renewables and sugar segment on slide 5. In renewables, the better ethanol sales price in the quarter was offset by higher operational costs and the reduction in own sales, which is in line with the sales planning for the crop year. The energy sales volume also fell due to the higher availability of bagasse for cogeneration. On the other hand, we increased substantially our energy and ethanol sales volume, expanding our participation in the trade flow. In August, Raízen was the largest power trader in Brazil. In ethanol, we accounted for nearly 30% of all biofuel traded in the world. In sugar, we expanded over 80% our own sales volume, mainly in trading. With prices improving 11%, adjusted EBITDA nearly doubled, which more than offset the higher costs. Briefly on agricultural costs, which impact the two segments, it is important to reinforce that we implemented various internal actions with our main suppliers to develop commercial solutions for capturing higher cost efficiency gains to mitigate any risk of input shortages for our operations, as well as to reduce inflationary pressures. Even so, the lower cane availability reduced the economies of scale in our operations and pressured costs in the period. Now let's move to slide six with the operational highlights of our bioenergy parks. The impacts from dry weather continued to directly affect crushing operations, which is 13% lower in the year-to-year comparison. However, the average yield based on TRS per hectare increased in the quarter, remaining stable year-over-year. Despite our expectations, this year, the cane availability should be slightly lower than last crop year at around 74 million tons. The weather in recent months has been better suited for cane development, which should support recovery next crop year. An important highlight here, Raízen is closing the gap between yields in first cut and second cut sugarcane in relation to the industry average, with most of our clusters already operating with yields above or in line with the industry average. However, there are still some regions more sensitive to weather effects. Despite the drier weather in the last two years, we already are reaping the results of our journey to recover agricultural yields through effective management of planting and crop maintenance. We know what to do and how to do it with the focus now on executing the plan and delivering the results. Now, moving on to the next, few slides, I will provide, some updates of each business segment. Starting on slide seven, we are very constructive on the cycle of sugar prices coming up. We made progress in our hedging for the coming crop years with nearly half of the next crop already hedged with prices 18% higher than this year, securing better returns for the segment. This quarter, we reached nearly 100% of our own sugar sold without intermediaries, which corresponds to around 60% of Raízen's total trading book. Another one of our key competitive advantages here is the sales of non-GMO sugar, for which we signed a new contract with Lantic, one of the world's largest sugar refiners. As a result, currently 27% of our own sugar produced is sold with higher value added in long-term contracts. Now let's move to the next slide on Raízen Ethanol. This is the first time that we are presenting this flow in this level of detail, despite always commenting on the differentiation of our ethanol portfolio. Raízen is the world leader, accounting for over 30% of biofuel trading flows worldwide. We focus on producing and selling our ethanol with higher value added into various industries such as beverages, chemicals, pharmaceutical, and bioplastics. Even in the case of fuel ethanol, historically, we have been able to place a good part of our production in markets that recognize the product's low carbon footprint. We have a unique position in the industry with an integrated chain, scale, and product certification. This puts us in a privileged position to capture higher returns, especially in scenarios marked by depreciated local prices. As you can see, 80% of our production already earns a premium compared to the hydrous ethanol sold in Brazil. This year, this premium will become even more relevant given the dynamics of local prices and the recent reduction on taxes. Now let's turn to the next slide with the power business. We have expanded rapidly in the power sector with a very clear positioning for capturing market opportunities. Just to reinforce what we presented on Raízen Day, our new positioning focuses on generation of 100% renewable energy, mainly from biomass and solar, energy sales and trading that contributes to the higher business generation, and also offering a diversified and customized energy solutions. All this with one fundamental competitive advantage, the access to the clients. This quarter, Raízen reached the mark of 18,000 consumer units connected, served in various sectors, including hospitals, airports, retailers, gyms, as well as large manufacturers. These numbers should grow over the coming years since we have target to reach nationwide coverage by 2025 through distributed generation. Raízen was the largest energy trader in August, remaining consistently among Brazil's largest with effective control and management of operating risks. We remain firm in advancing our integrated offering of clean and renewable energy with a technology-intensive portfolio and unmatched capacity to access clients. Now let's move to slide 10 on Marketing and Services. In Marketing and Services Brazil, the sales volume was in line with the same period last year, with the highlight of jet fuel market, which has been recovering gradually since the end of the pandemic, and now should accelerate even more given the new contract signed with Azul Airlines. Our adjusted EBITDA from the operations in Brazil was affected by the loss of inventory in the quarter, reflecting the atypical and successive declines in prices in the market, as you can see. This one-off effect corresponded to around BRL 900 million, which had a substantial impact on results and ROACE in the period. If you take into consideration the quarterly effects, the margin would be around BRL 167 per cubic meter on the second quarter on a recurring basis. After this challenging quarter, October is pointing to gradual recovery of margins. In Marketing and Services LATAM, sales volume continues to grow with important market share gains in Argentina. EBITDA remains in line with the prior year period, with the higher sales volume offset by higher costs in the quarter. Remember that in last September, we began an important interruption of the refinery, focusing on implementing operational improvements, capacity expansion, and maintenance. We are now in the final stages, with work advancing completely in line with the planning. As we mentioned, the effects of this interruption are highlighted and adjusted in our results and guidance. As a result, consolidated EBITDA from marketing and services was BRL 732 million in the quarter and BRL 2.5 billion in the year, representing growth of 21% in this first six months of the crop year. Now let's go to the last slide, of the results here on the consolidated, figures, in slide number 11. The cash flow in the quarter followed the seasonality typical for this period of the crop year, with the higher sugar and ethanol inventories for future sales and especially this quarter in fuels to pass through the shutdown at the refinery in Argentina. Meanwhile, the net trade accounts receivable reflects the growth in ethanol and sugar export shipments directly to end customers, extending the period for payment but increasing further the profitability. The variation in accounts payable followed the downward trend in the level of agreements with suppliers with the confirming structure. These movements resulted in operating cash consumption, which is typical for this time of the crop. Cash flow from investments reflects mainly the investments in recovering agricultural yields. As well as the acceleration in CapEx for the construction of the E2G and biogas plants. Cash flow from financing incorporates the funding operations of over BRL four billion carried out in the period, which is aligned with our strategy to prepare the balance sheet for lengthening the average debt term. These effects also explain the higher net debt, as you can see in the chart at the bottom of the slide, which increased to 2.3 times the net debt to EBITDA ratio in the last 12 months. Now I'm going to hand the presentation over to Carlos, who will present our outlook for the business to the rest of this year. Thank you, Felipe. Good morning, everyone. In the very first moment, I want to share with all of you that we are reinforcing our guidance for this year. As you have seen, our second quarter was marked by the high volatility on fuel prices, but we foresee an important evolution in our margins on a recurring basis. In addition to that, I want to go over the key pillars that support our visions and are continuing to contribute to our results for this year. T he first pillar is growing sales volumes in all segments by expanding the client base and transaction volumes, maintaining our strategy to expand our business streamline. The second pillar, as Felipe and I have mentioned, we expect a recovery of the margins over the coming months. In the third pillar is related to our sugar prices, that we are expanding the differentiated position of Raízen in the market by making sales directly to final destinations and selling no GMO sugar. In terms of portfolio expansion, which is our fourth pillar, we are in a full throttle in power, Shell Box and other initiatives, including the recent announcement of our financial services unit, which will enhance the relationship with resellers in the very first moment. In the fifth pillar is operating efficiency gains with higher sales volumes and optimization of costs, supported by our strategic assets, investments in technology and operational excellence through SER+. Lastly, the sixth pillar is agroindustrial efficiency. We maintained our performance in the first cut sugarcane thanks to our journey to recover agroindustrial productivity and maximize the efficiency and scale of our operations. Moreover, our industrial performance indicator, as known as RIT/Stab, also remained at an outstanding level around 89%. In summary, we monitor those 19 control points and we are on track on 17. We commented on the challenging scenario, which I want to address more concisely on the next slide 14. Last quarter, we were able to present this classification of risks and opportunities based on relevance. On the chart on left, we listed the opportunities for this year with the highlights demand for biofuels and for our E2G. In power business, we are capturing opportunities to expand and taking advantage of our full capacity for trading and naturally accessing clients, aiming to become the real one-stop solution for power in Brazilian market using 100% of renewable energy sources. The main challenges we expect for our business through the end of the crop year include price volatility and tax changes in Brazil's fuel sector. We also are closely watching risks related to adverse weather effects on sugarcane yields in the Center-South region as usual. Lastly, the economic and political scenario in both Brazil and Argentina, mainly related to managing inflationary effects on our costs and balance sheet, demand more intense action to mitigate any significant effects on our business. Again, we remain attentive and continue to rigorously analyze all scenarios. Now, we are going to the closing remarks, starting with an update on our ESG agenda. We are advancing our ESG agenda through several initiatives and monitoring our results. An important highlight is our participation in the COP27 this month in Egypt, where we will share our vision in panels and discussions on the future of energy and renewable solutions. On the social front, through the Raízen Foundation, we proudly serve 2,500 youth and children in 25 cities. We are expanding our reach of impact, including the leverage of donation through Shell Box. Last but not least, we have placed among the three best companies to work for in the agribusiness, according to the ranking of Great Place to Work Brazil, which recognizes the efforts made in our company in well-being, diversity and inclusion actions in this year. In Argentina, we also were recognized in the ranking of best employers on the magazine Apertura. At the end of today's presentation, we have included the link of our ESG portal, which you can learn more about our actions. Let's go now to the next slide of our presentation, which covers our priorities in capital allocation. This is a new slide that we are presenting our three major commandments that is guiding our decision-making process to ensure financial discipline and ability to adapt the company in different scenarios. Our first priority is to maintain our investment-grade credit rating, especially during our current investment cycle. Here we are focused on three main vectors. First, diversification of business geographies and channels. Second, the usage of the balance sheet, especially to differentiate our trading operations. Third, continue the liability management actions to lengthen our weighted average debt term and ensure a more prudential position with the proper costs. The second commandment or priority is managing and prioritizing capital allocation for implementing our business strategies, sustaining investments in optimizing our agro-industrial operations, improving our yields, advancing our marketing services in Brazil with regard to our resellers, Shell Box and Grupo Nós, investing more and even better in our business in Argentina, consolidating our presence in Paraguay, and advancing in our power business. The third priority involves the exercise of our optionalities by continually evaluating our portfolio and partnerships, especially in biogas, power, and other new business to maximize the value of our portfolio. Going now to the last slide, I want to briefly update you on the announcement that we made this week. We have been reinforcing that our E2G is a reality and is ready to achieve its full potential. We have market credibility, intellectual property, operational and capacity of execution, and we are leading the market development. Our operational plant in Costa Pinto, Piracicaba, already has produced 17 million liters this year and has set monthly records and is on track to deliver its total capacity of 30 million liters by the end of this crop year. Last Monday, we proudly announced a multiyear contract for over 3 billion liters of E2G. To fulfill this contract, we also announced the construction of five new plants, which together with the other three already plants under construction and our pilot plant, which already is operating on commercial scale, we will reach the total operational plants of nine by the end of 2027, with capacity to produce a total 686 million liters of E2G per year. Our firm contract portfolio now has over 4.3 billion liters of E2G to be supplied over the coming years. We have been following the growing demand for both first and second generation ethanol and engaging a growing number of clients to supply our product, adopting several applications in the transportation and bioplastic sectors, for example. We are fully engaged in further advancing our journey to grow the market. Last, I want to update you on the basic assumptions of the E2G project adjusted to the current scenario. As you can see, the supply chain for building plants, which includes labor and steel costs, have suffered important adjustments that has increased the estimated CapEx for building the plants. On the other hand, we have weighted average price of around EUR 1,000 per cubic meter. Adjusting to the current market price of EUR 1,400 per cubic meter, results can be even more attractive with better margins and returns on capital employed, which motivates us to continue expanding the E2G journey. In the appendices of today's presentation, we included an update on E2G price curves according to the independent sources and use it as basis for our rationale. This concludes our presentation, and now we can move to the Q&A session. Thank you for your attention. Thank you very much. We will now begin the Q&A session. Remember that to ask questions, you must click on the Q&A icon at the bottom of the screen and write your request to participate in order to join the queue. Upon being announced, a request to activate your microphone will appear on the screen, and you must then activate your microphone to ask your question. We kindly request that each participant ask a maximum of two questions. Now, our first question comes from Thiago Duarte with BTG Pactual. Thiago, you have the floor now. The mic is yours. Go ahead, sir. Thank you very much. Good morning, everybody. Yeah, two questions here. I will start with the sugar and renewables sector. I'm looking, you know, for a little bit more color on how we should expect the evolution of sugarcane yields and planted area renovation for next year. The reason I'm asking this is because what we're seeing this year is that yields are not as bad for Raízen as they are for the rest of the industry. The main reason why you're apparently crushing a lower volume relative to last year is basically because you're planting a much larger area, a much larger share of your area relative to the previous year. If you could comment a little bit on how we should expect these two things playing out going forward, especially into next crop, the yields and the cane renovation area for next year so we can better assess how much cane volume you expect to have next year, and then the impacts on cost dilution and so on. That would be the first question. The second question, I think the margin in the marketing and services division in Brazil. As you mentioned in the release, if we exclude the impact of inventories and the market of CBIOs, we're looking at a, let's say, a recurring margin above BRL 160 per cubic meter, which is very high for any historical standard. My question is whether you see this level of commercialization margin as sustainable, by any chance? Whether you see the market as allowing you guys to deliver these kind of margins as we go into Q4 and into next year, and whether you see this also as maybe too high, for a sustainable margin going forward. That would be my two questions. Thank you so much. Thank you, Thiago. Ricardo Mussa here, and thanks for the questions as always. I think the first one on the evolution of the yields. I think one point that maybe you cannot see on the release is that we are having the fourth and fifth cut are really below even the market. What we are seeing here, while average we are growing exactly the same as the market or reducing the same as the market, in the end of the day is a combination of a better first, second, a little bit better on the third cut, but on the fourth and fifth cut, it's worse. In the end of the day, we have still a tail that we are getting rid of. That's why we still have a great upside moving forward because we are looking at what we did on the planting side was really good. What we did on the treating of this new sugarcane is also very good. This for me has been, of course, a statement that we should moving to the right direction pretty soon. For next year, we're talking about between 5% and 10% increase in our tonnage of crushing. Looking pretty good right now with the weather and the planting. It was record planting this year of 130,000 hectares. We still have, of course, to replant good amount for next year because of the fifth cut that is not doing well. But again, it's on the right track here, Thiago. Everything that we expect since the IPO is happening, and that's why we are not reducing any of our investments on the sugarcane fields because everything that we are doing, the return has been very good over the past two years now, three years, that we fixed, I think, the situation on the productivity side. On the margin level, where I disagree with your comment, I don't see 160 as being, despite the fact as being a historically high level, we still see that as a low margin comparing to many other places that we know how fuel distribution works, and especially when you compare that on a real basis, if you adjust for inflation, what happened over the past 10 years. What I must say is that if you look into this past quarter, has been a once in a lifetime change on if you take the CBIO price, what happened from BRL 200 to going back to 80, even below that. What happened with a tax cut and price reduction and Petrobras not putting the international prices on. That was really, that's why when you look into the recurring, we are seeing when you have less taxes, it reduced tax evasion. You see, the operational margin getting better and better every quarter. It should not be different, Thiago. It will depend, of course, on the fluctuations of prices on inventory. If you look on the operational level, we don't see why those margins should be reduced, especially with low tax that gives less tax evasion and better margins moving forward. We're still very optimistic and on the same frame that we are seeing before, if you exclude those one-timers that we have seen the last quarter. Okay? That's the two points, Thiago. Thank you, Mussa. Very clear. Okay, we're gonna move on now to our second question, this time around from Gabriel Barra with Citi. The mic is yours, Gabriel. It's open now. Go ahead, sir. Hi, Mussa, Carlos Casali. Thanks for the presentation, taking my questions here. If I have two. First one, I think that I focus on E2G. As Carlos mentioned in the end of the call, the company released this new investment plan for the new five E2G plants. I have some questions on this, right? The first one is, I focus here on CapEx price and return, right? Taking account, for example, the floor price that we have mentioned in the material fact of EUR 1,000 per cubic meter, how do you see this return, taking account this floor price for the contract, right? This is the first one on E2G. Regarding E2G price, I think that there are some questions that investors and from my side here in terms of how should you view the pricing strategy for this product, right? I believe that there are some opinions here, right? One is carbon credit plus E1G replacement cost for SAF feedstock or maybe a cost plus strategy. I would like to understand how you think about E2G. In regard this contract with Shell, how it was set with Shell, right? How it's the formula, the equation that you have used for this contract. Lastly on E2G, how should we see the CapEx going forward, right? We have seen this increase from BRL 700 million to close to BRL 1.2 billion in one year, right? There is any way here to hedge this CapEx in the future and try to not have this impact in the return, right? If I may, one last question, Marketing Services. Trying to understand here one thing that was, I want some more color here. We understand that was a really tough scenario for all of the companies in the country, in this sector, but we saw a BRL 900 million effect here in the Marketing Services in Brazil, right? In the EBITDA. From this total, if you could, I don't know, split this effect into the inventory loss and see if could help us understand what could be more, what are the effects here, and try to understand, in the next quarter, what could be the potential recurrent margin for the company. Those are my points here. Thank you. Thank you, Gabriel. Great questions here. On the first one, the E2G, I think you asked about returns and CapEx, so when I'll try to combine both and talk about prices on the same answer here. On the E2G, of course, we are looking on the CapEx. The CapEx growth has nothing related to any change on the scope of the project. It's pretty much if the steel prices, labor, it has been only that. If it's really related to that. If you ask how this is going to move forward, we already seen some reductions. Very, very honest here. We took a moment of very high commodity prices on the, especially on iron ore and steel. These, again, we do not control it. It's possible to hedge, of course, it is. We are going to talk more about that moving forward. That Carlos can even reply more to that. There was no change on the scope of the project. Nothing that changed from the initial plan to what we are doing right now was pretty much only commodity impact or inflation impact. These again pretty much related to commodity prices, and we're already seeing some reduction on those expenses. This will depend how it's going to be move forward. What we saw again is the prices and you, as you said, the prices is much better. The 1,000 that we're talking about here is pretty much the floor and what you see the current market price at much higher level and much higher demand quarter-over-quarter. How is this market behaving? Just remember that we have two implications. One is the carbon reduction, and the other one is the feedstock that comes from a non-food related, so there is no competition with food, it's a residue. So that's, I think you point out in a good way, it's a replacement cost to other alternatives. So that makes a lot of sense to look into that market moving ahead. Again, Gabriel, the demand is much higher than what we can afford. That's why the premiums keep moving up. So right now, who wanted to structure prices as we did was really Raízen pushing on that direction because we wanted to de-risk those projects. It has become, of course, a seller-driven market, not a buyer-driven market because of the imbalance supply and demand in that case. To your point on the marketing services, the effect, of course, we cannot open the details of that. It's a strategic data for us, very sensitive. On relationship with Shell for the governance sake of the country, we can also cannot comment how are the mechanics, the details of the mechanics that are involved on this particular contract. Okay. Good morning, Gabriel. Good to talk with you. Related to the CapEx going forward, that's the reason why we put the slide regarding our capital structure in order to give predictability to the market and to the community of analysts about our mindset, our priorities. Naturally we will be focusing CapEx for the agriculture yields improvement, the E to G journey, Argentina that has been an important asset that we are expanding our business and naturally power and biogas that we are exploring and taking advantage of our unique assets and access to clients in the market. R egarding the division of the effect of the BRL 120 per cubic meter that we presented, that's the recurring effect of our margins for marketing services in Brazil. I would like to highlight two points. The first one, the evolution of our gross margin per cubic meter. All in all, it's an important driver to compare our company in relation to the other ones. The second point is this 120 BRL can be divided in one third related to the mark-to-market CBIOs and two thirds for net inventory effects. In this CBIOs effect of one third equivalent to BRL 40 per cubic meter, I would like to reinforce some points that I am discussing with some analysts regarding the accounting treatment in Raízen about CBIOs. Raízen has the proper accounting regarding CBIOs in alignment with our auditors, that in the case EY, that complies the recognition of the mark-to-market position of the CBIOs in the company. That's the reason why we face some volatility in our margins when we made the comparisons. If you apply the same criteria for other companies that recognizes as an intangible assets, probably you have a much better comparison regarding this issue. Thanks, Mussa, Carlos. Very clear. Thank you. It was a pleasure, Gabriel. Okay. Now we have a question from Guilherme Palhares with Bank of America. Guilherme, the floor is open for you. Go ahead and ask your question, sir. Good morning, Mussa, Carlos, and Felipe. Thank you for taking my questions. Two questions from our side. The first one is related to the development of the price of ethanol that we saw in these results. We saw very high prices, mainly on the export side, right? If you could explain a bit more about the construction of that, how much was settled in advance to the lower ethanol prices that we are seeing right now, and when was that price set? The second question, looking at the drivers of the working capital in the quarter, if you could explain a bit more in terms of the division, in terms of the working capital consumption and how much each division contributed to the burden that we saw in second quarter. Thank you. Guilherme, thank you for the questions. I'll answer the first one. I'll leave the working capital question for Carlos to answer. On the ethanol side, it's a combination of very different things here, Guilherme, to try to nail down one exact point. We have been working. Ethanol to us has been a huge driver of how we manage this product. We control the logistics. We have tanks in Brazil, outside Brazil. We have the freights. We control the destination. There is not a single liter of ethanol that we sell to trading organizations. We really go to the final client and trying to move away from commodity. Here what you're seeing is really the differentials that we're capturing by doing that. Of course, timing is also an important topic, but especially premiums. What we saw, especially in Europe with the crisis in Russia and Ukraine, we managed to get very good prices. One thing that changed in the market, Guilherme, is that with the war and clients are much more concerned with supply availability. That's why you have seen more long-term contracts and people really getting wanting to have support from high big corporations like ours on the renewables piece. It's a combination, Guilherme. There is not a explanation, it's ten percent is this or the timing, or thirty percent is premium over the clients. It's a combination of that and very sustainable over time. We are not seeing that moving away in the short term. We're still seeing good numbers for next quarters and moving on. Can you go into the working capital, Carlos, please? Okay. Thank you, Mussa. Good morning, Guilherme. Just to highlight for you some effects in our working capital. The first one, due to the turnover of our refinery in Argentina, we had to dispose inventories available to fulfill the market during this 45-50 days of the turnover process. This implies an effect of BRL 1.6 billion in our working capital, fully funded by capital structure in pesos argentinos, due to the bankability of the company and ability to access the market. We took advantage of the currency devaluation that will be reflected in the following quarters. The second point is the effect of inventories of sugar and ethanol positioning due to our increase of our commercialization. As you can see in our release, we expanded a lot our volumes of trading in the company, and naturally we need to dispose some working capital. This connects with a point of last quarter that we discussed the decision of the company to put our balance sheet at the service of the business and enhance the position in the sugar to destination for accounts receivable debt. If you check our margins in sugar, the strategy is working very well. I would like to reinforce the point related to risco sacado or forfeiting or confirming program according to the view that we put more about BRL 900 million, reducing the risco sacado program and taking advantage of interest rates growing in Brazil. That will be a good cash allocation with this collateral effect in the working capital, but that will be normalized in the future quarters. That's the point, Gui. Thank you very much. Thank you. That's very clear. If I may, a follow-up question. If you could explain in terms of the international demand for ethanol, are you seeing demand for long-term contracts not only in E2G but also in E1G, just in terms of volumes guaranteed, rather than not only about prices, but just in terms of volumes supplied to Europe or to the US? Oh, good question. It is exactly this. We are seeing contracts for five years, for four years for ethanol first generation, it's exactly the same pattern. Of course we different premiums because of the origin of the product. The markets is all over, more than 40 or 42 countries that we are delivering, it's exactly the same. We are seeing that, the same level of, I would say the change. It's a different aspect. We're not talking about 10 years. We are talking about contracts that used to be 1 year, now is multiple years. three to five years has become more common in our case years. The demand, everything from hand sanitizer to bioplastics to surfactants from chemicals, so you can see on the slide on the screen, it's really growing from very different uses. Not only. Again, it used to be a majority. We are going to California and Japan. We are really growing in Europe, many different places also in Asia. It's all over. It has been one of the record year if you look into exports this year. We don't see the demand moving back. Again, if you look into the productions that we're seeing in Europe has not increased. If you see demand, especially for chemicals is spiking. The demand. It's not only E2G. E1G is exactly the same. Thank you, Mussa. Okay. Now we have a question from Luiz Carvalho with UBS. The floor is yours. The microphone is yours. Go ahead, sir. Thank you. Hi, Mussa. Hi, Carlos. Hi, Felipe. Thanks for taking the question. I have two here as well. The first one on the fuel distribution margin, right? I mean, you reported, like, BRL 41 in this quarter, which, you know, if you adjust for all the, let's say, the non-recurring items, you would see something, you know, as previously mentioned, something around or above BRL 160. I just would like to try to reconcile this number with the BRL 156 that you delivered in the second quarter, because you didn't open the inventory gains that you had in the second quarter, but you released the inventory loss in the third one, so in this quarter. I just trying to understand what will be the recurring margin you know quarter-over-quarter if possible. The second question you basically presented one slide on capital allocation right. And very interesting to see you would say the dividends and so on. Just trying also to reconcile because recently the controlling shareholder or one of the controlling shareholders of the company you know made a significant acquisition that they're counting on the let's say with the dividends from you know from Raízen to try to finance part of this acquisition. Just trying to understand how you're gonna be able to manage you know the controlling shareholder you know necessities versus the investment plan in E2G plans and also the dividends on this front. Just trying to get a sense, from you know from you guys. Thank you. Hey, Luiz. Thank you for the question. I'll try to answer both as much detail as I can, and Carlos can help me on that. On the margins, I don't have the exact number here. I don't know, Carlos, if you are going to share the exact numbers, but it's pretty much what we are seeing an improvement on the operational margin. Compared to last quarter, if you put all in all, there is an improvement on the operational margin. Operational margins, if you exclude CBIOs, positives and inventory gains on the last quarter, is still going up. The results for that, in my point of view, is a reflection of you have less taxes and less tax evasion, so you can get a better returns when that happens. The market is getting better. That's why when you look into those things, the fluctuation, the reason why we're opening right now because it was a dramatic change. We have never seen that real huge amounts that we saw last time, Luiz. That's why we opened the number and tried to explain. Otherwise, it's a huge distortion that we haven't had as much of that in the past, but the operational margin is still moving up. On the capital allocation and the dividend side, we, as I think you heard what Cosan said, it doesn't change the profile of Raízen. Raízen remains with the same profile as we had before on paying dividends now on when we can. There is no change from what happened. There is no indication for us here that any change on the dividend policy that we had already in place moving forward. We're still growing the company, very strong cash position, and in very good shape. I don't know, Carlos, if you want to add anything to help here. Luiz, good morning. I would like to reinforce the point of the gross margins. If you analyze the evolution of the gross margins in this quarter in comparison to the previous one, we went from 198 to 205, quarter-over-quarter, about 4% growth. Year-over-year, if you take the nine months of each year, you perceive a very strong increase in the gross margin, going from BRL 131 to BRL 202 per cubic meter. This is the most important indicator related to the health of our margins. Related to the point of, the last quarter was mostly driven by the effect of inventories in connection with CBIOs. Again, this is not comparable because there is a point regarding the accounting recognition of effect of CBIOs in the balance sheet of the companies. According to the level of CBIOs that is different of each player in the market, you can have a distortion. I prefer to reinforce the sustainability of our margins, the direction of the growth that Mussa's put in place with all of our team of marketing services, expanding our network and investing in innovative solutions such as Shell Box to expand our business in the market. Related to the point of the controlling shareholders' position, they are working for the best interest of the company all the time. Cosan was very clear in its position. Again, we put a very strict slide straight to the point related to the importance of the commitments that we are working related to our capital structure. That naturally includes the decision of dividends. Okay. No, very clear. Thanks for the detail. If I may basically ask here, I don't know, for sake of comparison, I mean, to try to, you know, open each of these lines in terms of CBIOs and inventory gains and imports, because in order to compare one quarter to another, you know, versus another. It's much easier for us to try to compare when we have the entirety. I mean, I understand the point of improvement in terms of the operational margins, but it would be much easier for us and investors to have, you know, the full breakdown of each of these impacts looking forward. Thank you very much. Okay. Now we have a question from Regis Cardoso with Credit Suisse. Regis, the floor is yours. We're opening the microphone. Go ahead, sir. Thank you. Good morning, Carlos, Mussa, Felipe. Thanks for the questions. I wanted to maybe explore a couple different topics. One is a quick follow-up and then two more sector discussions. The follow-up is on the working capital topic. I mean, we've seen a pretty big increase in net debt over the past two quarters, some BRL 14 billion, of which, you know, a big chunk of it is working capital, right? There is some BRL seven billion in working capital. I wanted to get a sense of how much of this working capital do you believe will be reversed until the end of the crop year, and how much of this is, let's say, more structural because of your increased trading scope and activities. Maybe, you know, for the part that is not going to be reversed because it is a working capital that you require in trading, I just wanted to get a comment from you on how does that trading return you expect compared to the cost of capital of this capital now with, you know, high CDI and so on. That's the follow-up on working capital. The other, you know, sector discussion is more related to ethanol prices in Brazil in particular. If you have an update on, you know, what is the status now of the tax credit that was supposed to, you know, reimburse ethanol producers for the reduction in gasoline taxes affecting competitiveness, and also, whether you expect something to restore the ethanol competitiveness as it was, you know, originally planned in the constitutional amendment that made this change. Also on the regulatory front, there is an ongoing discussion about CBIOs, right? To move the obligation from away from the distribution companies, and also to include other kinds of credits other than ethanol production. If you could also get a comment from you on that front as well. Thank you. Hey, just good morning. Good to talk with you. It's Carlos. Regarding working capital, it's important to reinforce our strategy to put the balance sheet at the service of the business. Argentina, we will have a very strong decrease of the level of inventories, and naturally, the pressure over the short-term working capital. I believe in the end of January, the maximum beginning of February, this is about BRL 1.6 billion. The second main point is related to the sugar market. Now we are preparing our inventories to suffer a strong decrease due to the seasonality of the year that we capture again the benefits that trading is bringing to the business and enhancing the turnover of our assets, and at the same time, providing more optionalities in our chain of distributions, naturally enhancing the return over the capital employed. We will have a normalization of our risco sacado position, and this will provide another important relief in our working capital and naturally realizing an important portion of ethanol exports until the end of the year crop. All in all, we believe that we will reach maintaining our guidance. That is very important to highlight our level of net leverage in 1.5-1.6x EBITDA of last twelve months. An important point is we have prepared our balance sheet to have some additional debts in the long term to prepare the liability management in order to extend the duration of our average debt. That's the reason why we expanded the size of the gross debt in the short term in order again to prepare the balance sheet for the future movement. I will pass to Mussa. Yeah. Hi, how are you? Yeah. Thank you for the ethanol price question. The ethanol prices, if you look at, it was fully implemented, what the government did for, to recover the tax on ethanol. It's underway, of course, we have until December, but this is already operational, so you're going to see that coming, in the next months. It was started, if I'm not wrong, in September, but fully now in October and November. That's underway, and it's working. The main point here is if we're going to have PIS/COFINS coming back, by January as it's written on the law. Of course, there is a discussion about the constitutional amendment that was approved guaranteeing the differential for ethanol and gasoline moving forward. If there is no tax increase, there's going to be a debate how to restore the price difference between ethanol and gasoline, especially the PIS/COFINS thing was not guaranteed from what happened. We are expecting that. We do not control that. Of course, we are talking to the authorities about it. Clearly, there is one path that if the tax recovery, and that's very good for ethanol. If it doesn't, that might be a legal debate about the constitutional amendment being above the law and has to be implemented. There's been a discussion probably on the Supreme Court on that. That's what we see on the. On the CBIOs' regulatory front, pretty much, we're expecting here, there is a debate ongoing in the government about the targets, and we clearly saw that in the moment prior to elections on that discussion on the CBIOs on the targets. We are protecting. My view here, we have to protect the program moving forward. It's a very important program for Brazil. Of course, we have UNICA, the entity discussing that with the government. We are looking very closely at the developments. Again, we don't see any pushback, in my point of view, from the government, even the actual government, the new government against the CBIO programs, and it looks like it's in good shape moving ahead. Here, Regis Cardoso, we do not control those situations. We have to try to influence and giving data and perspective for the authorities to make the right decisions. We are optimistic on both. Okay. Understood. Thanks so much, Carlos. Mussa? Okay, in the interest of time, we would like all participants to stick to two questions at most. A maximum of two questions each, please. Our next participant is Lucas Ferreira with J.P. Morgan. Lucas, you have the floor. Go ahead, sir. Hi, everybody. Thanks for the questions. The first one is a follow-up on ethanol prices. Mussa, you said that you should be selling most of your first-generation ethanol under contracts outside Brazil. My question is about the price formation of this product you're selling, since you're probably also facing competition from other mills in Brazil, from other traders that should be also importing ethanol into these destinations. This quarter was an impressive premium you guys did over ESALQ, so that's what I'm saying. You know, how to think about those prices in the future, especially in the event there might be a spike in domestic ethanol, how would Raízen be kind of dealing with the potential, like, opportunity of selling more domestically? The second question is more of a, let's say, long-term question for you also, Mussa, which is you guys said a few times that how uncomfortable you are with the valuation of Raízen and the opportunities. It seems like the market pays nothing for no value for the E2G Biogas, the long-term businesses, but this has been like a great commercial success. My question is if the company would be considering bringing probably a minority shareholder to this business, sort of by spinning off maybe E2G Biogas, someone that could see also long-term strategic value and sort of pricing better the value of this business under Raízen. It could be strategic one or financial partner or someone that could provide you more biomass domestically and, you know, participate also in this successful E2G growth. Thank you. No, thank you, Lucas, for the questions. First, on the ethanol, I'm very comfortable talking about it because before becoming CEO, I was running also the trading part of that. It's really our We have a very unique system on the ethanol. We are fully integrated, so we have clients that require traceability. We have clients that require certification, logistics. So for us, it's quite unique. I'll give some examples. We have using it sometimes vessels, overhauling vessels that are bringing diesel, coming back with ethanol. We have done logistics with sugar, with diesel. It's quite unique, our infrastructure, our position on the ethanol side, on the trading side. This is again, when you talk about many markets here, we have been leaders for a long, long time, so it's not a surprise that we are getting much better prices. I don't see that changing because it's not trading per se of buying and selling. It's a combination of having verticalized operation, producing our own ethanol, having specialties in our program. If you look into our facilities, we have a huge range of different products that we produce from different clients. It's quite. The optionality here, just to highlight here, Lucas, the optionality of having a system that can pretty much move fast into one direction and the other direction. That's pretty much it. That is, of course, we always tend to combine short-term and long-term to leave some optionality on the table and make money when there are huge variations in the market. In our proprietary or our own ethanol production, we are looking more and more to long-term contracts and premiums and guarantee good margins moving ahead. To your second point, we don't see right now any. We have a very great capital structure. Those businesses, E2G Biogas are a star business. For me, it doesn't make much sense to try to find partners for businesses that are growing, and we have the ability to fund and grow those businesses. The short answer is no. On the short term, there is no intention here to find partners on those businesses right now. Okay? Thanks, Mussa. Okay, our next question comes from Gustavo Sadka with Bradesco. Please, Gustavo, you have the floor. Ask your question, please. Thank you. Hello everyone. Good morning. My first question about margins here in food distribution here in Brazil. For the fourth quarter of 2022, how do you see this translation between reposition margins into the actual printed margin? Your initial thought is that margin should be materially higher in the fourth quarter, as you didn't have that weight of inventory swings from price adjustments made by Petrobras. Also, like you mentioned, the reposition margins are very healthy and high. From other industry players, we heard that maybe some effects like volatility in the hedging market and also effects from the trucker strike that you had after the election could have some impact in margins in the fourth quarter. I'm curious to know how you guys see this balance between a more stable, a clean quarter in terms of inventory swings and these possible one-off effects. My second question about ethanol, we saw that you guys are doing a massive premium versus the domestic price of ethanol here in Brazil. When we look at the share of exports over the total sales volume, we see that they are still at 40%, and this has been kind of a recurring level in the last 12 months. I'm curious to know if you guys could increase this share of exports in the short term, like say in an event that Petrobras start now pricing gasoline prices artificially lower, structurally, if you guys have this opportunity to step up these exports, opportunistically. That's my two questions. Thanks. Great question, Gustavo. What you're seeing, of course, we do not expect the impacts that we had on our second quarter here are not expected on our third quarter, the last quarter of 2022. We are seeing margins improving. There is still some volatility. If you look at what's happening right now, we have negative arbitrage, especially for diesel and some for gasoline, but in the north of Brazil, for instance, there is some uncertainty around that. Clearly a great improvement moving ahead. I don't see why we should not expect better margins and improvements on that in the fourth quarter. Again, if there is any, in my view right now, if the arbitrage is closed, we are at parity, we should expect some movement. If any movement, it should be up and not down from Petrobras right now. Of course we do not control that, so we have to see and wait. On the ethanol side here, to your point, people are only looking at how much is exported and how much. We have a lot of industrial demand, even locally. Ethanol, you have premiums all over the place by having premium products, industrial grades and special grades on export and also on the local market. These, again. If we need to increase, we will. If you look what we did over the past three months, we increased a lot our sales to exports when we saw the local market going down. So it too depends. Normally on the last quarter of the season, that's when you have better local prices, so it will depend really what's going to happen. Also, there is a question here also, Gustavo, if the taxes are coming back or not for gasoline, that could have a big impact locally. So here our team is much more looking what's the optionality and be ready to capture the best highest variable if possible. Of course, the contracts from the exports, we cannot change, and those are very good contracts and with very good clients. I think if there is a trend is increasing the exports at a higher premium, and, but that's also doesn't mean that if we're also making money on the local markets with industrial grades. If you allow me, Mussa. Gustavo, good morning. Just to give you a reference regarding hedging, please check the notes number 27A and 27J. That will help you in the sense to have more predictability regarding our hedging position, always seeking to protect our capital structure and strengthening our balance sheet. Last but not least, our question now, the last one, is from Daniel Sasson with Itaú BBA. The mic is open for you, Daniel. Please go ahead. Thank you guys. Thanks Mussa, Carlos, Felipe. I have a question on E2G. In the past you mentioned that you were trying to develop or diversify your suppliers of equipment so that you could eventually accelerate the building of more plants. I just wanted to have an update on that situation. How's your perspective on having different suppliers, especially now that you've announced five additional plants? That would be great. My second question is on the power division. We saw very good volumes, trading volumes this quarter, but lower prices. If you could give us more color on what happened to third-party energy prices, that would be great, and comment on what we should expect in terms of volume mix between your own energy and trading volumes, that would also help us as well. Thank you. Thank you, Daniel. The first question. Good question. It has always been, in the past, if you talked to us a year ago, it was one of the bottlenecks was, equipment constructions. We have developed seven different suppliers of equipment for our E2G plants today from three different countries. This has been de-bottlenecked. Right now we have no bottleneck of equipment constructions. We are of course looking into our finance framework and our capability to execute if we can go faster or not. Clearly now there is no bottleneck on the equipment side. This has been fixed and progressing very well. We were really surprised and good surprise from our suppliers on the both thing and the other two plants already under construction. They delivering on time and everything went great. On the power side, of course, you're going to see much higher trading and trading third-party energy is always going to be much higher than our own production. We are increasing a lot of distributed generation, so we put a huge focus on that in the short term and building more and more capacity to our clients. This is a business, Daniel, that we focus more on the client base than only on the generation side. We see we're only going to do anything if we have the clients attached to that and almost back-to-back operations to make sure that we build things to meet the demand for our clients. We are not going to be in a long position of energy, of power, because that's not the strategy. The strategy here is having the long to meet the client's needs, but really push on the client side, not on the production of energy per se. We don't see that, okay, energy prices are going up. We don't have that deal. Here the view is we can create a lot of value with our client base, and that's what's happening right now. This has been a huge growth, and we're very excited about it. Thank you, guys. Very clear. The Q&A session now is closed, and we would like to turn the floor over, excuse me, to the company's closing remarks. Mr. Ricardo Mussa, the CEO, will now give us the closing remarks. Mr. Mussa, please. No, thank you. Thank you everyone for the great questions. Just to again reinforce what we have here. Sorry. Before that, people are there was no question about Shell Box and we have a huge launch of our new Shell V-Power and lot. So we are seeing on the screen here it's a very nice I would say gift for new users of Shell Box. I hope there is no new users from the whoever is listening to the call. If you know someone that has not the app yet, there is an incentive here of BRL three if you fill up with the new Shell V-Power. Of course, this will be already you can see on the screen, just download. If you're a new user, you can get that. My final remarks here is, if you look into our operational performance, everything that we debated since the IPO, we are keeping on track delivering. We are seeing the improvement on our operational performance of the sugarcane fields. We are seeing E2G launching and speeding up from the 10 plants that we committed. We already have nine under contract and pretty soon going to be the nine plants under construction. Pretty much even ahead of the plan. We talked a lot about the improvements on margins in Brazil and not only for Raízen, for the entire market, and we see that happening. You can of course take those one-offs from our results, that's the trend. If you take the past 12 quarters, you can clearly see that there is a trend on margins getting better and better. There is going to be hiccups in the way because of inventory gains and losses, but clearly the trend is there. Also the power now that is becoming more and more relevant to us. Not many questions I saw you guys talking about Argentina, but Argentina is doing great. We started the refinery yesterday again, and it's up and running like a Swiss clock. It's really good. For me, that's it, guys. It has been a fantastic year so far. We still have a lot ahead of us, six months ahead of us to talk, and that's why reinforce the guidance. We are very confident what we're going to deliver. More than that, I think the future of Raízen for the next five years, we are already implementing a lot of everything that we need for the near future of the company in the long term. Thank you. Thank you very much. Thank you, Mr. Mussa. The video conference of results referring to the second quarter of the 2022/2023 crop year from Raízen S.A. is now closed. The investor relations department is available to answer other questions and concerns. Thank you so much to all participants, and have a good afternoon, everyone. Thank you.