Good morning, everyone. Thank you for waiting. Welcome to the Raízen second quarter of the Crop Year 2024-2025 earnings presentation. This presentation is being recorded, and the replay will be available at the company's IR website, raizen.com.br, and at Raízen's official YouTube channel. To choose your preferred language, simply click on the interpretation button through the globe icon at the lower part of the screen and select either English or Portuguese. Afterwards, you may choose to mute the original audio. Simply click on the interpretation button through the globe icon at the lower part of the screen and select either English or Portuguese. After that, you can choose to mute the original audio. [Foreign language]. The video of this presentation will be in Portuguese with simultaneous interpretation and English subtitles. We inform you that all attendees will be only listening to the presentation, and then afterwards we will start the Q&A session when further instructions will be provided. Before we proceed, we would like to clarify that any forward-looking statements made during this conference call are based on prospects, operational and financial projections, and goals and beliefs and assumptions of Raízen's executive board, which may involve risks and uncertainties as they relate to future events and therefore depend on circumstances that may or may not occur. Investors and analysts should be aware that events related to the macroeconomic scenario, to the industry, and to other non-related factors may cause the results to differ materially from those expressed in the respective forward-looking statements. Estão presentes hoje os executivos da companhia. Today we have the presence of the company's executives, Ricardo Mussa, CEO, Carlos Moura, CFO, and Philippe Casale, Investor Relations Officer. I would like to hand it over to Mr. Philippe, who will start his presentation. Philippe, take it away, please. [Foreign language]. Good morning, everyone, and welcome to Raízen's earnings presentation. My name is Philippe Casale. I am the Investor Relations Director in the company. Now let's go to the main highlights of the second quarter of the 2024-2025 Crop Year, starting with our consolidated results. The adjusted EBITDA for the quarter reflects three main effects. From a sugar perspective, we accelerated our shipments with better prices, capturing the benefits of our strategic positioning. In renewables, we have a temporary reduction of our special ethanol mix due to lower export volumes and a reduced demand for bioplastics. The volatility in electricity prices also affected our margins, but we are already seeing an improvement starting in October. In mobility, the resilience of operations in Argentina and Paraguay ensured market expansion while maintaining profitability levels in a good pace. In mobility, Brazil, despite the improvement in the profitability of the auto and diesel cycle operations, the allocation of volumes and price volatility in the fuel oil market had an adverse effect on the B2B segment in this quarter. Now let's move on to the operational highlights of each segment, starting with renewables and sugar. We had sequential progress in the cane harvest, however, below the estimated for the quarter. This effect is due to the drier weather, which affected sugarcane yield and caused several fire outbreaks in the sugarcane fields in the Central-South region. By October, approximately 7% of the total sugarcane to be processed by Raízen this year was affected by fires. We are in the final stretch of the crop season, which should conclude in the first week of December, with crushing at around 80 million tons, a 6% drop compared to the previous year's season. It is worth noting that the market estimates a 9% drop in national production, which highlights the benefits of our recovery journey. The impacts of the weather and the fires also reflected in the reduction of TCH and the sugar production mix, which naturally becomes more favorable for ethanol, even with the ATR of sugarcane being higher than the previous season. Now, speaking on the sugar market, we continue to expand profitability, benefiting from the price fixations made for this particular season. We maintain a constructive view for future fixations, taking advantage of opportunities to sustain this new level of return. From a renewables perspective, we have stock levels positioned to capture a scenario of better prices and parity until the end of this season, also looking for a better sales mix within the portfolio, considering anhydrous and hydrous and special ethanol. In power, with lower crushing, co-generation volumes were also lower, and at the same time, we advanced the commercialization of electricity. Finally, our second-generation ethanol, the volume produced in the accumulated crop year has been almost double last year. Once again, we highlight the evolution of the contribution margin of E2G, which represents net revenue minus variable cost, going from 14% to 52% in the accumulated year. Now, this demonstrates the adherence of our economic financial model to the reality. In August, a structural reinforcement was carried out in one of the tanks at the Bonfim plant, and due to operational safety issues, we stopped production for 22 consecutive days. There is no adjustment or point of attention related to the plant's technology whatsoever, nor to its operational performance. The plant's operation has been fully resumed. Therefore, we emphasize our projection of 80 million liters of E2G produced for this current year. Moving on to mobility, in the LATAM segment, Paraguay and Argentina, we continue to deliver a whole new level of profitability, even facing a challenging economic environment. The additional cash generation has been directed towards our debt reduction and also to support the completion of the Buenos Aires refinery modernization program. In Brazil, margins in the retail and B2B segments have improved in this quarter, maintaining our focus on the integrated Shell offer. Once again, we highlight the remarkable performance of our lubricant business, however, due to the allocation with an evolution of 22%, due to the allocation of volumes and volatility of the fuel oil markets, the EBITDA margin of the operations in Brazil was negatively impacted at around BRL 22 per cubic meter, generating a slightly lower profitability this current quarter. We continue to aim for a margin conversion in levels at around BRL 150 per cubic meter, as we estimated for the season. As you can see on this chart, the margin for the last 12 months, both in Brazil as in LATAM, remain at a healthy level. Now, let's move over to the financial result highlights. As it is usual for this crop period, leverage reflects mainly the levels of sugar and ethanol stocks. Additionally, we continue with our initiatives of managing debt, looking at extending the medium term and also stabilizing our net financial expenses. Thus, the leverage ratio tends to normalize by the end of the current crop year, with an average debt term of over six years. Moving on to the cash flow, our free cash flow to shareholders also follows our liability management and business seasonality, highlights to the stock positioning for future sales with a better profitability, a reduction in our vendors' line, given our mobility supply strategy, and a reduction of the customers' advance payment line. Now, we continue with our monetizing tax credit space at the same level as in recent quarters, which is above BRL 1 billion. The quarter's financial results demonstrate our commitment with our financial discipline, even in an environment of higher interest rates and an exchange rate that is volatile. We are midway through the crop year, and despite our challenges, mainly related to the lower sugarcane availability, we have good prospects for the commercialization of sugar, ethanol, and energy. The expansion of mobility margins is a factor which maintains our focus on expense management in line with what we have seen in this first semester, with a reduction to the tune of 13% compared between quarters. With that being said, we reiterate the adjusted EBITDA guidance for the year, with a moderation of total CapEx, considering the macroeconomic environment we are facing at the moment. Thank you all so much for your presence, and now we move on to the Q&A session with the participation of our CEO, Ricardo Mussa, and our own Carlos Moura. Thank you. [Foreign language]. We will now begin the Q&A session for investors and analysts. In this quarter, the Q&A session will be conducted in Portuguese with simultaneous translation into English. If you wish to ask a question, please press the raise hand button on the bottom side of the screen. If your question has already been answered, you may leave the queue by clicking on "Put Hand Down." You also have a possibility of submitting your question in writing through the Q&A icon at the bottom side of the screen. You may simply click on the icon and type in your question. Our first question. [Foreign language] Lucas Ferreira. Our first question is from Lucas Ferreira from JP Morgan. Lucas, you may ask your question. [Foreign language]. Good morning, everyone. [Foreign language] My question is, what is your take on the sugarcane quality evolution with regards to the rainfall that has been happening from October to this moment? Are you seeing an improvement on the TCH levels? And I know it's early, but if it continues to rain in this way, do you have an estimation on the quality of the season next year? If the droughts that happened this year, you know, will, you know, what impact they could have in the next crop year and some prospects for crushing as well? [Foreign language]. My next question, if I may. [Foreign language]. It's with regards to the selling of sugarcane you have made this far. My question is, do you have other opportunities to make such divestments? And any comments? [Foreign language] On this investment agenda in other portfolios? [Foreign language] Is this still a project that you are focusing on? Thank you. [Foreign language] Hello, Lucas. This is Ricardo Mussa. Thank you for your questions. First, with regards to crushing, we do welcome this rainfall. The period really calls for this rain, especially now in October and until February. This is where the sugarcane plants actually grow, so that was a major relief for us in terms of what we were experiencing this year, so definitely we welcome this rain. We are really optimistic for the next season because it's raining at the right time when it was supposed to. As far as the resiliency of sugarcane, we have roughly six to seven million hectares that were burned this year, and the quality of the sugarcane fields remains preserved despite that fact. We are not getting into the guidance for next year yet. We are still focusing on the current moment. We are struggling with crushing in the short term due to the high rainfall, so you have less sugar production. You have a lower ethanol production in the short term as well, which goes to show that we should have better prices. We should have some constructive prices for ethanol and sugar moving forward in the off-season, which is a major indication, you know, as far as this rainfall season, which is actually above what we expected. Now, as far as the asset management, it's absolutely a priority, so you might wait for some other news in that regard. From a power perspective, we have some assets that already did their role, so to say. We are continuing forward with this divestment strategy, and from a sugarcane perspective, we are also channeling that production to other plants. So this is a hibernation, if you will, that will bring about a reduction of cost in two of our plants. [Foreign language] And with that, we are able to monetize, right? We have some plants that are not as synergistic, being that they are smaller and they don't really have a second-generation ethanol plant, so they don't have enough volume for that. But we do keep an eye on everything with regards to our portfolio, as far as lower profitability. You know, yeah, we definitely pay attention to that to reduce our leveraging. So yes, this is a focus, and not only from the AB perspective, but also from a power perspective, we are definitely paying a close eye. Thank you, Mussa. [Foreign language] Our next question is from Isabella Simonato from Bank of America. [Foreign language] Isabella, you may ask your question. [Foreign language] Thank you, good morning, Mussa, Carlos, Philippe. My first question is with regards to fuels. So you did mention two margin detractors for this current quarter. I know that fuel oil and diesel are, you know, part of that picture. So, I would like just if you could maybe give us some color as far as what really happened on the fuel oil and why we should think of that as a one-off. And maybe if you can shed some light also on the diesel market and how that has been playing out recently. So that would be my first question. And then my second question, if I may. [Foreign language] Moving forward. [Foreign language] And I think with this yield prospect for sugarcane being so positive, can we still look at crushing in the mid to long term as being above the 80 million tons for the company? Do you think that these are the numbers we'll be looking at? What is your take on the current sugarcane field crushing capacity in the current moment? Thank you. [Foreign language] First, as far as the fuel oils, that's a new business that we were just venturing into. We didn't have a great quarter. [Foreign language] We did do some contracts that were not victorious, but these are one-offs, so there's nothing extra down the road. [Foreign language] That's why, you know, that was a new attempt. You know, we were taking a stab at a new market, and it wasn't properly executed, I have to be honest. I mean, that happened with fuel oils, and, you know, it's due to exportation issues more so than the local market. As far as the diesel market, we are looking at a market that is recently tighter. [Foreign language] You have lower availability of products, and when you have a closed product arbitrage, you see a more positive market overall, you see better prices. We don't really see the availability that we used to have for product in the first quarter, so if you remove those effects. [Foreign language] Including fuel oil, this is a positive quarter for us compared to the previous one, and we do not see a change in scenario moving forward, so you know, even with fighting illegality, it's a much better scenario now. We are now looking at a low parity scenario for ethanol, which may for a better price in the off-season as well, which is really positive for mobility. We are also fighting illegality, and I think it's the best moment for that in the industry. The agencies are definitely doing their job. We also see greater alignment at the moment, even when it comes to RenovaBio, which had so many measures going around. [Foreign language] To try to compensate, and those measures were just back and forth. We have had a change in process, and we got great jurisprudence for that. So, in other words, we do have some good news with regards to fighting irregular or illegal trade, which should preserve our margins. And again, we are very constructive when it comes to our margins. And by the way, there's always volatility because here's a market where the readjustment that Petrobras has made has been less frequent, which definitely makes for more volatility in our supply. But as far as what we are seeing now, we are seeing a tighter market, and we are seeing a more margin constructive market, especially with regards to irregular trade. Now, focusing on biodiesel. [Foreign language] We have many companies that are not making the mixture. Diesel is at a much higher price now, and this becomes all of a sudden, a focus of the industry to fight that process of non-mixture. So, again, I think that, you know, if you look at the last few months, if you look at the current situation, we still see a very positive trend for our margins here in Brazil. Se a gente se baseia no yield, of course, you're always going to have some exceptional years as far as the climate. This year has been really tough due to the burns, to the fires. So, when you look at regular years, more normal years, weather-wise, after we adjust for the fourth, fifth, and sixth quarter, we are looking at over 90 million tons in our capacity, even with this hibernation we are going through. So, yeah, we're definitely estimating more than 90 million with a year of regular climate. So, we do hope to have better weather than last year. [Foreign language] At this moment, we are not expecting to have an atypical year next year. We are estimating a more normal year thus far. [Foreign language]. Thank you. Now we have a question from Leonardo Alencar from XP. Leonardo, please go ahead. [Foreign language], Mussa, Carlos, Philippe. Hi, good morning. Hello, Mussa, Carlos, Philippe. I would like to talk about E2G. I'm sure it was a good evolution in the six months for the operations. We saw the contribution margin. Now, given this expansion, what is the ramp-up that you expect here? What would be a large scale here? Do you have any stoppages? Does it have an impact on these numbers, for good or for bad? Do you have any gains because of enzymes? Because you did have a plan to have this production in facilities. So, please talk about E2G, especially with facilities three and four going into operations. Given these results, should we expect any acceleration for the projects ahead of us? Any changes in this sense? So, this is my first question. I would love more details on ethanol. I understand that your mix was not as good as expected. We can take into account special contracts. Can we really call it a one-off? Is there going to be a catch-up for this quarter? Is there an opportunity to recover some of the contracts from the previous quarter? Is this something that we're not going to recover, but that's going to be normalized from now on? I just wanted to understand ethanol a little bit better because it was a big driver of revenue, and it created frustration when it came to results. Thank you. Great questions, Leo. For E2G, we are starting facilities three and four, Unival and Barra. They're going to go into commissioning in the beginning of November. They actually started in the beginning of November. If you look at this year, we had yield from the smaller plant, and we were focusing on bettering costs, but not bettering production. Costa Pinto is having a huge year, a great year in the reduction of enzymes. We had an almost 30% reduction in the use of enzymes, but we got the same yield as last year. Now, Costa Pinto is testing new lines for cost reduction. For Bonfim, we are starting a plant up. We had a stoppage there, and this had nothing to do with what Casale was talking about. We had an intermediate tank, and we had to stop it. But we saw very stable technology. But going beyond that, this year, the amount of liquid that we get from sugarcane bagasse is what scientists designed actually 15 years ago. It's the first time we were able to deliver on these forecasts by scientists. So, from a technological standpoint, we're doing great. At Unival and Barra, we are doing a few things differently. We had learnings at Bonfim when we ramped up their plant. So, we are now implementing those learnings. So, we expect to have better performance at Unival and Barra because we learned some lessons. We are implementing all of these lessons in our new facilities. Now, Leo, E2G has a minimum guaranteed price. So, price is not a risk here. This is a product with a very high EBITDA margin. It is a big cash generator. Next year, we'll have plants that are basically going to be full. We're going to have four plants in operations next year, and they will be generating cash for the company. So, our peak investment for E2G is behind us. We're going to have a big reduction in CapEx, and we're going to focus on cash generation so that we use these assets and these plants produce increasingly more. Think about production and productivity or yield in these plants. It's going to affect their profitability in upcoming months. This is major now for us to be able to prove that we're able to generate cash with what we have. We're very optimistic about results with Bonfim and Costa Pinto with the reduction in costs. And we also learned lessons when we started up Bonfim, and we're now using that for Unival and Barra. I think this is a very, very good scenario. I think instead of consuming cash, this is going to generate cash, and we're going to have better leveraging for the company. Now, with ethanol, things are different this year. It was not as competitive for exports, and it's always been very competitive for exports. In the first half of the year, we didn't export as much ethanol. We had big clients in the south of Brazil who were affected by the flooding. We had very good margins from them, and we didn't in this case. Now, what we see is a second half of the year, which is going to be very fruitful. [Foreign language]. There's rain, and we have low parity. So, we have high consumption. We have very strong consumption at the end point. When we compare prices to last year, we see a much more constructive, much more fruitful scenario for ethanol prices in the second half of the year. Of course, we're looking at our strategy, we're getting ready for that, but we don't have as many opportunities when it comes to exports. In the U.S., they had cheaper prices too. So, we didn't have as many opportunities to have good exports this year. Great. Very clear. Thank you. Our next question is from Gabriel Barra from Citi. Please go ahead, Gabriel. [Foreign language], Mussa. Hi, good morning. Thank you for answering my questions. [Foreign language]. I have two follow-up questions and one new question. Or maybe two questions and one follow-up. For capital allocation, we were talking about sugarcane, but something we may not have touched upon is something that I would like to pick your brains on. How do you see this business within Raízen's portfolio? Can we see divestments in the future? Do we have any possibilities for cash allocation here? For capital allocation here? We were also talking about fuel reductions. Mussa was talking about this, and lots of people talk about fuel. Regarding informal activity. I think we saw some relevant progress. We saw companies closing their doors, and they were non-compliant with market practices. Do you have any notes on that? Anything important that we should follow? Are there any conversations regarding this in the Congress? We've also been discussing carbon credits, and we have a very important conversation going on about RenovaBio. So, what is something that we should expect in the short term? Now, finally, regarding leveraging, we saw debt for the business this quarter. Sometimes it's seasonal, but when we look year on year, there's been an increase. So, even if we ignore seasonality, there is leveraging here. Maybe because of higher investments in sugarcane, E2G, and other things. You're now closing the cycle. It seems like you're getting close to the end of it. But I would like to hear from the company if you're worried about it. What do you think about it? When should we reach an optimal level here? I think it's important to understand that so that we get a gist of what you think about it. Thank you, Gabriel. We are in Argentina with a big asset, and we are ending a cycle of investments here. Since the acquisition of Argentina, we had BRL 3.5 billion-BRL 4 billion in investments in Argentina. Now, we are ending this investment cycle for this asset, and it's going to start generating cash. It's a very healthy business. I was looking at it yesterday. It is still really good, and the country is doing even better than what we anticipated. So, this business is generating lots of cash. The country is headed towards improving its institutional environment. So, it's healthy. We continue working with Argentina. This asset went through a big investment cycle that is going to be over by March of next year. We're going to finish all these investments in Argentina by March, and then it's going to start generating cash with lots of stability. And we're focusing on institutions. Now, when we talk about capital allocation, of course, we're not going to talk about everything. We have deleveraging right now. We look at the assets that are not as strategic for the company, and of course, we consider the possibility of someone being interested in buying them. This is something that we talk about on a daily basis with our board to understand how we can accelerate our deleveraging. So, what I can tell you is that, yes, this is still a priority. I'm not going to mention which assets we're considering for that. We cherish our assets, and if one of them is not as strategic and somebody is interested and they are willing to pay more than what we think it's worth, then yes, we would be focused on making some divestments, and you mentioned some very important things. Our biggest Achilles heel is still ethanol. It's the biggest product for which we have lots of informal activity in Brazil. We want to have a monophasic operation for ethanol, and we've been discussing how to make this happen earlier, maybe with the PIS tax, maybe with the COFINS tax. This is a conversation that our institutions and ourselves are always talking about. We talk about it with downstream. We talk about it with the Congress because we want to have a better, more competitive environment here. There's things that have been discussed by the Congress for many, many years. The government is talking about reducing expenditures as well. We need to get these measures approved, and you mentioned Renova Bill specifically. Oh, RenovaBio. I forget the bill that is related to this. It's to be approved by the Senate. According to this bill, not complying with RenovaBio would be an environmental crime, and since it is an environmental crime, or if it becomes an environmental crime, then they won't be able to pay bail. It makes things much more serious, so there's lots going on in our Congress and in other agencies regarding this kind of activity, of informal activity. We should take that into account. I think RenovaBio is our backdrop to fight illegality, to fight unlawful activity. Now, when you talk about leveraging, what we see here, Gabriel, is that most of our investment was made on ethanol, second generation, biogas, and the Argentina plant. These are the biggest pockets where we were investing. We also had lubricants, which is an acquisition. So, if we look at E2G and biogas, we're going to start generating cash from now on. And what's interesting is that there's no price risk and no volume risk entailed. So, the future cash generation for these businesses depends on our ability to operate these plants, and we are confident. So, we should see a reduction in the volume that is allocated to growth CapEx. And at the same time, we're going to have a better cash flow for these investments. These were big investments that are going to be concluded in this year, in this crop year. We're going to reduce CapEx and increase cash generation from these investments. This could accelerate, and this should accelerate our deleveraging. We also have other investments in our portfolio. We see our G&A going down 13% year on year. This is the kind of revenue that is going to de-leverage us more quickly. I think now it's no longer time to sow. We need to harvest what we sowed in the last few years. Everything should work, and we should bring de-leveraging down very quickly. Let me add something. Gabriel, during this crop year, we were working on stabilization and a later reduction of expenditures overall, whether that's related to our operational margin or to financial expenditures. This is why we headed towards liability management. We're working with the average term of our debt. If you look at the six months of this crop year, we had a significant allocation of capital in accounts receivable, especially from foreign operations, because of sugar cane trading. We were also able to reduce advance payments at around BRL 3 billion. We also had the impact of stock allocation. It's around BRL 7.5 billion. So, if you look at the market, it's around BRL 10.5 billion. So, if you realize what comes from stock and what comes from accounts receivable, we're actually looking at the end of a crop season that has always been according to our commitments for our capital structure: 1.8 times. After managing our debt, which is something for the end of October. So, September is still a bit contaminated here. It doesn't take into account the settlement of these debts and the issuance of the debentures in October, which is happening between October and November. So, again, this reduces interest regarding our economic situation. Great. Thank you. Now, we have a question from Thiago Duarte, BTG Pactual. Thiago, please go ahead. [Foreign language]. Hi, good morning. Hello, Mussa, Carlos and Philippe. I have two questions. Let's go back to talking about recycling portfolio. More specifically, the portfolio for sugarcane mills. [Foreign language]. Yesterday, you had an announcement. So, you have 35 facilities. Of course, not all of them are active, and one of them is going into hibernation. But I would love more information on how big the opportunity is to optimize your facilities and your crops. Because the truth is that you have a very heterogeneous portfolio when it comes to the plants, to an average radius for your crops, especially in the Midwest and South. So, when we compare productivity and costs between plants, sometimes I'm under the impression that some of these 35 plants are dragging your average down, and I think the one that's going into hibernation is most likely one of them. Am I right in assuming that? First, that you have heterogeneity in your cluster of plants and crops, and also, how much could you optimize this? I would love to understand the size of this opportunity. Of course, one is not going to make a difference, but how much should we expect regarding optimization regarding this? So, that's my first question. Now, here's my second question. When we look at the release, we didn't see much information about your guidance for this year, both for EBITDA and CapEx. Of course, you changed the crushed sugarcane. And I want to understand the impact that we are going to have when we think about your range for EBITDA and also CapEx. In the last quarters, you were mentioning the possibility of being closer to the bottom of your CapEx range. Is this going to change now that we have wildfires, for instance? Because I can imagine that this could maybe have an impact on your crops. So, please talk about your guidance for this year and also the volume changes. Thank you. [Foreign language]. When we look at our portfolio, it is absolutely heterogeneous. I'm actually looking at a spreadsheet where you have plants that are super profitable, some of them not as profitable, different sizes, different distances to the ports, different differences to the sugarcane fields. So, the difference in profitability always comes down to doing an analysis and also fixing the fields. Because if you make a decision, if you made a decision in the past to do away with some assets, I mean, if you haven't done your homework in the first place, now with our fields, with this level of profitability, with this level of yields, it becomes way more evident where the opportunity lies. So, just to shed some light on that journey, it starts with recovering our fields. With that, you get a clear picture on where each plant is and how far they can come, whether it's potential for an E2G plant or a biogas plant, etc. And then it becomes very clear what we call tail meals, which don't make sense. In other words, we have a very active discussion at the moment. I can't really disclose the details, but it is a huge opportunity. We do have some strategic matters to discuss, but we are having this conversation, and it does make sense as long as the price is feasible. In this case of OMB, I mean, I was crystal clear. Se tem canavial. Have a sugarcane field with a buyer. I mean, it would make much more sense from a buyer's perspective for the logistics. That's why we got a good price. So, with that, you can even channel some of the sugarcane to other plants that will reduce. So, the benefit is not only the BRL 380 million. You will actually improve the profitability in a very significant way. So, this is a project that will have an impact above BRL 500 million in cash generation. We'll see that because there will be a benefit on the selling from a plant perspective and also a reduction of cost from a field perspective. You'll actually adjust because some regions have excessive crushing with not a lot of sugarcane to go around. So, that's super important. Other regions are different. I mean, you have some regions that are more isolated, but I'm not going to get into the details. All I can say is that we do pay attention to that. There is a demand for it in the market. You'll see in some transactions already. So, we are paying a close eye. Now, with regards to the guidance to the year, here's what we see. [Foreign language]. CapEx is going to be closer to the bottom, yes, as far as what you see in the recovery on the sugarcane fields. But we are being very rigid, especially when it comes to the growth of the company and part of our recurrent CapEx. We are confident on delivering a CapEx that will be more close to the bottom. Now, when it comes to the EBITDA, you do have a risk. That's why we are going closer to the bottom today. You have available product and a worst mix of sugar. On the other hand, you have a better prospect on the electricity market, which is good for us and has been good in October. You also have a constructive scenario for the ethanol price and the sugar price alike, both being constructive at the moment. As far as the field margins, we are looking at a scenario that is not negative. We are not seeing an increase on tax evasion. We are not seeing negative effects on exportation. And also, the exchange rate puts some pressure on the arbitrage, which remained close, but we're right in the midst of the season. There's still a lot to happen, a lot of chips to fall, and we have to wait and see, and by the way, just to get into the Latam business, the Latam business has been performing way better than what we have expected, especially Paraguay after the adjustment of the Argentina price with the new administration in there. We don't have burdensome exports to Argentina and Paraguay that became more profitable already, so we're doing really well. Continuing to have a record year at Latam to offset some of the losses that we experienced due to lower availability of sugarcane. [Foreign language]. Excellent, Mussa. Thank you. [Foreign language]. Our next question is from Vicente Falanga from Bradesco BBI. Vicente, your microphone is open. Thank you, Carlos. Thank you, Carlos Philippe. I had two questions as well. My first, if I may, I would like to get into a little bit of the details on the short term. We saw some licenses happening at Copape. It seems that naphtha has been cut a little bit, so I would like to hear from you folks with regards to naphtha in the mixture. [Foreign language]. If it's not operational, what is the impact? And my second question, Mussa, I mean, you made it quite clear. About the next milestones, about the next management, about reaping the benefits and leveraging, cutting negative costs. And I do know that you will participate on the Cosan disclosure call. But if you can maybe make a comment about that, what is getting you excited for the next few steps and what are some of the main goals with regards to your new attributions? Thank you. Thank you for your questions. With regards to the inoperability of fields, to corroborate what you said, we are seeing a reduction on the Naphtha imports, which is great. So, the gas market is healthier, which is great for the ethanol market. So we are optimistic in that regard. Now, I've been in the company for roughly eight years, and I've been looking at this informality market for a while. At this point, I'm seeing great alignment in terms of fighting against this whole irregular activities. I see Congress being concerned with that. I see government focusing on that. I see state government doing something about it. I see great alignment between producers and distributors. In both entities, I'm seeing greater alignment in producers and distributors to fight against tax evasion, to make ethanol a healthier market to everyone involved because farmers lose with that. If you have informality, if you have tax evasion, the price of ethanol is below what it should be. I think the producing sector has united against that. I am optimistic. I know it's an uphill battle, but I am optimistic as far as I think this is going to change, and I think it's really going to change the profitability level, not only for distributors, but resellers as well. Our resellers, they benefit from this process. State benefits from it due to tax collection, so it's a win-win-win situation for all stakeholders, and I see it with very positive eyes, and the indicators do show that, Vicente. I know it's hard to look at it on a monthly basis given how volatile the market is. Margins get tighter, product goes up or down. I think you always need to look at the average in the last 12 months and see what the trend is and the potential that is coming down the pike. What gets me the most excited now, I think the next step is having ethanol where it should be. We have to wage a tougher battle because there is an important tax issue to be faced here as far as monophasic. But there is this new law, this new bill of RenovaBio, which is going to definitely improve the tax situation in our view. So, I think there are some good things coming, but it is pushing a boulder up the hill. It changes on a daily basis, but I'm seeing some great progress, and more than that, I see that a lot of people are aligned with that from the legal power all the way to the legislative branch. In all forums that I visit and interact with, everyone is talking about it and everyone is concerned, which is a good sign. As far as my new attributions, I'll leave that to the Cosan call. I'm not going to mix both companies. I am excited about it. I'm going to do my best. I'm concluding my integration with Nelson here. I'm going into great hands. I'm not getting into Cosan in the Raízen call, so when we get to the Cosan disclosure call, we'll get into it. Okay, Mussa. Thank you. And much success in your new endeavors. Thank you, Vicente. [Foreign language]. Next question is from Matheus Enfeldt, from UBS. Matheus, please, you may ask your question. Matheus Enfeldt, three follow-ups. First, going back to the impact of fuel oil. I understand that this might have been a one-off, but I would like to get an understanding on the process in the company itself as far as if you set up an offset. I understand that this might have been a one-off, but I would like to get an in the company itself as far as if you set up an offset. I understand that this might have been a one-off, but I would like to get an understanding on the process in the company itself as far as if you set up an operation that maybe had a negative output, if this was an impact of negative hedge, or if this is already undone, if the company has left the woods, so to say, or if something in the process was altered to change the situation from now on. I just want to understand if this is a process from the company as far as those attempts and what the impact might have been. My second follow-up is about the maintenance of the sugarcane fields. The company has been at BRL 6.5 billion per season, roughly. So, how much of that can be seen as the new recurrent levels? How much of that is just a higher CapEx that you put into the reforms of the company, which at the moment is close to a finish? Yeah? [Foreign language]: Is there room for a lower CapEx in the maintenance of the sugarcane fields lower than those BRL 6 billion? And the last follow-up is about the E2G contribution margin. You showed the six months of the season, but perhaps what is implicit on this quarter is even higher than what we had in the first quarter. So, how does that relate to the margin expectations that you have of 50% of the E2G? And in your opinion, can we perhaps validate that premise as far as what you are seeing? That was it. Thank you. [Foreign language]. [Foreign language]. We have a very active trading area, obviously, for fuel imports, for ethanol reconciliation, and we dropped the ball. I mean, I have to say, we really dropped the ball in our risk assessment, even to set up the process. So, the failure was much more in the configuration of the process as opposed to the idea itself. So, it is a one-off. I see this as a trend. This has been corrected. We took a while to get some licenses, which definitely affected us in the transaction. So, that has been corrected. Don't expect to see this in the balance sheet from now on. Now, the maintenance CapEx, obviously, there's always pressure from inflation. What we are seeing overall in commodities around the world is that sugar is resilient, but other commodities like soybean and corn have dropped in price. So, you are seeing a slight drop on inputs as well. What we have in the last few years, we had, for example, fight against pests. We had huge infestations. The level of crop protection application was not above normal, but there is a downward trend in our recurrent. So, you have to look at the inputs, especially fertilizers. But today, if you look at the last four years or three and a half years, we did increase the amount of investment to recover our sugarcane fields. And one clear example is the application of herbicides to fight against some weeds. You used to have huge infestations, so you cannot stop applying product until that infestation goes away. And from then on, you reduce your herbicide application. So, this is an example that we saw, especially in the region of Piracicaba, where we are normalizing our applications for next year. So, you do have to expect a little reduction, but it really depends on the cost of inputs moving forward. The entire planet has seen a change in the price levels for a lot of those products, not only in the ag market, but I do see a downward trend in our side with less application of some inputs. But globally, we are seeing better prices for inputs. So, I do think there's going to be a normalization, but it's not that different from what is happening here. I think it's going to be a downward adjustment. As far as contribution margins. The main indicator for us is an indicator of how much you can run your plant because, I mean, the bagasse is there. The amount of enzymes that we have is there. So, it's really the plant uptime. It's about running the plant for a longer period. At Bonfim, we have broken several records of production, both daily and weekly, which gives us the confidence that after this ramp-up, we are going to get there. So, the main indicators as far as bagasse conversion into ethanol, use of enzymes per cubic meter, and sustained productivity for the plant in the long run do suggest that we are in the right track. So, when you talk to the operational team, they are very confident. But again, it's a ramp-up. We did not expect to have a problem on the tank, in the civil foundation of a tank, and that's our mistake. That definitely affects productivity. So, we got to be sure that this will not happen and will not make the same mistakes as we have made with Bonfim. As far as the main indicators, Matheus, the ones that really ensure profitability and margin, we have attained them in different points in time. That has to be sustained now down the road. The price is there, right? So, we have a good price to work with, and we have a good control level in our situation. So, it's up to us to go ahead and deliver the contribution margin and generate cash. So, confidence levels are at an all-time high. Matheus, I just wanted to emphasize that the company will continue on this perspective to increase the level of financial information about this so that we can really materialize the benefits, whether it's going to EBITDA margin vision or whether it's focusing on stability, volumes, and indicators. Again, we want to focus on primary cash generation. To your question as well, our spot market still has very elevated prices. Remember, we are contracted on 80%, and we have an excellent volume. So, being able to produce above that gives you a huge benefit to really capture the opportunity at the spot market. For a global producer, there are still very interesting premiums to be had in the spot market, which to me, these are things that we haven't included in our model as a major upside. So, the sooner we are able to produce, the quicker we'll capture in the spot market, capture the opportunity. And this and the profitability will be visible for everyone. So, we can propagate that outside of Raízen even. Thank you so much, Mussa and Carlos. [Foreign language]. I now have one last question from Bruno Montanari from Morgan Stanley. Bruno, please go ahead. [Foreign language]. Good morning, thank you. I have one follow-up, one question. Let's go back to the guidance issue. When we look at the midpoint of our EBITDA, we see that you would have to grow your results a little bit above 50% to get to your midpoint, a little bit over 40% to be at the bottom range, which looks challenging to me, so I would like to pick your brains on how confident the business is that this is a possible level of growth for the second half of this crop year. Now, my second question is, Mussa, I understand that we're going to be discussing Cosan during their earnings release presentation, but I would like to take us back into the past. In the past eight years, what do you think were the best things that Raízen was able to deliver on? And what were the things that were frustrating to you and that could have happened earlier? Thank you, Bruno. Regarding the guidance, as I was saying, this is really similar to the other question that we were answering. I can't remember if Vicente or Thiago asked it. It's still mid-season. This is a very important point for the price of ethanol. This is why we're no longer looking at the mid-guidance; we're looking at the low guidance. The question here is the product that we're going to have at the end of the year after what we've seen from the weather, after the burnings. The upside is that we are still constructive in the ethanol market. If we compare the ethanol market at this point compared to last year, prices are really different, and the traded volume is 1.9 billion L a month. This is a very high volume, which indicates that we're going to have price building for the off-season. If we're not generating ethanol, it should also be more competitive, but if oil goes down, if gas goes down, if natural gas changes things, then yes, we're going to be affected, and we can't control that. Fuel margins are going to depend a lot on illegality. I still believe that when we're talking about BRL 150 per cubic meter, it is in alignment with our plan, and Argentina will be above our plan, which will offset some of the product losses that we're going to have in the other operations. But we are still in the middle of the crop year, so it's hard to talk about this. I think there's still lots of things to happen. In our next earnings release presentation, I think we'll be able to give you better insights. But right now, we do believe that we may have a few upsides. For example, the total production is something that we already know, but we're seeing better numbers from Latin America, from Argentina, which is going to offset some of these impacts. You know, we can mention so many things that I was a part of. We had great acquisitions. We have this growth model for the journey of agricultural yield. We also changed our level for fuel. I don't regret much here, Bruno. I love this company. I've been working with it for a while. I'm rooting for it. Whenever we see new folks, there's always new things to be done. I do hope we keep on doing great work, we keep growing, and we keep being successful. I have no regrets, Bruno. Thank you for your question. Thank you, Mussa. Our Q&A is now over. Any written questions that may not have been answered during the earnings release presentation will be answered by our IR team. I am now going to hand it over to Mr. Carlos Moura for our closing remarks. First, I would like to thank our employees, from interns to board members, executives, my fellow colleagues. Thank you so much for everything that we've learned together and done together during these years. I'd also like to thank everyone in the financial community for challenging us, for sending us questions, for talking to us. I believe that our business has made lots of progress on how we communicate with this market. We've also changed the way we collect our info internally, which makes decision-making easier. I wish Nelson, Rafa, and the whole board lots of success and happiness. I hope we all thrive in this new cycle. Let me now hand it over to Mussa for his closing remarks. Wow, such a beautiful speech, Carlos. I feel the same. Thank you, everyone. We've been talking to analysts since our IPO, and we know these analysts. We know you. You're always critical when you have to be, and you help us think. So, thank you. Thank you for this interaction. I also hope to see you with Cosan, and I hope to build other stories with you all. I also want to thank the IR team at Raízen. You've done amazing work. We've been working together with Casale and the whole team for years. We've been very successful in these years of Raízen, and it is with a sad heart that I change things, and I wish Nelson all the best and Rafa all the best. I am sure that they're going to take our business to the next level. They're going to do things that have not been done before. They're going to achieve great results. Thank you very much, and let's keep this going. This is the end of our earnings release presentation for the second quarter of the crop year 2024-2025 for Raízen S.A. Our IR team is available to you should you have any further questions. Thank you to every attendee and enjoy your day.