Good morning, everyone. Welcome to the video conference for the earnings of the first quarter of 2025 of Randoncorp. I'd like to thank the presence of all the investors, analysts, and all the other participants that follow us this morning. Our event has simultaneous translation to English and sign language interpretation. To put your audio in English, you must click the button "Interpretation" on the bottom bar of your screen, and to have the translator audio select, mute original audio. This video conference is being recorded. The recording will be made available on our website, forrandonsa.com. Website in the screen. We bring the legal statements. The information in this video conference is not a guarantee of a performance. It involves risks and uncertainties. It involves future events that depend on circumstances that can or not happen. In order for today's agenda, we have the message from the president of Randoncorp, Daniel Randon, the highlights of the semester presented by Paula Pignata, the detailing of the period mentioned by Steven Angeletti, the perspectives for the next months brought by our CEO, Sergio Carvalho. Finally, the Q&A session conducted by our IR manager, Davi Basicheggi, that will count on the participation of our IR director, Emerson De Souza. To participate in the Q&A session, you must follow the guidance on the screen. Remember, you can indicate your participation anytime during the event. I pass the floor now to Daniel to start the presentations. Good morning, everyone. We start one more year excited with everything we've done and we still want to do at Randonc orp. You have followed the intense pace of relevant movement that we realized in the last few years, and the biggest one, without a doubt, was the KONSA acquisition, an aftermarket in Mexico that has gained important results in the beginning of 25. The closing of the operation happened in January, the month where we concluded the acquisition of AXN, a North American manufacturer for axles and suspensions, and Delta Global, a technology company that is part of our brands. These companies came to reinforce even more the transformation of Randonc orp in a protagonist in the mobility sector globally. With them, not only do we access new geographies as we widen the diversification of our businesses, which is paramount to go through complex moments like the one we're going through that will be explained later by our executives. The capturing of synergies should give us boosts in the next months and will contribute in an important manner in our future performance. Talking about what's to come, another movement that we announced in April that will strengthen even more our business middle long term is the strategic partnership of Randon with high growth funds of Patria Investimentos that will allow us to accelerate our growth plan with greater digitalization, which is very important for this segment, increasing our sales channel. The transaction is in the process of being approved by the competent bodies. We hope we expect a conclusion by November, December this year. Another announcement we had after the last earnings presentation was the change in governance at Randon Corp with the continuity of our succession plan. We are doing the transition of Sergio Carvalho in a very constructive way. Our executive committee is well structured with a competent team in heading our businesses. September on, Sergio will be our Senior Executive Advisor. At the same time, me and Anderson Montalchi will take on new positions at Randonc orp at Fras-le Mobility. During the preparation of the presentation for earnings of the first quarter of 25, we showed our guidance, presented our guidance, our ordinary assembly, extraordinary assembly in an event at Automac with investors. About guidance, I would like to mention that it is very realistic under the point of view that we have of the current market today. Sergio will detail this in his talk. Regarding the assembly, I would like to highlight the approval of all matters, the reelection of the administration board, and the changes of the raison sociale of the company. Now, Randonc orp as A with a brand we adopted two years ago. Finally, I finished my participation thanking the over 40 investors that participated in our event, investors at Automac. Moments like these, we are able to show that Randonc orp has solutions for several sectors of the economy and has increased its business in resilient segments like aftermarket. Despite this challenging scenario at the short term, we are convicted that our pillars are well established and a solid base. We are determined to advance this year, especially focused in the integration of new businesses seeking synergies, reducing our leverage. I pass the floor now to Paula for her presentation. Thank you, Daniel. Good day, everyone. To talk about the Randon Corp results, we need to highlight meaningful changes that we had in our business environment at the beginning of this year. As you can see on the screen, the number of trucks in the first quarter of 2025 are good and grew so much in production as well as sales. What these numbers do not reveal is a change in the mix, in which heavy trucks lost representativity with the other lines. This happened especially due to the increase of interest rate. Other factors continue to be positive, like a strong harvest of grains with a record harvest. This macroeconomic scenario has affected strongly the demand of trailers. Despite having a decrease of 15%-16% in production and sales, if we focus only on the lines linked to agribusiness, the reduction is even higher, close to 40%. The volumes of the first quarter are being pulled, especially by the segment of industrial cargo, where we have less exposition. We have the increase of aftermarket with workshops, increasing the circular fleet, and a disfavorable environment to buy new vehicles and for exports for trailers with the uptake of sales in Argentina and Chile, focusing on the international market in a broad way. The big point of attention, no doubt, are the uncertainties regarding the tariff policies. Currently, we understand that for Randon, there are more opportunities to be explored than threats regarding this topic. Even like the rest of the world, we are paying attention to the unfolding of new changes that can impact business, starting with our main indicators. Now, I'd like to highlight that net revenue has increased in the quarter, supported especially by the new acquisitions and the heated demand for aftermarket. Steven will bring us more details later, but I'd like to highlight that we reached important milestones in this indicator that we're seeking for some time, the increase of representativity of international revenue from aftermarket in our business, strategic pillars of our growth. On the other hand, we had the impact of the acceleration of sales for agribusiness, penalizing especially the OEM vertical and update of ERP of this auto parts vertical and our partner Schroeder. They impacted the dynamics of business, affecting not only revenue, but also the margins of this period. When we analyze the EBITDA margin adjusted, we see stability compared in the quarter. Even with the challenges that we faced, the results of the companies acquired, especially KONSA, that has a good level of cash generation and works in aftermarket, and the growth of international revenues that have greater profitability when compared to the domestic market also contributed for this indicator. Regarding the net results, we had a relevant reduction in the period. We did not present the adjusted values for this indicator, but we'd like to highlight the impact of a non-one-off, which is the last parcel of excess that affected in BRL 70 million cash. Additionally, our financial result was affected negatively by interest rate currently and the increase of debt to finance our expansion, non-organic expansion. These factors align to a greater level of investment and affected also our ROIC. Going to liquid net debt, you can see in this plot the variation between the closing of 24 and the first quarter of 25. We had relevant capturing to acquire the KONSA, AXN, and Delta this quarter, besides integralizing capital of Agenchi. The rest you can check in chapter D of investments of our results or earnings. We had a greater need for cash working capital, especially in stocks. This happened due to two factors: the business model and distribution of the KONSA that demands higher availability of more ready products and a greater number of trailers in stock of the vertical OEM due to the acceleration of its main sector where they act. These factors impacted our leverage that temporarily is higher, as you can see in this plot. I highlight that our financial covenants established the leverage of 3.5 EBITDA of the last 12 months being checked at the end of the exercise and considered a EBITDA pro forma of the acquisitions. When we calculate the leverage, we consider this premise. The indicator is 3.2 times adjusting EBITDA by one-offs. We get close to three folds, three times. I reinforce that one of the objectives this year is the reduction of our leverage, especially with the capturing of synergies and the integration of our units that are strong generators of cash. Now we bring to the screen some data about our debt. As you can see, the increase of interest rate inflex and the total cost of the debt that today, the majority is in domestic currency. We're working on several alternatives to improve the profile of our debt, like the increase of the average term and the reduction of average cost ponderated that we achieved this semester. I finish off my part bringing information about Randon Corp in capital market. Despite the valuation, the increase in our value for Fras-le Mobility and make evident our valuation of our co-op buying plans with Companhia, our market cap had a reduction of 30% in this period, but our liquidity, average daily liquidity increased to BRL 5 million cash. Besides paying JCP January this year, deliberated in assembly the plan of dividends in BRL 15.3 million cash that will be started May 3rd. They have the right to receive the shareholders from April 30th. Now I pass the floor to Steven. Good morning, everyone. I want to thank you for being with us in another video conference of Randon Corp, as Daniel and Paula highlighted up to now. We live in an intense quarter full of relevant deliveries strategically, but very challenging in the business environment. I start bringing the information about our net revenue and the distribution per vertical with the acquisition of KONSA. We had an important advance in the revenues of control of motion vertical, getting to the level of 40% of net revenue, as you can see in this plot on the screen. Second place in participation, we have vertical auto parts that has the revenue from the acquired companies like EBS and AXN. The OEM that used to be our main revenue is now in third position in the first quarter of 25, a reflex of our growth strategy for all the other verticals and the market moment with a decrease in volume and a less favorable mix. What we consult that we bring in screen, we were bringing revenue per segment. In this quarter, we added over BRL 450 million through new businesses and majority in foreign market. The aftermarket industrial has increased and agribusiness has been explained by Paulo. Analyzing now revenues of foreign market, we highlight the increase of representativity in total revenues. Over 30% of our revenue come from abroad, and our objective is to seek greater balance in the middle long term. What made possible this advance is, without the doubt, the acquisitions. We had other important factors in the quarter, like recovery of sales of trailers to Chile and Argentina. Besides the continuity of delivery of the lot of order of air glist opening, the representative of internet foreign revenue per region received more than half comes from USMCA that counted from January on with the KONSA Mexico and AXN USA. Another region that has grown a lot is EMEA, especially through the acquisitions of Juratek and EBS. The region of Mercosur in Chile, despite a decrease comparatively, has shown gradual recovery with a recovery of the Argentine economy. Looking at the EBITDA of the first quarter of 25, we had an increase in nominal value and established margin. We had important factors during the semester that penalized EBITDA in BRL 85 million cash. The data on the screen are adjusted. See in the plot in the bottom, the origin of the generation of our cash first and relevance. We have vertical motion control followed by auto parts and financial solutions and services. Also, we see we had important increments in revenue, but our margin in the OEM vertical suffers pressure by the decrease of its main market and a business environment that's more competitive, where there's not a lot of space for readjustment. Besides this, we have the new units of auto parts in Mojiguaçu and ramp-up. We're cast to finish in the fourth quarter of 25, and the margin should follow this gradual improvement as the volumes increase, which should lower the fixed cost for the operation. About the CBD, I say that inflation is stable in the period, an increase of specific prices in raw materials like aluminum and metallic goods. The comparison of this M&A is affected especially by the addition of new businesses. I reinforce that we are very diligent to working with expenses and investments so we can advance in our profitability levels. To finish, I bring in the screen the value of investment comparing quarterly. As Daniel and Paula mentioned, this was the quarter for relevant acquisitions represented in blue, light blue in the plot. Besides this, in Capex, we continue to invest in the building of the subplant of Framex Energy for Framex and new units in Mojiguaçu, and the efficiency of all our operations. We are prioritizing necessary investments, seeking to preserve our cash to reduce leverage. Now, I pass the floor to Sergio to talk about the perspectives for next months. Thank you, Steven. Good morning, everyone. As you saw with the talks of Daniel, Paula, Steven, in today's presentation, the year 25 will be a very challenging year. We are operating in a business environment that's quite complex in Brazil and abroad, where we have a lot of uncertainty. Interest rate that is high, increasing in the domestic market, tariff policies being changed in a meaningful magnitude in the international scenario. Several issues that end up impacting the normal pace, the usual pace of our business. With this, we are preparing Randon in the last few years to go through these periods in a safer manner with more resilience. It's not by chance that today the aftermarket revenue is a lot higher than we had in the past. The material you received, we reported in this first quarter, something like 46% of revenue of Randon in global terms, they come from aftermarket. We understand that this segment brings this resilience that we're seeking. For us to grow in aftermarket, we had relevant investments, which made us in this moment, we have a peak in our leverage. We do not foresee more investments of this level in the short term. Our focus is now in integration, the capturing of synergies, the expansion of the synergies with the acquired companies in the reduction of our leverage. Gustavo, next slide, please. In this context, you can see in the screen the numbers we have forecast for this year. Under our revenue, we believe we're going to close between BRL 13 billion and BRL 14.5 billion, and all of this supported, number one, by the addition of revenue coming from the acquisitions, non-organic movement, the good demand of the aftermarket segment, as well as a positive demand, a greater participation in the truck market with the operation of Suspensys and Caster Tech in the region of Mojiguaçu. This number will not be higher due to the decrease of heavy vehicles and trailers linked to agribusiness, as Paula mentioned, but it showed an expressive decrease when we compare to the previous year. Regarding revenue from the international market, we presented a great advance compared to 24, and the main highlights are our expansion in North America with KONSA, AXN, and the recovery in the segment-based container market through Hercules. The increase of relevance of our revenue that come from the European continent that also count with our company, EBS. In the South American market, we see a gradual recovery of sales in Latin America, where Argentina has an economic stability, and Chile has a re-uptake or is re-uptake of trailers, and the adjusted margin is inside the guidance gap in the first quarter, and we believe we can seek margins similar to last year in the current year. Regarding investments, we have a moment of austerity. According to the current moment in the forecast, we have the conclusion of Mojiguaçu unit and investments in gaining productivity and efficiency. All of the numbers obtained in the first quarter of 25 regarding the guidance indicators are very much aligned with what we forecast for the period. Now I finish the presentation part, and I pass the floor to Caroline so we can start our Q&A session. Thank you, Sergio, and the executives that had their presentations. We will start now our Q&A session. Are you—can you hear me? Oh, yes. We are going to start our Q&A session now. You can participate following the guidance on the screen. Our first question of today comes from Gabriel Chini from Santander. Good morning, Gabriel. You may ask your question now. Good morning. Thank you for the space. Two questions from my side. The first focused in the segment of trailers as a whole. I know that the market has gone through a complicated moment with demand impacted by a high interest rate, new competition. On your side, can you give us more details? What are the initiatives that you're working on, especially for gaining efficiency, operational improvement, and the timing also issue, if you can mention when we would see these improvements? Second point focused on the earnout of Hercules. Can you explain this transaction if there are values that are pending or what would demand new investments? Anything that would demand new investments? That's it. Thank you for the questions. First, I will hand it to Steven. It's important to highlight the year that we see the trailer market with higher difficulty. We are not halted. We're doing many actions in the company. Steven can detail this and Paulo, can you give us more details about the earnout of Hercules? Steven, first with you. Thank you, David. Thank you for the team for participating in this video conference. Thank you for the question. It's important to give context to the OEM of trailers segment as a whole. We're going through a moment of not having a decrease in volume, 15%-20%, but mainly maintaining, if there is continuity, the change of the mix, the less favorable mix for our product portfolio. We're talking about when we look at family of products, those products that are destined for agro, the dump truck and dump trailer and the grain trailer, these decrease even higher. What sustains the market volume for this drop to be slower or lower? The products destined for industrial cargo to retail, where we naturally don't have as much competitivity. With this, we have two separations here. When we look at market, we have the understanding that assets that are running for agro, transporting agro, they have a higher use rate because the harvest is good. They are probably having heavy usage, more intense use. They will suffer more wear if they do not want to renew to save money or to avoid higher leverage. Once the interest rate comes down, we should have a double impact in volume due to a renewal that was retained for longer. You will have to do the renewal in an accelerated manner, be the expansion of fleet. We have seen this scenario in 2018, 2019, 2020, after three years where the market was not selling, not even enough for the renewal of fleet. We ended up having three years with volumes that are a lot higher than the previous three years. From the point of view of the market, we do believe we see a possibility of recovery motivated by this. On the point of view of what we do from inside, we have initiatives in all fronts, be it product, process, and structure also. We are doing the adjustment, especially in the point of fixed cost, to go to this smaller volume and tighter margins. We also move product and process. When the volumes come, we are even more competitive. The proof of this is, despite all this perfect storm, especially from the OEM part in the first quarter, we are able to preserve a positive beta, something that in other moments in the company, we would not have the same situation. Finally, I finished mentioning we showed in the presentation, but this revenue share of OEM naturally decreased, less than one-fourth of the consolidated net revenue, given we have a higher growth of the other verticals, but also the lower volume of domestic market. We believe that as the market recovers, if we put in practice the initiatives for improving efficiency, OEM will represent a higher level of revenue. Unfortunately, we cannot be exact when it will happen because it depends on the market also. I can guarantee that everything that's inside we're doing in the first moment market a higher operational expense due to the adjustment. The idea is that we can have better performance in the short term. Now, earnout of Hercules. Good morning. Can you hear me? Perfect. Guys, thank you so much for being with us in this Q&A, Gabriel. Thank you for your question about this topic of earnout of Hercules. This value is part of the value what is owed to the sellers due to the acquisition. I can affirm it's a final installment. We do not have any more payments to do. This amount is due to the beta of Hercules. The year after acquisition, November 22, November 23, in 24, we paid the first installment of the earnout that was forecasted. It was the amount initially mentioned in the transaction. In the financial demonstrations of 24, we highlighted that the negotiation was still ongoing. It could mean additional values in the following period. The conclusion of the negotiation happening now in 25, we got to consensus between the parties with the liquidation of the additional installment of $18 million, as I mentioned, this final installment. Seeing that this happened after the accounting of the investment in 22, the reflex of the additional had to impact the current exercise of the company following technical guidance PC15. I hope I clarified this point as you asked. Perfect, guys. Super clear. Thank you. Thank you for your question. Let's go now to the next participation of Kiefer Kennedy, analyst of Citi. Kiefer, you may ask your question. Good morning. Thank you for listening to my question. I have two. First, about cash generation. You mentioned now in the presentations something regarding this. With this first quarter, with the leverage is three times, close to three, considering EBITDA with the acquisition. I want to understand how you're thinking the scenario for 2025. We have interest rate that is high compared to main geographies. This increases the cost of the debt as a whole. What are the main leverages that you see for the year of 25, given the operational context of the business units not in the best moment? I want to understand what you're thinking about this. The second question is regarding you talked about the earnout, but if you can give us details about the EBITDA, these numbers. From what you mentioned, this was measured from 22 to 23, right? Now we are in 25. Over a year has gone since the end of the exercise that you accounted for this earnout then. At the end of last year in the ETR, you mentioned this negotiation was still open. Once again, this was already a year after the finishing of that moment of the accounting moment. It's not very clear for me this point. I want to understand more details because last year was still a bad year for the trailer market in the United States. When we do the math regarding the initial price of acquisition, considering the earnout, it's twice the initial value. Since we do not have a lot of information of the process and you have all the information on a lot more of the negotiation, I would like more details about what was the final negotiation, what was the EBITDA of Hercules in the moment taken into account so we can understand the final value of acquisition. Thank you. Thank you, Kiefer, for your questions. In the beginning of this year, we talked in the first quarter that we would have a peak of leverage, a higher leverage than we are used to presenting due to the movements that we did, obviously. Paulo can bring more details of the main focus that we have this year of unleveraging the company this year. After, Paulo, since you brought initially the talk about the earnout, can you please give more information and answer Kiefer's question regarding EBITDA and the timing that we had with the payments of the earnout? Very well, Kiefer. Thank you so much for your question. In fact, you are right to raise this regarding leverage. We can guarantee to you that historically, we always were very disciplined in the finance point of view. This year, we have been to be more disciplined with management of cost, organic Capex management, and cash working capital management. This leverage was already foreseen. It would increase due to the important acquisitions that were aligned in our strategy. This year, we will really focus in the capturing of synergies of these companies that we recently acquired. In the given right moment, we can share with you all of the synergies that are being captured, be it in the supply side, being optimization of the structure, or be it in opportunities for working capital. Besides this, according to what we have showed you already, we have the operation announced through Companhia. We are selling our participation in our side of co-op payment plans. These are resources that will come to the company, around BRL 180 million cash. The forecast is this should happen in the last quarter of the current year. Regarding the topic of the earnout, it is valid to rescue some important aspects. The price of acquisition of Hercules had two elements: the fixed price that was paid in 22 and the earnout based on the positive variation of EBITDA after the closure of 22 and what was verified the 12 months after the closing of October 23. This was the period where the North American market was very good. Of course, especially in discussion, calculation of earnout, many times you can have doubt understanding for both parties. For this reason, last year, we paid what we understood as being the value that we owed. Also, we reinforced that there were an ongoing negotiation with the other party. It is something that was extended and has been concluded now, April 25th. Twenty-five, sorry. This parcel that was paid in April 2025, after the understanding of both parties, is the last installment, the final installment, and it was recorded in the committee in the current exercise. Great. Thank you, guys. Thank you for your participation. Let's go now to the next question from Gabriel Esenji, analyst of Itaú EBA. Good morning, Gabriel. You may ask your question. Thank you, Caroline. Thank you, guys. Thank you for the space. Two points from our side in Itaú also. If you can mention a bit about the expectation of profitability of parts for the next semester. We saw margin close to 12% in this quarter. You talked about the negative impact in the first quarter, but I want to confirm if you can see a better level now of profitability in the second quarter. Also connecting to Fras-le's presentation yesterday, we talked in Fras-le's call. Fras-le could be two or three times or below this. How do you see this level, the conversion of the group as a whole? Obviously, seeing we know there is uncertainty this year, interest rate is fluctuating and exchange rate is fluctuating. How do you see the level by the end of the year? That would be great. Thank you. Thank you, Gabriel, for your questions. Steven, I'll start with you to detail not only the auto part margin in the first quarter, but what we expect for the next months and following talking about leverage. And Kiefer's question before, if you can bring the other elements, considering also Fras-le that has higher leverage with the KONSA acquisition and how it speaks to consolidated leverage, Steven can start and then follow. Thank you, David. Thank you, Gabriel, for being on the call for your question. Auto part margin in the first quarter was pressured. We talked about this in the release. We had internal and external factors. Looking at external factors, we were talking about an important client that demands a meaningful volume of this vertical, updating his system and interrupting his production temporarily. We also had market factors that, despite the production volume presenting, sales and production was not affected meaningfully. When we look at the component of the families themselves, that family where we have more exposure, which is heavies, this has a meaningful drop, which ends up impacting volume and fixed cost in this vertical. When we add to these external factors the internal factor, which is especially the ramp-up of our units in Mojiguaçu, Suspensys, and Caster Tech, we end up delivering this margin, which is a bit below that usual margin for this vertical that transits between 14%-16%. Yes, once again, analogy with the OEM vertical in-house, we're acting to have this ramp-up as fast as possible. With this, we have the fixed cost dilution. Once again, in the first quarter, we have the expenses of the new operation. It's not in an ideal level of profitability and production yet, but we have in the plan that according to the increase of the value that's invoiced, we lower the fixed cost. Bringing another update, we have the first revenue of Mercedes with the front axle supply, and Suspensys also doing this invoice. They have a ramp-up in the plan. Caster Tech also has their revenue there reached break-even in the first semester. With the higher volume now, it should improve profitability of this vertical as a whole. I pass the floor to Paulo to talk about the expected leverage. Gabriel, good morning. Thank you for your participation. Thank you for your question. Regarding leverage, we reported exactly pro forma without the one-off events and the EBITDA of the acquired companies. We are already a bit below three times the EBITDA. Our expectation for this year of 25 would be to get to the last quarter with a leverage between two to three times the EBITDA. In other words, we are forecasting this additional reduction, especially due to the initiatives of working capital, capturing synergies, and to the following terms, then we redo our work to be between one to two times the EBITDA with capturing the synergies and with our financial discipline. This is clear. Thank you, Paula and Steven. Have a great day. Thank you once again for your participation. Gabriel, now we go to the next question from Lucas Lange, analyst of XP. Good morning, Lucas. You may ask your question. Good morning. Thank you, Carol. Thank you, guys. Thank you for the space. I have a question aligned to what Paula was saying regarding the group valuation as a whole. We saw the movement with Patria for the operation of insurance and the co-op payment plan. If we look at the co-op payment plan, it's a mature asset in terms of profit that the operation generates. Macro, despite not helping in the current valuation of the group as a whole, thinking more, what do you see in terms of opportunities inside the asset portfolio of the company to unlock value? The operation with Patria would be an example for the financial park here. Thinking, do you have other alternatives to unlock value that you see in your asset portfolio in Randon to mitigate this hard macro situation? We share your vision. You remove Fras-le, remove insurance and co-op payment plan. It seems too much discount, but this installment is pressured in the short term by interest rate and a hard macro environment. Thinking more, what could be done thinking about the asset portfolio to unlock values? I don't know if you talk about buyback. It would be hard to think about this in terms of leverage. But is this something you might think about for the future? I want to understand your mindset regarding these points. Thank you. Thank you, Lucas, for your question. Nice question. We've done this work of evaluate so much so we had this deal with Patria, very relevant and different from the usual deals that we hold. I'm going to pass to Paula so you can comment a bit. If we have worked and thought about other similar alternatives, and Steven, feel free to add also. Thank you. Lucas, thank you so much for your participation, for your question. This topic is recurring. Our role is to always have the help of our partner banks analyzing alternatives of capital allocation. Regarding the valuation itself of Randon, in fact, it doesn't reflect the true value of this asset. This clearly is defined through what would be the current market versus the consensus of market that points to a value that is almost twice the price that it is currently. Regarding buyback shares, we're not doing it, seeing that we've had to make a choice. The choice was to conclude the M&A projects. It is not on our radar. This would increase, given that it would increase our leverage even more. It would not be the case to do so. We are always paying attention in a right moment in case something, an opportunity happens or pops up, we would share it with you. I would add, Lucas, that in this moment, despite obviously having this concern of showing the market value to the market, the value of the company to the market, we are obviously very much concentrated to capture the synergies. This is one of the best ways we can show this market value to the market to really translate the planning and deliveries and the execution of our results. This is clear. Steven, have a great day. You too. Thank you. Next question now from Luisa from Safra Bank. She is an analyst of Safra Bank. Go ahead with your question. Good morning. Thank you for the space. Still in the discussion about the mix that has exposure to agro. Do you have an intention, a project to change the mix a bit, considering that the other lines offset it a bit to drop? Another question about ROIC, ROIC. I want to understand if you have a target ROIC with the acquisitions and what are the leverages to reach this number? Thank you, guys. Thank you for your question, Lu. I'm going to hand off to Steven to talk about the portfolio issue. Know that agribusiness has 60%-70% of the demand. It is a different moment. Currently, agri is a bit slower. Let's see if there is a perspective to change this or change the portfolio. Also about ROIC. We know that there were a lot of one-offs affecting our indicators, that the normalization of this should be higher. We can have more details about this also. Nice. Luisa, about implements, it is important to say we have the biggest diversity and the biggest family of products, considering that agri the last few years is 60%-70% of our revenue in this vertical specifically. It is natural that we were concentrated higher investment in the product development that are more efficient. In this family of products for agribusiness, this change in the mix makes us also look at other family of products. Traditionally, we have a good tank to transport liquids. Now we focus also on the development and improvement of products for the industry and retail. Despite our agility and speed, these are investments that take time to become mature and to go to market and to bring a benefit. I can assure, and the moment is yes, to think about innovative ideas for the other family of products also. I'll give you an example. In 2015, in a low market moment, we had a relevant change in our dump trailer, the material of the dump trailer to make it lighter. It was not used a lot in agribusiness, and it ended up being used for agribusiness. We had a better position in the segment with this. Obviously, having a CTR in-house, we can do tests. The go-to market and translate into revenue takes time for this to happen. Talking about ROIC, this quarter, we had impacts in the denominator and the numerator. It is a perfect storm for this indicator due to the fact that we had a meaningful increase in invested capital. Increase of LCG of the acquired companies, be it stock and raw material. We must remember that we had an increase of capital invested in Mojiguaçu, Suspensys, and Caster Tech that still not impacting or contributing the return indicator, the profitability. This is a fact that as we gain scale in this unit, working also in the reduction of the common denominator and the working capital applied, the trend is that we should improve the indicator. Regarding the target, we want a ROIC spread that's positive, higher than the cost of capital. I can't detail the target, but obviously our concern is to generate value, yes, for shareholders and society as a whole. Great. Thank you. Thank you, Luisa. Let's go to the next question from Andressa Laroto, analyst at UBS. Good morning. You may ask your question. Good morning. Thank you for answering my question. I want to talk about two points that you mentioned quickly. First, regarding the OEM, in the release, you talk about dynamic competition. I want more details of what you see in terms of movement of the competitors, the challenging dynamics, that price passing on prices is hard. The other point is regarding Hercules and tariff and volatility issue in the U.S. Hercules, you forecast that with the order of last year and deliveries this year, there would be an improvement. I I think these tariffs impact the North American macro delay in investments. I want to know if you feel this already in terms of new orders for Hercules or not. Thank you. Thank you for your question. First part is Steven can answer to add to his previous answer about the implements and the other. Sergio, can you talk about not only Hercules, but since you're in the U.S. and you had rounds with associations, bringing the vision of the tariff issue, how it impacts not only Hercules, but our other businesses and the North American market. In parallel, this speaks to José Altero's question in writing and asking, how is the capturing of synergies in the new companies since we have AXN in the North American market and the KONSA in Mexico? If you can mention this answer also about tariffs in the North American market. Thank you. Hi, Andressa. Thank you for your question. In this quarter, our OEM vertical is one fourth of revenue, but it's important to mention this. The competitive scenario is more challenging because the majority of the competition increased their capacity the last few years. Also, in the end of the year, they have a stock of ready products that pressures price. You imagine with ready product stock, Selic rate 14%-15% hurting working capital. We need to think, and it happens, high pressure in price. I highlight that we have faced this price pressure, keeping our market share as leaders. Even so, we sustain a beta margin that is positive. This is due to all the adjustment that was made in the past or diligence, maintaining a tight belt in the period, even in a period that had higher volumes. Also, now the continuity of the adjustments so we can go through this period of pressured prices. Regarding the competitive environment, we know that the moment of lower volumes helps to clean out the market. In other words, we also believe that some competitors will end up exiting. They will not have the capacity, the financial capacity to go through the period. In a revamp moment, like we had in 1890, in a revamp moment, we see some competitors became stronger, which was our case. We benefit from this higher volume due to renew and fleet expansion also. I hope I answered your question, and now I pass forward to Sergio to talk about the North American scenario and capturing of synergies. Thank you, Steven. Thank you so much for your question. First part of your question, talking a bit about Hercules and our contract, the big contract with this customer in anticipation to possible tariffs and risks. What our Hercules did, they anticipated the acquiring of raw material in such a fashion that for this year of 2025, the risk that we have with the big contract that we're working on and producing for, the economic risk associated to this, the exposure we have to inflation coming from this moment in North America is very small. We acquired a lot of raw material, anticipating overall we're protected. We have exposure, yes, but very little. This is, I guess, that answers part of your question. As Steven said, I'm in the United States in this moment. I am part of an entity, relevant entity in the United States that is dealing with the U.S. government in the topic regarding tariffs. There's no topic that is more relevant being discussed currently here. The reality is that the uncertainties, the volatility is so high that it's hard to make any affirmation without running the risk of being excessively punctual and not having a complete view of the consequences. What we know is that there is an objective by the government to foster manufacturing inside the United States, number one. Number two, to disconnect from China. These are the two declared objectives officially. Tariffs to Canada, to Mexico, to Brazil, steel tariffs, aluminum tariffs, reciprocity of tariffs, all of this is bringing stagnation. All the investments, all the activities in the North American market are in a halt, so there is more visibility about what will happen. Yesterday's event, a big transporter used the expression, I apologize. He was driving with fog, a lot of fog, and he could not see the light at the end of the tunnel. His objective is to continue to move vehicles, but very much with a lot of concern and care because you do not know well where all of this is going to end. We have information from different sectors where they have dismissals. The volumes are decreasing. The supply is going to be affected in the next 30 days. We have stops due to lack of product. This type of situation is being designed or forecasted with the current situation. With all of this, this is repeating something that was said in other meetings. If Brazil can maintain itself with, let's say, 10% tariffs only, we will have more opportunities for Randon Corp, and we see more opportunity than risk. The part of aftermarket, and we're preparing for this. We're in Mexico. 95% of what we do in Mexico stays in Mexico. Therefore, we don't have an immediate risk. Only 5% is exports, the majority to the United States. Those that feed the aftermarket segment in the United States is China. If China doesn't feed the North American market for the recent acquisition of KONSA, this is a huge opportunity for us, for the market also, and for auto parts. This, yes, can represent a huge opportunity. Today, we see more opportunities for us than risks. We don't know what's the end of the game. AXN that we just acquired had a plan to do a domestic integration. They are anticipating this plan to have a higher domestic control. The acquired companies in the United States, Hercules is doing very well. We have very good results this year. It has gone through a decrease last year. The fact that they did this adjustment, big adjustment last year, even with bad winds, the expectation is that in the segment that they act, they will have more consistent volumes. AXN performing well with their higher integration plans, more local content, and the opportunities. Many companies of ours working very hard with opportunities to feed the North American market even more. Perfect. Thank you for your answers. Thank you for your participation, Andressa. Let's go to the last question of today from Marcelo Motta, analyst of JP. Good morning, Marcelo. You may ask a question. Good morning, everyone. Thank you for answering my question. Very quick, can you comment the tax issue? You mentioned a press release that you're activating that loss. This is why you're able to reduce the liquidity. We want to understand a bit. How long do you think this effect will impact, and do we see the end of the impact? Yes or no? Thank you, Motta, for your question. Paulo, you can answer this about effective aliquota. Motta, thank you for your question. Thank you for your participation. In fact, this order, there was an effective aliquota that was lower for two reasons. First, as we explained in the results of 2024, we went through a period without recognizing the deferred and the last quarter last year. We recognized there was accumulation in the first quarter. This effect of the expense of the earnout of Hercules had a positive counterpoint on the tax impacting positively the aliquota. In fact, the fiscal loss will continue to be recognized. The earnout effect of Hercules is positive, but it's something very specific for this quarter. Oh, very clear now. Thank you. Thank you, Motta. Thank you, everyone that asked the questions for today's call. We want to thank the executive committee members that are not present now as speakers, but are online and Randon family. I pass the floor to Daniel to finish the event. Once again, I want to thank all the investors, analysts present on this call. I'd like to reinforce the work that the executive committee and the Randon colleagues have done so we can continue in a very cautious moment in this volatile moment. Our concern with North America, especially in this moment, the deals between the U.S. and China, but also we see this with opportunities that Randon Corp has worked on. We believe that Brazil has a lot of competitiveness in this scenario compared to other regions. We reinforce the work to pay attention to opportunities and reducing our leverage that we're working to have better results for the next quarters. We are available on our ROI website. Any question you might have that we didn't answer in this call, you can ask in the website. Thank you. Have a great weekend, everyone. Bye-bye, everyone. Thank you so much, guys.