[Foreign language] Good morning, ladies and gentlemen. Welcome to the Video Conference and the Publication of Randoncorp Results about the Second Quarter of 2025. Our event has simultaneous translation into English and Libras interpretation. To listen in English, you click the button "Interpretation" at the bottom of the screen. To listen to the translation, select "Mute Original Audio." We'll record this and make it available on our investor relations website, ir.randoncorp.com. On the screen, we have our disclaimer. Remember, the information presented in this video conference is not a guarantee of performance, it involves risks and uncertainties because they're about future events. Therefore, they depend on circumstances that may or may not happen. In our agenda, we'll have the message from our CEO, Sergio Carvalho, the highlights of the quarter by CFO Paulo Prignolato, detailing of the results addressed by the Director of IR and Finance, Esteban Angeletti, and our Q&A session led by the IR and Finance Manager, Davi Bacichette, also with Hemerson de Souza from Frasle Mobility. Last but not least, we'll have a message from our President, Daniel Randon. On the screen, you see how you can take part in the Q&A session. You're all invited to take part. You can signal your participation at any time during the event. Now, we'll listen to Sergio. [Foreign language] Thank you, Carol. Good morning, everyone. Early July, we met in the Randoncorp Day. On that event, we shared not only our transformation and relevance of our revenues, but also we talked about the scenario that we are experiencing moving from the foreign perspective, with the relevant demand fall in important markets, as well as with the domestic market where we are adopting a number of measures to adapt our structures to the current context, especially in the OEM vertical. We are sure, and the numbers show this, our company is much stronger and more solid to face the hard times because today, the majority of our revenues are ready to come from sectors that are marketed more resilient. It's a result of our work in the past months. Nevertheless, we need to adapt our business to periods of higher complexity, like in the past months. That's why we're making our structures leaner, both productive and administrative structures. We reorganized our footprint, seeking to optimize our logistics and our sourcing. We revisited our business model in some units. In anticipated holidays, we adopted flexible working hours to reduce the pace of production and to avoid the high level of inventory. Some measures have been rated additional spending, affecting our quarterly performance. I'd like to highlight, however, that the majority of them are specific ones and they're one-offs. They will not be repeated in the following months. If we didn't adjust this, our margins would be at levels that are closer to the usual levels. Even with this challenging scenario, this is only possible because of the diversity of our revenues that we are reaching in the company. To grow in the aftermarket and foreign market, temporarily, we were more elaborate. Paulo is going to explain better next. I'd like to highlight that we're pretty focused on reducing this indicator by capturing synergy with the acquisitions we had, by cutting down NCG discipline investments in expenses and with the capital market. We finished in July the follow-on of Frasle Mobility. It was a successful operation that added BRL 250 million for cash flow by the primary offering of shares. We also published increasing our private capital, Randoncorp, that is ongoing and may add BRL 150 million of in availability. In addition, we are waiting for the approval of the Central Bank for the transaction that we announced in the last quarter, with a strategic partnership with funds that will bring resources when it's finished. In addition, we are adopting measures to reduce the cost of our debt and to handle the terms of the debentures issues that enabled to strengthen our cash flow. We are committed to transparency. We published a revision of our guidance more in line with the scenario that we see now. The premises are listed with the relevant factors. We always see moments that are challenging, like we're going through right now, as an opportunity to revisit our processes and to correct the wrongs. There have always been complex factors in the business environment. Right now, we have a new component in the business factor linked to the tariffs imposed to a number of countries by the American government. We are sure that we'll always leave this stronger than we were. We're ready for the next challenges. This is the last video conference that I do as CEO of Randoncorp. It was an honor to be with you throughout these years. I leave confident. I know that there are many outcomes still to capture synergies for our business. This is still ongoing. A number of innovations are still maturing, and the long-term plan brings me conviction that Randoncorp will continue this beautiful trajectory that started with Raul and Hercílio in the small workshop in Caxias do Sul, and today is considered one of the largest global players in the automotive industry. I'm so happy that I contributed in a relevant way to this growth and this highlight. I will continue to be close to you. Thank you for your attention and for being with us. Please count on me as a Senior Advisor from now on. Now we'll hear from Paulo. [Foreign language] Thanks, Sergio. Good morning, everyone. Like Sergio said, the demand in some of our markets went down significantly in 2025, in a more intense way in the second quarter. On the screen, you can see the trailers had a volume reduction in production and in sales around 20%. In trucks, it was a smaller reduction, especially in reduction, but it's sustained supported by the advancement of exports. Like I mentioned in the last quarter, these numbers do not reflect the real impact that we're feeling in our businesses, given that there was a product mix change where the heavy products are going down at a superior level compared to others. In trailers, for example, there was a retraction around 40%. Grain trailers and dump trucks, which is the usual products that are most representative of our sales of our OEM vertical. This is an impact. The slowing down of agribusiness, even with a record crop, they're feeling the impact of the high level of interest rates for loans, low commodity prices, and political and economic lack of stability that we're going through in our country. There is no signal right now of recovery in this industry. Greater volumes come from industrial and consumption goods. The aftermarket keeps a good level because of the stability of the workshop service volumes. Generally speaking, we can state that in all industries, even in the aftermarket, it's a more challenging scenario because of the interest rates in Brazil or because of tariff disputes with the U.S. We're monitoring all this very closely, keeping a good eye on this, and making the necessary adaptations in our business to face this and other challenges. Now let's go through the main indicators. The growth of our net revenue, especially because of the addition of new businesses and the evolution of sales to the foreign market, the drop in our EBITDA and the net result because of the reduction of volumes that I mentioned, and the addition of unusual spending, unusual expenses connected with the adaptations that we did. A light drop in the growing, the return on invested capital because of the necessity to use more cash flow. Talking about that level, you can see here the increase of our leverage. This is the EBITDA reduction and the impact of the EBITDA reduction and the increase of the workflow of the cash flow. We're adopting a number of measures to improve these indicators, such as discipline, cost investments, and to capture synergies in the companies that we acquire. Greater focus to reduce our debt level, reduce its average cost, and to increase our debt terms. These are movements together with loans to the capital market. After analyzing in detail in the detailed way, all our capital structure executed three important movements. We have a structural adaptation. In July, we finished the follow-on of Frasle Mobility, our controlled company for primary and secondary offering of shares, together a total of BRL 400 million. In the primary offering, we captured BRL 240 million, and it corresponded to the issuance of 10.3 million new shares, ordinary shares. In the secondary offering, we sold around 6.3 million shares, plus three belonging to Dramd, BRL 152 million, at the same price level as the primary offering. With the net resources captured here, Dramd wants to take part in the increase of private capital in Randoncorp, as published in relevant facts of the operation. By realizing the subscription of the shares, the controller will add important resources for the cash flow of our company. In addition, we also had our tools to advance the insurance BRL 1.2 billion into series, with payment terms from five to seven years at a very competitive rate. The great highlight of this operation was the demand above expected in the book building, which enabled to compress this rate. All the details may be consulted in the documents that we published on CVM and our website of IR. The numbers that we show you right now do not reflect the last structure that we had because the conclusion was in July. Nevertheless, the cost was lower than the Selic interest rate and reduced even further after its completion. I'd like to highlight in relation to our debt level that our financial commitments enabled 3.5x leverage, excluding Randon Bank numbers, and EBITDA performer in the 12 months of the acquired companies. Additionally, we have as a basis the 31st of December to finish my part. I'd like to show you some information about the shares and the history of payment to our shareholders in the last quarter. Our market cap reflects the drop of our share price. Our liquidity daily had an advancement in relation to dividends relative to interest. We did not release payments regarding 2025. I'd like to thank you for your attention so far, and I will hear from Esteban to detail further about the economic indicators of the company. [Foreign language] Thanks, Paulo. Good morning, everyone. I'd like to start with the net revenues and its distribution. On the chart, you can see that the verticals that are most representative were motion control and auto parts. Together, they accounted for almost 70% of the total. The OEM verticals gave more room to other verticals, not just because of the reduction of the market volumes, but because of the extension of the revenue in the aftermarket. Now, here's the detail. Here's the strong drop in the revenues of products that sold to the agribusiness, mentioned by Paulo already. The increase of sales of financial solutions and services, especially by expanding the credit portfolio of Randon Consortium and Randon Bank. An increase of revenues to the foreign market, both organic and inorganic ones, that I'll detail further. Now, let's take a look at revenues in the foreign market. We grew the representativeness by close to 34% in the second quarter. With the acquisition of the companies of Dacomsa, EBS, and AXN, we added around BRL 80 million to the indicator. Just in that quarter, I'd like to highlight the advances that we had from the recovery of sales of trailers in Argentina and the United States, compared to the quarter, and good sales performance in Europe, especially motion control. Here on the chart, we can see distribution of revenues in the foreign market. We had SMCA and beyond 50% in the region. In terms of adjusted EBITDA and its margin, indicators showed a drop comparatively to the quarter, as you can see on the chart. You notice here that CPV had an increase and actually accomplished the drop of the volumes. That led to fixed costs going up and unusual spending, such as costs to adapt structure. Expenses with sales and administration were increased. We had Consortium sales going into a more challenging macroeconomic environment. In provisions for contingencies, the amounts of the unusual spending in CPV and SG&A went beyond BRL 60 million in the period, affecting the EBITDA in around 2.2% points. It's important to highlight that in CPV and SG&A, we had the accountability of surplus of inventories, mobilized brands, and portfolios. These values did not impact EBITDA because there was amortization, but it impacted net profit. Now, let's take a look at the investments. I'd like to stress that we're taking caution here. In this period, the greater investments were in maintenance of equipment in the industrial vertical to improve Frasle Mobility control and improvement in the construction of the continued building substantial installations of the power plant and also the EquaSoup. To finish, I'd like to invite you all to take part in the site visit that we'll hold in some of our facilities on September 3rd. There are limited numbers and 22nd of August is the last day for you to register. Now, we'll listen to Carol for a Q&A. [Foreign language] Thanks, Esteban. Now, we'll start our Q&A session. Here we have some instructions on the screen. There are a number of people that signaled that they would like to take part. Our first question today is from Gabriel Tinem, sell-side Santander analyst. Gabriel, feel free to ask your question. [Foreign language] Gabriel? [Foreign language] Good morning, everyone. Thanks. We're at two questions here. First, on the restructuring, I'd like to hear more about this process. If you could update us about trailers, timing, and auto parts. It was a similar process. If you could comment more on this and what's driving this. The second point, more focused on the foreign market. There was an improvement, principally in some industries, especially some volume increase in other geographies. You could comment on this. If this improvement is also boosting what you saw in terms of your guidance for the foreign market. Thanks. [Foreign language] Thanks, Tinem, for your question. There are two important points there. Talking of all this restructuring that we're going through in our business verticals, not only the OEM, but as a group, we're looking very carefully at our structure. Not just trailers, but also other actions. In terms of the foreign market, trailers are more favorable. Not just looking from the perspective of the U.S., but we see South America doing better. We can detail the countries here. Esteban, I count on you to address these first two questions. Paulo, feel free to comment on this, especially the restructuring. Not just the businesses, but as a company, discipline with cost and investments, it would be important to address this. [Foreign language] Thanks, Tinem, for the question. Thanks for being with us. Our video conference on the results. Let's talk about exports first, the foreign market, and then I'll talk about restructuring. The foreign market is representative. We could see that in the quarter, we're close to 34%. A good part of this amount of this revision of the guidance is linked to the fact that we see a better environment for exports, especially for Latin American countries. Argentina is one of the countries that is demanding more products right now, but also an acceleration in the U.S. that anticipated parts of the deliveries that ordered by the port of South Carolina. Another important point would be that right now, they're having better margins in the domestic market. This is part of our business model. It's not by chance. It was something that we built in the past five years, and the outlook is still good. Of course, as a whole, the exports to Argentina are small amounts, but they help us to support our revenues and our margins. In relation to the processes, in terms of restructuring, we can break this down into many parts. We can see this from the economic and financial part, and Paulo can comment on this, about the financial part, especially cash flow. From the economic point, we're talking about CPV, revenues, and SG&A. The main focus here is to cut down fixed costs. We have a mission here to reduce by 20% the fixed costs in the OEM vertical, and we have equivalent challenges in auto parts to make operations leaner so we can face this moment in the market. That's not all. We're also looking at products. One of the main points that is hurting us this year is the product mix in trailers. We're focusing on this. We had a year last year where grain trailers and dump trucks had gone down by 50%, and this year, 40%. Over 10 years, it's a very significant drop, and there's no way to get away from this right now. What we're doing now is looking at product mix and make this product smarter in the sense that we added value where the client will pay the value and reduce the cost where they don't see value, where they're not paying for this. Therefore, we want to defend our margins. We're also looking at processes, especially trying to speed up automation in the factories, the plants, so that when we recover, we keep our productive level. When we recover our levels, we become more efficient. We saw a similar scenario in 2014, 2015, and 2016. There were three hard years for trailers, and we did all this work then. It's work we know how to do. It's work that we have to continue doing. It's comfortable, and we believe in this. We'll be more qualified to go through this harder moment in the market. As we recover, we have a double moment of gain because our operations will be more efficient. The only point that really differentiates us from 2015 and 2016 is that back then, the OEM represented 35% or 40%, and now it represents less than 25%, only 22% of our revenues. The remaining part comes from other businesses that have greater resilience. In relation to auto parts, we're adapting our structure as well. Like Paulo said, the market of trucks is more resilient because of the exports. We have to make adjustments, of course, especially to adapt to the domestic demand. They end up having a smaller effort, let's say, in terms of adaptation because the demand is still supported by part of the exports. Now, Paulo, feel free to comment on working capital that would add to the quality of our answer. [Foreign language] Perfect. Thanks, Esteban. Gabriel, thanks a lot for your question. Thanks for being with us. No doubt, right now, with high interest rates, our working capital is one of our main priorities. We finished December 2024 with around 62 days equivalent of turnover in our working capital. This figure in July is around 100 days. It's important to stress that we have new operations in our portfolio right now. Dacomsa and EBS, they have a characteristic that naturally they carry more inventory for the aftermarket. It's important to highlight as well that right now, with the adaptations that we had in our production level, adaptations in terms of supplies, manufacturing, raw materials, and labor, we saw in July already stability, stabilization, with a reduction trend with this working capital. With actions in inventories and plans and suppliers and taxes, we expect to cut down by 20 - 25 days of our equivalent revenues from now until the end of the year. We're working strongly on this point, mapping all the verticals so we can deliver this reduction to stabilize our working capital close to what we used to have before this moment of market crisis. [Foreign language] Perfect. Very clear. Thank you so much. [Foreign language] Thank you, Tinem. Now, let's move on to the next question. It's from Lucas Laghi, XP analyst. Lucas, feel free to ask your question. [Foreign language] [Foreign language] Good morning, everyone. I'd like to go back to some points with you about this more challenging moment in the market and the guidance revision for 2025. If we take a look at the EBITDA of the first quarter, we saw a margin around 12%, not considering the adjustments of the restructuring. Comparing with the middle 13% for the year, that would imply a margin of 14% to reach this mid-range for 2025. This is starting with the 13% if we exclude all the effects of restructuring. We know the fourth quarter has a weaker seasonality. I'd like to hear from you, from your mindset, what you're thinking about the likelihood of where we can think about this interval of the guidance as more feasible. Do you see a leverage of improvement in terms of results for the third and fourth quarter that will bring about improvements for the profitability, not considering the restructuring? Perhaps the lower guidance range is more feasible considering the profitability level you're now operating. I'd like to hear to understand a little better this interval of your guidance for profitability. Revenue, I think it's half-half, 50/50. What do you think is missing for this industry to really catch on if the strong crop is already good enough or if you need any other effects from the outside to leverage farmers or perhaps elections? I'd like to hear from you what's missing for this industry to really catch on. The second point is about the net debt. We know that there are follow-on effects. There's a lot of potential of other factors. Nevertheless, if we think about a lower range of the guidance, the leverage level is closer to 3.5x. You mentioned working capital, right, Paulo? I'd like to understand how comfortable you are in relating to the initiatives to reduce the net debt, not relying so much on EBITDA, trying to think about the covenants and leverage by the end of the year. Thank you. [Foreign language] Thank you, Lagi, for your question. We'll hear Esteban, if you can address the first question about the sector, the industry drivers that potentially could help the market to recover. Paulo, there are two questions for you. One, about guidance, about the revision of the guidance. We discontinued our guidance based on what we said at Frasle. Now we have a new guidance with adjusted figures, adjusted to the scenario. Paulo can talk more about what we saw in the figures to adjust the guidance. Next, the debts and covenants, as we can see that the movements that we're doing, we know in the second half of the year, will have a positive impact. You can detail more about this. Esteban, with you about market drivers. Then Paulo for guidance and leverage. Thanks, Lucas, for your question. [Foreign language] Thanks, Lucas, for being with us. The drivers, what can change the compass in terms of demand? I think it's good to take a step back and to remember how our demand is broken traditionally. There are two main drivers: expanding the fleets and renewal of fleets. This year, in agribusiness, we don't see any of those expansion or renewal of fleets. We know that the crop is a record crop. What does that mean? When we consider Brazil does not have the capability of storage, and we need to transport all of this crop, all of the harvest with the existing fleet, which means that the usage level is probably much higher than the normal numbers. The machinery they have is depreciated. The trailers in the market increase their age, their wear and tear. As we recover, and we saw this in the past, in 2016, there is a double positive effect that has an impact on the demand to renew everything that they didn't renew in the past two or three years, plus the expansion of the fleet. The impact on the volume is pretty strong. What needs to happen for this to start? According to our rating, there are three factors: interest rates. Interest rates, the Selic at 15% really blocks a lot of investments, hinders the investments. The clients need, but they decide to postpone this. They don't want to do this right now. They don't want to commit their capital right now. The second factor is the grain prices. We don't have the best quotations for corn, for example, for soybeans, which makes our agribusiness client wait longer on their investments and all the uncertainties that we see in the market. It's truly hard to make a business decision in the long run right now when we have important decisions in both political and economic decisions in Brazil and around the world. Still, they're being debated. They need to wait for this to accommodate these new premises, this new scenario, so the clients can make their investment decisions. I'd like to stress once again, if there is any positive outlook here, that's what it is. This repressed demand, everything we didn't sell in the past two years, at some point will turn into market demand. [Foreign language] If you allow me, I'd like to comment on something here. The railroads, true. Another positive point is that we have our rail cars. There is an order of 280 rail cars, which will be delivered in this third quarter. [Foreign language] Very good pointed out, Sergio, because in 2016, the year when the trailers market went down in a similar way, then rail cars helped us to pay our fixed costs of our OEM and even adding margin to our OEM. There are other bids, other orders that are being negotiated that will be translated into revenues in the future coming up next year. Even though the domestic, especially the trailers industry, is not so positive for next year, we see the railroad, the rail cars industry contributing to our business and the foreign market supporting our sales and our margins. Thanks, Sergio. Great point. Paulo, over to you now to talk about leverage and guidance. [Foreign language] Thanks, Esteban. Lucas, thanks for your question. No doubt, as commented by Sergio, Esteban, Davi, we're going through a lot of uncertainty right now. The first half of the year counted on a number of one-offs and unusual impacts because we have very rigorous criteria about one-offs that we publish, but really a high amount of those. When we define the EBITDA margin for the guidance around 12% - 14%, we took into account all of this. We do not expect the second half to have unusual impacts with the same levels that we had in the first half this year. That's why right now we're comfortable with this range of guidance of EBITDA margin from 12% -1 4%. At any time in the following months, if we feel there is a change that is either higher or lower in relation to this range, we will inform the market about this. Right now, we are comfortable with this range from 12% -14%. Now, in relation to our debt level, of course, it's worth stressing some important points. First of all, the synergy of the companies we acquired. Working capital is an important amount that we're working on all fronts: suppliers, taxes, clients, and especially inventory levels. We'll see reductions starting in the third quarter and fourth quarter. Financial discipline in relation to our management of costs and CapEx and capital market operations that we mentioned, follow-on resources coming in, private investment going up that will finish in the following weeks, as well as resources coming from the operation compatible that will be integrated in the last quarter. Right now, based on this EBITDA level and these actions, we expect to finish this year with a leverage below 3x. [Foreign language] Perfect. Thanks, Paulo and Esteban. [Foreign language] Thanks, Esteban. Thanks for your Thanks for your participation. Now, let's move on to our next question, coming from sell-side, analyst Gabriel Rezende. Good morning, Gabriel. [Foreign language] Your mic is open now. [Foreign language] Good morning, everyone. I'd like to apologize. I think my internet connection had a problem in the first question. Please, I'd like to follow up about this market challenge. You made it clear that it's leveraged by the demand on grain trailers. I'd like to see mid-term and long-term measures, what would be the possibility of Randon migrating their portfolio to have more market share with other equipment, perhaps? Take into account new challenges in the future to make up for this, to get into other, in addition to the agro, beyond agro. How can you anticipate the profitability, let's say, for implement machinery and parts? Taking into account the restructuring movements that characterize the first half. You said you're confident about the guidance. I'd like to hear from you about this break in both parts and the machinery. [Foreign language] Thanks, Gabriel. Good questions. I'd like to join this with Lucas Barbosa's question that asked us to mention for the second half about the volume, about grain trailers, if we see an improvement coming up, and about your migration in the sectors. We know the agribusiness is a sector that grows a lot in Brazil. We can comment, right, Esteban, about the potential in the other industry and how this product mix can change over time and the profitability for the second half due to potentially fewer adjustments compared to the first one, especially for the OEM. [Foreign language] Thanks, Gabriel, for the opportunity. I really like to show figures and data. When we look at the agribusiness, in 2023, it represented 70% of the net revenues of our OEM. In 2024, it went down by 50%. In 2025, it's around 40%. It shows the size of the drop in agribusiness. Traditionally, the whole market is focused not just Randon, but it's focused on the agribusiness. That's why it's natural. We chose this over the years. Our mantra here, our motto is that we want to be competitive across all product families. Right now, we're revisiting both design and the structural components of our products that are selling more, industrial loads, retails, the drive-ins, and so on. It's an exercise that takes time. We need to revisit our engineering designs. We are a structured company. That's why it takes some time to reach the market. I'd say it's a mission we have. We're going to harvest the outcome, the fruits in the upcoming years. Now, addressing Lucas Barbosa's question about the outlook to recover agribusiness, what I mentioned is that we still need to see a drop in the interest rate and improvement in the pricing of grains, which we cannot see in the short term happening. We don't see any signal that these two premises are going to happen and change. The demand from the agribusiness will continue to go up again. Specifically, Gabriel, about profitability, first versus second quarter. Actually, semester. The first one was, let's say, polluted by the one-offs. We cannot see visibility. We cannot see what's coming up in the second half. The one-offs are something that we're hardly able to forecast. I can tell you that the majority of the actions that we could undertake, we undertook them, especially in the second quarter. That's why we believe that the second half should be cleaner. We have two components. It's the market and the company efficiency. We believe that from the company efficiency, we're working. Our actions are already yielding some outcomes. The fourth quarter will have more. There's the other half. It's the market to recover its volumes. This part is the one we cannot see in the third quarter based on the figures we have today. Now, talking about the domestic market, we need to take into account we have the ramp-up of Mogi Guaçu, Castertech. As they gain volume, they will reduce fixed costs and will improve margin. This is more internal stuff. It will improve our consolidated figures. [Foreign language] Okay. Very clear, Esteban. Thank you. [Foreign language] Thanks, Gabriel. Sell-side Citi analyst, Kiepher Kennedy. Morning, Kiepher. Feel free to ask your question. [Foreign language] Good morning. I just want to say thank you, Sergio. It was a success. Thank you. There are two questions here. One about the Mogi Guaçu plant. I'd like to hear more about the ramp-up of the company, what you expect for the next two years in terms of revenues, profitability. Of what we've had so far. The second one, you mentioned in some answers the work that we've done in relation to cutting fixed costs, which is very positive. I'd like to hear more about this evolution for the upcoming quarter, what we can expect more, especially with the termination cost that will impact the results. This could help better results in the cost level. The improvement of SG&A. [Foreign language] Thanks, Kiepher, for your question. Our site Mogi Guaçu is really very important because it's becoming more representative in terms of our ramp-up. We're almost completing our ramp-up. Esteban, if you could comment on how this ramp-up is going and also the perspective we have for the next year for this contract. Paulo, if you could address the reductions and adaptations we've had, specifically about headcount. The personnel we have connected to our plans. If you can comment on if this whole structure we've had, if it was in the first half or if there's any more to come in the second half. [Foreign language] Thanks, Kiepher, for your question. Just to background, the Mogi Guaçu, these are two operations we have there. Castertech is at a higher level of ramp-up. We expect this to reach almost its normal level of production by the end of this year, early next year. It's the plant that was designed to honor our agreement with Mercedes-Benz, BRL 7 billion, approximately 10 years. These operations will add BRL 1 billion, a little more, depending on the market behavior. In terms of ramp-up, this operation is running well, is operating well. The first turnover was done in the first quarter of this year for Mercedes-Benz to honor this agreement. It's all new operation. There are adjustments to be made that do not allow us to get all the margin that is expected in the fixed cost reduction, breaking what's internal and what's external. Internally, there are adjustments to be made in the production. In terms of the market, obviously, we're following. Sergio even revisited their guidance about sales. We have seen lower volumes. Potentially, this will have an impact on the revenues of these operations that will be made up in the upcoming years shortly. [Foreign language] If you allow me, I'd like to add one point. In the next three months, Suspensys Mogi will see an increase, substantial increase in volumes in its planning. It's operating at 120, 130 a day. There is the planning, the current planning foresees substantial increase to happen by the end of October. I don't remember if it's October or November right now. In the upcoming months, Suspensys Mogi will see an increase, a relevant increase, in its production level. [Foreign language] Thanks, Sergio. Paulo, can you comment a little bit about what we expect in terms of potential adjustments for the second half? [Foreign language] Thanks, Kiepher. Thanks for your question. This question is structurally speaking complex because we made a lot of adaptations to the level, at the current level, current market level, as Esteban mentioned. If this changes once again to other drops, it would mean that we would have, unfortunately, to adapt further. That could have an impact on the results. If we have stability of the market to what we see right now, these adaptations we had would have been enough. I say the question is complex, but I wanted to qualify my answer so it's clear to help you in terms of these forecasts. Okay, Kiepher? [Foreign language] [Foreign language] That's your next question from Gabriel Frazao from Bank of America. Morning. Gabriel, feel free to ask your question. [Foreign language] Morning, everyone. Thanks for the opportunity. Here's a question about the restructuring of the OEM, especially if you could give us an idea of the level of margin, right, and some other return metrics that will happen after the restructuring to reach these return levels, whether we should wait for the recovery of the trailers industry or if we could recover this level without recovery of the trailers industry. I think we addressed this question over the video conference, but if you want to give an additional answer or comment, I'd like to thank you for that. [Foreign language] Thanks, Gabriel, for your question. Obviously, we're looking for ROIC above the capital cost. We're trying to increase the ROIC by means of resilient markets with greater margins. Traditionally, we know that the trailer industry should have an EBITDA around 10% - 12% margin. In a normal domestic market, it would be around 10% - 12%. In Brazil, there have been periods, specific quarters, where we reached OEM at around 14%, where we focused on some deliveries, some special lots. The normal would be around 10% - 12%. What's the expectation for our margin from the perspective? Internally, we're making all these actions, taking all the actions, and we're confident that we're preparing the company to keep its capability as we recover. We become more efficient to contribute positively for this operational leverage. There are other factors that depend on the market, and that's where we cannot see the visibility today. I mentioned some of the drivers that we need to confirm to sense this market demand coming back, but we cannot see it happening right now. [Foreign language] Thanks, Esteban. [Foreign language] Okay, let's go to the next question from Andressa Varotto. Sell-side, analyst, UBS. Andressa, feel free to ask your question. [Foreign language] Thanks, Caroline. I have one question. I think we talked a lot about relevant points. The financial products vertical, you mentioned greater provision for doubtful sellers and some expenses related to the sale of Consortium shares. I'd like to hear more about the impact of these expenses and how you see the following quarters in relation to this, especially this issue about the debtors. [Foreign language] We'll hear from Paulo about this. [Foreign language] Our vertical is the brand hands. We have a high interest rate. It brings a benefit. We know it has good performance in years like this. Paulo, the main topic that Andressa would like to address is the PDD. Let's hear from you about this. [Foreign language] [Foreign language] Thanks, Andressa. Thank you for your question. In fact, there was an improvement of our operations of PDD in this last semester. Nothing that was alarming. We still have a PDD. When we compare to other institutions, financial institutions, percentage-wise, they're pretty low. Of course, as this interest rate is kept up high, and we have a pressured market, it can continue pressuring our clients, clients of our bank. We don't see percentage levels that are higher than we had in the first half. Randon Bank continues strong with growth levels that are high. It entered into a partnership with Pátria Group, other growth opportunities, inorganic growth opportunities for the future. The Consortium, like Davi said, is a business that really, with an interest rate that are high or low, interest rates, it's a good, very profitable business. Right now, with this partner, Pátria, we expect to continue growing at healthy levels. That's our expectation. [Foreign language] Thanks, Paulo. [Foreign language] Let's move on to our last question in our Q&A session today. Marcelo Motta, sell-side analyst of JP. Morning, Motta. [Foreign language] Go ahead. [Foreign language] Thanks, Carol. Thanks, everyone. Quick question. If you could talk more about the opportunities to monetize, monetization opportunities that we saw, Randon and Pátria, you have Radiante and others in your umbrella of Randoncorp, a number of companies, JVs. We'd like to understand what's going on in your mind. Are you trying to monetize? Are you aiming at monetizing any of those? It's hard to say if the market is going to get worse. Your leverage is expected to be low 3x by the end of this year, but have you been talking or listening to the market about any of those? [Foreign language] Thanks, Motta, for the encouragement. We know there are a lot of cool things to happen in the company, a lot of cool projects for the future. Addressing more the topic brought up by Motta in the short run. Paulo, over to you. If there's anything that is in our radar, or if we're executing most of what we could for this year. [Foreign language] Motta, thanks for your participation. Thanks for your question. Of course, this topic is extremely important in moments like this. We have been studying for a long time the operations of the capital market, and the end ended up happening. In a moment where we had the follow-on of Frasle, we were diluted. The family had a secondary operation to unlock values at Frasle. Right now, by having capitals that helped us to reduce this leverage, likewise with increasing private capital and operation with Pátria, we always analyze opportunities and we say, is there a plot? Is there a non-operational asset that we could go for? We are analyzing those possibilities, but these are values that are not relevant for the whole. We're always taking good care, keeping an eye on this. You mentioned upcoming, this is a project that we are pretty excited about, about the future of these projects, the possibility of bringing another partner to the team or an IPO for this company, perhaps. This is on the table, but it's not the moment, especially because the market, the equity market right now is closed right now. It's something that we are taking into account. These are possibilities for the future. [Foreign language] Perfect, Paulo. Thank you. [Foreign language] Thank you for your participation. Not just Motta, but all of those that asked us your questions. Daniel Randon, our President, could not be with us today. He wanted to leave you a message. So now we'll hear from Daniel, the President. Daniel Randon. [Foreign language] Hi, everyone. I'd like to thank you all for your participation in our video conference on the results of Randoncorp. I'd like to apologize. Unfortunately, I could not take part due to a conflict in my agenda. I'd like to leave you a special mention to Sergio Carvalho, who started in September, will no longer be our CEO at Randoncorp and will be our consultant. In the past eight years, Sergio put Randoncorp at a new level in terms of technology and innovation and internationalization, and especially the development of our leadership so we can continue following our mission, going after our mission, connecting people, and generating prosperity. In relation to the results of our quarter that represent below our expectation, I'd like to stress the work that was done in the past quarter so we can adapt our company to a more challenging scenario. I'd like to highlight for the businesses of continuing with good performance. We know our history of 76 years. We went through other volatilities, harder times, more challenging times, but we took each moment to work and go back, being to recover the competitiveness. I'd like to share with you our confidence and to express our gratitude for your participation. [Foreign language] Would you like to close your event, please? [Foreign language] Thank you, Caroline, and everyone else. As usual, we're open. Our investor relations team is open to provide any further clarifications that are necessary. Thank you for your participation, for your interest, for your partnership. Personally, I'd like to thank you for your cooperation and the opportunity of working with you and all the messages that I got over this time. It was great being with you and will continue to be connected. I'm not going to leave Randoncorp. I'm just going to change my role, let's say. A big thank you to all of you. Thank you, Carol, and all the team. [Foreign language] Thank you, Sergio. [Foreign language] We finish our video conference on results today. Thank you all for being with us, and I wish you a great weekend. See you next time. Bye-bye.