Good morning, everyone. Welcome to our webcast, where we are going to discuss Grupo SBF's second quarter and six month 2023 results. This is Pedro Zemel, CEO, Grupo SBF. I'm here with José Salazar, our CFO and IRO, with Daniel Regenstein, our Director of Corporate Finance, and Luna Romeu, our Investor Relations Manager. First, we are gonna have an update on the key highlights of the quarter, then we will comment on the results, and finally, we'll move on to the Q&A. Questions can be submitted via this webcast platform and will be answered after the presentation. Let's start on Slide three. We have defined for the year 2023 to focus on the company's profitability and on initiatives to improve our operational efficiency. Following this guideline, the results achieved this quarter, as well as throughout the first half of the year, give us confidence that we are in the right direction to generate more sustainable results. In the second quarter, we achieved gross revenue of 1.93 billion BRL, an increase of 5.3% against the previous year, and an increase of 8.2% against the first quarter. We started to operate with a markdown strategy to accelerate inventory turnover. Even with this strategy, the adjusted gross margin grew 1.5 percentage points compared to the second quarter of 2022, closing the quarter at 47.3%. We also continue to act strongly on expense control, still without fully integrating the gains from this initiative into the company's results in the quarter. Given this scenario, our Adjusted EBITDA IFRS was BRL 92.3 million in the second quarter. In the first six months of the year, we reached BRL 206 million of EBITDA ex-IFRS, an increase of 7.1% year-over-year. Slide four. At Centauro, we continue to invest in improving business indicators with greater rationalization of expenses and adjustments in margins. We achieve more efficiency in the store operation and increase the profitability of the digital channels, which ensured a gross margin of 51.2% in the quarter, and an expansion of 1.5 percentage points in Centauro's contribution margin compared to the second quarter of last year. We opened two new stores and remodeled two more, in addition to continue to work to improve the service model. The goal is to increase the profitability of our points of sale without giving up offering a better shopping experience for the customer. One of Centauro's differentiating strengths is the ability to develop exclusive collections and products. The sale of OXER private label products and ASICS licenses grew by more than 80% year on year. We believe that building consumer preferences is about offering products that are connected to their needs and that are in ASICS sports stores. An example of this is the launch in July before the Women's World Cup in 2023 of the Go Eco collection. Together with Marta, we transformed the Go Eco movement by the player into a brand, and launched a collection of exclusive pieces that promotes gender equity and freedom to play, a way to inspire the practice of women's sports. Moving to Slide five. In Fisia, total gross revenue growth was 14.8%, driven by direct to consumer DTC sales. In the quarter, we opened four new Nike stores, two NVS, and two NDIS, totaling 10 openings in the first half of 2023. The gross revenue of the stores channel rose 79.4% year-on-year, while Nike was up 35.5%. Due to the organic growth of the channel and the consolidation of the digital customer migration strategy from wholesale to DTC, sales growth offset lower demand from wholesale customers in the period. We assess that circumstantial issues impacted the quarter's results. As we usually emphasize, the central point of our thesis in Fisia is that the migration to DTC channels is positive for the company's profitability, as the gross margin generated in direct to consumer sales more than offsets the increased expenses of this channel. This quarter, due to the still high inventory in Fisia, we carried out a stronger markdown strategy, and the gross margin gain normally observed by the increase in DTC's share was absorbed by these temporary discounts. On the other hand, the increase in expenses due to this migration continued to be observed. In addition, higher inventory also led to negative impacts on royalty expenses, logistics, and financial expenses. Once we exclude the increase of stock and royalties, our actions of expenses control gives 3 percentage points in comparison to the prior year. Our initiatives to generate cash flow also achieve some positive results. Despite some negative flow in the year, we see a positive generation of cash, differently from the same period in the past years. With a gradual increase of inventory in the next quarters, we may see clearly the effects of actions for profitability and cash flow guidance. We are focused to deliver results in a short run, is still working to capture synergy. In the quarter, we reached the logistic internalization of Cia's digital channel, an important initiative to continue reducing the level of expenses and to have greater control over the delivery process for our customers. We can move on to the next slide. Before I hand over to Salazar, I'd like to emphasize that we have a total focus to improve our margins to push ahead our results. In addition, our plan to reduce inventory will be very important to generate cash to the company. Now, I'd like to hand over to Salazar, that will go into details about the first quarter results. Thank you, Pedro. Before I start, let me remind you that this quarter we had non-recurrent effect, positives and negatives, that are shown in our earnings releases and our results, they are adjusted by non-recurrent effects. I'm gonna explain figures in the vision of ex-IFRS. We believe that this perspective is the best way to analyze our results. Slide seven. Let's see the quarter highlights. As Pedro mentioned, the SBF Group has reached 1.9 billion BRL of gross revenue, with a gross margin of 47.3%. Centauro gross margin reached 51.2%, with a growth of 0.8 percentage points, in opposite to the second quarter, 2022. Gross revenue of Cia reached BRL 1 billion, with an increase of 4.9 points. The direct-to-consumer channels of Cia reached a share of 65.3%, with a growth of 15.5 percentage points in comparison to the 2Q 2022, and the same-store sales in the NVS stores was 22.7 in the quarter. The group has reached the net income of BRL 1.6 billion. Centauro has reached this 1.8 growth in comparison to the 2Q 2022, with a focus in profitability. Centauro physical stores has grown, even with this portfolio of stores, with the close of 10 POS, we had 72.7. This growth is explained by four new stores and eight remodeling in the past months. Also, the remodeling of South, Southeast, and some stores placed in some shopping centers, which are considered to be high-end. The incorporation of marketplace products in the extended inventory has contributed to the increment of sales in the channel. 7.9% of sales, they were extended to our inventory. The reduction of this digital platform of net revenue is a consequence of a profitability channel strategy, with initiatives to reveal some sales rules via ship from store and reduction of levels of markdown, which represent a revenue impact, which are positive to our profitability. With that, profitability improved in our channel, we can go back to leverage some of our actions, as we were able to reach a growth of 32.7% in relation to the first quarter, 2023. Our GMV in digital platform has varied 5%. The revenue of physical stores has grown 32.7%, and we reached 22.7% in the quarter. Our results were benefited by the opening of 17 Nike stores in the past 12 months, by the sale of NVS stores, by a sort of rebuys. Our digital channel show 41.3% of growth, in addition of sales migration of Nike products to the digital platforms, to the market, to 3P sales, which is benefiting the growth of the channel. 1P sales are growing organically, and this quarter they have been favored by a more aggressive price strategy. A drop of 20.6% in the wholesale channel reflects a sales migration of digital platforms to the market as a modality of 3P sales. Let's proceed to slide nine. In the first quarter, our gross profit has reached BRL 754 million, a growth of 12.5%. The gross margin of Centauro in the first quarter was 51.2%, a growth of 0.8 percentage points. The Fisia gross margin reached 41.3% in the quarter, again, of 4.9 percentage points, we estimate 4.6 percentage points, a negative impact caused by a higher level of markdown to accelerate the turnover of our inventory. The similar in positive impact caused by an increase in the share of DTC channels. With those two effects that can offset the margin growth observed in comparison to the second quarter of 2022. Slide 10. Operational expenditures, ex-IFRS, they amounted 41.5% of net income, an increase of 1.9 percentage points, justified mainly by royalties and fees, and marketing fees paid to Nike. That may be explained by growth of Fisia sales, by the taxes paid to merchandise, by the according to our initial agreement with Nike. Another relevant effect is a Fisia channel mix. DTC channels, despite contributing positively to our final profitability due to a higher gross margin, they represent greater expenditures to the wholesale channel, specifically in this quarter, due to a higher level of markdown, due to an inventory turnover, with an impact in the gross margin that cannot be perceived. The effect in the result was not just a negative impact in the expenditures that represented 1.5 percentage points. The quarter was also impacted in 0.9% in the logistic expenditures, caused mainly by whole inventory costs, new fleet of importation of Fisia, and duplicity of operations in the new center of distribution in the e-commerce of Fisia. Let's proceed to slide 11. EBITDA, ex-IFRS of the group, reached BRL 92.9 million in the quarter, with a margin EBITDA of 5.8%, with a reduction of 0.4 percentage points in comparison to the same period of 2022. In six months, EBITDA grew 7.1%, with a total of BRL 206.8 million, and the margin keeps in this line. The EBITDA margin was positively impacted by the reduction of markdown at Centauro, by the new policy of pricification of Fisia, and by the reduction initiatives of expenditures. Conversely, the margin was negatively impacted by the markdowns of Fisia that generated estimated impact in 4.6 percentage points in the gross margin of Fisia. Slide 12. In the quarter, we have a ex-IFRS of BRL 912,000. In the year to go, we have a net income of BRL 15.9 million, a reduction of 82.2% in comparison to the first half of 2022. Such a drop of profitabilities explained mainly by the increase of operational expenditures and financial expenses. Slide 13. The operational cash flow of the quarter was positive, BRL 15.8 million, impacted negatively by the increase of inventory. The cash flow of investments reflects a opening of Centauro stores, Nike Value Stores, and Nike Direct Inline. This quarter, we issued a new indebtness with a due time of three years, which is enough to face half of the dues of our interests. Due to the temporary situation of the cash demand caused by our inventory size, we decided to anticipate BRL 84 million. In addition, in the beginning of the third quarter, we issued new indebtedness with an approximately value of BRL 300 million, and with these issues, we have concluded our financial needs to the company to the year of 2023. Our net indebtedness of the quarter reached BRL 1.6 billion. We hope to see a decrease in this number by the second quarter. Now, we may proceed to slide 14. Now we are opening for your questions that may be submitted to us directly by this webcast platform. Thank you. I will start with the questions. We have one from Ruben Couto from Banco Santander. Thank you for your question. You have mentioned in the release that the market is well replenished as it is the Nike turnout, as it is the Fisia and competitive brands as it is in the second half. Do you see customers more optimistic in the second half, or they are still being cautious? With this question, I'd like to connect to a question made by Vinicius. who asks: What is your take by the wholesale in the quarter? How about the canceling level? Is there any cancel concentration by any specific customer? How much do you estimate of this downsize? Well, we see we haven't got sellout information for wholesale customer base, let alone to compare the performance of different brands. We have a reference for Centauro's retail channel. I don't see anything that will draw my attention, in our attention in terms of brands, so there isn't anything too specific for that. Generally speaking, from a customer perspective, I would say that there is a better supply. Many people got prepared for greater sales than what we had perceived in a recent past, and we are all dealing with that. We have some different cases with some specific clients, but that is a more general perspective. Some clients, they have more difficult, others less, but that's a more... an overall perspective. No one is willing to stock channels, otherwise we would just be pushing ahead the problem. Fisia prefers to work with the clients to see receivables that we are not worsening the problem. What we do internally is a rebalance, a readjustment. We see the channels, the direct-to-consumer channels, they are very strong, yet especially positive response in the NVS model, any time that we have to discount and to reduce the inventory level. Internally, we redirect the stock, and we concentrate sales on channels like that. As to a possible connection to this downsize, I have no elements to say so. To those more direct aspects, we try to be very careful with the segmentation and assortment. Even when we open a Nike store at a high-end shopping center, where there is a Centauro store, where I could see a limit, in fact, we don't see that because the rentals are different, average prices are different, customers are different, as well as line of products are different as well. Overall, we see a sales gain at that shopping center, and we do believe that this growth is not due to clients' growth, and there might be some specific cases. We expect that this is just a matter of an adjustment, where we just have to adjust a stock to that sales levels and what we expect to the future. This is what we see. Thank you, Rubens, again, for your question, and Vinicius, for your questions as well. We have another question from Ruben and Maria Clara, Itaú, and another question from Danny, XP, and another question from Goldman. Can you go into details about what you expected to normalize your inventory, or do you believe you are going to conclude this by the end of the year, or would that extend to the next year? How much do you believe this refers to Fisia or to Centauro? Could you elaborate a little bit more about inventories and so on? Well, we are basically aligned to the plans we had aligned to the first half. The second half is absolutely in line. The second quarter, we see some effects over sales. We have more discounts. We have a faster inventory turnover. However, in the second half, we have two effects. First, which is happening since now, and it becomes stronger, which are sales due to seasonality, where our second half is the most important half to sales due to seasonality, due to all important holidays and seasons that we know, and that will be very significant to reduce inventory. Secondly, we are able to see effects of purchases, interrupting purchase that we made in the past, where we set some standards to reduce the purchase in the third and fourth quarters, and to use our exceeding inventories to replace the purchase reductions that we had. Using this facility, which is quarter after quarter of a Nike collection, which they do not defer one season from another, therefore, we do not run the fashion risk. Seasonality and purchase adjustment for the third and fourth quarter, we believe that through the year we are gonna be able to reach our goals and to be able to help to have a healthier inventory and appropriate it to our operations. In addition, how do we expect to balance our inventory in relation to leverage profitability? Well, the main levers that we have is to be a little bit more promotional, is still with a better growth margin than we had in the past, and also to reduce purchase, which has happened in relation to the third and fourth quarter. We had purchased less in relation for the third and fourth quarter. We are gonna have sales of a good that has already been paid, and we are not replacing the purchase of that inventory. There is a cash input, and there is no need to have a cash flow outside, because that merchandise has already been paid. As to at what level we are going to be able to equalize our inventory or our stock, I should say that we believe that the mix channel change is quite tricky, because we may be thinking: "Well, that is switching from wholesale and it's moving to 3P, where you are gonna have a greater inventory size." If you perform a detailed cash analysis of the migrations, the cash generation by the end of the period will be exactly the same as if you is taking to the wholesale or 3P, sorry. You believe that the channel change is positive to the company from a margin perspective, and that is neutral to cash generation, as we are gonna have more gross profit to the company and not a turnover capital. Not a working capital that will not, you know, impact our inventory. We have another question, it's still addressing inventory from Wagner, from Quantitas: Has the company made a mistake to overestimate Nike, and then or maybe Fisia obliged Fisia to acquire the more goods in relation to the prior quarters? Well, here I would say there is a composition of a number of factors. I guess that since the last half of last year, we said that during the second half of last year, especially in Centauro, we have been very optimistic with the possibility of Centauro growth, more specifically. Despite Centauro had a good growth, we were expecting a much greater growth to the second half. This growth perception was present just in the second half, as until the end of the first half of the last year, Centauro was reaching its sales target, sales goals. Once the Centauro believes that is going to grow or that is going to reach sales goals, we buy for that matter. What happens is that once we bought for that, and sales on the second half were so disappointed, and once they bought to the second half, expecting to have a higher growth also to the first half of this year, and once sales on the second half of last year were so disappointing, they tell their suppliers, their brands, that they will reduce their purchases. Even they cancel their purchases, and they-- these cancels, they took place this year. Fisia, which has already been bought, considering that higher growth perspective, they buy, but they cannot make the same adjustment due to that longer channel as with Nike, and we have to adjust that in the third and fourth quarter procurement. All of that is responsible for such a disalignment. There is another component, which is not a Nike liability or Nike makes us liable to buy. No. What happened was the following: There was a normalization in the supply chain. Once there was a normalization in the supply chain, we, Nike, Nike had a higher product concentration, which at the first month of collection, instead of reaching the second month of the collection. They had inverted the collection. Once we were prepared for 2023, we used as a reference the 21 and 22 delivery standards, which were still based within the logistics. With that standardization, we had greater receivables than we were expecting, not because we were obliged to that, but because there was a normalization of that supply chain. With that, if I'm not wrong, I had answered all questions addressing inventory. Now, I hand over to Pedro, so we can switch gears a little bit. Thank you, Salazar. We have a question from Gabriela Fernandes from Safra. How about the expansion plan for new Nike stores for 2023 and 2024, new Centauro stores opening, and if we have specific plans to improve the profitability? As expansion plans, we have a main focus on executing some additional plans, where we open 12 stores, two Centauros, and 10 Nike. We have some of them NVS models, and also G5 Centauro refurbishments. This year we are concluding a refurbishment Centauro store, and we are also concluding a store for each one of the Fisia formats, one DINS and NVS. We have some other things in our pipeline for 2024, but which we prefer not to comment yet. For OXER's brands, more specifically, let's step backwards, and OXER's has a longer pathway to go ahead, but just to put that into a context, Centauro does not work to increase or decrease anyone's share. Centauro is a multi-brand in its essence, and since its foundation, since its opening, and it's gonna be like that, it focus on sports. Its main focus is sports, with their consumers at different modalities on different products, group of products, and they are always after what they have best for each brand. We still perceive that there is room in some categories, in some group of products, which are not yet covered by brands due to a price range, maybe, or due to a type of product. In a case like that, Centauro is constantly after a solution where we are after some license agreements or our own brand. We see room for growth because-- not only because there is a market opportunity, but also because we are investing to improve our offer. Investing with a team, we have been investing with a team for a while. This is a long cycle, developing products, vendors' relationship, and we see that with OXER's, ASICS license, and others. We see health brands, but that's not the direction. Our direction is to focus on our consumers and to deliver service to them at all sports levels that we decide to work with. Thank you for your questions. We have another question from Maria Clara, Itaú, about the company's focus on profitability for 2023. Could you elaborate a little bit more about those initiatives? What are the opportunities that you see to speed up the margin recovery process for the company throughout the year? Well, there is not a silver bullet. There are several initiatives that can be made throughout the company. We are working strongly to gain efficiency.... we wanna have a expenditure level greater than the one we have been having. It's difficult to go into details about all the initiatives, as there are so many being conducted. What we should highlight, is if you take those expenditures, direct ones, such as royalties increase, for instance, and if you just get the expenditures where we can strongly act, we can see over the quarter that those expenditures where we strongly act in comparison to the same ones of last year, we see a reduction of 3 percentage points, which is a consequence, thanks to a number of taken actions. To exemplify, and to prove that we believe that we see a great potential to increase expenses, we are just in the middle of our CDs migrations with our vendors and with our new CD, as we are migrating our distribution center. From the third or the fourth quarter, once we'll be able to reach total migration, we are gonna have two issues: no need to duplicate, and second, we'll be able to operate with a much more favorable and positive conditions in terms of expenses. Therefore, we have a number of actions, process revision, et cetera, et cetera, that we are doing to gain efficiency, and we have an expenses base which is adjusted, especially as of third and fourth quarter. We would be able to see efficiencies much more clearly. From a different perspective, it seems that they are kind of higher, highered, because we are also under a channel migration process. As I'm moving to a channel where I have a higher gross margin and also a higher expense margin, I do not pay for intermediate rates, I do not pay take rates. I have expenses on performance, logistics, et cetera, et cetera, everything else that I need to operate that channel. We see that migration as being very positive to the company in a middle to long run, but in a short run, due to all the discounts that we are placing to inventory reduction, we don't see the gross margin as we would like. In a short run, we are able to capture that net profit in a much more direct manner, because the gross margin will offset those expenses. In addition, we are reducing all those expenses which we are able to control, and that's how we see profitabilities. We have a question now from Irma, from Goldman Sachs: Do you expect any challenges and risks in your logistics system? No, we don't. Our distribution channel is working. Our CD is working, so we see no risks. We are operating with both, with a reasonable volume of our orders. Whatever needed to be tested has been tested. We are going with that duplicity, so it's just a matter of stabilizing and to understand that everything is doing fine until we are, you know, able to have the software allowance, but we are act and running. Those logistic expenses, are they recurrent? No. If we compare to last year, part of that has to do with logistics, and that has to do with channels. The percentage of those logistics about the store channel, and more specific, internet, which is higher, as we say, that is very positive for contribution, but increases the DNS. In addition, the expenses excess partially has to do with the city migration, CD migration in the last quarter. We shouldn't see that anymore. We should see at least one. Also stock excess, that has to do with the stock. We have more stock than we would like. Once the stock is reduced, expenses will also be improved. What happened in the third line of service with sales that were too elevated? Well, basically, we have two aspects here. Our logistic partners, we have higher costs because we have too much stock, so we have storage excess. Our logistic partner is working to deliver services to Fisia and also the take rate that I migrated. 3P, before was 1P for our digital partners, to 3P. The contribution margin of the company by the end will improve, the company increases because I have a take rate expenses that is being paid. Before was 50%, and now is 100% that has migrated from 1P to 3P. We have a question from Fernando Guerra. Could you comment about the rollout in the first half of 2024? Will you need new captures, new captations? Well, thank you for your question. Well, we had to take the proper measures to roll out this year's expenses. We have anticipated a market that we thought would be ready for the second half of the year. The market is back throughout Bank, and we are totally financed. We expect that by the end of the year, we will no longer need to have a receivables or to anticipate receivables. Therefore, our receivables will be fully available for anticipation in case that is required. We believe that for 2024, we'll have a rollout of BRL 350 million for next year. We believe that the market will be open, will go back to normality, and that we also have our receivables anticipation line is BRL 1.2 million. We are doing fine as to rollouts, and probably the last year's I mean, the end of the year rollouts, I am at ease because I had released all my rollouts in case I have any further needs in the near future. Well, we still have some questions left. We have a question from Rafael Tavares: Could you go into details about Centauro's gross margin? What do you expect in terms of markdown? Well, we have a certain balance here. Similarly, that we are trying to improve our gross margin and to reduce the markdown, and that we have a positive signs. We are still very careful to our stock volume excess, which we have to solve it, and we have some strategies for that. One of them is we have an adjusted purchase, but there is a second issue, which is markdown. Therefore, we are managing it, and we are fully committed, and we are willing to generate cash. We have replenished the year, and we are experiencing, I mean, we lived the first half of transition. We had a pathway in the first half, and now we are moving to a different one. The idea, though, is to use more markdown than we had anticipated in such a way that we are gonna generated the required gross revenue and to generate a cash as we had expected for the year. This is the way we are planning to take, or this is the path we are planning to take, better say. Thank you. It seems that we had answered most of the questions as they are all intertwined. Anyhow, our team is at our total disposal. If there is any question that was not properly answered or if you have any additional question, just reach us. Our Q&A session is being concluded, and our team is at your full disposal for any further comments or questions. I understand that this is a very challenging year. The first half was a tough one. We are always very confident in the ability of our team to deliver results for Centauro and Fisia. This is a company with over 40 years of experience that has faced other complex scenarios. We have taken all the necessary steps throughout this quarter. That was a quarter of transition, and we are ready to reach our goals, and we have done all the necessary adjustments to follow all these market movements and changes. We do believe that today's results, they will support tomorrow's results, and we are allowed to our plan and our results for this year and for the coming ones. Thank you for everyone that follow our earnings.