Good morning, everyone. Welcome to our earnings call for the second quarter of 2026. I would like to thank everyone for your presence here. I have with me Salazar, our CFO, Vicky, our IR director, and Luna, our IR manager. Our agenda for today, as always, I will start off with our highlights for the quarter, and then Salazar will step in to talk about the details of our financial results for the group. Lastly, we will have the Q&A session. Let us begin. This was a very special quarter for the Grupo SBF, not only for the historical earnings in Centauro and Fisia, but also because we delivered the biggest World Cup that was ever executed by the group. I think it is important to highlight that the success of the World Cup is not just because of an increase in the demand of World Cup-related products. It is a result of a combination of many different factors. I would mention the strategic initiatives that we have been executing since the second quarter last year. Second, very careful planning, not only for Fisia but also Centauro. Third, the great execution in that those efforts have translated into the figures that we will present this quarter. We ended the quarter with net revenues of BRL 2.2 billion, which means 22% growth. We have increased 0.9 percentage points in our margin, so the gross profit was BRL 1.1 billion. The gross profit and net revenue increase positively impact the bottom line. We have seen a growth of 48.7% of the EBITDA at 11.2% margin, which is a 2 percentage point increase year-over-year. Net income also had significant growth, 62.7%, and net margin was 6.4%, meaning an increase of 1.6 percentage points year-over-year. These historical results are a combination of historical results, not only in Centauro, but also in Fisia. Centauro is still presenting very consistent results, presenting a growth of 19% in net revenue, which is 26.3% in same-store sales, 18% growth in brick-and-mortar stores, and 34.4% in digital GMV. Fisia, once again, presented very consistent results. Brick- and- mortar grew 13%, digital almost 30%, and wholesale stands out at 36%. As I mentioned, the major highlight for this quarter was the World Cup. It was the biggest World Cup executed by the company. To understand the order of greatness, combined, we sold over 1 million items. 1 million official jerseys for the national team, an increase of 57% compared to the World Cup in 2022. We sold 352,000 licensed products from CBF, so that is an increase of 80% over the last World Cup, and 170,000 soccer balls sold. Also impressive growth, 80%, compared to the World Cup in 2022. This was also the biggest World Cup executed by Centauro, and the success is a result of many different factors. The first one was the assortment that Centauro offered to its customers. In addition to the official jerseys and the official soccer balls, our team of private label and licensed products had specific licensed products from CBF that was well accepted by consumers. Another very important point was our launch strategy of all the different collections. We were able to guarantee that all the stores, the 229 stores and digital, were duly replenished with the assortment. We were able to capture all of the noise that we made in marketing in the launch of these products. Inventory was very important as well. We combined brick-and-mortar and digital inventories. We sent products to the stores and channels that made more sense, and we also invested in furniture for the World Cup. We elevated the display of the products. Here on this picture, you can see that it is very emblematic and you can see the mannequin that is showing and elevating the Brazilian national jersey. We activated in the 229 stores, which enabled the results for the World Cup at Centauro to be historical at Fisia. Fisia's success was also a result of many different reasons. We were very accurate in how we determined the price pyramid of the products that Fisia offered to consumers. There was an offer that fit many different wallets. We had the net model that was BRL 150. There was the fan that is BRL 450, that is the flagship for the World Cup, and a jersey that we called the Supporter at BRL 250. We found that all the styles had a good acceptance. Another thing was the forecast of the demand. This was the second one executed by Fisia. We had the figures from the last World Cup, and we were able to predict in a well-rounded manner what would happen in our own channels and in the market. We were very assertive. We had a strategy to launch that was very strong. Overall, at the same time, we activated 330 doors to launch the jersey one and jersey two. I believe that the success was mainly a result of how we managed the World Cup inventory. Instead of replenishing the channels with the figures that we had for the demand forecast, we replenished the channels as we realized that one channel could have some sort of rupture. That highly impacted the company's success. This was just the second World Cup, but the results were very expressive compared to the 2022 World Cup for Fisia. As I mentioned, historical results for Centauro. We delivered BRL 1.1 billion in net revenues, a 19% growth. Same-store sales of brick-and-mortar stores was at 20%, and GMV digital grew 34.4%. It is important to mention that even during the World Cup period, we have seen the categories presenting very consistent results. I think that the more emblematic result is what happened with the running category. We continue delivering expressive growth in running footwear, especially high-performance. You can see that the soccer category, which was the driver for the quarter, has also seen other subcategories growing, such as Corinthians launching their second jersey, and as well as the soccer cleats because it represents the Invasão Maracanã, and that was well accepted by consumers. In this quarter, the focus was to execute World Cup, but we still continued to refurbish the stores. The refit in the stores, they have presented superior performance to comparable stores, so they continued to grow 10.8 percentage points more than the comparable stores. In this quarter, we continued to execute. We reinaugurated 11 stores in the quarter. We started 10 more refits. In total, we have 31 stores that have already been refurbished from the 101 stores that we announced that we would refurbish. Moving on to Fisia. Fisia also delivered historical results that was the biggest quarter. We have seen growth in all channels. In the channels, we saw 13% growth in stores, almost 30% in digital. We saw 36% growth in wholesale. Wholesale, once again, performed well. We opened two stores according to the Nike Direct Inline model, so they are incredible in the city of Campinas in Dom Pedro Shopping Mall and in Belo Horizonte. Similar to what we have seen with Centauro, even though the World Cup was the driver for growth, we do see growth in other Fisia categories, such as running, which continues to grow a lot. Running grew 32% in this quarter. A combination of the new portfolio that we call road running. We have shown this before. Pegasus, Structure, and Vomero are still performing well. We reset the base of the pyramid and that is working well. Four of the soccer teams, not only Corinthians, but the others that are sponsored are doing well. Centauro and Fisia have historical results. Now over to Salazar. He will go into the details of the financial results. Thank you, Gustavo. Good morning, everyone. Once again, I would like to thank everyone for participating in our earnings call. Going into the details of Centauro and the financial performance, it was great performance. Same-store sale was great, obviously driven by the World Cup, and it is also important to note the performance of the ex-World Cup products. When we look at footwear, which is basically a category that does not have any specific World Cup items, we had 10% growth year-over-year, which is already something that is driven by the Destrava project that started last year. We can see strong growth focused on the World Cup, but well-distributed in other categories as well, the ex-World Cup categories. When we look at digital, we see recovery of growth, GMV at 74.4%, ex-World Cup category growing a lot, which was running. We can see performance in the quarter that is well-balanced given our expectations in terms of growth that is mainly driven, strongly driven by the World Cup, the execution of the World Cup, like Gustavo mentioned. But also the other categories have very strong performance as well. Gross margin for the company, very healthy, 50.7%. A small drop year-over-year, but in that case, there is a specific matter, which is the fact that we have grown digital a lot. Digital has a gross margin that is a bit under the brick-and-mortar store. When we have the mix, we have a drop in the gross margin, but still at a very healthy level. The summary for Centauro for this quarter was very strong growth in World Cup. As Gustavo said, a lot of execution, planning, activation in stores, strong growth in digital, recovering the growth or actually maintaining the growth that we already had. Highlight goes to the footwear category and World Cup. Regardless of the World Cup, the stores and website were still selling the products that were not specifically related with the World Cup. That was a very important factor for us based on the point of view of continuity. Moving on to the next slide. At Fisia, I will be a bit repetitive. Obviously, World Cup, the Brazilian national jersey. We have some interesting highlights in performance. I believe that we were bold in the jersey inventory, and it worked. We sold pretty much everything that we had to sell. Another interesting bet that we had was that we grew the percentage of sales compared to the other World Cup in the more expensive jerseys, the players' jerseys. An initiative that was nice for the cheaper jerseys that we called Supporter, and we had a great demand for that. Both jerseys, the yellow one and the blue one, and the number one and number two, as people like to call them, we also had great performance in all of them. In fact, the audience loved the jerseys. There was a strong demand for both. It was a very positive quarter. In addition, we had some highlights, as Gustavo mentioned, in running. With the reshifting of the running category by Nike, it is still showing results. We continue to grow that category, and that is another example of the ex-World Cup products. Obviously, wholesale also has a strong impact from the World Cup, but it is important to note that customer relations, customer service, and improvement in logistics to deliver to our customers, all of that worked seamlessly. Obviously, that does drive the World Cup results, but they also can be used an example for the future of the company. Some things that we wanted to do in terms of improving the quality and services provided, the investments in the showroom, and other things that we have been doing have shown results. Obviously, the World Cup is important. It is mainly in May and June, where it was stronger. It shows us that the operations are getting better, and that is important for the business continuity for the upcoming quarters. Fisia margin. We have been reiterating in the past that we still had some issues with the pressure of the FX rate and even the gross margin of the Brazilian national jersey that has a better margin. But still, we are working, and we were saying that we were going to offset the FX effects during the year, especially when it started in the third quarter last year. We would offset those effects through an initiative of tax incentives that would help to offset those impacts. Now we have the two tax incentives that started up last year and working in the brick-and-mortar stores and wholesale. Without a doubt, that helped us to offset the negative impact of the FX rate. We had a growth in the gross margin of Fisia, even with the headwinds of the FX rate against us. That was very positive based on execution. Through tax strategies that we were able to implement, and not easy, because then you have to organize and structure logistics and operations for that. We were able to offset the FX impact, and that gives us a future positive outlook. On the next slide, we see the growth of the company. We see in net revenues and also in gross profit, given the consolidated growth of the company. That is a result of everything that Gustavo has mentioned and some things that I have mentioned as well. We were well-prepared for the World Cup, and we were well-prepared with products that were not for the World Cup. 24% growth in gross profit for this quarter is a result of the initiatives that we've had in the past year. On the next slide, there's another important point that's becoming clearer, is that we're doing strong work in controlling our SG&A. We know there's the variable part that will obviously walk hand-in-hand with revenues. If the revenues grow a lot, the variable cost in performance, and logistics, and sales, and so on and so forth, will grow as well. However, we've been showing strong control in the fixed costs, and then you can see a high dilution of the expenses for that quarter. We mentioned last quarter that we had some one-off issues, such as royalties and royalties for the soccer clubs, that would go back to normal. We believe that that is going back to normal as we had mentioned in the last quarter. We can show that the company has the expenses absolutely under control, and the company's doing strong work to contain an increase in the operational leverage of the company. On the next slide, the EBITDA is a result of all of that. We have an increase by 2 percentage points of the EBITDA margin. An increase in net income. We have very strong control in expenses and operational leverage, translates into the 2 percentage points increase in the EBITDA margin. Net income has a specific case here. We have some positive factors and negative factors. Positive, the EBITDA increase helps a lot. Negatively, we have an increase in net debt. We have more financial expenses. Given everything that we've been doing in terms of the tax incentives to offset the FX rate, we can obtain net results that are very positive. That Tax effect is non-taxed, and that reduces our effective rate. We do have an increase in the net margin of the company. A lot of work is being done on that side to increase profitability, and based on the rules of the game, pay the least amount of taxes possible. We've been successful in that in the past years. Now moving on to cash flow. For this quarter, I would say that this quarter doesn't really follow a regular second quarter. The main point, an important point for us to mention is that, well, we had all this growth in the first and second quarter, and we maintained the inventory in line with last year. We're getting ready to the third and fourth quarter. We grew solidly in the second quarter, and yet the controls of PME have shown the controlled inventory. Where do I see a differential in this quarter regarding other second quarters? The first point is that to have the World Cup as we did, we have to buy first or beforehand in advance. Sales are very much focused, and we can't run the risk of lack of supply. If I want to focus in May and June, which is the pre-World Cup period and the post-World Cup period, and I don't want to run a risk of lack of supply, we might have a problem in that or in ships and wars and so on and so forth. We have to buy in advance. That leads to accounts payable where you sell your products and you have 60 days to receive, and you pay in 90 days. In this specific case is that when you sell the product in May and June, you have 60 days to receive, but the payment that would become 90 days later is happening at the same time. You had to bring in that merchandise in advance to avoid a risk of stock out and not having the jersey, not because you didn't buy enough, but because the product didn't come in. That's the main issue with this quarter, where if we had had a normal flow, we would have received it in the quarter and accounts payable for the next quarter. That's the behavior that the receipt will be coming in the next quarter. When we look at cash flow, and now moving on to the next slide, we can see the impact to the quarter. We can see that what happened was receiving the sales that we expected for the World Cup and the cash in the third quarter. You see higher accounts payable because you bought the product in advance, so you didn't run any risks. Still, if we look at the second quarter, we see operating cash generation, which is enough to pay the investments compared to last year. I think Gustavo mentions the renovations, the refits, everything that we've been doing, and that we're at a higher rate than last year. Even with accounts receivable only coming in in the third quarter, we generated sufficient cash flow to maintain the net debt stable and leverage between one quarter and the other had a small reduction. When we look at the snapshot of the first quarter compared to the second quarter, obviously it's different when we compare it year-over-year, which was at the exact time where we started getting ready for the World Cup. We started getting ready for higher growth and getting ready for higher investments. In that period, you can clearly see an increase in leverage. Now we also see certain stability in that leverage. Now we're going into the third and fourth quarter, where we've been over the World Cup phase. In the third quarter, we're stepping into building our inventory for the fourth quarter, and building the inventory will be helped by the leverage that would be higher and that will be assisted by the cash flow that's coming in. The leverage is under control based on the assumption that we will continue to deliver the results that we have. That means that the leverage would be on a downwards trend. That was important to mention as well. I'm not sure if I have another slide. Oh, no, Luna just mentioned that we're done. Now I'll hand over to Gustavo. Now we'll begin the Q&A session. Gustavo and I are available to answer any questions that you may have. Thank you very much once again for participating. Okay, Salazar, before we move on to the Q&A session, I would like to reiterate that we are very satisfied. We are very proud with our results of the second quarter. It's showing that this is a result of the strategies that we've made in the past quarters and the performance of our team. I am very proud of what our team delivered, and I would like to congratulate the entire team. That said, now we can begin the Q&A session. Now we will begin the Q&A session. To ask a question, please click on raise hand. If your question was answered, you can leave the queue by clicking on lower hand. First question is from Danny Eiger from XP. You can ask your question, Danny. Good morning, Gustavo. Good morning, Salazar. Congratulations on your results. Thank you for taking my question. I have two on my side. First of all, you are talking a lot about the World Cup, not by chance, it is a very relevant event. Now the World Cup is over, could you give us some information about what you expect or what you have seen in demand in the category? Because obviously soccer was very intense. I know there is running as well. Do you see sort of like a hangover, so to speak, or something in that sense? What do you see for the future of the company in terms of levers? The second question is maybe for you, Salazar. Could you help us think about what would be a normal level in terms of expenses now that the World Cup is over? There are many points that you mentioned that were mainly related to the World Cup, working on the first quarter that helped the second quarter. So what would be normal levels for expenses moving forward? Thank you. Thank you, Danny. Thank you for your questions. I will start off with the first part, starting off with the end part. In the first part, you asked about how we see, post-World Cup and the priorities and the new levers that we are working on, and then Salazar can talk about expenses. About the levers, Danny, I believe that everything that we have been doing, all the strategies and initiatives that we have been executing are in fact structural. All the investments that we have made in the sales teams, the store teams, the constant training, improving the service given by the sales teams and stores is structural, and we will continue to reap those results. We still have many stores to be renovated. We are very excited with the upside in sales because after the renovations, that is what we see. There is a lot to be captured with the refit renovations of the stores. Another point that we are looking at is how we replenish stores. We have been mentioning that we are making investments in secondary distribution centers. There is a very big initiative to improve store replenishment. Another important thing that we have to mention, Danny, is inventory management. It is the rationalization of inventory combined between Fisia and Centauro. Ever since we internalized operations for the stores, e-commerce, and Fisia, we pretty much maintained separate inventories for each one of those channels. I believe that the World Cup was an emblematic example of what inventory management, in this case, such as Nike, could offer. Now we are looking at that, about how we can manage the group's inventory, how we can take part of that inventory to be closer to the demand. We are also looking at the supply tool. A replenishment tool. We look at the entire chain from merchandise coming in to arriving at the stores and digital, having a huge opportunity there. In Fisia, we still see a big growth opportunity for Nike Direct Inline stores. We currently have 14, and compared to other markets, we see that there's under-penetration in those stores. We can see that the categories that Nike decided to invest in are leading to many fruits, such as running. It's impressive growth that we've seen in the running category. We expect that other modalities, that other categories, we would see the same thing. In terms of supply, that would positively impact Fisia. We see a lot of opportunities for growth moving forward. About the post-World Cup period, I think you're already accustomed to us, and we don't usually talk about subsequent months, but I believe it's important to note that we are very confident in our capability to execute. Quarter after quarter, we've been showing that we've been able to capture opportunities. We've shown that the categories that were not related to the World Cup continue to grow, and that's the idea. We're ready for whatever's coming. Now over to Salazar to answer the second part of the question. To repeat the question, basically expenses, right? This is what I see. Seasonality of royalties is in order now. The variable expenses always has to do with day-to-day management and trying to do the best we can and integrate that growth. We don't imagine under any possibilities that we would have any pressure on that line. We're still working and trying to create efficiencies. In terms of fixed costs, especially salespersons in the stores, we had a leap in the second quarter of 2025 to this quarter to 2026, and that's when we started the Destrava program. Now, as of the third and fourth quarters, I would say that that base is already been determined. The third quarter is already getting reinforced stores. The third quarter of 2025 already received reinforced stores because that movement started in the second quarter of 2025. So now, this third quarter should have a base for comparison, which is very close to the quarter in the previous year, because we haven't made any major movements in increasing expenses after we had that increase in personnel in stores. So I believe that the control that we've had in fixed costs should continue. I believe that's it. Variable costs, that's normal. It has to do with revenues, and try to manage that the best way we can. For royalties, there's a certain seasonality that was normalized now, and in fixed costs, I believe that we should see growth based on inflation. Mainly based on that and trying to normalize that. That would be my answer. Did I answer your question? Yes, you did. Thank you very much, Gustavo and Salazar, for the answers, and congrats on the results. Thank you, Danny. Next question is from Mr. Felipe Rached from Goldman Sachs. Felipe, your microphone is open. Hi, everyone. Good morning. Thank you for taking our questions. We have two quick questions on our side. I'd like to explore the running category. I believe that the demand is probably good, but I'd like to hear some more details about what's being done in the company to help this category perform well in pretty much in all segments and channels. Second question is qualitative about the gross margin in Fisia moving forward. The FX rate is a factor that could help as of the second half. Is there any other factor that could help or get in the way of that gross margin in the short term? Thank you, guys. Rached, thank you for your question. Let me repeat, as always. The first part is about the initiatives and actions that we've taken to take advantage of the running category, and the second one is about the Fisia margin moving forward, what we could expect. I'll answer the first part. Salazar will answer the second part. About running. First thing is that it's a modality. It's a category that things are in favor of that. We see more people doing that. We see younger people going into running. That category is moving because we have tailwinds, right? In Centauro, about Fisia, I think we have a straightforward answer. The focus was the portfolio. There's a big reset in all the levels of the price pyramid. In any range of the price pyramid, you will see a renewed product that's well accepted by the market. We've been seeing better sales in the channels that we control, and we've been making marketing investments that we call demand creation to accelerate growth. One example of that is the SP City Marathon that we sponsored. Not sure if you had an opportunity of seeing or running, but it was great event with a seamless execution, and we elevated the brand. That's for Fisia. At Centauro, we see a combination of different factors. The first one was that we hired salespeople that are very much focused on selling footwear. If you go to our store, you'll see that an important part of the footwear wall is focused on running. It is a very relevant category for us, and a characteristic in that sale is that it's technical, specialized sale. We've been ensuring not only to have the number of salespeople to handle the traffic in stores. We look at that every month, but not only that, also the training to make that team even more skilled. The other thing is assortment. We have an advantage at Centauro as we are a multi-brand store, so that's a huge advantage for us. We can show the main franchises of all brands and let consumers choose the product, the franchise, the price range that fits their wallet, and the technology that's most convenient for them. Having that view on the portfolio at Centauro was essential. Visiting the different stores and understanding the type of consumer of each one of these stores. With that, we were able to open up the distribution of the running products that are more expensive or less expensive. That had a great impact on sales. Once again, first there's conversion, and then there's a second impact and recurrence. We've seen that moment and an increase in conversion. As of that moment, people consider Centauro as their destination for running footwear. Those are our initiatives and the initiatives that we've been having moving forward. Salazar? Hi, Rached. In fact, in the second half, we have tailwinds with the FX rate. If I think about other things that could affect the tailwinds or even cross that out, I would say that in inventory, we are fine. We had the World Cup. Inventory levels ended at levels that were similar to last year, the second quarter of last year. I do not see any major pressure there to have any markdowns that could eventually pressure the market. I would say that would be a headwind if that existed, but it is not. I believe that we are seeing a movement of margin recovery even. We mentioned wholesale, for instance. I would say that that is a factor. In the event of any inventory issues, we could balance that out, I would say, the headwind of the FX rate. When I think of stores, I would say they have been successful with the Nike Direct Inline stores, and that increases. In theory, it is still small, only 10, 12 stores. As we open stores, and we have other stores to be opened by the end of the year, that would increase the share of that channel. We would have a higher gross margin as well, and that should at least be positive. In fact, the expectation is that we would maintain the outlook of an improvement in margin as a result of the FX rate. I am just trying to think here. It is important to mention, though, that we are always thinking of SBF as the group and not the companies individually. I would say that the FX rate is a positive effect for the margin of the SBF group. In each of the business units at this time, we do not see anything that would be a threat for that to happen. That said, what is important to us is the margin of the SBF group. Why am I saying that? Because you know about the tax issues, you know about the need to monetize the ICMS tax credit. We are always looking at the best way to optimize the group's gross margin, considering the fact that the margin would be transformed into cash flow. I do not know if I mentioned too many things, but it was clear. Thank you, Salazar and Gustavo. Next question is from Mr. Lucas Esteves from Santander. Lucas, go ahead. Good morning, Gustavo and Salazar. Congratulations on your execution. Just a follow-up about working capital. Salazar, you made it very clear of the seasonality of the World Cup that the receivables would come in in the third quarter, an improvement of working capital. But that said, you mentioned longer terms. Can you help us understand if that was specific for the World Cup? Or have you been observing a need that consumers need longer payment terms, change in consumer habits, or deterioration in consumption in general? What can we expect for working capital in general, and how you see that in the consumption scenario, and how that could impact the company? That would be interesting. Thank you. I will answer that, and Gustavo could jump in if he wishes. Well, Lucas, I believe, and as we mentioned in the last quarter, that we have seen. First, the company is growing, right? If the company's growing, that somehow shows that if I should give customers longer payment terms or not. That's the first point. That's absolutely normal in the operation of any given company. That's one thing. In fact, when you see higher pressure, when you're delivering higher growth, eventually, at the end, you might be a little less, or I would say, a little more aggressive in handling the customers when you ask them in how many installments they want to pay. We were leaving a moment of absurd deleverage, and when you decide that you want to deleverage and you have to do that, just to remind everyone, we went from over 3x leverage to 0.4x in a year and a half. There's no doubt about what you're going to do. You're going to manage well your inventory, and you're going to restrict the credit to customers, and then you don't feel bad about that at all. You decrease the number of installments. You can decrease the amount in the minimum installment, and you're not afraid of doing that because you know that your agenda is to deleverage. When you're in a moment of growth, managing the number of installments you're going to give them and the minimum installment and vis-à-vis how much that will impact your sales. That's harder because you may be stronger in that and affect the growth that you're building. It's like a trial and error. We trial that out to find the sweet spot. Part of the growth of accounts receivable is the fact that we're growing more. We tested the limits of what is satisfactory to create growth or not. In the second quarter, especially in May and June, because we mentioned that the first quarter, we thought that we were a bit aggressive in granting credit. We took some measures, especially in brick and mortar, to grant a little less credit. We've seen the results, better results, especially in June. We lowered the average receivable time in June that we will only feel in the third quarter in our cash flow. We've seen the average term for receiving. It's a half and half, 50/50 answer, right? I can't really say that we see the credit demand because consumers are spending less. We grew 22%. We grew selling products at BRL 400 and some, BRL 700 and some. Footwear is more expensive. That helped a lot. Naturally, I'll offer them more installments. That's natural. At the same time that that happens, we've taken actions to lower that average receipt term, and we've seen positive results, especially in June. What's the expectation here? It's 50/50. I don't think that we're going to go back to the accounts receivable levels that we had when we had an absurd deleveraging demand. We'll get better compared to the third quarter when we look at June's performance. Did I answer your question? Did I forget anything? Gustavo, feel free to jump in. No, on my side, it's very clear. Salazar, thank you for the explanations. Makes a lot of sense, and congrats on your results again. Thank you. Next question is from Vinicius Strano from UBS. Vinicius, go ahead. Good morning, Gustavo. Good morning, Salazar. I'd like to explore capital allocation moving forward. What are you thinking? There's a lot of investments in logistics, renovations, working capital that you've explored well as well. I'd like to hear your mindset when you look at the scenario for 2027, and maybe a more challenging macro economy outlook. What are you thinking of investments, logistics, opening stores, renovations? In that line, could you mention the expectation and the evolution of leverage progression during the rest of the year, and what you expect? What would be comfortable in terms of leverage to end at the end of the year and to go through 2027? Growing in a World Cup year and then moving into cash generation. Thank you. Thank you for your question. I'll answer the first part, and then, Salazar, you can add. In terms of capital allocation, we're very much committed to the plan that we've been executing since 2Q 2025. Capital allocation is a plan where we focused on renovating Centauro stores, so 101 stores. Up to the time being, we've renovated 31 stores, 10 are ongoing, and we still have a high number of stores to be renovated. Another part are the improvements in stores. We want to ensure that all stores are very much in line with the consumer experience that we want to deliver. Another important line, which is technology. We've seen consistent results in the digital channel of Centauro and Fisia. Results is a combination of many factors, but among them, a significant evolution of the transactional platform for Centauro. Logistics is still a growth driver. We're investing in secondary distribution centers. We're investing in verticalizing the distribution centers so that we can internalize operations that are currently outsourced. That's also a vector of growth. I believe that we haven't changed our plan. We're still committed to initiatives that require capital allocation. For working capital, we still have the eye on the ball. We believe that there was a consequence and a natural revolution given growth. We've been taking all the initiatives and measures to ensure that the business is under control. We've detailed what we've been doing for the receivables and what we did for World Cup. In summary, that's what I had to say. Salazar, would you like to talk about leverage? Well, Vinicius, we're in a public setting, right? I can't give you leverage guidance. What I can say is that for the second quarter, or actually third quarter, is usually a quarter in which we should increase leverage. But exceptionally, in this quarter, we have some help from all the cash that we will get from the World Cup receivables. I believe that the fourth quarter should maintain the tradition, so to speak, of Black Friday, Christmas, so on and so forth. Where we have pretty much zero supplier payments because you've paid everything you had to pay. Or actually paid everything you had to pay and future payables for the fourth quarter that for that Black Friday and Christmas, you're going to pay in the first. I would say that it's a quarter where you have less pressure for leverage. When we look at next year, without going into the merits of an outlook, we're not going to grow next year what we grew this year. Because first of all, we had the positive effects of the Destrava program throughout 2026. So we've captured a lot of growth that was, maybe this is not the right word, but was stuck, and we would have Or the growth would be based on a base that has already grown a lot, so growth would be more conservative. You don't have the World Cup. So what do I mean by that, without giving you an outlook? In years when you grow less, the demand for working capital is lower. Since the demand for working capital is going to be lower, qualitatively, I explained the perspective. I'll generate cash and deleverage. That's a natural thing for the company. I'm not sure. Did I answer your question? Is that clear? It's very clear. Thank you. Thank you, Salazar and Gustavo. The Q&A session is now over. Over to Gustavo Furtado for his final remarks. Okay. Once again, we are very happy with the results for our quarter. We're very proud of how we've executed all the plans that we had prepared for a whole year. So once again, I would like to thank the athletes that work here in our group, our shareholders, and you as well, for the interest that you have in the company. So now the earnings call is over. See you next time. Thank you. The Grupo SBF call is now over. Thank you for participating. Have a great day.