Good morning, ladies and gentlemen. Welcome to SIMPAR 's Conference Call to D iscuss the Results for the Second Quarter of 2025. The session is being recorded, and a replay will be available on the company's website at ri.simpar.com.br. The presentation is also available for download. Please note that all participants will be in listen-only mode during the presentation. We'll then start the Q&A session when further instructions will be provided. Before we proceed, I would like to remind everyone that forward-looking statements are based on the beliefs and assumptions of SIMPAR 's management and on information currently available to the company. These statements are subject to risks and uncertainties, as they relate to future events and therefore depend on circumstances that may or may not occur. Investors, analysts, and journalists should be aware that macroeconomic conditions, industry trends, and other factors may cause actual results to differ materially from those in the forward-looking statements. Joining us today are Mr. Fernando Simões, Chief Executive Officer, and Denys Ferrez, Executive VP of Corporate Finance and IR Officer. We'll now turn the floor over to Mr. Fernando Simões, who will begin the presentation. Please, Mr. Simões, you may go ahead. Good morning, everyone. We are starting the presentation of SIMPAR' s second quarter 2025 results. On behalf of more than 57,000 employees, I would like to thank you all for joining us. Before we begin on page three, where we cover our main highlights, I would like to remind you that since the end of last year, when we completed a cycle of large investments in infrastructure creation and transforming the scale of our companies over the last four or five years, we have entered, at the end of last year, a new cycle focused on capturing synergies and improving operational efficiency with much less CapEx. The goal is to drive organic growth and further enhance our results, increasing our margins of all our businesses. On page three, then we discuss some of our main highlights. We're beginning to see some of our effects. We posted R$10.5 billion in revenue in Q2 2025, growth of 5%, with EBITDA reaching a record R$3 billion, up 13% from the same period last year. Our bottom line was a net loss of R$36 million, and when we talk about return on invested capital, we came in 1% above our cost of capital. Although we began focusing on operational efficiency at the end of last year, that is doing more with less, we're still at the beginning of the cycle in execution, so i t's not fully reflected in our results. Even so, thanks to our market positioning, quality of our services, relationship with clients, sector diversification, and the fact we are always operating in resilient areas of the economy, both our services and our revenue have held up sustainably. We have now been renegotiating contracts and setting differentiated pricing for new services, which brings us more revenue and a trend towards margin improvement, always charging our clients a fair price. Thanks to the diversification of our service portfolio, we have been achieving consistent organic growth. You see, we saw a 6% increase in total revenue in Q2 2025 versus Q2 2024, with service revenue also up 6%. Excluding retail, net revenue from services rose more than 10%, all organically supported by higher operational efficiency, which is already yielding some of the benefits from the execution that began late last year. We also increased our EBITDA margin by 2 percentage points, while EBITDA per employee grew 25%. We have been highly focused on aligning our investments to generate higher returns. Thanks to our strong relationship with the financial markets and our investors, we have broad access to funding sources, which contribute significantly to our development. Our focus remains on deleveraging and improving our capital structure. We reduced leverage from 3.8x when we compare Q2 2024 to 3.6x in Q2 2025, even though we are still early in executing our operational efficiency improvement plan. Reducing leverage and improving our capital structure are part of our plan. As you see, from 3.8x in Q2 2024, we closed Q2 2025 at 3.6x. Let me give you an example here, not to create expectations of the opportunities we see. With all this efficiency, we have been reclaiming assets, anticipating client needs, getting ahead of some operational moves to better manage asset turnover. For example, when a client returns assets early, we avoid larger financial problems. Today, we have, across the group, around R$3 billion in assets that are either in inventory and not leased, or are up for sale or lease, whether in agribusiness or other activities. These can be transformed into either sales, generating R$3 billion in liquidity for the company or into leases. That is, we have been working hard on this, and these are undoubtedly assets that will be monetized even by deleveraging. There are still opportunities, whether in operational efficiency, asset management, repossessions, or asset utilization. Now, moving on to page four, we have some examples of further efficiency. Remember, we are just starting our actions, but they are already reflected in higher revenue and lower costs, which improve our margins, and this is clear on page four. As you can see, we have negotiated prices on certain contracts. We are very agile in doing so, ensuring a sustainable and viable return. We have also been pricing new contracts to reflect financing costs, and also new CAPEX requirements. We have acted strongly to reduce costs, whether through lower supplier prices, changes in scope, cuts in operational admin expenses, including personnel costs. Synergies have brought significant cost savings, as shown on page four. On the right, you see that operational efficiency has improved. EBITDA margin has increased by 1 percentage point, and EBITDA per employee grew 25% from Q2 2024 - Q2 2025. This illustrates the result of our program of doing more with less. This is our plan, and so the idea is to grow revenue, reduce costs, and have margin improvements. On page five, we have JSL. I'll go over it briefly, as the company has already disclosed its results. JSL has the largest portfolio of logistics services, with the widest diversification in services and sectors. All our companies share a common focus on services with strong resilience. I often say that focusing on our services has been a strategic choice. While the market can live without our companies, it cannot live without the kind of services we provide. They are essential services, and someone will have to provide them. Our strategy is to ensure that clients choose us, enabling to grow organically alongside them. JSL is an example. Growth above 20% quarter- over- quarter, new contracts signed, and a significant and long-term backlog. It renegotiates contracts whenever necessary to ensure they remain sustainable, managing each one individually. Operational efficiency comes from its people management model, which contributes to sustainable growth, whether through operational efficiency, capital optimization, or cash generation, leading to better capital structure and higher returns, while maintaining a high degree of resilience, which is very important. Turning on to page six, we have Movida, which also has released its results. As you know, over the last 10 years, Movida has pursued a transformation design that focuses on scale. It has achieved the scale differentiated market position, with the DNA not only serving the client, but putting itself at the service of the client. This is our strategy, long-term commercial relationship with clients. Movida has in its DNA, anticipating client needs. T his has consistently improved the quality of its rental services, modernizing through systems, and optimizing fleet mix. This has not only increased customer loyalty, but also attracted in the first half of the year, w ith this DNA, its way of being, attracting 322,000 new clients to the company. This also makes it possible through services, through our differentials, really sets us apart, offering clients the best cost-benefit in rates. P rice adjustments are continuous and responsible. The idea is always to have fair prices for clients, while ensuring the company's sustainable development. This has improved margins and strengthened our market positioning, and Movida has been recognized as the best company in the sector in MPS for customer services. Operational productivity has improved, with a fully implemented used vehicles infrastructure and turnover managed by store. Also, a differentiated position in [crosstalk] in mixed store profile, and especially our people who do outstanding work. This has driven revenue growth and sustainable margin improvement, supported by service quality, greater operational efficiency, accurate purchasing, and inventory management. With its systems and storage infrastructure, both in used cars and in the rental car, Movida today operates in an ecosystem with great opportunities for improvement, though the most challenging part has been completed. Now, it's about doing more and better for our clients, which will result in organic growth and margin expansion. On page seven, we have Vamos, market leader in the leasing of trucks, forklifts, and more broadly, machinery. Vamos posted revenue of R$1.4 billion in Q2 2025, up about 17% from the same period last year. EBITDA margin was 82%, with adjusted net income of R$83 million and a net margin of 5.9%. Some of the key highlights, asset sales revenue in the second quarter reached R$324 million, 71.9% above the same period last year, demonstrating the high liquidity of its assets. In recent quarters, repossessions due to credit issues have been significant, with early asset returns. We believe these numbers will decrease going forward. On the other hand, Vamos has been managing delinquency proactively, anticipating repossessions and negotiations for early returns. Today, it has R$1.7 billion in used vehicles in inventory, which the team is working to reduce to nearly zero in the coming quarters, either by leasing them or selling them to generate cash and strengthen the capital structure. Again, without creating expectations, imagine the impact of leasing or selling these used vehicles, generating revenue or liquidity while improving the capital structure. It's important to highlight Vamos' strong growth potential due to market opportunities in urban cleaning, environmental services, e-commerce, manufacturing industry, direct leasing to clients. We believe Vamos is entering a new development cycle, you will see better capital allocation, higher occupancy rates, reduced inventory, deleveraging, and profitable growth in a highly sustainable way. There's huge opportunities for this market. On page eight, we have Automob. Automob, part of its strategic plan execution involved creating the largest dealership network, with a wider mix of automobiles, trucks, agricultural machinery, and construction equipment. Today, after the execution, Automob has 196 stores, 68 cities, 12 states, representing 37 brands. It posted net revenue of over R$3 billion, EBITDA of R$110 million, and adjusted net loss of R$37 million in Q2 2025. These numbers that are being presented still do not reflect the new cycle Automob is entering, a cycle focused on operational efficiency, synergy across companies, higher sales volume per store, and also administrative integration. We expect the cycle to be completed by the end of 2026. What we expect, just to give you some examples of this new cycle, a significant increase in used vehicles per store, better pricing, whether in after-sales labor or parts, higher return per vehicle sold, and that by implementing best practices already adopted in some of our stores, t his transformation has the potential to significantly improve results. We are just starting the cycle, and the Automob team is focused on capturing synergies, expanding sales more efficiently. We believe executing this plan will bring organic growth, cost dilution, much higher returns, and will put us in a new position starting in Q4 2026. Turning on to page nine, we have CS Infra. We are building at CS Infra, a portfolio of long-term concessions with low CapEx requirements, focused primarily on services and that can have resilient revenue streams. Along this line, we have CS Portus, two ports in ATU, which we already presented to you, which have completed modernization and constructions, almost at R$1 billion in CapEx. They will begin operating at full capacity as of September this year, with high demand expected from January 2026 onwards. We have high demand for the two ports, ATU-12 and ATU-18, and without creating expectations, but the guidance for 2026 is what we believe, and we have been feeling this demand for services at the port. CS Rodovias, we also in Piauí have [Transerrad], we have already presented to you, but we have also a win in Mato Grosso, the east block terminals in the city of São Paulo. Many concessions are still preoperational, but with assets like the port beginning operations next year. That is the trend to see for the future. As we won the bridge tender, small CapEx, but revenues come immediately and DNA of services. We see many opportunities in Brazil for concessions with this profile, service-based, with resilience, revenue, and long-term contracts. We have the team in place, and port completion is proof of our management quality. I think that this is something that has to be considered. Remember that nearly the entire portfolio is still preoperational. Moving on to page 10, we have Ciclus Ambiental, which has also been posting organic growth, as you can see in revenues, transformation in leverage as you can see, since 2023 through Q2 2025, and major opportunities for growth both in additional revenue and in winning new concessions. For instance, you know that in Brazil, over 40% of solid waste is still untreated. On page 11, we have CS Brasil, specializing in mobility and fleet outsourcing. When we talk about fleet outsourcing, we are talking about with driver services, executing services for public or mixed ownership companies, CS Brasil plays a central role. The public sector has increasingly sought outsourcing, sometimes with driver services that execute the service. This is the work of CS Brasil. Great opportunities, as seen in CS Brasil. Revenue grows from 2021 to Q2 2025, reaching R$379 million. On page 12, we go to BBC Bank, with a high- quality, low-end portfolio, robust collateral, and delinquency below market averages. The portfolio has grown quarter- over- quarter, and remember its main focus is its digital account, maintaining a differentiated relationship with truckers, also financing used trucks and used cars within the SIMPAR ecosystem. While there's some business outside the ecosystem, the focus remains on used vehicles, trucks, and machinery, with robust collateral because we typically work with 30%, 40% down payments and finance 60%- 70% of value. The portfolio has been growing consistently, with strong growth potential. On page 13, we have some of our consolidated financial highlights, and I will hand it over to Denys for more detail on the financials. Denys? Thank you, Fernando. Good morning, everyone. On page 13, on a consolidated basis, I will start with the top left. Net revenue in Q2 2025 totaled R$10.545 billion for the group, of which R$2 billion came from asset sales and R$8.5 billion from net revenue from services. This represents a 6% increase, compared to the same period last year. On the right, we have EBITDA, totaling nearly R$3 billion in the quarter, 13% higher than in the same period last year, and outpacing revenue growth, delivering a margin of 28.4%, which is two percentage points higher year- over- year. Below on the left, EBIT, our operating income, totaled R$1.9 billion, with a 17.6% margin, also up 6% above the same period last year. On the right, in the adjusted net income chart, we see Q2 2025 shows a negative result of R$36 million in contracts with a profit in the same period last year. This reflects the increase in interest rates between the two periods, which was roughly 40% in the base rate between the two periods. Now, I'm going to move to page 14. On the left, we talk a bit about investments. We have net CapEx in a quarterly comparison. In Q2 2025, investment volume was 8% lower year- over- year. In the half-year comparison, the reduction was even greater, about 50% in the first half 2025 compared to the first half 2024. When we break it down by company, you see that the largest demand for net CapEx came from Movida, which reflects seasonality, as July is one of the strongest months for the car rental industry. This tends to lead to field purchases ahead of adjustments that may be needed afterwards. Still on investments, if we turn to page 15, we show evidence that investment volume is much lower than in prior years, again given the focus shift towards efficiency. In the past years, we invested, and you can see here at the center of the page, up to twice our EBITDA for the year. This trend began to reverse last year when net investments equaled EBITDA. That is a one-to-one ratio. Now, in the first six months of this year, on an annualized basis, we see an inversion. That is, EBITDA is twice our net CapEx. I believe that this will remain the trend through year-end, again reinforcing our focus on generating more efficiency from what has already been invested rather than only expansion. Now I would like to move on to the next slide, where we talk about our debt and liquidity profile, consolidated base. Here you see net debt consolidated at R$42 billion. Remember that we have companies individually listed on the Novo Mercado, so these figures are simply aggregated for consolidated reporting purposes. Cash, R$13.4 billion, covering 2.3x short-term debt maturities or in other words, amortizations until early 2027, with an average net debt term of 4.1 years. We continue active liability management with R$2.6 billion raised this quarter, maintaining the group's historically strong liquidity profile. Now, if we move on to the next slide 17, here we talk a bit about SIMPAR as the holding company, no longer consolidated numbers. Here at SIMPAR, net debt stands at R$3 billion, with R$3.6 billion in cash, an average net debt of 5.9 years and short-term debt coverage about 10x, or coverage amortizations until the year of 2030 approximately, which give us comfort to execute our strategic plan. On page 18, we bring to you some aspects of our leverage ratios. We report using the external debt criteria. That is, net debt to EBITDA closed in Q2 2025 at 3.6x, stable since Q2 2024. For local debt, the ratio is 2.3x, also stable since Q2 2024 in this case. Now, we brought to you here a different view that we call normalization. Based on the results already disclosed by our listed companies, we see assets available for sale or in the process of normalizing utilization rates. When we print those items, but together using Automob, Vamos, and JSL numbers, we get close to a total of R$2.9 billion. These are not idle or non-performing assets. They have a strong secondary market, are on our balance sheet, and are in the process of monetization. If we deduct these R$3 billion from the balance, the external debt ratio would be in Q2 2025, 3.4x instead of 3.6x, and the local debt ratio, it would be 2.1x instead of 2.3x. This is important because all market funding has historically been and continues to be allocated to assets, with significant residual value and high secondary market liquidity. I understand this is important information to share with you. On the right, we show what we consider the business leverage ratio. That is, total liabilities linked to assets minus the present value of expected residual values, to present value again, which stands at 2.5x, very close again to the local debt metric. Now, I'm going to move on to the next slide, when we discuss return on invested capital based on the concept of productive ROIC, adjusted for capital that is not generating cash. Here, we see an important improvement in productive ROIC in Q2 2025, reaching 13.8% compared to 10.8% in the same period last year. With this, we have an improvement in return on invested capital, of three percentage points, basically, from the 20% growth in operating income in the last 12 years, again based on Q2 2025 vis-à-vis the Q2 2024. With that, I'd like to thank you all and hand it back to Fernando. Fernando. Thank you, Denys. O n page 20, we have some of the fronts in executing our strategic plans as mandated by our board. The goal is to maximize the value from the foundation we built over recent years. We have developed solid growth pillars, scaled up all our controlled companies, and now we are in a cycle of extracting value with much lower CapEx needs, while continuing to grow. This is very important. We are focused on tightening control over operating costs and admin expenses, as well as renegotiating contracts with suppliers, generating significant gains both in price reductions and more importantly, in changes to supplier scopes. One of the most important points in my view is our focus on asset management, whether in occupancy rates, agility in deployment and retirement, inventory turnover, without creating expectations again. We believe we have an opportunity to reduce about R$3 billion when we talk about better asset management, whether from used vehicle sales, higher occupancy rates in our leasing companies or working capital improvements. This will reduce investment needs or generate liquidity through asset sales, lowering our leverage. This is one of our main focuses for the next quarters. Pricing discipline, reviewing current prices, setting new ones appropriately given the economic environment. Efficiency combined with service quality builds customer loyalty, while ensuring that we are not competing solely on price, but also on service quality and the value we deliver, offering the best cost-benefits to our clients. We believe the outcome of these actions will be strong cash generation, lower investment needs, and sustainable value creation for our continuous growth. That concludes my presentation. Once again, I'd like to thank you for the opportunity, and we'll now open for the Q&A. Once again, thank you very much. We'll now start the Q&A for investors and analysts. If you want to ask a question, please click on raise hand. Once your question is answered, you may lower your hand by clicking lower hand. Our first question comes from Matteo Santona from XP. You may go on. Hi, Fernando, Denys, good morning. I have two questions. First, I would like to focus on how you see the market of light vehicles. I think there were many things with the IPI tax. We saw a month of June with weaker sales pick up in July. What do you see from July onwards? Mostly sales, because I think that impacts Automob and Movida and BBC. The second question is thinking about Ciclus. We saw the growth of the amendments that you had for biogas. Any other opportunity for increasing revenues in that company? Thank you very much. Good morning. This is Fernando. Hi, Mateo. Good morning, everyone. I thank you all. We have more than 300 people participating. Thanks for your time. Matteo, the automotive market in July, without giving you guidance, it was a very good month, one of the best, to be honest. It was a very good month. Movida released its month of July in used vehicles, and we see no signs different from what we had before, even an improvement. Remember that the second half is historically better than the first half. The IPI for us, it was something that really did not change prices structurally, not in automobile prices. Again, nothing different from the context we had before, quite the opposite w hen you talk about BBC Bank, but also the market as a whole. Yesterday, I was in the opening of a store of ours at 9:00, and people are talking about banks and credit continues normal, no problems with individuals for credit, even with interest rates as high as they are. This is our feeling at BBC, but also overall at our F&I desk that operates with Automob and Movida. Things going on, credit's okay, individuals are not delinquent with banks. What we hear is that small businesses and some medium-sized businesses are showing some problems, but the IPI tax is not affecting bank credit or the development of sales of our companies. We are always at this 2.5 million cars a year for many years. It's not growing, but it's not growing. It's a bit up or down, but it's more or less like this. In Automob, I say that affordable cars in Brazil are not new cars anymore. They are used cars, cars that are R$65,000, R$70,000, R$80,000. Movida has exactly the right cars for these types of customers. Movida stores, we invest in an infrastructure system. It's much more with the look like of a dealership store than those yards that you had in the past. It does have yards, but it's completely different in terms of layout. Thanks, Matteo. I hope I have answered your questions. Oh, Ciclus, Denys is reminding me. Yes, Ciclus, just for you to know, it's been three years now that we talk about opportunities for improvements at Ciclus, for it to reach maturity. What you're seeing in Ciclus results is an important part related to the biogas amendment, but it has to do with corporate management, volume, scale. You'll have operations in different landfills, you'll have less treatment costs, you'll have gas, you'll have efficiency. These are efficiencies that can even improve our results. We say about the potential of our assets, and we have several assets with potential. At CS Infra for instance, we have assets that are still preoperational. I do not see anything huge as gas for Ciclus, but I see an opportunity for improving its operating margin. Just to add, this is Denys speaking, Ciclus in its process of reestablishing its economic conditions after a long time of negotiation, you see with a very important EBITDA number annualized, this is already an asset. Remember that Ciclus Ambiental has two operations, but it's already generating about R$300 million in EBITDA annualized numbers. I don't know if everyone is perceiving the magnitude of its development. Thanks, Matteo for your question. Thank you, very clear answer. Our next question comes from Andre Ferreira from Bradesco BBI. Hi, good morning, Fernando, Denys. How are you? I have two topics. The first is about net CapEx that dropped 8% year- over- year. Last year, I think it was close to R$80 million, and that's much related to Movida in the first quarter. With that, the EBITDA net CapEx ratio went from 4x to 1.5x. When we think of expectations for the group's companies, in our math, we could get too close to 2x in this ratio, perhaps a bit lower this year. Does it make sense? The second question is just an update, to know if CS Portus has moved forward compared to the guidance for 2026. This is Denys speaking, Andre. If you think of the ratio, I'd like to call your attention to the annualized base. In the quarter, it was lower. It is what you mentioned, quarter- on- quarter. In the half year, it's still 50% lower. The difficulty here is the guidance for the future. I think when we look at our plans, I truly believe that this rate, again think of the annualized quarter, has still a trend of improvement. Without giving you a hard number, we do have the seasonal aspect of Movida specifically about July, which is a month of high activity. When you break down net CapEx, you see that it was Movida that led these numbers. Movida is always adjusting its fleet size compared to utilization because of more or less accelerated seasonal volume, I think we could have either this annualized number to better. Andre, just to add to what Denys said, we are always talking about the opportunity we have in several of our companies. Vamos, for instance, with the inventory of what we call the SIMPAR Novo product with early returns or repossession. The opportunity of selling those assets, which also reduces net CapEx, t his is very important for us to remember, either extending current contracts. Vamos has been focused on that, so leasing for a second cycle or selling. Either way, that turns into a lower net CapEx. Again, no guidance, but of course, that depends on our agility in selling used vehicles. Vamos is doing excellent work. When you get JSL, you also have the opportunities. Movida has been doing excellent work, but it can improve utilization rates. That's the work now, and we are working very hard on that. The other question, can you ask again, Andre? I think it was about CS Portus, right? Yes. If you are ahead of that EBITDA expectation for 2026, what I can tell you, Andre, is that the port is ready, and in August, we are going to complete the port. That was a question of many people. In a nutshell, we always joke around that God helps us, but we work very hard for that. Our business plan was such, but demand has been much higher than expected and i t's interesting. What we learned, for people to work with us, they wanted to see the port completed. We had modernization work. We did everything. We renovated and enlarged the pier, everything. We almost built a new port. This is ready. Now the demand is coming. What I can tell you for sure is that we are seeing it happen. We know that we are going to meet the numbers we guided for next year, R$400 million. I think that's saying sure demand. The companies want to use our plans because if they use our plans rather than the port of Mourinho, they save 600 km. That's a huge improvement. It's very much in line with our plan n ow with the port ready as of next month. Just to add to that, Andre, our guidance is a guidance for 2028, with net revenue between R$119 million and EBITDA of R$300-R $400 million. This is what we disclosed and is part of our financial statements, okay? Very good. Thank you very much. Our next question comes from Pedro Tineu from Itaú BBA. Mr. Tineu? Good morning, everyone. Thanks for taking my question. I have one question. We have seen several initiatives in the group's companies like Vamos, that increased its diligence in credit, JSL that is working with JSL Digital. Movida is talking about pricing adjustments. How does the group as a whole think for the future? That is, what other initiatives do you believe that can be implemented in your subsidiaries to extract even greater efficiency? Second question, I'd like to explore a bit more about Ciclus. We have other listed companies exploring the segment. What do you see in terms of opportunity? Today, as a holding, are you focused on expanding the business? Are you expecting more for Ciclus? Thank you very much. This is Fernando. Pedro, l et me tell you something, o ur business, our origin, we come from a very competitive segment. We started as a transportation company, logistics with huge volatility because of demand, because of interest rates, because of increased costs, fuel prices going up, tires, labor, etc. We never competed with anyone in logistics. We are very proud of our origin, but you know that many companies went bankrupt along the way in the segment. We always competed with the quality of services, prices, and cost benefits that were fair to clients, adding value to them. This is what we believe in, because i n Brazil you have volatility, financial costs, depreciation, and assets sometimes that are appreciated as not expected, w e had a transformation in the price of assets during COVID. Even new assets today, I think they increased by 6%, 8%, cars, trucks. They are increasing. You have a discount, but they are increasing. We always say that we have to think of each contract, each operation, so we have agility of adjusting prices in a way that we reflect current costs, financial or operational. This is what JSL has been doing all its lifetime. Be it JSL, Vamos, Movida, pricing new contracts has to reflect actual costs. This is what we have been doing. Vamos has been very careful, cautious about credit, r enting. It has been more restricted, again to be more certain about your receivables and the quality of your portfolio. It has also increased prices. Why? Because there was a transformation in the price of the asset. The contracts that Vamos extended, I don't know by heart, but I think this year, of the contracts that were renegotiated to be extended, we had about 50% renegotiated for extension, but they had price adjustments. Why? Because for the customers, it's even more expensive to rent new assets. It's better to pay an increase in prices of the existing fleet than changing. At Movida, the prices were still for a long time. Movida is now adjusting its prices, and it can adjust them even further. Uber services, bus services, airfares, if you compare daily rental car rentals, they are still very cheap. We are really picking up prices in all our companies, as we believe it still has room for adjustment, to continue in a sustainable manner. This is part of our DNA. Services meeting customer needs, but also have a return that is fair to cope with our investments and offering always quality services. This is something that Movida has been doing very well. Vamos as well. I think that this whole menu of things gives us the opportunity not only to discuss prices, but rather charging the fair price to meet customer needs. At retail, in the case of Movida, you have the services that meet customer needs with agility, quality, and we have reach. We offer differentiated services. We have a center that monitors online how much people take to be serviced. I'm sorry I took too long, but it's very important to show our DNA, our responsibility before our customers. We have the responsibility of charging the right price to cover our investments. Remember, Automob, for example, is not just increasing prices. It is increasing productivity and sales per store in new or used cars. This is an increased profitability without creating expectations. I'll give you an example. Automob is starting a new cycle with more productivity per store, a wonderful work to build its ecosystem and now it is executing to extract value. If you see, Movida's stores sell about 40 cars, 38 cars - 40 cars per store. I'm not creating guidance or expectations. Automob sells 20. See the opportunity that you have. You have to have the logistics, the ecosystem, everything ready. The opportunities for these companies to continue developing are huge. Ciclus today operates the largest waste treatment center in Brazil, 270, 000 280,000 t of waste per month, more than 450 trailers with waste per day at the company. This volume makes it one of the largest waste treatment centers in the world. It generates, if I'm not mistaken, 60% of the biomethane from Brazil that comes from waste in this plant. Now, only 40% or more than 40% of waste in Brazil is not treated. You see the size of the opportunity that we have for new concessions, new contracts, new regions. CS Infra and Ciclus Ambiental have huge opportunities to continue developing major opportunities to do that. I always say, waste treatment centers, it is a logistics and engineering operation. I'm sorry I took too long, but I hope I have answered your questions. Very clear. Thank you very much. As a reminder, if you have a question, just click on raise hand. If you want to ask a question in writing, type your question on the Q&A and include your name and company. Please wait. Our next question comes from Andre Ferreira from Bradesco BBI. Ms. Ferreira? Hi, everyone. Thanks for the follow-up. Just to try and understand the excess inventory of R$2.53 billion, how long do you think you will have to address that and what is the impact of the group? I'll use the opportunity for a second question. You were recently awarded the binational bridge in CS Infra. I'd like to know if you see an opportunity for JSL to explore logistics services there, automotive or overall, and also warehousing. Hi, Andre. This is Denis speaking. Financial impact, your question is something that we're doing the math earlier before the call. Financially speaking, when you think of financial expenses, that accounts for about R$460 million-R $500 million, so a bit more than R$120 million this quarter. Now, on top of that, you also have depreciation that Fernando was mentioning. R ight, Fernando? Depreciation, I don't have it by heart, but perhaps it is an additional R$200 million, just about. It is a material impact. A financial number without an increase in depreciation would be enough to reverse the results that we showed. As for time, I'm going to let Fernando answer. Andre, we have been working and finding new avenues for development. On Vamos, for instance, today we see R$1.7 billion, R$1.8 billion of SIMPAR Novo assets. We have R$1.5 billion in assets. If you get R$1.5 million, you have financial costs. If you put just 0.6% of depreciation, that is extra, you see that's a huge amount in the period of a cost of R$1.5 million. Automob also carries in agricultural equipment, about R$400 million. Only these two types of assets already are of large magnitude. JSL, about R$200. The surplus is for a different reason, different companies. Vamos is because of early returns and repossessions. JSL, sometimes you can reduce costs by decreasing the fleet. You can negotiate better with the customer. You improve margins, but you have assets to be sold. You have the agribusiness, and we know what happened. W hen we talk about R$2.5 billion- R$3 billion, m ost of it, I would say R$2.3 billion, comes from depreciation and financial costs on assets that should be either rented or leased or sold. I would consider this amount for depreciation. Now, when are we going to solve that? We have been working very hard to solve that within two or three quarters, but i t is going to be solved without having to lower prices. In the next 12 months, we expect a normalization. Again, not creating any guidance, but this is something that we want to have. Not that we are going to put an end to that, but we are going to dilute those numbers until then. We are working very hard to try and have better numbers very soon. This 2.5 - 3 also has to do with working capital, that is to have more utilization, more predictability of assets, anticipating receivables, negotiating with clients. All that gets to the opportunities that we see there. Yes, there is an opportunity of revenues and new contracts with the binational bridge. Is that the question? Yes Each business is a business in its own. JSL with Marvel and other companies is a huge user of the bridge. We don't have any co-dependence, and we didn't take part in the bid because of that. There are opportunities. The bridge already operates today with good returns without having to do anything. There is an opportunity for additional revenue, bringing industries, and JSL can be a facilitator of that, to have a center of clients for distribution to export from there. Sometimes you have to export somewhere, and you have the center at the bridge to gear the exports to the different areas. Again, each asset is an independent asset, so no connection between the binational bridge and JSL. As the ports, for instance, it can generate transportation for JSL integrated service, but again, we have to see each business as its own and then we see the natural consequences that can be positive to the group. Thank you very much. SIMPAR's Q&A session is now closed. We are going to turn back to Mr. Simões for his final remarks. Once again, I'd like to thank you all for attending. There are some points that I'd like to mention again without creating expectations, but just to give you some food for thought. When we analyze the improvement of our operational indicators of all our companies overall, some more, some less, I think it shows a trend of what is possible to do with a lot less CapEx. I'm going to talk about our commitment to charge the right price and to differentiate ourselves, not because of our prices, but the quality of our services, contributing to the efforts of our clients. We still see huge opportunities to improve even further our operational indicators. We have been working our team very hard to carry on cost reduction programs. I n the coming quarters, you're already going to see the benefits of that, or at least you're going to see a neutralization of an increase in costs. Now I'd like to let you think of something. When we talk about prices of Vamos, Movida, JSL, we have Ciclus, and for a long time, we told you that Ciclus could be a differentiated company in terms of operational margins and results, and this is happening now. CS Infra, we have R$100 million this year and a potential to have more than R$200 million next year, and that increases operating margins with lower costs. The ports, the amount of revenues that we can have in 2026, no risk of execution, it's ready. We talked about the potential of R$2.5 billion-R $3 billion in the sale of assets, and most of it turning into cash or being leased for new investments. The pass-through of prices, we believe that we continue to do so. We don't sell prices. We sell services, and this is very important for you to understand. Again, A utomob is just starting. We haven't really worked very hard to extract synergies yet, of everything that was built. If you compare Automob with other opportunities abroad, dealerships, groups, even inside Brazil with some scale that we have in our stores, it's incredible. We spent many years telling you what Movida could be like, and now you can see that. I would say that Automob has the same opportunities, but in a much lesser period of time because the foundations are built. This is the opportunity for transformation in the segment, which is huge, and these are some of the examples that I invite you to think over, and then you can see what kind of opportunities the company as a whole has ahead of it. On behalf of our people, our managers, I would like to continue to tell you our commitment to work hard, anticipating our actions to improve margins, results, CapEx, and with that, accelerate and even anticipate the deleveraging of the company, improved operating margins with stronger relationships with our clients both in retail and industry. Once again, thank you very much, and I wish you a very good day. Thank you. SIMPAR's conference call is now closed. We thank you very much for attending and wish you a good day.