Good morning, ladies and gentlemen. Welcome to Simpar's conference call to discuss the results for the fourth quarter 2025. The session is being recorded and a replay will be available on the company's website, ri.simpar.com.br. The presentation will also be available for download. Please note that all participants will be in listen-only mode during the presentation. We'll then begin the Q&A session, at which point 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 Mr. Denys Ferrez, Executive VP of Corporate Finance and IR Officer. Now, I'd like to turn the floor over to Mr. Simões, who will begin the presentation. Sir, please go ahead. Good morning, everyone. We are now beginning Simpar's earnings presentation for the fourth quarter of 2025 and full year 2025. On behalf of our more than 56,000 employees, I would like to thank you all for joining us. We'll begin on page three. It's important to highlight that when we reported our 2024 results, we communicated to the market in line with our transparency and our strategic planning for this new cycle that our focus would be on extracting value for everything we have built. We made significant investments in 2022, 2023, and 2024, positioning the companies to gain market share, increase volumes, reduce CapEx, enhance cash generation, and when appropriate, to execute divestments. Page three already reflects our operational efficiency, marking the beginning of this new cycle. What gives us great confidence is our belief that we still have room to further improve operational efficiency, productivity, and cash generation. Some of the key figures that illustrate this transformation, gross revenue reached BRL 12.4 billion in 4Q 2025, up 6% compared to the same period last year. EBITDA increased by 55%, reaching BRL 4.1 billion. Excluding the divestment of Ciclus Rio, which was part of our strategic plan, EBITDA grew by more than 20%, with gross revenue up 6% and significant lower net CapEx compared to 2024. This clearly demonstrates our efficiency and our ability to extract value from what was built. Net income totaled BRL 543 million. Excluding Ciclus Rio, net income would have been BRL -69 million. For the full year, we closed 2025 with gross revenue of BRL 47.8 billion, growth of approximately BRL 700 million. EBITDA, excluding Ciclus Rio, grew more than 15%, which is more than double the gross revenue growth for the period. Again, reflecting the operational efficiency we are extracting from our asset base. We grew and ended 2025 with EBITDA of BRL 12.8 billion. Among the key financial highlights, we achieved record revenue, EBITDA growth of 24% in 2025, our lowest leverage in the past 15 years at 3x, and the lowest net CapEx in the past five years. In line with our strategic plan, we executed the divestment of Ciclus Rio for BRL 1.8 billion, which shows an annual return of 27% from 2021 to 2025. It's important to emphasize our commitment to transparency and governance. This company was originally acquired from the holding company of Simpar's controlling family. The transaction was duly approved by minority shareholders and generated this return over four years. This demonstrates the quality of the asset, the strength of execution, and the effectiveness of this strategy. Still on this page, we also highlight our recent funding transactions, our strong ability to access capital in the financial markets. These figures reflect our team's ability to extract value from what has been built, operating in markets that offer both resilience and opportunities, and we hold leading or second leading position in most of our segments. Above all, thinking of our companies, we are innovative, customer-focused, and we continue to gain market share. Thanks to our people. Our business and revenue diversification is significant, all within the real economy, with strong growth opportunities and high resilience regardless of economic conditions, supported by long-term contracts. On page four, we highlight the execution of our strategic plan. The foundations built over recent years, the quality of our management, guided by this model of management, our way of doing things. This approach has consistently delivered results and efficiency regardless of the macroeconomic environment. With 35% lower net CapEx, we achieved 7% revenue growth and approximately a 2 percentage points increase in EBITDA margin, excluding the Ciclus Rio divestment. That is what we achieved. EBITDA grew 24% in 2025, and leverage declined from 3.6x to 3x, which is the lowest level in the past 15 years in the company. Now moving on to page five, we're starting talking about JSL. The company delivered strong cash generation, higher asset utilization, and significantly lower CapEx, therefore de-leveraging, all in line with our strategic plans. You can see that JSL numbers, revenue grew 6% in 2025, and EBITDA more than 16%, reflecting operational efficiency. More than that, JSL is now structured into three independent business units: Integra, a newly established intralogistics company operating inside the companies or with warehousing logistics operations inside the industrial facilities, one of the main companies in Brazil. This is to say that you can assess the business as well as possible. We also have dedicated services, basically transportation, but most with owner 35 fleets with 75% of revenue. Integra is completely independent. It was established in April with 20% of revenue. JSL Digital accounts for 5% of revenue with a significant growth potential, completely asset light, a company that is still at an early stage. Here we have some of the key deliveries in cash generation, investment discipline, and profitability. That is, JSL operates in a highly fragmented market with substantial growth potential. These three avenues is structured as independent units are now being presented to you so that you can better assess and understand how JSL is a diversified company. Now on page six, we have Movida. In line with our strategic plan over the past three years, Movida has transformed its fleet mix, anticipated customer needs. As a group, we are deeply customer-focused. We anticipate demand. Through this approach, Movida has digitalized process, improves operational efficiency, enhanced service quality, aiming to deliver an outstanding customer experience. In 2025, it added more than 600,000 new clients. It improved its return on invested capital, now the highest in the sector in Brazil, reflecting excellence in execution. Now a lot lower CapEx, revenue grew 9%, and EBITDA increased more than 20%. This clearly demonstrates the transformation in execution. More importantly, there's still significant room for further improvement, cost reduction, operational utilization, asset turnover, and continuous enhancement of the customer experience. While we continue to attract new customers, we focus on customer retention, and this, our way of being, has contributed to transforming the rental market and continues to bring more clients into the segment, which is a source of great satisfaction for us. Page seven, we have Vamos, the largest company in the market for leasing trucks and equipment. The company has been executing its strategic plan by reducing CapEx, increasing diversification across the sectors it operates, and actively managing its inventory. The most important thing that I would like to highlight for 2025 is the renewal rate. The same assets of contracts that are closing after five years. More than 50% have been renewed using the same asset for an additional average period of over 21 months. This reduces the need for CapEx, improves yield, as extending the contract with the same asset is more cost-effective for clients. It's better for clients than replacing with a new asset. A second important point is the Sempre Novo strategy, whether through returned or early returned assets, which has also been redeployed for additional periods of two, three years. This demonstrates our ability to redeploy assets efficiently, lower CapEx, higher yields. Since the launch of Vamos, we have highlighted the opportunity, and now we are clearly demonstrating its effectiveness, which contributes to reducing inventory levels, improving results, and increasing utilization. That's it. Vamos operates in a highly attractive market with significant growth opportunities. As we consistently highlighted, our asset model and fleet mix have high liquidity. This is reflected in our team's strong execution and asset sales, which have reached record levels quarter after quarter and continue to improve and will, which demonstrates both the quality of our assets and the execution of our team. Page eight, we have Automob, our dealership group. I'd like to highlight some transformational metrics that we had with the company, including growth in used car sales, increased sales of light vehicles per store, and improvements in our F&I indicators. Remember, despite the improvements already observed in sales, EBITDA, gross margin, and F&I performance, Automob is still, during 2026, undergoing a consolidation phase, including administrative processes, systems integration. It has just completed the construction or renovation of stores, and now we are entering a new phase focused on integration and optimization of the network. I strongly believe that this transformation will be completed by end 2026, with each quarter showing progressive improvement, but starting 2027 at a differentiated level. It's already differentiated, both in terms of portfolio diversification, light vehicles, trucks, agricultural equipment, and geographic diversification. In the region where it operates, it has scale and volume, which significantly enhances operational efficiency and enables value extraction from what has been built. Page nine, we talk about CS Infra. As we have always said, we are focused on opportunities in social infrastructure, environmental, and mobility. Brazil offers significant opportunities through new PPPs and concessions, and we believe our core competency lies in service provision without compromising our capital structure while generating long-term contracts. This strategy has been successfully executed by CS Infra with strong discipline, governance, and excellence in budgeting, execution, and delivery. Recently, we delivered to the port in Bahia with assets at 2, 12, and 18, with assets now fully operational, demonstrating our execution capacities and adherence to both physical and financial timelines. We also are happy to say we secured the north and south lots for the construction of 40 schools in the state of Paraná. With a well-structured tender, strong guarantees, and high-quality project design, we're able to prepare a highly efficient proposal. We are very pleased with the achievement, which marks our entry into social infrastructure. CS Mobi in Cuiabá, mobility projects in São Paulo. Another important milestone, which is the port in Amapá. Although smaller, we strongly believe in the region's development, particularly through logistics solutions and the port playing a key role there. We also have road concessions in Mato Grosso with CS Rodovias, further expanding our portfolio with strong execution discipline. Starting in 2026, you will begin to see EBITDA contributions reflecting this value creation as detailed in our materials. Ciclus Ambiental, with proven operational expertise. The quality of our assets is reflected in the valuation achieved through the divestment of Ciclus Rio, demonstrating both asset quality and execution capability. You see with the prices and Ciclus Ambiental continues to present strong growth opportunities, including this waste treatment facility in Cuiabá, located in Várzea Grande, which is now ready for operation. Great opportunities for growth and further expansion potential. CS Brasil focus on service efficiency, mobility, and fleet outsourcing for the state-owned sector, including driver services. What is different about CS Brasil is that we operate services directly, and we see an improvement in margins, revenue, cash generation, and new contracts. On page 13, we have BBC, our bank, with a credit portfolio to finance our used assets. We have focus on that. We have the lowest delinquency rate in the market with growth in revenue, but quality growth. Again, this is a bank that is niche, but it's quality. Our average entry level is 35%-40% and average spreads from 9%-10%. In other words, these are transactions backed by real collateral. This is still a developing business. As it gains scale, it will benefit from cost dilution, which should translate into differentiated level of profitability. We strongly believe in this opportunity and see significant potential within our ecosystem. Page 14, we highlight some of our key consolidated financial metrics. Now I'll turn the call over to Denys, who will walk you through the main financial figures. Denys, please go ahead. Thank you, Fernando. Good morning, everyone. On page 14, our consolidated financial highlights. Net revenue in the quarter totaled BRL 11.977 billion, up 7% compared to the same period last year. For the full year 2025, net revenue reached BRL 43.147 billion, an increase of 8% versus 2024. Regarding EBITDA and EBITDA margin, we reported EBITDA of BRL 4 billion in Q4 2025, margin of 36.4%. For the full year, EBITDA totaled BRL 12.754 billion, with a margin of 29.6%. I'd like to remind you that Q4 2025 was the quarter in which we monetized our investments in Ciclus Rio, effectively doubling our invested capital and generating an internal rate of return of approximately 30% per year. If we normalize those figures to exclude this effect, EBITDA would have been in the quarter BRL 3.1 billion. It's still 20% higher year-over-year, and BRL 11.8 billion for the full year, representing growth of 15% compared to the prior year. Operating income, on the lower left, was BRL 2.9 billion in the fourth quarter, up 78% year-over-year. If we adjust for the Ciclus divestment effect, it would have increased by 22%. Operating income measured by EBIT totaled BRL 8.17 billion, up 24% compared to 2024. It is our business. If we exclude the Ciclus divestment, without this event, operating income would still have increased by 10%. Net income in the fourth quarter, benefiting from the divestment, reached BRL 543 million, reversing the negative results reported in 4Q 2024. For the full year 2025, consolidated net income totaled BRL 213 million compared to BRL 94 million in the previous year. A brief comment on EBITDA margin. On the right-hand side, we present different views of EBITDA margin, including consolidated services and asset sales. I'd like to highlight the services EBITDA margin, which improved by 8 percentage points. Again, this clearly reflects our focus on execution, which will continue into 2026. Now page 15, we confirm our strategic directions as we have mentioned before. Net CapEx decreased. In the quarter, it decreased by 16%. More importantly, on a full year basis, we delivered a 35% reduction in net investments. Even with the reduction of 35%, as shown in the table below, we achieved revenue growth across all our business units as well as in EBITDA in all of them. Once again, reinforcing our focus on extracting value from what has been already built. Page 16, we bring the magnitude of net CapEx compared to cash generation measured by EBITDA. So here we show a timeline since 2020. From 2020- 2022, we invested above our cash generation, resulting in a ratio below 1. As of 2023, 2024, as the heavy investment phase began to taper off, the ratio moved towards a balance, now around 1x net CapEx compared to cash generation measured by EBITDA. This year, however, the dynamic changed significantly. EBITDA is now approximately 2x the level of net CapEx. Not only is net CapEx lower in 2025, and the lowest since 2022, but the company itself is larger. Therefore, in relative terms, net CapEx is much less significant compared to cash generation, as clearly reflected in the ratio where EBITDA is nearly 2 x higher than net investments. Moving to page 17, we discuss the group's consolidated liquidity and debt maturity profile. Total liabilities, excluding Banco BBC, as we have historically presented, amounted to BRL 39.6 billion, representing a 4% decrease compared to 2024. Cash position remains very strong, as has been our practice, totaling BRL 14 billion, which when combined with other liquidity instruments and funding already secured, reaches approximately BRL 18 billion. Average maturity of net debt around four years. Short-term debt coverage stands at 2.6 x. Alternatively, looking at the coverage of future amortizations, this extends to approximately 2028. Despite a highly volatile macroeconomic environment, we have continued to access funding under normal conditions. This is supported by our business model, which is anchored in the economy and remains resilient even in adverse scenarios, as well as by our diversified customer base and revenue generation predominantly backed by long-term contracts. These factors combined with capital allocation in assets with strong secondary markets have ensured continued access to financing even under more challenging conditions whether in Brazil or globally. As clear evidence of this, in 2025, we completed 53 issuances across the group, totaling BRL 11.2 billion, with an average tenor of 4.3 years, an average cost of CDI plus 1.9%. Even in the fourth quarter alone, there was a significant portion of this volume, with BRL 4.6 billion raised of the total of BRL 11.2 billion of the year. So far this year, as of March, we have already completed 9 issuances totaling BRL 4.2 billion reals with an average cost in line with 25 CDI plus 1.9% a year, but an average longer tenor, 5.1 years. Before moving on, I'd like to highlight that although we present consolidated net debt of BRL 39.6 billion, this debt is allocated into the different business units, each with its own governance structure and shareholder base. That is, events at Simpar do not affect its subsidiaries. They are independent, and subsidiaries do not affect one another, particularly those that are publicly listed. This is very important, for you not to just, you know, add up the numbers. While Simpar, as a holding company, reports consolidated governance, these do not fully reflect the individual financial structures, obligations, and governance of each business unit. I would just like to highlight that to you. With that, move on to slide 18. On this slide, we focus on Simpar at the holding level. We reported net debt of BRL 2.7 billion at year-end 2025, cash position of BRL 3.6 billion. This strong liquidity profile results in an average net debt maturity of more than five years, 5.5 years, and coverage of future amortizations through 2031. In 2025, we'd also had debt repurchases of BRL 190 million face value across three Simpar issuances. Now I will go to the next slide, 19. Here, we would like to once again reinforce the predictability of our cash generation. We have segmented cash generation between operations backed by long-term contracts and those that are short-term, as detailed in the caption below, what we considered in each one of this case. The important thing here is to highlight that of the BRL 4.2 billion in free cash flow after gross and before interest, 82% is generated by operations supported by long-term contracts. It is this, combined with our diversification across services, clients, and sectors, as well as our capital allocation into assets with strong residual value in a country where secondary markets are highly active, that has ensured our continued access to capital across different economic environments. Moving on to the next slide, I would like to briefly address leverage. On slide 20, we highlight that we have reached the lowest leverage level in the past 15 years based on net debt to EBITDA ratio that we report. We closed 2025 at 3x net debt to EBITDA ratio, compared to the prior year reached 3.6x. This is a reduction of 0.6x. Even in a scenario with average interest rate of 14.56%, we're able to deliver the deleveraging, which was a key commitment and part of our strategic plan. This has now delivered the lowest level in 15 years. Looking at an alternative metric that is based on net debt to adjusted EBITDA ratio, we also saw a decline, reached 2x, a reduction of 0.3x compared to year-end 2024. This reinforces yet another commitment that we had made and was part of our plan. We always maintain a strong internal focus on return on invested capital. In this context, our projected return on invested capital closed 2025 at 16.6%, representing a spread of 2.9 percentage points over the after-tax cost of gross debt for the year. Now I'm going to move on to slide 22, where we bring to you the private capital increase announced earlier this March 26, with the support of BNDESPAR. This transaction is aligned with our strategic plan and long-term execution priorities, focusing on efficiency, sustainable development, and the enhancement of logistics, mobility, and infrastructure value chains, fostering innovation and contributing to the country's competitiveness. The capital increase may reach up to BRL 3.1 billion allocated across Simpar, Movida, and Vamos. It is important to highlight that preemptive rights and the terms of the capital increase are fully equitable for all shareholders of Simpar, Movida, and Vamos. In terms of allocation, just to give you more color, the maximum capital increase for Simpar is BRL 2 billion, of which a minimum BRL 1.4 billion is already secured. For Movida and Vamos, maximum amounts are BRL 750 million and BRL 600 million respectively. In the case of JSL, BNDESPAR holds a call option to acquire up to 5% of the company's capital within 30 days following the approval of Simpar's capital increase. With that, I will now turn the floor back to Fernando. Fernando. Thank you, Denys. Page 33, we continue highlighting the opportunities we see to further extract value for the foundations we have already built across our businesses. Before that, I'd like to take a moment, building on Denys' comments on capital increase, to express our satisfaction, pride, and honor in having BNDESPAR choose to partner with us, not only as shareholder but as a long-term partner. As Brazilians, this is something that truly makes us proud. The process involved a thorough due diligence, deep technical expertise, including site visits, direct engagement with our teams, which ultimately led to the capital increase. While the capital increase itself is important, what matters even more to us is the endorsement, confidence, and the pride of having BNDESPAR with us. You're very welcome. Now turning to page 23 and the continued value extraction from the foundations we have already built. I'll go through briefly so that we can move on to the Q&A session. As we move into a phase of lower investment needs and greater operational maturity, all our companies have opportunities. Movida, with an optimized fleet mix, differentiated positioning scale. That is, it needs less investment while continue to grow revenue. Vamos, substantial opportunities. Contract extensions through Sempre Novo strategy. JSL, we continue to increase utilization of leased assets, expanding service provision to long-term clients, further improving operational efficiency. Automob has completed the entire transformation of network in new constructions and renovations. Now it has to extract value. When you talk about ongoing cost reduction initiatives, this is our focus, our cost reduction program. It is ongoing and executed with a high level of efficiency across all our companies, and we see room to improve continually. I'd like to reinforce again that our company is celebrating 70 years this year, and we have never priced our services based on market pricing alone. We price our services based on cost discipline, governance, and a fair return, ensuring efficiency while contributing to our clients. I often say that we need to remain strong and sustainable to continue serving our clients. Selling at lower prices just to match the market leads to short-lived relationships. We do not control interest rates, we do not control the market, but we do control our companies and our people that lead each business and drive execution, allowing us to navigate any level of volatility, interest rates, demand, asset prices. We must navigate the concessions we are given rather than complain about them. This is how we approach pricing and contribute to the sustainable long-term development of our company. Maximizing asset utilization is our responsibility. During periods of strong growth, this is not so efficient. With moderate growth, greater focus on efficiency, we are extracting more value, improving asset turnover and execution. Vamos, Movida, JSL, with the focus on leasing, this is what is happening. However, we still have more efficiency to be captured. The full impact has not yet been reflected in the numbers. When we talk about capital structure enhancement, we have multiple opportunities across Simpar and subsidiaries. Higher utilization rents in the rent-a-car, asset sales that Vamos is still carrying inventory, we cannot sell assets cheap. They have to be sold at fair value, not at discounted prices. Vamos is executing this very well. JSL has shifted its focus toward leasing, always at fair pricing levels. With this, it will have strong cash generation, lower leverage, and greater efficiency. Automob has significant opportunities, particularly in reallocating assets from the agricultural segment and improving vehicle sales per store, both used and new. As well as increasing utilization of used car stores. The efficiency will translate into improved returns and results. That's it. These are some of our key commitments. Our responsibility is to generate value in a sustainable long-term manner. This is what we have been doing, focusing on our business. We recycle capital as demonstrated in Ciclus Rio, and we see many opportunities within our ecosystem to extract value through operational efficiency, fair pricing, and cost discipline. More importantly, we continue to focus on customer loyalty. Our business is not just about price, it's about delivering the best cost benefit proposition to the industries that choose us and rely on our services. Thank you very much. I appreciate your participation, and now we will open the floor for questions so we can address any points you may have. Thank you very much, and we are here for you. Thank you. We'll now start the Q&A session for investors and analysts. If you want to ask a question, please click on Raise Hand. If your question is answered, you can remove your question by lowering your hand. If you want to submit your question in writing, type your question on the Q&A box along with name and company. Our first question comes from André Ferreira from Bradesco BBI. Mr. Ferreira. Good morning, Fernando Simões, Denys. Congratulations on your results. Thanks for taking my questions. I have two. First is the deleverage process that is more clear now, especially with the divestment of Ciclus Rio. What other moves do make sense for the group for you to continue deleveraging and decreasing the net debt at the holding level? Going back to the last slide, do you believe that amongst operational improvements the best for your return on invested capital would be increased utilization and decreased inventory levels? Do you see an opportunity to improve EBITDA margins at the subsidiaries? Thank you. Good morning, everyone. Good morning, André. This is Fernando speaking. André, okay. First, within our strategic plans set by the board of directors, deleveraging is part of what we have to do, as everything we did before by leveraging the company and raising credit from financial institutions that trusted us. We always built the company like this. This year we are turning 70 years old, and we always did that. You have a period of construction, then extracting value, and then deleveraging. You did see deleverage by cash generation, improvement of our businesses, and the divestment of Ciclus. The divestment of Ciclus was part of the strategy. More than the sale, it's a lot of things together. First, it shows the level of our governance. Four years ago, we went to market. This was a company that belonged to the family holding. We told shareholders that we would follow their decisions, minority shareholders. They decided to acquire this asset from the family holding. We did that, continued to develop it, and now we had a return of more than 27% a year. An asset that was unlisted, but it was within Ciclus Ambiental connected to CS Infra. An example that shows return, capacity of execution. Deleveraging happens also by operational improvements. Operational improvements have to do with reducing inventory levels, lower maintenance costs. You are before a group where people are our greatest difference. Quite modestly, we are tireless. We always think we can do today better than yesterday. From now on, you're going to see lower costs. We have the program for cost reduction, what we call PRC. We want to improve asset with turnover, improve maintenance costs. All these improvements, we believe, will make you see for the future, and this is not guidance, improved cash generation and operating margins for the future. This is what I wanted to tell you. This is a trend. I think you asked something else that I did not answer. Oh. [Denys], ask any strategic move. You see, we are paying attention to all the businesses that we have. We want to extract the best value. Can we have other movements? Yes. This is also part of our strategy to make, generate value, and consolidate our operations. We are always looking into opportunities, and we do truly believe in our assets and values that are not perceived in the business. Proof of this is Ciclus Rio that showed the amount of value it had. Again, the main focus is execution, gaining market share, extracting more value from what has been built, and developing the business. Thank you very much, André, again, and thanks for joining us. Thank you. Our next question comes from João Ramiro from XP. Mr. Ramiro. Hi, good morning Fernando, Denys, Victor. I would like to have some color on new projects. You did mention in the release that you were awarded two new concessions in the beginning of 2026, the Port of Amapá and the school infrastructure in Paraná. Could you give us a bit of expected returns, and what could we expect from CS Infra in 2026? We are seeing a ramp up of concessions that were awarded in 2025 as CS Mobi last year. What could we expect from this company in terms of revenue, EBITDA, for the end of 2026? Thank you very much. This is Denys speaking. I'm just going to talk about expected return on projects, including this project, and then Fernando is going to talk about the business strategy. As we mentioned, we say that again, we look into return things of perceived risks. We are talking about return to shareholders about 20%, which can be higher depending on the risk. This is 20%-30% considering the degree of uncertainty in executions. We have been executing things successfully, as you saw in Ciclus that Fernando mentioned, but that remains. This is not something that is written in stone. You have to consider competitiveness of participants, but this is the parameter that we consider. Within the flow of this concession that we were awarded. In infra, social structures, CapEx is modest for three years, and then it is more maintenance CapEx. This is the profile that we are seeking. Cash generation starts fast, and there is not too much of demand in terms of CapEx that can hurt the group. With that, I'll turn to Fernando. Just to add to what Denys said, first, I want to make it clear that it's part of our strategy to diversify our concessions portfolio. This is our strategy. That is, we want to depend on all concessions, but not on a single market niche. We believe that CS Infra models in environmental infrastructure, social infrastructure, they all have something in common in these concessions. First, the main focus is services, not CapEx. Two, revenues start coming fast. I'm not talking about CapEx for five, six years. Third, and very important, all of them have secured receivables. Almost all of them, you almost have like a take or pay. That is, you have the school projects, but that depends only on the execution of services, and this is something that we can control. These are the points in common that all concessions that we bid for have. This is what Denys mentioned. We want long-term concessions, significant return, and almost secured like revenues. This is the strategy for CS Infra. Thank you very much, João. Thank you. Very clear. Next question comes from Pedro Tineo from Itaú BBA. Mr. Tineo. Thank you for taking my question. I would like to explore a bit of leverage. You got to close to 3x. You now have the BNDESPAR in the short term. We have relevant moves in the subsidiaries. We are seeing JSL focusing on asset light, Movida on reducing net debt, Vamos as well. Where do you think leverage is going to, and does it open room for you to make other investments in new assets, focus on concessions? Does it make sense in the mid-long term? Okay. Thanks for your question, first of all. We have been very vocal in talking about de-leveraging the company to below 3x. That may not necessarily be linear because we know that monetization of assets do not happen immediately. As Fernando mentioned, our focus is to extract value from asset businesses. First thing is that we continue to focus on continued de-leveraging. Again, that not necessarily being a linear movement. Now, for the other points, I think Fernando did mention that. I'm sorry, what's that? Yes, the focus is to grow on concessions. Okay. In infrastructure, with our history of executions, we are also looking into partnerships with other sources of capital, given that our capacity to execute has been demonstrated despite all the projects that are already going on. I don't think we are going to change our focus, but just continue with what has been built. This is Fernando. Just to add to what Denys mentioned. Part of our strategy, as I mentioned, is what happened. We are very much honored in terms of governance to have been chosen by BNDESPAR after a full due diligence process. Quite honestly, we did not think of BNDESPAR because we are going to reduce leverage. That was not the objective. It was to have a party that can contribute to our strategic planning, but also to the sector because they know the sector so well. We're very proud of having been chosen by BNDESPAR and also contributing to deleveraging. That was not the main point. It was our choice, and again, in line with our strategic plans and the direction of our board. We try to anticipate needs and generate value to our shareholders, and we believe that BNDESPAR is great value. Adding to what Denys mentioned, we are not going to stop the developing of our companies to focus on concession. Concessions are businesses on themselves, and as Denys mentioned, we believe that this is good business. We are going into very specific concessions, and there are people that are already wanting to come with us, and we don't rule out the possibility of having partners in concessions. In terms of CapEx to our subsidiaries, we are gaining market shares in our segments. Less CapEx is not because we don't want to invest, but there is no need. In Vamos, even with the inventory, we can grow all our metrics. The same for Automob, improving operating indicators. This is what I'm saying. We are not growing or not gaining market share because we reduced our investments. One business will never hurt the other. This is how we see our ecosystem. Thank you very much. Thank you. As a reminder, if you want to ask a question, just raise your hand or type in your question on the Q&A area. Please wait while we collect the questions. Our next question comes from André Hadad from Caixa Econômica Federal. Mr. Hadad. This is not André. This is Thais speaking. My question is just for me to try and understand about BBC Bank. I'd like to understand the percentage of BBC's portfolio that is lent to the group. Just an approximate amount. Why a Basel Index so close to the minimum required by the Central Bank? Hi, Thais. This is Fernando. Let me try to answer your question first. The Basel Index is a choice of ours. We don't need to have a higher index because if we are generating funds, we are going to invest whenever we have the need. I don't believe that, you know, leaving the money without being used is not intelligent. This is optimization of our resources. Accelerating financing or not depends on us, but I thank your question because our bank is strategic. It's part of the strategy to have the bank to understand what car financing is all like, but we're more than 95% of our cars are up to four years old with 30%-40% down payment and a spread of 30%. We want to do a bit more than that, but about 15% of our portfolio. 85% will be cars up to four years. The portfolio now is BRL 2.2 billion, approximately, and this is the strategy, and we are going to increase capital as needed. Today, 60% of cash generation comes from outside the group but with the same focus: cars used with this profile with the size spread. This has been the focus of the group. Denys? No, nothing to add. This is the plan of the bank being executed to the letter. The highlight is that delinquency rates for the bank is slightly lower than the average reported by the Central Bank, which shows the quality of our credit concessions. Thank you. Well, we'll now start the questions that came in writing. You may go on. The first question comes from Jonathan Justo: Is there a possibility of the increase of capital of Simpar not to happen? How about Movida and Vamos? The answer is no. The capital increase for Simpar is 100% secured, and for Movida and Vamos, that will depend on market conditions and other participants. It is anchored at 75% with Simpar and BNDESPAR, both for Movida and Vamos. What Thais mentioned, the bank finances customers of the group and outside the group, but not companies of the group. This is something that is very important. The final question that we have comes from Nicholas. He talks again about deleveraging, and he would like an update on the process and timeline to achieve the goal in terms of reduce debt at Simpar holding level to zero. I think that we answered that in the answer to Itaú. We continue with our strategic plans. We are now deleveraging the companies. As we have built the foundations, we are going to continue that. Fernando did mention that we are seeking operational efficiency. In terms of timeline to get to the holding level to zero, we do not give you guidance, but this is the focus. It was part of our plan to develop all the companies from the IPO to here. We multiply the company's revenue by 50 x. Now after we had the social reorganization in 2020, we are working on the company's net debt. The focus is to reduce it, and we are going to continue that, but I cannot give you a hard date. I don't know if Fernando would like to add anything. If not, I don't know if we have any more questions. Our next question comes from Alfonso Pereira from Sicredi Asset. Mr. Pereira? Good morning, Fernando, Denys. Thanks for taking my questions. Congratulations on your results. My question is a follow-up on Fernando's comment on the partnership with BNDESPAR. What kind of synergies have you mapped that the partner can bring? Cost of debt, anything that you could share, we would highly appreciate. Alfonso, I do not see a synergy in itself. What I can say is that BNDESPAR has a structure that we have always admired. We have been always very close to them. We have always admired their governance, how they contribute to their work. They work with agribusiness, pulp and paper, so many things. In the last 8-10 months, we have been able to learn how the due diligence processes happens and et cetera. I think that to us it is an honor, and it is a seal of guarantee, a seal to our governance, to our business model. More than that, we are having that without having changing anything in terms of governance, management. They are the ones that are just to refer a member to our board, and we do believe they are going to help us with our strategic plans, but the management continues as is, and quite the opposite. I believe this is what they want to invest in the quality of our management, not to change our governance. This is what I have to say. Now, to give you a bit more color on the answer. They are going to be close to the largest logistics company with the largest portfolio of logistics services, intralogistics, truck drivers, other operations. They're going to be able to have a good vision on the sector. With that, it can contribute to the analysis of the sector throughout the whole of Brazil. Like Vamos. Vamos is leasing services that replace financing, contributes to fleet renewal, to the modernization of the Brazilian road system, and to the industry as a whole. When the industry does not have to invest in assets, but rather in their core business, they develop better. BNDESPAR is going to be closer to these operations, closer to the real economy. I think this can help the sector as a whole. This is not, of course, the objective, but I think this is the consequence of working together with BNDESPAR. I think that this partnership will contribute to the whole. Movida contributes, for instance, to fleet renewal in Brazil and access to leisure and to business for people. These kinds of things like that, having BNDESPAR close to us will really contribute to the whole of our ecosystem and the Brazilian economy. This is what I believe in, and certainly they will contribute to us. I also see, this is Denys speaking, a huge alignment in terms of investments. Having a clearly defined controller with long-term views, and as Fernando mentioned, this will bring greater productivity to all our customers. If you think that in a private company you're able to build a holding company and 8 subsidiaries, 5 IPOs, different investment alternatives for people to allocate their funds at the holding level or individually. Now, having an investment partner in the company's structure is fantastic to be close to so many opportunities that the group created and will continue to create. I'm sure that BNDESPAR will support us whenever needed. I think this is an alignment that is very interesting if you think of a long-term view for the businesses as a whole. Very clear, Fernando Simões, Denys, thank you very much. Thank you. Simpar's Q&A session is now closed. We are going to turn now to Fernando Simões for the company's final remarks. Once again, I'd like to thank you all for joining us, and to tell you that we are very happy with everything that we accomplished, but our greatest happiness is to know that we still have so much more to do. Quite humbly, I'm not creating any guidance, but very briefly we are going to tell you all our expectations in terms of businesses. Again, without creating any guidance, I would like to tell you look at our business and many people say, "Where can you do more and better?" Well, you are before a company with an ecosystem that has the right people. This is what we believe in. We can always improve what we do. Now when we talk about our businesses, Automob just started systems integration. We have so much more sales per location, more revenues in after sales. Integration is just now. We renovated more than 92 stores, either constructed or renovated. This is going to happen along 2026, and value extraction we believe will come in in full in 2027. Again, without guidance, but Automob did give guidance for 2027. JSL, take a look at JSL's numbers, cash generation, and the creation of Íntegra that was inside JSL. 100% intralogistics. New equipment that is being established with close to BRL 500 million in EBITDA, it was inside JSL. It is part of our plan for JSL to be a company in the U.S. You know very well, you have operational leasings. Here we don't. It is through leasing that JSL can be an asset-light company. This is in line with our plans to also create value. It is a moment of huge opportunities. A company consolidated as JSL to generate new businesses. When we talk about Movida, and again, Movida has contributed, I always say that, to transform the sector, bringing more clients to the business with our DNA of services, our intelligence to manage assets, and our relationship with OEMs. This was the construction of Movida. Now there are several of our metrics, if not all of them, that are the best in the market. We still think we have so much more to do. We can have less costs, we can use our fleet's best or better. We have pricing intelligence and better turnover of assets. Movida is working on that so that we can extract more value, and the market's huge for everyone. At Movida we have 600 new clients, new taxpayers just in 2025. That shows how Movida has been able to attract new customers through its services, not only attract new customers, but retaining them. Vamos, we always say that, we have more than BRL 1.5 billion in inventory, so many opportunities to reduce inventory levels. More important than that I would like to highlight, and we said that since the beginning of Vamos, 5 year long contracts can be extended, and more than 50% of contracts maturing have been extended for more than 20 months with the same assets and price adjustments. In addition, there are several Sempre Novas assets that were returned before time that are being leased for two, three years. This is going to be a recurring business from now on, which shows less need for CapEx. That's it. CS Infra, I mentioned in more details, but again, to highlight the capacity of our people, the ATU12 and ATU18 are fully operational with equipment, cranes, state-of-the-art technology, and starting operations with great productivity and a high demand of contracts. BBC, we talked about its focus. We are very happy with the BNDESPAR. In line with our plans, the divestment of Ciclus Health was part of our strategy to create value and to show the market the quality of our assets that are in Simpar. Sometimes that are not listed and people cannot see. I talked about the listed companies opportunities. Unlisted businesses can generate new businesses and can also create value to the group as a whole. That's it. We believe that the way we are operating our ecosystem, we are extracting value, but we still have a lot more to extract. This is what I had to share with you. On behalf of Denys Ferrez, Victor, we would like to thank the IR team. We are presenting the numbers, but it's them that make the material and also our employees that are our stores, operations, making things happen. We thank the more than 260 participants that joined us today. Thank you very much for your trust and, for your contributions on the day-to-day, asking questions that make us reflect on the business. Thank you very much. Have a very good week, everyone. Thank you. Simpar's conference call is now closed. We thank you very much for joining us and wish you a good day.