My name is André Vasconcelos. I am the Planning and Investor Relations Manager. Also joining me this morning, we have our CFO and IRO, Ivo Brum. It is a pleasure to have you with us this morning. Please note that this webcast is being recorded and will be available on the company's Investor Relations website, where you can also find the presentation. For those who need simultaneous interpretation, we have this feature available on Zoom under Interpretation, located at the bottom center of your screen. Just choose your preferred language: Portuguese or English. Those listening to the webcast in English have the option to mute the original Portuguese audio by clicking on Mute Original Audio. For the Q&A session, we kindly ask you to submit your questions via the Q&A icon at the bottom of your screen. As usual, firstly, your names will be announced, and then you can ask your question live. At that time, a prompt to enable your microphone and camera will appear on your screen. If you prefer not to enable your microphone and camera, please write "No microphone" at the end of your question, and then I will read it aloud. We emphasize that the information shared in this presentation and any forward-looking statements made during the webcast regarding business outlook, projections, and operational and financial targets of SLC Agrícola are based on the management's beliefs and assumptions, as well as currently available information. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties, and assumptions, as they refer to future events and therefore depend on circumstances that may or may not occur. Investors should understand that general economic conditions, market dynamics, and other operational factors could impact SLC Agrícola's future performance, potentially leading to results that differ materially from those expressed in such forward-looking statements. I will now turn the floor over to our CFO and IRO, Ivo Brum, to begin our presentation. Ivo, please proceed. Thank you, André. Good morning to all. We appreciate your participation in SLC Agrícola's Q1 2025 earnings webcast. Let's please move to slide four, where we'll discuss the cotton market. Cotton prices closed April at approximately $0.66 per pound, reflecting the instability globally. The global supply and demand outlook for the 2024-2025 harvest indicates a surplus of 4.4 million bales. According to USDA, production is expected to reach 121.1 million bales. The 2024-2025 harvest in the United States has already concluded. Initially, production was estimated at 17 million bales, but the final output came in at 14 million bales due to the hot and dry weather and additional losses caused by an unusual hurricane season. In Brazil, the harvest is still underway, and CONAB reports production is expected to reach 3.9 million tons, an increase of 5.1% in spite of the decline in yield. The higher production is a result of a 6.9% increase in the planted area. Despite higher production, cotton prices remain under pressure due to a challenging macroeconomic environment. The trade war between the U.S. and China continues to impact prices through risk aversion and shifts in trade relations. On the other hand, the potential imposition of new tariffs by the United States could open opportunities for Brazilian cotton exports, for which Brazil is well positioned. Brazil cotton remains cost competitive, and its quality could also serve as a differentiating factor. Additionally, Brazil's agricultural practices are characterized by advanced technology, which enhance the country's standing as a reliable cotton supplier. Regarding the 2025-2026 U.S. cotton harvest, planting has already started. The planted area was reduced by 12% compared to the previous harvest. According to the latest USDA report, the 2025-2026 season should result in a deficit of 300,000 bales. Let's now move to slide five to discuss the soybean market. Soybean prices have been highly volatile, particularly after the implementation of tariffs between the United States and China. The premium for Brazilian soybeans has appreciated, partially offsetting the decline in prices in CBOT. This was driven by the potential for increased exports from China to Brazil. Regarding the global supply and demand outlook, the global balance for the 2024-2025 harvest is expected to show production exceeding consumption by 10.6 million. In the United States, the 2024-2025 season was positive, closing with a significant recovery in production compared to the previous year, reaching 119.8 million tons. In Argentina, harvesting is nearing completion, and in Brazil, despite the delays in rainfall at the start of the planting season, the harvest is expected to reach a record of 169 million tons. For the 2025-2026 US soybean harvest, the planted area has decreased by 4%, and planting is already underway, showing good development. According to the USDA, the 2025-2026 harvest is expected to show a surplus of only 2.8 million tons between production and consumption. Now, let's turn to slide six. Corn prices in the CBOT spot contract and the Brazilian domestic market followed a positive trajectory throughout the quarter. The global supply and demand balance for the 2024-2025 season is expected to show a production deficit of 23 million tons, the largest shortfall in the last four years. This deficit is primarily a result of the losses experienced by Argentinian farmers in the 2023-2024 cycle, along with a 16% reduction in planted area, according to the Buenos Aires Grain Exchange. Additionally, Ukraine's production is expected to decline by 18% compared to the previous year. In Brazil, the harvest is ongoing with good yield potential. Demand remains strong, primarily driven by the corn ethanol industry, which is also reducing the exportable balance of the commodity. In the U.S., the 2025-2026 corn harvest has already started and is showing good yield potential. The planted area has grown by 5% compared to the previous harvest. According to the USDA, the global corn market for 2025-2026 is projected to show a deficit of 1.1 million tons. Now, let's proceed to slide eight, where we discuss our operational performance. The soybean harvest experienced a delay in planting due to late rainfall in Mato Grosso in September in 2024. Additionally, the harvest was delayed as a result of excessive rainfall in January. Despite these challenges, the soybean crop achieved a strong performance, reaching a yield of 3,958 kilograms per hectare. This result is 0.5% below the initial forecast, but it represents a 21.3% increase over the previous harvest and a 12% increase over the national average. Regarding cotton and corn, the ideal planting window shifts, and we expect an average yield for cotton at 1,917 kg per hectare, which is 3% below our projected yield. For corn, the current yield estimate is 7,534 kg per hectare, representing a 3.7% increase over the previous year. As for the cost per hectare breakdown, we're going to break down by crop. The estimated cost per hectare for the 2024-2025 harvest is projected to decline by 5.4% compared to the 2023-2024 forecast. This reduction is mainly due to lower prices for fertilizer, pesticides, and seeds, which are closely correlated with commodity prices. Comparing to the actual costs of the 2023-2024 season, we achieved a 10% reduction in costs. Now, let's move to slide 10, where we'll discuss our hedging for the 2024-2025 harvest compared to 2023-2024. The hedge positions for the 2024-2025 crop have evolved. Currently, we have 83.8% of soybean production hedged and 50.6% of corn and 49.6% of cotton. At the same time, we have taken advantage of the peaks in the dollar rate to lock the hedging for the crops. The exchange rate more than offset the decline in commodity prices. The price of soybeans in reais remained stable, while cotton was 5.6% higher than the previous crop, and corn showed a 5.5% increase. Now, I would like to hand the floor over to our Planning and IRO Manager to discuss our financial performance. André, please proceed. Okay, could we please go to slide 12, where we highlight some of our key points from our income statement? The 10% increase in planted area, along with the recovery in soybean yields, were the main factors driving our results in Q1 2025. Net revenue closed the first quarter at BRL 2.3 billion, an increase of 19.1% compared to Q1 2024. This was driven by a record volume invoice during the quarter. We achieved 83,000 tons invoice, mainly due to larger volumes of soybeans and cotton from the 2023-2024 harvest. Adjusted EBITDA reached BRL 943 million, with an adjusted EBITDA margin of 40.5%. Net income was BRL 510.7 million, an increase of 123.1% compared to Q1 2024. The main factor contributing to this change was the increase of BRL 429.9 million in gross revenue. Cash flow for the quarter was BRL 1.4 billion negative, mainly due to the payment of BRL 635 million related to land acquisitions. We paid out BRL 180 million for the final installment of Paysandu Farm and BRL 361 million for the purchase of Fazenda Paladino and BRL 95 million for the Unaí Farm. Additionally, we made payments for crop inputs and paid out the final installment for the acquisition of a minority stake in SLC LandCo, totaling BRL 280.9 million. On slide 13, we present our debt position. The adjusted net debt of the company closed the first quarter of 2025 at BRL 5.2 billion, an increase of BRL 1.5 billion compared to 2024. The net debt during the period was mainly impacted by investments made during the quarter and the payment of crop inputs. The net debt over adjusted EBITDA ratio ended the period at 2.27 times. The debt structure was strategically balanced with a focus on the long term. Now, let's go to slide 14 to discuss the distribution of the parent company's net income. Our ordinary and extraordinary general meeting was held on April 29, 2025, where shareholders approved the distribution of BRL 241 million, representing 50% of the parent company's adjusted net income. Dividends will be distributed to shareholders of the company who held shares on May 5. The company's shares were traded ex-dividend starting on May 6, 2025. The distribution of dividends will occur on May 15, 2025. Based on the 2024 closing, the dividend yield is 3.1%, and over the past four years, it averaged 4.9%. Now, I will turn the floor over again to Ivo Brum to present our perspectives for the 2025-2026 season. Ivo, please proceed. On slide 15, we will talk about the prospects for the 2025-2026 crop season. We have already made significant progress in purchasing fertilizers and pesticides with the acquisition of 57% of nitrogen fertilizers, 82% of potash chloride, 69% of phosphates, and 57% of pesticides. On slide 17, we present our hedge position. We have already advanced in our hedge positions for the 2025-2026 season, already locking 44.8% of soybeans, including commitments, and securing 7% of cotton. Corn is a crop traded in the short term, so there is no marked liquidity for hedging the 25-26 crop. Now, let's move to slide 18, where we show our current expectations for planted area after the announced transactions, acquisition of Sirent Agro Brazil. This new operation will allow for a 13.6% growth in planted area. Additionally, there are advances in terms of strategic diversification in our land portfolio, which helps mitigate climate risk. Moreover, in terms of our business model, we will have approximately 62% allocated to leased land and 38% to own land, fully aligned with our strategy. Thank you very much, and now we will open the floor for the Q&A session. We are starting now the Q&A. Please submit your questions in writing all at once and wait for the company's answer. To ask any questions, please use the Q&A icon that you'll find at the bottom of your screen. As usual, your names will be announced so that you can ask your question live. At this time, a prompt to activate your microphone and camera will appear on your screen. If you prefer not to activate your microphone or camera, please write "no microphone or camera" at the end of the questions so that I can read it aloud. We begin with a question from Mr. Gabriel Barra, Citi. Barra, could you please activate your camera and microphone? Can you hear me? Yes, we can hear you. Okay, great. Thank you very much for taking our questions. Ivo and André, thank you. I have a broader question about the macroeconomic scenario. I would like to understand your trading strategy. We have been talking about all of these changes in geopolitics and new tariffs, and there is this belief that Brazil could come out a winner from the tariff war, especially in relation to the exports to China. There were some changes this weekend with a new agreement, and I would like to hear your views on this. What is the impact of this on your strategy, thinking of this season and 2025-2026, considering all of the uncertainty around this tariff war? Also, we saw that you increased your land holdings with a series of acquisitions, but with this leverage has climbed at a time when interest rates are now higher in Brazil as well. There is this tendency that they will remain at high levels. I would like to know about your deleveraging perspectives. I wouldn't say that it's a concerning level of leverage, but it's higher than usual, especially when we consider deleveraging and your investments. You have been distributing dividends according to your principles, but we would like to understand a little more about deleveraging, dividends, and even cash generation in the near future. Thank you very much, Barra, for this question. Okay, let's talk about our capital structure. We have made significant investments recently. This changed our leverage. In fact, we prepared for this moment. For a very long time, our net debt over EBITDA ratio was below two times, so our board said that this was the time to go. At the same time, we'll work very hard to return to the appropriate levels. Of course, with these investments, also, we had an increased number of needs in terms of inputs. We were closer at 1.8 last year. Now we are at 2.27 with the new acquisitions, and this was expected. This year, leverage will remain a little higher. We'll start shipping out cotton, and with this, we'll generate a lot of cash, and the level will reduce again. The company generates cash. It does generate a lot of cash, and historically, this has been the case. We expect that starting 2026, we'll start going back to the levels below two. I don't envisage any risks in terms of reducing the payout of dividends. There's nothing being analyzed in that regard, even though interest rates are higher right now. We believe that by mid-2026, we'll be back to levels below two. EBITDA has also increased, which helped balance this relation. As for our selling strategy, this trade war was in the horizon. We sold soybeans in the exchange and waited for the increase in premiums. Now, recently, we were able to sell out those contracts. We sold out the premiums. It was a good way to manage this scenario with gains. I think there will be many oscillations in the market because there is a temporary agreement for 90 days. We do not know what to expect after that. Prices are reacting. Maybe it is a good moment to fix prices. Unless we find a good balance in the United States, it could be that we will see once again pressure in Chicago and an increase in basis. We are being very cautious, but what we see is that we observe that spot prices have been between BRL 110 and BRL 120 a bag. We could try to make additional gains, but prices have remained relatively stable. The global demand and supply equation is very balanced. There's no room for losses, and we're monitoring the conditions in the United States for the soybean crops. In the Chicago exchange, we could see some oscillation because of the trade war, but in Brazil, prices are being traded at a firm level, and I think that is very balanced between supply and demand. I think that nothing to be expected. Thank you very much, Andrea, and Ivo. Thank you, Barra. Let's now move to a question from Matheus, UBS. Matheus, could you please activate your camera and microphone? Good morning, Andrea and Ivo. Thank you for your time. My first question is about the monetization of your lands. If we think of the past years, maybe you could think of JVs, partnerships. I would like to hear if there are any developments or if you're actually backtracking on that strategy. Also, in order to accelerate the deleveraging process, does it not make sense to think of this asset differently? For example, establishing JVs or partnerships for your own land. Is there any way that you can use this land as an asset in order to keep the same level of own land, but at the same time, create some short-term relief? Now, thinking of costs for 2025-2026, based on the comments from the last call, you are now at a lower level, but I think that you made advances in terms of your purchases from the previous call. Was this due to increased prices that you detected in the market, or how will this compound the costs for 2025-2026? Should we expect flat costs or dwindling costs, also considering inflation? Those are the questions that I have. Thank you. Thank you, Mateus. About monetizing on our land, I think that Joy Ventures makes all sense. It's not a simple process because when you consider the return obtained through leasing, we're talking about 4%-5%, which is what we get from leases. With the interest rate at 15%, it doesn't add up. We have to believe that the land will appreciate in time with a level of 5%-6% above inflation. If we add up the 5% with 5%, we reach 11% with an interest rate of 15%. It doesn't add up, but we've always used this alternative. Once again, it's important to find the right partner. We had a partner with us for 12 years, and then eventually, the fund had to realize and return the capital to the investors, but definitely, this is part of our investment portfolio. About inputs, we have made progress in the beginning of the year. Yes, fertilizer prices went up during the period. We decided to wait because our agricultural planning was underway, and we tried to stick to the necessary volumes initially, and then we do the fine adjustment. Now we have clarity on how much more fertilizer we'll need. Nitrogen, specifically, we have an expectation of a reduction in prices because oil prices have gone down substantially, and this will also impact nitrogen prices. China also announced that they will go into the market offering fertilizers, especially phosphates. This could also create some shifts. Once again, we're expecting that in the coming weeks, there will be good opportunities for us to complete our inputs purchases. When you think of the cost increases in dollars, especially when we compare this year's costs with last year's costs, we're trying to prevent increased costs in dollars because Chicago prices have all remained stable also on the year-on-year comparison because oscillations have been dramatic. We expect to maintain the margins for next year, and especially with the increase in planted area, our results should also grow in tandem because in the next season, we'll have 100,000 more hectares. This is very substantial. Thank you very much. Thank you, Mateus. Let's now advance with a new question. It's going to be from Pedro Fonseca, XP. Good morning, Ivo and André. I have a question about costs. Sorry, the audio is breaking up. The interpreter cannot hear everything. Could you give us some color in relation to what we can expect in relation to production costs? I could not understand the. Also about costs. When we consider crop protection, I think that you are actually a little advanced in relation to the schedule in the comparison with last year. Is this why, because you are expecting costs to increase further down the road, or was it more an opportunity that you were trying to seize? Thank you, Pedro. Okay. Everything that involves seeds, fertilizers, pesticides, we do not know yet how much this will cost in the next crop season. We know that fertilizers and crop protection inputs, our objective is to keep them stable. Sometimes one fertilizer increases in price, but then we try to balance this with another one. We want zero increase in costs in inputs. In phosphates, we reduce the percentage because when doing our planning, there was an increase in the needs for phosphate. That is why we decided to buy a little more than in the previous package, considering the conditions out on the fields. This is why there was a change in what we intend to purchase. Now, crop protection, it is all about seizing opportunities. We have seen good opportunities for purchasing. The costs today are below last year, but there are still some of the substances that we need to buy yet, and they are more expensive now than in the previous year. We are still betting on a 0% increase, but our supplies department will have to work very hard so that we avoid price increases because some of the molecules are really now being sold at a higher price. We're still holding on, and we'll only have clarity in relation to the costs for the next crop season towards August and September once we have concluded the purchasing process and we have a clear idea of the areas that will be planted with what crops and what regions. This is something that we're still working on. We'll need an additional two months. It's usually by September and October that we approve the budget with the board. In the meantime, we present some of the preliminary versions to them. Our objective is zero increase in inputs for all crops. Thank you very much. Very clear, Ivo. My pleasure. Let's continue now with a question to Henrique Bruce from Bradesco. Could you please activate your microphone and video so that we can hear you? Good morning, Ivo and André. Thank you for taking my questions. Two points, please. First of all, I would like a broader overview of commodities. We saw some reports being published recently with the first projections for the 2025-2026 crop season. How does this impact the risks that you expect for your main commodities, such as soybeans and cotton? Also, I know that it is early on and it is difficult to make decisions, but when you think of the yield for soybeans and cotton and the uncertainty around commodity prices, what can we affirm in relation to the planted area mix? Thinking of this balance between risk and opportunity for the two crops. Okay. First of all, let's start talking about soybeans and cotton. The market is really proceeding in line with our expectations. Why do I say this? Because the current season shows a very favorable tendency for soybeans. This concerns us because this will create an impact in prices. We thought that the United States had to reduce the soybeans planted area to offset this. They did this. They increased corn. For the next crop season, we'll have a much better balance between the two crops, which is positive. Today, the market is balanced. There's no exceeding numbers of these two crops. I don't suppose that there will be because the forecast is always very optimistic in terms of the volume of production. It's unlikely that we'll see a very big harvest for next year. The prices will be the same as we expect unless there is a climate event or some other turbulence. For the next crop season, everything is neutral, but we could have La Niña, which means good rains in the Cerrado region and lower rainfall in the south of the continent, which could lead to problems in Argentina and Rio Grande do Sul. About yields, when we talk about margins, the soybeans' margins are higher than cotton. But when we think of return per hectare in numbers, I think that cotton is still the best investment that you can make. The return is higher than soybeans. Our main asset is the land, right? Whether leased or our own, this is the most important component. It makes sense for us to continue growing cotton, also because we have high yields and proper risk management. It makes sense to continue planting cotton and expanding the area whenever possible. This is the strategy that we'll pursue in the short term. In a unique region or an only region, then cotton is risky because the investment is BRL 12,000 per hectare in terms of cost. If there are losses, this will hurt. Now, since we have extensive diversification in terms of geographies, I know that we try to stick to the averages that we announced to the market as targets. We can clearly see that one region can outperform the others because of climate aspects or when, but there's an offset. If you had losses in Bahia, you had gains in another region. All of this is very helpful in maintaining our productivity. In spite of this, I have to say that cotton, with lower margins and higher risk, delivers more to the company per hectare. Thank you, Ivo. Very clear. Thank you, Henrique. Let's continue now with the next question, Mr. Lucas Ferreira, J.P. Morgan. Lucas, could you please activate your microphone and video? Hello, everyone. Thank you. With the announcement of renegotiation with Terra Santa, I would like to ask, considering your leasing portfolio on average, what's the interval for you to negotiate or renegotiate leasing agreements? I think that probably yield is one of the considerations, but also the value of the land. How can we project this for the future? Looking at lease yield per bags, what's the expectation for the next five years? Is leasing very different in the different regions? Do you think that there could be an inflation of this number in some regions? What can we expect in that regard, basically? Okay. Good question. In fact, I was waiting for someone to ask me just this question. Let me explain. Terra Santa, the agreement was signed in 2020. The negotiation was virtual because it was the height of COVID, and we only took over the following year. At the time, there was a lot of instability in the market. We closed this lease at 17 bags per hectare. That was the number. Thinking of the margins, they were quite low for the different crops because of the instability, because cotton was being sold at very low prices. It was mostly grains that were in demand, right? We had to supply the market. The terms of the agreement were signed, but it was a bearish moment. With Terra Santa, we renegotiate every three years. In 2020, we had great results, 2022 as well, with increase in margins. The lease market also started to adjust. There was an increment in the number of soybean bags per hectare. In the leases, we have several agreements with 19 bags per hectare, which is how much we're paying for Terra Santa. 1.5 bags for infrastructure, 1.5 bags. This is okay. This is expected depending on the infrastructure that you'll find. We try to bring to market the Terra Santa agreement. This is something that's done every three years. This is the current, the going prices in Mato Grosso, in line with what the market is paying. Usually, leases are adjusted every five years because three years is a short time for major changes. Terra Santa, since it was a unique moment, right? COVID had a term of three years. Future. We're not saying that our margins will continue to grow. The historical EBITDA margin will be 33%, although 14-15%. This is the historical level. If margins start to grow more than that, we will have an increase in leases because, of course, the owners of the land will want their share in growth. Also, the same happens with inputs. When the margins are too high, when margins go up for any given reason, for example, persistent drought extending over two years, machinery prices go up as well because everybody wants to get a piece of the pie. With leases, it is the same because leases, it is very difficult to reduce prices of leases. The negotiations are tough because they are more long-term. We have some long-term agreements. We do not want to have long-term agreements with high prices because we know commodities are based on cycles. We cannot accept pricing only in a bullish moment. Everything, of course, is explained to the landowners for them to understand. That is why we will renegotiate agreements systematically. It is very clear. Thank you. Unfortunately, I could not find this information, Lucas, but our average is 16 bags per hectare, I believe. This is the average. Mato Grosso, 19 bags per hectare. Marião, 12-13 as payment. Bahia, 13-14 if it is cotton. Each region has the lease price, also depending on rainfall, etc. This is it. We have been tracking this and everything is in line. We have several agreements paying 19 bags. I think that the market was a little bit scared when they heard about it. You have to take into account that the agreement was negotiated at a time that was difficult, and it was very difficult to make this measurement and assessment at that time. Even with high real interest rates, you do not expect this to grow above 4%-5%. Also, because it is important to remember it is the farmer who takes on the risk of climate, inputs, etc. Sometimes the operator risk becomes so high that they will lose interest in the deal. Even if you have hedging, even if you do everything right, you are working for the owner of the land. If you follow us, we really focus on leases, and we never take an expensive lease because we know this is unsustainable in the long term. We are very critical, and we do our due diligence before closing any deals. Thank you, Lucas. Okay. Now let's continue with Guilherme Palhares, Santander. Guilherme, could you please open your camera and microphone? I mean, activate? Sorry for the delay. Hello, André and Ivo. Just allow me to follow up on Lucas' question. Ivo, you were saying that you were trying to bring the agreements to date. I would like to hear about your negotiations calendar from now on. If we think of the renegotiations in your portfolio, could you shed some light on that? Also, in your planning that you're working on right now, I think that 2025, 2026 should be seen from the perspective of your budget. I would like to know if there is a disparity between farms and if we can expect continuity with an increase in the long term. Thank you, Palhares. I'll start with the last one, okay, about productivity and yields. We have some farms making 80 bags per hectare. This is the project. This is the expectation. In Mato Grosso do Sul, it's very common to reach 80 bags. We have to think of the other ones and their potential. Since this is the second crop, this is a shorter cycle, and then you can use it for second crop, corn, or cotton. I wouldn't say that we should expect a significant increase in yield. I think a more leveled level of yield, especially in Bahia, because there the climate events have greater impact. Like this year, up to January, our performance was wonderful. The crops were developing to their full potential. We were probably going to outperform the project. In February, there was no rain. We ended up losing the adherence to our project. We have potential for that, but I think that in the near future, we'll do this gradually. We started this in the Piracini farm with irrigation of 4,000 hectares. We'll do this once again next year, and we'll close the season with 12,000 hectares being irrigated. I think that in terms of yield, growth will follow the curve, the trend curve. We look at the trending curve, and this is the target for the following year. If you look at our yields and productivity history, and you crunch the numbers, you reach the expectation for the coming year. This is the cycle. Every five years, we are in renegotiations. In the case of Terra Santa, just three years, we'll have another important renegotiation cycle in the 2028-2029 crop year. The most important contracts are Terra Santa, Arradac, and Castillos in Bahia. There are some regions in which we have important purveyors of land. The next important cycle is in 2028, 2029, where we have some important agreements maturing. Thank you. Thank you, Palhares. Our next question is from Julia Rizzo, Morgan Stanley. Julia, you have the floor. Hello. Good morning. Thank you very much. I would like to go back to the leases because in the end, Ivo, I do not understand whether what is missing in Mato Grosso is below. Did Terra Santa reach the same level as the company, or is the rest of Mato Grosso inching towards the Terra Santa level? When you said the average is 16-17 bags, this includes Marião and Bahia. Mato Grosso today, how many bags in comparison with the market? Could you give us an update on the planned yield for soybean and corn in the region? Because I think it makes sense to look at those 19, 20 bags in comparison with your project and the region's potential. In relation to the results, could you give us a little more color in terms of working capital? It was very intense in this quarter. Could you tell us whether there were any advanced payments being made? Finally, cotton, what do you observe in terms of demand levels and prices? Maybe this is a commodity in which we have the most exposure. No problem, Julia. About leases in Mato Grosso, we have several agreements in Mato Grosso at that level of prices. Terra Santa is not a single agreement. We have Perdizes Farm and others. Nineteen, this is the level in Mato Grosso. This is SLC Mato Grosso, or? Yes. This is the agreement that we have also with other partners. We pay 18 bags per hectare. This is the price for the region. We're not surprised that it reached this level. In other regions, we pay less. You're not going to pay 19 bags per hectare in Piauí, first of all, because those are not areas where cotton is being planted. You do not pay as much. You pay a lot less. Everything depends on the region. In Mato Grosso, the cotton area, and here we're talking about 75%, if it's just soybean and corn, we would be paying 16-17 maybe. Everything depends on what is being planted and the vocation of the land. Let me clarify this. For soybean, we need to correct 20 cm of the soil. For cotton, it's twice as much, 40 cm. If we are investing in an area that is already prepared for cotton, then you can pay 19 bags per hectare. If it is not like this, you cannot pay that much because you have to invest. Maybe down the road, after a few years, paying less than that, you could bring the agreement to 19 bags, but not in the initial years. Everything depends on the region. Mato Grosso do Sul is a highly valued region, and agreements are signed at higher prices. About our working capital, the funding was for this crop season and the acquisitions. For example, we paid off Paissandu Farm. We had a final installment to be paid out. Also, LandCo, we purchased an area in Minas Gerais, Paladino. You are talking about the BRL 1.2 billion in costing the customers. No, I understand. For example, this is posted to suppliers, the land. I had already. It appears at the top is a variation in the suppliers because the most recent acquisitions, in fact, that were concluded in March, Unaí, Paladino, and Saint-Séverin, there we did not have suppliers. Those were related to CapEx. This is where the adjustments come from, and that is why they do not appear. We did not make any payments towards the next crop year. Usually, this is posted to January-March next year when we start the soybean harvesting. The payment for the inputs takes place once we start receiving revenue from soybean sales. Cotton is a crop that underwent a few changes and shifts. Today, there are many on-call contracts at the exchange. Even if you have, what does it mean, after all, that farmers sold more than the traders purchased? Whenever there is a price increase and it reaches $0.70, then the farmers adjust the contracts. This is the level. Seventy is like the ceiling for cotton prices recently. The increase of on-call contracts, this is something that happened very recently. We never saw this in the past. It was COVID, the need for the reduction of working capital for apparel makers. Usually, they did this six, seven months in advance. Now, it is two months in advance. Negotiations take place, and it is time to ship. This is a shift in the scenario, and this is an important change for us as well. We have to review our hedging policies because of that. I can say that this is a scenario. We see prices at $70, which is a good price for Brazil, maybe not for the United States. It is low for them. For us, it is very acceptable. The foreign exchange helps us to dilute our costs in BRL. We are very attentive to this, paying attention. We have a ceiling that is 70 [inaudible]. It is plus the premium because in Brazil, SLC Agrícola, of course, has a name, and this gives us a capped market. With this, we can increase the price by 4%-5%. We can reach up to $0.75, which is the price that we use. Okay. I would like to follow up since you were talking about the basis. How much could you allocate for the soybean crop season? Did you use that moment when basis increased with the Trump-China crisis? Yes. Yes, our hedging increased a lot for soybean. We have reached 80-87%. There is just a minor share of soybeans to be sold. We use the stressful times. We have a limiting factor that we cannot reach 80% before the harvest. There is a small room to make changes. Since we did not lock the hedging for all inputs, we are moving slowly on soybean. For next year, we actually got some very fair prices for soybeans. Soybeans is stable, 110-120. Sometimes you get some gains, but nothing that will be very representative, 10% more maybe. Thank you very much. Thank you, Julia. Now, Tiago Duarte from BTG. Tiago, please activate your camera. Good morning, Ivo and Andrea. It is a pleasure to talk to you. I have two questions. Can we please turn back to the leasing? Go back to the leasing and Terra Santa and the agreement? Because I think that this is a discussion that goes straight to the heart of the business strategy, which is asset light. This will enable us to understand it's important to compare this with productivity, this line with productivity. When we look at the combined SLC productivity and compare it to the guidance for this year, we're talking about 62-66 bags, an increase of 4 bags in soybean. For Terra Santa, where you had to adjust the lease, how did yield evolve from the time the agreement was signed in terms of the increased number of bags per hectare? The second question is, in the last quarter, as harvesting advanced, you made an adjustment of the second crop area, increased corn and reduced cotton. Last night, we saw that you also increased the yield expectations both for corn and cotton. Is this something that was caused by rainfall in the last two months that was very beneficial for the two crops? Could we imagine that this shift perhaps should not have happened? Thank you, Tiago. Okay. First of all, the second question. The reduction of the planted area, this happened because the ideal planting window was behind us. We reduced the planted area for cotton and increased corn because corn has a longer window. I had to make adjustments to yields. Right now, rainfall levels are within historical levels. At the time of the forecast, we were a little bit worried because with the window, planting window being off the planting window, maybe rainfall would be lower than what we needed. From April, in fact, April and May, we had even rainfall above historical levels. Corn yield increases because of these better conditions in rainfall. The same applies to cotton. If you say, "Shouldn't this have happened?" or "Should this have happened?" this is very difficult to affirm. There is also the level of sunlight needed. I am not sure if we had maintained more second crop cotton instead of corn, would we reach a better condition? I do not know. It was a decision we had to make in early February because it is the end of the double crop cotton. I would never—I do not think we would be able to tell whether it would have been better to plant double crop corn at the end of February. I think that we acted conservatively and technically in this decision. About the leases, yes, it has to do with the farmers' margin, but it does not restrict itself to this. Yield grows, and with this, the lease prices increase. The input vendors also increase their prices. There is a correlation, but it's not only that. If everybody increases prices, the margins will remain the same. Unfortunately, I cannot disclose to you the Terra Santa yields also because of confidentiality issues. An important driver is definitely yield. I agree with you. If yield increases, will lease prices increase in tandem? Yes. Yes, of course, because everybody wants a piece of the pie. There is no reason why the producer would get more than everybody else. It makes sense to make this. To rephrase my question, is it reasonable to assume that yield increase was higher in this area than in others? No, it's not only soybean. We're talking about soybean and cotton. 75% of the area is used for cotton. It's a combination of these two crops that are sustaining this increase. We can state that, yes, the increase was enough to sustain this. If I increase productivity too quickly, I will have gains up until the time of renegotiation of the agreement. For those of you following us closely, sometimes you see that we grow margins, and we see that the suppliers start also raising their prices. Thank you. Thank you, Tiago. The 1Q25 conference call is now closed. Our Investor Relations department will be happy to take any of your questions. Thank you for watching, and have a great day, everyone.