Good afternoon, ladies and gentlemen. Welcome to Boa Safra Q4 2024 Earnings Release Conference. This conference is being recorded. The material can be accessed in our company's website, ri.boasafrasementes.com.br. This presentation is also available for download. We would like to let you know that at the end of this conference, we will have a Q&A session. Further instructions will be provided at the beginning of the Q&A. Before proceeding, I would like to take this opportunity to emphasize that these forward-looking statements are based on beliefs and assumptions of Boa Safra management and the current information available to the company. These statements may involve risks and uncertainties as they relate to future events and therefore depend on circumstances that may not or may occur. Investors, analysts, and journalists should take into account that factors related to macroeconomic environment events, the industry, and other variables could cause results to differ materially from those expressed in the respective forward-looking statements. We count on the presence of Mr. Marino Colpo, CEO to Boa Safra, and Mr. Felipe Marques, CFO and Investor Relations Officer. The Investor Relations Team is also present with us. Now, I'd like to pass the floor to Mr. Colpo, who shall begin the presentation. Marino Colpo, please, you may proceed. Hello, good afternoon to all. Once again, we're here to disclose our gains by the Q4 2024. Let us talk about the company. Let us talk about the key aspects of our results. Then we're going to have our Q&A session. Now, just to sum up, and let us be straightforward, that was a bad result. We have challenges in 2024 and much beyond what we had expected, but this is the reality. Nevertheless, we had, as a matter of fact, what was the big issue during this year? What I would say is weather-related issues. Let us talk about three negative aspects: what was wrong and what was good in 2024, and l et us just consider what we have further down and look forward to 2025. Difficult things, it was climate and production. There was a big drought in the very beginning. It was horrible, particularly in the growing areas. As a matter of fact, it was something that marked history. Generally speaking, our seed areas, our seed fields are planted in October, November. As a matter of fact, it was totally the opposite. We ended up planting by Christmas, 25th of December, we were still having areas to be planted for the seed production. We did not reach that area. That was quite scary to many. As a matter of fact, I thought that in the beginning, it could be even good news because of the drought, and we would be late in the planting, and then we would eventually run in the dry field. Of course, when you plant late and you harvest late. I thought that we could eventually pick the seeds in the drought. Of course, there is a weather pattern here in Brazil. As a matter of fact, we had a drought, and then the rain was not enough. We had a lot of rain in March and April. We had our production. In fact, as you know, we had 240,000 bags. We produced 205 big bags. This issue related to the production triggered several other problems that reflected our results. With regards to costs and expenditures, the third listed on the line, we were organized to grow a certain percentage, and w e had costs allocated to that. We had our sales team totally organized for that matter. With the production that we had, we, as a matter of fact, the percentage of related costs and expenditures were higher. Now, with regards to the bad debt, which was something that we were fearing, we reassessed the situation. As of July, we started reassessing and credit some sales that had been hired in the beginning of the year with good pricing levels. Once we thought that the crisis was hitting higher, principally when it comes to big distributors, we decided to step back and to be a little bit more demanding on the credit details, which triggered some cancellations. That was what happened in Q3. Many orders canceled. People were not able to deliver much of what was supposed to be delivered as a necessary or needed guarantee, so then, w e had this Q4. We actually reached a little lower average price. Those were the three challenges for 2024: the climate, production credit, and costs and expenditures. Basically, that affected the results, which I considered was very bad. Now, let us talk about certain good things that happened nevertheless last year. Of course, I gave you first the bad news. Now, I consider that for both DaSoja and Avra seeds, those were very good businesses. We enhanced our business with DaSoja seeds we acquired. In the beginning of 2024, we acquired the company. First year, the company twice folded in size, showing a very huge growth. DaSoja is a company in which we have some shares, and they sell directly to the final consumer, so directly to the grower, and principally operating in the northeast of the country, which is an area near Tocantins. As a matter of fact, the northeast counts on large producers or large growers. It operates with a good level of sales. We have another different access channel with DaSoja. Now, let me talk about Avra. Avra is a, despite of the fact that they sell to distributors is a premium brand with an exclusive portfolio. That brand, Avra, is very exclusive. A few distributors work with that brand. Despite the fact that we launched that last year, it is already standing out with great results. We believe that it is a really growing output this year. Those two businesses, even with our large participation, we can innovate with this different approach in our chain. Now, let me talk to you about our new distribution centers and our investments. Works well. Fine. Within the budget, everything is good to go. Let us talk about the capacity that we have for this coming year. One of the major aspects that I would like to refer to is the capillarity and our presence. We actually managed to sell to many more clients and many more distributors, so t hat was the first stage. We have a great deal of clients. We are straying out. We are already being present. We are just decreasing our dependence on key accounts, which is a good positive piece of news from the previous year, an w e moved forward. Now, let us look forward ahead to 2025. The great highlight would be the 280,000 big bags, 240,000 for the previous year, but we just made 205,000. We did not reach, not even close to what was our goal. Now, our expectation is 280,000 big bags, which is an increase of 30% of our productive operational capacity, 40% possibility of increasing our figures. This is what we are moving to. We have a great opportunity in 2025. We started with green news. Also, with regards to the joint venture that we have now, it is a great opportunity for the next two years to have the grip, the control of SPS Green Seeds. SPS is a joint venture. This is an initiative in our regenerative agriculture. We're taking a step forward on top of the pasture and fodder. Also, this is something that it is growing. This is a future agriculture, a low impact, focusing on a constant improvement in quality of the soil. It is a fantastic time. It is time of day. We in our agri business, we know that there is a crisis, and it is a complex situation for many in the agri business sector. We have this great opportunity of going into a field despite of all the difficulties. We look at the cup as half full, and we are really with great opportunities in our hands for new businesses. I think that now Felipe is going to be talking about our capital structure. I also look at it as a cup half full. Of course, we have a very difficult situation with credit in Brazil. Agri, to my understanding, has passed this worst part. Now, talking about the production in Brazil, about 10%, yes, price is the same. I see less issues, at least on the side of the growers. At least now, it sounds like the growers are now coming to a float. The worst moments of the storm are just gone. The moment is improving, and Boa Safra has a very strong capital structure with its crop. Our finance situation is solid, as it has been shown. Now, turning to our next page, I just gave you a brief about our journey in 2024. This sales percentage to great distributors, this is a very important figure. You may see that in 2021, 65% was actually large distributors. We kind of cut in this participation, their participation by 10% yearly. We move into the retail market, 2022, 2023, 2024. I can see that it is up half, 22%, which is our sale to large distributors. I consider that extremely good. We always communicate that communicates with that lower arm, showing the number of retail resellers, shops that sell our products. We will move to 308 to 697 points of sale in 2024. We have very good, strong goals. We have about 1,300 shops that are in our map. We're working hard to meet shops and direct distributors to really spread out and increase our distribution base with those direct clients. Now, talking about credit, 94% of our credit sales have some sort of guarantee. We can see our market share, 80%. That was a reduction in volume. If you compare to 2023, I mentioned that we actually lost some shares, principally in Mato Grosso, in Goiás, and Rondônia, a little bit in Pará. That was a large issue regarding the weather, drought, and excessive rain, so t hat was something that affected our year, making it very difficult to produce, principally reach our market share. That was, of course, we had this production difficulties. Now, what you can see here is our units. Penápolis in São Paulo is the highlight. High capacity to personnel related to regenerative agriculture, 280,000 big bags, t hat is the UBS. We have a great opportunity to provide material. We increase production. We increase capacity. The two new distribution centers have been inaugurated, more than 120,000 square meters of warehouse. Temperature control warehouse and 15 TSI equipment, so 232 lorries or trucks a day. This is a very high capacity to deliver. We have the cities and main areas, growing areas in Brazil. They are present near the growers. Now, I'd like to highlight our operation production capacity in thousand big bags. You can see in the graph. We are still growing. We expect to reach the volume that, as a matter of fact, this is really very close to our productive capacity. The number of big bags, 161,000 big bags sold. Now, interesting to see that the high area is also growing. If you compare to what we had in 2021, we had 80,000 hectares. We would produce 130,000 big bags. Now, we have almost 1,000 hectares to 1,000 big bags. 274,000 hectares to 280,000 big bags. We, of course, have a very challenging situation. This is a general situation as overall. We are increasing our portfolio. We are increasing our presence in different regions, but this is our bet. We want to spread out our presence and have more fields and be able to work with this. We will be able to deliver the figures that are proposed in terms of productive capacity. Now, we're talking about technology embedded in the seeds. Now we have new technologies. We have biotechnologies. The portfolio in 2021, we would sell basically 1% of those are ours, a nd 97%, it was IPRO and X tend and 2% with the new biotechnologies that we have injected too. Now, the capacity is growing from 2% to 3% and then to 9% in 2023. In 2024, we close the year with 22% with those embedded technologies in the seed. Of course, we expect to increase to 25% in the next release. We are still in a growing curve with new technologies. This is a trend. We believe that those will increase our productivity to the grower. We can have more protection against caterpillars, against issues. Of course, we're going to have much better results. Now, let us move into our regenerative agriculture. Basically, this is an exclusive licensing brand, a union of brands. Sementes Roos, they would sell pasture seeds, non-berry, coverage plants. It's not only pasture, but also a mix of seeds for pastures and for fields, with aiming at increasing the quality of the soil, control of disease and pests and diseases. Those were two things that we joined together with Boa Safra Fodders. As a matter of fact, this is a brand that we launched, Boa Safra Forrageiras. That was launched about a year and a half ago, focusing on sellers and resellers. With this new combination, we also know how that was brought from Sementes Roos. We are kind of combining all that together. It is a tradition since 1960 in trading seeds in the area of regenerative agriculture, t hey started in Penápolis in the state of São Paulo. This is a company that produces seeds for pasture. There is a trend to increase the share of regenerative agriculture. We also use our distribution center to distribute those seeds. Remember, they already had a sales team that were present in several states of Brazil. Sementes Roos sales team, they dedicate their time with the extension units throughout the country to get in contact with growers and farmers. Now we are working with them. Now, there is this trend of paying attention to the soil quality, the use of less chemicals, pesticides. We have nematodes that really affect the soil quite hardly. When it comes to regenerative agriculture, as a matter of fact, the base is to improve the soil quality and also control the problem related to nematodes in the soil. It has been quite increasing, this new approach of using this new line of products with the regenerative agriculture. That provides a complete technical solution that is offered to resellers, which by their turn offer to the growers, and also have the carbon footprint sequestration today. As a matter of fact, we do not have a specific legislation for that matter. There are the calculations. What we see is that according to what is being disclosed in Brazil, every time we have more organic matter that is left on the soil, and then you use coverage plants with the new regenerative agriculture technology, we can arrest carbon. There is a good difference in the values. We believe that this approach would be really, if it goes the way it is going, we can increase another source of income for the clients with this new type of product. Now, let us pass the floor to Felipe, who will be talking about the finance performance. Finance performance here at Boa Safra. There was a minor drop of 11.4%. When we talk about this drop, we say it is small because I am talking about the volume, considering that we have a drop in price because of the mix. Just like as Marino said, production mix and the credit guarantees that were not put at the table. That made us reduce our credit, and o f course, that justifies basically this 11.4% drop in our revenue. Now, as a consequence, we have the EBITDA adjusted that suffered an impact with a drop of 35.5% in the EBITDA. We were ready from the cost point of view and also expenditure point of view to achieve 20% growth of volume year against year. Much of this was actually, along with the revenue reduction, causing a direct impact in our EBITDA here back at the company. In the end of the day, we can see that our adjusted net profit, so you can see there's a very specific vision dropping to 62%. We moved from 246 to 93. This is also basically what we have, an additional impact, financial results because of more working capital, because of interaction at 2024. The effective result I've seen in year 2024 because of the end of our credit paybacks reduction that is relevant. We would expect BRL 200 million of investments, BRL 167 million in 2024, BRL 177 million, forgive me, and trying to optimize our capital structure. There was interest rates were higher, mobilizing the capital, working capital demands more capital. We see that in this sense, we cannot be outside. This is where we have more room to try and grow in capacity with less invested dollar per big bag of installed capacity. Now, finance indicators, main drop is on the average price. Average price, if you see gross revenue for soya, almost BRL 10,200 in 2023. That drops to BRL 8,900. Most of that is change in price. That is the impact that we suffered. In addition to the volume that was not as expected, more specifically related to the weather issues, just like Marino said, plus sales to new sales at the second time of the game when the guarantees that were not put on the table by our clients. We had to draw back. Now, you can see our profit before taxes. We changed a little bit on the concept. We would show you the net profit, but because of the adjusted EBITDA consolidated, we have a new metric to be sharing with you. How much we generate in results, in profit before tax. In this per big bags, big bag capacity here, and the company can see that we had a half, which was much related to a smaller production and a number of sales that we had if compared to the results that we had in 2023. In net debt and Adjusted EBITDA, it's quite comfortable in the company. That is the consolidated result. You can see that we show we're solid from the capital structure of the company. Right now, it's not here because of this, just 2025, but we can see that the consolidated result, its net debt is negative, much smaller than BRL 50 million. Now, let's go back to Marino. He's going to be talking about new props and our diversification of our portfolio. Now, this is something that we really did well. There is this plan. We want to diversify the diversification of crops. It started in 2022, y ou can see the first box or chart, how big we are in terms of area with these new crops. Planted area, 38%. New crops, 62%. Just soya. A great potential. Now, you can see that the revenue afforded or brought by new crops, if compared to soybean, it grows quite fine. You can see that in three years, we grew basically 10 times, right? From 16 in 2021 to 187 in 2023 and 155 in 2024. In addition to these new crops being in our basket, there is a great potential. 10% of our business. When we look at the invoicing, you can see that sales result, we of course be growing a lot. We saw soybean this year with this opportunity of growing almost 40%. Yeah, it's great, but when we see those new crops, the addition or the combination of those bring us a potential 40% growth of growth. Let us talk about our order. Those are very important figures all the time. You can see what's going on when you look at our orders. Of course, we had great years. The phases of the year, third and the fourth quarters are always much better. First and second quarters are a little low, but then, i n the case of order backlog, now you can see the fourth quarter, 2022, we had zero. In 2023, the fourth quarter, BRL 10 million in orders. Our invoicing is basically zero. Fourth quarter this year, there was a drop, BRL 14 million. In January, because Pará, we're lagging behind in their planting season. This is one of the states that had a very late window, planting window. Generally speaking, December is the planting season, but they pushed down to January. This is why we had this difference in the millions to be logged in January. That was, as a matter of fact, the result that should be in December. Now, what about other crops and services? Basically zero in the beginning and the second quarter. It is increasing with the other crops and other services. We already had BRL 22 million for the first quarter in 2025. That is orders to be invoiced as of January. You can see that those crops for both invoicing and orders, they have a different behavior. Now once we are learning and gaining room with those new crops, we might start on the first quarter with more strength to shrink our season of fluctuation when you see the business in overall terms. Now, the finance health or stand of the company with regards to our debt, a gross debt, you can see that BRL 415 million in a company and the net result according to the controller for me from just BRL 49 million. That is how we step into 2025. Lots of challenges, high financial costs, just been in the sector, but we have a very comfortable position. Only BRL 49 million. This is from this point of view. Since we have a lot to happen in the receivables in May, up to May, that shows how solid we are. Now, when you look at our liquidity, controlled liquidity, 3.75 or 3.77, better. Our strength with all this credit restriction that we have at Boa Safra. This is a very good moment. Now, of course, without crop, because crop, it was just something that happened in January 2025. That was a very short series, five years. Crop brings reinforcement, and n ow you're going to be seeing that in our balance. Boa Safra figures, our main aspects here, the drop of 11% in our operational revenue. Consequence, gross profit is impacted, but lots of costs are not variable costs. They are fixed costs at the end. Our proposal, our idea is to increase our capacity in 20% from one year to the next. Impact over the EBITDA because of the expenditures that we mentioned. Of course, we had this growth of 20%. There was a drop in the EBITDA from we went to 9.5% in 2024, w e were in 13%. In 2023, it's difficult in the agribusiness in the end of the day. When we look and consider several other balances, of course, we knew that it was going to be a difficult year, but by far we are in red. Yes, we have a very special detail. It's a particular situation that was the weather that affected us and triggered all several aspects that ended up pushing our results down. There was a drop in our net profit, 43% drop and 8.7% in our net profit. The adjusted net profit, you can see small operations and our participation was about 40% with them. Our result was BRL 93 million to the company. There was adjusted result. It is a scenario that makes us think that the year wraps up with figures that are away from our initial expectatives. I understand the reading from our investors, but we are strong with the good quality of our balance and considering the progresses that we had with DaSoja and Avra. With those contracts, we are stepping firmly onto 2025. Thank you. I would like to say that it is an interesting point when you talk about the adjusted net profit. We try to be very realistic. We know that the figures are kind of timid, but we really are able to stand strong, and t hroughout those years, we are always very careful. Generally speaking, it is the other way around, and there is always more risk, so w e are very conservative. That is what I want to say. Well said. Now we will start our Q&A session. If you wish to ask a question, please raise your hand. When your answer is, when a question is answered, you can just move away from the queue just by removing your hand. You use your Q&A on written. If you want to send it in writing, use our chat. Let us know your name and your question and your company question. Now, XP. Thanks, Marino. Thanks, Felipe. Thank you very much for the opportunity. I have some questions. Now, I know that we do not open our order portfolio for the first quarter, but can you share a little bit of what you have with regards to the quality and the volume, the price regarding your orders, order backlog? Now, the volumes based on your diagnosis, this is the major issue in 2024. How do you see this happen in 2025? Now, if I may, a third question. Looking forward, yes, we increasingly see the presence of new technologies coming in the composition of the company. New technologies, yes. I would like to understand how we could anticipate the economic results after this Intacta 2, for example, IPRO, other technologies. How do you expect to see that will happen in terms of the use of new technologies in terms of the results? Thank you. Many thanks. Let me just react. I was just taking notes very briefly of what you mentioned. With regards to sales, honestly, we do not disclose information about our orders, but i n the beginning of the year, I say it was very atypical, in a good side to us. Dollars exchange, the exchange rate is $1 per BRL 6. Very good for the growers to close deals for the following crop. We see a lot going on in the inputs sector. This is, I'm talking about the sales in December. The market changed. As a matter of fact, it is ahead in the history of average. Actually, there were sales contracts closed in December, which was rare, just basically because of the exchange rate at dollar real. What I could say is that our backlog order is doing quite well. That's what I can say. Now, let's talk about production. Every year there are challenges, every year. It seems to us by now, until now, that this will be a much easier year if compared to 2024. Their challenges are much smaller compared to what we had. They're good results. Their crops are doing well. Principally, those long cycle and short cycle, average cycle, everything was well. A lot of information will come out in our balance for the first quarter. By now, everything seems to be very good. We still have two weeks to see what's going on. This is the peak of the season. Peak of the crop. It was average in April last year, but now since we planted a little bit before, we are kind of a week away from our peak of the crop. Now, about new biotechnologies, yes, this is gaining terrain. I feel that now we have great material, very competitive material, 22% last year in their presence. Now we expect this year to have a strong growth. I think good news. There is demand for this new technology for both pesticides, also for caterpillar control. I think we're going to be quick in that sense until 2028. Those patents, the new technologies will actually be continuing. Thank you very much, Marino. Thank you very much for your reaction. Our next question comes from Gabriel Barra from Citibank. Please proceed with your question, sir. Gabriel, you can open mic and proceed and ask your question. Our next question comes from Henrique Brustolin from Bradesco BBI. You may now proceed. Good afternoon, Marino. Good afternoon, Felipe. Thank you very much for taking my question. I want to talk about commercial performance, 2024 and 2025. 2024, obviously atypical from a production point of view. Everything that happened in the distribution channel. Now, consider the sales. You sold less than the production capacity of previous years. Because of the challenge, let me hear from you about the volume performance in the company. Maybe the entire sector suffered, of course. Now, how does that change for 2025 so that you can have some comforting words in terms of volume that you are working on this year? This is the first one. It is with regards to volume. The second part of my question is with regards to the up price. Perhaps you could explain to us the average price based on last year. You already made a comment and the relevant mix, principally because of the cancellation of so many orders. Since you are growing volume and share this year, how much do you think expect for 2024 for the price of soybeans could be used as a reference for 2025? Perhaps should we talk about the levels of 2023? Perhaps those would be a better reference. Those are my two questions. Thank you. Gabriel, let us try and sort out those questions. Thank you for your questions, actually. 2025. 2024. Yes, it was a huge challenge. Why? We had sold. And And we felt that there were production issues. Once we started turning to tightening up our demands, our guarantees, we had a change in the volume. We basically went out selling in August. This is basically when they were starting planting. There were sales in September, in October. It's very difficult. Once you were out there with they tried to go back to a reseller or a shop and ask for them to change the product or change the product from someone else. That costs much more to us in terms of what kind of a discount I have to give to someone who had already expected you had bought some seeds from somebody. All those things represented a huge challenge to us in 2024. That really caused us a direct impact, this last-minute sales. That was a huge impact that we had in 2024. What do we expect? What do we have as a forecast for this year? I think we should go back to historic average in terms of target that we are going to get the record pricing, just like in 2023. No, we are talking about the average. Consider what happened in the last six years. 2022 is just a benchmark. That was a good year. We're growing. You're talking about a 40% growth in volume. The average volume is 40% in sales. This is a huge growth, a very important figure. What we deliver is volume. We increase share in the market. This is a major challenge we are working on to deliver this volume. Based on my experience, we are better in terms of price if you compare to 2024. We have the figures there. What we had in 2025, the end of the year, to be able to consider all those canceled orders. Anyhow, we are talking about a better figure. Thank you very much, Marino. Thank you. Thank you. Our next question comes from Pedro Gama, Citi. Mr. Gama, you may now proceed. Hello, Felipe, Marino. Good afternoon. Thank you very much for taking my question. As a matter of fact, I have two questions. First, of course, I would like to talk about the Boa Safra scenario in 2025. Understand that on one side, you have to consider that there is an increase in the margin because of the yield that improved and also the hike in the corn price. You can imagine what will happen during the entire crop. I would like to ask about the appetite you think that producer would have for this year. Do you think that they're going to improve their appetite for tech seeds? How do you think this happens in terms of the credit policies? What are the guarantees throughout 2024? How much is it going to improve? Also, improving the margin, how do you see their liquidity of the producer? Do you think it is going to be improving? Do you think that this level of capital investment will continue to grow? The second point, talking about the price, just asked in the previous gentleman, I would like to ask about the dynamics of this. In my mind, I tried to see that the basic seed would have to have less pressure downwards because the supply of soya seed would grow just like based on what you just said, but the demand won't be so big. Because of the credit that you see that is happening in the market because of the liquidity, we can have a very small growth in terms of planted area. I would like to hear from you. I want to see if you agree with my understanding or my reading of the situation. Pedro, I think that our position is very good for 2025, I see some recovery. When you talk about the producer margins, I'm not talking about a price. On average, 10% more. This is the estimation that we have at this point in time. 10% is a great deal of difference in terms of extra margin. Despite the similarity of price compared to last year, the producer, the grower, has more volume. Now, premium coming back, this is something that is a question mark to us. Yeah, you can see that TSI is growing. 2024 was good. There was an increase in TSI. Nevertheless, we feel that growers are going back to basics, not necessarily the seeds. Seeds go with more technology, but the producer, the grower, tried to buy seeds with basic treatment. With a premium seed or biological tech with more added value, the grower said, "No, step back and say, 'No, listen, I need my seeds treated,' but honestly speaking, I want just the cheapest treatment, whatever you have, the basic of the basic." That's what they say. That type of product, like the simple tech product, shoot up. Despite the fact that we increased the sale of previous seeds, it was not much compared to the previous year, about 10%. We grew, yes, but the average ticket of that treatment was much smaller or lower. I do not have much information at this point in time. Of course, treatment is something that is always kind of later down the line. I think that if you ask me, "Marino, is it going to be the same, that they are going to be the same type of levels of treatment?" No, I do not think so. Yes, we improved the margins. Yes, we are making an effort to sell premium treatments, to sell biological treatments. It is difficult to mention figures for this year. What I know is that things are moving towards biological treatments, the new products, the new treatments available. The trend is regenerative agriculture, less chemistry, more biological. I think that in the next five, 10 years, we're going to have increasingly more biotech, more delivery capacity, and more treatment capacity. This is our target amidst the crisis that we had last year. We had a drop in production and price, but this year, a normal production. Of course, the growers have had to tighten their belt, and they might not make heavy investments. Once again, coming back, I don't know if biotech products will come back as strong as what we had in 2023. This is my understanding. This is my reading. I think there will be an improvement in the average price trend. Yes, there will be much more TSI compared to last year. People understand a little bit more of the technology. There's this shift. High added value will be this year. This is my bet. Now, the use of working capital, my view, we used a lot of our working capital last year. That was not something that stayed behind of what I had expected. We're paying attention to that. We are really making a huge effort. The strategy of the company is so that we can change the use of working capital to have a more balance this year already. I think it is possible to change the strategies of our orders. We want to go more in retails. This is a good piece of news that we have more clients, almost 100. We're going to go even further. We have a much stronger team with more sales. Of course, a larger team presents our major cost. We, of course, have to find a balance with other crops. There are more visits. There are more crops being sold. We have been able to spray that out. There will be very reserved conditions in terms of credit guarantee. The worst storm is gone. Now, considering the interest rates, that really is difficult on the growers' side and, of course, on the resellers' side. You have to be very careful to really consider our order backlog. We are talking about March already, end of March. It is showing that it is quite along with our strategy. It is quite spread out. This is our strategy for our recovery. I hope I was clear in my talk. That's good. It's clear. Thank you. Our next question comes from Bruno Tomazetto from Itaú BBA. Mr. Bruno, you may now proceed. Bruno, you may proceed with your question. Mr. Bruno, you may now proceed with your question. Mr. Bruno, you may now open your mic and proceed with your question. Our next question is from Eduardo Lazzaretti from GTI. Good afternoon. I have two questions. First, can you just expand on the sales mix that affected the average price? We think that the drop is relevant because of the TSI share. Second question, you may comment on what happened in the increase in the percentage of known controllers in the total result. Thank you. I think that for the first question, we already provided the answer when we were reacting to what Bruno asked about the TSI. There was a more basic and plus the sales that we had in the second time of the game. Also because of the price and the mix of average cycle with great concentration in Mato Grosso. With regards to the other question, actually, there were major mixes and changes analyzed in 2023 and 2024. There were SNAG, several a lot was sold. Now it's just 40% participation. We have non-controlling profits. Now, DaSoja, this is a company that brings results in 2024. We have only 45% participation in DaSoja. Those were two major moves that the non-controllers get a grip in relevance. It is greater relevance when you analyze the consolidated results. Our Q&A session is ended now. If you still have a doubt or question, please submit it to ai@boasafasementes.com.br. We'd like to pass the floor to Marino Colpo to make his last comments. I would like to thank you all for the trust deposited on our work. It's been very diligent. Our control of the capital and the expenditures and costs, with all the changes that we applied, are producing very good results at the company. Principally, our presence that is greater in the retail business. Of course, there are several challenges. We want to deliver major growth. We have an opportunity here to grow and increase our results and really turn this page of this challenging year behind. Thank you. Boa Safra Conference is closed now. We thank you for your participation and wish you a good afternoon.