Deal first quarter 2025 for Santos Conference Call. Joining us today, we have Antonio Carlos Sepúlveda, the Chief Executive Officer; Daniel Pedreira Dórea, Chief Financial and Investor Relations Officer; and Ricardo dos Santos Buteri, our Chief Commercial Officer. At the moment, all participants are in listen-only mode. Ensuing the presentation, there will be a question-and-answer session when further instructions will be provided. I would like to remind you that the earnings release and presentation are available on the company's Investor Relations website, where the replay of this event will be available. In addition to the rooms in Portuguese and English, simultaneous translation into Brazilian Sign Language is also available. Please bear in mind that the forward-looking statements made herein are based on the beliefs and assumptions of Santos Brasil Management and on information currently available. They involve risks and uncertainties as they relate to future events and may or may not materialize. Investors and analysts should understand that conditions related to macroeconomics, the industry, and other factors could also cause results to differ materially from those expressed in the forward-looking statements. I would now like to turn the floor over to Mr. Daniel Pedreira Dórea, who will begin the presentation. Mr. Dórea, you may proceed. Thank you and a good morning to everyone. Thank you for your attendance. I hope you are all well. Next to me, we have Antonio Carlos Sepúlveda, the CEO, and Ricardo dos Santos Buteri, our Commercial Director. Regarding the first quarter of 2025, Santos Brasil embarked on a very strong first quarter with growth in all business lines, having experienced expressive lines of business, revenue, EBITDA, and net profit year on year. The outlook is for the next few quarters to continue in the same vein, with the renegotiation of some large contracts and a greater diversification of the client base. In the first quarter of 2025, we experienced growth in container handling and all flows from exports to imports to cabotage, reflecting a still heated economic environment. At Tecon Santos, for example, there was an increase of more than 15% in the volume of containers handled compared to the first quarter of 2024, with a very favorable mix of 78% of full containers over the total handled. Only the long haul slowed 15% in the first quarter of 2025, with full container imports standing out, driven by chemical products, capital goods, auto parts, plastic, and resins. Exports contributed with a 12% increase in the quarter, with a predominance of agricultural commodities such as cotton, paper, and pulp. Although the aggregate volume of exports at the Port of Santos fell slightly compared to the first quarter of 2025, Santos Brasil stood out. The cabotage flow at Tecon Santos saw a significant increase of 17% in the quarter, reflecting the good dynamism of this modal in domestic activity. Regarding the other container terminals, Tecon Imbituba showed a growth of 60% year on year, with the increase of the consignment of CMA CGM's Brassek service, and the operation of a new MCS service, the Carioca. Tecon Vila do Conde experienced a drop of 13% in the first quarter, mainly due to the emission of scheduled calls. Santos Brasil Logística's bonded warehousing operations saw a stable volume in the first quarter of 2025, which could be considered positive given the strong comparison base of the first quarter of 2024, when imports at the Port of Santos registered a strong increase. Santos Brasil Vehicle Terminal handled approximately 58,000 vehicles in the first quarter of 2025, a growth of 44% vis-à-vis the first quarter of 2024. There was a strong recovery in light vehicle exports to the Argentine market, explaining the good performance of the terminal in the quarter. Finally, the Liquid Bulk Terminals handled around 208,000 cubic meters of fuel in the first quarter of 2025, down 15% compared to the same period last year. The downturn is explained by the atypical anticipation of fuel imports in the country in January and February of 2024 due to a change in the tax rate, which came into effect in February of last year. Now moving on to the economic and financial results, Santos Brasil net revenue totaled BRL 884 million in the first quarter of 2025, an increase of 37% year on year, with growth in all business lines, with the highlights being the higher volumes operated at the container port terminals and also at the vehicle terminal, and the increase in the average ticket for case site and storage operations at the container terminals. In the key operations, the higher average ticket reflects a better mix of cargo with fuller containers. In the warehousing operations, the higher dwell time recorded in the period supported the increase in the average. EBITDA totaled almost BRL 500 million in the first quarter of 2025, a vigorous growth of 54% year on year with a 56% margin, an increase of more than 6 percentage points vis-à-vis the first quarter of 2024. This excellent result shows the company's ability to benefit from the operating leverage of its businesses, along with a higher average ticket, without losing sight of efficient cost and expense management. In turn, net profit grew by 34%, reaching approximately BRL 200 million and a net margin of 22%. In line of investments, we allocated BRL 123 million over the first quarter of 2025 for the expansion of our operations. The main projects are expanding the capacity of Tecon Santos, where we allocated BRL 75 million in the quarter, and the Liquid Bulk Terminals, where we allocated BRL 38 million in the first quarter of 2025. Leverage reflects the company's new capital structure and remains low and controlled of 1.5 times net debt EBITDA pro forma over the last 12 months, ending the quarter with net debt of BRL 2.2 billion. Now moving on to my final remarks, I would like to point out that on April 24th of this year, the transaction for the sale of the company's shares held by Opportunity for the CMA CGM Group was concluded. They have become the controlling shareholder of Santos Brasil, with 51% of the company capital, which will be accompanied by a public offer for the acquisition of the remaining outstanding shares. This marks the start of a new chapter in the history of Santos Brasil, which will now be part of one of the largest logistic and maritime transportation platforms in the world. Along with my executives, we are now at your disposal for the question and answer session. Thank you for your attention. Thank you all. We will now go on to the question and answer session. For those who wish to pose a question, you can use the raise hand icon located at the bottom of the screen so that your microphone can be activated. For those who wish to send their questions in writing, please use the Q&A icon also at the bottom of the screen. Written questions will also be answered live. Please hold. We would like to remind you once again, should you wish to pose a question, please use the raise hand icon at the bottom of your screen. Should you wish to write your question, please use the Q&A icon. Our first question comes from Andressa Baroto from UBS BB. You may proceed, ma'am. Good morning, and thank you for taking my question. Very briefly, to speak about the closing of the deal, and the next stage is to record the tender offer at the CVM. When do you expect CMA to record this request? If I remember well, this is being assessed according to the company report. If we could have more clarity, therefore, regarding the coming steps. Good morning, Andressa. This is Daniel speaking to you. Yes, the expectation is that CMA CGM carry out the record of the public tender offer in a period of 30 days of the conclusion of the deal with Opportunity. At the end of May, there should be that record of the public tender offer that will be assessed by the CVM. Once that stage is over, we will await the conclusion of their opinion. Once again, for those who wish to pose a question, please use the raise hand icon or raise hand at the bottom of the screen. For those who wish to send in their questions in writing, they can use the Q&A icon. Please hold. As we have no further questions, I will return the floor to Mr. Daniel Pedreira Dórea for the closing remarks. I would like to thank you once again for your attendance, and I hope to see you in the next earnings result call. Thank you very much, and have a good day. The Santos Brasil conference call ends here. We would like to thank all of you for your attendance. Have a very good day.
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