Good morning, and welcome to the earnings video conference on the second quarter of TOTVS. I'm Sérgio Serio, and as always, I'm here today with Dennis and our CFO, Maia, to present the main highlights of the quarter. By the end, we will have our usual Q&A session. Before moving forward, it's important to remember that predictions about TOTVS's future development performance are based on current information and assumptions. They encompass uncertainties and risks, and many factors may change company's outcome. They may be different from the expectations here presented. I give the floor to Dennis, who will start the presentation in slide three. Sérgio, thank you very much. Good morning. Land ho. This is how I've started my message at the results earnings release, and this is how I start our video conference. In the age of discovery, the top man is that salesman in the top of the main mast basket had his moment of glory with this very cry. Well then. After a period of fog that may have obscured the view for a segment of the market, the man cried loud and clear. Positive impact of AI landed on TOTVS, and we are among the winners. The signs are unmistakable. We have discovered and already landed in a new world. What are these signs? Our financial and operational results continue to accelerate, increasingly driven by AI enablers. As we've shown in our earnings release, the indicators most closely linked to our ability to convert our competitive advantages into new sales, as well as the strength of customer demand, are the ones that have accelerated the most in recent months. One- third of the incremental recurring revenue between 2024- 2025, and this quarter came from enablers. They already account for 28% of the net new ARR additions for this quarter, a strong acceleration from the 22% seen in the fourth quarter of 2025. That was already amazing. Our gross ARR additions jumped from 9% year-over-year growth in the second quarter of 2025 to 28% in this quarter. Lastly, we got 30 quarters on ongoing two-digit growth on recurrent revenue organically, ranging from 15%-25% over the last 21 quarters, more than five years in a row. As said, we are selling a lot and selling what moves AI. In February, we launched LYNN, our foundation, and we are preparing a spectacular Universo TOTVS event that will be held on October. At that time, we will unveil a portfolio of agents that execute tasks directly linked to the most integrated and sophisticated management process, something no other technology company offers. Using task model and driving massive expansion of our TAM. This is just a preview as we will have other high impact announcements. What explains our arrival in the new world earlier than previously expected? The secret that a large part of the market has failed to grasp is that for many years now, TOTVS has been far more than just a software ERP or even less a SaaS company. We are the trusted advisors to Brazilian SMBs. This means that any technology important to SMBs could be of interest to us. That is why we expanded into front office solutions and Techfin. We've created the cloud and launched LYNN. We added real value to each client's operations in order to capture a larger share of wallet and increase our relevance. As confirmed by recent proprietary research from Morgan Stanley, AI adoption among SMBs in Brazil is still in its early stages, yet it is taking place through a trusted partner. Just as with all previous technological cycles, TOTVS is the definite vehicle through which SMBs access artificial intelligence. Let's now turn to the details of the quarterly figures, starting with slide four. Before we begin, it is important to mention that five years after the acquisition of RD Station, we have achieved a high level of integration across products, technology infrastructure, and back office operations, unifying our go-to-market strategies to optimize new revenue capture and increase our relevance in the SMB segment. As a result of this maturity and of operating as a single unit, the company has evolved its organizational structure and, starting this quarter, has begun reporting its financial and operational results on a consolidated business from this quarter on. We will start with the comments through the ARR, the best proxy we have for the recurrent revenue trends. It has in its composition on net addition three elements. The first, the gross additions representing the level of new sales to both existing and new customers, directly reflecting demand strength and the conversion capability of the total sales machine, gross price additions, and lastly, of course, retention. In recent months, what has distinguished winners from losers, according to the market, is the ability to sustainably accelerate the gross addition of ARR volume, the very first element. In other words, that we can show we have incremental demand. Our sales show it is amazing sequential growth since the end of 2025. Even more, taking into account that 2024 was an amazing year on performance for TOTVS. The year-over-year growth on volume addition went from 9% on Q2 2025 to 28% this quarter, surpassing the record milestone of BRL 400 million in ARR in a single quarter. Net ARR additions reached BRL 208 million, with AI enablers accounting for 28% of this total, undeniable evidence of the positive impact of AI in TOTVS. Compared to 2Q25, we saw 80% growth, excluding the effects of TOTVS Inteligência Tributária, TIT, and transaction volume. Against first quarter of 2026, the growth was 26%, stripping out the impact of the payroll tax restatement. The net addition was not even larger, only because the price component lost relevance due to lower inflation-linked contract adjustments, and also because of a 60-basis-point drop in the retention rate, reflecting the reduced average financial capacity of some clients resulting from the prolonged high interest rate environment. Now, I give the floor to Maia, who will talk about net income and EBITDA. Maia, the floor is yours. Thank you, Denns. Good morning, everyone. As Dennis mentioned in the opening of this conference, we've reached the 30th consecutive quarter of double-digit organic growth in recurring revenue, with growth ranging between 15%-25% over the last 21 quarters. Over the seven and a half year period, the net ARR additions rose from BRL 4 million to BRL 200 million per quarter, and recurring revenue grew more than 4.3x, resulting in a 22% CAGR, while its share of total revenue increased from 74%-93%. As in ARR, the enablers have also contributed to recurring revenue performance. This driver accounted for 1/3 of the incremental recurring revenue of the semester, with some of the enablers accelerating even from already high growth bases. For example, growth in API consumption, database organization, and system updates that rose from 50% year-over-year in the first quarter to 56% year-over-year in the second quarter. This recurring revenue performance has enabled us to increase operating leverage. Adjusted EBITDA grew 22% year-over-year with a 190-basis-point margin expansion, even amid the execution of multiple strategic initiatives, such as the integration of Linx, which has already suppressed a 20% margin. Similarly, with the RD portfolio, the year-over-year expansion once again exceeded 2 percentage points. Beyond operational leverage and track record of rigorous cost control, it's worth highlighting the progress made in integrating AI into our internal processes without compromising financial discipline, steering clear of the excess of the so-called token maxing seen among various global players. How has this been achievable? The answer lies in LYNN, which focuses on specialized intelligence to provide business context and model agnosticism, ensuring the flexibility to select the best model for each specific task, and the use of proprietary metadata. The combination of technology and a down-to-earth approach has driven the 11% year-over-year increase in net revenue per FTE, our preferred metric in this regard, consolidating efficiency gains across a wide range of areas such as R&D, customer support, implementation services, sales, and back office functions. Moving to slide six, adjusted net income for the quarter rose 5.9% year-over-year and fell 11% compared to the previous quarter, primarily due to the net debt resulting from the issuance of debentures to fund the Linx acquisition. On the other hand, EPS increased 16% year-over-year. By analyzing the operational metrics, for example, NOPLAT, it shows a significant 3% year-over-year growth, reaching BRL 370 million, substantially outpacing the 22% growth in EBITDA for the period. The free cash flow followed a similar trend, posting a strong 50% increase compared to the previous quarter. This positive performance reflects quarter-over-quarter growth in operational cash generation, combined with the lower CapEx intensity during the period, following a concentration of equipment investments in first quarter 2026 ahead of the ES offering launch. Moving on to slide seven, it is important to mention that Techfin is launching ContaMais. This is a strategic offering that brings the ERP finance concept to fruition by establishing the foundation for Techfin to become the primary financial partner for TOTVS customers. ContaMais serves as the cornerstone of the cash management offering. It enables an ongoing relationship with customers and is poised to become a key source for credit organization. The product is a dynamic center, natively integrated with TOTVS ERPs with unique differences. Topics such as integrated and complete reconciliation, a major pain for SMB, greater agility and integration in cash flow management, and total automation with ERP. For example, the receipts offer represented by Pix Techfin is one of the biggest beneficiaries. In fact, this transactional offer continues to scale, with its TPV reaching BRL 2.8 billion into Q 2026, which represents an increase of 31% year-over-year. The significant 24% year-over-year increase in net funding revenue was driven by a combination of 20% revenue growth and greater efficiency in funding costs. It grew only 14%, being the funding efficiency one of our main competitive advantages. As I have noted previously, better does not mean immune. Our Techfin portfolio has an average term of close and growing on origination, portfolio, and net revenue, even in a credit scenario where some had to hit the brake. As we have noted previously, better does not mean immune, evidenced by the fact that additional provisions for expected losses pushed both EBITDA and net income into negative territory. However, given that Techfin portfolio has an average term of close to two months, modeling led to adjustments in credit granting, and that had already been implemented and have resulted in default rates for the new originations that align with the portfolio's best historical levels, two or three times lower than the market average. Thank you, Maia. Well, looking at all these advances, we see a unique opportunity. Our share price reflects a scenario completely disconnected from reality. That is, the perspective of someone is still lost in the fog. Just for reference, the IGV has risen approximately 40% from the recent low, whereas TOTVS has climbed only 20%, despite delivering a financial and operational performance far superior to the sector average. We executed half of the time the resale buyback program in our history in half the scheduled time, and already announcing a new one that is 50% larger. Combining the two programs for 2026 and 2024 program, we will repurchase and cancel a total volume of 70 million shares, nearly 50% of our free float. This places us among the world's largest technology companies in terms of share buybacks over the past three years. It represents one of the best examples of capital allocation and value creation, rewarding those who continue to believe in TOTVS' future. I give the floor to Sérgio, who will open the Q&A. As always, if you want to ask a question, just use the Raise Hand at the Zoom icon. We will start with Marcelo Santos, JPMorgan. Marcelo. Good morning. Thank you for the questions. I have two questions. The first one really relates to the gross ARR that you showed. This acceleration is very strong. Are these related to ARR enabler, or are there other elements? Within ARR enablers, what were the more relevant? This is for me to understand this gross ARR. The second question regards the churn motivated by macro. Do you expect an intensification of this trend for the second quarter due to the complicated economy environment? Good morning, Marcelo. We will start with the second question. Being very straightforward, no, we don't see any worsening. What we saw in the first semester were isolated cases of clients that were in an extra judicial recovery, but we don't see this journey following the same level. At least our panel does not show this, and we see the situation going back to normality. There is no expectations for worsening, just the opposite. For the gross ARR, you are right. I think this is the first time we open it. Many times we have just commented on it, but never showed the graph. We thought this was the right moment because in this last month, since the SaaS apocalypse, it is simplifying the analysis, trying to show that those who have a sequential acceleration is a winner, and who possibly doesn't have is a loser. Our sequential acceleration of the gross ARR, and it is intentionable. We have almost an unbelievable volume if we consider our 43 years of life we have, and the base of its ARR was over these four decades. If you imagine that in one single quarter, we were able to generate almost 5.5% of all these accumulated ARR in new sales, you cannot consider this an incredible result. No, it was not only based in the ARR AI enablers. These are being more representative, specifically in the cloud case, which is the most important AI enabler. We have many other products. Basically, what we have in our portfolio has been demanded by our clients. Let me take one more minute about enablers. There is a very clear connection with engagement of our clients and this incremental additional acceleration of the enablers. The more the client knows about the subject, the more the client understand how AI works and where it should be applied and how it should be applied, more our enablers become important and make sense to our client because our enablers, they treat, for instance, about subjects as governance, security, control, efficiency. When we say that AI adoptions are for sophisticated, complex, critical processes and is mainly integrated as are the processes connected to the management system, the back office, these elements of security, control, governance, efficiency, they become even more important. How will the client ensure that this is really available? Being in our cloud, organizing their database, going to the last version of our systems, and consuming the APIs that connect this heart, this brain that is represented by the management system in any other type of activity they perform. Enablers are not the consumption of tokens by itself, but they are the enablers, as the name said. When we talk about AI consumption in this type of process or task, this is the best proxy, the best indicator of the relevance we have and the opportunity we are already converting. Thank you. Thank you all. The next question, Luis Chagas from XP. Luis, the audio is open for you. Good morning. Congratulations for the results. I have two questions here. The first, you said you were bringing a new portfolio in October. What will be the pricing model task consumption, and what is the margin expected for this revenue? The second, we see important margin, how much has been captured, and how do you expect it to evolve with this energy capture in the next 12 months? Good morning. Thank you. I will start with the second question. Well, Linx, yes, we have been capturing synergies. If you go to my LinkedIn, you see the last post of yesterday was exactly about the fact that all over Brazil, in the cities where TOTVS and Linx have teams, we did, last Monday, the formal arrival of these teams in all TOTVS offices. This is the most concrete evidence of the speed of integration and capture of synergies. Yes, Linx margin is increasing. It exceeded 20%, we still have a long road on. In the next quarter, we had a management margin of 30%. We still need much more. Our expectations is that Linx will operate in the same level of efficiency and profitability of other management operations that we have. We still have some way to go, but we are very satisfied with the level of activity at capturing this value for Linx operation. In terms of agents, yes the TOTVS Universo will launch a great amount of agents, extremely sophisticated and connected to everything I just mentioned, process and tasks that are integrated with the company's operations. This is something special. We see, usually, agents that are applied over tasks that are not connected with the rest of the company. Usually, these are the most difficult tasks to be performed. I invite you to go there because this will be very cool. In terms of pricing, we will launch this task model, Task as a Service, and consumption will have an important weight in this pricing. We will leave this part for this universe. We are not going to anticipate this. Basically, the parameters that you can consider is that, of course, we will have the computing costs associated to these agents, and we will have a markup over this, our margin. As a ceiling, what we have is the equivalent cost of the task being performed by a human being, less a discount that naturally would give some advantage to our customer. The pricing will be between these two parameters. Now, the way we will execute these agents, we are using our LYNN, our foundation, launched in February. Up to now, we haven't seen any other company in this market with a foundation just like LYNN. It brings incredible competitive advantages, both in terms of the composition of the agents, but also it brings very important elements linked to security governance that I have just mentioned, and also the effective use of this model. It is more than proven what we have been saying for over two years, that these models will be, or will exist in hundreds and maybe thousands of different models that requires a high level of systems. This agnosticism level is given by LYNN. At the same time, we generate what we call the metadata, exactly, the answers, the responses, what works better with every type of model. This is a proprietary that help us to improve more and more efficiency, productivity, and the cost of each agent. What, of course, is a competitive advantage, an important competitive advantage, and very difficult to be replicated by any other company. Perfect. Thank you very much. Have a nice day. Thank you, Luis. Next question, Irma from Goldman Sachs. Irma, your audio is on. Hello, good morning. Thank you for this moment. Going back to the Linx question, you've explained quite well the room for improvement. I understand that we have room to re-accelerate revenue, to leverage the inherent leverage that we have with this model. I understand we are still in the very beginning of this journey. You've mentioned about integrating Linx. This must be a go-to-market step. If you could tell us a little bit about feedbacks, about the initial channel on the customer base. I know this product. I don't know if the churn is the right word, but well, it was a little bit out of focus coming from the previous management. Could you give us a little bit about the feedback you've received so far and a little bit about this curve? I know it's more related to 2027. In order to give us an idea on what is to come. A second question is connected to that topic about the expenses. For example, the dilution and a low growth, it brings this dilution. I believe great part comes from Linx. Could you tell us if there's any other element that you have identified as opportunity on the sales expenses mainly, please? Okay. Thank you, Irma. I will answer the first one. Maia will answer the second. As for Linx sales, you are right. Since day one, I've been saying that the large part of the margin and synergy from Linx will come from re-accelerating sales. We have great opportunities on the cost perspective. Part of this we are already capturing, but the main will come from the sales re-acceleration. Linx spent some years walking side by side, I would say. We see this re-acceleration as a key to deliver what we expect to deliver. That said, first reactions are the best possible. Here at TOTVS, we have a tradition, Irma, a large tradition of hosting in-person events with our clients. We have more than 8,000 in-person events per year if we consider 215 business days in a year. We are saying that in whatever is the business day, we have at least four in-person events being hosted throughout Brazil from TOTVS with our clients. This has already started with Linx. On the last two weeks, I've been here in our headquarters for at least three events, gathering from 30- 80 Linx clients on different verticals. The feedback's the best possible. Clients know that Linx now within TOTVS. TOTVS is a company that knows deeply Linx business. The level of trust and expectation that we will close all the gaps that eventually may come and that came from the previous management, we will close those gaps for sure. There is also a positive expectation on the cross-sell and integration among products. TOTVS developed a product portfolio, a horizontal product portfolio, I mean, segment agnostic. Linx had never had a portfolio like that. Clients now see the benefit on integrating both products. For example, our human capital management suite, the workflow portal, the front office portfolio from RD, even Techfin. A wide range of possibilities and opportunities that we have beyond accelerating the Linx product sales. We are excited, and Linx clients are excited as well. Please, Maia. Irma, answering your second question on sales marketing. There is a gain on the scale. The revenue mix, as we mentioned in the beginning of the conference, is increasing for recurrent revenue. The composition of incentives for channels, for example, is a better relation, and it brings scale over time. In the last two years, we had consolidation movements, franchises, channels that we've acquired, and we are able to get sales benefits from them, what brought other productivity improvements. In the second quarter, we had a move from Universo TOTVS from June due to the FIFA World Cup, and this is mentioned in our release. We had an impact about BRL 14 million, what may represent something about 80 basis points. It explained part of the gain, but it is very punctual. All the rest is related to the mix, productivity, and sales acceleration. With time, it reverts into productivity gain as well. Quite clear. Thank you very much. Thank you, Irma. Now next question, Leo Olmos, UBS, the floor is yours. Good morning. Thank you for the opportunity. I would like to talk a little bit more about margin. Please, could you talk about AI evolution within TOTVS related to efficiency? As you are investing a lot on R&D to deliver a better link. There is AI, and we'll talk about it on Universo TOTVS. Many new things, integrating Linx, and even though the margin was a positive surprise. Could you tell us a little bit about the positive points that raised those benefits, including AI? Thank you, Leo. I will start. Maia, please, if you want, you can add your comments. That's it, Leo. We've even highlighted that in the release, the margin gain comes in a scenario where we are growing, accelerating our growth. You can see the gross ARR addition, not only growing and accelerating, but launching new things, new releases. We mention important examples, what makes our margin increase even more notable. Maia, let me comment something about the expenses. You've mentioned Universo being moved on date. It is important to mention that in this very year, we will not have the RD Summit. When we look to the whole 2026 year, the improvements from the second quarter is consolidated because what we will have from Universo in the fourth quarter is equivalent to the RD Summit cost. I just would like to explain that point when it comes to the full year. Coming back to your question, Leo. There is a mix of things, okay? Why are we increasing our margin? First, because we are growing where we need to grow, recurrent revenue. Our recurrent revenue has a gross margin close to 80%. What makes the margin cost on the real additional on revenue is low. What gives us an important operational leverage. Secondly, important part of new sales are cross sales and upselling sales. These are sales to those who are already part of our customer base. The marginal cost of these sales is also a lower cost diluted within our structure. The third element, and you well- remembered, we've been already applying AI to our internal process. This AI usage within TOTVS is a rational usage. We never had a target at TOTVS of token maxing. We have never controlled how many tokens someone needs to spend setting a token consumption target. No. Things here we have in our foot in the ground. We want people using AI the right way. One of the ways of using AI the right way is through our foundation. All the metadata generation helps us both with those agents outside for our internal usage. We are developing concrete knowledge on what works better in different processes, different tasks where AI is applied, what translates into results, into better and better results. Maia, I don't know if I forget about something. No. I would like to highlight, it's connected to Irma's question as well on cost and the date change of Universo TOTVS. It is important to mention that that margin came even having a higher loss prediction for this quarter. When we look back to TOTVS portfolio, it's a little bit above our history, and with time, it will converge to the similar levels of our historic series. Even though we were able to increase the margin, of course, there is a lot to be done. We have scale room at Linx as well. We have a path, but as mentioned, AI usage here, it is not a uncontrolled usage as we see in other companies. No. Here we have effective usage so that we can measure the benefit, okay? Thank you. It's important to remind the gross margin of 80%. This is very strong. Thank you. Thank you very much. Thank you, Leo. Next question, Gabriel Lima, Morgan Stanley. Gabriel, your audio is on. Good morning. Thank you for mentioning in the report. That's great. Very nice. I want to ask about the AI enablers. I would like to give a step back so that you could clarify us about what is included in the AI enablers. What is the relevance of each part of the AI enablers for you right now? Maia has mentioned about the growth in the first quarter on APIs and database. Could you bring some more information about how it's been growing and evolving? It will be very nice. Thank you, Gabriel, thank you for the survey, the research. It helped to confirm what we've been seeing on a daily basis here. We thank you for the report and the conclusions it brought. That said, our enablers are the T-Cloud on one hand, on the other hand, our whole work on supporting the client to move towards what they need, being a database management organization, because we know this is the fuel for AI to be used the right way. When I say right way, I mean even in the cost perspective, but also taking our clients to the last version of the systems, what is directly related to efficiency, productivity subjects, but also security, control, and governance. We also have a API consumption element. As the systems improve, integrations improve, API consumption becomes more and more important. Today, we have a control level, a measurement level that we didn't have in the past, that gives us the ability to monetize differently the API consumption. Enablers are those, and of course, cloud is by far the most representative. Cloud didn't come because of AI. It came much before, but cloud has been benefiting amazingly due to AI. It's important to remind that our customer base still has room to reach our dream, what we call the T-Cloud universalization. We want to universalize T-Cloud throughout our whole customer base. We are far behind that. We have a huge opportunity there. In the previous quarter, we've released, and Leo mentioned IaaS, I-A-A-S, an additional expansion of our cloud addressable market. It's also an enabler of migration from large clients with different clouds, and they would like to run their clouds in the same infrastructure, and until IaaS, it was not possible. IaaS. We can see a good performance from all those elements. Maia has mentioned we have some of those enablers accelerating on a strong basis. What was growing 50% year-over-year, now reaching 56% year-over-year. All those enablers are already in the right level, being sized as cloud or growing level year-over-year is quite powerful. A strong basis. What was growing 50% year-over-year, now reaching 56% year-over-year. All those enablers [audio distortion] are already in the right level. Hi, people. It's my pleasure. I have two quick questions here. I'd like to have a better understanding, the rationale of simplify, input everything together. I know this will be good, but RD Station was in the different level of maturity of merging a bit of them. How can we deal with this in two segments? The second point, also considering the ADS, if in the future you have any type of guidance, maybe it's easier now to provide a better guidance because everything is the same basket. In the first question on the call about the macro environment and with the churn is slightly higher in this quarter than is mentioned that doesn't necessarily is the macro environment. Anyway, I'd like to understand how could possibly a more challenging macro environment render the cross-sell of your ARR, especially the upsell in a more challenging macro environment. So how will pricing, edgy, or how they talk to each other? Thank you. I will get the first and third, and Maia, the second. About the consolidation of RD management portfolio. In the end, this was a natural movement. When we created the so-called Dimensa of the business performance, this was in 2019. The first movement in this sense was a partnership with VTEX in the midst of 2019. The entire rationale of business performance was that we, at that moment, seven years ago, we understood that the frontiers that had clearly separated the back office from front office, especially in SMBs, who are the DNA and essence of TOTVS, these frontiers will be more turbulent and blurred. When we dived deeply in the front of, with ID expansions and many other organic elements, we realized, what we saw was the convergence with front end and back end, but also the benefit of this convergence for the client. This movement, in essence, is a movement where the client is the beneficiary for the client to put together back and front end when we talk about big data, AI, and native integration. As a consequence, the desegmentation, which is also crucial, the client is the beneficiary. Consolidate the RD and management results was a natural consequence of a thesis that was proved in practice. Today, when we see the products have a degree of integration, but not only the product, but the good go-to market, whether field sales for large clients, digital inbound for smaller clients, all the back-office structure has already a high level of integration. Officially today, we've been for some time operating as a reflex of this convergence, and it would be natural to reach the consolidation of a result. We know that for the new investor, they want a higher level of breakdown, but here we are clear that the results must reflect the way we operate and not the opposite. Today, we operate exactly the way we are reporting the results to you. Whenever we see relevant information about one portfolio or another, we will disclose it. We mentioned that the performance in terms of growth was very similar in terms of trends as the third quarter. When we see that there is something that will help a better understanding to you, we do this, but consolidation reflects the way we operate, which is also a sign of how the client consumes and gets the benefits from all of this. Maia, if you want to talk about guidance, please. Just complementing the RD and management system, it's worth mentioning that we have them separate. We had, always a comment of the corporate cost was really heavy in terms of management. As we advanced in the integration of operations, we saw this because all corporate areas were unified in the RD operations. As we advanced in the go-to-market, as you mentioned, in sales, is starting the pipeline in the digital front and then going to digital sales, or they walking in parallel during this pathway, it would be more difficult to have this integration. This would be dysfunctional internally. We have this other side, as you mentioned. This was driven by the customer needs, but the operation was going to this side and was disconnecting from the reality of the operation. In relation to guidance, Antonio, for those who follow companies in the American market, it's very common, quarter basis. TOTVS would this year celebrated 20 years of a listed company. We have some moments with guidance, but never in quarter, especially in the short term. I would say this is a philosophic value for the company. Many times, it brings more noise and exaggerated point in the short term. For good or for bad, one quarter does not determine nothing that is relevant for the future of the company. When you exceed 90% or 95% of the total revenue of the company, it becomes of nonsense. Yeah, the name itself says it's a guidance. Maybe it will not be well-seen, but it's a reality, and you will understand this. Much of what we did in the second quarter in terms of sales and gross adding, will give a better contribution for a better result for next year. We are already building the results. The result of this year is already done, this gross addition that we mentioned. This seems unnecessary to have this guidance issue. If we enter in this quarterly guidance, we will have things during the quarter that will not interfere in the future of the company and can generate an exacerbation view of the quarter. We don't have any intention to do that. Antonio, just to close your third question, macro versus gross adds. Up to now, the macro didn't impact the gross adds. The fact that we have a wider and diversified client base, nobody will go up or down. Correct me if I'm wrong, we have 2,000 proposals being closed on the last day of a quarter, for example, in the last three days. Can you imagine, Antonio? This is a volume and a pulverization so big in terms of number of clients, segments, products. It's funny, our commercial area, many times they say, with the attack of the ants. Yes, this is exactly what happens. There is no single sales that makes the brutal difference. It's the sum of thousands of thousands relationship with clients, products, regions, segments. This means that in order to have a deacceleration that would be relevant, we would need that all of this simultaneously start not working. This does not happen for many years, and we don't have any indication in our control panels that this will happen, even with macro being what it is now. We know that life is not easy, and it's not been easy in the last month. Yes. We also have a bond of conversion close to six months. Nothing in the very short term in the macroeconomy responds so immediately to our pipe. I think this is important to remind as well. Well, when we look to a longer term window, five, 10 years, you may remember from our institutional, we can see that there is a long-term correlation with the macro growth where historically we've been able to grow. For example, something about two times the economy average in nominal terms. There is a long-term correlation stronger than short-term correlation. The short term is harder to set this connection. Thank you very much. Thank you. Reaching the end of our session. Next question, Lucca, Bank of America. Lucca, please. Good morning, Dennis, Maia, Sérgio. I have two questions. First is a follow-up on the churn thing. You've mentioned some cases that were some of the quarters figures. This comeback of churn to common levels is something in the long term or more in the mid, long term? Your addition was heard. The churn BRL 40 million-BRL 50 million ARR quarter. It's large. Could you tell us a bit about macro for PDD as well, if it would come back? The last question about Techfin. Although the macro, the growth was strong. I would like to understand how much other products benefit is impacting on supply, for example. Okay. Thank you. Thank you, Lucca. I will answer the first one. Maia will talk about PDD and Techfin. Okay? About churn. Well, I cannot give a full visibility on how this quarter will be the third quarter that we are really working on. What I can say is that we already see in our control panel an improvement. Yes. Aside some new cases that may happen, there's a trend that this rate will come back to stable levels again. Maia, please. Well, in the losses provision, what we have, and following the accounting practices, we have components that are related to the history. We also have prospective issues on receivables. We work with those inputs, internal data, market data as well when we look to payment, for example, and this is what drives our prediction. The additional element are those Dennis mentioned. Clients that get to an out-of-court reorganization or restructuring, it takes to another provisioning. In some cases, we move from the statistical element and retrospective element. We move away from them. It is quite hard to say. It depends on the behavior of those processed throughout time. Those who make the difference are more specific, as Dennis mentioned. Well, not only about TOTVS customer base. In the market as a general, we've been seeing this happening more and more on the last two years. I expect we do not see more of that, but it's something that we cannot control and is hard to predict. What I can tell you is that we will keep insisting in our provisioning policy. About Techfin, Lucca. There are some concrete elements on new products acceleration, the new products that were released by Techfin. Not only new credit products, but we have shown the Pix contribution, a growing contribution. Now we are releasing ContaMais, the heart of the cash management offer, our ability to settle a recurrent relationship with our clients as Techfin. We really believe that Techfin growth will be healthy. Quite clear. Thank you very much. Thank you. Thank you, Lucca. Last question, Maria Clara from Itaú. Maria Clara, please. Good morning, Dennis, Maia, Sérgio. Thank you for the opportunity. I have two questions. The first one related to growth perspectives in Brazil, taking into account the tax reform that will be implemented in 2027. You have already shown something about it last year, but as we get closer to the migration, could it be a subject to foster growth? The second topic, Dennis, I would like to ask your support. Could you comment about a structural margin for the long term? Last year, you've mentioned in the old reporting way that management could get 29% margin. You overcame that margin on the last result. With this new disclosure, do you have an optimal level that you believe that is addressable in the mid and long term? Good afternoon. It's afternoon already, good afternoon. About the Brazilian growth. Yes, we understand that tax reform and other elements are positive matches for us. Not only because they raise the market as a whole, but it's beneficial for us more than for the whole market as the market leaders. We are the company that most invest on research and development. We have the most robust products and solutions. Yes, when you have an event like the tax reform, things change for everyone. The demand on the perspective of formalization, control, governance, report becomes more and more important. Now it is demanded from more companies' profiles in the perspective of size. It is a movement that's happening for decades. It is beneficial for the management market. We have even more benefits as there are a lot of companies that should have a more robust solution than what they have already. For different reasons, those companies didn't change a simpler and regional system to a more corporate robust system. Something like the tax reform boosts this type of move, this type of motion. Yes, it is positive. It's not that the tax reform will bring a leap, no. With time, this is something that will help the market, but it will be beneficial even more for us at TOTVS a s well. Maria Clara, probably there will be something between the tax reform and the enablers for the systems. We've been seeing frequent changes on the regulator side. The most recent was now from August on to have in the invoices, CBS, IBS, the tax-based calculation. We have many interactions with our clients due to that already. These situations are being addressed with the version updates. With the reform itself, the clients feel encouraged to update their solutions versions. What brings benefits to other elements, not only the tax points. Building new touch points to talk to the clients about new updates. It also contributes so that the client will always have the most updated versions. You know, Maria Clara, about your second question, what you've called a consolidated structural margin. We do not have any number right now. Even that figure of 2029 you've mentioned was never a guidance. This is a number that analysts were using as the ideal margin, so to say, for mid, long term. That said, yes, we got 30% margin on the first quarter. I would say that we will keep gain margin as we grow the recurrent revenue. We have a gross margin of 80%. As we keep our execution discipline, as we keep have our feet grounded on the AI usage, for example, providing solutions for clients or even in our internal consumption. Now, if it takes the consolidated margin that currently is 25%-30% or even more, that's amazing. We will seek that. So far, we do not have a target, a number that we see as the consolidated structural margin threshold. Quite clear. Thank you very much. Thank you, Maria Clara. Thank you everyone for your questions. Before giving Dennis the floor again, once we close the video conference, you will have a survey. It helps us to improve this moment with you, please reply to it. Dennis, please. Well, I'll close today reinforcing the invitation. Please pay attention. In this screen, you can see it, Universo TOTVS 2026, and in your case, the Investor Day that will be hosted together October the 13th and 14th. We are preparing an amazing event, great news, many AI-related things, but not only AI. As always, you will have the opportunity to be close to us, interacting to all stakeholders. See you there. Thank you very much. Have a great week.