Good morning, everyone, and welcome to the second quarter 2024 earnings announcement for Três Tentos. Here with us, we have Mr. Luiz Osório Dumoncel, CEO and IRO, João Marcelo Dumoncel, COO, Cristiano Costa, CFO, Miziara de Alcântara, HR Executive, and Eduardo Mota, IR Manager for the company. We'd like to inform you that this video conference is being recorded and will be made available at the company's IR website, where the respective slide deck can also be downloaded. If you need simultaneous translation into English, there are tools available if you click on the globe icon on the bottom part of your Zoom screen. For those listening in English, there is an option to mute the original Portuguese audio. Click on Mute Original Audio. During the event, our participants will be connected in listen-only mode during the company's remarks. After that, we'll start a Q&A session. Questions can be made via audio channel by clicking on the Raise Your Hand icon available on the lower part of your Zoom screen. To send a written question, just click on the Q&A icon, also found on the bottom part of your Zoom screen, and just simply type in your question. Before moving on, I'd like to state that forward-looking statements made during the company's remarks relative to the company's business outlook, financial and operating targets, and also the company's future potential growth, are based on beliefs and assumptions on the part of the company's management, and they are therefore based on information currently available. Such forward-looking statements involve risks and uncertainties, and therefore depend on circumstances that may or may not materialize. Investors should have in mind that overall economic conditions, agribusinesses' situation, and other operating factors might affect the future performance of the company and does lead to results that will differ considerably from those expressing these forward-looking statements. I'd like now to turn the conference over to Mr. Luiz Osório Dumoncel. Please, Mr. Dumoncel, you may carry on, sir. Thank you. Good morning, everyone. I'd like to start by thanking you all for being here, your interest in the company as you join us for yet another quarterly announcement. This has been a quarter of good results and growth, as you will see, and also to check how the company is seen by the market, how we feel, and we are quite happy that, in the second quarter, we saw net revenue of BRL 2.8 billion, a growth of 59%, and with a net income of BRL 145 million, which accounts for 89% of the increase. That is a testament to the company's dedicated effort, across the board, all the team in the South of Mato Grosso and other states where we operate in Brazil. All of us doing a tirelessly an excellent job in the production and trading of inputs, in originating, grains, and also in our industry pillar, soybean crushing operations, biodiesel operations, adding to the final results. We have reached record volumes in soybean origination, both in Rio Grande and in Mato Grosso, and that, of course, is very reassuring for all of us. As we see this ecosystem varying quarter on quarter, but when we look further, when you look, take a step back and look at the overall year, you see that one segment compensates for the other. This new growth cycle, with Araguaia coming on board, all of this will be explained throughout the presentation. This new growth cycle is also happening at a very fast pace, within our expectations, and that growth has led us to review our operating guidance, which will also be the object of our announcements. This started last evening, as you know, as we announced our results. On the first slide, as we kick off the presentation, I'd like just to make clear our dedicated work as a company as we move forward in terms of corporate governance. Três Tentos today, crossing the numbers we've been crossing and seeing the growth we've been seeing, and especially penetrating in other markets, more challenging markets in terms of yields or yields and, and technology, Três Tentos continues to lead, and that leads us to continue seeking excellent management, focused on risk management, focused on transparency, and we are ready to face this new growth cycle. We've been getting ready for it. And with that, we can say that we are sure of our financial management, sure about our net- debt- EBITDA ratio. We are quite safe and sure about our growth. I have been saying this repeatedly, it is because of this thriving sector in Brazil, agribusiness, which this never ceases to surprise us. Of course, we do have challenges, but it is a very thriving moment and scenario, and it's actually Brazil's natural calling. On the next slide, we have an overview of our second quarter in terms of numbers. In the first half of the year, our net revenue in the quarter grew by 59%, reaching BRL 2.8 billion, as I said. In the six months of the year, we moved from BRL 3.5 billion - BRL 5.476 billion, a growth of 53.6% in net revenue. A growth boosted by our geographical expansion, of course, but also due to that increase in share, that trust that growers and cooperatives have shown us, our good relationship with the market. So that led us to a net result of BRL 800 billion, adjusted EBITDA of BRL 200 million, and a net adjusted EBITDA of BRL 183 million. I'm gonna go into details for those numbers as we move on, just to give you a brief overview of those very positive figures. Then at the end, I'll be back to answer questions. Now I'll turn it over to João Marcelo, please. Thank you. Good morning, everyone. It is a pleasure to be with you yet again to discuss numbers for the company's second quarter 2024. As, as you know, the company is split across three segments, three pillars: inputs, grains, and industry, as you see on the slide, and they combine to form this ecosystem, as we call it. And then we will give you a brief overview across all those segments, trying to understand in more detail what happened throughout the quarter and throughout the half of the year. But before that, it's worth mentioning the following. It's not the first time I mentioned this, but just to underline the strength of the synergy across those businesses, the very ecosystem that I mentioned, those segments alternate in terms of strength. There's a specific dynamics in terms of different levels of performance, but one offsets the other as they combine towards the final result, providing stability for the business, and we have been able to show this throughout our recent history. That combination provides strength for Três Tentos, and that strength is directly combined to that combination of different segments, which is a unique modeling that we follow. So the first one on the slide, ag inputs. In the quarter, was a segment that did not bring significant results in terms of revenue and in terms of revenue growth or even adjusted gross profit. As you can see, we saw a loss in terms of the first quarter and second quarter of last year, to the tune of 30%-35%. The reasons behind that are a purchase which growers held off on purchasing, especially in Rio Grande do Sul, because of climate issues. I'd like to insist, we do not understand that that's a decrease in revenue, but a delay in the purchasing process, especially in May. As you know, a lot of rain, floods, and that made it difficult to work out in the field. Wheat planting was delayed. They had an expected acreage, which was already smaller, but with that, combined with excessive rains, planting was delayed, and the acreage ended up being planted during a later window, if you will. And that, of course, pushes input usage forward. So inputs that would be consumed in May were pushed to June, July, and so on and so forth. But our expectation now is that demand for inputs will resume previous levels, and we do not anticipate material or effective losses, but as I said, a delay in purchase. In addition to that, we've been seeing quarter-on-quarter for the past years, a drop in the price of inputs in line with a drop in the price of grains. Both grains and inputs have been going down for the past periods. Also, an effect coming from the product mix, especially when you think about adjusted gross profit. As I said, that delay in planting led to a delay in the purchase of inputs that, of course, precedes crop protection purchases, which is a segment which, along with seeds, usually have stronger results. When we look at grains on the second line, we see a different scenario: strong growth quarter-on-quarter, both in revenue and in gross profit. Quarter-on-quarter, as I said, and also in year-to-date numbers as well. Of course, the second quarter is usually impacted by soybean trading or sales. That is exactly the very quarter where soybean harvest is concentrated, especially in the south of Brazil, and that, of course, creates more opportunities for origination and therefore more sales opportunities. Rio Grande do Sul, as you know, had a crop which was much better than last year. There were losses in terms of total production for the whole state, but those were one-off losses in some regions which were specifically affected. But overall, better results than the previous year, and that brought the state production to a very positive level, very significant amounts of soybeans being harvested for this year, when compared to previous year or previous years. So the soybeans originated, as we show on the slide, in the first six months of this year, already exceed the total for the whole of 2023. That shows the strength of our origination, origination operations and the strength of that segment. In addition to an important growth in revenues, also saw an important growth in gross profits, despite the fact that there was a retraction in commodity prices, as we saw, something we've been seeing for the past periods. And lastly, the industry segment, the last line of the slide, without a doubt, our main highlight for the quarter, both in terms of revenue growth... something close to 100% in growth, quarter-on-quarter, 96% and 82% in the first six months. Also in a very strong growth in terms of adjusted gross profit, something close to 200% in year-to-date numbers for the first six months of the year. Of course, there is an effect coming from Mato Grosso, from Vera, which in the first half of last year was not operational yet, and now it is. But combined with good margins and biodiesel, and also allied to our crushing margins, also adjusted to better levels. It's an important figure, so results, as I mentioned, as a highlight for the quarter. Back to what I said earlier on, that is a testament to the strength of our ecosystem, the segments that complement each other and add to the overall result, and providing stability for the company. Next, please. Here, as we've been mentioning, in the last earnings calls, we talk about as the company's SG&A. Strong growth, as we mentioned, we have been highlighting that for the past, past calls. Here we have broken that down across three different groups. For SG&A, we clearly see that the increase is linked directly to logistics. I have a map of Brazil once again to show you, give you an idea of the distance we are from ports, which of course leads to higher logistics costs for the shipping of those goods from Mato Grosso to the ports where we operate. The company sells products, pricing at the port, and the longer the distance, the higher the logistics cost. Which is offset, as I've mentioned before, offset by an increase in gross margins. That logistics is... has to be more than offset, of course, to hit the gross margin, and that's actually happening, right? So we still have, when we compare both quarter-on-quarter and six months on six months, the year 2024, with Mato Grosso fully operational, working at full capacity, and for 2023, both, in the quarter or in the half of the year, still without counting with those numbers. Last year it was small in terms of grains, so we cannot see much difference last year. We'll be able to look at this with better lenses as the year unfolds, especially for the last quarter. Then we'll have real material numbers to compare both fourth quarters, 2023 and 2024, when we'll be able to compare both quarters based on the new Mato Grosso operations. But what I'd like to highlight here on this slide, on this slide, is the items linked to personnel and other expenses. You can see in the first six months, we have been becoming more efficient in terms of growth. The company's strong growth is bringing economies of scale, both in personnel and in other expenses. That's also a highlight I'd like to mention and draw your attention to. It's important when you look at SG&A to have that in mind when we look at a broader picture. We also see on the same slide, the record volume of grains and meal, which of course reflects better numbers when compared to the previous year. Of course, coming also as a reflection of logistics. Next, please. Still in line with what we have been sharing with you, those numbers, and trying to be transparent. That's a point of honor for us, to be transparent when we announce our results. We have, once again, the breakdown of our adjusted EBITDA. As Osório said, a strong growth in revenue, both in the quarter and in the first six months of the year, 58% in the quarter and 53% growth in the first six months. And adjusted EBITDA also seeing a growth, both in the quarter and year- to- date when compared to last year. And we also highlight the financial results relative to hedge and NDF. That's a managerial evaluation that we conduct internally. And because of those results, both in terms of hedge effect and in the NDF, even though they reflect the company's financial numbers, they have a very specific behavior, which is basically operational. It's part of the company's risk management mechanism, and either positive or negative, they are numbers that relate to the operations. That's why we have the adjusted EBITDA, vis-à-vis, NDFs and hedge effects. That one, you can see the growth of 36% in the quarter's EBITDA, moving from BRL 55 million -BRL 75 million, and a growth of 53%, in EBITDA year-to-date for the first six months. Both figures based on the same criteria. Annualized or year-to-date, a growth of BRL 159 million - BRL 243 million, which again shows... The bottom part of the slide shows that the company saw strong growth in revenues and had stable, enjoyed stable margins, which led the final absolute result in adjusted EBITDA, seeing a growth which was in line with the revenue, 53%, from last year to this year in terms of first months of the year. That's an important piece of data, very positive, that shows that the company has been growing strongly in terms of revenue building, and results are, at the very least, in line with that growth. So overall, we see a gain, which is important for the company. I'd like to call Cristiano to join us now to carry on with the presentation and talk about financial numbers. Our specialist in financial numbers. Please, over to you, Cristiano, please. Thank you, João. Good morning, everyone. We'll now shed some light on what we understand to be a very important metric for the company, our adjusted net income. If we look at the column for the year-to-date numbers, we closed the first half of the year with a net income of BRL 302 million, as you can see on the first line. And when reconciled, adjusted net income will be based on the discount of the effect of all the variations of contracts, grains to be forward sold in terms of prices, all of that varies. So we consider the operational adjustment, but the fair adjustment value using all our financial instruments, which are still outstanding. MTM, so we have all our NDFs, which are hedging us from exchange variations, and also income tax, which is calculated based on that amount, which is deferred. So for that calculation, we reconcile our net income in adjusted terms, and we reach the amount of BRL 182 million, BRL 382 million of AVJ, and BRL 307 million of financial MTM, discounting the effect of income tax on that amount. So reconcile at BRL 182 million, [BRL 939 million], which account for an increase of 20%, 20.4% to be exact, when compared to the same period of last year, keeping an adjusted net margin of 3.3% in the year-to-date. The same rationale can be seen for the second quarter, where we see an AVJ of 317, and an effect of mark-to-market of 181, and we discount income tax, we reach a final number of BRL 56 million for the quarter. In our view, the reconciliation of adjusted net income should be done along with the operating AVJ, but with the financial effects. Moving on to the next slide, what we understand to be our financial strength, we show how the company has been getting ready for this moment. We look at the slide on the left-hand side of the slide, the evolution of our net debt, our debt discounted, investments. It's worth mentioning that out of those BRL 511.2 million, we have already accounted for the positive and negative effects of financial instruments, so they suffer the same effect as used for the calculation of net income. In other words, the effect of instrument, financial instruments. We see that the company closes the first half of the year with a net debt, which is lower than that seen last year. When we compare to the company's EBITDA, we see that since 2020, we've seen that number going down, our level of net debt/EBITDA ratio, which is quite a good indicator, very much used by market analysts, that ratio. On the right-hand side, we see an extension of our debt as we prepare to grow and the growth planned by the company. We raised resources by the issuance of debentures that is reflected in the second quarter in our financial statements. Our long-term debt increases, but that growth is long-term growth. The debenture, which was issued successfully in the market in the first week of May, and that shows that the company already has at hand the resources it needs to continue to invest and grow throughout the year. On the next slide, we see the unfolding of our net debt variations throughout the year. We had closed the year basically with a cash level, which was positive at BRL 43 million, and we reached the now the point where we have BRL 511 million net debt. The main driver here of variation is our working capital because of the needs linked to the purchase of grains, seasonality, and the sale of inputs, which was delayed. But within those BRL 504 million, BRL 405 million rather, we have those financial instruments amount, which are marked to market. They... that money is not being dispersed, right? If we bring those BRL 511 million and discount those BRL 207 million, the difference between net debt and financing and cash and investments is to the tune of BRL 304 million, and the remainder is marked to market for financial instruments. So the second main element boosting our growth in our net debt is an investment of BRL 374 million, both in our project for Porto Alegre do Norte and the growth of other stores and the expansion of Vera and Cruz Alta. So the company situation is quite reassuring, quite safe. Planned growth combined with financial planning, placing us at leverage levels which fall within parameters that we believe are very safe for the company. To talk a bit more about the investments, especially in Porto Alegre do Norte, I'd like to turn the floor back over to João Marcelo, our COO. Okay, it's important to highlight now, as we've done before, give you an update on our growth, our investments. It's important to show you, as it was announced late last year, it was announced this new growth cycle for the company, involving the continued expansion, new units, new stores, and also the construction of the ethanol plant in the Araguaia Valley. We have a picture there. We are on time with our schedule, working hard today in land moving and foundations, but moving forward according to schedule. We are quite confident in the right execution or the timely execution of those construction works. And we maintain our prediction that by the end of next year, late last year, next year rather, late 2025, our ethanol plant will be operational. As I said, execution is on time, on track, and we are quite confident in meeting the deadlines. At the same time, we continue to open new stores, new units. And in the quarter, the highlight of the quarter are those four stores listed on this slide: Confresa and São Félix do Araguaia. In the Araguaia Valley, the first two stores, along with Querência, already operational in the valley. The Nova Mutum store are right on the road, the BR-163. Which is also part of our growth strategy along the highway, which is still ongoing, and also the unit of Santo Antônio das Missões in the Rio Grande do Sul, also along the lines of better occupy the territories, also in Rio Grande do Sul, where we understand there is still room to grow. So we are, as I said, we are quite confident in the execution of this new growth cycle. The schedule is, on track, as I said, all within the expected plan, and working hard to grow the company across different geographies. As we've mentioned before, it's important to mention, the personnel front. It's not only building stores, opening new units, expanding the company, the main asset behind that are the people making things happen. The company has been investing heavily on people. I'd like to reiterate that, the gains, the positive results, the growth we've enjoyed was something, the result of the work of our team. We are confident that we have different talented people working for us, a different culture around people. That's why today we have a guest to talk about that with us, our HR officer, Ms. Miziara. I'd like to invite her to speak to us and talk to us a bit more about that front, that arm of the company, which is people, which is so key to the company's results, critical factor for our success. Over to you, Miziara, please. Thank you, João. Good morning, everyone. It is a pleasure to be here with you today, talking to you. So in line with what was said by people, the company's strategy is very much in line with the business strategy of the company in terms of growth, expansion, and very much based on the purpose and on the values of the company. The pillar around people has several items that have helped the company get stronger, and it's all very much in line with a very robust leadership. Strong leaders, of course, leading all the activities. The company's organizational architecture has been shaped to support all that work, all that expansion of the company. Also in line with processes of attracting people in the market, people that bring and add skills to the company. And of course, also, we also work, of course, to retain those professionals with us. Development, training is also a focus of the company through different programs to train and develop and retain people, and our professionals have grown within the company. We have multiplied, if you will, knowledge internally, all of that to leverage all that growth. Of course, we have a safety culture also in place. That's a strong value. Safety is a very strong value for the company, and that strengthens everything we do. And also communication on the top, a very fluid and agile communication process, which support the whole organizational architecture as the company grows. All of that aligned with the overall organizational culture, the company's values that provide support for the whole internal dynamics around HR. So that, in a few words, are the pillars to develop people within the company, and that has helped the company reach current levels. So overall, Luiz, that's what I had. I turn it back to you to continue the presentation. Thank you for your attention so thus far. Thank you, Miziara. Thank you for your input. I think it's clear now. We are coming to the close of the presentation. This is the last slide, and we have now the outlook for 2024, opening new stores in Mato Grosso and Rio Grande do Sul. Our margin recovery in ag inputs are also the target. There was that delay in planting in smaller wheat areas, as I mentioned. In the second half, we expect to reverse that trend. We have actually seen a slow or gradual reversal for the summer crop coming up. Now, biodiesel becoming an important renewable energy source in Brazil, and also, corn ethanol, sugarcane ethanol, also adding to that, and our ecosystem adding value to all of that, and having a more stable price scenario. So we see $9.50 per bushel in Chicago, but Três Tentos is also focused on margins, so we need to be focused on the input costs, on this appreciation of the grains, on better managing costs and expenses. And growers will continue to deliver results, as I said. As I said before, a country which has this natural calling towards agriculture, we can only be positive. I'd like to echo Miziara's words. Thank Miziara, by the way, for leading our HR arm, leading our people. We know the size of the challenge that you have in your hand, but at the same time, I can firmly say that we are increasingly more confident in the company's growth, and we are confident in the leadership across our processes, including HR. Now, we are becoming increasingly more consistent in making us increasingly more confident in the positive results. And we are today taking care of every new store, every nook of the country is receiving attention so that the overall result is positive. Eduardo, back to you now, and we can start perhaps the Q&A, and then I will give my final remarks as we move towards the end. Thank you. We'll now start the Q&A session. Questions can be asked via audio by clicking on the Raise Your Hand icon available on the bottom part of your screen. At this moment, a prompt to unmute your mic will pop up. To send a written question, just click on Q&A and type in your question. Our first question comes from Miss Isabella Simonato from Bank of America. You may carry on, miss. Good morning, everyone. Thank you for taking my questions. I'd like to talk about the store expansion. It caught my attention when you highlight the coverage area, which exceeds the guidance provided in your 2030 expansion plan. I'd like to better understand, how can we see that area coverage and that share? That's my first question. And number two, as we talk about ag inputs, I understand you have mentioned a very robust portfolio, and you expect volume to resume because of seasonality factors, but you also called our attention to the competition. If you could give us some more details about how we can try to understand how profitability will behave going forward. And lastly, looking at the company's overall profitability, the SG&A line, there was the grain input, a small dilution on the input side. Is there room for SG&A as a percentage to slow down from here, from here to the end of the year? Good morning, Isabella. Thank you for your questions. If you agree, I can try and start, but then... But I think three questions can be better addressed by João Marcelo. So we have an addressable market of 19 million hectares. It's larger than we had imagined, but it's because of Araguaia helping us expand on top of the graded pasture area. So Marcelo can explore that, just as inputs and SG&A also vis-a-vis our net income. Okay, over to you. Good morning, Isabella. Thank you for your question. Yeah, the expansion of stores, our addressable area, that has been shaping up as of recent, and at some point, we saw some increase in the opening of stores or a change in location, trying to better occupy those areas. As it was said, that important increase in addressable area is very much linked to the Araguaia Valley expansion. It's also happening along BR-163, the highway, as we occupy other spaces along the highway in Nova Mutum, Rio Verde as well. Those are important and large areas that, of course, add to the overall addressable market. So those reassessments have been based on the opening of new stores, which have led us to anticipate that growth. In terms of market share... that is in tune to our previous pace. We consider new stores to be those three years old or younger, so the first three years they're still gaining market share, the first three years. So we understand that a store needs to cover a period of 10%-15% of market share, 10%-15%, to gain some traction. When that happens, it'll happen between the third and the fifth year of operations. As for your second question about inputs, we understand that the quarter, the quarter was somewhat distorted by those delays in purchases, so that sort of disrupted the effective use and also the mix of products. The expected mix for the quarter never materialized, but our expectation remains steady for the rest of the year. We have a reduction, as I mentioned before, a drop in, in the prices of, of imports, and that somewhat impacts revenues. But we still have market share gains, new stores that are still gaining traction, and that somewhat offset that drop in prices. And in terms of margins, we remain optimistic, especially when we compare to recent years, where there were changes in prices going up, going down, and less regulated inventory levels. Unlike today, where inventory levels are quite leveled, and the market tends to respond accordingly or according to a more adjusted, more leveled situation, and that will happen for the coming quarters. And number three, SG&A. We have the growth in volume in Mato Grosso. It's clear when we compare both quarters, or the first half is a very clear difference. In the first half of last year, we did not have the Mato Grosso operation up and running, so that, of course, reflects now in the positive numbers that we are showing. Our expectation now is that the basis for comparison will improve in the second half, especially for the fourth quarter, when we'll be really able to compare apples and apples. In terms of percent, percentage term and percentage, the company has been gaining scale, has been gaining productivity in SG&A. And in terms of logistics, as I mentioned, I have two different issues: longer distances to be covered, and also logistics have a better share in terms of the price of grain. So cheaper grains inflates logistics expenses because logistics does not drop, as grain prices drop. So if you have cheaper grains, as a percentage, logistics become more expensive. It's not we expect to see going forward, as we see it, but, you know, price is always difficult to predict. But we do not expect to have large drops within the second half of the year. We expect Chicago to resume previous levels. Foreign exchange rates are sort of offsetting that. So I, I believe we'll have more stability going forward in terms of SG&A percentage terms. Thank you. Next question comes from Guilherme Palhares from Santander. Good morning, everyone. Thank you for... I have two questions. If you could talk about the order portfolio, looking at the second half. You've sold in terms of crop protection, especially herbicides, generics, specifically where margins are lower. If you could comment on that, what can we expect looking at Q3? Again, especially in terms of pricing for crop protection, herbicide products. Mm. It would be interesting to know that. Also, if you could comment on seeds. We've seen growers holding off on their orders, but when I look at your inventory, your inventory seems to have high prices for soybeans, higher than grain. If you could comment on that, thank you. Okay. Should I continue? Okay. In terms of the order portfolio, you are correct. This quarter, with this delay in planting, it led to basically the use of herbicides, as you've mentioned. And the generic basis of herbicides are not very profitable, as you said. Of course, we also had important fertilizer deliveries, but in terms of volumes, we had the problems in May with the floods. Anyway, and the expectation now going forward is that in Q3, especially in terms of the wheat crop, we expect to have more products coming in with technology, fungicides specifically, or fungicides, and also, better market for seeds. So that delivery of seeds will now start to happen now in Q3, and it will extend to the fourth quarter. So you understand that the portfolio will bring more added value, both because of the crop protection products characteristics and also because of a higher volume of seeds. And in terms of seeds, the market is late as many areas of Brazil, but the order has been reconfigured, as it were, and seeds are an item that is non-negotiable, right? They can plant with fewer inputs, but not with fewer seeds, right? Seeds are essential, so we are quite reassured as for the seeds market. In terms of values, the Mato Grosso situation is very specific. A relative increase in Mato Grosso as for the overall order portfolio. They work with higher values for seeds in Mato Grosso, higher than in Rio Grande do Sul, because here the company works with higher resale seeds than in Rio Grande do Sul, where 100% of the seeds are our own production. Okay, thank you. Our next question comes from Matheus Haemmerle from UBS. Good morning. Thank you for your time. Congratulations on your numbers. I have a question, a couple of questions. In terms of capital allocation, the company has a very low leverage, continues to generate cash despite high investments. Do we have an ideal leverage range you have in your radar that you would consider fit for the company? If you are below that range, would it make sense to start thinking about a dividend payout mechanism, or to start paying interim dividends next year or even this year? And then two follow-ups. You mentioned that the market is highly competitive. How can we understand the impacts for the company of having a higher competitive market, especially for the second half of the year? Can we expect some pressure on volumes or loss in share? And in terms of the guidance, there was a cut in the guidance for crushing in Mato Grosso for 2025 of 1.2 million tons, down to 1 million tons. Where is that coming from? What is driving that guidance cut? Is it a delay in expansion, or what could be the issue behind that decrease in the crushing capabilities, that reassessment? Thank you. Good morning. Thank you for your questions. I'll start, and then I'll turn it over to João Marcelo and others to help. As for capital allocation and relative to our low leverage levels, we are now going through a period where we're going to grow, I think. Our objective is to continue to grow, to continue to invest, so that we can expand our area. We see many opportunities out there, and our ecosystem, as you know, is poised to make the best of that. It makes sense, so our capital allocation should continue to converge towards those investments and expansion as we start this new growth cycle. That's where we are focused on. But we're also ready that, if other opportunities come up, we'll be able to explore them as well. We had a conversation with the board, 2x, 2 x, 2.5 x the ratio, net debt, net debt, EBITDA ratio. That, that would be the maximum, 2.5x would be the maximum. Even with all those investments, we never reach even the level of 2 x. But, Matheus, our first and foremost objective is to work safely in terms of margins, in terms of solidity, robustness. And we know that growth has been happening very cautiously because we are able to understand the moment really well, the moment for the company, the moment for the country, the moment for the sector as a whole. So that growth for Brazil is not gonna stop. We don't see. We continue... well, we remain confident, but in terms of capital allocation, that's what I had. As for the dividend payout mechanism, for the past two years, we have paid out because the board, the executive suite, and investors reached a consensus of around 10%, and that's what we expect to be doing in the coming periods. As for the market view, very high, very competitive market that we mentioned in our release, we are paying attention to the market. We won't leave that market aside, that market that requires more technology, requires proximity with the grower. And as we understand that the market is becoming increasingly more competitive, we try to be at the forefront, to be the first option for growers, to be there the first to deliver service, deliver connectivity, deliver technology. We want to be the company that will be, as I said, at the forefront, customizing technology and services to growers. So that's the attention we have with our. That's the level of attention we are paying to the competition, to the market. And the competition, of course, is working hard as well. But we will continue to grow, as I see it. Três Tentos remains strong in its commitments. And as for the guidance, we have changed it to be more transparent. We decided we had 13,000 tons at the end of the year in terms of crushing in Vera, Mato Grosso, and we've closed the year having reached something close to 3,000 tons a day. But for 2025, we chose to be sure we could ship that product before we expand to 4,000 tons, which is something we will do, and then 5,000, 5,500. But for 2025, we want to take a step sideways to 3,000 until we can make other changes in terms of logistics, so that we can resume expansion. It was just a side step to make adjustments and keep our transparent approach to things as we always do. Thank you. Maybe João Marcelo could- would like to comment if you can, if you want. As for the guidance, our current capacity is 2,600 tons. We will increase that level to 3,000 until the end of the year, 3,000 tons a day. And as of next year, next year, we will expand further, looking at logistics to, of course, remain competitive as we increase production. And also with an eye at reducing our shutdown times. So the idea is to keep our industries at full steam for as long as possible. The expansion process, of course, sometimes holds growth back. You need to shut down to expand, so that's not the best possible strategy as we see it because of the sequence we have in mind. Mateus, in terms of dividends, just to add, in our bylaws, we have an expectation of 5%. For the past two years, we have been paying out 10%. So the company is today at a level where we have net debt/EBITDA ratio, which is relatively comfortable, if I can say that. But we do have a very large volume of CapEx to be executed both this year and also next year. So our challenge is to continue to grow, to grow our EBITDA, reaching results that the market and our investors expect us to reach. Also, in terms of SG&A, so that we can have our EBITDA growing at the same pace as our sales and so that we can continue to remain in this solid position, so that we can emerge at the other end of our growth plan in very healthy positions, having reached all the objectives we without having compromised our financial results. So that's the strategy of the company going forward, to preserve results at the other end of our plan. Our internal motto is that we continue to be a growth company. So this change in dividend policy might be addressed, but the strategy today is that unless we have some, I don't know, tailwind that would help us in terms of interest rates or something else, a reduction in debt costs, we do not have that clear in our radar now. But unless something like that happens, we should keep that dividend payout policy as is, and that's the same for the rest of the industry as, as I see it. Early on in the year, there was a scenario being designed, that changed, so, which goes to prove that it is important to have the culture we have, this safety culture, this solidity culture, especially vis-à-vis challenging volatile scenarios. Just this observation. Thank you. Next question comes from Pedro Fonseca from XP. Good morning. Thank you. I have two questions about the industry performance around the industry pillar. If you could share with us, we saw an improvement in the margin for industry. If you could break that down in different regions, Mato Grosso and Rio Grande. Because I have the impression that the Rio Grande performance was better because of higher availability of soybeans. Is that the case? And if that makes sense, if there is room for us to expect that that improvement in margins will lead to an upside to be captured by the company. And still about the industry, in terms of orders of magnitude, if you could perhaps quantify how much came from an improvement in biodiesel, meal, or cheaper soybean in Rio Grande, so that we can make better assumptions about the third quarter. And also, you mentioned the arrival at Araguaia new stores. So what are your first impressions from the Araguaia Valley, and the main takeaways from that growth in Mato Grosso that you are now applying as you move to the Vale do Araguaia? And lastly, we saw other expenses of BRL 13 million in the quarter. Some kind of impairment, perhaps if you could better explain that expenses. Thank you. Okay, good morning. Thank you for your question. I was, making notes as you were making your questions. I can address the first one about the industry, and then João Marcelo will address number two in terms of meal, biodiesel, and so on. And as for the Vale do Araguaia question, I can also address, and then Cristiano can talk about expenses. But I'll start by talking about the industry performance. Our three industries are performing really well. Every day at 9:00 A.M., when we receive our daily report from the previous day, we see Cruz Alta, crushing at record levels, Vera and all the others. At Vera, 2.6, 2.7 every day in terms of crushing. That margin is slightly, slightly better in Rio Grande do Sul because of the farmers. The farmers' more traditional attitude of selling in a more staggered fashion, and that makes us have more soybean availability throughout the year till the next crop. Mato Grosso had a slightly lower crop because of drought in the state, so harvest was not as high. That led growers also, as they do traditionally, they sell their products faster. They had forward sold some of that. So until the end of December, we'll have a new crop already on board. So until then, those margins will continue to be like that, and as a consequence, we have a lower margin there. João Marcelo, would you like to pick up now and then address the question about meal and biodiesel, please? I think, Pedro, in terms of margins... I think the improvement is around three basic factors: better margin for biodiesel, especially, and overall numbers. Half of that gain is coming from an improvement in biodiesel margins. The other two factors are improvements in the margins of crushing operations, and also a gain in terms of dilution of costs because of the scale of the operations. We're now working with our three industries at full capacity, so a lot of scale, and of course, allows us to dilute costs more efficiently in terms of expenses, and of course, that reflects on higher profitability. So in terms of margins, I'd say half coming from biodiesel and the other half coming from crushing, and still some coming from that large scale that we have reached across the three industries. I can also talk about the Araguaia Valley, your next question. Our first impressions could not be better. We had been studying that market for some time. It is a market where we have consolidated regions, especially to the south of the valley, and that region to the north, still going through a transition from cattle breeding to agriculture. It's an important transition, not very much unlike of what we have along BR-163, the highway. More consolidated areas to the south, so Rondonópolis, and going to a more transitional areas to the north, out of Alta Floresta, Matupá, and other areas to the north. In the valley, the dynamics is quite similar. So it is a market that already addresses an important area with a very, very interesting growth potential. That's very impressive in terms of acreage as we convert from pasture land to agricultural land, which, as I said, is already in place and should continue to happen as we move forward. Takeaways, learnings, as you mentioned, today, the expansion system, of course, improves as we move forward, as we exercise, if you will, those practices. The opening of new stores, of course, teaches us lessons. People, everything is much more aligned now as we move forward. We have gained experience. People, probably the most important factor, for the expansion. When we started here along BR-163, Três Tentos was a company which was relatively well known here in the local market. Still, with some people questioning, our aggressive stance in terms of business model and performance expectations overall. Today, based on our track record, along BR-163, Vale do Araguaia is already reaping those benefits of us having being better known. People have a higher level of reliability, you know? Those new people coming in are more reassured, more comfortable, and of course, we gain traction with that. People are more willing to engage with our culture, with our propositions. I'd like to add by saying the following: last week, Miziara and myself were at 163 in the Araguaia Valley to reinforce our people front, and we are quite confident that in this region, from the south to the north, we are quite confident that Três Tentos is in place to deliver something different. And why do I say that? That area and that moment, as they convert from cattle breeding to agriculture, that's a moment when farmers need a lot of support, not only in terms of credit, finance, in terms of providing new inputs, but also support around technology, technical services, managerial consultancy, and also in terms of support to selling. We're going to Araguaia Valley now, building units that will originate grains and input resellers and others, only for resellers of inputs, and also a corn mill, which will be receiving seeds, and as a consequence, receiving and working the logistics for soybeans. So that's the support farmers need, and they feel that. When we visited the area a couple of weeks ago, it was quite clear that they have that in mind. They are feeling reassured. They see value in that, in our presence there, and the benefits we are to be- to reap from that. And to your- as for your last questions, for the other expenses, Cristiano, please?... Pedro, our explanatory note number 17 in the release, you have a breakdown of our expenses by nature, and there is a chart saying that one of the elements, when you compare to 2023, you see that our environmental CBIOs assets, and it's in the explanatory note 17, it's all there for your understanding. Great. Thank you. Thank you very much. Next question from Thiago Duarte from BTG. Good morning. I would like to go back to the discussion around volume for inputs. I knew that the company's capacity to originate grains, soybeans in particular, was linked to their retail performance. If you sold more, you would originate more. When you see for the quarter, you see increasing the expectation for origination this year, despite a lower retail volume because of delays in planting and so on and so forth, it gives me the impression that you are quite optimistic in terms of recovering volumes in the second half of the year. So I'd like to understand if I am getting it right, or if you could add a comment about that. Thank you. And I have a second question also about the Araguaia Valley as you arrive in this new area. As for the corn-based ethanol project, do you remain confident in terms of executing that project within that CapEx budget you had originally announced to the market, or is there room for adjustments? Thank you. Hi, Thiago. Thank you for your questions. I think João Marcelo can address both of them. If anything is left over, I can add. Over to you, João Marcelo. Okay, thank you for your questions. As for origination and inputs, in terms of timing, they are not aligned. So there is an important link between those two things you've mentioned in your question, the two segments, retail and seed origination. And origination reflects an important growth in volume, especially for the 2023/2024 crop, which was liquidated during the end of the crop, an important growth that aligned with a quote-unquote "normalization of the crop in the south." That, of course, impacted the volumes. And without a doubt, we have very good expectations as we see things normalizing going forward for the sales of inputs for 2024/2025. Things change quarter-on-quarter sometimes. Maybe later in the year, something new may emerge, but looking at the crop year going forward, we are quite optimistic. You are correct. There is a drop in prices for inputs, which is a fact when compared to last year, when prices had already dropped. This year, I'd say another 20% of drop, but now with a change in the foreign exchange rate, that might change, but still a drop, and that drop will reflect in revenues. But, origination and inputs will complement each other. Três Tentos, we sell inputs to originate grains, and we originate grains to sell inputs, so that, that two-way street remains. As for the Araguaia Valley, the answer is yes, we are keeping the budget. We are quite confident. We have already negotiated an important part of it. We monitor that on a daily basis. And we will maintain our expectations of meeting deadlines and the budget, quite optimistic as well. Thank you. Okay, thank you. Since there are more questions, we now close the Q&A session. I'd like to turn the floor back over to Mr. Luiz Osório Dumoncel for his final comments. Thank you. Just as a final comment, a big thank you to all of you for participating in our earnings call. Once again, I'd like to reinforce our acknowledgement to our partner growers, to our team, giving their best, working hard every day, not every quarter, but every day, working hard. Like, I also, too, appreciate the importance of the people of our team to everything we've been doing, and reinforce our commitment, our confidence in the market, in this industry. We have an important avenue of growth around technologies, around energy, renewable sources, and I'd like to reinforce the level of maturity the company has reached in terms of governance, in terms of progress, processes, controls. That has reassured us in terms of moving forward. We continue to defend this culture of being close to farmers out in the market, out in the field, to understand where the game is played. And that culture is worked around. And we know what's ahead of us. We're now expecting USDA's report from yesterday. Their prediction is to harvest 169 million tons of soybeans in Brazil for 2024-2025, 127 million tons of corn, 2025. We allow the 2024 crop to harvest 9 million tons of wheat in Brazil, and Três Tentos is also selling inputs in an area of about 1 million ha. In other words, we have a lot to do, a lot of work to do, a lot of growth to enjoy, but above all, doing it safely. That's our final message, and that's something that cuts across the company. Três Tentos, the market, our partners, always doing things with transparency and solidity, and we remain here working hard for you. Thank you. Três Tentos' earnings call for Q2 2024 is now over. The company's IR team remains available for questions or comments you may still have. Thank you all for participating, and have a nice day, everyone.