Good morning, ladies and gentlemen. Welcome to the earnings conference call of Tupy S.A. for the Good morning, ladies and gentlemen. Welcome to the earnings conference call of Tupy S.A. for the first quarter of 2025. This conference is being recorded, and the replay can be accessed on the company's website at ri.tupy.com.br. The presentation is also available for download on the IR platform and website. Please be advised that all participants will be in listen-only mode during the presentation, and later we will begin the Q&A session when further instructions will be given. A apresentação está sendo gravada [Foreign language]. This apresentação está sendo gravada [Foreign language]. This presentation is being recorded and translated simultaneously. Translation is available by clicking on the interpretation button. For those listening to the video conference in English, there is the option to mute the original Portuguese audio by clicking on "Mute Original Audio." Before proceeding, I would like to enforce that forward-looking statements are based on the beliefs and assumptions of Tupy's management and on information currently available to the company. Such statements may involve risks and uncertainties, as they refer to future events and therefore depend on circumstances that may or may not occur. Investors, analysts, and journalists should take into account that events related to the macroeconomic environment, the industry, and other factors may cause results to differ materially from those expressed in such forward-looking statements. Estão presentes [Foreign language]. The following executives are present at this conference call: Rafael Lucchesi, CEO; Rodrigo Périco, CFO; Ricardo Fioramonte, Vice President of Sales; Gueitiro Genso, Vice President of New Business and Innovation and IRO; and the Tupy Investor Relations Team. Now I would like to give the floor to Mr. Lucchesi, who will start the presentation. Bom dia e obrigado [Foreign language]. Good morning, and thank you for participating in this conference call. In the beginning of the year, it was marked by a scenario of uncertainty and reduced demand, reflecting the trade tariffs imposed by the United States, with significant impacts on global economic activity. This adverse environment is expected to persist throughout the second quarter, maintaining pressure on the commercial vehicles market. As a result, transport companies continue to postpone the renewal of their fleets, waiting for more consistent signs of economic recovery and a more favorable outlook for freight prices, factors that continue to limit demand in the sector. We are executing, with focus and discipline, the necessary actions to make the company more efficient and prepared for this new cycle. Cost reduction, increased operational flexibility, and careful allocation of funds are already beginning to be reflected in our results, partially offsetting the effect of the drop in volumes. We remain firm in rebuilding margins and generating consistent returns, with a leaner and more resilient structure to capture the opportunities of recovery. Tupy's fundamentals remain solid, supported by a diversified portfolio and operations in sectors that are critical to infrastructure and mobility. We remain dedicated to executing our strategic agenda, advancing in capturing new contracts, in technological differentiation of our products, and in the expansion in markets where our competencies generate superior value. I now hand over to Rodrigo, our CFO, who will comment on the first quarter results. Good morning, everyone. Revenues fell by 4% compared to the same period of the previous year, reaching BRL 2.5 billion, as follows: 42% originated in South and Central America, 39% in North America, 16% in Europe, and the remaining 3% in Asia, Africa, and Oceania. In the composition of revenue, 85% originated from structural components and manufacturing contract segment, which includes cast iron products and high-value-added services such as machining and component assembly. 8% came from distribution, which includes the sale of MWM spare parts and hydraulic products. The energy and decarbonization segment accounted for 7% of revenue, with emphasis on generator sets, self-manufactured engines, marine applications, lighting towers, products, and services related to decarbonization. On the next slide, in the domestic market, revenues from the structural components manufacturing contracts were impacted by the drop in sales for commercial vehicles, resulting from the lower volume of indirect exports, partially offset by increasing sales of off-road applications. Revenues from the foreign market fell due to lower demand for commercial vehicles, mainly in the United States, a reflection of uncertainties about the macroeconomic scenario that caused potential buyers to postpone the acquisition of equipment. Products with higher added value accounted for 40% of this unit. Continuing, we highlight the distribution unit, which includes spare parts and hydraulic products. Sales from this unit accounted for 16% of domestic market revenue, up 25%, driven by growth in the spare parts unit. In the foreign market, sales fell by 14%. In both markets, performance was impacted by lower demand for hydraulic products, resulting from the economic scenario. On the next slide, we have the performance of the energy and decarbonization unit, a segment that includes generator sets, in-house manufactured engines, maritime applications, lighting towers, and products and services related to decarbonization. The segment recorded a 7% increase in Brazil, driven by strong growth in sales of generator sets. On the other hand, the drop in sales of in-house manufactured engines, influenced by performance of agribusiness, negatively impacted the unit's results in the domestic and foreign markets. This unit accounted for 14% of domestic market revenue and 2% of foreign market revenue. Continuing the presentation, there was a 1% reduction in the cost of products sold. This result was achieved despite the negative impacts of the drop in volume and inflation of labor and services, which were offset by cost reduction initiatives, productivity gains, and the devaluation of the Mexican peso. Operating expenses fell by 6% compared to the first quarter of 2024, mainly due to the reduction in freight costs and efficiency gains. Next, we highlight at the top of the adjusted EBITDA, which totaled BRL 247 million in the first quarter of 2025. The quarter's result reflected the drop in sales volumes and inflationary pressure, impacts that were partially offset by gains in operational efficiency and negotiations with customers and suppliers, resulting in a margin of 10%. Year-on-year, performance was influenced by non-recurring effects in 2024, such as insurance reimbursement and price adjustments. We continue to capture synergies from acquisitions, with results above expectations set out in the business plan. Initiatives to reduce and pass on costs, combined with contractual renegotiations with customers and suppliers, were key to mitigate the effects of falling volumes and inflation on services and labor. In the graph below, we highlight the net profit performance. In the first quarter of 2025, the result was impacted by the exchange rate variation, effect on balance sheet accounts in foreign currency, and the appreciation of Mexican peso on the tax base. Moving on to the financial result for the period, the increase in financial expenses was mainly influenced by the greater disbursement of interest and depreciation of the real against the dollar, which increased the provision for interest on debts linked to the corporate bond. On the other hand, financial revenues totaled BRL 34 million, exceeding the amount recorded in the same period of the previous year, driven by increasing interest rates and financial investments. In the result with exchange rate variations, we recorded an expense of BRL 48 million, explained by two main factors: negative variations of BRL 62 million, resulting from appreciation of the real on balance sheet accounts in foreign currency, and positive result from hedge operations, with the revenue of BRL 14 million, of which BRL 22 million was marked to market and gains and expense of BRL 8 million with cash impact. Below, we have the variations of the main working capital accounts, using fourth quarter of 2024 as a basis for comparison. Accounts receivable balance increased by BRL 191 million in the period, increasing the average collection period by seven days. This movement was mainly influenced by the seasonality of the period, with a greater concentration of sales at the end of the period. Inventories, there was a reduction of BRL 63 million, reflecting appreciation of the dollar and advances in operational flexibility projects, including reallocation of products between production units. In accounts payable, we highlight the progress in management initiatives with suppliers, which contributed to extend the average period by eight days. On the next slide, we present the operating cash generation for the period, which reached BRL 68 million. Seasonally, the first quarter is characterized by operating cash burn. Working capital management initiatives led to a four-day drop in the cash conversion cycle compared to the fourth quarter of 2024. MWM's business model, characterized by high cash generation and return on invested capital, also contributed to the period's results. Finally, net debt at the end of the first quarter of 2025 was BRL 2.5 billion, corresponding to twice the adjusted EBITDA of the last 12 months. Foreign currency obligations accounted for 62% of the debt. Cash, 59%, was denominated in foreign currency. Thus, we ended March 2025 with a cash position of BRL 1.8 billion. I hand over to Ricardo, Vice President of Sales. Good morning, and thank you for attending the call. As Rodrigo mentioned, the uncertainties related to tariffs and their impacts on the global economy have affected activity in some sectors that are important to us. This scenario is already reflected in the performance of our clients, who are relevant players in the transport, infrastructure, and agriculture sectors, whose recent quarterly results indicate revenue drops between 3% and 30%. In the United States, we are mainly concerned about the deterioration of several economic and sectoral indicators, such as the drop in consumer confidence indexes and the drop in freight costs observed since the end of 2024. With that, as our customers in the commercial vehicle segment have already announced, truck sales suffered a significant decline in the first quarter of the year as a result of the wait-and-see stance on the part of large fleet operators. With the agreement between the United States and China to temporarily reduce tariffs, it's possible that activity in the sector will show some recovery over the next few months. In Europe, where several countries entered in the interest rate reduction cycle, performance in the segment will be less impacted, with several of our clients revising their projections for the year upwards. Additionally, greater willingness of major European economies to strengthen fiscal policies and the prospects of the end of the war in Ukraine could boost investment in infrastructure, benefiting the off-road segment. We also expect positive impacts on our indirect exports carried out by customers based in Brazil. In the off-road segment, stock normalization movement had a negative impact on sales during 2024. However, our stocks are in the chain adjusted. We can already see that our customers' activity is beginning to reflect demand at the end, benefiting our portfolios. Among the regions where we operate, Brazil had the best performance at the beginning of the year. Truck production grew 4% in the first four months of the year compared to the same period of last year. However, we expect to see some impact from rising interest rates. In the machining machine market, ABMAC [guess] projects growth of 8% this year. Despite short-term uncertainties, we continue to execute our strategy rigorously and are optimistic about the future. Even in markets where we observe a drop in volumes in the first quarter, we know that demand only shifts to future periods. We have signed contracts to supply blocks and heads for the next generation of engines for several heavy truck manufacturers in the United States and Brazil, also including machining and assembly services. These projects will go into production in the second half of this year, boosting sales volumes and revenue. It is worth highlighting that our clients in Brazil and Mexico are important attributes of value to our customers, which uniquely position us to meet the growing demand for localization and outsourcing services, trends that are increasingly relevant in our industry. Finally, the light commercial vehicle segment from the second half of the year, we expect an increasing demand for blocks produced by Tupy in Mexico for use in one of our best-selling pickup trucks in the North American market. Although uncertainties still require a cautious stance on our part, we view agreement between the United States and China to reduce tariffs positively. Even though the agreement is temporary, the reduction intention should have a positive impact on the sentiment of sectors in which we operate. Now, I hand over to Gueitiro. Thank you, Ricardo. When we talk about new businesses, we're dealing with operations that present different levels of maturity. In some segments, we have a consolidated position. We are the most recognized engine brand in the country, which also drives spare parts business. We are leaders in the generator set market, offering energy security and options with a lower level of environmental impact. Other businesses are newer and are in intermediate or early stages. Here, we apply our expertise in engines, biofuels, and circular economy to projects focused on energy for promoting efficiency and feasible decarbonization. What these segments have in common is a high growth potential and profitability higher than traditional businesses. Some of these initiatives still generate costs without immediate revenue. Even so, we have expanded our margins due to economies of scale and the implementation of several operational efficiency actions. On the next slide, I bring an update on the diesel engine spare parts segment, focusing on applications for heavy vehicles. The addressable market in Brazil is approximately BRL 4 billion, and we currently have a 10% share, approximately, with expectations of significant growth in coming years. We rely on the strength of the MWM brand and a robust pipeline of launches. There will be more than 1,000 new items in 2025, mainly parts for engines from other brands and for our line of options. These products offer excellent value for money, especially for vehicles with longer usage times, such as the case with the Brazilian truck fleet. Other important levers include opportunities for cross-selling, meeting replacement demands for both the traditional business and marine engines, generators, and biofuels, in addition to expanding sales to markets such as the U.S. and Argentina. Revenue in this business unit grew 30% compared to the previous year, reaching the highest revenue in its history in March. The EBITDA margin, in turn, remains between 25%-30%. Next, I talk about the generator set segment, which we started offering in 2019 and in which we became national leaders in a few years. Revenues grew 25% year- on- year, driven primarily by a mix of more favorable products. The EBITDA margin, which was 7% in 2024, has reached double- digits, reflecting efficiency gains in manufacturing. The demand for energy stability continues to rise, covering urban centers, applications off-road, data centers, and agribusiness. Our strategy includes expanding the portfolio for these markets, increasing exports, and launching a lower cost line. On the next slide, I present our solutions for the marine segment. We offer onboard engines and generators specifically designed for work vessels, which operate up to 20x more than leisure vessels and require robust and reliable solutions. This is an addressable market of approximately BRL 20 billion. We recently delivered the first marine engine unit for passenger ferries on the coast of São Paulo. The partnership with the Waterway Department for the State Secretariat for the Environment, Infrastructure and Logistics foresees the delivery of over 50 engines by the end of 2025. On the next slide, we highlight opportunities in agribusiness, where we have strong brands and a complete portfolio of products and services. We are the only player to offer complete solutions with the technical skills necessary to promote the viable decarbonization of the sector and increase productivity, essential to serve markets such as animal protein, which is expected to grow 24% by 2033. As I mentioned last week, our solutions with biomethane engines, generators, motor pumps, and ethanol engines were highlighted in every show, with sales and prospecting results above expectations, the best among all the editions we participated in. Our market goes beyond agribusiness. We are in advanced talk with urban transport, bus, and waste collection companies. These sectors represent an addressable market of 180,000 vehicles for our solutions with natural gas, biomethane, and ethanol engines. Several states and municipalities, in addition to the federal government, have encouraged investments in the adoption of these fuels. These are solutions for viable decarbonization. They do not depend on public subsidies and are technically and economically superior to other technological routes. Thank you all for your attention, and let's move on to the Q&A session. Iniciaremos agora a sessão de [Foreign language] Q&A session for panelists and investors. If you want to ask a question, please click on raise hand. If your question is answered, you can leave the queue by clicking on lower hand. Our first question is from Gabriel Rezende, from Itaú BBA. Oi, pessoal, bom dia [Foreign language]. Hello, good morning. Vocês tocaram aí bastante na apresentação sobre a expectativa para [Foreign language] the expectation for the second quarter for the foreign market and domestic market, showing the change in the scenario that we've seen. I would just like to confirm that this slowdown in tariff disputes should lead to a better scenario. The second quarter is mostly similar to this first quarter. You mentioned the interest rates in the domestic market, but if you could also talk about the car manufacturers and engine manufacturers, you know, the OEM manufacturers with the peak of interest rates that also impacts on credit facilities and investment decisions by end users, which impacts the automotive industry and therefore Tupy. Thank you. Obrigado [Foreign language]. Obrigado [Foreign language], Gabriel. Ricardo Fioramonte falando. Thank you, Gabriel. This is Ricardo Fioramonte. About your first question, the simple answer is yes. We expect the behavior in the second quarter similar to the first quarter, especially in the U.S. market. Regarding Brazil, as mentioned during this conference call, we see an impact in our customers' activities and mostly we attribute such impact to high interest rates. As Gueitiro said, we have the best agri show in history, showing that the agribusiness industry is resuming its activities and it boosts the purchase of trucks. That is a positive side for the industry. This is Gueitiro speaking, Gabriel. I would like to add a comment on the domestic market. We have a strategy of diversification of our revenues. We have MWM and the aftermarket and distribution. We noticed that, as we have shown, the market, we are making the most of the market's opportunities. This is a business unit that has grown 30% a year, and it delivers EBITDA margin above 20%. Despite this domestic scenario with high interest rates, we continue to pursue our strategy to diversify the portfolio and to be present in industries and units that are anti-cyclical in terms of economic growth. Okay, thank you. That is very clear. Nossa próxima pergunta vem daqui a mais [Foreign language]. Our next question comes from Fernanda Urbano from XP. Bom dia, pessoal. Obrigada pela resposta [Foreign language]. Good morning. Thank you for the questions. I have two questions. Enfim, vocês já exploraram bastante esse tema [Foreign language]. You have talked a lot about the uncertainties of the scenario due to tariffs, but just a follow-up on the potential volumes on the heavy-duty vehicles industry given this scenario. You mentioned that some customers are postponing the renewal of their fleets. How have the negotiations been with these customers? Do you notice any difference in sentiment from customers of heavy-duty industry or vehicles in the U.S. and Europe? The second question is, I understand Tupy has some idle capacity currently. What do you expect? How do you expect these to happen? Are you going to plan to use that idle capacity with new contracts or to continue to operate with idle capacity given the current market scenario? Thank you, Fernanda. Ao mercado de veículos comerciais [Foreign language]. This is Ricardo again. I'll start answering your question about the commercial vehicles in the U.S. The damage is done, and this first quarter shows that buyers, as mentioned here, are very cautious. They're waiting to see what will happen, and this will certainly continue during this quarter. If we look at the outlooks and projections disclosed for our customers, all of them talk about a market slowdown for 2025, a market of 275,000 trucks Class eight this year compared to 310,000 last year. That's a two-digit growth, I'm sorry, two-digit drop as of now. As mentioned in the previous call, a potential pre-buy would decrease this drop and favor activity of this industry, but that's no longer in the horizon. Despite the performance of the market, we have several new projects becoming operational in the second half of the year. Customers are also starting to operate with engines that were no longer being manufactured and that have engine blocks manufactured by us. The market will drop, you know, the performance will be worse than last year, but we do have actions to mitigate this situation. Now, Fernanda, adding on what Ricardo said, we are, this is Rafael Lucchesi speaking, we are facing a very challenging scenario, a global slowdown in demand. We are part of a B2B OEM chain in which our operations are part of that chain with a smaller reduction when you consider market average. And why is that? Because of our capacity of resilience and our operational flexibility, both among plants. We are located in the U.S. We have two plants in Mexico, and we are also in Brazil and Portugal. With that, we have a certain flexibility to maintain our operation at a more adequate level. In the plants, we also have some flexibility among plants, which allows us to optimize processes and reduce costs. As you very well said, we did the acquisition. We have some idle capacity, and that is part of our strategy of the company to progressively use our assets. These are strategic valuable assets, such as we have in Mexico, and we have a very important positioning for the strategic market, which is the United States. We have an agenda that aims to optimize such assets in order to obtain the best performance for the company. This first quarter shows that we had a huge resilience capacity faced with all the data that are being announced by the companies, both in Brazil and globally. These are publicly available information showing how much Tupy is being able to operate with resilience and a very focused strategy for adaptation. As Gueitiro mentioned, we are capturing opportunities for new businesses in the green economy, energy transition, and sustainability, with very attractive offerings, showing our diversification strategy in the B2C segment, where we have a solid market positioning, our own brand, and very attractive modules for our investors. This is Gueitiro, Fernanda. I would also like to add on your second question. Our operational efficiency agenda and capacity optimization remain strong, even stronger in the current environment where the demand from our customers is uncertain. On one hand, we are doing our homework, optimizing our structure and capturing the flexibility of plants. Also, on the other hand, new contracts that are being negotiated and which are not generating revenue yet, they are based on new terms. Based on this strategy on flexibility and on our differentiation of having plants present in every continent. That's very clear. Thank you, and have a good day. Our next question comes from André Mazini from Citi. Olá, Rafael, Rodrigo, Ricardo. Bem-vindo. [Foreign language] Rafael, Rodrigo, and Ricardo, welcome Rafael. I think this is your first conference call. So welcome. I have two questions. First is about the paragraph you add in the letter from management, saying that in the light vehicle segment you expect an increase in demand in the second half of the year for most popular engines in Brazil. If you could give some disclosure of the OEM that will ramp up or what the model, do you have any visibility on that? How could we expect that to ramp up in the second half of the year? The second question is a follow-up on you just answered about idle capacity in Mexico and Brazil. If you could have some color, give us some color, maybe a rate like 50%-60% of maximum capacity, is that what we should think about? When that idle capacity is reduced, it is positive for margin. Because a plant that has more production and less idle capacity makes a more positive effect on the margin. Thank you. Okay, this is Ricardo, and I'll answer the first part of your question. Just a brief clarification first. This opportunity you mentioned is not in Brazil, it is in the United States. It's about an engine that used to equip pickup trucks that are one of the leading trucks in the U.S. market, and there was discontinued in the end of 2023. Now, given the demand from consumers, these OEMs decided to bring this engine back. We started supplying in the second quarter, and the product will be available in the market. It's a V8 engine; it will be in the market for sale in the second half of this year, but we cannot disclose the model or the customer name because we have signed a confidentiality agreement. That's a product that used to be sold in the past, and it will be sold as of the second half of this year again in the U.S. You are correct, the process of restructuring of our production capacity is ongoing. That is the message the company always gives in its conference calls, and our efforts are dedicated to optimize each plant, which reflects the context we have given the U.S. MCA in Mexico. As the volume starts to return, the company is much lighter and more efficient. This is a work to rebuild margins. Often that is not so clearly seen in earnings release because we have a drop in volume, reduction in production, but in-house we are always with ongoing efforts. We have made investments and expenses which translate into better earnings than 150 that was mentioned in the previous call. Okay, perfect. Thank you, team. Have a good day. Our next question comes from Gabriel Frazão from Bank of America. Good morning. Thank you for the opportunity to ask a question. My question is about the revenue from structural components in the domestic market as it applies to vehicles. We see it dropping 7% year- on- year, despite the fact that light and heavy vehicles production has grown in the period. If you could comment on which segments had a lower performance this quarter, and if you expected this mismatch to be smaller from now on. Hello, Gabriel. Thank you for the question. The simple answer in this case is indirect exports. The product that we provide to our customers in Brazil and that are exported by our customers. Due to the drop in European and U.S. markets, especially in commercial vehicles, part of the volume we produce in Brazil was directly impacted. That explains this variation. As the figures show, they are pretty much in line with what happened abroad. Okay, that's clear. Thank you. Our next question comes from Ms. Andressa Varoto da UBS. Por favor, Ms. Andressa, pode prosseguir. [Foreign language] Our next question comes from Andressa Varotto from UBS. Good morning. Thank you for the question. I have two questions. First, regarding margins journey, we see a sequential drop in the gross margin, although we have had some previous quarters with lower volumes. E também iniciativas de eficiência. [Foreign language] Since you have distribution increasing and also efficiency improving, my question is, there was an acceleration in the drop in volume this quarter when compared to the fourth quarter and the third quarter of last year. Was there any seasonal effect or a more specific impact of cost, and how do you see that going forward? The second question is about the foreign market and expected recovery. I know you have addressed the rebuy that was expected. We saw some comments from the U.S. President possibly revoking or changing the regulation of issues that would be made in 2027. How have your customers positioned themselves regarding that, although we still have a lot of time for that to be decided upon? Hello, Van essa. This is Rodrigo speaking. In fact, there was a reduction in the gross margin quarter- on- quarter, also a reduction on the EBITDA margin. It's important to highlight that when we compare the first quarter of 2024 with the first quarter of 2025, there was a drop, but there were some external factors and unusual factors that contribute to that. The company is more resilient. Of course, we have inflation in materials, energy, the workers' compensation agreement that has a rise, collective agreement. What happens is that we know that there are some adjustments to agreements, but they don't happen all at the same time in the same period. First, the company undergoes this process, and then following that, it makes the adjustments. Vanessa, I'll answer your second question about the pre-buy. Start by saying that three or four months ago, several of our clients indicated in their outlooks and even in their orders for our products an increase in activity in the second half of this year given the pre-buy. This increase is no longer expected, so the pre-buy is no longer a reality. Part of that comes from uncertainties in the legislation of EPA 27 and also uncertainty on the economic fundamentals as a whole. The fact is that the pre-buy is no longer in the horizon. Muito obrigada. [Foreign language] Okay, that's clear. Thank you very much. Our next question comes from Marcelo Motta from JP Morgan. Bom dia, duas perguntas também. [Foreign language] Good morning. I have two questions. If you could comment on the aftermarket, you talked about a 30% growth in the strongest margin. I would like to understand what you would be able to do to accelerate that even further. You said something about additional products, so how is that line evolving? Also, decarbonization, I would like to have some more detail on how that line could grow in time. The idea is to understand how to offset this weakness we have seen in structural components that is likely to last during this year. Maybe these other lines could partially offset revenues and margins. Okay, this is Gueitiro. Marcelo, thank you for the question. The priority and strategy for the aftermarket line is to continue to benefit from our strong brand and distribution network for these parts for MWM brand and increase the portfolio of products that have a higher value added related to engines. This is not new as a strategy. It has been executed, and the figures show that we're growing at the rate of 30%. We are accelerating this strategy to include a larger number of parts for several engines available that our customers need. This is part of revenue diversification, anti-cyclical, and with higher margins. We are very optimistic about that sector, that segment, both in services and products. I thank you for your second question because it's well related to the first one. Also in the business of engine building and decarbonization, we are very happy because in this last quarter, this is an area that we made expenses and expenditures to build. An example is the ethanol fuel engine that we took to the agri show, already installed in a tractor. This segment starts to generate revenue with real base cases. We'll start the rollout of this engine for tractors of that category. Our plant to produce the biomethane and biofuel engines will be operating at full speed. That could be applied not only in agribusiness, but also to urban transport. Several projects will start to generate revenue now. To wrap up, I like because your question allows me to tell how these two things are related. As we apply these new engines to decarbonization solutions, I increase the aftermarket because these engines will need spare parts all over Brazil. This is a new business that we're absolutely sure that in the next months will describe its growth to you. Okay, perfect. Thank you very much. Our next question comes from Werner Muller, from Trígono Capital. Senhor Werner, seu microfone já está liberado.[Foriegn language] Mr. Werner, your microphone is open. Boas-vindas ao Rafael Lucchesi [Foreign language]. Welcome to Rafael Lucchesi. I wish you success in your new role. Could you give me an update on the new plans project? Three agreements were announced in the past, and there are these new contracts when they will start to generate revenue. Also the need for batteries. How is that? Is there an outlook of starting to produce or maybe in a pilot plant? Thank you. Hi, Werner. Thank you for your question. This is also a new business that in the last quarters used up our energy and our funds for us to build a bio plant concept. We have three projects announced. First, in Toledo with Rimac [guess]. It is a mature project. Both the biomethane and organic mineral plant are ready. We spent this quarter pursuing the licenses to operate. We have obtained the operational license, also with the permit from the fire department. We are now waiting for the new license from the Ministry of Agriculture. This is the plant that was a case in order to gain scale in this business. The other two in Divinópolis are also in the construction phase, and the equipment and civil works are undergoing. Our learning curve in the first biofuel plant will allow us to accelerate this growth. The third one is Ceará. Our learning curve will also allow us to expedite this project. It is very likely that in the second half, we will start billing or generating revenue from the segment as soon as we receive the license. As for recycling of batteries, which is an innovation project by Tupy Tech, we are now building the pilot plant that will operate within IPT. In addition to validating this technology on a high-scale basis, we are signing a memorandum of understanding with several international players so that as soon as this project is validated in the pilot plant, we can agree on a higher scale. Okay, thank you, Gueitiro, for your updates. Yeah, Brazil is a leader in the segment, and the prospect of improving the sustainability area is also very important. Thank you very much for your answer. Our next question comes from John Silva. He says, with regards to ultra-light iron, could you give us an update? Are there negotiations ongoing with any OEM? Right now, no commercial negotiation is ongoing. We are still in the technical research phase with two important manufacturers in Brazil, with a good prospect to positively prove the proof of concept. Right now, our activities are limited to technical development. This is Gueitiro speaking now, John, adding to Ricardo's answer. Together with the research and development areas of OEM companies, we are discussing the alloys, the properties of this material. We have not reached the commercial phase, but from the research and development point of view, we are very excited because, of course, there is pressure looking at F1 and F2. All the companies are trying to reduce their carbon footprint. Based on this alloy, our product has great potential to help reduce costs, but also help reduce carbon footprint. This is a project that takes time because it is an engineering solution project, but we still believe that it has very good potential. That would mean the company is starting to produce components in a segment that is different from the one we currently operate in. The Q&A session has now ended. I would like to turn the floor over to Mr. Lucchesi for his final remarks. Thank you all very much. This is my second conference call. I would like to thank you all for your participation. Given the scenario that we presented, the operational efficiency agenda becomes even more strategic for the company. We are advancing in critical areas of the business, such as engineering, quality, and inventory management, with initiatives that will provide structural gains and positive impact on margins as the volumes return. That was clearly discussed and presented today. I reaffirm my commitment and the whole team's commitment to execute this strategy with discipline. We'll continue to increase our participation and share in relevant markets in Brazil and abroad, always focusing on adding value to our business and strengthening our leadership and competitiveness. In addition, our competence in engineering and biofuels added to the strength of our brand has diversified our portfolio in segments with high potential. Gueitiro gave a broad proof that the essence of MWM and Tupy is being an engineering company in which innovation is a pillar. This combination reinforces our capacity to adapt and capture opportunity despite a challenging environment such as that faced in the first quarter. We remain confident in the direction of our plan. Thank you very much, and see you in the next conference call. A conferência da Tupy está encerrada [Foreign language]. The conference call of Tupy has now ended. We thank you all for attending and wish you a good day.