Good morning ladies and gentlemen. You are most welcome to Ultrapar's 3Q 2022 earnings presentation. We are broadcasting on the net and can be accessed at ri.ultra.com.br. The presentation will be conducted by Mr. Rodrigo Pizzinatto, Ultrapar's Chief Financial and Investor Relations Officer. In the Q&A session, we will have the presence of Mr. Marcos Lutz, Ultrapar's CEO, and the CEOs of the businesses, Mr. Tabajara Bertelli, Décio Amaral, Leonardo Linden as well. We would like to inform you that this event is being recorded and all participants will be in listen-only mode during the company's presentation. After Ultrapar's remarks are completed, there will be a Q&A session. At that time, further instructions will be given. Should any participant need assistance during this call, please press asterisk zero to reach the operator. We remind you that questions which will be answered during the Q&A session may be posted in advance in the webcast. A replay of this call will be available for seven days. Before proceeding, let me mention that forward-looking statements are being made under the safe harbor of the Securities Litigation Reform Act of 1996. Forward-looking statements are based on the beliefs and assumptions of Ultrapar management and on information currently available to the company. They involve risks, uncertainties and assumptions because they relate to future events. Therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions, and other operating factors could also affect the future results of Ultrapar and could cause results to differ materially from those expressed in such forward-looking statements. Now, I'll turn the conference over to Mr. Rodrigo Pizzinatto, who will begin the conference. Mr. Pizzinatto, you have the floor. Good morning, everyone. It is a pleasure to be here once more to talk about Ultrapar's results. Starting off with slide two, I want to highlight an important topic on the earnings report that relates to our divestments. Due to the signing of the sale agreements of Oxiteno and Extrafarma, we have presented the results from these two companies as discontinued operations in our financial statements since the end of 2021. With the sale of Oxiteno on April 1st and of Extrafarma on August 1st, their respective results are no longer comprised in Ultrapar's results as of their respective closing dates. In this regard, we highlight that Ultrapar's discontinued operations in this third quarter only consider the results of Extrafarma for the month of July. From the fourth quarter onwards, our results will only reflect continuing operations. At this moment, both the earnings release and this presentation consider the company's pro forma consolidated information. That is, Ultrapar's data comprises the sum of continuing and discontinued operations. Well, now moving forward to slide three, with Ultrapar's consolidated results for the third quarter of 2022. As you can see in the chart in the upper left side, our recurring EBITDA from continuing operations totaled BRL 890 million in the third quarter of 2022, 50% higher than that of the third quarter of 2021, driven by improved results from the three businesses. Ultrapar's net income in the third quarter was BRL 83 million, BRL 292 million lower than the net income of the third quarter of 2021. Mainly due to one-off effects which affected the results from both quarters. In the third quarter of 2021, we had the positive effect of income tax reversion over monetary adjustment for tax credits in the amount of BRL 196 million, which I remind you that occurred due to a favorable decision from the Brazilian Supreme Court in that quarter. In the third quarter of 2022, we had two negative effects. The first relates to closing adjustments from the sales of Oxiteno and Extrafarma in the amount of BRL 75 million. The second relates to the mark to market of hedges in the amount of BRL 40 million. These effects were partially offset by the higher EBITDA from the continuing operations. Investments from continuing operations totaled BRL 524 million in the third quarter of 2022, 23% higher than that of the third quarter of 2021, mainly due to higher investments in Ipiranga. I want to highlight that the Board of Directors has approved an additional investment of BRL 265 million for Ipiranga this year. In addition to the investment plan for the year 2022 that we have already disclosed, driven mainly by more opportunities to brand new service stations. We registered in this quarter cash generation from operations of BRL 1.3 billion, compared to BRL 604 million in the third quarter of 2021. The higher cash generation resulted from working capital cash release on the back of few price reductions during the third quarter of 2022, as well as inventory management, despite the lower EBITDA, as in the third quarter of 2021 included the results from Oxiteno and Extrafarma. Moving now to the slide number four to talk about our liability management. We ended the quarter with a net debt of BRL 7.4 billion, a reduction of BRL 725 million compared to the net debt of June 2022. The reduction's mainly explained by the closing of the sale of Extrafarma in August, which resulted in the receipt of BRL 372 million related to the first installment and the outflow of leasing obligations that was consolidated within our net debt of BRL 380 million, in addition to the working capital cash release I just mentioned. These two effects were partially offset by the payment of interest on equity that we made in August. Our leverage decreased from 2.2x in June 2022 to 1.9x in September 2022 on the back of the net debt reduction and the EBITDA growth from continuing operations. I'd like to point out that the numbers of net debt of the third quarter of 2022 do not include pending receivables of BRL 1.1 billion related to the sales of Oxiteno and Extrafarma, as you can see in the accounts receivables of our balance sheet. Should they be considered, our leverage would be 1.6x net debt to EBITDA in the third quarter of 2022. The average cost of our debt went from CDI + 1.3% in the first nine months of 2021 to CDI + 0.5% in 2022 due to the extensive review of the debt and financial investment profiles that we have carried out in the last two years. Now moving on to slide five to talk about another great quarter of Ultragaz. The volume of LPG sold in this third quarter was 1% lower year-over-year due to a 3% reduction in the bottled segment on the back of lower market demand. The bulk segment, on the other hand, grew by 5% with higher sales of special gases into the commercial and service segments. Ultragaz' SG&A in the third quarter of 2022 was 20% higher than that of the third quarter of 2021 due to higher expenses with personnel, mainly collective bargaining agreements and variable compensation aligned with the progressions of the results, along with higher expenses with sales commissions. Ultragaz' EBITDA reached a record level of BRL 332 million, a strong 51% growth year-over-year. This growth is mainly explained by better margins due to efficiency and productivity initiatives implemented in the last month and better sales mix, the inflation pass-through effect, partially offset by higher expenses. For this fourth quarter, we expect results to be similar to that of the third quarter, despite seasonally lower volumes. Moving on to the next slide number six, to talk about one more quarter of record results of Ultracargo. The company's average tankage capacity was 955,000 cu m in the third quarter of 2022, a 9% growth year-over-year on the back of the startup of operations of the Vila do Conde terminal in December 2021 and the tankage capacity expansions implemented in the Itaqui terminal over the last 12 months. Ultracargo's net revenues totaled BRL 225 million in the third quarter of 2022, 26% higher than that of the third quarter of 2021, led by contractual readjustments and by higher cubic meters sold due to capacity expansions. Combined costs and expenses were 18% higher than those in the third quarter of 2021, mainly impacted by costs and expenses of the Vila do Conde terminal, which started operations in December 2021, accounting for about 60% of this increase, and a higher depreciation cost arising from capacity expansions and investments made in the last 12 months, and the effect of inflation over personnel and inputs. These effects were partially offset by productivity and efficiency gains in the last 12 months. Ultracargo's EBITDA reached a record level of BRL 136 million in the quarter, a growth of 34% year- over- year due to capacity expansions with profitability gains, contractual readjustments, as well as productivity and efficiency gains. EBITDA margin was also at a record level, reaching 61% in the third quarter of 2022, three percentage points above that of the third quarter of 2021. For this current quarter, we expect Ultracargo's good operating performance to continue, with results at similar levels to those seen in the last quarters. To conclude this presentation, moving now to slide seven to talk about Ipiranga's results. Volumes sold increased by 3% over the third quarter of 2021, with a 4% growth in diesel and a 2% growth in the auto cycle. As we had anticipated in the last conference call, Ipiranga's margins were more pressured in the third quarter of 2022 compared to the ones we reported in the first half 2022. This occurred especially due to the inventory losses with the reduction of prices announced by Petrobras and the reduction of the ICMS tax rate. Along with the decreased costs, the market had a higher volume of imports and product availability, pressuring the commercial margins. Despite the more pressured margins, we highlight an important release of working capital this quarter due to the reduction of fuel prices and inventory management. This contributed to an improvement in the return on invested capital, which reached the highest level of the last two years, although it's still far below its potential. I want to highlight that as of this quarter, we started publishing a new financial spreadsheet in the investor relations website with the evolution of the return on invested capital from our main businesses. We ended the third quarter with a network of 6,940 service stations. 70 stations less quarter-over-quarter, which is aligned with our strategy of managing the legacy of low potential stations that Linden mentioned in our Ultra Day, Investors Day. A total of 84 new service stations were opened with an average volume contribution of 275 cu m per month, and 154 were closed with average volumes of 32 cu m per month. Despite the reduction of the number of service stations, the net effect in the volume was positive, reinforcing our strategy of more density and higher standards in our service station network. In addition, we ended the third quarter with 1,672 ampm stores and same store sales growth of 17% year-over-year. Ipiranga's SG&A increased by 8% in the quarter due to higher expenses with freight influenced by the increases in diesel prices and higher sales volume. Higher expenses with personnel, especially due to collective bargaining agreements and higher variable compensation aligned with the progression of results, and higher expenses with ampm company-operated stores, which increased from 149 units to 255 units year-over-year. These three effects were partially offset by higher reversals for provisions for doubtful accounts. The other operating results line totaled BRL -176 million in the third quarter of 2022, down BRL 181 million compared to the third quarter of 2021, mainly due to higher costs with carbon tax credits and extemporaneous tax credits recorded in the third quarter last year. The disposal of assets line totaled BRL 49 million in the quarter as a result of the sale of equipment and eight real estate assets. Ipiranga's EBITDA totaled BRL 533 million in the quarter, 34% higher than that of the third quarter of 2021. Remaining EBITDA was BRL 483 million, a growth of 41% year-over-year on the back of improved margins and higher sales volume despite increased expenses and higher costs with carbon tax credits. For the fourth quarter, we still see a high degree of uncertainty concerning the domestic prices and parity of gasoline and diesel, in addition to effects of obstructions in roads. With that in mind, at this moment, we expect profitability levels in this fourth quarter close to those reported in the third quarter. With that, I conclude now my presentation. I appreciate your interest and attention, and let's now move on to the Q&A session. Like last quarter, the CEOs of our three main businesses, as well Marcos and I, are available to answer your questions. Thank you very much. The floor is now open for questions. Just for investors and analysts, and if you have a question, please press asterisk one. If at any point your question is answered, you may remove yourself from the queue by pressing asterisk two. Questions will be taken in the order they are received. We do ask that when you pose your question that you pick up your headset to provide optimum sound quality. Please hold while we poll for questions. In case you are following the conference call via webcast, please click on Question to the Host to send your questions to our company executives. Our first question is from Luiz Carvalho, UBS Bank. Thank you for this opportunity. Can you hear me? I've got two questions. The first one for Marcos Lutz. Lutz, a good part of what we have been discussing since you arrived, new allocation, capital allocation process, this is based on concept. Yesterday, you mentioned a few best practices or new Board members. I'd like to know how you are seeing this process. This, as you are in the other group as well, how do we see this process of Board renewal for next year? One question to Linden. We are analyzing free cash flow for Ipiranga, and when we exclude impacts below the EBITDA line, exclusivity benefits, interests and leasing, et cetera, we see that there is a cash generation that is decreasing since the end of 2021. Of course, the operational margin is okay, let's say, given the scenario in the industry. Ipiranga cash generation, let's say, it's suffering. I'd like to understand how you are seeing this matter. Thank you for your question. We adjusted our policies to accept only legal restrictions. There is not a lot of new things and policies. The other question. It's a little early to announce exact numbers, but we can say that the engagements of the Board mentioned a year ago are really yielding renewal, a good transition, and the company is being prepared for the next 10 years in a very positive way. I am very happy with that, and I find what we are doing for long-term governance very adequate. Over the next three months, all this will be much clearer. We will see what we are deciding as a Board for next year. Things are working in the way I find the most adequate one. Good morning, Luis. First of all, there is an investment question. We are investing more this year than we did last year. You've seen that we approved an additional investment fund because we have a very positive network growth. We are following the profile we've designed. We have good sales levels, volume sales, and there is the impact of higher prices. This consumed some capital throughout the year. This trimester, we have a very positive capital performance, not only due to lower prices, it was due to a better inventory management, stock management from 16 to 10 days. There are vectors that point to, on the one hand, a higher cash consumption, but on the other hand, a consistency of our work. This is what I'd say. Thank you, Lutz, for your answer. It would be reasonable to think that due to the investment by the company, we might expect an expansion of the margin in EBITDA per cubic meter to 2023, 2024. Is it reasonable to think so? There was an interruption in your question. My question is this one: Would it be reasonable to think that due to the level of investment of the last few years, there will be a normalization or an expansion of EBITDA per cubic meter in 2023, 2024 in Ipiranga? Well, from the investment point of view, this kind of number makes sense above 15%, and we hope this contributes to our company profitability. Thank you very much. Now, Thiago Duarte, BTG Pactual. Thank you. Good morning to all of you. I would like to discuss Ipiranga, discuss further with Linden in the context of the approval of this additional investment for this year. My question is, these opportunities, better opportunities to license and service stations to brand service stations. Well, of course, it's different to separate. It's difficult to separate those two questions, but to which extent do you think this is a result of the new capacity Ipiranga has to improve the commercial response to retailers, and to which extent it reflects not only what has been done over the last quarter, but also based on what we've seen last year. We've seen difficulties such as restricted import window or difficulty to compete with large players. I would like to know how much of this positive scenario is due to one thing and how much does it come from the general industry situation. My second question is, can you imagine or give us an indication of the investment volume for next year? It should not be a one-off opportunity. This would be my two first questions. Another one. Rodrigo's presentations pointed out to the effect of expenses on Ipiranga's margins, and he mentioned reversal of provisions. I don't know whether you are able to say how much of this consolidated figure comes from Ipiranga. I'd like to know that, if possible. Okay. If I forget something, you tell me. As to investments, we have the two factors. Of course, today, the market in general values the supply capacity, infrastructure behind businesses. Of course, we get close businesses leveraged by the value a company such as Ipiranga can offer. We have, not only at the service station level, but on the financial market as well. There is a component of a better environment, of course. Of course, Ipiranga has improved as well. If we see our history, investment history throughout the last few years, we can see that our rhythm is speeding up. Of course, there is a process of recognition that the company is following a good path. We still have a lot to do, but we have to say that those two factors are at play here. We are opening new service stations. The level of activity is quite positive relative to the markets. In terms of investments for next year, we cannot disclose that now. We will say that at the right time. The effect of expenses, well, what you mentioned, the impact of reversals of provisions for doubtful accounts, it's at the order of BRL 20 million. It's based on negotiations of debts and recovery of a few cases that were being discussed. Throughout the year, this expense is quite neutral. Not positive, not negative for the year. Thiago, we will disclose in December our investment plans for 2023 for Ultra. Okay, great. It was really my question aimed at reflecting on your investment for next year, but we can wait till December. Now, Gabriel Barra from Citibank. Hello. I'd like to focus on Ipiranga as well, in a different way. The CapEx, well, Linden has commented on that, but I'd like to understand that the CapEx increased. We've seen that as a sector, not only our company, it's interesting for new brandings, but I'd like to understand your focus in our region. How can you brand new service stations? I'd like to understand what is the return in terms of these new branded service stations? What is profitability for them so that we can calculate? Then to depreciation. If you take data for this year, we are discussing 430 service stations. What can you still do and what should we expect? You mention an increase in average volume in service stations, but your focus here is to focus on higher volume service stations and you can see here there is a decrease in volume here. Is this a result of new measures, and what can we expect in terms of reduction of SG&A? My last questions concerns cash generation. We have here this the figure in working capital. There was a higher consumption. Please tell us what we can expect for the next trimester. A reduction in working capital or an improvement in return on invested capital? The CapEx increase? Well, our activity is higher and the CapEx increase, depending on the comparison term, you get one thing or another. In 2021, we slowed down due to market slowdown. There is an increase relative to that. Our CapEx is not far from what Ipiranga used to invest historically. Our main focus is the qualified growth or expansion of our network. We are looking for larger service stations with higher average volume or higher volume to have a more efficient network. We do invest one-off times. We make one-off investment in certain spots. We are looking for real return above 15%, and we are finding those investments. We are finding this way. To depuration. Well, there are no news here. I mentioned Ultragaz because we presented our four pillars, the ones we mentioned throughout the last 12 months. We've said that we were looking to depurate service stations, do away with those that are not contributing. On the contrary, our volume increased 7% relative to the previous quarter based on that. Part of this, exclusion of a service station is a part, a natural part of the business, and the other part is a result of our speeding up this process. At SG&A, we had this benefit of speeding of a reversal of provisions for doubtful accounts. Now I will mention Ultragaz. I said it was very important to invest in processes, in our efficiency gain, operational efficiency gain. Of course, we look for a more efficient SG&A, and there is a space to increase our efficiency, and this will benefit our audiences. In terms of cash generation, well, the bulk of this generation is due to price reduction, strong one, at the beginning of the trimester. Once more, there is a qualitative work we've been doing. A better inventory management, better discussions with our suppliers, better deadlines. All this has had a positive impact, BRL 900 million, and based on price reduction, but not only. Thank you. Our next question is from Regis Cardoso, Credit Suisse. Thank you for this opportunity. I congratulate you on your results. Two main topics. The first one is discussing Ultragaz. You reported your return on invested capital in Ultragaz is over 25%. I would like to know how do you assess this level of return and is it an old base? Is it that this has or this will have an extraordinary effect on margin that is high, and if this return lasts, do you see opportunities to keep on investing and having the same level of return looking forward? On the other hand, it was extraordinary due to the margin effect, and we should expect normal results. Well, this concerns Ultragaz. My other topic is, it concerns turnaround. It concerns Ipiranga, mainly. What are your expectations in terms of recurrent margins? We have a very negative effect on Q3 in terms of inventory loss, et cetera, and I think that the recurrent margin level should be different. Now could you please comment on examples of what has been done, of what is to come, and I'd like to understand whether in this turnaround process, this has passed halfway, and what should we expect? Thank you for your question. The first one, in terms of the results level, the return level. Ultragaz is a company that has been investing for a long time. In terms of this trimester performance, we can see an evolution relative to what we've discussed in previous meetings in terms of implementing the strategy. It's the same, it's not different. This trimester, we've evolved in terms of commercial, operational efficiency and innovation. We've been capturing additional values, and our vision and our challenge is to keep up with this profitability level. We've seen that these levels have been achieved, and these levels help company profitability. Let me start from the end of your question. You asked what has been done, and then we can tackle the part of what we expect. I will mention Ultra Day once more. We presented the four pillars for Ipiranga, pricing, logistic efficiency, trade, and renewing relationships. We've advanced on pricing and relationships. I called engagement by enchanting. We've discussed pricing, everything that changed, smart processes, tools, team tools, and now our work is more consistent and transparent, which means pricing smartly. In a continental country with different markets, we've made great progress. We still have a lot to do, but we've advanced in relationships and it reflects on the new business we are doing. We have positive trends in NPS. Many indicators show we have advanced, we have made progress. Logistics and trading, we've made progress, but they are more structural and so it comes with time. In logistics, there is an efficiency gain, and in trading it increases as our execution capacity grows. We have internal factors that we expect will have an impact on our margins, but when you mention margins, there are external factors we cannot forecast. We have supply levels in Brazil and many other things that have an impact and come from the external area, and we cannot control. At the internal level, we open different fronts that are generating efficiency. There is an important evolution on the return on invested capital based on company's work. Let me summarize. We are evolving very well. I'm happy with everything we've done on those four pillars, and they have consequences for our business in terms of profitability and ability to invest, closing good deals, and as well as on the return on invested capital, whose ascendant trend is positive. We cannot say we have done everything. There is a lot to do, and we are on the right path. Linden, the roadmap you mentioned were things to do. Can you mention your expectations in terms of this, what is a satisfactory level and how long it will take to implement the measures? Well, I see this is an endless process, open-ended process. Of what we've identified as a need in a turnaround moment, how long would it take to implement all those measures and to capture the results? As I said, it's a process. It takes time. We've captured part of it, and there is still another part to be captured. We believe that the relevant part of that will come over the next two years in terms of logistics, mainly. In terms of vision, this business has to come back to 20% return on invested capital. I'm not saying this will happen next year, but this is our vision in terms of how this business can generate return. Thank you. Thank you, Tabajara. Thank you, Linden. Our next question comes from Leonardo Marcondes, Bank of America. Good morning. Thank you for taking my questions. Let me follow up on Regis's questions on Ultragaz. I'd like to know how you see business margins for next year, more gain in efficiency and productivity, if you can do that, and from where would these gains come from? My next question is on Ultracargo. The company is doing very well, but I'd like to know how the presidential elections would affect the business plan. Petrobras might once again invest in refining and the country stops importing fuel in the long term. Well, let me complement what I've said about Ultragaz. We believe that our strategy will evolve. We will go on from the level we achieved up to now. We don't think it will be very different from what we have now. We will keep on implementing our strategic plan to move on, follow our plan, implement innovation to capture efficiency, and this has an impact on our results. We achieved important levels, and we will move on from there. Thank you for your question. Décio from Ultracargo. The fact that Petrobras might start refining at the midterm does not change the fact that North and Northeast have a production deficit. When we invest, we study the logistic merit of the investment with transportation by coastal ships in the ethanol and fuel markets, and this is a product we will deal with at our terminals. We trust this investment, this activity, and our business plan looking forward. Our next question is from Bruno Montanari, Morgan Stanley. Good morning. Thank you for taking my question. I need a few follow-ups. I know you will not give details on the effects of margins on Ipiranga. Concerning the average of the two last quarters, what would be a good alternative to do away with the effects of volatility? For Tabajara, would you please tell us about the process of investment, maturation of investment on new gas verticals? You mentioned you have new business, and should we see an evolution of the new verticals over the next quarters over the next years? Bruno, this is Leonardo. I think that it's too simple to base our perspectives on the average. If you have a good gain and a good loss, let's say we have a good average. We have had different scenarios on supply, which has an impact on our business. A low offer on the market, and it's a different market. This volatility is the rule in Brazil in 2022. This is what I had to say. Yes. Yes. This is what I wanted to know. It's hard to hear. We've discussed this on Ultragaz. Ultragaz capillarity. We've seen this with Stella. We will engage when we see that the value is relevant. We will keep an eye on that. Thank you. Thank you. As there are no more questions, I will give back the floor to Mr. Rodrigo Pizzinatto for his closing remarks. You have the floor. Thank you, all of you. The questions we were not able to answer will be answered later on. We will contact you. Thank you very much. We will meet again in February. Thank you. This concludes today's Ultrapar's results conference call. 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