...Welcome, ladies and gentlemen, to the Vibra Investor Day. If you are thrilled with this opening song, I can see that you were singing. That was nice. It's a pleasure to be here with you. I'm Juliana Rosa, journalist and economy commenter, and it's a pleasure to be here with you. I know the responsibility of being invited with this whole team that is here, that is quite in tune. We have a team of experts, and I'm really thrilled to be here watching this video and Brazil pulsing. I truly believe in people, and these people here are people that make things happen. Yesterday, in the training, I felt this good energy, and it's a huge opportunity to be here detailing and bringing this team all together with all the details and all the opportunities and challenges of Vibra. That is a company that is a leader in the segment. It's indispensable for the segment and for our economy. So our economy is quite well. I know Vibra will contribute even more for us to keep supporting this Brazilian GDP. I truly believe in Brazil. Vibra has a history that is quite related to our imaginary. I was here, arriving here, and someone asked, "Has Vibra had something to do with those BR gas stations?" 'Cause it's in our imaginary, in our daily lives. It's very nice to be here with you. It's nice to tell you a little bit of how it will be this dynamic, this agenda will be with the presentation of Vibra and Ernesto Pousada and with the CFO, Augusto Ribeiro. Then we'll have top theme panels that will welcome all the team of executives with a series of talk shows during the day. We'll be able to go deeper on the areas and all the details of the company. There will be special presentations of Comerc and the management model of Vibra. In the end, there will be a Q&A session, and I count on your participation 'cause you are the experts, obviously, to send questions. There will be details on everything to be answered by our team in Vibra. These questions you may send. For those present here, you have the QR code to send the questions. If you are online, if you are here with us online, good morning, you are not here, but you are somehow with us in this Vibra vibration. Send your questions via the platform. On behalf of Vibra, thank you once again for your presence, who are here and those who are online as well, participating in this event that I know is quite special for the company. To start with, to open our works today, I was asked not to talk about names and surnames, but anyways, Ernesto, please. Thank you, Juliana. Thank you. Good morning. Good morning, ladies and gentlemen. It's a pleasure to be here in such a special day for all of us at Vibra. It's quite a nice day, and I think I'm pretty sure it will be the opening of a new successful cycle of the company. The whole team is present here. The whole team is sitting here. They will participate with you. I would like to thank you once again for your presence in the auditorium, and also the presence of our Thiago that is here with us and will participate and watch, and we'll be interacting with you during the breaks, during the morning and the day. So it's a pleasure, as I said, it's a huge pleasure to count on you. Today is a very special day because I think it's a new moment for the company. Over the last four quarters, we'd had a result delivery that was quite consistent. I think we took this first 18 months of this management to what, I say that is tidying up the house and making the company in another performance level in terms of operation. And we, in fact, changed the performance, the margins, the cash generation of the company, and in fact, it changed all over the quarters, and we'll keep changing in this sense. And these four quarters set a new moment, a very important one, where we structured and we prepared processes and management for this new cycle we'll see in the future, this new moment of the company. So not only we have today much more consistent results as we structure the company from the point of view of management and team, so that we are prepared for this new cycle. I'd also say that we removed the overhanging. We had the result called interactions. What will happen with Comerc? It is extremely relevant what we did last year - last week, I'm sorry. We had an important step given in the strategy of the company, and there's nothing better than this day, and to understand better how Comerc is within our strategy, so the fact of concluding this deal last week, I think we open new doors, and we release people and a lot of energy to our future, our future growth. This is a very special day. We were talking about strategy, and what we are talking here is the next quarter, the next year, and the next years, in fact, of the company. We, whenever we look ahead, what we see is the strategy of Vibra in transition, facing a new moment. We want to consolidate be consolidated as the greatest multi-energy platform in the country, in Brazil. Now, we are facing a new stage, that is, this stage of growing, supporting the results that we've had so far. Going through a new journey, a journey of growth, in which we'll consolidate this platform that is a multi-energy platform. Comerc is one more move in this sense, and we can see here in this Vibra Mandala that I'm pretty sure that we are one of the greatest multi-energy platforms. We have the energy that our client wants. We have the energy they need. Vibra has a single presence all over the country with all the clients, and with that, we can offer many products as our clients demand from our Mandala, whether fossil or renewables. This is an important step to start talking more and more about growth. Growth, looking at the return all the time, but growth is the word of the day during this presentation. For that, we define some pathways for growth. We define five pathways of growth. We are the leaders in gas stations. We are leaders in gas stations, but we want, we want more, we want to have a unique leadership in gas stations. We are talking about also spreading our offer in B2B, spreading the portfolio of products in B2B, as well as spreading our client bases to reach to more clients. We are quite capable, but we understand we can go further and spread our portfolio and spread our bases. We have logistics that is incomparable, but we want to go further. We want to expand this logistics so that we are stronger and stronger in our distribution business, and here we are talking about expansion that can be organic or inorganic. We want to become, in fact, the player in terms of liquid bulk in Brazil. We created a new ambition in lubricants. We want to be the leaders in Latin America in lubricants. It's a big expansion. We have a lot of space for growth in Brazil, but, on the side, we'll explain the new pathway that is to grow in Latin America. And finally, return with renewables. It is a mandatory item for our strategy, and we want to mention that because what we talk a lot here in Vibra is that our life is not made of ors, but of ands, and we don't want simply an energy transition. Our job, our duty here, is to find the good energy transition projects that will come bringing return, with growth and with return. We've had and will always have a great discipline in capital allocation. It is something that we cannot discuss here. And our duty, our task here, is to search for big projects to give us this ability to grow, this ability to progress in the energy transition with a return. But before exploring these five pathways, I want to share with you something that to us in Vibra is something that is non-negotiable. I wanna talk to you about safety. This journey is only worth it when our team comes to work every day and go back home well and healthy. And here you can see in the graph that we've been working strongly to reduce those indicators. We can see the reduction of indicators, and what I can tell you is that these indicators are extremely low, in fact, and to us, it is innegotiable as a value. Recently, the whole company has signed a commitment letter acknowledging life as the greatest value that we have, and to us, it is mandatory, it is the basis of everything. We don't do anything here if it's not safe. I want also to show in the next slide, this team that I'm very proud of. I'm proud of working with this team. The team is here in the front. You have the opportunity to interact with all of them, Flávio, Henry, Vanessa, Marcelo, Augusto, Aspen, Juliano, and Clarissa. This is quite a diverse team that is quite well complemented, a team of people that is working in the sector for twenty, thirty years. 20, 30 years of Vibra, BR, bringing experiences from other sectors. That is, it's quite a well-balanced team to take this strategy that we are talking now ahead. I trust a lot the ability of thinking the future and carrying everything out today. This is the ability of this team. Altogether, each one bringing their point of view, is something that I have no doubt will take us further, and we'll be able, thinking the future and making one of the things that I believe that is more important, that is ability and discipline in carrying out. Today, we'll talk about the future, but leaving here, we'll start carrying out this future and making it present. Now, I'll talk a little bit about each one of those avenues, starting with leadership that is indisputable in gas stations. The presentation will be structured in such a way that I'll talk about the results in the segment and then the market as a whole, and then I explain a little bit of our strategy, specifically to each one of those pathways. We've been delivering substantial results, and an important point that I want to emphasize here is that Vibra cares a lot about the success of retail. We understand that retail is an important link to our success in gas stations. It is only with retail that we deliver this kind of result, and it is with them that we want to grow. It is with them that we'll make it happen. Our success can only happen with the success of our retail. We are the leaders in market share in our network, flagship network. We are the leader in additive fuels with a 44% market share. In the segment of gas stations, we reached an EBITDA of about 166 BRL per cubic meter in the first quarter of 2024. So we changed the level of this margin. During 2023, we focused on working capital. We had an expressive reduction in our stocks, and we have a new integrated planning process to ensure linearity and our ability to keep this level, improving our service to clients, especially our NPS that comes from that. And BR Mania and Lubrax Mais are two important franchises. BR Mania, with more than 1,300 stores, we want to double the amount of stores that we want in that we have in the next years. Lubrax Mais, the franchising, is one of the greatest franchise in the country, the sixth one with more than 1,700 gas stations. The plan is to grow 50% in Lubrax Mais. We are delivering expressive results over this na, next month, last months and years. Now, talking about the market, I think it is crucial to understand that in Brazil, we'll keep seeing growth in fuels, fossil fuels and liquid fuels. We see a growth of 15% from here to 2030, especially if you saw some of the big oil companies, they were talking about growing until 2050. But we are a little modest. We are talking about 2030 so far, and we see a growth in this segment that is, Vibra, as a leader, is able to make this growth happen. Now, talking about how we'll start doing that, I think. We want to grow. We want to grow in our average monthly volume with our current network and grow in the amount of gas stations. But this is not a journey that is simply of or. Once again, we have and here. So we work this expansion based on progressing more and more our value proposal. We're now getting to details in it soon. We work more and more in fighting illegal practices. We want to spread our logistics infrastructure, and it is all mingled. And it gives more value to our brand and more value to Vibra. This mingling makes us have such a position that we are a desired flagship, and it makes our pathway easier so that we expand and win on market share and volume with margin. So this is our challenge, and it will be done with our retail. There is no other pathway instead of delivering value to our retailer. This value proposition is to our retail, and it is to our final consumer. So now talking a little bit about the value proposition. So the value proposition that we have is grounded in four pillars. So there is something that is crucial here. So we do a lot of, like, opinion research, and we see what is the brand that the consumers mostly trust. And then we see our brand. 36% is our brand as the most preferable one. And then, like, to talk about brand, and that we have, like, a question from Q&A related to brand, and our strategy says that our priority is to renew the Petrobras brand. This is our main challenge for the next years. So we have plans along the way, but the company priority would be like to renew the brand with Petrobras. When we talk about value proposition, so BR Mania, we have numbers and data that show us. When you have, like, a shop from BR Mania, the gas station wins in volume. When you have, like, a franchise of Lubrax Mais, this gas station is more profitable, around 20%. So these numbers are measured, not from today. We've been measuring them for quite a long time. So obviously, like, growing with additives brings another margin for the gas station as well. But we're working in consonance, so our reason like to increase our sales of additives. And this is growth for Vibra and growth with margin and Premia, that we will remove, we'll touch it a lot. So more and more, it will become our loyalty app. But also we can propose offers that are hyper-segmented, using the knowledge that we'll have, starting with Premia, to have offers that are much more capillary and segmented. So within this value proposition, we still believe that more and more we'll take the consumer and bring value, add value to the retail and bring our consumers to the gas stations. When we put it all together with fighting illegality. So now we are talking about, like, bringing a more fair competition. We I have no doubts that competitiveness is the strength of Vibra, so when we are playing with the same ball in the same field, it makes a huge difference. And here, it's important to mention the importance of the ICL, is the Legal Fuel Institute. So you'll have the opportunity to talk to an expert in one of the talk shows, that he will be present. And we will talk about the strength of us distributors doing together with ICL. So we are in a very unique moment, 'cause we are not in a moment where the distributors are concerned about this topic as it was, the question in your mind: So what has changed? So this problem is not only for the distributors. ICL now has joined partnership with other entities that suffer from the same problem. So banks begin to get closer to ICL and working in this same agenda. And more than that, it's becoming a problem. It's a public problem, like for the governments, for the society. So the problem is in a different level now. It's, you know, it's too bad that the world of the distributors had a problem. Now, this is a country problem, so you have governors, ministers, talking about the same topic. So definitively, we do have a chance, maybe unique in our hands, to reduce illegality for good in this country. And who knows? One of the main objectives that I can talk and speak about myself, like, leave a legacy to the society of best values and things that are important and good that can push our country forward. So this is a unique moment. One of the priorities is the monophase of the ethanol. Ethanol is going to grow for the next years. So believing in hybrid cars, what we believe is going to happen, and ethanol is going to grow. For that, we are strongly working in a project which is the monophase of the ethanol, and this will contribute to reduce illegality. Now, we've simulated, because it has an important impact in our business, as much for the opportunities and volume and also, like, margin. We are much more confident than before. We also can dimension that not only using ICL, but we've created two specific areas in the company, one in Brasília and one in Rio de Janeiro. One taking care of the executive, legislative and the federal, and the other one in the states. These areas will be under Henrique, our legal vice president. Vibra walks the talk. How are we going to fight illegality? We have to invest. Personally, I've been involving myself with ICL much more than for the past eighteen months. We do have an agenda for that to happen. The third pillar, infrastructure related to logistics. This is incomparable. We have more than 8,000 gas stations, 92 operational units. We are present in more than 10 Brazilian ports for the terminals, and we are in more than 2,300 municipalities in the country, and we understand that we have the opportunity to be even bigger, to move forward and increase our logistics footprint. And this is going to bring a competitive advantage in terms of cost and especially related in terms of positioning, so I will explore that a little bit in our logistics chapter. So within that, with all these pillars, we observe like the amount of gas stations and the growth of, like, white flags. Our strategy, what it states, is that increase interest, increase the willingness for you to have the flagship of the Vibra gas stations. Increase interest, increase the willingness. As much as you expand, like the value proposition, the retailer wants to be closer to us, and consumers want to go to our gas stations. Fighting illegality, you reduce gangs that some of these gas stations could have. You reduce the willingness to continue not belonging to a specific flag. For last, with a logistic positioning that is stronger, that will position us as a player to capture the share and expand. What we are looking for with this strategy is to expand, evolving with our brand. The expansion in gas stations is our responsibility, and of these three pillars. We want to increase our monthly average volume. For the past 12 months was 218 cubic meters per gas stations. We want to increase it, and also, like, the flagship. This is just a number for you to have an idea of what it could mean, like the expansion in terms of gas stations. We want to increase the VMM and the gas stations. We also created a new expansion directory under Flávio Dantas, so we can focus on. So the first thing is to amplify the cross-sell, the way we sell. So the next one is the channels for the client-based growth. So we are creating channels so we can move further. So this smaller customer, we acquire volume, and they come with better margins. Agro, new structure for the agro and customize the product. Once again, we are creating a new structure with a person that came from the agribusiness, like 22 years working with agribusiness, working with Juliano under the B2B structure, so we can have, in fact, the focus in agro. Lastly, natural gas, meaning an amplification of the portfolio. Clients in our veins is the name of the, how we call our office. Most of our B2B projects are under this office. Here we'll go briefly. The cross-sell, our main goal is to double our number of clients that buy two or more products. Initially, I mentioned 36. We want to get to 60 or more in the future, and added products in the mix of sales, that we want to raise it to 35%. And in both cases, more volume with more margins. So this is our goal, grow and gradually adding more value to our customers. This is so important. In gas stations and also in B2B, that's not. We want to amplify, like, the size of the pizza, you know? So our customers will win in value and but my margin is better. So they buy the added products, and they will buy because it has value and it reduces maintenance costs for them. We're talking about, like, creating different conditions. It's not just like that simple extension. I'll give ten, and then you lose ten, and then. We must create like a larger pizza, and this is what we are talking to our customers here. New channels. So we created in sales, like a hunter profile that we call in the B2B. So this hunter is a profile that will look for new customers. We also created other channels and WhatsApp and digital channels, so we can serve these customers in a different way, and then we can get lower in the pyramid. We are working at the top of it with big customers, but now we want to reach the base. As you can see in the new channels, we have already evolved. In terms of volume, our volume multiplied by 2.3 times, and this is the volume for smaller clients, but we have a greater margin of 20% or plus. So agro, that we've been talking a lot, we've invested 150 million BRL, and we are planning to invest around 300,000 BRL in the years to come, so we can build a more appropriate infrastructure to serve the agro. I talked about the new structure. We are launching new products. We have the Agro Top, which is a specific diesel, diesel for the agro market, and this segment sometimes operates and then stops for three, five months, and diesel and biodiesel ends up, like, bringing not the productivity that they wanted, so we are bringing products with additives that will increase the win for our customers. So this product is being launched now in the market. We ran lots of tests and proven with big clients, and bringing a lot of gains, more volumes and more margin. So it's important, this message that we are saying here. For the past eighteen months, we've positioned ourselves to grow- ...Our EBITDA and cash generation and market share was on the same, but now we are going to continue growing in a different way. We are not going back from where we started. We are moving to a new growth space and evolving in our margin. And why agro? We only have 22% in share, versus like 30% in the Brazilian average. So there is an opportunity for the consumers to move forward with the agro. Natural gas. This is a very strategic message, so definitely the product that we lack in our portfolio, something that we see the clients. So we do have the opportunity in B2B, but also we are beginning to see opportunities for the natural gas to become competitive with the G and V. And here we have an opportunity, and we're looking for the best way to have access to this molecule. For the months to come, we will be talking more about natural gas, and find this angle on how to enter with discipline, with capital allocation, ensuring good returns, but finding the right access to have access to the gas molecule. This is going to be our strategic aim. And now, just like complementing, and I think that we have an incomparable portfolio of customers. We have knowledge of the energy matrix of our customers, and this will enable us, like, to complete that mandala, multi-energy mandala, and this will enable us to do so. Now, I'll show you another video on how we are working these things internally. A little bit of our office, like internal transformation, and many of these projects are there. This is Vibra Energia. In fact, this is a new moment. We'll talk about culture during the day, and I think it is, in fact, transformation culture. We have a huge team, and this team is delivering results with a lot of trust, and we will go on in this new cycle that is opening today. Now, talking about the third pathway of growth that is expanding our logistics logistic capacity. The same way, we'll talk about the results first, 'cause Vibra is more and more searching to spread this logistic footprint. That is a competitive advantage that we have. One of the advantages that we have, in fact, is that our logistics cost is 15%-20% below the market, and in fact, it's reflected in our results that we can see a competitive differential that comes from this logistic cost. We have a storage capacity of about 1.6 million cubic meters. We are the greatest player in sales of fuel per month. We have the greatest amount of operations in the country, with more than 200 operational units, where we consider not only the bases, but operations in ports and with clients, so it gives a little bit of the dimension of this company. The capillarity of our logistic footprint, we spread with investment of BRL 150 million. We spread our bases in Belém, and we created a base in Santarém. And recently, we had signed a contract with Porto do Açu, so that we have tanks there. So more and more, we bring more competitiveness to our lubricants with the base oils import. So we are positioning more and more in a strategic way in logistics. And as I have to say, we are always searching for efficiency. Just for you to have an idea, last year, we reduced about 100 million BRL in our freight costs. Now, very briefly, the demand of fuels will keep growing, which will demand more logistics infrastructure. When we analyze the country, the logistics here is somehow a bottleneck. If there is no new investment, it will keep this way or become even worse. So we want to position as a greater player in logistics and being able to deal with this transition. ... How will Vibra spread the logistic footprint? Well, we'll search always to work in corridors. We want to analyze the corridors of the country and see the ones that make more sense, always analyzing the angle of distribution of fuels. And it will bring priorities to increase the competitive advantage of our distribution. This is our priority, but also looking at great opportunities of building new bases and having new acquisitions and in optimization of bases. So we'll look to all angles. It can be organic movements or inorganic movements, but it will be in such a way that we'll position as the players in logistics of liquid bulk in the country. So this is Vibra understanding the way we want to position with a super asset to give more competitive, competitiveness to our distribution of fuels, but also look into the future. Now, talking about lubricants. In lubricants, we have a new ambition, as I mentioned. We want to grow in Brazil, and by the way, we've reached about the second position in the market share of lubricants. We are growing a lot in lubricants. We still have opportunities to grow in Brazil, but aside, we are also trying to grow in Latin America. And what is happening in lubricants and what we deliver in lubricants? We retook the pathway of growth, so we grew the EBITDA of lubricants over the last three years, so this movement is happening strongly in 2024. We are growing expressively in the EBITDA of lubricants, and we want, over the next years, to double or triple this in the company. The greatest lubricants factory is operating in Latin America, and it's among the five greatest one in the world, and it's in operation in Duque de Caxias, in Rio. So we started the operation now in the factories, in the state of the art. It's one of the greatest in the world in operation that is at Vibra. And if you are in Rio, you are in one of the pillars of this growth, as we'll have more ability at a competitive cost. Lubrax is another asset that is quite strong that we have. This is the top of mind brand for five consecutive years, and a brand with a lot to be explored for growth, especially in Brazil. Lubrax Mais, we've talked, that is the sixth greatest franchise in the country, with expressive growth in synthetic lubricants, 15%, and this product comes with better margins, with another level of work in the lubricants business, and will keep growing, in the sense. We have presence in six countries in Latin America, but it's important to emphasize that this is an opportunity, and our presence is with a relatively small market share. When we look at Latin America, we have a profit pool that is quite relevant, of about USD 8 billion in total gross profit, and something that is Vibra is not that present. We can even do more in this sense. How to do that? What are the pillars of growth for our strategy in lubricants? First of all, we search the growth in cross-sell. It has a lot in B2B, retail, and implement more and more our actions with the structure that Vibra already has. We also have a capillarity that it has nothing like that. Our capillarity with more than 15 authorized distributors that we had recently to give a better attention to our clients and sellers. We have more than 120,000 POS and points of sales in gas stations in the country, and also Lubrax Mais franchise. Besides this capillarity, we'll focus on accelerated growth, and we have two pathways for that: the international market, where we have a reduced share, and we need to grow more in concessionaires and montadoras. By the way, two or three weeks ago, Vibra was very absent, and two weeks ago, we received the first order from a great montadora. It's a double effect. It's not only the amount sold to the company, but also being approved at a company with the recommendation for use. So Vibra is positioning and growing in a segment that is quite relevant. And finally, another important leverage of growth is the factory, but what the factory brings is competitive costs. This is the value that the factory brings, and it will be possible for us to scale in Brazil so that we gain in volume and grow, and also in Latin America. And as I said before, even with the agreement that we had with the Porto do Açu for the new tanks, we are spreading our trading ability and also the sourcing in products for lubricants, so it will give even more ability to grow in lubricants. And our ambition in lubricants is, in fact, to be the leaders in Latin America. To do so, we need to progress in Brazil and grow the share in Latin America. Lubrax is the brand to support all that, and it's a super brand that we have today belonging to Vibra. Lubrax is a Vibra brand, and we're very proud of this brand. It will probably take this business further. Now, I'll show a video of the lubricants factory.... We even have some witnesses of international suppliers and big companies from abroad that came to the factory to visit, and they say this is one of the companies that is a state-of-the-art in the world, especially because there are no investments in lubricant companies. There's no doubt that what we have today is something important to explore and take ahead and leverage so that it's a value to the company. Finally, the last chapter that I'll briefly mention, 'cause in the afternoon, Clarissa will give more details, so I'll just give an overview that is about that, the return on renewables. So as I said before, Vibra is searching all the time in the management to have return with renewables, to make this energy transition with return, with results. This is our challenge and this is our work. I have one slide about Comerc, and I won't get into details because Clarissa will talk about it in the afternoon, but we mentioned the deal recently, and we want to start changing that and talk a little bit about the future strategy of Comerc. There's no doubt the first chapter is to capture synergies. We are talking about BRL 1.5 billion in net value of synergies, and it's almost half of what we pay now to acquire the next, the other 50%. It's a relevant amount, and these are synergies that are quite simple to bring. They are not strong synergies. We have other upsides, but these synergies are quite simple, and we will implement them in the next twenty-four months, as until 2026, and I'm pretty sure this value will come home and will be an important part of our return. We'll also leverage the growth opportunities in asset light. We have a strong partnership with Itaú. It's a little bit of back to basics on what Comerc was born in energy and trading energy, and we have important opportunities now and in the next years with the deregulation of the energy market. In our portfolio, we have many projects today with attractive returns in generation, distribution, and energy efficiency. They are in the portfolio. The company didn't decide if they will do or not. Clarissa will show the details, but they are projects with interesting returns and quite good ones, and finally, the future options, obviously, centralized generation, 'cause this is something that with the current price of energy, it doesn't make sense, but at some point, we understand the markets are cyclic, and it can become a reality, and obviously, we can look at the best options that Vibra has to allocate capital, and we can eventually make a decision in allocating capital and growing centralized generation. Another point that will always be in another agenda, that is another option that we have, is to recycle assets. We have assets that can reach maturity, and maybe we understand we can recycle this asset. Finally, my last slide before passing on to Augusto, is the gradual bet that we'll have in future innovation spaces. We have two points here to emphasize. That is, the first one, biomethane, that we have today. We are studying the best models on how we can progress in this partnership and have something more relevant in the biomethane business that is growing in Brazil, whether from sanitary landfills or from vineyards. This is our future bet. It's gradual. SAF, where Vibra has a position that is quite relevant. SAF is not a reality in the short term, but till the end of the decade, it will probably become a reality. We have our clients that are more and more demanding Vibra to make this movement and follow that. We have a lot of partnerships to work in the technologies that will be the winner ones. We understand that here it should be developed from partnerships, and it has, it is ongoing. We have people responsible for this initiative to ensure that this gradual bet will gradually consolidate over the next years. With that, I finish my presentation, and I'll pass on the floor now to Augusto. Good morning, everyone. How are you? It's very nice to see you here. I think that it's more than three years since we had the first Investor Day at Vibra, so I'm pretty sure it won't happen again. This is an event we'll have once a year. This is a key event, and we are always talking about the quarters, the month, and the results, and having the chance of showing you and share the main growth leverage to this audience, to us, is very important. So count on us, this is the first Investor Day of Vibra, considering these three years of gap, so since next year, it will be annual. So I'll share with you a little bit of consistency in results and what Vibra has reached in profitable growth. The history of Vibra is something that makes us very proud, and before talking specifically about what we did last year, Vibra has a track record result, a history, a confirmation of delivery and results in numbers. This is a young industry. If we, ten years ago, we had one big player that basically dominated the market, and the market opened, and now we changed it. Vibra came from this transformation since 2019. Year after year, the company is beating the expectations. We get lost in short-term results, volatility, things that are typical from fuels in the past, and we forget to take two steps back and see what we delivered as a company. Every year, we beat the result expectation, and this is something that is important. Why am I emphasizing that? I'll show you that later, 'cause I'll talk to you that these are the reasons to believe why we trust, and what Ernesto has shown so far is probable when we have a high trust in that Vibra is able to search for this growth. Remember that these are two quite relevant information. We reached almost 50 billion reais in net profit last year, and we had the second greatest dividend payment in history that is being paid this year. All company has their own pace, so I'll talk about something that then Aspen will develop a little bit more. We are talking about pace, discipline, and a lot of the result and the continuity of this and what we have in the last 12, 18 months, this comes from identifying the pace of the company. So again, every company has a pace. The challenge, management's challenge is to find this pace and how to speed that up. These are efficiencies, discipline and execution, follow-up, indicators, budget. There is no secret. Everything is words that you already know. So at Vibra, we try to find something that is successful in terms of examples, and that can be replicable. So now going to the first slide about discipline in the expense management. So my boss said many things, but there is expansion, hiring, directorship, people. It's fantastic, and there is no other way of delivering results without focus. So with focus, we have someone here sitting with the adequate characteristics, with the proper team, analyzing the daily life, so there is no secret. This is the solution for any good plan and execution. But you may be sure that this growth in the structure is monitored in the daily life and compensated somehow in other format, in other area. That is our so-called management control. We have everything the other companies have, like Base Zero, and we search for the budget with a reference, not of last year, but a reference in the Base Zero model. We have monthly meetings, not looking at expenses, but also costs and expenses. We have packages of people analyzing us, grouping the big accounts and having people dedicated for that, and they monitor along with the areas. So we have all the what all the companies have in terms of package, but we have a lot of discipline. The result, when you look, even when we have, like, the reduction of, like, cubic meters that we had last year, expenses were under control, and one of the reasons that we could expand our margins. Our growth strategy and looking for better cash flow for the company, but with discipline in managing expenses. Discipline and capital allocation. Let's talk about, like, two things. The first thing, let's talk about EBITDA margin. Here you will see that we have, like, extraordinary reserves, sometimes we don't. Depending on the indicators, and then we will see, like, the ROI, and then we excluded the sum of the effects. But then when we talk about the leverage, that is another kind of conversation. But just to remind you: so when we look at the adjusted EBITDA margin, so looking at what we did, like, to increase profitability last year, so here's one of these examples I've shared with all of you, but I like to repeat, 'cause this is a very clear, straightforward discipline in our management. So, Ernesto mentioned about the integrated planning. So for those who understand a little bit more of the industry, but this is like planning, not in the mid-run, the short run. So we had consultancy, we worked with automated offices, we had other projects and, along with Daniel and Aurelio working together. So we looked like three months ahead. So this three months ahead are the base for import with vessels, and you must have a good accuracy, like, to make decisions in an industry that is extremely volatile. What did we do beyond? When we talk about P&L management, we look to a short run. This industry has a nervous characteristic, which is the distribution. We captured the first months of this year, and then we separated it per week. Every week, President, vice presidents, directors, people involved in the planning process, they look at the month within the week. Is it good? Is it bad? What should I do, like, to correct? Then we did it at the beginning, at some moment, right at the beginning. We began noticing that we needed more. This industry, volume variations and price variations for someone who creates a revenue of 70+ billion BRL. Decisions that when we make at the right time, and they mean millions of BRL in the bottom line. We began our meetings at 8:30 A.M. Every day, 8:30 A.M., 30-minute meetings, so we cannot go any further than that. We look at the results of the P&L of the previous day. What was right, what was wrong, from what we had planned. Then we discussed the variation, finding problems. Time was passing, and then we had, like, the trading. How is the lineup for vessels, like short market, long market? This is just to give you an idea of what an intensity and management can do as in a differential way for Vibra. As results, what you can see is the absolute EBITDA, and here we are looking at BRL per cubic meter, and we reached 170 in the first quarter of the first semester of 2024, which seasonally is worse than the second semester of all other years. When I look at CapEx, another example of like management discipline. So we have like a bonus and CapEx and the investments in assets. So Vibra, we invest like BRL 1.2-BRL 1.4 billion into half of this year. So we invested BRL 837 million, and we will close the year with BRL 1.5 billion. We also have two committees that were created for this kind of management. Once again, what is different? All companies look at CapEx, all companies have committees, but the idea of the committees of a CapEx and for the flagship and the gas stations is to discuss efficiency. So why is it going right? Why is it going wrong in terms of the strategy? So the flagship, so Ernesto, in our discussions, we've changed the format, like, five hundred times, so everybody knows about it. So we look at harvest for the gas stations. So how are they affecting with older or newer harvests? What should I do to reach that VNM? So one of the parameters that the company use, this is no secret, this is part of the industry, but the discipline, how we doing monthly meetings and cross goals among many different executives, bring results in a short run, and obviously support the company's ambitions. The same thing with the CapEx, like what was invested, what was adequate with the premises that we had agreed upon. When we talk about the leverage, so we've reached a leverage at the end of the semester and at the same period of last year. So if I take out what was extraordinary and taxable, this would be running 1.4 times. Our ROI reached 19.6%, and Ernesto has mentioned. Actually, I've mentioned, too, like, the return, the margins, they're not come for free. A lot of effort to improve, like, speed and decision-making that affect the return of ROI. Like, the capital was very intense last year, so, but against the team, along with the finance team, worked effortlessly. And we delivered in a very consistent way, like a reduction, almost BRL 1 billion reais. So why do I say about consistency? Because this is related with the customer service. It's not that we didn't have it before. We didn't have the customer service as it is unified in per area. So this service, like spread in the company, was creating a lot of inefficiencies and complaints, and then, like, bringing burden, like, to the sales team, trying to find solutions in terms of logistic, instead of taking new orders. So you begin putting it all together, connecting the dots, and then it explains Vibra results for the past year. So now I will get, I try to show you basically where we came from, not only in, for the past year, but what we've been, well, we are so, confident. It's not a pitch. We are not trying to convince you. We're showing you that we are in the walk to talk. We are already doing it. But when we begin analyzing, disclaimer here, do not try to get a ruler and try to multiply and to see if this is two times or three times. This is just like the growth. We still have a lot to be achieved to growth and things that we are sharing with you. So we have an organic growth. It's very natural. We will grow. It's big, and we have, like, distribution all over the country, then this is good, and this will bring results for the company. And besides, we have a lot of cash at the end of the day to bring to Vibra. The EBITDA that is expected from all the proposals, and Ernesto mentioned that, and I repeat once again, the capital allocation, which is responsible with a minimum return expected, we believe that we have a lot of value to gain. Another important point, we can talk about, like, two-thirds of everything that we are talking about, we consider as the core of the company. It's not the core related to the product, but the knowledge and execution of the industry are already in the company, and that give us even more safety in this movement for the years to come. So two-thirds basically will come from the core. CapEx. So I said, like, do not think about, like, the scale, but the market is very clear here. The CapEx that we will invest in this next cycle is a little bit bigger than the CapEx that we've invested for the past five or six years. The company has been structuring itself and creating. Vibra is a young company, like five, six years since IPO. It reorganized itself, transforming itself in a multi-energy platform. And CapEx, obviously, like, to reach the capture of that cash or that EBITDA that I've mentioned in the previous slide, will demand, like, investment in CapEx, bigger than it has been in the previous cycle. This last slide is where we show this equation with you all. Very few companies in Brazil have a value proposition such as ours, based in deliveries, based in the performance history. It's not only a promise, and we do have the capacity in showing what we've been doing, but a growth with dividends. So this is the key that Vibra, the format for our growth that we will be looking for in the years to come. So the policy of dividends with 40% of the net profit, so we are responsible, but we must, it must fit, must be suitable for Vibra. As we mentioned, so very few companies with this kind of option, but we do have avenues of growth. We have lines of investments that are feasible. And for a company like ours, with a huge value, and I mentioned that before in the EBITDA column, the cash that we are looking for. And one factor that is making bringing even more confidence to us and proud, our management model is being proven successful. But we, we did not begin the following day, so this is our model, and this follows. And obviously, we have, like, quality council, we have PTCA, we have everything there. But this is something that we've been developing slowly. I do not want to give any spoiler from Aspen. And many people, qualified people, Vibra has a team that is highly qualified, and I can say that I've just joined, and I'm extremely proud to be a part of this team. So with this minimum TSR of 3 points, so dividend growth with dividends, our dividend policy maintaining 40%, the optionality to capture the EBITDA that I've showed previously, and the management that can be replicable, this is nothing that only fits in the Vibra. We have a model, like, to gain more value in the next future investments. We do have a value proposition that's unbeatable, and our value is extremely attractive. Thank you very much. Thank you, Augusto. Thank you, Augusto and Ernesto. Very nice presentation. I hope that you have enjoyed. So I would put my money in your hands. Now, we will begin our first talk show. So we have, like, the chairs coming on the stage. So let's focus the topic of, the most visible one for Vibra. It's like the gas station. So we will have this, panel related to gas stations with our Vibra team here up front, and I will invite to the stage to participate in this first panel, Vanessa, Flávio, and he and our guest, Emerson Kapaz from the, ICL. So now, we're bringing some questions that came to us. So we do have a lot of good questions here. Let's begin talking about, like, the flagship that we saw in Ernesto's presentation. So the flagship of, like, the white flags that Ernesto talked a lot about, the growth potential that Vibra has in the gas station. So let's begin with this question that came from Vicente, from Bradesco BBI, and then I will pass the question to Flávio. Vicente is asking: Flagship is a priority. What is the profile of network that the company is looking for? Bigger gas stations, road stations, big centers? Thank you very much. It's a great question. As Ernesto has mentioned, so flagship is a priority that we have in our new structure. And these questions always come up, what kind of gas station? So we want to have a competitive gas station in each micro market that we are in. We want to have that gas station that operates well, that is above the average, the market average, 'cause we understand that this will add value to Vibra. Brazil, we do have some ideas. Brazil is a 5,000-plus municipalities, and 3,000-plus municipalities have less than 20,000 inhabitants. For sure, we do have a lot of opportunities in each micro market, as we call. It's important that this operator also adhere to our value proposition. Ernesto has shown some figures in his presentation, and numbers that we update constantly, and the impact that we have, BR Mania, the impact on the person adheres to our integrated marketing plan. You cannot do and not see results. We do have the numbers. The other day, we received a phone call from a retailer, like, and he said, "Well, I wanna have, like, a BR Mania here, but we don't have even, like, twenty thousand inhabitants in Paraíba." So I said, "Well, give me ten minutes." And I talked to the BR Mania people, and then I said, "Well, let's find municipalities with the same characteristics, and we were successful here. So are you, like this one or like that one? So you are better than this one, then your revenue will be like this." So to have, like, the best practices and the example, this is what we've been doing every day in a very integrated way with the marketing team and legal, and then we work at together. Another thing that we strongly believe, and then we get Kapaz, and then we'll talk like monophase and illegality. So all these things will bring us opportunities to have new things. We have new marketers in Brazil that are totally contaminated, especially in São Paulo. So we see Tarcísio, like, kind of like, fighting and betting on it. So we still believe that we have a lot of market that is corrupted, and we have a lot of opportunities for our flagship. Okay, so now let's move on. It's pretty much the same question, same rationale. We have another question from Ricardo Renault, from Absolute. What is the company's network expansion strategy? Where does the company plan to grow its network? Why has the company not been keeping up with the growth of the market and in the, in Middle East? This has to do with what you're saying. Everywhere that we have an opportunity to have a capacity, like, to put our value proposition and be successful, we'll go in. Agro, everybody likes agro. When I'm a little bit down, when we think about Mato Grosso, and we see those cities of 20, 30, or 100,000 inhabitants, I went to Sorriso, like, the soy capital of the country, and coincidentally, we went to a gas station, like the mayor was there. The mayor said, "So unemployment?" "Well, we do not know what unemployment is." The name of the city is Sorriso, smile. If you go to another city there, you'll find a plant, like the biggest one, and this is creating and generating a lot of revenue. That's why we like agro. Agro is good for B2B and good for retail, because with agro, you plant, you harvest, you have the transportation, and then it goes to the gas station. Agro is extremely important. We are so firmly rooted in this purpose, so we will expand beginning October first. We created in January 2024 a new management, our fourth road management, which is placed in Goiânia, that will serve Mato Grosso, Mato Grosso do Sul, Tocantins, that region. Because agro begins there with the silos in the Rio Grande do Sul, goes to Paraná, and then Mato Grosso, then we have Matopiba. Everybody says in a different way, so the names of the different states, but new regions, they're very strong in the country and in the northeast. We travel around the country, and then we say in Pará, well, there is a new site. So many things happening at the same time, and we do have the interest, but this is the agro concern. So if we... And I begin when it all started, and if we have, like, the biggest mining project that Vale has, we had five thousand inhabitants in 1982 in that city, and now that place has fifty thousand inhabitants. So with Vale, this place has a revenue effect to have gas stations, so we can place our products and our value proposition. And I will continue with you, but we have a question that comes from Pedro Monteiro from Vinci. What is the strategy for recovering market share? What is the company's optimal market share of the company? And if you can detail the lost market share and that the company can potentially recover. ...Well, we don't have an optimal share. We don't want to buy share anyway. We know quite well how it is to buy share. We know what we have in retail, and it doesn't matter to us. The explanation to share the market of Vibra in 2023, it was two events: the Russian diesel that was strong in the first quarter of 2023, affecting the B2B, and in the second quarter, started affecting our retail gas station. So this is a factor that had all the competitors and then the imported Russian gas. And there is another factor that was a decision that we made together with Ernesto. This is a strategic decision to leave Bandeira Branca. So it's important when we talk about Bandeira Branca, because during the pandemic, Vibra, during the first three months, has lost a million liters. In April, May, and June, in the beginning of the COVID pandemic, it happened. So we grew a lot in the white flag. So with Ernesto, we did something different. We said: well, we want the white flag, Bandeira Branca, but in such a way that we are considering the near future, so let's work in this sense. It is a reality in Brazil, but we want it in such a way that we see that in the near future, we can deal with our value proposal. So we believe that with our proposal and the expansion directorship that is coming and the structure focused on that with all our team, more than two hundred twenty executives here, we'll be able to grow and be the size we want, but it's not a fixed size. It is something that is worth and consistent so that we can bring our brand to more municipalities in the country. And the brand, as Ernesto was saying, is a matter of trust, and Ernesto mentioned that a lot in the presentation. And right in the beginning, I mentioned that in everything, things, and, we have to go beyond trust in terms. Yeah, I'm pretty sure that bringing the, brand, well, this is a matter of having half of our brands with the, our gas stations, with the new, brand, the new flagship. So when we change the retrofit of the, gas stations, we increase what happened in the gas station, so we have a huge potential. We've talked about the brand here, but I'm pretty sure we're all together in this work, right, Flávio, to take trust to the consumer? Yeah, it makes a lot of difference, and I have to pass on the floor to Henrique, because in terms of the unfair competition or the risk of fake fuels, I mean, I didn't have—I don't have a car now, but when I had a car, I thought of that, yeah. I know that I have this problem with fuels, and I have to think about savings. I make my math just like you, so that I have more money in the end of the month, but it makes a difference in the daily lives. If a consumer, I think of that, and it's a matter of unfair competition and how much it is important to formalize the sector and all this work that is being carried out and the opportunities. And I have an interesting question about it. I'll pass on the floor to Henrique, and obviously, then I want to hear you, 'cause I know you have an important work in this sense in ICL. So this is a question from Ricardo Renault in Absolute, that he says: Well, the increasing formalization in the sector is a great opportunity for Vibra, and it is, and it seems to have gained traction with the government. How big is the opportunity for Vibra and for the government? Obviously, because we have a lot of loss in the collection with illegal competition and so on. Well, I wouldn't say it's not an opportunity. It's a huge opportunity, and not only to Vibra, but to Vibra and retailers. I love going to gas stations and visiting the gas stations and visiting the retailers. I follow Flávio a lot with his team. They have a very interesting program that is the one-day commercial assistant. So you visit the gas stations, and you hear what they have to say. And as the legal department, I like to hear that my contract is bureaucratic, is there any delay, what the company is delivering, let's see how to improve that. But for a while, when I ask what is the pain of the retailer, they simply point out to me a gas station on the other side of the street with an artificially low price brought by the informality of the sector with adulteration of fuels. And this is such a huge problem that many retailers have my direct contact, and they send messages to me to say, "Well, here, there's something happening. Can you act here and help me?" So when we solve a problem of another gas station, another retailer selling with artificially low prices, with fake fuel or not paying taxes, my retailer gains margin. You know, this is an effect that when we can take the bad competitor from the way, we can also benefit from that. So this is a huge opportunity for both of us. ICL has requested a study with FGV to estimate the tax losses due to sonegação, and we are talking about not paying taxes. In adulteration, we are talking about a gas station telling you that gives you a liter, but they're giving less than that, or the mix between ethanol and gasoline is the different mix. Many operational failures that make the competition, the bad player, not complying with the rules in the sector, that we have a very low margin. So any advantage brings a lot of asymmetry, so ICL studied along with FGV, and as we saw in the presentation, we reached to the number of BRL 15 billion of tax loss plus BRL 10 billion in operational loss. Well, it solves a lot of lives, right? Yeah, we've told him that there is BRL 1 billion here, that you can sign a line to solve everything. And with this study, our team, along with McKinsey, had another study to develop these numbers to reach the volume. So there are 13 billion liters of fuel, that if we regularize the sector, it goes back to the formal market. So when you simply get Vibra's market share, and if we estimate only in a hypothesis to reduce 40% in informality of the sector, I'm saying that there is a volume of something like 1.5 billion liters for Vibra to recover. So there is a pool of liters that we can increase and that will focus more and more in this fight against the irregular market. Yeah, you were talking about the gas station and that you like to visit. I like the smell of gasoline, and I like. I have a question to Emerson here, 'cause this is a serious topic, right, Emerson? 'Cause when you talk about data, you see that this is something incredible, the size of the losses that this matter of irregularity brings. I have a question that came from Bruna Amorim, from Goldman Sachs, that she asks: Recent news point to an increase in the unfair competition that is happening recently. So what is happening in the industry today? I'd like you to talk a little bit more about ICL. Juliana, good morning. Good morning, ladies and gentlemen. I would like to thank and congratulate you, Ernesto, for the management and the perfect management that you have and the support that you showed in your explanation here, and that, in fact, I can attest, because we are having a very, very important work being carried out in ICL, and we can change the game. I mean, in this one year and a half that I'm in the institute, I can tell you that because basically our structures have seen a change that can happen in this market. Deep down, it is something incredible what we could do in terms of victories. I mean, these are victories that, as I told you, investors in calls that for the first time, I'm getting shocked. Over the last 15 days, I guess I talked to 30 investors from different banks that looked and said, "Hey, there's something happening. I have to talk to someone." And they started telling me stories, and the story is incredible because we changed the perception that this is something recurring, that it happens, there's no other way, it will always be this way. No, it won't be always this way. It won't be this way. We could approve the monophase of diesel and gas, and this number that he told, 14 million liters. In the recent surveys showed that due to the monophase in diesel and gasoline, there is a demand. In the beginning of the chain, I mean, gasoline and diesel paying one and 1.30 BRL per liter. No, it's not this way, 'cause ICMS is paid in the beginning of the productive chain. There is no way of trucks dealing without the bills and invoicing and so on. And there was structural problems left aside due to internal negotiations and so on, but we could deal with that with UNICA. We are dealing with the changes. We'll anticipate what in the tax reform is there and bring the monophase of ethanol, so that now in the market, it will be till the end of the year, because the greatest tax evasion is not in diesel anymore, it's in ethanol, so we'll bring this market also to formality. And it makes a lot of difference, right? Because tax evasion, the Secretary of the Tax Reform talks about this monophase, so you won't open the space for tax evasion. Yes, and if we analyze, Juliana, Ernesto mentioned that, and I would like to reinforce, government is aware that they either have a strategic alliance with the private sector to see that the deficit today will be easily corrected here instead of fighting with the chain, 'cause we have millions here. Yeah, we want, we want an expansion goal, right? So let's not touch the chain, right? Yeah, but we want to solve the problem of deficit. Come to us, 'cause we are talking to the government to have a center to monitor fuels and work with Confaz, and we reverted. In Amapá, maybe you saw what happened there, 'cause Amapá had a tax incentive created by the government that when ICL saw that it was going through the country, we would have one billion liters in five months or so. We reached the Confaz meeting to revert that, but then there was no time enough before this billion of liters would give a loss of BRL 1.5 billion. What happened is that in a meeting, you asked, "Well, what if it happens again?" It will be different, because before happening, last week, they asked me, "Well," I said, "it will be different because the sector is integrated now. Now we can have a strategic political articulation with focus and speed." In fact, the week after, we can see, for example, Maranhão. The governor of Maranhão signed a decree, and it was not the treasury secretary, it was the government, the governor to do the same Amapá did, but the sector was mobilized, they talked to CONFAZ, and in five days, only five days, he signed a decree denying the previous one, so there was no liter of diesel faked without the payment of ICMS along this attempt to come to the market. Another important victory, well, we had information of eight ships coming to Maranhão, so speed is mandatory here. Yeah, and another important change is that ANP has increased the pressure due to our attempt to say, "Well, we can't operate, there's no way." So ANP historically blocked with a legal decision, the branch of IPCC and the branch of organized crime in the fuel sector. So COPAP today is inactive. That is, 10% of São Paulo market is out of operation due to adulteration, organized crime, the fakes that they do, and PCC in the sector had this, a hidden fight, but ICL and Ernesto knows that for the first time said: organized crime in the fuel sector must be fought. Nobody was courageous to say that. They said, "No, I'm afraid." Yeah, the private sector has an important role in that, and this work is crucial. And Juliana, it's not only in our sector, we warned many other sectors of the economy because they are operating in many sectors. So now the government understand that the, public security has to do with organized crime, and organized crime is dealing with economy. So we have to bring that to light. And congratulations to Band TV for the three wonderful news about how the organized crime operates. This is very important to give light to that and show society what's happening. Yeah, and this is so important that we have the wonderful work of ICL and Fecombustíveis and the distributors, so we could close COPAP São Paulo. Now they are in Paraná, but Paraná doesn't do anything. But it was in Bahia last week. I was in Recife, and they are creating a network there to PLU for all the sales. And they are doing that because gas is almost over. So this is what is important. We need to make it more difficult to eliminate, so we can't, so let's make it more difficult. And then I say, we'll do it in a much better way because we have a lot of opportunities in this country. Just one important information to you. Last, yesterday in Brasília, we announced the mobilized force between the organized sector, ICL, plus Fecombustíveis, that is the federation of all the retailers in Brazil with IBP and the National Trade Confederation, and we created the National Observatory of Fuel, so that we speed up each one of the information coming from things to be dealt with or denouncements to be issued. So we will immediately have this information, capitalize it, and we work in conjunction with the public ministry, state and federal government to eliminate that. Well, Flávio, there's a lot about Flagship. We know that this is an important topic. The company is losing some gas stations in the base. So this is a question from Vitor Serra, from Trust. He is asking how it affects the total volumes of gallons lost, and he'd like you to make it more clear how the Flagship would be in the future, or if there's the perspective of removing some gas stations as we saw in the last quarter. Well, the greatest majority of the gas stations have low work, and in a market that is so competitive like us, we can lose one or two gas stations to the competition and so on. But the vast majority of the gas stations sell nothing or just a little, so our loss in volume in all the process is quite irrelevant. I'll give you two examples. Two people in Rio, we have one in Marquês de São Vicente. If you know Escola Parque, a school there, we would have a gas station there selling zero, and we would pay BRL 5,000 in rental. So we gave the gas station back, we lost zero, and we stopped losing money. And if we go to Marginal Pinheiros in São Paulo, this is a beautiful gas station that we closed with our legal department. We could retake this gas station after many years. We have a potential to sell 500,000 liters. We are dealing with the dealers, and it's so awful to say that we are paying rent for that, and we have nothing there, so we are dealing to solve that problem. And these are two examples in the two main cities of the company, among many others that we can give to help us. So I would say that in the short term, we'll maybe lose more gas stations and gain on volume because we are doing this process in the commercial area and in our optimization area, where we see many real estate, and we've seen more than BRL 1 billion real estate since we arrived here. And a lot of the sales include Flagships and new gas stations, and now we'll focus much more with the new directorship. So in the short term, a little less gas stations, but with more volume. In the medium to long term, we'll have much more gas stations and much more volume. As Ernesto mentioned, it's the more and more in our business. It's a virtuous cycle that we'll have, and with this, work of Kapaz and ICL, the reduction of illegalities. With that, we'll have more opportunities to deal with the value proposal. Now, Vanessa, a question to you from Mateus Einfeld, from UBS. He is asking: Well, with the end of the joint venture, how does the company think about convenience? Find a new strategy, keep a secondary business. What is the ambition for the size of the convenience business? Well, first, we've said many times that it's a value proposal that is intangible, but the main message here is to work a lot in all businesses comprising this value proposal in our gas station. So our strategy today for convenience is what Ernesto mentioned, to double the amount of gas stations that we have, and for that, we are changing some structure, so we are having smaller stores. We will now have a new model of stores of 15 square meters, a premium store that was launched in Projac. That is a different model, taking all that region that needs more items. We are working a lot to understand what the consumer needs and how to change their behavior when they get to our store with what they expect. With that, we are starting in Recife. Last week, we created a specific supply for those sellers there to purchase from the industry cheaper with a faster delivery. We are testing that, and we can expand that to other regions. Obviously, we'll pilot some cases. We brought top in-house, so we have a lot of structural things happening to allow us to double, but double, with awareness and with profitability, helping these retailers to sell, because we don't want to have a lot of services that they can't carry out. So how to deal and train them very well in this sense? So we were talking about Lubrax Mais and the amount of stores that we have today, and we had many stores with income lower than BRL 20,000. So started working to help them do more than that and earn money. So how can I take a lubricant to the road and make it profitable? Also, like within our value proposition, we talk about products, added products. How can I have in my network a minimum of 25% of mix in added products so I can make them make more money? And for that, as a Vibra, as a brand, I can train better, like the workers, and then using our loyalty program, they feel incentivized by that. So I believe that I've answered everything. I put everything in with BR Mania, because we want to strengthen and we want to give to our retailer the best value proposition. I want them to feel safe and to feel confident with our value proposition. They will make more money. Their consumers will be happier, and will have help, like the flagship, and then we will become stronger to deliver to the end consumer. Outside, this value proposition is to be implemented. Everything that I'm mentioning here today, when you look abroad, we have to make it more tangible with people responsible for each one of them to clarify everything. We'll have, like, a coffee break pretty soon with cheese crust. The flagship is our top priority, yes, but there is something else that's important, and I strongly believe, and Ernesto said, within 35 years in the market is the relationship that we have with our operators. This is extremely important, and I'll give an example here, like we have in the afternoon panel. Paulo is a multi flagship brand more than 40 years in the market. One of the things and one of the visits that Ernesto did when he came, and we had a lot of sales, selling now 750 square meters. So his words, "This will reach to 1.5 million products." We got one gas station and road, and then we transform it in ten. Five, that became ten. Now, we received that with Paulo again. We have another gas station in Atibaia, so we have a lot of very good examples. So flagship, yes. Yes, it has a good relationship with our retailers, the right place, the right one, so we can grow. There is a lot of value to be extracted, but a lot of work to be done, and everything to do with Augusto's words related to process and everything that we are designing and being done, it's happening already. Here is a very good question here. The specialists go there in the full detail. Thank you very much for your participation online and here. We also have another question, like from Ricardo Renault from Absolute. What is sectoral agenda to combat the major generators of informality in the sector? It's interesting that he said, buying biodiesel notes are constant errors, tax evasion of Cbios and gasoline formulators. What I say is that this topic of fighting the irregular market is a priority for us. Vibra, as Flamengo today, is in another level. There's a lot of controversy, so there's no meaning that Flamengo doesn't come and, you know, like, into the game. I am Flamengo, and I married someone from another team, but I have to be... Find a good balance. Today we have a board of directors of institutional relations with two directors to deal specifically with this. ICL, Vibra works directly, and we - I am a counselor there, and Ernesto participates in monthly meetings with ICL to say to investigate what are the plans, what are the results. We pay a lot of attention to fighting the irregularity, and we act intelligently. I heard you talking about, like, the biodiesel. Biodiesel, we sat there at ICL and said: What's going on? When we get to intelligence, we find out that methanol is a raw material for biodiesel. And we found out also that there are companies that are selling just the invoices, they do not deliver the biodiesel. And just to make it very clear, so why the agent, the bad competitor, doesn't wanna mix the biodiesel? Because it's more expensive than the diesel, and the freight is much more expensive to bring it to the gas station. If they only have, like, one load, one invoice, and they are already maximizing, it's not competitive. So when I get to the root cause, and we found out that we have many companies that do not buy ethanol, but sold biodiesel. Hey, wait a minute. So let's get back to the origin. And as ANP, we have, like, a mass balance of the biodiesel and ethanol, and we closed three producing plants of biodiesel. We have an integrated operation with intelligence to fight the bad competitors using biodiesel. With CBIOs, I have a direct contact with Pietro, from the Ministry of Energy, fighting the distributors that do not buy CBIOs, and they are not complying with the law and do not find the ordinance. And then we have, like, more than five that have been put down. There is an integrated actuation, like, to fight bad competitors with intelligence, integration with ICL, and here in Vibra, we have a dedicated team to that. People want details about tax evasion, what has been done, so what still needs to be done. But what is the size of the problem in diesel, gasoline, and ethanol? We talked at the beginning that the size of it, of like, tax evasion is 14 billion BRL and many other frauds that we have between 13-14 billion BRL. We have 29-30 billion BRL per year. In full detail, what do we want to do? Like, two main things that are extremely relevant for the sector. One, how do we frame this company so that, in the future, you do not see this problem growing? We have to approve a legislation of, like, the constant debtor, because we have this in the House and Senate and we say about the constant senate, senators, they do not let this legislation to be approved. Why doesn't it move forward? What is the secret for legislation to get to Rodrigo Pacheco's table, put in the plenary and then the ministry, a senator, and say, "Well, no, no, not this one?" Why? Because they are connected to those, that if we approve this kind of legislation, this businessman will be framed, cannot operate, will have their company inscription denied, and then we will remove them from the market, and the advancement is going to be split. We will approve until the end of this year, like the PL fifteen, that comes from the treasury revenue, Bahia, that will have a list of the debtors in federal taxes, because the Senate has for state and federal. We'll approve the PL 15 that I just heard, that the government will request for the relator, like an urgency, to approve the PL 15 with this, voted urgently, and then we will gain speed to approve it. Then, at least in the federal tax, we'll have a list of 800, 900 companies that are constant debtors of federal tax, but also we'll have, like, ICMS, and the treasurer can act with this list of constant debtors that will come with the bill of the law. Then we will do with the monophase with ethanol. We are strongly working with UNICA and other companies in the sector, building a proposal that also talks about the RenovaBio and a new CBIO model, and it will come together in eventually with the bill of law, with the monetary reform, and it will speed up the approval of this bill of law. So it is good that it is very clear, we are the big winners in the tax reform. Ethanol will be monophase. Our fight is just to speed up, but this is going to stop. This has been solved already, and we want to do it as soon as possible. There is something else I'd like to mention when we talk about integrity. We have an internal piece of information, our intelligence area, led by Isabella. There is something that we talk about the relationship cycle, that we have one invoice that is 50% of integrity and 50% of our value proposition, and this fact is real. Then when we talk about, like, outside of the company, and I call to someone and I say, "And if you put methanol in your gas station, you are going to flank." So the weight of integrity is very important. So when we talk about illegality, but we have, like, Minas Gerais in Rio de Janeiro and Espírito Santo, we have a lot of work to do, but we are working together. Can I just say something? Methanol that has not gone to the biodiesel industry, it was discharged in the gas station and being sold even cheaper than gasoline. So methanol provokes cancer. We have another problem that is even bigger. In Campinas, RECAP, we are in the unions, the most active unions, along with ICL. 16 people died with very low income that went to the gas station and bought ethanol, that is cheaper, but it was methanol. So 16 people, this is documented, saying that it's very sad, that methanol it's not a cheaper product, it's a it causes cancer. So very good, you know, we clarify a lot of stuff, and I learned quite a lot, and I hope that you, the following close and understand the details of Vibra have liked it. Now we have a coffee break, like 40 minutes interval. I thank you all. Take full advantage of the experience. They took out 10 minutes of your coffee break, 30 minutes. But we have other experiences, we have good foods, and we will approve everything. So everything in the beer, we have a good shop, and we'll come back and have another panel related to lubricants, B2B, and logistics. Thank you. Uma gente, uma nação de fibra, de quem sonha em vencer na vida. Produto da nossa missão, nossa paixão é combustível, faz acreditar que tudo é possível. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibraaa! Energia é movimento, movimenta o Brasil que vai em frente. Uma gente, uma nação de fibra, de quem sonha em vencer na vida. Produto da nossa missão, nossa paixão é combustível, faz acreditar que tudo é possível. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Vem de Vibra! Energia é movimento, movimenta o Brasil que vai em frente. Uma gente, uma nação de fibra, de quem sonha em vencer na vida. Produto da nossa missão, nossa paixão é combustível, faz acreditar que tudo é possível. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Vem de Vibra! Energia é movimento, movimenta o Brasil que vai em frente. Uma gente, uma nação de fibra, de quem sonha em vencer na vida. Produto da nossa missão, nossa paixão é combustível, faz acreditar que tudo é possível. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibraaa! Energia é movimento, movimenta o Brasil que vai em frente. Uma gente, uma nação de fibra, de quem sonha em vencer na vida. Produto da nossa missão, nossa paixão é combustível, faz acreditar que tudo é possível. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibraaa! Oi, oi, teste! Teste, teste. Dois. Dois. Dois, teste. Teste, teste, dois, dois. Teste, oi, oi, teste, teste. Teste, teste, dois, dois, teste, teste, dois, teste, teste. Teste, teste, dois, teste, teste, teste, dois, dois. Teste, teste, dois, dois, teste, teste, teste, dois. Teste, teste, dois, dois, teste, teste, dois. ... So we are back with Vibra Investor Day 2024. I'd like to remember that we are receiving your question, the first questions we received, beforehand, just to clear. So we are compiling the questions that are being sent during the event, so that in the end, we'll have the Q&A, that moment for questions and answers, where we will have a way of putting thousands of chairs here to-- so everybody can answer your questions. So keep sending your questions in the QR code, 'cause they will be in the platform. Now, we'll have the second panel of the day that will talk about B2B, lubricants and logistics. I invite to the stage, Vanessa, Juliano, and Marcelo from the Vibra team. I guess I'm far from you, right? Well, I like this warming of being together. I don't like to be far from you. Okay, now that's nice. So now let's go to the questions. We have questions, as I said, the questions that were selected, sent beforehand and were selected, and in the end, we'll have another round of Q&A with all the questions, the main questions for that moment after lunch, when we have the Q&A. So the question that we selected now to Juliano comes from Mateus Einfeld from UBS. Juliano, how are the discussions in terms of competition in air flights? Because you are the leaders. I've learned everything well. Juliano, and ladies and gentlemen, good morning. Talking about the aviation market, in fact, it's quite a competitive market, but I believe that we have a clear strategy. We have a strong team led by Camila, that is present here with us, and we also have the infrastructure that I consider unique, 'cause we are now present in 94 airports in all states in Brazil. We supply six out of 10 air flights that are fueled a day in Brazil. And it's important to say that despite being competitive bids, we have two things to emphasize here. The first one is that we have long-term contract, so you take part in the bidding, but sometime you have some continuity for some years. And the point is the level of service, 'cause many people believe we deal basically with commercial transaction or prices, and the level of service, and especially, proper moment is very important in the decision making. So just for you to have an idea, BR Aviation, that is our position in the aviation market, we had a level of service of 99.94%. That is almost 100%. That's the way we can facilitate the consumer of their flight time and money, and somehow to give some context in line with all the presentations, we want to grow also in aviation. And the growth of aviation comes mainly from the executive market, the executive aviation. So the last year, just for you to have an idea, comparing this June to last June, we had 2,500 companies or clients to more than 3,000. Obviously, each client has many airplanes, but it's a higher margin, both in the commercial and in international flights. Thank you. Well, thank you, Kiko, here, because we have a lot of questions for you as well. Now, the question is to Marcelo. Marcelo, a question from Ricardo Renault from Absolute: How do you evaluate investment in infrastructure? I mean, what is interesting to do? Why is the company growing much less than the industry and infrastructure in the markets that grow the most? Thank you. Good morning, Juliana. Good morning, ladies and gentlemen. Thank you, Ricardo, for the question. I think that first, we have a sector here with a governance that is quite well designed to assess our infrastructure investment. So it goes through the internal analysis and the CapEx committee, involving the CEOs, CFOs, and so on. And it comes from our infrastructure plan that we revise from time to time, where we identify bottlenecks, possibilities of growth, where we should reinforce our infrastructure, and obviously, regions where we should eventually demobilize some assets. Over the last years, we've been investing in infrastructure in an equivalent way and even higher than our peers. Just for you to have an idea, over the last 5 years, an average of BRL 500,000-600,000, only in infra, and I'm not talking about flagships, and obviously focusing in the regions that grow the most. As an example, Ernesto mentioned in the morning, Santarém and Belém, two regions with infrastructure that we now spread in Belém, with a new infrastructure in Santarém that is running fully, bringing about BRL 50 million in reduction of costs a year. This is our look on where the opportunities are, especially in the frontiers of the agro business, with this ambition to grow so that we can support the growth, both in wells and the B2B business, exploring these opportunities in logistics. That is a logistics that is incomparable from the point of view of location and capillarity and competitiveness for the company, with competitive costs in all the measurements that we have. We have lower costs than the industry. And the scale in Vibra, we have return flows in all routes that we operate, and this infrastructure is there, allowing us to search for efficiency and generate that to the business. Okay, now I'll make a question to Vanessa from Bruna Amorim from Itaú BBA. Speaking of investment in the lubricant segment, as Ernesto showed the factory, that is quite nice. It would be interesting to have a better visibility of this business, especially now with the expansion of the plant. I would like you to talk a little bit more about that. Well, first of all, I have a partner here in terms of factory, and we were in our capacity limit in the production of lubricants. So this expansion that is now even functional in 30% of the capacity on this new factory to increase to 500 million liters, the capacity of production of lubricants in Brazil, so it allows us to progress again. Ernesto mentioned that lubricants is one of our pathways of growth, and over the last years, we had a big exchange of volume to profitability. We grew 35% over the next last three years, and we have a good result this year, but without this new factory, we would be able to go on. With this plan, and this is not the future, because we are already working on that, and we brought Saulo, that is here with us, and we mentioned Camila. But anyways, with them, we strengthened the division of lubricants, and with that, we leveraged some growth, among which we had the mounters with O&M, and we have a specific team, and we focused a lot in the segmentation of product. We've talked about synthetic, but we've created specific lubricants for B2B and for the agro business. We are focusing a lot on which are the products to each region and how to tackle each one of them. And when we think about Brazil, and we have a hundred and twenty thousand PDVs on the network, we must understand they have different needs. So when we open our map and we look certain regions, we see that we were in third place in this ranking of market share because we were not strong in the light line. So how to work on that? What are the trading actions? So we need to understand extra network without forgetting our last point here, and that is internationalization, that so far, we have 1% in the rank in Latin America, and now we create a specific structure to grow-... And today we are working, but in a shy way, and we are working strongly on that. I brought Bragança as my partner in the factory, 'cause we started working strongly on how to work better on inputs and how we have better CPV costs on the market. Marcelo helped me, held my hand, and today in our group, we have the best CPV on the market. I'll ask Marcelo to talk a little bit about our acquisition. In fact, the new factory brings a certainty that we have the lowest cost of production on the market. It was not only expanded but also modernized. It's one of the most modern in the world. Looking at the supply of base oil in Brazil, basically 60% is imported. The national capacity deals with this 40%. All this growth comes from imported oil. So we made a partnership with Porto do Açu to import base oil, which will give us even more competitiveness to have a lubricant that is absolutely competitive and even to explore this base oil business with new opportunities. So we are unstoppable in terms of CPV cost, and as we mentioned, the S&OP, how to deal with this focus to spread volume and to bring more profitability as one of our drivers for this unit. So we are quite aware that we can trust this ambition. Okay, nice. We also have a question related to fuels, and I'll make this question to Juliano, 'cause you were talking about natural gas. And it's interesting because in my mind, we are more and more getting to the gas station to have a little bit of everything. I mean, electricity with the growth of the hybrid car, so it makes sense. I would like you to answer this question from Gabriel Barra, from Citi, talking about this possible business line on natural gas. I'd like to say that I also have a great commercial partner here, and lubricants is part of that. We breathe lubricants in any relation with clients. It, it will be small in the medium term. I'm quite well here 'cause they are the ones I ask the most for help, so I'm in a good situation here with them beside me. Very important question about natural gas, and Ernesto made it quite clear that in B2B, we need to spread our offer in the portfolio of B2B products and at the same time, increase the client base. B2B somehow is much more competitive when we consider all the logistic costs and taking it to the countryside. It's much more competitive with the industrial gas and fuel and diesel for transportation, so it's an absurd growth. Just to give some figures for you to make it more tangible, the demand for natural gas is about 50 million cubic meters a day. Hold this number, 50 million, out of which 27 million are clients Vibra. They are our clients consuming on grid this natural gas. That is, they are in our daily lives exchanging products, and somehow in a contract of one, two, or three years, they will be part of contract renewals with Vibra, so it's quite important to be close to these clients. On the other hand, there is a huge potential, and I mentioned the demand of 50 and opportunity of 27 in-house. Out of this fifty, we can grow from thirteen to forty-four additional million cubic meters in the off-grid market, the small scale that we call. That is, take it from the pipelines and take that to the countryside via the virtual pipelines, like liquefying that with logistics and then regassing everything. So when we analyze this opportunity, just for you to understand the size of synergy, besides knowing the clients, as Ernesto mentioned, 70% of the fuel oil that we sell in B2B are in the same region, so we are present there already. We, in fact, know the energy matrix. We know deeply each one of the clients. We are in their houses, so it's very easy for us to be close. The synergy is quite strong. But at this moment, we are assessing the best alternative to enter this natural gas market with the many options possible. Okay, nice. We have questions here, and this question from Marcelo Bragança, from Luiz Carvalho, UBS: "Does it make sense to have a spin-off in the asset and distribution?" Wow, complex question! Well, thank you, Luiz, for your question. I think they are talking about the logistic assets. This is one of the pathways that we mentioned, and I think our portfolio management in logistics assets is quite dynamic. We are all the time analyzing and revisiting where to grow, where we eventually have an asset that makes no sense anymore. And over the last years, we gave up on six assets that were duplicated and generated cash for our company, but made no difference in terms of cash. We were quite well positioned in the regions. But as mentioned before, our goal here is to grow and to spread our logistics footprint. And another relevant point in our discussions is how to use the existing assets of the company in a more efficient way, eventually providing services to third parties, things that we already do, but we have a potential to explore this business in a better way. And regardless of the model adopted, I think the point here is that we'll grow in the strategic pathways. We're analyzing each one of them, and whether looking at greenfield projects or acquisition or eventual existing assets, or even with the modernization and spread and better use of Vibra assets. Anyhow, we are quite well designed in the strategy to be a player of liquid bulk to support the growth of our business in gas stations and B2B, and eventually explore some opportunities to generate additional value to the company. Okay, nice. Vanessa, question from Jean Pierre Pimenta from Gávea: "What are the opportunities in the lubricants market regarding the size of the market, the regions of interest, and the potential to generate value?" Well, Ernesto mentioned that we have almost BRL 8 billion of potential market to search for, and when we analyze that, we can separate Brazil and Latin America, and we still have a lot to do in home, in house. In Lubrax, we have only 1% of the share of multigrades and synthetics, less than 5%, so we have many fronts in Brazil to attack. We'll do that, and we even started, as I mentioned here, segmentation, market share per region. In the center of the country, we have some difficulties with the products there, so we launched new products. I mentioned the light line in the north and northeast, so we have specific strategies, extra networking in our gas stations as Lubrax Mais and the Manias and the high added value lubricant. I have Juliano here, that I was mentioned here, with this challenge to make it well done. We talk a lot here, and we don't wanna have only a cross-sell with this effort, but how to make this cross-sell in a digital way and how to impact the clients via other channels. So Juliano and I are working strongly to understand what are the channels that selling lubricants and fuels can be added faster. So talking about Brazil, I think it's a long journey for. And we still have penetrations that, in some cases, are much lower than we believe, but we'll be better now with the new factory delivery. It's not that we weren't seeing that, but we were at the maximum capacity. But now with the new factory, we are ready, and we have this huge potential to attack, and our team is ready for that. We created a team to progress this way. And then you asked me about the value, and I'm dare here 'cause I'm ambitious, 'cause we want to double or even triple the EBITDA in this business. That's why I'm here, that's why you have this team, and we'll be nonstop until we get there. Very nice. I guess I can trust you, right? Okay, nice. Now, the question is from Pedro Monteiro, from Vinci. Juliano, the question is for you: "What is the optimal market share for the company's B2B? I believe that this question was asked for the retail market, and somehow I collaborated with the same answer that Flávio gave. So there is no optimal market share. What do I mean by that? When we look specifically to the B2B market and servicing, like, directly the consumer, so our last publication of market share, and it happens with a little bit of delay, it was in June, we had a market share of 31.3%. So Vibra B2B channel, direct relationship with the consumer. So just for you to have an idea, since November twenty twenty-one, Vibra was not reaching this level. So we are talking about data, very strong change of a company that wants, in fact, to grow, but grow with profitability. So in a B2B, within the same period of time, more than double the EBITDA with the previous period of growing in market share. So this is the message: We are not here for trade-off in terms of volume and margin. We are here to grow at any cost. We are here to think differently, to bring projects that will impact our business, projects that are transformative, so we can have all the ways for growing and grow with the customers. This is our conversation. So increase the size of the pizza, as Ernesto always says. So there is no optimal market share, but obviously, we will chase growth. This is how we move. We also have some things that came to us, and it's interesting that we talked in the first round in terms of competitiveness and adulteration and fighting illegality, and also in terms of competitiveness, using, like, importation of products. So we talk about, like, the Russian oil, that now is cheaper because of the war. So the question that I found very interesting, that came from Régis Cardoso, from XP. So Marcelo, if you could answer: Does it make sense to think that marginal volume should be supplied via importation? And Régis says that Petrobras has often kept prices below parity, and that this marginal volume has a higher cost and adds volatility to the quarterly results. What is the Vibra's strategy for supply and import? So we all know, or most of us know, that Brazil, around 25% of the diesel is imported to supply the demand in the country, and 10% of the gasoline. So we participate in this market actively, in a competitive way, and we will continue doing so. So we obviously, like domestic production, we do not have expectations for growth, so any market growth marginally will come from imported molecules. But the point to highlight here is that not necessarily the internal market, and notably Petrobras, practices a price below parity. Just to give an example, last year, most of the months in 2023, so the prices were above import parity, and Vibra, given our scale and our dimension, we are ready to navigate in any arbitrage scenario. More competitive prices in the domestic scenario, we have good prices with domestic refineries or a more favorable market for imports. And we've been structuring ourselves a lot of the time to do that in a very competitive way. So I like to say, to mention, like, the Russian diesel that you talk about. So after the war, it appeared it was not something that it was coming to Brazil, so traditionally was supplied by the Persian Gulf. Then we got into this market because, like, regulatory compliance rules, we guaranteed that we were going to work with this product, would not putting the company in risk. But then we learn and restructure ourselves, and now I can say that we do not have any structural gap when we compare ourselves to competitors. And I can go even beyond. According to our data, we have competitiveness with low volatility, and I do not see any competitor somehow operating with the trade or promoting import in a more competitive way than we do, and as I said, this is related to the restructuring that we promoted. We have traders today outside of the country, very close to the market, very close to the suppliers, obviously capturing... Because trade is an asymmetry information business. We have to be connected with the business. Systems, processes, and risk management, well-designed to ensure that we are doing it without adding volatility to the result. So trading is a business that contributes significantly to the results of the company, but and in the future, it will do, too, and how is this situation related to the import of the trade and the footprint related to logistics? We have, like, 10 ports for import. No other company has the same capacity, and I would say that our logistics for imports is maybe cannot even be replicable, given the fact that in some places it's difficult to place a new infrastructure. So this is an avenue that we will continue to explore because this is structural in our country, and Vibra is the biggest player in the sector. We'll continues being very competitive. If I can just add something here, so B2B in one of the most aggressive areas or strong in terms of pricing and depends on the cost, and we consider ourselves highly competitive. So this arbitrage, like Petrobras, information is well done and well discussed, and I remember that our CFO talked during his presentation. In all our daily management meetings, we have these kinds of discussions. Something interesting is that we do not have silos for operations, silo for lubes, silos for B2B or retail. This relationship is at all times. Our teams are talking the best way to find that fuel or the way of bringing that to the trading to be more competitive. Sometimes at the pump, you know, like, we bump into problems, but it has to be good for everyone, like, for the company, for the consumers, and one thing fits the other. Our business, I usually say, and Flávio talked about it, you must have a long-term relationship with your customers, B2B or in retail, and get our portfolio of clients to be long lasting. We do not do that in an opportunistic way. You must be consistent. At some moments, you are a little bit more competitive than others. Sometimes you make a mistake, but when you look at this journey, so Vibra has been doing it quite well. And all the levers that we've shown here are to sediment even more this way that we want to build for the future, solidity that you always talk about. This is crucial to pass this message along and this constructive construction. Most of the times, the small details, like, sometimes change the whole thing, and we are talking about this union, but it has to do with the 8:30 A.M. meeting that happens every day, only thirty minutes. So because we have meetings that are endless, we are very focused, and we have lots of interaction among the teams. We have a question here, Vanessa, for you, related to, forecast growth, expected growth. So and if you are considering any spin-off. Well, people are asking that during the coffee break. The same time that I answered this morning, I will use it for the lubes. We still have a lot of room for growth. The plan is very aggressive. What we are placing our ambitions. For now, it's not our strategy. That's not what we are looking for. And the fine lubes and what are the avenues for growth, this is something that took a lot of time in the strategy to set up this structure along with the plan. And all, everything else that I mentioned with inputs, and now we are ready to attack. If the spin-off doesn't happen, maybe in the future, but this is something that is not in the plan for now. I, I'll get another area. We talked to Conji about diverse areas, so agro is very important. It's always important to bring agro to the table. Agro is always like the talk of the town, and we were talking in another panel. If this is going to the agro and see, the economy is always there. Agro today was not like last year, but it is still like excellent. It is a situation that tends to increase the productivity and everything else. So I have a question here related to agro that comes from Pedro Monteiro, and he said: "What is the strategy for the agro business, and how is the company positioning itself?" Thank you for your question, Pedro. Obviously, we talked in many other panels, but I'll give you a little bit more detail of what has been presented. First, let's talk about five pillars. First one, infra, infrastructure. As Ernesto presented, 150 million BRL in investments in the agro business, especially in Santarém and Cuiabá. Ernesto also mentioned that we have around 300 additional million BRL in development, in construction, and previous licensing, like to begin the works. I'm talking about Sinop, Dourados, Rondonópolis, Luís Eduardo Magalhães. We are getting ready for our infra. This is the first pillar. If we have no infra, if we do... We need a team, we need a competent team with knowledge, the right team at the right place at the right time. It was mentioned, we brought a director, so that is Dario. Dario, thank you so much. Dario has 22 years of experience in the agro business and developed a lot of solutions in terms of technology. 18 years in Cargill, he set up a powerful team, and for the past two years and a half, we have six regionals for sales, working, bringing volume and bringing gross net profit for the company. And we want to move from six to nine or even 15, this the number of regional for sales. So this is the size of the opportunity for growth and be closer to agro. The third one is the pillar related to products. We thought a lot of months, many months, like, to think about specific pillars, the Agritop diesel, and we tested for more than 40,000 hours with big companies in the agriculture business. Now we can say clearly the benefit in terms of autonomy. We can see, in terms of, like, mobile, availability for the equipments. And we tried the Lubrax Tractor and the level of maintenance and the price dropping dramatically when we had two pillars. I talk about pillar one, infra, second, people, number three, products. Number four, partnerships. As a distributor, and within the regulatory frame, we get to our customers with the tanks over 15 thousand cubic meters, and the TRRs are the ones that do the last mile delivery. We've been setting up partnerships with the big TRRs, regionally, how to work together. And when we compare with our peers, we are the leaders also in market share in the TRR market, with 16%. Then there was an exponential growth in the regionals, but we are still gaining market when we look versus the investments. The third one are the solutions developed by this team, getting the experience of Dario and the team that he has set up to bring something new. Beginning with gas stations, smart centers, or ways of getting to the transport companies, like good points for the discharge routes for grains. We are also looking for opportunities that are looking for financing or credit or opportunities to support our partners in the agriculture and livestock. Summarizing, we are strong. 25% of the GDP, this is a growth drive. This is our focus and one of the four pillars for the B2B growth. If I could just add something, this way of looking to the agro is well integrated and connected to logistics and supply. Obviously, it's a commercial topic. Just to bring a few examples, we see the corn ethanol growing, coming from Mato Grosso, and this is a product that naturally, part of it, will end up, like, developing and pushing up the market. It will get to the north and to the northeast, and we already begun using the infra that we are seeing. We service these customers and suppliers, but bringing ethanol, going to Mato Grosso and putting in vessels and transferring it to bigger vessels, and then to the northeast between harvests, ethanol reaching the area, like, cheaper than before, instead of, like, the cabotage traditional system using the Santos port. It's well connected to structure ourselves along these corridors because the commercial opportunities are there, and they retrofeed the logistic opportunities. Vibra has volume in both ends. I go up with ethanol, and then this infra in Santarém, we get with an import product with diesel, and then I can come down to service the north of Mato Grosso. A lot of discussions with railroads, discussion with VLI and other companies for the railroads, because we are connected with both ends. We are there in Porto Nacional and in São Luís. Given our scale, we have a synergy for supply and logistic that, at the end of the day, translates itself in competitiveness and solution for our agro customers. We see, like, going there and everywhere. So it's a challenge, like. But it's fun, and it has its beauty. I don't know if you all noticed in the presentation, so we have, like, 822 rounds around the planet with our logistics system. We have, like, 27 all around, 360 degrees, rounds around the planet. Very challenging, but plenty of opportunities. We are in a sector that is very resilient, and we still have a lot to do, lots of opportunity for growth and expansion. We have a lot of opportunities and challenges. So we are getting to the end of the panel, and then for those who are online had the experience, so we just gave a taste. So what kind of experience that you could give for those who want to know us more? Well, we talked a lot about it. We have, like, the Agritop that we talked about, this diesel. We have a specialist, Thiago Veiga, and others that developed the product. They're there, like, to explain what the product is. So Juliana only gave, like, a taste of it, of the efficiency and best performance, but we can get in more details. We have the VA in the new plant. We had the experience, but we are now trying to save your time, and we will bring what our added products are and what we had in terms of development. So out there, you have like examples and logistics. Well, I was going to say, but you did not let me do it. We are also showing the logistics, how we manage our transport system, and as we also talked about, like, safety for us is non-negotiable. All this movement is fully safe, and the operation is controlled. Our evolution, we brought a lot of savings and cost reduction in this new management, like from the past few years. And I repeat, we still have a lot to evolve and to capture, but it's important for you to know more. And we also have Premia, BR Mania. The shop is open for those who want to know and buy there. And then we have, like, the social causes booth outside. That is there, like, there is a little corner for you to know a little bit more about it. So it was great to talk to you and understand how one thing connects to the other, and the consumer feels it. When they stop at the gas station, they know that they will have a differentiated experience. So you travel all over this country. We heard Marcelo talking about knowing where you're going to stop, and you're going to stop at the Petrobras gas stations and with Premia. So let's not forget that we want you there. Thank you very much, Marcelo. Thank you, Juliana. Thank you, Vanessa. And now we'll end our panel. So have a great rest of the event. Now we have a moment, special moment, our third panel, where we are going to bring to the stage our customers that are here, important customers, partners. They are talking in the importance of this, partnership, and now I invite Ernesto to help me, to conduct this conversation and bring everybody else to the stage. Good morning, everyone. Once again, it's a pleasure to be back to the stage. It's a special moment for us. But at the end of the day, these are the most important assets that we have in the company. Well, these are the most important assets, our customers, our clients, the reason why we exist and the reason why we do everything we do. 'Cause at the end of the day, it, you know, it's something simple, but if we do not have someone that wants our service and our products, well, then, you know, the company doesn't exist. So many times in big companies, we forget about it. We work like looking inward, and this is a journey that we are just, like, promoting baby steps, but we want to conquer the world, like, from inside—from outside in. That the people that we work do not work for the hierarchy of the company, that do not work for Ernesto, but work for our customers. And this challenge is a journey. It's not a simple process. It's a cliché. All companies will say that, but this is one more journey that we will engage and make it happen within this cultural transformation that Vibra is undergoing. So take this opportunity to call to the stage our customers, Beto Abreu, President of Suzano. Paulo Francisco, our retailer from the countryside of the state of São Paulo. Caio Micelli, he has a double mission here 'cause he is from a transport company, big customers of ours, but he's also a service provider. Thank you, Caio. Bom, primeiro lugar, pessoal, muito, muitíssimo obrigado por vocês- First of all, thank you very much for being here with us today and taking some time out of your day to be with us. It's very nice to have one year and a half of Vibra, and I look at them, and all of them have some representativity in my life, in Vibra. Caio was together with me in Canoas, in our bases. This is when I met him, and Giselle has a wonderful service carried out to us. I didn't know he was a supplier, otherwise I would ask for more volume. I thought he was only exporter, but I met him when I was three, four months old in the company, I guess. Beto, my old friend from the market, I've worked with him during the period of VLI. He was in Rumo, and he's a great client. We've interacted many times. He just became the CEO at Suzano with great challenges. And finally, Paulo, who was in one of the first gas stations I visited. I guess I was four months old in the company, and I was quite scared 'cause I got there, and it was a gas station he had just purchased, and it was so bad, and 150 cubic meters, and I said: "My God, what am I doing here?" But you see that now the gas station is 500 cubic meters, and now he wants 1 million. So this is a partner that is a great entrepreneur in the country, one of our greatest clients that is growing with us. So once again, thank you very much. I'm very happy to have you here with us. It's an honor to us at Vibra to be talking to you here, and maybe if we can start with Beto. You can, I don't know, introduce yourself and talk about your company. Maybe you three can do that just to break the ice. Well, thank you. I'll start thanking Ernesto for the invitation. It's a pleasure to be here with you. I have a strong link with the sector. I would like to congratulate as well old friends like Paulo and Caio. We've known for a while. My brief history, Ernesto, is that I've worked many years in the retail of Shell, and then I went to the ethanol department, working in the production of sugar and electricity in Raízen, and over the last five years before going to Suzano in the beginning of the year. So this is the brief story. Suzano is a company that is a leader in cellulose production from the global point of view. This is a global commodity. It's a company that is responsible, and cellulose, it divides into what we call long and short fibers, and the short fiber is 60% of the global share, and Suzano has one-third of this market. So we have basically 20-25% of the cellulose production in the world. And 100% produced in Brazil. And in some areas of application of the cellulose, we also work mainly in the goods and consumption market, so it is related to napkins and paper towels that you have in the kitchen or toilet paper, and we deal with the final client, the end client. So we plant, we collect, we produce the celluloses, distribute, and get to the shelf and the end client. The same way, the paper that we use to print and write, like the Report brand, that I'm pretty sure you all have in your offices, as Neve, the toilet paper, that are quite well-known brands on the market, and they belong to Suzano. We have offices, and our products reach more than a hundred countries every year. We have quite a broad market with offices in Austria, to embrace all Europe and United States. We have an office in Miami and in China, in Shanghai, and we have quite a broad market. We had the first international move recently, to purchase assets in the United States for cardboard, for packages in general, and also the participation of a company in the textile industry, 'cause cellulose is also used in the textile market, and we have an Austrian company for that. In our business, we have quite a relevant consumption of lubricants, fuel, oil, and diesel. It's about BRL 1.5 billion in the account with Vibra per year, so it's quite a positive relation. It's a strong one. And I was hearing him saying about how many rounds on the trips around the world we have. So we have 30 million kilometers a year to take wood, 50 million cubic meters of wood, in about 200 meters from the forest to our factories. We have six factories in different places of Brazil, so this is the logistics and the dimension of the business. So once again, it's a huge pleasure to be here, and now pass on the floor to my dear friend, Paulo. Good afternoon, everyone. Thank you, Ernesto, for your words. My dear friend, Flávio, and see Juliano Prado again. I saw him 20 years ago... And you, Beto, as well, because I just remembered, we were in Istanbul 15 years ago, having lunch in a Shell event. Well, 20 years ago, we launched at a gas station there. So yeah, that's it. And I have a history in the fuel market of about 50 years. I started working in an oil distributor company, and I've worked there for 20 years, since a trainee, and I left as the regional manager of the company. It's a multinational company, and I left there when I was quite young. I was 40 years old, and it's been 30 years since I started working in the retail market, selling gas to the end consumer. The experience we have in retailing fuel over the years made us very happy and proud of the legacy we left. We are now working with the three main companies. We don't have a White Flag gas stations, but we are proud of these three companies, and that we are their retailers. We are here thanking your presence, because we have a small participation with BR and Vibra. I talked to Ernesto and Flávio that after we left BR Distribuidora and Vibra came, our hearts are getting greener. Due to the relation and the sincerity and honesty, this is a nice relationship that we live every day with partners in a win-win relation, so it only brings more synergy to our business. We see opportunities, and we are opportunities with Vibra to purchase a gas station that was selling a hundred and twenty thousand liters, and now we are selling eight hundred thousand, and now we'll sell two million liters. So this is our goal. So I tell Flávio that Vibra has a lot of opportunities of exchanging a bad retailer for a good one, because many times, this exchange in the operator with a dynamic operation in the gas station will make it worth five or six new gas stations. So Juliano has witnessed that in Shell and Flávio as well. So this is the goal. If you change one bad for a good one, you are making a wonderful work. Our focus is the client. The client and gas stations with the synergy of other businesses. We are thinking for 20, 30 years that the good gas stations will be the avant-garde in the future. We are very proud of being the ambassadors of the big companies, the big distributors. Okay, Paulo, thank you. Well, thank you for the invitation. And Micelli is on the market for more than 54 years, and it is a family company, but with a professional management. I am already the third generation. Today, me, my brothers, and my father guide the businesses. It is a business with more than 1,000 workers, more than 500 trucks. We have 7 gas stations today. We transport fuel, and almost 95% of our fleet today needs fuel. So we basically work in three models in fuels, that is, the transfers and collections of products, the delivery to gas stations, and some special products like fuel oil. So annually, we have more than 300,000 discharges in gas stations, so it is the responsibility of a safe operation, and our history in fuel is a long one. We've been certifying over time and getting certifications because it's a product that is different from dealing with the agro business, because when you have some kind of accident, generally it has an environmental impact. So we have to be very careful because besides the lives and the image, we need to take care of the environment. So we are becoming experts in that, not only in terms of dealing with technology, but also training and personnel, because in the end of the day, it is the driver that is driving the truck. So it doesn't matter the technology, because there is a person behind it. So in this sense, we've had many. We've received many awards, and over the last five years, we started working with Vibra, since Vibra changed the management and they, and you entered this pathway of safety and quality and level of services, because these are pillars that are mutual here. So we see this engagement in making it better... and being efficient and management of equipment and technology. So this is very good, because this is what we want. When we have a partner with the same ambitions, it make us generate more business. So we have gas stations with Vibra, we buy lubricants, we buy in the B2B, and the idea is that we make more and more businesses with companies following the same pathway. So it is a little bit of that about Micelli. Okay, thank you. Caio, let me ask you another question now, 'cause here you are playing a double role, 'cause Caio is our client. We sell products to him, for his transport company, but he's always a service provider to Vibra. So I would like you to hear you as a supplier, how do you see Vibra evolution? Or do you believe there is an evolution in the service provision to clients? What do you see on the market? You work with other big distributors, so how can you make this relation, and what do you see in Vibra? First of all, when it was BR in the past, as public, we didn't operate, we didn't work, especially because some things were blurred. So we preferred that when BR had the first IPO, when we entered, and then when it became Vibra, in fact, we strengthened the businesses. Mainly because it is a transparent management, and it comes in this vibe of less bureaucracy, because in the past, it was very difficult to deal with the company, the way of speaking and relating. Nobody would answer a phone call, for example. There were no telephones there. Now, I can talk to people via telephone. They talk to you, they search for you. So it is an improvement that is crucial if you want agility in the business. So this change is quite beneficial, and when we see this process of improvement and now looking at the products and the whole ecosystem where we are inserted, this is very nice because we are not only talking about freight. We are talking about freight and opportunity of buying fuel in an advantageous way. I'm talking about lubricants, I'm talking about other products and services that make a difference. So in our business, this plurality of products and services is more and more interesting. When I look at the gas stations, what I need is to have a better average ticket, and to generate more sales, I need to capture my clients, so I need a strong brand. I need this flagship, and that's why we only work with the flagship gas stations, because the image, the brand is quite strong. And Vibra, with Petrobras, they can gather a lot of clients, and this credibility belongs to you. So if you do the right thing, I'm getting clients in a very spontaneous way. So this is very nice. So your responsibility with a transparent management and ethical management that the market sees, is surely bringing clients, and this is very nice and good, and it tends to grow because you see things happening the right way. Thank you, Caio. Nice to hear that. Now, you, Beto and Suzano, you just mentioned the, the purchase club that you have with Vibra. So how is this relation? Because Suzano is one of the 36% of clients that we mentioned in the beginning of the presentation, 'cause I said 36% of the clients purchase two or more products. So here at Vibra, we have the opportunity of having 64% of clients not buy more than two products. They only buy only diesel, and this is the size of our opportunity. So you mentioned that it's not that you buy two, you buy five, six products from Vibra. So how is this relation with Vibra? And strategically analyzing from the point of view of Suzano, how Vibra comes to your portfolio, to strategy, how can the company help you more and more in this sense, so that we can keep expanding the business? Well, Ernesto, Vibra is in a very critical place in our business because any rupture, any interruption of this process, whether for logistic inefficiency or safety, the loss of the company is huge. We operate twenty-four/seven. The production is constant, so one day stopped or hours stopped in any of our operations is a huge and relevant loss due to the business materiality. Having that said, the fact of having an operation that works and brings safety to the company from the point of view of continuity is important. And- ... These relations with the suppliers are always tested. When everything is working, we don't see how much this commercial relation is important. I'll now play the role of a supplier. Last week, I was with two very important clients, and we know about consumption assets and, like in the Amazon, and they mentioned a lot during the conversation, the importance of Suzano as a cellulose supplier during the COVID pandemic, and when we broke the value chains there back then. So we were sure to keep supplies during the crisis, so it generates long-term trust. And we've recently seen that with Vibra. Suzano, two months ago, built the greatest factory of cellulose in Ribas do Rio Pardo, in Mato Grosso do Sul, and when you build such a company, obviously, this demand planning changes completely. So you are supplying there for the first time. There, we faced that. I spent four days sleeping in the factory 'cause I was so anxious to see the business being launched. I lived that strongly in having this explosion in product demand due to a specific situation, and the immediate concern that will we miss the fuel to the burners or to the transportation at the moment we need? So I saw that, I felt that, that at different moments in the continuity of the relationship. It's good when you have a supplier that gives you this tranquility. Another aspect, I'll get into the day-to-day. The relationship that we have in terms of like supply, it can be a little bit more transactional or more well structured in the long run. Obviously, I will want to consume as little as possible. Vibra wants us, like, to consume more, and I want to pay less, and you want to sell for more. So this is part of the game. But how do we move out of this discussion, especially if we have market references and many other things in the value chain that may create value for both ends, maybe reducing emissions or using technologies in the value chain, or, and what you mentioned, in the product portfolio? We are not exclusive in many different products. There are other opportunities. Eventually, we do not sell products that have an important participation. I heard Juliana talking about natural gas. Suzano consumes 10% of all the imported gas from Bolivia. The volume imported from Bolivia, it's not that big in face of the pre-salt, but it's big. And we consume a lot of gas. It's an energy producer, and we have, like, 5.5 giga of installed capacity, and you saw, like, the 50% of Comerc. So there are other things that we can do together besides, like, the fuel, besides the lubricants. So Vibra knows deeply my business to understand exactly what my needs are. Do they know how much my emissions, from the standpoint of, like, a fuel and where I want to get, and Scope 1 and 2 is absolutely crucial, like, to become neutral. So this is a commitment with the market. We are getting into a very important wave of digitalization of all our logistics operations. How does it impact your business? Are you going to move along with the digitalization of logistics, that we will speak the same language when it comes to technology? So my main point here is we have, like, the trust aspect, and I'd like to take the opportunity to thank the Vibra team for the service that you provided for Suzano at a very critical moment for us. So ten, you know, like you rank a ten, but to move from a transactional relationship to a well-structured and long-run relationship, and I believe in this model in a commercial relationship, so we need, like a specific governance to understand in full detail, to identify where the opportunities are. You just described our multi-energy platform that we just talked about, and it talks to the way Vibra of selling and creating this deep relationship, have our sales personnel more prepared and understand about renewables that we have via Comerc. We talked internally. There's a new product that we launched, the Agritop, which is the diesel for the agro, for the huge piece of equipment. So I think we're gonna count on us, and thank you for your recognition and sharing with you. I worked at Suzano for 11 years, and I know exactly what he's talking about, because around 10 years ago, we launched the plant in Terra Cruz. But I spent my New Year's there 'cause we opened the plant in December twenty-sixth. And ...And then we count on all the suppliers. So thank you very much for your statement. So now let's move on to Paulo. Paulo, you are a group, very large group, still growing, and as you said, Vibra is still not the biggest representative among all the flagships that you have, but you're looking for new ways of growing. And what we presented this morning, a growth plan. So Vibra wants to grow again and bringing more value to the retailers and bring new opportunities for the retailers. How do you plan your growth? How do you see the future, and how do you see Vibra in this portfolio? So first, our biggest threat, you know, is like for fake product and tax evasion. This is a threat that we have every day in our business. But due to my experience and my partner's experience, we believe that this will pass. And I congratulate you for the intensification along the media and all the other bodies, and including the consumers who are noticing everything. So we feel that all this development and everything that is happening in the media, even if the government doesn't do anything, the involvement of the media, we feel that the consumers, they are getting better when they think about quality. And so they understand that in terms of, like, price differentiation, and this is a threat that we all have. You have, the whole market does, too, but this will pass. But when we think that in the past, we had a lot of that, so like tax evasion and adulteration in fuel. But our position in terms of growth, we need, we must grow. Because the way we see it, if we do not grow along with the market, we will end up lagging behind. But we are very selective in our business. And I talked to my partner, and due to the experience that we have, we do not have the right to make any mistakes in our business when it comes, like, to the points in the future or the investments. So what we look, what we see with you is a partnership. It's a partnership for the future, that we believe in the point, we invest the money there, we invest in the consumer, and then we get the results. So it's, that's where our future is. If we have good opportunities, we are in, and we will assess in all ways, like the point, the future or the synergies that we may bring to the business, such as big players in the market like McDonald's, Gazin, Madero, and others. Everything that you see on the road, this is our future. I see that you are taking on a position valuing all that. So congratulations to you, Flávio, Juliano, and all the Vibra team, because we are very happy, and we want to grow. Thank you. Thank you, Paulo. Now, I will ask a question to everyone, and you can answer. We come to an event like this one, and I've said our main asset, like our clients, and we must actively listen. So we have to ask, and I thank all the praise, but what can Vibra do better? What kind of evolution we can show you? Where can we go? And under your perspective, how do you see Vibra, and what can we do? What can we take home today as homework? And I will ask my team, like, to take some notes, and we can evolve as a company, like, to better serve you, knowing that we do have this evolutive process. We have a lot to improve, but this journey is for the long run. It's for continuous improvement. I don't know who wants to take the lead. It's important, like, to talk about this. You're all clients of us. Ernesto, I will be very honest here, we do not know each other enough. So before coming here, I called, like, the supply area to understand a little bit more about our relationship, and our relationship is very good, as I've mentioned, but I had the privilege to have operated in this sector for many years, so I have a good notion of what the Vibra's business is, as much as you know a lot about the cellulose sector. And I see that the supply teams know very little about Vibra's operation. So how is your value chain, where the product comes from, which terminals? How is your portfolio? What is your strategy? Where do you want to get to? So this is what I call a transactional relationship. It is, you know, it's broad and big, but it's like buy and sell relationship. Maybe this is the strategy. Maybe this is what you want. Okay, fine. At the same time, I think that Vibra knows very little about our business. So I asked, and no one knew how to answer. So Vibra's team has gone on the road, like, to see the hazard and transportation of celluloses in Suzano's operation. Well, I have. Well, you were there in the city of Imperatriz, but independently from the point, so what is my business? Do you know my business? And once again, maybe this is not part. I believe, and when I go to a client, I think that the more we know each other, the more we talk, and the strategies are clearer, and the more we discuss on how we can extract value from that chain, to move away from this, discussion of, like, the right pricing and things, and more and more we have opportunities to add, then we can, build good relations where we have more value to be shared in both sides. So if I could be very straightforward in relation to your question, I think that we have an opportunity to know each other more in many, different areas of our businesses, in strategy and operation. Just adding, well, thank you very much for your feedback, and I share, one hundred percent everything that you say. So I'm there, like, talking to my people, to talk to our retailers, talking to our clients, and, but it's to, so they need this curious, way of looking at things. So people know part but don't know much. And then you go and you travel, and then you see problems, like for, supplying, those pieces of equipment with diesel. This is what I said earlier, it's the work that we have for the next years, like the way we sell and the way, we do things. So I thank you for your sincere feedback. There is an opportunity here, like, to get closer to clients like Suzano and then find a solution. Moving on. So another important point that, we see in the market, and it's part of our relationship, the gas stations that can sell, like, a white flag. So this is the legislation is very flexible, and this is being used by retailers with bad faith in the relationship and within the law, but not ethical with the companies that they represent. We have lots of Petrobras gas stations, Shell and others, and they have, like, the flag, like Shell, Vibra, Petrobras and Ipiranga, that buy products from others. So you feel that, and this is a position very strong on top of these those retailers, 'cause obviously, you know, the retailers that they show the flag, and they buy products from someone else. So this lack of ethic, and when the contract is due, they buy from other companies, but in a contract that they have in force with you, they are still buying from others. So we are strongly hammering on that point because our competitors, it's unfair. I have one Vibra gas station here, but there I have a Shell station, and they are selling products from another brand. So you know that this happens. This is not interference at work, and we are working in Campinas, using RECAP, trying to change a few things along with the federation. So the rule must change. This rule is very bad for our business. And the rest, we wish you success. You changed, like Petrobras Distribuidora's look. I said, BR Distribuidora was a company that was tired. That was in the market, but it was tired. And you, from Vibra, you renew it, like its image, a relationship, now the everyday relationship with the retailers. So and it can still, there is still room for improvement. Thank you. Thank you. So we began doing it, but it's not at the right pace. So we are taking out some retailers. It's a different attitude than what we used to do in the past. You go there, and recently I visited more than twenty gas stations, and we took out seven of them, and we must begin this kind of work, but it's kind of like ant work that we must do. And like ethics begin at home, legislation is wrong also, and we are also working with a white flag. And then when we look at the business as a whole and where we are inserted, and one specific point that you are already acting on, especially after the last, the Verde Vibra event, of selling more services that you provide. So at the last event, there was a truck there selling SIF. As suppliers, we know how much we are asked to put to have technology and a differentiated service, to have training. Currently, it's not only in Shell, but we have other transporters, company. Most of them, if not all, they've reached a high level. More and more Vibra needs and must sell it as value, because at the end of the day, fuel and the price is irrelevant when a client, a gas station, buys FOB and a truck has an accident, that he has like a liability, but someone is going to be solidary with it. Bring actions like this one and others, and let the customers know, because sometimes some gas stations don't even know how much money and time that a whole entire transportation team does with the transporters to raise the bar. That must be more and more communicated as an offer in terms of added value. This is a differential that you were the pioneers and present that in events for retailers. This is really cool. It values our work as retailers and all the team that works in the back stage, like to show it. So like to manage all the truck drivers that Vibra has, show that, show the whole entire chain are professionals. Sometimes the trucks get there, and they don't even know what's going on. Thank you, Caio. And now one last question for each one of you, and you can make your final remarks. But Caio, we've mentioned you as our clients at the gas stations. So you were there in our event in February. I showed a video this morning showing the Vende Vibra event, and you were there, and you mentioned that we were selling CIF and showing to our customers and amplifying our deliveries in a direct deliveries. So, we grew almost 50%. But now I want to hear from you. On the other end, how you see this evolution in terms of service providing from us to you? You were along with some other clients of ours, and we two very intense days. What can you say about it? So the market, we hear a lot because our drivers, they are at the gas stations almost every day. So we get a lot of feedback, and in fact, when you have an event of that size with retailers, and you show this change in terms of offer, so the customer is there and very thrilled. And we see that after the event, we did not see any complaints from our customers in terms of the distributor has not gone down. Because we always hear people talking about price. The client talks about price, price, and today we see it less because the consultant is closer and the company is evolving in platform for orders with all the flexibilization. So we hear that this is a positive thing, and the format of how the event was is more and more considered good, because the more retailers you can bring to show, the easier it is for the consultant to be there and sell. Because sometimes we call a small amount of consultants, and those who are not in the event, they don't know what's going on. So I'm quite happy when we were in the event, and I see some consultants going there because they were FOB, and they said, "Well, you have to become SIFA." So it was not even in the region I work at, but I have to defend it not only to my business, but I have to defend that to any kind of environment. So it's very nice. It's something that I couldn't imagine because I didn't know the event, but when we got there and saw, it was fantastic because it values our work. Now, Paulo, tell us a little bit about your final considerations, because you have a very participative, a very strong participation in the countryside, in Campinas. So how can we work together in fighting illegality in the country in general? Because we discussed that before, and this is a topic that is becoming more relevant. How do you see that progressing? So what else can we do together? Well, you and Flávio are following that. I'm not the director of RECAP, but I have some indirect involvement. We are working a lot. We are in the avant-garde of all sindicatos regarding operations and ethanol, everything that we have here, and it is bringing a lot of effects to the region. It is even a model to other unions that at the national level. Last week, we were talking to the president of the federation, and we discussed that a lot. He even greeted our role, what we are doing in the region. So it is bringing strong benefit at the level of the concept of the retailer and authorities as well. You are wonderful. Congratulations! Cheers to you, 'cause you are fostering the federation to deal with legal feuds mainly, and you are strongly fighting with the press. So congratulations to that. We need to keep fighting for that and not being afraid of talking. So this is what we mentioned in the beginning. If we are afraid of facing these people, these people are not afraid of fighting with us. So we have to be there, and this is what Emidio always says: "Good will always wins the evil." So we have to fight, and we'll always have that, and we'll win. I hope so. But regarding Vibra, my final consideration is that, relationship and competitive prices for serious retailers, those who play the game along with you. This is what I think. Okay, for our retail, we want to be together with you. Beto, you as well, your final considerations. I think that for two consecutive years and recently, we were awarded, right? October the second, we were the best suppliers in the sector of Suzano, and we were quite happy with that. And please feel free for a final considerations as well, but talk a little bit about this award and what are the parameters and why Vibra was awarded. It was the second consecutive year that Vibra won this award. Any supplier to Suzano is a very important stakeholder within the chain of stakeholders that we have to work with. And as part of our values, we have some elements that are crucial. We've always mentioned that it doesn't matter being good only to us, it has to be good to the whole world. We have to look at the world and the value chain and the people that are in our ecosystem in general. 'Cause, in-house, we want to have the same relation that we have with the external world and pay attention to leaderships that inspire and transform. These are things that we also observe, and we want to generate and share values. These are our mantras from the point of view of values and behaviors, and we also use that when we need to choose our main suppliers, and we awarded each one in the sector. We have this aspect that is quite important, Ernesto, in sharing values. I think that everything starts at this point. In every commercial relation, I mean, because if we don't share values, we can't create and build trust. So I think this is an element that was important. And the second one, obviously, is our daily life and operations. And in fact, it was quite important in choosing the performance award to consider the way you guided that. I mean, it was not a moment of crisis, but it's a situation of crisis. I mean, when you are not in the normal situation, when there is something sudden as part of the variable. So the way you guided this critical moment was imperative to us, and I have no doubt this history makes us be calmer when we look ahead. So that's it, and we hope that you are awarded many times, and I'm pretty sure that we have a lot of opportunities to increase even more, to get a stronger commercial relation. 'Cause the fact is that the starting point is a stronger confidence base, 'cause we've known each other for many years. Just some parentheses, Ernesto is also my neighbor, so on the weekends, we ride bikes and we run. If you wanna run or ride a bike with him, I hope you are physically prepared for that, otherwise, you won't be in the picture at the end of the race. So Ernesto has a strong admiration for the work you carry out and without any kind of chit chat. No, what I'm saying is that is what I feel. I observe the sector, and I'm pretty happy with the work that you have and the transformation that you have. If you follow and you read... And I am the one who read the reports in the quarter, so and your report, and after twenty years reading reports, you cannot not read. So it's quite clear the change that you are making in the sector. So the sector always need healthy competition and competent competition. This is good. There is a series of common enemies to the big players on the market. So the more the players operating according to the rules, and the more they perform better, and they raise the bar, the level, and change the dynamic of this market, the better it is to Brazil and to the whole sector. So as a Brazilian and as someone who works in the sector, I'm pretty happy about the way you are changing things. So this is a fact. So we are, again, in this ecosystem, available to contribute whenever necessary. Count on us. And I'd also like to congratulate Paulo and Caio, that are people that I've known for a long time. These are the great heroes that can make businesses in Brazil in a sector that is quite hard, and not only they are entrepreneur, but successful in a consistent way, and they never derailed if you work in the railroads. They've always been consistent in a country that is hard to make business. So congratulations to you and to all Vibra team for your work. I'm here admiring from outside, and I hope you are quite successful when you keep up the good work that you are doing. Well, his final words were to finish. I consider my job done. Okay, beautiful closing for the session. Thank you very much, Beto, Paulo, Caio. It was an honor to share the stage with you. Thank you very much. Count on Vibra. We really want to push your business, and we'll be, we'll get even closer to you in the B2B and retail to follow this pathway. Thank you very much. Thank you very much. Thank you. Very good. Thank you. So we've known a little bit better how this relation works in Brazil, that is made of real people that is struggling every day, and this is what makes the difference. Now I invite you to our lunch, if you are here, and for the break, lunch break, if you are online. We'll be back at 3:00 P.M., Brazilian time. Movimenta o Brasil, que vai em frente. Uma gente, uma nação de fibra, de quem sonha em vencer na vida. Produto da nossa missão, nossa paixão é combustível, faz acreditar que tudo é possível. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Vem de Vibra! Energia é movimento, movimenta o Brasil, que vai em frente. Uma gente, uma nação de fibra, de quem sonha em vencer na vida. Produto da nossa missão, nossa paixão é combustível, faz acreditar que tudo é possível. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Vem de Vibra! Energia é movimento, movimenta o Brasil, que vai em frente. Uma gente, uma nação de fibra, de quem sonha em vencer na vida. Produto da nossa missão, nossa paixão é combustível, faz acreditar que tudo é possível. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Vem de Vibra! Energia é movimento, movimenta o Brasil, que vai em frente. Uma gente, uma nação de fibra, de quem sonha em vencer na vida. Produto da nossa missão, nossa paixão é combustível, faz acreditar que tudo é possível. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação que vibra. Pé na estrada, fé na vida, somos a nação... Nação que vibra, pé na estrada, pé na vida! Somos a nação que vibra. Gente Vibra! Energia é movimento, movimenta o Brasil que vai em frente. Uma gente, uma nação de fibra, de quem sonha em vencer na vida. Produto da nossa missão, nossa paixão é combustível, faz a rede. Boa tarde, pessoal! Estamos de volta com o Vibra Investor Day 2024. So welcome back to this Vibra Investor Day 2024, after this nice lunch and exchange of chit-chat. My mother had a gas station, right? This is something new, so I like the smell of gas and all clients say how hard it is to work there, and they saw that, and well, this is the Brazilian mindset, to fight for everything. This is how we get there. And I was pretty happy. I remembered many stories. It's nice to be here because we always exchange ideas and we feel the trust in each other, look in each other's eyes and feeling the strength. Now we'll talk about Comerc, and first, I'd like to remind you that we've already received a lot of questions. We are organizing here the way for you to participate, so that people present here can get the mic, and most of the questions are from the people present here. So we'll organize everything for this nice part of the Q&A with the executives on the stage. And now we'll talk about Comerc, that is a recent acquisition of Vibra, to complement this multi-energy platform. So I'll invite to the stage, Clarissa and our guest, Kiko. Can I call you Kiko? People told me, call him Kiko, 'cause not even my mother called me by my name. Okay, so it's Kiko. Okay, so then, say, Kiko. Well, good afternoon, everyone. Kiko and I will present now the history of Comerc and tell a little about this history and our future plans. Comerc's history is divided into three main cycles. The first one is the asset light that lasted twenty years, where Comerc built their deep knowledge on clients, changing Comerc into the greatest energy manager in Brazil and one of the main traders. From 2021 on, Comerc then started growing exponentially, and there was a relevant volume of constructions, and now we reached a portfolio of 2.1 giga of solar and wind energy in operation, with assets that were hired with a low-risk contract and corrected by inflation. These two phases altogether make us come here with an EBITDA of BRL 1.3 billion for 2025. Now we'll start a new phase, a phase where Vibra now becomes the shareholder in 100% of the company, and we'll search for this future growth. I'll pass the floor to Kiko to talk about this history, and then I'll come back in the end. Can you hear me well? Good afternoon, everyone. Good afternoon, ladies and gentlemen. I'd like to thank Ernesto, Clarissa, and the whole Vibra team for the invitation to participate here and tell a little bit of my story and Comerc's story, where we could get and where we are headed to. I started Comerc when I was twenty-two years old. I wanted to be a businessman, and for three years, I worked as a broker, negotiating future market, and I decided I would be a businessman. And then I created Comerc. I asked a friend to create a name for the company, and I asked, "What is the company?" And he said, "Well, it's a broker." And he created this name, Comerc, and it is the same company name as when I was 22. I have this number since the beginning, and for fourteen years, I worked with BMF. That came afterwards, after the B3 trade exchange in São Paulo and the futures market of commodities, until we got to year 2000, and a friend said, "Well, if you like new businesses, the energy market will open." The energy market is something that is a state market, and it is something that had no thrill. So I spent 56 months studying this topic, and I believed it would be a great opportunity, and with this new market, we would be able then to find opportunities for the consumers. And it started with some savings, and we could deal certificates and targets of those reducing more than 20% of what was established by the government, and then creating this relation with clients and clients understanding that electricity could be negotiated. Then it was the first movement that we had when we had to ration energy. So when the energy went from BRL 684 to BRL 4, we started migrating consumers to the Free Market. So the consumer was the one in need of support and in need of understanding the market. It took us eight months to make the first business that was with Klabin. Klabin is our client since then. After twenty-five years, we're still here, and many of the clients that we brought back then, like Avebe, Anglo American, BRF, they are clients, our clients until now. What do we do with these clients? We assess the opportunities for hiring and how we allocate energy, so we get quite close to this client. We create this strategy, and sometimes we go to the board to present that. During this first period here, we were an asset-light company until twenty twenty-one, making new products and services based on what the consumer needed. What will be the new technology? What will be the new product? What does this consumer want? 'Cause today, you may wanna sell whatever you want, but you need to understand what the consumer wants to purchase and what you can do to take something that the consumer wants to purchase. This management makes us get closer to the consumer. They make us be there in our daily lives, balancing energy, dealing with surplus and deficit. We create strategies and so on. We have a constant relation with these clients, and today we do that for 15% of the Free Market, which is 6% of the energy consumption in the country. That is, every month, they're telling us where to allocate the energy and what to have, how to have an RFQ to purchase energy and the other products were born along with this. Until we got here in 2021, we fused with Perfin to be able to have these assets of generation, distribute and centralize the distribution working, and we went to an IPO. During this period of the IPO, we were approached by many strategic partners. We talked to many people, but the only company that was interesting to us that we understood we could have a good opportunity, and that we got interested in having as a strategic partner was Vibra. And why Vibra? Because Vibra had no conflicts in terms of generation, because Vibra had 18,000 B2B clients, 8,000 gas stations, 30 million clients that pass by the gas stations. But not only that, due to the financial robustness, it was mainly for the future view. And what was the future vision of Vibra? It would be to enter a transition energy model and think about this energy transition. And when we talk about energy transition, and I think it was already mentioned here by Ernesto many times, 'cause we, in this case, we are talking about doing the minimum, the least, or doing something related to this energy transition. And it is, in fact, going deeper on that and understanding it and making this conscious energy transition in a very aware way and in a constant way. The energy transition is not a turning point that is a complete shift. It won't end in 10 or 20 or 30 years. It is a process we need to face, so we need to have a future vision. So we entered JV with Vibra. We brought a team that came from Perfin, and Ralf is a wonderful man, the CIO of Perfin. He is completely in tune with everything. He works 26 hours a day, and Dorf came to create a team and a leadership so that we can have a pipeline of projects in a very aggressive way. Along these three years, we only fought against everything, 'cause we faced the pandemic, we faced the solar panels that the Chinese couldn't deliver. We had increased prices in the freight. We had an extreme price in the dollar currency, and the next year, we had the problems in the United States and the liquidity problems decreasing the offer of capital. Despite all that, we delivered the 2.1 giga of energy centralized, centralized generation, with three MW of distributed generation. I guess you are in the next slide. Yeah, that's true. So how do we understand each other now? Well, we are not a company that is new today. We are the greatest generator of solar energy in the country. Considering GC and JD, we did that in three years, which doesn't mean that we are a generation company. It means that we may make good use of the opportunities. We can look at this market and understand this market, making good use of all the knowledge that we have, and have a team to deliver a robust portfolio. Doing that doesn't mean that we'll grow in the future as a generation, or that we will, in fact, be energetically efficient, and we have to invest in something 'cause we became a company that has to torture the figures to fit in the plan of the company for the development. What we need is to look at the opportunities, the country and technology and the client, as the protagonist of this market. They know quite well what are the future opportunities. All this model that we created is to be closer to the client and to know them more and to make good use of opportunities. So we did that, going against things, hoping for a better future. I think we have a lot more to do. Ernesto, when Ernesto got to Vibra, the first meeting we had with him, he said, "Well, we've known each other for almost twenty years since Suzano, but I need to validate and to understand if this movement was right or not. So I need to understand if what we are doing here with Comerc is something that Vibra will keep doing or not." And during this period, I think we could show that there is opportunity, that there is this connection with the Comerc, and we can build portfolios very fast, and we can do that again. But everything now is within a model of a platform with much more to grow. So we have a base today and an amount of clients and the knowledge on the market that is much greater than what we've always had. We have a base today to start grow, because in three years, we had great challenges, but these were also years when the board was a little shifted between sell side and buy side, but not anymore. Now, we, in fact, have a goal, a pathway to grow and to make the business grow, and make it grow when we understand there is opportunity for that. I'm pretty sure that we have a lot of competence, and the market is completely competitive, and future opportunities that we'll have to do much more. I'm pretty happy that we finished this period, and I'll go on with the Comerc and Vibra, not because I have to. I am the founder of Comerc, so I keep being the founder of Comerc. So you won't see me creating any side project or opening another company to do something that is not to help Vibra develop more and more this business, so that we can make the companies be quite well connected, so that we can, in fact, make this transition, this energy transition consciously. So we'll keep with this entrepreneur DNA. We'll have a portfolio more and more complete in terms of products. It is an effect of technology. It is the effect of having almost thirty thousand telemetry equipment in the companies, bringing data so that we take solutions that not even the clients know they needed, differently from a platform where the consumer will search for an iPhone, for example, because Amazon knows that they'll purchase the next one there. If we don't know who the client is, what they like, what is the price of the contract they have, the opportunity we can show them, and the internal information of their units, then we won't have a product to offer. So all that was created in this platform that, to me, starts working fully now. So we'll have a lot of time to make the business grow, a lot of knowledge to be with the client, a strong and robust credit, and a proven experience in the sense that we can do more, and we'll do more. But we will do more, looking at what this is bringing in terms of benefit for Vibra and the clients, and for the investors, Vibra's investors, and how we are going to make the two companies that today become one, and take the advantage of this market the best way possible. And I'm also very happy that Clarissa is joining us as the CEO of the company, starting in January. So many people at Comerc said, "Wow, great, like a woman as a CEO!" So it's not only a woman as a CEO, it's a person who is experienced in the market, a person who has knowledge about the product, and I believe that we will have a lot to do together. So there is one more thing for us to talk together, and it's important. It's important to hear you and your vision about this receptivity in the team, and then I will say something about our vision. So the team, what happened in the team? We had... Our pipeline was already delivered....with an expectation that we were looking at some opportunities, passing by, that we could take advantage. And this anticipation had the logic of not being stuck in a market that is extremely dynamic. And my father, when I said that I want to be a businessman, he said, "Well, you want to be a businessman, so you have to sleep and wake up thinking about the company. You have to think about people and, about the, supplier, and make all the kinds of decisions, but the decision that I will have to make on behalf of the company. And the other thing that he said it was that, the biggest trick is to do the right thing. So I try to have, like, this two concept, through the ladder. And we did all to get right. Until now, we do not have anything outside of the curve, and we are still thinking about the company. And the people who are in the company, they came with this DNA of entrepreneurship. They want to see things happening. They do not want to see opportunities passing by, and, we cannot being able to capture. This new phase is the one that give us butterflies in the stomach, that people do not know what is going to happen with the change. But change is always favorable, and in this particular case, is waited. Here I am, to help Vibra to make, Comerc become bigger than what it is today, and we can move and work together for a very long time. Kiko, thank you so much. I'm very excited about this possibility of leading this company in this phase, especially having you on our side. Last week, we went to Comerc, and we talked about the anticipation of the acquisition on Wednesday. On Thursday, we flew to São Paulo, Ernesto, myself, Aspen, to talk, with the team. It was amazing, like, the reception and the excitement of the team. Even in the hall and the elevators, people were coming to us spontaneously to talk and reinforce their joy of this new phase. I also took the opportunity. On Friday, I went back to Comerc, and I talked to my future team of leaders, and talked to each one of them, and heard their concerns and their questions, so then we can begin building this new phase. One of the questions that we've received was related to the office. The headquarters will remain in São Paulo, and what we want to do is just like to close a small Vibra office that we have in São Paulo, and then we will have one single space for Vibra and Comerc together. So as Ernesto, when he is in São Paulo, Juliano, to visit the B2B clients between meetings, they can sit there. So we have, like, a big, meeting table that we have here in Rio, with the main objective that we can, work together and exchange experiences. The other question that we received, and now, what about now? What are Vibra plans for the future? So now let's talk a little bit about the future strategy. We had a little bit of a spoiler of this, slides. What are our priorities? First, capture synergies. It's reasonably simple that what we have ahead of us and are immediate, are simple to be executed. And leverage, asset light, grow opportunities we have to cross-sell, that we- a lot of people mention, including Augusto, about our opportunities in opening the free market. Third, grow with the project that we already have at home, like distributed generation and energy efficiency projects to be executed. In fourth place, assess opportunities and bring options home, and with the centralized generation, be it in recycling assets or investments in centralized generation. Now, let me talk a little bit about each one of them. When we talk about synergies, BRL 1.4 billion of immediate synergies that we've announced last week, what are they? They are related to efficiency in costs, giving an example, like insurances, licenses, and the office that I've just mentioned. A second item, like synergies like related to a fiscal in terms of, like, M&A, specifically related. Third, the financial issues. Comerc has, like, debt, and that is prior to the acquisition, and we have a volume of debts that we can refinance at the beginning of next year, and we will bring an important benefit for the transaction and for the company as well. But what is not and what we have as opportunities, like upsides, that we will explore. First item, which is in this number, is when we have, like, the debt and we put in the Vibra level, then we have a fiscal benefit that in the Comerc level, the holding, it is not. Opportunities of like commercial synergies, once again, bringing in intelligence and cross-sell so we can work together. In third, like the growth of the company, which is not in that model of the items, the returns about growing the idle capacity, the financial idle capacity of Comerc. Today, we have a lot of debt, but we have a cash generation that this company will leverage very fast. Then when we look at item number two, in terms of opportunities of asset light, I bring a little bit more color in the openness of the free market. Here we have a simulation for high tension, and take into consideration that we have a market share of 20% open in free market for high tension. We are talking about bringing a result of BRL 100 million per year for Comerc, only with high tension, without mentioning the opening for mid tension and low tension. And then we have partnerships to work with the retailer and leverage, like, the free market. The partnership that we announced in January, the partnership with Itaú. Itaú brings this capillarity so we can reach more clients. So we associate capillarity of the bank with the technical knowledge and of this innovative team to bring products and solutions for our clients. So when we talk about item number three, what do we have in our portfolio in terms of projects? We have lots of discussions about energy efficiency. It's a universe of BRL 425 million of CapEx, and a possibility in distributed generation. So we are getting into these costs deeply. To get to the return that makes sense for the clients and making sense for us, then we can make these investments, investments that we are looking for a return of a leverage of 18, 19 nominal return, bringing in a real return of 15% for the company. In relation to item number four, optionality, what are we bringing here? Items that eventually will make sense, that we recycle capital, assets that we have, like good contracts that are mature, with good availability, might make sense to be in the hands of other investors. We will keep looking at our portfolio to bring to Vibra good return, to bring a good capital allocation, which is discipline. At the same time, we will follow how the energy price is. Here we have a chart on how the contracts, energy contracts for the clients in many different time frames. But then when we look at the price for the contract that the clients are paying, and then, like, the cost that we will build for the adequate return, and we say, "Well, this is not adding up." Then we will continue assessing with lots of discipline and seriousness with premises like deadlines, CapEx. In case we close this math, we can make investments also in distributed generation. Then to end our presentation, Comerc, no doubt, is a unique asset. When I say that, it's not only related to the fixed asset, like the park for generation of high voltage. I'm talking about people. I'm talking about people with a DNA like an entrepreneurship DNA, innovation, bringing lots of opportunities to the company, and together, we have a third very important item, the knowledge about the client and information so we can generate business. So this unique asset is fully aligned with Vibra's strategy, which is the continuous growing, and it will contribute to consolidate our multi-energy platform. Thank you very much. Thank you for the trust. I like the whole team here at Vibra, so let's move forward. Thank you, Kiko. Very interesting, I like the name. And the company has this DNA. So it's great to see people like talking so passionately about this story. So it's really nice to hear and see Vibra taking on this idea, this vision for the future. So we will continue in our program. One element that is essential, like, to ensure the best results is management of the company. So now we will talk about management model, and Ernesto and Aspen will make the presentation. Vamos lá! Com você, Aspen, manda aí. Bom, boa tarde. Good afternoon, everyone. It's very good to hear you, to be with you here today. Today is a very special day for us to share with you all, like, this moment and how we see our possibilities for the future. So Augusto was talking about, so, well, a little bit of the presentation that Aspen is going to make. So it's important, like, to rescue and begin with this picture of the whole team, because this is a lot of what we are looking for. At the moment, to see a CFO talking about people and talking about management and culture, and at the same time, he are representing, like, people, technology, and all the other areas in the company must be focused with discipline in terms of capital allocation, focus and execution. It's very important to build this team, everyone helping and adding, so we can build the company's future, so our management model is based in six different dimensions that must be related, intertwined, because obviously, everything that you heard about the strategy, now, this is the challenge of the execution, and speed was mentioned. Obviously, these dimensions, they help us to deliver the strategy. The first one is when we look at people and culture, and it's important because we heard about, like, business synergies between Vibra and Comerc, but now I take the opportunity to get a little bit of what they said, which is the synergy of culture, which makes sense for us to think about. Here at Vibra, we look at strengthening this sense of ownership, the entrepreneur that wakes up and goes to bed thinking about the business. We must strengthen that, and we've been working on it, and the entrepreneurial view, like, to recognize the courage, like, to make decisions. So then we can deliver the plan and the strategy that you had the opportunity to see. So at the moment, with many challenges to expand will only be possible, and I would like to reinforce that this culture of entrepreneurship, that we can allocate each business unit responsible for results that will be obviously to deliver what composes our business plan. Another important point that makes sense, Augusto has also gave a little bit of a spoiler of this management model, is, like, to speed up, like, the pace and intensity of our actions. We must be very disciplined and be focused on execution and never forget... and here I mention again what he said about management, about discipline. When we look at how to allocate the capital of the company, so we must have a speed in terms of response for everything that we are going to do. And when we think about the pace that we are implementing in the company, it has been mentioned, like the morning meeting, and it's only possible for it to happen due to the whole chain of events and preparation of data in the company, so people begin the day being capable of discussing what happened until that moment. So we're talking about volume, margin, stock in our units, where eventually the market had speed up, where it was holding back. So this morning meeting is an example of the space and intensity that we've been implementing. Weekly, these processes unfolds what happens every month or the moments of necessary adjustment in the route. So, we have meetings with the board of directors and projection for results that we obviously work for that to happen within the month, the monthly results. And it's important to see how much we gain in terms of maturity with this integration between commercial areas, operations, financial, and all the FPNA area, giving support to the areas, because it would be pointless to increase volume without profitability. And for that to happen the best way possible, like reinforcing the way the clients look at it, and this is the next point in our management model, we must ensure the right product, the right moment, at the right price is available for our clients. Another important thing to rescue today, the panel about clients, shows our intentionality to evolve in a dimension that we know how much we can still improve. No doubt, when we begin discussing the model for the event, it was very fast and it was very natural, and we said, "We must bring our clients so they can share with us." It's good to hear what we are doing right, but even more important is to hear where we can improve. So this process of actively listening to our clients is something that we are strengthening in the company, because the client is with us on a day-to-day, is the best source of information for us to deliver better products and services. ... And here's another important thing that Beto mentioned, that is the acknowledgment that Vibra will have in this relation with suppliers and partners, and how we'll receive the award from Suzano, and how we face the awards that we receive over the years as a sign that most likely we are in line with what the market expects. And it is much more than simply getting an award and believing there's nothing else to do. So you could hear from Ernesto today when he said, "Well," and I said, "No, let's pay attention here, 'cause there are opportunities for us to evolve in our business." So over the last years, we structured an area here that besides bringing speed and assertivity in the response to our clients, it helps our commercial team to dedicate more time to do exactly what Beto also mentioned here, that Ernesto could mention, that is, giving time for the commercial team to know more about the clients of business of our clients. Because once again, it will be mandatory for us to anticipate to the needs and make deliver more value to our clients. Besides this freedom in time, we can make our sales executives, with our trademark team in the structure of Vanessa, have more time to work in the training of people in the gas station. That is quite important to our business, and this is a very important point in the relation with our client, direct clients, that are the ones that decide to stop at our gas stations because they trust our brand. So we need to obviously correspond to the value proposal when we talk to our clients. Another dimension that is very important in this progression is to look to methods, the analytical ability that we need to reinforce and the look to identify the root cause of why things are happening. We've seen some examples here in fighting illegal practices on how we could identify the origin of the problems that we identify, and go deeper, not only superficially, 'cause when we understand the origin, and he brought a specific example of fighting illegalities, and we could list other examples, but in fact, we can see where it started and what we can learn from what happened. We cannot change the past, but we can be much better prepared for the future, for what will eventually happen. So this is also another important dimension in our management model. Technology, that is obvious to talk about technology, but before technology, we need to work the mental model of the company so that people understand that we are digital, and they search for the best technology to solve problems, and not simply technologies to be implemented, and for us to say that they are there. No, now I'll go back to the importance of the whole process of analyzing the capital allocation that just like other things we do in the company, everything we eventually suggested to be implemented must have a value demonstrated before the application decision in the many committees, as Augusto mentioned, like the CapEx investment and the flagship within the many actions of the company. There is another important point, and obviously, you are following what happens on the market and the strengthening of artificial intelligence. We need to speed up its incorporation, whether in back-office product processes, where we search for productivity, but also applying to the businesses where we can gain competitive advantage. Here I'm talking about applying pricing, as it was shown here in the centralization process, cross-sell, that we saw a lot. We have correlation of clients with similar profiles that we can speed up using AI in many processes. Automation of processes, obviously, we can apply automation in repetitive processes that don't add a lot of value for the teams, and once again, give them free time for noble activities. So technology is another important dimension, and obviously, the dimension of ESG, and as Ernesto mentioned, we have innegotiable values in the company, and safety is one of them. We started the presentation with this evolution in terms of safety, and he also mentioned integrity. So these are very important values that are innegotiable in the company and are the basis for everything that we bring for discussion to our businesses. And in the ESG agenda, talking about the environment, here we see the climate commitment and our commitment to be net carbon until 2025 in Scopes 1 and 2, and 2050 in Scope 3, with the reduction of Scopes 1 and 2 until 2026, and it will be with the compensation. So here we reaffirm our commitment from the climate point of view. In the ESG, it's important to mention also the progression that we had in the company with the percentage of women that we have more than 30% in high leadership in the company. When we are talking about high leadership, we are talking about executive managers and other positions, more than 60% of Black and Brown people, and here we are talking about managers in higher positions that are so much as important as or more important than that. So we search for diversity to bring different visions and perspectives to our business. So we are talking about a business that we need to understand the Brazilian society quite well and its designs, 'cause they are the clients that stop at our gas stations to fill their tank. The commitment we have with the development and with retaining the professionals is quite important for us to build the basis so that we have the social ascension of talent in such a way that the way that we are doing to Vibra. Also in the scope of S, social, of ESG, our cause, and this is a very important moment of engagement for the company that is fighting sexual exploitation and sexual harassment of kids and adolescents. Our children are the future of our country, and we are very happy to see how engaged the company is, and our partners and suppliers and clients. So in Vem de Vibra, we launched this cause, and it was very nice to see that since then, the retailers engaged a lot in this cause that is important to us when we think about the future of our country, as well as the legacy that the company wants to leave to society. We talked about the legacy of irregular practices, how much we want to fight that and leave the country far from irregularities on the market. But here's another noble cause for the company that needs a lot of dedication and participation of many executives and all the body of the company to fight the exploration, sexual exploration of kids and adolescents, 'cause this is something that happens in the surroundings of our business. When we think about the gas stations in the roads, it is something that happens there on the site. So to us, it's very important to fight for this cause. So that's why we consider this a Vibra cause, 'cause we need to help fight and eliminate that from our country. Last but not least, in the G of ESG, and now making use of our true cooperation, and I invite you to share how we are structured to ensure to Vibra the best levels of corporate, corporate governance. Okay, I guess now it's working, 'cause I need my free hand. So well, thank you, Aspen, for your wonderful presentation. I think it showed a lot how we are bringing sustainable results, our commitment with the environment and our commitment in the social cause, the social side of the company. And now to finish the ESG, I'd like to talk a little bit about the G, governance, because I've worked in some markets and some companies, and in fact, I see that Vibra today has a state of governance in the state of the art. Our board of administrations has our Chairman, Sergio Leal, that is here today, and they are in total tune with the experience, bringing complementarity and a constructive alignment, always searching for the best interest of Vibra. And Sergio many times talks about what makes the corporation a success, and he brings this point of view that I truly agree, that is the mindset of the owner. What we have here, and Aspen mentioned, is DNA, but part of the board and part of the CEOs of the company make the company as their own company. I've worked in other companies with an owner, and some owner, and somehow there was a control. And what I learned is that it is a great part of success, and whenever I come to Vibra, I feel I'm home. Vibra is just as if it's mine, it's my own company. So it's like I created Vibra. Maybe I cannot have the same emotions that Kiko brought, but this is the way I think. I think this company is mine, and every day I want to do my best so that it's more successful and that our personnel are more successful when grow and develop. I think this is what makes the difference. So our challenge is not smaller, it is to show to the country that true cooperation can be a successful pathway. We have some successful examples that are more rare, and I think this is our mission to show over the next years that it is possible, and this governance facilitates in this sense. So we have a very experienced board with the support of committees that give support to the board. So I think in the management, we are always truly searching for support in the committees. We don't use the committees only because they need to approve something. No, we bring debates there. We have a lot of people with a lot of experience there. So how do we bring the committee or the board even to help us? And I think, we are well balanced in the role of the board, 'cause I've seen, boards that do nothing and another ones that do a lot in the operation, and this is the work of the management. Today, we have a very positive balance, and we are showing that. Recently, there were changes in the board. Our president was unanimously elected, and for the second time last week, we saw the case of the approval of Comerc, that was unanimously approved by the board. We see many demonstrations for us to see that our governance is quite well structured. Now, going to the end, but before that, I would like to thank especially some people that work nonstop, 24/7, with the mindset of the owner to make this company what it is. People that worked for many, many years and are still working here, they brought this company to here. Today, we can be here on this stage, talking about a future that can only exist because these people brought this company to here, and these people are building it every day. They are working nonstop for success, many times leaving their personal lives behind to make it happen, to make, in fact, their best delivery. I'm talking about the employees and the staff of Vibra. Let's have a round of applause to them and everyone at home. Just to finish, we have two more slides just to close, and then we go to the Q&A. We left the Q&A to the last, 'cause we knew we-- you would be here till the end. So the five pathways of growth were quite market. We have leadership in gas stations, expanding our portfolios and also spreading the client base, going farther with our clients, expanding our logistics capacity, being the player of logistics in liquid bulk in Brazil. A new ambition in lubricants, expanding to Latin America to be the leaders in Latin America, and renewables with a return. Comerc is one step in this sense. It is, in fact, our truly big investment in this area, so that we can gradually evolve, always ensuring discipline in the capital allocation and making things happen with the proper return. Finally, it is Vibra consolidating as the greatest multi-energy platform in Brazil, and now with a new ambition, once again, talking about growing and growth, and that we can follow those steps and follow the evolution of proposal to our clients, that we can be a platform that, in fact, offers services and products to our clients. As we've seen today, we saw demands in this sense, and it illustrated quite well the opportunities that we have in the future. With that, I finish my presentation. I'd like to thank you all for this day, and I pass on the floor to Juliana so that we have our final part. Thank you, Ernesto. We'll now have our final moment with the five thousand chairs that we'll have here on stage, and everybody must be here. So this, I guess this stage is strong, so there is no risk of falling. But anyways, we received a lot of questions, and what did we decide here? Well, the main questions are from people here, in-house. So people decided that it's best to speak face-to-face, passing on the mic, and we'll ask you to ask your question directly to the executives. Instead of me reading the question, it's much better for you to ask the way we saw that you will ask better. So we made this decision, and I'll invite to the stage, everybody, Ernesto, Augusto, Flávio, Henry, Vanessa, Juliano, Marcelo, Clarissa, and Aspen. We'll pass on the mics, okay? Ju and Paulo. They'll pass on the mics. I would like you to raise your hand so that we start organizing the question here, line by line. Good afternoon, I'm Bruna Amorim from Goldman Sachs. Thank you for the space for questions. So I would like to hear from you, from Comerc, to the electricity market. We know that the market, at least in the next two or three years, are under offered. So maybe to us, it's not a problem because you are quite well-hedged, higher contracted, but how does it bring opportunities in the sense there are players that are not well-structured, that's Comerc, not with, not good contracts? Does it make sense to think of Comerc as a company with MNAs and acquiring assets that are weak, and in the long term, it will, by demand, normalize? I would like to understand if it is a pathway of growth for Comerc or not. I can start, and then Clarissa may answer. Thank you for the question. I think clearly we designed our main movement in Comerc, so be in the order of priority. The first one is to capture the synergies that are there. I think Comerc had a very important history of growth, and when you follow that, it is more than natural. People ask about synergies and costs that not happen, but it's natural to focus on the growth, and we are in a wonderful moment to capture the synergies that even with the description that you made of the current market, that doesn't allow necessarily big growth. Let's search for Comerc again. Going back to its original DNA of trade, making use of the deregulation of the market. And also other small projects of distributed generation and future opportunities in decentralized generation, in case these projects are feasible. Before going specifically to your point, I'd like to say that we, in any area of Vibra, we don't we are not passionate by projects or, passionate by assets. We are passionate by results, returns, and royalties in the company. The discipline that we have in the capital allocation deals with that. From this agenda of optionalities that we created, we will open other doors, and definitely, we see that Comerc or the vertical of renewables in Vibra, that is the way we see it, it will bring optionalities that, at their time, bring examples like the one that you mentioned, and if it makes sense from the business point of view as a, a strategy, we can consider this. But at this moment, our focus is, are these optionalities. So I have nothing else to say. Next? My name is Monique from Itaú. Thank you for the opportunity of asking questions. I will ask two. So when you talk about your ambition, like to raise, like, the volume of to 60%, from 36% to 60%, I want to understand, 60% is only with fossils, or are we considering renewables in the 60%? What is the expectation of this cross-sell in terms of renewables? And my second question is, we talked a lot about lubes, but we need to understand what is the rationale of the intention of the international expansion. Find better margins, the international margin maybe is not so profitable than the domestic, or allocating surplus, so domestic market will not absorb the total capacity of the plant, but to understand the logic of this international expansion. Thank you for your question. So I can think, related to the cross-sell, we use, like, cross-sell lubes in the presentation because it's easier to illustrate. It has a direct connection that comes from the past. But what we are looking is the integrated offer. So the example of Suzano is one of them. So we talk about four products and moving on to the fifth at the moment that we get with energy. So maybe the next steps along with Kiko, this is what we are looking for. So we talk about five P. We have to leave about one P, only diesel or fuel, or only aviation kerosene, and then we have to move to the lube and how we are going to move that in the chain. So this is our process. How are we going to do that? There are many ways, not only like our new way of selling, our preparation, our in AI, that we're putting in the hands of the retailer, we need to know the clients more. We have to be there. And usually, I use an example of if you ask to some of these people here, "What do you know about Novo Nordisk?" Most people will say, "Well," they will say, "Well, it's there that created Ozempic." But what are the products that they consume? How much do we understand about the fab, the plant? Where are they building the new plants? Where are they growing? Where do we have opportunities of synergy? Is there a proper energy? What do we do in relation to gas? So there's a lot to know about the product. So when we look to the traditional, like, transportation, passengers, loads and plants, we have a lot of knowledge, so we have to go beyond and further and always looking to the total offer that was presented by Ernesto. Lubes or Comerc, I would like to add something, because when we look to our position that we have in the other countries in Latin America, especially in South America, it's very small. So what we've noticed is that we can very fast acquire importance. And reminding you that I always say that, I'm stepping back, Brazil is a priority for growth, and this is our priority. Just like to make it very clear. But gradually, moving, because we have- ... production capacity in a state-of-the-art plant, and our cost is very competitive in the plant. We have volume, and therefore, competitiveness to grow in markets that will bring better margins. So this growth, let's say 1%, have 0.5%, so smaller volumes than Brazil, but they will compose the portfolio, so we can begin an expansion from then on. And I would say that this expansion will begin in the south of South America, and gradually, we will move on to the other countries becoming more relevant and having a chance, like, to become bigger in those countries, and this is a gradual process. Well, and the brand already exists. So we are already in those countries. It's not that we have to make this huge effort to enter. We are already there. What we've noticed, and I've been talking to the team, is that we have a topic: to strengthen the distributors who are there, and then how can we get there with a smaller cost? So there's some work that we haven't done yet, and we will begin doing it. It's not that we are going to begin from scratch. So there is a format there allocated, and we must foster it and see how it will speed up. So this is the reason. So Régis Cardoso from XP. So thank you very much. Thank you for your presentation. So it was excellent. So two topics that I would like to touch, maybe a little bit more strategic. One is related to the core business, like margins, and also about the management model that Ernesto talked about, like the... It is organic, and it lives on its own, and then we have, like, morning meetings and so on. And second one is the gas market and the size of the opportunity. So let's get back to the margins first. So how is it, Ernesto, in particular, like, to follow the margins? Because it's difficult. You can look at a margin that is accountable, that has a historical data, or you can look at the reposition margin. It's very reasonable regional, and we have a market that is more imported diesel, and that we've discussed related to illegalities and unfair competition. So what are the topics? You are looking more at the reposition, and what are you more concerned in the meeting? So it's like a big picture, like accountable margin, and I want to ensure that we are delivering the promises to the market. So I would like to understand this dynamic on a day by day. And the second topic is related to the gas market. What is the opportunity? It's something more on the trading, selling or replicating a model that we had before. It's more related to the virtual pipeline, the LNG in small scale. If you have a market, if there's more on the countryside or more or closer to the producing areas, it has nothing to do with that, or we just want to take the gas that comes from the pre-salt, which is associated and has a huge potential. So I want to understand the opportunity. So answer the first one and the second one with the gas, and then Juliano, please, feel free to add anything. But when it comes to our management model, I can give it in full detail. So this 8:30 A.M. meeting that we have every day, we look at the gross margin of reposition. So we have the KPIs, and then you look very fast, like, to the deviations. So the day that we have something in Maranhão is happening, this dynamic, and then there was a deviation, and then that day, that meeting, the team brings and looks and see that there's a high consumption or low consumption in Minas Gerais. So what kind of movement is happening there? How do we react? And then we look at the big picture of the reposition margin in, like, the unit cost, and we focus more of the reposition. So every week, and I believe that Aspen described, every Monday, we have the one with the directors, and then we dive deep, and we look at all the P&L lines. And then we get to a result, and then we look at all variables and components and trying to understand about them from all angles. We do not let things stuck there. So we look at all the different angles, like losing stock or something that happened in the gross profit or volumes. So on Mondays, we will look a little bit more carefully for about an hour, and then we look at our cash flow every week, along with the P&L. Everything derives from planning that has been mentioned before, that we call the SLP, which is the integrated plan. There, we have, like, a financial number projected for the next month. Then on top of that, we follow on and see what we're doing. It was also mentioned, it was not born like that, so we need this information, what's going on? We designed this model of KPIs, and then when we see them, you look at the deviations during that meeting at 8:30 A.M. Sometimes things appear, and sometimes you see things happening in Maranhão, or we see what is related to imports. Imports are better now or worse, and then we can react to everything. So what I say that what we're winning with this model, given the market conditions that we do not control, we maximize the results given the market conditions. What we see is that. And also, we are building structural projects that will elevate our margins gradually. Now we are talking about lubes, increasing the margin, and then we sell more additives, and if we are selling more of the diesel Agritop. So we are working on that. And always, there is something important here when we talk about margins, and it's important to reinforce that. So margins come because we want to increase and add value to our customers, so sharing our values. So if margin was greater because the other one was smaller, no, the game is different. The game is, let's do something bigger. So you reduce the maintenance cost of your customer, and then the hundreds of millions, and then we get just a small little part of it, or then you have better products that the customers are paying more. So it's important, this concept, because sometimes you talk about margins, and it seems that it's on the other's expense. We want to build a model where we win, but our current clients win, too. This is not easy, but this is the model, and this is what we presented here today, what we wanna do, to increase volume, grow, but also bring more value to our clients. So this is the first point. And in relationship to gas, I've heard this expression a lot. We want to have access to the molecule. This is the design. As a company of our size, we need to find the angle, the right angle. I do not have the ideal answer. It's something that complements our portfolio quite well, but I will repeat what I said during the interval. We want to have access to the molecule. We want to complement our portfolio with gas, have this complementarity with our clients, and with the right return, with, discipline in terms of, like, appropriate capital that we have. If it doesn't happen, well, Vibra will continue, move on. We will do the effort, like, to match these things, but we are not going to have, like, gas, gas at any cost. We will do, gas, as long as it, has, like, a strategic, entrepreneurial, and business, meaning. It's important to say that we've been receiving questions about gas. This is our bias in, to gas. Find this proper angle that makes sense in terms of strategy, entrepreneurial and business, and bring the res- returns and ROIC. Otherwise, we... You know, it's not that I, I have, like, a passion for the gas. It's not gas, per se. It, it has to make, sense in terms of return and business. Would you like to add anything? So first, like, 100% aligned with Ernesto said, so there are about 220 authorized, agents licensed to trade gas. We are one of them. So we already have, like, one sell in, in B2B, along with renewables, and, we are, going on the commercialization. But the margins only from the trade in gas is small or not so relevant. So there are some points, and, and this is extremely relevant. The access to the molecule is what we are looking for, and we are studying the best way to get there, because gas, even though with all the adversities, so we have, like, more competitive prices than the fuel, NGLP, and diesel. So this is precisely the line to find the right strategy to get there. Thank you for the opportunity to ask a question, Enrique from BTG. I wanted to follow up on the question. You talk about the level of efficiency of Vibra and the retailers. Can you talk a little bit about this efficiency gain related to the retailers, and how do you translate that into volumes? And how you are going to internalize this, and with these new limits, how it's going to be more profitable? I will repeat what I said previously, and I would like to reinforce. Our work is jointly with the retailers. So I travel a lot, and I go to the field, and Flávio knows that, like 12-15 Brazilian states, and I visit, like 50-70, and we have dinner together, and I learn with them, talking to them. And I always repeat, the Vibra success in this segment will only come due to their success. There is no other way. There's no shortcuts, so you cannot find another way. So we must have a model, which is the model that we are designing, to bring results for them. And when we talk about the best proposal, we've shown many different numbers. Our value proposition is not only for the consumer, it's a value proposition that will bring more results for the gas station, either in more volume or more profitability. So everything that we are doing is trying to attract consumers to the gas stations from our retailers, and also bring more profitability and better results. And then we will be rewarded as Vibra with more volume and/or margin. The same thing for the gas station. So we will always be sharing. All our design is to ensure that our retailers is healthy and is profitable. That's why we have our model, and it's designed to ensure that the retailer can have the freedom, like, to price as they will. But in fact, we are following and ensuring that it's profitable for them, what they need. More and more, we want a retailer that is healthy, and we will share part of the gains with them. And just adding a little bit here, like a practical case that is happening, which is this, offer of transport CIF. It deliver the product to the gas station instead of having them bringing the product in our base. So we moved from 24% to 31% in a short time. They're not paying more for the freight, so we are receiving the same amount, but they do not have to worry about... They receive the product there in a truck that is 100% monitored. They can track, and they have access to technology. They're not exposed to risk of accidents or safety. And we still, given our scale of hiring, have some positive P&L. So the freight that I'm selling to them, which is equivalent to what they were paying, being FOB, did not increase the cost, but I improved the service, and now they are not having that employee for the FOB management, and we translate in a better P&L. And just adding, in 2019, I gave an interview to a newspaper in Campinas, and they said, "Well, we can only have a strong distributor with a retailer that is strong." So you know, sometimes I receive provocation from a retailer that said, "Well." So the president of that union did not have a gas station with me, and now they do. So, meanwhile, we have, like, people from the Midwest that did not have any business with us and have many different flags now buying from us, and this is going to increase the volume of the current operation. So you think that we have as many people, like, buying our assets and wanting to do business with me if I was so uneven? And I was talking to some people during the break. So we must know we are in a commercial area, and a commercial area is always trading, dealing. If you have, like, to split and divide and, you know, some people ask for a little bit more of the percentage, or, "Can you give it all for me or nothing for me?" So we have to divide it well, and this is part of the process. It's a lot easier to make less mistakes when everything is centralized in an intelligent matrix with plenty of information, with our people in the field passing on the information, than when I have 230, 240 in the field with different pressures. We didn't make everything right, but more than in the past, and we are open for active listening, dealing with the retailer. I've talked to many retailers. They are free to talk to me, to say, "Hey, you are doing it wrong. Pay attention." So we have competitors, even in the White Flags, that do differently, so it's the active hearing that will make us do the right thing. But there will always be someone wondering something else. So what is happening today and its effect, is that this market is being consolidated. In the past, it would be difficult to find a retailer with 10 gas stations, but today it's easy with 10, 20, 30. The ones with one, two, or three, they are feeling a lot of more difficulties because greater retailers are more aggressive in price, and consequently, when you are a small business, you suffer. It happens in any relation, and retailer is quite strong, and we can think about other business in the same situation. Good afternoon. Thank you for the presentations as well. I'm Leonardo from Bank of America. I'd like to make a link to what Marcelo said here about the company being much more structured today, regardless of the moment and the window of imports. Here on the market, we have much less information, but maybe we can correlate a lot strong margins with the prices, with when the prices of Petrobras are below the import prices. So I would like you to tell a little bit more about how we can think about the work of the sourcing and trading area in this varied moment, and how will you imagine the result of the company if it should be resilient in moment that the window of import is quite open? Can I start, and then I pass on the floor to them to talk specifically? Because, in fact, Vibra is positioned first as the priority of our preferred partner, that is Petrobras.... And we've mentioned that with you before. Since the beginning of last year, we grew our volumes with Petrobras compared to the imported ones, and we kept following this moment. I mean, now we are stable with them, but we grew at this moment, and we, our preferred partner is Petrobras. Brazil has a deficit, and Vibra is also a great importer of products. We will always search for this balance between what we need to complete our order with Petrobras, receiving back what they can supply to us. So the rest is imported based on our projections for the demand. So if we consider a product that was quoted, sometimes it will be higher or lower in prices. So when it is above the prices of Petrobras, as the matrix is greater in Petrobras, obviously, we gain competitiveness. When it is below, and most of the times, and I can talk about the last eighteen months, it was below Petrobras price. So what we work strongly in this sense is that in the worst case scenario, we are in even conditions with everyone importing. In terms of capacity of importing of the other players, they are not the size of Vibra. They don't do what we can. So what we see in the moment of the prices of the imported products being below are more competitive moment, and we deliver these margins that you see. And the first half was one of these moments in which most of the time, Petrobras product was above the diesel, especially the Russian diesel. And in the moment that it is above, we gain more competitiveness and we can progress in the market share and also in margin. So the company has created this model to describe it when hedgers ask it. This is a model to maximize our margin, regardless of the margin. Obviously, the market situations are different, but we maximize the results because we've seen this, four quarters living both a cycle. So it's a cycle of the importer that is cheaper than Petrobras, and even though we could deliver the results that we delivered. So I'll let Marcelo complement. So as Ernesto said, the point here is that what we did in terms of processes and bringing people when structuring everything, is that we are now much more flexible and agile for this decision making and this fine-tuning. So when we have this S&OP cycle that we look at three months ahead, and then we bring it to the month, and we make a decision of importing, knowing that the ship will be there and we'll have the solution for that. But today, we are looking and managing things in a faster and more intelligent way. As I said, people, systems, processes, and quite criterious discussion with the commercial teams, because we discuss and say, "Well, to have one more ship, we need you to have more molecules on the market." Obviously, we analyze if it will somehow destroy the value or if it's better not to bring this additional volume. Ernesto mentioned some points, and Vibra can ensure that, easily, that we're, we are not worse than any one player on the market due to our intelligence and ability to trade. Even eventually, we have this flexibility purchase with our trading out abroad, and we now have an option that a ship that would come here, we deviate to another market if it makes sense, something that we couldn't do a few, a while ago. There's a second question here to Clarissa, in fact, about Comerc. This is a question that is similar to the one I made last week in the call, because I'd like to know if you can quantify a little better the risks that you see for the sector of renewables, because we hear a lot about this, and we saw in the presentation that you mentioned there is a low risk, but can you quantify a little better how it can impact? It would be a nice thing for you to do. Thank you. If you want to make the next question, please raise your hand because we'll set the mics. Can I answer? Well, there's no doubt the thing, the most discussed topic here is cartel, and it is a concern. But remember that the portfolio of Comerc is more resilient to this, in this sense, considering where the portfolio is. So 70%, 76% is in the Southeast with more cargo. We have contracts in the generation curve of generation, so there's also a concern, and many times people ask us about the time price with the portfolio that is basically solar, and the peak price is after some time. So if it would be a great concern to Comerc, but it's not, considering that the contracts are in the generation curve, so it mitigates the risk in the market, that mitigates the risk of curtailment, and the time price is always mitigated by the quality of the contract. And as Kiko mentioned, the fact that Comerc has grown without any threats or targets of megawatts per year. made us able to have good contracts with good prices, so we see a portfolio with an average price of 220 BRL, updated according to the inflation. So you mentioned a point that we have to follow, but it is a park that is quite close to the P50. And another question that I also received outside about P90. No, we are working in P50, and we'll always have to look for opportunities and risks as they happen so that we work with the trading or the tools that we have. Okay, thank you. Congratulations on the event. I'd like to talk about electrification and liquid bulk. So in electrification, one year ago, we wouldn't see electric cars on the street, and we see many of them. I know it's quite incipient, but I would like to understand your mindset. I mean, if it is an opportunity, a challenge, or how eventually it can be integrated in Comerc's portfolio, I don't know, somehow. And in liquid bulk, you mentioned that along the day, during the day. So there is a peer sale that has a business model with margins and returns that are quite attractive. So I'd like to understand if you have any financial granularity to share with us in this business, and if the growth demands the capital invested. Thank you. Well, about electromobility, let's start with that. And Clarissa, please feel free to comment. It is one of those gradual bets that we didn't mention before, but those gradual bets that we have, 'cause we understand this movement of cars. In our understanding, the trend of the country is to have hybrid cars, and at some point, we'll see more and more electrification, but we see this movement for the future. It is not something for the next two or three years in a disruptive way, as at some point, we believed it could happen. So I'd like to reinforce that the company has investment in EZVolt, that is one of the greatest in the country, and charges for vehicles. At this first time, we are focused mainly on the B2B growth, of what we see that we are speeding up this growth in bus fleets, mainly, and progressing in this sense. And we are having tests today, 'cause in Lagoa, we have a gas station with electric chargers, and in this gas station, specifically, we are above the average. So we see some potential, and we see that in Brazil, the potential for disruption is that something will happen, but I don't think it will be significant in the next four or five years. Maybe during this time, the potential for disruption will be lower. The electric cars will be there, despite the indicators show something strong related to the total of the Brazilian fleet, but now it's not that significant. But what we'll see probably is a displacement of consumption, and we were talking about the agro business as well. This consumption go more for the agro business, the countryside, and, in Lagoa, in the south zone of Rio or Jardins in São Paulo, you'll see more impact in this sense. But again, I don't see this is a movement that will happen radically in the next two or three years, and we are in the movement of gradual betting, with our investments in EZVolt. Oh, liquid bulk. Well, this is something that we are not following the same direction as you mentioned. We see that the first step is to consolidate the position as a logistic player, to increase our footprint so that we have more support in the growth of distribution, and eventually, we will start small. And by the way, we'll not start. We already do that. We sell services. We already sell logistic services. We cannot give more details, but we have some sales. Maybe it will increase, but the movement is more towards supporting our business in distribution with an eventual increase in the service provision. Well, it may happen, but it's not a disruptive movement in this first moment. Obviously, any logistic asset we know in logistic infrastructure demands more capital, and as usual, there will be a big analysis of the company. So in case it happens, and there's nothing today, but in case it happens, the company will analyze if it is the best capital location, if it makes sense, what are the returns to ensure that in case some investment happens in the area, the return will happen, whether and mainly, with improvement of costs and fuel distribution or complementing with the service provision or something else. I think the only point for this topic to be here is that we understand we have some differentials. First, related to our park of logistics assets, 'cause some are irreplicable. We won't see the competition having an asset in that region as efficient as ours, and this is an advantage. Today, we have an advantage in cost. Every quarter, we analyze the results of competition. As you mentioned, we analyze the other players that we operate in, some shared assets, so we know we are more competitive in costs and even in the sense of services, the ones that we already provide, and we hire at some places, and we provide in others, but we have a commercial efficiency. The-... What we receive is higher than what we pay, and this is the result of the quality of our park of assets in terms of location, where they are structured, and also the result of our expertise over time. Our business is a logistic topic that we've been working over time. Okay, I have one more question here. The mic, where it is? Okay, Paula, can you give him the mic? 'Cause he'll make the next question. Hello, everyone. Thanks for the event. Congratulations. I'm, it's nice to be here with you, seeing the history of the company. I'm from Citi, and I'll ask you three questions. But be fast, please. So the first is about the brand, and I think Ernesto made this question in the beginning, telling that it is decided that maybe the future of the brand is to renegotiate with Petro, but I think it is a discussion that depends on both sides, and we count on a decision. I'd like to hear more if there is this discussion today in the company, and what would be the route, considering that we have a certainty and the result will be in five years. I'd like to hear from you. The second point is about the dividends. You were talking about capital allocation, and this has always been one of the pillars of Vibra. We've talked about cash generation and dividends, and I would like to know if it is still there. The third one is to know if this 40% is in place and nothing changes, 'cause there is some detachment here, 'cause Comerc seems a good cash generation in terms of profit in the next years. But is there any discussion regarding that, a possible change and looking at these dividends in the future, so we-- you keep focusing on profit and analyzing potential new credits? How is this discussion internally? How we should look dividends from now on, facing this cash generation that maybe is a little different from what we have today? The third point, analyzing the pillars of the company from now on regarding logistics, I think that the great differential in the sector is the capillarity and infrastructure, so on and on. But when we look back, the company has offered 44 billion liters on the market, and today we are seeing 36, 37. I don't know if the numbers are wrong, but this is a big gap. And maybe there is a strong force of investment for the next years, and my question today is, if logistic is in the wrong place or if we lost something along the way, and what is the diagnosis here, for this gap, this difference that we've seen over the last years? Well, I'll start talking about brands, I'll talk about dividends, and then I pass on the floor to Augusto. So in terms of brands, I think that first, the first point to be clear here, and I also heard the question about it, about the retailers and the renewal of contracts. So the contract is up to twenty-nine, and then we have six years, and from now on, any retailer with the brand has eleven years to work with us. So I'm not trying to minimize the topic. Brands are relevant for us to take care, but I don't see a risk, because the retailer can have the brand for five years, nine years, and we don't even have contracts this size. We don't have any contract like this. We've seen that it's not a good duration for contract. Regarding the brand, obviously, it depends on both sides. I can't say because it's public what Petrobras has mentioned, even when they sent us the document, is that those terms were not interesting to them. At some point, whatever it was, maybe not now, but anyway, at some point, we'll engage in a discussion with Petrobras or Petrobras with us. We'll engage in a discussion on the contract. And obviously, we have a plan B on hand, that is to develop a Vibra brand. We know that our investment, it demands time, but at the same time, many companies made similar movements, and we understand that we have strong brands at home, so we have some potential to develop that internally. And lastly, we can search for other brands. We have designed at the high level. We did a dive in the. Maybe in the next years, we'll mature this discussion, and maybe we'll communicate in the future. We follow this protocol, obviously, and I repeat, it depends on both parties finding a way. It's not that Vibra wants to renew that. We want, considering certain conditions, and Petrobras, theirs. If we follow a balance, we can follow this relevant pathway that would be interesting for us. As for the points of dividends, so we went up to 40%, which is what we've been doing and what we've been talking. So Comerc will have a big impact on this point of view of profit. But I just want to reinforce, like, to look at the net profit of the company, we have like a driver. So this is the driver that we've set, we've agreed. ... So maybe a little bit of a loss, but it's small. But we want to keep the company that is profitable. Obviously, profit comes from important investments, and we still have a lot of capital to be amortized, and we end up, like, having a loss. But one of the metrics that we will have at Comerc is to revert and begin being profitable. But our policy, it follows the distribution of 40%. We want to have a growth and with a distribution of 40%. So 40% is clear. So what did we try to do today? So the optionality. So at the end, it's like options of growing. And we were not talking about strategy on the long run. We did that for three years. But the idea is, like, to show you that we have, like, cash, and we have many other things. But one of the things that I would like to say is that the models and the formats that you see live for the years to come is not to fall in automatic pilot, and then, like, 70% of the distribution of dividends. No, it cannot be automatic. So the percentage for dividends we are signaling, that is, 40% with the options of growth, keeping the best performance in that mandala with people, management, and so on. And we will maximize return. So we'll be like the more cash for Vibra. Now being a little bit more straightforward with this options of growth, then we have an idea of where and where this growth is going to come in the years to come. Can I say something? Gabriel, actually, like, 2014 and 2015 were the peak of volumes for the company. We have to highlight, there were years on the threshold of like all thermal plants. We have blackouts with part of this volume that we agreed, and it's at like 44 million, but were artificial. We sweat and we made it happen. Even considering the volumes, the company still have space for growing. That's the beauty of it, because we've moved more impacts in our assets. So it's growth that maybe with a small CapEx in most of the markets, so the Southeastern region, Northeastern. So we have room for growth and with less CapEx, because the infrastructure supports a bigger growth. Obviously, we have some regions, and then due to the country dynamic, that grew more, so the Midwest and the Agro region that we are putting a lot. In Santarém we had infra with all this capital discipline. So it's an infra that will pay off, and it differentiates us in terms of other regions in the area. But there are some assets, and we still have some areas that are idle and are more challenging, that somehow we will have to rotate the assets. And I talked about from 2021 on, we sold, like, six duplicated assets, and this year we have two assets that we are demobilizing because we reach a point where we run our models, and it becomes more competitive, like, to serve that market from another terminal than put an additional CapEx, because it's all depreciated. No assets with write-off. Here, with zero amount, but we need to put an additional CapEx, and we are running this the whole entire time. So some assets, we will hibernate them, but the big takeaway message is that we can grow, we can explore those assets in a better way, putting less CapEx, because we have idle capacity in most of the country. So Rodrigo, from Santander, congratulations on the presentation. I'd like to explore a little bit and try to understand. You said in one of the slides, the high touch and low touch, and maybe we will have, like, more plans and will be like a price challenge. But with all these discussions that we are getting into related to logistics, maybe it would be interesting to see how you get closer to the low-touch people, because they're more sensitive to price, but there are other levers that you can add value. I want to understand how you add more value for the low-touch clients. And the second point is related to lubes, and I would like to hear from you to the base oils and the strategy and the scenario that you're working on, and especially for market, that for the past few years, it was very dependent from a single player in imports. So how are you thinking about the trading? And also, like, the supply of, like, base oils. And Comerc is the last part. I would like to hear that for the past years, we saw... I would like to understand from you if this new model of Comerc is it asset light? Regarding batteries and the new market of batteries, how you at Comerc think about it? So the pyramid for B2B. So I answered that, and then related to the source, Clarissa will talk about. So about the pyramid. So what we are talking about is, Vibra has always had a strong positioning in the clients that we call like the heavy clients, like strong, big one, key accounts. Suzano, that we had here today, is a good example of those clients with huge volumes, with a more straightforward service. And throughout the years, we were not servicing them and like moving down in the pyramid. We ended up, like, serving them, in some cases, indirectly, using TRR, and then we would get to the customers, and we lost contact with them. So the evolution of the charts of the company, like reducing our sales to what we call the end user, and increasing our sales using TRR. And then we lost this contact that we had, like, because we were the owners of the contact with the client. So what are we doing? We are resuming this contact using some different channels that we created. So we have, like, direct sales. We created a small structure in the B2B area that we call hunters, sales executives, and then they have a list of clients and a larger portfolio to serve, and then they bring these clients to our portfolio. So we have digital channels, so WhatsApp and other apps and business channels that we are even beginning to bring AI, so we can, in a proactive way, our telesales sees the clients that did not buy this month. Otherwise, we will get into this scattered way of selling. But when Vibra, with a low-cost channel, get to the other end, then we are very competitive, and then we obtain better margins. Obviously, you displace someone who was servicing, and we are talking about 15 cubic meters and tanks of 15 cubic meters and above. And this capillarity, we do have the logistic capacity to serve. We can do that. And this is our model, and we've been moving forward, and I showed that we grew 2.6 times in this segment and small volumes, but we have huge potential that we follow every month its evolution, and every month we've been evolving. And when we talk about base oils, I think that the Brazilian market, Petrobras, have been servicing like 40-45% of the market. The rest is imported. And the trend from now on is that import increases because Petrobras produce products of a Group One, and due to technological advancements, base oils to produce lubes will be Group Two, Three, Four, that are imported. We do not have a production of that in Brazil. So 2028, it will be around 70-75% of all demand of base oil will be imported. Until 2020, we imported zero. It was, like, supplied by Petrobras and eventual imports, Petrobras. We had an agreement with them, and they would do it. And due to this restructuring now, we access, like, the main global suppliers. Some of them are positioned in Brazil with strategic partnerships and what we've been discussing, and not only having, like, outsourcing very competitive, but how we move forward. Having the opportunity to reduce costs of, like, supplies of base oils, and then the investments and partnerships to have a terminal in Porto do Açu, will amplify our competitiveness. This is an important point. Another way of looking at it is that participate more in this sales of, like, base oils. When we trade, you know, some, but this is an avenue that we still have a lot of space to move forward in our portfolio, not only for our source, but also exploring all other opportunities in the market that is going to be imported, because we do not have a growth in production plan in Brazil. Related to batteries, Comerc has a sector for batteries, and we do observe a growth in terms of application of batteries in Brazil. This is a business that has been going on in the world for a long time, but has never had attraction in Brazil due to the hybrid that are the big batteries for the system. But with the hourly price and the difference of the end price and outside of the end, this is an application that we are talking and is growing. And for the agribusiness, is another application that Comerc has been working on. So among all the options of business that I will go of-- look further and look at the return of those projects, batteries is one of them. We have one last question. Good afternoon. Thank you all very much. Luiz Carvalho from UBS. Congratulations for the event. It was great to see in the mid, long run of the company. It was excellent. I have two questions, and I would like to take the opportunity in the presence of all the team here, and I want to ask you how you are allocating time for your teams. So everything that we talked about, where are you spending more energy? What are the main discussions that eventually happen in the committees and with the administrative board? And along this line, Vibra has gone through a transformative process from a company, like state-owned company, to a private company, and obviously, we have an adjustment and evolution, a process of, like, transforming its culture, especially and eventually in terms of alignment and composition of the management. So if you could talk how eventually, like, the composition for the management in the mid, long run is aligned with everything that we discussed. The second one, Augusto will be upset with me and said, "Do not use the scale of slide 48," but it's inevitable. So let's put the ruler there and see how much it's worth. So if you could just give a little bit more clarity related to the pace. So you-- we talked a lot about lubes and gases and batteries, but to get there, to that EBITDA, which is almost three times what the company has in two thousand and thirty, so are you expecting to have that phased and backended for the short term projects? How should we be expecting for that? We'll begin with the last comment. We did not talk about, at any moment, on the contrary. We intentionally moved, like, the scale. We intentionally took that out of the scale. So obviously, we have some of our numbers, but we did not include the scale. So if you do the scale, then I can affirm that it's wrong. No, we do not have, like, three times. We did not mention anything related to that. Also, because we have a lot of uncertainties, I cannot just, like, shooting, but towards that end. So I will leave that, and Augusto can make a comment on. So your first question was related to my, the allocation of my time. So my first eight months in the company, or maybe a little less, the first twelve months, were fully dedicated to, first, to understand and learn about the business and get to know the business, set up the team that is here, and I'm very proud of this team. It was a very complementary team, top, you know, for a company like ours in the country. I was working, like, structuring the process to delivery results, management, focusing on a more operational size in managing the delivery of results. I repeat that, and I'm very confident on what we've structured. We still have things like evolution. We still continue to evolve, and the management model is not ready, but in fact, it it's been proven as a management model that is working. I would like to repeat, and it's important to say, it was not Ernesto that brought it. I believe it was Augusto and Aspen. So we are building it together, what works for our company, for our segment, and I dedicated a lot of time to that. I continue devoting time to that. I do not believe in CEOs that say, "Well, we build a series of governance, like top-down, like to follow the main KPIs." So now, with less meetings, I can follow the main KPIs and dive deep in the deviations. And we are also, like, establishing a culture in my team. Sometimes I can't be here, so none of us was here, but the meeting at 8:30 A.M. happened. So the 8:30 A.M. meeting happened. So this is what the management is. So I'm dedicating more time to strategic topics and discussions with the council and Seju and the future of the company. And so naturally, we had, and it will have more qualitative time from my side in the direction of what you saw. This is part of the dedication of my time to build what you saw here today, and this was presented to the council and discussed with the council and approved by them. And we have a very rich discussion with Seju and interaction with the council and the committees, and a debate that is very rich, and with the exchange of opinions that enrich, and this is my quality time, always. With the operational management, I still go to the field, visiting clients, and I dedicate time to that. 15 or 20 days ago, I went to Vitória, and I visited the gas stations and clients, B2B, and we had meetings with the retailers, and now we are rescheduling and going back to the field again. But no doubt about it, we've reduced my participation in the operational, and it grew my participation in the strategic and institutional issues that we've debated here today. But basically, what is a structure? It is a process that will never move by itself alone, but it demands less time of the CEO time. And the compensation, you talked about compensation. So there is a, an alignment, like, from, with the top management of the company, and I talk about transition, but even before I came to the company, this design had been made by the current board. But our recommendation is based in a variable compensation, be it in short term or long term. It's very strong with these two elements. And the long-term compensation, this main indicator is the ROIC, that the first and most important indicator by far, and the second one is the TSR. So around 80%, our long-term compensation, which is the biggest one in the composition of this team here, the variable composition for the long term, ROIC and TSR. And related to the return and what is expected, I won't be able to answer. I just remind you that it's a plan focusing on the next five years, 2030. And I will rescue a little bit of... When I joined the company, I had many questions related to volatility and answering questions like a few months before. There was a doubt about the margin of sustainability of the industry. We worked together internally, not only to change the level, and Vibra guided the industry in this in this sense, but in sustainability and changing the trade, we worked on many fronts, and we are seeing better that profitability, despite having the volatility inherent into the industry and the international price of oil, the levels are growing constantly. This was a slow movement, a slow work, step by step, but demanded a lot. From now on, with the entry of Comerc, I can say that it's more of the same. We have a huge challenge along with, with Comerc team to, squeeze the synergies because Comerc is a start-up. They are bringing money and delivering everything, almost everything that they said, the contract conditions. They could reach everything, and now they need to settle a little when collect the results of that. We'll have a lot of time spent, we say, about two years capturing this synergy, and maybe a little longer, in fact, but we are focusing on that. It doesn't mean that we won't look at the opportunities if they appear. I know it's a general answer, but in the beginning, the focus is to collect the synergies and increase the cash of what we have in our hands. New opportunities will be analyzed. I will repeat that, respecting the 40% or at least analyzing this point that we designed and the leverage of the company, the moment, the cash of the company, possibilities, focus, and obviously, the closer to the core, the less the management risk, considering the knowledge on the company. So our strategic plan has no boom at a certain period. It's content steps that we'll follow to reach. Yeah, it has to be this way. Well, it's also disqualified, okay? Just to make it clear, it's intentional that we change it in the CapEx. Well, we are reaching the end, so on behalf of Vibra, I would like to thank for your participation. I know you have a lot of questions. We can be here until late at night. So, I thank the participation of the whole team, and I guess the photographer wants to make the opportunity to take a picture. And before we finish, the floor is yours, Ernesto, but I guess the photographer wants everybody here. I don't know if everybody's sitting or standing. Okay, so let's finish, and we take a picture. No. Well, once again, I think I have to thank everyone. To us at Vibra, it's quite well, quite good to be back and talk a little bit more about the long term of the company. I think the moment, as I said in the beginning, is a special moment, in which we spend four quarters with consistent results. We have an important overhang that we had about Comerc, and Comerc is now an important asset in our portfolio of renewable energies to make new optionalities of growth feasible, and we are quite happy to have this strategic plan built for many people in the company, and that we can show you a little bit of our future, where we are headed to. We still believe that our core business still has lots of opportunities to grow. It's a strong message that is here, and gradually, we'll create new options of growth and new pathways in the energy transition. This is a relevant movement of Vibra that is consolidated as the greatest multi-energy platform in the country, opening new windows for growth, looking at new possibilities ahead. So thank you all very much, and let's work. Please remember that we now have a happy hour if you want to participate. Also, we have the pilots of Lubrax team that are fighting for the Stock Car race. Júlio Campos and Felipe Massa will be here. Enjoy it. Thank you. Thank you to the team online. See you next time.