I'd like to add, for those in need of simultaneous translation, we have this tool available on the platform. To access it, simply click on the Interpretation button by the globe icon at the bottom of the screen and choose your language of choice, either Portuguese or English. For those listening to this video conference in English, there's an option to mute the original Portuguese audio by clicking on Mute Original Audio. We would like to inform you that this video conference is being recorded and will be available on the company's IR website, www.ri.zamp.com.br, where the complete material of our earnings release is also accessible. During the company's presentation, all participants will have their microphones muted. Following that, we'll begin the Q&A session. [Foreign languge] To ask questions, click on the Q&A icon at the bottom of your screen and type your question to enter the queue. When announced, a request to activate your microphone will appear on your screen. You should unmute your microphone to ask questions. We kindly ask you to ask your questions at once. We emphasize that the information contained in this presentation and any statements that may be made during this video conference regarding the business's outlook, projections, and operational and financial goals of ZAMP constitute beliefs and assumptions of the company's management, as well as information currently available. Future considerations are not guaranteed of performance. They involve risks, uncertainties, and assumptions as they relate to future events and therefore depend on circumstances that may or may not occur. Investors should understand that general economic conditions, market conditions, and other operational factors can affect the future performance of ZAMP and lead to results that materially differ from those expressing such forward-looking statements. Today, we have here the presence of the company's executives: Mr. Pedro Zemel, CEO, Mr. Gabriel Guimarães, CFO, and investor relations. I would like to now give the floor to Mr. Gabriel, who will begin the presentation. Please, sir, you may proceed. Good morning, everyone, and welcome to ZAMP's First Quarter 2025 Earnings Call. I'm Gabriel, the company's CFO, and today, along with the investors' relation teams, we are pleased to welcome Pedro Zemel. It's his first week here at the company, and he's joining us for this first quarter 2025 presentation. Welcome, Pedro. I wish you all the best. Obrigado, Gabriel. Thanks, Gabriel. Good morning. Good morning, everyone. I'm really happy to be joining ZAMP. I think we have an incredible story and a lot ahead of us to build. I'm just getting started. At the beginning, I will mostly listen and learn, but I'm here alongside Gabriel on the call, available to all of you from now on. Thank you. Back to you, Gabriel. Thanks, Pedro. Let me kick off today's call by following our usual structure. We'll begin with the highlights of the first quarter. Then, in sequence, we will go over the company's performance during the period. Finally, we are having a Q&A session to address any questions that may come up. In Q1 2025, we reported around 13% revenue growth. It was mainly driven by a combination of organic growth from Burger King and Popeyes, led by same-store sales, especially. Since the restaurant expansion was a bit more modest last year, and we also had some closures, especially of Burger King this first quarter, and together with the acquisitions that contributed almost half of that. We are essentially splitting 13 in two, and roughly half comes from Starbucks and Subway, and the other half from the combined performance of Burger King and Popeyes. Looking at comparable sales, Burger King kept a positive trend of same-store sales. In 2024, we reached nearly 13% same-store sales, and we are starting this first quarter with close to 5%, which is solid, especially considering the current consumer environment that is a little bit more cautious. Popeyes is showing consistent performance compared to last year when we had about 13% same-store sales as well. This quarter, we came in close to 9%. It reflects the continuation of the work we've been doing over the past few quarters. We also have positive developments following on last quarter. We began a turnaround with both brands, both Starbucks and Subway, showing good results and good trajectories. We deliver 16% month-over-month. This is the consolidated figure, but it's an ascending trajectory. Subway had a similar story. We had 20% same-store sales growth for the quarter. This outlook is very positive for those brands that we've brought into our portfolio, even within a relatively short time frame. It brought a systemic revenue to ZAMP and indirect with our franchisers. We have a BRL 2.3 billion revenue the first quarter. It's a growth of almost 60% compared to first quarter 2024. A great part of it comes from the franchise Subway. The digitalization of our sales and experience is still a vector that's very important, and we are talking essentially about channels that do not require a level of human interaction in the sales point. Delivery, self-service totem, mobile order ahead and pay, and loyalty. We had in this quarter almost half of the revenue of the company coming from this channel and following a growth of 23% when compared to 2024. From this, almost 55% of BK revenues are identified, especially in the loyalty program that feedbacks the consumer support CRM and all the marketing initiatives, the customized marketing initiatives. When we look at EBITDA, we have a dynamic that is, in spite of the growth in sales, we had the beginning of a pressure of inflation that, in reality, maybe it is not the exact beginning of the cycle. It is the impact at the beginning of the year. It's a consequence mainly of a protein curve that we have been seeing in the latest 12 months. We had an increase of 30% in this important component of our quarter BK. It's where we suffered a little in the gross margin. There is a consumer environment a little restricted with an inflationary environment. It brings some pressure. We've lost some basis points, and we lost at the consolidated practically 70 basis points. It came combined with an operational lever in expenses. We are more efficient than last year, but since we set up the G&A, the overhead structure to support the potential of those acquisitions. Here, we have a mix of relocation. We put investment in the majority of those operations that did not reach their maximum capacity. We had a series of interference situations and expenses that were one-off expenses, for example, PMO for the integrations, the transition services agreement, and all the expenses we had that will not be carried on looking forward. At this period, they had a punctual impact, but looking forward, they will smooth the curve because of these few effects. We throw the one-off expenses, and we mature the operational results of both brands that will contribute to the growth of EBITDA along the next quarter. In the part of restaurants, we have almost 2,700 units in Brazil and practically 960 Burger Kings, almost 90 Popeyes, 114 Starbucks, and 1,518 Subways. This next slide, you can see the ecosystem of ZAMP today in this relative period. We show you that in the latest quarter, but it is important to show you again, just to show you the reality of the acquisitions and the construction of this platform that supports on synergy scale economy. This is the fundamental that we believe in this field in Brazil because we have many growth opportunities in Brazil for both brands, all the brands. We left the system from over 1,000 units to 2,680 in the first quarter of 2025. An increase of almost 60% of gross revenue. We went from BRL 1.4 billion- BRL 2.3 billion this quarter. The net revenue grew by 13%, almost roughly came from organic ways and the other from acquisitions. If we move on to the next slide, we are going to see a portrait of the portfolio. We did not have so many changes compared to last quarter. A great part of our operation, 50%, is on the Southeast region because of the concentration of the Brazilian GDP. We operate in different formats. We're concentrated in malls for Burger King and Popeyes. In Starbucks, the dynamics is a little different because we have airports and food courts. When it comes to Subway, we have a different mix. We have many street stores, some mall operations. The most important part of this situation is the versatility when it comes to capital allocation looking forward. We have many investments that are possible, varying from BRL 600,000- BRL 6 million. It requires levels of revenue and risk assessment differently. In different formats for different brands, we still have certainly many opportunities to introduce our operations in the national territory, which is very good. It's very It's very positive for our ecosystem. Talking about optimizing our portfolio in this first quarter, we closed 11 operations of Burger King and four Popeyes operations. This combination is very positive because those were stores that unit economics were below the waterline. When we took off the revenue, the negative revenue, the operational leverage was very positive. It will help us looking forward. If we move on to the next slide, we're going to see that in the history of the latest four years, we have a figure of 13% of growth, top-line organic growth. In the picture of the latest 12 months, you see coincidentally 13% again, roughly. I told you a little, but it's very important to break down the brands and to see their contributions to the revenue of the company. It's still over-indexed in Burger King, but we have a big expectation for us to speed up the representativeness of the portfolio. Not only Burger King will keep growing because we have many opportunities, mainly at three standings and in operational growth, productivity growth, but the ratio of the other brands will mature. They will have a biggest growth compared to Burger King in the relative. Those brands will gain representativeness on our portfolio along the years. In the last 12 months, we had a strong perspective, a growth of almost 18% of top line. Considering this picture of the first quarter of 2025, we have a very important component here in the six months. That is the revenue from the brands that we acquired recently. When we move to the other slide, the performance of Burger King, you see a growth of by 6.1% after BRL 1 billion, passing the milestone of BRL 1 billion. Same-store sales and new stores and the closure of some stores, but the net brings almost 60 basis points. It is very positive when we think that this growth in a restricted environment that is very challenging because of the inflation. It comes over a base of 11.3%. It is compositioning two words of over 16%, but it is materially superior to the nominal GDP in the period. It shows that Burger King has been consistent. This consistency comes from the digital channels, the performance of the three standings, the good balancing in its portfolio when it comes to a new architecture with a good balance from other platforms that work very well, desserts, premium, and some campaigns that we had that helped bring traffic, experimentation, and attendance to our stores. When we see the last 12 months, we had almost 14% growth compared to the same quarter of 2024. When it comes to Popeyes, [Foreign language] the message is a little more positive. It is a different brand with a different maturity level, but we had almost 9% of same-store sales over a base of 15% last year. We have been growing way above the market and way above even our internal benchmarks. It reflects an evolution of the store, operational consistency, and therefore the unit economics of these assets has been growing a lot, almost 14% for the last 12 months. As soon as we are confident that the consistency of the operation, the brand consistency and sales levels will go back to a stage that we believe, we will keep scaling that because we believe the fundamental of this company, we're very well positioned in terms of brand and product quality. The last two years have been fixing problems we had to fix and go back to growing. Popeyes, that's one of the biggest advantages of having a platform that has a diverse performance. On the other hand, if we're suffering with protein in Burger King, Popeyes is not. This is a brand that can support, consolidate, and gain relevance in the market. Of course, on each, we are going to adjust the prices, but with Popeyes, we can be very aggressive in the menu architecture and gain share in the market. That is our direction along the year. When it comes to Starbucks, as I mentioned before, Starbucks is still, we're still fixing. There are very, very important pillars. We've been essentially building the right structure with the right products available on the supply chain. We're beginning to look at the specification, pricing, and the portfolio architecture, food, and availability of beverages. That is the key for this brand, obviously. The trend is very positive. We had 16% of same-store sales on the quarter, but month- over- month, we've been growing almost 300 basis points. We have a lot to do. It keeps us excited because the curve to get this consumer in is not as fast as we wanted, but this is work years to tell everybody that Starbucks is back with the right fundamentals, the quality of the products, the quality of our experience. As soon as we get there, the consumer will lead us to the levels of performance that preceded the turbulent moments that the brand faced. We are talking about 20%-30% of traffic that is running below the baseline. We have a big opportunity for recovery here along the next quarters. We need to seize this opportunity and make this brand grow. The reality is very similar with different dynamics, different business models, but the recovery dynamics is quite similar. When it comes to Subway, we see a big growth in same-store sales. Here, we've been doing the very close franchising management, and we are the allocators of investment. We are co-responsible for the commercial strategies, the portfolio pricing, and all the launches. We did some relevant things that were brought or pivoted and adapted to Brazil, as we did with the Subway Series. It has been working a lot, growth in delivery, a new level of engagement now with the franchise system, engaging ZAMP as an operator. The reflect of this effort is the same-store sales curve. We went from 16 in January to almost 30 in March. This is, it adds up to almost 20% - 20.4% same-store sales growth. That brings a very positive effect for the brand. Here we have a very important component for the results of the company of the latest years. In 2022, it represented just a little. Before, it was almost. Now, looking at the film out of picture, we almost doubled the relevance of the digital channels inside the business. We had 32.6%. This is very important today in retail because it connects the physical experience to the digital world and the digital environment. Many times, it brings not all transactional units, but you can either have less costs and expenses or a user experience and an interface that is capable of presenting a better average ticket with a bigger gross margin. It is very positive for the business. You start to acquire a big volume of data that feedbacks in the system and brings an advantage in relation to our competitors in a big scale. That is very relevant for the industry. We closed this quarter with almost 56% of sales coming from the digital channels, especially coming from the self-service totem. A very important component comes from delivery and apps. Next slide, I will go into detail. From all the channels in the digital ecosystem, delivery has been growing very, very well. Over 17% of representativeness in sales, almost 20% year- over- year in nominal terms, 6% in Burger King. Delivery is still a protagonist, and the scenario in Brazil tends to be favorable. As you can see the news in recent months, many, many big players are coming to the Brazilian market, and it will heat up the industry. We are very well positioned as the largest restaurant operator in Brazil. Still, we have much to do in delivery, delivery service, speed of service, quality. Naturally, everything will, as a consequence, revenue growth. We have the app that, particularly in my opinion, is shy close to its potential because the app can be the totem in the hands of the client. At some moment, we believe that it's going to happen. We have a solution that is well rated, a good service level with many levers on the app that should boost the engagement, the delivery, the CRM program, the loyalty program. They bring monthly active users theoretically. The self-service totems, and here it's a mix of stores that have human service and some stores that are 100% digital. Those totems are very important because they mix, in most cases, a bigger average ticket and a bigger gross margin. CRM with the loyalty and rewards program. It's a very good platform for data acquisition. We have over 20 million people subscribed. With this data, we have a very good dialogue channel with our consumers in terms of experience and performance that represents almost 55% of the total sales of the company. Moving on to slide 12, you have here cost of goods sold and SG&A. Yes, on the right side, you can see the SG&A. For the cost of goods sold, you have a mix. If If you look in detail for the release document, you will see that 70 basis points is a mix of Burger King. That is with Burger King, that is a little worse. On the other hand, you have Popeyes getting better, Starbucks, and Starbucks is a little better. Subway has a revenue that is naturally helping to bring the leverage for this deletion of this raw material cost. The biggest challenge here is, as I mentioned, the increase of over 30% in each protein. In our perspective, the latest 12 months were more volatile than the following months should be. The beef price is very big, but we expect more predictability. It is going to affect the curve. It might bring some pressure. We will have some leverages here. Talking about pricing and menu architecture to try and dilute that in time for the consumer, efficiently protecting market share, traffic, and gross margin evolution. It is going to be a challenge because all the players are exposed to that. I would say that this is our main point of concern. We have been doing some adjustments, our layered platforms, two uppers were 25 and 90, and now in April, we changed it a little. We have products that cost 5 and 6, 29. This is the dynamics we're going to chase along the year. Talking about SG&A, because of the operational leverage, we didn't have any surprise in SG&A. We had a good control and the growth in same-store sales that would generate the operational leverage. Dilution gains and expenses was a little shy. It was not a double-digit year or quarter. The level of leverage is not absurd, but we had a good control in the expenses in a way that we had a slight increase in comparison to last year. At last, talking about SG&A, it comes from the preparation of the company structuring different business units. Those business units will speed up in decision-making. They will leverage the operation, the execution. In short term, it might overlaps. In the medium and long term, we are confident that those businesses will reach their maximum capacity. Therefore, this math will be positive for the company in a consolidated way. Talking about Q1 2024, we had a one-off. We had some one-off events, as you can see, but in the operation, we had a decrease in approximately 120 basis points that reflects the investment that we mentioned before. The combination of those factors, especially the cost of goods sold and SG&A, brought our EBITDA to decrease a little due to the IFRS 16 effects. It was about BRL 10 million. The margin went from 6.9%- 5.2%, mainly because of investment in COGS and G&A. We have a very big perspective that along the year, this factor will be better. It brought a loss that is materially better than the first quarter of last year, but very well impacted by a one-off effect. If we exclude that, we would have a net loss almost neutral, practically neutral. If we see the cash flow adjusted, from accountable to operational, that is the way we interpret that. We go from the first quarter 2024, practically minus BRL 30 million because of the seasonality. We had some variations. IFRS 16, we knew that had a bigger impact in the composition of that quarter that put the operational flow to almost BRL 104 million negative, especially the working capital. Because of the incorporation of the inventory in comparable periods of Starbucks, that is practically 60% of this difference. Another component was we had the latest quarter last year with an inventory level vis-à-vis our internal policies way lower, especially from imported items. The recomposition of that in this quarter had unfavorable dynamics for working capital. It does not reflect any change in the operational cycle of the company. The adjustments that derived from the acquisitions and consequences of inventory levels from previous quarters impacted the quarter, but they will not carry on anymore. Looking at other variations, we had essentially two effects: growth of an account coming from a tax planning, so taxes to be recovered. There is an impact from labor contingents. In Brazil, it has been a challenge. We need to control the turnover levels because of the dynamics of the business. Following this line, we had a consumer of almost 36% less CapEx. The CapEx is a reflex of the investments in the beginning of the building of construction of new stores, new restaurants, technology, maintenance, and some systemic infrastructure situations here. The majority of that investment is opening technology and remodeling of our assets. We do not believe that this year dynamics is going to be reduced compared to last year. It is the biggest part of the plan to keep growing, growth plan. Essentially, this quarter, we had 36% below the baseline. In this slide, we have our indebtedness. This is our capital structure, very similar to last year. The net debt to EBITDA ratio is 2.2. The company has nothing due. We have BRL 376 million in cash. This is like a minimal cash and looking at free cash flow report. The structure of that does not represent any point of concern or any relevant due that is going to be impacting our debt. Our priorities in 2025 are the same as we released last call, say, using gross margin for all the brands in different scenarios. This is a priority for all the retailers because this is where we create value. It brings a very important consequence coming from operational indicators. Therefore, experiencing our restaurants, good products, good service level, and good locations, but generate great experiences. We've been concluding this first six-month chapter of integrations. We've been very well succeeding in Starbucks and Subway, looking at operational culture, systems, people, very important components in brands when it comes to branding operations, companies here. Going on a good path. We want to pick back the growth plan. We have no questions about Brazil. Brazil has great opportunities in all the four lines. We've been following that, chasing that idea in different ways, but in all of our brands. With that, we close this first session. We are going to open the Q&A session for us to answer any questions that may come up. Thank you. Now we will begin the Q&A session. Please remember that to ask questions, you should click on the Q&A icon at the bottom of the screen and type your question to enter the queue. When announced, a request to activate your microphone will appear on the screen. You should unmute your microphone in order to ask questions. We kindly ask you to ask your questions at once. [Foreign language], I'd like to remind you that in order to ask questions, you should click on the Q&A icon at the bottom of your screen and write a question to join the line. When announced, a request to unmute your microphone will show at your screen. And then you should activate your microphone to ask your question. We kindly request you to ask all questions at once. [Foreign language] The Q&A session is now concluded. We'd like to give the floor back to Mr. Gabriel Guimarães for the company's final remarks. I would just like to thank everybody for your time and understanding the company. Our team is still fully at your disposal. We're still focused with the arrival of Pedro and focus on the future of ZAMP. Thank you. Have a great weekend. Best wishes. The ZAMP's earnings conference call for the first quarter of 2025 is now concluded. The investor relations department is available to address any further doubts or questions. Thank you very much to all participants and have you a very good day and afternoon.