For those in need of simultaneous translation, we have this tool available on the platform. To access it, simply click on the "Interpretation" button via the globe icon at the bottom of your screen and choose your preferred language, either Portuguese or English. For those listening to the video conference in English, there's an option to mute the original audio Portuguese by clicking on "Mute Original Audio." We'd like to inform you that this video conference is being recorded and will be made available on the company's IR website, www.ri.ZAMP.com.br. The complete material of our earnings release is also accessible. You can download the presentation from the chat icon, including the English version. During the company's presentation, all participants will have the microphones muted. Following that, we'll begin with the Q&A session. To ask questions, click on the Q&A icon at the bottom of your screen and type your question to enter the line. When announced, a request to activate your microphone will appear on your screen, and then you should unmute your microphone to ask questions. We kindly request you to ask all your questions at once. We emphasize that the information contained in this presentation and any statements that may be made during the video conference regarding the business 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 a guarantee of performance, they involve risks, uncertainties, and assumptions as they relate to future events and therefore the random 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 expressed in such forward-looking statements. Today, we have the presence of the company's executive, Mr. Pedro Zemel, CEO, Mr. Gabrie Guimaraes, CFO, and the investor relations team. I'd like to give the floor now to Mr. Pedro Zemel, who will begin the presentation. Please, sir, you may proceed. Hi, welcome to the video conference of ZAMP Q2 2025. I'm Pedro Zemel, Company CEO, and I'm here with Gabriel Guimaraes, CFO. I'll start here with the highlights on slide number two, the comparison of Q2 2025 with the same period of 2024, showing that we grew our net revenue by 16%, reaching BRL 1.3 billion. This is a mix of adding new brands and with the growth of Burger King. The base here was quite tough for Burger King because the last quarter had an important window and this quarter, the market was harder, but still the brand grew in same-store sales by 1.1%. Popeyes had a solid performance with growth on the same base, growing by 22.3%. Starbucks also grew 21.7%, and Subway grew even more at 30.1% compared to last year. The combination of these factors led to the system sales, including sales from franchisees and ZAMP 's own stores, reached BRL 2.3 billion in the second quarter of 2025, representing a growth of 51% compared to the same period last year. Those sales were very important in the digital channels, representing 53% of the total revenue. The relevant growth compared to the second quarter of 2024 was 22%. More than half of the sales, 55.3% in Burger King, were identified sales. The adjusted EBITDA was BRL 173.5 million, a growth of 16.5% yeae-o ver- year. At the end of this quarter, ZAMP reached 2,668 restaurants distributed across 958 under the Burger King brand, 89 Popeyes, 114 Starbucks, and 1,500 Subway. Moving on to line number three, just to give you a perspective of the company's transformation this year comparing to the second quarter of last year. First, two major brands became part of our portfolio. We added two iconic brands that we already had, Burger King and Popeyes, plus two other iconic brands, Subway and Starbucks, which reflected in 2.6 x a growth of 2.6 x in the number of restaurants that ZAMP operates directly or through franchise. We went from 1,028 restaurants to 2,668 restaurants. The sales of the system went from BRL 1.5 billion - BRL 2.3 billion, a growth by 51%. and ZAMP's net revenue, adding revenue from company-owned stores and the revenue of the franchises, went from BRL 1.1 billion - BRL 1.3 billion, a growth of 16%. Now, moving on to slide number four, the distribution of stores across the country, as I mentioned before, by brands shows how well we are distributed in the country in all states or regions with several brands. In the graphs on the right, you can see the distribution of stores by brand, by format, and also geographically. Subway makes up 56% of the restaurants, Burger King 36%, and the remainder is distributed between Popeyes and Starbucks. We have a fairly balanced distribution between inline and malls, 43% and 45%, and free centers representing 12%. Geographically, the southeast region accounts for about half of the sales, with the other half distributed mostly between south, north, northeast, and midwest. I think ZAMP is now covering different occasions of consumption or consuming with several brands across all states in various store formats, which puts the company in a very, very strong and solid position. After this summary, I'd like to hand the word over to Gabriel to comment on ZAMP's financial results. Please, Gabriel. Thank you, Pedro. Good morning, everyone. On slide five of the presentation, we see the company's net operating revenue, which grew by 16% compared to the same quarter of the previous year. This growth comes from approximately two-thirds of new acquisitions with this composition of Starbucks and Subway, along with a strong growth from Popeyes and BK, which make up 40% and a third of the growth in the same-store sales, and the performance evolution of each brand within the portfolio. The reflect of that over the past 12 months compared to the same period last year is a growth of 17%, mainly driven by the acquisition of Subway and Starbucks, which are beginning to represent an important opportunity to expand the portfolio. Even when a brand has a somewhat slower, timid growth, the other brands manage to balance it out regarding market opportunities. Talking about Burger King, we see that the growth was almost 3% compared to the same period last year, formed by a third coming from same-store sales and the other two-thirds coming from a portfolio with higher average sales. Here we have the effect of a larger composition of freestandings, which have been performing really well, especially in this format called Pavilion, which is a new format we've been implementing. The average sales of this format have been significantly higher than the previous ones, and it has helped with the global portfolio. We're also seeing good results from the remodeling strategy with rad of bidding that started to push the brand to nearly 10% in growth in the last 12 months. I'd like to remind you that we have a very strong composition for the same-store sales rate, almost 13% in 2024. Therefore, this year, we expected same-store sales growth to be a bit more tight, modest, mainly boosted now by commodity cost pressures, cost impacts, especially on protein, and the effect this had on the menu texture portfolio and our pricing. On the next slide, we see Popeyes' growth, and here the data are very, very encouraging. The reason reflects the evolution of the operational consistency. We shared before that we would go deeply, focus deeply on operational consistency. It has been happening in a very positive way, supported by some very successful marketing campaigns. We achieved a very strong growth by 22% in same-store sales. This is also on top of the two-digit comparison in 2024, which shows that the brand is gaining important operational momentum, both in equity and in consideration and experimentation. This quality has been a strong brand with products of high quality that have become more relevant in the Brazilian consumption format. This has helped the brand grow by 15% when compared to the same period last year. It places the brand in a growth perspective really strong with an average sale that ranks among the top players in the QSR industry. Talking about the performance of the Starbucks brand, I think we're seeing the continuation of a very positive trend since we took over in October last year. This performance carried for the first quarter of 2025 and continued to rise. We've reached 22% growth in Starbucks for the quarter, mainly driven by the recovery of ADTs, product availability, and rebuilding communication with our customers. We launched a very important campaign called [audio distortion]. All of that has reflected the significant potential of this brand still on the rise. We believe there's much more to be done beyond this first phase of restoring operational quality, and we have to focus on basic metrics to provide competitive advantages for the business. On the next page, we'll see Subway's performance, which has a similar trajectory, but even stronger. Since October, the brand's trajectory has been steady. In the first quarter, we performed 9% in same-store sales, and that growth almost doubled on a compared basis, reaching 13% in same-store sales for the second quarter, which reinforces the potential of the brand in Brazil if well managed in terms of allocation, market investment, connection with customers, innovation, and portfolio architecture. We launched several initiatives throughout the quarter, strengthening delivery, the 30-day promotions, and innovations like Subway seaweed, which have already helped elevate the brand to a new level, a new bar in Brazil. This outlook is very favorable, especially when we're looking at the future growth, digitalization, and everything we would like to build. In digital sales, next slide, another quarter, were extremely important. They now represent 55% of the company's revenue, which is an interesting combination between physical consumption and how those digital platforms help drive overall results. The main components here, there is a different journey here that provides a higher ticket and efficiency in the structure to serve that transaction. We had a growth by 22% on a quarterly basis. The biggest component here was totem, for sure, followed by delivery and the app also that is the mobile order ahead and pay. Next slide, we'll go into more detail about these numbers, showing the delivery share year- over -year, the growth year -over -year in nominal terms. Delivery has been an important growth lever, and now it reflects the moments of our country. We expect a growth of this channel in a more wider way, especially reflecting the opportunities from the marketplace. Our app now represents almost 8% of digital sales or about 4% with a very interesting growth. At the end of the day, we're educating the consumer to use those technological products to leverage experience, service, speed, interface, and therefore sales. The app is essentially a totem in customers' hands. The totem is now widely accepted. We have several stores in a fully digital format that now represent almost 60% of our digital sales. That's 30% of the company's total revenue. Talking about CRM and loyalty, we've been sharing some of this data with you frequently, but what we can see is a very positive NPS with a higher average spend compared to a non-heavy user. This is the ideal context for us to explore those two channels, both into its two dimensions: CRM, interacting proactively with the customer, and loyalty, ensuring recurrency, customer retention, and benefits for the clients who engage with the brand. Moving on to the next slide, we see the cost structure, general SG&A. In spite of the challenges, especially regarding Burger King, as worse as the gross margin, as we shared with you in the release, it's balanced. The growth in the beef, the price of the beef is balanced with the pricing strategy and the new architecture and performance of other brands. The mix of Subway, Starbucks, and Popeyes helps offset the margin decrease, especially at a time when Burger King is experiencing specific pressure. However, across the company, we've managed to balance compared to the same period last year. There's a big benefit that this revenue growth provided by operational route leverage in sales. We've had almost 180 basis points improvement, which shapes some level of efficiency in costs and expenses. On SG&A, as we've shared before, this variation is negative for profitability, essentially reflecting the large investments creating corporate structure to support those new brands and integrations. There's also some one-off items from the sales and the transition process. Here, we have the complete integration that we can include after nine months of operation. Thus, we have 140 basis points decline compared to last year. The result of that in the adjusted EBITDA is that we have a growth of nearly BRL 12 million nominally, which is a very similar margin, but a significant growth given the relatively modest revenue growth, mainly for Burger King. We also have a very strong operational efficiency work and scale gains, which allowed us to have a 15% improvement in adjusted EBITDA, excluding FRS effects. When I exclude those effects, the growth is a bit larger due to occupancy costs. The profit or loss scenario is a bit worse, mainly driven by higher financial expenses, which are a consequence of the reclassifying costs related to labor contingencies. We've been adjusting interest and correction within the line of financial expenses and not the operational one. Next slide, we see the working capital dynamics, essentially benefiting from the cash generated from operations due to the EBITDA growth we discussed. There is nothing structural here. This is essentially punctual movements of cash that impact on inventory and the integration movements that go against the generation of working cash for the quarter, but it doesn't affect, and it's going to be corrected in the next quarters. We close the year with a good capacity of converting operational results into operational cash. Next slide, we look at CapEx growth, which has been mainly used to support investment plans in the technology, store openings, and restaurant remodelings. It's no different from what we've done in recent quarters. That takes us to a company with a capital structure of 2.5 x net debt to EBITDA ratio, slightly more leveraged company than the same period last year, however, with a significant seasonal factor. We imagine that the deleveraging trajectory will be positive by the end of the year, as we expect operational cash generation to be more concentrated in the second half of the year, which should impact positively the company. We have a debt structure relatively balanced with the maturities until 2029 without any major commitments in the short term, which leaves the company with a capital structure and exposure controlled relatively when we look ahead for the future. That being said, we end the earnings call, and I'll pass it back to the operator to start with the Q&A session. Thank you so much and have a very good day. 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 it to enter the line. When announced, a request to activate your microphone will appear on the screen, and then you should unmute your microphone to ask questions. Kindly, request you ask all your questions. Our first question comes from Thiago Bortoluci from Goldman Sachs. Thiago, we'll now open your audio so you can ask your question. Please go ahead. Thiago. Thiago. Hi, guys. Can you hear me? guys. Can you hear me? Yes, we can hear you, Thiago. I'm here. Sorry. I had a delay here. Thank you, guys. Thank you for the presentation and for taking our questions. Pedro, before anything, welcome. It's very good to talk to you. I have three questions, and I'll ask all of them as you instruct them. First, about the performance of the quarter in same-store sales, if we could share with us how much same-store sales BK was ticket and how much was price. Beyond the quarter, how do you think about pricing, especially in this consumption environment that's a little harder? If you could give some color on the performance of BK in July, that would be the first question. The second question is directed to Pedro. From your experience, Pedro, you have had success in store experience, including remodeling and uplift in mall stores, etc. Given your trajectory, your experience, where do you see the biggest opportunities for ZAMP in the next 12 months? Just for me to understand your perspective when it comes to store experience. The third question, we see some changes on the C-level of the company in middle management. I'd like to know about your structure and how well adjusted the team is to take on the new challenges. Those are my questions. Thank you so much. Tiago, before I give the floor to Pedro, let me address the first question. Pedro will answer questions two and three. Talking about same-store sales of BK performance, I'll break that question in two. First, the dynamics of the first quarter, what happened was in June, we had a very different performance compared to the other months because of our strong performance in 2024. In June, we had a big blockbuster called [Foreign language] and it had a very big impact in our food courts. Because of that, same-store sales were about 20%, over 20%. It caused the second point. Same store. Last quarter was 16% of same-store sales coming from those 16%, out of those 16%, third from traffic. I know it's a hard answer, but that was very, very true, boosted by the cinema window. Our same-store sales basis, we had over 10% traffic and 16% in same-store sales. We had this expectation that for this quarter, our performance would be a little more modest compared to last year. When we see some sales non-comparable metrics, it shows that we had a very consistent performance in this quarter, an outstanding one, by the way. This year, not only this year, but the last 12 months compared to the second quarter, it hadn't happened. When you see the protein, the beef protein curve, pricing going up since last August, it reflects in guidelines and reflects the growth of the price of beef that comprised almost 30% of our purchases. The reflect on that is like we had to change the architecture of portfolio, the pricing structure. We've been very assertive on doing that. Of course, we had to adjust. Now Now we have a different sales campaign. Obviously, in this scenario in which 1% of same-store sales traffic territory was negative, we have a ticket component that made this negative become positive. It was expected to move forward with intelligence. We've been doing that intelligently. Since June was a more hard month, in July, we had a performance way more aligned with what we expected at the beginning of the year, better than June, especially because it was a minus one year regarding our current strategy. We see that July is more aligned with our performance for the year. With these changes in the portfolio and everything that we have been doing, we've been well succeeded in that. Everybody's been impacted by the same leverages. The perspectives for BK c ompared to a very good year 2024, we have a year we're going to have a same-store sales very similar to the inflation curve that is, in our understanding, a very good performance aligned to what we have expected. I hope I have answered your questions. Now I'm going to give the floor over to Pedro. Thank you, Gabriel. Thank you, Thiago. For your questions, I have two questions. One about my experience in stores, and the other is about our team. I think that I would extend the scope that we have in store experience and service, and we have a very big opportunity here in BK to improve metrics and services, operational factors, NPS, service. We can see which levers we have to serve our customer a little better. The physical remodeling of the stores is maybe one of them, but we have some other opportunities. What we've been doing here is focusing on services, and we believe it's a very relevant lever to boost Burger King. This is a priority. I think some correlated experience may help us to boost that. Regarding our team, as you said, I think it's natural. We've been facing some leadership changes, especially about ownership. It changes our model. We've been changing from a few brands managed to as one to four big brands. There's a very big adjustment that we have to do, but not only in what we can expect and all the skills and competence of the executive board, but also expectations or the directors themselves to see what they can bring. There's a big adjustment, and I evaluate that. I assess that as natural, and I'm very, very happy with the team who have some relevant positions to be fulfilled. I am very excited with the team that we're building to push ZAMP to the next phase. I think that's it. Thank you. Thank you Thank you for your question. Thank you, guys. [Foreign language] To remind you that in order to ask questions, you should click on the Q&A icon at the bottom of your screen and then type your question to enter the Q&A. Our next question comes from Julia Nogueira, Morgan Stanley. Julia, we sent you a request for you to activate your microphone. Hi, everyone. Thanks for taking my question. I'd like an update on sales and regarding traffic and same-store sales, if things have been improved. We have been improving. If you could also talk about the competitive environment. This part of this, the acceleration of the sales, it was the comparison was very hard, but the whole field adjusted the prices. You covered the beef cost. Could you give us some benchmark just for us to understand? Are Are we in a different level? Then the customer has to adjust its recurrence or if it's a new scenario and with that new price, we have less traffic and we have to find new channels in sales. How do you see that and what's the competitive environment now? Okay. Thank you, Julia. Good question. I covered in my last answer to Thiago. Summarize that. The biggest responsible for the decrease in same-store sales in Burger King was the comparable date. It's not that we had a big change in pricing strategy and the average sale took us to that level. No, on the contrary, we've been adjusting the architecture since the last quarter last year, starting from October, and every quarter we've been good. Movements in June, we had a negative performance compared to last year. In July, we recovered and we believe that Burger King should have a performance very close to inflation, what we delivered in the first quarter. When we take our average sales to the end of the year, the leverages we have, last year, of course, we have a lot to do yet. We've, as Pedro talked about, some non-commercial levers, like the quality of our experience, the speed, and the quality of the service, the freestanding performance on drive-through. We have a lot to do, and our expectation here is that a big part we had to do, especially when we look at the commodity cycles. Maybe we're expecting some stabilization. We did everything we had to do, although the main levers were recovered. I think we have six months should be a little more subtle than the expectative that we saw in the last 12 months for the beef. Talking about benchmarks for the market regarding pricing, I think it's very hard to say. A 30% increase in beef costs is a comprehensive big fix in our costs, and all the other companies are adjusting their menus, adjusting the prices. We did it. The evolution of the gross margin in BK was very subtle. It could have been worse, but we adjusted the price. I think that's it. Thank you, Gabriel. [Foreign language] I'd like to remind you that to ask questions, you should click on the Q&A icon at the bottom of your screen. Type your name, company, and language to enter the line. [Foreign language] The Q&A session is now concluded. I'd like to give the floor back to Mr. Pedro Zemel for the final considerations of the company. Thank you, everyone [Foreign language] for being here. Thanks for the questions. [Foreign language] Let's move on. I'll see you again in the next quarter. Thank you. [Foreign language] ZAMP 's earnings conference call for the second quarter of 2025 has now concluded. The investor relations department is available to address any further questions or concerns. [Foreign language] Thank you very much to all participants, and have a very good one.