Cosan S.A. ADS

Good morning, everyone, and thank you for waiting. Welcome to Cozanne's third quarter 2025 earnings release conference call. Simultaneous translation will be available during the session by clicking on interpretation, the button with a globe at the bottom of the screen, and choosing your preferred language, Portuguese or English. If you are listening to the conference call in English, you also have the option to mute the original audio in Portuguese by clicking on Mute Original Audio. The conference call is being recorded and will be available on the company's IR website at cosan.com.br. During the company's presentation, attendees will be on a listen-only mode. The Q&A session will begin once the presentation is concluded. Please note that the information contained in this presentation and in statements that may be made during the conference call regarding COSAN's business prospects, projections and operating and financial goals are based on beliefs and assumptions of the company's executive board, as well as information currently available. Forward-looking considerations are not a guarantee of performance as they involve risks, uncertainties and assumptions and refer to future events that depend on circumstances that may or may not materialize. Investors should bear in mind that overall economic circumstances market conditions as well as other operating factors may affect COSAN's future performance and lead to results that differ materially from those expressed in such forward-looking statements. I will now turn it over to Mr. Rodrigo Araújo.

Hi, everyone. Welcome to our earnings call of the third quarter of 2025. Here we have the disclaimers about future projections and future assumptions with respect to the company's results. Next slide, please. So looking at the financial highlights of the third quarter of 25, you can see that we had an EBITDA under management of 7.4 billion reais. That's about a billion less than 2024 and mostly impacted by the results of MOVE, Haddad, and Haizen that we're going to detail later on. We also had, given the lower EBITDA and the higher financial expenses, we had a lower net income in the period, negative 1.2 billion reais. Our net debt was relatively stable in the quarter, slightly higher than Q2-25. We had acquired with lower dividends received. Of course, we have a concentration of dividends in the beginning and end of the year. So that's reflected in dividends for Q3. And in that sense, we also have our debt service covered ratio of one time. And this is, of course, one of the main reasons why the company needed to improve and enhance its capital structure and did the transactions that we announced recently. And in terms of safety, we continue to have positive metrics, low metrics in terms of incidents. Of course, there's an increase compared to Q225, but still highly efficient ratios. And we continue, of course, to have safety as a priority for the company and continue our journey of improving safety over time. Next slide, please. In terms of operational performance for Q3-25, we had, in the case of Rumo, we had largest, an increase in the transported volumes, but also a reduction in the average tariffs. That resulted in an increase in EBITDA of 4%. The company has been repositioning itself over the course of the year to improve its competitiveness in the Brazilian logistics market. In the case of Compass, we had higher distributed volumes in the quarter, also an increase in the participation of the residential segment that has healthier margins, and it's quite accretive for the company as well. We continue to see the increase in the volume sold by Edge in the unregulated market in Brazil. So we saw a growth of 6% of Compass EBITDA in the quarter. In move, something that we've been talking about, we already see the company having stable volumes compared to 24. When we compared to the second quarter of 25, there was a 13% increase in the volume sold. So the company is gaining back its track in terms of volume. Even though the EBITDA was 7% lower and we are working on eliminating the logistics and tax inefficiencies of the new production settings for the company after the fire in the Rio de Janeiro plant. We continue with the capex of the reconstruction of the plant. And in terms of insurance, the company has already received, until October, roughly 500 million reais of proceeds in insurance. In the case of Hadar, we had the sale of properties that impacted positively the results in 2024 that didn't occur in 2025. So that's the main reason for the difference year versus year. And we will have the land appreciation review in the fourth quarter. We expect an increase in the value of the portfolio given the current market environment. Finally, in high easing, we have an increase in the pace of harvesting that was favored by weather conditions. So the sugarcane crushing increased in the quarter, even though we had lower sugar prices that affected EBITDA. And we also have an overall lower volume given the drought and fires that affected EBITDA. the company's production for this year. In the fuel distribution segment, we see a very healthy environment. We see operations of the federal police in Brazil and the crackdown of irregular players that's translating into higher margins and healthier margins. So we have quite relevant margins in the fuel distribution segment in Raize. Next slide, please. In terms of liability management, you can see that, as I mentioned, gross debt relatively stable, net debt slightly higher, interest coverage about one time. And in terms of the amortization schedule, we continue to have a duration of roughly six years with an average cost of CDI plus 90 bps. So no relevant change in terms of the debt structure of the company. And finally, when we look at the cash position through the quarter, we have no relevant events in terms of liability management. We only have the dividends received and interest payments in the quarter. So those were the only events that happened this quarter compared to the second quarter. So that's the main reason for the changes in the cash balance. So, next slide, please. So, thank you for participating in our earnings call of the third quarter of 2025, and we continue with the remaining of our earnings call. Thank you. Thank you for joining.

Before we begin the Q&A session, Mr. Marcelo Martins would like to say a few words. Please go ahead, Mr. Martins. Good morning, everyone. Thank you for joining us at our earnings release conference call. And before we move on to the Q&A session, I'd just like to make a few comments because this is a key time for the company. I'd like to talk about what Kozan is going through right now. Since there's been a change in management at Kozan, more specifically when Nelson stepped down as a CEO and went to Raisen and I joined as a CEO, roughly 12 months have gone by. So a year after that change, and that's when we first started discussing our objective to improve Kozan's capital structure very objectively. And we discussed different alternatives. We've always made it clear that we wanted to as efficiently and constructly as possible preserve the portfolio and look for an encompassing solution that would be definitive and to provide a positive perspective for the business and for Cozanne. All of you who have taken part in conversations with us, with me here at Cozanne or at other events will know that we've always made it clear that our first option was to potentially divest from some assets, but we also wanted to preserve the quality and integrity of our portfolio. to continue to be a compelling company for future investments. And that's precisely what we did. We looked at what Brazil was going through, what the market was going through, and came to the conclusion that the best option was to find relevant shareholders that could make significant contributions to the future of the company at an investment size that would also make sense. So in our pursuit, we identified a few potential investors, and I am completely confident that we ended up with the best investors possible for the future of this company. We were able to not only increase capitalization significantly, so reducing the company's issues substantially. So even if we still have a residual divestment balance so that we can reduce Kozan's debt to zero or close to zero in the near future, which is another commitment I've made to investors, we looked for a relevant transaction with the contribution of these new shareholders as the main factor and also some subscriptions to this new public offering that ended last week. I'm very happy to say and I can speak for myself or Kozan and Rubens as a controlling shareholder of Kozan that we are extremely happy to have highly valuable shareholders who have huge credibility in the market. They're very successful. They're fantastic risk managers, portfolio managers. They are very familiar with the infrastructure sector. And considering our portfolio right now, they will make amazing contributions to the future of this company. So before anything else, I wanted to thank Boston and their commitment, the level of involvement they've shown to the process. and the fact that we were able to conclude this transaction. So looking forward, very excited and fully confident in the future of this company. That said, we know that as of now and over the next few months, probably the next year, we will be focusing entirely on integrating the new shareholders with a shareholder getting to know the companies in depth. You know the level of contribution they'll be making and what we expect as well at the boards, COSAN and the invested companies. The objective is to fully engage this group of shareholders, looking at future investments that should bring the company's debt to zero or close to zero. We also want to make it very clear that we do have divestment priorities, but this plan will be executed at the right pace so that we can really create value without any pressure to sell assets at any price. That is not going to happen. It has not happened and will not happen, especially now that we are in a much more comfortable position when it comes to capital structure. So we will be focusing on our portfolio, on identifying the priorities at Cozum looking forward and divesting so that we can execute our plan as efficiently as possible and we're going to look at growth options down the line once we know the way forward then we'll be able to look at assets that will become part of this portfolio in the future because obviously we want to unlock value and to use the levers we've always used in the past but which hasn't been possible for the time being given that we'll be focusing on rebalancing our capital structure. That's the main change now. We have a completely open horizon, whilst a while back there was quite a high level of uncertainty. So that was basically what I had to say. These are just my opening remarks, and we can now begin the Q&A session so that Rodrigo and I can answer any questions you might have about our results. Thank you. We will now begin the Q&A session with Mr. Marcelo Martins, Mr. Rodrigo Araujo and Ms. Camilla Amarim. To ask questions, please click on the raise hand icon at the bottom of the screen to join the queue. And when your name is announced, a prompt to activate your microphone will appear on the screen. Please unmute your microphone and proceed with your question. We kindly request that attendees limit their questions to two. If you are listening to the conference call in English, please ask your questions in writing by clicking on the Q&A button. Questions in writing sent via the Q&A button will be answered after the conference by Cozen's IR team. A survey regarding the earnings presentation for the third quarter 2025 is available by scanning the QR code on the screen. Please do take the time to answer it and help us improve our future earnings release presentations. Thank you. Our first question is from Gabriel Barra from Citi. You may go ahead, Mr. Barr. Hello, Marcelo, Rodrigo and Camilla. Thank you for taking my questions. My first point, based on what Marcelo said, is about supply. What was the allocation rationale in terms of supply and the outcome? I know Marcelo touched on it, but if you could provide us with a bit more detail, it would be really interesting to hear about that. And second question, also touching on what Marcelo said, is after this capitalization, the company is a bit more comfortable and can now think about Restructuring the portfolio, selling assets. If we could talk specifically about Raisin, even if the company is in a more comfortable position now with a better capital structure, Raisin has been burning cash and you've changed. the perspective of the second offering to strengthen the subsidiary company's capital structure. So could you tell us about Cozanne's strategy considering the subsidiary companies? Will there be a third entrant? What are the options on the table? Could you tell us about that? So those are my two questions. Thank you. Thanks, Bara. Good morning. I'll start with your first question and Marcelo can answer your second question. About the offering, this transaction was big enough to be relevant for the company's capital structure and for new partners to come in with expertise in infrastructure in Brazil with a long-term strategy and an amazing plan with the new partners. And that can be seen in the stats of the offering. The first offering was 10 times the demand. The second offering was also significant. So we had two very successful offerings and an interesting challenge in terms of allocation. For the first offering, We kept what we said to the market when we announced the offering, so we prioritized existing shareholders. The first offering had one non-shareholder that was long-term strategic and was allocated. The rest were all part of the company's existing base. The second offering was a priority offering, but we went beyond that and gave allocation priority to the existing shareholder base. Two thirds of the offering was allocated to the existing base. So we really prioritized the company's long-term shareholders who've been with the company a long time, believing in our recovery journey. So in summary, we had two successful offerings where we kept what we had said that we were going to prioritize our existing shareholders. I'll turn it over to Marcelo so he can talk about our capital structure. Well, Gabriel, adding to what Rodrigo said, we were very happy with the level of interest and demand for first and second offering, which is a clear testament to the fact that the market is betting on the future of the company, as well as knowing that this was the best solution possible considering the different alternatives and that we were committed to the market to resolve our capital structure this year. That's why it was so important to deliver on all these elements within 2025. As for Raisin, yes, we do understand solutions for the company's capital structure are required urgently. And I just want to say that I'm very happy with what the company's management has been delivering and considering all of our expectations concerning what was to be delivered, I'd say management has complied with what we had expected for this year 100%. Despite the challenging scenario, deliveries have been very positive and a lot of points were addressed during the call on Friday. We know that this is the best way possible and it will be very positive for the portfolio and for the companies in the future. But obviously, capital structure challenges remain. Our conversations with Shell have progressed considerably and On a number of aspects that can be potential solutions or solution, we have made progress. Although we haven't yet come to a conclusion about the way forward, I'd say that In our conversations with them, the clearest direction is much clearer than we had a few weeks ago, but we haven't come to a final conclusion yet to announce to the market. We have been working hard on it. This is a massive priority for me and Kozan's team. after Cosan's capitalization. We know that we need to focus on that and we'll continue to work on it with a sense of urgency and closely with Shell so that we can come to a conclusion. I can't share anything with you for the time being because we're still working on it. We haven't come to a a consensus on their side or on our side. So no conclusions yet. What we did do recently during the second offering was to announce that we might be using proceeds from that offering to capitalize companies, broadly speaking, and Raisin is included in that. So that remains, obviously. We have already disclosed that because we think That's a key consideration when it comes to COSEN. And depending on the solution, if it's a broad solution with a positive effect, we will definitely consider that capitalization. As I said, we haven't decided on the terms yet. And in fact... the structure to be pursued so that we can continue to deleverage. The company hasn't been decided on yet, but our commitment to get to the right solution and to potentially making a capital contribution remains as we had said previously. That's great, Marcelo. Thank you. And thank you, Rodrigo. The next question is from Isabella Simonato from Bank of America. You may go ahead, Ms. Simonato. Thank you. Good morning, Rodrigo, Marcelo, and Camilla. You touched on many different points, including the new shareholders and raisins process. And on Friday, during the call, you also announced several board changes, changes to the directors. I would imagine that comes from a shareholders agreement that was signed. But if we could also talk about the context of the changes in directors, which at the end of the day also had an impact on Raisen at a crucial time, as we all know, when they're working on the balance sheet. So if you could provide us with more color about that, that would be very helpful. Thank you. Hi, Isa. Well, yes. Those changes to the board are a consequence of the new partners coming in. We had agreed that those changes would take place and obviously totally in line with the new partners' contributions to the company. Not only were we expecting those changes, but we also believe that they are extremely positive to the future of the company. Another point, which I didn't mention during my opening remarks, but I will now before I address the financial changes, is that We have been making significant changes at Kozan to streamline the team and to streamline the company itself. We believe that in line with Kozan's future and the contributions the company will have to make to its portfolio, it is important to streamline the holding company and to generate more efficiencies, which is something we've been thinking about for a while and now is the time to do it. I think that streamlining process will be very accretive in terms of value to COSAN. Streamlining the holding company and reducing expenses will also be a huge contribution in addition, obviously, to the capital increase. So that's how we're going to proceed. As for the changes in CFOs. Now that Rodrigo is leaving and with the objective of bringing in people from inside the company who have the knowledge and who can run this area with in-depth knowledge of the portfolio and the process, it had to be somebody from the company. Bergman has been with us a long time, 14 years, I think. He's been through many companies in the group. He has a lot of experience within the group, so he's highly qualified to take on the job. And since the holding company is focusing on the portfolio, the partnership, with the new partners and focusing on the portfolio more constructively, it was key to bring in someone, if I may use a word in English that could hit the ground running. So he is somebody who is going to come in and hit the ground running and continue to manage things as we expect them to be managed now that Rodrigo's leaving. And somebody was going to come into Rafa's place to make the right contributions, who had experience enough to run such a complex company as Raisin. Hence, Lorival is now taking Rafa's place. What I wanted to say is that during the two years Rodrigo spent with us, he made massive contributions. Even though it wasn't a long time, he was extremely active. He had a huge role to play and made exceptional contributions to the company. When we said we were going to sell our stake at Vale and with the current capitalization, that means we moved 20 billion reais in the Brazilian capital market in 12 months. That's a historical milestone for any company in Brazil, especially considering current times. So I really want to thank Rodrigo for his contribution. And I wish him the greatest of successes in his next professional stage. Excellent, Marcel. If I can have a follow-up question, please. Looking at the shareholders agreement, it's clear that the new shareholders can join the boards. And it's slightly different at Raisin. Rubens will be more in charge of the JV and the JV decisions. Did you make that decision? Did Shell have an opinion? And also congratulations Rodrigo on the last two years and I wish you success on your next stage. It's actually our new shareholders agreement will keep the same terms as the pre-existing shareholders agreement. And these were the terms for Ryzen already. So what we agreed with the new partners is that we wouldn't change anything. We would keep the same terms. There was no reason to change it. And that is our agreement with Shell. That's why Ryzen was the exception. we have kept the appointment of the board members in line with the shareholders agreement that is enforced. As Rodrigo leaves, we're going to replace him at Raisin. We have an idea of who's going to do that, and we should be doing that soon. I just wanted to make that clear. Obviously, it won't be anyone else. appointed by the new partners for the reason I have just given you. Excellent. That was very clear. Thank you, Marcelo. Thank you, Rodrigo. The next question is from Tiago Duarte, BTG. Please go ahead, Mr. Duarte. Hi, good morning, everyone. Marcelo, Rodrigo, pleasure to talk to you. If we can go back to Marcelo's opening remarks about the role the holding company has to play in this new context. Historically, Cozanne has been going through different formats as a holding company, diversification, then simplification, eliminating holding companies along the way. In the last few years, there's been a significant investment cycle at the holding company and the subsidiary companies. And now with the offering, things are much more tangible. You're talking about a significant simplification with new partners coming in, in the controlling shareholders group, not only in terms of reducing expenses, but also bringing down the company's debt to zero. So given that context, once this process is concluded or is on the right track, a significant part of it has already been done. What will be the role that COSAN as the holdco will have to play in the future. And I also have a second question. Considering the funds that you've raised and considering that a major part of it, if not all, will be used to reduce the holdco's debt, as you've said, my question is, What part of that debt would you be tackling? Do you think it will be the cost of that or the maturity, the duration? What kind of an impact will that have on your liability and liquidity? Thank you. I'll start with your second question, Tiago, and then I'll turn it over to Marcelo to talk about the holding company. Yes, you're right in terms of how the funds will be used. Substantially, they will be used to pay for the debt. We had already announced that during the offerings. In terms of priorities, there is a cost-packing order to be tackled because the duration is compatible and there's a lot that can go into call in the short term. And the trade-off will end up being positive between a high cost, but also a duration contribution. In terms of the duration itself, I think there is a first stage where there will be a reduction. But once the company's credit improves, we'll have more opportunity for tactical operations in the long term. We don't have anything maturing by 2028. So in terms of that kind of pressure, there isn't any. And a really good duration for the holding company's horizon. So we'll be focusing on costs, but naturally there will be an opportunity for growth. a part of the debt, which is callable in the short term, to have a positive impact on the duration as well. I'll turn it over to Marcelo so he can answer your first question about the holding company. Well, Tiago, the last time Kozan had a capital increase, before this one, obviously, was in 2007. So that was roughly 18 years ago. And that capital increase took place before we started diversifying our portfolio because the first acquisition of sugar and ethanol took place in 2008 when we acquired ESSO Brasilera de Petróleo. So in practice, all the financing of these acquisitions of the companies in the portfolio took place in the last 17 years. which means that if we had leveraged the company in time, because obviously that capital increase was crucial for that acquisition, but not enough to build up a portfolio, that leveraging took place gradually over time. And it wasn't efficient because this is a pure holding company. up to the point where the macro scenario changed, interest rates skyrocketed, and that coincided with the recurring leveraging of our stake at Vale. So we started going in a direction where to resolve the company's capital structure, either we'd have to make a significant sale in the portfolio or have a capital increase somehow, which is what we did. So the holding company played a role in the last 17, 18 years that has changed. It doesn't make any sense continuing to use Cozanne as a leveraging tool for future growth. First, because it's been clear to us for a while, especially our experience with Valley, that we shouldn't develop any other verticals using Colzan's resources. So future investments will be made through the controlled companies when that makes sense again, when the time is right. So there's no sense in continuing to leverage Colzan over time. It doesn't make financial sense. It's fiscally inefficient. So the holding company, regardless of our active participation in portfolio management, the holding company will no longer be a vehicle for future investments. We need to consider creating efficiencies and streamlining it over time. And that is our objective for now. Now, what will happen once we get to a size that makes sense? and the leverage that makes sense, then we'll discuss it again. But right now, we want to create efficiencies and streamline it. That's perfect. Fantastic. Thank you. The next question is from Matheus Enfeld from UBS. Please go ahead, Mr. Enfeld. Hi, Marcelo, Rodrigo, and Camila. Thanks for your time. My first question is based on what Marcelo said about timing. I know it's hard to say, but there's a lot of news about Cozanne being in a hurry to resolve investments, to reduce the company's balance sheet in the very short term, which diverges from what you said, Marcelo. which is that you now have the time to do it gradually. So I'd like to hear about that timing difference. When do you think we'll be able to see new decisions about the company's portfolio? And also in terms of timing, the message about Raisin sounded very different to my ears in the sense that Raisin doesn't need capital immediately, that it's in no rush, that it can perhaps wait for two or three years. Whereas what you said, Marcelo, is that they want to resolve it in the short term. So could a potential solution for raisin happen in the next six months or do you think it will be over the next two or three years? So that's my first question. Second question is about move. We haven't talked about move yet. I'd like to hear more about the company's results. You had quite a solid result. How much of that came from operations? How much of that is a result of insurance proceeds or tax credits? I'd just like to hear about what's recurring and how the operational business is running. Thank you. Thanks for the questions. I'll start with your question about move and Marcelo can talk about the company's balance sheet and timing. Let me just recap what we showed during the presentation. In terms of volume, the company is well covered. If you compare it to the same period last year, you can see that there's been significant volumes recovery. The reconstruction capex Obviously, the dismantling and reconstruction of the Rio de Janeiro plant is ongoing. And now given the volume solution, the company is focusing on eliminating tax and logistics complications in the setup, which transfer interstate products. a return of ICMS credits. The logistics is much more complex than if it was centralized in a single asset. So the company is working on that so that it can land on a new production setup. It's not just about the real plant. Part of what was going to be done that will be done to the facilities that we've been acquiring over time, especially in Sao Paulo. So the company is on track to position itself competitively. And given everything that happened, that's quite remarkable. In terms of the insurance proceeds, yes, there was a considerable recognition in the second quarter, another 200 million reais in the third quarter. But the main thing, then the accounting recognition was what we expected that would happen which is significant cash coming in 300 million in the second quarter in October another 200 million which we have announced and that reiterates our confidence in the process and we are confident that the company will recover and again the Rio de Janeiro plant reconstruction capex as I said part of the insurance was associated to property so we expect that Rio's plant capex will also be covered and realized over time. I think that's it. And I'll turn it over to Marcelo. Mateus, let me make it very clear so that there is no doubt. Our sense of urgency at Raizen is obviously much more along the lines of six months than two years. There's no question about that. As we continue to talk and define a strategy with Shell, Not only will we announce that, we will also start executing on it as soon as possible. And there is definitely a sense of urgency. No, we do not think that we can wait for two years before we find a solution for Ryzen's capital structure. The point is that it has been delivering results. significantly. But that's part of the equation. The sense of urgency is there. As for the portfolio, what I said was there is no need for any fire sale of assets. In other words, we will do what's best to solve the company's indebtedness and the portfolio's prospects without burning assets That doesn't mean there is no sense of urgency, but it's changed with the capitalization. So we have resolved a major part of the capital structure, and the rest will be done, delivered, and announced, will be executed in a timeframe that makes sense, in a schedule that makes sense, for the price that makes sense, and the right mood, in a coordinated and organized fashion. We don't want to give anybody the impression that we're rushing around trying to sell assets. We didn't do it in the past when we needed to raise funds. So obviously we're not going to do it now, considering that a major part of that solution has been found. Okay, that's perfect. Thank you. The next question is from Monique Greco from Itaú. Please go ahead, Ms. Greco. Hello, good morning. Hi, Marcelo, Rodrigo, and Camila. Thank you for giving me a chance to ask questions. I have a couple of questions. If you could provide us with more detail about some of the things you've already touched on. First question is, if you can comment on the streamlining measures at the whole code level. Have you mapped them? Have you started implementing them? Do you have a timeframe in mind? to get to the streamline level you would like. I heard that you are hoping to cut annual expenses by half at the whole coal level. My second question is about the divestment agenda. Could you comment on the order and the pipeline? What would make sense focusing on burst? Thank you, Monique, and thank you for the questions. Well, with regards to implementing measures, as Marcelo said, we have mapped a process to streamline the structure at the whole core level. partly decentralizing some of the roles, which is something we had already been doing. Now looking forward, we want to bring the whole code to a level that is strictly necessary. So we'll be focusing on what will remain in the portfolio. For next year, considering this personnel streamline, we should be saving about 30 million Reais for next year. That 50% reduction entails a few other initiatives. As you know, our prospectus announced that we are looking into the company's ADR because of its relevant annual cost. It's over 10 million reais when we consider all the associated costs. So that's something we're considering. And other things as the physical space, as well as other expenses based on what the company has been doing and will take place over time. So without giving you a timeframe, we believe that it is very doable to cut down on costs by half. As Marcelo said, that is key in terms of capturing the value of the deal we announced. So it is in our interest to implement those measures as quickly as possible so that we can capture them faster. also as soon as possible. And Marcelo will tell you about our divestment agenda. Well, as we've been saying to the market, Monique, divestments should take place following the order of capital allocation priority within the portfolio. And obviously, Considering that, we should start with radar. So if you look at our portfolio and the level of priority of the businesses looking forward, I think radar is possibly the company where we might consider thinking selling a more considerable share. The rest will come as a consequence of that first step. Obviously, depending on the size of the divestment, then we can allocate it to the other businesses that as we consider a combination of value, size of the business and the future strategy for investment in those businesses. That's why it's the asset that makes the most sense to start with at the moment. Thank you. The next question is from Regis Cardozo from XP. You may proceed, Mr. Cardozo. Good morning, Marcelo, Rodrigo. Congratulations on the offering. Your exit was a surprise, Rodrigo, but it will leave an important legacy. Marcelo, you just talked about radar. Would it make sense to sell more assets or a stake in the company itself? And if you could talk about Rumo, would it make sense to sell a stake? Is there a minimum stake cause and needs to have to remain as a controlling shareholder? And the same applies to Move. I would imagine that in time, a decision to raise funds at Move would depend on resuming production. And I don't know if there's anything else on your radar in terms of when it would be possible to normalize things. Thank you. Hi, Regis. Thank you for the question. Well, first of all, With regards to radar, it's a combination of factors. We can continue to sell properties that are part of the portfolio or sell a part of Kozan's stake. Obviously, there is a trade-off between speed and what makes the most sense in terms of adding value. So we'll look into that later. to make a decision on the best way forward. We know that that is compelling to many investors. We have an exceptional portfolio, one of the best portfolios in Brazil. Its size is considerable. and a performance track record that is also exceptional. So those are all very positive factors when we consider a significant divestment in that business. As for the other businesses, and I can speak for all other businesses, they are considered very relevant to the portfolio with the potential to create huge value, all of them without exception. If we are effectively going to consider selling a stake in some of them, a more diluted stake in more than one of them, or if we're going to concentrate it more in one rather than the others, will depend on, first, understanding our strategy looking forward, as well as potential buyers and opportunities that may arise. Always, always bearing in mind that value is key. We have built this portfolio over time we've made considerable progress in terms of growth investments and obviously we will make divestments that make sense for the right price depending on the demand but also obviously considering what is key to the portfolio as a priority thank you may I ask a follow-up question please What about capitalization at Raisin? Is there a maximum amount that you'd be willing to contribute? Well, that is under discussion, but in the context of the offering, I think we've made it clear where that amount would be, right? Where that value would be. We're currently discussing that. I mean, it will depend on how our conversations with Shell goes. It depends on what they will be willing to do. It depends on many other factors, but on our side, let's remember all of our state statements, the first offering, the second offering and the context. So it will be within those thresholds that we announced to the market. Okay, great. Thank you. This concludes the Q&A session. I will now turn it over to Mr. Marcelo Martins for his closing remarks. Well, thank you again for joining us. And this has been a very exciting journey. Our objective is to resolve Colzan's capital structure and more broadly speaking, all the group's companies. We are extremely happy with where we've got to and very excited with the prospects for the group, its portfolio and a clear notion that we will be able to create significant value again as we have done in the past. So we want to stop just resolving the company's capital structure and start building again. But until we do so, that's what we'll be focusing on. Construction will come after that. Once again, I want to thank Rodrigo and the whole team for their huge effort, their professionalism, everyone at Cozen, even through tough times when we're talking about cutting down on our personnel, as we know, their level of commitment and professionalism is unique. We are undoubtedly one of the best companies in terms of its people. I want to thank my own team. I want to thank everyone who works for the companies in the portfolio and thank you for joining us. Thank you. Cozans third quarter 2025 earnings release video conference call is now concluded. For further questions, please contact the investor relations department. Thank you so much for joining us and have a great afternoon.