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Welcome to the earnings call for the second quarter of 2025 at Açaí Atacadista. We would like to highlight that if you need simultaneous translation, we have this tool available on our platform. To access, please select the interpretation button on the globe icon on the bottom part of your screen and choose your language of preference, Portuguese or English. We'd like to let you know this call is being recorded and will be provided on the company's IR website at ri.sia.com.br, where we already have the release available. During the presentation, all participants will have their mics off. Then we'll begin the Q&A session. To submit a question, please select the Q&A icon at the bottom part of your screen. Write your name, company, and language to enter the queue. As your announced request to activate your mic will appear on the screen, then you must activate your mic to submit questions. We would also like to instruct you that all questions be submitted at once. We want to highlight that information in this presentation and possible statements that could be made during the earnings call related to business perspectives, projections, and operational financial targets represent beliefs and assumptions of the company's management, as well as information that is currently available. So future statements are not a performance guarantee. and they depend on circumstances that could or not occur. So investors must understand that market conditions and other operational factors could affect the future performance of SAE and lead to results that differ materially from those listed in future statements. Now I would like to pass the floor to Gabriela, the Investor Relations Director. Good morning, everyone, and thank you for participating in the earnings call for the second quarter. We want to present the executives present here. Bomir Gomes, our CEO, Aymar, our temporary CFO. Bomir is our VP. of Commercial and Logistics and Anderson Castillo and Operations. Now I'll pass the phone to Bill Meadows so he can begin the presentation. Thank you, Gabi. Thank you, everyone, for participating. It's a pleasure to be here. Thank you so much for this participation. I want to start by thanking our team for the work done in this quarter. And I'm going to also say that the numbers we're going to present today are also very important because we're going to provide also, of course, more context about the market opportunities and challenges we've seen now looking into 2025, especially in the second and third quarter. We believe that the second quarter was very positive in our assessment. When you look at the overall scenario in combination with a competitive environment and market environment, the purchase power of the consumer and revenue reaches 21 billion, so the same-store sales is below the level. of the food inflation, which has been internally around 7% or 7.5%. Of course, the objective of the company is to search for the same source at the level of the inflation. But what we see is the persistence of the trade-down movement of about 3.5% to 4%. And this has a variation according to the social levels and regions in Brazil. this exchange and the swap for cheaper products and more economic products and trade downs. And we've already talked about the causes of this, high interest rates and the sports bet, et cetera, which has really made us keep up with the scenario where consumers are forced to buy cheaper products. So this is a movement that not only affects SAI because when you look at the share, it was completely stable, but when you look at the progression of the volumes in the quarter, excluding part of this where we've seen a strong trend as part of the market with a real high concession of timing and deadlines that impacts reseller customers. And besides all that, we still have a stable volume. So within the scenario, the company has, as you've mentioned, working on store maturity. And I'm going to talk about this a bit more. especially for the converted stores. And I think maybe mentioning a number that could surprise a lot of people about the results of this project, which is still not at its final phase, but the company has searched for balance. And so there's an important balance that was made from an expense maintenance rate. And despite some expenses of projects, that are really important considering the wave of innovation in the company. And so with this, we've been able to have a series of expansions in services and butchery, sliced cold cuts, bread, et cetera, and bakeries, which could lead to some effects and impacts on the expenses. The inclusion of these downtown stores, etc., could maybe pressure the EBITDA, but this demonstrates this as the company is delivering an EBITDA margin pre-IFRS of 5.7. This is an increase of 30 beats compared to the previous year. reflecting the store maturity and innovation that was made, despite this combination, of course, of strict expense controls, which helped us increase our EBITDA margin by 30 pips. Now, when we look at the EBITDA pre-IFRS, we see that it is important if it leads to actual cash. In the second quarter, when we look at the LTM, SAE has really been able to deliver a conversion rate this EBITDA margin into free cash flow of about 90% of our EBITDA, which has been transformed into cash. So as the investment cycle is a lot lower than what we had in previous years, we present free cash flow before the payment of interest of 2.7 billion Riyals. either in the evolution of the EBITDA and reduction of the investments, but also major discipline also in the working capital and the policy on receivables and granting of paint. Since we saw this relevant movement of increasing prices and the strategy of the company has proven to be quite assertive when we consider our leverage, the company is focused on deleveraging at this moment And this combination of this amount of half a billion plus the direction of $300 million in the net debt at this moment, where we may be at the peak when it comes to the SILIC rate. at 15% rate, of course. And so the fact is we have probably one of the highest actual interest rates in the world, which leads to financial results that are quite strong, especially when you consider the net sales, but when you, of course, pay off the investments the company made in the last few years. So with this leverage drops at about 50 points, closing at 3.17, dropping 0.48 in the ratio we've seen in the second quarter of last year. So the net income also had an important evolution. Of course, the interest rates and the debt carryover costs are pretty high at this moment, but there's an important evolution in the net income, even when just part of it is the recognition of some credit that was made. You have all the information in the earnings release as well. We can advance to the next slide. And then as we were saying, we bring in this page here, which is the Campinas store, very important store. And then you can see this vision of how things were doing. We all know that this is one of the most challenging projects in Brazilian food retail, but also from the perspective of shifting paradigms, which was the objective of the company. to really place stores in downtown regions so that we could expand the target audience we had, right? So, obviously, putting in stores in central regions, like the store in La Moretas, if we consider Campinas, Abolicão, or Açaí, these are stores that have a different rationale. So... Of course, they also bring in a higher interest rate and an expense rate that's higher, which was also requiring this grass margin that was more healthy in the store. So when you look at the EBITDA margin pre-IFRS discounting the rent, There's a leap of 4.1 to 5.5, and so that was delivered in the second quarter, and an average sale per store that's way above the average sale in a company of about 26 million yards. So they still don't have the same level of productivity if you look at the sales per square meter of the organic store network, but the stores are still in this maturity period, and The first store opening just ended the third year. We still have stores with two years or one year of operation. And so, however, they do have a store maturity hired up ahead. But then we can, of course, advance to the next slide. And we bring in this research that we've done. with over 19,000 respondents that was conducted by a baiting company, and they're helping us in important projects in the company. And after this conversion period, now SAI has stores that are 1,400 square meters in South Area and 10,000 as well. So there's stores that are located in the outskirts of the city, but there's also stores that are in regions that are downtown regions. very important cities in Brazil, especially the big capitals, such as Brasília, Goiânia, Rio de Janeiro, São Paulo, and so on. So what was the result we've seen? Well, the strategic objective was to break down some stigmas there was with cash and carry, because it used to be just limited to a specific type of public, right? Yeah. So meeting the public, the B2B public, is challenging, right? But when we look at this research in the markets of these presidents, it's a penetration rate that's really high for Class A, B, C, and maybe... Actually, this research was done by electronic means, but that demonstrates how now the company is really, within its portfolio of stores, has, especially based on its customer portfolio, a penetration and potential. And so when we look at the... gender, which is 60% men, 61% women. When you look at age ranges, that's another important metric for us, since each age range has a different purchase power, right? But if you also see a lot of stability in this, especially from the customers that are 18 to 24, 25 to 29, and so with 61% penetration rate. So this is a split today of the more than half a billion people that go by our stores, the 500 million customers today that ask our services, and that's why the brand became the most valuable. And so this completeness also allows us to break down on some stigmas And it's not just about having this, well, it's really about what this is going to provide for us up ahead, right? So in the last two years, the company has really been focused on delivering the conversions, the level of productivity and EBITDA margin that we had in the organic network, and implementing new strategies. services which are also vital to this kind of model, but the company's not stopped here. So the fact that we have this penetration in social levels, gender, age ranges, et cetera, this really allows us to explore new product categories. and really search for an increase in share of wallet, important projects to make companies start. And there's a very important project also starting off now, where ASE is going to start taking its first steps, which is exploring its private labels, especially in the southeast region of Brazil, and especially in Sao Paulo, where you have a logistical cost that's lower, and that's providing a course of broadness that's going to help us really improve the margins we have. So there is a movement towards either in-and-out projects, or whoever has been watching us has seen our entrance into home appliances and electronics, which is like the air fryer, et cetera. So there's this movement, and that's a very important process within the pharma channel. And that really has been evolving. We've been very vocal and participative. And I believe that the project and the way it was presented now allows for greater potential to explore another product category and other categories that are correlated. just as the In-N-Out project that, in our perspective, should bring in relevant gains, and also financial services now with SAE's credit card machine project bringing in another opportunity for the B2B customers as well. So I think we've already seen this on the release of the pre-IFRS EBITDA. It goes from $965 to $1,079 billion. And then after this, you have the cash for the company and the net income of $86 million in tax credits. It goes from $165,000 to $264,000. And I think Emma is going to get into that as well, including the impact of some of our debt reprofiling work. There's also an occasional impact in the second quarter with prepayment costs. Now I'll move on. We can advance to the next slide. IMA. So we're going to talk about IMA and leveraging this as well.

Thanks, Belmiro.