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Thank you for waiting. Welcome to our earnings call. This is the first quarter of 2026 at SAE Atacadista. And to highlight that if you need simultaneous translation, we have this tool available on our platform. And for this, you must select the translation button on the icon on the bottom of the screen. Choose your language of preference, Portuguese or English. I'd like to let you know that this earnings call has been recorded and will be provided on the company's IR website, on the IONIQ website, where you can also sign the earnings release. During the presentation, all participants will have their mics off, and then we'll begin the Q&A session. As your name is announced, the request to activate your mic will appear on the screen. And then you should activate your mic to submit questions. We'd like to instruct you that all questions... Sorry, we can't hear what he's speaking. and related to business perspectives, projections, and operational targets and financial information from a faith represent beliefs and assumptions of the company's management as well as information that is currently available. Future statements are not a guarantee of performance. They involve risks and certainties and assumptions as they involve Second senses, it could not occur. Investors must understand that general economic conditions, market conditions, and other operational factors could affect the performance of that price and lead to results with different changes than those listed in such future statements. I will pass on the word to Gabriele Lu, our Investor Relations Officer. Hello, good morning, everyone. Thank you for participating in my earnings call. So, first quarter of 2026, I'm going to present Romero Gomes, our CEO, Papá de Sáche, our CFO, Sánchez Becari, VP for People and Sustainability, Domínguez de Sánchez, who is passing on the role of VP for Commercial Logistics, and Sánchez Leite, the Executive Director for Operations, will pass on the floor to Romero for his presentation. Thank you, Gabi. Good morning, everyone. I know that we are participating in the same presence. The idea today is to share information from the first quarter. This is a quarter that combines issues of adverse effects that have been impacting consumption, especially food. On the negative side, we have one market aspect that we've seen. The current context of the market being extremely complex. If we were to separate this into a few points, the first point is seen as an offending factor is the level of debt among families month over month that have reached all-time highs and that has impacted the lower income population with their purchase power and consumption. So one of the movements that would not be expected for this period in the first quarter of 2016 such as the trade down and some challenges to take in volumes and some categories have really been consistent. So the level of debt creates this bad combination, right, with high debt and high level of interest. And so I think this level of debt has reached an often high, reaching 80% on March. I've also been levered by different market data and an increase in sports bets activities as well, where these bets, especially among the lower income population, when we look at the north and northeast of Brazil or some other regions, This pace continues to be very strong. In the first quarter, the pace of sports bets reached almost 230%, almost three times the same period last year. And Brazil currently has like 1 billion accesses monthly. It's a country with a level of accesses of sports bets, sports bets, higher even than WhatsApp or YouTube, according to the data we've been monitoring in the market. And that has really contributed to that because the correlation of more debt and that every decision that catches fire that pressures our customers for small businesses that supply themselves and then of course what do we brought in the difference of performance came the fifth factor which was the low income and high income and the difference is as I mentioned something you've never seen from one year to um And so in the sectors that are servicing high-income, low-income, this number has been capped at a drop of 9%. So this cash that is being spent on interest has been... So, it's also been a combination in the first quarter of the commodity utilization and in all of the big commodities like rice, sugar, flour, and oil, which in this quarter led to an average utilization of 12%. So, this is an average review of the quarter. And these are commodities of importance, and the sector as a whole, not only Açaí, the Texan trade sector responds for about 50% of the food market, and the commodities from the United States, respectively, are responsible for 65%. And this is kind of very strong, when it comes to flour and milk.

And so, That leads to an impact on the revenue.

And within this scenario, what we observe is that our policy in the first quarter preserves the margins.