B3 Sa Brasil Unsp/Adr

Good morning, ladies and gentlemen, and welcome to B3's earnings results presentation for the fourth quarter of 2025, where André Milanes, B3's CFO, will discuss the results along with Fernando Campos, Investor Relations Associate Director. We would like to inform you that all participants will be in list and only mode during the company's presentation. After the company's remarks are completed, there will be a Q&A section when further instructions will be given. As a reminder, this conference is being broadcasted live via webcast. The replay will be available after the event is concluded.

Hello, this is Fernando Campos from B3's Investor Relations team. I'm here with our CFO, André Milanes, to discuss the results for the fourth quarter of 2025. To start, I'll ask André to comment on the extraordinary tax effects that marked the quarter and then provide a more general view of the revenues.

Thank you, Fernando. Starting with the non-recurring tax effect that impacted the company's net income for the quarter, First, we had the increase with the increase of the social contribution announced at the end of last year. We recognized during the fourth quarter a negative accounting impact from the update of the deferred taxes related to the tax amortization of Goodwill, an impact totally approximately 1 billion reais. It is important to emphasize that the fiscal benefit has already been fully used and therefore we will not have any other impact on the company's cash generation in the future as a result of this adjustment. This is solely a one-off and extraordinary accounting adjustment. that we had during the quarter. On the other hand, we distributed 1.5 billion in non-recurring interest on capital as well, which helped to partially offset the negative impact from the deferred tax adjustment that I mentioned before. It is also worth to highlight that we still have around 4 billion reais in non-recurring IOC, interest on capital, to be distributed over the next years, which this will have a positive effect on the company's cash generation. If we were to exclude those two effects in the quarter, net income would have reached 1.4 billion reais, which represented an increase of 22% in relation to last year. Speaking about performance, the quarter delivered solid results with an 11% increase in total revenues and growth across all segments. I would like to highlight the rise that we saw in ADTV throughout the quarter, which ended December at a level significantly higher than in September, showing a consistent recovery trend, which has been reinforced by the volumes that we have been observing in January and more recently during February as well. Fernando will now provide a bit more detail on the operational performance. Fernando.