Rumo Sa

Good morning and thank you for waiting. Welcome to Rumo's third quarter 2025 earnings presentation. We would like to inform you that attendees will be on the listen-only mode during the presentation, after which further instructions will be provided and we'll begin the Q&A session. This presentation is being recorded and simultaneous translation is available by clicking on the Interpretation button. If you are listening to the video conference in English, you also have the option to mute the original audio in Portuguese by clicking on Mute Original Audio. Before proceeding, we would like to reiterate that forward-looking statements are based on Rumo's executive board's beliefs and assumptions and information currently available to the company. These statements involve risks and uncertainties as they relate to future events and depend on circumstances that may or may not materialize. We recommend that you refer to the disclaimer on the second page of the presentation. Now, I will turn the conference over to Mr. Felipe Sarraiva, Romo's Head of Investor Relations, to begin the presentation. Please, go ahead, Mr. Sarraiva.

Good morning, everyone, and thank you for joining Romo's third quarter 2025 earnings conference call. Let's begin with the highlights on page three of the presentation. We reached a new quarterly record for transported volume, 23.4 billion RTK, up 8% year-over-year. This performance was driven mainly by the northern operation, with the higher volumes in general cargo, especially hardwood pulp, bauxite, and fuel. Our cash cost was another positive highlight this market. We continued to capture energy efficiency, reducing fuel consumption, the main component of our variable costs. In fixed costs and expenses, we recorded a nominal reduction of 36 million BRL, which, combined with the volume growth, translated into a 12% efficient gain in our cost per unit. The combination of higher volumes and disciplined cost management allowed us to maintain a stable margin in a more competitive environment. Adjustability reached 2.3 billion BRL, an increase of 5% year-over-year. We closed the quarter with $1.5 billion in investments and net leverage of 1.9 times. Moving to page four, let's look at market share. Our market share this quarter reflects a more competitive grain logistics environment. We maintained stable market share in Goiás and in the southern ports, while performance in Mato Grosso and the Port of Santos was lower than last year. On page 5, I will share more details on the market dynamics in the Santos Corridor, which is our core business. As a reminder, rail capacity is shared between Mato Grosso and Goiás, working as communicating vessels. Rail exports from those markets increased compared to 2024, a year that was impacted by a crop shortfall in the Midwest of Brazil, but it still remains slightly below 2023 levels. We transported 8.5 million tons. with alternative corridors absorbing part of that difference versus the year of 2023. In the soybean complex, which includes soybean and meal, the market was stronger than usual this quarter, driven by the carryover volumes not exported in the first half of the year, and we captured that demand efficiently. For corn, despite a record crop in 2025, export volumes from Mato Grosso and Goiás were lower. Our performance reflected this more competitive landscape. with some flow distribution across all of the logistic corridors, partially offset by growth in soybean complex, as I have mentioned. As you may see in the lower charts, our railway system remains the main logistic solution serving the port of Santos. Moving to page 6, we will review the operational indicators. Both the transit time and dwell time in Santos slightly increased during the quarter, because of greater complexity of managing higher volumes in the system. In energy efficiency, we reduced unit fuel consumption by 2%, with a solid performance across both the North End and South End operations. On page 7, we will show operational results and volumes. We transported 23.4 dNRTK in the quarter, up 8% year-over-year. The North End operation accounted for about three-quarters of this growth. mainly supported by higher general cargo volumes, particularly hardwood pulp, bauxite, and fuel. In the agricultural portfolio, we transported more volumes of sugar and fertilizers. In the southern operation, the main highlight was higher corn volumes, which had been impacted last year by crop shortfalls in the south. In general cargo, we continue to pursue new opportunities and optimize asset utilization of that system. Now, on pay date, we present revenues and tariff highlights. Net revenue amounted by 3.8 billion BRL, a 2% increase year-over-year. As we always say, the focus of our pricing strategy is on finding the right balance between volumes and tariffs to maximize the system for stability. The VR export dynamics led to a strong competition among logistic alternatives serving our key markets. In this context, we adjusted our own commercial positioning in both operations to ensure competitiveness and attractiveness for the rail transportation. Moving to page 9, we present the EBITDA. EBITDA grew 4%, reaching 2.3 billion BIL. Our efficiency in managing costs and expenses helped us maintain stable margins despite a more competitive environment. Additionally, we recorded a 55 million DIL in insurance recorders related to the loss of profits in the Southland operation, due to extreme weather events on May last year. On page 10, we moved to financial results and net income. The next financial result was a net expense of 837 million DIL, mainly reflecting higher net debt and interest rates. Despite the higher rates, we deliver a just net income of 733 million BL, broadly in line with the last year figure. On page 11, let's look at our net debt position. Net debt at the end of the quarter was 14.9 billion BL, reflecting the quarter's cash generation. We closed the period with a health leverage of 1.9 times. Our liquidity position remains very solid, with $7.2 billion in cash and a well-distributed debt and maturity schedule, with no major concentrations in the fiscal years of 2026 and 2027. On page 12, we will present the investments in the quarter. We invested $1.5 billion in the quarter, in line with our plan. Recruiting topics was $503 million, focused on asset maintenance and operational safety. In the Mato Grosso Railway project, we invested 575 million BL, with the cash disbursements following the construction progress. Other expansion projects amounted by 396 million BL, with the focus of increasing capacity and modernizing the existing infrastructure. Now, turning to the soybean market on page 13. The next Brazilian soybean crop is expected to reach the all-time high level of 175 million tons in production. The state of Mato Grosso should account for roughly 51 million tons in production. And as we speak, the seeding is almost completed. Exports from the region are estimated at 32 million tons, pointing to a healthy logistics demand for the next season. On page 14, I will present the corn marketing. The Brazilian corn crop is also expected to reach a record high level, with an estimated production of 145 million tons in the next season. In Mato Grosso, production is forecasted at 59 million tons, driven by an extension of roughly 400,000 hectares in planted area. Exports should remain stable, around 25 million tons in the state of Mato Grosso. This concludes my presentation. Thank you, and we are glad to start the Q&A session.

Joining us today are Mr. Pedro Palma, Mr. Guillermo Machado, and Mr. Felipe Sarraiva. Before we begin the Q&A session, Mr. Pedro Palma would like to say a few words. Please go ahead, Mr. Palma. Good morning, everyone. This is Pedro Palma. Thank you for joining us in the earnings release for the third quarter. It's a pleasure to be here with you. Before we start the Q&A session, let me just summarize the quarter and how the company has been doing. Looking at how volumes have progressed, we're very happy to have gone over the 8 billion RTK volume at the company with major stake in the south and north operations making contributions to that increase. In the last few months, the south operation has been over 1.2 billion RTK, going back to very healthy and robust volume levels. And the north operation has been close to 7 billion RTK. That's a testament to our resilience, our ability to overcome challenges in the rail environment, which is becoming more much more favorable, much more solid, and we have reached those volumes in the last quarter and the last two months, despite a fiercer competition in the market, considering grains volumes, both in the north and south operations. As we said since the beginning of the year, because of the carryover inventory of corn from 24 to 25, we also mentioned the delayed and volumes coming in in terms of soybeans. And over the year, there's been a smoother, more linear export level. At the beginning of the year, we were still testing the market's pricing level to understand how we should position our own pricing levels. As of the second quarter, when it was clear to us what that new price level was going to be, the required adjustments to our pricing policy to make sure that we would have the required and suitable volumes to execute on our rail activities. And let me remind you at very healthy margin levels, our pricing journey has never been linear over the years. It's been through ups and downs. Let me remind you that in 22, 23 and 24, our prices went up by 60% in the grains market and 25 has been a year of adjustments to pricing levels so that we can find the right level that will give us the right market share, the fair market share to ensure that we're growing and positioning ourselves competitively. So we've been doing that and our rail operation has been responding accordingly with increasing volumes. Now let's take a look at the other portfolios. Fertilizers, pulp, sugar, bauxite, they've all been growing at very consistent volumes, also increasing our system across volumes and margins and ensuring that our revenue is resilient and good diversification across all kinds of cargos. Obviously, our main market is and will continue to be the grain market. Right now, as you can see in our market share chart shared by Sariva, the corn market and corn exports from the port of Santos has been less than historically what has been putting additional pressure on our commercial structure, but these are circumstantial situations. We've dealt with them in the past and we'll continue to deal with it by adjusting prices so as to ensure the best margin possible for our system. Obviously, price is a variable that is not under our control, but there are variables that are under control. One, capacity, and we have been proving that we have the capacity to operate. as well as cost and fixed expenses discipline. As you can see, in an environment where volumes have been increasing, new operations have been coming and going up and running, we are healthy volume levels and increasing efficiency within the system. That's what a company such as ours has to do. Our investments in improving assets and improving management systems has to in the long run be translated into structural lower structural unit costs so we can have healthy margins even in more volatile pricing situations in the rail execution line let me highlight our enhancement in safety both rail safety and personal safety in 2025 there's been a reduction in Incident frequency, which is very closely related to the quality of management and discipline and execution. This is an ongoing journey. We will consistently continue to decrease frequency both in real incidents and personal incidents. This is one of our values, and it's something we will continue to focus on increasingly more But I am absolutely convinced that with our teams, both in the north and south operation, our organizational structure will make it even more robust and bring in even more quality in execution and a working environment that will continue to help us progress in reducing costs, increasing competitiveness, and bringing in increasing more volumes to a safe system. And before we move on to the Q&A session, one last comment about our investments. As you've seen in Sariva's presentation, our CapEx is in line with what we did last year. But more important than absolute figures, I just want to reassure you that we are keeping with our recurring CAPEX and we're doing the absolute necessary to have a robust and efficient operation and our expansion CAPEX is within the plan with the Mato Grosso rail works and requalifying also the Paulista network and all the works at the Port of Santos to make sure that we are building a foundation for future growth and making sure that we are sowing today the results that we will reap in the future. So in addition to CAPEX, it all makes me confident that we are in line with our schedule and the figures that we had planned specifically for Mato Grosso rail. Next year, the BR 070 terminal will be going into operation. So this year, We have the first stage of this transformational and relevant project for the company and all the companies that we work with. So those are my opening remarks and now we'll begin the Q&A session. Myself, Machado and Saraiva are here to take your questions. Thank you. We will now begin the Q&A session. To ask a question, please click on Raise Hand. And if your question has been answered, you can leave a queue by clicking on Put Hand Down. We kindly ask that you ask only one question at a time so everyone gets a chance to ask their question. If we have enough time left at the end, we will have another round of questions. Questions in writing via the Q&A icon will be answered after the conference by Rumor's Investor Relations team. The first question is from Mr. Alberto Valerio from UBS. Please go ahead. Good morning, Pedro, Guillerme, and Saraiva. Thank you for the opportunity. The first question is what every investor wants to know. What is the company's pricing level? What can we expect for the next quarter, for next year? What is the competitive environment like? Do you think it's reached a sustainable level or not yet? Will there be further adjustments? And are you maintaining the guidance based on third quarter yields? If we see the same yields in the fourth quarter, things might be a bit challenging. in terms of keeping the guidance. That's it from me. Thanks for the question. This is Pedro. Looking at the competitive scenario and based on my opening remarks, I think it's fair to say that the pricing scenario, especially considering the corn market, will continue to be a bit more acid than we had planned so looking at the current scenario in the fourth quarter to be objective it is a bit more acid than it was in the third quarter that said i don't think that is material looking forward and let me touch on 2026 as Saraiva showed, the crop dynamics looks positive, different to 2025, where we went in without carryovers inventory. And what we're seeing for 2026 will be a beginning of the year with higher volumes in the system, which should make the logistic pressure easier for next year. So I think the dynamics will be marginally better than we saw in 2025, thinking about the transition into 2026. Having said that, to be very transparent and objective, prices are not directly under our control. But what I do see is for 2026, We are beginning our commercial efforts for that journey at similar levels to what we have seen in the second quarter of 2025. And over time, as the market progresses, we will rebuild our pricing basis with more confidence in future prices and volumes. As for the guidance, obviously, We already have the numbers for the third quarter. There are challenges to execute on the fourth quarter volumes. The name of the game for us to conclude the year within the figures that we announced for the guidance will be totally related to executing on volumes, especially now in December, and continuing to control costs and expenses. The challenge I see is that, honestly, there's still some uncertainty with regards to the volumes for exports, given that export volumes in December, sometimes clients prefer to execute them in January only based on international demand. Those volumes will have an impact on our numbers, but that said, we are confident that we will meet the guidance. We'll continue to work tirelessly to do so. I don't know if Guy would like to say anything. Please feel free to jump in. Hi, good morning, everyone. Good morning, Alberto. Yeah. Yeah. In terms of what we have been seeing in the fourth quarter, last Monday we announced that October was an exceptional month for us. After May and August, it was our new record, and we'd have to repeat the same thing because our investments have been translated into absorbing capacity fluctuations in the market. looks like will be a strong month in terms of volumes. As Pedro said, the uncertainty will be mainly concentrated in December. We imagine there will still be major volumes. If we have a healthy demand environment, especially considering the high product availability we have inland, rail will be ready to capture that demand, especially considering our performance in the third quarter and beginning of the fourth quarter. So our focus will be to continue executing sharply in terms of our operations, which is what has been happening, and managing costs and expenses as we have been doing. So having said that, obviously, we should be delivering close to the midpoint of the guidance in terms of volumes. Our CAPEX is solid and under control. And in terms of EBITDA, if we have a good risk balance in the fourth quarter, we should be able to meet the guidance close to the mid-low point, and our efforts will all be towards executing on that at the end of the year. Thank you, Machado. Thank you, Pedro. The next question is from Mr. Matil Santana from Bradesco BBI. Please go ahead, Mr. Santana. Hi, Pedro. Good morning, and thank you for taking my question. Could you talk a bit more about porn? Looking at the figures, especially around here in terms of exports, we see that volumes have been very low so far. So there wasn't a lot of corn transported in October. What do you expect for the fourth quarter? Do you think there will be more volumes, or should we wait for the beginning of the year, January and February, where you'll be focusing more on corn exports? Thank you. Hi, this is Pedro. As I said in my previous answer, we do see a corn carryover, a high carryover inventory for corn. Historically, the corn carryover inventory from one year to the next. Let's just take a look at an example in Mato Grosso. It's about five million tons. If we look at a snapshot of today, in fact, if we look at October to November, there was a possibility of a 15 million ton carryover inventory instead of five. So there's an increase in the carryover inventory this crop year worth 10 million tons. Now, what will be exported additionally in December or what will only be exported at the beginning of next year, that's the question mark in the system. It depends on international demand and it also depends on the negotiations between producers and traders. So that's the uncertainty I mentioned and Guy mentioned with regards to December figures. How much of that corn will be available for export? What I can say is that we are fully able to transport whatever volume is available. As we have shown in previous months, we do have the capacity and we are ready for higher volumes than we have transported in the last few months. So we're just waiting to see what those volumes will be. So even if we have higher volumes in December, The beginning of next year, in my opinion, we'll be seeing more corn to be transported than we saw in 2025 because the carryover inventory that we see right now by itself cannot be transported in December alone. Pedro, good morning. This is Felipe. In addition to the corn carryover inventory, soybean planting was early this crop year when compared to other crop years, so we'll have higher corn carryover inventories when we move into next year, so that volume might be transported depending on the international demand for that corn, but we'll also have an early soybean harvest because the soybean was planted earlier, so There should be a higher demand for logistics than we saw at the beginning of 2025 when soybean harvest was later. So biomass in general is looking more favorable in terms of logistics in Mato Grosso specifically. That's very clear. Thank you for the answers. Good morning. The next question is from Mr. Pedro Bruno from XD. Please go ahead, Mr. Bruno. Good morning, and thank you for taking my question. You mentioned your cost discipline. If I could touch on that, please, to understand, especially looking at SG&A plus fixed costs, the consolidated line. You gave us some numbers that don't really give us a lot of visibility. You talk about other operation costs, which I think is the more positive line in terms of how costs progressed as maintenance, third party services, security facilities and others. There was a significant fluctuation close to 70 million year on year depending on the window but it looks like that line was highly efficient but in general terms on fixed costs and SG&A, if you could give us a bit more color what kind of initiatives we're talking about and what's been responsible for that efficiency. And if there is a tradeoff among those initiatives or if there's something you had already planned on capturing. Thank you. Hi, Pedro. Thanks for joining us and thanks for the question. Yes. Yes. what we've been noticing in terms of reduction and we started working on that since last year and it's been translating into positive results this year. Throughout our journey and the company has had major projects and initiatives that have required an expansion of our structure and we believe We have reached an adequate level, so from now on, we'll be optimizing things and operating efficiently, always taking care of the company's operational leverage, which is what we do, maximize volume and decreasing unit costs. But what we have been doing is optimizing our structure, our occupation, our capacity use, because right now we're at the right structure level, so we have been optimizing our personnel, simplifying processes, and rationalizing company initiatives to prioritize those that create value and add to the company's core business. We have been managing inventory very efficiently and working on losses and compensation so that we can avoid losses. We don't want that to be a detractor to our overall structure. So there isn't one specific thing that's been leading to those gains, but there are several initiatives and many things the company has been doing that have helped us converge towards those efficient levels. So that's what we've been doing to optimize our cost and expenses this year. That's great. Thank you. Good learning. The next question is from Mr. Rogerio Araujo from Bank of America. Please go ahead. Good morning, gentlemen. Thank you for taking my question, which is about your liability negotiation and the renewal of the south and west networks. Could you update us on those processes? What are the next steps? And we had the 55 million loss of profits insurance proceeds. And I think the structure was also damaged due to force majeure because of the rains. Are you negotiating anything to that end in the South Network? If you could give us more color on that, that would be very helpful. Thank you. Hi, this is Rogerio. Thank you for the questions. I'll start by the end of your question. In terms of compensation for the South Network claims, they should come to an end now. We recognize those in the second and third quarter. So that was all we had in terms of compensation. The team worked very closely to the insurance companies and we were able to resolve those issues very swiftly within the regulation. In terms of other occurrences, We are complying with the regulation. There should be something else happened. We will announce that to the market, but there's nothing material to share at the moment. In terms of the South and West networks, there is no news for this half of the year. In the renewal and end of concession of the South network, Let's remember that there was a working group with the company, the ministry, and the regulatory agency. Those activities have been concluded, so we're not just waiting for the conclusions to be announced. In the South Network, we do have the potential, and the company is interested in continuing to operate it in a model that is financially feasible for us. Discussions continue. will be ongoing with the stakeholders, and we'll be looking into different alternatives. And as things progress, we will be informing the markets. There's nothing to announce for the time being, but this discussion should be taking place over the next few months. Let me remind you that the SALS network will be concluded February 2027 so we'll still have a ways to go with these stakeholders as for the west network we do have a an event in the short term halfway through next year June 2026 that's when the contract will come to an end we've made it very clear so far in light of the fact that there has been no volumes transported in that operation so there's no significant revenues or investments coming from there. So we should be giving that asset back to the government and then we'll assess the reconciliation and the assets and liability balance sheet for that operation. Discussions with the government are amicable. So now we just need to decide on the best design for that negotiation. We will let you know as things progress. Thank you, Guilherme. Have a great week. The next question is from Mr. Daniel Gasparetti from Itaú BBA. Good morning. Thank you for this opportunity. Touching on what Guilherme said earlier, about volume and unit cost. How are you coming to your tariffs for 2026? It's competitiveness considering a scenario where things might be slower, given the pressure on the margin. What about the carryover of your tariffs from 25 to 26? I know you have the guidance, but if you could tell us a bit more on that dynamics. And also, how do fluctuations in tariffs affect your perception of CapEx investment projects and the projects for this year? Thank you. Hi, Daniel. This is Pedro. Let me take your question. Well, let me start by the end to your point about our investment plans. Obviously, When we look at our CapEx execution and our expansion project, we need to calibrate those based on expectations of profits and the investments that are being made. I think the main point when we look at tariffs and when we look at the future interest rates If we were to conduct a financial assessment of our investments, looking at our expansion plans, you have to have an expansion of volumes, competitiveness, and pricing that you'll get from that structure. And often investments can help you stabilize pricing. So pragmatically speaking, our journey in the rail system for both operations, especially in the north operation. Pricing has never been linear because given any moment, when you go into any year and a specific year, there is an effect of the fluctuation of exports, crop failures. There are one-off circumstantial events that can change the pricing ratio within a semester, a year, a crop. But if we look at how our pricing has progressed over the years, you will see that pricing levels have been normalized and the tendency and our thesis that has been confirmed year over the year is that the world needs agricultural commodities and the best region to produce and export those is Brazil and the best region in Brazil for that starts in the Brazilian Midwest and we want to be the best logistics company with the best structure with the lowest cost to be the best export solution so To address a point that might not be exactly what you asked, but to give you more granularity, right now we're fine-tuning our business plan for stage two of our rail expansion project in Mato Grosso in light of the fact that we're moving towards concluding stage one. Next year we will be delivering the BR070 terminal as we had announced. So now coming into the new year, we'll be fine tuning CAPEX and what we expect from the next stages for the project in light of what's happening in terms of competition and what we expect looking forward. What I can share with you right now, this is not a decision that has been made because the executive board is still looking into things to then discuss it with the board, is that we're very constructive about how demand will grow in our markets and competitiveness and our structural profitability coming from investments that we can make. But obviously we'll look into things stage by stage. We won't be making any dogmatic investments. Our investments are always based on an in-depth assessment of what the market has to offer in terms of demand, expected profitability, and our ability to absorb those results and to seek fair share for our operations. Another important point is that throughout this journey and considering the tariff dynamics, we've had a very healthy journey after. we went through that repositioning. Like Pedro said during his presentation, that's taken place over the last few years. So obviously, in 2025, the level of our tariffs, how we've traded, our capacity, This is a very healthy level. There's been no value disruption. The company margins are still very solid and very healthy. In terms of investments, just to add to what Pedro said, we need to bear in mind that we are sensitive to the company's cash consumption. So all of our investment plans have to be assessed in light of cash generation. We're not going to put the company under any financial stress that is incompatible or that will take us to levels of debt that don't make sense. Also, given that there's a persisting high level of interest rate, so we'll be calibrating that. as we look into market dynamics and making sure that we preserve the company's health. That was a very clear answer. If you could just touch on the first part of my question, which was about the carryover from 25 to 26 and maximizing volumes and minimizing unit costs. Do you think the trading cycle will be as slow as it was in 25. Yes, there will be a degree of carryover into 26 from 25. As I said in my answer to a different question, if we look at the baseline for 26, we're talking about similar pricing levels to the second half of 25. And carryover inventory, volumes, good crops, obviously put pressure on the system. But as we have shown in the past, we are totally able to increase prices if market opportunities arise. That's what we did from 22 to 24. We increased prices by more than 60% during that period, just as we repositioned it in the recent past in 2025 to make sure that we were capturing as we have reiterated at very healthy margins, given that our pricing levels are very healthy going from 24 into 25. But to be objective, the baseline for 26 is what we had in the second half of 25. We'll have to wait for the market to operate and pressure levels, and then 26, we should be able to capture price recovery along the year. That's great. Thanks. Have a good day. The next question is from Ms. Julia Rizzo from Morgan Stanley. Please go ahead. Hi, can you hear me okay? I have a question about your tariffs, your competitive yield. I think you mentioned that in your institutional presentation in the third quarter, showing that the tariffs at the Rondonopolis terminal was very close to the market. You said it was the next best alternative, and rumours nominal the yield was 246 and the market was 244. What was that like in the third quarter? I just want to understand where the market is going and if what we're seeing now is a reflex, if you have already reached market levels. What got my attention was the drop in tariffs and the loss of share. So my next question is, what would be a fair or sustainable share for the company this year. We still have a quarter to go and good volumes to deliver, hopefully, and for next year. Thank you. Hi, Julia. Good morning. Thank you for the question. The company right now is operating considering alternative cost, considering the regions we operate in in Matto Grosso. Let me remind you that the rail volume captures volumes from across the state and for each region of the state, alternative costs are different. Looking at the portfolio average, we're very close, slightly below the alternative costs to our clients. So looking at the price reduction we saw in the third quarter this year, there are two elements to it. price repositioning in the grains portfolio, because we want to bring rail to a competitive level and to make sure that we are positioned as the best logistics solution to our client and the effect of the mix in our portfolio with lower unit costs than the grains portfolio. So obviously all of that leads to around 7% decrease in the tariffs this quarter. Now, Looking forward, we will continue to maintain rail as the best alternative to our clients. And that's the strategy we've been implementing for 2026. And market share is a consequence of that positioning and market dynamics. It's not the goal for the company. What the company is pursuing is to have a competitive tariff so as to make sure that we are using the rail system to full capacity. Now, looking at the export market for Mato Grosso, we want to operate at about 40%, depending on the quarter slightly below or slightly above, maybe close to 45. That's the range we expect the market share to operate in. But again, to remind you, the market share is a result of exports and the rail operation. If the market is at a normal level, then we imagine that we'll be operating at about 40% in our grain portfolio in Mato Grosso. And as I said in my presentation, rail, we'll be making sure that rail is the absolute best solution at the port of Santos. We've been doing that at the port of centers, and the macro-gross operation was just slightly below last year's, but very similar to 2023, when the export market was more similar to the current market. Could you give me some reference in terms of rest per ton at the Rondonopolis terminal? Just so we have an idea of where the market is at and what the company is executing. We were very close, Julia. It's around 230 reais per ton in Rondonopolis. Some months it's slightly above that. Some months it's slightly below that. It's not linear. But right now we're operating very close to competitive prices at that terminal. That's great. Thank you so much. The next question is from Mr. Felipe Nielsen from Citi. Please go ahead. Hello. Good morning. Thank you for taking my question. Most of my questions have been answered. If I could just touch on a point that hasn't been addressed yet. All those changes and discussions taking place at COSAN, room of controlling company. There have been changes in the board, management, new shareholders coming in. What have been the first conversations with the new shareholders and the controlling company stance? Do you know what the strategy is going to be like and how strategies are thinking and how that fits with how you think both in terms of pricing strategy and projects. Thank you. Hi, Philippe. This is Pedro. Thank you for your question. Well, first point, we think it's very healthy that the controlling company be healthy, the Colzans group be healthy. So with BTG coming in to Colzans controlling share with Rubens, Rubens keeping the controlling stake in the structure is welcome news and very healthy for Rumo as well. Obviously, the two new shareholders have joined the company because they see value in Cozen Group and its portfolio. And they are bringing additional types of expertise, both BTG based on their historical experience and professionals, their track record is amazing. And I'm absolutely certain that they will make huge contributions to the progress of the Cozan group, and Rumo is no exception to that. Conversations have been very transparent. They're very incipient, because the conclusion of that transaction, the election of the new members of the board at Rumo only just happened at the end of last week. But what I can say is that preliminary discussions and discussions Conversations have been very positive, so we'll be discussing things together and working together on the next steps so that we have an increasingly better and more robust company. Talking specifically about Rumo, no one has any question about the real asset in the logistic infrastructure and the role that Rumo can play in the markets. It and everybody wants for this company to continue to grow and be better. So I'm sure Rumo's team, I can speak for myself and the whole team, that everyone is very happy with the change in shareholders at the Cozum level and with this new stage beginning now. That's great. Thank you. This concludes the question and answer session. I would like to turn it over to Mr. Guilherme Machado for his closing remarks. Well, thank you for joining us, and let me just conclude by saying a few things. I don't want to be repetitive and say the same things Pedro said in his opening presentation and everything we said during the Q&A session. The company has been delivering a very solid operational execution month after month. We have been attracting volumes to our operation after the beginning of the year when we realized and were able to swiftly adjust our commercial dynamics to recover the fair share and market share. This has been a very healthy and positive dynamics in our operation and our projects will continue in line with what we've got planned for the year and delivering on the relevant projects for the company such as the first stage of the Mato Grosso rail and all the other commitments to do with modernizing creating capacity at the company, both at the Paulista Network and any other fronts we work on, safety and operating efficiency are not only our priorities, but almost an obsession. And they have been translated into practical results. You've been able to see both in terms of incident frequency rate, as Pedro said, as well as capturing efficiencies, especially energy efficiencies. as we have been sharing with you through our figures. The company's financial position is very solid, especially considering the high interest rates. We've been able to issue and restructure our debt very creatively, very efficiently. So our maturities are well balanced. The cost of capital is also very healthy. So having said all that, our focus for the end of the year will be on delivering results. And we have been making adjustments according to what the market presents us with. We're highly focused on delivering on our commitments. And we are aware that there will be higher risks in the fourth quarter, but in financial and operational terms, we know that the company is pretty ready to absorb those, but we are already looking into 2026 and we're paving the way towards positive execution, delivering value to the company and our shareholders. That is Rumo's objective and that is how we have been facing challenges. We are fully dedicated to making sure that in 2025 we deliver a solid year. Thank you all for joining us and we'll see you at the next earnings release call. Thank you. Rumors third quarter 2025 conference call is now concluded. Thank you for joining us and have a good one.