Good morning, everyone. Thank you for waiting.

Welcome to our video conference for the release results of 2024 [2025?] .

This presentation is being recorded. It's available already on our site.

All participants are just going to be attendees, and we're going to have the Q&A in the end, you can send your questions along the presentation. All the statements contained in this presentation are related to business prospects and projections about operating and financial performance.

We're here with Silvio Stagni, Thalita Basso?] , and I'm going to hand it over to Silvio now.

Thank you, Leah. Thank you.

Thank you, everyone, for being here today. As we always do, we are going to provide you some details on the fourth quarter.

I'm going to highlight, by the way, some of the things on the third quarter, and then our CFO, Thalita, is going to get into details. I am very happy to show a third quarter that is quite strong.

In 2026, we complete 25 years in the market, 25 years connecting suppliers, retailers, operators, and consumers, 25 years of generating value, creating value in the ecosystem. We're very proud to be part of this successful history.

Let's go back in the tunnel, in the memory lane. We connect the suppliers, manufacturers of TV, cell phones through distribution, of course selling electronics in Brazilian retail.

Companies, by the way, we sell to companies so these companies can use the devices, and we also sell several services in Brazilian retail. We connect direct sales with our consumers, physical stores, Samsung stores, store-in-store, shop-in-shop, strategic partnerships such as iPhone para Sempre, iPhone Forever, and our Mobcom store, our online store connected to the main marketplaces in Brazil.

We are also connected with what we call circular retail. We're the main trading partner of several players in this market, such as Vivo, Claro, and these phones we acquire from the moment of the trade-in, and we sell it.

We sell it. Sell it.

For the quarter, we have that our net revenue increase increased 8.3%, reduction of reduction of our expenses 15.1%, and by the way, we have an EBITDA that is almost eight times, very solid, very efficient, of of significant cash flow, and in 2025, we paid 20 12 14.2 of dividends. The return of our stack stakeholders was 37.5%.

I I have no doubt in my mind one of the highest best in the market in the Brazilian market. Our net revenues grew 8.3%, is one of the biggest and one of the most solid in the last few years, not only Brazil, but internationally speaking.

You're going to get in details. It was a year that we had problems in international operations, but overall, we got a flat result throughout the year.

2025, we had the same revenue as 2024, same level, our business is quite resilient, and our results reflect this resilience. When we add it all together, we can see this resilience across the results.

Let's start with the distribution highlights. Brazil rose 7% year after year, this is an equivalent result.

On the right side, for international, quarter after quarter, we have 44% increase growth. Comparing international in the the first quarter, we, of course, suffered the consequences of the tariffs applied by President Trump.

We are in a foreign trade trade zone, which doesn't impact as much, but the way we buy from our suppliers and sell it changed significantly, and we had to adapt to new processes. When you look at the second and third quarter, we were able to recover the same sales level that we had before, getting to 44% in the 4Q 4Q.

Adding it all up, we have a flat result. 4% of distribution growth in Brazil, I can break it into two categories, smartphone and notebooks and laptops, you can see the difference.

Starting with the smartphones, Brazilian market rose 4% in 2025, distributors drop -9%, Allied rose almost 6%. We were able to offset all the hurdles and setbacks throughout the year.

We're able to grow much more than the distribution market, and we gained market share in the smartphones. On the right, we have laptops, same situation.

The Brazilian market rose, distributors drop, and we grow 15%, gaining market share in these two categories, which are quite important categories for us. For retail and online retail, this is the growth and the performance, so, yes, we had a 2.2% overall and 12.8% compared '24 to 2025.

We made strategic partnerships of iPhone para Sempre, HP stores, and so on. These results are quite, quite solid for online retail.

iPhone para Sempre, iPhone Forever program has generated quite positive results for us in Brazil, and in the last quarter, we launched the the iPhone 17, and, yes, we had an increase of 25% year after year. Quality of sales is a is a highlight.

iPhone 17 Pro Max is at the top of the pyramid. This item proved to to have an increase of 30%.

It's a successful program, and it has bear fruit. It is crucial, iPhone Forever.

They have the possibility, consumers have the possibility to pay 21 installments, and they can return the iPhone so that they restart the 21 payments again to get a new one. This is what Trocafy is all about.

It retrofeeds the system. Three years of operation, we had an increase of 160%, quite significant increase, which reinforces that the refurbished line has a great potential.

Points of sales is another strong point. We are connected to Connect, Mercado Livre, Magalu, and most recently Shopee.

When we talk about capt- captivating, or getting, amplifying our sources, Samsung, Fast stores, we also have Claro Up, it which is a program that makes sure that we can buy the used phone at by the end of the the installments. By the end, they paid installments.

We buy refurbished begin by refurbished phones through our distribution. We are constantly trying to improve operational efficiency in our market, by the way.

Speaking of physical stores, physical retail, it has been revolutionizing ever since the pandemic. Consumers started to purchase more online, and we've been paying more attention to it, improving our points of sales.

2024, we had 112 POS, and we closed 16, opened four physical stores. Compared to 2020, we had 200 2,016,000 BRL, and now we have 445,000 BRL as revenues per store, which proves an increase for of revenues.

How can we get this increase per store? Based on quality, quality of our stores.

Every phone we sell, we we fold 2.4 we sell 2.4 accessories, and two of them being a a watch or a headset. Every two cell phones we sell, we also sell an insurance plan.

When you look at our results ever since 2021 up until now, we're very proud to see that every quarter we've had positive revenues, and 2025 was no different. Our growth drivers are quite steady.

We are betting on Trocafy. As we proved to you, yes, there has been growth, and we're still betting on the distribution companies offering new personas and strengthening our turnarounds, trying to find more strategic partnerships such as iPhone and HP.

We do believe that overall, we have Miami operation international expansion plan, and there is great potential, not only portfolio potential, but geographic potential. Last but not least important, company was founded in 2001.

We have net revenues 5,505, 90 physical stores, more than 10 product categories. We sell over 6 million of items, distribution centers, Jundiaí, [unclear], Espírito Santo, and Miami.

Thank you. Thank you very much.

I'll pass it over to Miami now, to Talita now, and she's going to go on with the results into more details.

Thank you, Silvio. Thank you, everyone.

Good morning, everyone. What was our border like?

Net to net, we got net revenues of 1.5, EBITDA .3 .6 million, 17.5%, our cash flow 375 million, which is quite comfortable, quite strong a position, and a net debt of 48.1, which leveraged our EBITDA 0.2%. This net debt level of the strategy that we adopted ever since 2023, we had the awareness of the Selic increase and ever since that, it started to be fundamental in all our decision-making process.

The result for 2025 and we are bearing fruit based on a long-term strategy that we have adopted. We aim to show our nimble growth here on this slide throughout our sales channels.

Here we have net revenues in all quarters comparing the fourth quarter to the 2024, 2025. For fourth, 125% drop, but Allied reduced the points of sales after August 2025 2024 in points in São Paulo, which stores [unclear] metropolitan shopping malls.

We didn't have enough time to recover. In 2026, we are operating at full speed, and it's very prudent.

Below, our gross revenue has increased, the gross margin is quite strong. We are operating in Brazil.

It's advantage that turns into profits, of course. Highlight wide Brazil that had a gross margin that was quite positive that kept growing ever since 2023, even only 3% through last year, but it kept growing overall.

The online retail has a big increase, 24%, and has proved to be quite solid. As Silvio mentioned, Brazil overall grew 4.8%, and overall, the company was flat, and the positive thing is that the company was able to grow 3.9%, 7 billion quarter after quarter.

Despite the gross margin, we are conscious of our expenses. Brazil has tight margins, every thing make the difference.

We were able to reduce our expenses, and we had 1 percentage point gain of efficiency. We got better results in physical stores, and they performed better, we increased profitability, and we also increased our distribution and online presence, we got great efficiency.

We got a 6% reduction, all this 30 million [free cost?] a good practice, by the way.

Physical retail, operational expenses, and financial expenses we had 10 million reductions. We got very good results as far as contrast.

[unclear] Selic was quite high in 2025. Well, 23.4% in 2025, but we were able to pay our debts, to have a better cash flow, and it impacted in 5 million reduction on our expenses, which is key in this scenario.

Indebtedness, one was able quarter after quarter to reduce instead that, we got the first debenture payment, and part of the second debenture that we paid in June, December around 30 million. With better cash flow, we were able from 82 to 82 million, 04 02 of our EBITDA.

Here is how the Selic impact the business. We have what we call the short-term bad debts and what we call the indebtness, and all the payments that are to come.

Here you see the chronogram of the debts between the debts, we were able to affect all payments, respect everything that we were able to do. A cash flow throughout the year, I think we were able to have great performance from cash flow, low costs, by the way.

We were able to pay our debts, pay the interest, pay our gross debt, and declare the payments as they paid off, and it didn't reduce our cavity. We finished our year with 2,000 with 375.9.

So 5,505 million all came from the Lei do Bem. We were able to increase our cash flow and distribute to our fruit holders.

We were able to improve the results year after year up to 2024. We anticipated iPhone para Sempre, the program that you can pay 21 installments.

In 2025, due to the scenario in the cash flow, stayed all this receivables, and we had 40 million open because we didn't have this specific account. Our cash flow [sighs] was much better.

This shows our commitment with the net revenues and all our commit to reducing costs. Had what I could call regular performance.

We got the credit in August. That's why we had this positive result, and we were able to make all the payments along the fourth quarter.

As far as the recurring profit have one the highest in the last two years. On the right, here, shows our commitment to make sure that the company yield, and this after revenue is a stable around 4%.

We were able to reach up to before million for our EBITDA, and we had good that revenue profitable. Quarter after quarter, when we compare to last, then there was an increase, and the total amount was positive because we were able to re-manage and declare 122 million, reaching 34% or 76 million.

Of course we had a gain of IR, and we reached 40 million. 71% was the growth.

Overall looks shorter or lower, but when you contrast the distribution and you consider the distribution, it was positive. Good news is we are committed to sustainable sales, cash flow management, liquidity, and low leverage costs.

The way we pay our stakeholders, the respect have for each and every one of us, and the respect we have with people who work with us. We pay dividends, not only in retail and technology.

We are one of the best companies to work with and to work for, thank you everyone involved in this with great results. Thank you.

Thank you, Thalita. We're going to start with Q&A.

You may send your questions, by the way, if you have any questions. Our first question is from Norton Melo in regards to international operations.

When we look at the cost, expenses that are low in Miami, what are the expectations for 2026? Are there ongoing negotiations in other Latin American countries?

Silvio, would you be able then to answer his question?

Thank you, Norton, for your question. Yeah.

We cannot have a clear forecast for 2026, but I can address two things here in your question. First, speaking of expanding to other countries, as I mentioned, we have a strong presence in standard country, and when we started Allied Miami was to have presence in all Latin America.

The countries are different. Brazil has fiscal benefits if you manufacture locally, this doesn't apply to Miami, for instance.

Apple, Lenovo, they're all manufacturing in Brazil, but this does not apply for other countries in Latin America. All the countries they have different ways to operate, and we created this hub with aiming at growing and expanding to other Latin American countries, too.

In Brazil, the distribution has more than 10 lines of products. In the United States, we only have three: Apple, Motorola, and Microsoft.

There is a potential for expansion, to expand our portfolio.

Next question. One more question for Trocafy.

Are there expansion negotiations for other marketplaces, Amazon and so on? What are our perspectives for Trocafy?

The refurbished market is limited in Brazil, much more for supply than demand. We have been very strict to deciding the points of sales.

We have Vivo, Fast Shop, Samsung, points of sales where we have a mid to high price, which is good for refurbished. Trocafy intends to have one of the biggest in Brazil.

We believe that the refurbishment market is going to grow. When we compare to the United States, it is much lower in Brazil, it has potential to grow.

The impact of let's say an iPhone or a Samsung on Brazilians' purchasing power is significantly high in Brazil, right? Brazilians have lower purchasing power, we are going to try to find more points of sales in order to expand, of course, always believing in our theory that we can grow our market overall.

One more question from Felipe. Felipe sees that the stocks have dropped, and is it going to be sustainable for 2026 since the inventory has dropped?

Thank you for your question. As a distributor, it's fundamental to manage our inventory.

We have 45 to 60 days of inventory, which is about 700 million worth of stock. We need to have a reasonable inventory level.

It involves marketing, sales, product skills. We analyze the market, you launching, pricing, and every quarter we readjust the open-to-buy, how much we can buy in that months based on sales and also based on our forecast of what is going to happen in the upcoming months.

We make constant effort for cash flow. Inventory level can be kept.

The only thing is there is seasonality. October, for instance, Black Friday is very strong, we sell a lot October, November.

This inventory level that we have now is the level that we must keep.

Thank you. How can you interpret the EBITDA?

Can you help us with the interpretation of the EBITDA? Thank you.

It is a strategy of the company. Allied is more conservative in terms of taxes.

We have great law firms helping us out with taxes, legal proceedings, and we try to think of the results and the legal aspect. We make deposits whenever is necessary, legal deposits, and when the hearing is over, the whole litigation is over, it usually rules in our favor, we get good results for our investors.

2025 and also other years before, we sold our credit, precatórios, according to the Lei do Bem law, and we were able to increase our cash flow, and it allowed to pay more dividends. Also, we got the PFAV in our favor.

Quarter after quarter, we have been delivering positive results for our stakeholders through these tributary theses.

Thank you. Thank you very much for participating today.

I'm going to be at your disposal if you have any questions. Other questions will be answered by email.

Thank you for being here, and have a great day. Thank you.

Have a great day. Thank you very much.