Welcome, good morning, everyone. I believe that we can go to the agenda.

First, I need to start this call sharing with you that it is a very special day. We registered the judicial proceedings of recovery yesterday, which will go through the court.

This is a very special day with us. All the aisles, all the rooms in our headquarters here was in a different mood.

I am bringing forward this discussion because everyone will talk about it. Three pillars that led us to bring forward this decision.

The first is, which is part of our registration yesterday, that we followed all the obligations we had in the plan. Then I will talk about more of this later.

We also executed a transformation plan that was very relevant in the company from the operational perspective and also strategic. The third, which is a little of the content of the material that we'll go into detail of the figures later, we ended 2025 with consistent, very consistent figures.

I'd like to go ahead and say cash bigger than the debts, positive net result, and a better operational much higher. It is really important.

It is a year closing that is very symbolic for us. I'd like to thank everyone and then now even more to all the members, all the employees, everyone who is in our stores, in our office, in our regionals.

I also like to thank the leadership of the company, including Léo Camilli, who started with this plan some years ago, and mainly our consumers every day in our store, many of them helping us transform the company, our board, and also our supplier and partners, which have supported us and will continue supporting us in this moment of reconstruction of the company. Having said that, I'd like to start with the first slide, which highlights what is this new company.

It is very important to start getting used to this new structure. In 2022, we were a company half digital, half physical.

This company operated in a very independent way, had different strategies, distinct strategies, and isolated investments. Who knows our offices in Rio, they were also separated office.

It had a operational structure in logistics, a logistics corporation that were on. We had our fintech, Ame, which was a very strong strategic to retain our clients in the digital channel, which is a very common channel in retail.

This company transformed completely to this graph that is in the middle of the screen and started being a physical store, having the store as in the center of our plan and the main point of a contact to potentialize our relationship with the customers. The structures now are integrated, the strategies are converging, and we follow the same purpose of value.

The physical store, it is the core of our business. The digital complements giving our customer more availability.

We have redone the whole business, and we have reduced the marketplace with having strategic partnerships. We don't have Ame anymore.

We have another service platform. We repositioned our brand, and now we are working with a lot of financial discipline, operational focus.

We transformed all of this in an agenda for the reconstruction the future. We talked about this in the last call.

We're going to reinforce and follow up this plan. It's a 100-year plan of sustainable growth.

I will give the floor to Durchon, and then I will come back to this strategic talking in the end of the talk.

Thank you so much. I will start highlighting some figures to understand better how is the Americanas today.

Last year, we sold a little more of R$16 billion in the physical, mostly in the physical, as Fernando said, and an expressive growth of almost 8%. I wanted to highlight this figure.

We have around a 1,500 stores in all the states in the country, and I think we are the only company can do this. We have the contact of millions of clients, and we have over 40 million clients in our base of active clients.

Fernando talked about the members, 26,000 employees all over the country. As we reduced just last year our accumulated 18% our expenses.

With all of that, we were able to reach an EBITDA adjusted of R$1 billion and a hundred. The IFRS with the rents, of course, we have R$277 million, which is an improve of R$169 million compared to 2024.

He mentioned a very important point in the capital structure to go into detail later, but we closed last year with a cash positioning. We had more available cash than the sum of all the debts in the company.

Going a little bit further in the slide 5 to talk about sales, to start with the last quarter of last year, most people know that the market situation it was a quarter that was very complicated with several retailers having the results saying that the same store was negative growth. Even with this complicated market, we were able to grow in almost 3% comparing to same-store sales.

In the whole year performance, very robust, 7.8% increase year-to-year. Highlight also that looking at the sales in this retail, our sales grew 13% much higher in the same store compared to the company.

A deep work was done of transformation of the structure of our business, and many stores reduced the sales sector. We made a whole work of optimization.

We were able to improve the sales higher than the growth of sales of all the company. The same store, it's worth highlighting that is much higher than the inflation, 3.4% above inflation.

Going to the slide number 6 to the gross profit, the logical consequence of the evolution of the company, we have a consistence growth of our margin and the 13.4% in the whole year. You can observe that this growth of the gross profit represents 96% of the sales of the company.

You can observe that the margin was higher than the growth of our sales, and this means that we were able to, besides increasing sales, we were able to improve very much the gross margin of the company. Looking in the whole year, we improved 2.2% in this indicator.

Talking about sales, we're going to detail in this slide 7 the expenses of the company. Looking last year, we had a reduction considerable in the last, especially in the last semester of the year, where we took a lot of decisions of optimization of the cost structure of the company.

This last quarter of the year, we did not capture 100% of the effect of the optimization done. It's a partial effect of this optimization of last year, and this will appear in 2026 and over 20% year-to-year, that's 6% of improvement of net sales of the company.

EBITDA in slide 8, I brought the both concepts, adjusted and that we can see directly in our financial demonstrations in the P&L, right, and we were able to see the effect of IFRS 16 considering the rents of the companies. We had a growth even more impressive.

We increased an EBITDA of R$277 million against R$108 million in the year before. I made a bridge on the right side to understand better the evolution year-to-year because we have in the variation of the EBITDA of the company two effects very distinct.

The first effect is that we talked about in the beginning of this presentation that there is an operation improvement very big, R$770 million improvement. In this adjusted EBITDA, we also had some effects and the volume reduced a lot in 2025.

This represents a negative variation of R$600 million. In this variation of improvement EBITDA, we have another of R$800 million improvement.

In the next slide, the net result of the company, we show the operations. We have two companies in the process of sales.

This sale will happen as we finished this judicial recovery procedures yesterday. Then focusing the part of the company that we continue, Americanas, the net result of this year was positive of R$98 million.

We did this bridge that it is on the screen that it's worth remembering that in 2024 we approved our recovery plan and as the agreement that was closed in that time, we saw a lot of cut in debts. Taking this effect of the result of 2024 of R$13 million plus the impact if we adjust this one-off that happened in 2024, the net result of our continued operation, it was in 2024 negative of R$182 million.

Looking the EBITDA, we have R$160 million growth, and we look at the net result, we have a even bigger growth of R$280 million. In the 10th slide, here I summarized the last two years just to show the evolution, a very clear result of company transformation that Fernando mentioned in the beginning.

I will talk about each indicator, but looking at sales, 7.8% same stores, 15%, almost 15% the last years, expressive growth of over 20%. The margin of the company improved, reached 27%.

We reduced the expenses of the company. All of this we have as a consequence, have an improvement of a 3.7 million of the EBITDA in the company.

In the 11th slide, to talk about the capital structure, as I mentioned in the beginning, we have a net cash situation in the right part of this slide. Looking a little bit better, in the end of last year we had a gross debt, our debentures.

In below you can see with interest represent a total net of R$2 billion. We had R$1 billion in cash available, R$1.4 billion in receivables, and then we presented here the liabilities from the recovery period.

We pay every month. We have paid over half of it.

We have this debt remaining of R$442 million. Adding all of this, we have this net cash position.

In the slide 12, here we see the cash flow of the last 12 months. The left is the position that we had in the end of 2024, R$2.8 billion.

Then on the right, the position in the end of 2025. This evolution, the first point is that we had some variations of discount.

In 2024, we did not have taken the decision to sell Hortifruti Natural da Terra and these cash of these two companies were in the position in the cash of the company. On the other side, it was being considered as discontinued and we changed along 2025.

Hortifruti Natural da Terra left, another line of discontinue operation Uni.co, and the digital came back. From a starting point of R$3 billion and a variation through several effects had the consumption of cash that is small of R$200 and something million.

It's worth highlighting the red group that was done last year, a work of improving the working capital, which we benefited the cash, R$335 million released through this work. This work will continue in 2026.

We had an investment, we took decision to invest in the stores, in our system, a little bit more, R$200 million last year. We had several segments that were extraordinary, a recognition of PIS and COFINS R$200 million.

We took the decision that made a lot of sense from the liabilities that we closed the transaction with FGFM, and then the R$25 million in cash, and we paid according to the recovery proceedings of installments of R$350 million. Again, we closed the year with a net cash position positive.

These results that I wanted to talk about in detail, and Fernando has already talked about that is a very important milestone for us, in slide 14 to talk about this request yesterday that we made to leave this recovery proceedings or Chapter 11. It's important to say that it happened in a very short cycle compared to other process that are similar.

It happened in two years, which is the minimum deadline, and it was an obvious decision for us for several clear reasons that I will remember here. We followed all the obligations of the plan.

It was from this perspective that it was a different recovery plan. We paid off most of our suppliers cash since March 2024 and the suppliers are the ones that are being paid installment, this will end 2028.

Through several decisions, we strengthened the base of our stores and also the digital. The results that I just mentioned 2025, we have a sustainable growth achieved with this transformation, this deep transformation of the company.

I want to highlight once more this operational improvement in the last two years of savings, R$2 billion in savings captured in the last two years and this permanent achievement of improved operational results, and this will continue. Highlighting all of this, we closed the year with a net cash position positive with a lot of visibility, even with a very high interest scenario that we still have.

Due to all these reasons that we decided to go ahead with this request to leave the judicial recovery proceedings, and it's a way to once more to make a declaration of commitment of the company with the employees, clients, and suppliers. Now I will give the floor back to Fernando to talk about the strategy of the company and the future that we have ahead.

Thank you so much. As you said very well, in the second block we talk about the future and where we're going.

Moving on to the next slide, we already had in the end of 2024 taking the decision very important as the store as the core business we have, the main connection to our customers. Since the half of last year, we've been working a lot.

We have done over 10 million interviews with our consumers, we started drawing what will be our plan of a hundred years. Internally, we like to say that we are only 96 years old, but we're very happy to start preparing what will be this birthday of a hundred years.

A very important point in this strategy that is a detail that is an internal detail, but I will be happy to share is that we understand that it's an element of differentiation. I want to share with you what is this differentiation point that we are using here in the next slide.

It reminds us that our employees is in the first place. We value the diversity and the plurality of our people.

Also in the background, trained people, motivated people taking care of our operations, we have changed our agenda to take care of our teams. M means merchandise.

It reminds us how important is our business since 1929 buying, selling with a good price, promotion, and taking care of curating the diversity, the range of our products. I remember very well buying CDs and DVDs in Americanas stores.

E remembers excellence, operational excellence. It's a pillar that we worked hard for in 2025.

It's a continuous improvement. We really work hard.

We know that we still have a lot of opportunity in future to work and improve our operations. At last, R, which is a new pillar and really important for us, R stands for relationship, building a deep relation, a positive impact, transparency, and trust.

R stands for the way that we have keep the relationship with our customers, with our suppliers, and internally among the teams. This AMER way it will push our business forward, our plan forward.

We're living this dynamic in 2025, but we are really excited in intensifying this for the next years. Moving on to the next slide, please.

Having said that, we're going to go to the center with our stores, our customers, our AMER way, and our 100-year plan. We have chosen this great avenues of growth once more, most of them continuous: the transformation of our stores, the transformation of our diversity of products, Americanas Ads also, and also the pillar of consumer and growth that involves our digital and financial services.

Today, I've chosen to highlight three points. I will talk about a store transformation and the variety of our products.

The transformation had already started, we have this same-store sales growth. I would like to highlight a beverage with a significant growth, and cleaning products, new lines of products.

For 2026, we're giving even more relevant to what Americanas is really well known for and operates well, which are events. We are nine days from Easter, which is very important for us, and a lot that has happened this year and still has a lot to happen.

When we go to stores, it's nice to share that we had three new stores opening. We have opened in Belém, Queimados, and Camaçari.

We have one more launched for April. 54 of our stores have gone through a process of optimization.

We will continue doing this dynamic. You will notice that it was mentioned last week a partnership with Ri Happy, a very important partnership.

We have others to be announced in the next month. This is our movement in the store, but also the positioning of the categories that we work with, it gives even more consistency to our diversity of products.

We are very happy with this, and we have much more to say in 2026, 2027, and 2028. I'd like to also share with you that we have a business unit that is new one, which is Americanas Ads.

We're looking at this as an opportunity that is very big for the industry, for our suppliers to build a relationship, a real relationship with our consumer. We've been talking a lot about the new retail, how much digital and physical complement each other, and how the consumer wants to have a retail where they can have an experience, scrolling in the real world, go through the shelves, talk about convenience, finding a sale, finding something that they will give themselves a nice gift.

The Americanas has a potential to bridge this gap and deliver this in a very nice way to the suppliers and industry. Over 800 cities, we are the retail with the biggest number of followers in the social media, over 40 categories, and adding physical and digital, 95 million visits.

We have a great potential. We started working, we made an event with the industry, we have a lot of motivation along the year.

It's an avenue of growth not only for us, but also to all partners. No doubt, it's a great differential for our consumers in stores.

Once more, one more slide. The last I'd like to highlight, we talk about this year, is this consumer and growth that talks about digital as we have our credit card over 500,000 cards.

We have the CRM has got some boost. We have 36 million identified clients.

We've been using this base very well. It has an improvement performance of over 200%, and we know our customer in each store of Brazil.

We have the loyalty program again, Client A, Cliente A program has sales directed to the client. It's three times bigger the expenditure of each client in this program.

In our checkout, we can already pay with this loyalty program. It's a new way to have this relationship with our consumer.

We are launching our credit in some regionals. We have some possibilities of 10 10 installments for purchases.

The new digital that is part of the store, which is pick up in the store and also shipping, is growing a lot. We had a quarter-to-quarter growth of 11%.

97 of the stores already are active with this. Americanas.com that has this partnership with Magalu, and like to highlight some of our stores in this new part of our digital has a digital penetration of over 20%.

We are convicted that this new digital is part of our future and delivers a need that our consumer was already asking for a long time. Moving on to the next slide.

The next one, this is being responsible, socially responsible. Our transformation thinking about the future, operational excellence, and parallel to this, doing our role, which has always been really well done.

We are members of the Instituto Mov新兴. This is very active pillar for us and will continue being so.

Now going to the closing, I brought for you to see in the last slide what was the theme of our convention. This declaration of future that we're making today started in our last earning calls.

We had the opportunity to do with the whole team to live this AMER way that I mentioned some slides ago. The theme was very appropriate, very suitable: Americanas back to the future.

We reflected about this with our team that we needed to respect and learn with the past, live intensely the present, and then build our future. This is our mentality.

2025 was, no doubt, a very hard-working year, a lot of discipline. We took decisions that were very difficult, but we took them in the right time.

We were able to transform our business while following our recovery proceeding plans. This is a declaration of commitment.

We will follow this mentality. We know that we will still have a lot of challenges ahead and a lot of opportunities ahead.

Now we are guided through a vision of the future, a sustainable growth for the next several years. 2025 was a very special year.

Yesterday was a milestone for our business, but we are aware and very humble of our responsibility to keep building a future of this company that is so dear by us, by our employees, and by our suppliers, and by our consumers. Thank you so much for sharing the results of 2025 and the plans for 2026 with all of you, and let's move on to the Q&A.

I will start by the question about the client base. You are right, in absolute numbers, it has fallen in 2025.

We closed this work of transformation. We had to close with 300, 300 stores, more or less.

Obviously it had an impact in this base of clients. We were not able to keep these customers with the closed store.

This has to do with the transformation. Now, in a different context, we don't have more massive closing of stores.

We are in the normal game. Sometimes some stores will happen, but won't be something expressive.

This effect will not impact in the future. We started opening some stores.

We opened 3 already this year, and this will revert this effect. Another answer that I'd like to mention what Fernando said, all the work of CRM that it's being done and it's a recent reconstruction, this will help.

The growth in the digital, in this moment, our digital 2025 represented 4% of total sales of the business. With an expressive growth that we have in this digital, in this moment, we will have other ways of capture clients.

Our expectation from now on, I'm not saying that it will be immediate, but is to see this number start growing again in the following months. Then

thank you so much for the question and complementing a lot of marketplace strategy that we showed in the first graph with a company structure that is completely different. A marketplace has a client base that is relevant and is not the same client base that was in the store.

What I wanted to say in this point, how to extend this client base and it is part of our strategy of consumer growth that these are added service, especially Client A, Cliente A. It makes our consumer spend three times more.

It's something very important in the strategy. Knowing that we have a client base that is very big, our role is to make sure that they have ticket expenditure and visiting the stores.

New clients is always really welcome, but the base improve the frequency and ticket, and then it's assortment and service. Thank you for the opportunity to complement with this.

The second question is a theme that is very interesting. The talk of the company with the investor.

Even with the request that we made yesterday to leave the recovery. It's part of our agenda in the company to look for the next month to bring this closer relationship with analyst and investors.

Angelo, good morning. We are open to any opportunity that address a gap of our consumer.

Everything that we're drawing here, part of this view, what can I maximize, store base, the journey of our consumer, of our customer experience. When we make a partnership with Ri Happy, we bring a digital brand to the physical world.

We also have our stores as an important asset. The marketplace needs 1,500 places of delivery in Brazil, I believe so.

I think there is space for partnership, but they have to go through the center that we chose to work, which is consumer in the store. We made this announcement with Magalu, and you can buy and you can pick up in the store and can receive through Magalu.

There's a lot of possibilities, but always remembering this view. Whatever maximizes the assets in the store and the more customers.

Luiz, I can agree with you from a mathematical perspective. Let me explain how we think here.

Gross margin is very delicate point. Our greatest objective here is not to reach a gross margin of specific percentage point.

What we want is to grow our margin because that will pay the expenses of the company and leaves a greater EBITDA below in the P&L. It's a very sophisticated game.

Increase the price is easy, but the client doesn't like that. Our positioning with the client is a position of a very competitive price.

We are improving and we do this with a lot of very cautious and showing a lot of trust in the lines of work. It's part of our objective to improve this gross margin, but always trying to find an optimization in reducing the losses, for example, in this line of work that in our point of view doesn't make sense to lose this competitiveness with our client increasing prices.

I'd like to thank all of you for being part of this earning call. The first quarter is almost finishing, soon we'll talk again.

See you later. Count on us.

Count on our commitment, our team. See you next time.