Good morning, everyone. It's a pleasure to be here with you today.

This is my first conference call to talk about our results. Many of you know me from CVC Day or from meetings after I took over as CEO on January 16, 2026.

I've joined CVC three times. If you add up these three periods, I've worked in the company for 15 years.

I also want to take this opportunity to thank Fabio Godinho, who led the company from June 2023 until January 15. Now we will move on to present our Q4 numbers and the full year 2025 results.

Felipe will soon provide more details, but I would like to highlight a few key indicators. For example, our EBITDA margin above 30% at CVC Corp, this is a significant achievement.

Also, a record cash generation since the COVID-19 pandemic, and continued operating improvement expressed in our best expense-to-revenue ratio in recent years. Now on slide 3, our plan to continue the efforts started in June 2023.

We had already outlined three verticals. The first we called Back to Basics; the second, Our Foundation; and now the third phase, when our focus will be on Growth and Innovation.

For that, this is our structure, the company's new executive committee. You will see most executives in the committee are people who already worked in the company.

We have only two new executive committee members, but I want to introduce all of them. Starting from Ricardo Pinheiro, leading our Clients and Operations vertical.

Previously, he had a position in Operations and Shared Services. Renata Giannotti taking over as our new People Director, reporting to me.

She's worked in the company for over 20 years. She used to report to Felipe Gomes, and now she has joined the executive committee with an important mission.

I'll also talk a little bit about our cultural transformation in the next few years. Emerson Belan takes over the Sales division.

Belan has also been with the company since we started the project. He was leading CVC and Experimento.

Now, he's also leading the other CVC group companies in Brazil, such as RexturAdvance, Trend, Visual, and VHC. Bob Rossato, he's a new member of the executive committee.

He joined the company to lead a new vertical we're calling Digital. You will hear a lot about this new vertical.

Bob has over 29 years of experience in the industry. He was the founder of Brazil's second largest online travel agency, ViajaNet, which he later sold to Decolar.

He also worked at Decolar on two separate occasions, the last of which was over three years ago. He knows the industry very well, especially digital.

He has joined us to lead our digital transformation, which I also want to talk about later on. Now, the product function where I was, it has not been filled yet.

As CEO, I'm handling both roles for now. As soon as we have a name, I will let you know.

Felipe Gomes, our CFO, also has a new scope. In addition to his previous position, he's taking over revenue management and pricing, which were previously under my leadership in the Product division.

We're now setting up a Profitability vertical. Felipe will lead the company's entire P&L, including pricing.

Paulo Palaia, Technology. Palaia doesn't have a new scope, but no doubt he plays a key role because everything we're discussing involves technology.

He also has over 20 years of experience in the industry, having worked for an airline, also at CVC in the past. He will be our technology leader working with the other executive committee members.

Diego Garcia is our country manager for CVC Argentina, responsible for our brands there, Almundo, Biblos, and Ola. He has more than 36 years of experience in the industry and he's now serving also in the executive committee.

As we designed three strategic pillars. The first we called Back to Basics; the second was Our Foundation; and these two, together, we call them our turnaround.

Here on slide 4, as we talk about growth and innovation, we have four pillars that we'll focus on and explore in greater depth. The first pillar is Customer-Centric, meaning that all company decisions have to be based on the customer, turning experience into value.

I think this is important. We have a major initiative led by Pinheiro to redesign the entire customer journey from the moment of aspiration, still on digital media, Instagram, TikTok, YouTube.

In that moment, how the customer views CVC. Then when they're looking for price quote for their trip, and at the time of purchase, and also during the time between booking and travel, that's when we will be working very closely with the customer in their journey, and of course during and after their trip.

By mapping the whole customer journey, we now have a framework in place to measure the quality of CVC's service delivery so that we can redesign our processes to ensure the company continues to be the most recognized company in Brazil in terms of customer experience in the travel industry here in Brazil. The second pillar, you will hear a lot about Digital Transformation.

When we talk about digital transformation, does it mean we will improve the customer experience on our website or in our app? Yes, but it's also improving the whole customer experience led by Bob, and that's why Bob has joined the company, but we'll go deeper.

It's about making the company more efficient today by using technologies already available, such as AI, artificial intelligence. Today, the company has more than 10 projects underway, including an AI platform we call CVC Flow, with initiatives in finance, customer service, revenue management, and our phygital sales model.

Leveraging AI technology so customers can receive service even when our stores are closed. These initiatives are designed to make the company more efficient, delivering the best customer service.

Rossato also plays an important role as he's currently preparing our launch on digital platforms such as Google Flights, Skyscanner, Kayak, these metasearch engines we all know. Today, we don't have a presence in this digital space, and now we are ready to tap into this market, which we don't have today.

On the other hand, we're going to focus on profitability, taking a deeper look at opportunities for margin growth so that we can make the company more efficient. Also, this efficiency is also in pricing to boost our competitiveness and margins, as I mentioned earlier.

Of course, consistent cash generation for us to reduce the company leverage. Now, just to give you an idea, all CVC Corp employees in both Brazil and Argentina will now have the company leverage reduction as a factor of their annual bonus equation.

Why? Because everyone can play an important role.

All this efficiency, all this technology we're going to use to improve CVC efficiency, this is everyone's job. It is not just Felipe Gomes's team responsibility as our leaders in the Profitability vertical.

CVC Globalization is another important aspect. Last year, we put a lot of effort into our globalization by adding VHC to our company portfolio.

VHC is a technology to sell hotel products to companies outside Brazil. We've seen Brazil growing, the number of foreigners visiting the country, and these foreigners, they buy Brazilian products, and we can supply these companies outside Brazil with our product portfolio.

We started this initiative, and I'll show you a little later how VHC is positioned in our corporate structure today. It has a significant volume already, which I'd like to highlight, and you will be able to track these numbers in upcoming calls.

Now, everything I've mentioned, the importance of customers, how we must create value for customers, our digital transformation enabling the company to participate in the digital-only sales market, improving and integrating our stores in the app, in the website, our phygital sales model—we've been talking about that in recent earnings calls—but as well as profitability, our cost discipline, our cash discipline, this is super important for the company globalization. We cannot do it without a cultural transformation, because ultimately it is the people who will make it happen.

Regarding our cultural transformation, we worked really hard in the last two years and eight months building the pillars we spoke about while discussing about our sales culture in the company. Now we will add three new elements.

First, Customer at the Center; second, Digital Transformation, which I've already discussed at length here; and third, Data-Driven Decisions, to ensure the whole company will make decisions based on data. We're preparing the company for data-driven decisions.

That's why this entire journey I've mentioned here led by Pinheiro, that will be key for the company's operations. Now on slide 6, this is my last slide, after that I'll hand it over to Felipe Gomes.

This slide continues in the same format you've seen before, showing our exclusive products. Here, you can see that in Q4 2025, 20% of our sales in Brazil came from exclusive products.

There was a 0.3% drop compared to Q4 2024, largely due to efforts that we made, as I mentioned earlier, and the figure in Q4 is 20.3%. We could see airlines trending to reduce prices mainly in the second half of last year, and this obviously led to an immediate product portfolio redesign focusing on margins and working capital so that we did not experience lower margins.

You will continue to see the results of our efforts in the coming quarters, as this number will continue to move significantly because of our market dynamics, and that is something we know well. When we look at alternative payment methods in Q4 2025, 60% of our sales were on credit card, so that is a quarter-on-quarter reduction largely driven by two key levers: first, increased use of Pix payments; and second, Santander entering the market, we're using Santander bill payment facility, which has also helped improve our payment mix, moving away from credit cards.

Now in item 3 here, an increase in the share of preferred hotels, this is also important. We've talked about it in recent conference calls.

In Q4 2025, we achieved 79% share of preferred hotels versus 20.9% for other hotels. Last October, we designed a new international product structure led by Renata Cenni, and Renata redesigned the entire International Product division, bringing us closer to international suppliers.

This is the same strategy we use here in Brazil, and it will help us further grow our share of preferred hotels. Keep in mind that preferred hotel sales help us concentrate volume where our margins are higher while providing better service to our customers, and better margins make CVC more competitive while improving the company's profitability.

Item 4, in closing, we are showing this for the first time, it's the share of global customers in our B2B sales. Annex 7 of our media release, you will find complete information about store openings.

Let me emphasize, new store openings continue to play a major role in our strategy. I want to share with you the growth trend in B2B sales, which I previously described as a strategic pillar for the company.

As you see, in Q4 last year, we hit 10% growth. If we take an annual perspective, it's really significant.

It is a 10-fold growth in just one year. We are now going to provide more details about CVC earnings in Q4 and the full year 2025.

Let me hand it over to Felipe Gomes. I'll be back shortly.

Thank you, Mader. Good morning, everyone.

I'd like to take this opportunity to welcome Mader. It's our first call together in this new cycle of continuity, as he explained.

I will briefly go over a few financial and operating highlights and then I'll dwell a little deeper to discuss a few numbers. On slide 8, our financial and operating highlights in 2025, the first section shows our growth, new store openings during the year.

In 2025, CVC Corp opened 196 new stores. We now have a total of 1,646 stores in operation, which is more than we had before the COVID-19 pandemic in 2019.

Of these 196 new openings, 160 are franchise stores in Brazil, where we have 1,467 stores, including CVC and Experimento, plus 36 new franchise stores in Argentina with 179 Almundo stores. On the right, a recent media article of March 6 talking about CVC rise to the top 10 franchises in Brazil, ranking ninth, and some figures of Q3 2025.

We are moving up on this list, which makes us proud of our company, and we have maintained the ABF Seal of Excellence also for 2026. Now still about growth, confirmed bookings grew 2.3 billion BRL compared to 2024, a 16% increase, with Brazil moving up 13% over 2024, and this is the result of a successful brand globalization strategy.

Mader has just explained, we have even included new information about our B2B globalization. Argentina had a robust 29% growth in confirmed bookings compared to 2024, which is a result of our positioning as the consumer market recovers there.

Net revenue up 8%, or 101 million BRL higher than in 2024, with Brazil growing 7% largely driven by our B2B performance and Argentina growing 10%, also with a strong increase in B2B revenue, our Ola brand. Now moving on to profitability, we are proud to report our full year EBITDA of 459 million BRL, an 18% increase compared to last year.

It's our highest EBITDA since 2019. The EBITDA margin hit 31.8% at the corporate level, including Brazil and Argentina.

This is a number we pursued, more than 30% EBITDA margins. We were able to deliver it in 2025.

It's even higher than before the COVID-19 pandemic, 0.2% higher than in 2019. Adjusted net income reached 67 million BRL, more than double compared to last year, and it is the highest adjusted net income since 2018.

Here, our capital structure, the company generated 412 million BRL operating cash in 2025, 175 million more than in 2024. We could reduce our net debt by 97 million BRL compared to Q3 2025, our leverage is down to only 0.2 times the adjusted EBITDA, which is proof of our commitment to deleverage the company, producing results and improving our efficiency.

Moving on to the next slide about Brazil, we can see a 12% growth in confirmed bookings in Q4 2025 compared to 2024, and in the full year, a growth of almost 13% over 2024, nearing 13 billion BRL in confirmed bookings in 2025. At the top right, we can see net revenue increased 2.2% in Q4, and the take rate dropped from 10.1% to 9.2%.

In the full year, 7% increase in revenue nearing 1.2 billion BRL in 2025, and the take rate moving down from 9.8% to 9.3%. We want to highlight the performance of RexturAdvance, our air travel consolidator, maintaining its market leadership while attracting more global clients, which has been a major growth driver, and also VHC and Visual, recent additions to CVC Corp portfolio, but strong market performers in 2025.

They have significantly contributed to our B2B growth. The second table, new store openings in Q4, we opened 63 new stores, 65% in medium towns, in line with our strategy to expand into Brazil's inner regions using our phygital sales model.

B2B confirmed bookings up 24% in Q4 2025 compared to Q4 2024, again thanks to our global clients. Looking at Brazil's adjusted EBITDA, 384 million BRL, higher than last year, growing 13%, and EBITDA margin in Brazil 33%.

Next slide 10 about Argentina, at the top left, we can see a 10% drop in confirmed bookings in Q4, reaching 844 million BRL. We're showing the same information in hard currency, in US dollar, USD.

Remember that a significant share of sales in Argentina are in USD, but we consolidate the CVC Corp balance sheet, we converted into BRL, and the FX effect is relevant. In USD, the drop is not 10%, but 3%.

In the full year, we can see a benefit from FX rates. The growth neared 29%, almost 3.8 billion BRL; in USD, 25%.

Now the net revenue in Q4 down 19.5%, reaching 45.8 million BRL, but in USD we're talking about a 13% reduction driven by the take rate because B2B grew much faster than B2C. In the full year, net revenue grew 10% year-on-year from 222 million to 245 million BRL.

The take rate dropped from 7.4% to 6.5% for the same reason I've just mentioned, B2B growing more than B2C. In Argentina, the market is recovering.

We believe there's room for continued growth there. The first highlight is our positioning in this consumer market recovery.

CVC has always maintained strong confidence in our operations in Argentina, and I believe the company is well prepared for the economic recovery there now. Confirmed bookings grew 25% from 2024 to '25, even when we exclude the foreign exchange impact.

Lower take rate because in Argentina, remember that our working capital is positive. We don't have a cost of capital, which produces a positive economic effect compared to products that require working capital.

Now the full year EBITDA reached 64 million BRL, a 57% increase compared to 2024, a 26% margin, up 8 percentage points over 2024. A very impressive margin for our operation in Argentina.

Now on slide 11, CVC Corp consolidated results, both Brazil and Argentina, net revenue and expenses. Brazil is the highlight.

In the first table on the left at the top, CVC Corp net revenue reaching 362 million BRL in Q4 2025, with a corporate take rate of 8.5%. Full year revenue 1.4 billion BRL with a take rate of 8.7%, which means a 7.6% growth year-on-year.

The middle table shows G&A expenses over the company's consolidated net revenue. We've now decided to include both Brazil and Argentina, but you can also see only Brazil below.

In 2025, G&A reached 746.3 million BRL, which represents 51.7% of our net revenue, an improvement of a few percentage points from 55.3% to 51.7%. Further down, we highlight Brazil because in Argentina we still have some FX issues, because expenses are in pesos, revenues in dollars, we still see a lot of variation.

Now, Brazil is separate to show that in Q4 2025, we reached 41.8% G&A to net revenue ratio. That's a very important figure for us that clearly demonstrates the company focus on operating efficiency.

When we look at the full year, we can see a G&A reduction from 575.9 million to 570.4 million BRL, a drop from 51% to 47% of G&A over net revenue ratio. That's closer to 45%, which is our goal.

On the right, at the top, sales expenses, we reached 288.5 million BRL in 2025, growing 13.7%, which is less than we grew in bookings. This ratio of sales expenses to confirmed bookings dropped from 1.8% to 1.7%, which is also important to us.

A few highlights below, the take rate dropped from 9.3% to 8.7%, basically because B2B in Brazil is growing more than B2C, and the same goes for Argentina, which is also growing faster than Brazil this year. This is causing the take rate drop.

Again, these products require less capital and they have a lower capital cost. Overall, we view this change as slightly beneficial.

Now the second highlight is the G&A expense reduction in Brazil, which we touched on briefly earlier, and the third highlight is sales expenses moving down from 1.8% to 1.7% year-on-year. Moving on to our one to last slide, consolidated EBITDA and adjusted net income in 2025.

First, Brazil on the left, then Argentina in the middle, and the consolidated figure at the top right. Brazil closed 2025 with 384 million BRL recurring EBITDA, a 13% increase compared to last year, and 32.9% margin, which is also interesting.

We're actually pursuing this for the company. Argentina closed 2025 with 64.3 million BRL EBITDA, a 57% increase compared to 2024, and an impressive 26% EBITDA margin.

When we look at the consolidated figures, we ended the year with 458.6 million BRL EBITDA, an increase of almost 18% year-on-year, and a 32% margin, a very significant EBITDA margin, as Mader already explained earlier on today. At the bottom left, our adjusted net income, we closed Q4 with an adjusted net loss of 3.6 million BRL, a significant drop compared to last year when we had a net loss of 12.8 million BRL.

Looking at the full year, we ended the year with 67 million BRL adjusted net income compared to 32.6 million BRL in 2024, which is more than double compared to last year. A few more highlights we mentioned earlier, the EBITDA margin on the left and the net loss reduction year-on-year.

Moving on now to my last slide of today's presentation, our capital structure. On the left, our operating cash flow, we've included data starting from 2023 when we had a 371 million cash consumption.

In 2024, we turned around, generating 237 million operating cash. Then we closed 2025 with 412 million BRL operating cash generation, an increase of 175 million BRL compared to 2024, and this is a figure the entire company is proud of.

The table on the right shows the company overall debt. We can see a slight increase in total debt and debentures, which reflects interest accrued in these two quarters.

Then cash, we ended Q4 with a higher cash balance than in Q3 when we had 110 million BRL. The reduction in net debt neared 97 million BRL quarter-on-quarter, now closing at 101.8 million BRL, which results in a leverage of only 0.2 times, a significant improvement from the 0.3 times posted in Q3 2025.

Now here, we continue to provide information about unanticipated receivables, closing 2025 with 448.8 million BRL in our portfolio of unanticipated credit card receivables, plus anticipated credit card receivables for 1.1 billion BRL, resulting in a total net debt and receivables balance of 819.4 million BRL in Q4 2025, which represents a reduction of 77 million BRL compared to Q3. When we look at the overall debt, when we add the net debt plus the balance of receivables over our EBITDA in the last 12 months, the resulting ratio is 1.8 times, which is also 0.3 below the Q3 number, a drop from 2.1 times to 1.8 times.

With that, I'll wrap up, and we'll be available to answer any questions you may have. Thank you.

Hi. Good morning, everyone.

Let's talk about 2026. It begins with challenges, not only for us, for CVC, but for the whole tourism industry.

We can talk about a few of these challenges. First, the war that was not in our plan, obviously.

This is a year of FIFA World Cup, again that's an additional challenge, because this year the World Cup will be longer, 45 days, and so that's a challenge. Again, we have elections in Brazil.

Talking about the war, I would, I mean despite the numbers from the Middle East, I mean if you look at the percentages, the Middle East do not represent a lot in terms of our portfolio. Of course we are tracking very carefully what happens with fuel.

However, I believe this is also a big opportunity for us as a company because we are very well-positioned in assisted tourism, assisted travel. That helps us because maybe a customer was going to travel to that region, but we can help that customer travel to a different region.

We have this capacity to make these changes either, for customers who have already purchased their trip, for them not to cancel, we have a number of actions, to make changes to that travel so they will still travel on vacation, because we have other options of travel to other destinations. This is number one.

When we look at the supply of seats, and that has been published for the domestic market today in Brazil, domestic flights we have 11.4%. If we look at everything published from March until the end of the year, we'll have an increase in terms of the seat supply.

It will grow 11.4%, and internationally 12.4%. Internationally, I mean the supply still includes Gol.

Gol last week, Gol airline announced they're now operating New York, and they're looking at Paris and Lisbon to include new flights. These destinations, they're in the top five destinations of our company.

With that, with a bigger supply, we will also see more travel, more vacation travel. Of course we are tracking the scenario of war.

There will be an impact, especially in fuel, and that impacts the price of travel packages. Because we provide a lot of assistance, then we can build new opportunities for customers to buy products that are available for the best possible cost-benefit price.

This is our line of commercial work. I have also mentioned about our technology.

We have a few levers to try and mitigate the impact of the war in our business.

I think this question I would like to answer. Then of course, Felipe, if you want to add, please feel free to add.

Thank you, João Vitor, for the question. João Vitor from Apex, thank you for your question.

Now, João Vitor, the answer is yes. We do have opportunities.

We view we can improve our take rate. During my presentation, I spoke about preferred products.

When we talk about preferred products, we're working on two different lines. We have two different lines of work.

We started two years ago, but one is the Preferred Partner program. We concentrate volume in those providers who are closer to us.

By doing that, we have the opportunity to improve our margins. We've seen this evolution.

This year we now have an international team in a number of regions in the world. Just to give you an idea, let me give you some more color about this initiative.

We've separated our international product structure. Now all the product design team and the team that designs new product, they're separated from negotiation.

With that, our sourcing structure can focus on providers. We're closer to hotel owners, either in Brazil and abroad.

We started to do this in January for the international market, and we are already collecting benefits because we have improved our competitiveness, we've been able to slightly improve our take rate, and preferred products will gain more traction now on the international market. That's an important pillar.

Next, our structure, if I have to give you some more details from 0 to 5 how much we have already walked to have a more sophisticated pricing model, and I've been talking about that with the financial market, we have taken two steps out of five. We still have to make more progress, technology.

We are already using more AI, and it has helped us improve the pricing process. With all of these elements trying to sophisticate our dynamic pricing model and at the same time grow the number of preferred partners on the international market with our partner program also on international, so that will bring us more opportunity to grow the margin.

We see other opportunities. Look at Argentina.

Argentina is growing. Our Almundo website is growing its community.

We're focusing very much on this pillar of growth and innovation, because of course the margins are healthier with Almundo. We believe that both in Brazil and Argentina, we will see growth in only digital sales, and that's going to help our take rate.

Finally, efficiency, and that's something we're all committed to. Everyone in the company is working to improve our efficiency.

That's why we've been talking about the digital transformation. This digital transformation in the company, we've made progress in our AI platform, we call it the CVC Flow.

Now the CVC Flow platform will escalate for the whole organization, improving the services to our travel agents, and also improving the service to end consumers and bringing more economic efficiency, because again, that goes back to better margins for us. The answer is yes to your question.

Hello, this is Felipe. Good morning.

Thank you for the question. In 2026, I believe we have a number of options for the company.

We did a relevant prepayment of the debentures in Q3, almost 200 million BRL, including principal plus interest. That's what we will continue to do.

Mader said this is going to be one of the levers in his management. We will continue to deleverage the company.

This is a challenging year. Yesterday, we had the first interest rate drop, only 0.25, less than we expected, but at least it's the beginning of an interest rate reduction cycle.

That's going to help the company deleverage. Let's see what the interest rate will be at year end.

Then, well, for us internally, this is a daily effort talking to all our players. We always have an option to anticipate more receivables.

Today, we have a very good rate. It's less than 109% of CDI, and we can also prepay the debenture or maybe get a new debt, looking at the current market circumstances.

Our credit rating is much more positive for us, maybe we can have a lower cost debt to pay for this one and more elongated terms. We've seen in this quarter that our working capital management, when we were able to reduce the number of days, that again helps deleveraging the company.

We're working hard to do this now more than ever. In the next few months, we will continue to do that.

We're working on a number of fronts to deleverage the company so then at year end we will have a lower overall debt, a lower leverage. Thank you.

"What will be the role of meta-searchers in your strategy? Is it going to be another distribution channel or is it going to become a relevant channel also for promotions?

What customers do you expect to attract in this only digital environment which you don't have today?"

Hello, Janaína. Good morning.

Thank you.

Thank you for your question. This question is really important because I spoke about Bob Rossato, who joined the company.

He's leading our Digital vertical. Bob, he comes from the digital industry.

He knows a lot about the market. This market, we're not present there.

We don't have any brands present there. If you look at metasearch engines worldwide and in Brazil, it already accounts for 30% of airline sales.

It's a big volume. It's a significant volume.

CVC is not there. We don't have a presence.

CVC Corp or CVC Viagens, we don't have a presence. I think your question is more focused on CVC travel, and CVC travel is not present in this market today.

What are we doing? We have structured, we have prepared the company.

Now the company will be able to make our product portfolio available, and this is a strength of CVC, our preferred partner program, our structure, our dedicated structure, not only in Brazil, but internationally. Our portfolio is a strength for us.

We were not yet ready for this market of metasearch engines because of technology, of course, but also because of our pricing model, because we want to work with equal pricing in all channels, in our stores, in travel agents, in the app, in the website. We had to do our homework, and that was done by the previous management, our foundation.

That's how we prepared the company for today's moment when we are now going to participate in the metasearch engines market. To give you a timeline, I believe we will begin sales in platforms such as Skyscanner in about 45 days.

We'll begin to see the company in that market. Then, of course, every month we will see a new platform.

We will join all of these platforms, Google Flights, Skyscanner, Kayak, also in hotels. If you look at the metasearch engines of hotels, we will also be there with our products.

These customers, these will be new customers for us. Why?

Because we'll be able to integrate what we do, our product portfolio already in the metasearch engines. Integrating the traditional stores to the digital world, we bring the customer to our customer base, and then this customer will also receive a whole CVC store to take care of his travel.

This is our strength. In the presentation, I spoke about adding value to customers.

We're the only company in the world where the customer can buy via one of these metasearch engines, but there will also be a human being behind the scenes taking care of his trip and ready to talk to that customer anytime, because this is a market where we see a lot of attrition, we are giving a lot of attention to customer service. We want to bring these customers to our environment, our phygital sales environment, because ultimately we want customers' dreams to be made true without any problems.

We have all this structure plus credibility plus the people to take care of our customer travel. This is the plan and we're going to speed it up in 2026.

As I said, this is a new recipe. This is something new because we still don't have these customers.

"Mader, can you talk about the increase in international seat supplier, domestically and internationally to the end of the year? What about the impact of fuel price and cancellation of routes?

What is the impact for you, because in Brazil other companies are already making adjustments because of the war?"

Hello. Good morning, Cristian.

It's a pleasure to talk to you. Thanks for your question.

Let me repeat these numbers. They have been published, as I said.

Supply of seats as of today, I'm talking about the Brazilian civil aviation authority. Data from March until December, domestic, three airlines, a growth of 11.4% in the supply of seats, airline seats.

Just to give you an idea, by airline, Gol will add 17.4% in terms of the number of seats, 5.2% is the increase for Azul, and LATAM 11.2% increase in the supply of seats. All in all, 11.4% bigger supply for the domestic market compared to last year.

Let me say, Cristian, that this has been published. Not necessarily it's going to happen in reality, but looking at our experience, the change from what's published is minor.

On the international market, an increase of 11.4% compared to 2025, and this increase of 11.4%, we are not including Gol, and Gol is going to grow their international capacity with operation to New York, Orlando, Paris, and Lisbon. Maybe the number will grow a little bit.

Now the second part of your question, what have we seen? In the beginning of March, we had a number of cancellations, especially to Qatar and the Emirates, United Arab Emirates, the UAE, and but now the companies are actually trying to bring back home the people who are there in that region.

While we still have a corporate flow of passengers, and so but we are following the information very closely looking at flight cancellations because we did have a few cancellations in the beginning of the month. It's important because when customers have to cancel, we have options.

We can offer a different destination. We're talking about customers who travel on vacation, we offer a different destination, just make a change, and so maybe in the future you go back to that destination that you were going originally.

That's how we are mitigating travel cancellation. Then you asked about the impact of oil in airfare prices.

Yes, well, we are following the information. We're tracking that, looking at the impact in the price of air tickets both on the international market as well as domestic.

We saw prices going up in March. Just so as to give you an idea, we're talking about 17% price increase.

I'm talking about the final sales price, right? Today the average for March of what we sell, looking at price averages of last year in March, we saw an increase close to 17% in round numbers.

What happened? The B2B market, RexturAdvance, Trend, even VHC, they have a flow of corporate passengers, these passengers, they don't stop traveling because of prices.

Of course, when you go to CVC Viagens, and then you see the impact. We're providing an option that has a better cost-benefit, that's the option we offer to customers.

This is the magic of our phygital sales model. We are travel consultants, human beings talking to travelers, and so we offer a different option, destinations that had less impact in terms of price increase, or for example, when you have a promotion in hotels, and there are lots of opportunities because a few partner hotels are making promotions, and so these are the two options we are providing to our customers so they continue to purchase.

Of course, this is operational challenge, and we have a whole team who knows how to do that. Our team is talking to customers over Instagram, over Facebook, providing the best cost-benefit options in the stores.

The stores providing consulting services to customers so that they can continue with their travel plans.

we will be here at your service if you have more questions, if you want to talk to us, we will be here to welcome your questions. Now a quick summary, as I said, and after listening to your questions, the challenges in 2026, the war, the FIFA World Cup, elections in Brazil.

Inside the company, we're going to do our best to turn these challenges into opportunities by working very hard in our cultural transformation, customer at the center, adding value to customers, improving the level of services that we provide. Hiring exclusive products, proprietary products in both Brazil and Argentina.

In Argentina last year, and now we're bringing it to 2026, our own proprietary operations from Argentina to the Northeast, from Córdoba, from Rosario, from Buenos Aires, they can buy Brazilian products directly from us. We did that last year and will continue to work on these exclusive products, because that's how we will face the challenge.

A lot of focus on efficiency, this is something I keep talking about, myself, Felipe, the whole team. We talk about operating efficiency in the company.

We are working hard to make our operations increasingly more digital. This is key to gain efficiency, to provide a better service level, and also to have financial benefits.

Focus on partners, again this is really key for us. We've opened about 500 stores in the last two years and eight months.

Now we're going to work very closely with these store owners so that the stores will gain more traction. We want the new stores to grow faster than the traditional ramp-up, and continue to work very closely with our more traditional stores.

We call them mature stores. We have a number of key initiatives.

Less than 30 days ago, we've announced a new division, we'll now have two business units in each store. We're working very closely with our more mature stores because we want them to grow faster than the market.

Also, we'll continue to build exclusive products, growing the Preferred Partner program so that we can improve our take rate. This was one of the questions.

Now we have a new addressable market, which is the only digital sales. Now CVC will become a relevant partner not only in the traditional and phygital sales market, but also using our website, our app.

We will be talking about that in 2026. These are the main messages.

Once again, thank you all for being with us.