Hi there. Good morning, everyone.

I want to thank God and each person watching us at this moment. I also want to thank our Chair, Túlio, and Sandro.

Today, I wanted to start this meeting in a different way. I know the market was really concerned after our last release, but I wanted to say that we are going through some growth pains.

Ever since we had the IPO, our company started experiencing a major transformation, focusing always on the evolution and improvement of criteria for decision-making, improvement of controls with more responsibility and, of course, with our over 60,000 shareholders. I wanted to go over to the next slide and show you some of the measures we've implemented ever since we went public.

Here in October 2020, soon after going public, we knew that we had to structure the company to support the major growth levels, and this is why we went public. When we had our IPO, we had all of the north and the northeast mapped out.

We knew what we wanted, which was to expand strongly in the region. At that moment, we wanted to position ourselves in the north and northeast as the biggest retail and distribution company in the region.

In order to have this growth that we imagined, we knew that we would have to structure our HR area. We needed to have a strong HR department because we were aware that retail needed a lot of people, and we also had many internal processes we needed to improve in our structure for HR.

That's when we began to search for a professional that would be experienced, and that's when we met Régis. He's a professional with over 30 years of experience in HR, and he's been working with publicly-held companies, and we felt at that moment that Régis was the person that would really demonstrate what he was here for, and he would help us structure all of our HR department.

We had to hire over 10,000 employees, and all of this worked. That's when we began to go through to the other chairs.

We restructured our organogram, we thought of everything, and we were able to then take on a major step in August '22, which was the split of our positions. I agreed that Jesuíno would take on the role as CEO, and I would move on to Chair of the Board.

Why did we implement this strategy? Jesuíno has been working with me for 28 years.

He knows the company off the top of his head. Jesuíno helped me train most of the directors, managers, and supervisors, and Jesuíno knows our company's DNA, and our biggest concern was always guaranteeing our DNA and the culture of the company because we needed to bring people from outside.

We needed to attract more knowledge, we needed to bring in more oxygen, but we would never be able to lose our culture and our DNA that we needed to preserve. Jesuíno agreed, and that's when we created this organogram with Régis, and we defined that we had many different positions within this new structure that we needed to attract and occupy, and that's when we kept moving ahead.

Then in August '22, the market was already starting to demand a lot, and we knew we had to hire a CFO that was strong enough and that really had experience working with publicly-held companies, and we had two pillars that were very important that we needed to have in this professional. We needed to have someone that really had broad experience in publicly-held companies, which was what we needed urgently.

Then the second thing was, considering the size of the transformation we had, he needed to come live in São Luís. Túlio was able to bring these pillars, and that was very important.

When Túlio came in, me, Túlio, Jesuíno, and Régis from HR gathered together, and we were able to work on filling out all of the other positions, right? We needed to have this governance plan and control plan that would be strong enough for the level of growth we wanted.

Then in December 2022, we were already prospecting this, and Túlio was working on this for quite a while, and we started searching for these professionals, and we needed to urgently get a Financial Director. We went after this person, we interviewed many people, Régis had a lot of candidates, then we reached Marcelo's name.

He was a professional with 20 years of experience in companies that were publicly-held, and that's when we brought Marcelo in. He really fit into that position.

Then we started to work on all of the processes in the company. In the second semester, once we had the structure set up, we were sure about this position that was the Legal department, internal controls, and risks, and that's where we reached Paula's name, someone with over 20 years of experience in the sector, in publicly-held companies as well.

We understood that she had the profile we needed to adjust this position. We went from top down and occupied the positions, attracting and working on the policies we needed and the structure and the work of all of the governance plan we needed.

That's where we defined the positions that would be below us, and then we moved onto the market once again. We trained and worked on preparing people internally, and we had to, of course, bring some people from the market.

That's when we had the need to attract someone from Investor Relations, and that's when we reached a professional with over 15 years in the market, with a lot of experience as well, that would be able to help us in this process as well, and that was Carol. Then we had the need to have the compliance and risk management and internal controls area, and then we went to the market and we found Érica.

She's someone with over 17 years of experience, and we understood that she could fit in to this position and help us with all of these processes already mentioned. That's when we had the next chair, which was the Internal Audit Manager, a chair that was very important in this committee that was created.

Once again, we went to market and we were able to find someone with over 27 years of experience in auditing, and she had gone through many different companies that were publicly-held, and this person is Cristiano. Then once we structured all of these chairs and processes and positions, everything was designed and mapped out, we were working on this.

That's when, in the first semester of '24, we actually had some shareholders mentioning that we needed to have a consulting company brought in that could help us because we had a lot of processes, and we needed to attract someone with a lot of experience. Then we consulted a lot of people, and we reached Visagio.

This company really helped us a lot. They had a lot of work mapping out processes, diagnosis, opportunities for improvement in the accounting front, implementing action plans, and four main initiatives: processes, people, technology, and governance.

Then, once we had done this, we designed all of our work plan, and that's when we finally reached the conclusion that we would need to have a more senior name that would be a Accounting Manager. Then we went to market and were able to attract Gilberto, a professional that's very experienced, and we knew he knew about the demands and adjustments in systems and processes.

We brought in Gilberto, and he helped us to structure this major governance and controls plan. Once we did this, we advanced a lot.

Then in December 2025, the board approved the hiring of new professionals to support us in back office functions, and that helped us with the accounting teams and controlling services, etc. These professionals already fit into these roles, and in the first quarter of '26, we reached the conclusion and approved the deployment of a integrated system.

This integrated system for the back office, which is accounting, treasury, fiscal, and people. We went after a system that could help integrate our ERP.

Then we're seeing what would be best, if it would be SAP, Oracle, or any other robust system, considering the massive amount of data, we need to have a very robust system. We are discussing this topic a lot internally and working on hiring this system.

Finally, I want to make it clear that my commitment is to prepare the company for the next 40 years. All of the work done was really structuring this next phase.

Everything we needed to do, we were able to implement and invested, and we're going to continue to work strongly on this. Now we're going to head to our day-to-day operations here, and I wanted to start off talking about expansion.

We'll show you what our expansion and plan for closing in 2025. On slide eight, you can see we opened up in 2025 22 new stores.

I want to call your attention here to a point, which is the Spazio brand here for services. One more innovation we're attracting, we worked on this for many years, and thankfully, it's now the right moment, right?

We also brought in a store in Salvador. We reached another capital, an important capital, occupying this space and gaining share.

Then on the right side, you can see three stores of the Novo brand in this Pernambuco, Paraíba, and Alagoas expansion process. Here you can see many different stores that work on the consolidation of our participation in Maranhão, Pará, and Piauí.

This consolidation really brings in this market consolidation with strong share that we've already had in these regions. Here, I'm bringing two brands that are very important: the Spazio brand that we structured in this sector, with the commercial sector as well, because it's a brand where there's a pretty big gap in Brazil at the moment.

The AB public, we normally say, is kind of orphan, and we have two stores with this brand already, and we saw that the results are very good because they're between one superstore that we call hyper, and we have some stores with the best results, and then the cash and carry as well. This store has a super important role, which is this trend of working with the AB public that would like to have a more premium product, and the experience has been very good.

This is a brand we can scale up on easily, as we've already created the main structure, which is commercial operations and logistics. On the right side here, you can see another brand as well, which is a market that is really open, and our company has a DNA that's a multi-format DNA, and we've always been testing new models, and we've been working on testing a sector that could service the food service market, the transformers in stores.

We saw that these stores and these consumers and customers for these brands have a bigger portfolio need, and we saw that we weren't servicing them well enough in our cash and carry operation, and that's where we created this store, which is a test, and we've had very positive experience, and there's a huge opportunity in the market that we can scale up on with this model, and we've been very optimistic with this towards our future. On slide 10, I'm bringing in a summary of our scenario at the moment.

As you can see, 302 stores in total with many different formats, and as everyone knows, we are a multi-channel company, and we don't place all of our eggs in the basket because we know retail is constantly transforming itself, and with this multi-channel approach, we attract more revenue, more margins, and a better purchase experience. With this, we can service all of the different target audiences with this brand.

Here, I have an observation from Eletro. Eletro is a sector we always discussed because there's a need and it occupies space in our portfolio, and we had some stores that were not profitable.

Then within this plan to work on governance, we were able to work on these different studies, and we were able to reduce 28 stores. We got our app and were able to strengthen it, and all of this has brought in very big results.

We reduced 28 stores and we don't have a drop in sales, and the results of this sector really got better. Then I have an observation here as well I want to share of a channel that is very strong.

When I'm talking about multi-channel, our wholesale operation has a very important role. A lot of these brands we discovered because of our wholesale operation.

Wholesale is a channel that grows. It is a channel that has relatively low costs, and we have over 47,000 customers serviced, and with food service and our app at customers, we want to increase our customer service or self-service through the app.

We have 19 distribution centers, over 1,700 cities serviced, over 6,400 commercial reps, and we've already started off with the food service brand with this new store. The app's already been open, and over 70% of its sales are already customers accessing the app directly, and we're just delivering to them.

We improved our logistical network for this brand as well a lot, and I want to just share an observation amidst all of this process and project that we worked on when we IPO'd, and I can say that now we feel fulfilled because in 2020, we had about R$14.3 billion as revenue, but we ended '25 with R$43.5 billion in revenue. We understand that we gained volume, gained market share and purchase power.

Now with all of this plan that we've structured to cut down on costs, gain efficiencies, gain margins, we feel we are prepared for the future. Thank you so much, and now I want to pass the floor on to our CEO, Jesuíno.

Thank you.

Good morning, everyone, Sandro and everyone watching and Túlio. I want to quickly share with you some of our indicators and our earnings in the fourth quarter of '25 and the full year of '25 as well, as we've done always.

I want to start off by sharing in the first block on the left side on the top part, we would have our gross revenue for the fourth quarter of '25, and we were able to achieve R$12 billion in revenue in this quarter of '25 with a significant growth above 20 percentage points. At the bottom part of the first block, we reach a historical level of revenue, and we go over the barrier of R$40 billion in revenue.

We reached R$43.6 billion in revenue, and here we also have a growth that is very significant, as all of the growth levels with almost 20% growth. Here you have an important point that I want to share here.

At the bottom part of this first block, you can see an increment in revenue of R$7.2 billion more than in 2024. This is an important milestone because it's a significant increment in this revenue.

Half of it comes from Novo. Novo comes in in the second semester of 2025, contributing significantly, and the other half comes from an increment in GMAP.

When we look at these results in our gross revenue, it's very significant for us, right? We also have the issue with the share.

When we look at 2025, with these results, we're able to achieve almost 30% share in the market in the northeast plus Pará in this region we're in. For us, this is a major milestone in a region so important in our country.

With all of these efforts made, and Mr. Ilson mentioned that we were able to reach levels of share that are so significant in a region that's so important as our Brazilian Northeast.

If we look at this from an isolated perspective in the three states: Pernambuco, Paraíba, and Alagoas, where we completed our operation with Novo, now our market share is even more significant. If we look at only the cash and carry brand in the three states, we see we go from 40 percentage points in share.

From a revenue perspective and from a consolidation and market share perspective, we are very happy. It's an important and relevant share in the northeast, our beloved Northeast.

When we look up ahead in the last quarter of '25, this revenue of R$12 billion, we can annualize to about R$50 billion in revenue. This is an important milestone, we're super happy.

We feel like we're advancing more and more in our expansion efforts in the northeast and abroad, in the capitals and in the smaller cities as well in the northeast, as we've been sharing with you. A second block from the left to right, on the top part, you can see our same-store performance.

We know we've been coming from a pretty high base last year in the fourth quarter of '24. We reached almost 6 percentage points in same-store sale growth.

It was pretty high base, but the last quarter of '25, we reached a level that is slightly negative of 1.1 percentage points. At the bottom part of the second block, you can see our same-store performance in 2025, and we know 2024 also had a very strong base.

We went from a year of almost 7% growth in same-store sale growth and now 2.9 percentage points of growth in the same-store. I think there's an important point to share here in a very objective manner.

We know that the macro scenario and macroeconomic scenario you guys have been watching closely, and you know the scenario has been very challenging, especially in retail, modern retail. We've noticed that with this, families' consumptions have lost strength throughout '25 due to everything that's going on in the market, whether this is due to interest pressure or debt of families.

We noticed that this strength, right, slowing down over the year of 2025, and it becomes a little more intense or acute in the second semester of '25. Start of '25 with more significant strength, and we end the second semester in a very intense manner.

All over Brazil, we look at the data and we see the volumes slowing down a bit, reaching levels of 0% growth in volume. We also notice that in all of the studies we work on, consumers take less products home.

There's studies demonstrating this, about 8% less items in their cart than what they were taking in '24. So '25 was very challenging with all of this macro scenario we're experiencing.

We see B2B, and we also felt this impact a lot in the second half of '25. We noticed that small grocery stores and independent retailers that depend more on low-income customers dropping even more than the modern retailers.

If you look at these channels, it drops sometimes even more than 5 percentage points, like small grocery stores and mom-and-pop shops, and we know that they buy from our cash and carry stores, right, to supply their own stores. When this drops there, B2B also drops to the same-store performance as well in cash and carry and modern retail, as they feel more pressure throughout the second semester of 2025.

Then we also have a deflation scenario that's very acute, especially for commodities, as we've been monitoring the basket of commodities. We see baskets that drop all over 35% throughout 2025, reaching levels of growth of 0% when we look at the last readings of data.

It's important to mention also that this is not isolated in the northeast. We see through public data that Nielsen discloses that Brazil has felt this impact of the same-store sale drop.

We noticed in the midwest in the last quarter of '25, they dropped a lot, almost 3 percentage points in same-store sales, in Rio as well. All over Brazil really, you feel this impact due to the macro scenario we just mentioned here.

The first quarter is still challenging in this sense, but we are very confident about our multi-channel approach and exploring all of the channels, as Mr. Ilson mentioned, we can continue to deliver quality results and as much as possible with whatever we have at our reach.

We're very confident that we'll continue to deliver the best possible. Then on the third block from the left to the right, I wanted to share our performance in gross margin, and we reached a level of 22.5% in the fourth quarter of 2025.

Here, if we look at this without Novo, Novo arrives and contributes a lot with volume, the margins are a little bit lower. If we exclude this effect of Novo in our gross margins in the fourth quarter, this level will go up to 22.9%.

We know you guys have been accompanying our historical gross margin of 23%, the margins are really resilient and very consistent and sustainable over all of 2025. Here, no doubt at all, all of the work we've been doing on controlling stocks has really helped with the resilience of our gross margin and keeping it stable as it has been throughout the year.

Of course, all the work we've been doing with commercial budgets and commercial incentives from a trading and logistics perspective as well. We're very confident and consistent on this.

In the fourth block from the left to the right, I want to share our EBITDA, right? We have been achieving an EBITDA of R$652 million and an EBITDA margin of 6.2 percentage points.

On the bottom part of the fourth block, you can see our EBITDA in the year, R$2.8 billion. This is a significant growth and a margin of 6.3%.

Here, there's an important point to highlight with you. We noticed that the EBITDA is pressured in the fourth quarter, and no doubt we have an significant impact here in our expense level in the fourth quarter especially.

We know that this pace of growth was reduced, and this was combining with a expense projected to grow, this combination, no doubt, will pressure our EBITDA as well. This is the main reason why our EBITDA was a little more pressured throughout this fourth quarter.

Soon Túlio will share a little more clarity on this expense level and what most weighed in, and we'll be able to look into this, bringing more information as well. Here, due to all of these factors, during 2026, our strategy has really been to look in-house.

Mr. Ilson, Túlio, and Sandro, we want to search for greater productivity in all of the different company sectors at the administrative level, at the back office.

This work has already begun now in the first quarter of the year, and we know about the importance this represents as we need to adjust and adapt the company to this new reality we're experiencing in this macro scenario. We would like to do this very well, as much as what's in our hands, of course.

Whatever depends on us, we want to do very well. We know each percentage point that we are able to search for when it comes to efficiency will contribute significantly to our EBITDA because 1 percentage point based on revenue of R$43 billion, we don't need to do math to understand it's going to have significant effects.

We are conscious of this and very disciplined about this dynamic as we search for efficiency. Despite all of this, we're very confident, Mr.

Ilson, Túlio, and Sandro, about the need to deliver these results that can be consistent, resilient, and in line with what we've been reporting to you throughout the last months and quarters and year. Finally, in the last block, the fifth block from left to right, we see our net income, and we've been able to achieve R$340 million of net income, net margin of 3.2%.

In the bottom part of the last block, you can see our net income in the year at a historical level of R$1.6 billion and a net margin of 4.1%. I wanted to share this performance with you.

Once again, I want to ratify our trust in delivering results that are more consistent with what's in our hands, right? I'll pass this on to Túlio as he provides more details on the financial information, then we'll get into Q&A.

Thank you all so much for now.

Thank you, Jesuíno. Thank you, Mr.

Ilson. Good morning, Sandro.

Good morning, everyone. I think Mr.

Ilson and Jesuíno have already given you the main messages here, but now I'm going to quickly go over the main indicators and just going back to the main points Jesuíno highlighted. On the fourth quarter, we clearly see this deleveraging trend, and we see also the operational deleveraging with the same-store sales going down as well, with families with higher levels of debt coexisting with such a high level of interest for such a long time.

We see a shift in consumer profiles among these consumers and the overall basket of the families. Expense and consumption levels that didn't happen three years ago, but start happening, and we see a major deflation in commodities that is structural and very important.

The Grupo Mateus also has an important share in the commodities in the sales mix, and so we can't separate one thing from another. I think this macro scenario of the top line is a topic we need to manage in the best way possible, as Jesuíno mentioned, considering everything we have in our hands.

Now we're going to talk about a little more of the other topics we've been discussing that are in our hands to keep the levels of profitability in 2026. In the year, we're talking about revenue of over R$43 billion, growth of 20% year-over-year, and same-store sales of 2.9 in the year as a whole.

We consider the operational deleveraging as well when we look at the year of '26 up ahead. Besides this, the retail and cash and carry channels demonstrate a slowdown in sales, and we also have the wholesale topics included, additional tension when it comes to productivity as well that we're going to discuss up ahead.

On the next slide, number 15, we have the gross margins, and the company closes at 22.5. Here it's a very important point.

It's been a difficult quarter from a top-line perspective, keeping this consistency is important, and this level of 22.5 already includes Novo's operation. As you can see, there's a margin level that is lower, considering the business characteristics of the Novo flag, as well as the level of maturity and the ramp-up.

We consider that in the states beyond the Grupo Mateus universe, this margin's at 23.7, and that demonstrates the consistency and resilience of this topic. Here it's also important to mention that throughout '24, we were already discussing this, and in part of '24 as well, we were sharing this, and we were working on all the sensitivity tests regarding price, and we had continued to focus on profitability as well, looking at this beginning of 2026 and the overall scenario.

Then in the year, gross margin of 22.4, growing 3% year-over-year, and this balance year-over-year that's very important in this gross margin scenario as well. Moving onto the next slide, slide 16, we have the operational expense levels.

Here, clearly, we can see the operational deleverage topic really pressuring us, as we can see the operational expenses on net revenue at 17% in this quarter. It's important to mention that this scenario that is stronger that we experienced in the fourth quarter really lit up a important structure for work and productivity when we consider expenses, and the company had been preparing for this with different initiatives and preparation of the bases and analysis for a structural management of expenses.

Here we had an important component of all of the analysis being ready to be able to make the decisions we needed to as soon as possible with a lot of quality. I think the quality of the decision in productivity moments in structural productivity work is really important to preserve the operation, right?

I think we have a very important point here. In the year, operational expenses grow 23%, 15.4% of the net revenue, but once again, the same scenario, but with more intensity.

On the next slide, we also bring in a little more details on the expenses. Partially you have the elements of the incorporation of the new company, and this is all part, of course.

It's still a very young company, ramping up with a level of results that's very good. The stores in Novo are completely adhere into the maturity access, and we see the incorporation of the new company and another important also point related to new store expenses and the expansion of our operations.

Also related to the growth of the company opening up new routes, and another important point also is on the contract termination expenses. We could also consider this as something that's occasional or non-recurrent, but we wanted to put this on current and give some clarity on this because here, no doubt, this seems to be a sign on the productivity work beginning, right?

It started off in the fourth quarter with initial intensity, and it gained strength throughout the first quarter especially, right? Here we're going to see an interesting journey on productivity up ahead.

Then the other points, we already provided disclaimers on, and just to mention that the topic definitely pressured the fourth quarter, and it's a topic that the company's been working on with the greatest priority possible. In the next slide, where we have the EBITDA numbers, we exclude the effects of the Pernambuco program, and so we have an EBITDA of R$652 million and an EBITDA margin of 6.2.

The pressure we had in our operational expenses dropped into the EBITDA, a clear sign of operational deleveraging. Here we have an important caution point.

In the year-over-year, the level of EBITDA margin was at 7.3 compared to 7.4 last year, a growth of 18% annually. Of course, this is pressured by the fourth quarter, right?

As operational expenses in retail represent more fixed than variable characteristics, right? When you have a strong slowdown, it's important to react as soon as possible and as quick as possible.

You can't always react at the same moment, and just want to remind you the context of the company, which is Ilson and Jesuíno can talk about this with a lot more So all of the expense structures were dimensioned to consider this expansion design, and now '26 is a super important year to look in-house. That involves all of the margin strategies.

If we look at these two different sectors, the margins and expense dynamics, we can really face this macro scenario with a slowdown in sales, keeping our profitability levels. That's why we're super confident about the numbers in 2026 because of everything we've been doing, and especially in these two areas.

Moving onto the next slide, we then get into the net income of the company, and it's important to also provide a disclaimer on income tax. We had R$196 million positive in the fourth quarter.

Here we had some points. We tried to be as clear as possible on our release, but it's important to highlight this, right?

We had also the reversal of provisions on the subvention topic, R$28.9 million related to '24 as a non-recurrent or extraordinary event, R$58.3 million upon the exercise of 2025. We've already mentioned this a little bit in the third quarter, but it's important to mention this again.

The company and the market overall gained a lot more trust based on decisions on the thesis of subvention, which is why we had this decision of reversing the provisions made. Besides this, we also had a positive effect of interest on equity, R$50 million, and R$29 million of the deferred income tax because of the provision topics.

A combination of all these effects generates a specific phenomenon of our income tax in the fourth quarter. The net income would add up to total of R$340 million in the quarter and R$1.567 billion on the year, excluding the extraordinary effects, not only what I mentioned now about the fourth quarter, but especially the biggest ones we mentioned throughout the third quarter.

I think that provides a really good clarity on the recurring levels. Then on the next slide, number 20, we have the numbers related to the cash conversion cycle.

Here, for whoever's keeping up with the company for a bit longer, you'll see the size of the priority and the intensity and the focus the company has given to this topic. For us, it's an important achievement.

We know how relevant this topic is in retail, especially for a company that grows like ours. Closing the year in 43 days is a significant achievement.

In regards to last quarter, we had a significant evolution. We go from 48 days to 43 days, basically 10% improvement.

In the year-over-year, 18 days. Of course, you have the incorporation of Novo, but we also did our homework there.

We learned a lot in that region, we learned a lot with Novo on these different topics with open to buy, and then Sandro and we implemented GMAP as a whole, and so we know that we have space to go through when we look at the number of suppliers with 54 days, stock with 63 days. This is what we're going to bite into, right?

You can see '26 is a year to gain efficiency with what's in our hands. We're talking about margins, expenses, and a cash conversion cycle.

I think we have three different initiatives, considering that the macro scenario is a little more challenging. We also have the numbers in regards to the net debt.

When we look at the numbers, we can see there's a very important role of working capital that we just discussed because, as you've seen, it's been a quarter from an EBITDA perspective that was tighter, and we had all of the deleveraging effects. We had less funds from operation in cash generation, but we were able to lock in a lot more of the working capital.

When we combine both elements, working capital, keeping up the consistency, and improving what we've been able to evolve in, especially when it comes to our suppliers and stock, when we fit in profitability with the gross margins and expenses, once again, we'll see funds from operation contributing to this. This is exactly what we've been searching for, right?

We want to be a company where, as Ilson as the Chair and Founder, he has very clear guidelines. When we have high interest rates, we have to be more disciplined with our debt level.

The guidelines in high interest moments, we need to be very careful with any cash allocation or cash consumption, and then Ilson can talk about this more later on. We've been even stricter in decisions for investments in new stores, the tier levels, and all of these new formats are initiated from a conceptual manner where they can also bring a ROIC that is very interesting.

We've really been keeping an eye on these ROICs and these different opportunities with food service through the Spazio brand and other elements that Ilson already mentioned. Mr.

Ilson looks at the cash levels every day, basically, and this is an indicator we're going to keep an eye on and look at closely. We know we can keep this discipline because this has been very important in the last few years.

We close the year with a level of leverage of 0.4 already considering Novo, and we know that this has a potential to continue evolving. On the next slide, number 22, here we have the numbers of the CapEx in the year.

You can observe at the bottom part of the slide, the level of CapEx is a little smaller than what it was. When you look inside, the main element was properties, where we've been very careful with this topic.

Here you have different focus areas where we've been opening up opportunities for growth, getting greater footprint in Pará and Maranhão, that we've been working on properties as well with partners in real estate that contribute with this process ever since the beginning of the projects. We've also talked about the Novo transaction ever since the beginning, the dispute for property prices in the three states where Novo was present, which is something really important and also contributed a lot with this.

Guys, these are our main comments at this moment, and now with the team available, we'll get into Q&A. Thank you very much.

Now we're going to start with the Q&A session.

My first question about this deleveraging, especially the growth. When we look at the main opportunities and how we should consider this, and then also in the income tax perspective, where we have a reversal of the provision in regards to subventions, I wanted to add on a bit with this.

Thank you very much.

I think I can start off, Túlio. Vitor, we have different initiatives, but I think it's worth mentioning here that the ones that are more acute or latent, right?

We are really focused on productivity and expenses, whether these are operational or whether these are administrative. In retail, there's a very significant weight in the business, and if we capture productivity that we're designing here, in this block, it represents a lot in this journey.

I think here we have a first point to share with you of where these bigger opportunities are, and we know that people, energy, power are very important lines. No doubt, we have another front that's also profitability with all of these initiatives in this sense.

We want to capture more efficiency gains. There's another block that we should share, as well as with the working capital, right?

We know how much weight this had in cash generation in the fourth quarter, and I think the stock controls and purchase and budget as well, we have a longer journey to go through throughout the year. We saw a significant difference, as Túlio mentioned, between suppliers and stock.

We know how much of value this can attract if we are able to evolve with it. If I could highlight, Vitor, some points, of course, we have some other initiatives, but these are the ones that I believe are maybe the most acute that I should share with you.

Vitor, on to the second question here about the reversal of the provisions, I think it's worth sharing with you a bit of the history of the topic here in the company. Before the famous store Law 14.789, the company, as you all know, was taking on all of the benefits of subventions for investments with a an effective income tax level that was pretty low because of this.

Then after the change in the law at the end of from '23 to '24, we took on a stance that was really feet on the ground and a little more conservative. We started provisioning all of this, the PIS/COFINS topic and also income tax.

Despite provisioning all of this so that it could be absolutely adherent, we always really believed in this thesis, right? The federative impact, constitutionality, also the benefits of this.

We see major journey in this investment process and always considering the plans. We always believed in this thesis from a judicial perspective, and Paula led all of this process as well.

The main decisions and measures, legal measures that were published, and we had an improvement in the quality of these legal provisions and measures. In our case, we already had a decision about the income tax issue that was favorable.

With the maturing of this topic in the third quarter, we had a first block of rever- revisions on our provisions. Just to give you a disclaimer here, we discussed this topic closely with our legal advisors, such as Mattos Filho, Pinheiro, and others.

Now in December, we completed this analysis of the rest of the values, right? Tax topics in Brazil are always varying a lot, and we have to be closely watching these matters.

We have a tax committee here in the company, and we closely look at these topics that are important, relevant, and structural. So '26 is going to be the same process, right?

We'll keep up with this, and we're going to continue to be closely watching this topic. We also have the monitoring of the tax reform that also requires a structured program in the companies due to the level of relevance, right?

That was very clear. Thank you so much.

Good morning. Thank you for the call and for taking our question.

I had two actually. The first one is more related to the business unit of wholesale distribution, and I wanted to understand how the volumes are behaving since the food inflation is negative at the moment, and normally B2B suffers a little bit more in these scenarios, right, with food deflation.

I wanted to understand how B2B is behaving because it's one of the divisions in the company that's been quite resilient. Then about working capital, you've mentioned in the release that a year-over-year comparison is very difficult due to Novo, but I wanted to know if you guys could maybe give us some color on how this improvement in the cash cycle would have been even if we consider Novo in the fourth quarter.

Any details would be very much welcome. Thank you so much, guys.

I can start off here. Thanks for the question, Nicolas.

It's important because, in fact, you're right. B2B seems to have suffered a bit more in a more acute manner with everything we've been experiencing.

When we compare growth of grocery stores and independent retailers, it becomes negative in the last readings we've seen, right? Over 5 percentage points drop in volume.

When you look at the other channels, this volume is more resilient. You're right, B2B suffers with this, and there's significant penetration within cash and carry.

We are fortunate to count on a multi-channel, multi-format approach, right? You see we have over 6,000 commercial reps split around the northeast and Brazil, over 50,000 POSs serviced by us, and here we have an important force or penetration in this channel.

You can notice small retailers receiving up to 20 commercial reps. We try to extract from this channel, even in this difficult scenario we're in, we try to extract the best possible.

Despite all of this, this channel and the volumes of B2B are resilient, as you mentioned, right? That's pretty much it.

This is the scenario, it's very challenging, but I think our multi-channel approach and our expertise in servicing small retailers because our company was born as a distributor. That's when we had all of this history of retail over the past years.

Our DNA of distribution and wholesale has significant importance in this struggle to minimize this impact. This is pretty much it.

Then, Túlio, you can help me maybe with the second question about the Novo impact in working capital, if you could help that one.

Nicolas, thank you for your question, and this topic on working capital, I think is a topic that, as I mentioned quickly in the initial remarks, we've learned a lot with the guys there, and you probably remember that internally, the company has also been evolving a lot. We started to treat these topics in a closer manner.

Our cash conversion cycle used to be 115 days, now we worked in different areas with suppliers, with stock levels, and discussion on the long tail products, etc. We had many discussions, and we've been working on this journey, right?

We're super excited in keeping this journey going, right? Specifically in the fourth quarter, when we compare with the third quarter, not year-over-year, but we improve five days.

Here we already had Novo. We can give you an idea, right?

These five days of the fourth quarter are 100% comparable because Novo was already being considered in the third quarter, right? When we compare with last year, we estimate that we'll have an improvement of over 12 days, right, excluding Novo.

Here you have a important point. We know that in our day-to-day as a whole, this cash effect is super relevant.

We've been working with our teams with a complete tool set for this topic. You've already been keeping up with this discussion, but it's important to remember that the working capital topics already are part of the variable compensation indicators for the team.

We bring the importance of this to the forums and discussions, and there's a day-to-day demand and also the variable compensation goals of the managers is also measured in the set of tools for controls, and you kind of cover this topic, and naturally the topic will evolve and improve. Generally, as I really speak with Jesuíno and Sandro a lot, and I see that our big dream is to be closer and closer to the stock and bring our supplies closer.

I think this path is being gone through with an important intensity, and we've been searching for ways to bring consumers and supplies closer to stock levels, right? We know there are companies that demonstrate this, but clearly when you connect suppliers and stock, you can provide some relief and in a very significant manner.

Then you start managing the receivables topic as well. It's a topic that we're very excited about, and we know we can continue to unleash value.

Perfect, very clear. Thank you, Jesuíno and Túlio.

Hi, guys. Good morning, and thank you for this space.

I think we have two topics I wanted to explore. First, if you guys could talk about the expansion strategy for '26 and '27.

You guys have a level of leverage that's okay, 0.4 times, right? There's still space in this balance sheet, but would it make sense to keep up this more accelerated pace of openings?

If so, which channel? Or would it make more sense to focus on improving processes and integration with Novo?

I think it would be interesting if you could discuss this topic a little bit. Then just a follow-up on the productivity program.

Do you think you could quantify this a little more and understand what would be the impact for 2026? Expenses really accelerated a lot from the third to the fourth quarter, and I understood that it was a little bit related to preparing for growth that never came, right?

Is this productivity process, after it's implemented, would you go back maybe to the levels of expenses you had in the third quarter? Or do you see there's space to be even lower when you consider this?

These are the topics I wanted you guys to approach.

Great questions, Pedro. On the expansion strategy, the idea is that we should have less stores than last year, and the stores that we had are going to be analyzed closely.

We will be working on stores that are actually more strategic, and one example are the stores for the Spazio brand where we're going to expand. We'll be very careful about this.

Our focus is going to be improving cash levels and reducing debt levels. All right.

Now moving on to productivity, I can cover this, then Jesuíno will add on. On productivity, I think Jesuíno already brought the main points, the main topics.

I just wanted to add on with some different aspects here, taking advantage of your question here, Pedro, because here we have a combination of the methodology, business knowledge, and leadership. This is a very important tripod, let's say, to be able to work on expense reductions in the correct way so we don't get in the way of the operation.

What's cool about this is when we start talking and we start working on this, just to make things very transparent here, we have a committee working on this topic weekly, and this is led by Jesuíno. I think here you can see the weight of this, and so the Chair speaks weekly providing guidelines.

Leadership's role here is super important. Then along with management, everything is done together with managers.

It's not just top-down, and we compare productivities, gaps, and opportunities. We always look at our own business.

We don't want to use external benchmarks so we don't lose the identity of the business and culture. We have a very important opportunity also to look at what we call productivity benchmarks internally for each of these roles and understand what some people do differently, right, to be able to get better numbers.

Normally when you go into deep details, you understand their processes and aspects of their processes that one store does better than the other. As leaders, we need to look at the processes, understand if they're correct, and if so, we can standardize this and make it a standard operational procedure in the overall company.

Then, as a consequence, you improve productivity, and then you can save on expenses a bit. There's a rationale, a constructive process in this, and then the process becomes standardized, mapped out.

Managers, when they visit the operations and supervisors, they have this script to monitor the process, and then the topic tends to gain more efficiency with deliverable quality. Here we have a really important point on this sense.

About intensities, as you mentioned, Pedro, our idea here is not to just share guidances, but to provide a message on the importance and intensity of this. I think Jesuíno mentioned this, and this is an important guideline.

The construction of the topic gained traction really and intensity in this first quarter. Now we really believe that from the second quarter on, we'll look at the clean numbers on this topic, right?

Of course, in the first quarter, we will provide all of the necessary transparency, discussing the contract termination effects and how this intensity took place throughout the quarter. Then, of course, we'll bring the greatest level of transparency, right?

At this moment, the idea is not just to share guidances, but to say that it's a means to protect a topic that is a more challenging macro scenario topic. Because the company dedicated all of its attention to expansion in the last few years, we hadn't been looking in-house as much.

Of course, everyone looks for opportunities at a high level, right? With this intense concentration in-house and the mechanisms and participation of top leadership, and I think it's a year where we're really cleaning up and closely watching and focusing on productivity improvements, best capital allocation, and profitability.

Expenses on one side, margins on another, capital allocation, as Ilson mentioned, and an improvement in working capital. With these variables and these factors cared for, we'll really be able to go through this slowdown in sales and make a year of 2026 that is a quality year.

Just to add on here a little bit with working on numbers here, but I think to summarize, we need to say that we're already working on adjusting the company to the new reality, right? That's it.

This is where our mind's at, and with everything Túlio mentioned here, I think this helps give you a better notion or feeling of the intensity we are searching to reach.

Just a quick follow-up here, guys, but it was clear. Túlio mentioned if you exclude Novo in the base, you see an improvement of 12 days in the cash cycle, is that it, versus 19 that were reported?

Pedro, I think there's some important points because when you look at five days is already 100% comparable. When you look at 18 days, and these five days, the base was already comparable, right?

We're already working on this ever since the beginning of our integration, where our team that went to Novo already implemented a whole set of OTB structures and the GMAP stores that were already working on adjusting to this tool. Then we brought a lot of know-how in-house here, and we're able to accelerate this even more in Grupo Mateus as a whole.

To be very transparent here with you guys, in our day-to-day activities, we already look at the businesses integrated. We don't even divide what's Novo and what's not Novo.

We look at the consolidated cash levels, we look at the leverage levels consolidated, and the days consolidated communications already done, and any setting of all the data is also done in an integrated manner. Even for systems with Novo, this was a topic advanced a lot in a very intense manner.

The integration process is moving along very well, and internally, we've already kind of turned the key. We see everything from a consolidated perspective.

Perfect. Thank you so much, guys.

To wrap up our presentation today, I just want to, first of all, thank God. On behalf of Jesuíno as well, we want to thank our over 75,000 employees that are working at our stores and our operations and guaranteeing our efficiency to improve our results.

I want to thank our shareholders and ask them to continue to believe in our business. We hope to continue to deserve you guys's trust, and we want to say that we're working and focused on the operation, the strategy of the business, and in searching for efficiencies so that we can have better results.

We consider that the worst phase is over, but now we tend to reap fruits in all of the work that's been done for governance, compliance, and improving results in all of the company sectors. Thank you all so much, and I hope that we'll be able to work together in the next and be together in the next session.

Thank you very much.