Good morning, everyone. It's a pleasure, it's an honor to be here with you once again to share the results of 2025 related to the fourth quarter, and also to discuss the prospects for Kepler, for our business, for 2026.

Now, delving into the numbers, we close the fourth quarter at 398 million as net revenue, and the full year of 2025 with 1 billion 490 million as net revenue. EBITDA of 67 million for the fourth quarter of 2025 and 231.9 for the year.

Net income of 64 million in the fourth quarter, and the full year closing at 156 million. 2025 was the first year that was adverse for the agribusiness in the past 5 years.

We are very happy with the results that we are posting, very consistent results. There will be a time when we are going to put the prospect of the year of 25, 2025, and how we can compare the results to those of the last any 15 years.

We are very proud of the work all the team has been doing and the results that are being delivered. Now, discussing the business according to segments, I'm going to use the slide to talk about the year of 2025, but I'm also going to touch upon 2026.

Our vision for 2026 is very clear for the first half of the year, and the second half of 2026 will be built in the next 3 or 4 months. Now, talking about farms, we can see that the first year was very satisfying.

There was a drop of 9% in revenue, still very positive considering the environment that were faced, especially for the growers of soybeans. We saw a drop of 26% in the revenue of the segment.

As to farms, this is a scenario that we understand we're going to have in the first half of 2026. We understand there will be a retraction for the rural producers that will capped at this level or maybe even higher than that.

Now, discussing agribusiness, we can see that there was a reduction in the year of 17% when compared to farms, and a reduction for the quarter of 32%. The news is a bit different.

We made good business deals in the fourth quarter of 2025, good sales for the agribusiness based on biofuel and major projects. Our portfolio, we'll discuss more about it, our portfolio is filled with businesses with the agribusiness.

We expect that the first half of 2026 will have a growth in agribusiness. As to international business, this is the star of the year.

We posted a very important growth in international business, especially in the fourth quarter of last year. We deliver 19 growth in international business, and from 2023 to 2025, we posted 100% of growth.

We know that we grew more than 250% in our CAGR. It's the segment that grew the most at Kepler in the past few years, and there's a reason for that, because this is part of our diversification initiative.

We were getting prepared for the diverse market in Brazil so that we could go through the storm. International business is a very important pillar that we have, and we can see the deliveries very clearly.

For 2026, I was talking to the international business team today. They are together discussing their businesses, and we see that Paraguay and Uruguay are important countries to us.

They have very similarities with Brazil based on soybeans, and they have been facing some difficulties. On the other hand, we have Argentina, Venezuela, and Bolivia with a political scenario very favorable to the business.

We imagine that the first half is going to be good in terms of international business pipeline. I'm very happy if we equal the results that we posted in 2025 in 2026 after growing 100% in 2 years.

If we level off at this level, that will be very satisfying for our international business. Ports and terminals posted a important reduction.

We have five or six major projects for the year. In 2025, we were not successful to close important businesses for ports.

For 2026, we do not have major pipelines for ports. Businesses may happen in the second half of the year.

In the first half of the year, the results are going to be very similar to those previously posted, and we're going to build the pipeline for the second half. As to replacement and services, we posted excellent results, a growth of 10% in the year.

As I mentioned before, international business is a segment that grows the most, and this is part of our diversification strategy. We had similar results in the quarter compared to the previous one.

This is a business that does not getting packed by the crisis. People say, "Oh, if the client will not build a new unit, will it renovate its existing units?"

The answer is yes. If they have energy, I usually compare it to cars.

Instead of replacing only one tire, you replace the four tires and you do the balancing of the car. I would say that they are going to replace just one tire.

Because of macroeconomic reasons, we see this situation, but it shows that it has resilience when compared to farms. Now, moving on and discussing sales of the fourth quarter, we clearly see that the agribusiness has accelerated its businesses to ended 2025 with backlog orders higher than the previous period.

We present a growth of one digit, but it's still a growth, and the composition of this portfolio is very important to understand, because this is what makes us form our expectation about revenues and results. There was a reduction on farms and there are three important impacts.

First, it's very important to have this revenue stability, we see that the revenue is likely to behave very much in line with what we've had in 2025 with one-digit variation, maybe negative, because agribusiness projects, even though they are part of a major backlog, the agroindustry projects are longer when compared to farms that would last from 3 to 6 months. It's a long-lasting portfolio, and it puts pressure on profitability.

We know that the greater the project, the greater the pressure from the purchaser. Today, we see that there will be a pressure of 2 percentage points in the gross margin of this portfolio that we formed for 2026.

This is the snapshot that we currently have. I'll turn the floor to Renato for him to discuss our financial results.

Good morning, everyone. It's a pleasure to be here with you and discuss our fourth quarter of 2025 and also the 12 months of 2025.

As we have mentioned in the latest quarters during the calls that we had, we had a very challenging year for the agribusiness sector in Brazil, but the results that we deliver are very satisfying considering the macroeconomic situation that we are facing this year. In the fourth quarter of 2024, we delivered EBITDA of 82 2.1, or at 17% when we compare the quarters.

It's important to mention that our production costs, our COGS as a whole, manufacturing costs, manufacturing efficiency stand at excellent levels. We have to look at price.

Pricing follows compressed situation because of interest rates and scarcity of credit. There's little credit, the credit is very expensive, and the commodity prices dropped a lot along the year, and they continue to be pressurized.

It's important to mention that everything at Kepler that is bringing in efficiency is being considered continuously. We've been doing this, but there is the pricing that suffered along the year.

Something that we also mentioned along the quarters is our efficiency of SG&A. We saw that in the fourth quarter we had efficiency of 5.6 million in SG&A.

It minimizes the inflation pressures and reduces 5.6 in relation to the fourth quarter of 2024. These are numberless actions that are being implemented.

The lean office, something that's very vivid at Kepler, we invested in system at the company and we have better operating system as a whole, and we have worked hard on non-quality costs. We have been reducing the costs, and this affects the sales line.

In the fourth quarter, we had 11.4 million that came from other operations, and we see the benefit on the result of the EBITDA. It's important to mention here that this comes from tax credits that have been recovered from previous years.

It's important to mention the dynamics of Kepler. In 2023, we had something very similar with that in 21 and 20 as well.

Something similar to that also happened, and this is important to show that the company perceives the opportunity out there. It's a very conservative company from the tax viewpoint, and when we see opportunities to recover credits, extemporaneous credits, we take the chance.

We had a drop of 19.6 when we compare the millions of EBITDA that we had in 2024, and we ended at 232. Explanations are very similar that we had for the fourth quarter.

As for SG&A, the behavior has been very well-controlled, because otherwise the portfolio would grow 15%. That means the SG&A as a whole drops, and the sales line rises a little because of the investments that we had with Procer.

Here, we see the impact of gross profit of 120 million. All the drops are concentrated in gross profits that dropped, and I would also to mention that the operating costs of the company, COGS, have been worked on.

They are very effective, and we have prices that have been pressurizing the gross profit. When we look at the snapshot for the year, we had 23.3 million of recoverables in other operations, and also coming from tax that were recovered along the year.

Now, when we look at the capex of the company, we see that there was a growth in this year when we look at capex, from 48 million reals to 71 million reals. This is a growth of 50% that we posted, and I would like to stress two points.

First, ours is a company that has the privilege of having a good operating cash generation. Our business generates cash.

Our business has solidity and a health that allows us to manage to invest even in challenging moments, and we invest in capex that is important to the company. Another important point for us to mention is the following: the quality of the capex that we are using.

We grew a lot in new products. New products nowadays account for 21% of our investments.

In other words, the new products are going to be future revenues for the company. It's a capex that's been used by the company for the future.

Now, speaking about the fourth quarter, we invested 50% in IT systems that the company has been investing in. Basically, on January the 1st, we shifted to SAP S/4HANA, in addition to CRL, and also we have been investing in structures that will bring a lot of efficiency to the company in the future.

The important point for us to point out is that the company continued investing in the future. We continued investing in new products, technology, which are all relevant for the future of the company.

Now, talking about ROIC, we can see that our ROIC has grown when compared to the third quarter of 2025. The ROIC stood at 21%, and at this moment, it stands at 23%.

I believe that if you compare the dynamics of the market in Brazil, and especially in the agribusiness, we're not likely to find companies that are returning cost of capital. Kepler is one of them.

Kepler returns its cost of capital. The ROIC stands at 23%.

Of course, clearly, it dropped in relation to 24, but it's a ROIC that is kept at a very high level when compared to our market peers. This is something we're very proud of to maintain the ROIC above the cost of capital.

Now, talking about the cash now, we started from a 364 cash level, and we ended the year at 360 million in relation to the whole year. Before getting into details, we'd like to say that the company paid 145 million in dividends along the year, 70 million in relation to 24, 75 million in relation to the year 2025.

Notice that we accelerated the payment of dividends in the fourth quarter of 2025. We had a cash of 364, we had a adjusted result of 75 million.

We invested in the working capital, considering that the fourth quarter is a period when, because of the seasonality, we have more sales concentrated in the fourth quarter. We did the necessary financings, causing a great impact on IT.

We made payments of financings at the level of 17%, and we were able to pay 50 15 million in dividends along the year. When we look at the cash regimen and we look at a profit of 150, but we paid the highest payout in the last years of the company.

We are very proud of having and showing the numbers. Last year, we paid 70%, and this year, we paid 94% of payout this year.

I turn the floor back to Bernardo for him to continue the presentation. Thank you.

Excellent, Renato. Thank you very much.

This image that you see, we know that we are working in a cyclic market. This is biblical.

We have all this in history, 7 years of plentiful and 7 years of drought. That shows how we behave throughout the cycles.

If you do not know the cycle, in orange, you see the price of the soybeans in bushels in dollars, right? In gray, the gray bars represent the EBITDA margin of Kepler in different years.

We have Selic interest rates, the average of the interest rates, Selic. In green, we have the Brazilian crop of grains.

It's very impressive when we look at the numbers. In 10 years, it jumped to 200 to 350 million tons.

Storage deficit that is represented by the percentage that Brazil managed to store of its own crops. It moved from where we stood at 81, 83 capacity of storage capacity, and we stand at 64% as storage capacity.

Why do we show this image, this graph? Because we'd like to share with you, and this is also used for our own analysis, this shows how we behave when we compare apples to apples.

If we look back 2016, 2017 was a moment when the market conditions was very similar in terms of interest rates that stood at 15 or 16%, very similar to what we have today, and the commodity prices were also very similar to what we have today. Kepler had negative margins at that time in EBITDA, and now we stand at 15%.

That clearly shows that the strategy that we have adopted in the past 10 years with diversification and international business, we can see that the management has been very efficient using the lean culture. We also see that there is demand for storage capacity.

Even though there is a challenging market, but there is the need for storing the grains in Brazil. This is something that is going to be constant, is going to maintain in Brazil.

It's not going to be left behind, and this helps us sustain the results even in a tough scenario. We are going to share some other perspectives, but I think this is something very important for us to share with you.

This is also a slide that we usually show on the calls, but with some updates that reinforces our core. The first point of our investment thesis is the following: even though the agribusiness is facing difficulties, we know that this is the best business in Brazil.

This is the only business in that Brazil is competitive across the world. We have been working with this agribusiness for 100 years, we are very happy to be part of the agribusiness.

The storage deficit is going to help our products to be demanded for the next 20 years. There's no other option.

Considering our investment thesis, we can see the industrialization of the agribusiness in Brazil. Brazil is the champion, the protagonist to feed the world.

We have seen the transformation in the past few years in relation to the industrialization because of biodiesel, soybean biodiesel, and biofuels. Many businesses has been closed with São Martinho, B8, and Cocamar, important businesses associated with the industrialization of the agribusiness.

As to strategy, we talk about the diversification. We put the eggs in different baskets.

Our focus is on international business that in 2 years, we grew by 100%, and it brings resilience to our business. If corn, soybeans, and rice is not so good, we see opportunities in other countries, Venezuela, Peru.

That would bring us resilience and that would make us stronger. R&S has been growing as well.

It grew by 10% in 2025, and this is a very important gear in our business. When we talk about R&S, we also include Procer that in January reached 25% of the connected capacity in Brazil, so that means more than 75 million tons are connected.

We keep on moving, keep advancing, connecting logistics companies, tradings, insurance companies, and we are beginning the universe of generating value by using the data coming from this connection with Procer. Renato mentioned G&A.

We have been able to reduce G&A. We are reaching the highest efficiency in a moment of adversity that we are facing.

It's a very important moment to look at the costs and look at efficiencies across all processes without neglecting the relationship we have with the clients. We're going to talk about all the efforts that we make to have a good relationship with the clients and providing services with excellence.

This is a new graph. This is the first time we're showing you in this format.

It shows important that is provided by Cogo Consulting firm, and this graph is better than a thousand words. This is what it shows: the bars down below show the revenue of an average grower of soybeans in Mato Grosso.

The gray bar are the production costs, and the black line is what is left, the net income of this producer. This is what we see when we look at this graph.

What is interesting to see and share with you. The first thing that we immediately see is that it's something cyclical.

In 2010, 2015, we faced the moment of good profitability, 34%. There was another tough moment in 2017 to 2017 with profitability dropping to 15, 16%, and we had this moment that we faced after the pandemic, which was spectacular for the agribusiness.

It's very clear. When we transform numbers into an image, we can see that today the scenario is really adverse.

It's very hard for the grower. This is where we are, at 2% of net income.

People say, "Oh, it went back to the levels of pre-pandemic." No, it's much worse than that period.

Pre-pandemic levels stood at 16%, and now we are at 2. There's not much being left for the grower to invest in the chain or to bring oxygen to the whole chain.

These are the messages we would like to convey: we are facing an adverse scenario, '25, '26 are adverse scenarios. We're going to say what we're doing about this.

There's another message that we would like to convey to you. The thing is that this is cyclic.

I've been in the market for 40 years, since when my father decided to be a grower. We know that better days are about to come, and when we see the previous slide, even in a tough scenario, we have been able to generate cash and make good investments in our company.

To provide some numbers of where we are and what to expect for 2026, we did a very simple exercise. We considered the main crops, which are soybeans, corn, and rice.

This is the annual production, soybeans in 2021 stood at 140 million, average price 170 reals, the revenue, the gross revenue, and the net income based on the margin that we saw in the previous slide. We do this exercise, this calculation along the years, considering the main crops, and the result, when we come to the bottom line, we see that there was a very important drop from what we saw in '21 and '22.

Also consider what we saw in the past. This is the current scenario.

The agribusiness chain, considering the main crops of corn, soybeans, and rice, account for 20 27 billion reals. This is what they have for investments, and that would include everything: purchase of machinery, tractors, opening land spaces.

The investment amount is much lower, without a doubt. This is what we understand.

Looking at the storage deficit and all the damages that the lack of storage capacity, we understand that there will be a prioritization for storage. We see that there will be less investment in opening land areas, and they are more likely to look at where to store their product.

This is my last slide before we open the Q&A session. This is a little bit about our focus.

We know that it's going to be hard to play this game. We understand that in any sport you're going to have a hard competitor, we have to raise the bar of the game techniques.

When we go through a storm, you do not turn off the engine, but you cut the fat. You're getting ready to go through this adverse moment.

We are cutting costs whenever we see some fat. In 2025, we had cost reduction in processes, and we also had lots of engineering initiatives to reduce the product costs.

This is something which is going to continue in 2026, and we have already seen the results in January and February. We're also going to reduce the costs in guarantees.

We have more than 270 projects in Brazil, and we understand that problems will happen at any project, and we're trying to be as efficient and as organized as possible so as to reduce the cost with those guarantees. We reached the number of 9 million, we are going to continue to see reduction in the first half of the year, and also in relation to G&A that Renato has mentioned, we will reduce the inflationary pressures.

Whenever we can make cuts without damaging the business, we're going to go for that. Now we're going to strengthen our relationship with the clients.

We're going to get ever closer to the clients, projects such as insourcing part of the field assembly. This is part of the project, and then this will increase our operating efficiency and also our revenue.

Also focus on R&D. We can see the results that we made in R&D in the past, and this is part of the capex that was discussed by Renato.

We use a metrics. We say, "What is our sales of the products that were launched in the past 5 years?"

We see that there was an evolution from 3 to 12% in this metrics if you compare 2023 and 2025. The new products are helping us in a moment when there's a natural retraction of the growers, we are being able to capture more value from our current clients with this expanded portfolio.

This is an area where we keep on believing, and we're keep on investing in 2026. As to the commercial strategy, we think, what is the focus?

The news say that agribusiness is in crisis, but there are niches of prosperity. There are major biofuels projects that are already being implemented.

We have major projects for 2026, and this is where our focus lies. We have emerging crops in the agribusiness in Brazil, to mention some: canola, sorghum, sesame, even at a lower share.

These are productions that are growing by 50 or 100% in the past 2 years. We are talking about new demands, new products, new processing units of sesame in Tocantins, for example.

This is something we're doing just now, and we see them as business opportunities. We have a focus in a more adverse moment.

Our focus in the commercial area is to defend before expanding. We're going to defend our client base before expanding, so that we can have major and more important growers and cooperatives.

We want to be very close to them, renewing the portfolio when necessary, using cross-sell, upsell, expanding within our existing clients. 70 70% of our revenue are the ones that have already purchased from us.

The emphasis on value propositions. In a moment of crisis, clients also want to reduce their operating costs.

They want to reduce labor costs in their units, and our work, our engineering has a focus on reducing the labor. For example, for the drying process, we can reduce 70% the labor used, or we can increase 70% of the operators in the drying operation by using our equipment.

Our sales are founded in this fast ROI and reducing the operating costs. As a final remark, we understand that crisis is the moment of discipline and focus, and not retraction, not downturn.

This allocation of capital nowadays will make Kepler even stronger for the future. Thank you very much.

I think now we can open the Q&A session.

Hello everyone, Bernardo, Renato. Thank you very much for taking my question.

I have two questions on my side. First, I would like to talk about the the core segment of the company.

Everything has is very clear after Bernardo explanation, all the difficulties that and the micro actions of the company, but I would like you to talk about the gross margin. In addition, the lower volume, I think the margin has already being affected in the fourth quarter.

When we put them together, farms and agribusiness, it amounts to 18.5. How have you been discussing pricing with the clients?

I imagine that is an important variable for you to control volumes. How can we see this behavior for 2026, considering this order backlog that Bernardo mentioned in the beginning of the call?

I think it's important to understand the trajectory of revenues and margins. We would like to understand how have you been discussing pricing with the clients.

My second question: the results of the fourth quarter somehow would influence by helping or by disturbing somehow the negotiations with TP3? I think you extended the period of discussion.

I don't know if there's a direct relationship with the day the moment when you release the results, just for me to understand if there's an influence in a negative or positive way, all the discussions. Any update for the next steps in the agreement would be good for us so that we can get an update about the topic.

These are the two questions I had.

Thank you, Kiefer, for the question. Good morning.

Now, answering the first question in relation to the gross margins, especially farms and agribusiness, we have posted a drop about 5 and 6% along the year when we look at those segments in a segmented manner. As I mentioned before, this is a result of the pricing effect.

This has not much to do with COGS and the manufacturing costs. It's basically focused on pricing.

Basically we have been pressurized by our clients who have difficulty to obtain credit. Sometimes, the credit tends to be more and more expensive.

Agribusiness used to have structured operations, CRAs and LCAs, that are now very segmented and not so much available for the operations. We see pressure on farms of PCA, which is very low when compared to the previous year.

In addition to that, the spot interest in the market is very high, so that would make the purchasers to have more pressure, additional pressure. That's result of the macroeconomic scenario, in addition to the price of the commodities that also pull the prices down.

This is the main point. When we look at 2026, we understand the scenario, especially for the first half of the year, is very similar to what we saw in the end of 2026 when it comes to margin, and we also understand that there is a small negative fluctuation among 1 and 1.something percent that could generate some impact, especially as a result of the mix.

When we look at the share of agribusiness, it tends to be bigger, as Bernardo mentioned, but this mix would affect the gross margin of the company when we look at the whole image. Would you like to add anything, Bernardo?

Kiefer, I think everything that Renato said is perfect. In an environment where you do not have so many businesses on the table, the competition tends to be higher, and that also impacts international business.

When we look at Paraguay, Uruguay, and even Argentina, the players, Brazilian players, account for more than 70% of the business of storage in Paraguay. They're Brazilian businesses, and this is something that we also see in the neighboring countries.

Now, going back to your country, I forgot to answer about fourth quarter. If the fourth quarter would impact the negotiations, I don't think so.

This was an expected result by the market. If there's any impact which is different from what the market expected, but the fact is that we delivered results which were very similar to what was expected by the market.

Can I add to that, Renato? I think it's important to say that since the beginning when we first received the proposal with GPT, our focus is on the company and on the implementation.

We would not do anything that would decrease our focus from our daily activities of clients, cost reduction. Life as normal is being followed.

We have done everything in a very professional and clear way, and we have been preserving Kepler, and all those negotiations are going on. We were cautious in enough to be focused on our business so that 2026 can be as good as possible.

Very clear. Thank you very much for the answers, and have a good day.

Good morning, Bernardo, Renato, team, and thank you for the opportunity. I also had two questions on my side.

The first question is you have already explained the dynamics of the two segments of agroindustry and the segment of farms, but I would like to understand a little better if you could provide more detail about the growth and the prospect for those two segments for 2026. As to agribusiness specifically, I would like to know if there's a specific segment that has been surprising you in a positive way along the year, and what you expect for 2026.

My second question is about the growth of international business. You mentioned about expanding to Bolivia and Paraguay to implement larger projects that are described in the release, and also the segment of replacement.

I would like to understand your prospect for this year, and if you could give more details of what you expect so that I can understand in more clear way all those projects, and what you expect to happen in 2026. In other words, more details about agribusiness and farms, and also the prospect for international business and replacement.

Great, Guilherme. We need 1 hour to give you all the details.

We can schedule that. To give a brief answer, but also answering the questions: as to farm and agribusiness, we have a portfolio and a sale pipeline.

These are different things. We have the retraction that's going to continue in the first half of the year.

Farm has had a downturn, and major farms are the ones that are purchasing. That's Bom Futuro, Maggi.

These are more structured clients that have different ways of getting finance. The grower that we would consider to be average grower, medium grower with 5 hectares, 5,000 hectares, they are more retracted in general way.

Talking about agroindustry, agribusiness, the demand is very strong for biofuels, corn ethanol, which is very competitive. We have been this very very successful.

When compared to sugarcane ethanol and wheat ethanol, and also as other terminals, as we see with B8 and biodiesel with canola and soybeans. We had a good business with Cocamar.

We were the winner. There are new products that were launched in 2025, and we have a very important pipeline in the south of Brazil for new products for biodiesel.

In addition to the soybean and the canola project. For agribusiness, biofuels would be the main focus.

There are new crops to be considered, such as sesame, which is growing by more than 100% in the last 2 years. We see in sesame an opportunity for processing industry, and also for exporting this product.

This is part of the package that we refer to as industrialization of agribusiness with new crops. I made some comments about international business.

I talked to the team this morning, and what is essential for our strategy is to look at this. We had record revenues.

We hope to maintain this level, and we are going to be focusing on the countries that are improving their situation in the political and economic views. Argentina, Bolivia, and Venezuela would be those countries.

We have a major focus, and there's a lot of optimism. When we talk to our Paraguay and Uruguay representatives, they think like us.

They also feel the pressure for margins. When we talk to the representatives of Bolivia and Venezuela, we see that they are more enthusiastic.

That comes from lower interest rates and a more favorable and stable macroeconomic scenario. The expectation in summary for international business is that if we keep the level that we reached in 2026, the results will be satisfying, good, positive, and this is something that is reachable.

In terms of replacement services, as mentioned, there are some disadvantages, some difficulties. There's a bad humor in the agribusiness, so that would keep the investments down.

The nature of replacement service, on the other hand, is more constant. There are problems that will happen, more than 10,000 units, storage units, across Brazil of Kepler Weber, and they need maintenance.

Whenever there is a problem at the unit, it cannot stop, you have to do the maintenance. There is a high level of consistency, and in R&S, we have an equipment called the Seletron, which was an acquisition that we purchased 4 years ago, a piece of equipment that is being used in the segment of seeds using Seletron.

The grower is trying to optimize the product, investing in quality, investing in equipment such as Seletron that does this function of using optics to improve the selection of grains. This is part of the mix that we have with R&S.

We know that our mission is to reach the digit, the team knows that. If we have high digit level in R&S, all will be happy as well.

Very clear. Thank you.

"Could you make some comments about the evolution of the initiatives of the company to expand the operation in [cavan?] , coffee, and seeds?

What's the current view of the company to those markets? The capex in new products contemplate those initiatives that I mentioned?

Thank you."

Guilherme, hello. I talked a little about seeds beforehand in the previous answer when I mentioned the Seletron equipment.

We've been starting operating in the seed segment with different clients, more industrialized clients, and the processing of those seeds using Seletron. If you don't know the equipment, go to our site and get to know it.

It's a very modern equipment using artificial intelligence, and it has the capacity to read the seed damages. We had more than 50% growth in the sales of the equipment, and this was driven by seeds.

So, 54% of this growth was focused on seeds. The R&D, we work so that we'll continue developing it.

There's also M&A possibilities. We do not discard this possibility.

We haven't talked about that in the past 3 years, but this is something that we can discuss for coffee and for seeds. We have the classic storage for coffee that is migrating from bags to bulk storage.

The largest exporter of coffee in the world is Cooxupé in the interior of Minas Gerais state, and we have been trying to use selection machines also to be used in the coffee production. Nowadays, we have no initiatives related to coffee for the company.

The last question you asked was Oh, about the capex. In general terms, capex is invested in the most classic business: capex in the drying process and generation of heat and drying of grains, and also optimization of our silos.

Capex is more focused on our core at this moment.

"Congratulations on the resilience on the results. I would like to know what's the capex dynamics for 2026 in terms of level and focus.

Thank you."

Thank you, Tadeu. Good morning.

This capex was 71.2 million, this is about 4.7, 4.8 of our net income last year. We had a capex of 47 million that would account for 3.1, 3.2.

We understand that capex dynamics for 2026 is likely to stand around the 3 and 3.5 of our net revenue, a little below of what we had in the previous periods. '25 showed a relevant impact with the cost of SAP, which is a one-off cost, and this is not likely to happen this year.

How are we going to segregate for this year? It's going to be segregated in the main players of our capex, which is supporting, modernization, and new products.

As we have mentioned, we have been investing a lot in new products because we understand that this is a essential investment, because we're investing in the future of the company. We are likely to maintain the way it is.

As Bernardo mentioned, 12% of our products were developed in the past 5 years. We tend to follow the same path.

Capex is going to be a bit lower than what we had in 2025, and the three main pillars would be supporting, modernization, and new products, considering that IT will have an important impact, but not as large as the share that we had last year.

Thank you very much for the time you took to be with us. I have some final remarks to share with you.

In 2025, and also in 2026, we know that the cycle is more adverse. We were expecting and we got prepared for the cycle.

When we started with R&S 10 years ago, when we reinforced our international business, when we focused on developing product that would increase revenue had a purpose knowing that the 2023, 2022 would last forever. We knew that this adverse cycle would come to happen.

Some analysts asked about what to expect. They said when there's a downturn in business, the answer was we're going to be ready.

We show that we were ready in 2025 before a tougher cycle, a more adverse business cycle, and the same applies for 2026. 2026 is going to be hard to play, but we're ready for it.

We're going to raise the bar even more in terms of efficiency, professionalism, and we're going to be winners, and continue being the investments in the future of the company. We are going to go through this cycle.

Our focus is in the implementation and efficiency and also in integration of the company, focus on the client. Commercial, planning, procurement, plants, logistics, everything is well-aligned.

We are all focused in meeting the needs of the client in the most efficient manner. I would like to thank you so much, my big thank you.

I'm very proud of my team. Thank you, Kepler Weber's team, and thank you so much for being together with us so that we can face 2026.

I would also like to thank for all the trust the more than 2,000 clients worked with us on major projects, projects which are very significant. I would also like to thank our 73,000 shareholders.

We work very hard to honor the investments you've made.