Thank you, Samantha, and good morning. I would like to greet all participants.

It is great to once again have all of you here. Let me briefly go over this agenda.

We are going to go over to the highlights, and then I'll turn over to Sergio and Eduardo. Daniel Brasil will talk about some market overview and also revenue.

We are going to talk about sales performance, financial management, and finally we'll open for question and answers. As Samantha mentioned in the beginning, today we'll have myself, Daniel, and Sergio Sá and Eduardo.

Now, I will turn over to Sergio Sá, Chairman of the Board, for his comments.

Thank you, Claudio. Good morning.

It is a pleasure to be here with you today. After over 9 years, I'm no longer a CEO, but the Chairman of the Board.

I am here to tell you about the transition process that I'm going through and consequently Eduardo Spilla, who's taken over as a CEO. We planned this process.

You saw that in some communications to the market. The succession process started about 5 years ago.

Back then, we realized that Eduardo was a good fit. He has a lot of experience in this market.

Until then, this was more related to his experience in OEM. He worked in operations in different aspects of the business.

As part of our succession plan, Eduardo Spilla was also engaged with the aftermarket section of this company. I'm very pleased with this succession process.

Once again, the company shows the market how it operates. We are a company that is constantly focused on a good structure and anticipating ourselves to future moves.

Over the years, this was in a publicly communicated process, but lately that has ultimately led to my replacement and Eduardo taking over. I would like to thank the Mahle Group for nominating me to the Board and then as a Chairman of the Board.

I will keep working for the company, doing my best. My focus now will be less operational and more strategic on the directions that the company might take, together with Claudio and with Eduardo.

That's what I had to share with you. Now, I will turn over to Eduardo.

Thank you, Sergio. Good morning.

It is a pleasure to be here with you today. Let me tell you a little bit about my background.

Sergio introduced me, but very briefly, I would like to give you more info about my background. I graduated in mechanical engineering and was specialized in finance, and I've been working in the automotive market for over 20 years.

Started in sales, then moved to operations, and I joined the Mahle Group in 2017. My first position in the company was the leader as a restructuring process, and after 4 years, I might not know that I was expected to succeed him in 5 years' time, but after 4 years, I was transferred to the aftermarket unit where I worked for about 3 years.

I was invited to move to the US to be the leader in aftermarket business in North America, and I was also part of this restructuring process that lasted until 2025. Then I returned to Brazil, and I started this transition process with Sergio, finally leading to the taking over the position.

My goal for the future is to give continuity to the legacy developed by Sergio in the past years, strengthening governance, sustainability, and following the discipline in executing processes to ensure the resilience of results. Now, I would like to turn over to Claudio, who is going to talk about market highlights.

Thank you, Sergio. Thank you, Eduardo.

I wish you success as the Chairman of the Board. This is crucial for us to give continuity to the strategy that we have developed in the past years.

Eduardo, you should count on us whenever you need. This is going to be a difficult year, as you can see on the screen.

Here, you have some headlines, and some are positive, some not so much. They show the unpredictability, the lack of predictability.

We do not know what we'll have in the future. I'm not going to cover all the headlines that you see on the screen, but we see a movement of deceleration, reduction of the Selic rate.

In the Focus report of Brazilian Central Bank, there is a projection of a potential drop to 13% at the end of the year and an escalation in inflation. Today, inflation is at 4.14%, but the Central Bank expects it to reach 4.9% until the end of the year.

During my presentation, you'll also see several highlights and either provided by myself or by Daniel with some exchange rate variations. This positive result for us, despite the negative results you've seen so far, but the debt that we've had for follow-on and also to pay dividends in 2023 connected to export contract.

The exchange rate variation we've seen has an accounting effect. It's not doesn't have to do with a cash operation, which is normal in any operation, in any company.

As we mentioned in the last call, this accounts for 50% of the funding, we expect payments to be pushed forward during this year. When this debt is settled and when we receive payments from exports, this exchange rate variation might be positive and also the interest rates going to be very low.

Overall, the dollar exchange rate is at 4.93, euro at 5.79, below what we had expected. Everything is uncertain because this is an election year, we cannot state that these figures will remain or that this reverse trend will be maintained in terms of exchange rate escalation.

This is an overview. We usually show a map of South America with our facilities.

Most of our production plants and the technology service and service center that is the shared technology and service center located is located in São Paulo. Except for the plant that we have in the south of Minas Gerais State, we also have one aftermarket site and a production site in Argentina, with a sales office in Panama.

Differently from previous quarters, we are all I just like to say we are close to the main highways of the São Paulo State. As for revenue, you've already seen that we had a total sales of 1.3 billion, and this is a significant evolution overall in my opinion.

Of course, there are positive and negative aspects that will be described by Daniel, but in a quarter variation from comparing '25 to the first quarter of '26 of 0.8%, our gross margin was interesting at 27%. Some of you may have seen in the analysis that have been previously communicated that there is a small retraction.

Part of this retraction, maybe most of it actually, does not come necessarily from a deterioration of processes. Basically, an impact of the exchange rate variation that would explain a drop in the gross margin.

As you observed, as you can see the bottom line of the report, we have a positive exchange rate variation of the financial operations, which not just offsets, but doubles the positive impact at the end. I would like to start and then I will turn over to Daniel if he needs to complement anything.

We want to share with you the main highlights, not necessarily reflected today in profit and loss, but these are important movements of continuity, expansion, or maybe moving towards new lines. We will talk about launches that were made at Mahle Metal Leve in the first quarter of this year.

As communicated in the press, in our Investor Relations site and on LinkedIn, we have the Mahle ChargeBIG launch. This is a charging solution installed in Europe.

There are over 3,000 charging points in Germany, Switzerland, Spain, Italy, and other countries. It was launched in the city of Jaguariúna in the end of March, and that reinforces our strategic positioning by introducing an innovative charging solution of electric batteries in Brazil that aligns us to global trends of electrification and sustainable mobility.

This initiative also strengthens the reliability of our company and consolidates our position beyond the combustion market, and we are now taking a leading position in solutions for electromobility. We also inaugurated a global competence centers for air conditioning compressors in the city of Jundiaí.

20 benches were part of this launch, and this is very interesting. We are taking a movement a little bit contrary to other industries in our segment, multinational companies in that case.

Mahle Metal Leve is expanding and not reducing its research capacity. We had two technology transfers, one of them we already communicated in another earnings call.

One of them is the competence center filter test to the US. We sold that to North America, and that competence center also helped us developing products locally to potentially serve our customers in the region.

Now this year, we opened the Global Competence Center for air conditioner compressors. Mahle is the only producer of variable compressors in Brazil.

This inauguration positions us as a world reference in development of compressors, and it makes our positioning as a technology leader in this segment even more important. Also, we had the Assobravis Award, and Mahle was received a award as a reference in the aftermarket sector.

That was award given by us by the [Iare Auto Partes?] in the promote Lauto Group.

Daniel, would like to say something?

Thank you, Claudio. Good morning, and thank you for attending Mahle Metal Leve's earnings call for the first quarter of 2026.

If you have more questions about those three highlights, about the Mahle ChargeBIG or Global Competence Center or the Assobravis Award, of course, we can tell you more details about that during the Q&A section. Claudio talked about the importance of electromobility.

Mahle is using its global portfolio. We have access to these technologies, and this is why we introduced this solution to Brazil.

It is quite an innovative solution with six charging points for vehicles and in one hub. This is an innovative solution to charge electrical and hybrid plug-in vehicles.

As to the Global Competence Center, America's filters already been transferred to our tech center in Jundiaí. We are consolidating our abilities using the Global Tech Center of Mahle, which is also a hub with the global center of biomobility.

This is important not just for a region, but also globally. As for the Assobravis Award for aftermarket, that shows the leadership of the company in such an important segment for our company.

Next slide, please. Here, we see an overall details of production and sales of vehicles, comparing the first quarter of '26 with the first quarter of '25.

In light vehicles, we had a 15.5% increase in sales in Brazil, which accounts for more value vis-a-vis 2015. It was a very positive quarter.

April is not included here, but also was a very good month of sales because of promotions. Carmakers are making promotions also using a lower interest rates.

Also, new launches have leveraged the market, and also tax reduction. Now we have lower tax rates for sustainable cars, so that segment also accounted for a significant growth.

The overall perspective of Anfavea for 2026 is a 2.8% growth in sales. We believe that our figures are going to be even higher than that, given the very positive beginning of the year.

At Mahle, we expect to have a 5% increase in light vehicles in Brazil. In Argentina, the situation is different.

There was a 12.2% drop in sales because it's a more challenging environment with structural challenge. The sales of light vehicles in Argentina last year was very positive, the comparison basis is higher.

Also the purchasing power of Argentinians has been reduced, we expect to have a 10% drop until the end of the year. Brazil is kind of making up for the losses in Argentina.

The combination of Brazil and Argentina combined with a 10% increase in sales, and we expect to have a 2.3% growth in light vehicle sales until the end of the year, a significant growth. Now talking about production of light vehicles in Brazil, there was a 7.4% increase in production.

Anfavea projects 3.8% until the end of the year, and we are aligned with this perspective by Anfavea. We expect to have a 4% increase in light vehicles production in Brazil.

There is a lower number in production than in sales. We have more imported vehicles.

Chinese brands are importing a lot of their vehicles, this is why we see this difference between sales and production. We also have a full return of taxes.

In January 2027, we'll have 35% of imports taxes, which is lower. Taxes have been reduced to bring new technology to the country.

We also have a schedule for return, we expect that to be 35% as of January 2027. In Argentina, there was a 19% drop in production, again very challenging, and we expect production levels to be reduced by 5% to 10% until the end of the year.

Combined, Brazil and Argentina have had a 2.9% growth in the quarter also because of the Chinese brands, and the Chinese companies plan to produce their cars in Brazil. Several of these carmakers have already announced opening production sites in Brazil.

Some of them already have their sites in Brazil, while others have just smaller plants. Of course, this movement will depend on the local production of Chinese cars in Brazil, because in the meantime, they're just bringing imported cars.

For the quarter, we had a 2.9% increase, and we expect by the end of the year, we will have a 2% to 3% increase in production. Positive results for the light vehicle market.

As for heavy vehicles, trucks and buses, we had a drop of 20.8% in sales. The Mover program in Brazil had subsidized interest rates for the acquisition of trucks that is not reflected in the numbers.

R$10 billion were made available for subsidies. It was fully utilized until the end of the dates for that.

It was a program that would be open until May, but it has already been finished. Now the government has announced Mover Brasil 2 and the continuation of the Mover project with R$21 million, R$14 million billion from the Treasury, 6.7 from BNDES to buses, and 2 billion to million to autonomous drivers.

They have up to 12 months to start paying this loan, and also for autonomous drivers, a lower interest rate. Those interest rates range from 14.2% to 14.9%, and for autonomous drivers, interest rates will range from 11.3% to 12.4%.

Selic rate is much higher than that. It has been reduced, but still higher than that.

We expect more positive results for the second half of the year once this incentives reach the market and the fleet is renewed. We expect a drop of about 5%, and Anfavea expects a drop of 0.5%.

We might be positively surprised with improvements in these figures with this new program. We might have similar results as we had in 2025.

We need to keep following that to see if the government incentives will have leveraged the market. In Argentina, there was a growth of 3.7% in sales of buses in the quarter, and the combination of Brazil and Argentina has led to a drop of 17.4%.

As for production, we had a 14.3% drop in Brazil. We expect to close the year at minus 5%, while Anfavea expects this market to grow by 1.4%.

As I mentioned, that might be different and better depending on the results in the second half of the year. In Argentina, the growth total 30.2%.

We expect to close the year at 20% growth, and the combination between Argentina and Brazil, a drop in 12%, and we expect to have this drop of 4% to 5% until the end of the year. Next slide, please.

I'll just like to mention that there is the Mover agricultural program. At Ribeirão Preto, there was a Agrishow, one of the largest exhibits related to agribusiness in Brazil or in Latin America.

This agricultural Mover program was just announced by the Brazilian government, R$10 billion with very attractive interest rate. There was a drop in intention of new businesses, 20% compared to last year in the Agrishow fair.

That reflects the retraction in the market, not just the retraction in the truck market, but also in agricultural equipment. Mahle was present at Agrishow fair, and we had a booth there.

We had not been present since 2019, we had our full portfolio in powertrain, filtration, thermal management. That makes our strategic presence stronger in this off-road segment.

This is a movement that the company is making to diversify its business. We have new segment to offset the problems we're having in light vehicles, especially because of the Chinese brands.

We need to still understand whether Chinese brands are going to localize their production in Brazil. We are working closely with Chinese carmakers.

They asked for some quotation. The off-road segment in heavy vehicles is a segment we're interested in.

We want to increase our share in this segment to increase the company's resilience. Now let us talk about the North American, Europe market.

This is where our company products are exported to. In light vehicles, for the quarter, we had a drop of 1.8% in our production for North America.

Our comparison basis is higher because last year, you might remember that there was an increase in the rates imposed by the American government that has led to a race for acquisition of cars. This is why to have a negative results in this quarter.

We expect that by the end of the year, we will have a minus 2% result in production for North America. In Europe, we had a 2.8% drop in the production of light vehicles.

We are also impacted by the increase in imported cars in the European market. Again, Chinese vehicles being taken to Europe.

We had a 4% increase in sales of vehicles in Europe, but in terms of production, we had a negative impact with a 2.8% drop. We expect to close the year with a 2% drop.

If we combine Europe and North America, we had a 2.2% drop in the quarter, and we expect a 2% drop until the end of the year. For heavy vehicles in North America, we had a 3.1% increase, and we expect to have a 13% growth in the year.

In the previous quarter, this expectation was 7%, we have more positive expectations now. In Europe, currently, there was a 3% drop in the quarter, and we expect to close the year at 5%.

Combination of Europe and North America, 0.1% of growth, and we expect to close the year at 9%. Last year, we had a significant drop in the heavy vehicles segment both in Europe and in North America.

The company had a significant share of this market in the heavy vehicles, this recovery of that market can help us in our sales, too. Now let me tell you about the evolution of the net sales revenue.

In the first quarter of 2026, we had R$1.2 billion, a light drop of 0.8% in our net sales. We had a negative exchange rate impact of 3.7%.

If we take that separately in volume and price, our growth was 2.9%. It's 0.8%, but it is impacted by the exchange effect.

For OEM, the total sales was R$796 million, a 0.3% growth. There was growth despite a drop in production of heavy vehicles.

There was a significant share of this revenue from trucks and buses. Despite a significant drop in the quarter, the company still achieved 0.3% growth with market share gains and also in the mix of light vehicles.

For exports, there was a 1.4% drop. Here, there was a negative exchange rate effect of 4% because the price volume would have been 2.7% growth in OEM.

That shows, again, the resilience of the company and the presence in our light, heavy vehicle both domestically for exports. Aftermarket in total had total sales of R$460 million, 2.8% drop because of a negative exchange rate effect of 7.6%, and the price volume growth was 4.8%.

In the domestic market, it was a 2.7% drop, not just because of the exchange rate variation, but also because of the Argentinian market with its reduced purchasing power, and there was also a drop in the sales of new vehicles there. Also, there are more importers and new competitors in the market.

The market was opened in Argentina. In the past, there was a restriction to that, and there was also some adjustments in inventory in the supply chain.

That effect contributed to this reduction in addition to the exchange rate variation. We've been working a lot on that in Argentina to increase our sales and increase our market share to reverse the scenario.

In exports, we had a 3.4% drop, most of it in US dollars because they are exports, a negative exchange rate effect of 15%. If you deduct the exchange rate variation, it would have been a growth.

Now I'll turn over to Claudio, and then I'll come back for the Q&A session.

Thank you, Daniel. Based on the explanations given by Daniel, you see that the net operational rate was R$1.2 billion.

There was an increase there was an exchange rate variation, and it's not like we are trying to give some illusion and try to offset this exchange rate variation in our explanation, but this is out of our control. If we're just for comparison effect of COGS or gross profit, if I give back the 47 million in the sales line, then we'll have a gross profit of 29% versus 28% in first quarter.

There are negative effects, of course, in COGS, but the positive and negative effects kind of offset. SG&A, research and development, and other operational revenues account for R$147 million because we didn't need to spend so much with special freights in this period.

If you had the opportunity to go into the details of our financial statements, you probably saw that the percentage of our sales in the SG&A lines are flex and lower for the first quarter of than the first quarter of 2025. The EBIT was at 17.3% higher than in the first quarter of 2025.

Most of it, although we give some highlight to the exchange rate variation, there are also some positive effects that were operational effects, whether in the administrative area or in operational areas. We had a positive exchange rate variation as an offset here.

Most of operations account for financial operations, not necessarily operational operations operational activities, but the exchange rate variation was about 76 million positive in the exchange rate valuation and versus the financial results of 47 that had a negative impact on our sales. Net income totaled R$214 million in the first quarter, much higher than in the first quarter of last year.

Here, we can see the evolution in our debt and leverage. Let me just let us go back one slide, please.

While we get the slide ready for you, we want to show you the evolution in indebtedness and also leverage in the company in the past four or five quarters. We're having some technical difficulties here.

We're back. I think it's slide 13.

The first quarter of 2026 had a leverage ratio of 0.9 times for Mahle Metal Leve's standards. We having problems with that slide, I guess.

Let me verbally tell you what I wanted to show you on that slide. You can also open the presentation you received.

We had a 0.9 leverage. If you look at the background of Mahle Metal Leve, you see that this is slightly higher than what we historically had.

You can compare that with peers in our market. Most companies had ups and downs, but they usually oscillate from 1.4 to 4 times EBITDA of leverage.

In our case, we ended the quarter with 0.93 with a net debt of R$964 million. Indebtedness was 1.4 billion, and you can see a reduction in the net debt of the last quarter.

This reduction is due to what I had previously explained, the beginning of payment of the debts established in 2023, and also positive cash of 530. We also had interest in loans from Brasil Soberano program this year.

Also in April, we had a new tranche from Finep. For those who follow up BNDES operations, there is an intention or at least a possibility of a new funding line called Brasil Soberano to be launched again.

That'll be very interesting for us because interest rates would range from 4 to 5 percentage points a year with very long maturity periods up to 2030 or in some cases even up to 2041. Here, you see the evolution or some of the movements that affected our cash flow, showing the evolution in the closing of December 2025 and how we ended the first quarter of 2026.

Just to clarify what you see on the screen, we also show for comparison purposes the first quarter of last year, the closing of December 2024 versus March and in the next the last line, the whole year, comparing December 2024 with December 2025. We wanted to put this table at the bottom of the page to show you this historical trend, because if you look at the first quarter isolatedly, those numbers seem low.

When we compare those figures from the upper table with the ones in the lower table, you see that this is a trend we observed in the first half of every year. With the first funds from Soberano fund, R$49 million, we amortized the principal payment in the first quarter, about R$74 million and in interest rates of R$32 million, with a positive cash generation of R$52 million.

Comparing that with the lower table with the first half of last year, we had 62 million along the year, R$968 million in cash generation last year. Mahle Metal Leve historically is a very positive cash generation for those who have been following us us for quite some time.

In terms of financial interest, you see that is at R$3 million. Payment of taxes aligned with our historical data, a disbursement of 59 million.

Investments, you will see a number that will be slightly low, but you've probably read the decision of our shareholders in the last meeting and also in the last board meeting to make a new reserve. This new reserve is kind of a second part of a reserve, because a reserve had already been made at the end of 2024 and another one for dividends at the end of 2025.

This is part of our strategy of maintaining a lower financial cost. These reserves are a temporary retention of payment of dividends to shareholders.

In the medium to long terms, of course, those dividends will be paid, as happened in 2023, not at that level, but in a in a more gradual way. In 2023, we had some factors that changed a lot the direction of our business, such as COVID in 2020.

That was also the reason for the reserve made in 2023. Anyway, in the Board of Directors and then in the shareholders assembly, we approved the creation of a reserve.

First part of it was withheld from dividends in 2024, then in 2025. The reserves we retained this year totaled R$190 million.

You might see more details in the financial statements. Here, we see in the disbursement of investments of about R$30 million.

Historically, in the first half of the year, this figure is much smaller. Disbursements for CapEx are usually more intense in the second or third or even fourth quarter of every year.

We've also had other movements, but relatively low, and we closed cash in a very positive way, as you can see in the last column. Just to recap the movements that happened in 2025 and in the beginning of this year, we had significant disbursements for the acquisition of compressors that relates to the Athena project in the end of 2024, as communicated previously.

We agreed with the sales with the seller to pay in three installments. This operation was communicated, but it wasn't settled as and in as debt as it was initially expected in the project.

This is a public document. The controller abstained from his vote, and the decision was made by 99% of the shareholders and approved those accounts.

I'm bringing your attention to this fact because the every purchase of compressors, totaling R$750 to R$800 million and for the aftermarket division was mainly paid with our own resources, resources generated by the business itself. The acquisition of those compressors kind of helped paying itself.

It's not fully settled, but there was some impact in the increase of indebtedness. Again, this was also explained in the last earnings calls.

Now talking about the financial results, we can see indebtedness level at about R$1.5 million. Please notice the interest rates of the financial results we paid.

All these debts, in average cost, as I mentioned in the beginning, most of them had to do with exports and strong currencies, and the average cost of these debt totals about 6 percentage points in the first quarter for a Selic rate at 14% to 15%. That means a very positive effect for all of us.

To save time, I think we can move to the next slide. That ends our presentation, and I will now turn over to Samantha so that we can open the Q&A session.

Samantha, in the meantime, in the chat, there is a question from Kléber Caetano. He says, "First, I'd like to congratulate Mahle for the results.

As to the payout of the company for 2026, what are your perspectives, especially after a loan of R$49.3 million from the Brasil Soberano program?" Kléber, our dividend payout policy does not change.

We're talking about public information from 2024 and 2025, where we had reserves made for dividend retention. For the middle of the year, we do not have any information to be communicated.

There are no changes to that. We just creating reserves as we did for the past two years.

I don't know if I answered your question. If you feel I didn't, please send another question using the chat.

There's another question, if you allow me answering that, a question by Ângelo Cardoso. His question is, "How does the company see the free trade agreement that was recently signed with the European Union?"

We've been discussing that for the past 20 years with some ups and downs, and finally it has moved forward with a positive result. Personally, I believe that free trade agreements are very interesting to Brazil because that expands our frontiers, our borders.

This is a very positive movement in my opinion. Right now, we see symbolic impact at Mahle Metal Leve.

The free trade agreement between South America and EU has some ups and downs, of which some segments it will be positive. For some segments, maybe not that positive.

In our particular case, we see positive aspects, but also negative aspects, none of them still in force. We'll have a gradual reduction on imports rates to Brazil, 1.5 percentage points a year.

To reach zero, it will take 8 to 10 years that will be applicable to our products. Of course, that depends on the tax classification of different products.

As for exports, we have a subsidiary company in Austria through which we sell our products and also to North America or to Europe. Immediately, there is a reduction in the rates for that subsidiary.

At first, this sounds as a positive results. This can leverage our exports.

A reduction in the imports rate may also be positive. The problem about all of that, I think it's a little bit premature to say, because there is the risk of new players in the market.

In the short term, we might have some positive results, but small positive results. In the medium and long term, we need to assess whether these results will be higher.

Thank you. Werner has a question, and he says, "Congratulations on the results.

What is the penetration of the electrified vehicles in terms of revenue, and what are the perspectives related to Chinese makers in Brazil and Mahle Metal Leve as a supplier to those carmakers?" As for electrification, we are following up these new technologies and its growth in the market.

Over 15% of cars in Brazil are already electrified. We need to explain what electrification means.

Electrified vehicles include electric vehicles, 100% battery-based. The category also includes hybrid cars, such as the plug-in hybrid car where we have a combustion engine, but also an electric engine.

We also have the full hybrid vehicles, such as Corolla cars, they also have a combustion engine and light hybridization. That has increased.

It's kind of a transition towards a full hybrid mode or even a plug-in mode. Mahle is part of this electrification movement and supplies to this segment, both full hybrid and plug-in electrification as light electrification.

We are still discussing about where this electric vehicles are being produced. If they are locally produced, then it's different.

There are some announcements of Chinese carmakers and Brazilian carmakers announcing the production of those electric cars in Brazil, and Mahle has products to supply to those companies to be part of these electric cars. Hybrid cars, full hybrid, lights electrification cars, we already supply to traditional carmakers.

Your question asks about location, right? There was an increase in the import rates, Chinese carmakers will probably localize the production of electric cars, maybe at a lower rate that we're having in sales.

Increase in local production by Chinese carmakers in Brazil will take longer, but eventually it will happen. This production will account for about 15% in the medium to long term, 15% of cars produced in Brazil.

We expect 15% of the cars to be produced in Brazil by Chinese carmakers in Brazil. Some of them are already Mahle clients in China, we already have this relationship with them abroad.

In Brazil, they are working on localizing some of their products. Mahle is participating of these quotes to supply to them.

Of course, we want to be competitive to be able to supply to carmakers, not just Chinese carmakers, but traditional ones as well. Higher competition will require the whole market to be more competitive.

I hope I answered your question.

Thank you, Daniel. Samantha, any other questions that will require opening the microphone?

Good morning. I'd like to thank you for taking my question.

First, congratulations to Sergio and Eduardo for their new positions. Since Eduardo is here, I would like to hear from him what he expects from this new position.

What would he like to be remembered by in 5 years' time based on what he did in Mahle Metal Leve? My next question is to understand the trends on gross margin, because you talked about impacts of exchange rate variation, raw materials, personnel.

We know that there is some seasonality to the first quarter, but if you think about the whole year of 2026, how do you expect the gross margin to behave vis-a-vis 2025?

I will start, and then I will turn over to Claudio. I guess I briefly touched on that.

Metal Leve did a wonderful job in the past 9 years to strengthen governance, did a good job in working on sustainability and be very resilient in its results, and this is my role. I joined the company 6 months after Sergio, I participated in this transformation process.

My role is to give continuity to that, we see a major transformation in the market. I have some experience with previous restructuring, as I mentioned.

How can we turn this organization working with beauty, inspiring them to do more and better what they do? This is my role.

This is the legacy I want to leave after some time. I think this is the path that I want to take, strengthening everything that I've built and also given continuity and using people to inspire people to keep innovating and to keep strong results that Metal Leve usually brings to the market through that transformation.

Now let's turn over to Claudio, because there is a second part of that question. I'll let him answer that.

Thank you, Eduardo. Thank you, Marcelo, for your question.

From my perspective, and I believe this is kind of common sense with comparable companies and even unlisted companies, the level of results Mahle has presented in the past years has been quite high. The bar is really high.

Marcelo, it's quite hard to say. We had the first slide with the highlights of news from the world.

There are so many negative things going on in this year, it's difficult to promise anything. I can try to say that rest assured that we have one of the best teams in all departments.

We have very skilled professionals who will do our best to keep the very high levels that we usually provide. That's not an empty promise.

This is really a commitment that we have with the market. Thank you.

Good morning. Thank you for allowing me to ask this question.

First, I'd like to congratulate Sergio for his trajectory over the past years, and I wish him good luck and success. Also, good luck to Eduardo in this new challenge.

We are very excited to follow Mahle Metal Leve in the next years. I would like to ask a question going back to the discussion about the market that you raised.

Could you talk more about the short term of the Mover Brasil project? How do you expect to see an acceleration in the production of carmakers in the short term, in April or May, because of the Mover Brasil program?

Do you see any of the effects the government expected from this program to accelerate the production of heavy vehicles?

Thank you, Gabriel, and thank you for your question. We see very good results from the Mover Brasil program.

The first stage of the resources opened were quickly used, but there was a delay between the use of this funds and when the vehicles are licensed. You need to order the truck, and then it takes some time for it to be produced, and then license and everything.

We didn't see the results of that in March yet, and in April, the numbers of sales in trucks and buses still do not reflect a strong recovery. We believe that this trend will improve because the comparison base is also very high.

The first half of 2025 had high sales results, and the numbers dropped in the second half of 2025. We believe that we'll see the results of this program in the second half of the year.

These additional R$20 billion will be a positive. This is something Anfavea was expecting to see, and we know how important it is to renew our fleet.

In 2025, we had a drop in the sales of heavy vehicles, it's the second consecutive years with a drop. There's also a pent-up demand in the segment.

This is also an election year, which kind of gets in the way of investment decisions. Trying to objectively answer your question, we believe that there will be improvements in this market, but at least the drop has stopped.

Now with this additional 20 billion in resources that was made available and also special conditions for autonomous drivers and adding buses to the program, some will indeed be beneficial to the market. We had a projection of a drop in 5% in growth in that segment, but we expect that to be better, maybe a similar figure as we had in 2025, even growth.

I don't know if I answered your question.

Samantha, if you allow me, we are a little bit above the time we expected, but we have one question from Eduardo Meneses in the chat. He says, "Using the Brasil Soberano fund usually means a payout limit of 25%."

Usually Mahle has a sustainable and conservative payout policy. A company that distributes 100% of its results usually gets into a complicated situation, especially with investment levels at 150, 200 million reais in CapEx every year.

Brasil Soberano program does not establish the payout limit at 25%. It suggests that, but it doesn't establish that.

As Eduardo mentioned in the beginning, the company does not change its dividend payout policy. Samantha, I believe that we can wrap up.

I would like to thank everyone for your participation. You have our contact information.

You can send us an email, and we at the Investor Relations area are open to clarifying any questions you may have. Thank you very much, and I wish you a very good day.

Thank you.

Thank you, Samantha.