Good morning, everyone. Welcome to Movida's conference call on the fourth quarter '25 and full year '25.

I would like to begin by sincerely thanking all of our people, more than 6,000 team members, for their dedication and execution excellence in delivering these results. I'm very proud to close the year presenting this level of operational excellence, which has positioned us as leader in value creation in Brazil's car rental sector.

I'll start with slide 3, showing the key indicators of this new phase of Movida. Customer satisfaction is the core of our strategy, as we believe it bases the real sustainability and long-term continuity of our positive results.

We highlight that in '25, we were recognized as the best car rental service by the Opinion Box award for the first time. We also achieved the highest NPS in the sector, confirming the quality of our service and customers' preference for Movida.

This strengthening the perception of value of our brand translated directed into market share gains. In 4Q25, we led market share growth in the sector, with Rent-a-Car rental days increasing by 12.3%, which is fruit of our operational efficiency and based on the capturing of a combined demand and the increase of utilization rates.

It is possible to see also that in our EBITDA margins, where once again we were a benchmark in the sector in '25. We closed the year with a 67.4% margin in the Rent-a-Car and 75.9% in GTF, supported by price adjustment and disciplined cost management.

The discipline in which we executed our strategic plan has led us to become the company with the highest return on invested capital in the sector, with a return on invested capital of 16.6% in '25, the highest in our history. We are now at our best moment, and what excites us the most is that we see multiple levers to further enhance value creation for our stakeholders in the coming years.

I'll start now with slide 4, where we bring the main foundations of our strategy, which is to deliver the best services to our customers. Our focus is to create services to anticipate the needs of our customers with operational efficiency to capture value.

We think of how we can join the customer journey and not force him to follow a specific flow. In this way, in addition to improve their experience, we have the self-service totem, which mix a digital experience with physical stores, and that has been very much used and complimented by customers.

We are now at 23 stores, 35% of the contracts opened at these stores. In the next 6 months, we are going to expand to another 18 stores.

It's important to say that we are the only company in the sector with this kind of solution. We also have an option with Movida Express, 100% digital.

This is for a customer niche and more common also in other Rent-a-Car companies. I would thus like to say that our strategy is based to provide the best services with the best operational efficiency, and that each customer has a customized experience.

These initiatives and our brand strength resulted in a record number of new customers in '25, 676,000 people choosing Movida for the first time. Now, on to slide 5, we bring the continuous evolution of our yield and improvements in all operating indicators in the Rent-a-Car segment since '23.

This performance reflects pricing discipline, a better product mix, and Movida's ability to grow demand without compromising profitability. As you can see, we combined growth in the number of rental days with disciplined and consistent improvement in operating indicators.

As I mentioned, the number of rental days increased by 12%, and utilization rose almost 1 percentage points compared to 4Q25. Rent-a-Car rates reached R$158 in '25, up 13% compared to '24, maintaining a solid expansion trajectory along the year, what we believe is also sustainable for '26.

Now, on to slide 6, we bring another quarter of sequential records in net revenue, EBITDA, and EBIT. The operating performance along the year led to a consistent transformation of the main profitability indicators.

In '25, we reached a record net revenue of R$14.7 billion, EBITDA record of R$5.7 billion, record EBIT of R$3.3 billion, and net income of R$318 million. As a result, we delivered the best return on invested capital in our history, 16.6%, up 4.3 percentage points versus '24 and 8.6 percentage points compared '23.

It's important to highlight the breakdown of these indicators when we see the rental business as our core operation. Operating fleet grew 6%, while net rental revenue increased 19%, reaching the highest level ever recorded by the company.

In the same period, rental EBITDA and EBIT grew 22% and 24%, respectively, both record levels. The level of operational efficiency continues to support value creation for shareholders, reflecting these results.

Moving on to slide 7, I'd like to highlight the stability of our operation as an important share of monthly rental car rented in Rent-a-Car and GTF. The recurring revenues grew 51%, reaching 73% of the company's total revenue for '25.

Capital invested in recurring part increased 45% in the period, now 78% of total capital allocation. The increase of share of recurring revenues above capital invested shows the predictability of our results, reduces operational volatility, and gives more stability to our business model.

Now, I'm going to go to slide 8, where we bring Movida's consolidated financial results. Net revenue totaled R$3.7 billion in 4Q25, up 12.6% compared to 4Q24 and R$14.7 billion in '25.

Rental revenue grew 17.1% in the quarter. It's worth noting that our fleet increased only by 4.5% year-over-year, demonstrating productivity gains in our operation.

EBITDA reached R$1.5 billion in the quarter, expanding 19%, almost 20%, compared to the previous year. Rental EBITDA grew even more, 20.2% compared to the previous quarter and 22% year-over-year.

As I mentioned, EBITDA margins continue at record levels. EBIT in the fourth quarter '25 was R$851 million, up 24.2% compared to the same period last year.

With this, we raised the company's results to a new level, closing the year with net income of R$102 million in the quarter, up 64.5%, and R$318 million for the year, an increase of 37.5% compared to '24. On slide 9, we present the continuous work and the company's continuous efforts and improvements implemented, reflect return on invested capital.

ROIC reached 16.6% in '25, up 4.3 percentage points compared '24 and 8.6 percentage points compared to '23. The performance highlights the continuous expansion of value creation for shareholders, exceeding the cost of debt by 5.8 percentage points and representing the highest return ever recorded by the company.

This evolution, combined with ongoing initiatives such as price adjustments, yield improvements, continuous productivity gains in used cars, and discipline in capital allocation and debt management, positions us on a sustainable path of ROIC spreads expansion. Now, on slide 10, we bring the disciplined execution of our strategic plan.

Over the past 2 years, all operational and financial targets communicated to the market through guidance have been fully delivered, reinforcing the predictability of our business model and the credibility of the commitments taken before the market. This strategy enhances the trust of our market and positions Movida to continue in a sustainable manner in the coming years.

On slide 11, we bring the new net income guidance for the first quarter '26. The projection reflects the consistent improvement of our operating indicators and service quality, which has been driving increasingly solid results.

For the quarter, we estimate net income between R$110 and R$130 million, which represents growth, considering the midpoint, of 54% compared to the same period of the previous year and 71% compared to the market consensus for the quarter. We believe that with this, we'll have the best quarterly results of the 5 years of the company.

Now, I will turn call over to our Director of IR, Camila.

Thanks, Moscatelli. Good morning, everyone.

Continuing with presentation, we go to the highlights by business segment. On slide 13, we see the Rent-a-Car segment highlights.

In the first chart, net revenue reached R$979 million in the quarter, growth of 19.8% compared to the same period last year. The average operational fleet grew only 9.2% in the same comparison, reaching 97,000 cars.

During the quarter, we had the highest revenue per car in the company's history, R$3,704 per month, an increase of almost 10% compared to 4Q24. In '25, revenue per car was R$3,493, up 8.9% compared to '24.

EBITDA totaled R$649 million in the quarter, up 21.7% year-over-year. EBITDA margin remained at robust levels, reaching 67% in the period, up 1 percentage point compared to 4Q24.

As a result, EBITDA per car continued its upward trend, reaching R$2,239 per month in the quarter, up 11.4% year-over-year, and R$2,125 per car in '25. Going to slide 15, we bring our operational indicators for fleet management and outsourcing.

We closed 4Q25 with a total fleet of 129,703 cars, an increase of 1.9% compared to 4Q24. The future revenue backlog, which considers only contracts already in operation, totaled R$8.4 billion in 4Q25, up 22.8% compared to the same period last year.

On the right, we highlight the continuous positive trend in yield for new GTF contracts. We closed 4Q25 with an increase of 0.2 percentage points, with a yield of 3.5% a month.

This reflects stronger pricing, aligned with the high-risk profile of the clients onboarded through '25. On slide 16, we bring the financial results for GTF.

Net revenue reached R$1.1 billion in the quarter, up 14.9% year-over-year, while the operational fleet grew only 1.9% over the same period, as we have already mentioned. In '25, net revenue totaled R$4.1 billion, representing a 21.9% increase compared to '24, while the average operational fleet grew only 6.3%.

We therefore recorded another sequential increase in monthly revenue per car, reaching R$3,123 in 4Q25, up 12.3% year-over-year. In '25, the same increase was 14.2% compared to '24.

EBITDA in 4Q25 grew 18.7% year-over-year, reaching R$812 million and increasing the segment's EBITDA margin to 74.9%. In '25, EBITDA totaled R$3.1 billion, up 23.9%.

As a result, EBITDA per car also showed strong growth, with an average of R$2,086 per month, up 16.5% year-over-year. In '25, the increase was 16.6%.

Now, we go to slide 18, where we show our used vehicles indicator. We continue to deliver a healthy performance, with sales of 22,200 cars in the quarter.

Thinking of seasonality, but we have maintained a stable quarterly sales volume around the year, which reinforces the maturity and the scale of the company, which drives operational efficiency. In '25, altogether, we sold 97,300 cars.

Net revenue was R$1.6 billion in 4Q and R$6.8 billion in 2025. Average price increasing from R$67,300 to R$71,400 for the full year.

EBITDA margin remained stable over the past 6 quarters, 1% in 4Q25. It's important to note in this slide that the continuous sales volumes over the last 8 quarters ensures that the average fleet age remains at appropriate levels.

Finally, SG&A, we see a reduction of 1.7 percentage points in the quarter, from 6.7% of revenues in the 4Q24 to 5% in 4Q25. In the whole year, there was a decrease of 0.3 percentage points, from 5.5% to 5.2%.

Continuing on slide 19, we bring the evolution of the FIPE table for our car inventory. In December '25, we had an average monthly depreciation of 0.4% compared to 4.7% in '24, clearly showing the accuracy of our purchasing mix and asset lifecycle management.

Also worth highlighting is the new sales channel through the auto shops that expands our geography and captures more customers at retail. In these spaces, we have a complementary of our physical network.

We already have 17 auto mall locations, and we want to open more until May '26. Now, on slide 20, we show our depreciation rates.

In Rent-a-Car, the level was kept at R$7,000 per year per car, and in GTF, R$11,000 per year per car, with the same percentage compared to the acquisition level. On the right of this slide, we highlight the performance of used vehicles in the last 2 years.

We have already turned off 99% of RAC vehicles since 4Q23. GTF, 68% of cars that we had in '23 were also sold.

The EBITDA margin of the sale of these assets was positive at 1.3% in the same period. The set of data reinforce the accuracy of residual values and Movida's asset lifecycle management.

Now, I will turn the call to our CFO and IRO, Daniela Sabbag.

Thanks, Camila. Good morning, everyone.

Moving on to slide 22, we start talking about capital structure, liquidity, and debt management, one of the key pillars of our financial agenda through '25 and early '26. On this slide, we bring Movida's debt trend and the details of funding transactions executed in the period, primarily aimed at strengthening liquidity and extending the debt maturity profile.

Here, it's important to highlight the strength of the funding raised in the first 2 months of '26, totaling R$3.5 billion, completing the company's funding needs compared to '26 maturities. Among the transactions shown on the slide, we highlight the $235 million funding with IFC, equivalent to approximately R$1.3 billion, with IFC's own funding, as well as the participation from international banks that are starting relationships with Movida, further reinforcing our access to funding.

The set of transactions represents a significant capital reinforcement, strengthening the company's balance sheet and strategic flexibility. Gross debt in 4Q25 added up to R$18.1 billion, net debt R$15.5 billion, at an average cost of CDI plus 1.8% a year, and average maturity of 4.1 years.

Slide 23, we bring our debt, leverage, and supplier payment schedule indicators. On the left, our leverage, measured as net debt to EBITDA, reached its lowest level in the past 5 years, at 2.6 times EBITDA in 4Q25, continuing a downward trend, and standing 0.5 times below 1Q25.

If we analyze 4Q25 results, leverage would be 2.5 times. We also bring the evolution of debt and fixed assets, comparing year-end '24 and '25.

While gross debt decreased roughly R$1 billion, that is 5.2% compared to '24, fixed assets increased by 8.1%. In the supplier payment schedule chart, we see a balance of R$5.5 billion in '25, and expected orderly disbursement for '26.

Important to highlight that these amounts are very well distributed throughout the year, with payments to OEMs extending through 4Q26, reflecting improvement payment terms. Now, I will return it back to Gustavo Moscatelli for the closing remarks.

Thank you very much.

Thanks, Daniela. Before going through our priorities, I would like to highlight that Movida is at its best moment.

We are entering '26 with even more levers to enhance customer experience and operational efficiency, resulting in an increasingly strong business model. With more personalized journeys, increasingly integrated processes, the company reinforces its ability to deliver sustainable value and capture meaningful profitability opportunities.

An example, we started the year already innovating. Today, we are the only company in the sector offering customer services directly in airport boarding areas.

The rationale here is to be present at a key moment in the customer journey, where there is time to address the next step of the trip with convenience and peace of mind. Now, talking about our strategic priorities, I'd like to highlight the following: First, continue price adjustment across both rental segments, with opportunities across multiple markets; structural reduction in maintenance costs through service verticalization; higher Rent-a-Car utilization rates, driving revenue growth on the same asset base; and stability in used vehicles margins and volumes, supported by a mature operation and new opportunities in sales channels and retail.

These initiatives will support improved cash generation and deleveraging, sustaining our profitability trajectory. We believe that we are at a unique moment, leading value creation with our operations and comfortable with the scale we have built, confident in our team, and certain that we once again surpass our own targets this year.

To our customers, shareholders, partners, suppliers, thank you for your trust. Let's open for the Q&A session.

Thank you all very much.

Hi, Moscatelli, Dani, Camila. Good morning.

Congratulations on your results. Thanks for taking my questions.

I have two. First, talking about the guidance for the first quarter: What's the main assumption here in terms of volume and margin expansions at GTF, Rent-a-Car, and what is the effective rate you are assuming?

My second question is the volume of used cars. The pace decelerated a bit in recent quarters, but at a level that enables you to renew your fleet.

What is the difficulty in selling cars, and how has this deteriorated along the year, and what is the volume of sales per quarter that you wish to get to in 2026? Thank you.

We had significant growth in volume, with prices at the same level of growth that you saw in the fourth quarter, that in Rent-a-Car. The other operations are stable: used cars with stable margins and volumes, and we also had the growth you saw in this quarter.

With this, we adopted the strategy of releasing those volumes and also a preview and estimates of what we want to deliver in the first quarter, given that January and February have already been delivered with results above expected. As for the assumptions of each business, we did not release that information, but we consider payment on interest on equity about 20% to 25%, stable depreciation, we do not see a movement of depreciation writedown, although there are operational improvements that may even reduce depreciation, but not for now, at least we're not expecting that, and the main driver was performance way above expected in the Rent-a-Car, in the volume, gaining market share, and in prices continued to be adjusted as you saw last year.

Used cars, I have a different interpretation. We have an operation, if you look at the company as a whole, that is stable in terms of volumes.

We did not have a growth of cars, just 2%, stable operation. The volume of used cars that we have to sell every quarter to keep the fleet age, which is about 10 months now, which is very healthy in my opinion, is about 23,000 to 25,000 cars.

Obviously, there is seasonality. The fourth quarter, because of December, has a lower volume of car sales, but that is something everybody knows.

Apart from that, I do not see any point of attention. Quite the opposite, I think it is a strength in our current business model, no challenge to increase used car sales.

Although we see a trend of a better market, we still have credit restrictions, high interest rates, we not having to increase the number of stores and not to have an additional sales effort is a strength right now.

Very clear, Moscatelli. Thank you very much.

Thank you.

Hi, Moscatelli, Dani, Camila. Thanks for taking my questions.

Congratulations on your results and the guidance for the first quarter of the year. I'd like to have a bit more information on your presentation, especially the Rent-a-Car strategy.

We were surprised by an increase price adjustment. You talked about gaining market share, I'd like to see how the company is focusing his strategy, more focus on occasional, how much the increase in Rent-a-Car had an apple-to-apple effect more than a changing mix.

How could we think about the pricing in '26? Are we going to have more volumes, more prices for '26, higher utilization rates, just for us to try and enhance our models?

In used cars, it seems that you are at a very healthy level, I would like to understand the dynamics of new car and used car prices. I know that you have operating controls to decrease depreciation, but I would like to know more of the exogenous effects, that is how the industry is behaving in terms of new and used car prices.

Thank you.

Hi, Gabriel. Thanks for your questions.

Thanks for joining us today. Rent-a-Car strategy: We adopt a strategy of allocating more capital on occasional rentals because they are more susceptible to the increasing prices that we had in the last 2 years, and that brought Rent-a-Car profitability and the company's as a whole to a new level, and you saw that from close.

Regardless of that, last year, we operated on a lower utilization rate, 72% to 73%. The strategy now is trying to get to the optimal mix, which is not far from what we have today, but the optimal mix between monthly and occasional products to increase utilization rates to close to 78% or thereabouts.

I think the first quarter will show that. Part of the guidance already reflects an improvement in this indicator.

Again, we are still comparing apples to apples, that is the mix has not changed, but we do see an opportunity to improve efficiency at the front end with a higher share of occasional products. We have seen some movements in terms of monthly products that are more adherent to price increases, we might have a higher exposure to monthly rentals this year, but in the fourth quarter, I think that was just a perfect balance between occasional and monthly.

Used cars: We do not see any price behavior out of expected for new or used cars. New car prices are following inflation rates, especially perhaps a bit above inflation, and used cars depreciation very much in line with what we had in the past 2 years, in the Rent-a-Car between 8% and 9%, and GTF around 10%.

No surprises so far, although everybody has the expectation that that should improve once interest rates go down and the liquidity of used cars increases, and that can retrofeed the whole asset chain and reduce depreciation. Far, if you think of prices purely and isolatedly, I do not see any surprises.

Thank you. Congratulations to you and your team.

Thanks, Gabriel.

Good morning, Moscatelli, Daniela, Camila. Thanks for taking my question.

One more point on used cars. I would just also like to talk about your debt management strategy, which has been very good, and congratulations to the whole team.

In used cars, Rent-a-Car depreciation is close to 9%, 8.7% in our model, on the average fleet price, and GTF close to 10%. Considering the prices that you're selling today and when you bought 22 months ago in the Rent-a-Car, or even more than that in fleet, can I assume that you are considering a worsening in the spread, which is today between 6% and 7%, you're depreciating at 9%, you are worsening the spread, and in fleet, we see close to 28% in purchase and sale, the car that you bought and what you're selling today, can we consider there is going to be an improvement in the sale of fleet cars and Rent-a-Car sales a bit worse than what you bought before?

Is that correct? In debt management, what is the cash cap for the year?

We saw the movement of the BNDES that is going to invest in Simpar, but also at Movida, Vamos. We have the suppliers line, debt, what is the cash cap for the year?

Is it closed? Thank you very much for taking my questions.

Hi, Alberto. Good morning.

Thanks for your questions. Thanks for joining us today.

I'm going to start with used cars / depreciation. I see depreciation rates at the Rent-a-Car and GTF segments stable, given not only what I mentioned in the previous question about the prices per se, but also because of other factors.

I could not fail to mention the stability of the sales volume, and that brings us a control of residual prices a lot more because we don't have the pressure for sales. I think there are also important initiatives going on, like the opening of a new retail channel that can be quite surprising and bring an even higher percentage of retail sales, which will retrofeed depreciation, leads to lower depreciation rates.

In this case, I do see positive signs compared to what we released the year before last and last year, that is 8% to 9% in the Rent-a-Car and 10% in GTF. The gap of the renewal amount is something that I see in a different perspective, because in GTF, you have a very long cycle, then you have a much longer gap.

In the Rent-a-Car, we changed the fleet mix. We went from 78,000 to 85,000, naturally, when you compare the same car, you see the gap has not increased.

It is a mix strategy that was adopted, and I think now we have just the right mix. You saw Rent-a-Car volumes growing up and prices going up as well.

For your second point with regards to the debt, we released a material fact in the beginning of the year, showing that we indeed have completed all our funding needs for '26, the cash cap for this year is zero. We had new funds, like the IFC operation, that really brings a certificate for the company in terms of governance, long-term view.

I think it's very important, $235 million, a very long-term operation, and together with that, it shows that for this year, we don't have any more homework to do in terms of funding. The amount that we have for suppliers, almost R$5 billion, is naturally paid with cash generation from the Rent-a-Car segment, and also the sale of used cars, about R$1.7, R$1.8 billion per quarter.

We are very much in line with that. I think there is an additional point that is very important in terms of capital structure, which is the transaction with the BNDES that you mentioned, which can bring even more stability and strength for the company, and naturally, the consequence of that will be a reduction in the average cost of debt and marginal debt, which will bring, in terms of value creation, higher profitability from now on.

Very clear. Thank you very much.

Hello, good morning everyone. Moscatelli, Camila.

Two points, a follow-up from the previous question, thinking of capital allocation in a bit more encompassing way: If you think of the money that is coming to the company, the no need to add to your liability management, how do you want to allocate your marginal capital for fleet renewal, deleveraging, payout of dividends or interest on equity? How do you see this along the year?

Also, second question about GTF: You talk a lot about Rent-a-Car, increasing utilization rates, but how about GTF? What is the profile of growth, although a bit more marginal than the Rent-a-Car, thinking of the traditional GTF and the long-term rentals for individuals?

If you could give us an outlook on the GTF segment, that would be much appreciated. Thank you.

Hi, Guilherme. Thanks for your questions.

Thanks for joining us. I'll start with capital allocation.

Last year, we adopted the strategy of prioritizing capital allocation of all cash generation in the year to reduce company's leverage. You followed quarter-on-quarter this trend, and we got to the lowest leverage level of the company in the past 4, 5 years.

This year, this strategy continues. We do not want to expand the fleet.

Of course, we have a renewal CapEx, but all the surplus will continue to be allocated to reduce company's indebtedness because indeed we are still in an environment of very high interest rates. Even with a downward trend, it's still an average interest rate that is quite high, the best allocation now is to reduce company's indebtedness.

As for the GTF profile, for now, when you see the numbers of our results, basically growth in GTF comes from traditional GTF, that is corporate rental, and rental also to state-owned/listed companies. Also we invested a lot in structuring teams, processes, technology, to create a product that is operationally healthy if you think internally.

As of now, we are going to adopt a more go-to-market strategy to grow the segment because we think there is a huge avenue of growth. Growth profile was more for the traditional more corporate segment, but from now on, we might even have an additional disclosure of the growth of what we call the subscription cars for the coming quarters and years.

Thank you very much.

The follow-up: When you think of the subscription cars compared to the traditional GTF, are the profiles of ROIC spread and profitability very different? Could we have an increase of these indicators as we increase rentals for individuals in the long term?

Yes, the ROIC spread profile of subscription cars is higher than traditional GTF segment because in subscription cars, you can include all the benefits that you have because of the scale that we have today, including the cost of capital of the company vis-à-vis an individual, which is much lower, of course. When you consider all that, when you compare it to a company, even a smaller company, the ROIC spread is much higher.

Now, what's important is, even not considering an expansion in the subscription car segment, we already have contracted numbers much bigger than last year. If you take a look at the company's backlog, we had in the end of '25, 3.2% yield, in '24, 3%, and now we are going to 3.5% contracts already closed, and the results will show in '26, '27.

Even without subscription cars, there is work for adjusting prices in traditional GTF segment that will bring profitability that was not seen in '25, but will be seen in '26.

Very clear, Moscatelli. Thank you very much.

Have a good day.

Thank you. Good morning.

Congratulations on your results to the whole Movida team. I have two questions.

The first, I would like to know a little more about margin gains. When you talked about the gain of yield that you're going to capture in '26, does that tend to be followed by margin gains?

A bit more color on that. The other question is about the increase of yields.

Why is that? Is it because you have low competition or because you are gaining more from the purchase of cars, OEMs giving you better opportunities?

How can I see that, and what is the trend for the coming quarters?

Hi, Luiza. Thanks again for your questions and for joining us today.

It's very clear to us that gains that we had in margin and gains that are expected for the future, as well as gains in yield, they are the result of the work and the pricing strategy that we have adopted in the last 2 years. We indeed paid very much attention, we invested time and money to structure our team, adjust our prices, and pricing became an area that is one of the most strategic areas in the company, and I monitor that on a day-to-day basis.

Indeed, whenever we take a deep dive, and we do that recurrently, we see more opportunities in terms of pricing because this is a business with huge granularity. You have to have the right price of the car at the right date with the right number of daily rentals, all that throughout Brazil, considering seasonality and everything.

It is very well done work, but we still have more opportunities ahead. We do expect gains in yield for '26 because we are indeed very much focused on pricing, and together with that, naturally, margin gains.

Margin gains have another important lever, not only prices compared to the same price of the same car last year, but which is the increase in utilization rates. As I mentioned before, we were at about 72%, 73% utilization, and even if we couldn't increase prices, but we went up to 78%, we would have a substantial increase of yield, profitability, and margins.

Again, I will say that again: Price increases are very clear for this year, as well as an improved efficiency to increase utilization rates, which I mentioned was one of the drivers for our guidance in the first quarter. Thank you.

Very clear. Thank you.

Good morning, everyone. Thanks for taking my question.

My question is about used cars margins. Did you have any impact in 4Q because of the IPVA program, if you advanced payments, and how do you see the margin in the first quarter because of this program of free IPVA?

Hi, Samuel. Good morning.

I did hear the beginning of your question, but your audio was a bit choppy. Could you say that again?

Just to know if you do expect an impact of the free IPVA program in the first quarter on your used cars margins? Let me talk about used cars and the point you brought.

Thanks for your question. We did not see an impact in the market as you mentioned, and as another company mentioned.

It was almost business as usual for us. You saw the volumes, if you compare the fourth quarter compared to the fourth quarter of last year, was even better.

I do not believe that the IPVA program was a driver of volumes. It might be a one-off action, but not structurally.

I don't think there was a change. Margins were stable, and it continues like this in the beginning of this quarter.

That was not a point that really moved the market. For us, you saw the numbers, no change.

Thank you very much.

Thank you.

Go ahead, sir. I'd like to close our call for the year of '25, thanking all Movida's employees that work with me everyday to make this company be better everyday.

I'd like to thank all investors, market analysts to join our call, the trust of our shareholders and controller shareholder, suppliers. The message is: We are very happy with the company's performance in '25.

We did change levels, and we reached a new level of maturity in the company as a whole. Today, I feel that I'm the CEO of a much more mature company, which brings me the confidence of managing the company on the day-to-day and looking into opportunities in this market that is still very incipient in Brazil.

What I would like to say is that what we see ahead, and I think the guidance of the first quarter supports that, is very encouraging. We are still in an environment of high interest rates, but the results of the first quarter, with an interest rate much higher than last year, grew more than 50% year-on-year, and we see that as an exponential increase throughout the year.

Everything that we have done, and there's so much under development, we talked about increase sales in retail with a new used car channel, verticalization of maintenance, all that has not reflected in the results of '25, but are very important levers for the results of '26. I close the call thanking everyone for joining us and leaving you the message that '26 indeed is a year that we expect to develop the company in a sustainable manner, looking into the long term, but watching the results of the short term from close.