A good day to all of you once again. Thank you for participating in our call.

Please forgive us for our delay. We had a drop of energy here.

Very well, I am here with Léo, and I will begin our results presentation. I will speak about the overview of our business initially.

All of you know that this quarter was marked by the closing of the largest acquisition in our history. We integrated Vital on June 22, 2026, going through the signing in December.

We went through the antitrust agency, received approval, and now Orizon will be the largest residue platform in Latin America. Now it is a consolidated thesis, allowing the company to now have 15.4 million tonnes of waste per year, 34% of share in the market, and this is geared to landfills.

I remind you that part of the waste is sent elsewhere, but for the landfills, we have a 30% share with 30 ecoparks distributed in 15 states of Brazil. This is how we consolidate our position as a leader and as a platform in consolidation.

Here you see an overview of the figures, and Léo will go to these in more detail. We have the volumes received per quarter, almost 4 million tonnes; adjusted net revenue, 981.7 million BRLs; adjusted EBITDA, 281.7 BRLs; volume collected, 915,000 tonnes; our net debt of 2,241.2 million; 1.8 times net debt EBITDA ratio; and 103.1 of adjusted gross profit for the company.

Now, besides what we have on the screen, I would like to offer some qualitative comments in the destination part, in the one-off expenses we had in this quarter about our destination division. I think you have perceived that this is the company's basic department, a very resilient department with price gain, volume gain, a stable growth quarter-on-quarter, pointing to the resiliency of this base business of the company.

Now, with the business with Vital, we will have a significant amount of new revenues and stability and resilience for the Orizon business, added to our proven growth agenda in this business. This is a business that grows quarter-on-quarter with higher volumes and with excellent prices in all of the destination departments.

Now, the base business of the company always performing according to expectation. Secondly, I'm going to speak about biomethane, our platform for strong growth.

Of course, there was a delay in the ramp-up of biomethane in Paulínia and Jaboatão, and the delay in the ramp-up is due more to the contract signed with the offtakers, who had the right to have a ramp-up and receive natural gas a lower amount than the plant capacity. We had to maintain the plant below its capacity for some months until achieving the 6 months of the contract to be able to work on the ramp-up.

Now, the plants of Paulínia and Jaboatão still are operating with an OPEX that was forecast. Technically, these plants are now ready for that leap that we have spoken about in all of our previous figures.

The good news here is that the ramp-up of Jaboatão ended at the end of May. Since June, therefore, we do see strong results at this plant, both recurrent in June, July, and August, and that you will see in the third quarter with a very strong ramp-up in biomethane, and we're now going into cruise speed, performing with costs that are lower that we had projected in our business plan.

Additionally to that, we have that proper outlook that in the third quarter, we won't have that cruise flight. We have a screen where we look at the production of these plants, and Paulínia at present is producing 110 cubic meters and Jaboatão 90 cubic meters.

If you look at the figures prior to this, you will see that both of them are now in a strong ramp-up, and the expectation for Paulínia is to reach more than 150 cubic meters in the fourth quarter. In the third quarter, we will already see important results.

The ramp-up of biomethane, therefore, left behind. There was a delay due to contracts, not due to technical concerns, but this is overcome in the third quarter.

Now, the third point, we had relevant one-off expenses this quarter, impacting our EBITDA of 281.7 million. It should have been much higher were it not for these nonrecurring expenses, one-off expenses.

We separate them in three points: transaction expenses, we carried out a transaction of some billion reais, and expenses tend to be very steep, auditors, attorneys, advisors, all of which impacted our EBITDA this quarter. This will not happen again.

An advance of the LR Cap costs, as we won the LR Cap, the Paulínia plant is already working with this beginning in August, but we did have operational expenses to put the plant running, and after the third quarter, these expenses will no longer exist and we will have recurrent revenues. Third, I think we have the advance of LRPs of Vital.

Now Vital advances and left behind the balance of Vital with an impact on our results. Having said that, when we look at the 12 months going forward, without a doubt, you will see that the annual EBITDA will be expressively higher than the LTM we see in the second quarter because of the impacts I have just mentioned.

Qualitatively, I wanted to mention these points as being the most important with an impact on our results. Let's go on to the next slide, where we speak of our integration plan and map synergies.

There are several points to be mentioned. The commercial growth and new contracts.

This is a very important point that we mapped in the contracts that came from Vital. We had merely mapped gains coming from the landfills, but there are additional gains that we can show you in the GI contracts with still small margins and a rebalancing stock because of past debts and noncaptured readjustments that will come to the surface in Maceió and Sergipe.

Now we begin to see something we had not seen before the acquisition, and we see that in the GIs, there is potential of additionality of results of these assets. Secondly, operational efficiency, we have a strong team acting to bring us the operational cost of the landfills similar to the cost of Orizon.

The reasons have already been identified, and we do have an attack plan that will come to light in the coming months. We will bring the Vital assets to the same level of Orizon assets.

Now the energy transition and along with the plants that we had already built, and Vital also had some. The ramp-up and the plants of Paulínia, Jaboatão, and Metagás, we have six plants under construction that will come into operation in the next 12 to 18 months, additional EBITDA, additionality for the company.

Supplies and scale, we have seen significant gains. We have remodeled our entire supply area.

Now, with scale that we have imagined for the company, we begin to look at the purchase of diesel, of inputs, and we become ever more relevant in the market. We began to perceive that the union of this platform brings about significant gains because Vital had been operating as a standalone company in some cases.

There also will be synergy in SG&A. Doubtlessly, we will be doubling some areas, and throughout the next 12 months, we should see gains in SG&A.

The SG&A for this month has been impacted by the one-off expenses, but besides that, we also have efficiency gains for the next 12 months. Finally, the capital structure, we have a strong cash generation, low leverage, which means that we will have an opportunity to reduce our capital cost and lengthen our debt profile.

Our debt profile is quite lengthened, but we're presently operating at a debt level lower than that of Vital, and we will bring that cost of capital up to what we have at Orizon. Let's now go on to the highlights and events, the second part.

Here we're still speaking about our legacy. It's important to zoom in into a growth above GDP of legacy Orizon in volume and price.

This is important for us. We had a growth in the volume of residues of our ecopark that was considerable, 10% and 6.3%, as you can see on the screen in assets.

Additionally, we have a real gain of price of 4% or 9% year-to-year to 94.4 BRLs per ton, and we also have a gain of 91.1 gain per ton. This 91 has a bit of one-off of a specific asset, but it did have a price gain.

This window for the price gain of landfills is something we should look at in the long term. People ask me, how far will it go?

Now the price of final destination in Europe and the United States, in USA, it is $80, in the European Union, €100, and here we operate at $15. We have real gain in final destination that should persist during coming years, and these levels will have a positive impact on our final destination.

To the left below, the consolidated recurrence of carbon credits. In the past, we migrated to the voluntary market.

We are now proving that carbon is a reality with recurrent revenues in this quarter and the three previous quarters, and you should expect this recurrence in the coming three quarters. Léo will speak to you about novelties that are not for the short term, but we will have positive outlooks for this window.

The ramp-up, following our present-day schedule in the contract. In the second quarter, the figures that are here that are quite low, we had 130,000 cubic meters per day of biomethane.

Now, this figure was driven by June, when the ramp-up had ended. April and May were low.

Here we show you 85 to 100. This will increase day after day.

We have 110 cubic meters for Paulínia and 90 cubic meters for Jaboatão, above what you see on the screen. We will continue with that cruise flight, and in the third quarter, we should consolidate the operation very close to 100,000 square meter and Paulínia a cruise flight above 150,000 already in the fourth quarter.

This after we have finished the ramp-up, and the leverage, as I mentioned, 1.8 times. We have 1 billion to deleverage the company already contracted, and the entry of EBITDA factors which I have already explained to you that will bring strong deleverage to the company in the coming months.

We now speak about our new board. The board has taken office.

We had a meeting yesterday, and we have built a board with highly constructive members. We have advisors indicated by Vital, and we have Luiz Henrique, an independent advisor, that have created a team of excellence in our board.

We now have differentiated governance, and we will create committees going forward. This board will have a very good participation and offer excellent contributions to the company going forward.

Finally, the breakdown of our actions. We have split the shares 10 days ago, dividing the number of shares per four, and because of our time constraint, we had common shares left in the market.

To the right, our share base is a combination. The holding company has 60% of the company, 40% of free float, and the 40% of free float, half of which is made up by foreign investors that are very present.

This is what I wanted to say to you about this slide. Finally, a subsequent event that we disclosed yesterday, the acquisition of the landfill in Rondonópolis.

I mentioned that we're going to continue with our inorganic growth agenda, acquiring more landfills, of course, with capital discipline. For Rondonópolis, we paid 5 times EBITDA.

There are no other revenues here of biogas, carbon credits, of biomethane. We have the potential of valuation of this asset, and I spoke about discipline in capital, and Rondonópolis is in a state where we have a very important asset.

That is why we are bringing everything into our operations to have greater control of raw material within the states. This is another asset that we own since the closing of the operation.

We presently have 31. I will now give the floor to Léo to speak about our operational performance.

Good morning, everybody. I think we had a complete outlook in the first part, but we do have other highlights that are worth mentioning.

We have a specific highlight on the company's performance in biomethane to illustrate and give you comfort on the ramp-up of the two main plants in the company. At present, we have three operating plants: Paulínia, Jaboatão, and Metagás in São Paulo.

Now, we have two plants that come from Orizon Legacy. They were incorporated in the transaction announced in June, and we see a volume of cubic meters of biomethane and the consolidated margin of these plants in significant evolution.

Here we are bringing you some color of what has happened in July and August until yesterday, based on a daily average in volume of cubic meters generated, produced of biomethane and in BRLs and expected margins, we do have considerable growth. These projects begin to have consistency and strong maturity growth this quarter.

I'm not going to speak about a cruise flight because the Paulínia plant has a great deal of biogas, and we think it will grow a great deal until 2027, but at different levels in the second half of this year. In the first bullet, a portrait of today: Jaboatão producing 90 square meters, Paulínia 110,000 square meters.

In the release, you were able to see the behavior of these plants in June and the initial premises of our business plan that we discussed with the market: margin, CAPEX, and schedule. At the bottom of the page, we offer you some color: the confirmation of the schedules for the coming into operation of the plants that we had already disclosed to the market: in 2026, the Belo Horizonte plant, Macaúbas incorporated recently; in 2027, the coming into effect of Itapevi and URE; in '27, Tremembé and Metagás with an expansion still in 2027; and we have Guaratiba in Curitiba for '28.

In the next page, we're speaking about our positioning in carbon credits. Now, carbon, I think, began to be explored by Orizon as something erratic initially, as something that did not allow us visibility or did not allow us to perpetuate this for quite some time.

We have been working strongly on carbon credits to have consistent performance and recurrent sales quarter-on-quarter. We have created long-term sales.

We have long-term contracts. We say that we have sold 12 million.

These are sales billed during one quarter, and behind this, we have a range of top-level customers, national and international, from excellent companies with very good international rating. This is a portfolio that we have developed through time.

To the left, we show you how we have developed these projects from the viewpoint of certifying entities, AC Carbon and others, but also including rating agencies, independent ratings of quality agencies, which accredits us and positions us differently vis-à-vis the customers. Now, the customers tend to look only at data, but not at the quality and social, environmental data about the project, and we do have to take a good stance in this market.

Now, in regulatory agencies, we highlight what is happening in the Brazilian market. We are certified.

We have technologies that are being debated within the SBCE. We have public hearings, the international transfer, especially for governments, for carbons generated in Brazil with a direct impact on Orizon portfolio.

What happened at CORSIA that goes through traditional aviation companies that are acquiring carbon credits, it's already in the first phase consolidated in 2026, and we have other mandatory phases that will begin in 2027. Now, we have a pipeline of the projects we incorporated from Vital.

We show you which of the projects that are registered and each different environment. We have some based on the Paris Agreement and dozens of other projects that will be registered in the short and midterm.

We do have 12 landfills. The company has 31 after the disclosure of Rondonópolis.

We have quality, a good quantity of projects and a project and quality of carbon credits. Page 15, we speak about our integrated management initiatives.

Now, the landfill is all very beautiful. It is a cash cow.

It is resilient. It's almost a natural monopoly.

When it is impacted, it requires something additional, something that is a fixed return indexed to inflation, and this is what will allow us to carry out all services: destination, collection, and other activities. The company has eight projects in integrated management, and these could be integrated in all of the landfills.

Integrated management pro forma responds to 48% of gross profit for those who are looking at energy. There is the wrap.

We're speaking of something very similar. It's very easy, very simple to model.

There are contracts that have a well-defined risk indicator for the concessions, for others. There are non-tariff revenues additionally and the possibility of having other sources of revenue in the contracts, and we consider this front as a lever for value creation at Orizon.

In conferences and in our day-to-day, we begin with final destination, and we see how to maximize the value under management. We have biogas, carbon credits, circular economy, and we consider this an activity with high potential for generating value.

In the next page, we speak about our average price. Some years ago, we were speaking about the potential we saw at Orizon of price gains above inflation, and quarter-on-quarter, we have had deliveries above inflation in our gate fees for destination.

We observe the same in Vital. To bring you some color, Vital had a specific contract that works with stronger prices in the mid and long-term contract.

We did our diligence and were looking at this more deeply day after day, and we see we have the opportunity of maintaining prices above inflation, 3.5% or 4%, which is what we have obtained every quarter. Now, that small drop regarding the first quarter is due to mix.

We had a growth of volume in that quarter, growth of residue volume, and the mix therefore did have an impact here, required a slight adjustment. This is not something structural about volume.

The company delivered more volume than the first quarter in the Orizon platform along with Vital also compared to the previous year. Our volumes are growing.

Regarding the first quarter, we delivered somewhat less, but what is more important here are the volumes in landfills, and in integrated management, volume does not represent a considerable issue. It becomes more important when the payment is fixed, and we have a range of contracts under concession.

We have a range that will not move very much. It might increase 5% upwards or downwards.

We're speaking of consistent growth above economic activity, and because of the ramp-up of our assets, we have several landfills with still significant opportunity in the area of influence, regions that are serviced with non-appropriate practices in destination. These landfills are being closed down, and of course, we will begin to receive these residues in our landfills in a more appropriate fashion.

Before we go through the financial highlights, we highlight adjusted net revenue, a growth vis-à-vis the first quarter, totaling 981.7 million in this second quarter pro forma from legacy Orizon and Vital; profit, 334 million; adjusted EBITDA of 281 million, as we mentioned at the beginning. Now let's see which is the impact of recovery of companies when we compare the first quarter with the second.

I think it's easier to understand that this is something nonrecurrent, is a one-time impact. Last year in Orizon, this was paid in the second quarter, and this is simply to clarify the values for the second quarter.

We see this also in adjusted net income. In the next page, we speak about our capital structure.

We'll go back to the comment made by Pilão upon beginning the presentation of our leverage, 1.8 times, with a highly lengthened debt of 2.2 billion, and our rating is brAA+ from S&P Global. Now, we still have some fronts that are going to continue to change.

We have the subscription bonds capitalizing the company between May and September of the coming year. We have a window of 120 days.

Biomethane is still contributing relevantly to the figures that we see here. The contribution will increase in the third quarter.

The new plants contracted, Barueri, for example, that begins at the beginning of '27, as well as other plants under contract. We have an adequate balance for both organic and inorganic growth, reinforcing our clear leadership in this sector for valorization of waste.

This light balance has a great deal of potential for both organic and inorganic growth, and we can expect from this company that in the short and midterm, we will have a dividend policy and we will be able to allocate part of those dividends for our shareholders. Very well.

This last slide is a bit more of the same, but I do like to present it because it's the beauty of our business that should not be forgotten. It's the plurality and the amount of additionalities that we have in the business.

When you capture the residue, it's incredible how many potential additionalities you can have. Because in the real world, these additionalities will tend to drag more because of regulatory problems before they come into operation, some can be positive.

When you have many additionalities, you allow strong organic growth for the long term, and this is what we observe at Orizon. Basically, this is what you see on the slide.

We have divided this in capture in course, ramp-up and maturity, consolidation agenda of the sector, and agenda for execution, growth, and deleveraging. For capture underway, what we observe is an important avenue in the rebalancing of commercial possibilities.

This is one of the new ones. I think you're quite aware of other operations, improvement in the capture of biogas, corporate expenses, optimization of our capital.

When it comes to final destination, in the line item of destination, we have an excellent avenue of growth with commercial negotiations, as we have already done with several assets in our history. In organic growth, the ramp-up, we have biomethane plants that have been left behind with strong results in June, July, and August and a significant agenda for construction.

We do have plants under construction, and they're following the schedule. There is no forecast of delay of the new biomethane plants that will come into operation and, of course, be part too of our CAPEX.

The ramp-up of ecoparks that I have just mentioned and the projects under implementation within the schedule. Finally, the consolidation agenda, where two points are very important: the fuel law for the future has released the mandatory figure of 0.5% this year, and the commitment of the government to release of fossil fuel producers.

There is a mandatory market for the purchase of renewable gas. This will give greater thrust to biomethane.

All of this should happen at the end of September, beginning of October with this percentage that is mandatory, 0.5%. On Thursday, I participated in the biogas convention.

The mayor of São Paulo, Ricardo Nunes, if you visit his profile, you will be able to see what is happening. This will give trust to the biomethane market for mobility and drive several cities, bringing about another strong demand for biomethane with better prices than we sell to the industry.

Several states are beginning to move to create public and private partnerships. We're ready to participate in these partnerships and concessions.

We're beginning processes in locations where we have a landfill for new integrated management contract. In the M&A area, we have several millions.

We recently acquired Rondonópolis, and in the coming months, you should expect new acquisitions, new M&As, bringing in more landfills to the company base. Finally, on the part of deleveraging, well, we have significant contracted deleveraging, and in terms of capital allocation, dividend payout, we're never going to stop being a growth company.

We're never going to stop using most of our cash for reinvestment and growth. Despite the Brazilian interest rates and despite the macroeconomic situation, Orizon can allocate money in high-return companies, returns above inflation, of course, and above average market investments, and we're going to do this for many years.

Every time we acquire a landfill, there is a base of 2 million of biomethane to be invested. There is growth looking forward.

We have projects for new landfills, projects to make our operation more efficient that will bring strong return to the company. This doesn't mean that our management aim is to have a portfolio where most of the resources are being reinvested in the company, but we will have some space for the payout of dividends.

We will use our resources for growth. That's our dream, and I think it will be possible in the short term, giving the uncontracted leverage of the company in coming years.

That is what we wanted to present to you today. I thank you once again for your attendance and beg forgiveness for our delay.

We're now going to open for questions and answers.

Good morning. Could you update us on the coming phases of Vital integration?

This quarter seemed to have margins under pressure. Does the company intend to undergo reorganization?

Which are the lines that offer a greater synergy potential, and which are the main lines that you have in Vital, operating lines?

I'll see if I was able to write everything down. Maria Carolina, thank you for the question.

Now, about the greater pressure on margins this quarter, this is due to specific events, natural during these moments of transition. We carried out an adjustment and some events in adjusted EBITDA that are detailed in the release: the coming into operation in Paulínia, the impacts in biomethane of Paulínia as well, and mobilization of the contract of collection.

On the other hand, I think we had a highly victorious quarter in terms of management. We should expect consistency and a very strong margin when it comes to final destination.

We're going to have gains in the real price in this turning, an increase in the biomethane accounts. We're going to gain margin in the short term.

In integrated management, we have seen something that is very clear and because of the levels contributed by Vital last year in the fourth quarter until the second quarter of 2026. In terms of synergy opportunities, in procurement, the capture of biogas, we have a great opportunity.

The final cost of the assets that have been recently incorporated, this is not something that will happen overnight. There's a time for the initiatives to mature.

We have the weaning time. The capture of biogas should be something in the long term, and we have a great deal of fruit to harvest in coming quarters.

I would like this to happen in one, two, or three quarters. We hope it will not be more, and then we will have the benefit of the synergies we have mapped out.

Now, regarding the projects that are in our pipeline in integrated management for Vital, we have a great deal mapped already that will have a fit with the landfills that were in Orizon Legacy in municipality and states that are discussing long-term modeling in the format of concessions and private-public partnerships. All of these make sense.

We're going to give room to these in the value chain, and we're going to also be able to capture in long-term contracts other factors that we mentioned in the transition with Vital. Vital has a fully operational schedule.

I think it was carried out very successfully, considering the months we had between the signing and the closing. We have worked strongly on culture, on processes, on management in-house.

The company is operational, and the final schedule, if you look at it, it is half Vital Legacy, half Orizon Legacy. This shows you the respect that we have for the capacity of the executive of Vital that have come to our group.

We are becoming integrated. The new board is working in a unified fashion, and we have great complementarity.

Now, they have characteristics we did not have; we have characteristics they did not have, and we're all highly motivated with a new board that will operate this company. I would like to mention a point, Carol.

Given the volume of opportunities we have ahead of us, our great challenge is to select the priorities we will tackle first. Now, there's that beauty of a huge volume of additionalities, but to manage well is to prioritize and to work one step after the other for a good execution.

We have been working very strongly to develop this, and the agenda for synergies is an agenda for rebalance and gain in volume and prices, and in the landfills that come from Vital, we're beginning to look at Vital landfills. We will be looking at this in the coming quarters.

We also have to work more strongly on making the CAPEX more effective. We're working on this within the company, and we can expect a great deal of additionalities in the synergies we will observe in coming months.

I would like to hear more details on the potential for rebalancing mentioned about the Vital operation.

We have participated trying to offer contribution to the program Íntegra Resíduos, and it exists in Minas Gerais. They're setting up private-public partnerships and concessions.

Now, these programs are interesting for us because in states like São Paulo, for example, large cities are well serviced by landfills and ecoparks set up around the city. The problem that Íntegra is trying to resolve is to bring small cities, lead them towards resolving their problems in residue destination.

Now, given our capillarity and positioning in the state of São Paulo, we are participating actively, and perhaps not this year because it is an electoral year, but we do expect public-private partnerships in metropolitan regions, and we will always be well positioned because of the ecoparks we operate in the state of São Paulo. The second question about rebalancing in some of the GIs of Vital, we identified there were opportunities and a stock to realign prices, destination prices with reception prices, and throughout our history in the last 10 years in Nova Iguaçu, João Pessoa, we have shown how to do this in a smart way, transform the stocks for non-given realignment in the past or debts, transform this into price and others in concessions, and we have an opportunity in this field.

We also have the new GIs. You will see this.

At the beginning of 2026, we set up one, and it is active in a region where we already operate a landfill. These two fronts are fronts we will be exploring in the coming months.

Could you offer us the total potential of generation of carbon credits for the company if you combine all of its assets and the prices that are being practiced, $30 to $40 credits? Can we base ourselves on that, or is there a relevant expectation for price increases?

This is Leonardo. Thank you for the question.

The 30 present-day assets and the new assets were incorporating as we evolve in our agenda. The 30 present-day assets, 28 are operational, two others are licensed.

They should generate 6 to 7 million carbon credits per year when all have been registered and are performing. Now, when you say $30 to $40, are these reais, BRLs, $6 to $7 in terms of prices?

Now, the initiatives we have observed for advance in the regulated market international agreements should allow the company to have a better price once these environments are properly set up. This is the price level we see historically for Orizon.

When we look at what was happening, advances in the regulated market by lateral agreements of international aviation, for example, this is the right space to have higher prices, certainly two-digit prices. I can't say if $10, $20, or $12 or $20, that's not our role to give prices, but a price multiple times higher than what we have at present once the regulated markets have been set up.

With a 6 to 7 million carbon credits generated, the prices should be much higher.

Good afternoon, Pilão, Leonardo. We have two questions here.

One referring to the reprocessing of recyclable residues: is there the possibility of setting up a new technology to bring about more efficiency for that process? Regarding the dividend policy according to the bylaws, you're going to distribute 5% of your profit.

Now, with the incorporation of Vital, have you already sat at a table to speak about a possible and future dividend policy?

Let me speak about the first time. I'll leave the dividends for Léo.

In the processing of recyclable residues, we have created several technologies to enhance the efficiency of the plants. We have the largest mechanized plant operating in Jaboatão and Guaratiba.

Presently, we're building a very large plant. We have a plant under construction in Duque de Caxias for recyclable residues.

As I mentioned in prior calls, we're anchoring the modeling in a risk division where I have a gate fee, a dedicated gate fee. If we are able to make the separation of recyclable residues more efficient or if there are changes in the market, if we can obtain more revenues, we will share this with the public powers.

This was a good model because it divides the risk matrix, takes away from Orizon the problems we had in Jaboatão that do not have that dedicated gate fee differently from Duque de Caxias. The plant arises with a guaranteed return.

Having said that, we're working with AI systems to facilitate the selection of residues, the evaluation of new technologies for plastic film, for example, that does not have a market demand and a stronger regulatory action. 2 days ago, Europe set forth a new standard, making it mandatory to consume recyclable plastic.

This has not happened in Brazil. Were it to happen, we would expand demand, increase revenues with benefits for the company.

While regulation does not mature, the present-day model within the risk matrix is to guarantee the gate fee.

About our dividend policy, André, you're right. Our policy is very conservative for a company that has a great potential for growth.

We need to ask the board to redefine allocation or payout. Certainly, once we head in that direction, we will review that point and we'll find a space for balance, financial discipline.

All of this will be revisited at the right time when we have clear visibility of how everything will behave in the future.

Thank you.

In the release, you mentioned that the expectation of strong deleveraging in the coming years, the payment will be part of your capital allocation strategy. How is the company thinking about a possible dividend policy?

Which would be the main criteria there: level of leverage, needs for investment, cash generation, and growth opportunities?

Hello, Joana. This is Léo once again.

I think you went through several of the points that will have to be addressed in the policy: leveraging, minimum cash policy, the windows that we will have if it is twice a year or once a year. Of course, this will have to be dealt with.

We have carried out studies about how other companies are dealing with that, how they dealt with that. We can't forget that we have a great potential for growth and how to better allocate our capital, how to deal with this better.

There are several opportunities that justify growth, which is what we will do, and we will have the capacity to show you that this is the best way of allocating these resources, but with room for a balance and greater flexibility. In that case, we will create a policy observing all of those parameters, dates, and windows, making the policy clear and more predictable for our investors and shareholders.

Previously, Orizon stated it had lack of interest to operate in the urban cleaning system. Now, will this activity be part of your business?

In recent statements and podcasts, I heard that this will be part of the company. What has led to this new positioning?

This is Léo, and then Pilão will complement the answer. We're not working on urban cleaning for the sake of urban cleaning.

We work with collection more integrated with final destination, and it's important to clarify that the company will not pursue collection or urban cleaning projects that are not linked to the landfills. It's a way of monetizing the volume of residues we have under management.

We have to control destination and maximize the value of residues, creating value whether it is biogas, electrical energy, biomethane. All of this will go through our integrated management.

We should highlight the advances that we have had in zoning in public policies. Municipalities and states are seeking long-term contracts for this activity through public-private partnerships, long-term concessions, and of course, they justify that and give us greater comfort vis-à-vis short-term contracts.

Now, when you look at this from the viewpoint of landfills, this allows us to think about more predictable profitability and revenue streams. This is what has changed our way of thinking.

We're still thinking about how to add value, and this is what we are doing at Orizon in this journey. Everything converged in the right direction when we joined together with one of the main companies in Brazil.

They have expertise, good contracts, a mobilized team, and technical expertise. That transition with Vital comes at a very important regulatory moment.

Public policies are being discussed within the framework of sanitation, and Vital is a company that has executed all of this very well, besides the two landfills that we have been able to incorporate.

Which is the leverage level that you deem to be appropriate to continue carrying out acquisitions? The company is at 1.8 times, but says they are analyzing M&As.

Are you thinking of deleveraging? Which is the revenue concentration in the main public contracts, and how do you assess the risk of the counterpart of the concessions?

Geovanna, this is Léo once again. 1.8 times with a very lengthened term for debt, that is a good balance of leverage and duration.

That's an important point. We have 1.8 times.

It's different than having a duration of 5 to 6 years. Now, there's a great deal of CAPEX invested that so far is not generating cash: biomethane, the projects in Barueri, several projects from Vital as well that will have to be captured, 1.2 million reais that will offer us greater profitability in the short term.

Additionally to this, we have capitalization of 1 billion between May and September last year for the underwriting we have in the market that is at the right price and that will deleverage the company to 1 times net debt EBITDA. All of this will allow us to continue to grow organically and inorganically, an optimal level of leverage 2 or 3 times.

It should never be more than 2.5 or 3 times, but with a very lengthened term, and we're still far from that. When we look at the capitalization, the short-term market, we had a follow-on.

Everybody in the market knows of our situation.

We've gone beyond our time. Thank you once again.

We apologize because of our blackout at the beginning, and thank you all very much for your attendance at this call. The Orizon conference call ends here.

We would like to thank all of you for your attendance.