Good morning, everyone. It's a pleasure for me to be here in one more videoconference of the results for Randoncorp.

2025 was a demanding year and transforming year for all of us. We started the year doing the greatest acquisition in our history, the Caster Coatings in Mexico, a big step in our expansion in North America, and is amplifying the resilience of our businesses by means of the aftermarket segment.

In the same period, we started facing a macroeconomic segment which was adverse, with elevated interest in Brazil, more credit selectiveness, and geopolitical uncertainties that affected chains and decisions for investments. We also had tariff disputes in many geographic sides that brought instability not only here in Brazil, but around the world.

This scenario put pressure on our markets with a strong reduction in the demand for semitrailers along the year. In the case of trucks, it was even more expressive in the second semester.

This decrease in rate of sales demanded high work of restructure along 2025 with the adoption of many measures, we could adequation the company to this new context. Between the several actions that we took, I'd like to highlight the strengthening of our financial structure, reinforcing the management of working capital, and it showed great decrease along the year.

We did capturing and strategic partnerships that helped us to reduce our debts and gain leverage. The advantages of these initiatives are going to be addressed by Paulo in his presentation.

Now, talking about specifically the fourth quarter of 2025, this period reflected integrally the challenges of the year: lower volumes, and in some cases even 40% lower to the same period in 2024; seasonal issues with collective vacations with longer periods of stoppage in comparison to the other years; and one-off expenses. Even so, I highlight that we reached the main indicators of our guidance in 2025 with a consolidated revenue, EBITDA margin adjusted, and investments within the time frame.

Besides the challenges, we move on investing in the pillars of the future: people, innovation, quality, and sustainability. In the last quarter, we announced changes in the governance to get better synergies and speed up the digitalization of the company.

The Advanced Technology vertical is now called Advanced Technology and Digital Strategy since the first quarter in the 2026, integrating the [DT?] and Randon Ventures.

Now, the vertical Financial Services working with consortiums, insurance, and banks. I also want to highlight that we strengthened the ESG agenda with our participation in COP30, having dialogues with companies and governments about a more sustainable future.

With our adherence to the First Movers Coalition, it's a global initiative led by the Economic World Forum, uniting companies to speed up the decarbonization in this heavy carbon industries. It aligns with our strategy in this theme, acting in industrial initiatives and technologies that are connected to the agenda.

We believe it's fundamental for the sustainability of the business in the long term. We wrap up the year learning a lot, and we are more prepared than ever and stronger than ever to the new cycle.

In relation to 2026, we know that the challenges are still ahead. Being diverse in our businesses and having more balance between OEM and aftermarket, and our global presence being more robust besides the financial discipline, it gives us a more positive perspective into the future, putting us in a favorable position to capture the benefits of the resumption when it happens.

On screen, you can see our projections for 2026. Our guidance, it has been released yesterday because of a relevant fact.

In the document you have all the premises that we used to project all of the indicators. The year goes on with many challenges in our markets that still require caution in the projections, given the uncertainty context.

We have positive news from the important markets as the new contract, which is relevant for supplying wagons, railcars, foreseen for May 2026 and November 2027. R$170 million in revenue is going to be added in this period.

More details of this transaction, you can find in the relevant fact that we shared with the market in January. It's available in our website for RI.

Everything that was done in 2025 and we continue to be doing in 2026, the main goal is to transform our company into something even stronger and solid, recovering our margins and profitability. In this way, we continue focus on capturing synergies of these recent acquisitions and integration of this new businesses.

We move on with a lot of austerity in our investments, preserving our cash, and of course, focusing in optimization of the necessity of working capital and realizing the expenses, which is a powerful combination to reduce the leverage of our company. I'm going to wrap up, say thank you specifically for everyone who participated in our journey in 2025: our employees, our clients, suppliers, investors, partners.

Their dedication and trust and partnership were essential for us to move on, evolving and building a company that is even stronger, innovative, and sustainable, within our purpose of connecting people and wealth, generating prosperity. Now, I move along to Paulo, he can move on with the presentation.

Thank you, Daniel. Good morning, everyone who's watching us in our videoconference.

I'm going to get started bringing a bird's-eye view in all the markets we work on, getting started with the trucks. The Brazilian market finished 2025 in retraction, pressured by the macroeconomic challenging environment, like Daniel mentioned.

The sales were in total 113,000 the year, a little less than in 2024, being affected by the reduction of the demand in agribusiness and by the investments that were delayed by huge-scale operations. The fact that caught a lot of attention and impacted our operations was the change in the production dynamics, especially in the last quarter of the year.

The OEM were focusing in reduction of their stocks, and for that, they had longer programmed stoppages and amplified their vacation period. With that, the lower amount of vehicles productions were 34% in the fourth quarter of 2025 comparing with the same period in the previous year.

Now, on the heavy vehicle industry, this reduction was even more intense, up to 45% in the same period for comparison. This rhythm was also evident in the beginning of 2026.

Even though we have news like the release of Mover Brasil, it's a financing line for new trucks and semi-new trucks, we still haven't seen great changes due to this initiative. Now, going to semitrailers, the number of new licensing reflected a similar dynamic for the heavy truck industry that I mentioned earlier.

The year ended with 170,000 semitrailers, almost 20% less than the previous year, the product lines more affected by this context for agribusiness and the fuel tanks. On the other side, the aftermarket, which is fundamental for our operations, has maintained resilient along 2025.

The maturing of the fleet and the more need for a maintenance in the vehicle, besides the strengthening of the structure of this segment in the past few years, sustained the demand. Now, going to an environment outside of Brazil, we observed a good demand in countries from Latin America for all of our segments.

On the other hand, in United States, they had sales in a lesser level, given the uncertainty because of the tariffs. These features all contributed for the results in the fourth quarter, and it's a base for the results that I'm going to show you now.

Net revenue, it presented a small decrease even though it was impacted by the deceleration of the truck market and semitrailer market. There has been a positive effect by addition of the new businesses, and there was R$530 million in this quarter.

EBITDA margin presented a decrease because of the great volume and diminish of fixed taxes. The net revenue, it's been affected by the results and the one-off expenses registered in the past 12 months, and also impacted our net result, not only in the quarter, but in the year to date.

On the one-offs, I would like to highlight that the most relevant one registered in the quarter is related to the provisions related to the legal battle of our client in our JV. Now talking about our indebtedness, we have been maintaining a very disciplined posture in managing the leverage of the company.

Even in this transformation period, which is so challenging, with quite good investment in the beginning of the year, strategic moves, and impact of some events, we finished December of 2025 with a good reduction in our net debt, especially when comparing to the closure of the first trimester of 2025. I highlight that the plateau that we reached is the result especially of the following initiatives: capturing in the markets, capturing the Randoncorp and follow-on with Frasle Mobility, all of that generated R$400 million cash for the company, and it added in December approximately R$200 million available; the control on investment and expenses and the optimization of our NCG that in the second semester of 2025 presented a reduction of R$1.4 billion that I'm going to explain in more detail.

All of this movementation sustained the reduction of leverage in the company, also with the 3.5 times our net debt. Something that we have done within our financial discipline, the reduction of the average cost of our debts and increasing the period for payment.

Even though the rates of the Selic, our total cost is inferior to this indicator. Of the debt rolling, I highlight the sixth edition of debentures that happened in the fourth quarter of last year, that we captured R$500 million with this movement.

We finished the year with a solid cash able to support the needs in the short and medium term. Everything's considered for 2025, reinforcing the consistency of our financial strategy.

As I mentioned before, the optimization of NCG was a very important topic for the company along the year. In the second semester here, we are harvesting part of the actions implemented to reduce this indicator.

As you can see on screen, the variation of NCG with R$1.4 billion. Many initiatives which I'd like to mention: the addition of FIDC and diminish of the stocks, especially in semitrailers, with sales campaign and also adequating the production rhythm.

We know that the last quarter is a seasonal one, and the initiatives with higher impact happened in 2025. I highlight that in 2026, the plan doesn't change, and we'll move on searching for more efficiency with some opportunities that we already have in our radar.

To finish my presentation here, I bring some data related to the performance in the Randoncorp in market capital. The numbers presented show you the scenario that we already have, pressure, and more aversion of risk in the local market.

It doesn't change, however, our vision or fundamentals in the company, focusing the execution and better profitability, which determines the capture in medium and long term. Now Esteban is going to detail our indicators.

Thank you, Paulo. Good morning, everyone.

I'm going to get started talking about the net revenue of fourth quarter of 2025. We wrap up the period with a little retraction in comparison to the fourth quarter of 2024, even though we faced significant reduction of volumes in our main markets.

That happened because of the impacts of decreasing were lessened by our international expansion, comparison to the same period in the previous year, and also the increasing of portfolio in Mogi Guaçu with the production and sales of front axles for trucks. We see on screen in the graph that will show you more information about this indicator.

Agribusiness and industry, they had the greatest decreases in the comparison. Semitrailers, it has been more affected by high interest.

In terms of agribusiness, besides the credit issues, we also have the prices of commodities, they are in a low plateau, given specifically the low offering of grains. In the segment of the service, good performance there, especially given the growth in revenues in the companies in the Randon Bank and by the expansion of clients in DB with new contracts being signed.

The aftermarket showed some retraction in the Mexican market, comparison to the fourth quarter of 2024, besides the reduction in the volume in some areas. By the end, I would like to highlight the total non-organic revenues added in the period and how they have been essential for the maintenance of this indicator.

It's important to remember that all comparisons of the revenues have been affected by the reduction of working days with this long periods of vacation in comparison to previous years. In more detail now, comparing our revenues to the external market, you can see by the information on the screen a great increase of this indicator and its representative in comparison to all of the revenues of Randoncorp.

That's the result of our internationalization efforts that have been put in the past few years. From this total, the vertical of Movement Control represents around 68% of the revenues, with the OEMs representing 20%, and all the rest mainly from auto parts.

On screen, we have a graph. AXN, besides resumption of Hercules, even though the exportation of parts from Brazil have been pressured by the decreasing of rate of the automotive market in North America and the increased tariffs, in Mercosur and Chile, we had advancement of sales in semitrailers, given the higher level of investment in the countries that comprise the region.

However, our revenue coming from Argentine aftermarket has been pressured in the country before the reopening of the economy. Now, the adjusted EBITDA that presented reduction in the comparison, I highlight the impacts of the strong deceleration of our main markets in Brazil, the change in our product mix sold, it impacted especially the industrial verticals and the sales to the exterior, also because of the depreciation of real facing dollar, but also the movement happening in the United States.

You can also see on screen what accounts have been more impacted in this period and which contributed to the reduction of the indicator. The greatest big pressure comes from CPV, as I mentioned earlier.

For SG&A, I highlight that the comparison is affected mainly for the addition of the companies that have been acquired. They together, they sum up for R$105 million in the indicator.

It is important to highlight our efforts and restructure efforts. Disconsidering the new businesses, we had a reduction of 18% of the administrative expenses.

In the fourth trimester of 2025, you can see the reduction in comparison to the same period in the last year. This decrease is because of our initiatives to reduce leverage and preservation of our cash.

Now, we highlight as more relevant the modernization projects and the continuity of the investments in the plant for suspensions in Mogi Guaçu and the new distribution center for auto parts in the same place, and the industrialization of AXN, and the internationalization of some production processes, a movement that has been predicted since its acquisition, but it has been anticipated given some important changes in the important processes from the United States. Now, before wrapping up my participation, I invite you to participate in the Axtel research.

It's an important tool for feedback in the capital market for us. You can participate by accessing the QR code on screen, and the deadline for participation in March 27.

Now, I give the microphone back to Carol, we can get started with our Q&A session.

Good morning, Gabriel. You can open up your microphone and ask your question.

Good morning, everyone. Thanks for the space.

My first question is about trailers, if you can help giving me more detail in terms of the market, and also the indication of potential new requests. You mentioned now the destocking, and also the wallet that you mentioned in 3 months of implementation in the agribusiness, and also share the vision of how has been the Hercules operation, that would be great.

Second question here in auto parts, it caught my attention the margin. I think it's natural to have a decrease considering the trailers and the trucks, but it has been relevantly impacting AXN.

How your operation has evolved as a whole, a little bit more of the strategy, and also how is the composition between these three elements, talking about trailers, production of trucks, and AXN? That's it for me.

Thank you, guys.

Thank you, Tinoco, for the answer. I'm going to address it with Esteban.

It's a very wide, we can split this into domestic topics and US, because we have Hercules in AXN, and also in the domestic side, we have trailers. It has been a tough year for this market, especially in the end of the year, and trucks, we had a great reduction, something that we haven't seen in quite some time.

We were able to comment a little on how the volume has been, and what we see for our operations in 2026. Esteban, feel free to talk.

Thank you, Davi. Thank you, Gabriel, for your question, for participating in our videoconference.

Now separating markets and geographies, starting with semitrailers, I think it's worth just to give the context, the area of volumes. When we recompared the year by year in '25, we had the reduction of 20%, 21% in the licensing of semitrailers, and in agribusiness, we had a decrease of more than 30% in a segment that we have more exposure.

This reflects a little the margins for semitrailers. Of course, that we were not just waiting for something to happen every year.

We worked a lot in adjusting the structure, and it reflects partially in our results. Initially, we had the penalty of doing this adjustment, but then we prepared the company for a higher plateau of operation along the year.

When we look into 2026, we see, yeah, signs of resumption, including from agribusiness, but still in a lower plateau, much lower than the median, the average history. We've been doing review in terms of volume.

It predicts the market, including the composition of the mix. On the other side, Gabriel, looking into the OEM operation as a whole, we have not only the structure adjustment that I mentioned, but also the good news that we shared, a significant request for railcars.

It's going to add up almost R$170 million for the revenue in May 2026, November 2027. It helps a lot in the fixed costs.

We always say that railcars are a serial product that usually has a better margin than semitrailers. Now, looking into Hercules, the scenario is quite challenging in the United States.

It was the worst market in 2025 in the past 20 years, and this is connected to the macroeconomic context of the country itself. On the other side, sometimes investors ask us if we should have taken a different decision knowing that we would face a challenging market as we did in the past few years.

The answer is, yeah, it's the correct direction. We are very confident in this strategy.

The North American market is four to four to six times bigger than the Brazilian one. We're going through a rough moment, but at some moment, it's going to revert into a greater demand.

Some data now. Last year, we made Hercules more efficient, now we have a production, an operation that is running in a more efficient plateau in comparison to when we bought it.

Some signs that I help to this: it had been requested in the South Carolina port, and we delivered last year, and that request had a prediction of increasing the volumes that we were able to acquire now in the beginning of the year. We are still finishing up the details of volume and pricing, but the idea is that we are able to start delivering these units in the second quarter of this year, and it's going to be a great part of production by Hercules.

We're still struggling and battling for the requests, but the market is being tough. One more data that is important in terms of Hercules operation, or let's say the market as a whole in United States, traditionally, within 5 to 7 years of strong market, and then you have the low-level markets, they last two or three years.

2026 is going to be the third year of low-level market, we believe that in 2027 we're going to have a more consistent resumption of the market. Now, changing the focus to auto parts, we saw the fourth trimester with a very low volume in comparison to the fourth quarter usual numbers.

We have the seasonal low numbers in the end of the year, but specifically in 2025, we saw some truck markets and the production of trucks with a decrease of 30%, specifically the heavy-duty trucks, in which we have a higher concentration on our auto parts, we had a decrease of 45%. This compresses the margin because of a greater dilution of fixed cost.

Once again, we worked in the adjustments of the structure, we could reduce the fixed costs plateau. Another good news: we finished the ramp-up in suspensions in Mogi Guaçu, we are able now to deliver all the volumes negotiated with Mercedes, now we can see the market resumption.

Now talking about AXN in the United States, the operation has also suffered from the same dynamics in the market, such as Hercules. It's connected to the Hercules businesses and commercial vehicles.

We also did as an initiative to increase our competitiveness in the region was to increase the level of manufacturing of local components. AXN used to import and resell.

It was doing some sort of adding to manufacturing, and now we increased this index of local fabrication. With that, we make the operation more competitive.

For when we resume the market, we have a greater share in the market. In terms of margins of both operations, OEM and auto parts, we are seeing, yeah, step-by-step recovery.

We don't have the restructure costs that are so significant as in 2025, but we know that 2026 is going to be challenging as well in terms of volumes. We continue doing our diligent work with squads searching for efficiency, also in the revenue and the costs themselves.

I hope that I could answer your question, Gabriel.

Yes, you did. Thank you very much, Esteban and everyone.

Good morning. We are opening up your microphone.

Please feel free to ask your question.

Good morning, everyone. Hi.

Just one observation in the auto parts. This 5% margin, it's clear the motivations of the quarter.

It has been, okay, below the average, but why 5% specifically for this profitability level? Is it related to the seasonal period that was worse in the end of the year, or if this margin, even though it is recurring in this period, in this trimester, do you expect something better for 2026, or you expect the same, given that the market is still struggling?

I wonder that. The second aspect here, for the guidance of the company for 2026, I think it's a little lower than what the market expected, given the consensus that we had.

Global OEMs, they've released their results already with positive comments, saying that in the heavy-duty vehicles in market in 2026 they envision some improvement. I understand that this optimism is not so reflected in the expectations of the company here, at least that's what we see.

I'd like to have a little of this explanation of this detail, this guidance. What is embedded in terms of expectancy as an improvement in the heavy-duty vehicle area, or if the company is being more conservative in the beginning of the year?

What kind of message can we get from this for the year of 2026? We are still in March, right?

We have 9 months ahead, you are being conservative in your message. Those are my two questions.

Thank you.

Thank you, Kiepher, for your question. First question related to the margin in auto parts, Esteban will be able to follow up.

There are some arguments from the previous answer, and then,

Paulo, I'm going to give the word to you so you can talk a little bit of guidance. The first 3 months of the year, they render some information and news for a full year, but we still have 9 months ahead.

I'll give you the microphone so you can lay comments on what's behind of our analysis and the calculation and studies that we did to reach this guidance, and so we can give more information to Kiepher.

Thank you, Davi. Thank you, Kiepher, for the question.

The dynamics of the fourth quarter in auto parts, it presented what we call a double hit, which is a double impact, given the fact that the OEMs also worked on the reduction of their stocks. It is clear when we compare the rhythm of production and the rhythm of licensing.

That's the main reason for the margin in auto parts has compressed that much. That matched again with the adjustments and restructuring.

In 2026, we are working so that this margin EBITDA, it will be a double digit again. Traditionally, the historical margin for auto parts, it is between 14% to 16%.

We need to be transparent here. It is hard to get back to this plateau in a scenario that we see instability of volumes, Selic rate plateau.

It gets a little from the volume of commercial vehicles for trailers and for semitrailers as well, for trucks and semitrailers. Agribusiness, yeah, we have the expectation of a huge reduction in harvest, the segment has been impacted by the cost of the inputs.

It removes the decision, or delays the decision, of investments. That being said, this recovery of the auto parts margin, it happens because all that had been done internally, connected to the expectation of the better volumes along the year.

January has been tough in terms of sales, to being very transparent with you. The volumes were still low.

We have the seasonal thing in the first quarter as well because we have vacation period, carnival. We have slower sales, but we are seeing already signs of improvement during February and March.

Paulo, I'll give you the microphone so you can comment the guidance.

Thank you, Esteban. Kiepher, good morning, and thank you for participating in our conference and thank you for your question.

We have debated a lot before sharing this guidance, okay? In our vision, the projections, they are realistic.

In other words, there's no optimism or pessimism. There's no bias in this projection.

It reflects what we truly consider to be more adequate in terms of scenario, the projection of macroeconomic scenario and the market itself. Always remembering, guidance, it has been published, and along the year, if we identify that the positions are not reflecting anymore what we consider to be adequate, nothing is preventing us for, of course, to update this guidance with updated information.

Great. Thank you.

Have a good weekend.

Good morning. Thank you for the opportunity here.

Two subjects here. First, in capital, we have seen better improvements in this quarter, especially in accounts to receive and stocks.

If you can give more detail on the initiatives, and also try to clarify how much of this reduction is related to the small volumes of the quarter and how much can it revert it as we have this recovery, the seasonal recovery? Also doing a follow-up in the guidance and margin question: when we see the range, the low part of the range, we see a scenario that is pretty much without any expansion, even though we have been having all the restructuring efforts along 2025.

What are the risks that you see for us not having an expansion of margin even though the company is already in a new dimension in terms of volume? Thank you.

Thank you, Andressa, for your question. For these two topics, I'm going to give the word to Paulo.

We had mentioned along the year that this has been one of the greatest goals of the company for us to reduce the NCG and reduce our leverage. I think we were successful in that.

He's going to give you more detail in what we produced. Then, Paulo, if you could also complement the question for guidance about that working capital requirement, we're going to discuss that.

Okay. Thank you.

Andressa, thank you very much for your participation, for your question. For the working capital, in fact, we had a significant effort.

We have initiatives going on that generated results for all of our business verticals, and stocks, accounts receivable, and for suppliers as well. What we are searching is exactly a reduction in a maintenance structural in the working capital.

For 2026, considering the projections that we are seeing in the guidance, we expect an investment of working capital that is neutral along the year. Of course, that we may have oscillations along the quarters.

When we analyze year by year, we foresee little variation in working capital. Why do I say that?

Because along last year, especially in the first quarter of the year, we were still adequating our operations to this plateaus of the market and in terms of volume. When we wrapped up this adequations, and then we truly saw a significant reduction in the working capital.

For the clients as well, especially in the railcars, those are important contracts. They have good payment up front, and that helps us in this working capital cycle, and for suppliers as well, not only in Brazil, but in foreign countries as well.

We were able to capture synergies from the acquired companies, which represented significant improvement in the working capital. To sum it up, most of them reflect structural improvements that now we have the challenge ahead of maintaining them along the year in a resumption of the market, also being able to keep this under control, especially in this moment with this high interest, such as the moment we are living today.

Now, about your second question, guidance, I really confirm what has been said in the previous answer. It reflects our best projections at this moment, okay?

This year starts with high volatility. We have been seeing new conflicts popping up, and they may impact some regions and some markets, the high fuel prices, and this as a consequence elevates the price of freights, shipping.

Because of that, I mentioned that's the best information that we have now. This is a value range.

Again, if the conditions stabilize for better or for worse conditions, we will certainly update you in relation to that.

Thank you, Paulo. It's clear to me.

Good morning, Gabriel. We are opening up your microphone.

Please feel free to ask your question.

Good morning. Thank you, Carol.

Thank you, guys. Good morning, guys.

Two things. You mentioned already, but perhaps to get more detail about it.

Now, moving from the fourth quarter and with this low level that we've seen in the production of trucks in Brazil and therefore a low production of auto parts for you guys, I would like to understand from you guys the levels of stock in the automotive heavy-duty sector in Brazil. We see some optimism with the news subsidized coming from BNDES to resume some volumes, and including the low volume in January, maybe that's the companies are waiting for the credit lines to be okay for the companies to purchase.

Now, I would like to understand from you, in the beginning of the year, in terms of stock and the resumption being a little more stronger in February and March. Now, also based on the commentary that you just did, Paulo, about your guidance and the conflicts, the geopolitical conflicts impacting the macroeconomics in Brazil, does it make sense to think that if we have an inflation that is more accelerated in terms of fuel, the highway shipping, we may see some increasing?

Is there any nuance that we are not seeing in this analysis? Thank you.

Thank you, Gabriel, for your questions. I think they are very correlated here.

I would ask Esteban to address them, to talk both about the levels of stock in the industry and also the programs that we have here, which is Mover Brasil, and as you mentioned, the inflation of fuels and some other things that we know that with war, it can extend, and it may happen, it could affect our markets here. Esteban, please.

Thank you, Davi. Thank you, Gabriel, for the question.

For the volumes of stock, we have seen something similar happen in 2017, 2018, when the market was living from 3 years of crisis, basically 2014, '15, '16. Those were years with considerable low numbers, with 30% decrease in the 3 years, almost 70% decrease in some lines.

Of course, as we saw in 2025, in the first moment, there's this double impact because of the reduction of sales and reduction of stocks. Our clients traditionally they would loading 60 days of stock, and they reduced to less than 30 days of stock.

This has an impact even greater in the suppliers, the tier 1, 2, and 3. In relation to resumption, it is still too early to say that the Mover program has potentialized enough sales for our clients to make the decision of increasing the stocks.

We haven't seen that yet, both on the client end and our programming of production. I think that the program can be, yeah, one of the factors to improve the demand, but in a structural way, we really need to see a reduction in the Selic rate, reduction in inflation, we can see an improvement in the macroeconomics as a whole.

This is connected to your second question related to the potential impact in the increasing prices of sales if going to impact the shipping. We see that in a way that is still concerning, because in the first moment, increasing the cost will not affect the price of shipping.

We need to see if the logistics operator is going to reflect that on his pricing. If it is reflected on prices, yeah, we have an impact on a overall inflation, and this can trigger a delay in the reduction of the interest rate.

It is still too early for us really to determine if it is positive or negative this impact from the cost of fuel on shipping. We saw a little improvement in the shipping costs in late 2025, and that could trigger a little more volumes, but it's too early to inform if this is going to be structural numbers.

All right. I thank you, Esteban.

Thank you, everybody.

Thank you, Gabriel.

Hi, guys. Good morning.

I'd like to understand. We're talking about a demand that is more flat along the year.

If you're going to break down into which parts we're going to have better performance and which ones we're going to have more pressure, we understand the demand for trucks and the tankers, they're quite under pressure now. Also the second thing here is if you could explain a little better how it's been the behavior of the competitors in terms of pricing, given this demand that is a little lower in the beginning of the year.

Is there more pressure or more rationality? Those are the two things that I'd like to understand better.

Thank you, guys.

Thank you, Luiza, for your question. Going to let Esteban answer that, because our markets are connected, right?

Trucks and semitrailers. He'll be able to mention the families and the mix eventually, and also the competition, what we're looking into the market in terms of competition.

Now, please, Esteban.

Thank you, Luiza, for following up our videoconference and for your question. In terms of the mix of products, we have been seeing a slight improvement in agribusiness, the trucks that uses, and a participation of implement revenue of up to 70%, that was our peak around 3 years ago, and today it is representing less than 35%, not even half of what it used to be 3 years ago.

Those were the moments in which we had a better profitability. Of course, that during this period, we were also working in specification of the product, we make the aggregated value in which the client pays for it and remove costs where the client doesn't see value.

With that, we expect to see better margins. As we say since last year, this is not an initiative that we can convert in data in our DRE within 1 year.

We need some time to take this to the market and for it to reflect on our margins. Anyways, we are still having a product that is extremely good in terms of quality in agribusiness, the two types of trucks that they use, and it has been much better in our products for industrial type of for example, the big vans.

Now we have a more competitive pricing in the end of last year in which we had lower volumes in the fourth quarter, and then, yeah, we had pressure for pricing. In the beginning of the year, it has been more rational, more stable, more reasonable.

With that we do have some limitation for pricing, yeah, but we haven't seen it getting worse in relation to last year.

Great. Thank you, guys.

Good morning, everyone. Thank you for your space here.

A question: if you could explain a little better the provisioning for this quarter, especially in delayed of values in the contract, or if you have the provisioning of the future expectations for the revenue that this contract should bring, and also if you could share if you expect to resume the assets from the client, and if it happens, if you have the demand for it in the used vehicle market, or if you want to move it on to another client?

Thank you, Gabriel, for your question. About this topic, [unclear], I'm going to ask Paulo to address your question.

For the values, and for the assets as well, Paulo, you can reply to Gabriel. Gabriel, thank you for your question.

In reality, we wrapped up the year, and we had a provision based on the best information that we have at this moment, right? In other words, this is a provision, and it may vary in many senses.

Given that it's in RJ, we don't have the freedom to give details to this number at this moment. As soon as this legal agreement evolves with the other party, and then, yeah, we will have full conditions of giving details to the market about all of these effects.

All right. I understand.

Thank you once again. Thank you for letting me participate.

Good morning, Caroline. Good morning, team.

Two quick questions. First, when we look the guidance in CapEx, we understand how much flexibility you have and what would be maybe the lowest CapEx possible along the year.

I suppose that the low end of guidance. I would like to understand what is the upside in risk.

The follow-up, when we see the exchange, you talk about 5.60. If it's correct to understand that if we look into a more spotted exchange, not so much volatility, given what's going on in the geopolitical scenario, but there's a little bit of downside risk, and I would understand how much if there's a downside risk for the margin as well, if the ranges that we see with a little different exchange, if it could impact those numbers.

Motta, thank you for your question. For CapEx, I think you mentioned exactly the most important point of this discussion.

We are living a moment with a lot of uncertain things. Our focus continue to reduce our leverage.

For this reason, we were very careful, way more careful than we used to be in the past. We continue to move on in this journey with financial discipline in terms of costs, expenses, working capital, and CapEx, with the desire to reaching the December of 2026 with a leverage between 2 or 2.5 times EBITDA.

We are really doing what is the minimum necessary for maintaining our operations. In terms of exchange, we usually make our projections based on the best information in the market, especially from the analysts and the banks.

You're right. The volatility will continue.

However, when we analyze the results from Randoncorp, especially EBITDA in the last line, the exchange variation is quite neutral. When we look into the motion picture in full extension, not a standing picture, we do have revenues in dollar, but we also have purchases of projects and raw materials that are based on dollar, we have a balance.

The oscillation of the exchange rate for lower, yeah, it may impact our revenue. Also, if real lose more value than the predicted one, it can oscillate above.

In some sort of way, this is already predicted in this range that we are sharing here.

Thank you. Thank you.

Thank you, Paulo.

Perfect.

With this, we wrap up our Q&A session. Thank you very much, everyone who participated.

Now I'll give the microphone for our President, CEO, Daniel Randon, for our final message.

I would like to say thank you for the presence of everyone here: our investors, analysts, people who are with us in this teleconference, and also give the recognition and the effort and dedication of our employees that are committed to the execution of our strategy here in Randoncorp. We are always at your disposition for clarifying anything else.