Thank you for the presence of everyone. It's a pleasure to be here with you.

We have worked hard to restructure and help the company grow. I would take take advantage here to extend my thanks to the entire sectional team that we have here, all on those counselors and consult- our lawyers and consultants.

We're going to start the presentation with a general vision of our company. We have had significant significant advances in the transaction with the PGFN.

PGFN we've complied the commitments with the initial recovery, deleveraging our debts with the recent 13th issue of debentures, and following repositioning the company for the segments that generate cash. We have we have initiated the restructuring of the debts of Sequóia in 2023, re- re- reagreeing with the the debts and with debentures, which are convertible up until the 30- 31st of 20- of December of 2025.

The total of non-convertible debts, we have debts that acquired together with the Grupo Move3 and the anticipations of receivables for for the recurring working capital, for debts that are not convertible, approximately half will only come due in '29 2029 and 2032 due to the global agreement realized at the end of 2023. Other 90- R$191 million migrated from deb- convertible debentures in the re- in the recent 13th emission, being such, we retired the cash flow of the short the short-term cash flow, allowing for the recovery of the growth of the company.

In the case of Move3, acquired in March of 2024, the segment of credit bank of card bank cards is the principal pillar of generating cash of the company, as we will mention going forward. The megasorter, which started its operations in July of 2024, doing the testing of large the sorting of large packages for e-commerce, are discussing alternatives for its monetization together with the demobilization of this segment.

We have operated in the last two years with smaller clients, e-commerce clients, and even rented capacity sorting capacity. The e-commerce market has changed to a larger concentration in marketplaces, verticalizing logistics, and utilizing exclusive partners.

Due to the scenario of the segment B2C, we are evaluating the reallocation of resources for the segments, reflects our discipline of capital discipline, and the focus on the generation of value for the company. In October of 2024, we protocoled a require- for extrajudicial recovery after an agreement of 54% of our creditors, with the majority of these suppliers of Sequóia and of the Transportadora Americana.

This agreement has been complied with, as you can see in this slide, with a minimum amount agreed to by April of 2026, and a larger amount only to be paid between 2030 and 2033. In the case of PGFN, we initiated the the negotiations two years ago.

We have to come into a request for the reduction of the capacity of payment, and we've had to wait for the approval of the recovery extrajudicial recovery plan. With the approval of the plan, we began in 20- in October of 2025, the prosecutors conceding discounts on the interest and principal.

The this does not count as has no guarantees, neither does it impede the sale of assets. Finally, for 2026, our focus is on logistics of credit cards through the Flash Courier and in the segment B2B segment.

We want to prioritize and growth this grow this segment, which demonstrates con- consistent cash generation. We've been for 30 years in the credit card logistics, and the B2B segment of the group has always been a reference in the market.

As I commented earlier, we're seeking alternatives to monetize the megasorter in the B2C operation. We have already launched a dis- disconnection for those collaborators in this segment.

This is being conducted together with the union and within the legal requirements foreseen. Looking at the next slide, net revenue fell by 39% in the third quarter of 2025, and in the nine months, the first nine months of 2025, reflecting the deliberate segment of of negative margin segments such as B2C and indoor logistics.

The the gross profit has been stable even though we've had a strong falloff in revenue, evidence of the improve- infrastructure of profitability. Gross margin could still grow through our focus on the on the most profitable segments.

We should point out that the company continues to operate in the reduction of its corporate structure beyond the the liabilities that make up its expenses of SG&A. The EBITDA margin for the nine months of night- 2025 was positive in 31.3%, an improvement when compared to the first nine months of '24, fruit principally of the impacts on the recov- on the extrajudicial recovery and the agreement with the PGFN.

These impacts totaled and besides this, relevant recovery of operational, the labor of these operations and administrative, and the depreciation of the of the arm- of the warehouses and fleets. For nine months of 2025, even considering many non-recurring expenses are reflected in this slide.

Going to the next slide, Flash Courier presents stable being the segment that we call cash cow in our group, with a good generation of revenue, margin, and quality of its receivables, investing its resources to maintain and grow this segment of operations. More than 80% of our revenue comes from this segment, being the principal generator of positive results in this period.

The segments B2C segment shows negative margins since 2024. The B2C segment shows a falloffs with the strategy of demobilization.

In the B2B, we've had a strong retraction in 2025 due to the moment of restructuring of Sequóia and Americana Transportadora, and the prox- of clients and contracts through 2026. Finally, the revenue with the sale of assets have helped us to sustain our our our cash during this restructuring period.

Looking at the next slide, for the 464 of revenues, we had 460 in costs. Freights and franchises represented R$401 million, or in other words, 93 93% of the costs of this period.

Labor was 45% of our In the last years, we operated in the reduction of our labor costs and the closing of our distribution centers, now focusing on alternatives to reduce the costs with transport and the increase in our costs in those cases which have been tested. Looking at the next slide, this is the most complex slide in the presentation because our SG&A contains with administrative team, expenses associated with the restructuring, the contingencies, and M&A.

Starting with the labor costs, we can see a reduc- a significant reduction, going from 313 employees at the beginning of one- of 19- of 2025 to 272 172 employees at the end of September. In the final months of this year, we made more cuts in the structure, simplifying the management of the company.

Part of the costs with rescissions is presented on the next line. We should point out that we have utilized individual and collective records to straighten out these costs.

The provision for doubtful will depend on the rate of success in receiving from non-paying clients. These are we have created and executing a rigid form of of collections.

The contingencies have suffered increases in recent months as we have inventoried and understood the legacy of the company. The amortization of the ágio and depreciation have amounts which do not show many much fluctuation as they are in the administrative structure.

For the plan of recovery extrajudicial plan, we have increased conservatively the the liabilities as far as the protocol of the plan, and reverted part of these liabilities as far as the the approval of this and adjusting them all to present value. On the next slide, we reduce the principal liabilities which are part of the restructuring of this legacy.

We reduced in the last two months approximately 93 of a reduction of 45% or 400 million in our liabilities accounted for. We are planning to reduce this even more in 2026.

Currently, we have R$93 million to pay to creditors of the judicial extrajudicial recovery, being that the most of this value will only be paid in 2030. The payments of tax payments that we have amounts to pay ICMS, we will look for specialized regimes and other actions in the state prosecutors to obtain discounts in in fines and interest and the the lengthening out of this liabilities during the space of these negotiations underway in 2026.

In the case of PGFN, we should start the payment of this liability in April of 2026, and we're working on the restructuring of the first payments in a form to preserve cash. To the contingencies of the loss considered probable costs probable losses, we have internal teams of consultants operating on the tax and labor fronts.

As we said previously, we believe and the space for the reduction of these amounts over 2026. Even though the total value of the legacy shows continues to be relevant, the period of the lengthened period of payment with lower rates helps us to reduce this by reducing the operational tax and the segment of B2B.

Being that we also does for the B2C segment. Finally, looking at the next slide, we're going to show the current debt and how this debt has behaved over time.

As has been been published starting 29th of November of 2025, the company issued the 13th debenture, obligatory convertible into shares, to deleverage the company and generate new resources by the end of last year. On this emission, the company raised in December of 2025 R$25 million in cash and migrated R$370 million in debts for instruments which are convertible into into shares.

Of this, R$190 million were non-convertible debts with payments concentrated in 2026 and 2029. Excluding this migration occurred in the beginning of 2026, our flow of amortization in the third of the balances existing in the third quarter '25 will be as are presented in this slide, the lower part of this slide.

The company is negotiating the renegotiation of debts which were which came due in 2026, maintaining our credit lines for the renewal of anticipation of receivables which will come due in that period. With less focus on bank debts, we can focus on concluding the restructuring and growing the segments of cards and B2B.

As once he was talking about these segments, we brought some slides to present what we have of each one of these segments. We currently have three segments in which we operate, being Flash Courier, national leader in credit cards and bank and bank documents, is more than a 60% market share and more than 7 million deliveries per month in all over the country.

Through a network of franchise partners, we cover more than 1.2 million zip codes, and the sector of cards continues to grow in the country, being the credit for 70% of purchases and growing double digits every year. There're already in circulation one credit card for every inhabitant of Brazil.

With this capillarity in Flash Courier and through our internal controls, we are encouraging the payment logistics for the payment machines through the same network. We believe in the potential of this market since the purchases of these have grown by 74% in 2025.

The territorial extension and the small of small businesses also generates a demand for logistics, which is sophisticated in this segment of machines. B2B, we have utilized the brands Carriers and Sequóia, offering operations dedicated, FTL, and Express in in recurring contracts that which we have, and through a agreement and a we have demobilization of of drivers anywhere in the country.

An example of that is the success with the distribution of the iPhone 16 for Apple during 2024. We have been able to unload a cargo in Manaus and distribute in two days in any capital in the country.

In the B2C segment, as we said previously, we observed that the sector e-commerce has been going through changes, with marketplaces and their partners gaining more and more relevance. Being as such, we have to seek alternatives for the monetization of the megasorter, which was set up in the CD in the rented distribution center in Campo Limpo Paulista in São Bernardo.

The next slide shows a little more light on the quality in this credit cards segment. The maturity of this segments, which was begun in 20- 1993, we also observed the list of clients, since most of them have contracts with Flash Courier for more than 10 years.

No less important is that through the 583 franchises, partners that Flash is able to and capillarity to logistics in a country as large as Brazil. These partners bring more than 19,000 deliverers to make these deliveries, transforming this network into an a difficult an asset difficult to copy.

In the next slide, we have a photo of the center of sorting and distribution located in São Bernardo, with a capacity for 17 million 70,000 per day objects per day, we've been able to done 7.5 million monthly deliveries in all over the country. Their their existence, models, and prices are periods arrive in 1 to 2 days in the principal capitals of the Southeast.

This permits the banks the security and speed in the activation of cards and machines, transforming our logistics into a fast generation of capital and new business. Finally, but no less important, we have the B2B segment.

This segment involves logistics and, as I mentioned, just for companies. We operate basically with dedicated operations with demand large places large marketplaces with full truckloads to attend the demand of companies of large companies in Brazil, and express companies involving air routes and land routes for the products of high value, such as is the case with smart smartphones, tablets, and notebooks.

I'm completing the the but I wanted to mention we have a more a more lean structure both and we have a clear focus on the business of profitable businesses which generate cash. We have reduced by half the the liabilities of our legacy and more than two-thirds the bank debts, and we continue to seek opportunities for reduction.

Our priority is is the card business through Flash Courier and in the B2B logistics. We pretend to utilize the network of franchisees of Flash Courier for logistics of payment machines.

The structure of the company is is simpler, more focused, and more prepared to for generation of value in the segments in which we are leaders. We want to discontinue the the sorting and logistics of B2C commerce and continue evaluating alternatives for the monetization of the megasorter.

We thank you all, and I pass the word back to our moderator.

Thank you for the question, Leandro. Since 2024, we have been doing an integration in the companies of the group.

We don't have such a clear segregation as we had in previously between Move3 and Sequóia. During this period of restructuring, we also wound up concentrating, migrating all our contracts between the companies of the group, verifying that the certificates of negatives of debits and so forth.

Some segments have the necessity of working capital, more working capital intensive, and due to the restrictions of working capital, we wound up utilizing the portfolio Flash as a source of generation of cash. The quality of the clients of Flash are the one of the principal financial institutions.

There is no more a separation, a clear separation between the companies as we had in the past, and it's a natural migration, the concentration of revenue in Flash due to the amount of receivables and the quality of the segment, as we mentioned in the in 20- in 23. Due to these situations, and you see a concentration in Flash.

Thank you for the question, Matheus. As and as was published, the 13th emission involved the possibility of adding resources and credit.

We also gave the right, a priority to all those involved. The fact that there was a dilution is not nominal.

It happened in a wide-ranging way for the creditors and the stockholders who did not exercise this right. As far as your specific question about the Giuliano family, after the credit and resources from other stockholders and creditors, the family has less than 1% of the shares of the company.

No, the company does not produce cards. We continue to be a logistics operator with a great deal of capillarity in the entire country.

Outside of logistics, credit card logistics and capillarity, as I mentioned, we also have the B2B logistics. Answering, the company continues to be a company of transportation and logistics.

Thank you all for your participation of everyone.