Good morning.

Thank you all for your presence, and I would like to start off by asking your forgiveness for the lateness in the in the release of this report. We had subsequent relevant subsequent important events after the 31st of December which required additional analysis in the closing process and the audit process.

We must point out the signing of the agreement with the PGFN and the sale of the Megasorter in April. Both had to be evaluated by the auditors to determine eventual reflections about the numbers of the previous year's results.

At the same time, we're revising our structure, processes, and systems to normalize the calendar of the release of our results and ensure the compliance with the legal requirement for this report going forward. Beginning with the vision for 2025, it was a year of transformation for the company.

We got the approval on our plan for extrajudicial plan for the non-financial creditors. We advanced in the transaction with the PGFN.

We had Jive Mauro assuming the control the stock share of the control. We converted 813 million in debt into social into capital and repositioned the strategic short-term strategy that will focus on logistics of making objects and the recovery of the operation of the B2B operation.

In March of 2025, we received the approval of the plan for extrajudicial recovery. With that, we liquidated 141 million in obligations with creditors in the plan through the issuance of new shares or payment in cash.

We now have only 6 million to pay in the short term and 87 million between 2030 and 2033, corrected by the IPCA. It's a profile of payment which does not pressure the generation of cash projected for 2026 and permits a grace period of 5 years for the beginning of payments in 2030.

In October of 2025, we received the terms of the transaction with the PGFN with a discount in interest and penalties with the possibility of use of as tax losses. The discounts which were issued of 65% above interest and penalties, resulting in a reduction of 46%.

Beyond that, the company could utilize 57% of these fiscal losses to liquidate debts with the Social Security debts and 70% with the other debts, which results a reduction of an additional reduction of 32%. In practice, this signifies that the company will have to pay 18% of the taxes that are late taxes together with the federal income tax people and the PGFN, totalizing 110 million in 15 months.

We are also evaluating the utilization of federal payments in in in connection with the fund to mitigate the exit of cash in the short term. Any advances, any relevant advances will be communicated to the market.

Jive Mauro injected 45 million in the company between August and November of 2025. These resources were fundamental for the preserve preservation of the to continue the continuity of operations, specially in logistics of banking objects.

Beyond that, in November of 2025, the administration approved a 13th issuance of debentures, convertible debentures in in shares with the objective of reinforcing our cash and converting more debt into into capital. In this operation, [Jive Mauro aported?]

added 40 million reais in money, in cash, and converted 215 million in in debt. Since the other shares shareholders opted not to exercise their rights of priority, Jive Mauro assumed control of the company at the beginning of 2026.

We closed 2025 without the payments of operational payments that are late and with 57 million in cash. Starting at that moment, we are working hard and on the governance and strategy for the biennal 2-year period of 2026-2027 together with the new controllers, the directors, and the other managers of the company.

All of our goals are now based on the generation of cash. Finally, at the end of 2025, the conversion of other debentures reduced the debt indebtedness by to 598 reais, principally related to the global agreement of 2023.

Adding the new capital entering, the reduction in the net debt is was 430 million reais. On slide number 2, we present a variation in the capital of the company in 2025 in the format of a waterfall.

We started the year with a net equity of negative net equity of 925 million reais, a picture typical of companies that are in the middle of a financial restructuring. Over the year, we converted 813 million in debt into capital, reducing liabilities through the issuance of new shares.

We also captured 46 million for the reinforce the cash in the 13th issuance of debentures, being 40 millions added by Jive Mauro and 5 million by Bradesco Bank. During this period, we liquidated 69 million in with with non-financial creditors through the issuance of shares.

This includes conversions within the plan of extrajudicial recovery net of the payment of conversion discounts, along with payments to consultants and and suppliers of the shares of the company. The plan of extrajudicial recovery generate a positive effect of 148 million reais in results for 2025, considering discounts, prices prices for conversion, and adjustments to the present value of the payments which will begin in 2030.

These effects are reflected in the demonstration of the results, the financial reports for the period. In the case of the of the PGFN, the net gain was recognized of by 38 million reais, resulting from the combination of the updating of of our debt the end of administrative processes and discounts obtained in relation to interest and penalties.

This value does not include the 219 million reais which were of of tax losses which were utilized, since these tax credits will be recognized in our balance in was recognized in previous years' balances. The amounts in red show principally negative effects of the of the losses of 2025.

A relevant part of these impacts, nonetheless, do not affect our cash, neither our liquidity, which is the case of the update of debts previously capitalized, the depreciation of our debts, amortization of goodwill, and provisions for contingencies, which are still under discussion still under discussion. With all of these movements, the company improved its its net equity from 741 million during by by 741 million over 2025, strengthening its capital structure and its capacity for operational continuance.

Continuity. In the next slide, we will show how this the audited balance.

We we observe relevant reductions in the balance to suppliers, loans, and tax liabilities. These reductions come directly from the plan of extrajudicial recovery, of the conversion of debt into shares, and the transition of and the transaction with the PGFN.

We also see that in the balance of 2025, the utilization of credits and loss and tax losses previously recognized. When we analyze the circulating capital, the an an indicator widely used to measure the capacity to honor honor short-term commitments, we still have a negative position.

Nonetheless, we already see a clear way forward for the reversion with the subsequent events to those actions and those actions which are underway. We already concluded the sale of the Megasorter for 38 million reais.

This operation was approved in the decision in the definitive decision by the CADE without restrictions, and we have already received half of that value. We re-agreed to the seventh emission, and we began with the 9th, 10th, 11th, and 12th issuances of debentures.

We are also negotiating the lengthening of the cash flow to the PGFN by the cession by the ceding of financing and federal loans. Part of the remaining liabilities remain in ICMS and ISS tax debts, which we have maintained since 2024 a team dedicated to map, control, and negotiate these debts, looking for reductions and new and longer periods of payment based on programs in the states and municipalities.

For 2025 2026, our expectation is the generation of operating cash, a positive cash generation. This advance will be fundamental to sustain the growth of our of our healthy operations, and at the same time permit the liquidation of liabilities restructured in 2025.

In the next slide, number 4, we present the deep operational performance in 2025. Net revenue fell by 33.5% in the fourth quarter of '25 and by 36.3% over the 12-year period, reflecting the exit, the deliberate exit from the segments with negative margin.

The most important point is that the net profit returned into positive territory, both in the last quarter as well as in the consolidated for the year, evidencing the structural improvements in the profitability of the company. This happens due to the progressive exit from operations which had been contributing negatively to our results, a movement which was ended by the end of this Megasorter in April of 2026.

We also registered a reduction in costs, of operating costs, with a highlight of the labor costs, rental of storage facilities, and losses associated with e-commerce. As far as the net revenue of 592 million reais in the accumulated of 12 years, we had 552 million in costs of of services rendered.

Freights and franchises continue to represent the largest part of this structure, of this cost structure. In 2026, we will continue operating in the reduction in labor costs, in the search for alternatives for transport more efficient transportation methods, and the pass-through of eventual pressures on the increase of diesel on the prices of cost of services offered.

In terms of SG&A, our the effective positive effects of the restructuring have started to appear, including the impact in the plan of extrajudicial recovery. These effects can be analyzed in more in greater detail at the financial demonstrations in the release of results available in the site of the company.

In parallel, we are executing the simplification of the administrative structure with the elimination of the vice presidencies and the and the reduction of number of directors, unifying offices and automatization of manual routines. In 2024, the result was strongly impacted by the increase in provisions and impairment of the goodwill related to the acquisition of the Transportadora Americana.

The accounting loss of this of this exercise was 1 billion, of which 481 million came from the write-down of this goodwill. Considering the initial stage of the restructuring of our liabilities together with credit non-financial creditors, labor costs, and tax costs, this reflects the company the context which the company lived at that time.

In 2025, with the approval of the extrajudicial recovery plan and the advance of the negotiations with the PGFN, we started to see relative important gains in in in our results. These effects reduced this our our losses and increased our equity, as we showed earlier.

To evaluate correctly the results of this liquidity, it's important to remember that part of these financial expenses of depreciation, of the amortization of this goodwill, and the variation of provisions for contingencies do not generate cash losses. These are effective important relevant accounting effects, but do not necessarily imply immediate financial pressure.

The example is clear from the 2025 capitalizations. The impact impacted our results are financial, but were liquid liquidated with shares without loss of cash.

As a consequence, the financial expenses in 2026 tend to be substantially lower. The EBITDA margin for 2025 was positive in 14.6%, with expressive improvements of 42.1 percentage points compared to 2024.

This advance reflects the positive effects of the approval of the extrajudicial plan and the gain in the transaction with the PGFN, and in the lower participation of losing business in the results of the year. With the of accounting EBITDA, we are eliminating the impacts of financial expenses, the tax and social contributions, as well as the depreciation and amortization.

In the case of 2024, we also exclude the impact of the impairment of the goodwill in line with CPC 51. On the next slide, we show the composition of the revenue by business area.

On the line of object banking objects operated under the brand Flash Courier, we continue as national leader with presence with the largest private banks, FinTechs, and companies and benefit companies. In 2025, the revenue with the delivery of banking objects add added up to 560 million reais, a fall of only 4.3% in relation to 2024.

We started 2026 improving the management of the profitability and pricing, reinforcing the cross-selling of machines for credit cards POS cards, paper rolls, and institutional material to deliver everything in the same in the same route as our credit cards. We are also investing in a large artificial intelligence to deal with the great large volume of data, renting a center a distribution center in [Bauru?]

which is closer to our financial center, and evaluating new equipment for the automation of the processing of more than 10 million objects per month. In B2C, the reduction of revenue reflects the decision of the discontinuation of the operation, which did not present any profitability together with the strategy of the company.

This movement was resulted in the sale of the Megasorter and in the in the session of the rental of the center distribution center in April of 2026. In 2025, the segment of e-commerce B2C registered gross revenue of 69.8 million, not enough to sustain a positive profitability.

In B2B, we registered retraction over 2025 with revenue of 49 million, a fall of 72% compared to 2024. Our expectation of reverting this this picture in 2026 with goals to for the recovery of a level effect of sales closer to the historic level of operation.

On slide 7, we we summarize the principal directives strategic directories of the company for 2026. Our priority is to improve the technological innovation and initiatives of cross-selling with with banking objects.

Flash Courier has the vocation to be the principal platform logistics for the in the country for object banking objects of small volume, such as credit cards, institutional material, and machines and credit cards POS cards. In parallel, we are going to expand this operations B2B operation into a asset-light operation of low risk.

The company has already raised more than 200 million with this type of operation in the past, attending important clients in the smartphone and inform and computer equipment area. We want to recover that space.

The the maintenance of working capital for the growth of this business should happen with the anticipation of receivables together with investment funds and credits, which, when applicable, with the anticipation of receivables performing directly with our clients in the financial sector. We should point out that the companies in the group operate with a unique system of governance with is permanently audited and seeking and is listed on the stock market in Brazil.

From the point of view of execution, we saw the Megasorter and concluded the exit of logistics for e-commerce. We started offering a plan for voluntary retirement in São Bernardo do Campo, and we started and we continue in 2026 and continue executing the management of the legacy labor and tax cases.

With this with this focus on additional debts, we we have looked at the principal the principal results we hope to capture in 2026, we expect to capture in 2026. Recovery of market share with greater discipline in rent profitability in pricing, as well as initiated cross-selling, we expect to grow in revenue for making objects by 10%, at least 10%, and increase our operating margins.

If we are successful in this execution, this group of initiatives will generate 100 million annually, coming from just from bank of logistics for banking objects. Recovering logistics of B2B, we can represents approximately 100 million in annual sales with an operating margin between 10 and 15%.

We're talking about a leverage in the generation of cash, supported in the structure and expertise already existing, which contributes to the greater diversification of receipt of revenue. The exit from logistics B2C logistics is very important for the maintenance of our cash.

This segment has generated operating deficit of 39 million in 2025, beyond the cost of capital which was employed in the Megasorter. With the sale of that asset, the company recovers 30 million in cash and eliminates monthly losses of approximately 2.5 million, which represents a positive effect of approximately 30 million.

With the exit from B2C logistics, we open space to simplify our overhead and look at and concentrate on the remaining businesses. For the hierarchical structure, and we'll go to a more agile structure, simpler and with less bureaucracy.

The measures already executed should show a a economy of more than 12 million reais. Finally, we maintain a team dedicated to the management of our legacy, which reunion is the liabilities remaining from negotiations with groups such as the ICMS, ISS, labor labor losses, and obligations connected with acquisitions in the past.

Beyond looking discounts in special regimes and programs for regularization, our focus is also on the lengthening of the periods of payment to liquid to balance liquidation of our legacy with together with our operational cash. With this group of measures, we believe that 2026 will be a year of growth, more sustainable in the generation of operating of a positive operating capital.

To reinforce this perspective for generation of cash of generation of cash, we point out one of our principal competitive differentials. Our network of delivery for banking objects is composed of 435 partner franchises, which reunite more than 4,000 deliverers and cover 1,559 cities in every state and in the district, in the Federal District.

This coverage reaches 73% of the Brazilian population in a country of continental dimensions. Beyond the capillarity, geographic capillarity, Flash reunites competitive attribute important attributes, such as its own systems for logistics, apps, a proof of delivery, structure of attend of service, and robust requirements for the protection and data anti-fraud data.

On average, the services are 60 to 65% more competitive in price compared to the solutions from the Correios, from the mail, beyond presenting a level of success of delivery close to 3 times higher. With that, the monopoly that the Correios has together with with company with government companies, since state companies maintain 25% of the market.

With that, we present the results of 2025. Additional information is available in the site of the company.

We thank you for the participation of all, and I will return this back to our moderator.