Good morning, and thank you all for It's a pleasure to present the results of the first quarter of 2026, a quarter which marked a change over the turning of the key of the company. Through the most difficult period of restructuring, we entered into a period of focus, cash discipline, and concentration in what we do best.

The central message that we would like to leave with you today is very simple. We have reverted our EBITDA from the negative field into generating operation operating cash and reducing drastically our tax liabilities.

With that, we have maintained the leader leadership in the logistics for banking objects. The financial data presented here were extracted from informations in quarter 31st of March of 2026, audited by the BDO.

On slide number 2, we present the operational focus of the company, which is to maintain remain as the largest player in bank objects logistics and to grow in the B2B area. In March, we reached the level of 7.8 million deliveries, the best performance in recent years.

Our network reaches to 1,559 cities through deliveries franchise deliveries, covering 81% of the Brazilian GDP. In the distribution center, we have done 378 routerizations per day, routings per day, supported by 3 sorters and 140 AGVs.

We attend 152 active clients, including the largest banks, fintechs, and payment companies, and company and benefits companies in the in the market, with a with an average relationship of more than 12 years together with the largest private banks in the country. This translate into approximately 60% market share among the private couriers in the logistics of banking objects.

In terms of scale, capillarity, and relationship long-term relationships, which continue to be the pillars of our business. On the next slide, number 3, we present the principal indicators consolidated in the quarter.

Looking at the logic of responsible growth with focus on cash. The net revenue was 127 million reais, a fall of 16.8% compared to the annual number, which I will detail in further detail going forward.

Most relevant is the quality of our results. The gross profit grew by 53% to 9.2 million.

Adjusted EBITDA went up to 143% to 15.6% 15.6 million. We generate operating positive operating cash of 10.2 million in the quarter.

For transparency, I would like to point out that this gross profit still carries an B2C operation of e-commerce, with negative results of 4.7 million. An operation whose assets we sold for 37.5 million already in the second quarter of this year.

On the next slide, number 4, we present a demonstration of the results, summarized results. Revenue went from 153.6 million to 127.8 million, but the cost of service fell by 20%, elevating our gross margin from 3.9% to 7.2%.

The accounting loss of 77.1 million in the quarter was impacted in large part by specific items. Financial expenses of 34.9 million respond for 45% of the total.

Depreciation and amortization of 19.2 million responds for 25% of the total. Provisions legal provisions of 12.9 million, provisions for receivables of 12.2 million, and rescissions for the restructuring of 5.9 million.

With the reconstruction concluded, today we have a dedicated team to to put these provisions into effect to reduce oscillations in each quarter. Excluding depreciation, these provisions, and the B2C, which has been discontinued, the adjusted EBITDA was positive in 15.6 million, reverting a negative EBITDA of 2025.

On the next slide, number 5, we show the composition of the of the revenue by line by business line. The logistics of banking objects operates under the brand Flash Courier is the backbone of our business, with 111 million reais and about 60% and a 60% market share, in a market estimated at 20 million deliveries per month.

The fall of 10.2% has one-time causes, which are well known: the internalization of the delivery of cards for e-commerce players, the internalization of the POS machines for a player as means of payment, and the closing of our operations with a issuing bank. Our expectation for this quarter is to advance in the initiatives of innovation and technology, and the optimization and profitability of of our portfolio.

The objective of driving forward the growth of our revenue. In B2B, we have had 11.2 million reais, with more than 400 partners registered, and a pipeline which has been recovered.

A strategic line which generates margins above 10% without immobilizing capital. The B2C and e-commerce, with 5.2 million reais, was demobilized in April with the sale of the Megasorter Damon for 37.5 million and the return of the CD [Moengas?]

which cost approximately 12 million reais per year. On the next slide, number 6, we present the reconciliation of the adjusted EBITDA to give total transparency about the quality of our results.

Leaving from the negative EBITDA of approximately 24.7 million and neutralizing the effects that reflect that do not reflect a recurring operation, the negative EBITDA of B2C discontinued B2C business, the legal provisions and labor provisions, and accounts receivable and accounting adjustments, and the rescissions of the restructuring, we have arrived now at an adjusted EBITDA positive adjusted EBITDA of 15.6 million reais, against a negative value of 35.8 million in the same period of 2025. A positive variation of 143.6%.

This bridge, which is a legacy of the treating the selling of liabilities sold and transaction with states and and cities, liquidated with the issuance of new shares to preserve the cash of the company. On slide number 7, we detail the cash management, which is our number one priority.

In the quarter, we generated operating cash after the legacy positive of 10.2 million reais, even absorbing the negative impact of approximately 6.4 million in B2C, which has now been closed in the previous in this quarter. We did this maintaining our operating suppliers in on time, with no late payments, valuing our franchisees who make approximately 400,000 deliveries per day.

We paid 13.2 million in late payments, including the final payments of option 4 of the plan of extrajudicial recovery. We utilized 11.1 million of the liabilities losses of this with the payment for payments to clients, anticipations from clients.

With the perspective of the exit of the B2C and the sale of these assets, and the labor agreements and tax agreements underway, the company evolves into generation of net cash positive net cash by the end of 2026. On the next slide, number 8, we present the capital structure and debt with transparency about where we are and where we're going.

The net debt passed from 280.1 million reais to 314.6 million reais, and the cash fell back from 50.6 million to 30.9, reflecting the use of legacy amortizations and anticipations. The net equity is negative in 254 million reais, a liability uncovered, which reflects the restructuring underway.

We repeat that the same liability was above 900 million 1 year 1 year ago. There is nonetheless a structural movement, which is relevant: an increase of capital of 558 million reais with the conversion of financial debt into shares.

The accounts receivables fell back with the exit of the B2C, and we continue renegotiating loans to gain period and space, and to maintain focus on the fiscal requirements of the PGFN. It's a photograph of transition.

The balance sheet is being rebuilt. On the next slide, look at the financial restructuring and explain why the company has now become viable.

Three fronts: reduce the indebtedness and sustain the operational continuity. 1: the plan of extrajudicial recovery, approved in March of 2025 with approximately 54% of approval of the of the creditors, generating a reduction of 148 million in liabilities, and its option 4 of 62.1 million reais with 50% of write-down, was completely paid by the end of the second quarter.

In second place, the transaction with the PGFN signed in April of 2026 represents a reduction of 82% in the liability in our federal tax liabilities, approximately 631 million reais to only 112 million, to be paid in 15 months in cash or through notes ceded by third parties. The first payment of 6.6 million will be paid in May of this year, was paid in May of this year.

In the third place, the capitalization and conversion of debts into shares, with the remaining debts coming due in 2030 and 2032, being renewed, which frees up cash to invest in growth. On these 3 fronts, the exit of these money-losing businesses, as in the case of B2C, has allowed the company to generate operating cash in sufficient levels to to amortize the legacy and go back to growing in a rational way.

On the next slide, number 10, we present a perspective anchored in the core business and in cash discipline. Our strategy has 4 pillars.

First, concentration on our core business, banking logistics, with approximately 60 with a 60% market share and selective growth in B2B, the pipeline recovered. Secondly, the monetization of the assets of B2C, with 37.5 million received in the second quarter of this year.

Thirdly, the expectation of generation of net cash positive net cash by the end of 2026. In fourth place, the continuous management of the labor and civil and tax liabilities, together with creditors and the competent authorities.

On the next slide, number 11, we contextualize the size and attractiveness of the market for banking objects. Flash, the biggest player in this market, with approximately 37% of participation and 7.5 million objects on average.

For comparison, the mail system operates with 5 million objects, including Caixa Econômica and Banco do Brasil, and 1.75 million of diverse clients. The private competitors are well behind, with only 3.5 and 1.65 million.

It's a leadership position which is consolidated in a central and recurring market. On slide number 12, we show why this leadership is sustained by quality.

On the delivery of cards and POS machines, the rate of returns is close to zero, because each object which is returned is cost and frustration for the final client. Flash returns approximately 8% of its objects, while the postal service returns almost 1/3 of everything that is mailed.

We do this with more than 5,000 delivery people, covering almost the entire national territory. There's a competitive dynamic which is important.

While the restructuring plan of the mail system foresees the closing of 1,000 agencies, Flash is expanding its network of delivery around Brazil. On the next slide, number 13, we complete this analysis as far as the level of service, which is crucial for banking objects.

Flash complies with 97% of its SLA, compared to an average of 74% for the postal services, and delivers in 2.4 days against an average of 5.4 days. These are consistent indicators month after month.

Finally, more quality and more speed. For banks, fintechs, and payment systems, this is decisive, and it's what sustains our relationship of more than one decade and our leadership in the market.

On the next slide, number 14, we close with our central message. We have concluded the most heaviest part of the restructuring, and we have now come into a phase of focus, cash discipline, and leadership in our core business.

We have reverted the EBITDA from negative to positive territory, generating operating cash, drastically reducing our bank debt and our tax liabilities, and maintaining our suppliers on time. We are the largest and most efficient player in banking objects in our country.

We reinforce that this presentation contains has declarations which are subject to risks and uncertainties and of informative character, and that the complete information, including the ITR of 31 March 2026, are available in the sites of CVM and on the investor relations of the company. We would also remind you that management metrics such as EBITDA, adjusted EBITDA, and generation of operating cash ex legacy are not objects of revision or audits.

With that, we conclude the presentation of our results for the first quarter of 2026. Thank you all for your participation, and I hand the microphone back to our moderator.