Good morning to all. It is a great pleasure to be here with you this morning to talk about our earnings for the first quarter.

Marino Colpo and Felipe Marques present here to share with you our presentation, to bring the information to our asset holders. Marino, go ahead, please.

Good morning to all. It is a great honor to be sharing this hour with you.

Very briefly, let me disclose a bit of our history, the history of our company, and some of the aspects that have been important to the history of this company. I would like to mention the highlight of our 2021 IPO with the 2022 with Fiagro launch.

In 2023, we managed to open some distribution centers moving with soya and also to other acquisitions. In 2024, we had our follow-on.

And 2025 was marked by two two emissions of two CRAs, and we also purchased the SBS Green Seeds, and we had the expansion to the south of Brazil. In 2026, you'll see on page 4, for those who are just listening to me and following through the presentation, in 2023 6, 2026 better, we started with our combination or our joint venture with Baobab, we started our unit in Ituiutaba with Syngenta.

This joint venture was very important, of course the joint venture with Baobab in Nigeria, which is a very strong move. Those were two very important moves that we did in 2026 with Homon.

Now, let us move to slide 5. I also like to mention the fact that we have a seasonality.

There is a variation in our business because of the type of business. Of course, that may decrease.

We might increase our invoicing in the first and the second quarter, which is the trend for this kind of industry. Of course, we depend quite a lot from soya seeds, and this is the bulkiest part of our business, and this is the main part of our revenues.

The main aspects are actually the third and the fourth quarters are very important. Of course, the first and the second quarter are of course important, but then now according to our expectations, we might even go bigger than last year with the results that we had.

130 million is actually a small figure. About 5% of our year results come in the first quarter.

Now, if you move to page 5, the first quarter, we grew 20%. Let me call your attention to our crops.

Of course, there are some better results. The first quarter, we had a little drop in our results.

In 2026, we have 27 million in gross profit, EBITDA 15 million, and now the first quarter 2026, we have 9.8 million as results. Net profit, you can see the drop from 25.7 to 3.7, but basically we're growing.

With the EBITDA, you can see that the growth is actually existing, but we have our creditors because of the high interests, and that is a reality. Now let us go to page 7.

Let me talk a bit about the highlights. You can see on this graph that today we have 18 units operating, and you see the map.

The company is present, we're expanding, we are really growing throughout the territory. You can see the production capacity.

It was not much change between '25 to '26. We're still 200 on the 220, sorry, 280 as capacity, but the area that we plant, this is actually those fields are going to be seeds, we're talking about integrated seeders.

Those are partners. It is important to highlight that this is the first time that we move from hired fields that we are beyond our capacity.

If you compare to the past, we had much less area hired if you compare to our production capacity. We are very glad to increase our area in hectares.

Why? Because of the quality.

We are really focused on delivering high-quality seeds. This is the good thing that we had at the company.

We had a very difficult weather. We went through excessive rains, and our expectations today from us is, as a matter of fact, we believe that there is a lack of seeds in the market, principally in some areas.

In the average cycle from 7.8 to 8.2, we have a hard time to find seeds in the market today. We are expanding our area, and that's a good move because not only thinking about the fact that we manage to work with much less volume, at least compared to what we had planned before, according to our goals, we managed to produce seeds, but we also have not only seeds, but high-quality seeds with those labs working hard.

Of course, we have our tests, and our seed is top, there has never been such high-quality seed before. Of course, there is lack of seeds in the market, and we have high-quality seed, so that makes us very positive with regards to our future.

Now on slide number 8, this is our order book for soybeans, and it is very important not only thinking about the 5% of our invoicing the first quarter, we have to think about what we invoice throughout the year. This is a very good way of looking at what it is going to happen throughout this year, 1.5 billion.

This is combination between soya and other crops. Now comparing this to the first quarter of 2025, and you can see we're still growing.

This is the greatest result that we've had so far in the history of this company. Now you can see that there is going to be an evolution of this book in the third and the fourth quarters with increase of results.

Now let me show you the order book for soya. We're talking about soya seeds, which is a little bit less if you compare to the results we had in 2025, 1.3, but the highlights here is now on page 10.

Actually, page 11. The portfolio here, oh there, 13.

Page 13, portfolio diversification. This is just for other crops, 17 million in the first quarter 2025, and you can see the great deal of opportunities that we have for growth with new crops, with new businesses, and the company is making headway in that sense.

As a matter of fact, I just moved ahead, let me bring you back to slide number 11 just to talk about our diversification. That is something that, well, we're talking about basically the same thing.

We are talking about other crops and the importance before 11%, 179 billion in 2025, and now last couple months and now in the beginning of 2026, we have here an increase in our invoicing, more than 132 million, 73% in the period. You can see the comparison.

Let us move to slide 12. Let me talk about soybean seeds and new businesses.

You can see on the right under crops, you can see the growth. We're talking about 31% growth.

Slide 13 that I mentioned before, you can see the order of other crops. Soya is not contemplated here.

Now you can see, if you look at the history, the strong evolution that we've had with other crops, and this is the reason and that explains per se why we're so happy and so positive about the growth of the company. Slide 14, I would like to invite Felipe Marques now to go along and talk a little bit about our financial information, our financial data.

You are our CFO.

Thank you very much, Marino. Now, you can see here the evolution, 70% of this quarter, 143 million.

According to Marino's words, yes, of course that was boosted by other businesses of the company that shows the reduction of capillarity and showing that we are actually based on this our new businesses, we're celebrating a good jump on our order book, checking the scenario for both the past and the future. This is shaping our image, principally when we analyze our gross operating revenue, our adjusted EBITDA.

Now talking about how the variations throughout the year, we've had the growth 2.8 billion reais compared to what we had in the previous year, in the same time of the year. Now checking our adjusted EBITDA, you can see that we have a minor drop.

This is actually because of the market. You can see here the 25, but when we check out here on the right the LTM, there is a drop of 10%, and the main comment at this point in time is, as a matter of fact, the market 35 million that pushed EBITDA down.

Now when you check out the EBITDA at the company, it goes on a trend of growing quarter per quarter, of course considering other businesses of the company. There is a expressive reduction that we managed to implement for both expenditures and also if you analyze the first quarter of 2025 compared to 2026, you can see that our moves, principally the decisions from the end of past year, you can see here translated in figures.

Absolute figures here and relative figures too. The realized CapEx, there is a trend for growth.

Our installed capacity in soya is very good, you are getting more stable in terms of capacity and we're also growing, principally when we analyze the LTM, and those figures are actually connected to other results for the company. Our strategy is growth, and principally connected to other businesses in terms of the net profit.

Of course, this is a quarter when we are actually getting ready. The same thing happened in the previous year.

You could see here 6 million in the first quarter past year, and 4 million on this quarter. There was a drop here from 94 to 15, of course due to the fact that this is basically the period that we had the results in 2025 linked to the offer of seeds in the market, price, and the excessive production that we had that actually had this operational situation.

In terms of realized CapEx, something that we already talked about it, it shows how our CapEx is much lower compared to the history. We have here a series of improvements, 13 million reais, and that is in the first quarter of 2026, using the structures that we have and our growth, and you can see another level of working capital is not so necessary.

That goes along with what we have in mind, we're trying to obtain more efficiency of capital. Now here, that profile, you can see the new reality that we're just talking about and everything that we've done throughout the year.

You can see with such expressive growth that we have, we have never expanded so much like what we had in 2025. We have more working capital, but still we have a very high current liquidity.

You can see that we jumped from 1.5 to 4.6. A few companies in the agribusiness has such a high liquidity profile, such as Boa Safra.

You can see that agrogrowth sector is suffering. It's not a matter of assets, it is a matter of liquidity, and this is something that makes us different in the market, there in the market.

This is something that it is fundamental that provides solid situations, very good foundation, principally for our partners so that we honor our business, we honor our industry, and in such a challenging situation with a lack of seeds in the market so the clients can trust on us because of our high current liquidity figures. We are becoming increasingly more in terms of trust, we have a very good image, increasingly a good image in the market.

Of course, the market is moving the way it is moving, and this is something that it is right there. It is open information, there is high demand for our products.

We can see that both with the distribution, the shops and then even growers that are there out in the market trying to get the product. There are so many companies that are in the seed market, we can see that there was some sort of reticence out in the market, but not with us, because we have a high liquidity level, and we're very sure about what we do, and our image is very positive, and we are actually achieving the first rank in terms of company of choice with the customers.

This is something that is really affecting our orders, and the trend is that we are going to grow in a situation that it is quite difficult if we compare to what we had last year. This is my comment, of course.

When we check here the cash and securities and our gross debt, we're talking about 30, 29 days accounts receivable, this is actually a very short term in terms of receivables, principally with the growth that we had last year. You might have this net debt of only 63 million reais, I think that shows per se, as I said, that we still have seasonality, we have to see the entire picture of the entire year to watch this as a film.

This is why we show you all those details that show the level of liquidity and how solid and sturdy we are. It is very important that we have to consider our accounts receivable.

We receive on the 30th of April, most of our receivables can have been logged in. Unfortunately, this report doesn't contemplate that information.

Of course, we're going to show that when we disclose the information for the second quarter, and that will combine all the information to show and prove that we have a wonderful capacity of growth with soya. We're going to be showing the growth, and we also gonna be showing the consumption of capital we had last year that won't have this year.

Something that we really get proud of is that we have only 62 million, 96% of our long-term debt is our amortization schedule is very positive to us. Perhaps we have the best 96% no long-term, this is the best situation of the companies in the agro with this schedule long-term, almost 600 million, but more than 60 months.

You see this level of current liquidity of almost 4.

I think we were very lucky and we have a very good situation for both financial costs, quite different to what is happening out there in the agro sector. Also with all this crisis in the seed market.

Of course. Certo, Felipe.

You are right. Cash flow: much less cash, 42% reduction compared to 2025.

Even selling more seeds and other businesses on the first quarter, of course that would kind of give more push to working capital, but we see a reduction of 42% on cash generated from operating activities. We start having good signs of we are reaping the results of what we did last year.

There is less need for cash, less need for working capital, even on the first quarter. This is something that really motivates us.

It's a new tone. Our efficiency project 2026 will be really marked by good results, reminding you that the first quarter is not the best figure that we have to show, but this is when we start really sowing the seed.

We can share figures of our orders, our order book. This is when we're getting ready to deliver good results as of the second quarter.

Thank you. Now,

Good morning, Marino, Felipe. Thank you very much for getting my question.

First question is commercial strategies. I may be wrong, please correct me if I'm wrong.

Two years, your strategy is to hold sales, but then last year kind of got back to the normality of the strategy of the company to try to give a push to our sales in the market. Now, trying to understand what you see now in the scenario with lack of seeds, how do you expect to do or to develop your strategy or marketing strategy in 2026?

Also, I would like to know from you if you could just provide some sort of details in terms of this single-digit growth in our backlog order. I know that it is difficult to predict.

It is something that is based on portfolio, etc., but is there something else that we could get from you in terms of price and volume so that we could just imagine really in figures what we're going to have at the end of the year? Now leveraging, you of course talking about liquidity, that is super solid position, but with a more leveraging level, we understand the seasonality and it is impressive, the results that we had compared to last year.

I'd like to understand how you see the level of leveraging, if you understand that with a better situation this year, this leveraging should come to a higher ground, to a healthier standard. Do you have any strategy that you have in mind to decrease this leveraging push throughout the year?

This is my question.

Thank you very much for your question. Talking about commercial strategy.

Felipe will talk about leveraging. I think we have very good stand in 2026.

Part of this was in January, February, March was also good, April, we did well with our sales. Part of the volume was not with high prices, but now, of course, the lack of seeds is pushing prices up.

We are positive about the year. There will be better price for seeds because of the lack of seed in the market, and that restriction is a general restriction, not only to us, it's there.

We have great possibilities. As a matter of fact, there will be a lack of certain inputs in the market, we're trying to get the good margin.

We believe this is going to be a positive year, not in volume, but in margin, in price. This is what we expect for 2026.

Pedro, We feel very comfortable in terms of leveraging here back in the company. We had very narrow margins in 2025, correct, and also there was the growth.

That was the major aspect of what we had, and of course, we needed working capital.

When we step on the brakes with the same volume of installed capacity, we have the demand for working capital to be used for growth, there's no such a thing, so that per se makes life easier to us. There's less need for cash, for money, on the first quarter 2026.

It's not a big deal, but we can see some signs of positiveness. Just like Marino said, we have a very restrictive offer.

Now, price is another pressure. Price is what matters.

There's no demand for capital, but there are other aspects of the business that demand growth less than soya. We also check on prices that are out there in the market of seeds, and this is a general situation, not only for soya.

What we had in the past in terms of prices, generally speaking, is repeating in other seeds, other markets, because of the restrictions, because of the crisis that we have in the sector, and also getting worse because of the weather. We can see seed prices, generally speaking, much higher in all crops for 2026.

The question is cash generation or growth demand, a lower profit, but then when we analyze our results for the first quarter, we're talking about just 3 million negative, once again, let me repeat: when we watch the entire video or the film of this company, the first quarter doesn't show you the entire picture, but when you see what happens throughout the year, you can see that this is the moment when we use more cash, and it is now low, the level of liquidity based on the entire work of not growing much this year that shows a good result, this is something that is not actually causing any friction because of the structure of the company. The capital structure is quite solid today, and we are now reaping good value just like what we have always done, and principally considering what happened in this sector.

Correct. Now,

I would like to just mention that the great villains of our business is the excessive production of seeds last year, we are of course working on efficiency, but to gain efficiency, despite of the fact that we are still growing volume, we lost efficiency last year. Just like we said, the fourth quarter, we dropped in efficiency.

We had 270,000 bags, we sold 210, a little bit perhaps 212, and there was 30% that was there, it's too much, 20% on average, and sometimes even 17% percent. When we have less that is leftover, of course our margin is better.

When of course we have too much in terms of seeds that are left behind, there we have not such a positive result. Of course, it was a difficult year, but generally speaking, what we had as a leftover was a negative aspect of our business.

The idea this year is to operate at the same level of volume, sell more. Of course, we had some difficulties in the production, but at the same time, we have better pricing.

We also have our backlog order, which is quite aligned to what we had last year, we really believe that our efficiency project is going to work out quite well. We should close the year with much less leftovers compared to what we had last year, which is a very positive stuff in addition to price.

Perhaps we have less offer, we got better price, and so we can get better results. Naturally, that we're managing it quite well, and we should get back to our historical margin levels.

Quite clear.

Thank you very much for your good to answers.

Marino, Felipe, good morning. Thank you very much for welcoming my question.

Two bullet points, as a matter of fact. You talked about the liquid debt on this quarter.

Now, what about the follow-up of what happened in April and perhaps May? What can you expect in terms of bad debt and payments?

How do you see the balance of the strategy that you disclosed a couple of months ago in terms of diversifying our client portfolio? Another thing, when you talk about the lack of seeds, I would like to know from you what about the premium product mix?

How is that going? Of course, growers have margins that are very tight.

What is the average price of seeds? Perhaps you might even kill the demand from those premium growers.

What is your expectations, and how do you see that in the market?

Let me get your questions, Pedro. I might pass the mic to Felipe for him to talk about bad debt.

He knows that more than me. About sales, the first question.

The market is sluggish. There is a pressure because of the hike in the price of inputs, fertilizers, oof, up there, while the seeds also more expensive.

Now, when you check out and see their margins, growers have a bad moment, a bad situation in the end of the coming year. Now, if you take a picture now of their margins for the coming year, the situation is historically speaking at this point in time of the year, this shot shows that it is the worst situation possible, right?

Growers have a very difficult, tight situation. This is actually a fact.

Generally speaking, prices are quite low. Everybody's selling at lower prices, but today's a positive surprise to us, but even with this situation, we're doing quite well in sales.

We hear, and behind the backdrops, we talk about it, and it's due to how solid we are. Many people come to us, and we know that we have clients.

They come and say they're going to get the seeds from the competition, and then they come back to us, and then they end up buying the seeds from us. We have very good name.

There are so many companies, growers, and resellers, as a matter of fact, they're not feeling safe enough to send their money to the competition, this is quite clear. At least this is how we feel, and it is my personal feel on the reasons that, despite of the fact that the market is sluggish as we mentioned, we are still doing well.

Growers will probably just leave to the last minute to buy input. Why?

Because they believe that prices would drop. I always talk as a matter of fact, a friend of mine says, 'I don't have to be in a hurry if I'm going to make a bad deal.'

Next year, soya prices would be down, why should I worry and why should I hurry? This is their mindset.

This is how they see things. As a matter of fact, in our case, as companies, we are navigating through those difficult waters quite well.

Now, in terms of bad debt, Felipe will talk about it, but at least from my understanding, we haven't had no major surprise in terms of bad debts, everything is kind of moving according to what we expected that would happen. We might have bad debt in line with what we had, which is very low bad debt compared to what we had in last years.

Of course, there were some bad debts last two years, but nothing too major. Far, as according to what I see, we should be along with other similar situations similar to what we had in the last two years.

Felipe should just make last comments about what I've just said. Now let us talk about premium product.

Of course, wonderful job in terms of premium products, new brands. Those brands are growing despite of the difficulties, actually for two reasons in my opinion.

First, we are being able to add high quality to those labels. We have great volumes.

Actually we are able to choose the best lots, we always have the best lots in Brazil, I dare to say so. Our premium seed is unbeatable, there's no comparison, the best, that's it.

Our premium seed has great levels of quality. Also, a second thing, our capacity to form teams.

There are several players in the market, but it is important to let our investors know that the best two of those great companies and among the top 10 in the sector, we had a great deal of their team that came to us. They came to work with us, and they brought many clients along with them.

Our portfolio is also growing, and that is a lot. Many of those are adding more, actually many were direct sales, those brought this possibility, this new chances and possibilities of increasing our volume, we're very positive about the growth, and principally with these additions.

Now, just in terms of diversifying sales, talking about this strategy of increasing our client base, yes, that was a correct move, and it was the best and only strategy that we actually could use. If we hadn't done that, we would be probably in a bad situation.

When we analyze our history, in 2021, they were 300 sellers, too concentrated, and those distributors, most of them, they were in recovery. Most of them from 2022 onwards, they were kind of trying to recover.

They had serious situations, very difficult situations, actually we managed to increase our client base, more than 950 points of sales, so that distributors had our product on their shelves, although today we are much more diversified. We, of course, have to consider that there is a much higher commercial cost.

We've been trying to improve our margins also because of this situation, of course, to accommodate this change in this cost. Today we don't have such a high concentration in certain distribution centers, this helps us plan better, have a better image, and of course decrease our bad debt, we're moving away from that concentrated scheme.

What do you say, Felipe? I

agree with what you mentioned. I think it is, yes, this management style, from 96% last year, and considering that there is a mitigation of risks for bad debt.

Our portfolio is much more spread out. Nothing really concerns us or represents high and relevant risk to the company in our belief.

Things that we've been doing in terms of guarantees, in terms of the contact and the intimacy that we have with our clients, that shows that we are really trying to have a much less bad debt, and principally compared to what you see in the market out there. That shows us as a highlight, or it makes us stand out in terms of company in 10% of market share in the company, a very wide portfolio to offer to our clients, principally considering the restrictions that we have, the offer of seeds, credit.

We also have the credit management. Those who want to remain with Boa Safra, they have to pay on time.

We are actually a strategic supplier to their companies. 15% of what they buy is seeds.

They resell Boa Safra seeds, there is a rupture of their portfolio when they don't have Boa Safra seeds, so that is a negative stuff. That's why they want to have our seeds.

It is relevant. When you're talking about the seed business, it is relevant to have Boa Safra seeds, so that is a strong point.

Of course, this is a very spread-out sector. Nothing worries really because of not having that concentration of non-receivables.

Actually, we have those cases of not being able to pay on the day, but partially pay a little bit here, a little bit there. There are possibilities of paying installments on a daily basis.

Of course, we have this actually possibility of paying at least partially, and this is something that really shows our advantage compared to a portfolio that we had for payments just in the end of the fourth quarter. This is going to be really showing a positive scenario in terms of receivables.

That goes along with what we had last year. That's it.

We are sure that won't be surprises. Of course, things may occur along the way, but even with those clients that we were reticent, most of them have paid most part of their debt or their losses, we're very good and calm about it.

It might happen that they may have to pay a bit now and a bit later. Those who are probably going to declare that they are bankrupt, they won't pay even the first installment, we're cool about it.

That won't be surprises, we're sure that, and you too, that the second quarter will really show our good results.

Thank you very much. Thank you for your answer.

Marino, Felipe, good morning. Thank you very much for the possibility of getting my question.

Follow-up with regards to efficiency and restructuring of the company from 2025. What are the actions, probably not reflected in the results, but from what you planned, what has been delivered if there is any other detail, and also the P&L on the next coming quarters, the curve of the results?

The second part of the question, in terms of restructuring, I would like to understand, is there some sort of leverage that you use to push the growth? Is there any time of getting normalized?

What can you do to increase and get new clients in terms of margins? What can you talk about the ramp-up of the business?

We kind of understand what is in your mind, principally with what you showed in last few years.

Thank you very much, Bruno. Let me just talk about efficiency project and what that is based on.

Let's see. Our efficiency project has four major lines.

Three of them are to reduce leftovers. We lose margin because there's too much leftover.

That is what everything shows us. Our studies show that we moved from 17%, 20%, 21%, and then that was product that was leftover, and then we got to 31% last year, and that leftover consumes our margin.

Despite of the fact that we are growing, we're gaining market, but that leftover would devour our margins. This is the major aspect.

Then we have cost. That is also very important.

What are these four fronts? Three are within the managing leftovers: one, portfolio.

We've been studying portfolio quite from close. Our portfolio was quite large.

We tried to reduce. 101 pieces, now we have an average of 65, now we are at level of 80.

We want to reduce the offers, less material offered. Why?

Because we understood it was difficult to manage that leftover that we had of several materials, principally those with less demand. A second thing would be what we have in terms of indicators.

There were studies that show that at least some of the industries are not as efficient in terms of efficiency, in terms of discharge, actually they're discharging more, they're wasting more if you compare to more efficient plants. Actually, we're trying to level everything that we have to come to the same level of efficiency.

We have already reaped some results, but there're still something to come, trying to level all plants to the same efficiency. Of course, there is a part of the process we have to mention: we moved from a few units and we jumped to 16 units.

That growth was fast. The second point would be to deal with this part.

Third, we focused on orders, sell-out, a better job from the team. We increased our services in terms of team, sell-out, we are still studying what it is really rolling well, we want to really be sure of what it is happening out there.

The fourth aspect, I should say, comes to cost. Cost is not part of efficiency per se in terms of leftovers, but since we're growing and since we are a company that is trying to get always ready for greater volumes, our SG&A and our cost, when we analyze the figures, we grew faster than we should in this moment, and the moment of hikes in the sector.

Now, when we see what happened, we're being able to show that with less SG&A, with less cost, we can have and reap basically the same sales results, actually, this is why we are reducing cost and trying to kind of shrink in terms of cost, shrink that part. Basically, this is what it is.

This is my opinion.

Yes, just adding to what you just said. You can see that on our balance sheet.

Working capital is less needed. That shows that even growing, we are just injecting less working capital in our operation.

NCG, you can see NCG is going down if you compare to our invoicing. The first quarter, you can see SG&A, absolute figures much less compared to first quarter 2025.

You can see in figures, and that is on our balance sheet. You can analyze the situation.

You can see that we are able to show our efficiency, and we are managing to capture more gross profit because of the diversification with other crops. Scale is important, of course.

In the end of the day, it is important to have scale, but also price, as I mentioned before. Price levels very low now compared to last year.

Now we are recovering in all businesses today, not only soya. This is something that we might extend to sector.

Those are factors: margin, SG&A that is less, price per unit in all seed categories in addition to gains in scale, and they were at suboptimal levels to pay for the structure that we had available. We can see that in the balance sheet in the first quarter, you can see it might seem to be little if you compare to the entire situation, but you can see that the margins are being captured, and this is under control, where we allocate capital, where we assign our assets.

Considering the size of the company, we are actually able to negotiate terms that allows us to play hard considering the solidity of the company. We are able to really enter good deals to contain the capital allocation.

We are going to continue with those diligences along 2026.

Absolutely clear. Thank you.

Thank you. Good morning, Marino, Felipe.

Thank you very much for welcoming my question. Can you talk about working capital and all initiatives for 2026?

My question: can you share a little bit more of what you see in terms of order book, conditions, not only price, but also terms, that would help us understand a little bit of the evolution of the working capital? Of course, you have the benefit on first quarter, so that seems to be less important in terms of building up stock.

Perhaps it is, of course, related to this seasonality, and of course that will speed up in the following quarters. When you look at the end of the year, and the main line when that consumes working capital, there is a big deal of things happening, principally the conditions of the market.

Henrique, that is a good comment. Of course, we are building our backlog order.

There's a lot to happen. Yes, you're right.

Obviously, there are two things at this point in time that you have to consider. There's less money in the market.

In fact, that is clear to all of us. There will be less money in the market further down.

We should imagine in our sector that everybody would demand more working capital for those working in the sector. There is a move here: if you're talking about financial market, we can bring this to our business, an analogy.

Of course, there are resellers and growers, they are capitalized, they have capital. Those companies that have conditions to anticipate pays, so that they will pay for those who they trust.

When you look in the seed sector, we kind of take the first rank. We rank first on this list.

Our capacity, our strength of receivables and those anticipation is actually a positive possibility of capture liquidity. Even if there's less liquidity in the market, we're going to be able to capture that more than others, of course compared to them.

Credit, yes, there will be some move. We also, because of our balance sheet, you can see that we might have a major pressure.

Then there are two things that will be kind of oscillating. One side, we might receive more from those who have liquidity, and for those who don't have much liquidity, we will kind of give their possibilities.

We don't know how much that will be, to see how the portfolio evolves. If it is more focused, it is to bring more price.

If it is to bring to a more liquidity side of it, we're going to have less price, and of course that should be a natural move. We are prepared for both situations.

To us here in the management, we want to maximize the returns to our asset holders, investors. We, of course, have a recession out in the market, so that makes even worse, the situation more complicated.

That puts us in this dreadlock. What are the comparative advantages, and this is since our IPO, our comparative advantages almost sounds like we are in good moments, right, in good days and good times, but now in a restrictive moment, of course for us to reach 10% of market share, and with the restriction of portfolio that we have, things start to become very obvious.

We are here to be able to get the best value off our order book in a year of recession, and with lack of seeds, and with the solidity that we managed to build Boa Safra, that translates into positiveness, yes, even in our models. I think it is difficult for us to really decrease our credit for the coming year, but in fact, there are many requests and many orders.

Why? Because they're sure that they trust on us, and we can work based on what happened last year, despite of all the credit restrictions that we have and all the needs in terms of working capital that we see in the sector as a whole.

It is clear. Thank you.

Many thanks to all participants. Many thanks to all investors.

It is a pleasure to be here with us. Thank you to all who asked questions, and my thanks to all marketing and to our team members for the event and for your contribution.

Thank you very much. Have you all a wonderful day.