Good morning to all of you. Thank you for your time and interest in the company.

We're extremely satisfied to share one more quarter with positive results. I begin my address by thanking the team, the network of franchises, and I will begin my presentation only sharing some highlights with you.

Then Patrícia will offer you more detail in the information, as well as Fred Wagner. Let's begin here with our sell-out, our sales.

This was another positive quarter with a growth of 26%. What I would like to underscore more than the total growth was the store growth of 32%.

We had a great deal of consistency between the quarters. We always report positive facts, and there are several factors that can explain this performance.

Evidently, we have a very favorable scenario, structuring trends that truly do represent positive headwinds for the company in the wellness segment that is growing considerably. In Brazil, we see people more engaged with physical activity, people losing weight, they're more careful with healthy nutrition.

That structure is highly positive. There's also the merit of the company, of course.

We were very assertive in terms of the products, which is the springboard for everything. We had collections that were extremely well received by the customers for the summer.

We were also very assertive in terms of our mini collections. We have 40 capsule collections every year, novelties, new technologies.

Once again, we had the significant impact of store renovation, a program that began in 2021, and this brings about significant gains. Renovated stores with a growth higher than the same-store sales in the company.

The good news is that we still have a high number of stores that will be renovated in the coming years. In digital, robust growth, and Patrícia will present to you our growth well above the retail, the brick-and-mortar retail.

It represents 10% of our sell-out, and we have a long road ahead of us. Now, if we think of the pre-pandemic area, the e-commerce share was of 3%, it has gone to 10% in a company that has practically increased its size twofold.

Now, we have gains for the retail market that we will remark on further ahead. We have more than 4,000 events organized by TF Sports.

Of course, this brings about gains in sales and for the brand of the company, allowing us sustainable growth. We had a growth in marketing, we worked with influence marketing, marketing integrated to the ecosystem.

Speaking more about the ecosystem, not only Track&Field, but also sports and much more. The situation has been very favorable, but we have also been very assertive.

We began to grow way above the expectation, and we had to come up with a quick reaction to avoid any bottleneck of products or a logistic bottleneck. I would also like to highlight the agility, the speed of the company in its reaction to this increase in demand that went beyond what we had budgeted.

Now, to speak more specifically about the quarter per se, net revenue grew 18%. As I mentioned in the last earnings call for the third quarter, you will recall that we had a sell-in growth, which is sale of merchandise, 50%.

At that time, I said that the sell-in nowadays had truly exploded, the franchisees have anticipated their purchases in the third quarter, which was a benefit, because in the fourth quarter, we worked with a network that was better supplied, it did not have logistic problems. That sale of merchandise truly concentrated in the third quarter and had lower growth in the fourth quarter.

On the other hand, as we had pointed out, we had significant growth of royalties in the third quarter, because we worked with a well-supplied network of franchises, and royalties ended up having greater weight in the business mix, generating higher gross margin, which explains this expressive growth of adjusted EBITDA of 34%. We had that effect of the business mix with that anticipation of purchases in the third quarter.

Of course, this meant a growth of adjusted net profit of 16.4% margin and a growth of 36% vis-à-vis 2024. Now, digitization to end this slide, with a very robust omnichannel strategy with 60% of the sales captured by e-commerce billed by the brick-and-mortar stores, and the franchises part of the digital process of the company.

We made advances in the infinite storefront with 387 stores. This allows us to convert more sales and avoid losses of sales because of the lack of a product in a physical store.

In expansion, we had a greater expansion than what is desired for the fourth quarter. We had 19 store inaugurations, several renovations, three in the last part of the year, closing with 435 stores in the network.

Now, in the next slide, we had a sell-out of 1.8 billion with a total growth in the year of 28.6%, same-store sales 23%. This is a historical mark for us.

We went beyond 1 billion in terms of our consolidated net revenue. EBITDA also with a significant growth of 36% for the year.

We had a twofold effect on margin in the fourth quarter, but also in operational leverage with a growth of 36% in net profit. We were able to dilute fixed costs during the period.

At the end of the year, we ended up with 171.5 million in adjusted net profit, a growth of 36.5% vis-à-vis 2024 and a margin of 16.4%. Now, historically, we have obtained good margins, and of course, this makes a huge difference.

It allows us tranquility, allows us to focus on growth, new businesses, and not cash flow. At present, we have no debt, we're a debt-free company.

We have 171 million as cash equivalents, but also receivables from credit cards, cash, banks, and a difference in the credit card receivables, operating cash generation of 141.5 million. We ended the year with an expansion, 40 new stores.

This expansion has been consistent in the last few years. This is something I reiterate, it allows us to guarantee in the choice of our sales point, in the choice of our franchisees.

We prefer to dose the speed and focus more on quality. We have 435 stores in the network, and we carried out 42 renovations, 10 of our own stores, 32 franchises.

60% of the stores already have the new format. This is what I wanted to share with you as the introduction.

I will now give the floor to Patrícia.

Good morning, everybody. Let's begin speaking about sell-out.

As Tracanella has just showed us, we reached 1,800 million—1 billion 800 million BRL during the year. That strong growth we saw in the first 9 months was maintained in the fourth quarter with a stronger base of growth if we look at the fourth quarter.

We have significant seasonality in the quarter because of Black Friday and because of Christmas, of course. We have a robust growth of 26% in our fourth quarter, and during the year of almost 29%.

Now, the 23% for same-store sales for the third quarter and for the year. If we look at same-store sales, the situation is consistent.

We're speaking about several factors that brought together will allow for this robust growth. The expansion of stores ending the year with 435 stores.

The store renovations, during the year, we had 40 stores in 2025. 60% of the network has already been renovated, and own stores 40%, and 50% half of the franchisee stores with the new format.

We have truly impeccable execution on those seasonal dates. Now, it's impossible not to speak about the engagement that Track&Field Sports brings to the community.

Of course, this is highly relevant when it comes to sell-out in our stores. The assertiveness of our collections, as Tracanella mentioned, they have become incredible in color, in trend, in quality.

These are factors that we need to celebrate for the fourth quarter. The digital part, of course, we need to refer to it, it's important.

We ended the year with 10% of total sell-out, which is, of course, very relevant. Formerly, it was 3%, we are now standing at 10%, this is our new digit.

It's important to mention that the great differential of the brand in digital terms is that nothing happens in the brick-and-mortar store, the digital leverages the brick-and-mortar store. 70% of our digital sales come from the physical stores.

They are our mini distribution centers distributed through Brazil. Now, the infinite storefront, we have a high number of stores connected, and the experience, of course, is ever more better.

The social selling, which is important, for the year, 35% of the year's sales were carried out, and they begin through WhatsApp, aided by our digital program. Let's speak about net revenue.

We reached our first billion. Well, 4 years ago, we reached our first billion in sell-out, we're now celebrating this with net revenue.

Now, I think this is something that we truly need to celebrate in the company, a growth of 26% year-on-year. If we look at the fourth quarter, the growth was 18%.

Tracanella reminded you at the beginning that in the third quarter, there was an anticipation of the sell-in of merchandise for franchisees, already thinking about a more robust supply for brick-and-mortar stores. This brought about a growth somewhat lower for the net revenue of the quarter, but we're thinking about this for the full year.

When we factor in seasonality, we had a growth in net revenue with a growth of sell-out in the retail market, a growth of almost 21%; in royalties, 28%, highly impacted by the renovated stores. If we look at the franchises, it would be 30%.

Merchandise for franchises with a reduction of 2%. When we speak about gross revenue, this ended up being a positive factor for gross revenue.

We have a lower margin and the events and TFSports with a minor reduction of 0.8% vis-à-vis the previous year, impacted by the end of Perse at the end of 2024. Now, neutralizing this effect, we would have had almost a 15% growth in TFSports year-on-year.

To speak about gross profit and the profitability of sell-in, it was somewhat lower, and this allows a margin for the channels to have a better gross margin, 1 percentage point. This representativity allows a fantastic margin for the fourth quarter with an expansion of 2.6 percentage points.

Now, when we think about the seasonal effects among quarters, the gross margin was almost 1%—percentage point higher. There's a relevant effect in this gain of margin in gross margin, something very positive.

It means a gain of efficiency and much more that we have achieved. Expenses, operating expenses, they had an evolution, of course, throughout the quarters.

Our best figure so far, 34.9% since 2022. For the year, even better, 34.9%.

Now, this shows you the capacity of 2025 specifically to grow, but to grow with efficiency with that operational leverage throughout the quarters. Selling expenses, we have an important benefit that we always refer to.

We have the price with franchises in the operation that is also a benefit for us. We have these variable expenses with the sales, and this represents a very good contribution, a dilution of 0.3 percentage points for the year.

We also have the general and administrative expenses. We have worked diligently on contracts and much more, something that is very much typical of our work.

We work with fixed costs and expenses, and this also contributed to the quarter and the year in a very significant way. At the very end of the slide, despite the impact we had to make significant changes in our logistics during the semester, once again, we had to make slight alterations to better supply the entire area to bring these very good results in 2025.

Despite all of this, the administrative expenses had this dilution. When we look at our adjusted EBITDA, a very expressive growth of 34% for the year, and for the year, 36%.

Once again, this is a reason for celebration. We had a 1.8 increase in margin, half of this gain comes from gross margin that I have just showed you, and the other part refers to expenses and the new operational leverage within EBITDA with a margin of 23% for the year.

Now, adjusted net profit, a reflection of all of the work we have done, a growth of two digits for the group. We sold much more, and very efficiently, we have continued to have profit.

This is something we do with the results to show that excellent performance we had for the year. The company recorded 2.8 percentage points of margin for the quarter, 17.5% in the quarter, and 17.5% again.

Then the cash position, this is a very positive portrait. We end the year with 141 million in cash generation, and throughout the year, we had 41% growth vis-à-vis last year.

Once again, because of the better sales, better profitability, and the better terms that we have had with the inventories. If we compare inventories this year with the previous year with a gain of almost 17 days in the average term, quite relevant indeed.

Our production facilities once again have been improved. We're working with enhancements, and of course, the inventory is very important, especially with enhancements.

In terms of financing, we had a important activity. We did not have the buybacks last year throughout the entire period.

Since 2024 until the beginning, we carried out almost 44 million in purchases. To end the year with this cash position is truly very good and leaves it at 35.3 million.

Very well, the company remained debt-free, which is very important, and we maintained continuous investments. That's it.

I would like to refer to the Track&Field Sports ecosystem. We have a great deal of people supporting us, and we ended the year with a truly spectacular vision.

Despite all of the adversities and failures, we had significant growth with the turn of the year. We are working both locally and regionally, as and we had an excellent performance.

I would like to congratulate everybody for that. We are now over 1.2 million users upon the close of the year, a growth of 40%.

This is the thesis that we have of increasing participation in this ecosystem. We have almost half a million people participating in our events.

It means more than 40% of active users in this ecosystem and people that use this platform. It proves the thesis that what we have been doing points to enormous engagement.

Very gradually, we're accelerating this ecosystem. We have updated our app, and now we're working more closely with trainers.

Since we began with Track&Field and TFSports, we have been expanding all of this. We believe that this is the focus of Track&Field.

We offer products that are related to health issues, technical factors. We also have an app working with nutrition in Track&Field Sports in this new scenario, physical activity, be it as a fashion and be it participating in activities.

We have the part of nutrition and sports equipment, and this sort of rounds up the use of this app. We are observing that consumers are using this in a more assertive fashion, and of course, everything with a very good quality in the app.

We have the store initiative, the TFC that refers to tasting in stores. We have 17 stores and perhaps an 18th store in PFC.

This nutrition system is also linked to our digitization. Very soon, it will have its own app.

We have the Track&Field omnichannel, and we will now have an omnichannel for experimentation and nutrition in the users' app. We're very enthusiastic with this initiative.

In our platforms, we have very rapid delivery in the cities where we are present and in the south of the country. We're quite enthusiastic with this idea of positioning ourselves with the offer of wellness food through our app once again.

We're continuously increasing our addressable market, encompassing the wellness market as a whole, and positioning our company to be a one-stop shop when it comes to the wellness market. We work with new brands, new consumers, and we're very careful within the company.

All of this effort and the structure that we have created is now reflected in our figures, because this is truly a thesis that we believe has enormous potential. We have three stores in Portugal.

We're quite satisfied, and we would like to increase the pace of the operations in Portugal. We're quite enthusiastic with the results.

Recently, we launched an e-commerce operation to service Europe, once again plugged into the stores in Portugal. This is an initiative that has caused a great deal of enthusiasm in Europe, where you have direct consumers online using the inventories in Portugal.

This helps us to understand which are the markets that we should look at more seriously to open up new stores and to take advantage of that digital flow in the region. This, 100% aligned with our franchisees.

Now, these are our new initiatives. We're very enthusiastic with this turn of the year.

We do believe we will have a good performance once again, and all of our initiatives will continue on. Thank you very much.

Good morning, Fred, Tracanella, Patrícia. Thank you for taking my question.

Once again, very strong results. We have two questions.

First, regarding your growth, it's impressive when we think about your pace of growth with so much consistency in a challenging macro scenario. I have a question.

I know you don't have a system to help you with forecasts, but when do you think that you will normalize everything to a healthier pace? More similar to the past and not as strong as we have observed.

To connect to that, which is the additional potential from the opening of new stores? You have the dynamic of the renovations, you have growth contracted, but you also have white space to sustain this strong growth.

Linked to that question of a different type of growth when you speak about internationalizing. I know you have been quite cautious with this movement, you have also been consistent, but which is the potential that you foresee in the mid-term?

Are you considering some potential markets? You thought of working with that event dynamic of a marketing leverage, but perhaps you could share with us that mid-term vision when it comes to internationalizing Track&Field more.

Thank you.

Let me speak a bit more about the strategic part, and then we'll speak about the market expansion and the market potential. We have significant data on this.

To speak about the wellness market, it is growing at a higher pace than that of the company. There are several world trends.

Worldwide, we see how people are reducing their ingestion of alcoholic beverages, they're participating more in running events, participating in events, an increase of people using GLP-1 and how this increase of physical activity. We're positioned in a market that has very steep growth.

We cannot project growth as last year going forward, because when it comes to the company cash, we have to have a more conservative approach with these forecasts. Last year, we were able to learn a great deal in terms of increasing the speed of production of products to react to a demand that would be higher than had been forecast.

This is a learning that we have and we now have this skill. Obviously, we work in a more conservative way, but we are ready to speed up our pace.

Now, GLP has become very important in Brazil. We have several pieces of data from New York Times, for example, stating how many more people are participating in physical activities when they become part of that movement of losing weight.

Everything is related to that, and people are ever more aware about nutrition, physical activity, and we're very well positioned in terms of that. We're very well positioned in our main business, as well as in the other verticals of the company.

We have accelerated the pace of events, we have accelerated the part of nutrition and experimentation. We will become part of the lives of people who may be interested in having a healthier life.

We want to connect people to a healthier lifestyle, and each of our verticals is highly aligned to that. Now, when it comes to the international scenario, true, we're quite conservative.

The signs are very positive, and we're quite enthusiastic with that. We also know that our growth through international franchises will continue on in a similar format.

We're excited in working with influence marketing at international levels, of knowing the markets better, and promoting the maturation of the stores in Portugal. I think this is our strategy in TF Sports and platform.

This is a plus that has not been priced, and it gives us that projection of an upside. Now, we have to continue to deliver consistently as we have during the last 5 years when it comes to growth.

Thank you for the question, Danni. I'd like to speak a bit about 2026.

We don't have a formal guidance, of course, but first of all, the base of comparison, 2025 had an excellent base of comparison, excellent growth, but not only 2025, it has become stronger during the last few years. Since the pre-pandemic, our CAGR is almost 25% a year.

We also have the challenge from the viewpoint of the calendar, the holidays and much more. We still foresee several opportunities in all of the drivers that we have accelerated during 2025.

We foresee several opportunities to enhance our stores, our store system, the digital program has a long road ahead, the infinite storefront. We're highly enthusiastic with the next collection.

We have already launched a preview, and we have a winter collection with a great deal of novelties. This has to be the springboard, the starting point, we cannot lose our focus.

This is something we did very well during 2025, and we're highly enthusiastic about 2026. We want to work with influence marketing, making the most of our system.

When it comes to events, events are ever more contributing to the physical retail, aiding and abetting our customers. We have a set of initiatives that are not novel, but in all of them, we see opportunities to advancing even further, despite a stronger comparison base, despite the challenging calendar.

We are holding on tight to the reins of the company. When it comes to organic growth, we don't have a figure, a guidance.

There are several small- and medium-sized opportunities, especially in the capital cities. We have had 10 years of good organic growth, but based on a static vision.

This figure changes, as Fred mentioned, in a segment that grows a great deal, and that figure will probably increase in coming years. We will have less physical channels to sell our goods going forward.

We will work through social selling, direct sales, e-commerce. Of course, we will be opening new stores, but there are other sources of revenue.

We're very well focused, therefore, for the year 2026.

Excellent, and congratulations once again for your results.

Good morning, everybody. My question is about investments in your second logistics shift, which were your expenses in the quarter, and looking forward, will this continue on?

Which are the main gains that you hope to capture with this change? Perhaps opportunities to continue improving the supply of stores.

Thank you very much.

This has a great deal to do with what we fostered in the company because of the sales that were above expected in 2025. We expected a growth similar to 2024, 2023, and it came at twofold the speed, and we had to react.

This began in the second quarter of the year. This figure truly was not comparable.

In the second half of the year, it was difficult to compare our logistics expenses vis-à-vis 2024. This is a factor that has aided us a great deal.

We have a more fluid operation, we have a limited level of delays, a better supply for our franchisees, and of course, this will help us to maintain the consistency of growth of same-store sales. Of course, there was a higher expense, this was an important expense to continue to grow.

The comparability will be worse at the beginning of the year, we'll have a better comparability during the year. Now, we will have a bit of tension perhaps in that segment of logistics, more similar to the second half of last year.

Good morning, everybody, and congratulations to Fernando, Fred, and Patrícia for the results. Fernando, you referred to the new season.

What is different in terms of winter, in terms of your collection, perhaps enhanced technology, and the way in which you're going to segment it and present it to your channels?

From the viewpoint of new products, I don't remember, but we have a great deal of launches and novelties, a very high number of novelties. We have increased the number of novelties in all categories.

In sportswear, which of course is our spearhead, but we also have this in mini collections, accessories. I think it's the number of launches of novelties.

It's not a collection where we're simply changing the color of already existing products. There are new products, we have new products for sell-out, products that are seamless, details, of course, that we have enhanced in several products, successful products.

We have categories that have grown a great deal, and we have enhanced the assortment in those categories. We have been very assertive with the products, and this is due to our growth.

Several new things, there is no new category that we're entering. What we have done is reinforced things.

Our customers can see our style. We have reinforced, enhanced the product of sports sneakers, for example, categories where we are going more in depth in terms of assortment and the enhancement of the product.

Very cool things coming forward, and we're very optimistic about this new winter collection.

Congratulations. Regarding store renovations, how does that operate in terms of functionality and the cost as well?

If you could go back to your initial units, what would you do differently at present?

Hello, Bob. It's a pleasure to have you here with us.

We haven't changed the initial project very much that we carried out in Iguatemi in 2021. We changed the architectural function, but we do have innovations.

We've had new initiatives. We have product displays that are the highlight of TF Mall in the store.

We better understand how the store concierge works, and we have some specific events related to the stores. Some of the stores have become studios, and the franchisees use this to activate the ecosystem.

It depends on the stores that appear and the initiatives that we carry out, but there has been no structural change or something we would like to do differently. The new store already had the TFC, and the TFC has proven to be a very interesting tool in terms of customer loyalty and the sale of growth of the stores vis-à-vis renovated stores that don't have TFC.

This is what we're learning, and the nutrition operation is not a simple one, it has to be well done, and we're learning a great deal with this. Regarding cost, we have increased the cost a bit vis-à-vis the previous model.

We have broad work in terms of modular stores, the equipment that we have to gain scale, and we were able to do that in Portugal. In Portugal, we send modular furniture from Brazil with a very positive acceptance.

It's not a barrier for franchisees, of course. Speaking economically with the sales that we have per square meter, it becomes very clear that this is below those 24 months that we have set forth to work with franchisees.

We also think it is very interesting to have that growth coming from the renovations. We're going to do something stronger, but we do have to respect the breath of the store owners and not do everything too strongly.

We are happy with the new project, with what is happening with franchisees, and the store renovation truly was something very good that we had with this new project, and we're now rolling it out.

Thank you very much, and once again, congratulations.

I would like to thank all of you for your attendance at this conference call, reinforce my congratulations to franchisees, suppliers, of course, everybody here present. We are at your entire disposal.

Should you have any additional questions, please speak to us through our IR department. Thank you very much, and have a very good day.