Thank you very much, [Elais?] .

Good morning. I'd like to start telling you guys we live in a very complicated period in agro, and Brazil as a whole.

When Vittia comes here to do this presentation, it show it shows that it shows that how to work in this difficult market. Of course that we would like to show better things, better results, but we're going to show you guys it reflects a lot the period that Brazil is going through and the responsibility that our company has in this moments that a bit of harsh, in harsher environments.

We have some interesting numbers, cash flow of $110 million, basically 70% better than we had in 2024. We had a little growth in revenue.

Of course, the market's a little bit more complicated that the they tend to to consume products that has less of a value, but we were able to to increment in 4.2% our growth in related to 2024. The they're searching alternatives now because of the market to have results in their operations.

Try to go into the fertilizers, soil fertilizers. Vittia is a company that has a very wide portfolio, it understand that, and they work a very interesting work in this line of growth of 43.2% in the growth of soil fertilizers.

Our debts fell, according to 2024, 13.4%, it shows the the rationale that we're doing here inside the the net debt. Understand that the market is a bit more difficult, I think we're doing a a very good work internally inside the company.

We had a a fall on EBITDA that was adjusted because of the market itself. Was a leverage, very low leverage.

That even though that's still a very triumph of the company, even though all the matters related to payments, JCP, and and we we bought some some some company stocks because we believe in our business. It's a business very interesting, too.

Also it's a Vittia Mex, Mexico. It's starting the commercialization now, and with a with a very potential, interesting potential this year, we don't stop here to look for alternatives to have someone for to always keep the company healthy.

Can go for the next slide, please. Talking about the the markets, our performance, we work in a rationale that is very robust, trying to understand the the the the market now.

I spoke before here about the development about the soil fertilizer. It's a very discipline, we're very disciplined, that into our DNA.

Like I said, we understand that inside the company we're able to bring results, even though heavy discipline, very big, and and these expenses, we are able to have an increment of revenue. We did a strong cash flow generation, strong operating, it's it's a quality customer portfolio, an efficient credit policy.

We talk about the risks and opportunities. It's it's the current scenario, you know how how how it is now.

I told about in a previous presentation that didn't exist a light at the end of the tunnel, and this tunnel is still very dark indeed, but we're able to to go to cross this tunnel in a very interesting way, and you guys are seeing the market, generally speaking, a lot of people that they're fighting inside this tunnel, that they're having a hard time. When we speak about our chain, supply chain, inputs, there's a rationale by the by the agriculture.

Our and our understanding we we have for this year 2026, from 3 to 4 products that we're going to be launching in 2026. The Vittia Vittia's positioning, we continue with this operational discipline.

Like I spoken before, we're all in the when it comes to P&D, it's very focused. We're going to bring some of the years the the disruptive things inside the market.

One of the our greatest assets, it's I think it's the this portfolio, this complete portfolio, when you go through moments that are a bit more harsh or complex, you have the opportunity to establish a a very well fair game. We also complete 55 years, Vittia celebrates 55 years of work.

Along this 50 55 years, 55 years of developments, promoting and development of the Brazilian agribusiness, and now we're expanding to other countries. This is what I wanted to to tell you guys.

Now I give the floor to Alexandre Frizo.

Thank you, Wilson. Good morning to all.

Now going a bit into the detail of the performance. Like mentioned previously by Wilson, we had a a extraordinary performance on the soil fertilizers, and also followed by knowing the products of of foliar fertilizers.

I attribute to three factors. It was the only line that we had a a increment of price, because it's a line that it's low value, it's a line where we can we can pass some price, it's based on minerals.

It happened last year, beyond that, there was no retraction of demand in the line whatsoever. It's it's even though it's considered a cheap line for you to apply micronutrients.

At last, we had a very strong position in cost, and that's very competitive in a way that we gained market share. In the lines when it comes to foliar fertilizers and industrial products, the story was a bit different.

We saw a retraction of the demand. That's very much because of this moments of the the the farmer that it's it's looking to to make some savings and to reduce risks and the intensity to reduce the intensity of this kind of products.

When it comes to biological and natural solutions, we didn't see a retraction, we didn't analyze on the demand, we saw a demand that was solid, but we saw a high level of competitiveness in the segment. I've been saying a lot related to this subject specifically, we had a lot of new players in the market and old players old players that that got out of the market.

It's it's not growing the market in this sector that we were expecting. It didn't retract.

It it grew a very very little bit, but the amount of investments that is part of the sector, you had a a very competitive market. That resulted in a certain difficulty to precification, pricify.

We didn't we didn't see the drop of prices that that we we watched the last couple of years, but we saw a stability or a small drop. Inflation of costs, it's natural in Brazil.

We have a logistic that was higher costs, and the labor. That brought a scenario that's a bit harder for this line specifically.

Now going to the next slide. Inside this dynamic, complementing this vision, we had a drop of consolidated gross profit.

It's it's a matter of mix. For example, the soil fertilizer, it acted very well in in in in terms of revenue, it had a bigger weight into the mix, and it had a a smaller margin compared to the other lines.

Even though it it recovered the margin in the in the trimester and in the the year itself. This margin recovery has to do the rationality that we have been doing on operation of organic and mineral, where we had we're having successive losses, and now we're able, as you can see on the fourth quarter, to change a bit the figure, to go from a loss in 2024 to a scenario of of of gain and profits in 2025, and in the year itself a greater margin profit.

We had a performance of increments of margin for a more of of internal moments, because of the more of internal things because of external things. On the lines when it comes to biological natural solutions, where we had this matter of restructuring, we suffered a bit the dynamic of the market.

They have a difficulty to to to to pass this price that we're dealing with, and it's a couple of drop price drops, that we were able to to have a a margin compression in the biological solution, natural ones and a foliar fertilizer and industrial products. That was also the case.

Now going to the next slide. Talk about SG&A.

We talk about a lot, that's the part where we control, and we're able to be within our expectancy to have a growth between zero and the inflation of the period. We have a reduction, real reduction of of expenses in the company.

That's our orientation, strategic orientation since 2023, understanding the market scenario and to look for efficiency and rationality of all the processes of the company. We have been happy in this strategy, in a way to protect our results, but without destroying the pillars that we have for future growth of the company.

We understand that this market has a a lot of perspective for a medium term. We're going lasting a bit last a little bit more than and people waited, but in some moments we will have this taken over again.

Our projects they are still preserved for future growth. It's worth saying that this year we had two events that was extraordinary.

One that I talked already about in the the previous quarter was the mobilization of the our facility in Patos de Minas, that generated a 15.6 million reais. It's an expense that that that that that's no longer we're having.

They're investments that are supposed to that to have a drop during the year. On the other side, we have a recovery from tributes recognized on the fourth quarter in this environment of change, constant changes in regimentation, tributes and regimentation taxes.

We did a strong work to bring opportunities and changes that happened in this last couple of years that we were able to recover from the past, that it brought up a value very important for the year, 24.2 million, that contributed to to to the results, but we understand it's a extraordinary revenue, that's something that's maybe not going to happen the next couple of years. Looking at this EBITDA, adjusted EBITDA, on this extraordinary band we had a a drop.

EBITDA as reported, the one that was it's reported, we didn't had this drop below the on this magnitude, but this is a operational mirror in 2025 with a drop of 13.6% caused by mainly by our loss of of of gross margin profit. Margin EBITDA, it dropped 2.9 points, being on 14.1% from 16.9% to 14.1%.

This is the margin that is the lowest that we've had the company since since we started to do this control, auditing from EBITDA from the company. It reflects a bit the the moment that we live in the market right now.

I said at the end of the year, I mentioned it's a low margin, but it's still a positive margin. It's a period of of of the cycle, a low cycle now.

Vittia has a greater value now, products that they had the next couple of years, but that that had in the last years. Now we work with a compressed margin informly related to profits on the scenario, current scenario.

Now, CAPEX, we kept on the the same strategy to look for invest- investments and efficiency in our our factory, biological factory, and the year only having one investment of of my greater relevance, which it was in the factory and to launch the the Triumph, that was launched last year, for investments that's 6.3 million, it was and the CAPEX was very close to 2024, around 33.2 million reais, 1.7% growth compared to 2024. When it comes to cash flow management, we have a positive year, giving all the the the search for for efficiency in the company.

We were able to generate 110.5 million in 2025 on the operating activities, and the rationality has to do they were from the operation for fertilizer, soil fertilizer, and organomineral, where we're able to unify inside a a facility to reduce stock. The the high activity that we had in the soil fertilizer worked with a medium of to receive these dividends better than the previous years.

We've been keeping the the good performance in the point of view of of receivables, and our and keeping it low without without a a not a a greater growth here. It's it's been a hard work of efficiency and search, always keeping this this financial discipline in this when when markets are good or bad, we're we're got to keep this mindset.

We're able to in 2025 reduce our dividends. That was a very interesting performance in a for a hard year, and we kept a level of leverage similar to 2024, a level of 1.1 times the EBITDA adjusted throughout the year, considering that EBITDA fell.

The company, it's very healthy with a very good control leverage and all the capacity going through this hard period. As I mentioned, to look and to to recuperate, to recover from from the markets that will happen in a in a short period of time in the future.

When it comes to financial results, taxes and adjusted net income, we had a the compared to last year wasn't such a good results, that the the interest here was a little bit greater here. When it comes to income tax and social contribution, we were a bit more efficient compared to 2024 because of the higher JCP and the efficiency of our program to search of the of the law and the goods and related to our development team.

As a result, all the shares in the semester have been The adjusted net profit and net margin, it was a a a drop of margin, but due to the current scenario, we see as we can we see this as a positive thing, because we still have profit at the end of the year. Of course, not that as we would like to, but the company's healthy, and it closed in the year with $60 million of profit, 60.2 of liquid profit, adjusted.

The reported will be bigger because the effect that we had from the recovery, fiscal recovery. We are in the worst years of in market-wise.

We have companies that are going through insolvency, or judicial, bankrupt procedures. We're still having profit, this is a very important point that it makes us makes us to understand that we're going through this period and we're going to have better years ahead of us.

Now it's Edgar's time to to give us this vision of innovation.

Thank you, Frizo. Good morning to all.

Going to speak a bit about innovation. We're keeping all the responsibility.

We're still investing strong in our future to keep growing. You guys will notice that we have this expectation with Triumph, that was the launching that we had in this year in 2025, and starts to have the results.

Inside consultancy, producers, and we're seeing beyond to having a better control, to have the products in the market. It's bringing a gain of productivity, we understand that we're going to have a greater growth.

That's why we have CAPEX investments in the factory, and have a forecast 3 to 4 products in 2026. I believe two will be biological ones, that we're going to have some different things in the market.

Can go to next slide. On the investments, as I said, we were keeping our CAPEX, because we had some constructions, we're building the lab, the research center.

When we talk about OPEX and work on a daily basis, we haven't cut any project of P&D. Some projects are greater now, some things are reaching an end, we're going to keep on this rhythm of growth and to be ahead of the market when it comes to innovation.

We have the registration, and we're going to keep the work in Mexico. We understand that this will be a very good year in Mexico.

Last year we start working on the market development, start to put some products into the client's hands, now we're starting the sales, and we realized that the sales they are accepted better than we expected. We're able to fulfill our plans there.

That's what I wanted to say. Frizo, go ahead.

When it comes to stock market, we have the buyback program. We did the same work in 2025, keeping our strategy to take advantage gradually the opportunities, opening the fifth share buyback program.

We're going to keep that strategy, to keep the level of buyback program to understand that the price is off the real value, the real price. We know that we're in hard times now, not only the agro business, but the capital market also, Brazilian capital market, and it makes us to have this differential, which is very different related to price.

Now, Vittia, we say that it's below the fiscal year as the auditing here. We have a relevant price into the factory inside our accounting, which is by the cost of that it was in 2020, putting the price of the cost of construction.

Now we're below our liquid inventory, of course. We have a low cycle now and things are going back little by little.

The private market, any transactions that it was announced on the last couple of times, that it was values that was much higher than negotiated to what Vittia is now being negotiated. This is our strategy, but always in our way, in a conservative way and gradually, we always take into the cash and then to keep our health financial, and also highlights even though all this scenario, we're returning resources to the shareholders.

Now we're paying through JCP, 33.8 million were paid as JCP. This is a something very relevant in our financial solidity.

Even though all the scenario, we're still able to pay $50 million of return to the shareholders through the buyback program or JCP, and we reduced our nominal value. This part we need to highlight in this scenario, this current scenario, like I mentioned before.

We know that the majority of the players they weren't able to deliver this kind of performance, not on the operational part or financial parts, even though we're not where we want to be, and comparing to the potential that we know that we're capable of.

Hello, everyone. Good morning.

Relates to the questions, I'd like to congratulate you for the results given the current scenario. The derivatives and the fertilizer, petroleum, and logistics, how do you guys see the impact of the conflicts of the business, the Vittia and the Brazilian products?

It seems like the Brazilian products, they are going to upside for a potential of a greater of agricultural product to given the greater price of the that had the cost from this feeling that it's already blocked. How do you guys see that?

My second question is given the sales delay that I've seen in the end of 2025 and delay of the planting of soy, do you think some sales that were allocated to the next trimester, the next quarter? If that's true, what do you wait for a greater volume for this first quarter?

Pedro, I'll say, and then Frizo can complement. Related to let's say first of this delay on the fourth quarter in 2024 sorry, 2025.

It's not going to be this increment, it's not going to be this growth that they really something to take in consideration, because we're observing the market, we have a proxy of discipline. Everyone is looking for this discipline, so that it won't happen in a way, it will happen in a normal way.

That there was no delay actually. Now that the producer, the farmer, it's rationalizing to put some things to make it viable the operation, his operation.

In relation to the war and everything, oil prices, now it's premature to speak about it, because every day we listen to something different. I know the war is over, the war it's not over.

Right now there are the pressure, natural pressure, we see this in an oil, fuel. Today I was talking about a consultant related to the war, if extend more than two months, and this will compromise the macronutrients, it's premature in a way.

Now we don't have a vision, a clear vision, related to this war. Momentarily, there was pressure, cost pressure, but I don't know if this will keep stretching that much.

Whether you want it or not, when have these external pressures related to cost, it will impact, of course, the cost to the farmer, to the producer. Now we have a biological products and then the capacity, the phosphorus, you have the nitrogenated ones when we talk about soy, the index is zero when you do all the application effectively.

With inoculants, it does the fixation, biological fixations. Everything that we're going to speak will be in something that is just a pure guess, so that's what I think.

That was clear. Thank you.

I think you answered everything, I think I don't have much to add, actually, to be honest.

Good morning, Wilson, Frizo, Edgar. Thank you to give us this opportunity to question.

The first one is related to mix. We've seen this change a little bit of mix throughout the year, but the performance very positive.

I'd like you to update how's the mix culture at the company after 2025, and what's the head for 2026? We've been talking about opportunities in oranges and other cultures, but soy was always the horse of the scale.

How's your guys' vision, what do you see as opportunities of the other kind of cultures in 2026? The second point, I'd like to get an update with you guys.

You guys come from a competitive scenario, Frizo, in his opening, he said about a lot of players that are going in and no one getting out. What are you guys foreseeing in the horizon, something that can change the competitive scenario?

That's my questions, thank you.

Pedro. Talk about mix, talk about culture, Vittia it does already work for a while already in other crops.

You have to understand something that a crop that for the moment it's the sugarcane, for example, that's having a boom. Now the last couple of years, last time, it was a drop of the price of sugar.

Sugarcane, for example, it's not on the golden years. Now this rule can be reverted.

The oranges itself, which is a crop that it's very satisfactory, now it's doesn't live on the best years, these crops, the last couple of crops. It's not so much the golden years.

The coffee crops also, this culture is reaching a position that it's very comfortable, with good prices, and Vittia does this work. The work that we're doing, we've been very intense, it's to access these markets independently from the culture, it doesn't matter the kind of crop.

We understand that we have potential to produce, we have the supply, the strong rationalization with costs, very interesting costs, and Vittia that doesn't stop. That thing, it's work.

You don't build this kind of work from day to night. You work through time.

We're doing this, but you can be absolutely sure about it, that's one of the greatest works that we do here in our company. When we talk about competitiveness, like Frizo mentioned, there was this moment of expectation, and the biological world, it's disruptive technology that it's getting bigger and bigger, the market being euphoric with all this things.

Inside the market, people going in, some players that had a greater expectation, and that's not the current scenario. We know that we have inside our market companies in situation that are on very hard situation now, delicate situation.

I think the euphoria is over, and from now on things will be a bit different in this way. That's our expectation.

You want to add something, Frizo and Edgar?

I think that it's what you said, it's natural. First you have a ripening of the market.

There's our space for a lot of people in this biological market, but there's not a space for everyone. Compensation will have to mature, and compensation will be focused on quality, innovation, and this is our strategic positioning and directing.

The market won't change that much, the players will change, of course, in a couple of years, and Vittia will still be there. We don't know who are the players that will stay, but we know that we'll have different players, or have a consolidation of the current players, some of the established companies through M&A of these players that are less efficiency or financial difficulties, or we're going to have these players just walking out through financial ways, that just going bankrupt of credits related to credit.

It happened in other markets already. I do a parallel with the e-commerce.

There was a time at the beginning of e-commerce it was this euphoria and everyone got into e-commerce, and it's naturally to have a ripening, and then the most efficient players will stay at the end. That's what we believe.

It's not going to be a process, a short-term process, but it will be a process that it initiated already. Now there's no attractiveness to go into the market of biologicals.

Like I said, Vittia, which is a company that has over 50 years working with biologicals and a portfolio, industrial scalability, and we can utilize our net worth. We closed with Royal below 10% with a facility that's outdated.

Imagine you're going to put a plant today with the current prices to build a plant. There are people that they invested 100 million, they're not able to sell 70 million worth.

On the last line, like this financing, they're not able to stay on the green side. Now I understand it's not attractive going to this market currently.

Now we're going to have this process, natural process, that the return, the most efficient ones will be in a common line with a capital cost and risk. It's not something easy, of course, it demands investments.

What I say is I've been speaking a lot about it, it exists these entrance barrier, anyone can build a plant. For example, if you have the money, you can build a plant, a biological plant.

Now, to have a portfolio, complete portfolio with different technologies, to have access to the market, and access to the market as with an interesting cost, because it's not only about having 50% margin profit, and if you spend 40%, you need to have a interesting cost and to have P&D to keep with the technologies that are most advanced today, to have everything, it's hard. When I say that there are few companies that have what we have today, the problem is it was sold in a way that consequence by people, by some that to keep in the market, just buy some fermenters and buy a plant, a facility.

Now we have biological plants, we have more biological plants than demand in Brazil, that's a fact.

Thank you very much.

The answer is very complete.

Hello, guys. How are you guys doing?

Just to quick follow up on this perception of the culture, this developments, to evolving with the time, it's very clear. Given the operational side, the financial part that I think it's valid to show here that we do this breakage of what's the drop in a margin that this market that did a little bit well in the last couple of years related to soy, maybe this Vittia relevance here of growth that shows a company growing, but towards market, these the margin on this market that they've been performing a little bit better last couple of years.

Something quick here on discussion in SG&A, but since 2023, 2024, they're performing well. This focus the agenda of efficiency and reduction, but the marginal movement, it's a little bit more harder.

It's just a bit harder, I'd like to know if it's more efficient to grow in 2026 or from now on we can think about a growth that's more normalized. This is what I like to just say, thank you.

Frizo, you want to speak a little bit about it?

About the SG&A, we always looking for this search for this efficiency last couple of years. We're looking for some opportunities more obvious, and reminding that we had the euphoria into the market in 2024 with accelerated growth.

When that happens, we know that the growth, it's not with the most efficient way. Everyone is growing too fast, and sometimes they're not so efficient in the way of a structure and expenses.

We did that already. Let's put it that way, this cut related to efficiency, we did already.

We were doing it. Nowadays we have a structure that it's very adequate, but looking for more efficiency.

Even doing all this, we have a greater structure that will allow us to grow, because the cuts, like I said, it's looking for efficiency, things that was done or created inside this growth period that they weren't generating and weren't going to generate any kind of revenue. The cycles, that's how it goes.

On this point of view, I believe we're very balanced in that way. We don't have a vision to significant change this forecast on the current scenario.

Maybe if things change, who knows, a recovery on the market or maybe tougher markets, now it's a different story and we're going to reevaluate. About the cultures that you asked, we don't have this data specifically like an objective way to separate culture, even if we had, we're going to keep it open to the public, to the market.

This we don't use this strategy of access, we don't see this as a strategy, a good strategy. We see it's a confidential strategy and the margin in these sectors.

What we can say, that we've been saying, is the cultures that we've been focusing, it's sugarcane, coffee, DNF, and they have a results, a superior results in the grain in the last couple of years.

Exactly. Excellent.

Thank you very much, it's very clear

the answer, thank you.

What can we wait for the behavior of the volume of sales and then gross margin profits in 2026? Can you give us a vision of line of business in the factories, in the plants?

Starting, Wilson and Edgar, you guys can complement later. We had a market that we had a small growth in 2025.

We didn't grow necessarily from 2025 to '26, we expect a small growth, but we wait to growth we expect this growth a little bit tiny. We have strategies for that, not so much.

Like I stated, the competition level already established, we had a couple of players that they got into the business in the last 12 months, now we see that this situation, it's a bit stronger now that the companies are fragilized, are weak, and some companies are having problems to keep this competitiveness. Our expectation, it's to get a greater market share, but we're going to at least keep the gross margin, we wait a stabilization of the gross margin.

We waited in 2025 already, that didn't happen, but we hope that in 2026 we have a stability of margin world. We don't expect a expressive recovery of price or margin.

So 2026 working in a scenario of growth, and we understand that this matter of this differential of Vittia to be very well structured, to be strong financially, it's starting to make the difference now on day-to-day. Now about we have a plants that sometimes they are still, like I mentioned what I say, that's something that we're looking upon, we're looking to efficiency.

We had to double our volume, double the capacity of biologicals with the installation that we have today. We are greater capacity of our production capacity are a lot greater, you know that a cost production, we need to lower to be more competitive on the market, we need to lower the price by units.

I don't know, Wilson, if you want to

No, no, that's the vision starts 2026, but I think that's in the vision 2026 will be, day-to-day basis. Beyond that, the agro has been the war has just started, the agro there's all this expectation, the great one of the greatest factor, whatever expect expectation in the market as soon the grains that there will be the demand will be less, the offers will be well diffused in the sector, and now the perspective that we can anticipate 2026, I don't know, it's not the best scenario yet, can anticipate related to problems of crops in the US, can we?

We also it can go only for 2027 or 2028. We're in a scenario of a lot of certainty and it's hard for us to give a proper forecast.

We just been working and doing what we're doing to be just focused on being prepared with these different scenarios. On the scenario of recovery that exists, like I said, there are scenarios that the market can start recovering in '26 or '27, but the scenario can be also at the same time it can be harder in a short period of time, in a short term.

In a medium term, we have this trust in the market that we will have a recovery, important recovery, by this simple motive: the grain offers will be strict, because the demand kept go growing and growing.

What I have to tell you guys is the, of course, the challenges is big, but we're doing what we need to do. What we need to do?

We need to really Let's see if I Okay, I'm on audio, just double check. Like I said, we got a great challenge ahead of us, but we have a time, experience, 50 years of company, 50 plus.

We believe in agro strongly, we believe strongly in our company, not just and it's the company's just out there in a very clear way, and we're doing the buyback program, we always keep this enthusiasm and in research and development. I don't have a doubt that better times will come and we're going to be prepared to enjoy this better times.

Thank you very much to all, and that's it.