Good morning, Thiago and Caio. Good morning, Elísio and the rest members of the team.

Thank you for taking my question. I have two from our side.

First is focused on Life. We've seen a scenario which is more challenging in terms of growth.

Obviously, it's at a level which is healthy looking at the brand overall, but we see, for example, some signs of points of attention, for example, on convectors on bring other challenges from the side of pricing. I wanted to understand a little bit how we can define this strategy going forward, especially at moments when there's the biggest challenges that we see.

We don't depend only on the direct competitors, the category that we're seeing for the first time in this exposition on the macro side, those who are present, but also have to see a little bit how you think about this evolving over time. To understand a little bit what's your strategy in relation to the brand from the standpoint of the balance of growth, margins, and etc., and innovations, and eventual changes in terms of your positioning and pricing.

That's my first question. My second question is in Vivara, a little bit about the head of the pricing area.

You talked about on the YouTube video that you have no additional material, but we have some adjustments, especially below the commercial area from wedding rings and so forth, to look at some SKUs, see some going up in terms of categories.

Thank you, Danni, for your question. This is Thiago.

Talking about the first part of the scenario which you described, we have evolved quite a bit the brand overall to become more and more less depending on one category, which was 50% of our business, and transitioning the brand into a complete jewelry brand. We involved other categories in the brand, especially collections, more commercial questions, and wedding rings.

We've seen attraction through this lens in the commercial area. We also commented on this, the growth, which is very healthy growth in that area in the second quarter.

As far as the collections, we have a calendar of launches very robust. We have the revenue from Life and products launched during the year, which previously ran around 40%, this year it's below 20%.

We're looking at this number, and we think that has a very important correlation of this number with same-store sales and the growth of our business in the stores. Just a few things that we've been doing which have appeared perhaps not completely appeared, but in the internal data shows that we're on the right road to looking at same-store sales of Life at a level which is much better than we've done in the last two quarters due to the calendar effect.

As far as your second question, pricing of Vivara, we had a scenario of very high growth, the principal commodity which affects us, working a great deal on the categories gold and silver and Vivara silver, going from 5% or 6% to 10% participation in the second quarter, which helps a great deal for products which are in the entry-level, which are more competitive with our business, as well as several initiatives for product engineering which we're doing and technology in the manufacturing process. The movements that we've done of pricing, we don't see any changes, but it's a good market.

When we look at this, the price of gold in the last 60 days, it's been an unprecedented fall in the price of gold, above 50% during this very short period of time. Then we have to adapt to that, but also the principal consequence is that all of our initiatives that are being commented internally, the most important is that when we look at all of the levers of value that the company has and has presented over its long and successful history, has always followed gross margins of 69%, 70%, independent of the scenario of the price of its principal raw materials.

I think that in the first semester, we have the highest gross margin in history and looking at the highest level, showing that we have several levers within our business. Beyond that, the strength of the brands and the customer experiences within our stores, which the clients have had more than 3,500 salespeople.

We've been able to put our policy of markup to maintain our margins, we're very confident that will continue in that trajectory in the next quarters and next years.

Good morning, Thiago, and everybody else for your space. My question is more of two questions.

The first is more on the side of expenses. We saw a higher increase in the price of raw materials as a whole, which has an effect on the stores.

We also have to understand a little bit better if there's anything of expenses that are operating expenses in the stores during the second half of the year. Also what we should look at the run rate of OpEx thinking about perhaps for the rest of the year, and then see if there's any space for looking at a more comparable base of expenses in the second half of the year.

The second one You mentioned, Thiago, about the evolution of the collections. I think that I'd like to understand how are you thinking about the second half of the year, and also product acceptance, which products are really a point at the lead.

Again, if we look at this trajectory of Life, it locked up with our calendar. We look at the same-store sales, which is very stable and very very consistent.

Hi, Eric. Good Good morning, everyone.

I'm going to start with talking about expenses. We have When we see our level of of operating expenses, look compared to the first quarter of last year, it's up the with growth 10.5%, 10.5% gross sales of gross revenue.

When we look at the 2 percentage points that we have seen in this semester for the due to the effect of the calendar effect and and the couple of World Cup, and it has an effect on our expenses, on our operating expenses. We also have to remember that in this quarter and in this half of year, this quarter, we had to look at the results.

In other words, we had this during the period of 10.5% of growth in our operating expenses with a dilution of growth of almost 2 percentage points in our revenue, which we would have to have due to the calendar effect and principally the expenses and on comparable bases. In other words, we have already We're already able to see that this dilution is happening over time, but when we look at the We have different effects on each one of them.

On the line of personnel, we had a natural increase in the hiring of people, because these are new stores that we're hiring. We're accelerating the number of stores we're opening since last year.

We have 51 stores open in the last 12 months versus 43 in the last year in the same period. This naturally impacts not only the stores that are already open, but the stores that I'm going to open.

When we look at we still are that our guidance we have several stores that are under construction where people are being hired right now and that will be opening during the second half of the year. Part of this effect is in already in the already in the numbers, but we're waiting for these stores to open.

We hope that this this increase of personnel from the new stores will continue to be diluted as as these stores open and mature and their gross revenues grows. On the other side, we're also able to already able to see several actions which bring a dilution or a lower level of growth in revenue and expenses during the second half of the year.

We thought in the release and the principle was that freight, which we have reduced our quite a bit to zero the level the number of transfers between stores starting in July. We did this since the third quarter of last year, and which is several sales of several items without the need to change anything.

If there's anything that we can do of the transfers between stores on that line of freight compared to gross revenue, it's been stable. This item of freight here is, for instance, checked, and we think that going forward we shouldn't have any pressure on that line.

The line of operating expenses, as I mentioned, could continue its dilution, which we've seen in the second quarter.

As far as Life, as it's Thiago speaking, you asked for a little more visibility about that. These initiatives that we've done to transform the mix of products more completely between the stores, and this has been happening, and we expect that this number of new products versus the total that we have in the stores can accelerate even more starting with the fourth quarter.

We've seen a little bit what's how this mix has reacted very well. We're very optimistic about Life for 2027.

The new stores that we've opened have performed well, and several points have appeared, some new stores have good locations have appeared and retail has reacted more widely than us. We've see opportunities between shopping centers with other brands who may optimizing their portfolio, the store portfolio, we're taking advantage of these spaces to continue expanding the Life brand in the best points in shopping centers, and we've seen a pipeline, a very qualified pipeline of new stores so that together with the same-store sales of Life will help us help the brand to grow, continue to help the brand to grow.

Hi, good morning, everyone. Thank you for that.

A little more detail about your performance in the month of July during the cup, the World Cup. Thank for that.

See and see the dynamic of this growth, and I want to understand a little bit how was the flow of sales in the days in which there was not there were no Brazil games compared to April and May. The idea is to separate a little bit how much of this deceleration come from the World Cup and how much was due to other factors.

If you can give us these details and how has been the recovery after the cup, that would help us great after the end of the World Cup games.

Felipe, this is Thiago. This analysis that we did of the impact of 2% on the top line of the company in the quarter, in the first half of the year, R$19 million, beyond the World Cup was the calendar effect.

The way we look at it is when there are days on which we had games, Brazil games, our stores were 100% in shopping centers with the exception of one on Oscar Freire. These, if you agree with me, that the shopping centers basically don't even hardly open during those days, or with very few hours in operation, and we saw that compared to what we'd see on a normal Sunday compared to what we saw on the days when there was a game.

We're able to calculate this impact. This impact of 2%, half of that effect is from the World Cup games and the half is the calendar days of holidays which came during this quarter, which hit us in this period, with Corpus Christi, which came very close to Dia dos Namorados, Valentine's Day, which is a very important date for us.

Last year, we saw part of Tiradentes, which happened on the same one weekend, and this time it was two. Which wound up being long weekends on holiday weekends, it was the number of workdays compared to last year.

When we see these effects, all these effects, we always look at how things have been going on Fridays, on Thursdays, and on the weekends before the games. This is the number that we come up with.

However, in general, even with these impacts, we've had a month of growth without much difference compared to the other months.

Felipe, this is Cassiano. Also to complement what Thiago said, and this was my first June here with Vivara, and I was very impressed with the distance of Dia dos Namorados to the business.

It's very strong in terms of the magnitude of the impact. It's close to May, it was very close, very strong.

An event on Valentine's Day, Dia dos Namorados here, and in the month of June, it was very successive days. 11 and 12 were very good days for sales.

It was a month that had a good performance, and it was very important. This effect of the World Cup, it passes the visibility because it was very specific on those days.

For the month of June overall, it was a very good month, even with these external events.

Also I would add this to add to Cassiano, if you look at the day at the 12th, which is the Girlfriend's Day and Mother's Day, and Mother's Day, both of these dates were with the best It was the best Mother's Day in our history and the best Girlfriend's Day in our history. In there's but it's not just this effect.

It had the effect of of execution that we were able to bring excellent days of sales for Mother's Day and Valentine's Day, the equivalent, Brazilian equivalent of Valentine's Day. Several of our stores were hitting their records sales records sales records for those dates with more than 100 stores reaching record sales on Mother's Day or Valentine's Day.

In consequence, some of the other stores had their best days ever. We've we've we've spent more We look more at profitability, and I think that the growth the gross margin was the highlight which was beyond sales, we wanted to see this in this quarter.

Thank you very much.

Thiago, Elísio, Caio, two questions from my side. One, about your inventories.

We see there's an improvement in the inventory cycle due to the reduction in the amounts of raw materials and of finished products has remained high. How do you see that this line will behave during the next quarters in the more constant scenario of the price of this commodity?

That's my first question. The second question is the revenue that you have been receiving, a rebate for planning and seasonality with the revenues from these subventies with the level of production of factory in Manaus.

These two questions, with the amount of subsidies that you've received.

This is Cassiano. I'm going to start with your first question about our evolution of our inventory, and we're continuing in line with our plan, the same mission to return to the historical levels of inventories the 400 to 450 days during next year during 2027.

Our approach in relation to inventory can be divided into two major blocks. The first, that the raw material, which is approximately 30% of the total, and it comes from two segments.

One, our objective to have greater efficiency in the chain, it's doing well. In terms of the components, where the variety is a large part of the variety, very proud of our business, we we work with the age and efficiency in these numbers.

In the second block are the finished products, which represent 70% of our total inventory. On this front, we're working especially in the management of categories, looking at each sub-busi- sublevel on a specific level with assortment to increase the presence of items which have the highest turnover and the and getting rid of the ones that have lower turnover.

Because we want to increase our inventory of high in high-turnover items. Looking at these initiatives, the objective is not the reduction of inventory by itself, but to increase the efficiency of our inventory and create conditions to accelerate this this turnover.

I think that this quarter, we've seen that the biggest highlight is cash generation. We reached the highest level of conversion of EBITDA to cash in our history.

Also the principal reason for that was the reduction that we've seen in days of inventory. We've been talking about this since the second semester of last year, always looking at what actions we were taking.

Now we're starting to see since the first quarter, but now even more strongly in the second quarter, in a more cash generation. This effect on the reduction of production and consumption of inventory has affected both the revenue from our subsidies, answering your second question, as well as affecting the net profit.

In the second quarter, we've seen based on a very comparable base compared to next year, but looking forward, we have a different dynamic between the factory and the subsidies coming from our distribution centers. Last year, we, as industry saw, we had a subsidy a little bit higher depending on the state, but we also had a factory in a production level that was lower than the third quarter, and this year we have the DC and the factory continuing in its production level close to the second quarter.

We tend to have in the DC a lower level of subsidies in this quarter. In the fourth quarter, we see the dynamic which is more comparable from last year.

This dynamic of subsidies and inventory reduction also winds up affecting our levels. When we isolate that effect, our net profit has been increasing by 25%, as we mentioned in our release.

Important to show the efficiency of our business, excluding these effects of subsidies and accounting advantages.

Thank you. Our question is we're talking about the buy side since yesterday, that the growth of the top sign is the biggest concern for the second half of the year.

You said there was a little bit below what you expected due to the impact of the World Cup and so forth. When we look at the trajectory of growth since July, especially after the World Cup, if you've seen a recovery of growth more accelerated with Vivara, and based on this performance, if you think that it's possible to look at a higher level of growth, a double-digit level of growth.

The second point about gross margins, you said that in this level of commodities, which is a little higher, would understand what do you still have in the way of levers to be able to expand this even more, margin expansion? Have we done a lot in terms of product engineering and if there's any other levers that you still have to use to improve those numbers?

Vinicius, thank you for your question. This is Thiago speaking.

I would think that the way we look at this internally, we have maintained the growth of the second quarter of 12%, 11% to 12%, and in the other quarters, it's more of the calendar effect. What we see is a type of pace from the growth of our business, and retailing is very dynamic, this scenario, and these levers of growth which we've been having the number of stores opened and something that we've done here which we comment on the digital side as well, to improve the experience, the customer journey.

We've had a very good space in this channel, so much so that we continue to release the same-store sales with the presence of digital. Because now the client excuses and all of its efforts and its physical points, you see it in a integrated way.

The same-store sales in the second quarter has had this calendar effect, which was more or less 10%, which is a very, very healthy number, growing on the macro side that we, as we know, very well. We have several internal initiatives, and we're very confident about the top line.

In relation to the gross margin, which is important to mention that this company, if we look at its history of 10 years back of our implementation, our institutional plans, the margin is 69% to 70% year after year, whether it's rain, sunshine, whatever, interest rates up, interest rates down, no matter what happens, the margin is the same. We have several levers to say that our margins, due to external levers, their internal levers and strength of our brands and so forth, to be able to continue to process any external effects and return this to the client in an easier way.

We're continuing to look at this, and the efficiencies that we'll have here in-house be the main preferences to pass this to our clients through productivity and maintain our brands more and more leaders in their respective segments.

I'd like to add to that about the gross margin. We have two approaches.

One is looking at the products and that was looking at the portfolio of products. We look at the products, which you consider to be the performance and it's city in which is located, the raw material involved, and also what's happening in the unified numbers.

When we look at the total portfolio of products, we see the opportunities, as Thiago mentioned earlier, to look at the lighter pieces, new production technology, and also to give greater emphasis on categories such as silver and gold. We have to read the market, see what's happening, look at our products, our portfolio, and look to make these adjustments in such a way so that the variation of the raw materials is only one component of the total picture.

We have several elements that mean that we're able to be hitting the mark over time and continue to maintain the stability of our margins for the business overall.

Good morning, everyone. Thank you for taking our question here.

I wanted to ask two follow-up questions. One in relation to the top line of Life, which I think was the first question of the call, focusing especially on the Moments collection, to try and unlock a little bit how if the performance of that line is being impacted by the lack of new launches in the segment, and also like to reinforce if you could repeat to us what are the levers for this growth specifically for the segment of Moments, it would be very interesting.

As far as gross margins, we also felt that it was, in general, a positive highlight for the quarter, and also we thought perhaps it would be important to see what are the levers that you've commented on recent calls. One of them specifically was in the Life segment, which you mentioned, the increase of growth in the share of direct functions, and I want to understand how much of this increase is already impacting the gross margins and how much time there is to grow in this method of production.

As far as Life goes, not sure how much you can share as far as the initiatives of new metal alloys, because we've seen these product in Life arriving in the market. How much we should think about the entrance of these products and the impact of these products over the next few years?

Thank you.

Thank you for your question. As far as starting here, I think all of us are in a certain way in the same boat looking at Life.

The the Moments collection category, you have you have different pieces, bracelets and so forth. We have a lot to do with these two fronts.

New launches, new product launches should start arriving at the market more strongly in the starting the third quarter in our stores, and that's what's going to change the category. I think that certainly there'll be lots of space for this category to continue to be relevant in our business.

We're going to look at that the question of the level of prices we can protect it for that category, and look at the the work of evaluating the costs to to see what where we where we'd have space to cut costs. Your next question, and the direct direct answer, it's more directly connected to gold, but it also we have to migrate to silver.

Silver, of course, has a it's just a few centavos of the price of gold, it has a direct impact on gold, and has a comeback that's much quicker. We focused on this margin as you saw in the first half as a direct function, it helps.

Something marginal in terms because the company has been doing this work in the direct function for a long time, this migration for the products that we can touch, and our mapping today of products which it's possible to see have space to increase, which has already been done and direct results in the 60% more or less, and have become we've been working on month on month after month to increase that percentage. In relation to the new alloys, new metal alloys, this is a subject which is very strategic and very important for our sector in general.

We have accompanied the tend the world tendance worldwide tendencies in relation to that subject and standards of the different market standards, depending on the geography in which we're looking at. We've accompanied this very closely, and we've also been working on to have this in-house, this technology and the methods that are necessary to be able to react quickly.

I think it's part is market is marketological and part is industrial, and we have evolved to be able to be ready if necessary, when necessary. It's not even so much if necessary, more or less when necessary for our business.

We understand that we can continue changing. As far as new alloys, I think that it's a characteristic very similar as it was the mix of metals at the beginning when we introduced Life Life Silver 15 years ago, when we introduced the gold, silver, and Vivara, and innovation in a as a laboratory product innovations, I don't see any any break in this line, much more a continuity of what we have always done, using new alloys as we have done over the life of the history of the company, over the history of the company.

Good morning, everyone. Thank you for the space.

I have a question about the digital sales, which continues to grow well, very strongly. In the quarter, there was a lot of growth in the app, and wanted to see how do you see the opportunity to increase the digital penetration in the next years and up to what point this growth could happen without impacting the productivity of stores?

That's my first question. The second is in relation to competition of Pandora investing heavily in Brazil, marketing and launch of new products.

If you see this as an important change in the competitive environment?

Thank you, Guilherme. This is Thiago speaking.

Starting with the the to answer your first question, we analyze in external benchmarks, we see a penetration of digital sales above above ours, which gives us confidence that there's still space to work to grow there, to work there, to increase our our participation in that channel internally in a consistent way over the next years. I think the company has been doing that and then very successfully, but however, there's still space to increase even more our participation in that market.

In the short term, this has made a an evolution of our digital platform, and the layout of several pages have already seen the increase of the rate of conversion, but in several others, on a customer journey, in several other pages, we have been improved the experience, increasing the time of involvement that the client spend, which has reached almost 2 minutes on the site. The initiatives, looking at these fruits, is the participation in the app, the conversion of the app, which is more than two times the conversion of the site.

The client who is more faithful, who communicates more more efficiently, more constantly. We have a number of a relevant number of clients in our app already, which already helps us with the launch of new products and the speed of reaction.

These actions have been happening, have been accompanied in operationally, our delivery periods, our relationship with our clients, and several other items which are the backbone of digital sales, we've evolved quite a bit. However, there has been a revolution in search and personalization, the big agenda of content, and we see lots of space for the digital to continue to grow at strong rates of growth and for various semesters to come.

At the first moment, we see lots of synergy with the stores. Between 20% and 25% of our sales of the digital sales are done with the code of the salesperson.

Our salespeople are very well trained, and they don't lose sales if the client is willing to go and buy online or come back later come back two or three later to the store, two or three days later to the store. We've done this work very carefully incentivating our sales team, our strength of our sales team, which is one of the strengths of our company, to not lose sales and use the concept to add to the maximum.

Now when the competition, as you mentioned specifically, but we also measure in the shopping centers that we have stores and Pandora also has, how was the Life's performance compared to the Life in in shopping shopping centers that don't have a Pandora, but we see that how there hasn't been many correlation. It's very little coincidence.

We've actually grow slightly more in shopping centers where Pandora is present. We see that in relation to the new relations that they're doing compared to what we've shared in the way of results.

Obviously, we're not immune to what they do, but our actions today are affected by internal effects as well.

Thank you, Thiago and Elísio. Thank you for taking our questions.

A couple of quick questions from my side. The first is on the question of the expenses and the marketing line.

I wanted to understand a little bit about if you could separate how was the level higher due to these commemorative dates like Mother's Day and Valentine's Day compared to the past? If you could look at this seasonality, perhaps this is a level of marketing which you have done, a higher level of marketing, in which we can expect going forward?

How we should think about that going forward if you're able to deliver that as well? The part of generation of cash, you've had a good cash generation in this quarter.

However, one of the questions that caused our attention, when you look at the receivables from last year, it was a question of you having anticipated a little bit last year. We also have this tendency that you are closer to the consumers with more timed sales, more monthly payments plans.

Finally, another quick question. If you could give us a little color about the growth in that category, that would also be interesting to hear.

This is Elísio speaking. In your first question regarding our marketing expenses, we saw that the biggest growth that we've had was in the first quarter when the growth is much higher due to the comparative base of the first quarter of last year, which was a growth in expenses compared to our historical levels.

We work here to maintain our marketing line along this historical lines of 4% to 5% of net revenue, and dividing those expenses between what we spend on the online marketing and the offline marketing. This online marketing, we invest a great deal in performance marketing as well as in sales to bring the customer to the store, to communicate with him, the Gold Week, and so forth, and all this attached to our brand, and the performance that we use to promote sales.

In the offline market, the events and the influencers, all of the actions that build our brand in the medium to long term. The biggest part of the increase that we've had was in offline marketing.

It's where we had the biggest reduction last year, and we saw this sequential difference of increase this year. This is an investment which brings returns in the medium to long term, building the brand.

Also, most importantly, for Life. We have a brand that is younger and that is building this brand over time.

More and more, it's a brand that's more and more our own brand, a complete jewelry store, and a brand that doesn't compete with the Vivara line. Looking at the two lines together, the two markets on and offline, we see growth in offline, gaining efficiency, improving our ROAS year after year.

As far as working capital, we see that the biggest driver for cash generation is our inventory. In other words, the reduction in number of days or whether it be and the reduction of the advances that we make to suppliers, especially suppliers of imported products.

This generates more cash. It uses more cash and we have reduced our inventories.

We also see the behavior of the consumer when the interest rates are high, there's a tendency to pay things over time. The percentage of timed sales done on credit cards doesn't change too much, but the percentage of these sales which was cash or are made in only a few payments has increased up to as much as 10 monthly payments.

We have a minimum payment for both brands, but since our average ticket and many clients have decided to use time payments for these purchases, an increase the length, stretch out their time payments. This affects us, but when we look at the natural cost of cash on hand.

Second part, this is Thiago speaking, the last part of your question about the category of watches. This good performance is due to the work of the team, which has been working on this category, have been looking at the internal aspects.

We have strengthened our relationship with our partners, but also looking at our own brands, like Life, which is the second brand of of watches in our portfolio, which have been growing year after year. Today, it's the second largest brand, and this shows that this this work of selecting external brands and the development of products, we also have a a cost which store, a breakdown of which stores, where we're going to put which mix of watches.

In some, we have to negotiate with partners, and we've been working very strongly with that with our partners, and also work a lot on the management of the availability of these inventories. It's a category which has no substitute products, obviously.

If the client wants a certain brand, that's what he wants. He wants that, and he's and we're not able to offer him anything else.

The availability is very, very important. The channel online channel also helps us quite a bit in this category.

Online is a product which the customer does not necessarily have to prove, to protest the the amount. We need for the online and offline, it goes very well.

These characteristics, which explain internally the good performance of the category.

Hello? Hello?

Sorry. My telephone My headphone was turned off.

Just wanted to follow up about the line of finished products. When we look at this, the breakdown of these products, the we see that the participating of Life has increased year-over-year.

I want to understand a little bit about the quality of this inventory and a breakdown of how that is in between collections like Moments and collections, and looking forward, if you can give us a little more if there's any way to reduce this inventory. I want to understand your your your question in terms of gross margin and the reduction of stocks of finished products looking forward.

Thank you for the question. This is Cassiano.

You're talking about the portfolio, the proportion of stock, if it's well balanced between the different types of products and between products of high and low turnover. As we mentioned, we're heading for to become a complete jewelry store, which means that sometimes our products have a development and a commercial use that is a little more accelerated than other types of products.

With the adjustments both in relation of the proportion of product categories, as well as the products of higher and lower turnover, we're able to do with a great deal of constancy during the year. We have moments in which we have commercial activities well structured, aimed at accelerating the sale of a certain type of product or a lower-turnover product.

This product of balance is not a problem in terms of the expectation that this might bring to inspect our margins. We don't have this expectation because it's continuous and very well distributed over time.

Thank you all very much for your active participation in our call on the second quarter. The entire team of Vivara and our commitment and the great deliveries that they've made.

As a final message, just want to reinforce what we had the opportunity to comment on during the call, which is the generation of cash being the highlight that we perceive very important for this year, and our business model has shown once again its resilience. We have been able to have a healthy gross margin, and considering the calendar effect, looking at the first quarter, and we continue very confident.

To close, wanted to invite all of you on this Sunday, Father's Day, who hasn't yet bought a present in our stores, we have a complete mix of rings, collars, bracelets, as well as excellent watches. Beyond this full mix, you're going to find things at the price of which you desire, any product in our store.

Let's go visit our Vivara stores and the Life stores in the next three days so that we can honor our fathers of our families. Thank you all very much, and have a great day.

The teleconference of results for the second quarter of 2026 of Vivara is closed. The department of Investor Relations is at your service to answer any other questions you might have.

Thank you very much, and have a great day. Thank you.