Good morning, everyone. On behalf of our executive board and all Valid employees, I thank you for your participation, especially our shareholder base.

Before I begin, I want to register an important change. Before sharing these figures with you today, I have Walter with me today, our new CFO and DRI, who, after being with Valid for more than 13 years, is here to continue the operational improvement agenda, not only to lead to operational improvements, but also to improve our portfolio digitalization agenda based on his experience in mobile.

I would also like to thank Olavo who's been with us for the past years. Walter, welcome, and I wish you success in your new position.

Thank you all. Let's move on.

For the second quarter, we see that both our engines worked really well. We were able to overcome pressure, resumed growth in all segments quarter-over-quarter.

This quarter is better because engine two has accelerated with new clients and engine one funded them. Our focus would be on efficiency and evolution.

Before talking about our figures, I would like to highlight the framework which organizes our management between engine one and two. I would like to highlight some things discussed in our past call which has to do with our management frame.

We work in three different markets which are in Valid's competence, where engine one represents our basics. We have cards, SIM cards, documents, and we lead in the markets we work at.

They deliver margin which finance engine two, which was created to work in digital government, digital security platform, and our latest integrated concept where identity is the main pillar for the protection in this digital world. Also, the digital mobile which is more mature and with which we've been working for a long time.

They do not compete with one another, engine one and engine two. They deliver capacities, historical competences leading with biometric data, safe connectivity.

In addition to these capacities, they deliver profitability. We work in over 100 countries, and engine two transforms this basis into recurring revenue which can be escalated, especially when we think about our clients in all of the countries we work at.

Our discipline is to maintain engine one relevant while we accelerate engine two without impacting our cash flow. This is how we see our management framework, positioning ourselves as an identity-first company.

Now, moving on to the highlights of the second quarter of 2026. We would like to highlight two M&As.

One was Diazero Security, and it reinforces our presence with the portfolio in our digital platform. Valid has purchased Diazero and also concluded HST purchase.

The EBITDA is approximately $2 million. HST represents about $60 million in annual gross revenue and an EBITDA margin of about R$9 million to R$10 million.

We do not have any results of these M&As in the first quarter. They were concluded in July and will be part of our basis in the second quarter.

A second important highlight is that we see how strong we are in the digital identity market, which continues leveraging our growth in ID, offsetting the gap we have in the CNH document, the driver's license document, which becomes more relevant and we are less dependent on this type of service. Basically, we have 56 million of SIMs issued in Brazil of which Valid issued about 75%.

I would also like to highlight that in terms of issuing these documents, we also started issuing the national card for teaching cards. An important highlight is that we've been able to continue delivering results and value to our shareholders, not only because of the payment of $44 million in dividends with over R$14 million announced for the end of the month, but we also canceled 2 million shares, which means that each one of our shareholders in our base has gained additional 52% with our shares because we canceled 2 million shares.

Now, let's move on to the consolidated results, especially net revenue growth, where we can see that in the second quarter of 2026, we had this growth quarter-over-quarter in the three verticals, the three segments we work at. The consolidated result is 506 compared to 447 in the past quarter.

This means that we've grown 3% year-over-year and 13% one half of the year after the other. We had growth in ID.

We've been able to grow even with the MP 1317 regarding the CNH issuance. The quality of this activity is seen in the fact that we've grown in all three segments.

Resuming growth in our second quarter was our main focus. At the same time, we had operational measures to offset the results of the first quarter.

Year-over-year, we had a 4% decrease in our net revenue, but in the first half of 2026 we were contaminated by a poor first quarter, but of course we now expect to grow more in the second half because traditionally seasonality is favorable to us. Now, talking about our digital portfolio, our net results can be seen here on the slide, a growth of 8% year-over-year and 10% quarter-over-quarter.

We can see that the digital revenue as a whole now represents 24% of our total revenue compared to 23% last year, and therefore this represents consistent growth. We want to have this revenue representing 50% of our business by 2030.

Regarding the digital results, we can see important increase, especially because we started operating in São Paulo. This means that we have threefold of this volume we had last year, digital government and integrated digital security platforms, digital mobile.

When we look at our business, we can see that digital mobile had significant growth. When we accrue the results year-over-year, we had a 36% growth.

When we look at digital mobile in 2025, it was 31 million in 2026, representing a growth of 36%. Therefore we've gained a lot of traction, especially in SIM, and digital mobile represents significant growth, and we expect to grow even more.

The platform remains basically the same in the two quarters, but in 2026 we expect to grow, but we see that we are gaining more maturity in our portfolio and more capillarity in our client base. It's important to mention here that digital government and digital mobile and the platform, they have different cycles.

They have sales closure pace, the maturity of the business is also different. Digital mobile started 5 years ago, digital government 3 years ago, integrated platform started now in 2026.

The logic is the same, which is using the competences that we have and were created in engine one and improved for engine two. All of these competences, when applied to our clients, help us develop more recurring revenue that can be escalated and are less dependent on projects, because these are products, these are recurring products, and therefore we are now in the world of recurring activities.

The logic here and the logic of all of our new businesses in engine two is to be able to use these competences and transform them with a delivery of a portfolio that has a lot more recurrence. Now, regarding the platform which is our new product, I would like to give you some highlights on the understanding of the integrated platform where identity is the main pillar of these trust-based relationships.

The highlights have been three. We had a project evolution.

We've said that we have to fill in the gap compared to other players who started out as a digital businesses. We've only been operating in this area for 1 year.

We have new products for this quarter. This helps us support our business team, our commercial team, and we can see that this capacity, these resources that are allocated for the platform, which were initially allocated to product and technology and now are dedicated to expanding our team, will allow us to increase our revenue.

With the integrated platform, we expect to have significant growth in the second half of this year, not only because of the platform itself, but also because of Diazero Security and HST. We have evolved in terms of our products.

One of the pillars of the platform is the cyber security governance. In the second quarter, we started with an organic cyber team, and we will increasingly more incorporate other areas with the platform with Diazero Security so that we are more representative.

We have clients that we already sell to, and in addition to that, with a portfolio on cyber security, we will have a better capacity to increase our revenue in this pillar of cyber security. We also advanced with a biometrics hub, very high coverage, therefore enabling us to work with our clients and compete with the other players who currently work with the end clients, but in a more complete manner because we cover over 99% of the Brazilian population.

Our newest product, where not only do we participate in the onboarding journey, but we have a permanent monitoring of what is happening so that we can protect identity in the digital world with cyber security and identity governance, and we also monitor this credential in the transactional business offering an anti-fraud system where we operate with open data, open ID, DID, offering solutions that include verifiable identities. This deep dive on the integrated digital security platform is something that we are investing on.

We believe that not only in the second half, but also in 2027, we will significantly grow in this front, and that will help us accelerate our digital business and also the company's revenue. Now, I wanted to talk a little bit more about the two M&As we had this quarter.

They fit in the platform's concept. Here, we have an important disclaimer to make, which is that the M&A bar remains the same, but the deal closure cycle is uncertain.

Sometimes it is a bit delayed, but we are pleased to announce here these two M&As because they fit in perfectly to our M&A strategy. We need to have compliance with the strategy, connection with security, a business that is already operating, but that enables a fast integration with our team and infrastructure so that we can reach our clients faster, and also that will enable us to expand our portfolio and our ability to generate short-term profits.

Diazero represents an important step in this pillar of governance and cyber security. It shares a concept where we have different AI agents that can read a lot faster in the monitoring.

It also brings in a concept of TPCRM, which helps us improve the level of a provider in the KUB front in any company, especially in the size of Valid or even larger, because with these two products and also with the compliance of providers, we can manage vulnerabilities, respond to incidents so that the background check is perfect. Therefore, Diazero brings in an approximate revenue of $8 million per year with an EBITDA of $2 million in the past year, and after the second half, it will be part of our revenue matrix for engine two in the platform.

HST, on the other hand, and we announced it on Monday, is a fundamental company so that we can reinforce our presence in the platform with more products, more clients, and a larger team to work with anti-fraud. HST has about 200 employees, an EBITDA of 9, and after the second quarter, after August, it will be part of our revenue base as well.

It reinforces our presence with tokenization, authentication, so that we can be present in transactions on the side of the issuer. It helps us improve our anti-fraud portfolio so that we can link the payment world to the identity world.

Here, we have a very clear connection with all of the competences that we've achieved with wallets, NFC, authentication of purchases, or the digital management of cards or cross-border P2P and cross-border transfers, and it's present in every Latin American country so that we can have an integration of our teams and start offering the integrated digital platform not only to our clients in Brazil, but also to our clients in Latin America. These two M&As strengthen our strategy to maintain the discipline to choose the right target that will fit in our strategy, also the wisdom to perform pricification at fair prices when compared to what we have in Valid.

I would like to welcome Diazero and HST teams to Valid. We're very enthusiastic about these purchases.

This week, we can already see significant integration between our teams. We are confident that this will reinforce our capacity and accelerate the speed where we can improve our revenue and have more concepts within this concept of integrated digital security platform.

Having made these announcements and in the M&As, I would like to turn over to Walter so that he can explain what we've been doing with EBITDA, operating capital, cash. Walter, I turn over to you.

You're welcome. I wish you a lot of success, and now let's move on to our results on the EBITDA margin.

Good morning, everyone. Thank you all.

I would like to talk a little bit about our results in terms of our EBITDA. As we can see here, we closed the second quarter of 2026 with an advance of 22% when compared to the same period last year and a margin of 22%, which leads to increases in the comparisons.

In terms of cumulative EBITDA, we had a growth of 16% and a margin of 24%, which gives us an improvement of 4 percentage points when compared to the previous period. I think it's important to highlight here that in the first quarter of 2026, we had a special effect and we were benefited in the order of $29 million in the AS system, and because we analyze the adjusted EBITDA, we can see a relevant growth of 30% when compared to the first quarter of 2026 when compared to the second quarter.

Now we can talk about the different verticals. When we analyze the ID vertical, we had an improvement of 25% with a margin of 31% and an advancement of 3 percentage points.

Now, I would like to highlight two important aspects. The first one, as mentioned by Bressan, the increase in ID issuance with CIN.

These were significant advancements, also efficiency and expense control. Now, I will move on to cards and payment.

Compared to a previous period where we had a negative result of 2, this is the result of restructuring and efficiency management focusing on Argentina. Now, moving on to mobile, we closed our results and this was the vertical that had a decrease this quarter, but it was focused on two elements that I would like to highlight now because they are relevant.

Number one, our strategy to monitor the market dynamics of prices, and in face of it advance with our clients, increase our expansion in the market share. It is very relevant now that we are evolving and we want to be increasingly closer to our clients.

Also, we have to be prepared for what lies ahead. We can see an offer of chips being limited because of the high demand of artificial intelligence for chips and also due to geopolitical matters, which requires a very important stock management with our working capital.

Now I would like to move on to our net income. Looking at our net income, we can see that in the second quarter of 2026, we closed with $38 million, a net margin of 7.4%.

In the accumulated profit, we had a margin of 10% and 1.19. When we look at this quarter and compare it to the previous period, we had a decrease of 31% year-over-year, but in my understanding we should better explore these bases because when we go back to the second half of 2025, we had an important effect of TBU, and when we compare it to that, we actually had a growth of 15% year-over-year.

I would also like to highlight two aspects here in terms of financial results. Our financial results have decreased in this period, $17 million, $12 million with a cash effect and $5 million non-cash effect.

In terms of tax revenue and taxes, we had two important items we'd like to share with you: non-deductible expenses and deferred taxes, and in the others column, we can see our expenses for the quarter that are related to our expenses. Now I will move on to our cash flow.

When I look at our cash flow, it's important to highlight two things here: number one, our commitment to the payment and also repurchases of share, which accumulated $48 million in the period. When we look at our cash conversion for the 12-month period, we came to a 34% of conversion, and we understand that the reasonable result would be between 60% and 80%.

Now, I move on to our liquidity. When we look at our liquidity and leverage, we can see that we went from a positive cash to a net debt which is not relevant.

We can see that our debt is 0.1x. On the right side, I would like to explore our schedule for the year, for 2026.

We are at a very comfortable position when we compare it to our cash position, because we have 4 times more cash than our commitments. For 2027, we will be looking at a twofold amount, which demonstrates a maturity profile.

Before I turn over back to Bressan, I would like to leave you with two messages: our liquidity and our capital structure allow us to advance with small purchases and also keep on paying our shareholders. With this, I turn over to you.

Thank you, Walter. We're now going to move on to our closing.

We put some guidelines for the year. They are well known, they haven't changed, and these guidelines are connected to our strategy and capital allocation, M&As and expansion CapEx.

Build our engine two. We will continue investing so that engine two is increasingly more powerful.

We return capital to shareholders. We had an excellent value generation for the second quarter.

We also have $44 million in dividends that have been paid, and we protect cash generation of engine one to feed the development of engine two. Our objective is to integrate, consolidate our securities.

Over the years, HST and Diazero Security will help us expand our platform and also capture additional improvements in efficiency and operating capital. This is what we're doing now, and they will keep on driving our growth so that we can guarantee a proper management for engine one and also engine two in what needs to be accelerated.

To wrap up, I would like to leave you with a message. In the second quarter, we have had significant advance.

This is not our destination, though. Our responsibility is to continue leveraging our results, keeping the two engines evolving in a balanced manner.

We know what the nature of engine one is, and we are very confident about engine two. The executive board and Valid managers and the board are totally confident about this strategy.

Our commitment is to come back to you quarter-over-quarter with consistent results that are progressively better, and we will be very pleased to report them to you. I would like to thank you all, and I would like to thank you, Walter, for his participation in and with us in his new role, and we are now ready for the Q&A session.

We will be very happy to answer all of your questions. Thank you very much, and I wish you all an excellent day.

Thank you, Lucio. Good morning.

Here we have to analyze this under some perspectives. We always want to be between 60% to 70%, and we look at the 12-month horizon always.

We had an impact in this first quarter because of two main things: number one, part of our EBITDA generation resulted from the AS system, as we commented before, and we can have cash generation by compensating future taxes in the second half in the order of $30 million. Because we are growing our revenue, our cash conversion cycle is longer.

Here, we can analyze our cash generation prospectively and it will increase for this quarter.

I'm going to repeat some figures. For HST, we communicated the relevant factor on Tuesday.

It's $62 million. HST numbers, they have 130 clients in 19 countries.

We have 200 employees, $60 million of revenue, EBITDA of $9 million approximately, and in the cash flow for this purchase, we have approximately half, $35 million, which were done now, cash, and we have three others. For the next 3 years, we will have to pay $12 million, $12 million, and $11 million, three payments.

What does HST do? HST is present, and this is why we purchased it, not only because of the technical talents and the technical capacity that HST developed over time and the quality of their employees, but they are specialized in tokenization, in virtualization of payments with a possibility to include identity to guarantee safe transactions, avoiding fraud, tokenization, peer-to-peer, cross-border activities, wallets, purchase authentication, debt to pay, and all of this digital issuance of cards or management of digital flow of payments is HST's expertise.

That's why we had a very careful and selective approach so that we could find the right technical capacity with the right resources and include them in the platform's strategy. In the platform, with the four pillars I mentioned in the deep dive, they go in the anti-fraud area.

Of course, the Brazilian market and the global market have different anti-fraud players. We are beginning to work in this market and structure our portfolio.

Gradually, we will adopt the same strategy of more mature pillars where we are already more advanced and we will also add different capacities. HST accelerates our journey with at least 130 clients, presence in 19 countries in Latin America, including cyber security, and will help us grow in the future quarters.

Diazero is very specific for the second pillar, cyber security. Two main products are SOC, which is automated, the SOC-less concept with a lot of technology.

It is very high-tech and it is low-touch. It helps us monitor environments and manage vulnerabilities in general for any client.

A bank will need that, industry does, e-commerce, any company which has to deal with sensitive data must be protective, and so we are starting with a very positive step. Diazero is only one element of our strategy.

We have a second element, a portfolio. We already have in Valid with cryptography in our portfolio will be sold by our team, and we have other projects where we will develop cyber security projects.

Over the future quarters, we will have a lot of new products to offer. We continue prioritizing organic growth with a commercial capacity to equal and overcome the product offer of our competitors and also improve our revenue.

We will keep you updated. These are deals that are integrated very quickly.

In day one, the teams are already integrated. This is part of our strategy in a new way to have inorganic growth.

It enables us that once we have the identification of the area we want to invest, we have to move fast, and that's why we're very happy with the two new portfolios we have in our integrated platform.

Regarding BNDES, as disseminated previously, we have an approval of $300 million. We have $30 million to $50 million to pay.

We are already sharing the documentation with the bank and are waiting for the bank to analyze so that we can have this payment. Regarding FINEP, we have received $60 million.

We continue working with the second tranche and are waiting for the bank to return to us. We're also providing them additional documentation.

Thank you, Fabio, for the question. When we talk about Argentina, as mentioned previously, we've worked with the whole restructuring of the plant, and the market is under a lot of pressure right now.

We have seen increasingly lower margins. Our strategy right now will be to use it in our stocks while we clean our stocks and improve our working capital, thus obtaining cash for other operations.

Thank you for your question. Yes, in both cases, the founders are here with us in our day-to-day.

In the case of Diazero Security, we have a 3-year contract with the founder along with his partner. He remains with us for at least 3 years.

Also, the key people for Diazero are already integrated in Valid. They have been with us since July.

This is an important aspect when we have M&As. We are always looking for clients or product functionality or talents.

Clients mean revenue, product means offering what we cannot offer in-house. This was very clear in both purchases.

In the case of HST, both Eduardo and Sergio and Marcelo are already integrated with us. We announced it on Monday.

Eduardo, Marcelo, and Sergio are already in contact with our teams. As we speak now, we are holding a technical workshop for the onboarding of our commercial team, and so this is a very important aspect because we can complement product, client, and talent so that we have a better capacity to accelerate our engine two.

Thank you, Fabio. The acquisition of both was 1x our revenue.

The total amount is $15 million, of which half were paid now. We have goals to be reached so that we can complete the total of $15 million.

In case we reach these amounts, they will receive additional payment, but initially we have an approximate amount of 1x our revenue, and then we will go by that. Debt for the next quarters, well, the fact is that none of these M&As accelerate our debts.

In the second half of the year, we have a more robust revenue due to seasonality. We also have a cash release.

Our cash flow is better. We also have tax payment, and we will be able to use some incentives in the second half which we could not use in the first half.

We will end the year with a cash very close to what we have now, eventually a little bit higher, but nothing much higher than what we have for the first half.