Earnings Call: Q2 2026

Aug 6, 2026

Summary

Q2 delivered record revenue and higher EBITDA, EBIT, and net income, alongside 17 new operations and stronger cash generation. Digital growth and a robust pipeline underpin expansion plans, while disciplined investment and stable debt remain priorities.

Good morning and welcome to Estapar's second quarter 2026 earnings release presentation. This video conference is being recorded and will be available on the company's IR website at ir.estapar.com.br, where the full material of the earnings release is available for download. You can also download the presentation in English from the chatbox. If you require simultaneous translation, please click on the interpretation button with the globe icon at the bottom of the screen and choose your preferred language, Portuguese or English. If you are following the presentation in English, you can also mute the original audio in Portuguese by clicking on Mute Original Audio. During the company's presentation, participants will be on a listen-only mode, and once it is concluded, we will begin the Q&A session. For questions, click on the Q&A button at the bottom of the screen and type in your question. The information contained in this presentation and statements that may be made concerning Estapar's business prospects, projections, and operating and financial goals are based on the beliefs and assumptions of the company's management as well as information currently available. Forward-looking statements are not a guarantee of future performance as they involve risks, uncertainties and assumptions and relate to future events that may or may not materialize. Overall economic scenario, market conditions, and other operating factors may affect Estapar's future performance and lead to results that differ substantially from those expressed in such forward-looking statements. Here today are the company's officers, Emilio Sanches, CEO, Daniel Farage, CFO, and IRO. I will now turn it over to Mr. Emilio Sanches for the presentation. Thank you, Thomas. First of all, good morning, everyone. Thank you for joining us. We are here to talk about Q2 earnings, and I would like to ask you to turn over to page 5, please, where we have the highlights of the quarter. We have another record revenue, over BRL 500 million in Q2, 13.5% higher than last year, which shows how consistent the company's growth is, not only in the new businesses. We opened 17 new operations this quarter, but also our same-store sales have been growing consistently considering our pricing practices, launching new products, digital. Everything has been going really, really well. We are very happy about that growth and how consistent we have been over the last few years. That has been bearing a lot of fantastic results for the company. As a result, our EBITDA has grown even more. 13.5% was our revenue growth, and our EBITDA increased by 18.3%, which goes to show discipline in allocated capital, but also costs and margins. We have been working very hard on our policy to have profitable operations, not only to Estapar, but also to our clients. That is the main success factor that leads clients to choose Estapar to manage their parking operations. We have been getting better and better results, and as a consequence, we end up benefiting from that top quality management, which is one of the things that sets us apart, as well as all the technology we have been bringing about, which we are going to talk about in a minute. Margin has been positive as well. 20% margin this quarter, which is fantastic. So a very much a winning quarter, and we believe we are going to keep the same pace over the next few quarters. Net income, Daniel and I and the whole company have been working hard on that. That was close to BRL 10 million net income this quarter. Over 60% growth, and we still have room to create even more value for the company. If we look at the last twelve months, BRL 24 million worth of net income. So profits are coming in consistently. They have been increasing, and that's a key thing to us. Revenue, EBITDA, we're also paying the interest on the debt that we have been carrying over the years, but at the end of the day, what matters most is net income. And we're very happy because we are seeing positive results from our work. Net debt is BRL 788 million, completely under control. There's been a slight reduction compared to the first quarter, but it's a strategic one-off reduction. The main thing is that it's totally stable, and as EBITDA has been increasing, which has been leading to income, net debt at that level makes Daniel and his financial team's work much easier so that we can have operations that bring advantages in terms of income and duration, which is great for the company's long term. This has been a great quarter considering the average over the last few years at 15 to 20 operations. We opened 17 new operations this quarter. Robust operations leading to even bigger margins and more revenue, as well as all the renewals we've been having, which also affect our churn. So we are increasing the number of operations consistently. We have reached 851 operations. This year, I think we're going to have more than 900 operations. We're working on that so that we can have more than 900 operations still in 2026, and to have robust growth over the next few quarters at the same pace. Turning over to digital and electromobility. Zul+ revenue has increased. These are only Zul+ products. This doesn't include any SRPA products. So a 17% increase. We have been allocating capital with a great deal of discipline. So there's been some actual growth compared to last year, over 17%. EBITDA revenue was BRL 8.5 million. We're going to talk about the Zletric as well. It doubled compared to last year. Obviously, these figures are still low, but we went from BRL 1.5 million to BRL 3 million in revenue. We're going to talk a bit more about the Zletric, how we were able to double that revenue without increasing the number of chargers that much. Moving on to page 6. Every meeting, we like to share some examples with you to show our commercial focus. We've been working hard across Brazil. We're practically present in 100% of the Brazilian capital cities plus Distrito Federal. We now have an operation in Jockey Club, one more shopping mall, which strengthens the area. We're bringing in more and more shopping malls. It's a fantastic market for us. Rio de Janeiro, also a shopping mall. We've gone into Mato Grosso quite strongly and Mato Grosso do Sul. So one more hospital, which is another focus for the company. Rio Grande do Sul. Consistent growth as well. Minas Gerais and Ceará in the Fortaleza region. Another commercial building showing the strength of our team, capillarity, our ability to grow across Brazil. This year, we opened 36 new operations, and we should reach over 900 operations this year. That's our goal for the year. That doesn't mean we don't measure success by the number of new operations, basically. It's all about financial discipline, but the operations have to be profitable with the right contract terms and with the same level of quality that we like to offer with the Estapar brands. Different to other earnings release calls, we're providing some color on the arenas segment on page seven. We are undeniably the leaders in arenas management in Brazil. We have most of them, at least the major ones. The arenas we manage in the last twelve months reached BRL 40 million in revenue, 10 operations, over 22,000 parking spaces. An arena that hadn't been included in the results, it's not included in these results, it will come in as of July, is Nilton Santos Stadium in Rio de Janeiro. It's our first arena in Rio. This is a long-standing contract. We also have the main arena in Minas Gerais. The newest one is called Arena MRV. It's ours as well. They're nearby and Nubank. That was our first arena. It used to be Allianz Park, but now it's known as Nubank Park. We've been there for many years. We have over 2,000 parking spaces there. So in arenas is one of our main focuses together with shopping malls, hospitals, and these are all long-term contracts. Another key topic, and a lot of people ask about that, not only board members, but also investors. Given our consistent growth, for every new operation, we need new leaders, managers, supervisors, directors. There is a shortage of labor in the market, so that affects turnover. This is a new leadership program called Lidera+ and it's a fantastic program that's been very, very positive results. The idea is to provide opportunities from all kinds of employees. So those who work at parking lots, like drivers, operators, it's to give everyone an opportunity to become a leader in the company. There's a step-by-step program. We take leaders from parking lots. They then become supervisors. They can become managers. So there's a whole career plan. In the last year, we started working on this at the end of last year. It's been a success. There are over 800 participants in São Paulo and in Rio, we will be rolling it out to other cities in Brazil in the next few months. We are training and providing capacity building with SENAC to our internal teams to qualify future leaders with our culture, with our internal discipline on how to operate a parking lot, how to operate the cash, how to use our technology, how to provide the best customer care. This is a very successful program. Over 30 professionals have been promoted. We have been able to identify talents that we hadn't before. So drivers, managers are now becoming operation leaders, which helps us grow, strengthens our growth, and that's what allows us to open 17 new operations and to have the leaders we need to run those operations. We are leading this program with SENAC. It's very successful. We are going to roll it out and it will be one of our main strengths that will drive company growth and keep us profitable, keep us growing, and help us digitize even more. Because well-trained people will be more qualified and they will be able to help our professionals and our clients looking forward. On page 9, we are going to talk about Zul, our digital platform, which has been growing consistently. The company is very proud of Zul. Since its conception, the rollout, we are practically in the next few days, we will have over 10 million users. On June 30, we had 9.7 million users. The platform is growing consistently. Net revenue was 70% more than that of last year, so strong revenue. It has been growing consistently, which is fantastic. We have not just been investing and it has been growing in any which way. It is growing consistently, which is a testament to our discipline, and it is leading to fantastic results. We are all very happy with all the metrics. Daniel is going to tell you about them. They are all growing in absolute terms, in margin. There have been millions of financial transactions done in the second quarter. 11% increase in the number of transactions. Digital platforms, Zul+ is the main one, account for more than 24% of our revenue right now. It can be by reserving a parking space or by doing a financial transaction, by paying for a ticket on the app. We had a very strong Q1 in terms of people paying for their vehicle tax operations, fines through the app, consortium payments. Zona Azul, it has been driving Zona Azul in São Paulo and all the other 17 cities. It has been growing and it has reached close to 20%. We are all very happy with this technology, and it is a competitive advantage. When a client, like a new arena, Nilton Santos, when they come talk to us, it is not just a matter of money. Obviously, money matters, but money is a commodity. It is something that sets ourselves apart. Our people, our culture, which we have been strengthening, our discipline, people who have been working with us for a long time, and technology. Those are the assets that sets us apart. That is our mantra. When we talk to contracting parties and we introduce them to Zul, we do not need to introduce them to Zul anymore because they are familiar with them already. It is a differentiating factor because it is an operation that requires very little investment, very few employees. You can book a parking space a month ahead of time in an arena. When you get to the parking lot, the gate opens automatically. You can pay for it online. It really is a differentiating factor that helps us grow. We have been making more investments. We have been growing even more, and it has been providing great results. On page 10, we have an example of that. Parking space reservation. Over BRL 30 million revenue, an increase of more than 30% compared to last Q. It has a captive audience already, and it has been growing strong. Contracting parties are asking for it. We have been implementing it. Users already know how to use it, and obviously it provides more convenience when you want to park at an airport or an arena. It is also key in terms of cross-sell. They download the app to book a parking space or to pay for Zona Azul, and they see other digital products and they say, "Well, I'm here, so I might as well use this other product." That's a differentiating factor. We can sell insurance, we can sell consortiums, many other products. It all leads to an increased digital revenue, which has been growing quarter-on-quarter. It helps our cash flow, our financial discipline, because they pay cash, so they pay ahead of time. It helps us and our operating efficiency as well, because we can reduce the number of employees, it makes reconciliation easier. Not only do we have a new digital product that is convenient to the contracting party to offer, it's also much better to users and to those who manage it. It's a win-win on all sides. Electromobility. Zletric is our invested company. Revenue has practically doubled compared to last year, and the number of charging stations has remained stable. We use the same methodology that we use at Estapar to increase profit and efficiency. We did the same thing at Zletric, and that's what allowed us to double revenue. Because we prioritized operations where we could charge clients. Zletric, like any other electromobility company, didn't use to charge. It was an additional service that parking lots or shopping malls would provide to clients, and that's changing. With the increased demand for electric vehicles, our long-term vision, which started four to five years ago here at the company when we started going into electromobility and it started bearing results, we started charging clients for it, and we started getting revenue pretty soon afterwards. That revenue will continue to grow and to create value. Revenue has been increasing, and we are increasing the number of charging stations as well, objectively speaking, in operations that will bring in results and that will offer quality to clients. I'll now turn it over to Daniel. He's going to talk about our results and our growth. Over to you, Daniel. Good morning, everyone. Pleasure to be here with you again, 11:23 A.M. It's a pleasure to share Estapar's results, Q2 2026. Another quarter of consistent growth, fantastic fundamentals. We reached the end of Q2 with strong growth across all operating indicators, both in relative and absolute terms. The main highlight for this quarter is Estapar's balance sheet. In Q2, the company is more capitalized than ever, fantastic capital and ready for growth. On the first slide on page 13, we see our portfolio expansion. 558,000 parking spaces and 851 operations. We are continuing to grow. Churn, Q2 was 0.12%, very low. I always like to point out that Estapar has to grow, retain contracts, and a 0.12% churn means that the work we've been doing on renewals and long-term relationship with contracting parties is growing strong and allowing the company to grow. Looking at growth per segment. Close to 300,000 parking spaces in leased and managed. Let me draw your attention to long-term contracts. 90,000 parking spaces, an increase of 10,000 spaces compared to last year. This is a key segment for Estapar's thesis. We had considerable growth in Q1, also considerable growth in Q2, and that will continue over the next quarters. Our balance sheet is very well-balanced and strategically speaking, we're very excited to continue to grow with this segment, with capital discipline and discipline in our fundamentals as well. Now on slide 14, we're going to look at company's indicators. Net revenue has increased. Cash gross profit has grown more than revenue, and EBITDA has grown more than profit, and EBIT has grown even more. That is the effect of operating and financial leverage working in our favor. As our investment decisions have discipline and are well-executed, this is the result we get. Nominal growth and absolute growth and relative growth. Net revenue in Q2 was BRL 524 million. A record for the company. As you know, seasonally speaking, it's not the strongest quarter, 13.5% compared to 2025. This is from base growth, new businesses, and revenue increase from digital products and Zletric. Moving on to the next slide. There's no point in increasing revenue if you don't have good operating cost management. Our cash gross profit was BRL 142 million. 15% growth compared to 2025, which means to margin expansion of 27% in 2026. That's thanks to cost discipline, execution, and the right mix in our operations portfolio. Now moving on to slide 16. Here we have our adjusted EBITDA, which is the best proxy for cash generation in a company, BRL 105 million in Q2 2026. We didn't just grow 13% or 15%, we grew by 18% compared to 2025. Fantastic operating expense management and SG&A is also crucial, and Estapar is ready with its sales structure, with its management structure to grow even more. We should expect considerable relative growth still on this indicator and to get the company ready for even more growth. Margin expansion was 20% compared to second quarters of previous years. Now on slide 17. Given our thesis and our insistence on allocation discipline, this is our EBIT, which is our result after investment expenses. BRL 56.5 million in Q2 2026. We didn't grow by 13%, 15%, or 18% compared to 2025. We grew by 24% to 2025, and margin went up to 10.8%. This is a testament to the work we've been doing and our investments, which has helped the company to have healthy fundamentals and a balance sheet that is ready for growth. On the next slide about our P&L, our net income was BRL 9.9 million. For the third consecutive year, we have reported profits in Q2, and that's what we told our shareholders in the past. We pursue longstanding structural net income that will allow the company to have even stronger fundamentals. BRL 9.9 million accounts for a 60% growth, very strong growth compared to 2025. Our financial and operating leverage will work in our favor as of now. This indicator can be expected to grow even further. Good operational growth with good investment management and funding will lead to even stronger structural and longstanding growth. Now, turning over to capital allocation, cash and debt. This is our cash flow in Q2 2026. We ended the quarter with BRL 214 million. Fantastic liquidity levels, very ready for investment. We reached that because our operating cash was BRL 133 million, which is a result of our EBITDA operations, BRL 100 million, and the settlement of our vehicle tax operations, which is key in Q1. We've been settling that. It's becoming cash over the year. You can see how our business isn't just strong from an operations point of view, but also in terms of cash generation, which fosters growth. In Q2, we invested BRL 50 million. Looking at our investment history this quarter, well, this first half of 2026 has been the strongest in terms of investment. After the pandemic, when we invested in Zul way back when, this is the first half that has been the strongest in terms of investment for the company. This variation in net debt was BRL 88 million, which has to do with the work we have been doing on liability and management for a few years now. We will continue to work on that with the 15th debenture issuance at the beginning of the quarter. It was the biggest operation for the company at the lowest cost, BRL 360 million at 0.9 CDI. Fantastic spread going the other way to the market with spread compression. We have always paid for our commitments. We have never asked for a waiver and creditors see credibility in that, which helps us get great funding terms for the company. Before I turn it back to Emilio, I just want to talk about the first topic I mentioned, which is capital structure and how capitalized the company is. First, our net debt is stable, cost of debt is cheap, and the amortization cost is balanced. Q1, our net debt was. In Q2 was BRL 788.9 million. Net debt is spread plus CDI of 1.25%, which goes to show that our credit quality in the eyes of creditors. Creditors are reacting even more strongly than equity investors, and they are pricing Estapar at the right level when we compare it to the company's fundamentals, which are strong and good. So there was a 4.3% reduction in net debt. Now looking at the cost of debt with the new debenture issuance that we did, we can see how strong the company is, how ready it is with well-balanced maturities to continue to invest in 2026, 2027, and 2028. Our balance sheet is stronger, more capitalized, and the company has a lot of appetite for growth with discipline and capital allocation and creating value for shareholders. With that, I will turn it over to Emilio. Thank you and congratulations to Estapar's team. We know that we have lots of employees joining us on this call, and this is all thanks to you. Let us go for it. We will be talking about 2027 soon, and it will be another strong year. Thank you. Over to you, Emilio. Thank you, Daniel. Before we move on to the Q&A, just some closing remarks. As Daniel said, and as the figures have shown, our discipline for 2026 and 2027 will be to maintain our financial discipline. We are generating cash. We are growing consistently. We have had record indicators, highest revenue in a quarter, best EBITDA in a quarter, record EBIT, record net income, the best margins in the history of Estapar. But I still believe we can do more, and we can. Our bar is very high. We are very excited. We are planning for 2022. We have a plan for 2026, obviously, and we are going to have fantastic results. We will continue to grow. Those numbers will look even better. There are great opportunities ahead to generate cash, new businesses. Our pipeline is very robust. We are continuing to strengthen our capital structure to have long-term contracts. The decision we made 3 years ago, given our leverage scenario and our indebtedness, we chose to invest less and to have more leasing contracts, which required less capital, but with a better duration. This year we have decided to drive things even further. We will increase margins, which is something that we do very well. We will be making investments with the clients, and they have to be win-win investments and our main differentiating factor is commercial operations and our people. We will continue to grow, to have new businesses, to renew contracts. I believe 2026, 2027 will be a fantastic year. We will have great growth, and obviously our digitization plan goes hand in hand with that. It is being led by Heitor Liberato Cammarati. Our digital team, digital products will be launching some fantastic things. We will be sharing that with you in our next earnings release. It will bring in more revenue, more margin. Clients are asking for it, and I believe Estapar will be like Gillette. When you talk about parking lots, people say, "I am going to park my car at Estapar." They will know parking lots by our brand name. You are going to park your car at Estapar. You are going to use Zul to do things for your car, whether it be insurance consortium or to book a parking space, anything to do with your car, we want it. We want drivers to use Zul+. Every driver, drivers in São Paulo, where there is Estapar. But even in places where we are not present yet, they will be using Zul+. That is our differentiating factor, technology, people, and we are bringing in the results. We are happy. I think everybody is happy with what we have been delivering. We have lots of good things to share with you and a lot of growth looking forward. With all these record numbers in Q2, I am sure next quarter we will be breaking records again. That is a challenge for us. The first challenge was to make the company profitable, and now the challenge is to go over hundreds of millions of BRL. That is our goal, and we will be achieving it soon. We will now begin our Q&A session. But before that, Daniel has thanked the team, and I would like to reiterate his thanks. Congratulations to the Estapar team and thanks to everyone who believes in the company, our creditors, our investors who have been supporting us, giving us feedback. I hope that in the next earnings release call, we have more broken records to share with you and even better figures. Thanks to the work we have been doing the last 3 and a half years, we have had some fantastic results and we are very happy. Once again, congratulations, and let us now begin our Q&A. We will now begin the Q&A session. To ask a question, please click on the Q&A button at the bottom of the screen and type in your question to join the queue. Please ask all of your questions in one go. The first question is from an individual investor. He is asking if there is any chance the number of parking spaces in Zona Azul, São Paulo will increase. Thank you for the question. Well, within the concession, there is a limit on the number of parking spaces. There is a number of spaces we need to manage. I think it is 55,000, and we manage close to that. Sometimes we identify parking spaces with city hall that are more important to city hall to generate more revenue to city hall. We point to some streets, and through a common agreement, we increase the number of spaces, and sometimes we decrease the number of spaces. The increase and decrease of spaces is seasonal. For the time being, we are on track according to our contract terms. We pursue efficiency in the parking spaces we manage. With inspection, we have those inspection cars along with CET. We manage those. We increase the efficiency of the inspections and the number of people who respect that, and therefore, revenue. Right now, we are on track for the number of parking spaces on our contract for the city of São Paulo. The next question is from Eloisa Cruz. She's the buy-side analyst. I'd like to hear about your new project pipeline for each of the categories. Will you be accelerating things now? Congratulations on the results. Yes, we do have a very robust pipeline. We don't disclose the pipeline for obvious reasons due to confidentiality and the competition. What I can say is that there are hundreds of operations that are being monitored. We have been growing. For instance, there's a new arena we've just brought in, which I mentioned during the earnings release call, the Nilton Santos Arena in Botafogo, Rio de Janeiro. We're constantly prospecting, monitoring, negotiating with contracting parties. We obviously respect the contracts that are in force, but we're in contact with all of them. As we start a new operation and efficiency leads to good results to other contracting parties, they say, "Oh, wow. That's an amazing operation." They end up contacting us. We have a robust pipeline. We hope to go over 900 off-street operations. In Zona Azul as well, we'll start operating a new city in October, São Gabriel. It's another Zona Azul concession that we won. We haven't disclosed that yet. We will. We've won over another one. We'll make it official soon. As soon as we sign the contract, we'll let you know. So two new cities with 10 and 20-year contracts. Digitization as well. As I said, we have a digital product pipeline which we will be announcing in time. I'll give you a spoiler soon. We'll have the Clube Zul+. That's a spoiler. You can become a member and get benefits across operations and Estapar services. Before the end of the year, we'll have Zul+ Pass as well, and through the Zul app, you'll be able to go in and out of any Estapar operation without any friction. All you have to do is register. You go in, you can pay for it with a discount as an opt-in or opt-out. These are competitive advantages through technology because we don't want people to catch up with us. Let's accelerate. Lots of technology, lots of products in the pipeline. It's going to be a great year. Thank you. Next question is from an individual investor. What is the company doing in terms of AI on pricing and operational efficiency? AI is the talk of the town, right? It's no different at Estapar. Before I answer your question, we have a working group focusing on AI. Anybody can present an AI project, and we'll invest in it. We have a budget for AI initiatives that can be presented by any employee, and it's really working. We're working on lots of different fronts. When we plan for the next year, the strategy for the next year, we plan for the next 3 years. Now all the executives of the company are going to the classroom. We have a Thali education partnership, and for 2 days, executives will be there, over 40 people training on AI. Some are more advanced, some aren't as advanced. We have a plan with Thali, and everyone will be more open. These are people, executives. Some people find it easier, others don't find it as easy, but we'll all be on the same page when it comes to AI. We're going to talk about the present. How can we prepare for the future based on the current AI? We already use AI for a lot of things. It's nothing revolutionary, but we do have our chatbot on Zul+. That's AI. One of the efficiencies we've done, we used to have 20 customer care professionals, and now we have only 4. Thanks to AI, we've doubled the number of users and reduced the number of call operators dramatically. We have these bots that were implemented over the year and pricing as well. In Estapar Reserva, our parking space booking product uses AI. We're going to launch another AI-based product. We don't have a name, but it's analytics. We are offering a beta version to some clients. They can find out everything that is happening in the operation, and it's AI based. We'll be sharing that with you soon, and I think that's going to revolutionize the company, as well as other products that will be driving digital products. We have a lot to do, a lot to learn, but we are on track. We're not doing anything crazy. We're being very objective. Just to complement on AI, we were talking about Estapar's competitive advantages, right? Also in the back office and admin. That allows for that growth and a sophistication in B2B customer care. We have some transformational management projects, and our mindset is always to think about doubling the size of the company without doubling operating costs. Adopting AI, without a shadow of the doubt, is what has been and will continue to allow the company to grow its operations without increasing SG&A. That's the part I'm more involved with in the company. We have some transformational, interesting projects that will allow the company to grow even further, which will continue to grow the fundamentals in a healthy fashion. Next question is from João Marcelo Baião, analyst from Meta. Considering Estapar's cost of capital and the growth space it expects, what would be the ideal leverage for the company? How will that relate to the payment of dividends over the next 2 years? We talked about structure and capitalization. Estapar's debt a few years ago used to be a challenge. It used to be an obstacle to be overcome. Now it's strategic. We went from a challenge, and now it's an option for the company. This quarter, we generated 130 million BRL in cash. Our EBITDA was 105 million BRL. If you annualize that, you're talking about 400 million BRL. Our net debt was 788 million BRL, so that's less than 2 times. When you look at net debt over EBITDA, that ratio has been dropping year-on-year, quarter-on-quarter. The trajectory we expect based on our growth plan is that it will become even healthier, our financial leverage. How that will relate to dividend payout and costs. It will have a lot to do with capital discipline and the projects that we want to implement. Our investment decision tree will go through a rational discussion. We need to generate business over the cost of capital, and then we'll direct investments to that. Even if we have to invest a bit more some quarters to get the fruit, get the results from that. We generated cash this quarter, and even if we're not able to allocate it at the right time, then we'll open an opportunity to give it back to shareholders, which is what we did this year, considering 2025. We don't usually pay out dividends, but now we're on that journey and there's no turning back. We expect to make rational choices on how we are going to distribute the cash that's been generated, how much of that is going to go for growth, what kind of net debt we want to have, and how much we'll pay out to shareholders. Always looking at the long term, a sense of ownership and value creation. That is the incentive structure that executives and the controlling shareholders are in line with. The last question is from Eloisa Cruz. Based on the visibility you have right now on future contracts, can I understand that the current pace for revenue and margin growth will be recurring or will it accelerate or slow down? Hello, Elo. Pleasure to talk to you. It's been a while. Why don't you come by the office so we can have a chat soon? We have been accelerating since the end of last year. We've been accelerating investments, and results will be seen over the quarter. There's a compound effect of results because you stack up operations, you stack up results, and that is what allows growth to happen. Arithmetically speaking, every new business you add to the margin represents less of the base. We've been growing at 15%-20% for some time now. To state what the growth rate will be over the next few years has to do with the guidance. The company doesn't really do guidance, but management does want to continue to grow at a fast pace, the controlling shareholders also, and that means we'll continue to create value to all stakeholders. The main thing is to be close to the company. The main thing is to monitor results, and we'll be able to measure the growth pace. But I'm very excited. I'm very optimistic. We have the balance sheet to continue to grow. We have a market to explore. There's enough consolidation available in the market. We are the natural consolidating player in the market, and we are looking at all fronts, and there is a market for it. We're very, very optimistic and confident that we will continue to grow. Thank you for the question. This concludes the Q&A session. The investor relations team is available to answer your additional questions. The next earnings release call for the third quarter will be on the 5th of November. This concludes the earnings release call. Have a great day.