Earnings Call: Q4 2025

Mar 5, 2026

Summary

FY2025 revenue rose 18.2% to BRL 1.8bn, EBITDA reached BRL 348.8m, and net income returned to profit. Expansion, digital growth, and lower debt costs supported the results, with management targeting continued growth.

Earnings results fourth quarter 2025. Estapar is more than a parking lot. Our purpose is to simplify and connect the lives of a society in movement. 827 operations in 130 municipalities in 20 states. We are present in more than 20 industry sectors of our economy, more than 7,000 employees. The Zul+ app has more than 8.8 million downloads. 44 years of commitment to urban mobility. Wherever you go with Estapar. Good morning and welcome to the fourth quarter earnings result conference call of Estapar. This conference call is being recorded, and the content will be available at the RI site of the company, ri.estapar.com.br, where the entire material will be available for download. You can also download the presentation through the chat box in English as well. If you need simultaneous translation, this too is available in the platform. Just click in the interpretation icon and select the language of your choice, Portuguese or English. If you are following us in English, I recommend you mute the original audio. During the company's presentation, all participants will be with their microphones disabled. At the end, we will open for questions. To participate, just click in the Q&A icon in the lower part of the platform, and send your question in writing to join the queue. I would like to remind you that all of the information contained in this presentation, and any statements that may be made during this conference call related to Estapar's business prospects, projections, and operating and financial goals are the beliefs and assumptions of the company's management, as well as information currently available. Forward-looking statements are no guarantee of future performance, as they involve risks and uncertainties related to future events that may change. Operating and other factors may affect the performance of the company, making things change significantly. Here we have with us Emilio Sanches Salgado Junior, CEO, and Daniel Soraggi, CFO and Investor Relations Officer. I will now turn the floor over to Mr. Sanches to begin the presentation. Thank you, Tomas. First of all, good morning. I would like to thank you everyone for joining us today for another earnings release presentation. This relates to the last quarter of the year 2025. We had a very significant year for the company, and we've been saying for you over and over about all the work we've been doing, and we will talk a lot about the numbers. I think you're already monitoring our performance throughout the year. We will end the year with the last highlights and our numbers, because we are very pleased with the numbers we've reached so far, still knowing that there's still a lot more to do. I will run over the figures, and then I will give you a summary of our performance and what we expect for 2026. Now moving on to page 5. This slide shows the highlights of the year. This last quarter, the fourth quarter, we had almost BRL 500 million of net income, ending the year with BRL 1.9 billion. Very strong growth vis-à-vis 2024. Quarter-on-quarter, we've been posting consistent growth, be it in terms of same-store sales, new businesses, digital products, and in all the off-street products, which are the traditional parking lots and also Zona Azul parking spaces. We are present in several municipalities, so the top-line numbers were very robust. Our EBITDA also grew in line with the revenue. We posted over 18% EBITDA growth. The goal was to reach BRL 350 million. We got very close, reaching BRL 348.8 million, still maintaining a very good EBITDA margin. This is quite an important achievement. We do not want to lose margin. We have been growing or stabilizing, maintaining margin at 18.6%, which is a very good EBITDA margin. That means almost 20% growth when compared to 2024. We are growing revenue. We are growing EBITDA, which is also important. Further on, Daniel will refer to the other KPIs until we reach the profitability of the company. Throughout the past years, we are saying that a good company is a company that is profitable. So we have been working diligently to improve every time. Net income stood at BRL 14 million. So we went from losses to profits. In the past, we had BRL 160 million in losses. This was four years ago. So now, making this a profitable company is a great achievement, and this is due to actions from all of our employees. Not only is attributed to the top management, but it comes from the bottom up. So our efficiency management is bringing results not only to Estapar, but also the contracting party generates more results. So we are renewing contracts, we are gaining new contracts, and we will talk about that. Therefore, all in all, we had a very successful year. We still have a lot more to do. Our bar is quite high, but we are moving in the right direction. Now, as we deliver results, our creditors, meaning the banks, which have always supported us. In 2025, there was great efficiency led by our financial department. With that, we have been reducing the cost of our debt. The yearly average was 1.6, and I would like to remind you that in 2020, 2021, 2022, and even in 2023, it was CDI plus 3.5 or 4.5, now is 1.6. This stems from our results, that is making it easier, coupled with the support from our creditors. So our net debt has been stable in the past few years, which is quite good. But again, we have to value our commercial area. We had a record year of new operations. It is not easy to open more than 100 operations in a year. That requires great effort, starting with the commercial area, and then we have the implementation, operation part, and the back office that makes the wheel go around. We reached 827 operations, and we are getting very close to our mark of 1,000. That is the challenge. So we have a very dynamic market, and the market is choosing Estapar because they like Estapar as their favorite parking lot operator. Therefore, we believe that in the coming years, we will have more things to tell you in important agreements that will help us leverage the operations even more, both in terms of numbers and results. Churn remains low. So when churn is low, as a reminder, churn means loss of margin vis-a-vis the year before. Not only we need to gain new contracts, but we have to renew the existing contracts we have in the base. So sometimes it is more important to renew existing contracts than get new ones. Not only we got new contracts, but we were able to renew almost all contracts under our management. We renew more than 99% of the contracts. That is very important to us. What we have been telling you for quite some time is our investment, not only in financial terms, but we are investing in our strategy. I am referring to our digital and electromobility strategy. Digital continues to grow. Revenues coming from digital with our Zul+ app was up almost 20% year-on-year. This is a significant growth. Not very large, but it is a growth that, as we say, is very sustainable, even though it is digital, because it has to do with a startup. We are always careful not to spend more than necessary. Therefore, we are growing consistently. There are more users using our app, generating revenue, consuming other products. This year, this brought about over BRL 35 million in revenue. Right strategy, right growth. In general, when we look at the top-line result, and when we look at the bottom line of the company growth, margins, et cetera, the company had a very robust and healthy year. The intention here is to keep the same pace going forward, especially 2026, because this is an election year. We have the World Cup, the Soccer Cup. Even then, we remain very optimistic and efficient, and we will continue to do what we have been doing in the past years. Now, moving on to the next slide. These are just more examples of our on-street and off-street operations. Here, I am showing you off-street. Everything that we gained in the past quarter. Out of the 107 operations, we added 35 new operations in the last quarter. More than 10 a month. These are important assets. It does not mean that these are the most important ones, but these are just some examples. The Aricanduva Shopping Mall is the largest mall in Latin America, and they chose Estapar to operate their parking garage. We are very pleased with that. Aricanduva Shopping Mall is the same group that controls the mall in Ribeirão Preto, which is one of the largest ones in the interior of the state. Putting both malls together is more than 8,000 parking spaces. We are very pleased with that choice. The company is also happy with our service. We remain increasing. We continue to increase the number of shopping malls, and that is quite important for us. Goiânia, we already mentioned that in previous quarters, how this region is growing. There is a convention center. We have almost 15 operations in Goiânia, and two years ago, we had zero. We are very strong in that geography. We were also chosen by the Beyond The Club. For those of you who are not familiar with it is in São Paulo. It is a surfing club. Almost 600 parking spaces that will be available to the members of the club. I am happy because this is a new club, and there is also Shopping Jardim Norte. It is an important mall in Minas Gerais. In Mato Grosso, but not only Mato Grosso, but Mato Grosso do Sul. Here, I have the example of Cuiabá. There is a hospital. We are very strong in Cuiabá and Campo Grande, Mato Grosso do Sul. We have relevant operations in these two geographies, meaning that we are not only in the southeast and south, where we are quite strong, but now we are moving towards the Midwest of the country, where the markets are welcoming Estapar. We are growing, and we see this as a major leverage for growth for the company in 2026 and 2027. Now moving on to the next page 7. We are talking about inaugurations per year. That is the strategy adopted by the company in the past years, which is to strengthen our commercial area brilliantly led by Murillo. We had more than 100 inaugurations. This is an all-time record for the company. We had on average 70 or 80 operations in the past years. If you go back to 2019 or even before the pandemic, because there was a gap. In 2019, we opened 56 operations. It was an important year for the company because this is the year that preceded our IPO. In 2019, we were working to get an IPO in 2020, which it happened during the pandemic, but in 2019, the company was quite stable. Now, if we look back, we almost doubled the number of openings vis-a-vis 2019. So 2025 is important. More than 100 operations were inaugurated, and we hope to keep the same pace going forward. Also the number of parking spaces. Almost 50,000 new parking spaces were opened last year. That is a significant number, meaning that we are quite happy and pleased, and I would like to congratulate our commercial and operations department. Because it is not enough just to win that, but you have to be able to implement it and operate it. We say that the members of the company, when we lay down the goals and we can reach the goal, that is something to be celebrated. A lot of people asked us about expansion. Is it the North, São Paulo, Rio de Janeiro? We put here north and the northeast, 26 operations that were opened during the year, and we are going throughout the country in all geographies. We are very pleased with this growth, north, northeast, Midwest, south, southeast, São Paulo, Rio de Janeiro, Minas Gerais, Espírito Santo, very strong markets altogether. The South is also important. New municipalities. We entered in new towns, places where we were not present before. As I said before, Mato Grosso, Mato Grosso do Sul, like Cuiabá and Campo Grande, and other municipalities in the state of São Paulo. Ribeirão Preto, this new operation in the Ribeirão Preto Mall, was the first operation opened in that municipality, Ribeirão Preto. It is a major city in São Paulo. But we are not yet present in all municipalities. Right after our opening in Ribeirão Preto, we managed to be close to other venues. So we just inaugurated a hospital, but we will talk more about it in the next conference calls. We are now entering new markets we were not there before, and this gives us further capillarity and further opportunities to grow. So our growth pace is quite good. Page 9 shows our digital strategy. Digital is growing. There are more and more people downloading the Zul+ app. They are using the app not only for paying for parking spaces, which is one of the services we offer, or they use it to reserve parking, or to reserve parking in all of the arenas or airports. We are adding other digital products like Zona Azul. This is a tradition. Other products like insurance. We are growing in the insurance sector, now consortia, and also fines. Our net revenue in the app reached BRL 35 million with digital products alone. More than 60 million transactions were conducted through the app. This shows how robust the app is, not only front end but also back end, because the back end has to support this growth. Our technology area is very strong. We have a very strong area led by Liberato, and Heitor and his team, they are doing exemplary work and very assertive. This accounts for almost 22% of the company's revenue. A lot of our revenue, almost 23%, comes through the app. This is sustainable growth, and we are delivering good revenue, always aiming at profitability. We invest, but we are constantly seeking for margin. We are not just investing for the short run, but for the long run, because this is one of the good pillars of the company. Page 10 is one of the examples that we launched in the past quarter. We want to grow the digitalization of the off-street products. We want to put all that into the app. What do I mean by that? We want that customers that use Estapar today, they should start using the Zul+ app. One of the things that we worked on during the year, and we are starting to roll it out, we are doing it for every parking garage, is the digital monthly users. We have more than 100,000 monthly customers, and they use the number plate reader to get into our garage. They are already registered in the app, and through the app, they can choose the way they want to pay. They can also choose which parking garage they want to use monthly. But when you talk about more than 800 operations scattered throughout the country with several different technologies, cultures, et cetera, this is an extensive task. We already have 20,000 monthly customers using the service. We believe that these customers in the future will also use other digital products provided by Estapar. This is a rollout year, and this will also involve other products yet to be launched, but the digital monthly user was the newest addition. Finally, before I turn the floor to Daniel Soraggi to talk about our financial highlights, I would like to refer to Zletric. We almost grew revenue by 40%. Speaking about Zul+, I said we invest and then there is return. Not only investments, but we also wait for returns every day. We were able to add more than 300 chargers, AC and DC. When I talk about EV chargers, sometimes it takes about five to seven hours to charge a vehicle, and the DCs, they are more efficient. It takes something around 15 to 20 minutes to recharge a vehicle. That requires more investment, but we are growing both fronts. Revenue grew by 50% at BRL 9 million. It's still very timid, but we are growing sustainably. We are pleased with the strategy. We are also making new moves with Zletric that will bear fruits in 2026. Customers are asking for more EV chargers in the parking garage. Zletric is not necessarily located in Estapar parking lots, but it is in shopping malls that have nothing to do with Estapar and some competitors that choose Zletric because it's more efficient, it brings more convenience, and we can certainly be located in other places. We continue to invest and also believing in the success of this product. We will bring news for you soon. We inaugurated an EV charge station in the south. It's a hub for electric cables. It is located in the south in Parque Germânia. We then believe that in the next few months, we will be able to inaugurate more charging stations to have more Zletrics all over the place. I'll turn over to Daniel, and Daniel will talk about the financial highlights. We posted good numbers. I will come back for final remarks, and then we will open for the Q&A session. Good morning, and thank you, Emilio. It's a pleasure to be here talking about the closing results for 2025. If I could summarize Estapar's financial results, I would say that we grew revenue because of the increased revenue in off-street. We have a very strategic look at all of the areas, especially digital and electromobility. This growth is accompanied by discipline on the admin area and also accompanied by investment. Cost discipline, the company is becoming more profitable, and we have a very good allocation discipline that allows us to keep a stable net debt. This will lead us to have a net debt to EBITDA ratio even lower and a better use of the invested capital. Moving to slide 13, here we talk about the growth in our portfolio. This means that we grew our operations, parking spaces, and we grew in terms of geography. 542 parking space in 2025, and also we grew long-term contracts with an addition of 6,000 parking spaces in 2025. This is a sign that Estapar is resuming growth in this segment, and this is very important. It's important to grow in the leased and managed segment. It's also important to grow in long-term contracts as well. But it's important to maintain a balance. The discipline in managing the portfolio. In order to grow and keep the company with good margins, we have to learn how to defend our contracts, and churn is very low, 0.07. More than 100 new operations. These are operations with a very low representation in the total margin of the company. But the commercial effort by the company, it is being reflected in this growth in our portfolio in a sustainable way. Here, moving on to page 14, we talk about net revenue. We have two records. We've been collecting records quarter on quarter. In the last quarter of 2025, we reached almost BRL 500 million of net revenue. In the total for the year, BRL 1.8 billion of net revenue, a record growth of 18.2%. What leads us to this growth is that we expanded the off-street operation. We also grew digital revenues and electromobility as well, and all of that combined led us to these robust figures. Now, moving on to page 15, we talk about cash gross profit and the margins. In the fourth quarter of 2025, our cash gross profit grew almost 20%, and we were able to stabilize our gross margin. Here is where we see our operating cost discipline coming to flow. Growth of gross margin with the stabilization of operating margin is something expected, managed, and very well executed by the company throughout the year. To speak about the profit of the year, our cash gross profit was BRL 494 million, almost growing 18%, due to all the reasons mentioned before. Now, moving to the next slide, I will talk about EBITDA. EBITDA is a metric that we pursue as one of the important metrics of the company. As Emilio said, we had a very good EBITDA for the year. Our cash conversion index was quite high. In the fourth quarter, the EBITDA reached BRL 86 million, growing 18% when compared to the fourth quarter of 2024. We stabilized the EBITDA margin just as planned, and this is how we monitor this indicator. EBITDA in 2025 was BRL 348.8 million, growing almost 20%. Again, here we see stabilization of the EBITDA margin. Therefore, we are very pleased with this result in 2025, and we already have an eye on 2026. Now, moving on to page 17, when we talk about adjusted EBIT. Here, we see an important level of leverage. Before we look at net income, we see the result from capital allocation of CapEx in our portfolio. In the recent past, we had negative EBIT. So much so, that in the fourth quarter of 2025, our adjusted EBIT was BRL 39 million. We didn't grow 18% or 20%, but we grew 33% in the quarter with the expansion of the margin. When we look at the annual result, then we see EBIT of BRL 172 million, meaning we grew almost 41% in a yearly comparison. We went from 7.7 to 9.2. Now, moving to the next page 18. Here, I showed the numbers for our net income, accounting net income. In the quarter, our net income was BRL 2.8 million, meaning that there was an inversion of BRL 6 million when compared to 2024. In 2025, we are a profitable company, and our net income was BRL 14.1 million in 2025 versus a loss in 2024. This is now a very relevant metric for the company, and this shows a trajectory of sustainable profitability with our cost discipline, allocation discipline, and our strategy that brought us this far. This will be the new path of the company. From now on, we'll start looking at our net income. Next page 19. We see that the cash flow in the fourth quarter of 2025 shows that we went from BRL 337 million in terms of cash and cash equivalents to BRL 245 million, meaning that the company is well capitalized and well-positioned to support further growth. Our operating cash flow was BRL 80 million and CapEx BRL 87 million. Here, we had a seasonal effect from the fourth quarter. If we take investments in the entire year of 2025, which was about 200, 220 million BRL, this investment was mostly concentrated in the fourth quarter due to commercial reasons and negotiations that were mostly concentrated in that quarter. That does not mean necessarily that this is the bottom of the company, but we are looking at the annual and biannual planning, which is used for our capital allocation. In terms of financing, we had interest payment and variation, which is the payment of the principal, which amounted to 80 million BRL. I would like to highlight the company is paying all of its financial commitments, and we do some liability management work so as to leave these maturities more aligned with our operating cash generation. Now, moving to the next page 20. Here, we see another indicator or KPI, which is equally important, is as important as EBIT and net income. Now I am talking about our net debt, liability management. This is what will lead us to have a better return on invested capital. So at the end of 2025, our net debt was 795 million BRL, with a variation of slightly below 2% when compared to 2024. This net debt, we are doing our liability management work, and we have been doing that for the past few years, and it is not concluded yet. Certainly, we were able to reduce the annual comparison in 0.70 percentage points. Our spread cost over CDI was 2.35 in 2024 to 1.65 in the fourth Q of 2025. There is more room to improve this index, and we are working with our creditors so that our cost of funding can become more efficient, allowing a more sustainable growth of the company. The last aspect related to debt is the balance of maturities. So we see amortization schedule varying between 23%, 25%, 27%, maintaining our maturities balance, and our operating cash flow is well allocated. So this will allow us to honor all of our financial commitments. Now, concluding my remarks on the financial results, I would like to congratulate the company for these results, and we know that there are many people involved in producing these results. This involves also diligent work, and we are bringing more operations, and we are serving our customers even better. But it is also important to keep an eye on our cost, because this is how we can have a more profitable company, and a profitable company can grow more and deliver more value to customers, shareholders, and also ourselves. So I wish you all the best, and I will turn the floor back to Emilio. I will talk to you again during the Q&A. Thank you, Daniel. Before we move on to the Q&A session, I just have some closing remarks. This is a final summary of everything we have been saying throughout the year 2025. The work that is being done throughout the past years is bearing fruits and good results, but we still believe that we are below the level we wish to be. We are not satisfied yet, because there is still a lot of room to improve our margins. There is still a lot of room to reduce the cost of debt, but we are very optimistic in the midterm that we will be able to improve all indicators. We opened more than 100 new operations, and I believe that for the next three years, 2026, 2027, and 2028, we will increase the number of new operations. Of course, it is difficult. It is not an easy task. But we are confident on our teams, and I am sure we will be able to deliver more. We ended the year with over BRL 240 million in cash, meaning that we have cash to invest in a very assertive way, thinking about the future of the company. We also have customers eager for good management, both in terms of traditional parking lots. And all we want is to facilitate the lives of the cities. We already reached a good landmark in our digital front, but we already said that we exceeded more than 200,000 users of our digital platform, Zul+, and that number is growing as we speak, and we are always launching new products so as to facilitate the lives of drivers. We are talking about autotech, meaning that one day we hope that any driver will have our Zul+ app to do anything that they have to do with their cars. And the growth that Daniel mentioned, margin, EBITDA, revenue, and net income, it is a constant for us. We want to grow new businesses. To conclude, just before we move on to our Q&A session, I would like to thank all of our employees, because without you, this wouldn't be possible. We have more than 7,000 employees in Brazil. This is a very important moment. It is a moment to celebrate. But also, it is time for us to reflect and see how can we exceed even more. We have been doing that every year, but we hope that in 2026 now, in May, when we talk about the results for the first quarter, I hope that we will bring more good news and post further growth. Certainly, we have a lot of room to grow even more, and we will be able to deliver more value, not only to our investors, shareholders, but also our employees. Thank you very much for joining us. Thank you all, and we will be back soon. Thank you. We will now initiate the Q&A session. I would like to remind you that if you want to submit your question, just use the Q&A box in the lower part of the screen. I would like to ask you to ask all your questions at once. Our first question comes from Raimundo, an individual investor. Good morning, everyone, and congrats on your results. In the fourth quarter of 2025, you grew revenue by 16%, whereas costs advanced 30%. And you also talked about the recomposition of leases, variable leases, and a non-recurring positive effect of BRL 33 million in 2024. And in the fourth quarter, this difference was more accentuated. Was this a one-off pressure, or it could indicate any structural change in the profitability of contracts? Well, Raimundo, thank you for your question. I think you already answered the question yourself. In fact, in the fourth quarter, we had a one-off growth in the fourth quarter of 2025. This is not a trend that indicates increased costs with leases or anything like that. This is a one-off thing. Already thinking about 2026, we manage the company looking at the quarter and the coming quarters as well. We have resilient and predictable revenue, which allows us to plan things in a more assertive way. The reason for this disproportional cost is not a trend or not an indication of any structural changes. We are very confident in the maintenance of our gross margin. Eventually, we might invest more in long-term contracts or even maybe expansion in the gross margin. We are looking more at growing the margins. Next question comes from Ricardo Braga, also a private investor. I would like to congratulate the management of the company, not only for the results posted this quarter, but also for the fact that you were looking towards the future and your objective is to reverse your net loss. My question is about CapEx. In my view, the option for CapEx in concession versus long-term contracts and lease and managed, maybe doesn't seem to be as the best option for growth. What is the company's view about that? Well, thank you, Ricardo. Thank you for the congratulations. In fact, we had been anticipating our capacity to generate profits. We just needed to do some fine-tuning, and now the results are becoming more apparent. We are very excited about 2026. Your question has a lot to do with the position of our portfolio. We grew our portfolio a lot in 2023, 2024, and 2025 with the segment lease and managed. So much so that if you look at the number of parking spaces, this segment of lease and management accounted for something slightly over 40%. So it's a segment of intensive capital, and the margins are bigger. In 2026, we increased a bit more this segment. We're still pursuing that strategy in this lease and management about growing of 53, 54%, depending on how we look at the portfolio. About your provocation in terms of concessions and long-term contracts and capital allocation, this is important for the company, strategically speaking, because these are assets that are. We're very selective in terms of the assets. We look at every geography to see whether it makes sense for us to allocate capital. We price the guarantees, the return, and we look at the demand, and we do that in a very balanced way. There is a difference. The difference between the medicine and the disease is the dose. We look at the medicine and we look at the asset and we see all the possibilities. We have to look at the portfolio and what is part of that portfolio. Also we look at the market and the commercial opportunities. We see some good opportunities in the horizon, even though now things are expensive, but we are also seeing some important opportunities in long-term contracts. Of course, that we have to look at the entire spectrum of the portfolio because this is a discipline that I, or a word that I use a lot because in fact, this is what happens in the company. Discipline is the word of order. Thank you for your question. Next question from Gabriel Avila, sell-side analyst from Condor. Hello. Congrats on your results. You had a very strong expansion cycle in 2025 with 107 inaugurations, low churn, while at the same time you grew the EBIT margin via mix of projects that were less capital intense. How do you see the trade-off in terms of continuing accelerating new openings and preserving the returning quality of the portfolio? I think Daniel Soraggi already talked a little bit about our strategy, and if I may use a buzzword, I would say that we did that with expertise. We will continue to grow while at the same time we will maintain the profitability of the company. We have technical capacity, we have people and competencies. Therefore, we are very comfortable to grow in that pace and at that speed, we are growing. But what I said before, we can grow more. We could open more businesses, while at the same time, in our own portfolio, we can enhance quality. Quality is important, and at the same time, we have to enhance our operating efficiency. The answer is we will continue to grow, while at the same time, we will grow profitability. Next question from João Marcelo, Buy-side Analyst at Meta. How do you see the evolution of the non-controlling profit line for the next coming years? In 2025, it was quite relevant. What explains that? Well, thank you for your question, João. I think we met before in person. As you noticed, the company grew our net income. There was also an increase in the profit for non-controllers. We have a partnership with a few customers, especially shopping malls. These are models that work usually as a parking lot. But when we show this in the consolidated balance sheet, the distribution of results of the operation shows up. We had renewals and new important contracts in 2025. But in our projections, if you look at the controller side, this is something that should grow more because almost the entirety of our portfolio relates to control operations of the company. I think we have 20 or 20 some operations that appear as non-controller. So there was significant growth in the profit of non-controllers. That's not a guidance, but it's the trend given our portfolio, the current portfolio of the company. Both questions come from Roberto Staifer. He has three questions. First, about the debt, if the idea is to roll over the debt, if there is any room for follow-on to reduce the debt. The second question is, how do you evaluate the growth avenues in terms of strategic partnerships? The last question is about long-term view. What do you expect in terms of growth for the company in the three to four years? If it will be something like high single digits, or you think that the company will grow double digits. You have several questions. Thank you, Roberto Staifer from IR Money. Thank you for your questions. I will answer the first, and then I'll turn over to Emilio Sanches Salgado Junior. So I'll talk about interest rates, rolling the debt in follow-on, and what do we intend to do going forward. We are doing our liability management, allowing available operating cash for growth. Of course, this can help us because we can have more money to grow more. Today, the company is working closely with our creditors. So we have an appetite for growth via debt. We have our portfolio with a list of creditors. As we reduce the spread, investors are appreciating our balance sheet. All of that to say that we have available credit to take. As for the question about follow-on, it has to do with the macro scenario. Macro scenario is very volatile. We do not need, and we do not count on a follow-on for growth, but it is always an alternative. Once we see other allocation alternatives, the company is prepared to focus on larger growth. What we have for today is more like upside, that will allow the company to grow. Now, Emilio, I think, can answer the other questions. Okay. The second question was about partnerships. What are the growth avenues in terms of strategic partnerships? The third question refers to long-term growth, whether it will be high single digit or whether you think the company will grow double digits. Well, Roberto, thank you for your three questions. In terms of strategic partnerships, surely we are always open. We have a strategic partnership that has been going for almost 30 years with Porto Seguro. I do not know if that is a coincidence or not, but Porto Seguro, I think, has 50% stake at ConectCar. ConectCar is a very strategic partner of ours, but not only ConectCar, but also Sem Parar. We are always open. Of course, everything that navigates around payment means, car rental, Movida, Localiza, et cetera, we are always working closely with all of them. It is important to us. Thinking about something bigger, there is nothing on the horizon in the short run. There may be some one-off things and some opportunities that may represent a win-win for both parties that will end up by creating more value to the end users. Porto Seguro clients have benefits. If you use a tag from ConectCar or some other company, they have some benefits in our operations. We want to make the lives of drivers easier. We want to generate more benefits. Any partnership that goes in that direction, we are open to do it. Now as for that high single-digit growth or two digits above 10, our objective is always to grow two digits. We work towards that end. We want to grow always above inflation, but we do not have any guidance that will allow us to tell you how much we are going to grow. It is not an easy task, but this is our goal. This is our ambition, I would say. When we say that we want to grow in operations to reach 1,000 operations, we also want to grow the top line, the bottom line. We want to grow margins. We are ambitious. As I said, we have the technical competency and the right people to make things happen. We want to grow, of course, and we want to pursue a two-digit growth, a double-digit growth. We now conclude the Q&A session. The IR department is certainly available to answer any additional questions. I would like to inform you that the next conference call related to the first quarter of 2026 will be on May 7th. Now, I will turn the floor back to Emilio for his final remarks. I think we already said it all, but I would like to thank you all for joining us. I would like to congratulate all of the employees of the company. They worked quite hard this year. I would also like to thank the investors because they are constantly questioning us, provoking us, and taking us out of our comfort zone. I would like to thank our creditors who support us at difficult times. Sometimes we have some fun moments as well. It has to be a nice company to work with and to work for. We are delivering results, and we have the benefit now to reduce our cost of debt, which is still high, despite the fact that leverage was down by a lot now. We are pleased. Thank you all for being with us on this journey. In less than 2 months, we will meet again to talk about the numbers of this first quarter of 2026. I am certain