Good morning, everyone. I'm Amábile Silva, the Investor Relations at CBA. Welcome to the earnings call for the Q1 of 2024, which has the support of Luciano Alves, the CEO of the company, and Camila Abel, the CFO and Investor Relations Officer. We would like to let you know that this event is being recorded, and all attendees will only be listening during the presentation. Then we'll begin the Q&A session, where participants will be able to raise their hand through the Raise Hand button on the platform to submit their questions by audio or send questions through the Q&A feature on the platform. The event is available on the CBA's Investor Relations website, with a presentation where you'll also find the recording after closing.
Before we proceed, we'd like to clarify that some of the statements contained here in this presentation may include statements that represent expectations about future events or results, which depend materially on general economic, political, and commercial conditions in Brazil and in global markets, as well as government regulations, existing and future regulations, among other factors. Operational data may affect CBA's future performance and could lead to results that differ materially from those listed in such forward-looking statements. Moving on to the presentation, Luciano is going to be performing his presentation, where he talks about the main highlights in the quarter.
An overview of the aluminum market was recorded because he's traveling abroad, and since we were not sure about the internet connection, we decided to have him record it before, but at the end of the presentation, he'll be live to participate in the Q&A. Now, we may move on to Luciano's presentation. Good morning, everyone. Thank you again for your participation during another CBA results earnings call. I wanted to start the presentation by showing how CBA continues to advance in the strategic pillars, despite a challenging market scenario that we've faced in the recent months. We had the startup of the dry waste disposal project in April this year.
This is a project that represents about 20% of the CapEx or expansion and modernization that we announced in our IPO, and this will bring a significant increase in the useful life and safety of our Palmital Dam. In addition, it's gonna improve the efficiency of the use of our inputs in alumina, reusing water in our process. On the commercial side, we had better sales mix in the Q1 of 2024, with greater share of VAP products, which are the products that have the best margins.
Camila is gonna present details about this soon after in the presentation. We've returned to a competitive position in the global cost curve, with a consistent reduction of production costs over the last few months, not only by improving the operational efficiency of the kilns, but also due to a drop in the prices of inputs.
We also advanced in the sale of non-operational assets, such as land and properties. We've already discussed with you, and these are initiatives that are part of our recovery plan, and you can already see the reflection of this in CBA's cash position and EBITDA. We also had, during this quarter, an important recognition of the ReAl Project, our multi-material packaging recycling project. We received the AKEW Innovation Award, which is an award from Dubai as an example of an innovative technology for our industry. On the next slide, I'm gonna bring the highlights of the quarter in the ESG fronts, which consolidate our position as a reference in the market. So CBA had an A rating on the update by MSCI ESG rating, which measures the resilience of organizations when it comes to environmental, social, and governance risks.
As you can see here on this chart, CBA is among the top 33% ESG rating, best ratings in the metals and mining sector. And so, on the advances on the ratings and indexes, for the second time in a row, we were included in the A list of the Climate Change Questionnaire from CDP. This is a nonprofit organization that manages the global environmental disclosure system, evaluating and recognizing the efforts of companies that mitigate the environmental impacts of their activities. It's worth emphasizing that CBA is the first and only primary aluminum primary company in the world to receive the highest score in the assessment, reaffirming our leading role on this subject.
In addition, CBA also entered the 2023 list of leaders in the supplier engagement rating, being recognized as one of the outstanding companies in supplier engagement on the topic of climate change. When it comes to the CDP for water safety, we also were able to conquer the B rating, which is above the average global rating, which we'll see. And when we talk about the climate agenda, this quarter, we were able to complete the preparation and audit of our inventory for greenhouse gas emissions, and we had an important result at the refinery. We were able to keep our position as the lowest carbon emission in the world in this production phase, according to the CRU monitoring tool for emissions.
In the potlines, with the stability in 2023, we're able to keep emissions within the first quartile with 3.23 tons of CO2 per ton of liquid aluminum, which is about 3.5 times lower than the worldwide average. We launched our second report for the climate agenda, following the guidelines from the TCFD, demonstrating a transparent view of how CBA manages and addresses climate change-related challenges and opportunities. We also in April launched our 2023 annual report, which addresses our strategies, initiatives, and actions to advance our future commitments and goals. It's important to highlight here that CBA's 2022 annual report was recognized by the Reporting Matters Brazil initiative among the top 10 in the year, and you can find all these reports available on our IR website.
On the next slide, I'm gonna give you an overall view of the global aluminum market and also the Brazilian market. In the Q1 of 2024, the global market had a surplus of 472,000 tons. Despite the slowdown in Chinese demand in the first months of the year, which is quite natural due to the Chinese New Year, consumption was stronger in the Q1 of 2024 when compared to the same period in the last few years. All around the world, demand was practically stable, reflecting the interest rates at high levels, and there was no signs of a relevant downward movement or trend in the short term. About supply, we had the reconnection and the startup of part of the closed capacity in the Yunnan province in China.
The local government identified the demand for electricity in the region was lower than expected, and then they were able to supply energy again to the aluminum industry, which restarted about 520,000 tons from a total of 1.16 million tons that were closed up until then. The total recovery of this capacity could take place in the middle of the year, with the beginning of the rainy season in China. However, it's worth mentioning that these closures have already been taking place for years in China, and there is a possibility that we will have other closures in the dry season. These are operations that in the last few years became accustomed to turning production off and on, and technically, this is possible, but it's not economically healthy for companies due to the high costs involved.
Now, moving on to the next slide, we can see that the surplus market in this quarter was reflected by the increase in the volume of official aluminum stocks, reaching 768,000 tons, but still a lower value than the 810,000 tons in the Q1 of 2023. When it comes to number of days, the quarter ended with 54 days of consumption, in line with the same period last year, but higher than the last quarter in 2023. The recent sanctions in the United States and the U.K. on Russian metal changed the dynamics for the stocks, and they were mostly about 90%, coming from Russian origins. However, we have a more cautious view here.
That's important because the market believes that international trading should be adjusted, and there should not be a major impact on the sector. Some market analysts believe that this indicates a natural path towards a total ban on the Russian metal in the future, and if this happens, it could have a positive impact on prices and premiums. On the next slide, I'm going to talk a little bit about how the LME and awards have behaved. So in the Q1 of 2024, the LME for aluminum had a slight increase of 0.4% compared to the previous quarter, ending the period with an average of $2,299 per ton. Despite the price stability in the Q1, the recent market movements and trends and improved prospects during the month of March boosted the LME in the following weeks.
In April, there was a strong rise in the LME, which reached a maximum of $2,654 per ton, closing the month with an average price of $2,498 per ton. Now, in regards to market premiums, the Rotterdam premium was a highlight, registering an increase in relation to the Q4 of 2023. This move is another important indication of a possible improvement in regional demand in Europe and the market dynamics overall. On slide 9, I'm going to talk about the Brazilian market a bit. The demand in the domestic market was positive in the Q1, with an emphasis on the transportation segment, most specifically the heavy-duty vehicles.
As you can see in the graphs above, there was an increase in the truck productions due to the adaptation of the new Euro 6 engine technology, which intends to reduce emissions from heavy-duty diesel vehicles. There was also an increase in the production of buses due to the Caminho da Escola, as they call it, a program by the Brazilian government, which provides signs of a positive outlook for the aluminum sheet market. Now, for the billets, in the Q1, we had a heat-up due to the fall in interest rates, with a new cycle of civil construction, led by the Minha Casa, Minha Vida program for public housing. And the interest rates overall are still high in Brazil, but there is a downward trend when compared to 2023.
Now, when it comes to electrification, wires and cables have been recurrently showing a positive demand, driven by the plan to expand and maintain power transmission networks in Brazil. In the Q1 of this year, they had performed the first auction, with a total of 6,400 kilometers of transmission lines, and the next auction is planned for September this year. Finally, the domestic premium, DDP Platts, had a slight drop of 3% compared to the previous quarter. Now I'm going to call Camila, our CFO and Investor Relations Officer, to talk about CBA's financial performance in the last quarter. Thank you. Thank you, Luciano, and good morning, everyone. Now I'm going to explain about the sales volume.
In the Q1 of this year, we sold 120,000 tons of aluminum, 13% more than in the Q1 of last year, with a recovery of the pot lines. The volume was slightly lower than the last quarter last year, following our seasonal curve in the year. The sales mix was great. We sold more value-added products in the primary segment. We had an increase in the sales of billets, which is mainly intended for civil construction, and also the rebars, which have important performance following all of the investments in electrical grid connections in Brazil. In processed products and industrialized products, we had a slight drop. This is due to a lower volume of sheets, which is mainly work applicable to the food and pharmaceutical sectors that suffered a bit with the increase of imports.
In recycling metal, like sales volume, which is for the self-construction or Do-I t- Yourself and home renovations, recovered slightly, although we still don't see much signs of a stronger recovery. Now, on the next slide, we're going to look at the energy balance, and we start off talking about the drop in the volume of contracts. With the increase in aluminum production being postponed by the readjustment made in the CapEx schedule, we confirmed we ended some contracts that had this option without penalties. The average cost increased slightly compared to Q4 of 2023, but we have a balance or that's more equalized for our current consumption needs.
When we get into the average cost of our contracts, the drop compared to the previous quarter is still a reflection of a swap in a relevant contract that we had in February 2023, which started to have a dollarized correction instead of the IGP-M and IPCA, and they also reduced the price throughout 2023 and 2024. Resuming the level close to the previous, for the period from 2025 to 2028, when we have the conclusion of this contract, it reaches its end. Now, for our own volume generation, volumes are pretty stable compared to last year, and when we compare the drops with the Q1 of 2023, happening due to lower rain that impacted the generation, the Jequitinhonha Complex. In 2023, the rain was very good, but also atypical.
To end this slide presentation here, I want to remind you all about the dynamic we have for energy. So our own power generation is consumed mainly in the liquid aluminum production, and this is a cost in this segment, in our financial statements. When we have a surplus of power, beyond what we need for our internal consumption, this is allocated to the energy segment. Now we're gonna move on to the next slide. Now, getting into costs, we had an additional reduction of 3% in the quarter compared to what we had in 2023, and the average cost was also reduced at the main proportion. With depreciation, that's pretty stable in the cash cost.
The biggest reduction was anodic pulp, paste, which was 16% drop, due to more competitive prices, as well as coke and pitch, with a drop of 9% in each. The stability, operational stability of our potlines also brought in better indicators, and this all reflected in the drop in other variable costs, as you can see. About the cost of energy, the increase was due to higher consumption, which generates higher consumption of energy with a slightly higher price within our own generation portfolio. About fixed costs, the increase was very occasional, like a one-off, due to the maintenance schedule concentrated in this period.
When we talk about the COGS, this 13% drop in CBA's consolidated numbers was a reflection of part of the drop in the cost of production in 2023 that I mentioned, considering that there's a lag between the cost of production and the cost of sale, sales for the product. In the energy business, the reduction was mainly due to the lower volume of contracts and consequently, the lower volume of energy available for sale as a surplus. On the next slide, we can see the drop in the consolidated net revenue compared to the Q1 was a reflection of the drop, 8% drop in the average price of aluminum in the LME, and also the appreciation of the exchange rate, the which was 5%, and considering the average exchange rate in these periods.
Now, compared to the Q4 of 2023, the LME and the dollar were practically stable, considering this price lag, but we had a drop in aluminum sales volumes due to seasonality that I already mentioned previously. In this case, we had a recovery in our consolidated EBITDA margin. Here about the CapEx, the physical progress of our projects and the concentration of diverse disbursements are in line with what we have shared with you before. So ever since the IPO last year, with the redefinition of the schedule we planned, in 2024, the highest concentration is still in the first half of the year because the main projects being delivered are very close to completion, which are mainly the dry waste disposal and the RIO.
So about the disposal of dry waste, it's a new system for treatment of the waste from aluminum production, which will now be disposed dry instead of wet, and the solid part of the waste will go from 45%- 75%, and the dam, it will become drier and safer, in addition to the reuse of water and the waste from the process. Now, for the ReAl project, it's a technology we developed and patented by CBA, which allows us to separate and recycle aluminum and polymers from multilayer packaging. I want to remind you that we had 40% of the modernization and expansion CapEx that we announced during the IPO, and I want to remind you quickly about the main initiatives for this investment.
So first of all, we resumed our operation in the potline three, and this increased our capacity for liquid aluminum, 30,000 tons. We had the beginning of the scraps treatment line with the increase of recycled content in the products of Metalex and CBA, the installation of a sidewell potline at Metalex, which increased our capacity from 75,000- 90,000 tons per year. And we also started with the modernization of the technology for our potlines to reduce emissions and increase energy efficiency... Now, on the next slide, I'm going to talk about our free cash flow. In the quarter, we had a negative cash generation of BRL 278 million, and this is mainly due to the concentration of CapEx that I mentioned.
Now, in the working capital, we had many different effects, including a further reduction in the inventory levels and also reduction in accounts payable overall, which followed the seasonality that we normally have in the Q1 for some relevant accounts. Now, we're going to continue to be focused on working capital management for the next quarters. On the next slide, I'm going to talk about CBA's debt profile. So we continue to have a pretty long debt profile. In March 2024, our net debt added up to BRL 2.9 billion, with an increase that's a consequence of the cash consumption and currency loss in value between the periods, which had an effect on the exchange variation of the debt and the mark-to-market of derivatives.
We did not have any funding in this quarter, and the financial leverage remained pretty close to what we ended with in 2023 end of December at 7.9 x. I always like to mention that we have no covenants connected to CBA's financial performance, and we continue to work to recover the leverage at the limit of our financial policy, which is 2 x. In regards to the amortization schedule, an important point to share with you is that the postponement of the CapEx or the modernization of the potlines became, with this postponing, it became necessary to partially cancel the credit facility with BNDES that was connected to this investment.
Thus, the schedule changed to reflect this return of certain funds in 2024, that are estimated at BRL 138 million, and there's still not a specific date for this, but we expect that it's short-term. Anyways, we have a robust cash position to be able to handle this return. Now, over here, we reinforce CBA's transparency towards the market, and I wanna remind you about the different initiatives worked on since 2023, which was a very challenging year for the company, and we continue to work on in 2024 to reinforce the resilience of our business and strengthen our competitiveness. It's important to mention also that we faced the restabilization of the Potlines, and we entered 2024 with this issue solved.
With the production of liquid aluminum within normality, we have an improvement of KPIs and cost reductions. About costs, ever since the second half of 2023, we saw the drop in the cost of the main raw materials that are part of the cost of liquid aluminum, and now we're seeing this pass through in the cost of selling our products. Another point we always try to search for is the optimization of our production and sales portfolios, with the capacity to develop customized projects that are very close to our customers, with greater participation and increasing and maximizing our VAP products. So that includes our Primora line, which has grown a lot with the sale of high-end extruded aluminum profiles.
Now, when we consider our net debt, in 2023, we had an important funding initiative using credits from dividends that would be paid by CBA, and that helped to preserve our capital structure. And we also were able to perform major liability management with new funding that extended the average term of our debt and postponed the amortizations that were due in the next 3 years. So we only have relevant maturities from 2027 onwards, and that, of course, except the amount we have to give back now in 2024. And this gives us a greater financial strength position to go through the short term. And finally, about the recovery plan, we have searched for non-operational asset of our monetization assets, and that can reflect in an increment of cash and EBITDA.
We also extended our execution schedule for most of our expansion projects, as I've already mentioned, and that led to a reduction of payments compared to what we had expected previously in 2023 and 2024. But we continued with the priority projects that are already close to completion and close to delivery. And we continued to work on the competitiveness management program, and we have hundreds of initiatives performed in all of our businesses. Well, now we're reaching the end of our presentation, and I want to end with some of the fundamentals that guide our future in the company.
We have a very competitive, renewable energy matrix, which sustains the longevity of sustainability at CBA, as well as giving us a good position when it comes to emissions curves, and consequently, positions us very well to take advantage of all the benefits of the energy transition with a possible co-monetization of green premiums connected to this. We have a robust pipeline of projects to recover our future growth as soon as it's the right time for this, with attractive returns, considering synergies in the current operation, always improving aspects of business sustainability, as well as the management of productivity. We're focused on innovation fronts and co-engineering solutions to develop new products, adding value by meeting customer specificities, and as a point of attention, we have China's commitment to the aluminum production capacity cap in China that's approaching within China.
And this will also offer opportunities for the aluminum industry as the market tends to be more balanced, or even creating some kind of a deficit with the achievement of this commitment. The market has shown signs of recovery when it comes to demand, and additional trends for drops in input prices, but we need to monitor how this will be sustained over time. And also, geopolitical conflicts here are always influencing the dynamic in our industry. Thank you so much for your attention, and I'll pass the floor on to Amábile, as we'll begin our Q&A session. Thank you so much, Camila. Well, now we're gonna start our Q&A session.
I wanna remind you all that, to submit a question, you can select the Raise Hand button on the platform, or you can send your questions by audio or, by chat, and also through the Q&A button. And so we have a first question here, which comes from Edgard Souza from Itaú BBA. Please, Edgard, you may proceed. Well, hi, guys. Congratulations on the results. Now we start seeing the improvements in the costs, going through all of your COGS. But I think the first question I have is still, on the COGS line. Could you help us a bit more to understand how much of that drop we noticed in the cost of production for liquid aluminum throughout the last three quarters, which dropped significantly throughout the Q2 last year?
But we also saw a slight drop in the beginning of this year, but we wanna know how much has already gone by, and what we should still expect as a drop in costs when we look up ahead, in the drop of the COGS as well. That would help a lot when it comes to the cost of production for liquid aluminum, and we would like to know what your vision is in regards to this. And my second question, that's more directed to Camila, is in the energy division. So this is a division that's a little difficult for us sometimes to model here on our side, but I wanna understand what we can expect, Camila, when it comes to impacts in this division, throughout 2025 and onwards.
We know that there was a renegotiation of certain contracts that would get back to higher costs from 2025 onwards. Do you have any kind of sensitivity or feeling about this? And how much this result could be deteriorating from 2025 onwards, with these contracts that are gonna be expiring in 2027 or 2028, if I'm not mistaken? So that's pretty much it, guys, on my side, and thanks, everyone. Thanks, Edgard. Let me answer both of these questions about costs. First of all, on the drop of raw materials and the cost of production overall, part of what was reduced, we saw in the second semester of last year. It was approved in the COGS, but there's more up ahead, and it's really difficult to foresee the exact time for this lagging because we have the integrated chain.
And depending on the average stock period, and up until the use, within our primary industrialized portfolio, this lag of 6 months, let's say, is the best maximum period to transfer this. Then after, it really depends on our mix. So of course, part of this was went through now in the Q1. But throughout the year, when we talk about the cost of production, we see a drop, an additional drop beyond what we had already seen in the cash cost. So it's really difficult to foresee our current vision, because each of these inputs have their own kind of dynamic. But most of our vision is that it will have an expectation that's not as big as last year, but would continue to reduce the cash cost throughout this year.
On the other hand, just to answer, the total, the cash cost, we get into your question about power. We have a year where we're gonna have. In 2023, it was very atypical. We had a lot of rain in Brazil, and that is the best cost we have in our portfolio, where we have our own hydropower plants and our own power generation. So when we have a little less power generation, it means that with our volumes growing, we're gonna have to turn on potline 3. At an operation in full normality, we're gonna consume more power besides our own generation. So we're gonna consume part of the exceeding contracts, and that will make our average cost, that's left in the cash cost, than what we had in 2023.
We didn't see much of this in the power sector, but it tends to be a little bit greater in the second and Q3 since it's a dry period. So when we consider the additional reduction in the price of inputs, I'd like to understand how big this will be. And when it comes to power, having this kind of trend in the second and Q3, with a slight worsening, and then getting back to the rain period, on average in the year, it's a cash cost that's a little better than what we've seen in 2023.
How much better is difficult to foresee, and this is an explanation that really depends on the cost of production, and then, depending on each quarter where these factors take place, we'll wait on our lag to see this consistently in the CPV or the COGS, sorry. Is that clear? Very clear. Thank you for your question. We have another question from Guilherme Nippes at XP Investments. Please, Guilherme, you may proceed. Good morning, everyone. Thanks for the opportunity to submit my question here. I have two questions here on my side. The first one is if you could give us some updates in regards to the expectation for sales of the nickel operations.
And my second question is if you could also give us an outlook towards prices, especially in the internal market, and the expectations you guys have for the Q2 of 2024, and also premiums in this context of aluminum prices that are closer to $1,500, with an operations a little more adjusted and normalized costs. These are my two questions. Thank you. Maybe I can answer these, Camila. Thank you, Guilherme, for your questions.
Well, specifically about nickel, we are in the preceding conditions, let's say, and we hope to have completed this in the next few months. So in practical terms, we have an expectation, which is try to doing this as quick as possible. We know that in these processes, sometimes it takes a little longer because it does not rely only on us. It depends on these different functions taking place between parties, but also possible requirements for licenses that could maybe take a little longer than what we expected initially. But on our side, we are trying to close this as soon as possible. Well, when we talk about prices, we had a very positive movement with the prices in the last weeks or so, which were influenced, of course, by what happened with Russian metal.
So the U.S. and England really started setting some bans in regards to Russian metals. But that's not only the point here. There's also a feeling with an improved demand that we can see in certain markets. We also have a significant improvement in financial positions on short for LME that changed in the last few weeks, that are a lot longer than short. And we had actually many months with more of a short position that influenced prices downwards a bit.
But if this is all kept as it is, and we have this perspective for a slight improvement, it's maybe not that significant, but at least an improvement in the sentiment or vision towards future demand, that would give us a more positive outlook to have prices at these levels or even more favorable up ahead. So as a consequence, premiums as well.
On some practical terms, the premiums did not impact this as much. You don't have such an impact on the premiums, but it's natural that if the market continues as it is, an improvement in the demand and, maybe even an improvement in the sentiment or the feeling of demand, towards demand, you could maybe have an improvement in the premiums. But in order to have this improvement, we would have to have a better sign or clear vision towards this demand. On the other hand, we also came from a few months with major restrictions. So when it comes to the demand, the demand on itself was not that bad around the world, but the sentiment was really, or the feeling was really negative.
So you start kind of breaking down a bit of this negative perception that we had, and that would be enough already to improve premiums. But regardless of this, at the level we're at right now with premiums in Brazil and even abroad, these are levels considered normalized, or they're pretty good premium levels. And on our side, we can normally for the added value products, we can add premiums that are a lot higher than the market benchmarks. So at this point in time, we've also been able to sell a bigger volume of added-value products, and this really helps us with pricing, especially when it comes to the local premiums. So that's it, Guilherme. Apparently there's a better perspective, but I would maybe just be a little more cautious, waiting for some stronger signs about the demand.
But we could say we went through the phase with that was more difficult with a negative perception in regards to the market. Thank you, Luciano. That's very clear. Thanks there, Guilherme. We have another question here. The next one is from Stefan from Citibank. Please, you may proceed. Hi, guys. Good morning. Thanks for taking my question. I wanted to get back to the energy point, and you talked about the reduction of 60 megawatts. Could you give us a little more color or details on the reduction of long-term contracts? And this was just, or it was just because of the postponement of the potlines one, and if we can expect this level a little lower from now on?
The second question would be, in regards to working capital, and what we can expect in the next quarters. Please. Thank you. Thank you very much. I can answer this one. Thank you, Stefan, for the questions. First, about the energy or power, we decided to leave a few contracts beforehand. And our decision to do this was already made. We had a reduction now in the Q1, and we have an additional reduction in the Q2. So yes, we should have this part of the volume of contracts a little lower than the 100 MW on average. So it was a decision to leave these contracts with this kind of option, and this decision was made now due to the readjustments in the CapEx, and we don't need to have a portfolio with such a high exceeding volume.
When we decide to recover our operations in the pipelines or any kind of investments that require more energy and power, we will continue to monitor the market. We understand that there's competitive offerings in different mechanisms and PPAs, and we don't need to keep this in our portfolio as costs. So that's why it's not gonna resume. It was like an exit decision, and we would get back with a smaller volume of contracts. Now, about the working capital, we have... When we talk about the FCL, we had CapEx concentrated in this quarter. In the Q2, we continued to have this in regards to the payments in the two projects where we reached the completion almost, which is the Rio and the press filter. So there's an additional consumption when we consider FCL.
We already closed the year with a position, a cash position that's very robust. What we expect in the next quarters is something that's closer to neutrality, and we'll continue to work on optimizations for this. And when we look at the stock in this quarter, we had already divested a lot compared to what we had invested in the Q1 last year with the instability of the pipelines, and now we have the optimization of significant consumption, and so we can have the working capital. In certain accounts it's a little tighter, but keeping the safety of our operation, and that's why I'm saying there's not much more space on this side, but there are some other relevant accounts that we've been working on constantly.
So, for FE, accounts payable, accounts receivable, and monetization of our tax credits, and we've been working on these points to bring in new opportunities in the next quarters. That's clear. Thank you very much. Thank you, Stefan. Well, guys, we don't have more questions at this point in time, so we've reached the end of our Q&A, and I wanna thank you all so much for your participation. I'll pass the floor back to Luciano for his final remarks. Thank you all. Have a great day. Thank you, Amábile. Thank you, everyone. Once again, another earnings call for another quarter. We're still available to clarify any questions or points, and we'll see you all in our next call. Thank you all so much.