Earnings Call: Q4 2025

Mar 12, 2026

Summary

FY2025 delivered record profit, BRL208 million in EBITDA and accelerated DX growth. Priorities include HaaS, AI and U.S. expansion, with 2026 macro and execution challenges.

Good morning, ladies and gentlemen. Welcome to CSU Digital Video Conference to discuss the results for the fourth quarter of 2025. This video conference is being recorded, and the replay will be available on the company's website, ri.csu.com.br. The presentation is also available for download. Please note that all participants will be able not only to watch the speakers, but also to follow the slides during the presentation. Immediately afterward, we will begin the Q&A session when further instructions will be provided. I would like to remind you that the content of this presentation will be delivered in Portuguese with simultaneous interpretation into English. For those who wish to listen to the presentation in English, you may select the language using the interpretation icon located at the lower right of the platform. Listen to this presentation in English, it is possible by pressing the interpretation button presented on the bottom right corner of the platform and choosing the language properly. Before proceeding, I would like to emphasize that forward-looking statements are based on the beliefs and assumptions of the management of CSU Digital and on information currently available to the company. These statements may involve risks and uncertainties as they relate to future events, and therefore, depend on circumstances that may or may not occur. Investors, analysts, and journalists should take into account that events related to macroeconomic environment, the industry, and other factors may cause actual results to differ materially from those expressed in the respective forward-looking statements. With us today, we have Mr. Pedro Alvarenga, CFO and IRO, Mr. Fabiano Droguetti, CTO, and the investors relation team. I now turn over to Mr. Pedro Alvarenga, who will begin the presentation. Please go ahead. Good morning, everyone. It is a pleasure to be here once again with our investors and other market participants. We will talk a little bit about 2025, and in special, about the fourth quarter of that year. Before talking about the results, I wanted to comment a little bit about our market position. I think that this is very important and is the explanation for the wonderful results we obtained in 2025. For those of you who are familiar with CSU, this is a bit redundant, but I would like to emphasize that the company is positioned as an infratech company for financial services. Our position, which is a differential when compared to others in our market, is that the company works from end to end in the management of e-services. It is only natural that finances services operation have different contact points, transactions, different levels of transactions with each and every one of the users according to their needs, interests, and preference. But of course, this also demands a series of other activities that we do not visualize and are behind the scenes so that this is complete. We go from digital payments, loyalty and incentive, marketplace, customer experience, processes, back office, all of this anchored on a high use of AI and automation. And why this is important when we talk about the results for the year. The company, throughout its 34 years of existence, has had long-lasting relationships with clients. We have very relevant institutions in the financial sector, such as large banks, insurers, and also different companies who want to provide their financial services, such as retail, consumption, consumers, and services. And this is our network. All of this is our network, and it has to do with our portfolio. Each and every one of these clients choose their strategies according to their reality, and therefore the flexibility, the capacity to individualize our offer. Also for those who really do not want to have to worry about anything, we guarantee end-to-end services, and that's responsible for the business success we had this year with four new clients. We're talking about large companies such as Casas Bahia, Tracker, among others, which are part of our portfolio. And that's combined to others who were part of our portfolio in 2024, such as Banrisul. So in fact, we have had good business relationships. Clients start operating with us with only one service or only one objective, but we work very intensively in the cross-sell agenda, and this is a highlight here today. We have expanded our scope of activity with over 16 products. This is part of our performance with our clients at the base. But of course, we still work hard to achieve new clients. Another interesting aspect is that this complete portfolio agenda also has, and that's combined to the capacity of our platform, has a long journey and a long relationship with these companies. And they grow over time. On average, today, we have clients who have been with us for 13 years, but some of them have been around for 30 years. And once we start a relationship, it goes on over time and increases. This full portfolio, as I mentioned, provides relevant opportunities for us from the point of view of potential growth in the number of clients. We closed with four new clients. But I wanted to call your attention to the fact that when we concluded the portfolio, and that was between 2023 and 2024, our pipeline has become very expressive. As you can see on the right side of the slide, the amount of proposals, discussions, and solutions grow materially, which means that we start 2026 very well to work with multiple industries in this technical capacity with solutions or expand our market. I highlight that the addressable market of this segment is very relevant. More specifically about our results, I would like to share a vision which is a bit different from what we discussed in the previous calls. But this is to make clear how we see the new cycle of growth for the company. For those who have been around or have been with us for a longer time, since 2020 or since 2019, 2020, we have undergone intense transformation in our business. This is essential, and it had to do with having other platforms available, lighter and more flexible platforms, which are more adapted to the new economy. There was also concern with the fact that this transformation should not affect results. This is something difficult to achieve and to work with. It's only natural that when you go from one technology to the other, you have to sacrifice results so that you can have this transition. What happened with us was exactly opposite. This transformation has to do with the intensive use of artificial intelligence focused on processes. When we look at revenues, even though we had a strong growth when we talk about profit and EBITDA and the indicators growing nominally, the revenue was something that the market couldn't really see. So this graph brings some light into this topic. We went through this cycle until 2023, 2024, when we underwent this very significant transformation. The digital platform costs less than an analogic platform. Then on the other hand, we have improved all of our results. This graph makes it very clear that concluding this process with a digital transformation, consolidation, and renewals, we now see operational indicators and financial indicators that better communicate with one another. We've been growing two digits from a very long time, operationally speaking, but this was obfuscated by this transition moment. Today, our transactions are digital. 99% of our revenue is based on totally digital transactions. We can see that our results are higher than 75%, so we will see more and more the indicators communicating with one another. 2025 had an acceleration in the growth of the company, and this was motivated by these new initiatives. Not only was it a better year in terms of revenue, but we also accelerated it. The consequence is that we can see a growth in our revenue, is that we have presented record indicators throughout the year. I'm not going to get into the details of all of them. We will have other slides to discuss this. But I would like to call your attention to the fact that we accelerated our revenue, expanded our profit transforming our performance. The consequence is that we had the highest profit in the history of the company, going beyond BRL 100 million, and with a policy based on distribution of revenue. So now I will talk about CSU Base. This is a business unit that works almost like a Swiss watch. We expand our business volume. Once again, we expand the number of units that are administered in our platform. Likewise, we have a base which is in fact active, continuous growing, representing over 62% of this base. The consequence, of course, lies in the number of transactions, and all of this grew intensively because we have more users, because they use our platforms more. Of course, that's beneficial for our results. In DX, we had significant growth with 18% compared to last year. As I commented, we want to be on the 75% of purely digital operations. This is very relevant, and I would like to call your attention to the fact that DX is a highlight in our results for 2025, as we believe will happen in 2026. The anchor product is a very strong business appeal. We have relevant business relationships, contracts, and we can see that our revenue grew 10%, then we also grew 5%, and in DX, we went above 18%. At the end of the year, we did even better. We grew 8% when we compare quarter-over-quarter and in DX 22%, reinforcing the acceleration I've already mentioned. We also had contract amendments and these revenues gradually contribute for our revenue for 2026. The last thing I wanted to call your attention in this slide is that we worked very hard in 2025 to renew our contracts, which were to end in the end of 2025, 2026. So 100% of the renegotiations were concluded, and somehow it affected the pace of growth. But for us, it was quite an achievement because we renew these contracts that are long-standing, have been around, as I mentioned, for over 13 years. What I wanted to comment is that these new services and new scopes resulted from this renewal process. We gave some discounts, but on the other hand, these clients will adopt more technologies and products. Whenever we talk about profitability, I would like to comment that we've been able to improve our revenue without necessarily sacrificing performance. Quite the other way around, it's improved year-over-year. When we look at the graph since 2021, we can see that it's a bit more intense, and this in fact improved our results for the company. Then we crossed our results. I'm talking about a margin of 54%, and in DX, it grew 33%, which is very relevant, reaching almost BRL 48 million. DX is not going to stop here. Once again, we can see revenue growth and I think that revenue will improve because HaaS, the more it penetrates and the more we can commercialize it, and because it has a higher margin than the original business, it will pull these indicators upwards. So I believe that we will continue seeing increases in profitability in the next years. Now, looking at the indicators, we have a very relevant leverage level. So this is translated into EBITDA and net profit. When we look at recurring profits and the businesses that are already implemented in the company, we can see important results. When we talk about EBITDA, this year we reached BRL 208 million, which would take us to a margin of basically 37% whenever we talk about this indicator. In net profit, we went beyond BRL 106 million, increasing the company's margins to recurring levels and something in the order of 22%. I would like to comment that we are exactly going through this moment closer to the end part, and Fabiano Droguetti will talk about it later. In terms of new operations, artificial intelligence, and the launch of our operations in the U.S. So we've been accelerating our investments in some areas that are very important so that these businesses become a reality. This explains the difference between recurring levels and the results shown, but I would like to say that in the near future, these business units will start generating revenue, then we will have a better balance regarding the financial indicators we presented this year. Regardless of all of this, we delivered very relevant and expressive results despite all of these pre-operational investments. So where are we investing? As I commented, we have important fronts whenever we talk about artificial intelligence. Fabiano will talk about this, but we have invested a lot in our business to increase our efficiency transactions. This is an environment that will catalyze investments in our base, in addition to making our offer more attractive. Furthermore, HAS has been strengthened with new AI components, for example, autonomous agents, that will foster growth and profit. International expansion. We have had our first transaction in December in a production environment, including banks. Naturally, because we are concluding it, we already have very interesting results with potential clients. This agenda is very mature, and we will comment more about this later. Of course, there's no miracle. To do this, we need more people. When we talk about products, we have to include compliance technology teams. So we have been hiring people to strengthen our structure. Taking into account that in the near future, this operation will be 100% live, especially in the U.S. market. We had already been accelerating our marketing to generate brand positioning. So these are relationship events. The use of media. We included this brand awareness process so that when I sell, clients will not say, "I don't know them." So we have accelerated these investments. Just as we've had more expenses when we look at CapEx. We have also dedicated ourselves to a significant amount, and today we have something like 13% of our revenue invested in CapEx, respecting the company's cash flow so that we can have adequate value generation. That is what enables us to launch so many products. We've been talking about crypto budgeting HaaS. We are including artificial intelligence in all of our products and therefore, we have been allocating more capital without paying attention to capital generation. Because we have been able to combine growth, investment, and results, we have also had more relevant returns for our shareholders. This year, we had an extraordinary distribution of earnings, and we reached high amounts in 2025. These are significant numbers. Increase the company's yield, which is very attractive for shareholders. Now, let's talk a little bit about the future. We've already talked about what has happened, but we will now talk about what will happen, and Fabiano will better explain the investments that I mentioned throughout my presentation. Well, thank you, Pedro. Thank you all for your time. 2025 was an exceptional year. It was very challenging with a lot of transformations and 2026 won't be much different. So we have the regulating market, we have automation opportunities, and important pillars that we believe in. When we talk about Brazil, it's important to look at the organic growth, looking at the operational numbers, but also the benefit markets where we have important transformations, and the structuring the different arrangements in consignado market as well, especially in private areas where companies have made more instruments available for the employees to obtain access to credit. So we have differentiated options for our clients. We're looking at the numbers, but the market is very mature in Brazil, I have no doubt of that. We also have opportunities for specialization. We do believe that we will have important evolution. Pedro commented a little bit about HAS and the use of AI. I always talk about this, and I will repeat. The responsible use of AI with adequate data governance and this information that is flowing around with important activity done with our employees so that we can deliver relevant solutions to our clients. We have operations that already use this, and we will have new employees. We're hiring new people, new platforms, so that we can further explain our AI portfolio within our products. Internationalization, Pedro, if you can talk about this, then I will talk about the process. Anyway, looking at what I had already talked about organic growth and other fronts, I'm sharing some news with you. I'm sure that those who follow it on the day-to-day know that the market is very agitated. Brazil has a mature financial system. We've been participating in it for 34 years, but there's a lot to happen, and we see a lot of growth opportunities for credit growth in Brazil. This is very strong. When we look at the market and the benefits, this was signed by the government changing the rules for meal vouchers and food vouchers so that we can provide services and improve the services of the companies that provide these benefits. We have new options coming in the market. Also, the CLT payroll credit, which has surpassed our numbers, and we have also invested in platforms to test the best services. This is the macroeconomic combination. Now looking at DX a little bit, we've already talked about the platform, but I would like to reinforce that we have a full solution for this whole business automation cycle, regardless of what it is. We have a variety of products which takes care of digital channels or physical channels, capturing information and with intelligent processing so that it's very transparent with good governance, using the technologies that are available to minimize error and maximize time or speed of response. The results we've seen, I will highlight the most important one in my opinion, is the satisfaction of the end client. The NPS, which is measured, has grown because the response is faster, efficient, with lower error margins. We continue investing in these operations, improving them with HaaS. In this fourth phase, we are beginning to add autonomous agents for these automations. Where we have stronger human interaction, we will be intensifying the use of AI, applying generative AI so that we can solve problems with clients, expanding technology within the business processes. As I had commented, we have different segments. Of course, the financial market was our initial focus, and it was an important base for the development and consolidation of this platform. We can see service companies, consumers. All of these companies in different segments are already benefiting from the same platform because it's easy to adjust, apply new processes that can be quickly implemented so that we can achieve short-term benefits. We also have quality monitoring, where we analyze the operation based on quality with a much larger sampling than we had in the past, and with insights for managers, supervisors, so that they can improve the training of the teams and eventually providing product feedback. Whenever I receive a complaint, the product is reviewed, we try to solve, and this is a very positive cycle for all of our clients who use the technology. Needless to say that with that, we have less calls, less complaints, the NPS improves, cost is more efficient, and the combination of all of this ends up being very important. When we start talking about this, then we can see the reason for the results. This is important differential, and there's no other company in the market today that can offer this technology for this service. That has an impact on our results, on revenue expansion, but also on client satisfaction. Now, we understand that expanding internationally, especially in the U.S., which was our initial focus with a mid and long-term strategies. We have described our strategy, but this is a project which is like a marathon. It's not a 100-yard race. So it's important to understand the market, the options. It's important to organize the platform so that we can fulfill the requirements for this market. Now we already have our current database for these clients who operate and who transaction in the U.S. market so that we can provide them with a totally different experience than the market has offered. The card is issued in the U.S. with a native solutions, which makes it a lot easier for them to use to pay for expenses in the market. We've been talking to clients at the base, and we will soon be working with them. Looking at the large Brazilian banks, which are not our clients right now, we can see an important phenomenon. The bank may be very relevant in Brazil, but usually the operation in the U.S. is not as large. Therefore, contracting services in the U.S. ends up being a problem, and they're treated as a small company. Based on our experience here in Brazil, we can share a proposal for them where they will be treated appropriately in a very flexible manner so that they can expand their operations in the U.S. Looking further ahead, we wanted to work in the U.S. market with about 5,000 institutions where we will have access to. We can make a differentiated offer to them. We've spoken to some companies and can see to what extent the platform can be flexible, and also the ability to adjust the product for those who work in the market. All of this leads to important differentials. We have been discussing this with our clients with very positive feedbacks. Some people have asked us whether we should instead expand to Latin America. So why the U.S. market? We have some indicators that indicate that it is because of the size of the market, but I would like to highlight that our experience here brings to the U.S. market something which is not very common there, almost inexistent, actually, which is working in a scenario with higher inflation rates, with higher interest rates, where the level of fraud is very high It wasn't there, but it's grown. We have expertise. The market regulation is strong, and we've brought this experience to the table, and it has called the attention of the companies we talk to. The market is more scattered. It would make it easier for us to enter it, but it's also going through a reality which is familiar to us and has been so for many years, and we are well-prepared to deal with it. Therefore, this service will be a differential for us when compared to those who already operate in the U.S. market. One-third of all of the Brazilian expenses and all expenses in Brazilian families is done in the U.S. The Brazilian or the U.S. clients are similar to the Brazilian clients. Now, just to conclude with our final advertisement, this is a little bit of the product and just for you to have an idea of what we've taken to these potential clients. The first highlight, this is a US BIN, a card issued in the U.S. that works as if it were a U.S. card. The IOF is zero because it's not subject to that. Access to credit experience by the U.S. retail, and it has been used extensively by retail and a digital expense. Experience, I'm sorry. Paying for invoices with a check is still a reality there, but we can have operations without a physical card or any other physical means. The way we operate is such that we bring in the Brazilian experience, Brazilian regulation, but respecting and adjusting ourselves to the U.S. regulation and doing so through partner banks in the U.S. with close support of those who are familiar with the regulation. We've adjusted our operations, not only the technology platforms but also operations. For issuers in the U.S. market, the Global Card enables the card that the client is already using in Brazil to be used there. Today, it is very important to maintain our offers as the most important one in the portfolio, which leads to better engagement and also supports the strategy of expansion of the base. We can also operate with other currencies. Everything is prepared for that, and as client is willing to launch a different product, we will be able to support clients expand this strategy. I think this is it. Pedro, now over to you. To wrap up and to complement what Fabiano said, we are not going to stop here. This is the first product when we talk about the U.S. market. But we're taking a full portfolio to work in this industry because we, in fact, understand that this is the best strategy. When we talk about banking, loyalties, services, this is very important and will be gradually included in this full offer. Before the Q&A, I would like to comment that the company is committed with the maintenance of solid results. We invest based on the profit that we generate. This is how it has to be. We're seeing a lot of technology companies trying to use their cash to an extreme, but we are very disciplined. We have expanded our investments. I would like to share with you all that we will always respect this capacity to generate results for the company. We're going through a very important expansion cycle. We had a strong growth of revenue, but we have other avenues which are new ones in the company. Some of them were launched in 2023, 2024, and we're launching new solutions in terms of Eteda and also in terms of this international front. In the near future, we expect to capture what is best for these markets. Likewise, we analyze the results, but we also look at our cash. We will work respecting this balance. But I also wanted to share with you this vision of how our balance is relevant, and it has enabled us to make investments and maintain good distribution of dividends, and leading to future results. Finally, I would like to call your attention to the fact that we still have a scenario where the price of shares is being valued. When we compare that to the main players of this industry, we're talking about profit, which is fourfold higher than the average. This is the information we wanted to share with those who are still not shareholders of the company. I would now like to open for Q&A. We're now going to start the Q&A session for investors and analysts. If you want to ask a question, please click the Raise Hand option at the bottom of your screen and wait for further instructions. Or if you prefer to submit your question in writing, please type your question along with your name and the company you represent in the Q&A field. Our first question is from Bernardo Gutman from XP. What is the potential representativeness in the company, and what is the pipeline for 2026? Well, thank you for the question. Fabiano, I will talk about it and please feel free to complement. In terms of HaaS, perhaps I'm very enthusiastic with the product. For a very simple reason, HaaS is a product which can be quickly implemented, generating quick results for us and our clients. It is a product that we can sell in the same combo with cost improvements for the company, quality improvement, churn reduction, and therefore, at the end of the day, the product is very relevant. Every company wants to be more efficient, less expensive, with better options for users, guaranteeing loyalty over time. Because this is how we work, and because we can remove attrition and improve the perception of value, the results in sales are better. This is something we can see right now. This year, our business performance was very interesting with 10 new contracts. The vast majority of them HAS contracts. Today, when we look at our results, we're talking about less than 15% of our revenue coming from HaaS. But the margin with this 15% alone has grown 15 percentage points. So HaaS brings about important opportunities for the company. I would say that this year we had growth in the order of 18% in DX. The trend is for us to see this scenario being maintained and eventually accelerating throughout 2026 because, in fact, the project has a key factor for those who contract this type of solution. This is an exogenous factor. But for 2026, is likely to be a very challenging one from a macroeconomic point of view and a geopolitical point of view. We can already see some companies with difficulties. Therefore, naturally, a product that is here to reduce the operational costs of these companies stands to benefit. It is not surprising that the pipeline, which was very strong in 2025, in 2026, it is even stronger. Therefore, we are very confident that this project will be more and more relevant for our results as a whole, be it in terms of revenue and also in terms of more profitability for the company. I would like to say that in terms of the technologies that are available, this potential is accelerated because we can use more AI. In the past, it was potential use, and now it is materialized into something more real that we are implementing. Therefore, it reinforces that this is an important pathway for us. Yes, correct. Our next question is from Eloisa Cruz. Good morning, and congratulations for the results. Could you tell us about conversations with potential clients? What client profiles are more developed, and what other portfolio products of the company have the clients demonstrated more interest in the U.S.? Well, initially, we have been talking to Brazilian clients and Brazilian companies, which already have an international credit card. We have also spoken to Brazilian banks whose branches or who have operations in the U.S., so they are prospects for us. These are the main things for us. What has called our attention is that we have had our operations with cards, and we will expand to other operations as well. What we have already seen is the client loyalty programs. That calls our attention as well. What we can see is a function of the product, not only the platform, and especially of the services, the way we solve problems, and the way we interact with these clients. Because once again, for the U.S. market and service providers, these clients are considered small clients, and they are seen as a small regional bank. They are treated in a way that they are not used to being treated in Brazil. That is considered an important difference. The operations in Brazil have to be reported to the U.S. regulator, but also to the Brazilian regulator. We have this competence and that is more difficult for the U.S. companies, and they do not provide these services, and the clients must incorporate this information in their regulatory and accounting processes. When this is all combined, it is a little bit of this. The clients at the base who want to operate with an international card, it is Brazilian clients who already operate in the U.S., and then later on, we also intend to have an access to U.S. banks, but we are not there yet. Well, just to complement, Eloisa, thank you for your question. What we can see is that when we talk about technology for financial services, Brazil is further ahead than other markets. When we compare it to the U.S. market, this is a little bit more significant and products that have been used here for a long time, and this was mentioned in Fabiano Droguetti's presentation. We have products that have existed for 50, 60, 70 years, I do not know, here in Brazil, and that in the U.S. are a gap, instant payment. Deep down, what happens is that for Brazilian banks who operate there, the offer is well below. When the users compare what they have available in Brazil and what they receive there is not the same, and that is already a stressing point. For those who are there, who were born there, what happens oftentimes is that these companies, when they start working with a mid-size bank or a larger bank, and they are sweet spots here in Brazil because those are the ones we see the most. There is no market differentiation. They work with the large players. They do not have adequate service, and then that puts them into a difficult position. It is important to be able to look for more modern service providers. What we are doing is, in fact, occupying or trying to meet an unmet need, and that is why the strategy starts with a product, but we can quickly add other layers. Loyalty, for example, it is clear that we should have partnerships to offer products. For banking, it is the same. It is also for debit cards. We must be able to operate. Throughout 2026, we will launch a complete portfolio there. We have received two questions from Pedro Mandaluno, Nexus Investments. The first one, how do you identify revenue for DX, Pace or in-house? Do you do it when you close the contract, or do you enter it when the service is provided? Does cash acknowledge Accounting receipt. In this question, they ask to better explain the changes in the benefit market. Perfect. I will answer the first one, Fabiano, and you answer the second one. We are talking about revenue. Our revenue is identified according to the service consumption. To better explain it, every time we sign a contract with clients, we are talking about long-term clients, three, four, five years, for you to in fact make it available and then manage the service. We always charge directly based on the user, based with the amount of transactions, the type of transaction. That is directly related to volume. Of course, it is not on a one-to-one basis. Clients have a range based on the specific number of transactions within a plateau and the number of users. As they grow, they move on to different revenue ranges. That is done according to the services rendered. For example, when the clients first start, there is a setup which is charged for, but that is not where we make money. That is really not significant when we look at the results as a whole. It is according to the use and duration of the contract. Cash follows the same dynamic. Service is rendered, we identify how much was consumed, and then X day later, about 30 days, a little over 30 days, they pay us. Regarding the benefit market, the government has determined, in addition to a cap for the company that provides the benefit and the payment structure ends up receiving. There is a cap for that. It has also determined that the arrangements that are closed, the card is only accepted by institutions that work with a specific benefit company, and that is broken down. There is an intermediate step so that every company can participate in an open arrangement, so that they can have an operation. I have a benefit card from an A company and that must be used in other companies. I am summarizing it here. But of course, that ends up being a problem, brings in more opportunity for other companies and for those which are already established. There is a transformation which will naturally take place, and we do believe that our offer may be very useful, and we have been discussing this with them so that we can have these transformation projects and also for new companies that want to do it, and adding multiple functions in the same card. You have a debit card, a credit card. You could also have benefits, consignado payment, adding different functionalities and lines. This is the way to go. This is the path we have chosen. Our next question. Actually, we have three questions about the same topic from Santiago Santos, another one from Lucas Melo, Brasil Horizonte, and another one from Bruno Heather. What is the reason for the increase in overall expenses and administrative expenses? In the release, in the adjusted margins, the expenses had a decrease of 8%. In other words, the difference between the reported amount, BRL 52.8 million, and the adjusted results, BRL 20 million, is approximately BRL 27 million. I would like to know, in these adjustments, what was number 1, expenses, U.S. operation, number 2, cost with Brazil, and then 3, new technologies. I would also like to know if this is recurring or not. Well, let me answer this one, Fabiano. Perfect. Well, thank you for the question. What is the main summary? The company is about to launch a new operation in a new market, a new country. And we have, in fact, created mechanisms to materially differentiate our offer and the market. And right now we have already been doing this, but we will do more in the future, which is use AI. Speaking very straightforward, we in fact had to bring in new people to do that. We needed more people and people with a different profile than what we were used to hiring in the company. When we talk about artificial intelligence, I need to have programmers, data statistics, people with a governance vision. I do not know whether this is clear for everyone, but this becomes even more relevant. If you lose data governance, you will make your offer unfeasible. We in fact need to have more people with us on the day-to-day. More people who have a technical capacity, so that we can manage these new products. If we want to form X transactions and with DX, we want to have more efficiency so that we can have better processes. Different people come in with different salaries because of this technical capacity. When we go to the U.S. market, this investment is for all lines. I need to obtain licenses. I need to have lawyers. I need to have more compliance. And then we have business partners. We now have a very strong compliance team in Brazil. And to have regulations, you need to have a local person. We have products with a new location and different business team, and so on and so forth. Therefore, we invested heavily in people, providers, and so on and so forth, to move from the initial operation to phase 1 of the operation. Now, in the past three months, this will be repeated in the beginning of the year. We are making an effort with brand positioning. We know that it exists in the U.S. market. Brand positioning, bringing in executives closer to us. It is important to be able to count on all of this, and we need to educate buyers. For a B2B, we focus more on relationships. Instagram, TikTok, and so on and so forth. This is a line that was accelerated in the fourth quarter. It will be repeated later. It will not be at the same level for these upcoming six months of the operation. This is a non-recurring topic. We will have higher levels of efficiency. In the beginning of 2025 or at the end of 2025, then we will stabilize halfway through. I would like to turn over to Mr. Pedro Alvarenga for his final considerations. Well, once again, thank you very much for having been with us today and last night. I would also like to put our RI team available for you if you have any further questions. Thank you very much, and I hope to see you in the next quarter. CSU Digital video conference is now over. We thank you all for your participation and wish you a good day.