[Foreign language].
All participants will be in a listen-only mode during the presentation. After the presentation, we will hold a Q&A session when further instructions will be given. As we have limited time in this conference, any questions that are not addressed during the call will be answered later by the company's investor relations team. The Earnings Release and the Presentation on the Third Quarter of Crop Year 2024-2025 can be accessed on the company's investor relations website and also at the CVM's website. Before proceeding, I would like to mention that any statements that may be made during the conference related to the company's business prospects are predictions based on the company's management's expectations about the future of Jalles . Such expectations are subject to change due to macroeconomic conditions, market risks, and other factors. Today with us is Mr. Rodrigo Penna, CFO and IRO.
I would like to turn the floor over to Mr. Penna. You may proceed.
[Foreign language]
Thank you very much, and good afternoon, everybody. I would like to thank you all once again for participating in our earnings call. We're going to talk about the results of the Third Quarter of Crop Year 2024-2025. During this quarter our recurring result was positive but i t was affected by the interest rate curve. We are going to give you more color on this later. The swap that we have, the debt swap that we have, had an impact due to the Mark-to-Market. The result was, however, positive during the quarter, not as much as we expected, but the recurring results were positive and t hey have a cash effect. First of all, I would like to show you an overview of the world sugar balance. We are using the TAGROS data as of February 2025. The crop year 2024-2025 is coming to an end now with a deficit of 1.7 tons, with a 42.9% inventory. For next crop year, starting in October, and of course, it is very early to tell.
This is an initial estimate, but if we have good weather conditions, normal weather conditions across all countries, we're going to have a surplus of 3.8 tons. The stock consumption ratio will be still low if we consider the track record. If we look at the curve since 2012 all the way through 2025-2026, although we are going to have a surplus, we will be at the second lowest inventory level, second only to the current crop year 2024-2025. The market is still impacted, and we had climate volatility all around the world. This number is considering that everything is going to happen normally and o f course, it can change because we're only going to have the crop year starting in October. Now, let's take a look at an overview of the market. We can see the consumption is going up, the monthly consumption.
In January, we had a parity of 67% for ethanol. Still, there was a very strong consumption. We believe that our strategy was the correct one of carrying inventory over to sell now in the off-season. We can see that the prices went from BRL 2.16, 2023- 2024, and during the 2024-2025 crop year, it started to recover, reaching BRL 2.80. In the state of São Paulo, we have BRL 3.37 as of February, according to SCA's data. SCA is the institute that calculates the forecasts of the company. For March, the number should be BRL 3.47. In the second half of January, we had positive numbers. We were actually expecting a lower consumption. The price was already at that level in the second half of January, going from BRL 3.35 to BRL 3.40 in the main consuming places and s till, consumption was very strong, which is positive.
Now, on the slide, I would like to show you FGA's overview for the ethanol market. We are going to finish the 2024-2025 crop year with a total supply balance, including anhydrous and hydrated ethanol, of 34.7 million cubic meters. It is expected for corn ethanol to grow by 2 million, actually 10 million cubic meters of corn ethanol for the next crop year. However, the mix should lean more towards sugar. The country already has that capacity of producing sugar since there was an increase in the share of sugar in the mills with the opening of new plants, such as ours and new ones being opened this year. With the mix with a higher share of sugar, we are going to see a reduction in the production of ethanol by 2.4 million liters. We also have the auto cycle for ethanol.
We would need another 510 million liters in growth to serve the market's demand. If we compare 2025-2026 against 2024-2025, we can see that we are going to have about 500 million liters fewer in the market. If we have an increase in anhydrous ethanol in the mix, and it is likely going to happen because there are studies being conducted and they will be delivered in March so that this decision can be made, there is a high likelihood of having a mix of 30% in the next crop year and t hat would take 1.2 billion liters being taken from the market. We would need to make up for that because of that increase in the mix. If we compare the crop year, the current crop year against the next one, we are going to have 1.6 billion liters less.
Now, if we look at the average parity, it is going to be about 66% - 67%. Next year, probably the number will be higher than that because the supply of ethanol will be lower, consumption will be strong. So for the next crop year, the ethanol market will have a lower supply of ethanol and t herefore, ethanol prices should be as high as this crop year or a little bit higher. Now, E30 is anhydrous ethanol 30% mix in gasoline, and that would help this market. If we do not have it, the numbers will be in line with the previous crop year. Now, let me move on to the operating highlights. I would like to show you only the consolidated numbers, the year-to-date numbers. We finished the crop year with 7.9 million tons.
Our guidance was higher than that, so there was a lower crushing level than we expected. Our harvested area was higher because the company is expanding, and our average productivity was 84.5. I would like to highlight that the Jalles unit, the biggest one, had a record-breaking productivity of 97.5 in comparison to 90 year- on- year. The Otávio Lage unit had a decrease from 93 to 90, which we did not expect. In Santa Vitória, we had a decrease from 70 to 65. That is related to the drought that we had in that unit. We did not have any rains in May and September during the current crop year. Sugar cane was very dry, very much impacted by this drought and t herefore, we had that decrease in the Santa Vitória unit.
Now, when we look at the total TRS per hectare, we had 11.92% less year- on- year. CCH was higher, but TRS was lower. It was 3.8% lower year- on- year. If we look at the big picture, looking at the TRS per hectare, there was a 2% decrease year- on- year, which is also different from our guidance. The production mix, you can see that we made progress. In the central-south region, we had a decrease. We had over 49 last year, and we should finish this year with 48, although the number was lower than we expected. We went from 38 to 44 with the operations of Santa Vitória. The ramp-up in that unit was a bit slower than what the company initially expected. The sugarcane field average age is 3.2 years, same number as last year. Now, let me show you some details about weather conditions.
In the three units, you can see the rainfall that we have had since or actually up to January. You can see that at Jalles and Otávio Lage , we had rainfall above the historical average in October. October is a very important month for us. Last year, we had a surprise of 40 mm rain in September last year, which was a positive surprise. October and December were much better than last year. December is right about at the historical level, but November was better. In Santa Vitória, we had many months, with the exception of January, exceeding the historical levels. Rainfall is playing to our favor here. It is very important that we have rainfall in April. It is very important for the formation of the next crop.
We still have three months of rainy weather in the units in the state of Goiás, three months in Santa Vitória, and two months in the Goiás units. April, the month of April, is going to be a highlight for us. We expect to have rains during that month. Now, let me show you some details about our sales highlights. You can see that the average price was higher, and the volume was higher as well, with 402 million tons of sugar. Now, for ethanol, we went from BRL 2.56 to BRL 2.95, a 15% increase year- on- year, and the volume was stable. Here you can see our price curve. Contrary to last year, ethanol recovered throughout the crop year, and we are now at our best moment in São Paulo, in the state of Goiás. We are hitting actually the level of BRL 3.38, BRL 3.35.
The prices are actually better than the ones that you see on the chart. There was an increase on the tax on gasoline, which is another advantage for us. There has been a delay of BRL 0.15 - BRL 0.20 in comparison with the PPI. Petrobras is not increasing the price of gasoline. If it does, it is going to be an additional factor that is going to help ethanol prices. In the first nine months of the year, we had a mix of 49.8% of sugar and we also b etween ethanol and sugar, we have already sold 71% of the entire TRS produced by the company. Our ethanol inventory is at 176 million, flat year- on- year. Our sugar inventory is a little bit higher, with 107,000 tons.
Organic sugar had a higher inventory carryover because we had a period with less shipping because of the increase in freight prices. In June, that's when the period for selling organic sugar ends, and the price is going to be adjusted to normal levels. Now, EBIT in the first nine months of the crop year, our margin was 19.4%, BRL 326 million, better than last year. And our EBITDA was BRL 950 million against BRL 910 million last year. Our net profit, our result was negative because of the Mark-to-Market effect. I'm going to touch on that later on the next slide, actually. Here you can see two situations. In December, sugar was at this level, and our hedge was at this level. Our sugar hedge is the sum of Mark-to-Market for sugarcane and sugar. Usually, we have two operations. We have one for sugar and one for FX.
Our Mark-to-Market, if you add the two, you are going to have a negative number of almost BRL 70 million. Now sugar is at the level of our hedging. The biggest impact of our Mark-to-Market, and we should remember that we do not do hedge account, and that is one of the reasons why we had fiscal deterioration in the federal government with the spending package. I am sure that you are all aware of that. That created a number of different interest rate curves and s ince we turned all of our debt index to the IPCA inflation rate, we transferred that to the CDI interest rate but i n the second quarter of 2025, the curve was at 6.7. In the first, it was 6.5. In the second quarter , it was 6.7, but then it went up to 8, and then 7.5 in the long term.
Since our debt operations have a maturity of 7 - 10 years, we had that change in our curve. In this quarter alone, we had BRL 90 million of our debt being Mark- to-M arket, with a total of BRL 157 million in this quarter. Last year, it was BRL 288 million positive. Now, when we look at our cash profit, we had BRL 31 million against BRL 14 million, was a lot better. That number excludes all of these effects, including biological variation and non-cash income tax, and also Mark-to-Market. This has a non-cash effect, the BRL 157 million, and it caused a significant impact on our net profit. Now, let's take a look at our net debt. Our leverage is at 1.3 x, o ur debt is under control for the next years, with an average term of 4.8 years. Our hedge price, we have 69% completed for 2026-2027.
Now, for 2027-2028, only 1.2% is hedged, with 2.6%. Now, let's take a look at our ability to produce sugar, conventional sugar, excluding organic. We have 1.3x crop years of conventional sugar that is hedged, and that gives us a total of 714,000 tons. Now, in terms of costs, let's take a look at our production costs. We had a 2% increase in our cost in Brazilian Real. For TRS, there was a decrease of 2%. Since per pound, it was 12, - 12 because FX went up. This number is interesting because we expected this to be lower. Since there was a deviation in comparison with our guidance for productivity, and also TRS and TCH, and tons of TRS per hectare, that had an impact on this number. That's why our production cost was not better.
Now, very briefly, I would like to show you that we virtually finished the investments in the Jalles and Otávio Lage units . Now, there's just a little bit of investment left in expansion for this year. We also finished the investments in the sugar plant. We spent BRL 8 million more than estimated, but our capacity was 33% higher than we estimated. With that, I conclude the presentation. I just wanted to give you a brief overview of the quarter. Now, we are ready to take your questions.
[Foreign language].
Ladies and gentlemen, we will now begin the Q&A session. To ask a question, please click the Q&A button at the bottom of your screen. If you wish to activate your microphone to ask a question, please let us know in the Q&A field, and your microphone will be activated later when your name is called.
You can also submit questions in writing by typing your question in the Q&A field. If you're using a dial-in connection, you can also ask questions. In this case, please press Star nine on your phone. After your name is called, you'll hear instructions to press Star six to activate your microphone. Please make sure to press Star six only once. The first question comes from Mr. Mateus with UBS.
[Foreign language]
Hello, good afternoon, Rodrigo, and the entire Jalles team. Thank you for taking my question. My first question is about your cash cost. We had an increase in COGS, in maintenance, and personnel. I would like to know how much of that is recurring, or how much is related to inflation, or how much is non-recurring because we had a yield that suffered a little bit. So how much of this is recurring?
What can we expect in terms of costs going forward? The second question is about capital allocation. You showed towards the end of the presentation that there is very little left to finish your expansion CapEx plan since the IPO. You still have 9 million tons to get there, but in 2026, you can expect to have higher cash generation, I believe. I would like to understand your perspectives for the coming crop year? Maybe your leverage level should go down? What can we expect in terms of capital allocation? You talked about corn, ethanol. If you could make a list of the company's priorities, I know that a decision has not been made yet, but what would your priority list be? Thank you.
[Foreign language].
Thank you, Mateus, for your participation. Thank you very much for your questions. Very good ones.
Starting with the first one about the cost, we always like to look at the big picture, the crop year as a whole, because quarters can bring distortions along with them. Indeed, this quarter, October was very rainy, when we can crush a higher volume, and November started very rainy as well. Although we had lower crushing, and I did not mention that in the presentation, we were not able to crush about 40,000-50,000 tons of sugarcane, and we had to push that forward. That entails higher costs because you have to optimize the equipment and the workforce, and optimization is not that good during harvest, and TRS also goes down. It is better to get the sugarcane than not do it, but that causes distortions in the cost. There was a worse scenario because of the rains in October.
At the Jalles unit, which had higher production, we did not have any deviations from the guidance. What we had there was actually an increase. We almost finished our work there on Christmas. We finished our work there, and it was about December 19th, 20th. When you look at the recurring CapEx so far, you can see that it went up during the year. We expected the costs to be at about 3%, and it was a little bit higher because of the lower TCH and lower TRS, because of the reasons that we mentioned. But yes, this quarter was a one-off situation. The second question was about capital allocation. As we usually say, we conduct visibility studies, and we did that for some projects, but they will come in the medium term because we just finished our investments.
We still have a little bit more to invest in our sugar cane in Santa Vitória and also a little bit in the other units so that we can reach the full capacity across the three units. We do not want to invest right now if it is going to mean higher leverage. Now it is time for us to harvest and mature our projects. In the short term, we want to capture the opportunities, and we have a project for that. It is a small project, and now we are assessing a second phase of that project. We want to produce biomethane, and at the Jalles unit, we are considering producing biomethane there in a partnership with a minority share and lower investments because we think there is synergy with the entire business. The idea right now is to make the most of our assets.
When we grow, you know that with Santa Vitória, Jalles, Otávio Lage , sometimes things are not so perfect as we want it to be. We just want to fill up the mills at their full capacity and gain more operating efficiency, and also industrial agricultural efficiency. That's where our focus is.
[Foreign language]
Okay, thank you, Rodrigo.
[Foreign language].
The next question comes from Mr. Pedro with Banco BPI.
[Foreign language]
Next question comes from Mr. Pedro Fonseca with XP.
[Foreign language]
Good afternoon, Rodrigo, and the entire Jalles team. Thank you for taking my question. The first question is about your yield, particularly in Santa Vitória. There was a slide, slide 9, if I'm not mistaken, showing the rainfall. It's a very good slide.
My question is, what can we expect in terms of recovering yield in Santa Vitória in the next crop year? How does that change your ramp-up plan and your goal of reaching 9 million tons of crushing by 2027? The second question is more structural about your organic sugar business. You said that there's a better outlook for organic sugar, but it's not there yet, and it's been so for a while now. What do you think from a structural perspective? In the foreseeable future, do you think that things are going to go back to a normal level, or do you think things will remain tough for organic sugar, and maybe that can have an impact on your production mix? Are you discussing that at all, of maybe decreasing the production of organic sugar and leaning more towards VHP? Those are my questions. Thank you.
[Foreign language].
Thank you, Pedro. Thank you very much for your participation. While at Santa Vitória, as I said in the presentation, we had impacts from droughts there. In our guidance, we were forecasting higher productivity at 7.1 or 7.2, and we finished with 6.5. We felt that impact. Last year, it was 70, but that's because we had very favorable weather. We really did not expect to reach 70, but the weather helped us and t his year, it should have been a little bit higher than 70, but the weather played against us. It was the exact opposite. We have that forecast of in crop year 2026-2027. We want to get close to 80, 79 by 2026-2027. That is our target. That is what we are pursuing for Santa Vitória. We want to get to the 2.7 million there as well.
Now, for organic sugar, we do not see a structural problem. What is happening is related to freight. That is what causes our shipping to be unstable. But really, the market is just as it was last year, but we have not been able to grow. We are stable in the international market, and in the domestic market, we have a lower share. In the domestic market, we have been able to grow with a bigger share in retail, but it is still the minority. It is only 15% domestic and 85% international. We are not growing at the 7% or 8% that we had in the past, but we are not considering reducing the production of organic sugar. What we want is to continue to grow since this market presents a growth trend going forward. I do not know if I addressed all of your questions.
[Foreign language]
Yes, yes, you did. Thank you.
[Foreign language].
[Foreign Language].
The next question comes from Mr. Pedro Gama with Citi
[Foreign language].
Hello, good afternoon, Rodrigo. Thank you for taking my questions. While first I know that you have not published a guidance for the next crop year. What can we expect, however, in qualitative terms? Can we expect the company to reach the 9 million tons in crushing? I imagine that the company is already purchasing inputs. What can we expect in terms of unit prices and also workforce cost? If you can refresh our memories about the growth plan at Santa Vitória, what is missing? Do you still plan to increase the planted area? Are you going to use third-party sugar cane?
For capital allocation, what is the target leverage level that you are pursuing?
[Foreign language]
Pedro, thank you. Thank you very much for your questions and participation. About cost for the next crop year. Because of the FX rate, we thought that the inputs would be more expensive because the FX was at BRL 6.20, but now it is back at BRL 5.80, so that pressure lifts off the prices of inputs. I believe we're going to see a slight increase in input prices because the average FX rate is a little bit higher than last year. The input prices, which are usually international, are the same as they were last year, more or less. It's only the FX rate that impacts us. Workforce, there's a lot of competition. The price should grow by the inflation.
Here in the state of Goiás and in the state of Minas Gerais, there's a lot of competition for workforce right now, and we can see that from our suppliers as well. We know that there's a lot of pressure on workforce, and I think I mentioned that in our previous call, and we can still see that effect right now. That is pretty much it. We are going to see an increase by inflation, maybe a real increase by 1% or 2% depending on negotiations. We expect to have productivity that will make up for the weather conditions that we had at Santa Vitória. We expect that the weather conditions will go back to normal levels in the next crop year. We still have February, March, and April rains, and also May in the Santa Vitória unit.
After that, we are going to have a better outlook and a better perspective on what the next crop year will be. You also asked a question about our leverage target. We are now finishing an investment cycle, and we want it to be as it is or less. Preferably, it should be 1.3 or less in our debt over EBITDA ratio. Our target is to decrease that a little bit. Actually, the ratio is debt over EBIT. It should be 3.5 or less. Since we are going to have more cash coming from the excess sugar cane, we should take advantage of that now that we have finished the industrial investments.
Now, the investments that we still have to make, we have to invest in another 2,500 hectares this year, and we need to reach to the 2.7 million because we are going to have sufficient area to get the crushing volume of 2.7 million tons. Over the past years, we have been replacing the agricultural equipment. Our average age of the equipment in Santa Vitória was higher with less availability, so we have been working on that as well over the past two years. Next year, we should also have some investments in machinery, but they are marginal. They are not substantial. Mateus asked a question, and I think that I did not address it, so I am going to do it now. He asked what we expect our debt to be like in the next crop year.
Since we are going to have lower investment, but we still have to expand our sugar cane field, we believe that our nominal debt will remain flat, but the leverage level will go down because of higher crushing and also lower debt in nominal terms. If there is a drop, it is going to be small because we still have some investments to make in the sugar cane field and also our machinery in the next crop year. That is it, Pedro. Do you have any other questions?
[Foreign language].
No, that is clear. Thank you.
[Foreign language].
The next question comes from Mr. Pedro Fontana with Bradesco BBI. Please go ahead.
[Foreign language].
Hello, good afternoon, Rodrigo. Thank you for taking my question. Going back to costs, I believe that the factors that impacted this quarter are very clear. I just wanted to ask you about the fourth quarter.
Are those effects going to carry over to the fourth quarter? Will unit price increase towards the end of the fiscal year? Another question about ethanol. You said in your presentation that there is a likelihood that E30 will be approved. I would like to know more about that subject. How likely is that to happen in the short or medium term? Do you think it's going to happen in 2025 or 2026? Thank you.
[Foreign language].
I'm sorry, my mic was off. Thank you, Pedro, for your questions. About the unit cost for the fourth quarter, since we're not going to have the crop season going anymore, the cost is already what it is. We're not going to see any changes in the fourth quarter because we're not going to have any crushing.
We are just going to pack sugarcane, sugar, rather, but it is going to be very little. We are not going to have any changes in the cost. It is what it is and w hat is going to happen is that we are going to sell the inventory that we have available. We should keep some inventory for the beginning of the next crop year in April. It is a very small carryover inventory. As for E30, we have a work group that is running tests. We commissioned tests about the use of E30 in vehicles, and it should be completed in March. After those tests are finished, we are going to talk to the regulatory agencies about the results so that they can make a decision.
Since we do not foresee any problems in the tests, there is an expectation in the sector that in April or May, a decision will be made. We would have, therefore, a 30% mix of anhydrous ethanol in the entire 2025-2026 crop year, which is going to begin in April. We believe that right in the beginning of April, we are going to have a decision being made by the regulatory agencies, but we have to wait. This is the likely scenario.
[Foreign language].
Thank you. That is very clear.
[Foreign language].
The next question comes from Mr. Thiago Duarte with BTG. Please go ahead.
[Foreign language].
Hello, good afternoon. Thank you for this opportunity, Rodrigo. It is always great to hear from you around this time of the year and talk about the next crop year. As you said, we still have rains to come in the off season. And my impression is that part of what you were expecting for 2024-2025 will actually materialize in crop year 2025-2026 with a mix that is higher in sugar with the plant running at its full capacity and also thinking about that letter that is taking us to higher crushing volumes in Santa Vitória, of course. There are a few things that we cannot predict, for example, the weather conditions, but what can you say in terms of the sugar share in your mix so that you can fulfill what you expected to reach when we had that Jalles day way back when you acquired Santa Vitória. So, thinking about the next season, do you think there is going to be any reason that is going to cause results to differ from what you expected?
[Foreign language].
Thank you for your questions. While 2024-2025 season, in terms of our operations, was a little bit short of what we expected for this year. Since the sugarcane plant, the sugar plant was finished towards the end of June, and that gave us two months more than we expected, and our share was 44% because of that, and we expected it to be 50.6%. The entire Central-South region struggled with that because of the quality of the raw material. We felt that in Santa Vitória because when the plants started to run, the raw material was bad because of the drought and the low TRS. We struggled because of the quality of the raw material. We did a few adjustments at the Octavia J unit .
We went from mix, a share of 45 to 60, and this year we were not able to do 60 because a few things changed in the plant. It took a while for us to adjust the operations. When you change too many things, there is more chance of things not working as you expected. To address your question, yes, we believe that next year we will be able to use our capacity with a 55%-56% share across the three units. Santa Vitória with 50%, that is what we expect to have in the next season. Duarte, we are excited. We are now going to make those slight adjustments that we still have to make to make the most of the assets that we invested in over the past years. You mentioned that ladder, that progress that we expected to have in Santa Vitória.
We had a hiccup there. Unfortunately, weather plays a huge role in our business. Since in Santa Vitória, we only have irrigation in 1,000 hectares, and it was not working so well. It is now working better. We have less cushion than we have at Otávio Lage and Jalles, where we can control drought a little bit better. The drought was very strong there this year in the past crop year. Now we think that we are going to be able to follow the plan that we established to get to 79 in crop year 2026-2027.
[Foreign language].
I do not know if I can ask another question.
[Foreign language].
Yes, sure.
[Foreign language].
It was very clear that there was a carryover of your CapEx from one crop year to the next, so that you can meet your guidance.
Thinking about the previous question, when we look at the next season, it does not seem to me that there will be any additional CapEx other than the recurring and the improvement CapEx. Is my understanding correct?
[Foreign language].
Duarte, we are going to have an improvement CapEx that is going to be a little bit higher than normal because of the updates to the Santa Vitória machinery. That is very specific to Santa Vitória. For expansion, we still have biological investments. The industrial investments have already been made. Now for this year, we are going to have the 2,500 hectares, 2,500-3,000 hectares of expansion at Santa Vitória. In Jalles and Otávio Lage , we have another 2,000 hectares. That is what we have in terms of expansion. There is nothing left in terms of industrial expansion in our plants.
This is not going to be a crop year where we're going to have zero improvement CapEx or expansion CapEx. For 2027, we are no longer going to have any expansion CapEx. Another point that I would like to add is that we expect the Jalles unit to respond very well to our investments. We went from 88 to 89 to 97. At Otávio Lage , it used to be 100, and it came to 90 this year. There was a natural drop because of the expansion. We are using lands that used to be used for cattle raising, but we expected to have only one to two tons of impact. There is just a minor adjustment that we have to make to reach the yield that we want because our bar, I know, is very high.
The Central-South region has a very high average with 78, 79, and that's where we were at. We are actually higher than that. We used to be at 94, 95 in the two Goiás units. Of course, we want to grow and grow always because yield is key to have a competitive cost in our sector. That's a restless pursuit of ours.
[Foreign language].
Okay. Thank you, Rodrigo.
[Foreign language].
Thank you. Thank you for your questions.
[Foreign language]
Ladies and gentlemen, to ask a question, please click the Q&A button at the bottom of your screen. There are no more questions, so I would like to turn it over to Mr. Penna for his closing remarks. Please go ahead.
[Foreign language].
Good afternoon. Thank you once again for your participation in our earnings call. We had a great turnout. Thank you so much for keeping in touch with us.
In the next call, we are going to talk about the last quarter in the season, and the ethanol prices are going to be at their highest. It was a good idea to carry some inventory over to the fourth quarter. Thank you very much, and see you in our next earnings call.
[Foreign language].
This concludes Jalles T hird Quarter of Crop Year 2024-2025 for today. Thank you very much. Have a good one.