Good morning, ladies and gentlemen. Welcome to JSL 's conference call to discuss the results for the second quarter of 2025. This call is being recorded, and a replay will be available on the company's website, ri.jsl.com.br. The presentation will also be available for download. Please note that all participants will be in listen-only mode during the company's presentation. We'll start the Q&A session when further instructions will be provided. Before we begin, I'd like to remind you that any forward-looking statements made during this call are based on JSL 's management, current beliefs, and assumptions, as well as information 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 be aware that events related to macroeconomic conditions and developments in our industry may cause our actual results to differ materially from those in such forward-looking statements. Joining us today are Mr. Ramon Alcaraz, CEO of JSL , and Guilherme Sampaio, CFO and IR Officer. I would now like to turn the call over to Mr. Alcaraz, who will begin the presentation. Please, Mr. Alcaraz, you may go ahead.
Good morning, ladies and gentlemen. It's a pleasure to be here today to present JSL 's results for the second quarter of 2025. Let's start with some highlights. Gross revenue reached BRL 2.8 billion, up 11% in services and 50% in asset sales, compared to the same quarter in 2024. This, once again, proves that our business model drives organic growth, even in an adverse macroeconomic scenario.
We continue to see a clear preference for the asset-light model in new projects. 62% of contracts adopted this model, resulting in a significant reduction in net CapEx. We closed the quarter with only BRL 18 million in net investments. A bid of BRL 492 million with a margin of 21.6%, up 2.4 percentage points year- over- year. With that, we remain operational margins at the right level: BRL 1.5 billion in new contracts signing to Q 2025. That brings the total to over BRL 3.3 billion in new contracts in the first half of 2025, ensuring thus a strong contracted future revenue. Cash flow after gross investments came to BRL 295 million, 22% higher than in Q2 2024, reinforcing our strong focus on cash generation and deleveraging. Turning to sustainability, we were awarded the Gold Seal from the GHG Protocol for the sixth consecutive year, and Silver for EcoVadis, well above the global average.
On page three, you'll find other key financial metrics, such as adjusted net profit of BRL 36.3 million, up 10% from Q2 2024, and return on invested capital of 14.5%. Let me highlight a few more points. We delivered 13% growth over Q2 2024, excluding grain transportation revenue, which we intentionally reduced. We continue ramping up contract signing in 2024 and in the first quarter of 2025. We also readjusted profitability of commercial contracts through price adjustments to offset input inflation, along with efficiency and cost reduction initiatives, which contributed to margin expansion in the period. Not everything is positive. Our results remain under pressure from financial expenses, driven by the high CDI rate during the quarter, which further reinforces our focus on the deleveraging strategy. On page four, we show how our revenue is diversified across sectors and segments along the entire logistics chain.
28% of our revenue does not involve trucks and is linked to people and technology, warehousing, interlogistics operations across various sectors of the economy: automotive, capital goods, pulp and paper, ports, terminals, rail hubs, and now airport logistics. 66% of revenue comes from operations involving trucks, both asset-heavy and asset-light, including international transportation of refrigerated and frozen goods, urban distribution of food, beverages, and consumer goods, and dedicated transportation from several industries, such as forestry, automotive, and chemicals, among others. 6% of revenue comes from what we call general cargo, 100% asset-light that offer agility and flexibility to manage demand fluctuations. This is precisely the segment where JSL Digital is expanding, opening a new growth avenue and scalability with efficiency in managing third-party and independent drivers.
In fact, 94% of our revenue is concentrated in services with a high degree of specialization and critical importance in the supply and sales chains of our clients. On page five, we illustrate how our management model works. Our strategy is based on understanding each client's needs in order to deliver the best service. Understand to serve is a core principle in our management. It's not just a marketing slogan. We manage each contract individually. Projects are customized and developed in partnership with our clients. Proper pricing, cost control, and operational efficiency are what ensure the long-term sustainability of each contract, creating productivity gains for both sides. Our people structure includes a Business Director, a Contract Manager, and a Business Manager with autonomy to make fast decisions. The experience of our team ensures quick and efficient ramp-up of new projects.
Recent projects, some of them highly complex, were implemented in record time. The result is delivery with excellence, guaranteeing loyal customers and cross-selling. With that, we have sustainable growth with sustainable and resilient margins and results. On page six, we highlight how scaling organic growth has transformed JSL . You can see the organic CAGR for each company in our portfolio since the quarter of their acquisition. Organic CAGR of 16% since the IPO in the third quarter of [2025]. Consolidated organic CAGR at 16% with growth of 242%. It's worth emphasizing our diversified client base and long-term relationships. We take great pride in the size and quality of our portfolio. Above all, our main commitment is to make each client feel like the most important one because what we know how to do is to understand to serve.
Also important to highlight is the significant number of contracts within the same clients because each one of them has a complete logistics chain: inbound, interlogistics, outbound, transportation, warehousing, internal handling, intermodal terminals, urban distributions, and in some cases, even last mile. JSL is the only logistics operator in the country capable of serving the entire chain. Now, to go over our financials in more detail, I'll turn over to my friend, Guilherme Sampaio, JSL CFO. Guilherme, thanks.
Good morning, everyone. Before we get into the numbers, still on page seven, I want to highlight the volume of new contracts signed: BRL 1.5 billion in the second quarter, adding to the BRL 1.8 billion signed in the first quarter. This BRL 1.5 billion, with an average term of 67 months, was signed primarily with clients in the food and beverage and mining sectors.
One important point: 62% of these new contracts follow the asset-light model, either due to the nature of the project or our decision to lease the fleet for some of them. As a result, net CapEx for the quarter was BRL 18 million. Moving to the numbers, net revenue grew 11% year- over- year, or 13% when excluding the decline in grain transportation revenue at IC Transportes, which we had anticipated when we announced the acquisition. This demonstrates our ability to grow resilient at scale. JSL remains highly diversified, serving over 20 sectors of the economy. In the quarter, 24% of our revenue came from food and beverage, 17% from pulp and paper, and 14% from automotive. Perhaps the most worthy highlight was the growth in e-commerce, up 41% year- over- year.
Just a reminder, we entered the segment with the acquisition of F2J at the end of 2023, and to date, three of our companies already provide services in the sector, each with its own specialization. We see strong potential for growth in this space. Other year-over-year highlights include 24% growth in pulp and paper, 12% in automotive, underscoring our ability to increase share of wallet in more mature industries. As for profitability, we delivered the margin recovery we had committed since [Q4] 2024. We closed the quarter with an EBIT margin of 13.6%, BRL 310 million, and consolidated EBITDA margin of 21.6%, BRL 492 million. Net profit, naturally impacting the base CGI level, came in at BRL 36 million.
The results were only possible thanks to the diligence and agility of our team in repricing projects that had become misaligned, as well as the ramp-up of new contracts already priced with an updated cost of capital and the JSL Scale Program, which focuses on efficiency and cost reduction. It's important to note that we still have some contracts under repricing discussions, and resolving these will support JSL 's margins going forward. Turning to the next slide, we break down the numbers by asset-light and asset-heavy. Asset-light posted revenue of BRL 1.2 billion for the quarter, up 14% over Q2 2024, excluding grains revenue. EBITDA margin in the segment was 22%, BRL 260 million.
Some highlights in asset-light: first, new projects in critical flows for our clients, our core focus; second, dedicated transportation projects, which already use leased fleets; and third, JSL Digital, which grew fourfold versus Q1 2025 and is truly shaping up to be an important new growth avenue for the company. Asset-heavy grew 10% compared to Q2 2024, BRL 1.1 billion in revenue, margin of 20.9%, and EBITDA of BRL 229 million. Here, I want to touch a few points. We introduced more flexibility in some projects by using third-party fleets instead of owned assets, always in partnership with our clients. This affects margin profile slightly down, and this segment also includes contracts still under discussion. Another point is the effect of asset sales. If we look only at service EBITDA, the margin would be 21.3%.
We are fully focused on resolving these matters, and I hope to soon bring positive news to you regarding negotiations and their upside to our consolidated margin. On the next slide, I want to share more about an internal initiative we designed at the end of last year, JSL Scale Program. The main goal here is to identify and capture benefits for JSL's size and scale. We are pursuing efficiency through digitization, synergies, and process optimization. Of course, we fully respect what was agreed with our clients and the operational independence of the companies we've acquired. What we are looking for is precisely the sharing of best practices and operational synergies, replicating actions from one company to another, centralizing where possible, and leveraging digitalization. We've already made solid progress. We have BRL 229 million in cost reductions. We've created an area to fully harness the scale's benefits at a detailed level.
We can talk more about this during the Q&A. Moving to the next slide, capital structure. We ended the quarter with BRL 1.9 billion in liquidity, BRL 1.3 billion in cash, and BRL 500 million in committed credit lines, covering short-term debt by 2.1x . Net debt entered the quarter at BRL 5.8 billion and leveraged to the 3.18x , down from 3.31x in Q1 2025. This already excludes the one-off tax credit from [Sistema S.E.] booked into Q2 2024. This confirms JSL's deleveraging trend, supported by improved working capital dynamics, one of the highlights from the last quarter, and lower CapEx, aligned with our revised investment strategy. In the quarter, cash generated after growth CapEx was BRL 300 million, 20% higher than Q1 2025. With that, I'll hand it back to Ramon, and I'll be available during the Q&A. Ramon?
Thanks, Guilherme. Now, to wrap up, I'd like to share a few final remarks before we open for your questions. We have a business that ensures resilience, even in challenging economic environments. We have the expertise to serve a wide range of sectors and cover all stages of the logistics chain. We remain focused on optimizing capital allocation, with strong potential to reduce leverage. We are advancing structured programs to drive cost reduction and operational efficiency. Our understanding to serve DNA underpins our strong cross-selling potential and ability to secure long-term contracts. Our greatest asset is our 35,000 direct employees and over 50,000 independent partners, all working in sync with engagement and a shared sense of purpose. This is what sets a real team apart from a mere group of people. JSL Digital represents our leap into the digital age, delivering accelerated growth and profitability under our 100% asset-light model.
If you allow me a bit of humor, it is in times of market volatility that men are separated from the boys and the women from the girls. Our strategic advantages, scale, a broad portfolio of services, and customized solutions for all industries are what guarantee our growth with profitability and reliability for our clients. Thank you once again, and we'll open the floor, and Guilherme and I are here to address any questions you may have.
We'll now start the Q&A session for investors and analysts. If you want to ask a question, please click raise your hand and then raise your hand. Once your question has been answered, you can exit the queue by clicking lower hand. If you prefer to submit your question in writing, please type it in the Q&A box, including your name and company. Our first question comes from Mateo Santana from XD. Please, Mr. Santana, you may go on.
Hi, Guilherme, Ramon. Good morning. Thanks for taking my question. I have two. One, first about JSL Digital. You had a number with strong growth compared to the first quarter, a fourfold increase. I'd like to hear what you think is the level this company can get, this level for this new segment of operation. Also, thinking of import tariffs from the U.S. that came into effect, do you think it can have a positive effect considering volumes in the third quarter? For instance, ports had a positive effect. Do you think you could have a similar effect?
Hi, Mateo. Thanks for your question. Let's start with JSL Digital. I think the greatest advantage of this tool is precisely scalability. This is something that is practically limitless. Why? Because it is asset zero.
It depends on a small structure, so it can scale with a very marginal fixed cost, and we are betting on that. Of course, we grew over a smaller base. It was a fourfold increase, but absolute numbers are still not quite material. But we do believe that in a very short time, that can be one of our largest markets. This is a market with giant volumes of cargo and freight, with seasonal demand, which helps us because we can trade in between high times, that is the end of the year, or in between crops. We believe that this is a tool that has huge future potential. As for the Trump tariffs, we do believe we might have direct gains. I'll give an example.
We have a large volume for beef transportation to South American countries with Marfel, with the transportation of frozen and refrigerated cargo to Argentina, Peru, and others. With the beef tariffs, we probably will have lower demand for exports to the U.S., and that will be channeled to South American countries. That's a guess. It hasn't materialized yet because this is very recent, but we do believe we might have a benefit, perhaps more towards the mid-end third quarter and mainly fourth quarter. Guilherme?
Yes, I think that's it. Mateo, just to give you some numbers, again, we do not have a number for JSL Digital specifically, but just to remind you, when we talk about road transportation, you're talking about a market of BRL 600 billion in Brazil, and most of this volume is transported by independent drivers, third parties, contractors.
This tool is a facilitator to bring this volume, especially in a scenario where working capital is limiting, the cost of assets is very high. This tool will position JSL to be the go-between between the large shippers in Brazil and the freighted amounts. We have high hopes. Now, it's just start picking up momentum for us to understand the size it can get. Just to close, I think our major difference compared to other existing platforms is that we have JSL's responsibility in really transporting and delivering cargo. In other platforms, it's just a marketplace. You put together supply and demand. We commit as JSL to really deliver volumes. I think this is the greatest problem for companies. Just to close the subject, I think we've answered your question. If not, just let us know.
Very clear. Thank you very much.
Our next question comes from André Ferreira from Bradesco BBI. Mr. Ferreira?
Hi, good morning, Ramon, Guilherme. Thanks for taking my question. I have two. First is margins. You had an improvement in margins year on year and quarter on quarter. I'd like to explore that a bit, given the change of your base, lease contracts, and others. In asset-light, I would like to understand the margin of lease contracts, not lease contracts, with leased assets compared to the classical asset-light, so to speak, and how intralogistics and warehousing also compare to the average asset-light. In asset-heavy, we did see a deterioration in service margins in the second quarter. I would like to understand why. Also, talking about asset sales in asset-heavy, we do see the pickups bringing prices down.
I would just like to hear an update of when you should end up with this inventory of those assets with worse margin. If I'm not mistaken, last quarter you said one or two quarters, just to see if that's still the case.
Hi, Andrea. I'm going to start answering your question, and then Ramon will add to that. This is Guilherme speaking. Okay. Asset-light. The movement of leasing trucks is still incipient to benefit the margin. This has to be considered. Obviously, when you start leasing assets, you have the depreciation of IFRS 16 within the margin. That changes the level of margin, but still a very small amount since we started with the strategy very recently. Here, perhaps the main points for asset-light are the following. Indeed, we have relevant new projects rolled out at a higher margin profile.
We did mention that in the release, we left some operations, grain transportation, for example, that dragged our margins down. When we compare quarter on quarter, margin evolution is very much connected to contract negotiations, new contracts, and the cost reduction program, and leaving operations that we understood we did not have the right profitability. When you go to asset-heavy, then it's a different profile. In addition to the impact of asset sales that have a different profile of asset-light projects, when you go to services specifically, there is a seasonality. Here, we have the concentration of contracts that have not been resolved yet. Some contracts are still being negotiated with clients. They are relevant. The assets tend to be heavier contracts. We believe we still have an opportunity to expand margins.
Quarter on quarter, there is nothing specific that we can say, "This is it." It's just a normal behavior of the negotiation of contracts month after month. Ramon?
Just to add to the question. First, with regards to asset-light, you're very right. Intralogistics, warehousing projects that are within the segment pull the margin up because you don't have many assets. This is very characteristic. We have more people than equipment. Naturally, that brings EBITDA mainly up. We have been growing this year, particularly in the segment, with major projects both in interlogistics and warehousing. Good projects, good margins, not only because of what I said, but also what Guilherme said, new contracts signed at better results. The deterioration of asset-heavy, I agree with Guilherme, nothing specific. A very small deterioration, really. It's 5%. This is business as usual, you know, quarter on quarter.
There is always, you know, some kind of fluctuation, 5% up or down, because of some specific operation, day-to-day, really, nothing that really causes concern. Okay, André, if it's clear, thank you.
Very clear. Just a follow-up in terms of margins. In the JSL Scale that you showed, the BRL 270 million annualized would be, I'm sorry, BRL 230 million. Are they already generating full benefit, or is that a mapped potential initiatives that are going on, but they are in ramp-up?
I was going to talk about that. These are initiatives that have been mapped, that obviously have not been implemented 100%, and we still do not have the whole benefit in our result. These are amounts with actions that will start execution, and we have already mapped them and estimated the benefits. It hasn't come to the bottom line yet. Not all have been implemented yet.
This is a 12-month benefit. Okay. Yes, it's a 12-month benefit, but it is constant. It will move on also to the next year. We have many actions and ideas and plans to be executed. When you talk about JSL Scale , you're talking about concrete actions. They have a date to start. That's basically the difference.
Okay, thank you.
Have a good day.
Our next question comes from Filipe Nielsen from Citi. Mr. Nielsen?
Hi, everyone. Good morning. Thanks for taking my question. I have a question related to revenues from agribusiness. You did mention, and it was expected, you are removing your focus from this segment, and that has been happening for some quarters now. I would like to hear how much you still have of gains of margin by leaving the segment. A second point is with regards to CapEx.
Just for me to understand, your CapEx was way down this quarter. It was very clear the why. I would just like to understand is that looking forward to the remainder of the year, should we expect CapEx at this level, or do you see any adjustments up or down along the second half of 2025? Thank you.
Hi, Filipe. Thanks for your question. Okay, let's start with the first question. Agribusiness revenues. Let's make it clear. We are specifically talking about the transportation of fertilizers. That is grain transportation. We have other agribusinesses that are very crucial to us, like forestry, mining, farming, machinery, both the transportation of machinery, but also parts. The agribusiness is quite relevant for us, and we expect this business to continue to do well. Grain transportation, specifically our fertilizers that is connected, is a very traded business. Companies operate at very tight margins.
In the model that we had at IC Transportes, we decided to reduce them. I think almost everything, perhaps we have a residual of 10% of what it was like, but with contracts that we understand that are being addressed. With JSL Digital, we might find a way to perform well even in the segment, and we hope so, but with a different structure and a different scenario. As for CapEx, I'll turn to Guilherme.
Hi, Filipe. I think CapEx, you understand what's going on this quarter. Looking forward, we should continue to have low CapEx volumes. Specifically, net CapEx, we should have something perhaps at this level or slightly higher, but not changing the profile of what we delivered in the first and second quarters. Very much connected to our decision of leasing part of our CapEx.
Of course, that always depends, and it's good to make it clear, on the analysis of each case, each project, our capacity to get to the right economics to lease the fleet, but whenever possible, and considering this will continue possible, we'll keep this level of CapEx until the end of the year. If anything changes, then we might change what we are saying. Based on the history of the two last quarters, we believe that we will have CapEx investments. We had BRL 135 million, but net CapEx, we get to something below BRL 50 million.
Okay, very clear. Thank you very much.
Our next question comes from Julia Orsi from JP Morgan. Mrs. Orsi?
Ramon, Guilherme, good morning. I have two questions on my side. First is the optimization and cost reductions. Can you give an idea of what can be implemented in the second half and how much it can contribute to the BRL 230 million annualized for this year? Also, you're talking about deleveraging for the coming quarters. Do you still have room for capital allocation, buyback, or something like that? Thank you.
Hi, Julia. Good morning. Thanks for your question. Okay. The program we are calling JSL Scale is a program that we developed in previous years, but we are evolving with it. It is basically constantly seeking efficiency, that is to do more with less. It has to do with several things: automation of processes. With that, I can reduce headcount. People that did things manually, and now we are doing them digitally. Centralizing processes. The company grew a lot in the past five years. To meet growth, sometimes we don't grow structurally as we wanted.
Sometimes you give away higher efficiency because you want to grow fast. You want to roll out an operation fast. Now we are revisiting everything: centralization of processes, resources, the effective use of some equipment, the routing of cargo delivery to do the same volumes with less trucks, several things. Part of it, we were able to implement in the first half of 2025. I would say 30%, perhaps 40%. Part of the actions we have already implemented in the first half had an effect more towards the end of the half a year and will be more effective in the next half a year. Other things are to be implemented in August, September, etc. What's important, and this is what I said before, is that all these actions are actions that have been mapped and structured. They are not ideals. They are not intentions. They are hard actions.
They are not possibilities. Of course, we might have a problem. Perhaps it does not happen the way we want it. It happens. They are real, concrete actions with date and time to start. I don't know if I answered your question in full. Otherwise, we are here for any follow-up. Guilherme, you answered the second question.
Hi, Julia. About capital allocation, you're right. We have been saying that since the end of last year. There is an intention of JSL accelerating its deleveraging process. The idea is to deleverage the company, and we have described several initiatives, especially a huge focus on making the company's balance sheet lighter and improving operating margins, cash generation, and others. The objectives are indeed being able to translate the evolution of our operating results to our net income. There is not a change in terms of capital allocation strategy, buyback.
M&A are part of our history, and we do mention that a lot. We had eight acquisitions since the IPO, but it's not something that we have to do. We are always very diligent, cautious, and responsible because of the times we are going through. That has to be taken into consideration. I'm not saying it will not happen, but we are going to be a lot more cautious and diligent, both in valuation and also the type of company to be acquired for it to be positive for the whole of the business. No change. We are not going to use our deleveraging to open room in our balance sheet to bring other elements and then leverage the company again. The focus is deleveraging the company, in short.
Okay, thank you very much.
Thank you.
As a reminder, if you want to ask a question, just click on raise hand or type in your question on the Q&A button. Our next question comes from Pedro Tineo from Itaú BBA. Mr. Tineo?
Good morning, everyone. Thanks for taking my question. I have two topics. The first is to try to understand your mindset for the second half of 2025. We saw the new quarters for the contracts for the second quarter. Now we are at the peak of interest rates. You should see some deceleration. How are you considering new contracts for the second half of the year? Together with perhaps a more challenging second half of 2025, I would like to understand asset sales, how you see the market, liquidity, and also initiatives we have had to increase points of sale and therefore the possibility of sale assets. These are my two questions.
Hi, Pedro. Good morning. Thanks for your question. The second half of the year is always the best for us. The third quarter is generally very positive, and the fourth quarter is a mix. Some sectors are very good, the others not as good as the third quarter, but they are the best two quarters of the year. We started the year with high expectations and a bit of an apprehension because we had a scenario of high interest rates, perhaps a more retracted economy. I will admit I expected a tougher first half of the year, and it was not. It was positive in revenues. It was tougher for results. We also navigated well, in our opinion. We have the feeling that the second half is going to be much better because we have no expectations in any segments of problems or segments that are sending signs of contraction.
We are a lot more organized in terms of cost reductions and efficiencies, as I mentioned in previous questions. The greatest benefit of JSL Scale Program should come in the second half of the year. I understand we have everything to close these two quarters well, and therefore a quite reasonable year within the scenario we are talking about. With all this mess of tariffs and everything, between pros and cons, we have more chances to win than to lose because of the clients and segments in which we are inserted. I'm very optimistic about the second half of the year. For the second question, I'm going to start answering it, and Guilherme will add to that. Asset sales. We understand that we are selling well. We have been hitting record sales, and we have large volumes. We compete with even Vamos in the segment.
We haven't had any problems, really. I think we are doing well. Things are flowing. I also believe that we are going to exceed our expectations. Guilherme?
Yes, I think that's it. Talking about asset sales, I think that we are doing our job. We are increasing our reach by asset profile. Our asset profile is obviously based on the projects that we have, and we are trying to increase our coverage, reach with different channels, and things are moving on. We are improving our numbers. The numbers are showing, and it's a matter of execution for the future.
Going back to the second half of the year, I think what is nice to be mentioned, and this is a market reality, with interest rates at this level, you have a profile of small and mid-sized companies that start to show problems to carry on with their operations, and even within relevant clients because you have a high pressure on the price of assets, on interest rates, and etc. This is something that we saw in the third quarter and probably will see further on. We're being contacted to take over some operations immediately because smaller players are having difficulties to carry out their operations. That may be a driver for new businesses for us, which will make the second half of the year have a positive outlook. I think that's it, just to add to what Ramon said.
Very clear. Thank you very much.
Thank you, Pedro.
Our next question comes from Arthur Godoy from Safra. Mr. Godoy, you may go on. Mr. Godoy, you may go on. Your audio is already on, but we cannot hear you. This concludes JSL 's Q&A session. We are going now to turn the floor back to Mr. Alcaraz for his closing remarks.
Everyone, thanks for your questions. Thanks for enabling us to explain our business as final remarks, in addition to what I said in the beginning. I would like to mention our rebuilding of margins. I think that we showed that both in asset-heavy and asset-light operations, and it is a bit of what we said in previous quarters, with new contracts being rolled out, margins start to show. JSL Digital is a highlight, I think, a major driver for growth without increasing our structure. I think it is a very important channel.
That reminds you all that we have AI, all companies more open to digitalization. We believe this is almost a geometric progression. It starts with a ramp-up at some level of inclination, but at some point, it will take off vertiginously. We are being ready for that. The program we call JSL Scale has to do with our size, scale, very well mapped items. This is going to be a major driver to reduce costs and improve efficiency, and that translates into better margins. As Guilherme mentioned, our focus on deleveraging, of course, we have high interest rates and everything, which always affects us. Regardless of that, we are doing our work, and we start to show signs that this will indeed materialize. As I answered in the last question, we are starting a second half of the year, which is the best part of the year for us.
We have everything to have two very positive quarters and close the year well. These are my remarks. Guilherme, I don't know if you want to add anything. If not, I thank you all for joining us. Let's go for the third quarter that has already started a few years ago. Thank you, everyone.
Thanks, everyone, and have a good day.
JSL conference call is now closed. We thank you all for joining us and wish you a good day.