Thank you very much, and thank you for waiting. Thank you for being here. This is a material fact in July 22 of 2022. For those that need simultaneous translation, we have this tool available in the platform. Please click on interpretation on the bottom side of our screen and click on the globe. You can choose English or Portuguese. For those that are listening in English, the option of muting the original audio is on the bottom part. Now, this video conference call is being recorded and will be made available in our RI site where you can see our presentation. Throughout the company's presentation, all participants will have their microphones muted, and subsequently we will have a Q&A session.
Now, the information within this presentation and forward-looking statements during the conference call regarding the prospects and business of the company as projections based on our management regarding the future of Mills. Forward-looking statements are no guarantee of performance here. We have to include market with macroeconomic factors and other factors. Here we have Sérgio Kariya, CEO, Caroline Pepe Leonard, CFO, and Eduardo Lema, Executive Director.
Good morning to everyone, and thank you for taking part in our live. Today is a very important day. We're very proud and happy with an additional step in our new strategic position. Our company, on the next slide. Here we're materializing a new mark of the company's positioning that started in November last year with the new positioning of our brand.
This is a more technological company geared toward our customers, and we pursue the diversification of equipment within our equipment portfolio. We want to be a one-stop shop in the long term and the first step of diversification going into earthmoving equipment. This is an important step in order to put our company in a more relevant market. These are markets that provide revenue predictability, and we also want to broaden our customer verticals. Now, the aerial platform allows us to have strong access to customers. Nonetheless, our contract terms in the mid-term last around eight months. As a company, we are looking for products that could bring more relevant markets to our and with a more predictable cash flow in terms of cash flow and revenue. Aerial platform presents a great diversity in terms of customer verticals.
We have over 8,000 customers in our customer base, and earthmoving equipment will bring more density in verticals where we're not present, like agribusiness. The agribusiness, we have less than 1% of this business, and we will pursue a higher share in this market. On the next slide, you can see the rationale behind why the earthmoving market. As I said, aerial platform is a strong addressable market. Nonetheless, in 2020 it generated a BRL 2.5 billion turnover, and Mills has a strong share of 30%. Aerial platform has 32,000 machines in Brazil, and there is a long path to pave in terms of aerial platforms. We would like to remind you now in the American market they have almost 1 million machines, and in Brazil only 32,000 equipment.
Now, earthmoving equipment generates important opportunities so that we can address a greater market. As you can see on the slide, this is a market of the size of almost ten times of the aerial platform market in 2021. In earthmoving equipment, we have 250,000 equipment in Brazil and low penetration when we think about rentals. Therefore, in our calculations, we have around 60,000 equipment in the hands of rentals. The great growth driver is the conversion to customers that are end users that own and buy these equipment, but now they will start renting this equipment. Another important factor to enter this market. That this is a highly scattered market. Here there is an important consolidation not only to address 60,000 pieces of equipment, but to grow the concept of rental vis-à-vis buying.
As you can see on the lower chart, here we calculate that 10% of the market is in the hands of major players, and there is no rental that has more than 3% of market share. Yes, this is a significant opportunity for the company. Now our next slide. Here we can see that the earthmoving equipment market had a significant growth. Here you can see that there is interest in CAGR since 2017 up till 2021. In 2022, we believe that we will have 33%. We believe that this year we will have 35,000 new machines. During the first four months, we had 8,000 new earthmoving equipment in the market. BRL 6 billion have been invested in these type of equipment. Another factor would be the penetration of rentals. We've been observing this year after year.
In 2017, we had approximately 18% of the earthmoving equipment in the hands of rentals. Now this has gone to 25%. When you see the new equipment, we see around 30% of the machines that are bought going to the hands of rentals. This is an important pathway in Brazil to penetrate this rental concept, to penetrate the rental concept. When you see Brazil, currently we have a very low volume. It's only 25% if we compare ourselves to developed countries like the United States, which has 40% of their equipment with rentals from earthmoving equipment. Now in England, we see 50%. Now, when you analyze the total number of equipment, United States is almost 50% and England 80%. There is a changing trend here.
Now on our next slide, we can see competitive differentials. Why is Mills importantly positioned that will allow us to be a winner here? We have a capillarity of branch offices and a strong commercial structure. We are going to talk about operational excellence and know-how. Our cross-selling synergies with our customers in addition to a sound financial profile and a solid execution integration of M&As. This is the sixth M&A in the last 12 months. When we talk about capillarity and commercial structure, today we have 44 branches of aerial platforms. This gives us. We are second to none. No company has the capillarity that we have. We are opening branch offices. We are expanding ourselves within the country. We want to have more than 50 branches by the end of 2022.
The purchase of Trieng gives us two branches. We will continue expanding and penetrating the rental concept and expand and penetrate our branches in Brazil. Another relevant point, due to our footprint, well, we have spare parts. All of our spare parts are in our branches. We have technicians that are trained in our branches. We have commercial people in each one of our branches. This is why we are differentiated in terms of position when we compare ourselves to the competition. Now, when we talk about operational excellence and know-how, we can see that we have a differentiated concept. We're a global benchmark to understand what the lean methodology is. This was developed by Toyota. This has been applied to our business. That is applied to maintenance equipment for rental. We provide differentiated service to our customers.
All this strength and the differentiation with our aerial platforms of the logistic volume, and they have a robust logistical need. We will use this differential to add value to our earthmoving equipment customers. For you to see how different we are, we're the first company that in Brazil that is part of the IPAF. We are part of the board of IPAF Brazil. We were a finalist during 2021 in IAPA in four categories, as the best training center, best instructors, as a technology innovation company, and best company in the world. We will use all of these points to be winners in the earthmoving equipment market. Now we will talk about synergies and cross-selling. I would like to show you how the aerial platform rental can allow us to grow with earthmoving equipment. Today, we have 8,000 customer.
We've seen 318 customers, and we carried out a survey to see if they had earthmoving equipment. 40% of them have earthmoving equipment. When we add up the number of equipment, this is 1,600 wheel loaders, both. Now this generates the second biggest rental of equipment if we can convert 1,600 equipment in our fleet. Here we have an opportunity to continue growing with our customers, increasing our share of wallet with our earthmoving equipment. Now our next slide, I wanted to show you our inorganic strategy. The company decided to carry out a hybrid movement, not only organic, but to work inorganically. Why Trieng? Why would they bring this competitive difference?
Because the company is a referent in quality and service in the agribusiness, and this is a company recognized by the customers, and even the manufacturer is a very modern company. It's a company with over 20 years of experience. Their business model is based and aligned with our strategy because it joins quality services with highly defined working stations with efficient maintenance. Here you can see the images, the quality of maintenance, the awareness together with our sustainability journey. Here, epoxy paint, environmental control in terms of maintenance. This also gives value to the company. This know-how and the maintenance system, together with all of Mills' knowledge, will allow us to escalate this concept in our company. This is a new fleet with 255 new equipment, average use 2.5 years, only with premium brands.
This means that the cultural operational fit exists. We have an operation that is running. We are going to contribute with good know-how in order to accelerate the earthmoving equipment market. We have experienced executives. Part of their management will continue with us, and they have, like, 20 years of experience. Now Trieng has its gross revenue of BRL 56 million. The value of the fleet, if we were to sell these equipment to the market, it would be BRL 156 million. The contract profile, we want to have more predictability of cash flow and revenue. These are four-year contracts. An EV of transaction that is fair of BRL 134 million. The EV/EBITDA is 4.8 times. Now the tri-dimensional fit, I've mentioned some points, but we allocate our capital efficiently with good internal return.
We also have a relevant market exposing the customer to the agribusiness. In aerial platforms, we have 1%. We will have more exposure, reducing cyclicity. I'd mentioned long-term contracts providing predictability to our cash flow and increasing the share of wallet. We have an important strategic profile. We accelerate ourselves in the market of earthmoving equipment. This acquisition contributes with knowledge, and we are running. If we were to start organically, the lead time of delivery would be too long, and it would take us longer to embark with these equipment. We do have a replicable model, and we can stagger this quickly. The ESG factor, a highly defined process focused on continuous improvement and our customers. We are focused on the environment, and this also provides us a cultural fit.
This means that their strategy is highly aligned. Now on our next slide. Here we have also joined our inorganic strategy to the organic strategy. Yesterday, we announced a CapEx of BRL 225 million in new equipment. Here the idea is to show you how we use this rationale. What is the strategic rationale to choose equipment? Number one. We are focusing on equipment that bring productivity and fuel efficiency. There are a number of OEMs. There are almost nine manufacturers in Brazil, and each equipment model has its own features. The customer many times prefers one type of equipment, so we're choosing more efficient equipment. It could be. The fuel consumption is important. Sometimes these machines work 24 hours. How can we enable this for our customers?
The option of the equipment has to be geared toward the business, what we pursue, could be segments and regions. We will choose equipment that are better applied to the segment where we're focused on the proper mix in order to see the TCO. This is total cost of ownership. When you see the unit economics of an earthmoving equipment, it has a CTV that is slightly higher than aerial platforms. TCO is more important, so the right equipment with the right brand allows us to maximize our return. Best acquisition prices, we understand that we have a negotiation power. With this CapEx, we will focus on three OEMs, and we won't disseminate ourselves in other brands, bringing more logistic efficiency. This will be better for our mechanics, for our technicians. The strategic partnerships, we've always done this with our manufacturer.
We have a 20-year partner there with JLG. Our partnership will be applied also to our earthmoving equipment. To come to an end, here you can see. We have an organizational chart that is differentiated. We have to focus on what we have today. Our core today would be our aerial platforms. This is 80% of the company's revenue. Daniela will continue as Executive Director managing aerial platforms, and Lema will take over. As of today, he is the head of the earthmoving equipment. We will use all the synergies of our branches, all the commercial synergies, but our focus will be separated so that we don't damage the rental business so that we can accelerate and concentrate on the earthmoving equipment market.
Now, this new company, if we add our net revenues with the revenues of Trieng, in 2022, we expect around BRL 1 billion in revenue. Now, the gross result of almost BRL 700 million, 72% margin, which is important. As I mentioned in the unit economics, the margin of aerial platform is high. We're delivering 76% margin. We will have better margins, but we will have an overhead dilution. This will improve our EBITDA margin, and we will have a combined EBITDA margin of 43%. We have partnerships with manufacturers. We have expertise in the rental market. We have the Solaris history. Solaris already worked with earthmoving machines. Azul Argentina has 9% of the company. We've carried out benchmarks with them to contribute in terms of knowledge and accelerate our actions in this market. What do we want?
We want to have efficient capital allocation. We must end after investing. This will be a leveraged company. We are leveraging the company. Therefore, this needs efficiency in the company's capital, and we will embark on a segment not only going after predictability of revenue and the drop in cyclicity. Yes, we will continue focusing on organic movements, but also inorganic movements. I believe that this is the challenge for the company. This is the new Mills that we are presenting to you. Thank you very much.
Now we will initiate the Q&A session. To pose questions, please click on the Q&A icon and please place your name, your company, and language. Soon after, you will receive a message to activate your microphone and your camera. First, our first question comes from Fernanda Recchia , Analyst of BTG Pactual. You will receive a request to open your microphone.
Good morning to all the team. First, congratulations for embarking in the earthmoving equipment market. You have been talking about this, and this is a very important landmark. I have two questions. I would like to know about the life cycle of earthmoving machines. As you mentioned, the Trieng contracts are long-term contracts, but I would like to know about the rationale. After the contracts mature, will there be an overhaul, or is the idea after the first life will you sell your assets? My second question, I would like you to elaborate on the type of contract. You were saying that Trieng, that they focus on the agro market. I would like to elaborate about the yield, the contracts, the type of machinery of Trieng. If you could give us more color regarding these points of Trieng.
Thank you, Fernanda, for your question.
Number one, I would like to mention how Mills operates its assets. We have platforms above 10 years, and we carry out excellent maintenance quality of our machines. This is what guarantees the lifespan. We have extended the lifespan of our machines, and we have capacity of doing an overhaul in our branches. Regarding the earthmoving equipment, this depends on the type of contracts. We are going to adapt the machines to the needs of the customers. There are contracts that run 24 hours, and this means that you will use the machine for less years. There are other machines where you can extend the lifespan. Now, Trieng contracts are strongly dedicated to the agro- sector and highly connected to the sugarcane bagasse.
Although they represent a high amount of hours, they're used a long time, the quality of the machine is excellent, so we can overhaul them, and they can still be used. We do have good knowledge in how to extend the lifespan of the machines through a good overhaul. Sometimes we can work with first life and second life. Regarding the lifespan, when we see the sales value, we try to maximize our return on investment. Depending on the case, we will see what is the best time to sell according to the different family, because the machines have different characteristics. Now, all this historical know-how to buy, how to sell, and how to extend the lifespan of the machines. We will do this with compressors, generators, aerial platforms.
We will do this also with our other equipment. Just to add something here. I believe one of the strengths of the company is due to our capillarity. Now, the first life cycle of the machine in long-term contracts. Our branches will be able to provide more uptime to our customer. Now, during the second life of the machine, it's extremely important to be close to the customer because in the long term, it's 90-100% of the machines are used. When you go to the second life, you diminish a little bit the average of contracts. You continue generating value and revenue with the product. This equipment has a greater turnover. This is why we have to be close to the customer, and we are positioned this of.
This is why we will be able to capture the second cycle in a very profitable way, and we will be able to service our customers in a differentiated fashion. Now, your second question. Trieng performs in the agro sector and the port sector, and especially the agri business is strongly growing. It's becoming more professional. They're migrating to new technologies. So they use more earthmoving machines to manage their properties that are of very important dimensions. Therefore, we do believe that there is a lot to leverage because today Trieng is focused on a radius where they have their base. But, if they have access to Mills' capital, we can leverage the growth, and we can service other regions.
Today they're focused on a certain region, but we do believe that we will be able to leverage our positioning and our footprint, and we will be able to leverage our investment capacity. Just to follow up. I would like to better understand in terms of customers. Are you concentrated in a certain type of customers or is there a diversification in terms of revenue and Trieng? Can you talk about the yield of Trieng's contracts? How is this compared to the contracts that you have with your aerial platforms? It is relevant to mention what was the growth driver of Trieng throughout the years. Their differential is their service quality, the value that they add to their customers, and maximizing uptime and lowering the maximum productivity of the customers. Customers want more Trieng machines, and they don't demand many.
They don't demand a lot from the competition. Today, there is a certain concentration in the number of customers, but mainly because the financial capacity of the company allowed them to buy the machines that were demanded by their customers. We believe that with Mills's capitalization capacity, providing the same quality of service and using Triengl's approach, we can leverage this in our customer base. Today, they are concentrated in some customers, but because of the limitation of capital access. Now yield, it's very. The rates of earthmoving equipment are similar. Well, in the unit economics, we will give you more details, but what we do have is a higher cost regarding the revenue when we compare it to platforms.
It has a lower GMA, so we believe that the EBITDA margin that earthmoving equipment will provide us is very similar to what we have with our aerial platforms. We do know we have a concentration, and we will no longer be concentrated. In Mills, if you see our top customers, they don't account for even 10% of our customers. We're not going to concentrate on one customer or in a sector. No, we're going to diversify. Now, in terms of yields, they're very similar, and aerial platform is less used. And when we have long-term contracts, these machines are used more in terms of AU is lower and GMA is higher. Now, we will give you details of the unit economics, so you can better understand how we see this business.
Thank you very much, and congratulations for this acquisition.
Our next question from Luís Guilherme Barreiros, investor of Eleva Brazil. I would like to know if the company is analyzing M&As for the mining industry, and what about the organic investments?
Guilherme, well, we are going to work organically and inorganically. I believe that our strategy for M&A is looking for opportunities and looking for companies that will add value. We are not going to disclose what industry we're focusing on, but we want to diversify the industries that will contribute with synergies. This is how we see acquisitions from here on. We do have a dedicated M&A team that is analyzing the pipeline, observing opportunities, and we are going to see organic and inorganic movements in order to fulfill the growth that we expect in the upcoming years.
What maximizes the return of investment is the mix of two. Sometimes you have equipment that could be better for organic and other for inorganic. The combination of both side has provided the best results. Next. Now, regarding long-term contract, is there a culture of buying equipment from a specific client? You buy the equipment to rent it to a customer. I believe the Mills' capillarity with the 40 branches. Well, what you could do is map all the companies that have contracts between one and five years with earthmoving equipment, and now they could rent equipment in Brazil through a long-term contract. I don't know. Could you explain this better?
This mapping process. Well, we have been doing this for some time.
In normal times, it is common for long-term contracts to buy equipment that are dedicated to a certain contract according to the specific needs of our customers. Now, currently, well, it is taking some time to receive the machines because of the market conditions, and this is why we've advanced our equipment CapEx. This is what our customers are showing us that they want, and we're going after these contracts. We do believe in this model, and due to our capillarity, we will focus on other type of contracts that are not so specific. These are more common machines. Yes, this will be one of the main sources of growth of the company. Yes, investments to meet certain demands of customers.
Guilherme, from our 8,000 customers, over 130 have earthmoving machines or long-term contracts, or they have their own machines. This shows us, you know, what our target is. This is part of our strategy when we think about long-term contracts. Next question from Pedro Gonzaga. An analyst. Good morning, and congratulations for your transaction. Could you elaborate on your organic expansion? I believe that you've answered part of this question. I believe that you are mapping your customers. Do you believe that you will deliver all your machines by the end of Q1? How many branches are going to receive the machines? And in maintenance, do you have enough mechanics to deal with this growth?
Regarding the machines that we've bought, we're going to receive them during Q4 this year and part on Q1 of next year. Now, we started mapping this over a year ago. We hired a consulting company in order to work with our strategic planning. Therefore, we have a detailed mapping process with the models, machines, segments. We did this with our 318 customers. Now for an M&A, we mapped a number of companies. In these discussions, we identified the best type of machines, and we are also analyzing the different segments within our customers, where we can see the combination of everything, because we only mapped 318 to have a deep sample. We have over 8,000 customers. Well, with all of this, we defined the machines that we had to buy.
Although there is a certain delay in the arrival of these machines, this matches the terms of Caria to start working with people from Trieng. We have market professionals. We've hired, for example, the main technical reference of earthmoving machines with 40-year experience that worked in the main construction companies in the country. We will receive support from the Assis and Santos operations of Trieng for maintenance. We also have other bases. As Carlos has said, we don't want to distract ourselves from the main business, so we will evolve very cautiously. As we're focused on long-term contracts, the idea is as machines arrive, we will send them to our customers. We will use our base, a support maintenance base, but mainly we will work together with our customers. Today, the company has over 400 technicians.
We have a trainee program for of 100 people. This volume and the ability of training people, we will use this to develop and to contract the technicians that are needed for each one of the contracts that we close. I think I've covered all points that were asked in the question. Thank you very much.
Carlos Alberto Sujli, PCG Investments. Good afternoon. Good morning. My question is regarding the federal government Infra Week during 2022, and what is your take on this? Because we have contracted a lot of infrastructure in the upcoming months, and I want to know what Mills' position is regarding this point. Thank you. Carlos, we are highly optimistic. There are BRL 900 billion that have been granted or in a tender by the Ministry of Infrastructure, and this is important for our equipment.
The BRL 800 billion of investment is important not only for our equipment, but also for earthmoving equipment. Therefore, all the infrastructure work, all these projects will demand earthmoving machine. Here we have an opportunity, and this is why the company is optimistic when we think about the market and with Infra Week and all the auctions that were carried out throughout the past years.
The next question from Fabiano Vaz, Nord Research Analyst. You will receive a message to open your microphone.
Well, number one, congratulations for the acquisition. I do have a question regarding to your capital structure. In addition to this acquisition, you will have a sound CapEx, and you will continue analyzing other opportunities. In terms of M&A, and when we analyze the major players that are part of the earthmoving equipment, well, you're starting with a low number.
What do you have in mind in terms of future capital structure in order to come close to these major players?
Fabiano, thank you for the question. Regarding our capital structure, we have a sound and predictable CapEx. This is a company that generates cash. This is a net cash company, and we want to leverage the company. Of course, carefully, and we believe that we will continue paying attention to movements with an average of 1.5 maximum 2 times in the upcoming months. We believe that the company's cash generation and the possibility of better working with our capital structure will allow us to carry out organic or inorganic transactions.
Here we have Rodrigo Schramm from Consenso.
Good morning to everyone. Congratulations, Caria, Caroline. My first question is to better understand how you encourage salespeople.
You are buying a company, buying machines below their price. Why is this company carrying out this transaction with you? What is the transaction like? I know that. I don't know if Lemar is going to lead the earthmoving equipment. How will you be aligned to create value here?
Thank you, Rodrigo. Now, regarding our structure, the structured Trieng, the Assis branch that is higher in terms of volume. The head of the company is the father of the operational head. This person will continue in the company as an operational head, especially in the agro business. Now, the commercial head will also continue managing this business. The operation on the commercial side of the agro business will continue being serviced by the people from Trieng. With ports the same. All these structures, technicians, they will continue in the company.
We also believe that as we have a Trieng structure, as this is a strong pillar for the agro sector, and there are other sectors that can have similar structures like mining industry. Each one of these segments, although they are earth-moving equipments, they have different applications, different types of contracts and conditions and characteristics that have to be adapted to these segments. Therefore, we believe that each one of these segments need different type of structures. Regarding the structure, we're maintaining everything well. Motivation is connected to the capacity of investment to continue growing. This market is capital demanding market and the participation of big players in the market. As Caria said, this is a market that is not consolidated. It is very diversified.
With Mills we can have a better negotiation power, and not only. They, well, they can lose competitiveness in the future. This is what happens with other players that will face difficulties to maintain and grow because of capital limitations, and they will become less competitive. We, like in platforms, there are strong rental players. These players buy cheaper machines and the manufacturers to offset sell more expensive machines to smaller customers. This combination of factors were the main drivers for this decision. As you were able to see, part of the value is in shares, so they can participate with our shares, and they can grow together with us through shares. Our next question from Lucas Marchiori, BTG Pactual analyst. Good morning. Can you hear me? Yes, yes, Lucas, we can hear you.
Thank you for taking my questions. There are two questions.
Now, in addition to the acquisition of Trieng, what are the trends that you see the average price of equipment? Here you're buying a product, a machine that is 40, 50% more expensive than what the competition bought three years ago. Now my question would be if the purchase of machine will be 100% geared toward new vehicles or will you buy semi-new vehicles if you, if you see the price of the machines increasing. Number two, what is your brand strategy? We know that Trieng has a fleet concentrated on a manufacturer. Are you going to continue focused on the manufacturer to have a spare part expertise, and this will provide you an advantage in maintenance, or will you look for other brands and other manufacturers? These would be our main questions. Thank you, Lucas.
Okay, let's take one step back. When we see price, you see our aerial platform business, the positive side of having a smaller cycle, a greater turnover. When you see high inflation and increase of prices of new equipment that we've seen in Brazil, in the world. The rental rates will reach this point so that we have an internal rate and a proper return over capital invested. When you see aerial platforms, we were able to reach this curve, but you reach faster. Now the negative side, because there is less predictability of revenue and flow. This is why we want to have greater or higher long-term contract. Now our customers that don't have long-term contract, we don't see the past. If you analyze, for instance, nine years of assets, they depreciate. In 10 years, all of my equipment have been depreciated.
I'm not going to see it through. I always see the price of replacement. When you see the competition or someone that has long-term contracts, they will have difficulties to transfer the increase of prices. Although there are price readjustments every year, the price is coming, the price is following this recovery of this uptick in price or inflation. I see this as something positive. We are going to embark on this new cycle. Now, regarding our CapEx. Here, through the acquisition, we have a new fleet that was acquired with past prices, and this CapEx of BRL 225 million will be focused on new equipment. Now, the OEMs, now the manufacturers, we are going to diversify. Nonetheless, this will not be a broad diversification. We will continue working with premium brands.
We will continue buying, but our strategy is, if you see, for example, a backhoe, we want to see the best brand that provides the best benefit to our customer. We want to concentrate here. I am going to have a number of OEMs, but I don't want to concentrate. We don't want to disperse it in lines, so you have efficiency of know-how, spare parts, technicians. This is the path that we're following. It is a diversification of brands, of OEMs, but we will try to focus on the product lines. Let's see the most efficient OEM products. No, it's fine. Thank you. Our next question from Maurício Nardini , buy-side analyst from Reach.
Congratulations for your operation. My question is regarding capital allocation. You increased the possibilities of capital allocation with this new business line. You have a buyback program. Okay.
Also, the purchase of aerial platform. What are your expectations? Where is Mills' cash generation going to? What is the leverage expectation for the upcoming year? What will be your pathway regarding capital allocation? Thank you, Mauricio. Regarding capital allocation, this is a blend of everything. We have capital allocation via M&As in our pipeline from earthmoving equipment and platforms. We will continue working inorganically with these two fronts, our buyback program. We have a cash generation that exists, and we believe that it will be driven by growth and organic movements of equipment growth in aerial platforms. When we think about earthmoving equipment, this is a combination of both businesses, organic and inorganic, and we believe that we will have a leverage of maximum 2x.
Our target is 1.5, and perhaps there can be an increase because of an opportunity.
Excellent. Congratulations. Thank you.
As we have no further questions, we will bring our Q&A session to an end, and I would like to hand it over to the company for their final remarks.
Thank you to everyone for your participation. We are at your disposal should you need more information via our investor relations department. Thank you very much to everyone.