Good morning, everyone, and thank you for waiting. Welcome to Raízen's First quarter 2025-2026 Crop Year Earnings Presentation. This presentation is being recorded and will be available at the company's IR website at ir.raizen.com.br and also at Raízen's official YouTube channel. To choose your preferred language, just click on the interpretation button at the globe icon at the bottom of your screen and select English or Portuguese. Once you've done that, you can also choose to mute the original audio. We would like to inform you that all participants will be on listen-only mode during the company's presentation, after which we will start the Q&A session when further instructions will be provided. Before proceeding, we would like to clarify that any forward-looking statements are made based on Raízen's management in view of information currently available to the company.
These statements may involve risks and uncertainties as they relate to future events and therefore depend on circumstances that may or may not occur. Investors, analysts, and journalists should also be aware that events related to the macroeconomic scenario, the industry, and other factors could also cause results to differ materially from those expressed in such forward-looking statements. Joining us today are the following company executives: Nelson Gomes, CEO; Rafael Bergman, CFO; and Phillipe Casale, Head of IR. I would now like to turn the floor over to Mr. Casale for his presentation. You may proceed, sir.
Good morning, everyone, and thank you for joining us to Raízen's conference call to present the results for the first quarter of this new crop year, 2025-2026.
I would like to start by saying that we made some important progress in executing our strategy, but also we had some short-term challenges that affected the operating results of this period, especially in the Ethanol, Sugar, and Bioenergy segment and in fuel distribution in Argentina. As shown in the chart, these two segments were the main drivers of the decrease in Consolidated Adjusted EBITDA year-on-year. On the structural front of this first quarter, I would like to highlight two initiatives that were very much aligned with our operating plan disclosed in May. Firstly, we had cost reduction. There was a 20% reduction in G&A expenses across the company, excluding a provision in ESB related to the structure optimization. This represents BRL 147 million in efficiency gains when compared to the same period last year. The second point is our capital allocation discipline.
Investments were down by 23% in the quarter when compared to the same period last year, and this is also in line with our annual plan, our investment plan for 2025 and 2026. Now, let's move to the highlights per segment, starting with Ethanol, Sugar, and Bioenergy. The beginning of the season was quite challenging for the entire industry, and that was due to three main factors. We started with dry weather and fires in the second half of the previous crop, and during the off-season, we experienced less rainfall when compared to our historical record, and this also limited cane development. Also in the quarter, we had above-average rainfall delaying harvesting, and by the same token, this increased costs due to lower capacity use.
It's also important to bear in mind that in the same period of last year, which is the comparison base, we had favorable weather for crushing, and that also included volumes from the UMB mill, which was idle this year. On the positive side, we were able to maximize sugar production and sales with prices that are in line with hedge contracts. Nearly all the current crop is hedged at around BRL 1.13 per pound, securing solid margins for this crop year. In Ethanol, production and sales were lower, but prices were about 10% higher year- over- year, supported by stronger domestic demand. In E2G, production was up 41% with growth both at the Bonfim unit, but also we had the startup of Univalem and Baía, both contributing to this better volume. Both plants are operating as planned.
We were able to apply all the lessons learned from previous phases, mainly with the Bonfim plant, and now our focus remains on operational stability, process consistency, and also safety of the E2G operation. As for bioenergy, lower crushing also had an impact because we had lower biomass availability, and with that, prices were slightly higher, reflecting our pricing strategy for uncontracted energy. ESB EBITDA, therefore, reflects higher sugar volumes, better Raízen prices across products, both Sugar, Ethanol, and also Bioenergy, in addition to structural gains we had in terms of OpEx efficiency. These effects were offset by higher costs from lower crushing and by a strong comparison base that last year benefited from tax credits and energy contract revaluation. This is quite apparent when we look at the adjusted EBITDA year-on-year, as you can see in the chart. Now we'll move on to fuel distribution in Brazil.
Our performance was quite solid this quarter. We had higher sales volume, especially in diesel and lubricants. We were also able to capture structure efficiency gains in fuel distribution in Brazil, adding BRL 10 per cubic meter of benefits when you compare to the same period of last year. This is a direct benefit to our operating margin this quarter. We also posted strong supply management with an assertive trading strategy and commercial execution, which ensured better margins when compared to the same margins last year. This combination of factors allowed us to offset inventory losses in diesel and gasoline once we look at prices behavior in the quarter. Last year, the same line showed a gain. The sector still faces high informality, and we continue to advocate for stronger action against unfair competition, which is key for industry growth, for society and government revenue.
Through the Instituto Combustível Legal , we continue to support all the initiatives to fight this illegal market activity. Now let's move on to fuel distribution in Argentina. We maintain consistent operations. We expanded our network and contracted customers, while at the same time we focused on higher margin segments. However, this quarter we had two temporary factors that affected results. The first was that we had longer than planned maintenance at the Buenos Aires refinery. The second point is just like in Brazil, we also had inventory losses in addition to currency volatility. These two or three factors, including foreign exchange variations, caused us to have short-term price pass-through. Without these effects, our adjusted EBITDA margin year-on-year would be similar to that of last year. Finally, we are advancing investments to improve the refinery's operating and energy efficiency with the completion of the project expected later this crop year.
Now I will talk about Raízen's consolidated financial results. Before reviewing the full cash flow statement, let me highlight operating cash flow. As shown in our results, Raízen remains focused on straightening our debt profile through liability management, seeking more efficient funding with longer maturities, while at the same time we maintain a very robust liquidity position. In line with this, this quarter we refinanced BRL 8.9 billion in supplier financing into long-term debt. This process had been gradually occurring, but this quarter we decided to accelerate the process. As shown on the chart, we can highlight this move.
If we were to exclude the effect of deselected working capital items, and here I'm mainly referring to the reduction of supplier financing and also non-renewal of some customer advanced lines, we reduced by BRL 2 billion what would have been cash consumption this quarter when compared to the same period of last year. This reflects more efficient management of recurring working capital at Raízen, and it is wise to remember that this quarter has a seasonality which is more demanding. Now let's talk about our free cash flow. When we look at lower cash consumption in the investment line, this reflects a drop in CapEx level, contributing to the optimization of our capital structure. If we recall the investment plan, we are already pointing out to lower investments this year when compared to the historical investments by the company. Financing cash flow reflects higher net funding in the period.
Moving to our last slide of the presentation, I would like to highlight two of the main factors that affected net debt to adjusted EBITDA ratio for the last 12 months this quarter. The first factor is seasonal working capital use plus the management actions already mentioned. The second point is our lower adjusted EBITDA compared to a base that included one-off gains that were recognized in the metric of last year, but they were not present in the last 12 months. I would like to emphasize that we remain committed to strengthening our capital structure with a very clear objective of creating shareholder value while reducing leverage. Now I'll call Nelson Gomes, our CEO, for his initial remarks before we move on to the Q&A session. Thank you.
Good morning, everyone. Thank you very much for joining us in this first quarter of the crop year 2025-2026.
As we commented in our last call, with this crop year, we initiate a new cycle at Raízen under our management. This cycle will focus on simplification, efficiency. We will focus on our core business, and we will also focus on strengthening our capital structure. I will give you a few more details in my initial remarks. Starting with simplification, I do believe that we made important advances. First, in the way we communicate, both internally and externally through our financial earnings report. We've been trying to simplify our portfolio. We made advances in our divestment strategy. We sold two sugar and ethanol producing units, two mills, one in Leme and UMB. More recently, we hibernated Santa Luzia, and now we are operating, in terms of ESB, 27 mills. We also sold distributed cogeneration plants in a good part of our projects.
With that, we concluded our JV with the Gera Group, which had the purpose of working on the G projects. With that, this objective was fulfilled. Speaking about efficiency, we changed our organizational structure, and now we are focusing on three core businesses: ESB, Ethanol, Sugar, and Bioenergy, fuel distribution in Brazil, and also our fuel business in Argentina. We also optimized our entire corporate and operating structure, which led to an SG&A reduction of approximately 20% when compared to the same quarter of the previous year. Now, speaking about our focus in the core business, I have some ESB examples. We reviewed the scope of our trading and reselling operation, reviewing all the complexities of the day-to-day operation. Our sugar mix has improved. We have production stability in two E2G plants, and we have a very robust plan to increase agricultural productivity in the coming quarters and years.
Speaking about fuels in Brazil, in this past quarter, we increased volume with improved margins both in fuels, but also in lubricants, and growth is continuing in a very profitable way. Still referring to fuels in Brazil, we manage our supplies better, and inventory levels are better. Now our inventories are slightly lower with no detriment to our supply contracts. Speaking about Argentina, volumes are growing. We are continuing our investments to upgrade the refinery, and this also involves the energy efficiency of the plant. Speaking now about capital structure, we replaced some short-term working capital facilities by more competitive long-term debt. We extended the debt maturity, as Casale mentioned during his presentation, and this move explains a great part of the increase in our debt position this quarter. We preserved our cash, meaning that our liquidity position is quite robust at the end of the quarter.
Since the beginning of our management, we also had BRL 3.6 billion in divestments, of which BRL 2.6 billion will become cash within this crop year. Finally, last but not least, talking about our investments, we posted a 23% reduction year-on-year in keeping with the reduction CapEx plan. Very much focused on our discipline of capital allocation, focusing on the safety of the operations, also focusing on the maintenance of the sugar cane fields in the region, both in Brazil and Argentina, and also in the conclusion of the E2G projects in Vale do Rosario, and also, as I said, the conclusion of the refinery in Argentina. Therefore, this is a brief summary of the quarter just to give you some more light. I think now we can go to the Q&A session. Thank you very much.
We will now start the Q&A session for investors and analysts.
This quarter, the Q&A session will be conducted in Portuguese with simultaneous translation into English. If you have a question, please click on the raise hand button. Once your question is answered, you can leave the queue by clicking in, you know, lower your hand. We would urge any analyst to ask just one question. You can also ask questions using the Q&A icon that is located in the lower part of your screen. Just click there and write down your question. Our first question comes from Gabriel Barra from Citi.
Good morning, Nelson, Bergman, and Casale. Thank you for taking my question. I just have one question. I think one of the things that drew my attention by looking at the results is that when you talk about your net debt, you mentioned that the company, I think this is the first time I see it in a release, the company talked about a possible funding. I mean, since Nelson joined the company as CEO in November of 2024, we've been talking about a deeper turnaround process of the company. I think in Nelson's final remarks, he talked about capital allocation, investments, and sale of assets. This is the first time I see the discussion about funding. How are you looking at this process together with that turnaround aspect and divestments? How should we look at the timeline?
In terms of size and considering the sale of assets, if one thing is very much related to another and whether this capital allocation will be done anyway, given the fact that you will have a successful divestment. Nelson or Bergman, if you could help me out with that, I think this will allow me to see what will be the next steps of the company in terms of capital structure. Thank you.
Hi, Gabriel. This is Rafael. Thank you for your question. I will just review the context to clarify the answer. In our journey, we already said that this is a two to three-year journey that consists of transformation and simplification of our portfolio. The simplification journey, when it comes to how we organize ourselves, has already started, and this has already borne results.
The journey of efficiency is quite visible when it comes to the attention given to it. The divestment journey follows a certain pace, and this is already also showing results. The divested assets and those that we are still analyzing are all assets that, in our view, have less synergies with the portfolio or the remaining ideal portfolio for us to have a focus and good profitability. The divestment journey will continue, and we are giving continuity to the process. This is something that will advance, and you will be able to see what's coming in the next quarters.
Since we arrived in the company, given the fact that we acknowledge that this is not a short-term journey and the starting point when it comes to capital structure, and now I'm referring to a very broad, you know, capital structure and the quality of assets, was a very challenging starting point because of the investment levels that the company had in the past years. Also, considering more challenging results in the past few years, we made a decision to improve the debt profile and the profile of the assets of the company. Therefore, when you look at the debt position reported this quarter, I think this reflects our strategy, our deliberate strategy to improve the quality of our liability. Naturally, in any process like this, I mean, this is a lengthy process, and we are very confident in this process.
It's just natural for us to analyze ways to reduce the risk of our plan, but by the same token, how we can expedite the journey. Therefore, we are now talking a lot about it, and we are analyzing a possible capitalization. I would like to just make very clear that right now we do not have any details or any certainty about a potential operation. We just have a very active conversation that involves the controllers because this company has two controllers. Therefore, it's just natural that this requires a good coordination between Shell and Cosan so that we can evaluate mechanisms to expedite the journey and reduce the risk when it comes to reducing risks because we are very clear and confident that this will be a successful operation. Right now, I don't have any further details to share with you. I'm just sharing the rationale behind it.
Okay. Thank you.
Thank you. That was a very clear answer.
Our next question is from Matheus Enfeldt with UBS.
Good morning, Nelson, Bergman, and Casale. First of all, I would like to praise your earnings release. My question is about efficiency. I would just like to get a better understanding about that G&A reduction because if you look at that BRL 100 million or BRL 150 million in reduction that you posted in your results, that means BRL 500 million, BRL 600 million in savings during the year. Maybe in the first quarter, you had what you expected in terms of efficiency gains impacting EBITDA.
My question is whether it would be fair to think about this being a recurring level going forward or whether you still see further benefits or whether you should see something similar to that and whether you can also see some efficiency gains thinking about CapEx, whether that BRL 7 billion or BRL 7.5 billion of recurring CapEx would have any impact on efficiency and SG&A also. Thank you.
Hi, Matheus. This is Rafael. Thank you, first of all, for your comment. We should like to praise the IR team for their work. About efficiency, I think we posted an efficiency guidance of about BRL 500,000 , and the first quarter just shows that we are on the right track to deliver to what we said, and we see a recurring improvement in the efficiency level of the company in terms of our admin structure.
Mainly, Matheus, to your point, this is the consolidation of this very severe discipline that we've implemented since we arrived here. The company was focused on growth projects with incentives for people to go after new projects and new initiatives. Once we arrived here and we made clear that we will focus in our core business, that we have to simplify, and that we have to eliminate the risk from the business, once this message is then understood by all areas of the company, that's when we see gains being translated into better results in these lines. Therefore, we are very confident that this new culture is quite ingrained in our teams, and we will seek further efficiencies. Once again, we will preserve the integrity, safety of our teams, the focus on our brand because this is a very relevant brand. All of that remains.
CapEx, Matheus, comes from a period where it was quite high with peak investments in several projects and what remains of that growth. CapEx is, in fact, the conclusion of the E2G projects that were already in progress. We decided to continue with the construction of these projects and also the conclusion of investments to upgrade our refinery in Buenos Aires. Therefore, it's just natural to see a CapEx reduction. In terms of recurring CapEx, the same mindset that is reflecting in better results in SG&A, we are certain that with time, this will have an impact in our recurring CapEx. Certainly, we are totally committed to maintaining the quality of our assets in general. Part of the portfolio actions that we are now executing will lead to a reduction in recurring CapEx.
Whenever we talk about divestments or idleness of ESB mills, we are referring to assets that demand high recurring CapEx for the industry and also the agricultural side of the business. With that, we can see optimization of recurring CapEx as a result of the portfolio actions. In general terms, given the fact that we will continue to put great focus on our distribution, I mean, fuel distribution assets in Brazil, as we make important advances in ESB in our ESB portfolio, our risk profile of the business will also show changes on the positive side since the fuel distribution business has greater profitability, and we also have a higher cash generation profile. That is why we are very confident that that CapEx will evolve on the positive side.
That is very clear. Thank you very much.
Our next question comes from Thiago Duarte with BTG. Good morning.
Good morning, everyone. Nelson, Rafael, and Felipe. I would like to discuss two points related to ESB. First, when you look at this more challenging quarter in terms of profitability, the quality of the sugarcane fields and yields, I mean, this is across the board. If you think about the center-south region of Brazil, I would, first of all, like to understand whether this has any implication in your crop plan that you posted for the first quarter, especially in terms of crushing of 72 tons, 75 tons adjusting now for the sugarcane from Santa Luzia. Still on that note, not only thinking about the assets that were divested and also thinking about the next ones in terms of the new mills that you may turn idle or sell.
Do you have any projection or any readings about the profitability gains that these assets that are leaving the portfolio, that in my view are assets that are underperforming when you compare to the other 27 mills? What kind of gains that these divestments should bring to your ESB business in terms of profitability? I do not know if you would have anything that you can tell me that would allow me to project profitability going forward. Thank you.
Thiago, thank you very much for the question. I will start with the first part of your question, and Bergman can add to that. In May, we released our operating plan that showed 72 million tons-7 5 million tons. That plan contemplated a higher challenge because we are already seeing in the quality of the cane, given the scenario of last year.
During the call, I referred to the drought and the fires that occurred in the second half of the year and the off-season that had lower rainfall. This already posted bigger challenges in terms of the availability of sugar cane for this year. This is already contemplated in the guidance projection for crushing of 72 million tons- 75 million tons today. I think we have to look from the middle point downwards, given all the challenges, and this will reflect on Brazil's sugar and ethanol production.
This may also give some benefits on the price side because even though a bigger mix in Brazil and the mix that we have at Raízen will also put more pressure on the supply and demand, for ethanol, we are seeing price behaviors that not only reflect an increase in demand for the implementation of E30, but it also reflects the lower mix and a lower production or output that Brazil should have this year.
Thiago, I will now answer the second part of your question. First of all, I would like to emphasize that we like the ESB business. We see this as a very strategic business for the company, and we also believe that it could be more profitable with time. It could be more profitable because there are different avenues.
One avenue is the one you mentioned, which is eventually divesting, or if I take the example of Santa Luzia, maybe we can hibernate some, you know, underperforming assets. Sometimes the asset is not profitable to us due to its location, but it could be profitable to other third parties due to, like, optimization of maintenance structures or access to raw materials. Therefore, these are assets that could be valuable to other people, to other companies. That's why we have to analyze that divestment. We also have a journey of the remaining assets, regardless of the assets that will be divested or hibernated. It's a matter of efficiency. In the case of ESB, it's also a matter of productivity. I mean, this journey has proven to be beneficial, but there's still a lot more to be done, and we acknowledge that.
When we talk about the final result of that journey, we have to consider all these elements. Eventually, having a leaner portfolio and with more synergies is crucial to us, and also a scalable portfolio because we cannot let go of scale. Of course, I don't need 27 mills to have scale to optimize the operations or a production volume to have a relevant footprint in the market. Even if we have a lower scale, it will still be a gigantic scale. Certainly, this midterm job involves efficiency gains and productivity. Therefore, we are very confident that throughout the journey, the portfolio would be better with more synergies and, by the same token, more profitable. Thank you.
Our next question is from Isabella Simonato with Bank of America.
Good morning, Nelson, Bergman, Casale. Thank you for taking my question.
I would like to revisit your leverage, net debt to EBITDA ratio. Your moves are very clear and the purpose behind it as well. In fact, the debt position is quite high, and I understand that it should go down throughout the year as you release working capital. I would like to hear from you. What is your view about the necessary leverage for the business, given all of the other measures that you're also putting in place? You talked a lot about CapEx reduction, margin improvement, etc., etc. What is it necessary for Raízen to have a consistent cash generation over time? We hear a lot, people potential sale of assets, and then we try to look at what would be a more normalized leverage level. I would just like to hear from you.
What is the magnitude and the path of your actions to arrive at a comfortable leverage? My second question, also on the subject of ESB, I know that this first quarter was quite challenging, but we saw a marginal acceleration in crushing in the center-south of the country. What will be the unit cost going forward and at the end of the crop season, just so I can have a better idea of how I should look at the profitability at the end of the crop year? Thank you.
Isabella, this is Phillipe. I will answer the second question, and Rafael will then add to that. Obviously, in this first quarter, we go through a period where cost dilution was quite relevant, meaning that it carries an effect to cost in the quarter, which is quite clear given the lower dilution we had.
Throughout the year, as we advance crushing, and we've had some advances in the past weeks, we can improve the metrics, certainly looking at their dilution effect and also looking at all of the other initiatives the company is doing, not only in terms of expenses, but in the operation itself. We will see over the years, in the midterm, we will see an operating improvement. This certainly will depend on crushing levels, but this will tend to be more or less affected vis-à-vis the potential of fixed cost dilution.
Hi, Isabella. This is Rafael. I will answer your first question. First of all, I would like to stress that part of this move in terms of our debt has to do with our decision to optimize liability terms and competitive costs and reinforce the liquidity of the company.
At the end of June, our cash was BRL 15 billion in addition to our credit facility with international banks of another BRL 1 billion. After the closing of the quarter, we also had additional funding of about BRL 6 billion. That was a strategic decision by the company to operate with cash liquidity levels much higher than our historical numbers so that we could face this transformation period in a more comfortable position. The initiatives that we are pursuing, Isabella, are now beginning to show that, structurally speaking, none of the other structural things in ESB, as you pointed out, but these are structural moves that will certainly lead to a better cash generation profile. In terms of leverage metrics, because I know everybody looks to net debt to EBITDA ratio as a stronger denominator, that is a very sensitive metric.
In regards to divestments, we are obviously seeking to arrive at an ideal asset portfolio so that we could have good scale in the businesses that we want to have, while at the same time, we want to reduce our net debt position. Excluding the metric, operating with high debt tends to be more costly, and that also brings in more risk rather than when you operate with a lower risk. We want to reduce the total of net debt of the company in absolute terms. Obviously, when you look at leverage and you refer to the ideal leverage level, this involves several elements. Today, we are operating at interest levels at its peak. Naturally, for a company with a debt position that we have, this puts pressure in cash generation. It's a relevant pressure.
Therefore, we believe we see two effects: the reduction of the debt as a whole and eventually the beginning of a cycle of further cost reductions brought about by this debt. Portfolio moves that we will continue to do, in our view, bring relevant improvements to the risk profile of the business. This is certainly one parameter when we look at the ideal leverage of the company. What we are focusing on now, Isabella, is certainly a combination of all these elements that will lead the company to generate cash organically. This is not the year where this will happen because we have to make other improvements. Also, you know, operating improvement and portfolio management, we still have high interest rates and high debt, but in fact, we have to see the company generating organic cash, meaning that we still have some way to go until we achieve that goal.
Excellent. Thank you very much.
Our next question is from Pedro Fonseca with XP.
Good morning, Nelson, Rafael, and Casale. Thank you for taking my question. Before, I would like to reiterate what my colleagues said and congratulate you for the change in the reporting of the results because it's much easier for us now to do our analysis. My question is about trading volumes of sugar and ethanol. You mentioned during the presentation all of the initiatives to probably, you know, reduce the size of the business and focus on your core business. When you look at the quarter, I mean, if we're doing the calculation right, it seems to be that sugar and ethanol volumes were around 30% higher than the volume of your own sugar and ethanol.
My question is, would it make sense to believe that this level of commodity trading will be maintained in the next quarters, given the fact that the first quarter maybe you would have lower availability of product? Also, when you look at the trading margin, the impression we have is that we're still under pressure this quarter. My question is, what could we expect in terms of trading margins by the end of the crop year? Thank you. That was my question.
Pedro, I will answer that, and then they can add to my answer. In this first quarter, we saw the effect of everything we did in terms of divestments last year. You might recall that in the third and fourth quarters, we started to reorganize the operation of the trading sector. This year, we started off much more focused on the ethanol and sugar business.
Obviously, we don't have any guidance or any reference to share with you in terms of how much volume, you know, of trading quarter- on- quarter because this certainly goes through all the opportunities we see in the market. What I can tell you is that we will maintain operations that are related to our core business. Eventually, to originate ethanol and to sell ethanol, thinking about the integration that our businesses have makes sense. Looking at the sugar market for reselling and trading, we will look, you know, at things that are related to our core business. These operations tend to bring about less volatility and less risk to our balance sheet. From now on, what you should see are lower volumes when compared to what we did in the past in terms of reselling and trading, but profitability is much more adequate to this type of operation.
This quarter, if you compare it to the first quarter of last year, you would see an evolution in trading results, and they are contemplated in the EBITDA explanation from our earnings release. This is part of our global Sugar and ethanol business.
Pedro, I will just add to what Casale said. First of all, I will say that the changes we made maintain trading as a very strategic part of our business. It is simply no longer a separate unit of the business. Now, since this is very strategic to our business, it is mainly related to the main businesses of the company. We say that this is a very capable area with good intelligence to originate the products we need for our distribution network, and this is crucial to the strategy of our business. This is something that we do not let go.
To the ESB business, this is an area that has intelligence and the commercial reach to maximize the value of the products we sell, while at the same time, we maintain the market channels well supplied. That is why Casale said that when we continue to originate ethanol, this will remain crucial to us. Obviously, with an aggregated risk profile, which is lower than what we had in the past, now we prefer to be less exposed to risk and less exposed to upside risk as well because we are focusing on de-risking. We will ensure the trade value to the main businesses of the company. Thank you, Pedro.
It is very clear. Thank you.
The Q&A session is now concluded. Questions in writing that were not answered during this presentation will be answered by our investor relations team. Now, I will turn the floor back to Mr.
Nelson Gomes for his final remarks.
Thank you once again for joining us today. Thank you for your interest, for your questions, and for the feedback. Please, I urge you to keep sending us the feedback to our IR team because this will help us in our simplification journey, and this will help us to improve our communication with you. On our side, we will remain focused on our operating plan and our investment plan. Mainly, we are focused on the continuity of all structural advances that we need to do to support our long-term strategy. Therefore, count on us. Any follow-up question, please talk to our IR team, and I hope to see you in our next earnings release presentation.
With that, we conclude the first quarter presentation for the 2025-2026 crop year of Raízen S.A.
The Investor Relations team of the company is available to clarify any additional questions. Thank you for joining us, and have a very good afternoon.