You are all most welcome to SBF video conference to discuss the results for the first quarter of 2024. May we proceed to the first slide, please? I will share some highlights of this quarter, and then I will give the floor to Salazar, who will go in depth into the earnings results of our company. By the end of this conference, we can get your questions or anything you'd like to know about the company's quarter's results. Our first quarter, 2024, results showed that the strategic planning has been executed as expected for the third quarter since we had announced our strategy to deliver cash generation throughout our net margin.
We had foreseen that for the next 30 months that would be the focus of the company, and we are quite pleased with our results as we understand that they describe that the company has been able to execute its planning as it had been forecast and planned. That is able thanks to a net profit that we were able to reach thanks to the expansion of gross margins since that quarter, which was of 48.8%, which shows some growth in relation to the last quarter of 2023. Such a recomposition will be gradual, and we have 2.8 basis points, and we are very glad to be able to deliver such an expansion right in the first quarter of the year.
In addition, we are able to keep the control of the company's expenses where we were able to reduce in almost 3.0 basis points in comparison to the same period last year, 2023, last quarter. Such a combination of controlled expenses and gross margin were able to lead to a growth of 19.1% in EBITDA in the quarter and 213% in net income. Similarly, we keep our focus in reduction in net debt, and the main leverage for that is thanks to our control in the working capital. Our company has seen an improvement of 35 days in our financial cycle where the net income over EBITDA in March 2024 was 31.2%-fold in comparison to the same period last year. That number was 2.86 fold.
Therefore, we were very aggressive in decreasing that percentage, and we kept moving our trajectory forward with a very significant cash generation in the fourth quarter, and we keep moving towards that goal, which is quite above what we have seen in the first quarter, 2024. Right now, we are not in the best cash generation for the retail market with 31.2%- fold and net profit in the past 12 months. And how each one of the quarters are being made in our turnover cycle, the company in the past 12 months has reached an EBITDA which has grown 31%. Exchanged the first quarter of 2023 to the first quarter, 2024, a net profit of BRL 263 million and a net profit of BRL 263.7 million and an EBITDA of BRL 623 million. We have seen then a growth in relation to the past quarter.
Such an indicator will keep moving ahead as our main priority is cash generation and generate net income. So, as the quarters will go by, the LTM figures should be heading up, and that is our priority. Switching to our next slide on a SBF overview and a continuity of our trajectory, the net revenue charts, they highlight that the company has a very significant growth since our IPO and BRL 2.5 billion net revenue that went up to BRL 7 billion in 2023. All of that thanks to an increase in the Centauro income and 83% of brick-and-mortar stores. We have not only brick-and-mortar but digital stores and wholesale, 20%. So, the company has lots of opportunities ahead. However, it did not have an alignment between profits and cash. Therefore, that was our main emphasis.
I would like to highlight below on the left our quarter EBITDA growth, 1.6%, EBITDA growth, 19.1%, and that has been our main priority. With a revenue increase which is not necessary, of course, that the company has a certain trend for growth and increase taking into account our main efforts, but our priority is to control our expenses and to reset our gross margin together with the reduction of our net debt that will lead to a very significant net income as we have just seen in the first quarter, 2024. Before getting to the business units, let me highlight some important figures. I have six highlights, actually.
First quarter, BRL 1.9 billion net income where we have 1.8 basis point growth, a gross margin of 48.8% with SG&A of 38.2% leading to BRL 159 million EBITDA, 19.1% growth, and a net profit of BRL 53 million, leverage 1.33-fold, which is half of the same rate as to last year. Now getting to the business units, Centauro has had a very good half with 5.3 versus the first quarter, 2023, in terms of gross revenue in the first quarter, 2024. That is due to a 4.2% growth in gross sales per square meter of Centauro, gross margin of 49.4% thanks to a number of initiatives that are being taken by our team to recover our growth in gross sales per square meter.
That is aligned to that gross margin of 49.4% in the first quarter, 2024, 2.1 basis points versus the same quarter, 2023, and sequential expansion aligned to our sales per square meter that will leverage that above our SG&A growth, which will gradually reposition our Centauro's margins growth. We have done some adjustments in the digital last year, and this quarter, once we have a very well-established baseline, we have a digital growth of 2.4% maintaining expected profitability. That is a new era of recovery for digital growth for Centauro. And moreover, we are doing relevant efforts in our expenses, but not based on the service which we deliver to our customers. Our initiatives, they are based on efficiency, and our own way to control it is to look after our NPS. And this quarter expansion in digital channel NPS amounts to 11 percentage points, which is very significant.
How about Fisia, on the other hand? The main highlight for Fisia is on our own channel growth, BRL 1.1 billion gross revenue in the first quarter, 2.3% growth versus first quarter 2023. Our own channels, brick-and-mortar stores had a significant growth, 28.4% in brick-and-mortar stores and also same-store sales of NVS of 11.6% and Nike.com.br, 8.4%. The direct consumer channel for Fisia had a very significant half for the top line, and we have 53.9% with 5.9 percentage points. We have a pre-sales which takes place nine months in advance, and our inventory reduction and some discounts that we made last year had some sort of impact with our wholesale channels and customers where they have, once again, to reset their inventories. Together, we are trying to set a new pathway. Our goal is to rebalance the company's growth.
As there is a certain delay, we would expect and anticipate the wholesale results that cannot be changed from night to day, but we are expecting to reach those outcomes in the near future. Our wholesale is carrying out as we had expected for the whole year. And last but not least, another highlight for Fisia was our gross margin of 43.4%, which is exactly the same as the first quarter, 2023, which was very good in terms of margin and a growth of 3.2 percentage points versus the fourth quarter, 2023. We are gradually expanding Fisia's gross margin, and that's exactly what will take the business to deliver a greater net income in the near future. Next, I would like to hand over to Salazar, who will get into the details of the first quarter, 2024 results. Thank you, Pedro, and good morning, everyone.
I will rephrase some aspects which have been mentioned by Pedro. In this net revenue slide, we can clearly see on a longer run the trajectory for 2024. We are increasing our revenue in the past years. We have 24.2%, and we have decided that this year we should work on a safer growth. So, this is a result of 1.6% in the semester, which has been pushed by the wholesale. It's still aligned to what we would expect, but reducing the pace of growth as the company's main goal is to increase profitability and to recover gross margin. That reflects exactly what we are facing right now. Next slide, please. We see some sort of recovery, margin recovery.
As Pedro has mentioned, we have a very tough comparison to the first quarter last year, but in both business units, we see some discount reductions where we have improved our gross margin in relation to the fourth quarter, 2023, in a very significant way, 2.6 percentage points. We keep going on our journey where throughout the year, we are going to remove all discounts that we had to make to reduce our inventory stocks. That allows a very safe trajectory and fully aligned to our planning where we see a transition in reducing or removing discounts in a very stable way, decreasing any sort of unnecessary surprises. Next slide, please.
While we are switching to that way to decrease discounts, another way that we see to increase the company's profitability took place thanks to the SG&A process we took up last year where we had strongly readjusted our company's portfolio. We did not do that over our service quality. The quality of service offered to our customers is exactly the same, but rather we had renegotiated some contracts, and we were able to reduce costs where we decreased the duplication and also reducing our excess of stocks and costs for storage. With that, the company's SG&A has been decreased, and we were able to mitigate that. We have seen 5.3 percentage points reduction, and from a relative perspective, we have almost reached 3.0 percentage points, which indeed have favored the profitability of the company. Next slide, please. Over here, we see outcomes in a short run.
We have 19% EBITDA growth where we see double-digit growth in our EBITDA, almost 1.5 percentage points, reaching 10.6%. In a long run, as Pedro has said, in the past 12 months, we see an increase in the company's profitability around 31% and also the EBITDA margin, which has gone up to 9%, from 7.5%-9%. That shows how successful we have been in our implemented strategy, both in a short run and also in the last 12 months. Also to emphasize what Pedro has said, we believe that will be kept in the next quarters. Next slide, then. We have the same sort of scope, both in a long and middle run, and we see in the last 12 months an increase in our net profit, but not only, also in the quarter, both better than our EBITDA.
Thanks to that other leverage by recovering gross margin, we are able to keep under control our expenses and also reducing the indebtedness of the company. If we are able to do it by increasing the company's leverage, we will be able to decrease our financial expenditures that will reflect in the net income. All of that helps to reach a proper profitability and net income adjusted to our revenue. Next slide, please. Here we see evolution over the last two years, gross revenue, EBITDA adjusted, and net profit. We are increasing our revenue within 15%, and we feel much more solid in the first quarter, 2024, EBITDA 32.5% growth and a net profit adjusted within 39% growth.
In the bottom line, this is a consequence of all initiatives that we are executing where we emphasize gross margin recovery, withholding discounts, a proper control and absolute control of our expenses, but not only reducing the company's leverage, leading to lower financial expenses and a lower average net debt to 2024. Based on these pillars, profitability is expected to grow. Next slide, please. This is very relevant where we see a cash flow management quite healthy in the first half. Our operational management cash flow is much better than last year, and our cash flow position by the beginning of the year has allowed us not to capture debts. Similarly, we have paid some of those debts. We can close the quarter with a very low quarter leverage.
We conclude paying our debts and not being able to raise debts and still BRL 450 million in the company. All of that is aligned to a liquidity allowance of receivables. In addition to the company's leverage being very low, we have quite significant net income, which fills us rest aside, and the company can keep going towards 2024 without any significant issues as that short-term liquidity with no need for new loans or anticipation of receivables. Now proceeding to the last slide before I give the floor back to Pedro. Over here, we see a very significant and strong work done to reduce our need for working capital. We can clearly see our inventory reduction in days thanks to our great optimization work since the second quarter last year.
It takes quite a while to be shown up due to the company's cycle, but we have seen that in the fourth quarter, and that has been kept in the first quarter this year. We also see great average receivables days in the company where we are managing that throughout a fine-tuning in some channels, but none of that will impact the figure's trajectory. Average inventories days, 19.7% with a larger impact on Fisia. As we were able to reduce the purchase to balance our stock, we have less nominal accounts to be paid, payable days, and as I have lower payables accounts, nominal speaking, that is responsible to show a reduction in the payable days average. Once we are able to reach balance and stability, being able to purchase without reducing our inventories, our framework is kept.
We have in the payables accounts something around 95-105 days, and ideally, we want to reach that regular level as time goes by. So, this is just a timely situation due to what we have faced in 2023, but which has been adjusted, and now we see some impacts in the cash flow. And once we are back to our normal rates, our payables will get back to its normal structure. There were no differences in the exchange aspect that we set with our partners. Average receivable days, now -21.4% versus first quarter, 2023. Before I hand over to Pedro, let me highlight this slide. We go from 2.86x with this indebtedness of BRL 1.3 million, and then we see a difference on a quarter where we have a difficult season.
We go from 1.19x to 1.33x, which proves that we have great control in the company's cash flow and in the company's working capital. We see a drop of 38% in the nominal net debt in relation to the first quarter 2023, and a leverage of 1.52x versus the prior year. If we analyze in-depth these slides, the company is reducing its indebtedness in a very framed way. And on a quarter where we have working capital to be ready for the new collections for the next quarter, we see some oscillation from one year to another and BRL 450 million cash and a liquidity of BRL 1.5 billion and BRL 843 million total indebtedness.
That is reflected in our cash flow thanks to a strategy which was implemented since the second quarter last year and which we try to follow the same frequency where we are able to deliver our strategy based on our operations. With that, I would like to hand over to Pedro for his final considerations, and thank you so much for your time and attention. We are now about to start the Q&A session for investors and analysts. In case you would like to ask any questions, please just press the raise hand button. If your question is answered, you can leave the queue by clicking on lower hand. Our first question is from Mr. Guanais from BTG Pactual. You may proceed. Good morning, Pedro. Good morning, Salazar. Two questions from my side. First, regarding prices. How can we foresee the price repass in the year?
As you have mentioned, you have done good work first reducing inventories and now that you have more balanced stock, if you could explore that both for Centauro and Fisia as to escalator prices. And as to SG&A, we had a very significant adjustment without compromise in the level of service. Is there any room for any additional adjustment, or this SG&A level is what you expect as being a normal level? Thank you, Guanais, for your question. Your first question regards prices and the other one, SG&A. As to prices, our main effort in the quarter, we have the two prices, price off and price to. As to price off, we have a strategy in Fisia where we observe product by product and what we are delivering in terms of competition, although that does not establish the price off expected for our own brands.
We respect the price established by the brands. The main effort and gain that we expect during the year is the reduction between price off and price to. Last year, we had BRL 100 million that were invested in remarketing, and that's exactly what we are doing. We expect to get from this niche the main gains and profits. That is based on a business decision where we reprice products and prioritize profitability also due to the decrease of some units and some other initiatives. For Centauro, for instance, we are able to price in a more assertive way, store by store, or to have some combinations, combos, which have been very positive in terms of profitability. Therefore, we expect that the outcome of this pricing effort will lead to an increase in the average ticket price and gross margin. Let me know if I have covered your question.
Secondly, our main effort regarding SG&A has been done. Those level ups movements have been done, and that's never over. For example, once we had prioritized our logistic projects, the project with the higher reduction of SG&A was to turn Nike into internal e-commerce, amounting BRL 15-20 million annually. That has been concluded, and we are going to grab the benefits and results this year. The second part, the internalization of our store's operations, that is an additional return of investment but lower. We have done our main homework, but there is still much more to do. SG&A never ends in terms of efficiency, but once we get the main figures of the company and figures that we are delivering or we delivered in the second half, this is exactly where we believe that SG&A will be so significant from the past three quarters.
Let me know if your question has been answered or if you'd like me to elaborate a little bit more. Thank you. No, that's very clear, Pedro. Thank you so much for your answers. Thank you. Our next question is from Mr. Pedro Pinto Safra. You may proceed, sir. Good morning to both of you, and thanks for taking our questions. From a gross margin, Centauro, could you elaborate a little bit more? Your product mix, you said that has been more assertive, or do you believe that you still may extract more income? And from Fisia, how about the stock recomposition? When would you believe that you'll be able to update your current collection in stock that could also leverage sales in the future? Thank you. Well, gross margin for Centauro, first question, and second, Fisia's inventory and collection exchange, seasonality, and so on.
As to Centauro, there has been an unbalanced good performance for garments, and there are some lines of garments that have been very successful. Our own brand products, we have progressed a lot in terms of products and brands, as well as some partnerships that are made throughout some licenses such as the ASICS outfits. Once those products, they are highlighted, they will lead to greater margins. However, we do not expect any structural changes. The growth trend for garments is higher than for shoe products, but that will take place gradually without necessarily changing considerably the product mix for Centauro. It is a strength, but it will be shown slowly in our P&L. As to our stocks, last year, we had a very significant reduction in purchase, and the project now is much more balanced.
Some additional adjustments were necessary, adjusting our purchase to reach normal levels in terms of stock volume. But we are very careful to keep our fashion collections always fresh because what matters to us is exactly the turnover of our goods and stocks. So, we are very careful in our analysis to decide where we are going to have those reductions. We have received a number of collections since we decided to go for that turnover reduction. The Nike App is responsible for over 50% of all sales. This week, we have Alpha 3 launching last week, Corinthians launching. With all of that, we are being very successful, and we are able to set new lines. And despite we had an excess of our inventories, yet that was okay. Our main efforts were concentrated on old products. Therefore, our stock per collection is very well supplied and well stocked.
Now we are receiving what we need with a very healthy inventory. There are some correlated sectors, but very different to what I understand per collection. Most of our products, they are continuous products, always available in our portfolio mix of products. We might have some slightly changes in terms of fabric or colors allowing us to make those adjustments as we are not dealing with a real fashion collection of outfits. So, we are very confident that we will be able to gradually reduce our inventory throughout efficiency. Projects are very effective. Thank you, Pedro. That was very clear. Our next question is from Clara Lustosa, Itaú BBA. You may proceed, Mrs. Clara. Hi there. Good morning, and thank you for accepting my questions. First of all, I would like to make some follow-up as to the prior questions as to gross margin.
We know that margin recomposition is somewhat gradual, and it's even above our expectations, much better than what we would expect. Should we understand that as having a more rational market, and what can you say in terms of aggressiveness and how to beat the competition? Second, you have commented on your release that brick-and-mortar stores, they had some decrease in their stores in the Southeast and Northeast. Could you elaborate a little bit more about the store's evolution and their flow of growth, and if you have seen any calendar effect as the Easter holiday was anticipated to March? Thank you. Thank you, Clara. Your first questions about gross margin and prices, and second about the evolution of flow in the first to the second quarter and calendar. As to your first question, we believe the first quarter was very competitive in terms of prices.
We don't see the market reaching rationality, and the market reacts to its inventory over stock numbers. Gross sale, they may have access to their own inventory, but we see some sort of aggressiveness in terms of discounts. The reason why we were above the prior quarter and still aligned to our expectations of a gross margin, first, thanks to a commitment, we have decided to follow such a way, prioritizing the last line. We have a top-line growth of 2-20. First, and second, to benefit from our own channel sales, which allows us to be very consistent in our strategy to reduce reprices of our products. We don't see market in favor to that, unfortunately not, but that will take place gradually. As to flow evolution, once we see this equation, flow, conversion, average ticket, we see variations from region to region.
We open our stores, our websites, and we have to fight for our sales. Therefore, variability is quite expected, and we have been dealing with that. However, we have set a way to deliver results despite the level of variability. We do not have to trust a cash flow or a revenue growth or a growth of any rates to be able to deliver our net income and cash flow. We are very confident that we'll be able to keep building up year quarter after quarter, year after year. The calendar effect, I don't believe there was anything specific. If I'm not mistaken, the month of March had five Saturdays, but I don't believe that was responsible to any relevant impact in the quarter. We might see some sort of impact over the weeks, but over the quarters, well, that is not a big deal.
Clara, have I answered your questions, or would you like any additional comment, please? No, it's perfect. Thank you. Very, very clear. Thank you. Our next question is from Mr. Ruben Couto, Santander. You may proceed. Your mic is on. Hi there. A last follow-up for the markdowns. From 0 to 100, where are we in the price for Nike price normal rates? It seems that it's still a process ongoing, but I would like to understand where we are in this line, if we are almost ready to conclude the process or if we have to wait for the coming quarters in the second half. What is your visibility as to that? And as to store clusters or product clusters where you had reached a markdown normal prices, was it any relevant in terms of demand or this higher average price will compensate the drop?
And if you could elaborate a little bit more about the impact and how all the tragedy in Rio Grande do Sul may impact our progress in the second quarter. Thank you. Thank you, Ruben. So, three questions, right? First, about gross margin 0 to 100, where we are. Then about Rio Grande do Sul region and how would that impact? No, it's not gross margin, but if the markdown normalization process, where we are from 0 to 100, gross margin in a nutshell would be the process as a whole, right? Markdown, Rio Grande do Sul. How about the other question? If product lines and store clusters, once you had concluded all the markdown process, if that has been responsible for any effect in the average ticket price. First question. We have concluded the first step where we had made some inventory adjustments, and that has been concluded.
Since last year, we are taking small steps. That was not concluded in the first quarter, neither will be in the second nor in the third quarter. Exactly due to your second question, where we have to go slowly in the markdown. We have to respect elasticity and those markdown and see what the market is doing and how consumers are reacting to that. So, we had planned to reprice that slowly. We understand if you go from an aggressive policy discount to zero discount, the demand would be very high, and that didn't sound as the best way. Last year, we had adjusted our stocks, and now we are going slowly, and that process will take some time. Almost we'll have to wait by the end of the year. It takes time, indeed, because we have to do several adjustments. It's not a linear process.
We consider that channel by channel, product by product, and to find the right dosage is key, and that, of course, will impact the revenue. Last year, our Fisia growth was very aggressive. Once we did all the repricing process, we had to remove stock volume, and the opposite also applies. That's why we are doing things slowly, and the second step is just starting. We started that in this first quarter, and now let's see what will come in the quarters to come. Regarding the tragedy in Porto Alegre and Rio Grande do Sul state, more specifically, the greatest impact was over people, human beings. Our first concern is with our team, the team who is located in that region and who have been highly impacted. Our first effort is to look after our team, our people, and that's exactly our main effort right now.
In Porto Alegre, se a gente for pensar em receita de loja. In Porto Alegre, capital, our store's revenue amounts 5% of our income. For a week, several stores were closed. Some of them are being reopened because the shopping centers were closed, and people, they had other priorities. They are finding very hard to move around the city. So slowly, stores will open again. And of course, that will be responsible. All this strategy will lead into some sort of impact to our business. However, that is a tragedy at people's lives, but we don't believe that will be a highlight in terms of quarters. Our team is very tough, and from a business perspective, they are all working hard somehow to offset. And our team is doing their best.
They are offsetting, trying to deliver goods to other places throughout different channels to overcome the stores that have been closed due to the tragedy. Thank you, Pedro, very clear. And our next question is from Irma Sgarz from Goldman Sachs. You may proceed, and you have the floor. Good morning. Most of my questions have already been asked, but I would like to go back to B2B Fisia's. You have explained that that will take a gradual return, and it will take some time. What is your take? When do you believe that we'll be able to balance the channel's demand, and at what level can that margin be stabilized? And also that space which has been acquired by other brands, not Nike, throughout B2B channels or the market as a whole.
Do you see any changes now that you have been over that discount phase and in the market overall? Thank you. Thank you, Irma. Wholesale channels, we expect to reach a gradual normalization, but on the fourth quarter of this year, we should see some normal rates as we had a presales done based on a price market visibility. One of the main impacts to this channel was on prices, not policy, but prices that were settled last year and sales that we had this year. After explaining to everyone all the reasons why we had that effect last year, the first year's sales, which is the last year's sell-in, should already show some sort of reaction and later a more gradual recovery. Since last year and been carried out throughout this year.
As to brands, I guess that the Fisia's growth in the past years was much higher than the market growth in general. That is aligned to a share increase. There are many brands going over the top, exceeding the expectations. The beauty of our market is exactly that. As we have more people exercising, dressing casually, going for sports, this is a market that keeps growing, and there is room for everyone to grow, to develop. I don't believe one to grow has to take out from somebody else. To be very honest, I believe there is room for Nike and for several other brands to keep growing into the Brazilian market, sports market. I don't believe that this will be the reason that will define our market. The competitors' reactions is not the key aspect here.
I guess that the Brazilian market is big enough to guarantee a win-win situation. In the wholesale, though, we have two things: the wholesale stock and Nike, which is a channel that is growing more than others. But ultimately, the demand is what states the scene. People who like Nike brands or other brands, they keep liking them. Once you adjust some operational details here or there, we are talking about strong brands. And I don't believe there will be a huge variation in the consumers' demands. Of course, that we have to deliver the right product with a proper price. We have to do our homework to guarantee that everything will normalize. Thank you. Thank you, Irma. And our next question is from Gustavo Senday, XP. You may proceed. Thank you. Good morning, and thank you for taking my questions. I have two. First, about Centauro.
In a short run, your emphasis is on profitability. But if you could elaborate a little bit more about the leverage in a middle to long run to reach maturity, what do you see in terms of opportunities mix, some changes in the VM? And on the second question about Fisia, what would be a well-balanced mix between own channel sales and wholesale? What would be supposed to be a level of normality? And in 9-10 months, I believe that you are already collecting orders for the next year. So, what are the Fisia's opportunities for next year? Thank you. Thank you, Gustavo, for your question. Leverages to grow per square meter in Centauro. Also to have a growth mindset for next year and then an ideal mix for Fisia. Yeah, those were your questions.
Going back to your first question, Centauro has so much still to do to adjust per square meter. We have revenue per square meter. Also we have to deal with the partner brands relationship to have some sort of exclusivity, like Ball of the Champion at Centauro that was an exclusive line. All these novelties allow a better revenue per square meter. Secondly, we have operations. By that, I mean the operation itself, performance variation between stores. We have a tool that will follow sales performances. What is the main issue to lead to a higher conversion than others? With that information in hand, we'll be able to make some adjustments. It's still talking about revenue. We cannot forget about combos. We didn't have that until last year, and now thanks to those combos, we may offer a good mix of products, combination of line of products.
Also, margins. We are able to be able to increase the gross margin per square meter, and several pricing initiatives can help us with a more assertive conversion cycle. But we are very positive in terms of growth per square meter, and we believe we'll be able to see such an evolution in the next quarters. The main development for DTC Fisia has been done. We don't have a target number. Instead, we have to wait for a natural channel growth, if it makes sense, from a healthy and profitable manner to evolve Nike.com or to open new stores. Of course, we are going to go after that, but wholesale is essential for Fisia's brands. Fisia's is not able to reach some regions, whereas the wholesale can do it.
Fisia is not able to reach some consumers' communities, and we need the wholesale to be able to expand the Nike brand. So there is no intention. We have no target number, as I said. And your third question, what we expect for next year? The consistency of all efforts made this year: safe growth with expansion of EBITDA margin and throughout the leverage profit expansion. So the story to be told throughout this year and next year will be cash flow generation, revenue growth, and purchase planning for the coming year will follow this trend. Thank you. That's perfect. The Q&A session is over now. I next would like to hand over the floor once again to Pedro Zemel for his final considerations. Thank you. Thank you so much to all of you for your time, for the questions, and for your interest in the SBF Group.
I'd like to thank all the support of those who have followed us throughout the whole journey: our shareholders, our partners, our business partners, our collaborators. Thanks to you, we are able to build up our earnings results. We tell a story, but those of you that work daily are key in that journey. Thank you so much. I hope to see you all again in our next earnings results release call. Thank you. The SBF video conference is concluded now. We'd like to thank you all for your participation and wish you a pleasant day. Goodbye.