Regarding the results for the second quarter of 2026. Joining us today are Mr. Luciano Quartiero, Chief Executive Officer, Flávio Vargas, Chief Financial Officer and Investor Relations Officer, and the company's investor relations team. Please note that this event will be recorded, and that during the company's presentation, all participants will be in listen-only mode. Following the presentation, we will begin the question-and-answer session, which is open only to analysts and investors. We would also like to clarify that any forward-looking statements that might be made during this conference call regarding Camil's business outlook, projections, and operating and financial targets, while they represent the beliefs and assumptions of the company's management, as well as information currently available, they involve risks, uncertainties, and assumptions as they refer to future events, and therefore, depend on circumstances that may or may not occur. Investors should understand that general economic conditions, industry conditions, and other operating factors may affect Camil's future performance and lead to results that differ materially from those expressed in such forward-looking statements. We will begin now with Mr. Quartiero's presentation, followed by Mr. Vargas, and we will open the floor for questions in approximately 15 minutes. Thank you. Hello everyone, and welcome to the management's comments on the second quarter 2026 results for the period ended August 2026. Starting with the second slide, here we provide a consolidated overview of our key indicators and categories. The second quarter saw raw material prices remain low in Brazil, but with signs of a recovery in rice prices. Consolidated volume was 605,000 metric tons, down 5% year-over-year, mainly because sugar volumes normalized from the high base we posted last year, and international prices that declined. On a sequential basis, we recorded our second consecutive quarter of growth, up 2% from the first quarter. Net revenue totaled BRL 2.8 billion, down 7% year-over-year, reflecting lower volumes and declining international prices. EBITDA totaled BRL 225 million, with an 8.2% EBITDA margin, down 10% year-over-year, but up 7% quarter-over-quarter. Gross margin rose 2.1 percentage points, reaching 24.7%, matching the first quarter of this year. Moving now to the highlights of each segment, starting with high-turnover products, which include grains and sugar in Brazil. Volume totaled 336,000 tons, down 5% year-over-year. This decline mainly reflects the normalization of sugar volumes as the Q2 2025 baseline included export volumes. In grains, volume grew year-over-year, driven by expansion plans implemented over the past few quarters, reinforcing that the commercial strategy revision continues to deliver results. Sequentially, volume rose 1%, driven by sugar. In the high-growth segment, which includes fish, coffee, cookies, and pasta, volume totaled 52,000 tons in the quarter, up 14% year-over-year, with a positive contribution from all categories and a 5% quarter-over-quarter increase, driven by fish, pasta, and coffee. Fish and coffee remain the main highlights of the segment. Fish benefits from a structural and growing trend toward healthier consumption. Coffee, in turn, maintains a consistent development trajectory driven by portfolio growth, new product launches, and a steady market share gain, accumulating significant progress quarter- after- quarter. In the international segment, volumes totaled 217,000 tons, an 8% decline year-over-year. The decline was concentrated in Uruguay, reflecting natural quarter-to-quarter volume fluctuations with more predictable volumes in the full-year results. This effect was partially offset by volume growth in Chile, Peru, and Ecuador, in addition to the contribution from Paraguay, which has been included in our results since Q3 2025. Sequentially, the segment volumes rose 3%, driven by Uruguay, Peru, and Ecuador. The average net price fell 18% year-over-year. On a sequential basis, we saw a 4% recovery. In closing, we remain convinced that our leading brands, disciplined execution, and well-defined value creation strategy, together, they put us in a solid position for what lies ahead. The consistent delivery of volumes growth is an important sign that the actions we have implemented are bearing fruit. I will now turn the floor over to Flávio for the financial results. Thank you, Luciano. Starting with the year-over-year comparison, net revenue for the quarter was BRL 2.8 billion, down 7% compared to the second quarter of 2025. In Brazil, revenue was virtually flat, up 1%, while international revenue fell 25% due to lower volumes and prices. The cost of goods sold fell 10% due to lower input prices during the period. As a result, gross profit rose to BRL 681.9 million, a 1.2% increase year-over-year with a gross margin of 24.7%, up 2.1 percentage points. Regarding operating expenses, SG&A accounted for 20% of net revenue, up 2.9 percentage points from the second quarter of 2025. It is important to note that the SG&A percentage of revenue is affected not only by expense growth but also by revenue dynamics. During the period, revenue was pressured by low rice prices, and an eventual normalization will contribute to the natural dilution of these expenses as a proportion of net revenue. EBITDA totaled BRL 225.3 million, down 10.1% from Q2 2025, with an EBITDA margin of 8.2%. Sequentially, compared with Q1 2026, net revenue grew 4%, while COGS rose 3%. Gross profit increased 5%, and the gross margin improved by 0.2 percentage points. EBITDA rose 7.3% in the quarter, with the margin improving by 0.3 percentage points. Turning to the financial results, net expenses totaled BRL 127.6 million in the quarter, up 10% from both the prior year and the previous quarter. The main positive factor was a non-recurring gain of BRL 21 million from the settlement of sugar derivatives. This benefit was partially offset by higher interest expenses on loans, monetary adjustments related to litigation, and a lower foreign exchange gain than reported in the same period last year. Regarding capital structure, net debt ended the period at BRL 4.1 billion, with a leverage ratio of 4.7 x net debt over LTM EBITDA, stable compared to the previous quarter. We should point out that Camil's working capital exhibits structural seasonality, particularly due to rice. The first quarter of the fiscal year typically requires more working capital and consequently entails higher cash burn. Whereas the remainder of the year typically sees a release of working capital. Our net debt over EBITDA covenants are calculated only in the fourth quarter because of this characteristic seasonality of the working capital in our business model. CapEx for the quarter totaled BRL 52.6 million, down 66.1% year-over-year and 32% quarter-over-quarter, reflecting the normalization of investments following the completion of the Cambaí works, of the Cambaí project, and the return to maintenance levels. In closing, and to reinforce Luciano's message, we are confident that our close relationship with customers, investors, consumers, and partners, combined with the quality of our execution, will continue to drive consistent results and strengthen Camil's position among the leading food companies in Latin America. We are now available for the question-and-answer session. Thank you all. We will now begin the Q&A session for investors and analysts. If you want to ask a question, please click the Raise Hand button. If your question has been answered, you can leave the queue by clicking the button again. First question from Guilherme Guttilla with BTG Pactual. Mr. Guttilla, your audio is enabled. Please go ahead. [Non-English content] Good morning, Luciano. Good morning, Flávio. Good morning, Jenifer. Good morning, Luciano, Flávio, Jenifer. We have two questions referring to high turnover products. First, related to price. I would like to understand how you are seeing the rice prices, because in Q2, we have not seen the price increase of the commodity yet. Do you expect that we will see this in the coming two quarters? My second question, also in high turnover products, now more related to sugar. We saw higher prices for sugar, and when this happened, your margins were a little compressed. I would like to understand the margins now, please. [Non-English content] Guilherme, thank you for the questions. Guilherme, thank you for the questions. As for rice price, the big price recovery happened over the month of August, which our sales prices were more concentrated in the last week of August. Indeed, the effect of higher prices on our sales, the impact was practically not seen in Q2, but we can see full impact in September. Like you said yourself, in Q3, from September to November, and most likely in our Q4, the impact of this new level of price will become very clear. Since you asked about price, I would like to take this moment to say that the numbers announced for planting area, it is a smaller area. For some quarters now, we have been voicing this concern, the effect of El Niño on yield and planted area. Now we are starting the planting season in Rio Grande do Sul State, and rainfall has delayed planting a bit, so this impact starts to be seen in practice. The months of November, December, and January will be decisive for us to measure the size of the impact that we will have on the crops. I am just making this comment because depending on the size of the impact, prices may increase more than what we have seen so far. To your question regarding sugar. With increase in prices, our margins since last quarter stayed at a lower level of profitability. We were able to defend that, so we did not see major impacts. I think the margins are very much in line with what we saw in the previous quarter. I think that the thing that impacted us a lot in the past was when international prices exceeded $0.25. Now international prices have fluctuated between $0.20 and $0.22. I believe looking at our track record, when we exceed the level of $0.25, that is when we will start seeing a greater impact on our profitability. These would be my comments, Guilherme. Perfect. Very clear. Thank you very much. Next question from Henrique Brustolin with Bradesco BBI. Mr. Brustolin, go ahead. [Non-English content] Good morning Luciano, Flávio, Jenifer. Thank you for taking my questions. I also have two questions. First, about the international. We saw second quarter with a very stronger gross margin, partially offsetting an environment of lower prices and SG&A leverage. But looking more towards the long-term EBITDA margins, 7.5% in the quarter is still low in historical levels. My question is just I'm trying to understand what will be necessary to bring the company back to those historical levels of two digits. If we're talking about the recovery of rice prices that is starting now, and if there is any specific dynamic in any market that would need to be addressed to bring the levels back up. That's the first question. Second question about leverage. It seems that now the environment for deleveraging and result creation for the company is more favorable considering rice prices and expected lower interest rates. I just want to get a sense from you, what are you thinking in terms of the deleveraging trajectory in the coming years, and what would be your target for capital structure and leverage that would give you more comfort to start thinking again about growth projects? Henrique, thank you for the questions. Indeed, in the international level, EBITDA margin was lower in this quarter, and this was impacted just like us in the Brazilian operations by declining prices. Price recovery, bringing healthier levels of prices for the whole chain, not just for Brazil, but for the other countries as well. That started to appear in September. Our expectation is that this positive effect of better prices in Brazil will also be seen in other countries. So our expectation is that profitability of the international area tends to be slightly above historical levels. The effect of higher or increasing rice prices has a similar effect to what happens here in Brazil, and I think that this is the main topic. Our operation in Peru has had low profitability in recent years. We've implemented a recovery plan there and the margin has been improving over time. We had a gradual recovery of results in Peru, and with an increase in price, that tends to accelerate the process. So that would be the only additional comment on the international area. As for deleveraging, I think that there are a number of factors at play here contributing to accelerate deleveraging from now on. We have a lower level of CapEx. This happened in Q1. We completed the major projects, particularly our new plant in Cambaí. In recent years, we also completed expansion of different plants for different categories. We will have lower CapEx this year and in the next year. So this frees more cash to deleverage the company. Lower interest rates will also help us. And here we don't know the pace of declining interest rates, considering the current level of interest. But we had an improvement in results, which will also contribute to increase our cash generation. For a while now, we have worked on some assets that were not as profitable as we would have liked and which are not as essential for our operation. And the company is reassessing those, such as a smaller plant at Dom Pedrito, which we sold, and we are considering other assets that we could sell. So these four fronts will help us, and I think that the company can start thinking about other growth opportunities when leverage is below 2.5 x. We expect to achieve that level. I don't want to create any expectations. I don't want to give you a deadline for that. But considering improved profitability, which generates cash, and all of the factors I mentioned, this reduction in leverage tends to occur in the midterm. These are my comments, Henrique. Excellent, Luciano. Thank you very much. It was very clear. Next question from Ms. Julia Zaniolo with Bank of America. Ms. Zaniolo, go ahead. Good morning, everyone. Thank you for taking my questions. I'd like to clear some doubts regarding added value. We had sequentially an increase in price and volume, which was interesting. I'd like to understand how are you feeling the possibility of passing through prices in these categories, because we have been discussing a more difficult opportunity for pass-through of price increases. Regarding volume, in your strategy, you talked about a go-to-market strategy. What has worked, and what has led to this volume increase? Do you think there's anything else that you can capture? We just want to understand whether there is room for you to gain more volume and market share. Julia, thank you for the questions. In the high-growth categories, the dynamics are different. For example, in fish, as we are in a scenario of a tight sardine supply, and we are more worried about the volume we are going to have available in the end of the season until Lent. This is a category where price pass-through happens more easily. Coffee has a declining trend given a production expectation, excluding any El Niño effect. In the categories of cookies and pasta, we have an expectation of an impact coming from the price of wheat. But these are categories where price pass-through is more difficult. Overall, price pass-through in the current scenario is never easy. It has been a struggle, but it has been happening. In profitability, and I don't want to address the categories individually, but coffee and fish, we mentioned, posted a profitability above the historical level, and pasta and cookies below. But the net result is positive for the category itself. We can see that the current position tends to be maintained in the next quarter. In your question about growth, the company has put a lot of effort in this new go-to-market. We reaped the fruit over the first and second quarters. We have posted substantial growth in all categories, and the expectation is that we will continue to reap these fruits in the coming quarter. Every time we reach a new level, it becomes more difficult to replicate the same level of growth that we are having. But we see that with this new model, we have room to capture interesting growth and one that will be significantly exceeding our historical growth. I am personally very excited with our new way to go to market, considering the challenging scenario of income, the impact of high interest rates, how much interest rates are consuming of the family's households, and how the betting platforms and the impact of those weight loss pens. Everything will bear an impact, but I think that we got this right, and I think that there is more fruit to be reaped, Julia. Thank you for the question. Excellent. Thank you. Next question from Mr. Bruno Tomazetto with Itaú BBA. Mr. Tomazetto, go ahead. [Non-English content]. Good morning. [Non-English content] It's always good to speak with you. I have two questions. The first about this portion of increase in SG&A with expenses related to promoters and promotional material. How are you thinking about the continuity of these initiatives looking forward? I understand that the counterpart is you've had gain of volume in high growth categories and improved volumes. But after this initial traction, perhaps you could remove these incentives and the brands will continue to benefit from a value perception and customer acceptance. How should we think about these initiatives looking forward? Do you think that the structural gross margin should be running today without these incentives, if that is the case? My second question is a quick follow-up on international and the capturing of those opportunities after Paraguay, when we discussed competitive origination for Brazil and Paraguay, and the opportunity for arbitration. If you could give us an update on that regarding those gains, it would be great. Is there any opportunity looking forward with a slightly higher price or rice with El Niño, triangulation, arbitration, and everything else? Thank you. Bruno, thank you for the questions. This new level of expenses, particularly in the two items that you mentioned. The trend is that the expenses will continue at these levels. They are part of this new model of ours to go to market, and it's bearing fruit. Like I said a while ago, we have more results to come. There will be no more increases, but the trend is to maintain the current level. As regards Paraguay, strategically and in a structural way, Paraguay has price competitiveness and lower prices, both for Brazil and for our Chilean operation. We have captured that over the first half of the year, even with declining prices. Prices over there started picking up and recovering, just like in all other countries. This helps our margin and the profitability of the operation over there. We have seen a lot of opportunities in Paraguay to expand, and we're following this up close. It's not the right timing for the company to take another stride there, but there are opportunities to be tapped into. So regarding this theme of opportunities to explore assortment, which was one of our theses when we made the investment there, this is materializing according to plan. This is what I can say. The impact of El Niño there, planting in Paraguay happens before planting in Rio Grande do Sul and in Uruguay. Planting in our region was little affected, and perhaps it was a little bit of luck. We didn't have concentrated rainfall where we are geographically located. But as a country, the country did suffer some delays, and Paraguay had an important area shrinkage or area reduction. This might be an example of what can happen in other regions, other areas, and in geographies of South America. These are my initial comments. Thank you. Very clear, Luciano. Next question from Arthur Dev ite with XP. Mr. Dev ite, go ahead. [Non-English content]. Good morning, Luciano, Flávio, and Jenifer. Thank you very much for the presentation and for the explanations so far. I'd like to deep dive on two topics. The first, going back to international. I'd like to know what were the factors that explain increased volumes, for example, in Ecuador and Chile. I understand that there is some commercial strategy involved, but was there any market share gains? Did the industry become more favorable this quarter? Any color on that would be welcome. My second question is about utilization capacity. I'd like to understand the current utilization capacity of the company, and I'd like to understand to what extent you can expand volume without requiring substantial CapEx? Because I'm thinking about the deleveraging journey for the company. Thank you. Arthur, thank you for the questions. Yes, Ecuador and Chile had different effects. In Ecuador, we had a big impact on our sales volume given a reduction in prices. Ecuador works slightly different because they have two seasons in a year, a bigger one, a smaller one, and market dynamic for the two seasons really hurt our first half of the year. We lost a lot of competitiveness. We tried to control how willing we were to give up profitability versus volume. We made some choices over the half year, and this tends to normalize, and we should recover competitiveness over the second half of the year. Comparing Q2 2025 with our Q1, these were the choices we made, and we recovered part of that volume, and we will recover more now. Turning to Chile. In Chile, there's a very specific theme, which is the price differential between Chilean production product and imported product. These are two different varieties of rice. To simplify, half of the rice sold in Chile is produced in Chile. The other half tends to be imported. With the price reduction that happened in other countries and in Chile as well, we had an increase in the price difference between these two varieties. It was a big difference in price, and that impacted our sales over last year. With a reduction of this gap of this year, this opened up some room for us to recover sales. These are two very specific themes, but I guess the take-home message, and I'm trying to simplify it, is that price recovery ends up increasing our competitiveness in a general way in the different countries, helping to recover profitability and sales volumes. Regarding our utilization capacity, it varies depending on the category. We have some categories, like rice for example, where our utilization capacity is at around 77%, 76%. We have a growth potential of 25%, maybe. We have other categories, like pasta and cookies, with utilization rate of 40%, 50%. For coffee, we have a utilization capacity of about 60%. In all categories and in all countries, we do have capacity to grow 30% without requiring additional investments in expansion. This lower volume of CapEx should last for at least two and a half years, maybe three years. That would be my comments, Arthur. Perfecto. Thank you very much. Next question from Ms. Laura Hirata with Santander. Ms. Hirata, go ahead. [Non-English content] In Asian countries and how can this help South American countries where you operate. Laura? Laura, can you repeat, please? Because we didn't hear the beginning of your question. Could you repeat the question in full, please? Of course. My first question was regarding global rice supply, thinking about the El Niño scenario impacting not just production in South America, but mainly in the Southeast Asia. How do you see demand for rice here and in the regions where you operate? Thinking that there might be an impact on the crops in India, Thailand, and the more restrictive policy to imports in these countries. How do you think the countries where you operate could benefit from that? My second question is about leverage. You mentioned you commented on some initiatives that you have in mind, both organic and inorganic. I would like to go back to the point of reassessing assets. You mentioned that some assets are not profitable. Could you share, perhaps in a qualitative way, what criteria do you consider on that specific front? Is it related to idle capacity of these assets, or is it related to the need for working capital for these assets to run, or is it related to selling expenses for you to operate in these places? These are my questions. Thank you very much. Thank you for the questions, Laura. Speaking about international prices, of course, the U.S. crop was 23% smaller. That brings an impact to international prices. Perhaps the biggest limiting factor to an increase in international prices would be India, because they have high inventories, and it is not clear what they are going to be doing with that level of inventory, to what extent they will hold back on the inventory to keep prices low in their domestic market, or if they will want to increase exporting volume. That is the big question mark, the behavior of India. This is the only factor that can limit a price increase. Because what is happening in South America with this price increase is also happening around the world. Here we do not have any country with a big inventory. That would be the only point of attention, the only question mark, which we are following up close in the international market. Because this can improve even more our scenario, particularly for our operation in Uruguay. This is the main point of attention regarding the international market. To your question of us reassessing our assets, well, we have some real estate property that the company has been considering. Some were tagged to be sold, a plot of land for a plant that we decommissioned, or that small plant in Dom Pedrito. We have a DC, our own DC, and the company is assessing whether we should continue with a DC of our own, or whether we can operate with a rental regime. Other assessments we are doing are more connected to the future impact of the tax reform. The tax reform will be implemented over the coming years, so there are some very specific assets that will no longer make sense with the new tax reform. This is what the company is considering. We are not considering to sell any segment or any acquired company. We are talking about smaller assets as these examples I have just mentioned in our operation. It is super clear. Thank you. Well, in a very straightforward way, that is what we are doing. Yes. Thank you. It is super clear. Thank you. As a reminder, if you want to ask questions, you only have to click the Raise Hand button. Our next question from Mr. Rodrigo Bicalho with Pyramids Capital. It is a written question. Can you please elaborate on the dynamic of working capital in the annual comparison? We expected more release of working capital. In addition, can you elaborate on idle capacity as a whole? Okay. Speaking about working capital, if you have been following us for a long time, you know that we have great seasonality. We have Q1 and Q2, when we build working capital. That stretches to Q3. Then in Q4, as we have a great reduction in inventories, very much driven by rice and fish, this releases a lot of cash, and we have a reduction in our leverage ratio because of a reduction in our net debt. So when you look at this quarter, particularly in the yearly comparison, there is one specific effect. As of this year, we have a consolidation of the operation that we acquired in Paraguay, Villa Oliva. This adds BRL 150 million that was not in our balance sheet last year. But the dynamic that happens every single year is what I just described. As regards to idle capacity, I think that Luciano has just answered that in Laura Hirata's question. Basically, we have room for growth in our utilization capacity in the coming years without requiring great extra investments. The question and answer session has come to an end. We would like to thank all of you for participating, and we wish you a nice day.