Ultrapar Participacoes SA (UGP) 2025 Q1 法說會逐字稿

Good morning. Thank you for waiting. Please be welcome to our conference call press release result of Ultrapar for the first quarter of 2025. Our presentation will be conducted by Rodrigo Pizzinatto, CEO of Ultrapar, and by Alexandre Palhares, CFO of Ultrapar. The Q&A session will also have Mr. Dasio Amara, current CO. Of Uroargo and recently announced as the new CEO of Hidrovias. We also have Mr. Leonardo Linden, CEO of Ipiranga, and Mr. Giordinogata, CFO of Urograss. This conference is being recorded and will be accessed through the website ir.ultra.com.br.

早安.感謝您的等待。歡迎參加我們關於 2025 年第一季 Ultrapar 的電話會議新聞稿。我們的演講將由 Ultrapar 執行長 Rodrigo Pizzinatto 和 Ultrapar 財務長 Alexandre Palhares 主持。現任 CO 的 Dasio Amara 先生也將參加問答環節。來自 Uroargo，最近被宣佈為 Hidrovias 的新執行長。我們還有 Ipiranga 執行長 Leonardo Linden 先生和 Urograss 財務長 Giordinogata 先生。本次會議正在錄製中，可透過網站ir.ultra.com.br 觀看。

After the presentation, we are going to start our Q&A session, and further instructions will be sent to you later. I would also like to let you know that this earnings release call will be conducted in Portuguese, and there is an option for simultaneous translation. Click Interpretation. For those listening to the conference in English, there is the option of mute original audio.

演示結束後，我們將開始問答環節，稍後將向您發送進一步的說明。我還想告訴大家，本次收益發布電話會議將以葡萄牙語進行，並提供同聲傳譯選項。點擊解釋。對於那些用英語收聽會議的人來說，可以選擇靜音原始音訊。

Our presentation will be shared in Portuguese, and there is going to be an English version. To be downloaded from the website of the company and chat before moving on, we would like to clarify that forward-looking statements that may be made during this conference call with respect to business prospects, forecast, operational and financial goals of Ultrapar are all based on beliefs and assumptions of the executive board of the. As well as currently available information, forward-looking statements are no guarantee of performance. They involve risks, uncertainties, and assumptions as they relate to future events and therefore depend on circumstances which may or may not occur.

我們的演講將以葡萄牙語發布，並且會有英文版本。在繼續之前，我們想澄清一下，在本次電話會議中可能就 Ultrapar 的業務前景、預測、營運和財務目標做出的前瞻性陳述均基於該公司執行委員會的信念和假設。除目前可用的資訊外，前瞻性陳述不能保證業績。它們涉及與未來事件相關的風險、不確定性和假設，因此取決於可能發生或可能不會發生的情況。

Investors should understand that general economic conditions, the market. Other operational factors may affect the future performance of ultra par and lead to results which may differ materially from those expressed in these forward-looking statements. I would like now to hand it over to Mr. Rodrigo Pizzinatto, who will start the presentation. Please, Mr. Pizzinatto, you may start.

投資人應該了解總體經濟狀況、市場狀況。其他營運因素可能會影響超標準桿的未來表現，並導致結果與這些前瞻性陳述中表達的結果有重大差異。現在我想將發言權交給 Rodrigo Pizzinatto 先生，他將開始發言。皮齊納托先生，請您開始。

Good morning, everyone. It is a pleasure to be here once more to talk about Ultrapar results, and let's start with the main highlights of the quarter. We maintain Ultrapar robustness and the continuity of good results, despite the volatile scenario in the quarter. The fuel sector continued to be impacted by irregularities for tax evasion, such as not meeting the required biodiesel mix in diesel or B14.

大家早安。我很高興在這裡再次談論 Ultrapar 的業績，讓我們從本季度的主要亮點開始。儘管本季局勢動盪，我們仍保持 Ultrapar 的穩健性和良好業績的連續性。燃料產業繼續受到逃稅違規行為的影響，例如柴油或 B14 中的生物柴油混合物不符合要求。

And the increasing import on NAFTA to be sold as gasoline. On the other hand, there are two important high milestones in the fight against illegal activities. Starting in April, a new law for compliance with carbon tax collections, abuse came into effect with severe penalties for noncompliance, and it has just started in May. The singlephase taxation of hydrated. For pis coffins which contributes to fairer competitive conditions as well as increases government tax collection.

而北美自由貿易協定中越來越多的進口將以汽油形式出售。另一方面，打擊非法活動的鬥爭中有兩個重要的里程碑。從四月開始，一項關於遵守碳稅徵收、濫用行為的新法律開始生效，對不遵守規定的行為處以嚴厲的處罰，而該法律於五月剛開始實施。水合物的單相課稅。對於 pis 棺材來說，這有助於創造更公平的競爭條件並增加政府稅收。

Regarding Hidros, I want to highlight the strong performance in the first quarter of 25. Due to improved navigability conditions and the advancements in the management and operation of the company's assets, we also made progress in Erevia's the strategic agenda. In February, we signed an agreement for the sale of the cabotage operation in the amount of BRL715 million. Increasing its strategic focus and contributing to the reduction of financial leverage, it concluded the BRL1.2 billion capital increase process which will allow the continuity of its growth agenda, reduction in leverage, and generate value for shareholders. As a result of the capital increase, Ultrapar is now the controlling shareholder with more than 50% stake in the company. It signals the confidence in its value creation potential. As well as consolidate our role as a long-term strategic shareholder at Ultrapar, we raised a total of BRL1.4 billion rising debt with a low average cost equivalent to 101% of the CDI with the continuity of financing capacity expansions with development banks.

關於 Hidros，我想強調一下 25 年第一季的強勁表現。由於通航條件的改善以及公司資產管理和營運的進步，我們在埃雷維亞的策略議程上也取得了進展。今年2月，我們簽署了出售沿海運輸業務的協議，價值​​為7.15億巴西雷亞爾。為了提高策略重點並降低財務槓桿，該公司完成了 12 億巴西雷亞爾的增資流程，這將使其成長計畫得以連續進行、降低槓桿率並為股東創造價值。增資完成後，Ultrapar 將成為該公司的控股股東，持有該公司 50% 以上的股份。這顯示了對其價值創造潛力的信心。除了鞏固我們作為 Ultrapar 長期戰略股東的地位之外，我們還透過與開發銀行的持續融資擴大產能，籌集了總計 14 億巴西雷亞爾的新增債務，平均成本較低，相當於 CDI 的 101%。

Finally, we concluded Ultrapar's planned leadership succession with Marcos Lutz as the new Chairman of the board, and in this process, I assumed the position of CEO of Ultrapar and Alexandre Palhares is assumed the CFO and investor relations position. Well, thank you very much for your attention. I will now take it over to Alexandre who will tell you the quarterly results.

最終，我們完成了 Ultrapar 的領導層繼任計劃，Marcos Lutz 擔任新任董事會主席，在此過程中，我擔任 Ultrapar 的首席執行官，Alexandre Palhares 擔任首席財務官和投資者關係職位。嗯，非常感謝您的關注。現在我將把話題交給亞歷山大，他將向你們報告季度業績。

Thank you, Rodrigo. Good morning, everyone. It's a pleasure for me to be here for the first time presenting Ultrapar results. Before starting, I would like to remind you of the reporting criteria and standards used in this presentation. Well, starting with Ultrapar, as you can see, recurring EBITDA. Totaled BRL1,322 million highs in the first quarter of 2025, excluding the negative impact from the share of loss of Pedro Villas in the amount of BRL139 million highs, a result that reflects one of the worst drops in the history in the north and south corridors. Considering this effect. The recurring EBITDA was 9% lower compared to the first quarter of 2024, totaling BRL183 million highs. The net income for the quarter totaled BRL502 million highs, excluding the negative impact from the share of loss of. The reviews that I just mentioned.

謝謝你，羅德里戈。大家早安。我很高興第一次在這裡展示 Ultrapar 的成果。在開始之前，我想提醒大家本次演講中所使用的報告準則和標準。好吧，從 Ultrapar 開始，正如您所見，經常性 EBITDA。2025 年第一季總計達到 13.22 億雷亞爾，其中不包括佩德羅維拉 (Pedro Villas) 損失份額的負面影響，金額為 1.39 億雷亞爾，這一結果反映了南北走廊歷史上最嚴重的跌幅之一。考慮到這個效果。經常性 EBITDA 與 2024 年第一季相比下降 9%，總計 1.83 億巴西雷亞爾。剔除虧損份額的負面影響，本季淨收入總計達5.02億巴西雷亞爾。我剛才提到的評論。

Considering this fact, we had 20% drop year over year, which was partially offset by lower financial expenses. CapEx for the period totaled BRL460 million highs in the first quarter this year. 5% decrease compared to the first quarter last year, mainly due to the lower investments in graining of service stations at Ipiranga, partially offset by higher investments in Ultrapar. We had an operational cash generation of BRL3 million highs in the first quarter this year. BRL576 million is higher than the first quarter 24, mainly reflecting lower working capital investment and income tax pay.

考慮到這一事實，我們的收入同比下降了 20%，但財務費用的降低部分抵消了這一下降。今年第一季度，該期間的資本支出總額高達 4.6 億巴西雷亞爾。與去年第一季相比下降了 5%，主要原因是對 Ipiranga 服務站的粒化投資減少，但對 Ultrapar 的投資增加部分抵消了這一影響。今年第一季度，我們的營運現金流達到了 300 萬巴西雷亞爾的高點。5.76億雷亞爾高於第一季的24億雷亞爾，主要反映了較低的營運資本投資和所得稅支付。

Moving to that and leverage as occurred seasonally, our leverage increased in the last quarter from 1.4 to 1.7 times due to the increase in net debt and lowered it up in the last 12 months, mainly due to the negative impact of the share of loss of EVS. I had mentioned the increase in net debt in the quarter is due to the payments of dividends and shares buybacks totaling BRL584 million highs and the investments in working capital resulting from the higher level of working capital needs at Ipiranga, driven by the increase in fuel costs and the seasonal effect of suppliers at the beginning of the year. You can also see at the bottom of this slide, breakdown of the total amount of the draft discount and vendor. The net debt as of March 2025, including these two items, would be BRL10,362 million, which is BRL921 million higher than the balance in March 2024, mainly due to the receivables from the disinvestments in March 24. Now moving to Ipiranga, the volume sold in the quarter remaining stable compared to the first quarter of 2024, with a 2% reduction in the auto cycle and 1% increasing diesel affected by the increase in the biodiesel irregularities, growth in NAFTA imports for gasoline, and the international prices and the Petrobras price that started in February.

轉向這一點，並且隨著季節性出現的槓桿率，由於淨債務的增加，我們的槓桿率在上個季度從 1.4 倍增加到 1.7 倍，並在過去 12 個月中降低，這主要是由於 EVS 損失份額的負面影響。我曾提到，本季淨債務的增加是由於支付了股息和股票回購，總額高達 5.84 億巴西雷亞爾，以及對營運資本的投資，這是由於伊皮蘭加的營運資本需求增加，而這受到燃料成本增加和年初供應商季節性影響的影響。您也可以在此投影片的底部看到匯票折扣和供應商的總金額的明細。截至 2025 年 3 月，包括這兩項在內的淨債務為 103.62 億雷亞爾，比 2024 年 3 月的餘額高出 9.21 億雷亞爾，主要原因是 2024 年 3 月撤資產生的應收款。現在轉向伊皮蘭加，本季的銷售量與 2024 年第一季度相比保持穩定，汽車週期減少了 2%，柴油增加了 1%，這是受到生物柴油違規行為增加、北美自由貿易協定汽油進口量增長以及國際價格和巴西石油公司 2 月份開始實施的價格的影響。

We ended this first quarter with a network of 5,847 service stations. It's 13 fewer than on December 24. We inaugurated 45 service stations and closed at 5 throughout the quarter. Furthermore, we ended up the quarter with 1,447 APM stores with the same store sales growth of 12% in the first quarter of 2025. Ipiranga as GNA increased by 80% compared to the first quarter last year due to higher personal expenses, especially the collective bargaining agreement, as well as one-time expenses with the mobilization of the company's fleet.

截至第一季度，我們的服務站網路已達 5,847 個。比12月24日少了13人。本季我們開設了 45 個服務站，並關閉了 5 個服務站。此外，本季末我們擁有 1,447 家 APM 商店，2025 年第一季同店銷售額成長 12%。由於個人支出增加（尤其是集體談判協議），以及公司車隊調動產生的一次性費用，Ipiranga 作為 GNA 的收入與去年第一季相比增加了 80％。

The line of order operating results totaled BRL105 million highs negative in the quarter, an improvement of BRL60 million highs compared to the first quarter last year as a result of lower expenses with decarbonization credits, given the lower price level. The line of results from disposal of assets totaled BRL5 million hives, a reduction of BRL31 million highs, mainly due to the lower sales of real estate assets. Ipiranga's recurring that totaled BRL826 million highs in the. Quarter, 6% higher year over year. The higher bids mainly reflect higher margins resulting from higher inventory gains in the first quarter, 25% due to the fewer price adjustments and the solution of irregularities in Amapa state after the tax benefit was revoked in April 2,294. These effects were partially offset by the increasing in irregularities, as previously mentioned. International prices under Petrobras prices starting in February resulted in an oversupply of products in the market and higher expenses.

本季訂單營運結果總計為負 1.05 億雷亞爾，與去年第一季相比有所改善，為 6,000 萬雷亞爾，原因是價格水準較低導致脫碳信貸費用降低。資產處置的業績總額為 500 萬雷亞爾，較上年同期減少 3,100 萬雷亞爾，主要由於房地產資產銷售額下降。伊皮蘭加 (Ipiranga) 的經常性支出總額達到 8.26 億巴西雷亞爾。季度，年增6%。更高的出價主要反映了第一季庫存收益增加帶來的利潤率提高，由於價格調整較少以及 2294 年 4 月取消稅收優惠後阿馬帕州的違規行為得到解決，利潤率達到了 25%。如前所述，這些影響因違規行為的增加而部分抵消。自2月起，國際油價低於巴西石油的價格，導致市場產品供應過剩，成本增加。

We entered the 2nd quarter with international prices under Petrobras prices, even after reductions of more than 12% in diesel costs resulting in inventory losses. We expect a similar profitability of the first quarter, excluding the effects of inventory gains and losses for both quarters. Now moving tova results, the volume of LPG sold in the first quarter was 1% higher year by year, due to the 2% increase in sales of bottled segments, mainly reflecting the higher market demand, while sales of book segments remained stable, impacted by a lower one-off consumption in the special gas. Ultrapar's GNA in the first quarter 2025 was 17% higher than the first quarter 2024 due to higher personal expenses, mainly due to business acquired and collective bargaining agreement in addition to expenses of prospecting new business and a new marketing campaign.

進入第二季度，國際價格仍低於巴西石油的價格，儘管柴油成本降低了 12% 以上，導致庫存損失。在排除兩季的庫存損益影響後，我們預期第一季的獲利能力將與第一季類似。現在來看看 tova 的業績，第一季液化石油氣銷量較去年同期成長 1%，原因是瓶裝部分銷量成長了 2%，這主要反映了市場需求的增加，而帳面部分銷量保持穩定，這受到特種氣體一次性消耗量減少的影響。Ultrapar 2025 年第一季的 GNA 比 2024 年第一季高出 17%，原因是個人支出增加，這主要是由於收購業務和集體談判協議，以及勘探新業務和新行銷活動的費用。

Ultrapar Zebida totaled BRL393 million hives in the first quarter, 2% lower than the first quarter last year. This decrease is explained by the worst margins, mainly due to increasing costs resulting from LPG acquired from auctions held by Petrobras, worse sale mix, and higher expenses, partially upset by a greater contribution from new energies.

Ultrapar Zebida 第一季的蜂箱總數為 3.93 億巴西雷亞爾，比去年第一季下降了 2%。造成這一下降的原因是利潤率最差，主要是由於巴西石油公司拍賣獲得的液化石油氣導致成本增加、銷售組合惡化以及費用增加，而新能源的貢獻增加又部分抵消了這一影響。

For the 2nd quarter, although LPG costs continue to be pressured by Petrobrass auctions, we expect a recurring EBITDA marginally higher than the 2nd quarter last year. Now, moving to ultra cargo to talk about another quarter of consistent results, the company installed capacity remained at 1,067 million cubic meters. The cubic meters sold decreased by 4%. Year over year, mainly due to lower fuel handling in Santos and Italki, partially offset by increasing handling OA and the pot operations in Arato.

對於第二季度，儘管液化石油氣成本繼續受到巴西國家石油公司拍賣的壓力，但我們預計經常性 EBITDA 將略高於去年第二季度。現在，轉向超貨運來談論另一個季度的一致業績，該公司的裝置容量仍保持在 10.67 億立方米。銷售立方米數減少了4%。與去年同期相比，主要由於桑托斯和伊塔爾基的燃料處理量下降，但 OA 的處理量和阿拉託的罐式作業量增加部分抵消了這一影響。

Ultrapar's net revenue was BRL271 million highs in the first quarter, 3% higher than the first quarter last year due to high spot sales in Arattu, and they start off on operations in Oakland, partially offset by lower volume of fuel handling. Combined cost and expenses were 5% higher than the first quarter last year due to the higher cost of materials and maintenance in the startup on operations in Opola, partially upset by lower personal expenses and expansion projects. Ultrapar's EBITDA totaled BRL166 millions in the first quarter. It's a 1% higher than the first quarter of 2024 due to today's. Sales in A and lower personal expenses and expansion projects partially offset by the lower cubic meters sold with handling of view.

Ultrapar 第一季的淨收入高達 2.71 億巴西雷亞爾，比去年第一季高出 3%，這得益於阿拉圖的現貨銷售量高，而且他們開始在奧克蘭開展業務，但燃料處理量較低部分抵消了這一影響。綜合成本和費用比去年第一季高出 5%，原因是奧波拉營運啟動時材料和維護成本較高，部分原因是個人費用較低和擴建項目較少。Ultrapar 第一季的 EBITDA 總計 1.66 億巴西雷亞爾。由於今天的原因，它比 2024 年第一季高出 1%。A 類銷售額和較低的個人開支以及擴張項目部分抵消了處理量較低的立方米銷售額。

The EBITDA margin per stack capacity remaining stable at 52 highs per cubic meter compared to the first quarter of 2024. For the second quarter, we expect an EBITDA similar to that seen in the second quarter of 2024. Well, with that, I now conclude my presentation. Thank you for your attention. Let's now move on to the Q&A session to answer your questions. Thank you.

與 2024 年第一季相比，每堆容量的 EBITDA 利潤率保持穩定，為每立方公尺 52 個高點。對於第二季度，我們預計 EBITDA 將與 2024 年第二季度相似。好了，我的演講就到此結束。感謝您的關注。現在我們進入問答環節來回答大家的問題。謝謝。

We're going to start now our question-and-answer session for investors and analysts. If you want to ask a question, please click reaction and then click raise your hand. If your question is answered. You can leave the queue by lowering the hand. Now to ask a written question, please submit it through the Q&A icon. Tell us your name and company name. These questions are going to be answered later by our investor's relations team. Please hold. The first question comes from Gabriel Barra of CI. Please unmute your mic.

我們現在將開始針對投資人和分析師的問答環節。如果您想提問，請點擊“反應”，然後點擊“舉手”。如果您的問題得到解答。放下手即可離開隊列。現在要提出書面問題，請透過問答圖示提交。告訴我們您的姓名和公司名稱。我們的投資者關係團隊稍後將回答這些問題。請稍候。第一個問題來自 CI 的 Gabriel Barra。請取消麥克風靜音。

Hello, good morning. Pizzinatto Palhares, thank you for taking my questions. The first question concerns ultra gas and what Palhares mentioned in his presentation. We've seen some changes in terms of Regulation; some changes passed by the government including reference prices, fractioning. Petrobras has recently mentioned that they have been adopting different pricing for industrial and residential use in their auctions. So, how would that impact LPG and what flagging what it should be in our mind in terms of points of attention. Secondly, about Hidrovias inevitably we have to ask you, congratulate you, of course, in your investments and now being able to control the company. Daso, the new CEO.

你好早安。Pizzinatto Palhares，感謝您回答我的問題。第一個問題涉及超級天然氣以及 Palhares 在演講中提到的內容。我們已經看到監管方面的一些變化；政府通過的一些變化包括參考價格、分餾。巴西石油公司最近提到，他們在拍賣中對工業和住宅用途採用了不同的定價。那麼，這將如何影響液化石油氣以及我們在關注點方面應該在心中標記什麼。其次，關於 Hidrovias，我們不可避免地要問您，當然，恭喜您的投資以及現在能夠控制該公司。新任執行長 Daso。

When we consider investments, this is probably the business card, the flagship of this new step of the company, so, something in this new era of the company. What are your plans from now on? What would be the main focus of you, that's you as the company CEO? What are the main priorities of Ultra focusing on Hidrovias? What can we expect in terms of capital allocation, balance sheet? We would like to hear more from you. These are my two points. Thank you very much.

當我們考慮投資時，這可能是公司這項新舉措的名片、旗艦，因此，這是公司新時代的一些東西。您從現在開始有什麼計劃？身為公司首席執行官，您主要關注的是什麼？Ultra 關注 Hidrovias 的主要優先事項是什麼？就資本配置和資產負債表而言，我們可以期待什麼？我們希望聽到您的更多意見。這就是我的兩點看法。非常感謝。

Hi Gabriel, this is Julia speaking. Concerning our social program Valley gas and gas to all gas paratodos programs from the government that have been mentioned, nothing has been formally published yet. We are in favor of it, of course. We think it would be a very good way of employing resources. This is the kind of problem that can be appropriately addressed, taking the benefit to those who really need it. And of course, we are more than interested to support this program for its further development in terms of regulation. The regulations that we have in Brazil is a reference throughout the world. It's modern. It provides an industry always working within the appropriate regulatory standards, and we've been, observing the whole process of reform regulatory reforms, tend to be quite common in Brazil and we've been actively involved in it, and we hope that the changes that are implemented can improve the business as a whole.

你好，加布里​​埃爾，我是朱莉婭。關於我們的社會計劃山谷天然氣和政府提到的所有天然氣 paratodos 計劃，尚未正式發布任何內容。我們當然贊成。我們認為這是一種非常好的資源利用方式。這類問題可以妥善解決，讓真正需要幫助的人受益。當然，我們非常樂意支持該計劃在監管方面的進一步發展。我們巴西的規定可供全世界參考。它很現代。它確保產業始終在適當的監管標準內運作，我們一直在觀察整個改革過程，監管改革在巴西相當普遍，我們也積極參與其中，我們希望實施的變革能夠改善整個業務。

Good morning, Gabrielle. Thank you very much for your questions. Now concerning Hidrovias, much is already ongoing for the progression of the company. Now that you're joining the company thanks to what had been done at Ultrapar. The same experience is going to be reproduced here focused on operational efficiency, increasing the yields, administrative efficiency, leveraging what Ultra already has in our shared service unit and in the holding and also efficient financial fi. And excellence.

早上好，加布里​​埃爾。非常感謝您的提問。現在關於 Hidrovias，公司的發展已經在進行中。現在您加入公司是因為您在 Ultrapar 所做的貢獻。我們將在這裡重現同樣的經驗，重點在於營運效率、提高收益和管理效率，利用 Ultra 在我們的共享服務部門和控股公司中已經擁有的資源以及高效的金融融資。並且卓越。

By reorganizing, we can have tax optimization and reduction of the cost of the debt and at the same time design the long-term development plan of the company. These are the two main points of attention for the upcoming years.

透過重組，可以實現稅務優化、降低債務成本，同時設計公司的長期發展規劃。這是未來幾年需要關注的兩個重點。

Great, thank you very much.

太好了，非常感謝。

The next question comes from Monique of Ita. Please unmute your mic.

下一個問題來自 Ita 的 Monique。請取消麥克風靜音。

Hello. Good morning. Thank you for the opportunity to ask a question, and I have two questions related to Ipiranga. The first one concerns. The impact of open arbitration for exports and imports considering the drop in gasoline prices and Petrobras has taken some time to react. So, how has open arbitration been impacting the inventory prices and the margins of commercialization in the first quarter? And secondly, about ethanol singlephase taxation, Pisinato said that as of May 1st, we had a valid singlephase taxation. What is your expectation about the effects of this implementation? Do you expect competitive gains being reflected in margin, volumes? I would like to understand more.

你好。早安.感謝您給我這個提問的機會，我有兩個與伊皮蘭加有關的問題。第一個問題涉及。考慮到汽油價格下跌和巴西石油公司的影響，公開的進出口仲裁需要一段時間才能做出反應。那麼，公開仲裁對第一季的庫存價格和商業化利潤率有何影響？其次，關於乙醇單相稅，皮西納托表示，自 5 月 1 日起，我們實施有效的單相稅。您對這次實施的效果有什麼期待？您是否預期競爭優勢會反映在利潤率和銷售上？我想了解更多。

Hi, Monique. This is Leonardo Linden. Thank you for the question. First, about Palhares mentioned in his introduction since February, this arbitration has been open and of course it has an impact in the market. It is something consolidated in Brazil if you analyze the line up throughout the types and import amounts. And what we can really forecast, we can see a robust channel for supplying the Brazilian market and as we've always mentioned it changes somewhat the dynamics of the market. You start observing some segments in Brazil which are based on marginal molecule references, for example, TRL.

你好，莫妮克。這是萊昂納多·林登。謝謝你的提問。首先，關於帕爾哈雷斯在二月介紹中提到的，這次仲裁已經公開，當然對市場是有影響的。如果從種類和進口量來分析的話，這是在巴西合併的東西。我們真正可以預測的是，我們可以看到一個供應巴西市場的強大管道，正如我們一直提到的那樣，它在某種程度上改變了市場的動態。您開始觀察巴西的一些基於邊緣分子參考的片段，例如 TRL。

This is how it's done. Petrobras in turn has taken frequent price adjustments initiatives but not enough to put an end to price arbitration, and I think this is going to be how the market, is going to move from. Now on the market has a problem outside Petrobras, and in terms of supply, the price structure changes because we need additional supply. This is part of the game really. I haven't seen. Major changes compared to what we've been observing in recent years, and we have to constantly focus on providing the best profile of supplies considering the effect it has in the market concerning the singlephase taxation. And it couldn't be different really. We see it as a very positive thing. We've been in favor of it for ethanol for a while as a way to reduce the irregularity in the sector.

事情就是這樣的。巴西石油公司則頻繁採取價格調整舉措，但這還不足以結束價格仲裁，我認為這將成為市場走向的方向。現在，巴西石油公司以外的市場出現了問題，就供應而言，價格結構發生了變化，因為我們需要額外的供應。這確實是遊戲的一部分。我沒見過。與我們近年來觀察到的情況相比，這是一個重大變化，我們必須不斷專注於提供最佳的供應，考慮到它對單相稅收市場的影響。事實上，情況並沒有什麼不同。我們認為這是一件非常正面的事情。我們一直支持對乙醇實行這種制度，以減少該行業的不規範行為。

We see it having a positive impact. Movements like that take some time to get accommodated, of course, but. If everything we've planned happens, the market tends to be benefited because of its efficiency. It is going the single-phase taxation is going to bring advantage who those really who are the most. Prepared share is a consequence of this efficiency and Ipiranga is very well positioned to keep on working as a very strong distributor of ethanol in a market that has less irregularity.

我們看到它正在產生積極的影響。當然，這樣的動作需要一些時間來適應，但是。如果我們計劃的一切都能實現，市場往往會因其效率而受益。單相稅收將為那些真正最富有的人帶來好處。準備好的份額是這種效率的結果，而 Ipiranga 則處於非常有利的地位，可以在不太不規則的市場中繼續作為非常強大的乙醇分銷商開展業務。

The next question comes from Rodolfo Angeli JP Morgan. Rodolfo, your microphone is available, please unmute.

下一個問題來自 JP Morgan 的 Rodolfo Angeli。羅道夫，您的麥克風可以使用，請取消靜音。

Hello, good morning. I have a question about sourcing of gas at ultra gas. You've talked about the effect of the auctions. And I'd like to hear what you anticipate. Is it going to be rec recurrent? Is it a one-off effect? And another thing that we've noticed in the squatter we've opened arbitration. Consumption of your working capital for the company. But looking ahead, how can you offset that prices will go down, so releasing working capital with the imports. So, please tell us a little more about working capital of Ipiranga in terms of trend. These are my two questions. Thank you all very much.

你好早安。我對超級天然氣的天然氣來源有疑問。您已經談到了拍賣的效果。我想聽聽您的預期。它會重複發生嗎？這是一次性效應嗎？我們也注意到，在非法佔有土地問題上我們已經啟動了仲裁程序。消耗您公司的營運資金。但展望未來，如何抵銷價格下跌的影響，進而透過進口釋放營運資金。那麼，請從趨勢方面向我們詳細介紹伊皮蘭加的營運資金。這是我的兩個問題。非常感謝大家。

Hi, Rodolfo. This is Julie speaking. Concerning actogram sourcing, the auction started at the end of 24 in November at limited volumes, and they got more and more prevalent as opposed as of January. What we've seen in April, and the beginning of May indicates that it's getting stabilized and we do believe it's going to represent 5 to 10% of the total sourcing of ultra gas. Now, concerning our take on it, this is Rodrigo speaking. This is a sector where the margins are very tight. It's inevitable to adjust prices. We try to minimize any effects to our customers by enhancing efficiency. The effect was present in the first quarter, but it's going to be more regular as of the second quarter.

你好，羅道夫。我是朱莉。關於actogram採購，拍賣於11月24日結束，數量有限，與1月份相比，它們變得越來越普遍。我們在四月和五月初看到的情況表明它正在趨於穩定，我們確實相信它將佔超級天然氣總採購量的 5% 到 10%。現在，關於我們對此的看法，我是羅德里戈。這是一個利潤非常微薄的行業。價格調整是不可避免的。我們努力透過提高效率來盡量減少對客戶的影響。這種影響在第一季就已經出現，但從第二季開始會更加規律。

Now Rodolfo, in terms of capital use and cash use in Ipiranga. And I think this is probably clear to all of you, but there had been 4 effects. One, higher inventory because of a position that we said to use the single phase taxation. There is a second effect which is the lower payment terms from our suppliers because of less imported product in our profile and an increase in the product cost which resulted from the price movement by Petrobras at the same time, offsetting part of that. Receivables were paid shorter at Ipiranga. So, we did take some of our cash in the first quarter, but we expect to pick up in the 2nd quarter.

現在，羅道夫 (Rodolfo) 談談伊皮蘭加 (Ipiranga) 的資本使用和現金使用情況。我想大家可能都很清楚這一點，但它確實有 4 種效果。一、庫存較高是因為我們所謂的採用單相課稅的立場。第二個影響是，由於我們進口的產品較少，供應商的付款條件較低，同時巴西石油的價格變動導致產品成本增加，從而抵消了部分成本。Ipiranga 的應收帳款支付時間較短。因此，我們確實在第一季消耗了一些現金，但我們預計在第二季現金會回升。

Petrobras is offering a price is higher than in the international market. What we can see in the second quarter are price reductions to try to be closer to it, but it's still more expensive than in the international market. The government is saying that, Petrobras wants to offer the lowest price of fuel in the country, so, this is something that we expect to be corrected soon.

巴西石油公司的報價高於國際市場。我們在第二季度看到的是價格下降，試圖接近這一水平，但仍然比國際市場貴。政府表示，巴西石油公司希望提供全國最低的燃料價格，因此，我們預計這個問題將很快得到糾正。

Thank you very much. That was very clear.

非常感謝。這非常清楚。

The next question comes from Mattelsenfeld, UBS. Please unmute your mic.

下一個問題來自瑞銀的 Mattelsenfeld。請取消麥克風靜音。

Good morning. I'd like to start by wishing all the best to you that you and Julie in your new positions. If I didn't get wrong calculations, I got a proforma leverage of 2.02 Points 2 times with Hidrovias and this is part of an epitaph of Hidrovias which still under pressure. But how is ultra analyzing the ideal leverage and looking ahead? Does it make sense to analyze a proforma, leverage consolidating Hidrovias not impacting. Your capital allocation of the holding, but what would be an ideal value to consider your numbers in the end of 25 and throughout 26? I would also like to ask about other investments today there was big news about investments in TRR. What are you thinking about this specific segment? Do you want to go further in this value chain? If you can tell us about additional investments that you are planning to have, thank you.

早安.首先，我祝福您和朱莉在新的崗位上一切順利。如果我沒有算錯的話，我透過 Hidrovias 獲得了 2.02 點 2 倍的形式槓桿，這是仍然承受壓力的 Hidrovias 墓誌銘的一部分。但 Ultra 如何分析理想的槓桿並展望未來呢？分析形式發票、槓桿合併 Hidrovias 是否有意義，不會產生影響。您對持股的資本配置，但是在 25 年末和整個 26 年考慮您的數字的理想值是多少？我也想問一下其他投資的情況，今天有關於 TRR 投資的重大新聞。您對這個特定片段有何看法？您想在這個價值鏈中走得更遠嗎？如果您能告訴我們您計劃進行的額外投資，謝謝。

Good morning, Matteo. Thank you for your questions. Concerning leverage and the effect of Hidrovias, with the consolidation of Hidrovias which is going to happen in the second half of the year, we are not going to have more the share of loss, and we are going to consolidate the res. So, Hidrovias in all our numbers, that's going to be defect as of the second half of the year and in net debt, it will increase the net debt of Ultrapar 0.4, 0.3, 0.4 times. As we have cash generation, business, the unleveraged will be quickly throughout the third quarter where we traditionally generate more. Cash. As to Ultra, nothing new. This is something that we did at Ultra Mobility. It is a relatively small movement in a sector where we see good partners, regional operation, which is being operated as it used to be before.

早上好，馬特奧。感謝您的提問。關於槓桿和 Hidrovias 的影響，隨著下半年 Hidrovias 的合併，我們不會有更大的損失份額，而且我們將合併資源。因此，根據我們所有的數據，Hidrovias 將從今年下半年開始出現缺陷，而淨債務將使 Ultrapar 的淨債務增加 0.4、0.3、0.4 倍。由於我們有現金產生，業務，無槓桿將在整個第三季度迅速實現，而我們傳統上會在第三季度產生更多現金。現金。至於 Ultra，沒有什麼新鮮事。這是我們在 Ultra Mobility 所做的事情。在我們看到的這個行業中，這是一個相對較小的變動，我們在這個行業中擁有良好的合作夥伴，區域運作也像以前一樣運作。

Noma tells about MPM, the convenience stores. We can see a potential of growth in our retail business. There are 1,450 stores in nearly 6,000 service stations. We still see a lot of potential for growth. So, we want to incorporate into our business some brands that can add value to our franchising. For example, Krispy Kreme and other movements are part of this strategy of bringing to convenience stores, products and brands that have high perceived value. Krispy Kreme was a possibility of learning more and more about retail, and we expect that these additional. Product lines will be available in our stores eventually.

Noma 講述了有關便利商店 MPM 的事情。我們可以看到零售業務的成長潛力。共有1450家門市，近6000個服務站。我們仍然看到很大的成長潛力。因此，我們希望將一些可以為我們的特許經營增加價值的品牌納入我們的業務。例如，Krispy Kreme 和其他運動都是這項策略的一部分，旨在將具有高感知價值的產品和品牌引入便利商店。Krispy Kreme 為學習更多有關零售業的知識提供了可能性，我們期待這些額外的知識。產品系列最終將在我們的商店上架。

Thank you very much.

非常感謝。

Now the next question, it comes from Vicente Falanga with Prodesco. Please mute your mic.

下一個問題來自 Prodesco 的 Vicente Falanga。請將麥克風靜音。

Good morning, everyone. Thank you very much for the call. Thank you, Ultrapar's team. I have one quick question here about informal practices. We've seen some formal players talking about tax solidarity in some. I would like to know if you agree with that. Have you seen better margins in the state of Sao Paulo? And at the same time, is there any counterpart, any compensation, so to speak, coming from other states, so going from Sao Paulo to other states to try to offset taxes.

大家早安。非常感謝您的來電。謝謝你，Ultrapar 團隊。我這裡有一個關於非正式做法的簡單問題。我們看到一些正式參與者正在談論稅收團結。我想知道您是否同意這一點。您是否看到聖保羅州的利潤率更高？同時，是否有任何對應物，任何來自其他州的補償，所以從聖保羅到其他州試圖抵消稅收。

Yes, there are some important successful fronts. I'm going to talk about that and expand that to other topics. The new law of Renovabi is a very important. New law also the single phase taxation for ethanol as well. The special tax regimens in Sao Paulo are very important, and it brings this concept of taxation solidarity, so to speak. Market has to understand that and this is of course going to reduce tax evasion and punish those that evade taxes but there's still a lot to do of course Brazil has been impacted by the market of NAFTA without taxation, we have to be aware that the laws and the changes have to be enforced, laws that have been included in our regulatory framework to improve the sector. The mixture of biodiesel, the price is going down, but there is still a problem.

是的，有一些重要的成功戰線。我將討論這個問題並將其擴展到其他主題。雷諾瓦比的新法非常重要。新法也對乙醇實施單階段課稅。聖保羅的特殊稅收制度非常重要，它帶來了稅收團結的概念。市場必須理解這一點，這當然會減少逃稅行為並懲罰逃稅者，但仍有許多工作要做，當然巴西已經受到北美自由貿易協定無稅市場的影響，我們必須意識到必須執行法律和變化，這些法律已納入我們的監管框架以改善該行業。混合生物柴油的價格正在下降，但仍然存在問題。

Not mixing is still interesting for those who want to fail to pay taxes, and there are some states which are not part of the so-called confa, which is like a a committee that was created last year and through that we see those that did not join still evading taxes. Said it all we can feel some advances we've seen some progression, especially in states that are more active in the regulated market we've seen benefits to all of those who participate in the supply chain benefits to consumers, agents, resellers, distributors to the government. And Sao Paulo is a very good example of that. Sao Paulo state has been fighting irregularities in this industry and has achieved very important outcomes.

對於那些想逃避納稅的人來說，不混合仍然很有趣，而且有些州不屬於所謂的 confa，這就像去年成立的一個委員會，透過它我們看到那些沒有加入的人仍然在逃稅。總而言之，我們可以感受到一些進步，我們已經看到了一些進展，特別是在受監管市場更活躍的州，我們看到所有參與供應鏈的人都受益，包括消費者、代理商、經銷商、分銷商和政府。聖保羅就是一個很好的例子。聖保羅州一直在打擊該行業的不規範行為，並取得了非常重要的成果。

Well, from our part, we have to keep on working, supporting the initiatives, regulatory agents so that we can have healthy competitive markets. I am optimistic, but I'm a careful optimistic because processes haven't developed as quickly as we expected and those who work illegally, they are very creative. We have to be very careful and pay constant attention to whatever may come to hit us.

嗯，從我們的角度來看，我們必須繼續努力，支持這些措施和監管機構，以便我們能夠擁有健康競爭的市場。我很樂觀，但我持謹慎樂觀的態度，因為進程並沒有像我們預期的那樣快速發展，而且那些非法工作的人非常有創造力。我們必須非常小心，隨時注意可能發生的攻擊事件。

Thank you, Lyndon.

謝謝你，林登。

The next question comes from Rodrigo Meda with Santander. Rodrigo, please unmute your mic.

下一個問題來自桑坦德銀行的 Rodrigo Meda。羅德里戈，請打開你的麥克風。

Good morning. Let me go back to Hidrovias. You've talked about the next steps in terms of your agenda in the company. What can we expect? However, in terms of synergy with ultra cargo, any operational synergies on the daily practices, are you working towards that? This is going to help us. Have more clarity of the explanation you've already provided.

早安.讓我回到 Hidrovias。您已經談到了公司下一步的計劃。我們能期待什麼？但是，就與超大型貨運的協同作用而言，您是否正在努力實現日常實踐中的任何營運協同作用？這對我們有幫助。讓您已經提供的解釋更加清晰。

Good morning, Rodrigo. No relevant synergy with ultra cargo and Hidrovias at present. The greatest benefit is to have competitive, competent people. At Ultra cargo, who can really dedicate so, we are going to replace some of our headcount. Now that you will be our main executive there. We also have a legal our support counselor who had also worked at Erovius, but apart from that, we'd have no synergies identified so far. Thank you, general counselor, I mean.

早上好，羅德里戈。目前與 ultra cargo 和 Hidrovias 沒有相關的協同作用。最大的好處是擁有有競爭力、有能力的人才。在 Ultra cargo，對於真正能夠奉獻的人，我們將替換部分員工。現在您將成為我們那裡的主要執行官。我們還有一位曾在 Erovius 工作過的法律支援顧問，但除此之外，我們目前還沒有發現任何綜效。謝謝您，總顧問。

The next question comes from Bruno A Marie Goldman Sachs. He's in mute your microphone.

下一個問題來自 Bruno A Marie Goldman Sachs。他把你的麥克風靜音了。

Good morning. Thank you for taking my question. Let me go back to the competition and the distribution of fuels. I do understand. All the tax evasion prevention initiatives, but for the past two years there had been continuous progression, for example, in Diesel, smaller players, not the 3 large players have been gaining market share consistently. There was this a single-phase taxation, gasoline single-phase taxation, but the trend has not been reverted. So, I'd like to hear from you whether you think it has happened because in addition to the favor. Measures for former players. Some other measures were added. Lindon said that they tend to be creative, or do you believe there are competitive players regardless of how they act.

早安.感謝您回答我的問題。讓我回到比賽和燃料分配的話題。我明白。所有逃稅預防措施，但在過去兩年中一直在不斷取得進展，例如，在 Diesel 中，規模較小的參與者（而不是三大參與者）一直在持續獲得市場份額。曾經有過這種單階段徵稅，汽油單階段徵稅，但趨勢還沒有逆轉。所以，我想聽聽您的意見，您是否認為這件事的發生是因為除了恩惠之外還有其他原因。針對前球員的措施。也增加了一些其他措施。林登說，他們往往富有創造力，或者您是否認為無論他們的行為如何，都有競爭力的球員。

How do you see these smaller players which play by the book, right? Do you see healthy players who have been gaining share legally so that we can understand. If the problem is just informal illegal practices or whether it is a competitive dynamics, right, that would impact the results. I know how informal businesses impact it all, but is there anything else in other words? Now concerning Hidrovias, I know you are going to announce a more concrete plan ahead, but what can we expect? Is it an improved Hidrovias? Is it going to be more efficient in its operation, or are you planning to open new business lines? Is there anything else you can already share with us?

您如何看待這些按規矩辦事的小球員呢？您是否看到健康的球員合法地獲得了份額，以便我們能夠理解。如果問題只是非正式的非法行為，或者是競爭動態，那麼這將影響結果。我知道非正規企業對這一切有何影響，但換句話說，還有其他影響嗎？現在關於 Hidrovias，我知道您將要宣布一個更具體的計劃，但我們能期待什麼呢？它是改良型 Hidrovias 嗎？它的營運效率是否會更高，或者您是否計劃開闢新的業務線？您還有什麼可以與我們分享的嗎？

Hi Bruno. Concerning market dynamics, I think there are the two points you've mentioned, both valid. There is informal practice and there is a new dynamic of how markets are getting positions, how the segments are getting position in terms of supply. The informal dynamic is what we've called. They are creative, they keep on doing. There are things to focused on. It used to be gasoline, now it's biodiesel. There has been a progression, but there had also been some setbacks.

你好，布魯諾。關於市場動態，我認為您提到的兩點都是正確的。存在非正式的做法，並且存在市場如何獲得地位、各部分如何在供應方面獲得地位的新動態。我們所說的就是非正式的動態。他們富有創造力，並且不斷努力。有些事情需要關注。以前是汽油，現在是生質柴油。有進步，但也遇到一些挫折。

However, it's all still impacting the distributors which act informally and irregularly, but there is a new market dynamic at the same time. Just to reinforce what I have said, it is consolidated once there is a very long period of open arbitration, price arbitration, so markets have to be segmented. If we analyze, I'm going to talk about Ipiranga, right? If you analyze the market share lost by Iranga, it is on the spot market and not contracted share. And spot market is exactly where we have the imports.

然而，這一切仍然對經銷商造成影響，經銷商的行為不正規、不規範，但同時也帶來了新的市場動態。我只是想強調我所說的，一旦經過很長一段時間的公開仲裁、價格仲裁，它就會得到鞏固，因此市場必須被分割。如果我們分析的話，我會談論伊皮蘭加，對嗎？如果分析伊朗加失去的市場份額，那是現貨市場的份額，而不是合約份額。現貨市場正是我們的進口市場。

There are some segments which are supported on spot supply, which is all based on imported product. It changes the dynamic of course and there are some regions more focused working on such platform and even if we considered they are working accordingly and they are serving the wave for their own. Advantage, the supply market in Brazil is under transformation, and we have to make the right adjustments and model of of our operation to focus the segments of main interest. So, there are the two issues irre irregular practice and a new supply model in Brazil.

有些部分是依賴現貨供應的，全部基於進口產品。當然，它改變了動態，有些地區更專注於這樣的平台的工作，即使我們認為他們正在相應地開展工作，並且正在為自己的浪潮服務。優勢，巴西的供應市場正在轉型，我們必須做出正確的調整和營運模​​式，以集中主要利益領域。因此，巴西有兩個問題：不規範的做法和新的供應模式。

Good morning, Bruno, about Hidrovias. The company is great. The assets are wonderful. We expect it to make the company even better, gaining efficiency with more productivity out of the assets and more capital discipline. At the same time, we are going to work with an expansion plan. That we are going to focus on the north region where we have more possibility of growth of the company.

早安，布魯諾，關於 Hidrovias。這家公司很棒。這些資產非常棒。我們期望它能讓公司變得更好，透過提高資產生產力和加強資本紀律來提高效率。同時，我們將制定擴張計劃。我們將重點關注北方地區，因為該地區公司有更大的成長潛力。

That's great. Thank you very much.

那太棒了。非常感謝。

The next question comes from Luis Carvalho, BTG. Please unmute your mic.

下一個問題來自 BTG 的 Luis Carvalho。請取消麥克風靜音。

Hello, good morning. Thank you for taking my questions. I have two questions here about Ipiranga and Hidrovias pibacking on what you've said, Lyndon.

你好早安。感謝您回答我的問題。林登，我有兩個關於伊皮蘭加和希德羅維亞斯對你所說的話的支持的問題。

If we observe the share of market share of the three main players in recent years, there has been a significant loss of share. But it has led to increased margin. Do you think that is going to be a change in this trend even though it has been in a spot market and less uncontracted market, but in the end of the day it impacts. The scales and you of course have to work to avoid losses of margin. So, do you think the company market share is fair, is ideal, or do you expect to gain more share without losing margin? And secondly, asking about Hidrovias. I don't know if it's Pizzinatto Ouddeo who can answer that Hidrovias has positively surprised the market in this quarter.

如果我們觀察近年來三大主要參與者的市場份額，就會發現其份額出現了顯著的損失。但這卻帶來了獲利的增加。您是否認為這會改變這一趨勢，儘管它一直存在於現貨市場和非合約市場中，但最終它會產生影響。當然，您必須努力避免利潤損失。那麼，您認為公司的市場份額是否合理、是否理想，或者您是否希望在不損失利潤率的情況下獲得更多份額？其次，詢問有關 Hidrovias 的問題。我不知道是不是 Pizzinatto Ouddeo 可以回答，Hidrovias 在本季度給市場帶來了驚喜。

First, do you think that this new level of operation. Is a level that we can expect for the next 12 to 18 months. And secondly, is not what is the kind of capital allocation that you are anticipating for the company? Maybe have the IPO of the other three, businesses. Would it make sense for Hidrovias, would you plan to close the capital going to a no longer publicly traded company? What are you anticipating?

首先，您認為這個操作有新的水平嗎？這是我們在未來 12 到 18 個月內可以預期的水平。其次，您預期公司會進行什麼樣的資本配置？也許其他三家企業也會進行 IPO。對於 Hidrovias 來說這是否有意義，您是否計劃關閉流向不再上市的公司的資本？您期待什麼？

Let me start by answering about the share. The shares focused primarily on spot market. I don't like to consider it as a loss because we actively decided not to be part of the market within the size it has. It's very low profitability market, so we decided we opt out.

讓我先回答一下有關分享的問題。該股票主要集中於現貨市場。我不喜歡將其視為一種損失，因為我們主動決定不參與目前規模的市場。這是一個獲利能力很低的市場，所以我們決定退出。

Of course, we want to have stronger and stronger position, but as a consequence the share. Is a consequence of good regulatory dynamic better than what we currently have, but what's in our power is to recover or to expand our businesses by enhancing efficiency and we have our initiatives to do that efficiency. To get better logistics. ERP is being revisited.

當然，我們希望擁有越來越強的地位，但隨之而來的是市場佔有率的下降。良好的監管動態是否比我們目前的監管動態更好，但我們有能力透過提高效率來恢復或擴大我們的業務，我們有自己的措施來提高效率。為了獲得更好的物流。ERP 正被重新檢視。

We are constantly fine tuning our profile of supplies, understanding the market dynamics. Our investments have been well thought to attract investments that add value to our supply chain. A lot of cost discipline always in support of Ipiranga to all applicable agencies to fight illegal market. So, I don't think the share is an objective. It's a consequence. We have to strike the best balance and then share increases. It is a result of our capacity to generate results and efficiency concerning Hidrovias just to set the context, to set the background. The main driver of results of Hidrovias is the fact that we have a crop being now distributed. So, the company pick of the company is on the 2nd and 3rd quarter of the year. There is an additional element which is the hybrid element, so seasonality, rain, but it has improved the draft of Rio Paraguay. It has increased navigability even in periods of lower water availability. So, that's what we are observing. The main driver is always distribution of the crops and at the same time.

我們不斷調整我們的供應狀況，了解市場動態。我們的投資經過深思熟慮，旨在吸引能夠為我們的供應鏈增值的投資。大量的成本紀律始終支持伊皮蘭加向所有適用機構提供打擊非法市場的幫助。所以，我認為份額不是一個目標。這是一個後果。我們必須取得最佳平衡，然後增加份額。這是我們有能力產生有關 Hidrovias 的結果和效率的結果，只是為了設定上下文和背景。Hidrovias 取得成果的主要動力是我們現在正在分發農作物。因此，該公司的選擇是在今年第二季和第三季。還有一個額外的因素，即混合因素，即季節性、降雨，但它改善了巴拉圭河的選秀。即使在水資源較少的時期，它也提高了通航能力。這就是我們所觀察到的。主要驅動力始終是農作物的分配，同時。

The water conditions and seasonality, the water in terms of river conditions, right? In terms of capital, we have no plans of closing the cap and start negotiating them outside the stock market. Great, thank you very much. Well, our question-and-answer session is finished now. I'd like to hand it over to Alexandre Palhares for his closing remarks.

水質狀況和季節性，就河川狀況而言，對嗎？在資本方面，我們沒有關閉上限並在股票市場之外開始談判的計劃。太好了，非常感謝。好了，我們的問答環節到此結束。我想把發言權交給亞歷山大·帕爾哈雷斯 (Alexandre Palhares) 來做結束語。

Well, thank you very much for your time, your interest and our investor relations team is that your availability for any follow-up questions. Thank you all very much. Our earnings release call is finished now. Thank you all very much for your participation. Have a great day.

好吧，非常感謝您抽出時間、感興趣，我們的投資者關係團隊願意回答您的任何後續問題。非常感謝大家。我們的收益發布電話會議現已結束。非常感謝大家的參與。祝你有美好的一天。