CSU Digital S.A. ($CSUD3)

[Interpreted] Good morning, ladies and gentlemen. Welcome to CSU Digital video conference to discuss the results for the fourth quarter of '25. This video conference is being recorded, and a replay will be available on the company's website, ri.csu.com.br. The presentation is also available for download. Please note that all participants will be able not only to watch the speakers but also to follow the slides during the presentation. Immediately afterward we will begin the Q&A session when further instructions will be provided. I'd like to remind you that the content of this presentation will be delivered in Portuguese with simultaneous interpretation into English. For those who wish to listen to the presentation in English you may select the language using the interpretation icon located at the lower -- I'm sorry, right of the platform and the choosing the language probably. Before proceeding, I would like to emphasize that forward-looking statements are based on the beliefs and assumptions of the management of CSU Digital and on information currently available to the company. These statements may involve risks and uncertainties as they relate to future events and therefore, depend on circumstances that may or may not occur. Investors, analysts and journalists should take into account that events related to macroeconomic environment, the industry and other factors may cause actual results to differ materially from those expressed in the respective forward-looking statements. With us today, we have Mr. Pedro Alvarenga, CFO and IRO; Mr. Fabiano Droguetti, CTO; and the Investor Relations team. I now turn over to Mr. Pedro Alvarenga, who will begin the presentation. Please go ahead.

Good morning, everyone. It's a pleasure to be here once again with our investors and other market participants. We will talk a little bit about '25 and in special about the fourth quarter of that year. Before talking about the results, I wanted to comment a little bit about our market position. I think that this is very important and is the explanation for the wonderful results we obtained in '25. For those of you who are familiar with CSU, this is a bit redundant, but I would like to emphasize that the company is positioned as an infratech company for financial services. So our position, which is a differential when compared to others in our market is that the company works from end to end in the management of the services. So it's only natural that financial services operation have different contact points, transactions, different levels of transactions with each and every one of the users according to their needs, interest and preference. But of course, this also demands a series of other activities that we do not visualize in our behind the scenes so that this is complete. So we go from digital payments, loyalty and incentive, marketplace, customer experience, processes, back office, all of this anchored on a high use of AI and automation. And why this is important when we talk about the results for the year. The company throughout its 34 years of existence has had long-lasting relationships with clients. We have very relevant institutions in the financial sector, such as large banks, insurers and also different companies who wants to provide financial services such as retail, consumers and services. And this is our network. All of this is our network, and it has to do with our portfolio. Each and every one of these clients choose their strategies according to their reality and therefore, the flexibility, the capacity to individualize our offer and also for those who really do not want to have to worry about anything. We guarantee end-to-end services. and that's responsible for the business success we had this year with 4 new clients. We're talking about large companies such as Casas Bahia, Tracker, among others, which are part of our portfolio. And that's combined to others who are part of our portfolio in '24, such as Pefisa. So in fact, we have had good business relationships. Clients start operating with us with only one service or only one objective, but we work very intensively in the cross-sell agenda and this is a highlight here today. We have expanded our scope of activity with over 16 products. So this is part of our performance with our clients at the base. But of course, we still work hard to achieve new clients. Another interesting aspect is that this complete portfolio agenda also has -- and that's combined to the capacity of our platform has a long journey and a long relationship with these companies, and they grow over time. In average, today, we have clients who have been with us for 13 years, but some of them have been around for 30 years. And once we start a relationship, it goes on over time and increases. This portfolio, this full portfolio, as I mentioned, provides relevant opportunities for us from the point of view of potential growth in the number of clients. We closed with 4 new clients, but I wanted to call your attention to the fact that when we concluded the portfolio and that was between '23 and '24, our pipeline has become very expressive, as you can see on the right side of the slide. The amount of proposals, discussions and solutions grow materially, which means that we start '26 very well to work with multiple industries and this technical capacity with solutions expand our market. I highlight that the addressable market of this segment is very relevant. More specifically about our results, I would like to share a vision which is a bit different from what we discussed in the previous calls. But this is to make clear how we see the new cycle of growth for the company. And for those who have been around or have been with us for a longer time, since 2020 or since 2019, 2020, we have undergone intense transformation in our business. This is essential, and it had to do with having other platforms available, lighter and more flexible platforms, which are more adapted to the new economy. But there was also a concern with the fact that this transformation should not affect results. This was something difficult to achieve and to work with. It's only natural that when you go from one technology to the other, you have to sacrifice results so that you can have this transition. And what happened with us was exactly opposite. This transformation has to do with the intensive use of artificial intelligence focused on processes. And when we look at revenues, even though we had a strong growth when we talk about profit and EBITDA and the indicators growing nominally, the revenue was something that the market couldn't really see. So this graph bring some light into this topic. We went through the cycle until '23, '24 when we underwent this very significant transformation. The digital platform costs less than an analogic platform. And then on the other hand, we have improved all of our results. This graph makes it very clear that concluding this process with digital transformation, consolidation and renewals, we now see operational indicators and financial indicators that better communicate with one another. We've been growing 2 digits from a very long time, operationally speaking. But this was obfuscated by this transition moment. Today, our transactions are digital. 99% of our revenue is based on totally digital transactions. And we can see that our results are higher than 75%. So we will see more and more the indicators communicating with one another. '25 had an acceleration in the growth of the company, and this was motivated by these new initiatives. And not only was it a better year in terms of revenue, but we also accelerated it. The consequence is that we can see a growth in our revenue is that we have presented record indicators throughout the year. I'm not going to get into the details of all of them. We will have other slides to discuss this. But I would like to call your attention to the fact that we accelerated our revenue, expanded our profit, transforming our performance and the consequence is that we had the highest profit in the history of the company going beyond BRL 100 million and with a policy based on distribution of revenue. So now I will talk about CSU Pays. This is a business unit that works almost like a Swiss watch. We expand our business volume. Once again, we expand the number of units that are administered in our platform. And likewise, we have a base which is, in fact, active, continues growing, representing over 62% of this base. And the consequence, of course, lies in the number of transactions and all of this grew intensively because we have more users because they use our platforms more. And of course, that's beneficial for our results. In DX, we had significant growth with 18% compared to last year. And as I commented, we want to be on the 75% of purely digital operations. This is very relevant, and I would like to call your attention to the fact that DX is a highlight in our results for '25 as we believe will happen in '26. The anchor product is a very strong business appeal. We have relevant business relationships, contracts and we can see that our revenue grew 10%, and then we also grew 5% and in DX, we went above 18%. At the end of the year, we did even better. We grew 8% when we compare quarter-over-quarter and in DX 22%, reinforcing the acceleration I've already mentioned. We also had contract amendments and these revenues gradually contribute for our revenue for '26. The last thing I wanted to call your attention in this slide is that we worked very hard in '25 to renew our contracts, which were to end in the end of '25, '26. So 100% of the renegotiations were concluded. And somehow, it affected the pace of growth. But for us, it was quite an achievement because we renew these contracts that are long-standing, have been around, as I mentioned, for over 13 years. And what I wanted to comment is that these new services and new scopes resulted from this renewal process. We gave some discounts. But on the other hand, these clients will adopt more technologies and products. Whenever we talk about profitability, I would like to comment that we've been able to improve our revenue without necessarily sacrificing performance. Quite the other way around, it's improved year-over-year. When we look at the graph since '21, we can see that it's a bit more intense. And this, in fact, improved our results for the company. And then we crossed our results. I'm talking about a margin of 54%. And in DX, it grew 33%, which is very relevant, reaching almost BRL 48 million. DX is not going to stop here. Once again, we can see revenue growth. And I think that revenue will improve because HAS, the more it penetrates and the more we can commercialize it. And because it has a higher margin than the original business, it will pull these indicators upwards. So I believe that we will continue seeing increases in profitability in the next years. Now looking at the indicators, we have a very relevant leverage level. So this is translated into EBITDA and net profit. When we look at recurring profits and the businesses that are already implemented in the company, we can see important results. When we talk about EBITDA, this year, we reached BRL 208 million, which would take us to a margin of basically 37% whenever we talk about this indicator. And in net profit, we went beyond BRL 106 million, increasing the company's margins to recurring levels and something in the order of 22%. I would like to comment that we are exactly going through this moment closer to the end part, and Fabiano will talk about it later. In terms of new operations, artificial intelligence and the launch of our operations in the U.S. So we've been accelerating our investments in some areas that are very important so that these businesses become a reality. And this explains the difference between recurring levels and the results shown, but I would like to say that in the near future, these business units will start generating revenue, and then we will have a better balance regarding the financial indicators we presented this year. Regardless of all of this, we delivered very relevant and expressive results despite all of these preoperational investments. So where are we investing? As I commented, we have important fronts whenever we talk about artificial intelligence. Fabiano will talk about this, but we have invested a lot on our business to increase our efficiency, transactions. This is an environment that will catalyze investments in our base in addition to making our offer more attractive. Furthermore, HAS has been strengthened with new AI components, for example, autonomous agents, and that will foster growth and profit. International expansion. We have had our first transaction in December in a production environment, including banks and naturally, because we are concluding it, we already have very interesting results with potential clients. This agenda is very mature, and we will comment more about this later. And of course, there's no miracle. To do this, we need more people. When we talk about products, we have to include compliance, technology teams. So we have been hiring people to strengthen our structure. Taking into account that in the near future, this operation will be 100% live, especially in the U.S. market. We had already been accelerating our marketing to generate brand positioning. So these are relationship events. The use of media, we included this brand awareness process. So that when I sell, clients will not say, I don't know them. So we have accelerated these investments. Just as we've had more expenses when we look at CapEx, we have also dedicated ourselves to a significant amount. And today, we have something like 13% of our revenue invested in CapEx, respecting the company's cash flow so that we can have adequate value generation. And that is what enables us to launch so many products. We've been talking about crypto budgeting, the HAS. We are including artificial intelligence in all of our products. And therefore, we have been allocating more capital without paying attention to capital generation. Because we have been able to combine growth, investment and results, we have also had more relevant returns for our shareholders. This year, we had an extraordinary distribution of earnings and we reached a high amount in '25. These are significant numbers, increased the company's yield, which is very attractive for shareholders. Now let's talk a little bit about the future. We've already talked about what has happened, but we will now talk about what will happen, and Fabiano will better explain the investments that I mentioned throughout my presentation.

Well, thank you, Pedro. Thank you, all of those -- thank you all for your time. '25 was an exceptional year. It was very challenging with a lot of transformations and '26 won't be much different. So we have the regulated market. We have automation opportunities and important pillars that we believe in. When we talk about Brazil, it's important to look at the organic growth, looking at the numbers, operational numbers, but also the benefit markets where we have important transformations and structuring the different arrangements in consignated market as well, especially in private areas where companies have made more instruments available for the employees to obtain access to credit. So we have differentiated options for our clients. We're looking at the numbers, but the market is very mature in Brazil. I have no doubt of that. But we also have opportunities for specialization. And we do believe that we will have important evolution. Pedro commented a little bit about HAS and the use of AI. I always talk about this, and I will repeat the responsible use of AI with adequate data and governance and this information that is going around with important activity done with our employees so that we can deliver relevant solutions to our clients. We have operations that already use this, and we will have new employees. We are hiring new people, new platforms so that we can further explain our AI portfolio within our products. And internationalization, Pedro, if you can talk about this, then I will talk about the process. But anyway, looking at what I had already talked about organic growth and other fronts, I'm sharing some news with you. I'm sure that those who follow it on the day-to-day know that the market is very agitated. Brazil has a mature financial system. We've been participating in it for 35 years, 34 years, but there's a lot to happen. And we see a lot of growth opportunities for credit growth in Brazil. This is very strong. When we look at the market and the benefits, this was signed by the government changing the rules for meal vouchers and food vouchers so that we can provide services and improve the services of the companies that provide these benefits. We have new options coming in the market, also the CLT payroll credit, which has surpassed our numbers. And we have also invested in platforms to test the best services. And so this is the macroeconomic combination. And now looking at DX a little bit. We've already talked about the platform, but I would like to reinforce that we have a full solution for the whole business automation cycle regardless of what it is. We have a variety of products, which takes care of digital channels or physical channels, capturing information and with intelligent processing so that it's very transparent with good governance using the technologies that are available to minimize error and maximize time or speed of response. The results we've seen, I will highlight the most important one in my opinion, is the satisfaction of the end client. The NPS, which is measured, has grown because the response is faster, efficient with lower error margins. So we continue investing in these operations, improving them with HAS. In this fourth phase, we are beginning to add autonomous agents for these automations. So where we have a stronger human interaction, we will be intensifying the use of AI, applying generative AI so that we can solve problems with clients, expanding technology within the business processes. As I had commented, we have different segments. Of course, the financial market was our initial focus, and it was an important base for the development and consolidation of this platform but we can see service companies, consumers. So all of these companies in different segments are already benefiting from the same platform because it's easy to adjust, apply new processes, processes that can be quickly implemented so that we can achieve short-term benefits. We also have quality monitoring where we analyze the operation based on quality with a much larger sampling than we had in the past and with insights for managers, supervisors so that they can improve the training of the teams and eventually providing product feedback. Whenever I receive a complaint, the product is reviewed, we try to solve, and this is a very positive cycle for all of our clients who use the technology. Needless to say that with that, we have less calls, less complaints, the NPS improves, cost is more efficient. And the combination of all of this ends up being very important. And when we start talking about this, then we can see the reason for the results. This is an important differential. And there's no other company in the market today that can offer this technology for this service. And that has an impact on our results on revenue expansion, but also on client satisfaction. Now we understand that expanding internationally, especially in the U.S., which was our initial focus with a mid- and long-term strategies and we have described our strategy, but this is a project which is like a marathon. It's not a 100-yard race. So it's important to understand the market, the options, it's important to organize the platform so that we can fulfill the requirements for this market. And now we already have our current database for these clients who operate and who transaction in the U.S. market so that we can provide them with a totally different experience than the market has offered. The card is issued in the U.S. with a native solutions, which makes it a lot easier for them to use to pay for expenses in the market. We've been talking to clients at the base, and we will soon be working with them. Looking at the large Brazilian banks, which are not our clients right now, we can see an important phenomenon. The bank may be very relevant in Brazil, but usually the operation in the U.S. is not as large. And therefore, contracting services in the U.S. ends up being a problem and they are treated as a small company. Based on our experience in Brazil, we can share a proposal for them where they will be treated appropriately in a very flexible manner so that they can expand their operations in the U.S. And looking further ahead, we want to work in the U.S. market with about 5,000 institutions where we will have access to. And we can make a differentiated offer to them. We've spoken to some companies and can see to what extent the platform can be flexible and also the ability to adjust the product for those who work in the market and all of this leads to important differentials. We have been discussing this with our clients with very positive feedback. Some people have asked us whether we should instead expand to Latin America. So why the U.S. market? We have some indicators that indicate that it is because of the size of the market, but I would like to highlight that our experience here brings to the U.S. market something which is not very common there, almost inexistent actually, which is working in a scenario with higher inflation rates, with higher interest rates where the level of fraud is very high. It wasn't there, but it's grown. And so we have expertise. The market regulation is strong. And we've brought this experience to the table, and it has called the attention of the companies we talk to. The market is more scattered. It would make it easier for us to enter it, but it's also going through a reality which is familiar to us and has been so for many years, and we are well prepared to deal with that. And therefore, this service will be a differential for us when compared to those who already operate in the U.S. market. So 1/3 of all of the Brazilian expenses and all expenses in Brazilian families is done in the U.S. So the Brazilian or the U.S. clients are similar to the Brazilian clients. And now just to conclude with our final advertisement. This is a little bit of the product and just for you to have an idea of what we've taken to these potential clients. The first highlight, this is a U.S. ban, a card issued in the U.S. that works as if it were a U.S. card. And the IOF is 0 because it's not subject to that. Access to credit experience by the U.S. retail and it has been used extensively by retail and a digital expense -- experience, I'm sorry. So paying for invoices with check is still a reality there, but we can have operations without a physical card or any other physical means. The way we operate is such that we bring in the Brazilian experience, Brazilian regulation, but respecting and adjusting ourselves to the U.S. regulation and doing so through partner banks in the U.S. with close support of those who are familiar with the regulation. So we've adjusted our operations, not only the technology platforms, but also operations. For issuers in the U.S. market, the global card enables the card to be -- the card that the client is already using in Brazil to be used there. So today, it is very important to maintain our offers as the most important one in the portfolio, which leads to better engagement and also supports the strategy of expansion of the base. We can also operate with other currencies. Everything is prepared for that. And as client is willing to launch a different product, we will be able to support clients expand this strategy. I think this is it. Pedro, now over to you.

So to wrap up and to complement what Fabiano said, we are not going to stop here. This is the first product when we talk about the U.S. market. But we're taking a full portfolio to work in this industry because we, in fact, understand that this is the best strategy. When we talk about banking, loyalty services, this is very important and will be gradually included in this full offer. Before the Q&A, I would like to comment that the company is committed with the maintenance of solid results. We invest based on the profit that we generate. This is how it has to be. We see a lot of technology companies trying to use their cash to an extreme, but we are very disciplined. So we have expanded our investments. And I would like to share with you all that we will always respect this capacity to generate results for the company. We're going through a very important expansion cycle. We had a strong growth of revenue but we have other avenues, which are new ones in the company. Some of them were launched in '23, '24. And we're launching new solutions in terms of EBITDA and also in terms of this international front. In the near future, we expect to capture what is best for these markets. Likewise, and we analyze the results, but we also look at our cash. We will work respecting this balance. But I also wanted to share with you this vision of how our balance is relevant, and it has enabled us to make investments and maintain good distribution of dividends and leading to results -- future results. Finally, I would like to call your attention to the fact that we still have a scenario where the price of shares is being valued. And when we compare that to the main players of this industry, we're talking about profit, which is fourfold higher than the average. And so this is information we wanted to share with those who are still not shareholders of the company. So I would now like to open for Q&A.

[Operator Instructions] Our first question is from Bernardo Guttmann from XP.

What is the potential representativeness in the company? And what is the pipeline for '26?

Well, thank you for the question. Fabiano, I will talk about it, and please feel free to complement. In terms of HAS, perhaps I'm very enthusiastic with the product. For a very simple reason, HAS is a project which can be quickly implemented, generating quick results for us and our clients. And it is a product that we can sell in the same combo with cost improvements for the company, quality improvement, churn reduction. And therefore, at the end of the day, the product is very relevant. Every company wants to be more efficient, less expensive with better options for users, guarantee loyalty over time. Because this is how we work and because we can remove attrition and improve the perception of value, the results in sales are better. This is something we can see right now. This year, our business performance was very interesting with 10 new contracts. The vast majority of them has contracts. And today, when we look at our results, we're talking about less than 15% of our revenue coming from HAS. But the margin with this 15% alone has grown 15 percentage points. So HAS is -- or brings about important opportunities for the company. And I would say that this year, we had growth in the order of 18% in DX. And the trend is for us to see this scenario being maintained and eventually accelerating throughout '26 because, in fact, the project has a key factor for those who contract this type of solution. And this is an exogenous factor. But for '26 is likely to be a very challenging one from a macroeconomic point of view and a geopolitical point of view. We can already see some companies with difficulties and therefore, naturally, a product that is here to reduce the operational costs of these companies and to benefit. And it's not surprising that the pipeline, which was very strong in '25, in '26, it is even stronger. And therefore, we are very confident that this product will be more and more relevant for our results as a whole, be it in terms of revenue and also in terms of more profitability for the company. And I would like to say that in terms of the technologies that are available, this potential is accelerated because we can use more IA. In the past, it was potential use. And now it is materialized into something or real that we are implementing, and therefore, it reinforces that this is an important pathway for us.

Our next question is from Luisa Cruz.

Congratulations for the results. Could you tell us about the conversations with potential clients? What client profile are more developed? And what other portfolio products of the company have the clients demonstrated more interest in the U.S.

Well, initially, we've been talking to Brazilian clients and Brazilian companies, which already have an international credit card. We've also spoken to Brazilian banks whose branches or who have operations in the U.S., they are prospects for us. So these are the main things for us. But what has called our attention is that we have had our operations with cards, and we will expand to other operations as well. What we have already seen is the loyalty programs, client loyalty programs that calls our attention as well. But what we can see is a function of the product, not only the platform and especially of the services, the way we solve problems and the way we interact with these clients because once again, for the U.S. market and service providers, these clients are considered small clients, and they are seen as a small regional bank. They are treated in a way that they are not used to being treated in Brazil. And so that's considered an important difference. And the operations in Brazil have to be reported to the U.S. regulator, but also to the Brazilian regulator. And we have this competence and that is more difficult for the U.S. companies, and they don't provide these services and the clients must incorporate their -- this information in their regulatory and accounting processes. So when this is all combined, it's a little bit of this clients at the base who want to operate with an international card. It is Brazilian clients who already operate in the U.S. And then later on, we also intend to have an access to U.S. banks, but we are not there yet.

Just to complement and Luisa, thank you for your question. What we can see is that when we talk about technology for financial services, Brazil is further ahead than other markets. And when we compare it to the U.S. market, this is a little bit more significant and products that have been used here for a long time. And this was mentioned in Fabiano's presentation. We have products that have existed for 50, 60, 70 years, I don't know, here in Brazil and that in the U.S. are a gap instant payment. So deep down, what happens is that for Brazilian banks who operate there, the offer is well below. And when they compare -- when the users compare what they have available in Brazil and what they receive there is not the same, and that's already a stressing point. And for those who are there, who are born there, what happens oftentimes is that these companies when they start working with a midsized bank or a larger bank, and they are our sweet spots here in Brazil because those are the ones we see the most. There is no market differentiation. They work with the large players. They do not have adequate service. And then that makes them -- puts them into a difficult position. So it's important to be able to look for more modern service providers. What we're doing is, in fact, occupying or trying to meet an unmet need. And that's why the strategy starts with a product, but we can quickly add other layers, loyalty, for example, it is clear that we should have partnerships to offer products. For banking, it's the same. It's also for debit cards, we must be able to operate. So throughout '26, we will launch a complete portfolio there.

We have received 2 questions from Pedro Madalozo, Nexus Investments.

The first one, how do you identify revenue for DX, Pays and HAS? Do you do it when you close the contract? Or do you enter it when the service is provided? Does cash acknowledge accounting receipt? And in this question, they ask to better explain the changes in the benefit market.

Perfect. I will answer the first one, Fabiano, and you answer the second one. So we're talking about revenue. Our revenue is identified according to the service consumption to better explain it. Every time we sign a contract with clients, we're talking about long-term clients, 3, 4, 5 years for you to, in fact, make it available and then manage the service. And so we will charge -- we always charge directly based on the user base with the amount of transactions, the type of transaction. So that is directly related to volume. But of course, it's not on a one-to-one basis. Clients have a range based on the specific number of transactions within a plateau and the number of users. And as they grow, they move on to different revenue ranges. So that's done to -- according to the services rendered. But for example, when the clients first start, there's a setup, which is charged for. But that's not where we make money. That's really not significant when we look at the results as a whole. It's according to the use and duration of the contracts.

So cash follows the same dynamic. Service is rendered. We identify how much was consumed. And then day later, about 30 days, a little over 30 days, they pay us. Regarding the benefit market, the government has determined in addition to a cap for the company that provides the benefit and the payment structure ends up receiving. So there is a cap for that. And it has also determined that the arrangements that are closed, the card is only accepted by institutions that work with a specific benefit company, and that is broken down. So there is an intermediate step so that every company can participate in an open arrangement so that they can have an operation. So I have a benefit card from an A company and that may -- or that must be used in other companies. I'm summarizing it here. But of course, that ends up being a problem, brings in more opportunity for other companies. And for those which are already established, there is a transformation which will naturally take place. And we do believe that our offer may be very useful, and we've been discussing this with them so that we can have these transformation projects and also for new companies that want to do it and adding multiple functions in the same card. So you have a debit card, a credit card, you could also have benefits consigned payment, adding different functionalities and lines. So this is the way to go. This the path we've chosen.

Our next question. Actually, we have 3 questions about the same topic from Santiago Santos, other one from Lucas Melo, Brasil Horizonte and another one from Bruno Haddad. What is the reason for the increase in overall expenses and administrative expenses in the release in the adjusted margins, the expenses had a decrease of 8%. In other words, the difference between the reported amount, BRL 52.8 million and the adjusted results, BRL 20 million is approximately BRL 27 million. I would like to know in these adjustments, what was, number one, expenses, U.S. operation; number two, cost with Brazil; and then 3 new technologies. And I would also like to know if this is recurring or not.

Well, let me answer this one, Fabiano. Perfect. Well, thank you for the question. So what is the main summary. The company is about to launch a new operation in a new market, a new country. And we have, in fact, created mechanisms to materially differentiate our offer and the market. And then right now, we have already been doing this, but we'll do more in the future, which is use AI and speaking very straightforward, we, in fact, had to bring in new people to do that. We needed more people and people with a different profile than what we were used to hiring in the company. So when we talk about artificial intelligence, I need to have programmers, data, statistics, people with a governance vision. And I don't know whether this is clear for everyone but this becomes even more relevant. If you lose data governance, you will make your offer unfeasible. We in fact need to have more people with us on the day-to-day. More people have a technical capacity so that we can manage these new products. So if we want to have more transactions and with DX, we want to have more efficiency so that we can have better processes. So different people come in with different salaries because of this technical capacity. When we go to the U.S. market, this investment is for all lines. I need to obtain licenses. I need to have lawyers. I need to have more compliance. And then we have business partners. We now have a very strong compliance team in Brazil. And to have regulations, you need to have a local person where we have products with a new location in different business team and so on and so forth. And therefore, we invested heavily in people, providers and so on and so forth to move from the initial operation to Phase 1 of the operation. Now in the past 3 months, and this will be repeated in the beginning of the year, we were making an effort with brand positioning and we know that it exists in the U.S. market. Brand positioning, bringing in executives closer to us. And then it's important to be able to count on all of this, and we need to educate buyers. And for B2B, we focus more on relationships, Instagram, TikTok and so on and so forth. And this is a line that was accelerated in the fourth quarter. It will be repeated later. And then it will not be at the same level for these upcoming 6 months of the operation. And this is a nonrecurring topic. We will have higher levels of efficiency. But in the beginning of '25 or at the end of '25, then we will stabilize halfway through.

I would like to turn over to Mr. Pedro Alvarenga for his final considerations.

Well, once again, thank you very much for having been with us today and last night. I would also like to put our IR team available for you if you have any further questions. Thank you very much, and I hope to see you in the next quarter.

CSU Digital video conference is now over. We thank you all for your participation and wish you a good day. [Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]