International Meal Company Alimentação S.A. ($MEAL3)

[Foreign Language]

[Foreign Language] The revenue for our taxes in relationship to our partners in the first trimester of the year. Our partners reflecting the resilience of the operation and in the food business and searching for more convenience and better prices for our consumers. Now moving on to Pizza Hut's operation. We had a very robust operational turnaround with net revenue reached for BRL 45 million and a growth of 6.7%, driven by the increase with a growth to 8% this year, reflecting the recovery of the business and the strategy to expand delivery. The biggest highlight, however, is in our [indiscernible] last line. We led from a negative EBITDA to a positive EBITDA reaching a margin of 9.3%, results that prove our evolution and efficiency profitability and cash generation capacity of this brand. Moving on towards to our national brands. We spent the first quarter on strategic adjustment for our profitability. Despite the 5.4% drop in total net revenue, impacted by the closure of stores where renovation and the care catering operations, we reached a growth of 2.5%. This increase reflects same-store sales, 6.5% in the quarter, leveraged by the hospital segment and campaigns in the Viena brand. On the operational side, we have our highlight, which is the expansion of margin, although reported EBITDA, we isolated the effects of catering, we delivered a 9.0% growth in adjusted EBITDA. This represents our strategy on working with more synergy in our operations. Now moving on towards to Margaritaville. The restaurants in the United States, we're impacted. And this has resulted in a reduction of 10% in revenue, and a negative same-store sales of 8%. Although our focus has been on mitigating these impacts through a disciplined process of rationalizing our expenses. The main highlight was the 232 bps expansion in gross margin as a result of efficient labor management and strict cost control. We continue looking on alternatives on recovering the margins of the loss-making units. Moving now towards the global revenue and result indicators. Our global net revenue reached BRL 357 million in the first quarter of the year. And this represents a reduction and termination of contracts for catering in Brazil. And also, while we analyze the challenging environment in the U.S. and the exchange rate effects, we observe a growth of 2.7%. The result was substantially driven by the positive performance of Pizza Hut brand and gas stations, which offset the reduction in traffic and results on the highways. And in the United States, revenues were impacted by adverse weather conditions. We ended the first quarter with the adjusted EBITDA of BRL 5 million, representing a decrease of BRL 18 million compared to the same period on the previous year. This reduction is mainly due to the recognition of our other credits in the same period last year in the amount of BRL 30 million with emphasis on tax credits and accounting adjustments related to the sale of KFC. Brazil's EBITDA in the quarter closed in the line in the same period of 2025 with an increase in the percent in the percent and margins. And on the other hand, the U.S. EBITDA was 5 million lower than previous year. The highlight in the quarter was a reduction of 6.7 million in general and also representing our discipline and costs. In the first quarter, we had a reduction of 36.6% in corporate G&A compared to 2025 went from BRL 18 million to BRL 12 million, reflecting a focus on rationalizing the corporate structure and controlling our spending. This is also permitted a reduction on our costs from 8.5% to 7.1% over our net revenue. These numbers demonstrate discipline in managing expenses and are stimulus continuing looking for additional opportunities. We're still committed to simplifying the operation, increasing productivity and reducing expenses in a structural and sustainable way. I will now turn it over to Natalia, who will talk about cash flow.

Thank you so much, everyone. Thank you again for being here on this call. I'm going to continue this presentation just talking a little bit about our cash flow. Over the call, we've had a quarter that was substantially different then in the United States, especially due to the climatical situation and the season as well since historically, this season always represents difficulties in the operational efficiency due to vacations and other situations. But the positive idea is that we will have that really well. And that our business has still continued consolidated here in Brazil, especially the brands that are consolidated, and also our cash flow showing our initiatives in the in their cash efficiency. So our cash flow has reduced from BRL 15 million to BRL 20 million. So we removed KFC from last year's, and we're basically doubling our cash flow. And when we're looking at the CapEx, we can see here that our CapEx has reflected also these changes that we mentioned before. And just to explain this a little bit more, there are multiple initiatives actually that we are working on that has helped us reach these numbers. As Fernando mentioned, we're being very [ criterious ] and working on resizing KFC. We also have innovation initiatives, which we're working on consistently. And they have represented great results for the company as well as what's been generated in the cash flow. So we have been able to execute this even though there have been challenges in the economical environment. In our CapEx, we are very disciplined. You can see here the differences in comparison to the previous year. Last year, we were -- we still had this in even more than 50% -- 53% considering the operations. So if you look at all the other CapEx, it's really something important that we've been able to reach. It has been very strategical and how we're focusing on our need for investment and how committed we are to strengthening this brand. For 2026, we're maintaining our disciplined agenda, focusing more on our maintenance CapEx, especially with Frango Assado. When we go on to the next slide, talking about our debt, we can see here the structure of our debt from the sales and actives that we had and then the net debt, as well as the operational cash flow. And the generation of that and also the reduction of catering, which is still taking place. I was just closing my last remarks here, my last comments, and just to focus a little bit more on the operational and also on our discipline on the agenda, limiting and being disciplined with our spending. And I think it's also valuable to mention that a lot of the initiatives that we're implementing are reflecting the first quarter, and this is an optimize view on what we believe that the company has been able to sustain this financial balance. I want to thank everyone's attention for being here, and I'm going to pass the voice back to Fernando.

Thank you so much, Natalia for these remarks. I want to close, finally, this presentation with our priorities. We think Frango Assado is a priority, and it is, we're very focused on searching growth for -- sustainable growth for Frango Assado. We consider the possibilities of growth with other alliances, as well as Pizza Hut growing our revenue in the operational activities. In the United States, we are still focused on initiatives, focused on consumer experience activities, events and other services, as well as the recuperation of those entities. The corporate -- on a corporate level, we still keep this financial health and cash flow. And me and Natalia are now still available here to answer your questions over the Q&A. We're going to go ahead and start the Q&A right now for analysts and investors.

[Operator Instructions] Okay. I'm going to go ahead and start with [indiscernible] He's asking us if we can update on the sales of the operation of KFC. And if there is anything on the sales with the company in Chile? How much and when it happened, when would that be received?

The $60 million, which was the total operation value, we are still working on the entire sales, but the $60 million we have already received that over the sales of the company, okay?

[Operator Instructions] There's a question here from [indiscernible] Congratulations on the results. Will you realize the new amortization extraordinary with the sales of [indiscernible] catering? And if you can talk about the CapEx for the first quarter that's aligned with what we saw in the first quarter of 2026.

Yes, as all M&A, we are obligated to work on the mergers. And this value is still -- it's a small value, and we're still working on that. So once we have the final closing and we have the final conclusions, that is when we would start the discussion with the banks. And then after that, there is a 60-day time line for that to be activated. And the CapEx for the next quarters, it will follow the same agenda that we've been working on. There is a concentration in the second, third quarters. They usually are bigger than the first quarter traditionally. However, I believe that you won't see that in risk over the quarter. But yes, the second and third quarters usually are stronger.

There's another question here from Mario Cavalieri asking about the line. If there are any plans on buyback on the radar.

I think there are 2 questions here, actually asking about our revenue. And there is a company that we have worked on this in the past, and depreciation has often impacted our revenue, but our focus is on cash flow right now. Okay. Mario?

There's another question here from [indiscernible]. It's been a while that the operations in the United States are closing in negative values. Are there any attempt of selling this business or bringing a new brand to Brazil? Is anything on the radar?

So United States has always been a really important operation for our company. In fact, the last years have been challenging. There have been changes even last year in the administration, bringing very experienced professionals on to the team in the United States. So we are still working on the expectation that we have -- having a turnaround on that business. Our initiatives have been very productive, and we have made very tangible adjustments. Now talking about bringing the brand to Brazil, we understand that we must remain with that agenda. So we do expect that soon we will have better results for the operation.

So another question here from [Indiscernible] How does the company consider the termination of contracts of investors in the [ Martin's ] family and the [Indiscernible] group? Has this been affecting the operation of the company?

This has been concluded right now. And we don't have on the Board of Directors any members of that. It's a normal process of the sales of price of KFC, and it doesn't represent anything in the company anymore in the transition period. Thank you for the question.

[Operator Instructions] Should we wait for any more M&A processes this year?

Yes, we're currently working on more partnerships for new business. It's one of our pillars. The operation always focused on strengthening our brand and generating more value for the company. However, currently, there's no current negotiations going on. But as soon as we have them, they will be incorporated. Thank you so much for your question.

[Operator Instructions] The Q&A portion has been finalized. We're going to send over the voice to the CEO of the company, so he can give us some closing remarks.

I want to thank everyone for your participation. I will wait for you on our next call. We're very excited with our next step. And we will soon -- since it's already lunch time, I want to invite everyone for having lunch at Viena. Thank you so much.

IMC's EME's conference is finalized. We thank you so much for your participation, and wish you have a great day. [Statements in English on this transcript were spoken by an interpreter present on the live call.]