T4F Entretenimento S.A. ($SHOW3)

Good morning, everyone, and thank you for participating in the earnings call for the fourth quarter of 2025. In the quarter, we held Phonica, Marisa Monte & Orquestra Ao Vivo tour in a total of 10 performances in the 6 major capitals in the South, Southeast of the country with great public success. Given the positive results of the tour, we decided to expand to the Northeast in the cities of Fortaleza, Salvador and Recife. We opened presales in December with positive sales on all dates. Still in the Live Music segment, we delivered the Brazilian music festival Tura in Porto Alegre, returning to the state after the postponement of the 2024 ition due to the floods that hit the region. At the [ Teatro Renault ], the musical Wicked continued to run with the extension until December of 2025, continuing its box office and critical success that the show accumulated throughout the year. For the year of 2026, we continue to look for great performances. Among the events confirmed for the year are the show Ópera do Malandro, Shrek the Musical and Phonica tour in the Northeast. Let's now comment on the main financial highlights of the quarter. On Slide 5, we highlight operational and financial performance. Net revenue for the quarter was BRL 70.4 million, an increase of 77% compared to the fourth quarter of '24, reflecting the higher number of events held. There were 12 in this quarter against 3 in the same period of the previous year. The event promotion line totaled BRL 33.8 million with the Marisa Monte Tour and the Tura, Porto Alegre Festival versus BRL 8.4 million in the fourth quarter of '24. Box office, food and beverage and venue operations totaled BRL 25.6 million in the fourth quarter of '25, an increase of 7% compared to the fourth quarter of '24, explained by the opening of sales of the Phonica tour in the Northeast and the operations of Teatro Renault. The sponsorship line also grew in comparison between the periods from 5.3 million in the fourth quarter of '24 to 11 million in the fourth quarter of '25, also as a result of the concerts already performed on the Marisa Monte Tour and the Tura Festival. In the year, we closed with net revenue of BRL 180.7 million compared to BRL 165.7 million in 2024, an increase of 9% in the period. On Slide 6, we see gross profit, which reached BRL 19.6 million, a decrease of 2% compared to the fourth quarter of '24. Gross margin decreased from 50.3% to 27.8% during the period, a drop of 22.5 percentage points. This result was due to the cost of the Phonica tour, which had part of its revenue recognized at the time of presales still in the third quarter. Year-to-date, gross profit was BRL 49.3 million against BRL 21.1 million in 2024, stating the company's efforts to have a more profitable schedule of events. Still on Slide 6, SG&A totaled BRL 13.7 million, a reduction of 22.2%, reflecting our continuous efforts to make operations more efficient. In the year, the line accumulated expenses of BRL 52.9 million compared to BRL 48 million in 2024. Moving on to Slide 7. EBITDA reported positively at BRL 3.8 million compared to BRL 7.3 million in the same period of the previous year. When excluding these nonrecurring effects, adjusted EBITDA is positive at BRL 2.9 million in the fourth quarter of '25 against BRL 2.8 million in the fourth quarter of '24. In 2025, EBITDA was negatively BRL 16.8 million against negative BRL 0.7 million in 2024. Moving on to Slide 8, we see the financial results. Net income was negative at BRL 17.4 million, an increase of 145% compared to the fourth quarter of '24. The main changes were the reduction in financial revenues in the period. The financial result in 2025 was negative BRL 29.4 million against negative BRL 31.1 million in '24, mainly impacted by the reduction of the hyperinflation line this year, an expense recognized due to the hyperinflationary scenario in Argentina, which has been showing greater stability. On Slide 9, we look at net income. The company recorded a loss of BRL 16.4 million compared to negative BRL 25 million in the fourth quarter of '24. In the year, the result was BRL 54.4 million against BRL 68.2 million in '24. The company's cash, as shown on Slide 10 of the presentation, ended the fourth quarter of '25 with gross cash of BRL 72.5 million against BRL 114 million in the same period as the previous year. Total indebtedness was BRL 50 million, resulting in net cash of BRL 22.5 million. On Slide 11, we present the company's free cash flow in the period, negatively at BRL 42.2 million. The negative movement is mainly due to the operating cash outflow of BRL 26.3 million in the fourth quarter of '25, impacted by the payment of suppliers and artistic fees related to the Phonica tour. The financing flow also significantly impacted on the cash flow for the period with an outflow of BRL 17.2 million related to the payment of principal and interest in the short-term debt. Now we will introduce the confirmed agenda for 2026. In Live Music, the performances of the Phonica tour in 3 major capitals of the Northeast are confirmed in Recife, Fortaleza and Salvador. In the Family and Theater segment, after the great success of the Wicked season at Teatro Renault, we had the premiere of Ópera do Malandro at the beginning of the year. And subsequently, we will present the musical strike. I thank everyone for their trust and reaffirm our purpose of bringing people together through exciting experiences that celebrate life.