Vibra Energia S.A. (VBBR3) Earnings Call Transcript & Summary

[Interpreted] Welcome, ladies and gentlemen, to the Vibra Investor Day. If you are thrilled with this opening song, I can see that you were singing that was nice. It's a pleasure to be here with you, I'm Juliana Josa, journalist and economy commentary, and it's a pleasure to be here with you. I know the responsibility of being invited with this whole team that is here, that is quite in tune. We have a team of experts, and I'm really thrilled to be here watching this video in Brazil posting. I truly believe in people and these people here are people that make things happen yesterday in the training. I felt this good energy, and it's a huge opportunity to be here detailing and bringing this team altogether with all the details and all the opportunities and challenges of Vibra that is a company, that is a leader in the segment. It's mandatory for the segment and for our economy. So our economy is quite well. I know Vibra will contribute even more for us to keep supporting this Brazilian GDP. I truly believe in Brazil, Vibra has a history that is quite related to our imaginary. I was here -- arriving here and someone asked, has Vibra had something to do with those be our gas stations because it's in our imaginary in our daily lives. It's very nice to be here with you. It's nice to tell you a little bit of how it will be this dynamic. This agenda will be with the presentation of Vibra and Ernesto Pousada and with the CFO Augusto Ribeiro. And then we'll have top -- team panels that will welcome all the team of executives with a series of talk shows during the day. So we'll be able to go deeper on the areas and all the details of the company. And there will be special presentations of Comerc and the management model of Vibra. And in the end, there will be a Q&A session. And I count on your participation because you are the experts, obviously, to send questions. There will be details on everything to be answered by our team in Vibra. So these questions, you may send for those presential here. You have the QR coaches and the questions if you are online. If you are here with us online, good morning. You are not here, but you are somehow with us in this warming vibration, so send your questions via the platform. On behalf of Vibra, thank you once again for your presence who are here and those who are online as well participating in this event that I know is quite special for the company. And to start with to open our works today, I was asked not to talk about names and surnames, but anyway, Ernesto, please.

[Interpreted] Thank you, Juliana. Thank you. Good morning. Good morning, ladies and gentlemen. It's a pleasure to be here in such a special day for all of us at Vibra, it's quite a nice day. And I think I'm pretty sure it will be the opening of a new successful cycle of the company. Well, the whole team is present here. The whole team is sitting here. They will participate with you. I would like to thank you once again for your presence in the auditorium. And also the presence of our [indiscernible] that is here with us, and we will participate and watch and we'll be interacting with you during the breaks, during the morning and the day. So it's a pleasure, as I said, it's a huge pleasure to count on you. Today is a very special day, because I think it's a new moment for the company. Over the last quarters we had a result delivery that was quite consistent. I think we took this first 18 months of this management to -- what I say that is tidying up the house and making the company in another performance level in terms of operation. We, in fact, changed the performance, the margins, the cash generation of the company. And in fact, it changed all over the quarters, and we'll keep changing in the sense. And these 4 quarters set a new moment, a very important one, where we structured and we prepared processes and management for this new cycle. We'll see in the future, this new moment of the company. So not only we have today much more consistent results as we structure the company from the point of view of management and team so that we are prepared for this new cycle. I'd also say that we removed the overhanging. We had the results called interactions. What will happen with Comerc and it is extremely relevant to what we did last year -- last week, I'm sorry. We had an important step given in the strategy of the company, and there's nothing better than this day and to understand better how Comerc is within our strategy. So the fact of concluding this deal last week, I think we opened new doors, and we released people and a lot of energy to our future growth. This is a very special day. We were talking about strategy and what we are talking here is the next quarter, the next year and the next years in fact of the company. And we -- whenever we look ahead, what we see is the strategy of Vibra transition facing a new moment, we want to consolidate -- be consolidated as the greatest multi-energy platform in the country in Brazil. And now we are facing a new stage that is the stage of growing, supporting the results that we've had so far. But going through a new journey, a journey of growth in which we'll consolidate this platform that is a multi-energy platform. Comerc is one more move in this sense. And we can see here in the Vibra Mandala that I'm pretty sure that we are one of the greatest multi-energy platforms. We have the energy that our client wants. We have the energy they need. And Vibra has a single presence all over the country with all the clients. And with that, we can offer many products as our clients demand from our Mandala, whether fossil or renewables. This is an important step to start talking more and more about growth. Growth, looking at the return all the time, but the growth is the word of the day during this presentation. And for that, we define some pathways for growth. We define five pathways of growth. We are the leaders in gas stations. We are leaders in gas stations, but we want more. We want to have a unique leadership in gas stations. So we are talking about also spread in our offer in B2B, spreading the portfolio of products in B2B as well as spreading our client bases to reach to more clients. We are quite capillar, but we understand we can go further and spread our portfolio and spread our bases. We have logistics that is uncomparable. But we want to go further. We want to expand these logistics so that we are stronger and stronger in our distribution business. And here, we are talking about expansion that can be organic or inorganic. We want to become, in fact, the player in terms of liquid bulk in Brazil. We created a new ambition in lubricants. We want to be the leaders in Latin America in lubricants. It's a big expansion. We have a lot of space for growth in Brazil, but on the side, we'll explain the new pathway that is to grow in Latin America. And finally, return with renewables. It is a mandatory item for our strategy, and we want to mention that because what we talk a lot here in Vibra is that our life is not made of ors, but of ands, and we don't want simply an energy transition. Our job, our duty here is to find the good energy transition projects that will come, bringing return with growth and with return. We've had and we'll always have a great discipline in capital allocation. It is something that we cannot discuss here. And our duty, our task here is to search for big projects to give us this ability to grow this ability to progress in the energy transition with a return. But before exploring these five pathways, I want to share with you something that was in Vibra is something that is innegotiable. I want to talk to you about safety. This journey is only worth it when our team comes to work every day and go back home well and healthy. And here, you can see in the graph that we've been working strongly to reduce those indicators. We can see the reduction of indicators. And what I can tell you is that these indicators are extremely low, in fact. And to us, it is innegotiable as a value. Recently, the whole company has signed a commitment letter acknowledging life as the greatest value that we have. And to us, it is mandatory. It is the basis of everything. We don't do anything here, if it's not safe. I want also to show in the next slide this team that I'm very proud of. I'm proud of working with this team. The team is here in the front, you have the opportunity to interact with all of them, Flavio, Hadid, Vanessa, Marcelo, Augusto, Aspen, Juliano and Clarissa. This is quite a diverse team that is quite well complemented. A team of people that is working in the sector for 20, 30 years. Well, 20, 30 years of Vibra BR bringing experiences from other sectors, that is it's quite a well-balanced team to take this strategy that we are talking now ahead. So I trust a lot the ability of thinking in the future. And carrying everything out today. So this is the ability of this team. Altogether, each one bringing their point of view is something that I have no doubt will take us further, and we'll be able to think in the future and making one of the things that I believe that is more important, that is ability and discipline in carrying out. So today, we'll talk about the future. But living here, we will start carrying out this future and making it present. Now I'll talk a little bit about each one of those avenues, starting with leadership that is indiscussable in gas stations. The presentation will be structured in such a way that I'll talk about the results in the segment and then the market as a whole. And then I explain a little bit of our strategy, specifically to each one of those pathways. So we've been delivering substantial results and an important point that I want to emphasize here is that Vibra cares a lot about the success of retail. We understand that retail is an important link to our success in gas stations. It is only with retail that we delivered this kind of result, and it is with them that we want to grow. It is with them that will make it happen. Our success can only happen with the success of our retail. We are the leaders in market share in our network -- flagship network. We are the leader in additive fuels with 44% of market share. In the segment of gas stations, we reached an EBITDA of about BRL 166 per meter cubic in the first quarter of '24. So we changed the level of this margin. During '23, we focused on working capital. We had an expressive reduction in our stocks, and we have a new integrated planning process to ensure linearity and our ability to keep this level. Improving our service to clients, especially our NPS that comes from that. And Mania and Lubrax are two important franchises, BR Mania with more than 1,300 stores. We want to double the amount of stores that we want in -- that we have in the next years. And Lubrax max, the franchising is one of the greatest franchise in the country, the sixth one with more than 1,700 gas stations. So the plan is to grow 50% in Lubrax max. So we are delivering expressive results over the next month -- last month as in years. Now talking about the market. I think it is crucial to understand that in Brazil, we'll keep seeing growth in fuels, fossil fuels and liquid fuels. We see a growth of 15% from here to 2030, especially if you saw some of the big oil companies, they were talking about growing until 2050. But we are a little modest. We are talking about 2030 so far, and we see a growth in this segment. That is Vibra as a leader is able to make this growth happen. Now talking about how we'll start doing that, I think we want to grow, we want to grow in our average monthly volume with our current network and grow in the amount of gas stations. But this is not a journey that is simply of or. Once again, we have and here. So we will work this expansion based on progressing more and more our value proposal, we're now getting to details on it soon. We will work more and more in fighting illegal practices. We want to spread our logistic infrastructure. And it is all mingled. And it gives more value to our brand and more value to life. This mingling makes us to have such a position that we are desired in flagship, and it makes our pathway easier so that we expand and win on market share and volume with margin. So this is our challenge, and it will be done with our retail. There is no other pathway instead of delivering value to our retailers. This value proposal is to our retail, and it is to our final consumer. So now talking a little bit about the value proposition. So the value proposition that we have is grounded in 4 pillars. So that is something that is crucial here. So we do a lot of like opinion research, and we see what is the brand that the consumers mostly trust. And then we see our brand, 36% is our brand as the most preferable one. And then I'd like to talk about brand. And we have like a question from Q&A related to brand. And our strategy says that our priority is to renew the Petrobras brand. This is our main challenge for the next years. So we have plans along the way, but the company priority would be like to renew the brand with Petrobras. When we talk about the brand proposition, so BR Mania, we have numbers and data that show us when you have like a shot from BR Mania, the gas station wins and volume. When you have like a franchise of Lubrax max, this gas station is more profitable around like 20%. So this number is a measure not from today. We've been measuring them for quite a long time. So obviously, like growing with additives brings some of the margin for the gas station as well. But we're working in consonants. So our reason is like to increase and to increase our sales of additives. And this is growth for Vibra and growth with margin and Premmia that we will move, we'll touch it a lot. So more and more, it will become our loyalty app but also we can propose offers that are hypersegmented using the knowledge that we will have starting with Premmia to have offers that are much more capillar and segmented. So within this value proposition, we still believe that more and more will take the consumer and bring value -- add value to the retail and bring our consumers to the gas stations when we put it all together with fighting illegality. So now we are talking about like bringing a more fair competition. We -- I have no doubt that competitiveness is the strength of Vibra. So when we are playing with the same ball and the same field, it makes a huge difference. And here it's important to mention the importance of the ICL is the legal fuel Institute. So you have the opportunity to talk to an expert in one of the talk shows that he will be present. And we will talk about the strength of us, distributors doing together with ICL. So we are in a very unique moment, because we are not in a moment where the distributors are concerned about this topic as it was the question in your mind, so what has changed? So this problem is not only for the distributors. So ICL now has joined partnership with other entities that suffer from the same problem. So banks begin to get closer to ICL and working in this same agenda. And more than that, it's becoming a problem. It's a public problem like for the government, for the society, so the problem is in a different level now. It's too bad that the world of the distributors had a problem. No, this is a country problem. So you have governors, ministers talking about the same topic. So definitively, we do have a chance, maybe unique in our hands to reduce illegality for good in this country. And who knows one of the main objectives that I can talk and speak about myself like leave a legacy to the society of best values and things that are important and good that can push our country forward. So this is a unique moment. One of the priorities is the monophase of the ethanol. Ethanol is going to grow for the next years. So believe in hybrid cars, what we believe is going to happen and ethanol is going to grow. For that, we are strongly working in a project which is the monophase of the ethanol. And this will contribute to reduce illegality. Now we have simulated because it has an important impact in our business as much for the opportunities and volume and also like margin. We are much more confident than before. We also can mention that not only using ICL, but we've created two specific areas in the company, one in Brazil and one in Rio de Janeiro. One taking care of the executive legislative and the federal and the other one in the States. And these areas will be under our legal Vice President. So Vibra walks the talk. So how are we going to fight illegality. So we have to invest. Personally, I've been involving myself with ICL much more than for the past 18 months. So we do have an agenda for that to happen. And the third pillar, infrastructure related to logistics. This is uncomparable. We have more than 8,000 gas stations, 92 operational units. We are present in more than 10 Brazilian ports for the terminal means. And we are in more than 2,300 municipalities in the country, and we understand that we have the opportunity to be even bigger to move forward and increase our logistics footprint, and this is going to bring a competitive advantage in terms of cost and especially related in terms of positioning. So I will explore that a little bit in our logistic chapter. So within that, with all these pillars, we observed like the amount of gas stations and the growth of like white flags. Our strategy, what it states is that increase interest, increase the willingness for you to have the flagship of the Vibra gas stations. So increase interest, increase the willingness. As much as you expand like the value proposition, the retailer wants to be closer to us and consumers want to go to our gas stations. So fighting illegality, you reduce gangs that some of these gas stations could have. So you reduce the willingness to continue not belonging to a specific flag. And for last, with a logistic positioning that is stronger, that will position us as a player to capture the share and expand. So what we are looking forward this strategy is to expand evolving with our brand. So the expansion in gas stations is our responsibility. And of these three pillars. We want to increase our monthly average volume for the past 12 months was 218 cubic meters per gas stations. We're going to increase it and also like the flagship. This is just a number for you to have an idea of what it could mean like the expansion in terms of gas stations. We want to increase the VMM and the gas stations, we also created a new expansion directory on the [indiscernible] so we can focus on like really in the expansion, and then it will happen. So now I'll show you like a video, which is our relationship with the retailer. This was an event that happened at the beginning of this year, February of 2024 and shows the dynamic. So it was an event that was amazing. More than 4,000 retailers at [indiscernible]. We innovated, we had a business fare. And we more and more got closer to the retailer, which is the link for our success. [Presentation]

So the first thing is to amplify the cross sell, the way we sell. So the next one is the channels for the client base growth. So we are creating channels so we can move further. So this smaller customer, we acquired volume and they come with better margins. Agro. New structure for the agro and customize the product. So once again, we are creating a new structure with the person that came from the agribusiness, like 22 years working with the agribusiness, working with Juliano under the B2B structure. So we can have, in fact, the focus in agro. And lastly, natural gas, meaning an amplification of the portfolio. So clients and our [indiscernible] is the name of the -- how we call our office. So most of our B2B projects are under this office. So here, we'll go briefly. So cross-sell, our main goal is to double our number of clients that buy two or more products. Initially, I mentioned 36. We want to get to 60 more in the future, and added products in the mix of sales that we want to raise it to 35%. And in both cases, more volume with more margins. So this is our go, grow and gradually adding more value to our customers. This is so important in gas stations and also in B2B. That's not -- we want to amplify like the size of the pizza. So our customers will win in value, but my margin is better. So they buy the added products, and they will buy because it has a value and reduce maintenance costs for them. We're talking about like creating different conditions. It's not just like that simple extension. I'll give 10 and then you lose 10 and then we must create like a larger pizza. And this is what we are talking to our customers here. New channels. So we created in sales like Hunter profile that we call in the B2B. So this Hunter is a profile that will look for new customers. We also created other channels and WhatsApp and digital channels so we can serve these customers in a different way. And then we can get lower in the pyramid. We are working at the top of it with big customers, but now we want to reach the base. As you can see in the new channels, we have already evolved in terms of volume, our volume multiply by 2.3x, and this is the volume for smart clients, but we have a greater margin of 20% plus. So agro there, we've been talking a lot. We've invested BRL 150 million, and we are planning to invest around BRL 300,000 in the years to come, so we can build more appropriate infrastructure to serve the agro. I talked about the new structure. We are launching new products. We have the Agritop, which is a specific diesel for the agro market. And this segment sometimes operates and then stops for 3, 5 months and diesel and biodiesel ends up like bringing not the productivity that they wanted. So we are bringing products with additives that will increase the win for our customers. So this product is being launched now in the market. We've ran a lot of tests and proven with big clients and bringing a lot of gains, more volumes and more margin. So it's important this message that we are saying here for the past 18 months, we've positioned ourselves to grow our EBITDA and cash generation and market share was the same. But now we are going to continue growing in a different way. We are not going back from where we started. We are moving to a new growth space and evolving in our margin. And why agro? We only have 22% share versus like 30% in the Brazilian average. So there is an opportunity for the consumers to move forward with agro. Natural gas. This is a very strategic message. So definitively, the product that we lack in our portfolio, something that we see, the clients. So we do have the opportunity in B2B. But also, we are beginning to see opportunities for the natural gas to become competitive with the -- and here, we have an opportunity, and we're looking for the best way to have assets to this molecule. For the months to come, we will be talking more about natural gas and find this angle on how to enter with discipline with capital allocation, ensuring good returns, but finding the right access -- to have access to the gas molecule. This is going to be our strategic aim. And now just like complementing, I think that we have an uncomparable portfolio of customers. We have knowledge of the energy metrics of our customers. And this will enable us to complete that Mandala, multi-energy Mandala, and this will enable us to do so. Now I'll show you another video on how we are working these things internally. A little bit of our office like internal transformation and many of these projects are there. [Presentation]

This is Vibra Energy. In fact, this is a new moment. We will talk about culture during the day. And I think it is, in fact, transformation culture. We have a huge team. And this team is delivering results with a lot of trust, and we will go on in this new cycle that is opening today. Now talking about the third pathway of growth that is expanding our logistic capacity. The same way we will talk about the results first. Because Vibra is more and more searching to spread this logistic footprint. That is a competitive advantage that we have. And one of the advantages that we have, in fact, is that our logistics cost is 15% to 20% below the market. And in fact, it's reflected in our results that we can see a competitive differential that comes from this logistic cost. We have a static ability of about 1.6 millimeter square, so we are the greatest players in sales of fuel per month. We have the greatest amount of operations in the country with more than 200 operational units where we consider not only the basis but operations in ports and with clients. So it gives a little bit of the dimension of this company. The capillarity of our logistics footprint we spread with investment of BRL 150 million, we spread our bases in Belem and we created the base in Santarem. And recently, we had signed a contract with Porto Acu so that we have tanks there. So more and more, we bring more competitivity to our lubricants with the basic oils import. So we are positioning more and more in a strategic way in logistics. And as I have to say, we're always searching for efficiency. Just for you to have an idea, last year, we reduced about BRL 100 million in our freight costs. Now very briefly, the demand of fuels will keep growing, which will demand more logistics infrastructure when we analyze the country. The logistics here is somehow a bottleneck. If there is no new investment, it will keep this way or become even worse. So we want to position as a greater player in logistics and being able to deal with this transition. How will Vibra strat the logistic footprint? Well, we'll search always to work in corridors. We want to analyze the corridors of the country and see the ones that make more sense, always analyzing the angle of distribution of fuels, and it will bring priorities to increase the competitive advantage of our distribution. This is our priority. But also looking at great opportunities of being -- with building new bases and having new acquisitions and optimization of bases. So we will look to all angles. It can be organic movements or inorganic movements, but it will be in such a way that will position as the players in logistics of liquid bulk in the country. So this is Vibra understanding the way we want to position with a super asset to give more competitive -- competitiveness to our distribution of fuels but also look into the future. Now talking about lubricants. In lubricants, we have a new ambition, as I mentioned, we want to grow in Brazil. And by the way, we've reached about the second position in the market share of lubricants. We are growing a lot in lubricants. We still have opportunities to grow in Brazil. But aside, we are also trying to grow in Latin America. And what is happening in lubricants and what we deliver in lubricants. We retook the pathway of growth. So we grew the EBITDA of lubricants over the last 3 years. So this movement is happening strongly in '24. We are growing expressively in the EBITDA of lubricants, and we want over the next years to double or triple this in the company. The greatest lubricants factory is operating in Latin America, and it's among the 5 greatest ones in the world, and it's operational in operation in [indiscernible] in Rio. So we started the operation now. In the factors in the state of the art, it's one of the greatest in the world in operation that is Vibra and if you are in Rio, you are in one of the pillars of this growth as we'll have more ability at competitive cost. Lubrax is another asset that is quite strong that we have. This is the top of mind brand for 5 consecutive years and a brand with a lot to be explored for growth, especially in Brazil. Lubrax max, we've talked that is the greater franchise in the country with expressive growth in synthetic lubricants, 15%. And this product comes with better margins with another level of work in the lubricants business and will keep growing in the sense. And we have presence in 6 countries in Latin America. But it's important to emphasize that this is an opportunity, and our presence is with relatively small market share. When we look at Latin America, we have a profit that is quite relevant of about BRL 8 billion in total gross profit and something that is -- Vibra is not that present. We can even do more in this sense. And how to do that? What are the pillars of growth for our strategy in lubricants. First of all, we surged the growth in cross-sell. It has a lot in B2B retail and implement more and more our actions with the structure that Vibra already has. And we also have a capillarity that has nothing like that our capillarity with more than 15 authorized distributors that we had recently to give a better tenders to our clients and sellers. We have more than and 120,000 POS and -- point of sales in gas stations in the country and also Lubrax max franchise. Besides this capillarity, we'll focus on accelerated growth, and we have two pathways for that. The international market where we have a reduced share. And we need to grow more in concession areas and motors in -- by the way, 2 or 3 weeks ago, Vibra was very absent. And 2 weeks ago, we received the first order from a great motor. So it's a double effect. It's not only the amount sold to the company, but also being approved at the company with the recommendation for use. So Vibra is positioning and growing in a segment that is quite relevant. And finally, another important leverage of growth is the factory, but what the factory brings this competitive costs. This is the value that the factory brings and it will be possible for us to scale in Brazil so that we gain in volume and growth and also in Latin America. And as I said before, even with the agreement that we had with Porto Acu for the new tanks, we are spreading our trading ability and also the sourcing in products for lubricants. So it will give even more ability to grow in lubricants and our ambition in lubricants is, in fact, to be the leaders in Latin America. And to do so, we need to progress in Brazil and grow the share in Latin America. And Lubrax is the brand to support all that, and it's a super brand that we have today belonging to Vibra. Lubrax is a Vibra brand, and we are very proud of this brand. It will probably take this business further. Now I'll show a video of the lubricants factory. [Presentation]

We even have some weaknesses of international suppliers and big companies from abroad that came to the factory to visit, and they say this is one of the companies that is state-of-the-art in the world, especially because there are no investments in lubricant companies, but there's no doubt that what we have today is something important to explore and take ahead and leverage, so that it's a value to the company. Finally, the last chapter that I briefly mentioned because in the afternoon, Clarissa will give more detail. So I will just give an overview that is about that the return on renewables. So as I said before, Vibra is searching all the time in the management to have return with renewables to make this energy transition with return with the results. This is our challenge, and this is our work. I have one slide about Comerc, and I won't get into details because Clarissa will talk about it in the afternoon, but we mentioned the do recently, and we want to start changing that and talk a little bit about the future strategy of Comerc. There is no doubt the first chapter is to capture synergies. We are talking about BRL 1.5 billion in net value of synergies, and it's almost half of what we pay now to acquire the next -- the other 50%. It's a relevant amount. And these are synergies that are quite simple to bring. They are not strong synergies. We have other upsides, but these synergies are quite simple when we will implement them in the next 24 months as until '26. And I'm pretty sure this value will come home and will be an important part of our return. We'll also leverage the growth opportunities in asset light. We have a strong partnership with Itau. It's a little bit of back to basis on what Comerc was born in energy and trading energy. And we have important opportunities now and in the next years with the deregulation of the energy market. In our portfolio, we have many projects today with attractive return in generating distribution and energy efficiency. They are in the portfolio. The company didn't decide if they will do or not. Clarissa will show the details, but they are projects with interesting returns and quite good ones. And finally, the future options, obviously, centralized generation because this is something that with the current price of energy, it doesn't make sense. But at some point, we understand the markets are cyclic and it can become a reality. And obviously, we can look at the best options that Vibra has to allocate capital, and we can eventually make a decision in allocating capital and grow in centralized generation. Another point that will always be in another agenda, there is another option that we have is to recycle assets. So we have assets that can reach maturity and maybe we understand we can recycle these assets. And finally, my last slide before passing on to Augusto is the gradual bet that will have in future innovation spaces. So we have two points here to emphasize that is -- the first one, biomethane that we have today. We are studying the best models on how we can progress in this partnership and have something more relevant in the biomethane business that is growing in Brazil where they're from sanitary landfills or from [indiscernible]. So this is our future bet, it's gradual. And Safi, where Vibra has a position that is quite relevant. Safi is not a reality in the short term, but to the end of the decade, it will probably become a reality. And we have our clients that are more and more demanding Vibra to make this movement and follow that, and we have a lot of partnerships to work in the technologies that will be the winner ones. We understand that here, it should be developed from partnerships, and it has -- it is ongoing. We have people responsible for this initiative to ensure that this gradual bet will gradually consolidate over the next years. So with that, I finish my presentation, and I'll pass on the floor now to Augusto.

Good morning, everyone. How are you? It's very nice to see you here. I think that -- it's more than 3 years since we had the first Investor Day at Vibra, so I'm pretty sure it won't happen again. This is an event we'll have once a year. This is a key event, and we are always talking about the quarters, the month and the results and having the chance of showing you and share the main growth leverage to this audience to us is very important. So count on us, this is the first Investor Day of Vibra considering this 3 years of GAAP. So since next year, it will be annual. So I'll share with you a little bit of consistency in results and what Vibra has reached in profitable growth. The history of Vibra is something that makes us very proud and before specific -- talking specifically about what we did last year, Vibra has a track record result history confirmation of delivery and results in numbers. This is a young industry with 10 years ago, we had one big player that basically dominated the market and the market opened. And now we changed it and Vibra came from this transformation since 2019. Year after year, the company is betting the expectations. We get lost in short-term results volatility, things that are typical from fuels in the past, and we forget to give 2 step backs and see what we delivered as a company. Every year we bet the result expectation. And this is something that is important. And why am I emphasizing that? And I'll show you that later because I'll talk to you that these are the reasons to believe why we trust and what Ernesto has shown so far is probable when we have a high trust in that Vibra is able to search for this growth. And remember that these are 2 quite relevant information. We reached almost BRL 5 billion in net profit last year. And we had the second greatest dividend payment in history that is being paid this year. Our company has their own pace. So I'll talk about something that then Aspen will develop a little bit more. We are talking about pace discipline. And a lot of the result and the continuity of this and what we have in the last 12, 18 months, it comes from identifying the pace of the company. So again, every company has a pace. The management challenges to find the space and how to speed that up. These are efficiencies, discipline and execution, follow up, indicators, budget. There is no secret. Everything is words that you already know. So at Vibra, we try to find something that is successful in terms of examples, and that can be replicable. So now going to the first slide about discipline in the expense management. So my boss said many things, but there is expansion, hiring directorship, people, it's fantastic, and there is no other way of delivering results without focus. So we focus, we have someone here sitting with the adequate characteristics with the proper team analyzing the daily life. So there is no secret. This is the solution for any good plan and execution. But you may be sure that this growth in the structure is monitored in the daily life and compensated somehow in other format, in other area that is our so-called management control. We have everything the other companies have, like base 0 and we search for the budget with a reference, not of last year, but a reference in the base 0 model. We have monthly meetings not looking at expenses, but also costs and expenses. We have packages of people analyzing us, group in the big accounts and having people dedicated for that, and they monitor along with the area. So we have what all the companies have in terms of package, but we have a lot of discipline. So the result when you look even when we have like the reduction of like cubic meters that we had last year, so expenses were under control. And one of the reasons that we could expand our margins. So our growth strategy and looking for better cash flow for the company but with discipline in managing expenses. So discipline and capital allocation. So let's talk about like two things. So the first thing, let's talk about EBITDA margin. And here, you will see that we have like extraordinary reserves, sometimes we don't -- so depending on the indicators, and then we will see like the ROI. And then we excluded the sum of the effects. But then when we talk about the leverage, that is another kind of conversation. But just to remind you, so when we look the adjusted EBITDA margin. So looking at what we did like to increase profitability last year. So [indiscernible] one of these examples I've shared with all of you, but I'd like to repeat because this is a very clear straightforward discipline in our management. So Ernesto mentioned about the integrated planning. So for those who understand a little bit more of the industry, but this is like planning, not in the mid run, in the short run. So we had consultancy. We worked with automated offices. We had the projects and along with Daniel and Aurelio working together. So we look like 3 months ahead. So this 3 months ahead are the base for import with vessels, and you must have a good accuracy, like to make decisions in an industry that is extremely volatile. So what did we do beyond when we talk about pace and management. We look to a short run. So this industry has a nervous characteristic, which is the distribution. So we kidnap the first months of this 3, and then we separated it per week. So every week, President, Vice Presidents, Directors, people involved in the planning process. They look at the month within the week. So is it good? Is it bad? So what should I do like to correct than we did it at the beginning at some moment right at the beginning. So we began noticing that we needed more. So this industry volume variations and price variations for someone who creates a revenue of BRL 70-plus billion. So decisions that when we make at the right time, [indiscernible] millions in the bottom line. So we've begun our meetings at 8:30 in the morning, every day, 8:30 in the mornings, and 30 minutes meeting, so we cannot go any further than that. So we look at the results of the P&L of the previous day, what was right, what was wrong, from what we had planned. And then we discussed the variation finding problems time was passing and then we had like the trading. So how is the lineup for vessels like short market, long market. And just to give you an idea of what an intensity and management can do as a differential way for Vibra, and as results, what you can see so is the absolute EBITDA. And here, we are looking like [indiscernible] per cubic meter, and we reached to the 170 in the first quarter of first semester of 2024, which is seasonably is worse than the second semester of all other years. When I look at CapEx, another example of like management discipline, so we have like a bonus and CapEx and the investments in assets. So Vibra invest like BRL 1.2 billion, BRL 1.4 billion until half of this year, so we invested BRL 837 million and we closed the year with BRL 1.5 billion. We also have two committees that were created for this kind of management. Once again, what is different. All companies look at CapEx. All companies have committees. But the idea of the committees for CapEx and for the flagship and the gas station is to discuss efficiency. So why -- is it going right? Why is it going wrong in terms of the strategy? So the flagship, so nationally in our discussions, we've changed the format like 500 times. So everybody knows about it. So we look at harvest for the gas stations. So how are they affecting with older or new harvests? What should I do to reach that VNM? So one of the parameters that the company used, this is no secret. This is part of the industry, but the discipline on how we're doing monthly meetings and cross goes among many different executives bring results in a short run and obviously, support the company's ambitions. The same thing with CapEx, like what was invested. What was adequate with the premises that we had agreed upon. When we talked about the leverage, so we've reached a leverage at the end of the semester, in the same period of last year. So if I take out what was the extraordinary and taxable, this would be running 1.4x. Our ROI reached 19.6% and Ernesto has mentioned, actually, I've mentioned too, like the return, the margins, they don't come for free. A lot of effort to improve like speed and decision-making that affect the return of ROIC. Like the capital was very intense last year. So [indiscernible] along with the finance team worked effortlessly. And we delivered in a very consistent way, like a reduction of almost BRL 1 billion. So why do I say about consistency because this is related with the customer service. It's not that we didn't have it before. We didn't have the customer service as it is unified per area. So this service like spread in the company was creating a lot of inefficiencies and complaints. And then like bringing burden like to the sales team, trying to find solutions in terms of logistics instead of taking new orders, so you begin putting it all together, connecting the dots and then it explains Vibra results for the past year. So now I will get -- I try to show you basically where we came from, not only in -- for the past year, but what we've been -- well, we are so confident, it's not a pitch. We are not trying to convince you or showing you that we are in a walk to talk. We are already doing it. But when we begin analyzing, disclaimer here, do not try to get a ruler and try to multiply and to see if this is two times or three times. This is just like the growth. We still have a lot to be achieved to growth and things that we are sharing with you. So we have an organic growth. It's very natural. We will grow. So it's a big and we have distribution all over the country, and this is good, and this will bring results for the company. And besides, we have a lot of cash at the end of the day, to bring to Vibra [indiscernible] that is expected from all the proposals. And as to mention that, and I repeat once again, the capital allocation, which is responsible with a minimum return expected, we believe that we have a lot of value to gain. There is another important point, we can talk about like 2/3 of everything that we're talking about, we consider as the core of the company. It's not the core related to the product, but the knowledge and execution of the industry are already in the company. And that gives us even more safety in this movement for the years to come. So 2/3 basically will come from the quarter. CapEx. So I said like do not think about like the scale, but the market is very clear here. So the CapEx that we will invest in this next cycle is a little bit bigger than the CapEx that we've invested for the past 5 or 6 years. So the company has been restructuring itself and creating, so Vibra is a young company like 5, 6 years since IPO. It reorganized itself, transforming itself in a multi-energy platform. And CapEx, obviously, like to reach the capture of that cash or that EBITDA that I've mentioned in the previous slide, demands -- will demand like investment in CapEx bigger than it has been in the previous cycle. So this last slide is where we show there is a question with you all. So very few companies in Brazil have a value proposition such as ours based in deliveries, based in the performance history, it's not only a promise. And we do have the capacity in showing what we've been doing, but a growth with dividends. So this is the key that Vibra the format for our growth that we will be looking for in the years to come. So the policy of dividends with 40% of the net profit. So we are responsible, but we must -- it must fit, must be suitable for Vibra. As we mentioned, so very few companies with this kind of option, but we do have avenues of growth. We have lines of investments that are feasible. And for a company like ours with a huge value, and I mentioned that before, in the EBITDA column, the cash that we are looking for. And one factor that is making -- bringing even more confidence to us and proud, our management model has been proven successful. But we did not begin the following day. So this is our model and this follows -- obviously, we have like quality console. We have B2C. We have everything there. But this is something that we've been developing slowly. I do not want to give any spoiler from Aspen. And many people, qualified people, Vibra has a team that is highly qualified. And I can say that I would just join, and I'm extremely proud to be a part of this team. So with this minimum [indiscernible] 3 points, so dividend -- growth with dividends, our dividend policy maintaining 40%, the optionality to capture the EBITDA that I've showed previously and the management that can be replicable. This is nothing that only fits in Vibra. We have a model like to gain more value in the next future investments. We do have a value proposition that is unbeatable, and our value is extremely attractive. Thank you very much.

Thank you, Augusto and Ernesto. Very nice presentation. I hope that you have enjoyed. So I would put my money in your hands. Now, we will begin our first talk show. So we have like the chairs coming on the stage. So let's focus on the topic of the most visible one for Vibra is like the gas station. So we will have this panel related to gas stations with our Vibra team here upfront. And I will invite to the stage to participate in this first panel. [indiscernible], Flavio and he -- and our [indiscernible] [ Emerson Capaz ] from the ICL. So we're bringing some questions that came to us. So we do have a lot of good questions here. So let's begin talking about like the flagship that we saw in the [indiscernible] presentation. So the flagship of like the white flags that Ernesto talked a lot about the growth potential that Vibra has in the gas station. So let's begin with this question that came from Vicente from Bradesco BBI. And then we'll pass the question to Flavio. Vicente is asking flagship is a priority. What is the profile of network that the company is looking for? Bigger gas stations, road stations, big centers?

Thank you very much. It's a great question. As Ernesto has mentioned, so flagship is a priority that we have in our new structure. And this questions always come up, what kind of gas station. So we want to have a competitive gas station in each micro market that we are in. So we want to have that gas station that operates well that is above the average, the market average because we understand that this will add value to Vibra. So Brazil, we do have some ideas. Brazil is 5,000-plus municipalities and 3,000-plus municipalities have less than 20,000 inhabitants. So for sure, we do have a lot of opportunities in each micro market as we call. So it's important that this operator also adhere to our value proposition. So Ernesto has shown some figures in his presentation and numbers that we update constantly and the impact that we have to [indiscernible], the impact on the person adheres to our integrated marketing plan. So I cannot do and not see results, we do have the numbers. The other day, we received the phone call from a retailer like and he said, well, I want to have like BR Mania here, but we don't have even like 20,000 habitants in [ Paraiba ]. So and they said, well, give me 10 minutes. And I talked to BR Mania people. And then I said, well, let's find municipalities with the same characteristics, and we were successful here. So are you like this one or like that one? So you are better than this one then your revenue will be like this. So to have like the best practices and the example, this is what we've been doing every day in a very integrated way with the marketing team and legal and we work together. Another thing that we strongly believe and then we get [indiscernible] will talk like monophase and illegality. So all these things will bring us opportunities to have new things. We have new markets in Brazil that are totally contaminated, especially in Sao Paulo. So we see [indiscernible] like kind of like fighting and betting on it. So [indiscernible] we have a lot of market that is corrupted, and we have a lot of opportunities for our flagship.

Okay. So now let's move on. It's pretty much the same question, same rationale. We have another question from [ Ricardo Gernot ] from Absolute. What is the company's network expansion strategy? What does the company plan to grow its network? Why has the company not been keeping up with the growth of the market? And in the Middle East. So -- and this has to do with what you're saying.

So everywhere that we have an opportunity to have a capacity like to put our value proposition and be successful, we'll go in. So Agro everybody likes Agro -- and then when I'm a little bit down when we think about [indiscernible], we see those cities of 20,000, 30,0000, or 100,000 inhabitants, I went to [indiscernible] like the site capital of the country and incidentally we went to a gas station, was like the mayor was there. And then the mayor said so unemployment. Well, we do not know what unemployment is. So the name of the city [indiscernible] smiled. And if you go to another city, there you'll find a plant like the biggest one and this is creating and generating a lot of revenue. So that's why we like agro. Agro is good for B2B and good for retail because with the agri plant, you harvest, you have the transportation and then it goes to the gas station. So Agro is extremely important. And we are so firmly rooted in these papers. So we will expand beginning October 1st. We created in January 2024, a new management, our fourth road management, which is placed in [indiscernible] that will serve [indiscernible] because Agro begins there with the silos in [indiscernible], then we have [indiscernible]. Everybody says in a different way. So the name is of the different states, but new regions, they're very strong in the country and in the Northeast. And then we travel around the country. And then say, in [indiscernible], there is a new site. So many things happening at the same time. And we do have the interest. But this is the Agro concern. So if we -- and I begin when it all started. And if we have like the biggest mining project that Vale has, we had 5,000 inhabitants in 1982 in that city. And now that places 50,000 inhabitants. So, with Vale, this place has a revenue effect to have gas stations so we can place our products and our value proposition and I will continue with you. But we have a question that comes from Pedro Montero [indiscernible]. What is the strategy for recovering market share. What is the company's optimal market share of the company? And if you can detail the large market share and that the company can potentially recover. Well, we don't have an optimal share. We don't want to buy share anyway. We know quite well how it is to buy share. We know what we have in retail, and it doesn't matter to us the explanation to share the market of Vibra in '23 it was two events. The Russian diesel that was strong in the first quarter of '23, affecting the B2B. And in the second quarter, started affecting our road gas station. So this is a factor that had all the compliances and then the imported Russian gas. And there is another factor that was a decision that we made together with NASH, this is a strategic decision to leave Bandera Bronco. So it's important when we talk about Bandera Bronco because during the pandemic, Vibra during the first three months has lost 1 million liters in April, May and June and the beginning of the COVID pandemic, it happened. So we grew a lot in the white flag. So with Ernesto, we did something different. We said, well, we want the white flag, Bandera Branco, but in such a way that we are considering the near future. So let's work in the sense. It is a reality in Brazil, but we want it in such a way that we see that in the near future, we can deal with our value proposal. So we believe that with our proposal, and the expansion directorship that is coming and the structure focused on that with all our team more than 220 executives here, we'll be able to grow and be the size we want, but it's not a fixed size. It is something that is worth and consistent so that we can bring our brand to more municipalities in the country. And the brand, as I asked was saying, is a matter of trust. And I have to mention that a lot in the presentation. And right in the beginning, I mentioned that and everything things and we have to go beyond trusting terms. Yes, I'm pretty sure that bringing the brand well, this is a matter of having half of our brands with our gas stations with the new brand, the new flagship. So when we change the retrofit of the gas stations, we increased what happened in the gas stations. So we have a huge potential. We've talked about the brand here, but I'm pretty sure we're all together in this work [indiscernible] to take trust to the consumer. Yes, it makes a lot of difference, and I have to pass on the floor to [indiscernible] because in terms of the unfair competition or the risk of fake fuels, I mean, I don't have a car now, but when I had a car, I thought of that, yes. I know that I have this problem with fuels, and I have to think about savings. I make my math, just like you so that I have more money in the end of the month, but it makes a difference in the daily life. If a consumer, I think of that, and it's a matter of unfair competition and how much it is important to formalize the sector. And all this work that is being carried out and the opportunities, and I have an interesting question about it. I'll pass on the floor to [indiscernible] And obviously, then I want to hear you because I know you have an important work in the sense in ICL. So this is a question from [ Renato Reno ] in Absolute that he says, well, the increasing formalization in the sector is a great opportunity for Vibra and it is, and it seems to have gained traction with the government. How big is the opportunity for Vibra and for the government, obviously, because we have a lot of loss in the collection with illegal competition and so on.

Well, I wouldn't say it's not an opportunity. It's a huge opportunity, not only to Vibra, but Vibra and retailers. I love going to gas stations and visiting the gas stations and visiting the retailers. I follow Flavio a lot with his team. They have a very interesting program that is the one day commercial assistant. So you visit the gas stations and you hear what they have to say. And as the legal department, I like to hear that my contract is bureaucratic. Is there any delay? What the company is delivering? Let's see how to improve that. But for a while, when I ask what is the paying of the retailer, they simply point out to me a gas station on the other side of those streets with an artificially low price brought by the formality of the sector with [indiscernible] of fuels. And this is such a huge problem that many retailers have my direct contact, and they send messages to me to say, well, here, there's something happening. Can you walk to here and help me. So when we solve a problem of another gas station, another retailers selling with artificially low prices with fake fuel or not paying taxes, my retailer gains margin. This is an effect that when we can take the bad competitor from the way we can also benefit from that. So this is a huge opportunity for both of us. Well, ICL has requested a study with FGV to estimate the tax losses due to [indiscernible] and we are talking about not paying taxes. And in deuteration, we are talking about a gas station telling you that gives you a liter, but they're giving less than that or the mix between ethanol and gasoline is the different mix, many operational failures that make the competition, the bad tailor not complying with the rules in the sector that we have a very low margin. So when Advantage brings a lot of asymmetry, so ICL studied along with [ FGB ] and as we saw in the presentation, we reached to the number of BRL 15 billion of tax loss plus BRL 10 billion in operational loss. Well, it serves that lives, right? Yes, we told him that there is a billion here that you can sign a line to solve everything. And with this study, our team, along with [indiscernible] had another study to develop these numbers to reach the volume. So there are 13 billion liters of fuel that if we regularize the sector, it goes back to the formal market. So when you simply get Vibra's market share and if we estimate only in the hypothesis to reduce 40% in the formality of the sector, I'm saying that there is a volume of something like 1.5 billion liters for Vibra to recover. So there is a pool of leaders that we can increase and that will focus more and more in this fight against the regular market.

Yes, you were talking about the gas station and that we like to visit. I like the smell of gasoline and I like -- I have a question to Emerson here because this is a serious topic, right, Emerson, because when you talk about data, you see that this is something incredible the size of the losses that this [indiscernible] of irregularity brings. So I have a question that came from Bruno Mori from Goldman Sachs that he asks recent news point to an increase in the unfair competition that is happening recently. So what is happening in the industry today? I'd like you to talk a little bit more about ICL.

Well, Julian, good morning. Good morning, ladies and gentlemen. I would like to thank and congratulate you Ernesto for the management and the perfect management that you have and the support that you showed in your explanation here and that, in fact, I can attest because we are having a very, very important work being carried out in ICL, and we can change the game, I mean, in this 1 year and the half, that I'm in the Institute. I can tell you that because basically, our structures have seen a change that can happen in this market. Deep down, it is something incredible what we could do in terms of victories. I mean these are victories that, as I told new investors in calls that for the first time, I'm getting shocked. And over the last 15 days, I guess, I talked to 30 investors from different banks that looked and said, hey, there's something happening. I have to talk to someone. And they started telling me stories and the story is incredible because we changed the perception that this is something recurring that it happens. There is no other way it will always be this way. No, it won't be always this way. It won't bid this way. We could approve the monophase of diesel and gas, and this number [indiscernible] 14 million years. In the recent surveys showed that due to the mono phasing diesel and gasoline that is demand, in the beginning of the chain, I mean, gasoline and diesel paying BRL 1 and BRL 1.3 per liter. No, it's not this way because [indiscernible] in the beginning of the productive chain. There is no way of trucks dealing without the bills and invoicing and so on. And there were structural problems left aside due to internal negotiations and so on, but we could deal with that with [indiscernible] we are dealing with the changes. We'll anticipate what in the tax reform is there and bring the monophase of ethanol so that now in the market, it will be until the end of the year because the greatest tax evasion is not in diesel anymore. It's net and also will bring this market also to formality. Well, and it makes a lot of difference, right, because tax evasion, the secretary of the Turbotari reform talks about this mono-phase. So you won't open the space for tax division.

Yes, and if we analyze Juliana, and it has mentioned that, and I would like to reinforce the government is aware that they either have a strategic alliance with the private sector to see that the [indiscernible] today will be easily corrected here instead of fighting with a shine because we have millions here.

Yes, we want an expensive [indiscernible] so let's not purchasing, right?

Yes, but we want to solve the problem of that has come to us because we are talking to the government to have a center to monitor fuels and work with [indiscernible] and we reverted in Amapa, maybe you saw what happened there because Amapa had a tax incentive created by the government that when ICL saw that it was going through the country, we would have 1 billion of liters in 5 months. So we reached the Confas meeting to revert that, but then there was no time enough before this billion of liters would give a loss of BRL 1.5 billion. So what happened is that in a meeting you asked, well, what if it happens again? Well, it will be different because before happening last week, they asked me, well, I said it will be different because the sector is integrated. Now, we can have a strategic political articulation with focus and speed and in effect. The week after, we can see, for example, [indiscernible], the governor of [indiscernible] signed a decree and it was not the Treasury Secretary. It was the governor to do the same [indiscernible] did, but the sector was mobilized and they talked to [indiscernible]. And in 5 days, only 5 days, he signed a decree denying the previous ones, so there was no liter of diesel [indiscernible] without the payment of ICMS along this attempt to come to the market. And another important victory, well, we had an information of 8 ships coming to [indiscernible] do speed is mandatory here. Yes. And another important change is that A&P has increased the pressure due to our attempt to say, well, we can't operate. There is no way. So A&P historically blockage with a legal decision, the branch of [indiscernible] and the branch of organized crime in the fuel sector. So [indiscernible] 10% of Sao Paulo market is out of operation due to adulteration, organized crime, the fakes that they do when PCC in the sector had a hidden fight, but ICL and [indiscernible] knows that for the first time said, the organized crime in the fuel sector must be fought. Nobody was courageous to say that. They said no -- I'm afraid, yes. The private sector has an important role in that and this work is crucial. And Juliana, it's not only in our sector, we warned many other sectors of the economy because they are operating in many sectors. So now the government understand that the public security has to do with organized crime and organized crime is dealing with economy. So we have to bring that to light and congratulations to Bond TV for the 3 wonderful news about how the organized crime operates. This is very important to give light to that and show society what's happening. Yes, and this is so important that -- we have the wonderful work of ICL and second [indiscernible] the distributor, so we could close [indiscernible]. Now they are in Parana, but Parana doesn't do anything, but it was in Bahia last week, I was in [indiscernible]. They are creating a network there to [indiscernible] for all the sales. And they are doing that because gas is almost over. So this is what is important. We need to make it more difficult to eliminate. So we can. So let's make it more difficult. And then I say, we'll do it in a much better way because we have a lot of opportunities in this country. Just one important information to you last -- yesterday in Brazil, we announced a mingled force between the organized, et cetera, ICL [indiscernible] that is the Federation of all the retailers in Brazil with IBP and the national trade duration, and we created the National Observatory of Fuel so that we speed up each one of the information is coming of things to be doubt or decree to be issued. So we immediately have this information. Capitalize it and we're working confining the public ministry, state and federal government to eliminate that.

Well, there's a lot about flagship. We know that this is an important topic. The company is losing some gas stations in the base. So this is a question from [indiscernible]. He is asking how it affects the total volumes of gallons lost and he'd like you to make it more clear how the flagship would be in the future? Or if there is the perspective of removing some gas stations as we see -- we saw in the last quarter.

Well, the great majority of the gas stations have a low work in a market that is so competitive like us. We can lose 1 or 2 gas stations to the competition and so on. But the vast majority of the gas stations sell nothing or just a little. So our loss in volume in all the process is quite irrelevant. I'll give you two examples. To people in Rio, we have one [indiscernible], there, we would have a gas station there selling 0, and we would pay BRL 5,000 in rental. So we gave the gas station back, we lost 0, and we stopped losing money. And if we go to [indiscernible] in Sao Paulo, this is a beautiful gas station that we closed with our legal department. We could retake this gas station after many years. We have a potential to sell 500,000 liters. We are dealing with the -- the deal is, and it's so awful to say that we are paying rent for that, and we have nothing there. So we are dealing to solve that problem. And these are 2 examples in the 2 main cities of the company, among many others that we can give to help us. So, I would say that in the short term, we'll maybe lose more gas stations and gain on volume because we are doing this process in the commercial area and in our optimization area where we see many real estate, and we've seen more than BRL 1 billion real estate since we arrived here and a lot of the sales include flagships and new gas stations and now we'll focus much more with the new directorship. So in the short term, a little less gas stations, but with more volume. In the medium to long term, we'll have much more gas stations and much more volume. As [indiscernible] mentioned, it's the more and more in our business. It's a virtual cycle that we'll have. And with this work of capacity in ICL, the reduction of legalities. With that, we'll have more opportunities to deal with the value proposal.

Now Vanessa, question to you from [indiscernible] from UBS. He is asking, well, with the end of the joint venture, how does the company think about convenience, find a new strategy, [indiscernible] business, what is the ambition for the size of the convenience business?

Well, first, we've said many times that it's a value proposal that is intangible. But the main message here is to work a lot and our businesses comprising this value proposal in our gas station. So our strategy today for convenience is what Ernesto mentioned to double the amount of gas stations that we have and for that, we are changing some structure, so we are having smaller stores. So we will now have a new model of stores of 15 meters squared, a premium store that was launched in [indiscernible] that is a different model, taking all that region that needs more items. So we are working a lot to understand what the consumer needs and how to change their behavior when they get to our store with what they expect. So with that, we are starting [indiscernible] week, we created the specific supply for those sellers there to purchase from the industry cheaper with a faster delivery, we are testing that, and we can expand that to other regions. Faster delivery, we are testing that, and we can expand that to other regions. Obviously, we'll pilot some cases. We brought top in-house. So we have a lot of structural things happening to allow us to double but double with awareness and with profitability, helping the retailers to sell because we don't want to have a lot of services that they can carry out. So how to deal and train them very well in the sense. So we were talking about Lubrax mass and the amount of stores that we have today. And we had many store with income lower [ BRL 20,000 ] so started -- we help them do more than that and earn money. So how can I take a lubricant to the road and make it profitable?

Also like within our value proposition, we talk about products added products. How can I have in my network, a minimum of 25% of mix in added products. So I can make them make more money. And for that, as Vibra as a brand, I can train better like the workers and then using our loyalty program, they feel incentivized by that. So I believe that I've answered everything. I put everything in with BR Mania because we want to strengthen and we want to give to our retailer the best value proposition. I want them to feel safe and to feel confident with our value proposition, they will make more money. Their consumers will make but will be happier. And we'll help like the flagship and then we will become stronger to deliver to the end consumer. And then outside this value proposition used to be implemented. So everything that I'm mentioning here today. So when you look abroad, we have to make it more tangible with people responsible for each 1 of them to clarify everything. So we will have like a coffee break pretty soon with Cheese [ Crust ]. So the flagship is our priority, yes. But there is something else that is important and I strongly believe and then as I said so within 35 meters in the market, is the relationship that we have with our operators. So this is extremely important, and I'll give an example here like we have in the afternoon panel. [ Paulo ] is a multi-flag brand more than 40 years in the market. But one of the things and one of the visits that Ernesto did when he came and we had a lot of sales selling now 750 square meters. So his words, this will reach to 1.5 million products. We got 1 gas station in a road and then we transform it into 10. 5 that became 10, now we received that with [ Paulo ] again. We have gas station in [indiscernible]. So we have a lot of very good examples. So flagship yes. Yes, it has a good relationship with our retailers, the right place, the right ones so we can grow. So there's a lot of value to be extracted, but a lot of work to be done and everything to do with Augusto's words related to process and everything that we are designing. And being done, it's happening already. So here is a very good question here. So the specialists go there in the full detail. So thank you very much for your participation online, and here, we also have another question like from [indiscernible] from Absolute. So what is sectoral agenda to combat the major generators of informality in the sector. And it's interesting that is said, buy and buy and buy, just on nodes constant [indiscernible] tax evasion of bios and gasoline formulators. Okay, so what I say is that this topic of like finding the irregular market is a priority for us. So Vibra, as Flamengo today is in another level. Well, there's a lot of controversy. So there's no meaning that Flamengo doesn't come and like enter the game. So I am Flamengo and I have married someone from another team, but I have to be a -- find a good balance. But today, we have a Board of Directors of institutional relations with 2 directors to deal specifically with this. And ICL, Vibra works directly and we -- I am a counselor there. And National participates in monthly meetings with ICL to say, to investigate what are the plans, what are the results. So we pay a lot of attention to fighting the irregularity and we act intelligently. And I heard you talking about like a Biodiesel. Biodiesel, we sat there at ICL then said what's going on. So when we get to intelligence here, we find out that methanol is a raw material for biodiesel. And we found out also that there are companies that are selling just the invoices they do not deliver the biodiesel. They just make it very clear. So why the agent, the bad competitor, doesn't want to mix the biodiesel because it's more expensive than the diesel and the freight is much more expensive to bring it to the gas station. If they only have like 1 note, 1 invoice and they are already maximized and it's not competitive. So when I get to the root cause. And we found out that we have many companies that do not buy ethanol, but sold biodiesel. So let's get back to the origin. And as ANP, we had like a mass balance of the biodiesel and ethanol, and we closed 3 producing plants of biodiesel so we have an integrated operation with intelligence to fight the bad competitors using biodiesel. We have to see buyers, I have a direct contact with Pietro from the Ministry of Energy fighting the distributors that do not buy bios and they are not complying with the law and do not find the ordinance. And then we have like more than 5 that have been put down. So there is an integrated actuation, like to fight bad competitors with intelligence, integration with ICL. And here in Vibra we have a dedicated team to that. So people want details about tax evasion, what has been done. So what still needs to be done. But what is the size of the problem in diesel, gasoline -- and ethanol. So we had talked at the beginning that the size of [indiscernible] tax evasion [ $14 billion ] and many other frauds that we have between [ 13, 14 ] so we have BRL 29 billion BRL 30 billion per year. In the full detail, what we want to do, like 2 main things that are extremely relevant for the sector. One, how do we frame this company so that in the future, you do not see this problem growing. We have to approve a legislation of like the constant debt or because we have this in house. And we say about the constant Senate -- senators, they do not let this legislation should be approved. Why doesn't it move forward -- what is the secret for legislation to get to [ Rodrigo Pasco ] table, put in the plenary and then a ministry of senator and say, "Well, no, no, not this one. Why? Because they are connected to those that if we approve this kind of legislation. This business man will be framed, cannot operate, we'll have the company inscription denied, and then we will remove them from the market. And the advancement is going to be split. We will approve until the end of this year, like the [ PL 15 ] that comes from the treasury revenue [ behind us ] that we have a list of the debtors in federal taxes because that Senate has for state and federal will approve the PL 15 that I just heard that the government will request for the related like an agency to approve the PL 15 with this voted urgently and then we will gain speed to approve it. And then at least in the federal tax, we will have a list of 800, 900 companies that are constant debtor of federal tax, but also we have like [ ICM ] answering the treasurer can act with this list of a constant debtors that will come with the bill of the law. And then we will do with the mono phase with ethanol. We are strongly working with Unicom and other companies in the sector building a proposal that also talks about the RenovaBio renewal and a new CBIO model, and it will come together and eventually with the view of law with monetary reform, and we will speed up the approval of this bill of law. So it's good that it's very clear, we're the big winners, the tributary reform, ethanol will be mono-phase -- this our fight is just to speed up, but this is going to stop. It has been solved already. And we want to do it as soon as possible. There is something else like to mention when we talk about integrity. We have an internal piece of information, our intelligence area led by Isabella. There is something that we talk about the relationship cycle that we have [indiscernible] 50% of integrity and 50% of our value proposition. And this fact is real -- and then when we talk about like outside of the company and I call to someone and I say, and if you put methanol in your gas station, you're going to flank. So the weight of integrity is very important. So when we talk about the legality, but we have like [indiscernible] we have a lot of work to do. But we are working together. And can I just say something methanol that has not gone through the biodiesel industry. It was a discharge in the gas station and being sold even cheaper than gasoline. So -- and methanol provokes cancer. So we have another problem that is even bigger. In [ combines heck ] we are in the unions, the most active unions along with ICL, 16%, 16 people died with very low income that rented a gas station and borrow ethanol that is cheaper, but it was methanol. So 16 people, this is documented saying that it's very sad that methanol, it's not a cheaper product. It causes cancer. So very good. We clarify a lot of stuff, and I learned quite a lot. And I hope that you would following close and understand the details of Vibra have like that. Now we have a coffee break like 40 minutes available. I thank you all. So take full advantage of the experience so well, they took out 10 minutes of your break, 30 minutes. But we have other experiences. We have good foods, and we will approve everything. So everything in B, we have a good shop -- and we'll come back and have another panel related to lubricants, B2B and logistics. Thank you. [Break]

[Interpreted] So we are back with Vibra Investor Day 2024. I'd like to remember that we are receiving your question, the first question we received beforehand, just to clear. So we are compiling the questions that are being sent during the event. So that in the end we'll have the Q&A, that moment for questions and answers, where we will have a way of putting thousands of chairs here so everybody can answer your questions. So keep sending your questions in the QR code because they will be in the platform. Now we will have the second panel of the day that will talk about B2B lubricants and logistics, I invite to the stage from [ Vanessa Gordilho ] the Vibra team.

[Interpreted] I guess I'm far from you, right. Well, I like this warming of being together. I don't like to be far from you. Okay. Now that's nice. So now let's go to the questions. We have questions as I said, the questions that were selected -- sent before hand and were selected and in the end we'll have another round of Q&A with all the questions -- the main questions for that moment after launch when we have the Q&A. So the question that we select now [indiscernible] comes from Matthews [indiscernible] Juliana how are the discussions in terms of competition in air flights because you are the leaders, I've learned everything well. Juliana, ladies and gentlemen, good morning. Talking about the aviation market. In fact, it's quite a competitive market, but I believe that we have a clear strategy. We have a strong team led by Camilla that is present here with us. And we also have the infrastructure that I consider unique because we are now present in 94 airports in all states in Brazil. We supply 6 out of 10 air flight that are huge a day in Brazil and it's important to say that despite being competitive bids, we have 2 things to emphasize here. The first 1 is that we have long-term contracts. So you take part in the bidding, but sometimes you have some continuity for some years. And the point is the level of service because many people believe we deal basically with commercial transaction or prices and the level of service and especially the proper moment is very important in the decision making. So just for you to have an idea, BR aviation that is our position in the aviation market, we had a level of service of 99.94%. That is almost 100% that the way we can facilitate the consumer of their flight time and money and somehow to be able to contact in line with all the presentations we want to grow also in aviation, and the growth of aviation comes mainly from the executive market, the Executive Aviation. So the last year, just for you to have an idea comparing this June to last June, we had 2,500 companies or clients to more than 3,000. Obviously, each client has many airplanes but it's a higher margin, both in the commercial and in international flights. Thank you. Well, thank you, keep here because we have a lot of questions for you as well. Now the question is to Marcelo. Marcelo question from [ Ricardo ] from Absolute. How do you evaluate investments in infrastructure. I mean what is interesting to do? Why is the company growing much less than the industry and infrastructure in the markets that grow the most? I think that first we have a sector here with a governance that is quite well designed to assess our infrastructure investment. So it goes through the internal analysis and the CapEx committed involving their CEO, CFOs and so on, and it comes from our infrastructure plan that we revised from time to time, where we identify bottlenecks possibilities of growth where we should reinforce our infrastructure and obviously, regions where we should eventually this mobilizes a message. Over the last [ 2 years ], we've been investing in infrastructure in an equivalent way and even higher than our peers. Just for you to have an idea, over the last 5 years on average of BRL 500,000 to BRL 600,000 only in infra and I'm talking about flagships and obviously focusing in the regions that grow the most, as an example, and has to mention in the morning, some thudding and billing 2 regions with infrastructure that we now spread in the lane with the new infrastructure from the lane that is running fully bringing about BRL 50 million in reduction of costs a year. So this is our look on where the opportunities are, especially in the -- from tiers of the agro business with this ambition to grow so that we can support the growth both in wells and the B2B business exploring these opportunities in logistics that is a logistic that is uncomparable from the point of view of location and capillarity and competitiveness for the company with competitive costs in all the measurements that we have, we have lower cost than the industry. And the scale in Vibra we have returned flows in all routes that we operate and the infrastructure is there allowing us to search for efficiency and generate that to the business.

Okay, now I make a question to Venessa from [ Bruno Amorim ] from Itau BBA. So speaking of investment in the lubricant segment has to show the factory that is quite nice. It would be interesting to have a better visibility of this business especially now with the expansion of the plant. I would like you to talk a little bit more about that.

Well, first of all, I have a partner here in terms of factory, and we were in our capacity limit in the production of lubricant. So this expansion that is now even functional in 30% of the capacity on this new factory to increase to 500 million liters, the capacity of production of lubricants in Brazil. So it allows us to progress again. And as mentioned that lubricant is 1 of our pathways of growth and over the last year we had a big exchange of volume into profitability we grew 35% over the last 3 years and we have a good result this year. But without this new factory, we would be able to go on. So with this plan, and this is not the future because we are already working on that, and we brought [ Paulo ] that is here with us, and we mentioned Camilla, but anyways, with them, we strengthened the division of lubricants. And with that, we leverage some growth among which we had the mounters with O&M, and we have a specific team and we focused a lot in the segmentation of product. So we've talked about synthetic, but we've created specific lubricants for B2B and for the agri business. So we are focusing a lot and which are the products to each region and how to tackle it to 1 of them. And when we think about Brazil, and we have 120,000 PDVs on the network we must understand they have different needs, so when we open our map and we look certain regions we see that we were in third place in this ranking of market share because we were not strong in the line. So how to work on that, what are the trading actions. So we need to understand extra network without forgetting -- our last point here, and that is internationalization that so far, we have 1% in the rank in Latin America, and now we created a specific structure to grow. And today, we are working. But in a shy way, and we are working strongly on that. And I brought Braganca as my partner in the factory because we started working strongly on how to work better on inputs and how we have better CPV cost on the market. So Marcelo help me, help my hand. And today, in our group, we have the best CPV on the market. And I'll ask Marcelo to talk a little bit about our acquirement.

Well, in fact, the new factory have -- brings the certainty that we have the lowest cost of production on the market was not only spread but also modernize it. It's one of the most modern in the world, and looking at the supply of basic oil in Brazil, basically, 60% is imported. The national capacity deals with this 40%. And all this growth comes from imported oil. So we made a partnership with to import basic oil, which will give us even more competitiveness to have a lubricant that is absolutely competitive, and the virtue is for this basic oil business with new opportunities. So we are unstoppable in terms of CPV cost and as we mentioned the S&OP, how to deal with this focus to spread volume and bring more profitability as one of our drivers for this units. So we are quite aware that we can trust this ambition.

Okay. Nice. We also have a question related to [indiscernible]. I'll make this question choose Juliana, because you were talking about natural gas and it's interesting because in my mind we are more and more getting to the gas station to have a little bit of everything. I mean, electricity with the growth of hybrid car, so it make sense and I would like you to answer this question from Gabriel Barra from Citi. Talking about this possible business line on natural gas. Well, I'd like to say that I also have a great commercial partner here and lubricant is part of that. We breathe lubricants in any relation with clients. It will be small in the medium term. Well, I'm quite well here because they are the ones I ask the most for help. So I mean, a good situation here with them beside me. Well, very important question about natural gas and then estimate it quite clear that in B2B, we need to spread our offer in the portfolio of B2B products and at the same time, increase the client base and B2B somehow is much more competitive when we consider all the logistic costs and taken into the country side, it's much more competitive with the industrial gas and [ LNG ] for transportation. So it's an absurd growth. So just to give some figures for you to make it more tangible, the demand for natural gas is about 50 million meters cubic a day hold this number, 50 million, out of which 27 million are clients, Vibra, they are our clients consuming on grid this natural gas. That is -- they are not daily lives, exchanging products and somehow we a contract of 1, 2 or 3 years. They will be part of contract renewals with Vibra, so it's quite important to be close to these clients. On the other hand, there is a huge potential. And I mentioned the demand of 50, an opportunity of 27 in-house. But out of this 50, we can go from 13 to 44 additional million meter cubes in the off-grid market, the small scale that we call that is taken from the pipeline and take that to the countryside via the virtual pipelines like liquefying that with logistics and then regassing everything. So when we analyze this opportunity just for you to understand the size of synergy besides knowing the client, as and I have to mention, 70% of the fuel oil that we sell in B2B are in the same region. So we are present there already. We, in fact, know the energy matrix. We know deeply each one of the clients. We are in their houses. So we -- it's very easy for us to be closed. Synergy's quite strong. But at this moment, we are assessing the best alternative to enter this natural gas market with the many options possible. Okay. Nice. We have a question here and this question for Marcelo Braganca. I'm Luiz Carvalho, UBS. Does it make sense to have any spinoff in the asset and distribution?

Well, complex question. Well, thank you, Luiz, for your question. I think they are talking about the logistic assets. This is one of the pathways that we mentioned. And I think our portfolio management in logistics assets is quite dynamic we are all the time analyzing and revisiting where to grow where we eventually have an asset that makes no sense anymore. And over the last years, we gave up on 6 assets that were duplicated and generated cash for company that made no difference in terms of cash, we were quite well positioned in the regions. But as mentioned before, our goal here is to grow and to spread our logistics footprint and another relevant point in our discussions is how to use the existing assets of the company in a more efficient way, eventually, providing services to third parties, things that we already do, but we have a potential to explore this business in a better way. And regardless of the model adopted, I think the point here is that we'll grow in the strategic pathways we're analyzing each 1 of them and whether looking greenfield projects or acquisition or event or existing assets or even with the modernization and spread and better use of the assets. Anyhow we are quite well designed in the strategy to be a player of liquid bulker to support the growth of our business in gas station and B2B and eventually explore some opportunities to generate additional value to the company.

The question from [indiscernible]. What are the opportunity in the lubricants markets regarding the size of the market. The regions of interest and the potential to generate value?

Well, and I should mention we have almost 8 billion of potential in market to search for and when we analyze that, we can seperate Brazil and Latin America and we still have a lot to do in-house. In Lubrax we have only 1% of the share of mounters and synthetics, less than 5%. So we have many fronts in Brazil to attack. We'll do that, and we even started, as I mentioned here, segmentation market share per -- per region in the center of the country, we have some difficulties with the products there. So we launched a new product, I mentioned the lifeline in the North and Northeast. So we have specific strategies, extra network and in now or gas stations, as Lubrax Plus and the mounters and the high added value lubricants, and I have [ Juliana ] here that I was mentioned here. With this challenge to make it well done. We talk a lot here, and we don't want to have only a cross-sell with this effort, but also make this cross-sell in a digital way and how to impact the clients via other channels. So [ Juliana ] and I are working strongly to understand what are the channels that selling lubricants and fuels can be added faster. So talking about Brazil, I think it's a long journey for and we still have penetrations that in some cases, are much lower than we believe, but we'll be better now with the new factory delivered. It's not that we weren't seeing that, but we were at the maximum capacity. But now with the new factory here, we are ready and we have this huge potential to attack, and our team is ready for that. We created a team to progress this way. And then you asked me about the value and now they're here because I'm ambitions because we want to double or even triple the adverting this business. That's why I'm here. That's why you have this team, and we'll be on stop until we get there.

Very nice, I guess, I can trust you, right? Okay, nice. Now the question is from Pedro Montero from Vince. Juliana the question is for you, what is the optimal market share for the company's B2B?

I believe that this question was asked before. The retail market and somehow I [indiscernible] with the same answer, if I would give. So there is no optimal market share. What do I mean by that? Why do we look specifically to the B2B market and servicing like directly the consumer. So our last publication of market share and then it happens with a little bit of delay it was in June. We had a market share of 31.3%, so Vibra B2B channel direct relationship with the consumer. So just we have to have an idea, since November 2021. Vibra was not reaching this level. So we are talking a data very strong change of a company that wants in fact to grow, but grow with profitability. So in a B2B within the same period of time the more than the double of [ EBITDA ] with the previous period, growing in market share. So this is the message. We are not here for trade-off in terms of volume and margin. We are here to grow at any cost. We are here to think differently to bring projects that will impact our business, projects that are transformative so we can have the ways for growing and grow with the customer. This is our conversation, so increase the size of the pizza as always says. So there is no optimal market share. But obviously, we will chase growth. This is how we move. We also have some things that came to us, and it's interesting that we're talking on the first round in terms of competitiveness and adulteration and fighting illegality and also in terms of competitiveness, using like importation of products. So we talk about like the Russian oil that now is cheaper because of the war. So the question that I found very interesting that came from [indiscernible], so Marcelo, if you could answer. Does it make sense to think that marginal volume should be supplied via importation and has the sales that Petrobras often kept prices below paradigm and that this marginal volume has higher cost and adds volatility in exchange to the quarterly results. What is the view of this strategy for supply and import. So we all know or most of us know that Brazil, around 25% of the diesel is imported to supply the demand in the country and 10% of the gasoline. So we participate in this market actively in a competitive way, and we will continue doing so. So we follow obviously, like domestic production, we do not have expectations for growth. So any market growth marginally will come from imported molecules. But the point to highlight here is that not necessarily the internal market and notably, Petrobras practices are priced below parity. Just to give you an example, last year, the biggest -- most of the months in 2023, so the prices were above import parity. And Vibra, given our scale and our dimension, we are ready to navigate in any arbitrage scenario. More competitive prices in the domestic scenario, we have good prices with domestic refineries or a more favorable market for import. And we've been structuring ourselves a lot of time to do that in a very competitive way. So I'd like to say to mention like the diesel ratio that you talk about. So after the war, it appear, it was not something that was coming to Brazil. So traditionally was supplied by the Persian Gulf. Then we got into this market because like compliance rules, we guarantee that we were going to work with this product would not put in the company in risk, but then we learn and restructure ourselves. And now I can say that we do not have any structural gap when we compare ourselves to competitors. And then I can go even beyond according to our data, we have competitiveness with low volatility and I do not see any comparator somehow opertaing with a trade or promoting import in a more competitive way than we do. And as I said, this is related to the restructuring that we promoted. We have traders today outside of the country, very close to the market, very close to the suppliers, obviously, capturing because trade is a symmetry information business. We have to be connected with the business systems, processes and risk management, well designed to ensure that we are doing it without adding volatility to the results. So trading as a business that contributes significantly to the results of the company, but in the future, we will do to -- and how is this situation related to the import of the trade and the footprint related to logistics. We have like 10 ports for import. No other company has the same capacity and I would say that our logistic for imports is maybe kind of even be replicable given the fact that in some places it's difficult to place a new infrastructure. So this is an avenue that we will continue to explore because this is a structure in our country. And Vibra is the biggest player in the sector. We will continue to being very competitive. If I can just add something here. So B2B is one of the most aggressive areas are strong in terms of pricing and depends on the cost. And we consider ourselves highly competitive. So this arbitrage like Petrobras information is well done and well discussed. And I remember that our CFO talked during his presentation in all our daily management meetings we have these kinds of discussions. And something interesting is that we do not have silos for operations, silos for lubes, silos for B2B or retail. This relationship is at all times, I would seem it's a talking the best way to find that field of the way of bringing that to the trading to be more competitive. So sometimes at a pump, that we don't know like we bump into problems, but it has to be good for everyone, like for the company, for the consumers, and 1 thing fits the other. Our business, I usually say and Flavio talked about it, you must have a long-term relationship with your customers, B2B or in retail and get our portfolio of clients to be a long lasting. And we do not do that in an opportunistic way. You must be consistent. At the moment, you were a little bit more competitive than others, sometimes you make a mistake. But when you look at this journey, so Vibra has been doing it quite well. And all the levers that we've shown here are to sediment even more this way that we want to build for the future. So literally that you always talk about this is crucial to pass this message along and this construction most of the times, small details like sometimes that change the whole thing. And we are talking about this union, but it has to do with the 30 meeting that happens every day, only 30 meetings. So because we have meetings that are endless, we are very focused and we have lots of interaction among the teams. We have a question here, Vanessa for you related to forecast growth, expected growth. So -- and if you are considering any spinoff, well, people are asking that during the coffee break. At the same time that I answered this morning, I will use it for the lubes. We still have a lot of room to grow. The plan is very aggressive. What we are placing our ambitions for now, it's not that our strategy, that's not what we are looking for and fine lubes and what are the avenues for growth? This is something that took a lot of time and the strategy to set up this structure, along with the plan and all everything else that I mentioned with imports. And now we are ready to attack. If the spinoff doesn't happen, maybe in the future, but this is something that is not in the plan for now. I'll get another area we talk to [indiscernible] about diverse area. So agro is very important. It's always important to bring agro to the table. Agro is always like the talk of the town and we were talking other panel. If this is going to the Agro and see the economy is always there. Agro today was not like last year, but it's still like excellent. It's a situation that tends to increase the productivity and everything else. So I have a question here related to agro that comes from [indiscernible] what is the strategy for the agro business? And how is the company position itself.

Thank you for your question, Pedro. So obviously, we talked to many other panels, but I will give you a little bit more detail of what has been presented. So first, let's talk about 5 pillars. First one, infrastructure. As Ernesto presented, BRL 150 million in investments in the agro business, especially [indiscernible] Ernesto also mentioned that we have around BRL 300 additional million in development in construction and previous licensing, like to begin the works. I'm talking about [indiscernible]. So we are getting ready for our infra, that's the first pillar. So if we have no infra, if we don't give -- do we need a team, we need a confident team with knowledge, with the right team at the right place at the right time and then it was mentioned, we brought a director. So that is the deal. [indiscernible], thank you so much. [indiscernible] has 22 years of experience in the agro business and developed a lot of solutions in terms of technology, 18 years in [indiscernible] he set up a powerful team. And for the past 2.5 years, we have 6 regional for sales working, bringing volume and bringing gross net gross profit for the company. And we want to move from 6 to 9 or even 15 the number of regional sales. So this is the size of the opportunity for growth and be closer to Agro. The third 1 is the pillar related to products. We thought a lot of months -- many months like to think about specific pillars, the Agro [indiscernible] diesel, and we tested for more than 40,000 hours with big companies in the agriculture business. And now we can see clearly the benefit in terms of economy, we see in terms of like mobile availability for the equipment. And we taste dried the Lubrax tractor and the level of maintenance and the price dropping dramatically when we had 2 pillars. I talk about Pillar 1 infra; second, people; #3 products; #4, partnerships. As a distributor and within the regulatory frame, we get to our customers with the tanks over 15,000 cubic meters. And the TRRs are the ones that do the last mile delivery. We've been setting up partnerships with big TREs regionally, how to work together. And when we compare with our peers, we are the leaders also in market share in the TRR market with 16%. And then there was an exponential growth in the regional. But we are still gaining market, when we look versus the investments. And the third one are solutions that by this team, getting the experience of [ Dario ] and the team that he has set up to bring something new beginning with gas stations, smart centers, ways of getting to the transport companies like good points for the discharge routes for grains. And we are also looking for opportunities that are looking for financing or credit or opportunities to support our partners in the agriculture and livestock. So summarizing we are strong 25% of the GDP. This is a growth drive. This is our focus and one of the 4 pillars for the B2B growth. If I could just add something this way of looking to the [indiscernible] is well integrated and connected to logistic and supply, obviously it's a commercial topic just to bring few examples, we see the corners are now growing coming from [indiscernible]. And this is a product that naturally part of it will end up like developing and pushing up the market. And we'll get to the north and to the Northeast, and we already begun using the infra that we are saying. We service these customers and suppliers, but bringing ethanol going too much -- grow, show and putting in vessels and transferring it to big vessels and then to the Northeast between harvest, ethanol reaching the area like cheaper than before. Instead of like the capital traditional system using the [ center spot ]. So it's well connected to structure ourselves along these corridors because the commercial opportunities are there. And they rather see the logistics opportunities and Vibra has volume in both hands. So I go up with ethanol and then we're seeing for instant that end we get with an import product with diesel and then it can come down to service the north of much growth. A lot of discussions with railroads, discussion with VLI and other companies for the railroads because we are connected with both ends. We are there in Porto Nacional and in Sao Luis. So given our scale we have a synergy for supply and logistics that, at the end of the day, it translates itself in competitiveness and solution for our Agro customers. So we see like going debt and everywhere. So it's a challenge like -- but it's fun. And it has its beauty. I don't know if you all noticed in the presentation. So we have like 822 round in the planet with our logistics system. We have like 27 all around 360 degrees of rounds around the planet. Very challenging, but plenty of opportunities. We are in effect so that is very resilient and we still have a lot to do, lots of opportunity for growth and expansion. We have a lot of opportunities and challenges. So we are getting to the end of the panel. And then for those who are online, had the experience of it, so we just gave a pace. So what kind of experience that you could give for those who want to know us more? Well, we talked a lot about it. We have like the agri top that we talked about, the diesel. We have special guest [indiscernible] and others that developed the product. And they would like to explain what the product is. So Julian only gave like a taste of it of the efficiency and best performance, but we can get in more details. We have the VA and the new plant, we had the experience. But we are now trying to save your time than we bring what our other products are and what we had in terms of development. So out there, you have like examples and logistics. Well, I was going to say, but you did not let me do it. We are also showing the logistics, how we manage our transport system and as to also talked about like safety is unnegotiable. All this movement is fully safe and the operation is controlled. Our evolution, we brought a lot of savings and cost reduction in this new management like from the past few years, and I repeat we still have a lot to evolve and to capture, but it's important for you to know more. And we also have Premier [indiscernible], the shop is open. For those who want to know and buy there and then we have like the social costs booth outside. That is there -- like there is a little corner you to know a little bit more about it. So it was great to talk to you and understand how 1 thing connects to the other. And the consumer feels it when they stop at the gas station, they know that they will have a differentiated experience. So you travel all over this country. We heard Marcelo talking about knowing where you're going to stop and you're going to stop at the Petrobras gas stations and with Premier. So let's not forget that we want you there.

Thank you very much, Marcelo. Thank you, Julian. Thank you, Vanessa. And now we'll end our panel. So have a great rest of the event. Now we have a moment, special moment, our third panel where we are going to bring to the stage our customers that are here, important customers, partners, they're talking in importance now I invite [indiscernible] to help me to conduct this conversation and bring everybody else to the stage. Good morning, everyone. Once again, it's a pleasure to be back to the stage. It's a special moment for us, but at the end of the day, these are the most important assets that we have in the company. These are the most important assets and our customers, our clients. The reason why we exist and the reason why we do everything we do because at the end of the day, it's something simple, but if we do not have someone that wants our service and our products, well, then the company doesn't exist. So many times in big companies, we forget about it. We work toward looking inward and this is a journey that we are just like promoting big stuffs, but we want to conquer the world like from and from outside end that the people that we work do not work for the hierarchy of the company that do not work for -- and work for our customers. And this challenge is a journey and not a simple process is a cliche, all companies will say that, but this is a 1 more journey that we will engage and make it happen within this cultural transformation that Vibra is undergoing. So I'll take this opportunity to call to the stage our customers about to bill, President of Suzano; Paulo Francisco, our retailer from the countryside of the state of Sao Paulo, and Caio [indiscernible] he have a double mission here, because he is from a tranport company big customers of ours, but he's also a service provider. Thank you, Caio.

Well, first of all, thank you very much for being here with us today and taking some time of your day to be with us. It's very nice to have 1.5 years of Vibra, and I look at them and all of them have some representativity in my life. In Vibra. Caio was together with me in Canoas in our basis. This is where I met him and Gisele has a wonderful service carried out to us. I didn't know he was a supplier otherwise I would ask for more volume. I thought he was only exporter, but I met him when I was 3, 4 months old during the company I guess, and that too my old friend from the market I worked with him during the period VLI. He was in [indiscernible] he's a great client we've interacted many times. He just became the CEO at Suzanne with great challenges. And finally, Paulo, who was one of the first gas stations I visited, I guess I was 4 months of being the company, and I was quite scared because I get got there and it was a gas station. He had just purchased there, and it was so bad in 150-meter cubic center and I said, "My God, what am I doing here?" But you see that now the gas station is 500 meters cubic and now he won 1 million. So this is a partner that is a great entrepreneur in the country, 1 of our greatest clients that is growing with us. So once again, thank you very much. I'm very happy to have you here with us. It's an honor to us, as Vibra to be talking to you here. And maybe if we can start with the battle, you can I don't know introduce yourself and talk about your company? Maybe you 3 can do that, just to break the ice.

Well, thank you. I'll start thanking Venessa for the invitation. It's a pleasure to be here with you. I have a strong link with the sector. I would like to congratulate as well, old friends like Paulo and Caio would known for a while and my brief history and that I've worked many years in the retail of Shell. And then I went to the ethanol department working in the production of sugar and electricity in [ Raizen ]. And over the last 5 years before going to Suzano in the beginning of the year. So this is the brief story Suzano, who is a company -- that is leader in cellulose production from the global part of view, this is a global commodity. It's a company that is responsible and cellulose divides into what we call long and short fibers and the short fiber is 60% of the global share. And Suzano has 1/3 of this market. So we have basically 20%, 25% of the cellulose production in the world and 100% produced in Brazil. And in some areas of application of the cellulose will also work mainly in the goods and consumption market. So it is related to napkins and paper towels that you have in the kitchen or toilet paper, and we deal with the final client, the end client. So we plan, we collect, we produce celluloses, distribute and get to the shelf and the end client, the same way the paper that we use to print and write like the reports brands that I'm pretty sure you all have in your offices as [indiscernible] the toilet paper, there are quite well-known brands on the market. And they are -- they belong to Suzano. We have offices and our products reach more than 100 countries every year. And we have quite a broad market with offices in Austria to embrace all Europe, in the United States, We have an office in Miami. And in China in Shanghai, and we have quite a broad market. We have the first international move recently to purchase assets in the United States for cardboard for packages in general and also the participation of a company in the textile industry because cellulose is also used in the textile market, and we have an Austrian company for that. So in our business, we have quite a relevant consumption of lubricant, fuel, oil and diesel. It's about 1.5 billion in the account with Vibra 3 years old. It's quite a positive relation. It's a strong one. And I was hearing him saying about how many rounds on the trips around the work that we have. So we have 30 million kilometers here to take wood, 50 million cubics of wood in about 200 meters from the forest to our factories. We have 6 factories in different places of Brazil. So this is the logistics and the dimension of the business. So once again, it's a huge pleasure to be here and now pass on the floor to my dear friend, Paulo.

Well, good afternoon, everyone. Thank you, Ernesto, for your words. My dear [indiscernible] I saw him 20 years ago. And you [indiscernible] as well because I just remembered we were in Istanbul, 15 years ago having lunch in a Shell event. And to -- well, 20 years ago, we launched a gas station there. So yes, that's it. And I have a history in the fuel market of about 50 years. I started working in an oil distributor company, and I've worked there for 20 years. Since the trainee and I left the regional manager of the company, it's a multinational company, and I left there when I was quite young, I was 40 years old. And it's been 30 years since I started working in the retail market selling gas to the end consumer. So the experience we have in retailing fewer over the years made us very happy and proud of what we -- of the legacy we left. We are now working -- with the 3 main companies, we don't have a white flag gas stations, but we are proud of these 3 companies and that we are their retailers. So we are here thanking your presence because we have a small participation with VR and Vibra. And I talked to an [indiscernible] that after -- we'll have to distribute and Vibra came. Our hearts are getting greener. Due to the relation and the sincerity and honesty, this is a nice relationship that we live every day with partners in a win-win relations, so it only brings more synergy to our business. We see opportunities, and we have opportunities with Vibra to purchase a gas station that we're selling 120,000 liters and now we are selling 800,000 and now we'll sell 2 million liters. So this is our goal. So I tell [ Flajio ] that Vibra has a lot of opportunities of exchanging a bad retailer for a good 1 because many times, this exchange in the operator with a dynamic operation in the gas station will make it worth 5 or 6 new gas stations will make it worth 5 or 6 new gas stations. So Julian has witnessed that in Shell and [ Flajio ] as well. So this is the goal. If you change 1 bad for a good 1, you are making a wonderful work. Our focus is the client. The clients and gas stations with the synergy of other businesses. We are thinking for 20, 30 years that the good gas stations will be the [ vanguard ] in the future. We are very proud of being the ambassadors of the big companies, the big distributors.

Okay. Paulo. Well, thank you for the invitation. And [ Nichelle ] is on the market for more than 54 years and it's a family company, but with the professional management, I am already the third generation. Today, me, my brothers and my father guide the businesses. It is a business with more than 1,000 workers, more than 500 trucks. We have 7 gas stations today. We transport fuel, and almost 95% of our fleet today needs fuel. So we basically work in 3 models in fuels that is the transfers and collections of products, the deliver to gas stations and some special products like fuel oil. So annually, we have more than 300,000 discharges in gas stations. So it is the responsibility of a safe operation and our history in fuel is a long one, we've been certifying over time and getting certifications because it's a product that is different from dealing with the agro business because when you have some kind of accident generally, it has an environment impact, so we have to be very careful, because beside the lives and the image we need to take care of the environment so we are getting -- becoming experts in that not only in terms of dealing with technology, but also training and personnel because in the end of the day, it is the driver that is driving the truck. So it doesn't matter the technology because there is a person behind it. So in this sense, we've had many -- we've received many awards. And over the last 5 years, we started working with Vibra -- since Vibra changed the management and they -- and you enter this pathway of safety and quality and level of services because these are pillars that are neutral here. So we see this engagement in making it better and being efficient and management of equipment and technology, so this is very good because this is what we want. When we have a partner with the same ambitions, it makes us generate more business. So we have gas stations with Vibra. We buy lubricants, we buy the B2B, and the idea is that we make more and more businesses with companies following the same pathway. So it is a little bit of that about [ Nichelle ]

Okay. Caio let me ask you another question now because here you are playing a double role because Caio is our client. We sell products to him for his transport company, but he's always a service provider to Vibra. So I would like you to hear you as a supplier. How do you see Vibra evolution? Or do you believe there is an evolution in the service provision supply and so what do you see on the market. You work with other big distributor, so how can you make this relation? And what do you see in Vibra?

Well, first of all, when it was BR in the past, as public, we didn't operate, we didn't work, especially because some things were blurred. So we preferred that when BR had the first IPO when we entered. And then when it became Vibra, in fact, we strengthened the businesses and mainly because it is a transparent management, and it comes in this buyer of less bureaucracy because in the past, it was very difficult to deal with the company the way of speaking and relating -- nobody would answer a phone call, for example. There were no telephones there, now I can talk to people via telephone, they talk to you, they search for you. So it is an improvement that is crucial. We still want agility in the business. So this change is quite beneficial and when we see this process of improvement and now looking at the products and the whole ecosystem where we are in certain this is very nice because we are not only talking about freight. We are talking about freight and opportunity of buying fuel in an advantageous way. I'm talking about lubricants. I'm talking about other products and services that make a difference. So in our business, this plurality of products and service this is to have a better average ticket and to generate more sales, I need to capture my clients. So I need a strong brand I need this flagship, and that's why we only work with the flagship gas stations because the image, the brand is quite strong and Vibra with Petrobras they can gather a lot of clients, and this credibility belongs to you. So if you do the right thing, I'm getting clients in a very spontaneous way. So this is very nice. So your responsibility with the transparent management and ethical management that the market sees is surely bringing clients. And this is very nice and good -- and it tends to grow because you see things happening in the right way.

Thank you, Caio. Nice to hear that. Now you -- or you just mention the purchase club that you have with FIBRA. So how is this relation because Suzano is 1 of the 36% of clients that we mentioned in the beginning of the presentation because I said 36% of the clients purchased 2 or more products. So here at Vibra, we have the opportunity of having 64% of clients, not buy more than 2 products. They only buy only diesel, and this is the size of our opportunity. So you mentioned that it's not that you buy 2, you buy 5, 6 products from Vibra. So how is this relation with Vibra and strategically analyzing from the point of view of Suzano how Vibra comes to your portfolio to strategy? How can the company help you more and more in the sense so that we can keep spending the business.

Well, and as to Vibra is in a very critical place in our business, because any rupture, any interruption of this process were there for logistics and efficiency or safety the loss of the company is huge. We operate 24/7. The production is constant. So 1 day stopped or hours stopped in any of our operations is a huge and relevant loss -- due to the business materiality. Having that said, the fact of having an operation that works and bring safety to the company from the point of view of continuity is important. And these relations with the suppliers are always tested. When everything is working we don't see how much this commercial relation is important. I'll now play the role of a supplier. Last week, I was with the 2 very important clients. And we know about consumption assets and like [indiscernible] and they mentioned a lot during the conversation, the importance of Suzano as cellulose supplier during the COVID pandemic and when we broke the value chains there back then. So we were sure to keep supplies during the crisis. So it generates long-term trust and we've recently seen that with Vibra, Suzano 2 months ago built the greatest factory of cellulose in Rio Pardo in Mato Grosso do Sul and when you build company obviously, them and planning changes completely and so, if you are supplying there for the first time, so there we face it there, I spent 4 days sleeping in the factory because I was so anxious to see the business being launched. So I believe that strongly in having this explosion in product demand due to a specific situation and the immediate concern that will we miss the fuel to the burners or to the transportation at the moment we need. So I saw that I felt that at different moments in the continuity of the relationship. So it's good when you have a supplier that gives you this [indiscernible]. And another aspect, I'll get into the day today. The relationship that we have in terms of like supply, it can be a little bit more transactional or more well structured in a long run. Obviously we'll want to consume as the responsible Vibra wants us like to consume more and I want to pay less. And you want to sell for more. So this is important [indiscernible], but how do we move out of the discussion. Especially for having market references and many other things and the value chain that may create value for both ends maybe reducing emissions or using technologies in the value chain. Or and what you mentioned in the product portfolio. We are not excluded in many different products that would draw other opportunities. Essentially we do not sell products that have an important participation. I heard [indiscernible] talking about natural gas. Suzano consumes 10% of all the imported gas from Bolivia. So the volume imported from Bolivia, it's not that big getting phase of the [indiscernible] but it's big, and we consume a lot of gas. It's an energy -- and we have like 5.5 giga of installed capacity, and you saw like 50% of comment. So there are other things that we can do together besides like the fuel besides the lubricants. So Vibra knows deeply my business to understand exactly what my needs are. Do they know how much my emission from the standpoint of like fuel and where I want to get and Scope 1 and 2 is absolutely rule like to become neutral. So this is a commitment with the market. We are getting into a very important wave of digitalization of all our logistic operations. How does it impact your business? Are you going to move along with the digitalization of logistic that we will speak the same language when it comes to technology. So my main point here is we have like the trust aspect. And we'd like to take the opportunity to thank the Vibra team for the service that you provided for Suzano at a very critical moment for us. So 10, like you rank it 10. But to move from a transactional relationship to well structured and long-run relationship. And I believe in this model in commercial relationship. So we must -- we need like a specific governance to understand in full detail to identify where the opportunities are. Well, you just described our multi-energy platform that we just talked about. And we -- and it talks to the way Vibra of selling and creating this deep relation have our sales personnel more prepared and understand about renewables that we have -- we commenced, we talked internally there's a new product that we launched, the Agri [indiscernible] which is the diesel for the agro for the huge piece of equipment. So I think on us, and thank you for your recognition and sharing with you, I worked at Suzano for 11 years. And I know exactly what he's talking about because around 10 years ago, we launched the plant in [indiscernible] but I spent my new years there because we opened the plant in December '26 and then we count on all the suppliers. So thank you very much for your statement. So now let's move on to Paolo. Paolo, you are a group, very large group still growing and as you said, Vibra is still not the biggest representative among all the flagships that you have, but you're looking for new ways of growing. And what we presented this morning, a growth plan. So Vibra wants to grow again and bringing more value to the retailers and bring new opportunities for the retailers. How do you plan your growth? How do you see the future? And how do you see Vibra in this portfolio? So first, our biggest threat is like for free product and tax division. This is a threat that we have every day in our business. But due to my experience and my partner's experience, we believe that this will pass. And I congratulate you for the intensification along the media and all the other bodies and including the consumers who are noticing everything. So you have -- we feel that all this development and everything that is happening in the media, even if the government doesn't do anything involvement of the media, we feel that the consumers, they are getting better when they think about quality. And so they understand that in terms of like price differentiation. And this is a threat that we will have. You have the whole market does too. But this will pass. But when we think that in the past, we had a lot of that. So like tax evasion and [indiscernible] in fuel. But our position in terms of growth, we need -- we must grow because the way we see it, if we do not grow along with the market we will end up lagging behind, but we are very selective in our business and I talk to my partner and due to the experience that we have we do not have the right to make any mistakes in our business, when it comes to actual point in future or investments. So what we look -- what we see with you is a partnership. It's a partnership for the future that we believe in the point, we invest the money there. We invest in the consumer and then we get the results. So it's -- that's where our future is. And if we have good opportunities, we are in and we will assess and always like the point, the future or the synergies that we may bring to the business, such as big players in the market like McDonald and [ Madero ] and others, everything that you see on the road, this is our future. So I see that I think I'm in a position valuing all that. So congratulations, to [indiscernible] and all the Vibra team because we are very happy, and we want to grow. Thank you.

Thank you, Paulo. Now I will ask a question to everyone, and you can answer. So we come to an event like this one, and I said our main asset like our clients, and we must actively listen. So we have to ask and I thank all the praise, but what can Vibra do better. What kind of evolution we can show you where can we go under your perspective, how do you see Vibra. And what can we do? What can we take home today as a homework. And I will ask my team like to take some notes and we can evolve as the company like to better serve you? No. That we do have this volatile process. We have a lot to improve, but this journey is for the long run is for continuous improvement. I don't know who wants to take the lead. So it's important to like to talk about this. So you're all clients of us as I will be honest, we do not know each other enough. So before coming here, I called like the supply area to understand a little bit more about our relationship and our relationship is very good, as I've mentioned. But I had the privilege to have operated in this sector for many years. So I have a good notion of what are the Vibra's business is, as much as you know a lot about the cellulose sector. And I see that the supply chains know very little about our Vibra's operation. So how is your value chain, where the product comes from which terminals? How is your portfolio? What is your strategy? What do you want to get to? So this is what I call a transactional relationship. It is, if it's broad and big, but it's like buy and sell relationship. Maybe this is the strategy. Maybe this is what you want. I'm okay, fine. At the same time, I think that Vibra knows very little about our business. So I ask 1 knew how to answer. So Vibra's team has gone on the road like you see at the [indiscernible] for transportation of cellulose in the Suzano's operation while I have, while you dare in the city of [indiscernible] but independently from the point, so what is my business? You know my business. And once again, maybe this is not part. I believe. And when I go to a client, I think that the more we know each other, the more we talk and with the strategies are clearer and the more we discuss on how we can extract value from that chain to move away from this discussion of like the right pricing and things. And more and more, we have opportunities to add, then we can build a good relations where we have more value to be shared in both sides. So if I could be very straightforward in relation to your question I think that we have an opportunity to know each other more in many different areas of our businesses and strategy and operation. Well, just adding well thank you very much for your feedback, and I share 100% everything that I use a -- so I'm they are like talking to my people to talk to our retailers, talking to our clients and to -- so they need this curious way of looking at things. So people know part, but don't know much. And then you go and you travel and then you see problems like for supplying those pieces of equipment with diesel. This is what I said earlier. It's the work that we have for the next years like the way we sell and the way we do things. So I thank you for your sincere feedback, there is an opportunity here, like to get closer to clients like Suzano and then final solution. Moving on. So another important point that we see in the market and it's a part of our relationship, the gas stations that can sell like a white flag. So this is the legislation that is very flexible. And this is being used by retailers with bad faith in the relationship and within the law, but not adequate with the companies that they represent. We have lots of Petrobras gas stations, Shell and others. And they have like the flag like Shell, Vibra or Petrobras and [indiscernible] that buy products from others. So you feel that -- and this is a position very strong on top of those retailers because, obviously, you know the retailers that they show the flag and they buy products from someone else. So this lack of headache. And when the contract is due, they buy from by the companies, but the contract that they have enforced with you they are still buying from others. So you're suddenly hammering on that point because our competitors is unfair. I have 1 Vibra gas station here, but there I have a Shell station, and they are selling our products from another brand. So you know that this happens. This is not entireness work, and we are working in Campina using [indiscernible] change few things along with the federation. So the rule must change. This rule is very bad for our business. And the rest we wish you success you changed like Petrobras, so we do it as a look, I said BR Distribuidora was a company that was tired that wasn't a company, but it was in the market from Vibra, you renew it like it's image or relationship, you know, the everyday relationship with the retailers. So any can still -- there is still room for improvement. So we have begun doing it, but it's not at the right pace, so we are taking out some retailers. It's a different attitude than what we used to do in the past. You go there. And recently, I visited more than 20 gas stations, and we took out 7 of them, and we must begin this kind of work, but it's kind of like a hand work that we must do. And like ethics begin at home, legislation is wrong also. And we are also working with a white bump. And then when we look at the business as a whole and where we are inserted and 1 specific point that you are already acting on especially after the last the [indiscernible] event of selling more services that you provide. So at the last event, there was a truck there selling [indiscernible]. As suppliers, we know how much we are asked to have technology in a differentiated service to have training. And currently, it's not only [ Nichelle ], but we have other transporters company. Most of them if not all, they've reached the high level. So more and more Vibra needs and must sell it as value because at the end of the day, fuel the price is irrelevant when a client gas station buys FOB and a truck has an accident that he has like a liability, but someone is going to be solidary with that. So bring actions like this 1 and others and let the customers know because sometimes some gas stations don't even know how much money and time that the whole entire transportation team does with the transporters to raise the bar. So that must be more and more communicated as our offer in terms of added value. This is a differential that you would pioneers and present that in events for retailers. So this is really cool. And that is our work as retailers and all the team that works in the back stage, I'd like to show it. So I'd like to manage all the truck drivers that Vibra has showed that showed the whole entire chain of professionals. And sometimes, trucks get there and they even know what's going on.

Thank you, Caio. And now one last question for each one of you and you can make your final remarks -- mentioned, you as our clients at the gas stations. So you were there in our event in February. I sort of reviewed it this morning showing the Vibra event. And you were there and you mentioned that we were selling sieve and showing to our customers and amplifying our deliveries in direct deliveries. So we grew almost 50%. But now I want to hear from you. On the other end, how you see this evolution in terms of service providing from us to you, you were along with some other clients of ours, and we are 2 very intense days. What can you say about it?

So the market we hear a lot. Because our drivers they are at the gas stations almost every day. So we get a lot of feedback. And in fact, when you have an event of that size, so retailer -- with retailers and you show this the change of -- the in terms of offer. So the customer is there and very thrilled. And we see it that after the event, we did not see any complaints from our customers in terms of the distributor has not gone down because we always hear people talking about price, the client talks about price, price. And today, we see it less because the consultant is closer and the company is evolving in platform for orders without the flexibilization. So we hear that this is a positive thing. And the format of how this event was is more and more considered good because the more retailers you can bring to show the easier it is for the consultant to be there and sell because sometimes, we call a small amount of consultants and those who are not in the event. They don't know what's going on. So I'm quite happy when we were in the event, and I see some consultants going there because they were for. And they said, well, we will have to become a -- so it was not even in the region I work in, but I have to defend it not only to my business, but I have to defend that to any kind of environment. So it's very nice. It's something that I couldn't imagine because I didn't know the event, but when we got there and saw it was fantastic, because it values our work. Now Paolo, tell us a little bit about your final considerations because you have a very participative -- but a very strong participation in the countryside in company. So how can we work together in fighting illegality in the country in general because we discussed that before, and this is a topic that is getting -- becoming more relevant. How do you see that progressing? So what else can we do together.

Well, you and [ Flajio ] are following that. I'm not the Director of but I have some indirect involvement. Well, we are working a lot we are in the of all unions regarding operations and ethanol that everything that we have here and it is bringing a lot of efforts to the region. It is even a model to other unions at national level. Last week, we were talking to the President of the Federation and we discussed that a lot even greeted our role of what we are doing in the region. So it is bringing strong benefit at the level of the concept of the retailer and authorities as well. And you are wonderful, congratulation, cheers to you because you are fostering the Federation to deal with legal fuels mainly, and you are strongly fighting with the press. So congratulations to that. We need to keep fighting for that and not being afraid of talking. So this is what we mentioned in the beginning. If we are afraid of facing these people, these people are not afraid of fighting with us. So we have to be there. And this is what Emilio always says -- good will always win the evil. So we have to fight and we will always have that and we will win, I hope so. But regarding Vibra my final consideration is that relationship and competitive prices for serious retailers, those who play the game along with you. This is what I think.

Okay, for our retail, we want to be together with you. So Beto, you as well, your final considerations, I think that for 2 consecutive years, and recently, we were awarded, right? October 2, we were the best suppliers in the sector of Suzano, and we were quite happy with that. And please feel free for a final considerations as well. But talk a little bit about this award what are the parameters and why Vibra was awarded?

Well, it was the second consecutive year that Vibra won award and the supplier with a very important stakeholder within the chain of stake holders that we have to work with and as part of our values, we have some elements that are crucial -- we've always mentioned that it doesn't matter being good only to us. It has to be good to the whole world. So we have to look at the world and the value chain and the people that are in our ecosystem in general because in home, we want to have the same relation that we have with the external world and pay attention to leaderships that inspire and transform, so these are things that we also observe and we want to generate and share value. So these are our mantras from the point of view of values and behaviors. And we also use that when we need to choose our main suppliers and we awarded each one in the sector, so we have this aspect that is quite important and as to in sharing values I think that everything starts at this point. In every commercial relation I mean, because if we don't share values, we can't create and build trust. So I think this is an element that was important. And the second one, obviously, is our daily life in operations. And in fact, it was quite important in choosing the performance awards to consider the way you guided that. I mean it was not a moment of crisis, but it's a situation of crisis, I mean when you are not in the normal situation when there is something sudden as part of the variable. So the way you guide this critical moment was imperative to us, and I have no doubt this history makes us be calmer when we look ahead. So that's it and we hope that you are awarded many times and I'm pretty sure that we have a lot of opportunities to increase even more to get stronger commercial relation because the fact is that the starting point is a stronger confidence base because we've known each other for many years. Just have some parentheses is also my neighbors on the weekends, we ride bikes and we run if you want to run or ride a bike with him I hope you are physically prepared for that. Otherwise, you will be in the picture at the end of the race. So has a strong remuneration for the work you carry out and without any kind of chitty chatting or what I'm saying is that is what I feel I observe the sector, and I'm pretty happy with the work that you have and the transformation that you have -- and if you follow. And you -- and I am the 1 who read the reports in the quarter. So in your report, and after 20 years reading reports, you cannot not read. So it's quite clear the change that you are making in the sector. So the sector always need healthy competition and competent competition, this is good. There is a series of common enemies to the big players on the market. So the more the players operating according to the rules and the more they perform better, and they raised the bar the level and change the dynamic of this market, the better it is to Brazil and to the whole sector. So as a Brazilian and as some one, who works in the sector, I'm pretty happy about the way you were changing things. So this is a fact. So we are again, in this ecosystem available to contribute whenever necessary count on us. And I'd also like to congratulate Paolo and Caio, that are people that I've known for a long time. These are the great heroes that can make businesses in Brazil in a sector that is quite hard. And not only they are entrepreneurs, but successful in a consistent way, and they never derail if you work in the railroads. They've always been consistent in a country that is hard to make business. So congratulations to you and to all Vibra team for your work. I'm here admiring from outside, and I hope you are quite successful when you keep up the good work that you are doing. Well, his final words were to finish, I consider my job done.

Okay. Beautiful closing for the session. Thank you very much. Beth, Paulo. It was an honor to share the stage with you. Thank you very much count on Vibra, we really want to push your business and we'll get even closer to you in the B2B and retail to follow this pathway. Thank you very much.

Thank you very much. Thank you. Very good. Thank you. So with a little bit better how this relation works in Brazil that is made of real people that is struggling every day, and this is what makes the difference. Well, now I invite you to our lunch if you're here and for the break, lunch break, if you are online, we'll be back at 3:00 p.m. Brazilian time. [Break]

So welcome back to the Vibra Investor Day 2024 after this nice launch and exchange of chitchats. My mother had a gas station, right, this is something new. So I like the smell of gas and our clients say how hard it is to work there and they saw that and well, this is the Brazilian mindset to fight for everything. This is how we get there. And I was pretty happy. I remembered many stories. It's nice to be here because we always exchange ideas and we feel the trust in each other look in each other's eyes and feeling the strength. Now we'll talk about Comerc. And first, I'd like to remind you that we've already received a lot of questions. We are organized and here the way for you to participate so that people present here can get the mic and most of the questions are from the people present here. So we'll organize everything for this nice part of the Q&A. with the executives on the stage. And now we'll talk about Comerc, that is a recent acquisition of Vibra to complement this multi-energy platform. So I'll invite to the stage Clarissa and our guest, Kiko Can I call you Kiko?

People told me call him Kiko, because not even my mother called me by my name. Okay, so it's Kiko. Okay, so then say Kiko.

Well, good afternoon, everyone. Kiko and I will present now the history of Comerc and tell a little about this history and our future plans. Comerc's history is divided into three main cycles. The first one is the asset like that lasted 20 years, where Comerc built the deep knowledge on clients, changing Comerc in the greatest energy manager in Brazil and one of the main trades. From '21 on, Comerc then started growing exponentially. And there was a relevant volume of constructions and now we reached a portfolio of 2.1 giga -- of solar and air energy in operation with assets that were hired with a low-risk contract and corrected by inflation. These two phases all together make us come here with an EBITDA of BRL 1.3 billion for 2025. Now we will start a new phase, a phase where Vibra now becomes the shareholder in 100% of the company, and we will search for this future growth. I'll pass on the floor to Kiko to talk about this history, and then I'll come back in the end.

Can you hear me well? So good afternoon, everyone. Good afternoon, ladies and gentlemen. I'd like to thank Ernesto, Clarissa and the whole Vibra team for the invitation to participate here and tell a little bit of my story and Comerc's story where we could get and where we are headed to. So I started Comerc when I was 22 years old. I wanted to be a businessman. And for three years, I worked as a broker, negotiated future markets, and I decided that would be a businessmen and then I created Comerc. I asked the friend to create a name for the company. And I ask it, what is the company and said, well, it's broker. And he created this name Comerc and it is the same company name as when I was 22, I have this number since the beginning. And for 20 -- for 14 years, I worked with BMS that came afterwards, after the trade exchange in Sao Paulo and the future markets of commodities and two, we got to year 2000, and my friend said, "Well, if you like new businesses, the energy market will open." But the energy market is something that is a state market and it is something that had no thrill. So I spent 6 months studying this topic and I believe it was a great opportunity. And with this new market, we would be able then to find opportunities for the consumers and it started with some savings, and we could deal certificates and targets of those reducing more than 20% of what was established by the government and then creating this relation with clients and clients understanding that electricity could be negotiated. Then it was the first movement that we had when we had to ration energy. So when the energy went from BRL 684 to BRL 4, as we started migrating consumers to the free market. So the consumer was the one in need of support and in need of understanding the market. So it took us 8 months to make the first business that was with Klabin. Klabin is our client since then. After 25 years, we are still here and many of the clients that we brought back then like [indiscernible] they are our clients until now. So what do we do with these clients? Well, we assess the opportunities for hiring and how we allocate energy, so we get quite close to this client. We create this strategy. And sometimes we go to the Board to present that, and during this first period here, we were an asset-light company until 2021, making new products and services based on what the consumer needed. So what will be the new technology? What will be the new product? What does this consumer want? Because today, you may want to sell whatever you want, but you need to understand what the consumer wants to purchase. And what you can do to take something that the consumer wants to purchase? And this management make us get closer to the consumer. They make us be there in our daily life, balancing energy, dealing with surplus and assets we create strategies and so on. So we have a constant relation with this client. And today, we do that for 15% of the free market, which is 6% of the energy consumption in the country that is every month there telling us where to allocate the energy and what to -- how to have on FT to purchase energy and the other products. We're born along with this until we get here in 2021. We fused with [indiscernible] to be able to have these assets of generation, distributed and centralized the distribution working and we went to an IPO. So during this period of the IPO, we approached -- we were approached by many strategic partners. We talked to many people. But the only company that was interesting to us that we understood we could have a good opportunity and that we got interested in having as a strategic partner was Vibra and why Vibra? Because Vibra had no conflicts in terms of generation because Vibra had 18,000 B2B clients, 8,000 gas stations, 30 million clients that passed by the gas stations. But not only that or due to the financial robustness. It was mainly for the future view and what was the future vision of Vibra? It would be to enter transition energy model and think about this energy transition. And when we talk about energy transition, and I think it was already mentioned here by Ernesto many times because we -- in this case, we are talking about doing the minimum, the least are due something related to this energy transition. And it is, in fact, going deeper on that and understanding it and making this energy transition in a very aware way. And in a constant way, the energy transition is not a turning point that is complete shift. It won't end in 10 or 20 or 30 years, it is a process we need to face, so we need to have a future vision. So we entered a JV with Vibra. We brought a team that came from [indiscernible] is a wonder for men, the CIO of [indiscernible]. He is completely in tune with everything. He works 26 hours a day, and [indiscernible] came to create a team and a leadership so that we can have a pipeline of projects in a very aggressive way. And along these 3 years, we only fought against everything because we faced the pandemic. We faced the solar panels that the Chinese couldn't believe. We had increased prices in the freight. We had an extreme pricing the dollar currency and the next year, we had the problems in the United States and the light problems decreasing the offer of capital. And despite all that, we delivered the 2.1 giga of energy centralize, centralized generation with 3 mega peaks of distributed generation. I guess you are in the next slide. Yes, that's true. So how do we understand each other now? Well, we are not a company that is new today. We are the greatest generator of solar energy in the country. Considering GC and JD, we did that in 3 years, which doesn't mean that we are a generation company. It means that we may make good use of the opportunities. We can look at this market and understand this market, making good use of all the knowledge that we have and have a team to deliver a robust portfolio and doing that doesn't mean that will grow in the future as a generation or that will, in fact, be energetically efficient, and we have to invest in something because we became a company that has to torture the figures to fit in the plan of the company to -- for the development. What we need is to look at the opportunities. The country and technology and the client as the protagonist of this market, they know quite well what are the future opportunities? All this model that we created is to be closer to the client and to know them more and to make good use of opportunities. So we did that going against things, hoping for a better future. And I think we have a lot more to do. When Ernesto got to Vibra, the first meeting we had with him, he said, well, we've known each other for almost 20 years since [indiscernible], but I need to validate and to understand if this movement was right or not. So I need to understand if what we are doing here with Comerc is something that Vibra will keep doing or not. And during this period, I think we could show that there is opportunity that there is disconnection with Comerc, and we can build portfolios very fast, and we can do that again. But everything now is within a model of a platform with much more to grow. So we have a base today and an amount of clients and the knowledge on the market that is much greater than what we've always had. We have a base today to start grow because in 3 years, we had great challenges, but these were also years, where the Board was a lit shift between sell side and buy side. But not anymore. Now we, in fact, have a goal, a pathway to grow and to make the business grow and make it grow when we understand there is opportunity for that. And I'm pretty sure that we have a lot of competence and the market is completely comprehensive and future opportunities that we'll have to do much more. I'm pretty happy to -- that we finished this period. And I'll go on with Comerc and Vibra not because I have to, I am the founder of Comerc. So I keep being the founder of Comerc. So you won't see me creating any side project or opening another company to do something that is not to help Vibra develop more and more this business, so that we can make the companies be quite well connected so that we can, in fact, make this transition, this energy transition cautiously. So we'll keep with this entrepreneur DNA, we'll have a portfolio more and more complete in terms of products. It is an effect of technology. It is the effect of having almost 30,000 telemetry equipment in the company is bringing data, so that we take solutions that not even the clients know they need it differently from a platform where the consumer will search for an iPhone, for example. Because Amazon knows that they purchase the next one, there if we don't know who the client is, what they like, what is the price of the contracts they have, the opportunity we can show them and the internal information of their units then we won't have a product to offer. So all that was created in this platform, but to me start working fully now. So we'll have a lot of time to make the business grow, a lot of knowledge to be with the client, a strong and robust credit and proven experience in the sense that we can do more and we will do more. But we will do more looking -- this is bringing in terms of benefit for Vibra and the clients. And for the investors, Vibra's investors and how we are going to make the two companies that they become one and take the advantage of this market the best way possible. And I'm also very happy that Clarissa is joining us as the CEO of the company starting in January. So many people at Comerc said, "Wow, great, like a woman as a CEO." So it's not only a woman as a CEO, is a person who is experienced in a market. A person who has knowledge about the product. And I believe that we will have a lot to do together. So there is nothing for us to talk together, and it's important to hear you and your vision about the receptivity and the team, and then I will say something about our vision.

So the team, what happened in the team? We have our pipeline was already delivered with an expectation that we were looking at some opportunities passing buy that we could take advantage and this anticipation had the logic and not being stuck in a market that is extremely dynamic. And my father, when I said that I want to be a businessman, he said, "Well, you want to be a businessman, so you have to sleep and wake up thinking about the company. You have to think about people and about the supplier and make all the kinds of decisions, but the decision that I will have to make on behalf of the company." And the other thing that he said was that the biggest trick is to do the right thing. So I try to have like this [indiscernible] concept through the letter. And we did all to get right until now. We do not have anything outside of the curve, and we are still thinking about the company. And the people are in the company, they came with this DNA of entrepreneurship. They want to see things happening. They do not want to see opportunities to passing by and we cannot be able to capture. So this new phase is the one that give us better price in the stomach that people do not know what is going to happen with the change, but change is always favorable. And in this particular case, is weighted. So here I am to help Vibra to make Comerc become bigger than what it is today. And we can move and work together for a very long time. So Kiko, thank you so much. I'm very excited about this possibility of leading this company in this phase, especially having you on our side. Last week, we had -- we went to Comerc. And then we talk about the anticipation of the acquisition on Wednesday. And on Thursday, we flew to Sao Paulo and asked myself asked them to talk with the team. And what's amazing, like the reception and the excitement of the team. Even in the hall and elevators, people were coming to us spontaneously to talk and reinforce their joy of this new phase. And I also took the opportunity on Friday, I went back to Comerc and I talked to my future team, my future team of leaders and talk to each one of them and heard -- hear their concerns and hear their are questions, so then we can begin building this new phase. One of the questions that we've received was related to the office. So the headquarters still will remain in Sao Paulo. And what we want to do this is like to close a small Vibra office that we have in Sao Paulo. And then we will have one single space for Vibra and Comerc together. So as [indiscernible] Sao Paulo, [indiscernible] to visit the B2B clients between meetings they can sit there. So we have like a big meeting table that we have here in Rio with the main objective that we can work together and exchange experiences. The other question that we've received, now, what about now, what are Vibra plans for the future? So now let's talk a little bit about the future strategy. We had a little bit of a spoiler of this slides. What are our priorities? First capture synergies. It's reasonably simple than what we have ahead of us and our immediate are simple to be executed and leverage asset-light growth opportunities. We have to cross-sell that we -- a lot of people mentioned, including [ Augusta ] about our opportunities and opening the free market. And third, grow with a project that we already have at home like distributed generation and energy efficiency projects to be executed. And in fourth place, assess opportunities and bring options home and with the centralized generation, be it in a recycling assets or investments in centralized generation. So now talk a little bit about each one of them. So when we talk about synergies, BRL 1.4 billion of immediate synergies that we've announced last week. What are they? They are related to efficiency in costs, giving an example like insurances, licenses and the office that I just mentioned. A second item like synergies like related to fiscal in terms of like M&A specifically related. And third, the financial issues. Comerc has like that. And that is a prior to the acquisition, and we have a volume of that, that we can refinance at the beginning of next year. And we will bring an important benefit for the transaction and for the company as well. But what is not, and what we have as opportunities like upsides that we will explore. First item, which is in this number is the -- when we have like the debt and we put in the Vibra level, then we have a fiscal benefit that in the Comerc level the holding, it is not. Opportunities like commercial synergies once again, bringing in intelligence and cross-sell, so we can work together. And in third like the growth of the company, which is not in that model of the items, the returns. About growing the idle capacity, the financial idle capacity of Comerc. Today, we have a lot of debt, but we have a cash generation that this company will leverage very fast. And then when we look at item #2 in terms of opportunities of asset light, I bring a little bit more color in the openness of the free market. Here, we have a simulation for high tension. And taking into consideration that we have a market share of 20%, opening free market for high tension, we are talking about bringing results of BRL 100 million per year for Comerc, only with high tension, without mentioning the opening for mid-tension and low-tension. And then we have partnerships to work with the retailer and leverage like the free market, the partnership that we announced in January, the partnership with Itau. Itau brings this capillarity so we can reach more clients. So we associate capillarity of the bank with the technical knowledge and of this innovative team to bring products and solutions for our clients. So when we talk about item #3, what we have in our portfolio in terms of projects. We have lots of discussions about energy efficiency. It's a universe of BRL 425 million of CapEx and a possibility in distributed generation. So we are getting into these costs deeply to get to the return that makes sense for the clients and making sense for us then we can make these investments, investments that we are looking for a return of a leverage of 18, 19 nominal return, bringing a real return of 15% for the company. And in relation to item #4, optionality, what are we bringing here? Items that eventually will make sense that we recycle capital assets that we have like good contracts, the mature with good availability makes sense to be in the hands of other investors. We will keep looking at our portfolio to bring to Vibra good return, to bring a good capital allocation, which is discipline. At the same time, we will follow how the energy price is. So here we have a chart on how the contracts, energy contracts for the clients in many different time frames. But then when we look at the price for the contract that the clients are paying, and then like the cost that we will build for the adequate return, and we say, well, this is not adding up. And then we will continue assessing with lots of discipline and seriousness with premise like deadlines, CapEx. And in case we close this map, we can make investments also in centralized [indiscernible] generation. And then to end our presentation. So [ Comerc ] no doubt, is a unique asset. I don't really say that it's not only related to the fixed asset like the [ Part 4 ] generation of high-quality. I'm talking about people. I'm talking about people with a DNA like entrepreneurship, DNA innovation, bringing lots of opportunities to the company. And together, we have a third very important item, the knowledge, knowledge about the client and the information so we can generate business. So this unique asset is fully-aligned with Vibra's strategy, which is the continuous growing and it will contribute to consolidate our multi-energy platform. Thank you very much. Thank you for the trust. I like the whole team here at Vibra, so let's move forward. Thank you people. Very interesting like the name, and the company has this DNA. So it's good to see people by talking so passionately about this story. So it's really nice to hear and see Vibra taking on this idea, this vision for the future. So we will continue in our program. One element that is essential like to ensure the best results is management of the company. So now we will talk about management model and [indiscernible] Aspen will make the presentation.

Good afternoon, everyone. It's very good to hear you, to be with you here today. Today, it's a very special day for us to share with you all at this moment and how we see a possibilities for the future. So Augusto was talking about, so a little bit of the presentation that Aspen is going to make. So it's important, I'd like to ask you and begin with this picture of the whole team, because this is a lot of what we are looking for at the moment to see a CFO talking about people and talking about management and culture. And at the same time, here representing like people, technology and all the other areas in the company must be focused with a discipline in terms of capital allocation, focus on execution. It's very important to build this team, everyone helping and adding, so we can build the company's future. So our management model is based on six different dimensions that must be related intertwined because, obviously, everything that you heard about the strategy, now this is the challenge of the execution and speed was mentioned. Obviously, these dimensions, they help us to deliver this strategy. The first one is when we look at people and culture, and it's important because we heard about like business synergies between Vibra and Comerc, but now we take the opportunity to get a little bit of what they said, which is the synergy of culture, which makes sense for us to think about. We at Vibra, we look at strengthening this sense of ownership, the entrepreneur that wakes up and goes to bed thinking about the business, we must strengthen that, and we've been working on it. And the entrepreneurial view like to recognize the courage, like to make decisions, so then we can deliver the plan and the strategy that you had the opportunity to see it. So at the moment, with many challenges to expand will only be possible, and I would like to reinforce that this culture of entrepreneurship that we can allocate each business unit responsible for results that will be obviously deliver what composes our business plan. Another important point that makes sense, Augusto has also gave a little bit of a spoiler of this management model, is like to speed up like the pace and intensity of our actions. We must be very disciplined and be focused on execution. And never forget, and here, I mentioned again what he said about management, about discipline, when we look at how to allocate the capital of the company so we must have a speed in terms of response for everything that we are going to do. And when we think about the base that we are implementing in the company, it has been mentioned like the morning meeting and it's only possible for it to happen due to the whole chain of events and preparation of data in the company so people begin the day being capable of discussing what happened until that moment. So we are talking about volume, margin, stocking our units, where eventually the market had speed up, where it was holding back. So this morning meeting is an example of this space and intensity that we've been implementing. Weekly this processes unfolds what happens every month or the moments of necessary adjustment in the route. So we have meetings with the Board of Directors and projection for results that we obviously work for that to happen within the month, the monthly results. And it's important to see how much we gain in terms of maturity with this integration between commercial areas, operations, financial and all the [ FPNA ] area, giving support to the areas because it would be pointless to increase volume without profitability. And for that to happen, the best way possible, like reinforcing the way the clients will look at it, and this is the next point in our management model, we must ensure the right product at the right moment at the right price is available for our clients. Another important thing to ask you today, the panel about clients shows our intentionality to evolve in a dimension that we know how much we can still improve. No doubt, when we begin discussing the model for the event, was very fast and it was very natural. And we said we must bring our clients so they can share with us. It's good to hear what we are doing right. But even more important is to hear where we can improve. So this process of actively listening to our clients is something that we are strengthening in the company because the client is with us on a day to day, is the best source of information for us to deliver better products and services. And here is another important thing that [ Beth ] mentioned, that is the acknowledgment that Vibra will have in this relation with suppliers and partners, and how we'll receive the award from [ Suzanne ] and how we face the awards that we received over the years as a sign that most likely we are in line with what the market expects. And it is much more than simply getting an award and believing there's nothing else to do. So you could hear from Ernesto today when he said well. And I said, no, let's pay attention here because there are opportunities for us to evolve in our business. So over the last years, we structured an area here that besides bringing speed and [ activity ] in the response to our clients and helps our commercial team to dedicate more time to do exactly what Beth also mentioned here that Ernesto could mention, that is giving time for the commercial team to know more about the clients of -- business of our clients because once again, it will be mandatory for us to anticipate the needs and make -- deliver more value to our clients besides this freedom in time, so we can make our sales executives with our trademark team in the structure of [indiscernible] have more time to working the training of people in the gas station. That is quite important to our business, and this is a very important point in the relation with our clients, direct clients. They are the ones that decide to stop at our gas stations because they trust our brand. So we need to obviously correspond to the value proposal when we talk to our clients. Another dimension that is very important in this progression is to look to methods, the analytical ability that we need to reinforce and the look to identify the root cause of why things are happening. We've seen some examples here in fighting illegal practices on how we could identify the origin of the [ trojans ] that we identify and go deep and not only superficially. Because when we understand the origin and he brought a specific example of high [ TI ] legalities, and we could list other examples. But in fact, we can see where it started and what we can learn from what happened. We cannot change the past, but we can be much better prepared for the future for what will eventually happen. So this is also another important dimension in our management model. Technology that is obvious to talk about technology, but before technology we need to work the mental -- the mind model of the company so that people understand that we are digital and they search for the best technology to solve problems and not simply technologies should be implemented and for us to say that they are there. No. Now we'll go back to the importance of the whole process of analyzing the capital allocation that, just like other things we do in the company, everything we eventually suggested to be implemented, must demonstrate -- have a value demonstrated before the application decision in the many committees as Augusto mentioned, like the CapEx, investments and the flagship within the many actions of the company. And there is another important point, and obviously, you have -- you are following what happens on the market and the strength and of artificial intelligence. We need to speed up its incorporation whether in back office product processes where we search for productivity, but also applying to the businesses where we can gain competitive advantage. And here, I'm talking about applying pricing as it was shown here in the centralization process cross-sell that we saw a lot. We have correlation of clients with the similar profiles that we can speed up using AI in many processes, automation of processes. Obviously, we can apply automation in repetitive processes that don't add a lot of value for the teams. And once again, give them a free time for noble activity. So technology is another important to mention. And obviously, the dimension of ESG and as I mentioned, we have unnegotiable values in the company, and safety is one of them. We started the presentation with the evolution in terms of safety, energy, also mention integrity. So these are very important values that we -- that are unnegotiable in the company and are the basis for everything that we bring for discussion to our businesses. And in the ESG agenda, talking about the environment, here, we see the climate commitments and our commitment to be net carbon until '25 in Scope 1 and 2 and [ 2050 ] Scope 3, with the reduction of Scopes 1 and 2 until '26 and it will be with the compensation. So we reaffirm our commitment from the climate point of view. In the -- yes, it's important to mention also the progression that we had in the company with the percentage of women that we have more than 30% of percentage in high leadership in the company. When we are talking about high leadership, we are talking about executive managers and other positions more than 60% of black and brown people. And here, we are talking about managers in higher positions that are so much as important as or more important than that, so search for diversity to bring different visions and perspectives to our business. So we are talking about a business that we need to understand the Brazilian society quite well when it's designs because they are the clients that stop at our gas stations to fill the tank. And the commitment we have with the development and with retaining the professionals, it's quite important for us to build the base so that we have the social attention of talents in such a way that the way that we are doing to Vibra. Also in the scope of a [indiscernible], our cause and this is a very important moment of engagement for the company that is fighting sexual exploration and sexual harassment of kids and adolescents. Our children are the future of our country, and we are very happy to see how engaged in the company is and our partners and suppliers and clients. So in Vibra, we launched this cause, and it was very nice to see that since then, the retailers engaged a lot in this call that is important to us when we think about the future of our country as well as the legacy that the company wants to leave to society. We talked about the legacy of irregular practices, how much we want to fight that and leave the country far from irregularities on the market, but here's another noble cause for the company that needs a lot of dedication and participation of many executives and all the body of the company to fight the exploration -- sexual exploration of kids and adolescents. Because this is something that happens in the surroundings of our business. When we think about the gas stations in the roads, it is something that happens there on the side. So to us. It's very important to fight for this cause. So that's why we consider this a Vibra cause because we need to help fight and eliminate that from our country. Last, but not least, in the G of ESG, and now making use of our true corporation, and I invite you to share how we are structured to ensure to Vibra, the best levels of corporate governance.

Okay. I guess now it's working because I need my freehand. Well, thank you, Aspen for your wonderful presentation. I think it showed a lot how we are bringing sustainable results, our commitment with the environment and our commitment in the social cause, the social side of the company. And now to finish the ESG, I'd like to talk a little bit about G, governance because I've worked in some markets and some companies. And in fact, I see that Vibra today has a state of governance and the state of the art. Our Board of Administration has our term and sale that is year-to-date. And they are, in total, [ two new ] with the experience, bringing complementarity and a constructive alignment, always searching for the best interest of Vibra. [indiscernible] many times talks about what makes the corporation success, and he brings his point of view that I truly agree that is the mindset of the owner what we have here and Aspen mentioned this G&A, but part of the Board and part of the CEOs of the company, make the company as their own company. I've worked in other companies with an order and some honor and somehow there was a control. And what I learned is that is the great part of success. And whenever it comes to Vibra, I feel I'm home, Vibra Energia as if it's mine, it's my own company. So it's like I created, Vibra, maybe I cannot have the same emotions that [ Hick ] brought, but this is the way I think, I think this company as mine. And every day, I want to do my best so that it's more successful and that our personnel are more successful and grow and develop. I think this is what makes the difference. So our challenge is not smaller. It is to show to the country, the true corporation can be a successful pathway. We have some success, for example, that are more rare. And I think this is our mission to show over the next years that it is possible when this governance facilitates in the sense. So -- we have a very experienced Board with the support of committees that give support to the Board. So I think in the management, we are always truly searching for supporting the committees. We don't use the committees only because they need to approve something. No. We bring debate there. We have a lot of people with a lot of experience there. So how do we bring the committee or the Board even to help us -- and I think we are well balanced in the role of the Board because I've seen Board that do nothing and other ones that do a lot in the operation, and this is the work of the management. And today, we have a very positive balance and we are showing that recently, there were changes in the Board. Our President was unanimously elected. And for the second time last week, we saw the case of the approval of [indiscernible] that was unanimously approved by the Board. So we see many demonstrations for us to see that our governance is quite well structured. Now going to the end, but before that, I would like to thank especially some people that work nonstop 24/7 with the mindset of the owner to make this company what it is. People that worked for many, many years and are still working here. They brought this company to here. And today, we can be here on this stage talking about a future that can only exist because these people brought this company to here and these people are building it every day. They are working nonstop for success many times, leaving their personal lives behind to make it happen to make, in fact their best delivery I'm talking about the employees and the staff of Vibra. Let's have a round of applause to them and everyone at home. Just to finish, we have 2 more slides just to close, and then we go to the Q&A. We'll let the Q&A to the [ Alaskas ] we knew you would be here till the end. So -- the 5 pathways of growth were quite marked. We have leadership in gas stations. Expanding our portfolios and also spreading the clients base going further with our clients, expanding our logistics capacity being the player of logistics in liquid bulk in Brazil. A new ambition in lubricants, expanding to Latin America to be the leaders in Latin America and renewables with a return, Comerc is 1 step in this sense. It is, in fact, our truly big investment in this area so that we can gradually evolve always ensuring discipline in the capital allocation and making things happen with the proper return. And finally, is Vibra consolidating as the greatest multi-energy platform in Brazil. And now with the new ambition once again talking about growing and growth and that we can follow those steps and follow the evolution of proposal to our clients that we can be a platform that, in fact, offers services and products to our clients. As we've seen today, we saw demand in the sense, and it illustrated quite well the opportunities that we have in the future. With that, I finish my presentation. I'd like to thank you all for this day. And I pass on the floor to Julian so that we have our final part.

Thank you, Ernesto. We'll now have our final moment with the 5,000 chairs that we will have here on stage and everybody must be here. So this -- I guess this stage is strong, so there is no risk of falling. But anyways, we received a lot of questions and what did we decide here? Well, the main questions are from people here in-house. So people decided that it's best to speak face-to-face passing on the mic, and we'll ask you to ask your questions directly to the executives. Instead of me reading the question, it's much better for you to ask the way we saw that you will ask better. So we have made this decision, and I invite to the stage, everybody and [Foreign Language]. We'll pass on the mic okay, Zund and Paula. [Operator Instructions].

[Interpreted] I'm Bruno Amorim from Sachs. So I would like to hear from you from Comerc. To the electricity market share. We know that the market, at least in the next 2 or 3 years are under offered. So maybe to us, it's not a problem because you are quite well higher contracted, but -- how does it bring opportunities in the sense there are players that are not well structured has Comerc and [ Nord ] with not good contracts. So does it make sense to think of Comerc as a company with M&A and acquiring assets that are weak. And in the long term, it will, by demand normalize. I would like to understand if it is a bad way of growth for Comerc and [ Nord ]

Well, I can start and then Clarissa may answer. Thank you for the question. I think clearly, we designed our main movement in Comerc so be in the order of priority. So the first 1 is to capture the synergies that are there. I think Comerc had a very important history of growth. And when you follow that, it is more than natural. And people ask about synergies and costs that not happen, but it's natural to focus on the growth and we are in a wonderful moment to capture the synergies that even with the description that you made of the current market that doesn't allow necessarily big growth. So let's search for Comerc again. Going back to its original DNA of trade making use of the deregulation of the market. And also other small projects of distributed generation and future opportunities in the centralized growth in case these projects are feasible. Before going specifically to your point, I'd like to say that we -- in any area of Vibra, we don't -- we are not passion by project or passioned by assets. We are passionate by results, returns and royalties in the company, the discipline that we have in the capital allocation deals with that. From this agenda of optionalities that we created, we will open other doors. And definitely, we see that Comerc or the vertical of renewables in Vibra that is the way we see it, it will bring optionalities that at their time, bring examples like the one that you mentioned. And if it makes sense from the business point of view as a strategy, we can consider this. But at this moment, our focus are [ disoptionality ]. So I have nothing else to say. Next.

My name is Monique from Itau. I would ask two. So when you talk about your ambition like raise like the volume to 60% from 36% to 60%. I want to understand, 60% is only with fossils or are we considering renewables in the 60%. What is the expectation of this core sale in terms of renewables? And my second question is we talked a lot about news. But -- we need to understand what is the rationale of the intention of the international expansion. Find better margins. International margin maybe is not so profitable than the domestic or allocating a surplus. So domestic market will not absorb the total capacity of the plant, but to understand the logic of this international expansion.

Thank you for your question. So I can think related to the cross-sell, we use like cross-sell lubes in the presentation because it's easier to illustrate. It has a direct connection that comes from the past. But what we are looking is the integrated offer. So the example of Suzano is 1 of them. So we talk about 4 products and moving on to the fifth at the moment that we get with energy. So maybe the next steps along with Kiko, this is what we are looking for. So we talk about 5P. We have to leave about 1P only diesel or few or only aviation kerosene. And then we have to move to the lube and how we are going to move that in the chain. So this is not a process. How are we going to do that? There are many ways. Not only like our new way of selling our preparation, our [indiscernible] that we're putting in the hands of the retailer, we need to know the clients more. We have to be there. And usually, I use an example of if you ask to some of these people here, what you know about [ Novo Nordisk ] people will say, well, they will say, well, it's the area that created [indiscernible]. But what are the products that they consume? How much do we understand about the fab -- the plant, where are they building the new plants? Where are they growing? Where do we have opportunities of synergy? Is that a proper energy? What we do in relationship gas? So there's a lot to know about the product. So when we look the traditional like transportation, passengers, loads and plants, we have a lot of knowledge. So we have to go beyond and further and always looking to the total offer that was presented by Ernesto -- lubes or commerce. I would like to add something because when we look to our position that we have in other countries in Latin America, especially in South America, it's very small. So what we've noticed is that we can very fast acquire importance. And reminding you that I always say that I'm stepping back, Brazil is a priority for growth. And this is our priority. Just like to make it that clear. But gradually, moving because we have production capacity in the state-of-the-art plant. And our cost is very competitive in the plant we have volume and therefore, competitiveness to grow in markets that will bring better margins. So this growth, let's say, 1% to have 0.5%. So smaller volumes than Brazil, but they will compose the portfolio, so we can begin an expansion from then on. And I would say that this expansion will begin in the south of South America and gradually we will move on to the other countries becoming more relevant. And having a chance to become bigger in those countries, and this is a gradual process. And the brand already exists. So we are already in those countries. It's not that we have to make this huge effort to enter. We are already there. What we've noticed and I've been talking to the team is that we have a topic to strengthen the distributors who are there? And then how can we get there with a smaller cost. So there is some work that we haven't done yet, and we will begin doing it. It's not that we are going to begin from scratch. So there is a format there allocated and we must foster it and see how it will speed up. So this is the reason.

[indiscernible] Thank you for your presentation. It was excellent. So 2 topics that I would like to touch maybe a little bit more strategic. One is related to the core business, like margins and also about the management model that Ernesto talked about, like the -- it is organic and it lives on its own, and then we have like money meetings and so on. And second one is the gas market and the size of the opportunity. So let's get back to the margins first. So how is it? And actually, in particular, I like to follow the margins because it's difficult. You can look at a margin that is accountable that has a historical data or you can look at the reposition margin. It's very regional. And we have a market that it is more important diesel and that we've discussed related to illegalities and unfair competition. So what are the topics you are looking more at the reposition and what are you more concerned in the meeting? So it's like a big picture like accountable margin, and I want to ensure that we are delivering the promises to the market. So I would like to understand this dynamic on a day by day. The second topic is related to the gas market. What is the opportunity? It's something more on the trading, selling or replicating a model that we had before, it's more related to the virtual pipeline, the LNG in small scale if you have a market, if it's more on the country side or more or closer to the producing areas. It has nothing to do with that or we just want to take the gas that comes from the Pre-salt, which is associated and has the potential. So I want to understand the opportunity.

[Interpreted] So as for the first 1 and the second one, the gas and then [indiscernible] please, feel free to add anything. But when it comes to our management model, I can give it in full detail. So this 830 meeting that we have every day, we look at the gross margin of reposition. So we have the KPIs and then you look very fast like to the deviations. So today that we have something in [indiscernible] is happening in this dynamic and then there was a deviation. And then that day that meeting the team it brings and consider there is a high consumption or low consumption in [indiscernible] So what kind of movement is happening there? How do we react. And then we look at the big picture of the reposition margin in like the unit cost, and we focus more of the reposition. So every week, and I believe that has been described, every Monday, we have the 1 with the directors and then we dive deep and we look at all the P&L lines. And then we get to a result. And then we look at all variables and components and trying to understand about them from all angles. We do not let things but stuck there. So we look at all the different angles like losing stock or something that happened in the gross profit or volumes. So on Mondays, we will look a little bit more carefully for about an hour, and then we look at the -- we look at our cash flow every week, along with the P&L. And everything derives from planning that has been mentioned before, the they record the SLP, which is the integrated plant. So there, we have like a financial number projected for the next month. And then on top of that, we do -- we follow on and see what we're doing. And it was also mentioned -- it was not born like that. So we need this information, what's going on. So we designed this model of KPIs. And then when we see them, you look at the deviations during that meeting at 08:30 in the morning. Sometimes, things appear. And sometimes there just things happening in [indiscernible] or we see what is related to imports. So imports are better now or worse and then we can react to everything. So what I say that what we're winning with this model, given the market conditions that are -- that we do not control. We maximize the results given the market conditions. What we see is that. And also, we are building structural projects that will elevate our margins gradually. Now we are talking about lubes increasing the margin and then we sell more additives. And if we are selling more of the diesel agri top. So we are working on that. And always there is something important here when we're talking about margins. And it's important to reinforce that. So margins come because we want to increase and add value to our customers. So sharing our values. So if margin was greater because the other 1 was smaller, no, the game is different. The game is, let's do something bigger. So you reduce the maintenance cost of your customer and then the hundreds of millions. And then we get just a small, little part of it. But then you have better products that the customers are paying more. So it's important this concept because in terms to talk about margins, and it seems that it's on or the orders expense, we want to build a model where we win, but our current clients win too. This is not easy, but this is the model, and this is what we presented here today, what we want to do -- to increase volume, grow but also bring more value to our clients. So this is the first point. And in relation to gas, I've heard this expression a lot we want to have access to the molecule. This is the design of the company of our size. We need to find the angle, the right angle. I do not have the ideal answer -- that's something that complements our portfolio quite well, but I will repeat what I said during the interval. We want to have access to the molecule. We want to complement our portfolio with gas, have this complementarity with our clients. And with the right return with discipline in terms of like appropriate capital that we have. If it doesn't happen, Vibra will continue to move on, and we will do the effort like to match these things, but we are not going to have like gas, gas at any cost. We will do gas as long as it has like a strategic entrepreneurial and business meaning. It's important to say that we've been receiving questions about gas -- this is our [indiscernible] to gas to find this proper angle that makes sense in terms of strategy, entrepreneurial and business and bring the returns and ROIC. Otherwise, it's not that I have like a passion for the gas and not gas per se. It has to make sense in terms of return and business. Would you like to add anything.

[Interpreted] So first, like 100% aligned with Ernesto said. So there are about 220 authorized agents like to trade gas. We are one of them. So we already have like 1 cell in B2B along with renewables. And we are going on the commercialization, but the margins only from the [indiscernible] and gas, it's small or not so relevant. So there are some points, and this is extremely relevant. The access to the molecule is what we are looking for. And we are starting the best way to get there because gas, even though with all the adversities. So we have like more competitive prices than the fuel NGLP and diesel. So this is precisely the line to find the right strategy to get there.

So thank you for the opportunity to ask a question, [indiscernible] from BTG. So I wanted to do a follow-up on the questions. So you talked about the level of efficiency of Vibra and the retailers. So can you talk a little bit about this efficiency gain related to the retailers -- and how do you translate that into volumes and how you were going to internalize this and with this new limits and how it's going to be more profitable.

I will repeat what I said previously. And I would like to reinforce our work is jointly with the retailers. So I travel a lot, and I go to the field and Flavio knows that like 12, 15 Brazilian states, and I visit like 50 to 70, and we have done it together and I learned with them, talking to them. And I always repeat, the Vibra success in this segment will only come due to their success. There is no other way. There's no shortcut. So you cannot but find another way. So we must have a model, which is the model that we are designing to bring results for them. And when we talk about the best proposal, we've shown many different numbers. Our value proposition is not only for the consumer. It's a value proposition that will bring more results for the gas station. Either in more volume or more profitability. So everything that we are doing is trying to attract consumers to the gas stations from our retailers and also bring more profitability and better results. And then we will be rewarded as Vibra with more volume and/or margin, the same thing for the gas station. So we will always be sharing all our design is to ensure that our retailers is healthy and is profitable. That's why we have our model and it's designed to ensure that the retailer can have the freedom like to price as they will. But -- in fact, we are following and ensuring that it's profitable for them. What they need more and more, we want a retailer that is healthy. And we will share part of the games with them. And just adding a little bit here, like a practical case that is happening, which is this offer [indiscernible] delivered the product to the gas stations instead of having them bringing the product in our base. So we moved from 24% to 31% in a short time. They're not paying more of the freight, so we are receiving the same amount, but they do not have to worry about. They receive the product there, and a truck that is 100% monitored, they can track and they have access to technology. They're not exposed to risk of accidents or safety. And we still, given our scale of hiring have sum-up positive P&L. So the freight that I'm selling to them, which is equivalent to what they were paying being FOB, did not increase the cost, but I improve the service, and now they not [ behaving ] that employee for the FOB management, and we translate in a better P&L. And just adding in 2019, I gave an interview to a newspaper in Campinas. And I said, well, can only have a strong distributor with a retailer that is strong. So sometimes they receive provocation from a retailer that said, well, so the President of that Union did not have a gas station with me and now they do. So meanwhile, we have like people from the Midwest that did not have any business with us. And we have many different flags now buying from us and this is going to increase the volume of the current operations. So you think that we have, as many people like buying our assets and wanted to business with me if I was so uneven and I was talking to some people during the break. So we must know we are in a commercial area. And the commercial area is always trading dealing. And if you have like to split and divide and some people ask for a little bit more of the percentage or can you give it all for me or nothing for me. So we have to divide it well. And this is part of the process. It's a lot easier to make less mistakes and everything is centralized and an intelligent metric with plenty of information with our people in the field passing on the information. Then we're going to have 230, 240 in the field with different pressures. So we didn't make everything right but more than in the past, and we are open for active listening, dealing with the retailer I've talked to many retailers. They are free to talk to me to say, "Hey, you're doing it wrong, pay attention". So we have competitors, even in the white flags that do differently. So it's the active hearing that will make us do the right thing. But there will always be someone wondering something else. So what is happening today and its effect is that this market is being consolidated. In the past, it would be difficult to find a retailer with 10 gas stations. But today it's easy with 10, 20, 30 and the ones with 1 to 3, they are feeling a lot of more difficulties because greater retailers are more aggressive in price and consequently, when you are a small business [indiscernible]. It happens in any relation in retail is quite strong, and we can think about the business in the same situation.

Well, good afternoon. Thank you for the presentation as well. I'm Lonand from Bank of America. I'd like to make a link to what Marcelo said here about the company being much more structured today regardless of the moment and the window of imports and here on the market, we have much less information, but maybe we can correlate a lot strong margins with the prices, with when the prices of Petrobras are below the import prices. So I would like you to tell a little bit more about how we can think about the work of the sourcing and trading area in this varied moments and how we imagine the result of the company. If it should be resilient in moments that the window of import is quite open.

Can I start, and then I pass on the floor to them to talk specifically because in fact Vibra is positioned first as the priority of our preferred partner that is Petrobras. And we've mentioned that with you before, since the beginning of last year, we grew our volumes with Petrobras compared to the imported ones. And we kept following this moment. I mean, now we are stable with them. But we agree at this moment, and we -- our preferred partner is Petrobras. Brazil has a draft system, Vibra is also a great Importer of products. So -- we'll always search for this balance between what we need to complete our complete order with Petrobras receiving back what they can supply to us. So the rest is important based on our projections for the demand. So if we consider a product that was quoted, sometimes it will be higher or lower in prices. So when it is above the prices of Petrobras as the matrix is greater than Petrobras, obviously, we gain competitiveness when it is below. And most of the times, and I can talk about the last 18 months, it was below Petrobras price. So -- what we work strongly in this sense is that in the worst case scenario, we are in even conditions with everyone importing in terms of capacity of importing of the other players, they are not the size of Vibra. They don't do what we can. So what we see in the moment of the prices of the imported product being below or more competitive moment. And we delivered these margins that you see and the first semester was 1 of these moments in which most of the time, Petrobras product was above the diesel, especially the Russian diesel and in the moment that it is above we get more competitivity and we can progress in the market share and also in margin. So the company has created this model to describe when [indiscernible] just ask. This is a model to maximize our margin regardless of the margin. Obviously, the market situations are different. But we maximize the results because we've seen this 4 quarters, leaving both the cycle, so it's a cycle of the importer that is cheaper than Petrobras and even though we could deliver the results that we delivered. So I'll let Marcelo complement.

So as Ernesto said, the point here is that what we did in terms of processes and bringing people when structuring everything, is that we are now much more flexible when agile for this decision making and this fine-tuning. So when we have this S&OP cycle that we look at 3 months ahead and then we bring it to the month and we make a decision of importing knowing that the ship will be there, and we'll have the solution for that. But today, we are looking and managing things in a faster and more intelligent way, as I said, people, systems, processes in quite criteria discussion with the commercial teams because we discuss and say, well, to have 1 more ship we need you to have more molecules on the market. And obviously, we analyze if it will somehow destroy the value or if it's better not to bring this additional volume. So Erensto mention some points and Vibra can ensure that easily that we are we are not worse than any 1 player in the market due to our intelligence and ability to trade and eventually, we have this flexibility purchase with our trading abroad. And we now have an option that a ship that would come here we deviate to another market. If it makes sense something that we couldn't do a few a while ago.

Well, there is a second question here to Clarissa, in fact, about Comerc and this is a question that is similar to the one I made last week in the call. because I'd like to know if you can quantify a little better the risks that you see for the sector of renewables because we hear a lot about this, and we saw in the presentation that you mentioned there is a low risk. But can you quantify a little better how we can impact. So it would be a nice thing for you to do.

If you want to make the next question, please raise your hand because we will set the mics.

Can I answer. Well, there is no doubt that thing the most discussed topic here is [ curtailment ] and it is a concern. But remember that the portfolio of Comerc is more resilient to this in the sense, considering where the portfolio is. So 70% -- 76% is in the Southeast with more cargo. We have contracts in the curve of generation. So there's also a concern. And many times, people ask us about the time price with a portfolio that is basically solar and the peak price is after some time. So if it would be a great concern to Comerc but it's not considering that the contracts are in the generation curve. So it mitigates the risk in the market that mitigates the risk of curtailment and the time price is always mitigated by the quality of the contract. And as [ Kiko ] mentioned, the fact that Comerc has grown without any threatens or targets of megawatts per year made us able to have good contracts with good prices. So we see a portfolio with an average price of BRL 220 is updated according to the inflation. So you mentioned a point that we have to follow. But it is a park that is quite close to the [ p50 ]. And another question that I also received outside about [ p90 ]. No, we are working in [ p50 ] and we'll always have to look for opportunities and risks as they happen so that we work with the trading or the tools that we have.

Okay. Congratulations on the event. I'd like to talk about electrification and liquid bulk. So in electrification 1 year ago, we wouldn't see electric cars on the street, and we see many of them. I know it's quite incipient, but I would like to understand your mindset I mean, if it is an opportunity, a challenge or how eventually can be integrated in Comerc portfolio? I don't know, somehow -- and in liquid bulk, you mentioned that along the day -- during the day. So there is a peer [indiscernible] that has a business that with margins and returns that are quite attractive. So I'd like to understand. If you have a financial granularity to share with us in this business and if the growth demands the capital invested.

Well, about electromobility, let's start with that. And Clarissa, please feel free to comment. It is 1 of those gradual bets that we didn't mention before, but those gradual bets that we have because we understand this movement of cars in our understanding, the trend of the country is to have hybrid cars and at some point. We'll see more and more electrification, but we see this movement for the future. It is not something for the next 2 or 3 years is in a disruptive way as at some point, we believe it could happen. So I'd like to reinforce that the company has investment in EasyGo that is 1 of the greatest in the country and charges for vehicles, [ it is ] first time that we are focused mainly on the B2B growth, what we see that we are speeding up this growth in bus fleets, mainly and progressing in the sales, and we are having tests today because in Lagoa, we have a gas station with electric chargers. And in this gas station, specifically, we are above what they imagined. So we see some potential and we see that in Brazil, the potential for disruption is that something will happen, but I don't think it will be significant in the next 4 or 5 years maybe during this time, the potential for disruption will be lower with -- the electric cars will be there despite the indicators show something strong related to the total of the Brazilian fleet. But now it's not that significant, but what we'll see probably is a displacement of consumption. And we were talking about the agribusiness as well. This consumption go more for the agribusiness, the countryside and in Lagoa in the South zone of Rio or Jardins in Sao Paulo, you see more impact in the sense. But again, I don't see this is a movement that will happen radically in the next 2 or 3 years. And we are in the movement of gradual betting with our investment in [ EZVolt ]. Liquid bulk, well, this is something that we are not following the same direction, as you mentioned, -- we see that the first step is to consolidate the position as a logistic player to increase our footprint so that we have more support in the growth of distribution and eventually, we'll start small. And by the way, we'll not start -- we already do that. We sell services. We already sell logistics services. We cannot give more details, but we have some sales, maybe it will increase, but the movement is more towards supporting our business in distribution with an eventual increase in the service provision. Well, it may happen but it's not a disruptive movement in this first moment. Obviously, in logistic assets we know when logistic infrastructure demands more capital. And as usual, there will be a big analysis of the company. So in case it happens, and there's nothing today, but in case it happens, the company will analyze if it is the best capital allocation, if it makes sense, what are the returns to ensure that in case some investment happened in the area. The return will happen weather and mainly with improvement of costs and fuel distribution or complementing with the service provision or something else. I think the only topic for -- point for this topic to be here is that we understand we have some differentials First, related to [ our park ] of logistic assets because some are irreplicable, we won't see the competition having an asset in that region. As efficient as ours and this is an advantage. Today, we have an advantage in cost, every quarter, we analyze the results of competition. As you mentioned, we analyze the other players that we operate in some shared assets. we know we are more competitive in costs. And even in the sense of services, the ones that we already provide and we hired at some places, and we provide in others, but we have a commercial efficiency the -- what we receive is higher than what we pay. And this is the result of the quality of our park of assets in terms of location where they are structured and also the result of our expertise over time. Our business is a logistic topic that we've been working over time.

Okay. I have 1 more question here. Paulo, can you give him the mic because he will make the next question.

Hello, everyone. Thanks for the event congratulations. It's nice to be here with you seeing the history of the company. I'm from Citi and I'll ask 3 questions. So the first is about the brand, and I think Erensto made this question in the beginning, telling that it is the decided that maybe the future of the brand is to renegotiate with Petro, but I think it is a discussion that depends on both sides and we count on our decision. So I'd like to hear more if there is this discussion today in the company? And what would be the route considering that we have certainty and the result will be in 5 years. So I'd like to hear from you. And the second point is about the dividend. So you were talking about capital allocation, and this has always been 1 of the pillars of Vibra. We've talked about cash generation and dividends. And I would like to know if it is still there. And the third one is to know if this 40% is in place and nothing changes because there is some detachment here because Comerc seems a good cash generation in terms of profit in the next years, but is there any discussion regarding that a possible change and looking at dividends in the future. So you keep focusing on profit and/or in potential new credits, how is this discussion internally how we should look dividends from now on, facing this cash generation that maybe is a little different from what we have today. And the third point, analyzing the pillars of the company from now on regarding logistics. I think that the great differential in the sector is the capillarity and infrastructure, so on and on. But when we look back, the company has offered 44 billion liters on the market. And today, we are seeing 36, 37. And I don't know if the numbers are wrong, but this is a big gap. And maybe there is a strong force of investment for the next years. And my question today is if logistics is in the wrong place or if we lost something along the way and what is the diagnosis here for this gap, this difference that we've seen over the last years?

Well, I'll start talking about brands. I'll talk about dividends and then I pass on the floor to Augusto. So in terms of brand, I think that first -- the first point to be clear here, and I also heard the question about it about the retailers and the renewal of contracts. So the contract is up to 29%. And then we have 6 years and from now on, any retailer with the brand has 11 years to work with us. So I'm not trying to minimize the topic brands are relevant for us to take care, but I don't see risk because the retailer can have the brand for 5 years, 9 years, and we don't even have contracts, this size. We don't have any contract like this. We've seen that it's not a good duration for contract. Regarding the brand, obviously, it depends on both the sides. I can say because it's public what Petrobras has mentioned, even when they sent us the document, is that those terms were not interesting to them. So at some point, whatever it was, maybe not now. But anyway, at some point, we'll engage in a discussion with Petrobras or Petrobras with us will engage in a discussion on the contract. And obviously, we have a plan B on hand that is to develop a Vibra brand. Well, we know that our investment demands time. But at the same time, many companies made similar movement. And we understand that we have strong brands at home. So we have some potential to develop that internally. And Lastly, we can search for other brands. So we have designed at the high level. We didn't dive and maybe in the next years, we will mature this discussion and maybe we'll communicate in the future. But we follow this protocol. Obviously, and I repeat, it depends on both parties finding a way. It's not that Vibra wants to renew that, we want considering certain conditions in Petrobras, [ their's ] if we follow balance, we can follow this relevant pathway that would be interesting for us.