Vibra Energia S.A. ($VBBR3)

Good morning, ladies and gentlemen. Welcome to the earnings release call of Vibra to discuss the results of the fourth quarter of 2025. This conference call is being recorded, and a recording will be available through the company's website, ri.vibraenergia.com.br. The slide presentation is also available for download there. [Operator Instructions] Before continuing, we would like to mention that forward-looking statements during this call are based on the company's beliefs and assumptions and on information currently available. These statements involve risks and uncertainties as they relate to future events, which, therefore, depend on circumstances that may or may not occur. Investors, analysts and journalists should understand that conditions related to macroeconomic conditions, the industry and other factors can cause results to differ materially from those expressed in these forward-looking statements. We have with us today Mr. Ernesto Pousada, CEO; and Mr. Mauricio Teixeira, CFO; and some of the company's executives. We will now hand it over to Mr. Ernesto Pousada, who will begin the presentation. Go ahead, sir.

Good morning, ladies and gentlemen. It's a pleasure to be here with you so that we can disclose our results for the fourth quarter of 2025 and the full year of 2025. Let's start with our first slide. And here, we have some points about 2025, which was a year of inflection and growth. As we mentioned during our Investor Day, 2025 was a critical year, and we were able to execute it well with consistent margin growth in each quarter of the year. In the fourth quarter, we had an adjusted EBITDA margin of BRL 251 per cubic meter and an adjusted recurring EBITDA margin of BRL 167 per cubic meter. If we remove the impact from our inventories, we would be able to add an additional BRL 10 per cubic meter, so BRL 177 per cubic meter, which is what we are considering our recurring EBITDA margin internally. So this shows that the company is focused on finding a gradual margin expansion, and we were able to add to this margin in each quarter from the first to the fourth with market share growth. We had record volumes in the fourth quarter of 2025, the highest level of the last 12 quarters. Our market share was 24.5% in the fourth quarter, a growth of 0.8 percentage points year-on-year. We posted some very strong results in EBITDA, over BRL 8 billion. So Vibra has concluded the year of 2025 with BRL 8.2 billion in EBITDA and a cash generation of BRL 5.5 billion for the year. It is significantly higher than last year. It's important to highlight that in the third quarter, we also posted a strong cash generation. And our entire effort during the third quarter was not to return the working capital that was generated in the third quarter. This did happen. Mauricio will talk about this. We had some nonrecurring events in the fourth quarter. But the most important thing was the cash generation for the year, especially in the third quarter, which was not returned throughout the fourth quarter. We branded 404 new service stations throughout the year. So this is a historical record and our leverage was reduced to 2.4x. So we are below 2.5x. And finally, total shareholder returns was 75%, considering share price appreciation and distributions. It's important to say that we are talking about 2024, but 2025 was really an inflection year with growth for the market share and a gradual growth in our margins due to the efficiency efforts that we continue to do in the company. Mauricio will speak a bit now about the next few parts.

Thank you, everyone. It's a pleasure to be here for my first call with Vibra. I'll speak about the financials and return to Ernesto. So we see some significant numbers here, starting with our adjusted EBITDA. On a consolidated basis, we have this result, and we have a significant number from accounting write-offs, which will be monetized throughout the year. So they're not appearing in the cash generation at first. But BRL [ 2,378 ] million will be at Vibra. That's a growth of 85% and Comerc is at BRL 232 million in EBITDA which is in line with the fourth quarter of 2024, which is a victory considering the entire scenario with distributed generation in the electric industry. So it's great to offset this with cost efficiency with some new generators. So having a flat level of EBITDA is already a win considering the current scenario. Operating cash flow, as Ernesto mentioned, was very strong this year, BRL 5.5 billion for the year, BRL 1.2 billion for the fourth quarter. So we didn't return anything of what we achieved in the third quarter. The working capital was BRL 27 million. So we generated BRL 1.2 billion and about BRL 200 million at Comerc. Adjusted net income was BRL 568 million on a consolidated basis. And here, we had a positive impact of BRL 700 million of PIS and COFINS tax credits, which impacted our net income. But there was an impairment at Comerc, which also pushed these results down. So the net effect was positive, and we have BRL 300 million in gross income penalizing us. So deducting income tax, these results would be higher. So BRL 568 million in Vibra and BRL 46 million in Comerc, but Comerc is not marked to the market. Next slide. Now we'll talk a little bit about our volumes. So again, in 2025, we had an inflection point after many years without any growth in volume. So now we've reached 35.9 million cubic meters. Now looking at the fourth quarter specifically, we had a year-on-year growth of 5% in our volume and 3% versus the previous quarter. Looking at adjusted expenses, we were at BRL 101 per cubic meter in the fourth quarter, but there were some one-offs for this quarter. We went through an organization -- organizational reorganizing, which led to some dismissal expenses, but which will generate future gains in the future. We also had a significant provision from some clients, what we call PDD or PCE, which also penalized this quarter. And there was a maritime shipping issue that started in the fourth quarter. So right now, we are at the level we expected. So BRL 101, if we look at -- is above 91%, which was what we had for 2024. So we can control SG&A and reduce this, but we were affected this quarter by these 3 factors, some of which are one-offs. Our adjusted EBITDA, our margin adjusted EBITDA has been growing year-on-year. We reached BRL 251 per cubic meter in the fourth quarter, which is up 42% versus the previous quarter and 73% versus the fourth quarter of 2024. And now we see on the next slide, our expanding base. We grew 96% in adjusted EBITDA versus the previous year and volumes grew 7% year-on-year. So our volumes have been expanding. We had 0.3 percentage points in market share gains, which was significant. And looking at all of the institutional improvements, we had a significant non-branded market share gain of 2.6 percentage points throughout the year, finishing the quarter at 6.9%. So we had growth across the 2 subsegments, branded and nonbranded. Now to talk a little bit more about retail. On the next slide, you can see that the company added 100 new stations in the fourth quarter, same pace as we had the rest of the year. So we reached 404 for the year. So we've been adding volume to the network. We have a base of -- excuse me, 7,400 stations across all states of Brazil, and we are recognized as the most trusted service station and the leader in consumer preference. The BR Mania grew with an additional 115 stores year-on-year and a GMV rate of 16% higher. So we have a total of 1,517 operations. Our market share was 39.8%. Our mix -- volume mix increased nearly one percentage point and gross profits also grew 26% year-on-year. B2B, we also saw a 52% increase in EBITDA year-on-year. Volumes are growing 2%, and they're flat versus the previous quarter. Diesel is growing 3%. Aviation is growing 12% year-on-year. TRR is growing by 2.9 percentage points versus the previous quarter and 1% versus the previous year, and our market share has reached 32.5% in B2B and direct clients. Now to talk about lubricants, which is something that we're focusing on. We have a business unit directed to lubricants. We saw a 12% growth year-on-year. Versus the previous quarter, there was a reduction, but that's due to a seasonal pattern, which is natural and expected. And this was record volumes for 2025. Our market share grew by 1.7 percentage points year-on-year, reaching 21.2%. We also had a margin growth. LubraxMa is the fifth largest franchise in Brazil, and we saw 32% sales growth in synthetic products year-on-year. Now let's talk about Comerc. As I mentioned in the beginning, this was flat versus the fourth quarter of 2024 in EBITDA. If you look at stake, it grew 4%, considering our share in the invested companies where we are not the controller. And in one year, we had a 1.4 percentage point growth in EBITDA, which is at the center of the formal guidance that the company gave, which is closing the year well. We are closing the year at BRL 1.092 billion. Operating cash flow has been strong. We generated BRL 816 million for the year. And the EBITDA was affected by curtailment, but the company was able to offset this through its execution with new GDIs being delivered and by maintaining our operational expenses. And there's also a consortium effect here. So let's talk about our capital structure and leverage on the next slide. Net debt is basically flat at -- from BRL 18.7 billion to BRL 19.1 billion, and we dropped from 2.7x to 2.4x, which is in line with the goal we communicated to be under 2.5x. We were able to get there, and we've been managing this so that we can continue to consistently reduce our net debt. On Tuesday, we announced a new issuance, the 10th issuance at Vibra, the controlling company, which will bring costs below CDI with over 12-year maturities, and we'll be able to pay the ones that we have that are 3 or 4 years maturity at the CDI cost, and we'll be able to do -- continue doing this. This is the first step in an operation that we've started. We will start the roadshow tomorrow, and we're about to issue this still in March. So we are reducing our cost of debt besides all the other operational initiatives to reduce this to cash generation in our business. CapEx was BRL 588 million this quarter. So Comerc represented BRL 110 million out of that. Bonus for Caixa clients was BRL 229 million, and infrastructure and distribution represented BRL 250 million. So our total for the year was BRL 2 billion. Net income was -- excuse me, [ 2.663 ] for 2025. And again, we were impacted by these one-offs -- excuse me, adjusted net income was BRL 615 million. And we paid out dividends in cash and BRL 800 million in bonus shares, which is a payout of 75% of our income. And now I'll hand it back over to Ernesto, who will conclude our presentation talking about the future.

Thank you, Mauricio. Now to talk a bit about our ESG agenda. We have an active participation at COP 30. We talked about sustainable aviation fuel there, and we started a pioneering program in Salvador Airport, where we have 2 daily flights until the end of 2026, which are the first ones in Brazil using sustainable aviation fuel. These are pilot flights. We're still involved in our Sexual Violence Zero Movement, which is a strong agenda that we have with all of Brazil and the clean energy project for the Kayapo people in the Amazon rainforest that we are continuing. We also support the Safe Childhood Program at COP 30, and we have several initiatives in the company on the environmental side and also social programs in Brazil. In the next slide, we have Vem de Vibra. This is the third year in which we are having a major event here at Riocentro. And this year, it was held on February 24 and 25, and we engaged all of our resellers. We had about 4,000 guests with 15 hours of content, 40 booths, 25 activations and nearly 2,000 deals executed. So we made this convention into a major business trade show, where we branded new service stations, got new BR Mania stores, and it really became a huge event. We see that people are engaged. They're interested in growing, in branding and having more high-octane fuel with tanks so that we can increase that level of sales. So it was really a trade fair for 2 days here at Riocentro and our resellers were -- had a high level of engagement, and that's going to foster our future growth. And the next slide continues talking about the future. In 2026, we have some initiatives for value creation. In operational excellence, we will continue to optimize our logistics with productivity gains. Mauricio said that for 2026, we are going to reduce our SG&A, and you will certainly see this in the company's operational results. With the Evolua joint venture being dissolved, we will continue trading in ethanol. So this will happen at the end of March. So starting in April, we'll have more flexibility in the supply of ethanol, which will make Vibra more competitive. Regulatory, we continue advancing in this agenda. We have some priorities along with ICL, short pumping, which is some stations that use less fuel than we see at the pump. Taxation for ethanol and inspecting biodiesel and even market share growth continues to be important. We need to look at this on a quarterly and yearly basis. Vibra is progressing, and this has been shown in 2025 and will definitely be shown in 2026. We are seeing sustainable market share growth every quarter, every month, and we're constantly working on this so that we can have the best results for the company. But when we look at the end of 2026, we will see market share gains aligned to our commercial discipline. What we're working on here at Vibra is for this growth in share and margin to be structural. 3 years ago, our margins were at BRL 100, BRL 110 and now we are at about BRL 170. So we'll continue advancing with our margins. And at the same time, as we did in 2025, and we'll continue to do in 2026 to have sustainable structural market share growth. Capital structure. As Mauricio said, we have some initiatives this year, and we will be optimizing our capital structure, especially with liability management and indebtedness. So this concludes my presentation, and now we can continue with the Q&A.

We will now begin the question-and-answer session for investors and analysts. The first question will be asked by Mr. Gabriel Barra from Citi.

Welcome Mauricio and we wish you all the best in this new job. I have a couple of questions. First, we're seeing a very different scenario than we had in the beginning of the year when it comes to supply. There will be some effects from the conflicts in the Middle East and fuel prices in Brazil are again detached from the international market. This is very similar to what we saw in 2022. So with lower volumes and with this difficulty in supply in Brazil, I guess we should expect the market to be a bit more positive in margins for this industry. I'd just like to hear your take on this environment, especially considering the supply and the margins for the next weeks and months. If this scenario continues and if we see prices being detached in the second quarter? And how were prices since January? Secondly, we heard some news about Comerc, a possible merge in the company. We've been talking about this for some time, a possible disinvestment in the company, a spin-off. So what will that be like? Is there anything happening short term? Does the merge make sense now? Are you divesting? I'd just like to hear that.

Thank you, Gabriel. I'll answer your questions. Let's start with the first question, January. As I said, in January, we saw that the market had a huge availability of diesel huge supply, and we decided to optimize the company's results. So we had a share loss in nonrecurring clients. And in fact, our branded network continued to grow. And we're going to continue focusing on structural growth, and we try to maximize the company's results. This will change quickly, especially starting in March. So I just want to make something clear. Vibra does have the supply to service its usual clients. We're not going through any problems in supply. We have all of our inventory available for our clients. And we need to look at margins in a structural perspective. We're going to gradually gain efficiency, as I showed you on the last slide, so that we can gradually continue to evolve in margins. And this is our goal for the year. Our goal is to continue growing our margins, but always in a responsible and careful way so that we can maintain our competitiveness with our clients and maximizing our results at the same time. Your second question was about mergers. I think that's something that we've been discussing. Our focus, and you've seen this in our fourth quarter results is to transform Comerc into an extremely efficient company, which can then have more cash generation. Due to the curtailment levels, we've been having issues with that, but we wanted to get to breakeven. So this is the effort we've been making. And of course, we're always pursuing opportunities. But right now, we don't have anything else to say about Comerc on that note.

The next question will be asked by Mr. Regis Cardoso from XP.

Welcome to Vibra, Mauricio. We know you from Localiza. So it's nice to see you again at Vibra. So I have a couple of questions. First, about the cost of imports. And I think we can talk about this from 2 angles. First is repassing this to the market. And the other one is the hedge on the short account because you're long on one side, but you're short in oil to -- we saw that heating oil, the prices went up internationally, but not yet in the domestic market. But in any case, if you can talk a little bit about the effects of that. And my second question is about branding, but I'll let you answer my first one first.

Okay. So to answer your first question, the cost of imports. -- we do hedging, as you said, and we are repassing this for every product that was imported by the company. The cost we are incurring with these products is going into our mix. Of course, its impact is different because we are focused in volumes in Petrobras, and it's diluted in our operation. But this amount being imported, the additional cost that we are incurring is, of course, being passed on as part of our margins.

And Ernesto, I imagine that this strengthens the value proposition of branding. In a volume that you don't have a contract obligation, you don't need to supply if they don't cover your costs. Otherwise, it becomes a loss. But the contracted volumes have a guarantee. So if you could talk about that. And I think this is a segue into branding. During the latest calls, we've been talking about branding, amortization and so on. And I think this quarter was a turnaround. This was above amortization. So it seems like a favorable environment. If you can tell us a bit more about that, contract duration. What's your strategy there?

Our strategy prioritizes our contracted clients. And of course, we are servicing non-branded station and trying to find new branding opportunities. But since the end of last year, without a doubt, the company has been at a very strong moment branding. This was very positive. We felt this during our event, Vem de Vibra. We closed a record number of deals for a single event there. We basically signed -- well, several contracts during the event. And we see that there's even more engagement. Of course, this generates what you said, which is more value to our value proposition. So we are protecting our network right now and making our inventories available so that we can service our market. So we have been seeing since the end of last year and continuing this quarter, a higher level of interest, whether it is for new nonbranded stations to brand with us, but also an acceleration. This has been accelerating so that new contracts are signed with us.

The next question will be asked by Mr. Bruno Montanari from Morgan Stanley.

I have a follow-up question and then a couple of questions. You mentioned that at Comerc, you are trying to breakeven on free cash flow. If you could tell us a little bit about the time line that we can expect for this, that would be good. My first question is, how do we -- what should we consider for cash generation in 2026, considering the strong numbers that you posted in 2025? Will you try to go higher than that? What do you have on your budget for the year? And connected to that, what CapEx do you foresee for 2026 in cash growth and bonuses?

Well, at Comerc, obviously, this depends, Bruno, on curtailment. We need to look at the company's curtailment levels, but our aim is to get there by 2027. So this is our operational challenge. And in 2026 or 2027, we hope to reach breakeven. I do think we have higher ambitions than -- well, for 2026 in terms of cash flow, a strong effort that we will continue to focus on while we understand that working capital, especially in a year like this, will be even more part of our focus. Not that it hasn't been, but we're going to continue pursuing efficiency and cash generation. Of course, when you work with working capital, you can't have expressive improvements every quarter. That's practically impossible. But the message that I have for you, our ambition is that this will be higher than 2025. And this is a part of the company's focus on working capital throughout 2026. Adding to that, and thank you for your question, Bruno. Working capital is one of our biggest priorities. And we are looking at each balance line. Owners will report this to me, and we'll find alternatives so that we can consistently reduce this. The company in the third quarter had a step up. We were able to sustain it for the fourth quarter. And of course, there are natural oscillations in our business, which can push you in different directions. But we're working with this horizon, and we're trying to reduce working capital and improve ROIC.

And I also had asked about CapEx.

Sorry, you're correct. CapEx for 2026 is at the same order of magnitude that we had throughout 2025.

The next question will be asked by Mr. Rodrigo Almeida from BTG Pactual.

So I have a follow-up question about working capital. I'd like to get some information from you, and I think this will help us have a better understanding, especially the mix. When we talk about sourcing, well, if you can tell us a bit about the vision you have internally on how Petrobras is performing versus imported products. I know that there will be a significant difference in payments. So where you're growing in volumes, maybe the supply source also matters. And I'd like to understand from you what we can expect for working capital, especially considering the first quarter, which also has a seasonal effect. If we have any price adjustments, this might affect your working capital expectations. So I'd just like to get your take on that. What do you imagine will happen there in the short term with these nuances in the supply side?

The sourcing mix, Rodrigo, obviously, will have an impact from our working capital. It's not a driver in the company that -- for decisions on sourcing. We have a quota system with Petrobras. So our sourcing strategy will not necessarily be based on working capital. Considering as well that we have different accounts payable levels depending on the sourcing you use. In the fourth quarter, obviously, our working capital has an impact. I don't know how market prices -- local market prices will behave at Petrobras. But it's a fact that we've been having increases in our imported products. Obviously, this has some working capital consumption, but we've been working on several actions to mitigate these effects so that we can, as Mauricio said, maintain our working capital under control. Yes, the decision between national and imported products is driven by prices. But working capital always needs to be taken into consideration. This is a part of our assessment as we have been saying. But between national and imported, it will be depending on -- it will depend on prices and arbitration.

Just one more follow-up there. When we talk about -- well, looking at high interest rates, maybe without considering supply, maybe removing that effect and product prices, considering volumes only. What should we imagine in working capital growth? As you grow, should we expect to see working capital growth? Let's say, if you're growing in volume by 5% or 6%, how would that balance out with the working capital use? I'm just trying to understand if we should continue working capital to continue to be consumed as you're growing. That's the bottom line. I imagine that you would, but I'm just trying to get my expectations in line.

Rodrigo, as you know, growth will not come in leaps. It's going to be gradual. Obviously, working capital will be consumed. This is natural. But this is going to happen gradually. And we'll have other initiatives to mitigate these effects. Of course, this is an ambition right now, but this is the company's mindset. We want to keep our working capital restricted.

The next question will be asked by Mr. Tasso Vasconcellos from UBS.

First of all, Mauricio, welcome, and good luck in these new challenges. Ernesto, we've talked about working capital and cash generation. So I'd like to explore this from a different perspective, which is customer relationship. Obviously, you have longer contracts, older clients. So if you could tell us a little bit about how this -- or how these contracts work. What flexibility do you have in signed contracts and older contracts? And with the newest ones, with the newest conversations that you've been having with your clients, considering all of these uncertainties, how have you adjusted or tried to adjust these contracts in general. My second question, and I think this has been a recurring topic for me looking at the long-term horizon is capital allocation. We've talked about Comerc here, but considering new investments, how have your discussions been advancing? Or have they been advancing? We talked about natural gas. So I'd just like to get an update from you, looking at the medium term.

Thank you, Tasso. All of our contracts, of course, foresee readjustments according to the mix that you have in each contract. And we're keeping the same discussions for the new contracts. So we're covered on that side, but at different levels of volumes and margins, but we always have formulas to help us or protect us in these moments so that the company is not facing a loss. So this is well designed and built in the company, and we will sustain that. Considering new investments, we've been very rigorous with new capital allocations. We've said this during our Investor Day. Our growth in natural gas and lubricants are opportunities that we are always pursuing. We might find new investments in logistics that can make sense. So we are trying to be more efficient in logistics, but of course, with a high level of quality and rigor. You might have noticed this in the last conversations we've had. We are trying to make sure that any movements in capital allocation are done with higher returns. And this is what the company has been seeking to ensure that after an acquisition, we can get good results from it. And you can see that even with several discussions, we haven't executed anything because we understand that there was nothing that could be accretive to the company. But we're always looking at the strategic alternatives that can take place any time.

The next question will be asked by Mr. Conrado Vegner from Safra.

I have a very quick follow-up on branding. I'd just like to know if you've been facing any demands in changing the maturities or if they will continue to take place at 5 years. My second question is about lubricants. First, if you can tell us how this has been evolving the utilization rates at your plants. And you've mentioned that this could be done in lubricants through partnerships. So if you can tell us a little bit about these partnerships that you're pursuing. Would that be with a local manufacturer or a distributor? Can this be met with Brazilian volume? Or would it be better to have a local maker?

Conrado, thank you for your question. So branding is done within 3 to 5 years. That's the average term, and that has been sustained. We don't see any changes to that in the last 5, 7 years. It's about 5 years, as you said. So that's under control. Lubricants, the international expansion has a few considerations. We opened a branch in Argentina. Before we used to export from Brazil. So we are advancing, and we will position our stocks there in Argentina. It's a way of advancing, and we will continue to advance in other South American countries. Since our market share here in South America is very low, we do have a relevant opportunity to grow. But Brazil continues to be the biggest growth opportunity. And we will continue to work with the Lubrax brand. There are some countries in the South such as Argentina, Paraguay, where the brand has already existed, and we will continue growing there. For other countries, we will depend on partnerships, maybe with other manufacturers that can add to our portfolio. And that includes our brand and technical applications. So we have a few growth avenues. You had asked about plant utilization. When we started this operation, we were running at about 60%. Now we are at 70%, but we still have an opportunity to continue growing in volume. And this will be our strategy at Lubrax. We want to continue this level of growth.

The next question will be asked by Bruno Amorim from Goldman Sachs.

I'd like to ask about market share gains. In January, we saw that you had gone up and went down again. So I'd just like to understand how we can separate these drivers. It seems like the import window is open, which may explain the share losses in January. So I'd just like to know if you share this perspective. And can we say that share gains was due to fighting informalities and that this loss in January was temporary. And as a follow-up question, if you could tell us a little bit more about what you've been seeing recently. I imagine that this open window has continued until February, but now with the Middle Eastern conflict, the situation will be reversed so that in March, we should see a market share gain above what we saw at the end of last year. So that's it. I'd just like to hear your comments on the competitive dynamics.

Thank you, Bruno. About January, it's important to say that this is not about the open -- the window being open or closed. Even in the fourth quarter, we had some moments in which the window was open, and we still grew in market share. But there was a one-off moment. With the changes and with the increase in taxes from December and January, it's important to mention that there was also an effect of excess product in the market due to this increase in taxes in ICMS. So this led to a one-off excess supply. It's not about the window. I think we're very competitive. And even in open windows, we continue to be stable or maybe see a small market share loss, but we are prioritizing in January to have a driver per margin. Our focus is always on short-term margins, and we're always looking at the market share on the long term. Obviously, with closed windows, we have a higher market share growth opportunity. But what we need to look at is the quarter. I think that gives us a better understanding and the year. Our commitment is that, well, 2025 was an inflection year without a doubt, a lot of it due to the hidden carbon and other actions with irregularities, but there's a number of operational efficiency, which gives us more competitiveness so that we can reduce costs, work on SG&A. We have ethanol, be more flexible. So this gives us efficiency. And we're structurally seeing our margins advance. And parallel to that, we see our market share growing. When we look at this from a longer-term perspective on a structural basis.

The next question will be asked by Mr. Nicolas Barros from Bank of America.

I have a couple of questions on inventories. If you could give us some more details on that, especially with diesel. How are you doing now? And if you could compare that to your recent history and how the entire industry is going? And working capital for the fourth quarter, if you had any one-off effects from accounts receivable.

Our diesel inventory, like I said before, we are absolutely normal. We're confident from the supply perspective with all of our clients' network, whether they are B2B, habitual clients, our inventory levels are absolutely adequate. And it's also important to say that we continue to import for the next months. Of course, this is always done through hedging, cost controls. We're going to pass on these prices from the imported mix, which is a much lower proportion than in the total mix. So our inventories are very similar to what they were in the previous months. From February to March, we had slightly higher inventories. So this also allowed us to have a more -- an interesting movement in March to ensure that we could supply all of our habitual clients. Talking about accounts receivable, thank you for your question. We can see in the fourth quarter a variation there on a consolidated basis and in our trading. About half of what we saw in accounts receivable were due to a specific operation, a purchase from the trading to a third-party sale, which was affected by some weather conditions. The ship was only offloaded in 2026, and the payment was made in 2026. So it was just a matter of days, but this is a part of the structural issues that I mentioned that we do every day. There's going to be variations from quarter-to-quarter, and this is offset. But on the long term, we are managing our working capital. It's just a one-off due to logistics that penalized one sale in trading.

This concludes the question-and-answer session. We will now hand it over to the CEO, Mr. Ernesto Pousada, for his closing remarks.

Thank you, everyone. I just want to underscore what we mentioned during the opening session. 2025 was an inflection year, which we had promised and did take place, and we were able to evolve in margins as well. Quarter-on-quarter, we delivered better margins. And in 2026, we continue to be confident on a structural basis that we will advance in margins and in market share. But we always have to look at the entire year and not just the volatile moments that are often present, but we need to see how Vibra is building a history of success, which is sustainable regardless of the volatility cycles that we might have along the way. So we will definitely work on this so that we can post even better results in 2026 than we did in 2025.

This concludes our conference call. Thank you, and have a great day. [Statements in English on this transcript were spoken by an interpreter present on the live call.]