Ladies and gentlemen, thank you for standing by. Welcome to Copa Holdings' fourth quarter earnings call. During the presentation, all participants will be in listen-only mode. Afterwards, we will conduct a question-and-answer session. At that time, if you have a question, you will have to press star 1-1 on your touch-tone phone. As a reminder, this call is being webcast and recorded on February 12, 2026. Now, we'll turn the conference call over to Daniel Tappia, Director of Investor Relations. Sir, you may begin.

Daniel Tappia Thank you, Marvin. And welcome, everyone, to our fourth quarter and full year earnings call. Joining me today are Pedro Hebron, CEO of Copa Holdings, and Peter Dunkers-Lude, our First, Pedro will go to our fourth quarter and full year highlights, followed by Peter, who will discuss our financial results in more detail. Immediately after, we will open the call for questions from analysts. As a reminder, COPA Holdings financial reports have been prepared in accordance with International Financial Reporting Standards. In today's call, we will discuss certain non-IFRS financial measures. A reconciliation of these measures to comparable IFRS measures can be found in our earnest release, which is available on our website. Our discussion today will also contain forward-looking statements, not limited to historical facts that reflect the company's current beliefs, expectations, and or intentions regarding future events and results. These forward-looking statements involve risks and uncertainties that could cause actual results to defer materially and are based on assumptions subject to change. Many of these are discussed in our annual report filed with the SEC. Now, I'd like to turn the call over to our CEO, Mr. Pedro Herrón.

Thank you, Daniel. Good morning, and thank you for joining us for our fourth quarter earnings call. Before we begin, I want to recognize our more than 8,000 coworkers. Their hard work and commitment are fundamental to COPPA strong operational performance and continued leadership in our industry. To them, as always, my sincere appreciation and respect. We delivered another quarter and full year of strong financial and operational results, reaffirming the strength of our business model and the structural advantage of operating the best position and most efficient hub for international travel in the Americas. Our results reflect strong demand trends across the region, continued discipline in our cost execution, and our relentless focus on operational excellence. As a testament to our operational performance, in January, Copa Airlines was recognized by Ethereum for the 11th time as the most on-time airline in Latin America in 2025, with an on-time performance of 90.75%, the highest of any carrier in the Americas and the second best in the world. Once again, I want to recognize our Copa team without their commitment and dedication, it will not be possible to consistently deliver this level of excellence, which our customers expect from us. Now I'll go over our fourth quarter highlights. We increased capacity by 9.9% year over year, while passenger traffic increased by 10.1%. As a result, our load factor increased 0.2 percentage points to 86.4%. RASM came in at 11.3 cents, flat versus 4.25. We reported CASAM of 8.8 cents and an XFUEL CASAM of 5.9 cents, a 1.6% and 0.7% year-over-year increase, respectively. Excluding a $7.2 million non-cash adjustment to the provision for future lease return obligations, XFIO CASM for the quarter would have been 5.8 cents. Operating margin came in at 21.8 percent. Excluding the non-cash maintenance adjustment, we would have reported an operating margin of 22.5 percent. Turning now to the main highlight for the full year 2025. Capacity in ASMs grew 7.8% year-over-year, while passenger traffic measured in RPMs increased by 8.6%. As a result, our load factor increased 0.7 percentage points to 87%. Unit revenues, or RASM, decreased 2.6% to 11.2 cents. unit cost, or CASAM, decreased 3.6% to $0.8.6, and CASAM excluding fuel decreased 0.7% to $0.5.8. And as mentioned before, we delivered full-year operating margin of 22.6%. Turning now to our network, between December and January, we started service from our HOPAS the Americas in Panama to Los Cabos, Mexico, Puerto Plata and Santiago in the Dominican Republic, Maracaibo in Venezuela, and Salvador Bahia in Brazil, further strengthening our position as the most complete and convenient connecting hub for travel within the Americas. Regarding our fleet, during the quarter we took delivery of four Boeing 737 MAX 8 aircraft and ended the year with a total of 125 aircraft. Earlier this year, Boeing updated the fleet delivery schedule for 2026 and we now anticipate adding eight Boeing 737 MAX 8 this year and now expect to end the year with a total fleet of 133 aircraft. We continue to see a strong demand environment across our network as we enter 2026. Booking trends remain solid, supported by healthy travel activities throughout the region, which allow us to leverage the advantages of our hub of the Americas. The current demand environment gives us confidence in our growth plan and reinforces the foundation for another year of strong margins in 2026. Consistent with the guidance shared in our earnings release, we expect to grow capacity in the range of 11 to 13% in the year. As detailed in December at our investor day, approximately half of the growth is the full year impact of capacity added in 2025, with an additional 40% coming from added frequencies in existing markets and the remaining 10% from new destinations. To summarize, we delivered strong fourth quarter and full year results for 2025. COPA was recognized for the 11th time by Serium as the most on-time airline in Latin America and second best in the world. We continue to improve our already low and competitive cost structure which remains a core pillar of our business model. We continue expanding our network, adding frequencies and new cities to our hub of the Americas and we're well positioned to deliver another year of profitable growth and strong margins in 2026. Now I'll turn the call over to Peter who will walk us through the financials in more detail.

Thank you, Pedro. Good morning, everybody and thank you for joining the call today. I'd like to start by reinforcing Pedro's recognition of our team's continued dedication to delivering industry leading results. Their commitment remains essential to our strong operational and financial performance. Let me begin by going over the fourth quarter highlights. We reported a net profit for the quarter of $172.6 million for $4.18 per share. a 5.3% increase in earnings per share compared to fourth quarter 2024. Operating profit came in at $209.6 million and we delivered an operating margin of 21.8 for the quarter. I would like to highlight that our fourth quarter results include a $7.2 million non-cash adjustment in the maintenance material and repairs line related to the provision for future lease aircraft return obligation. This adjustment was driven by a reduction in the discount rate used to calculate the present value of expected end-of-lease costs as the applicable reference rate declined during the period. Additionally, during the quarter, we reported a foreign currency loss of $6 million, mainly related as a result of the devaluation of the Brazil IA, which has since recovered in early 2026. Excluding these two items, we would have reported a net profit for the quarter of $184.1 million or $4.46 cents per share. And we would have reported an operating profit of $216.8 million and an operating margin of 22.5%. With regards to our cost for the quarter, unit cost for CASM decreased 1.6% year-over-year to 8.8 cents, and chasm excluding fuel increased 0.7% year-over-year to 5.9 cents. Excluding the non-cash maintenance-related adjustment, we would have reported an ex-fuel chasm of 5.8 cents, flat year-over-year. Moving on to our full year 2025 financial highlights, we reported a net profit of $671.6 million or $16.28 per share, which represented an 11.9% year-over-year increase in earnings per share. Operating income reached $819 million, 8.8% higher year-over-year. Operating margins came in at 22.6%, 0.8 percentage points higher than in 2024. Our consistent deliverer of industry-leading operating margins underscores the strength of our business model and discipline execution. Now, I'd like to spend some time discussing our balance sheet and liquidity. As of the end of the fourth quarter, total cash, short-term, and long-term investments stood at $1.6 billion, representing 44% of last 12-month revenues. Further demonstrating our financial strength and flexibility, we also have approximately $500 million in pre-delivery deposits, and we currently have 47 unencumbered aircraft in our fleet. Total debt stood at $2.3 billion, and we ended the quarter with an adjusted net debt to EBITDA ratio of 0.6 times, reflecting our strong financial position. I'd like to highlight that our average cost of debt comprised solely of aircraft-related financing remains at a highly competitive at 3.6%. Turning now to return of value to our shareholders, I am pleased to announce that for 2026, the Board of Directors has approved a quarterly dividend payment of $1.71 per share to be paid in March, June, September, and December, subject to board ratification each quarter. The first quarterly payment will be made on March 13th to all shareholders of record as of February 27th. Finally, turning to our outlook, we can provide the following guidance for the full year 2026. We expect to increase our capacity in ASMs within a range of 11 to 13% year-over-year. And as Tato shared earlier, around 90% of this growth comes from the full-year impact of capacity added in 2025 and additional frequencies in existing markets. and we expect to deliver an operating margin within the range of 22 to 24%. We are basing our outlooks on the following assumptions. A load factor of approximately 87%, unit revenues of approximately 11.2 cents, Chasmex fuel of approximately 5.7 cents, consistent with our long-term target of delivering a Chasmex fuel of 5.6 cents by 2028, and we're expecting an all-in fuel price of $2.50 per gallon. Thank you, and we'll now open the call from questions from the analysts.

Thank you. At this time, we'll conduct a question and answer session. As a reminder to ask a question, you will need to press star 1-1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1-1 again. Please limit yourself to one question and a follow-up. Please stand by while we compile of the Q&A roster. And our first question comes from the line of Savvy Says of Raymond James. The line is now open.

Hey, good morning. Just wondering if you could, you know, with the developments in Venezuela, you know, just talk about if there was any demand impact in the region and then, you know, what your service there is and kind of the view for that.

Okay, so, hi, Javi. We're back flying to Venezuela, of course, and actually we only exited the market for a short period. We are flying twice daily to Caracas, and we're also flying to Maracaibo, which is almost daily, a little bit less than daily. Before, we had to stop flying to Venezuela last year, we were serving five cities, and we expect to go back to those cities gradually. It won't happen right away, but we'll be adding capacity throughout 2026.

That's helpful. And if I might, you mentioned announced offering Wi-Fi. Have you chosen a provider and, you know, is that for paid Wi-Fi or free or any kind of thoughts on how you provide the Wi-Fi service?

Yes, we have chosen a provider. We haven't made it public yet. We'll do so, I think, in April, end of April. We'll make it public. but we are confident that our product is going to satisfy all the needs and expectations of our clients.

Very helpful. Thanks. Looking forward to it.

Thank you. One moment for our next question. And our next question comes from the line of Dwayne Finningworth of Evercore SI. Your line is now open.

Hey, good morning. I wanted to ask you about stronger local currencies. you know currencies move maybe people don't feel it right away but over time you know purchasing purchasing power improves and and you might see some uh demand pickup uh in relation to that in some of the markets that you serve so i wonder are you seeing any early improvement from stronger local currencies in some of your markets all right yeah so so yeah two answers to that and We've talked about this before in previous calls, and we've always said, and it holds true today, that we do better when currencies are stronger in South America in particular.

And yes, we're seeing improved demand and better yields as a result of the stronger currencies right now.

Okay, and then maybe just as a follow-up with respect to your full-year guidance, which I think assumes flattish unit revenue, is that what you're seeing now? Or are you starting the year, you know, stronger than flattish?

Well, we are driving for the full year. And the first quarter is usually a strong quarter. The first and third, I mean, all of our four quarters are strong, of course. We don't have the huge seasonal swings. But quarter one and quarter three are usually the strongest, and quarter one lately has been the strongest quarter. So, of course, we're seeing stronger numbers, but we're guiding for the full year, and it's really early. So we're standing by our RASM guidance, and we're also adding, you know, double-digit capacity this year. So we take that into account also. Thank you.

Thank you. One moment for our next question. Our next question comes from the line of Guillermo Mendes of JPMorgan. Your line is now open.

Yes, thank you. Hi, Pedro, Peter, Daniela. Thanks for taking my question. I have a follow-up on the RASM guidance. We were possibly surprised to see the flattish numbers, despite of the increase in capacity and the more appreciated local currencies. Pedro, do you mind sharing more details on what's behind that assumption, for example?

Yeah, it's a few things. Of course, we're confident on our demand outlook right now, and that is behind our RASM guidance. But also, there are a few other factors. One is that 50% of that ASM growth in 2026 is the full-year effect of our growth in 2025. So that has already spooled up most of it. Another 40% is new frequencies, which are going to go mostly or all of it in markets where we need additional capacity. And we need to keep in mind also that we've been catching up in terms of Boeing deliveries. Now we're getting the deliveries that we need and that have been promised. But in previous years, in particular in 2024 and 2023, we were behind quite a bit in deliveries. So, we also had some catch-up to do in markets that, in many cases, are unique to us, and we were not able to deploy enough capacity.

Thank you. One moment for our next question.

Our next question comes from the line of Felipe Nielsen of Citi. Your line is not open.

Felipe Nielsen, your line is not open.

Hello, guys. Sorry I was on mute. Thanks for taking the question. I wanted to explore in a little more detail the guidance on the cost side. I remember in third quarter you guided for Chasm X fuel between 5.7 and 5.8, and now you're assuming a 5.7 cents in the guidance. Just wondering if there are any factors that made you a little more optimistic about targeting the lower range of the previous guidance and how do you see this Casamex evolving throughout the year?

Thank you. Thank you, Felipe. This is Peter Hale. So for 2025, we reported a Casamex fuel of 5.8, but of course we report to one decimal. When you look at the full number and you add a couple of decimals, you see we would be close to the middle of the range between 5.7 and 5.8. So that also gains us confidence for the 5.7. And we have a lot of initiatives, some going on and some new initiatives. Like we talked about the full year effect of the sales and distribution that still has some extra savings to come in.

We got a full year effect to some diversification projects that are going in, we got a growth, 11 to 30% growth if it's helping us value the fixed cost.

And we also have new initiatives that we're working on and despite the fact that none of them make the headlines, the combinations of all these initiatives do add a couple of additional points. So I would say what's embedded in the guidance is all those initiatives, it's slightly offset it by some inflations and some effects headwinds that we're seeing.

Great. And I just want to follow up. I just wanted to hear a little more from you. How do you see capacity evolving on a quarter by quarter basis? We know that there's some carry from the deliveries that you took late last year.

Just wondering how we should see stronger growth in the first half of the year and then moderating second half maybe if you give a little color on that thing yes you're right as most of the 50% of capacity comes from full year effect of last year's deliveries and a service we launched there it is it is slightly front-loaded so we are going to see a being more above the range in the first half and then slightly on the lower end of the range in the second half okay thank you Thank you.

One moment for our next question. Our next question comes from the line of Michael Lindenberg of Deutsche Bank. Your line is now open.

Pedro, just on the Venezuela service when you listed the markets, does that actually include Wingo? And I have sort of a question tied to Wingo on how you see that business this year.

Is it sort of steady on the fleet size or is there potential growth in 2026 at window okay so so sorry for that and sorry sorry to our wing goal for workers I left wing go out wingo wingo has gone back in with their own 73 a daily frequencies from Bogota to Caracas and they'll be implementing we restarting Medellin to Caracas in the in the very near future So, no, I did not include WINGO. WINGO received a 10th 737-800 in the second half of last year. And then they went through a number of sea checks, so they had to use that aircraft as backup for the sea checks. So we'll see the impact of their 10th aircraft this year. But otherwise, it's stable. WINGO won't be growing much this year, and they'll continue in that same path we saw last year.

Great. And then just a quick second one here, Pedro. You know, I know that Cuba is not the biggest market for you, but you've always had longstanding service there. We're seeing a lot of international carriers either cut the service or maybe being forced to make tech stops. Do you have the ability to fly in with enough fuel from Panama City so you do not have to make a tech stop on a round-trip flight to Cuba? Where are you on that? Thanks for taking my questions.

Yeah, thank you, Mike. Given that Panama is sea level and the distance from here to Cuba, to Havana, we try to two cities, but mostly to Havana, we can tanker in Panama and not take any fuel in Cuba, and that's what we're doing, with a minimal impact to our passenger capacity. So we do have to reduce the number of passengers, but very little. I think it's by 10 or 15, something like that, passengers. And then we're holding back from sending daily cargo. So those are the two things, the two adjustments to be able to tanker in Panama. Then Wingo, I won't miss Wingo this time. And Wingo flies from Bogota to Havana, and they need to make a tech stop somewhere in Colombia, in Barranquilla, which is sea level. And that's because Bogota is hot and high, so they make a stop in Barranquilla at sea Okay.

Thanks for that.

Thank you. One moment for our next question. Our next question comes to the line of Rafael Seminelli of UBSBB.

Hello, and thanks for taking my question. It's a simple question regarding the share with Volaris. I wanted to know if the partnership remains with the potential deal between Volaris and Viva. Thank you.

Yes, well, our code share with Volaris started in November, so still spooling up. And we haven't really addressed the Volaris-Viva merger. At least I'm not aware that we have addressed that. We expect the culture to continue. And in any case, it's not going to be a significant part of our business.

Makes sense.

Thank you. One moment for our next question. Our next question comes from the line of Daniel McKenzie of Seaport Global. Your line is now open.

Oh, hey, guys. Thanks for the time here. Pedro, I'm wondering if you can provide some partner perspective. So either the percent of revenue or the volume of passengers from your partners in 2025 versus what it was, say, pre-pandemic. And what I'm trying to get at is how big a piece of the revenue story are the portfolio of partners? Is it more than 10%, less than 10%? Anything you can share.

Yeah, that's not a number we share. but what I can say is that our numbers are not above pre-pandemic. If anything, they're below or slightly below. Our main partner, of course, is United. We coach here in many U.S. routes, and we're also partners in Star Alliance, but we had a partnership even before that, And that partnership is healthy, is strong, and, well, United is doing extremely well themselves, so we know that. But, no, the numbers have not changed and have not grown really pre-pandemic, I mean, post-pandemic.

Yeah, United is definitely a healthy partner. Okay, second question here, just going back to Venezuela. You know, as you think about the risk-reward of the country as part of the network, and I'm wondering what its size as a percent of overall flying, you know, could ultimately look like, say, in two to three years.

Well, you know, of course, we have been born and raised in the middle of Latin America. And so if there's something we know how to do, is how to deal with changing situations, crisis of every kind. We've proven to be very resilient in every market we serve, and I think we were the better airline managing this whole Venezuela crisis that's taking quite a while. And we're also very loyal to the countries and states we serve because we're loyal to our passengers and we understand the importance of the connectivity we provide through the help of the Americas in Panama. And sorry for this promo ad, but we're confident that we're managing capacity the right way, that we understand the market, and that we're going to be there in the future in a successful way. along the way, we might need to make adjustments. And that's kind of part of our day-to-day in Latin America, making adjustments. And we have enough opportunities to move around capacity. Right now, it's from other markets to Venezuela. Before, it was from Venezuela to other markets. And we have continued returning strong demand, even though we always have to make those adjustments. It's kind of our daily living and, you know, a team. You know, this is not like, I don't have the magic wand, but we have a team that knows how to deal with changing times and changing situations.

Yeah, very good. Thanks for the time, you guys. Thank you, Dan.

Thank you. One moment for our next question. Our next question comes from the line of Pablo Montelei of Barclays. Your line is now open.

Yeah, thank you, Paolo. It's not material. We're not guiding to Venezuela changing our results. There won't be any material changes either way. I mean there could be upside of course, but not what we are expecting right now. We are expecting our service to Venezuela to be very similar to the rest of the things we do throughout our network and if we grow there or we grow in another market it won't change our guidance in a significant way. Yeah, well, that's an interesting topic, because, you know, World Cups in our region don't happen even every four years, so demand patterns are going to change due to the World Cup, and it's going to be different to what we're used to dealing with, and we're working hard to try to minimize the potential surprises from flights being very full in one direction, maybe not in the other, and then passengers that were going to vacation in Cancun or Punta Cana, and now they're going to go to the World Cup in the U.S. or Mexico or Canada. So all of those changing patterns are a challenge to deal with, and we have a team working on that right now. We will fly extra sections to Toronto where Panama is playing its first two games. Our third game is in New York. Not sure where we'll play after that if we qualify and keep on moving. Not sure where. Oh, the finals are in New York. So hopefully we'll be there. But we have... Let's not laugh.

You never know.

That's true. But of course, you know, the other teams are the favorites, so I'm not changing that. The favorites are very strong. So anyway, we will have extra sections, quite a number of extra sections to Toronto. And then we are managing the rest of the network in the best possible way.

And hopefully in the final, at least, even if it's not Panama, there are two countries that we serve. That will be fantastic. There are many.

Thank you. One moment for our next question. Our next question comes from the line of John Spies of Morgan Stanley. Your line is now open.

Hi, everyone. So we have noticed that you are planning to increase capacity in Argentina and actually reducing a bit of capacity in Colombia. So I have a two-part question here. First, if you could please comment on the demand dynamics you're seeing in both of those countries. I think you already alluded a bit on Colombia, but also interesting to see what you're seeing in Argentina and how excited you're about those routes and demand in that market. and secondly considering like how nimbly you're allocating capacity is it maybe fair to assume that all is equal your load factor guidance actually conservative just putting that out thank you okay I'll start with a second one first because some team members especially from the commercial department are here on the call, and they already feel challenged by our goals, so we think our guidance

tends to be realistic, and that we're always very close to guidance year in and year out because we make it realistic, and it's the same guidance that our team has, and a chunk of their compensation is based on us reaching those goals. So everything is well aligned, and for that reason, we need to be realistic. So I would say our guidance is realistic. When there's upside, it's because there are other external factors that make tailwinds that make things easier. So once in a while that happens, of course. In terms of Colombia and Argentina, I should say that right now all of our markets are looking well. Argentina is fine. Of course, it's not as strong as a year ago because, as I mentioned in the previous call, a lot of capacity came in during 2025, but it's still a very strong market. It's still doing well. So only that year over year, there's a lot more capacity from everyone. But we're doing well in Argentina. We serve a number of cities. Our new cities, which started last year, are doing well too. And Colombia is also doing okay also.

All right, perfect. And congrats on the results. Thank you. Thank you.

Thank you. One moment for our next question. Our next question comes online from Rogero Rajal of Bank of America. Your line is not open. Hi, guys.

Thanks for the opportunity. I have a couple here. First one, you already mentioned that the local currencies have been supporting yields.

Is this the only reason why COPPA has expectations for a flat resin despite of a double-digit capacity expansion?

Or in your view, there are other strengths in the region that could explain that, or maybe some supply rationality, if you could give some colors on that.

That's my first one. Thank you.

Yeah, the currency, the potential currency strength or tailwind is not something that we're banking on for the full year. We know the volatility of our currencies. well, a lot of currencies in our region. And when we put together a growth plan, currencies were not as strong as they are right now. So no, that's not, it's not only not part of the plan, it could be a windfall, it could be a tailwind right now, but it's not what we're betting on for growth or for having a strong year.

Okay, perfect. Thank you. And also, it felt to me a little bit challenging on arriving to the CASMEX field guidance, looking at my model and playing with the variables.

So any caller you could provide on which lines we could reduce further or that you see more opportunities, anything you could share here would be greatly appreciated as well.

Well, thank you. Thank you for the question. This is Peter again. And I would say that our guidance, what has embedded is some benefit for the growth. So those lines that are fixed or semi-fixed will see a better benefit, part of the salary wages and benefits, that part that is not operational driven. And we're very disciplined to not grow overhead in the same line that we grow a capacity. So we're going to see some benefits in there. And we should be able to see additional benefits in the seller and distribution. So I think if I would call out, I would say those were two particular lines that we could call out right now. Okay, very clear. Thanks so much.

Thank you.

Thank you. One moment for our next question. And our next question comes from the line of Jeremy Mendez of J.P. Morgan. The line is now open.

Yes, thank you so much, guys, for the follow-up. I got cut after my first question. But the second one is regarding the buyback program. Peter, if you could remind us where you are on the buyback program and how much you have executed so far.

Thank you, Guillermo. You know, we have the buyback program approved by the board of $200 million. We have executed more or less half of it. And we have the other half remaining open. No end dates in place. And whenever we do finalize it, we ask for a new one.

Perfect. Thank you so much.

Thank you. One moment for our next question. And our last question comes from the line of Alberto Valero of UBS. Your line is now open.

Hi, Pedro and Peter. Thank you for taking my question. My question comes from Brazil here. We heard that there is a project to suspend the law 400 in Brazil, which would be good for the airlines in terms of law suits. from the consumers to the airline. I would like to see if you already see any positive impact on the liabilities of copper with the Brazilian consumers and if they get approval of this resolution 400, what we can see in terms of upside to the future. Thank you.

Yeah, thank you. The impact, it's going to be on cost, of course. and many might not be aware of this but I think something close to like 90% of passenger slash consumer lawsuits in the world come out of Brazil and so that's going to be welcomed by the industry because the numbers just don't make sense and are not fair to airlines or to the reality of our industry So there will be cost savings from that if it does pass.

Thank you, Pedro. If I'm not mistaken, it's already suspended, isn't it? You are not being charged for the lawsuit since the end of last year. You correct me if you're wrong. You have any impact already from this or not?

Well, we have the impact from the lawsuit. We all have the impact from the lawsuit. So is that – I mean, to be transparent, I'm not very familiar with the specifics of the law, the resolution, and what's going to change. Of course, I'm aware of it, and it's been discussed, but one of those things that – I want to see it to believe it. So it would be a positive. I haven't been very involved in the details of it, but it will be really important for the industry. It will be very positive, and especially it will be fair to the industry. And it will result in savings, of course.

Fantastic. Fantastic. Thank you very much. Thank you.

Thank you. This concludes the question and answer session. I'll now turn it back to Pedro Hilbrum for closing remarks.

So thank you all. This concludes our earnings call. Of course, thank you for being with us. And as always, thank you for your continued support. Have a great day.

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.