Financial Data and Key Metrics Changes - The company's EBITDA under management for Q2 2025 was approximately BRL 6 billion, slightly below the previous year [4] - A negative net income of about BRL 1 billion was reported for the quarter [5] - Net debt remained stable compared to 2025, with a stable debt service coverage ratio [5][10] - The average cost of debt decreased slightly from CDI plus 90 basis points to CDI plus 88 basis points, with an average duration of 6.2 years [10] Business Line Data and Key Metrics Changes - In Humu, higher transported volumes led to increased EBITDA, along with a rise in market share at the Port of Santos due to lower tariffs [6] - Compass experienced growth in its portfolio, with higher sales in the residential segment contributing to better margins and increased volume traded by Edge [7] - Move saw a reduction in volumes sold due to a fire incident in February, but recovery efforts are ongoing [8] - Hadar maintained stable EBITDA compared to 2024, despite divesting from its lending portfolio [9] - Raising reported positive results in fuel distribution with improved margins, although faced delays in sugarcane crushing due to adverse weather conditions [9] Market Data and Key Metrics Changes - The company noted an increase in market share for Move, recovering significantly after the fire incident [25] - Compass is expected to continue generating cash and potentially pay good dividends in the future [48] Company Strategy and Development Direction - The company is focused on recovery and ensuring regulatory processes are followed, particularly for Move [17] - There is an emphasis on maintaining a high-quality portfolio while managing debt levels [26][28] - The company is exploring options for divestitures and reducing debt, with ongoing discussions about monetizing certain assets [28][30] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of customer base preservation for future competitiveness [25] - The company is optimistic about the recovery trajectory and is working on operational efficiencies [19] - There is a sense of urgency to find strategic partners and address capital structure issues, particularly for Raizen [36][37] Other Important Information - The company is not disclosing specific guidance on dividends but acknowledges Compass's strong cash generation potential [48] - The insurance claims process is ongoing, and the company is optimistic about future monetization [54] Q&A Session Summary Question: Impact of insurance on Move's results - Management confirmed that over BRL 400 million was accounted for in the regulation process, with ongoing recovery efforts [17][18] Question: Debt service coverage ratio dynamics - Management acknowledged that some debt has a bullet structure, affecting cash payments in the quarter, and indicated a potential reduction in the debt service coverage ratio moving forward [20][21] Question: Volume dynamics post-fire at Move - Management emphasized the focus on preserving the distributor network and noted a considerable recovery in market share [25] Question: Priorities for divestitures and debt reduction - Management reiterated that priorities have not changed, and they are focused on maintaining a balanced portfolio while addressing debt levels [26][28] Question: Strategic partner for Raizen - Management expressed interest in bringing in a strategic partner aligned with their and Shell's strategy, emphasizing the need for capital [36][37] Question: Future dividend expectations for Compass and Move - Management stated that while Compass is expected to generate good dividends, it is too early to discuss Move's dividend potential [48]

Core Viewpoint - Thailand aims to become a top strategic partner for the United States, indicating a desire to strengthen bilateral relations and enhance economic cooperation [1] Group 1 - The Thai Minister of Commerce expressed the intention to elevate Thailand's status in the U.S. strategic partnership framework [1] - This initiative reflects Thailand's broader strategy to diversify its economic partnerships and reduce reliance on traditional allies [1] - The emphasis on becoming a key partner suggests potential opportunities for U.S. investments in Thailand, particularly in sectors like trade and technology [1]

Financial Data and Key Metrics Changes - The company reported a revenue of $15.2 million and an adjusted EBITDA loss of $1.2 million for Q1 2025, both showing a slight decline compared to Q4 2024 [6][12] - Total costs and expenses decreased by 25% year over year, amounting to over $6 million [12] - The company ended Q1 with $11.7 million in cash and cash equivalents and accounts receivable [14] Business Line Data and Key Metrics Changes - Revenue from services was $4.9 million, wellness was $9.2 million, and pet food and treats was $1.1 million in Q1 2025 [12] - Sales and marketing expenses were $10.4 million, which is within the historic range of 60% to 70% of revenue [13] Market Data and Key Metrics Changes - The company had 472,000 platform participants in the WAG ecosystem, reflecting a sequential growth of 6% quarter over quarter [12] Company Strategy and Development Direction - The company is focused on disciplined cost management and operational efficiencies, which have led to improved adjusted EBITDA despite a year-over-year revenue decline [6][7] - Strategic partnerships with three major distribution partners are expected to enhance marketing positioning and drive growth in the insurance comparison business starting in Q2 2025 [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the momentum seen in early Q2 and emphasized a commitment to disciplined execution while growing efficiently [10][11] - The company remains committed to evaluating all strategic options to drive shareholder value [14] Other Important Information - The company is investing in AI and other technologies to optimize processes and systems, leading to increased efficiencies [13] - The board is evaluating potential options to improve the balance sheet and reduce debt [14] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded with closing remarks from the CEO [15][16]