Hello everyone and welcome to the VTEX Earnings Conference Call for the quarter ended September 30, 2026. I'm Julia Vater Fernandez, VP of Investor Relations for VTEX. Our senior executives presenting today are Geraldo Thomaz, Founder and Co-CEO, and Ricardo Camatta Sodre, Chief Financial Officer. Additionally, Mariano Gomide de Faria, Founder and Co-CEO, and Andre Spolidoro, Chief Strategy Officer, will be available during today's Q&A session. I would like to remind you that management may make forward-looking statements related to such matters as continuous growth prospects for the company, industry trends, and product and technology initiatives. These statements are based on current available information and our current assumptions, expectations, and projections about future events. While we believe that our assumptions, expectations, and projections are reasonable in view of the current available information, your caution not to place undue reliance on the forward-looking statements. Certain risks and uncertainties are described on the risk factors and forward-looking statement sections of VTEX Form 20F and other VTEX filings in the U.S. Securities and Exchange Commission, which are available on our investor-related website. Finally, I would like to remind you that during the course of this conference call, we may discuss some non-GAAP measures. A reconciliation of those measures to the nearest comparable GAAP measures can be found in our third quarter 2036 earnings press release available on our investor relations website. With that, I let the floor to Geraldo. Geraldo, the floor is all yours.

Good afternoon, everyone, and thank you for joining us. Last quarter, I said we would earn your confidence, quarter by quarter. This quarter shows both the progress we have made and the work still required to capture the opportunity ahead. While the consumption environment in Brazil remained challenging and waited on our consolidated growth, we continue to execute with discipline and urgency as we position Vitex for its next phase of growth. Our priorities are clear. Accelerate the product transformation, scale the growth drivers' grain interaction, and translate that progress into sustainable revenue growth. Let me briefly touch on each priority before giving a more detailed update on each of our growth drivers. First, we are accelerating our product transformation. AI native development is already changing the speed and economics on how we build software. In Q3, merged pull requests per engineer increased 100% above Q1 baseline, while fully loaded engineering costs per merged pull requests, including AI tooling and tokens, declined around 46%. We're sharing these metrics because they make the transformation tangible. Our team are shipping more at a lower unit cost and with faster interaction cycles. The objective is not engineering productivity for its own sake. It is to convert that productivity into a faster pace of product innovation for our customers as we redesign our platform around AI-native workflows and agentic capabilities. Second, our growth drivers continue to gain traction. Collectively, global expansion, B2B, Ads and AI grew at double digit rates on an FX neutral basis in Q3. The remainder of our subscription revenue declined modestly on an FX neutral basis, consistent with last quarter. This matters for two reasons. Our newer growth engines continue to scale and the fundamentals of our established business remain solid. with both churn and win rates again broadly stable. While the macro environment remains uncertain, our strategy does not depend on a near-term recovery. We are actively creating our own path to higher growth by scaling these four growth drivers. Third, we believe these growth drivers can support sustainable revenue growth for many years. The opportunity is significant. We estimate that the addressable market for global expansion is over 10 times the size of our Latin American market. The B2B commerce addressable market is likely comparable in size to B2C. And over time, the profit pools around ads and CX platform could be comparable to the B2C commerce platform itself. These businesses are also developing with gross margin profiles broadly consistent with VTech's overall gross margin. We also want to be clear about what has not changed. Our financial discipline, our focus on enterprise customers with durable unit economics, and our conviction that our system of record position can evolve into a system of agentic action creating significant long-term value across our product suite. With that, let me talk you through the quarter following the order in which our growth drivers contribute to revenue today. Global expansion remains our largest growth driver and Q3 gave us a strong customer proof point. In North America, the headline is Kohler, one of the world's most recognized kitchen and bath manufacturers, which went live this quarter with its new next-generation B2B commerce platform for its U.S. distributor network. Built with implementation partner EY and grounded in extensive distributor research and iterative validation, the platform redesigns the wholesale purchasing journey end-to-end, streamlined catalog navigation, native order orchestration and account management capabilities that give distributors the autonomy and speed they need for daily commercial operations. Caller executives have been publicly vocal about the quality of the go-live. This is exactly the caliber of brand we said we were targeting in the United States and it is live. Beyond color, the North America commercial momentum continues to build. We continue to make progress on the B2B self-service portal and on the B2C platform. Another encouraging point is that HMART expanded its footprint with us, compounding value from an existing relationship, which is the pattern that defines durable enterprise software businesses. In EMEA, We continue to see encouraging commercial momentum, with recent wins reinforcing both the caliber of global brands increasingly choosing V-Tags and the consolidation of our position in strategic verticals. In particular, we're building density in segments such as luxury and home improvement. where the complexity of multi-market operations and demanding enterprise requirements play directly to the strengths of our platform. Several of these engagements include large multinational organizations with the potential to expand across additional markets and business units over time. Their selection of VTechs, often following rigorous security, architecture, and enterprise-level evaluations, provides another important proof point of our growing credibility with large global organizations. Supporting our product evolution in global markets, this quarter Forrester named Vitex a strong performer in its commerce solution wave for Q3 2026. In Forrester's report, Vitex received the highest score in the current offering category among all 10 evaluated vendors. Gartner also positioned Vitex as the challenger and its 2026 magic quadrant for digital commerce platforms. In Gartner critical capabilities report, Vitex received the second highest score for complex businesses use case. Together, these recognitions reinforce our competitive strength in serving sophisticated enterprise with complex commerce requirements. B2B is our second growth driver by revenue contribution and one of the most structurally differentiated parts of our platform. The color wind I described above is itself a B2B story, which reflects how inseparable these two drivers have become in our global go-to-market expansion. In Brazil, B2B interests continue to build as we see receptiveness of our bioportal among large enterprises. We are also seeing customers increasingly evaluate B2B capabilities alongside our CX platform, an AI-powered conversation commerce solution, providing early indication of the cross-sell opportunity across the VTech suite. Across Europe and North America, B2B is becoming an increasingly meaningful component of our enterprise pipeline, reflecting a significant evolution from a business that historically was much more heavily concentrated in B2C opportunities. Independent validation of our B2B platform strength came this quarter from the paradigm B2B combined. Enterprise Edition 2026, where Vitex earned gold medal recognition in 9 of 12 evaluation categories. Vitex Ads is our third growth driver and I want to update the framing of this business because it has evolved beyond what retail media traditionally means. We're building a commerce media network, a multi-vertical, omni-channel advertising infrastructure connecting brands and publishers across on-site storefronts, off-site performance channels including Google, Meta, and TikTok, and physical in-stores environments through our Electromedia partnership. By decoupling data and inventory, we're leveraging our network commerce data to reach more audiences and expand the addressable market. We have been actively extending that network into new verticals. Wellness through Total Pass, banking through PicPay, travel through CVC, each bringing a distinct audience profile that generates value for advertisers who cannot reach those audiences through generalist platforms. In pharmaceuticals, we have already established a leading position across Latin America. The combination of qualified health audiences and the precise segmentation our platform enables is creating a differentiated inventory category that generalist retail media networks cannot replicate. The 2027 vision for this business is to shift from selling static ad placements to monetize user intent and audience data across safe, multi-merchant networks, providing brands with clean room analytics, market share metrics, and neutral brand acquisition tracking. That is a fundamentally different value proposition from where retail media started and it is the direction the most sophisticated buyers in this market are already moving. Our fourth growth driver is AI and I want to be clear about how we think about these two parts of this story. The CX platform is our most commercially mature AI product today, generating revenue and expanding internationally. The AI workspace is where the entire platform is going, early in deployment, but structurally transformative. Both are important. Both are moving. The CX platform has its strongest quarter ever. Annual contract value added in Q3, though from a small base, grew by triple digits year over year. Almost a third of the new contract value was originated across Peru, Colombia, Mexico, Ecuador, Uruguay and Spain, confirming that this product's addressable market extends well beyond Brazil. The CX platform operational metrics continue to strengthen. Our AI agents are driving an approximately 30% abandoned cart recovery rate. Average customer inquiry resolution now takes six messages on the ViteX platform compared to 14 to 20 messages on traditional rule-based chatbots. In Q3, we deployed an updated AI model that operates at 80% lower cost than the Q2 version, while delivering superior conversation accuracy, firmly establishing CX gross margin at a similar level to VTEX overall gross margin. On competitive differentiation, our advantage is not simply the conversational interface. It is the depth of commerce context behind every interaction. Because the Vitex CX platform is natively connected to the Vitex commerce infrastructure, AI agents can operate with real-time access to the merchant's catalog, pricing and promotions, inventory, order history, payment and credit information, and customer data. That allows the interaction to move beyond answering questions to actually executing commerce, from product discovery and personalized offers to order placement and post purchase actions. That DAF is our structural advantage. Moving to our AI workspace, in Q3, we more than doubled its operational insights capabilities. Our co-creation model is also accelerating how quickly we learn and iterate. We can move from an idea to a customer validation in as little as two to five weeks. And capabilities developed with one merchant can be deployed across orders within hours. These agents are already surfacing concrete operational opportunities. For example, when customer testing it, the agents identified 145 underperforming search rules that generated 76,000 impressions without a single order over 28 days. These early deployments are helping us refine the product as we prepare AI workspace for broader availability over the coming quarters. Our new fast store is already demonstrating how AI can accelerate storefront migrations while delivering superior performance. He happy migrated from our legacy store framework to our new fast store in just 12 days, achieving lighthouse scores of 97 on mobile and 100 on desktop. Fila completed its migration in three weeks with approximately 90% of the process through automated AI and achieved Lighthouse scores of 95 on mobile and 98 on desktops. Early adopters are reporting that faster storefronts performance is also translating into higher conversion rates. These deployments show how AI can materially shorten enterprise storefronts migration while improving both performance and conversion. We're also seeing measurable commercial impact from other AI native capabilities. Delivery Promise is now live with more than 50 customers, translating better fulfillment visibility into higher sales. It generated incremental GMV of 1.5% at Reserva and 2.9% at Intimissimi. At Haringey, where delivery promise and semantic search are both deployed, available assortment expanded 20% and total sales increased 5%. These results give us confidence that our A&I native capability can translate product innovation into measurable operational and commercial value for our customers. Let me close with this. We're very clear-eyed about where we are today. The transformation we're driving is not yet fully reflected in our revenue growth, and we know that ultimately the financial results need to follow. But we are equally clear about where commerce is going and the role we believe Vitex can play in the future. Across B2B, Ads, CX and AI, we're building a platform that moves beyond powering transactions to actively orchestrating commerce. The signals we're seeing from enterprise adoption and pipeline composition to product engagement and our own internal productivity continue to strengthen our conviction that this is the right transformation. So our focus is straightforward. Stay disciplined, keep executing and continue compounding these proof points until they translate into meaningful growth at scale. We like our position. We like the assets we have built. We like our odds. The work now is to turn that strategic progress into revenue reacceleration. And we are laser focused on getting there. Thank you. Ricardo, over to you.

Thank you, Geraldo. Hi, everyone. Let me walk you through our third quarter 2026 financial results, starting with the broader context. We continue to operate in a challenging macroeconomic environment, particularly in Brazil, where elevated interest rates are weighing on consumer spending, while the promotional marketplace environment continues to compete for consumers' share of wallet. These dynamics have been particularly evident in the performance of our existing store base, affecting the GMV-linked component of our subscription revenue. At the same time, we continue to make meaningful progress across the areas that will shape VTech's next phase of growth. Our strategic growth drivers are expanding significantly faster than the consolidated business. Our gross margin remains healthy and our ability to generate cash remains strong. As Geraldo discussed, we have a clear set of strategic priorities and the early results of our product transformation are encouraging. We are focused on executing against those priorities while maintaining the financial discipline that allow us to invest with conviction. With that context, let me take you through the numbers. GMV reached $5.5 billion in Q3 2026, growing 12.0% year-over-year in US dollars and 4.5% on an FX-neutral basis. The sequential moderation was primarily driven by Brazil, where existing store performance continued to reflect the macroeconomic and channel dynamics I just described. Subscription revenue reached $62.5 million, growing 7.1% year-over-year in U.S. dollars and 0.2% on FX neutral. Despite the continued pressure on existing store GMV in Brazil, our customer mix and our implied take rate remain broadly stable sequentially. Moving to profitability, non-GAAP subscription gross margin expanded 90 basis points year-over-year to 81.1%, compared to 80.2% in Q3 2025. This improvement continues to reflect the structural efficiencies we are capturing through AI-driven customer support automation and the broader operational optimization. Sequentially, gross margin remained broadly stable following the significant expansion achieved over the past several quarters. Total GAAP gross profit reached $50.5 million, growing 9.7% year-over-year in US dollars, ahead of subscription revenue growth. This is an important reflection of our scalability of our model and our ability to improve unit economics as the business evolves. Moving to operating income, non-GAAP operating income reached $12.1 million, up 27.1% year-over-year, with a margin of 19.0%. Margin was below our expectations, primarily due to higher AI usage in R&D. As Geraldo highlighted, these investments are already driving tangible productivity gains, with merge pull requests per engineer up 100% and unit costs per merge pull requests down 46%. As we scale adoption, we are also improving the economics of AI usage. We are rolling out our proprietary smart router which directs each prompt to the most cost-efficient AI model for the task and in early testing reduced AI cost per engineer by more than 50% while maintaining comparable output quality. This should allow us to scale AI adoption and productivity while supporting operating leverage over time. Moving below the operating line, non-GAAP net income reached $7.0 million compared to $10.6 million in Q3 2025. The year-over-year decline primarily reflected mark-to-market adjustments to our investment-grade fixed-income portfolio following higher U.S. Treasury yields. Because these unrealized losses were recognized in our KEMA entity and do not generate a corresponding tax benefit, they also increase our effective tax rate. These unrealized financial impacts were partially offset by the 27% growth in operating income. Now, turning to cash generation, free cash flow reached $13.3 million in the quarter, increasing 77.3% year-over-year, compared to $7.5 million in Q3 2025. Free cash flow margin expanded to 21%. With that, for the last 12 months, we generated $50.4 million in free cash flow, representing a margin of 19.6%. This is an important aspect of our investment thesis. Even as we increase investments in product innovation, our business continues to generate substantial cash. That combination provides us with the flexibility to fund our strategic priorities, Pursue attractive opportunities and return capital to shareholders. On the last point, during the third quarter, we repurchased 2.8 million Class A common shares at an average price of $3.85 per share for a total investment of $10.8 million. As of September 30, we had executed approximately $44 million of our $50 million share repurchase authorization. Looking forward, our updated outlook reflects further weakening in consumption trends in Brazil, particularly in October, and greater near-term uncertainty. These headwinds are partially offset by less demanding year-over-year comparisons and an increasing contribution from our strategic growth drivers. With that, for the fourth quarter of 2026, we expect negative low single-digit FX neutral subscription revenue growth, Approximately Flat FX Neutral Gross Profit Growth A Non-Gap Operating Income Margin in the Mid-20s and a Free Cash Flow Margin in the Mid-20s For the full year 2026, we are now targeting Approximately Flat FX Neutral Subscription Revenue Growth Low Single-Digit FX Neutral Gross Profit Growth and a non-GAAP operating income margin in the low 20s and a free cash flow margin in the low 20s. Assuming FX rates remain broadly consistent with October's closing levels, our FX neutral subscription revenue growth guidance would translate into additional reported US dollar growth of approximately 3.5 percentage points in Q4 and 7.4 percentage points in the full year. Looking ahead to 2027, while it's still too early to provide formal guidance and the macro backdrop remains uncertain, we will not extrapolate Q4's growth rate into next year. Based on current trends, several factors should support a more stable subscription revenue growth profile, including an increasing contribution from our strategic growth drivers, a modest improvement in new customer revenue contribution, and our last demanding EU over year comparisons. Before opening the call for questions, let me leave you with a few final thoughts. We are navigating a challenging environment and we recognize that our consolidated revenue growth has not yet reflected the progress we are making across our strategic initiatives. Brazil continues to face macroeconomic and marketplace promotional pressures and we are managing those dynamics with discipline. There is also a great deal happening beneath the consolidated growth rate. Our subscription gross margin has expanded to over 80% from less than 70% five years ago. Operating income grew 27% this quarter. Free cash flow increased 77%. Our strategic growth drivers continue to grow significantly faster than the overall business. and we are accelerating innovation at a time when AI is fundamentally reshaping the enterprise software industry. We have clear strategic priorities, promising early results and the financial strength to continue executing. We are becoming more focused on where we invest, more efficient in how we operate and more ambitious about what we can deliver to our customers. We are confident in the direction we are taking and encouraged by the progress we are seeing. With that, let's open the call for questions. Thank you.

We will now begin the question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Marcelo Santos with JP Morgan. Your line is open, please go ahead.

Hi, good evening. Thanks for taking my questions. I have two. I think you said higher AI usage in R&D weighted a bit on the operating margin, but you also said that AI is improving engineering productivity. How quickly do we expect this productivity gains with the tools, I think you mentioned the smart prompter, to offset these costs? I mean, if you're having more productivity and spending more, I mean, is the output And if it's higher, what are you using this extra output in R&D to? I mean, what are you developing? So this is the first question. I hope it's clear. I can clarify. And the second question is, this marketplace environment we have in Brazil, what's the risk that we're seeing kind of a structural shift? In other words, that this is not a temporary thing, but rather that Brazilian e-commerce will be dominated by marketplaces. And if that's the case, What could Vitex do? I mean, how would Vitex do in that environment? Thank you very much.

Well, thank you, Marcelo. Thank you for the question. I'll start with the AI question. Yes, yes, there's There's a lot of evidence that we are collecting internally about the productivity that AI is giving to us. And this is happening to every software company that is retraining their staff and retaining their people. And this is happening to us. We're increasing merged pull requests mostly by 100% since the first quarter of this year. In six months or nine months, we increased a lot our productivity. And yes, we're using the productivity to increase production to increase throughput to our software because we feel that software in the near future will be much better with much bigger quality with bigger bundle with producing higher level jobs much higher level job than it used to so we are investing all this extra energy that we got from AI into we're investing this into Product transformation, like enabling the product that Vitex Commerce Platform to be like a truly AI-native software, plus developing all the other growth drivers that you see with very little marginal investment, as you can see. Like we're developing a lot of other products with this technology. with this new way of developing software. And yes, we're spending with LLMs like every software company, but we, as you know, we're very disciplined in cost and we are already investing in ways to optimize these expenditures. So, you know, when I mentioned this smart router, like tracing the job of developing to the right cost, A model that is the most cost efficient for our use case. This is us being disciplined. We are token maxing, but we're doing this in a responsible way.

Perfect.

Your next question.

No, I can take the second part of the question regarding to Marketplace. So marketplace promotional intensity remains elevated, particularly in Brazil. Large platforms continue to use free shipping, coupons, and credit to just accelerate the market. They are competing for share, shifting a little bit the volume towards marketplace channels and pressuring some brands and retailers on their proprietary channels. They are also pressuring the cost of media. After the World Cup and the elections, an unexpected side effect for the brands and retailers were the cost of the media went really high on those events. So this is definitely pressuring the proprietary channels for the retailers. We are not assuming a near-term moderation of that behavior in our guidance. Over time, promotional strategies like the ones you are seeing in Brazil may change as companies will balance growth and profitability. But we are not managing the business based on the environment that will change, but we are managed by the environment that we are seeing today. So our role keeps the same. promoting our brands to sell more effectively, to increase their organic channels, to improve efficiency on omni-channel executions, to recovering sales through CX, to providing post-purchase experience through CX platform, showing inventory from any channel and monetizing their traffic through the VTEX Ads platform. That's regarding to the marketplace question.

And Marcelo, I can also add Because it's worth it to the previous question. As you see, we're growing our AI expenses by 19% year-over-year in US dollars. This is driven by headcount, but also since the appreciation of the Brazilian real. We have most of our team in Brazil. There's some effects here as well. But you see that we're funding it part through efficiencies elsewhere, like sales and marketing, G&A expenses were lower year over year. And total red count of the companies Now 1109 people working with us is down 10.1% year over year. So as you can see, as I said, we're taking the risk of over-investing in AI now because the risk of under-investing is bigger. Like there's major change happening, major change of paradigm, and we believe we're very well positioned and the new generation of software of the future and we're building it so it's not only to to naturally build new AI products it's also to transform our platform into an AI native platform with the new capabilities that are needed from there and And as you can see, even in this challenging environment, our known gap operating income grew 27% this year, and the free cash flow grew 77% this quarter only. So we're investing, we're looking for our future, we're looking for our customers, so they are good with us using the latest technology, but also being very disciplined to build a healthy company.

Great, thanks a lot for the answers.

Your next question comes from the line of Maria Clara Infantosi with V-TEX. Your line is open, please go ahead.

Hi everyone, thanks for taking my question. So you mentioned healthy win rate and stable churn despite the challenging microenvironment during the cold. I want to understand if you're seeing already a positive impact on AI solutions and culture implementation times. And what else have you been doing to mitigate this churn rate? Thank you.

I can take this one. So, as mentioned in the prepared remarks, churn wind weights were broadly stable this quarter. We are not seeing deterioration in retention, nor are we losing competitive RFPs at a higher rate. What we are seeing is the enterprise are taking longer to make strategic technology decisions and that existing customers are transacting less in a software consumption environment, particularly in Brazil. And of course, that affects the GMV, same-store sales, and ultimately revenue growth. But it is fundamentally different from a deterioration in a competitive position.

I can also add about this, about our momentum. You know, like this quarter we have very nice customers, like we have New customers like we mentioned, like Kohler in the West, Avon in Saudi Arabia, Skechers, Pamplona B2B, Teca in Brazil, Drogaresca Fan, Tenda D1 in Colombia. A lot of new good customers and existing customers. They continue to expand like Adidas in Ecuador, LG in Panama. For Skinny Group with JD Sports in South Africa, Rino De with the Our Lab brand. So we don't disclose contract signature, but I can anticipate that the dynamics remain broadly the same. Although enterprise customers continue to take longer to make strategical technology decisions as they evaluate how AI will shape their software stack, We continue to see pipeline growth in enterprise layers. We have not seen a meaningful inflection point in commercial momentum, but we are encouraged by the composition of our pipeline and by the customers choosing VTEX. The data points of our growth drivers are very encouraging. That's the bottom line. We also believe that AI transformation can become An increasingly important commercial catalyst. As AI readiness becomes more important in enterprise platform decisions, our objective is for Vitex to be viewed as the platform built for that transition, which over time can shorten decision cycles. B2B also is becoming an increasingly meaningful part of our pipeline across Europe and North America, and it's building up in Brazil. We're also seeing cross-sell within the base with Exxon, Luxottica, and Pentro Animale adopting our CX platform, Total Pass joining as a Vitex Ads platform publishers, and Red Bull as a Vitex Ads platform advertisers. You know, Naturally, the same-source sales remain challenging in Brazil, affecting our growth, but overall, the underlying momentum is there. Like our growth drivers grew at double-digit rate on an FX-neutral basis, the fundamentals of our established business remain solid, with churning rate, as Mariano said, like broadly stable, and our strategy does not depend on this new-term market recovery.

And Geraldo, just to build on top of it, on the same-store sales and the long-term trajectory, if you look at the Q4 guidance, we are guiding subscription revenue to decline at low single-digit rate on FX neutral basis. And for the full year, we now expect approximately flat FX neutral growth. But this revision is primarily reflecting a further weakening the consumption trends in Brazil, particularly in the GMV performance we saw in October. It's not related to the competitive landscape or churn or win rates. So if we look at Q3, we saw that FX neutral GMV growth moderated to 4.5%. and important to mention that customer mix and the implied take rate remained broadly stable sequentially. So the incremental pressure that we saw was primarily volume driven rather than mix or pricing related. And when we look into Q4, because of the seasonality, our largest quarter for GMV-linked revenues in Q4, our outlook assumes that the current consumption environment and the marketplace promotional intensity will persist without any meaningful near-term macro recovery. So when we look at the profitability and the cash generation, this also remains strong. We are maintaining our full year non-GAAP operating margin and free cash flow margin outlook in the low 20s while we continue to invest in R&D and in our AI native commerce suite. So the guidance revision reflects the consumption environment, not a deterioration in our competitive position or a change in our strategic priorities. Now looking toward 2027, while it is still too early to provide formal guidance, we will not extrapolate Q4 subscription revenue growth rate until next year. Based on current trends, three factors should support a more stable growth profile, an increasing contribution from our strategic growth drivers, a modest improvement in new customer revenue as enterprise implementations go live and ramp up, and less demanding year-over-year comparisons. And from a margin perspective, we would expect some operating margin seasonality in Q1 and for the full year, we would not assume meaningful margin expansion as we intend to continue investing in R&D behind our growth drivers and the broader transformation of our software through AI while maintaining a discipline across the rest of the cost base.

Yes, yes, Ricardo. Those scenes from the outside with the revenue, like very soft revenue, seems that we are stopped, but we're very much alive, very much a lot of action happening, not only inside the company, but across the whole ecosystem, and we're very excited with the future ahead of us.

Thank you so much.

As a reminder, if you would like to ask a question, please press star 1 on your telephone device. There are no further questions at this time. I will now turn the call back to Geraldo for closing remarks.

Before we close, I want to leave you with one thought. We have been very direct today about where the financial results are and about the work still ahead of us. But we are equally clear about the transformation underway inside Vitex and increasingly confident that it is taking us in the right direction. A year ago, much of what we were discussing was a vision for where commerce work is going. Today we have more tangible evidence behind that vision. Global enterprise brands going live on VTEX, B2B gaining relevance across our international business and CX platform delivering its strongest quarter ever. Enterprise merchants actively testing AI workspace and AI already driving measurable improvements in the productivity of our own engineering organizations. These are not projections. They are facts. They are the kind of facts that earn external validation from Gartner, Forrester and Paradigm. We recognize that this progress is not yet translating into the revenue reacceleration we are working towards. That is precisely why our focus remains so sharp. We are not changing course in response to short-term pressure. We're staying disciplined, investing behind the areas where we see the strongest evidence and executing against the transformation we believe will define the next phase of VTEX. Commerce is becoming more fragmented, more conversational, and increasingly driven by AI. In that environment, brands will need an intelligence and orchestration layer that connects their inventory, pricing, promotion, transactions, and customer relationships across every interface where commerce happens. That is what we're building Vitex to become. We like the position we are building. We like our odds. Now the job is to keep compounding these proof points until product momentum becomes commercial momentum and commercial momentum becomes durable growth at scale. That is our focus. We will remain disciplined, we will keep executing, and we will keep earning your confidence quarter by quarter. Thank you for joining us today. We look forward to updating you next quarter.

This concludes today's call. Thank you for attending. You may now disconnect.