Locaweb Servicos De Internet SA

BOVESPA:LWSA3

Q3-2025 Earnings Call

[Operator]

Good morning, ladies and gentlemen. Welcome to LWSA's Q3 2025 Earnings Conference. Joining us today are Mr. Rafael Chamas, CFO (sic) [ CEO ]; and IRO, Mr. Andre Kubota. For the Q&A session, we will also be joined by the company's senior management team.

This event is being streamed via Zoom webinar with simultaneous interpretation into English and will be available for replay at ri.lwsa.tech. The slide deck for this presentation can be downloaded from the Results Center under the Financial Information tab on the same website.

All figures are stated in Brazilian reais and have been prepared in accordance with Brazilian accounting standards as defined by the Brazilian Accounting Pronouncements Committee.

Before we begin, please note that any statement made during this presentation regarding LWSA's business prospects, operational and financial forecasts or future growth estimates is merely a projection and as such, based solely on its management's outlook for the business. This outlook relies heavily on market conditions, the performance of the Brazilian economy, the industry and international markets and therefore, may change without prior notice.

Unless stated otherwise, all variations and rounded figures presented here have been calculated in thousands of Brazilian reais. This business performance presentation includes both accounting and non-accounting data such as organic and pro forma operating and financial results as well as projections based on the company's management's expectations. The non-accounting data have not been reviewed by independent auditors. [Operator Instructions]

I will now turn over to Mr. Rafael Chamas, who will begin the presentation, followed by Mr. Andre Kubota. Mr. Chamas, you may proceed.

[Rafael Chamas Alves, executive]

Thank you, and good morning, everyone. Welcome to LWSA's Q3 2025 Earnings Conference.

I'd like to start with 4 major topics that I'd like to cover. The first of all is one of the most important for the company, which is growth acceleration. We've had a very successful quarter in this sense. Also cash generation and profitability, which is another outstanding topic with this quarter, we had a great success in turning this success in cash generation. Q3 was also very significant with major deliveries to our clients, especially given the development in the marketplaces industry in Brazil.

And finally, the agenda for organization, simplification and divestments. We sold 2 of the company's assets, focusing on some of our core operations and obviously, divesting what escapes our strategy.

I start on Slide #5. This explains part of what happened with our revenue. We're looking at the operational fundamentals of our company, which continue to grow significantly. So in terms of GMV, Q3 ended the quarter with BRL 20.3 billion, up 16.8% versus 1 year ago, which accounts for close to 20% of the entire Brazilian ecosystem. Our payments operation, TPV, has also been another driver of growth for us. We ended Q3 2025 with BRL 2.3 billion in transactions within the transactions, we've been able to maintain rates of close to 70% throughout the year, which brought us to growth year-over-year by 14.9%.

Also, the increase in subscriptions within the company, we've ended the quarter with close to 204 million (sic) 204,000 subscribers, active subscribers, which accelerated versus the following quarter when we reported 5% growth year-over-year. So from an operational standpoint, the company has been developing very substantially and solidly, which leads to the following page, which is our net revenue.

So we had another quarter of growth. This was actually the best rate of growth for the company in consolidated terms. So in Q3, growth increases in 0.5 percentage points in consolidated terms, ending with 10.9%. And with Commerce even more so ending the quarter with 16.6% year-over-year growth. So again, I would highlight that this growth is founded in the increase in our operational indexes and great growth for the company and a clear acceleration trend, something we've been commenting constantly as a strategic initiative from our Board.

So now talking about profitability and cash generation. Starting with profitability itself, our adjusted EBITDA was BRL 87 million. This was the highest nominal EBITDA for the company. In Q3 '24, we had BRL 83 million. And now in Q3, we had the best one showing 18.1% growth year-over-year. Our EBITDA margin has also gone up 1.4 percentage points, so ending Q3 with a 22.5% EBITDA margin.

Moving on to the following slide. We see that this was not only true for EBITDA. In Q3, our operational cash generation was by -- BRL 170 billion, which combined with what we had in Q3, we had the first 9 months in 2025 with the highest operating cash generation after CapEx of BRL 161.2 million, which when we compare that with net revenue, we have 14.6% margin. So ending the quarter with great deliveries, accelerated growth, a substantially high EBITDA and obviously, converting that EBITDA into cash generation.

Onto the following slide, just a few notes on our product delivery. I talked about substantial deliveries in social commerce and marketplace. We pioneered as a platform, actively making this available to our clients, meaning both in ERP and in e-commerce platform, active access to 2 major players in this digital player -- this digital environment, TikTok Shop and Temu. And this shows how strategic this is for our strategy.

We have over 30 marketplace or social commerce spaces, which are totally natively attached to our clients. And I mentioned this because this is one of the greatest strengths of our products. We're digitalizing our PME, which is essential, and we're helping our clients to help -- to sell more and to organize themselves in the complexity that the digital world, especially in commerce, makes available, which is a great strength.

So we have over 30 channels, all of the most significant channels, helping our clients to run their B2C e-commerce operation. But obviously, not only that, it's also important to provide our clients the ability to actively connect to all of these sales channels. And not only to connect to them but have that fully connected into the product. That's when I think about fiscal organization and inventory organization. So ultimately, this is about strengthening our strategy of orchestrating SMEs in Brazil with now TikTok Shop and Temu.

Now more on our products, another important thing for us. We've been talking about the strategic importance of financial products. In Q3, we had the Bling digital account being launched, which is very important when we think about the use experience of our ERP. The ease of use in terms of financial operation, when this service is very integrated to a service is outstanding, which obviously also expands our ability for monetization via financial products. But it's important to say that this is not the end goal. This is part of a larger strategy of an ecosystem that will allow SMBs to manage themselves and orchestrate their finances using a single product. So this was another very important delivery for this quarter.

Lastly, in Q3, we concluded the sale of 2 of the company's assets, Squid and the Nextios portfolio. These are strategic movements, which are very much aligned with what I've been saying. And that is in order to accelerate growth and gain profitability. Its capital allocation and focus on its core products, meaning the products which are part of our strategic planning include obviously thinking about divestments, which was the case when we thought about the sale of Squid and Nextios.

Now a little bit on each one of them. The operation for Squid was concluded in October 2025. We communicated that to the market via material fact. The asset was sold by BRL 45 million. BRL 20 million of which were paid at closing, and the remaining sum will be paid in 3 annual installments starting in 2026. This had a noncash accounting impact. So I talked about the generation of BRL 70 million in this quarter, but this had a noncash accounting impact of BRL 287.8 million in -- the result for Q3 2025. And Kubota will talk a little bit more about our financials.

The loss we had in this period was due to this accounting impact that the sale of Squid had. And it's also important to say that this sale generates a fiscal asset of us -- for us at BRL 117 million. We'll talk a little bit about that. There were benefits, and this has been one of the levers for our cash optimization. And this sale also brought an asset of this nature.

Next, we talk about the Nextios portfolio sale, another significant move. The transaction was signed in August 2025, and closing is expected to take place now in November 2025.

That's it. Thank you very much. I will now turn over to our CFO, Andre Kubota.

[Andre Kubota, executive]

Good morning, everyone. Thank you, Rafa. Thank you, everyone, for joining us. I'm going to go over the main financials, starting with the net revenue for Q3 2025.

As Rafa said, growth accelerated to 10.9% year-over-year, going up to BRL 387.4 million in the quarter. The e-commerce industry grew even more than that by 16.6% to BRL 283.4 million in the quarter. And with the increase in subscriptions that was even more by 20.3% year-over-year.

Our BeOnline and SaaS department saw a decrease by 2.1% year-over-year because of the portfolio that we just sold, the Nextios portfolio. But our margins actually increased, as you'll see in the following slide.

Our adjusted EBITDA on the following slide. In consolidated terms, the adjusted for stock option and nonrecurring expenses came to BRL 87 million, a substantial margin by 22.5%, up by 18.1% year-over-year. As Rafa said, this was the best quarterly EBITDA the company has ever reported. The Commerce business went up year-over-year with a 20.5% margin. And our BeOnline/SaaS, much like last year, grew by 11.5% with a growth in margin to 27.9%.

And it's also very important to highlight the conversion of this EBITDA into cash flow. We had the best quarter and the best year-to-date result in terms of cash flow to BRL 70.5 million in the quarter. In the year-to-date, the first 9 months of the year, BRL 161.2 million. This was partly because of the operational increase and better management of the company's financials but also better working capital and more efficient fiscal operation within the company.

Lastly, with this strong cash generation, we continue to allocate in a very conscious way, providing returns to our shareholders. In 2025, from January through October, we've shared BRL 75.6 million to our shareholders via share buybacks. BRL 47 million in shares repurchased until October this year and BRL 28.6 million via dividends. It's important to say that we proposed sharing even more via capital sharing of BRL 140 million. And [ performing ] the normative diligence, we expect to pay part of that in February 2026.

On that note, we conclude our presentation and open our Q&A session for analysts and investors.

[Operator]

[Operator Instructions] Our first question comes from Mr. Gustavo Farias with UBS.

[Gustavo Farias, analyst]

Congratulations on your results. I'd like to dive a little bit into the acceleration in Commerce, separating between the significant increase in subscriber base if you could provide us a breakdown in terms of your initiatives there.

And also, from what we saw, there's been an increase in your GMV, and this was an element that contributed significantly to your result. But I also wanted to understand whether there were other elements contributing to that and also understand whether you consider this an atypically positive quarter or whether you see this as a trend moving forward during Q4 and the following quarters as well?

[Rafael Chamas Alves, executive]

Gustavo, this is Rafael speaking. Thank you for your questions. Well, on the acceleration trend, I always like to remember that monetization in the company includes a number of different variables. Naturally, within the subscription business, we have close to half of the business income. So we have the subscription base and the ability to increase our ARPU are very important. And we also have transactional elements based on the monetization of our clients' transactions. So these are the 3 elements that make up our increased trend or a growth trend.

I will open for other VPs to contribute whatever they feel important, but growth in our subscription base was very significant. We have sharply focused on creating a good way to monetize and attract new clients. This is a company that over the last 18 months, really rethought the way it invests in marketing and customer journey. So the way we've been set up has allowed us to be more efficient in drawing clients in.

Our pricing strategy within that also and obviously, our cross-selling and upselling ability ultimately make up an important part of that as well. So the way we've been expanding our integrated products. Payment is again a major driver of income. The integration of logistics services, all of that has allowed us to increase that.

It's not about one specific factor, but our strategy has been very substantial and have allowed us to be more consistent in drawing clients in, which brings us to another element, which is ARPU, our ability for cross-selling and upselling. But at the same time, we're a company that has also been positioning itself with products for larger clients. So it's a combination of better SME products and also products focusing on larger clients that have allowed us to better monetize our clients by increasing our ARPU. So these are important elements.

And thinking about the transactional side, I just wanted to highlight the fact that we have had a lot of success in our financial services. As you saw, we had an increase by close to 15% in TPV with no anticipation of financial costs. So this has been a better way for us to monetize our customers' transactions via these products that complement the subscription business itself. So this has been a combination that brought us to a better standing in terms of growth.

And now to your second question, in the development we've had over the last 3 or 4 quarters, there's no point that I would say is an outlier in operational terms or -- which has been specifically something that led us to better results. Of course, we're talking about very clear planning, great discipline in our execution and a great focus on our customer in terms of journey, go-to-market and customer journey.

In combination, these elements have allowed us to progressively increase our numbers. And I think that the operational elements show that very clearly. On the financial side, revenue, profitability and cash generation are a consequence of that. So I would say it's a combination of factors which have strategically allowed us to progressively improve our numbers.

[Gustavo Farias, analyst]

That was very clear. So maybe just to follow up on that. This increase that you've reported both in your number of subscribers and your ARPU, has that been recorded across every segment? Or is there one or another that was a bigger driver of that throughout the quarter?

[Rafael Chamas Alves, executive]

Perfect, Gustavo. Well, this figure I showed you close to 205 million (sic) [ 205,000 ] in customers. In this case, we're talking about the financial side and SMBs. Of course, when I talk about ARPU, the larger clients contribute, but this is not necessarily a reflection of the subscriber base. In this case, I'm talking about really the subscription platform where most of our clients are SME businesses.

[Operator]

Our next question comes from Mr. Luis Chagas with XP.

[Luis Chagas, analyst]

Congratulations on your results and your consistency. We have two questions. The first one is the pace of gross addition. I think that you've kept a very healthy pace. You mentioned these initiatives. So I just wanted to understand what were the effect of micro initiatives and what was the effect of the competition and if you're looking into that?

And the second question is going back to the revenue from Commerce. The mix is currently half and half. So I just wanted to understand how do you see that moving forward perhaps in the next 5 years. The mix between replacement revenue and transactional revenue. Do you see maybe transactional revenue coming in a bit stronger considering all the initiatives you're investing in and the levers that you've been pushing?

[Willians Marques, executive]

Luis, this is Willians speaking. I'll take your first question, seeing as I'm in charge of Commerce for SME.

So diving a bit deeper into details. For a few quarters now, we have worked very strongly in changing a little bit the way we sell our plans. This is not a specific work, but rather something we've been evolving quarter-over-quarter with better results.

This quarter, we actually reported a more representative result in that sense. So that tends to be the result of this packaging work. We've changed both in pro forma and ARPU. We changed the way the customer evolves his monthly amount depending on how he uses the service, which is very much tied to the customer success. And this does not lead to an increment in price per se. Prices will go up only when clients have success. So they see that, that has an impact. So that's why the churn has not increased.

And another way that we have been working in a structuring way in the last few months is we've been investing in the onboarding of these clients. So there's also a packaging effect, so to speak. So we have more aggressive entry-level prices, which are less prohibitive.

So the client can use a little bit more of the software sort of on a trial basis. So they will pay a lower price with a wider range of features so that during this time when they're using the software more often, they can use more of the software than before. And so when -- as things get better for them, they have a different pricing point that they achieve. So we want to give them more leeway to use more within the store.

And alongside that, as we showed in past calls, we've invested in AI tools that act, especially in this stage when they are setting up the ERP and the online store. So this is a critical stage. When clients are starting out, we make all of these features available so that they can set up the layout of their store, customize their product and optimize their catalog in SEO terms.

All of this has allowed us to see better figures at the start of the store when they're opening online. So when they start to gear themselves up to open for the market and leads to the increase, we've seen in our subscriber base. So I think it all boils down to this new mix of more attractive starter plans or starter packages, better onboarding and more technology to help clients reach the next level.

And I'll add a little bit to the second question, and then I'll let my colleagues talk a little bit more about recurring revenue and transactional revenue. We understand that today, our mix don't really rely on transactional pieces. Of course, we have the revenue from subscriptions, but the transactional revenue has proven more and more significant.

We talk a lot about incorporating into the lives of the clients all our other services, as Rafael mentioned during the presentation, such as having the digital account within Bling. We also have very positive results of our share within the payment service. We're moving forward with logistics. So all of these transactional revenue sources tend to increase and maybe grow at a faster pace because of our experience -- our client experience growth and the way we've been bringing transactional to the full experience of the client.

So within their ERP management, they'll have more transactions, and we'll be generating more revenue than they did before when things were less automated. So it's more about seeing the product as something that will help them grow more.

And now I'll open for my colleagues to add a little bit more from their perspectives.

[Rafael Chamas Alves, executive]

Thank you, Luis. And it's interesting that you talked about the digital account. I'll turn it over to Scarpa in a second. But I just wanted to reinforce what Luis (sic) [ Willians ] just said. Looking strategically and even thinking about the global environment of software such as the ones we provide, transactional sources tend to be more important in the company's overall revenue because of the orchestrated pricing strategy.

And another important relevant -- important aspect is financial service. We have a very successful strategy for payment processing. We have penetration rates of close to 70% in our SMB operations, which have supported part of this acceleration in growth. And even more than that, it showed how we can integrate our tools natively.

But as we've said for a long time, this strategy goes far beyond payments. We need to build products that will allow for a much wider journey so that we can capture from cash in and cash out and also complementary transactions natively within the software. But I'll let Scarpa talk a little bit more about our products and what's been in our mind with regards to the rollout of our digital account.

[Marcelo Scarpa, executive]

This is Marcelo Scarpa speaking, Luis. To Rafa's point, we have been very successful in our embedded finance strategy. We've had significant growth in TPV, especially within our SME base with close to 70%. We've had a significant base of receivables for these clients with better penetration. So a general improvement in the efficiency of our payments strategy.

Also on the banking side, it's important to stress the bank account, which lets the experience more seamless for our customers. So in banking, we are adding new services as well.

And lastly, on the credit side, which I think is a great catalyst for the company's results. We've been testing a few products what we're calling contextual credit. So recently, we've launched an operation alongside our Melhor Envio partner, which is a postpaid service. So we're testing that, and the first feedback has been very positive.

Another type of contextual credit is media funding for our Tray customers, also SMEs. So credit focused on optimizing the clients' operations. And also part of our -- as part of our road map for the beginning of December, leveraging our receivables -- anticipated receivables. So we're already trying to try to leverage these advanced receivables.

So as Rafa said, we're focusing on the embedded finance strategy and how we can include new products in the customer journey. And based on the first results, especially on the payment side, we see that we're reaping very significant results on that front.

[Operator]

Our next question is by Ms. Maria Clara Infantozzi with Itaú. Our next question is by Ms. Victoria Antonello with JPMorgan.

[Victoria Antonello, analyst]

I have two questions. First, I just wanted to talk a little bit about your outlook for the future. We saw the increased ARPU and the broader customer base. So what should we expect moving forward in terms of ARPU? Should we expect it to continue growing above inflation in the next few quarters?

And what about the pace of customer increase? Should we consider this new level a trend considering your new changes? And you also mentioned on the release that there's been an improvement over this quarter. So can you tell us what was the growth rate for September? And what can we expect for this line in the fourth quarter?

[Andre Kubota, executive]

This is Andre Kubota speaking. Thank you for your question. I'll start with your first question. So a little bit about the future. One thing we've been saying for a long time, I think that structurally, this is a market where long-term growth is on an upward trend. So with the digital change and growth in e-commerce, we think that there's still room for growth and penetration. I think that our products are still evolving, and we're little by little integrating our products to the customer journey in a more seamless way, which adds more value to clients.

So we're not really increasing prices just for the sake of it. It is connected to the growth of the client themselves and to the value that we're adding to their operations. So understanding that with our solutions, clients continue to evolve and accelerate their sales and over time, they grow with inside our platform, the answer to your question about growing above inflation -- outgrowing inflation is yes, because our platform will continue to add and derive value to our clients and they'll be able to grow as a result.

So once again, it's difficult to give you a long-term perspective. But with the improvements we've had in our products, that's continuous. And many initiatives that complement and improve our product are piling up. So obviously, when you look at that long term, structurally, we'll have a much better product. But once again, we're talking about continuous improvement with increments over time. So we understand that this is a trend that's expected to continue over time.

So now switching to your second question about GMV. We are not giving any specific disclosure on a monthly basis. But one thing we did say and can say is July has been a -- or was a slower month for us, and we can talk about the impacts that led to that. But August was better than July and September was better than August. So we're not providing specific numbers, but obviously, it was better than what we had for the quarter at large.

And looking forward, thinking perhaps of a medium-term outlook, I think that Black Friday has been -- is being cemented in the country. We have better sale offers by our merchants. So there's a boom in sales over October or even during Black Friday itself. So we think that October is a month that clients are sort of holding back, but the trend is to see sort of what we saw over the last quarter. I'm not sure if I addressed your question specifically, but this is how we're looking at things.

[Operator]

Our next question is by Mr. Lucca Brendim with Bank of America.

[Lucca Brendim, analyst]

I also have two. The first one is about capital allocation. Can you please share with us -- first of all, do you see room for divestments? Or do you think that what you had room to sell has already been sold with your recent move? And looking ahead, do you see room for investment or new M&As in specific areas? Or should we expect the cash management be based on dividend payments as we've seen?

Also, could you talk a little bit more about Wake? How is it doing in terms of growth? And how do you see your strategy for the segment moving into the future?

[Rafael Chamas Alves, executive]

Lucca, this is Rafael again. Thank you for your question. I'll start taking your first one and then we can give you an update about Wake. I think this is an important place for that.

So talking about our investment or divestment strategy. What led us to the strategy of divesting from 2 assets, which we've mentioned on the presentation is strategic focus, first of all. So these were assets that we considered did not fit our strategic priorities, which is why they were in our priority list in terms of divestment. Right now, we do not have any structuring movement plan for the company when it comes to divestments. So I think that what was critical for us to have a more disciplined capital allocation and strategic planning has been executed.

Thinking about our capital allocation discipline, we have been generating more. We've had BRL 71 million generated in cash this quarter. Over the first months of the year, close to BRL 690 million. Right now, we do not have any focus on M&A-based investments. So I usually say that our M&A agenda was very successful based on what we built between 2020 and 2021 with our IPO and our follow-on offering and the acquisitions we've made over the following 3 years.

So our relevance in the digital market, our robustness, our presence in the commerce and retail markets is a result of this discipline in our M&A execution. But nowadays, the company's entire planning is based on better monetization and growth via the integrations of the products that we've invested in. So the company is focused on the assets that we have in-house right now. M&A is not a part of our short-term agenda.

Lastly, about Wake, I will turn it over to Ale.

[Alessandro Gil, executive]

This is Alessandro. Thank you for your question. We're still on the journey of looking to small and large clients, especially those that play an important role in our omnichannel strategy. Since the very beginning of our journey, where we had our Wake MS, this was a huge win and has allowed us to operate in a very positive way in this segment.

I think our go-to-market strategy of looking at specific businesses and do great work in specific businesses and then migrate to different businesses has been incredible. We've done an amazing job in fashion, where we have the brands for the on label, What To Wear. So it's the most important multi-brand retail operations in Brazil.

We just uploaded [ Shoda ] with a great work, a success case with great results on their side. In brands, we have [ Gregory , Nomae ] and several other brands that have progressed very successfully in the fashion world.

We're also doing some work exploring omnichannel strategy in businesses such as building material. We're starting to see success cases in pharmacy and drug stores. So we're focusing on different businesses, strengthening success cases, evolving the platform so that it adds more efficiency to our clients.

Our SMS has been working very efficiently to bring more organic traffic and add more stability to our brands. We're also working with AI in terms of accelerating the development of our CMS and effectively work better on our clients' inventories, which for customers of our size makes a lot of sense in terms of inventory allocation and capital performance.

[Operator]

Our next question comes by Ms. Maria Clara Infantozzi with Itaú.

[Maria Infantozzi, analyst]

I apologize for the mic issues earlier. I hope you're all hearing me now. I just wanted to switch gears a little bit and talk about BeOnline. You brought some news in terms of optimizing your ABU solutions. Could you please talk a little bit about how you see your BeOnline growth trend looking at the next few years? Do you see more opportunities optimizing your solutions? Can you boost cross-sell with Commerce? I just wanted to see what your mind is at in that sense.

[Unknown Executive]

Maria. This is Rodrigo. So I'm going to talk a little bit about BeOnline, but let's go part by part. As to our revenue results, our medium- to long-term agenda of optimizing a few contracts is still underway. As Rafa said in the presentation, we made our move with Nextios with -- as a chapter of this project.

Nextios is an example of our strategy, which is to increase our profitability in this industry by using or optimizing a few of our contracts, especially a bit longer contracts where profitability is far from what we understand would be ideal for the business. So we're still persisting on this agenda, and we see possibilities of improvement moving forward, Maria. So I can tell you that in the next few quarters, we'll continue to see profitability to the detriment of growth. That's our strategy for this line of business.

Now a little bit of color on our portfolio. We've been investing, especially in the cloud market a few quarters ago. And I think in the last quarter, to be specific, we talked about the rollout of Locaweb cloud. We're still investing in that and we believe that this may become a very interesting lever or product lever moving forward.

It's still hasn't been rolled out. We're still working on a soft launch with a few clients. We're still working on a few operations within the group based on this platform, and things have been looking very promising. We want to launch a robust product that's safe for the market. So we're running all possible tests to be able to officially launch sometime at the beginning of next year.

But this is one example of how even with a medium- to long-term process of profitabilization and launch or review of these contracts, we still see opportunities to invest in this market. Because when we talk about infrastructure in the Brazilian market, IT infrastructure, there are still plenty of opportunity -- there's still plenty of opportunity in terms of digitalization.

We look at indicators such as how big is the cloud services market in Brazil. We're talking about $3 billion to $5 billion. So any penetration we can have in this market can add significant upsides from a revenue standpoint.

So we continue to believe there is room and that there is opportunity to be seized in this market. However, we will not switch from a monetization strategy to a growth of all cost strategy. That's not how we see this business, and that's how we will continue to drive our BeOnline business moving forward.

[Operator]

[Operator Instructions] With no further questions, the Q&A session is now closed. I will now return the conference to our CEO, Mr. Rafael Chamas for his closing remarks.

[Rafael Chamas Alves, executive]

Well, I just wanted to thank all of you for your interest in our company and for joining us for our call and wish you all a great day.

[Operator]

This concludes LWSA's Q3 2025 Earnings Conference. On behalf of the company, we would like to thank you all for joining us and wish you a great day.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]