Thank you for your interest in the results of ALLOS. 2026 started with a strong operational development, first quarter an acceleration of sales of our shopping malls, 6.5% in regards to the growth of last year.

It's a rhythm of growth that is much higher than what we saw at the end of last year. The same period, the same-store sales grew 5%, 250 bps of growth in regards to the first quarter of last year.

We'd like to highlight the food court segment, 8%; convenience, services; leisure, we had a hike of 7%. These numbers reinforce that more and more, experiences are one of the main attractions of our shopping malls, and they reinforce the connection with the consumers.

Speaking of the results, we got R$683 million, a growth of 11% in regards to the first quarter of last year. The growth would be 13% if we exclude the effect of Shopping Tijuca.

This is due to the development in media. Real estate still has relevance.

The same-store rent got to 5.5% of growth, even in a quarter that is historically negative. The results show our capacity to execute with contracts with a positive spread that are relevant and sustain the real growth of revenue of the company.

The EBITDA of the quarter, R$490 million, growing 12%, and the margin 72.2%, with an expansion of 57 bps, reflecting the growth of revenue and the reduction of expenses. FFO also grew, got to R$300 million.

I'd like to highlight that there is the biggest level of provisioning in the quarter because of the Shopping Tijuca. If we exclude the effect, the effect of the EBITDA would be higher, 17%.

FFO would be 18%. Next slide, let's talk about the update in our digital platform.

We continue strengthening the relationship with the consumers and growing revenue. First quarter, 2.3 and the GMV captured confirmed the growth in engagement.

An increase in the recurrence of the shopping malls of 16%. The program that the shopping mall already existed more and more mature, and we have a growth of 25% in recurrence in this quarter.

They are growing expressively for the media and activation of our benefits program that attracted several segments and tripled the revenue. Now talking about the real estate development, important approval, and we have 345 apartments...

thousand apartments where we have received a question, and the local buyer, the Diamond Group. Only by leaving by Cidade Jardim, by the north, shopping mall is advanced.

92% of the units sold. Parque das Águas, three towers and the group now represented, and we have a recurrent flow for the shopping mall.

In these quarters, we have R$24 million of real estate revenue, reinforcing the thesis that this is a growing recurring business in our. We totaled 72 over 740,000 area meter of area, and the potential reaches R$240 million until 2036.

This project is developed without the need of capital allocation by ALLOS. Now, before given the floor to Dani, ALLOS, we had the strategic movement.

Since the integration, the company went through the optimization of the portfolio. We have this strategic media due to the capacity of allocating capital, strengthening the balance, and the return for the shareholders.

We have a comfortable capital structure and the shareholder, at the same time that we see opportunities of investment actively. We are doing in this moment a natural evolution of the strategy, reallocating capital from the sales of recent assets to reinforce the position of our assets and quality.

We are working with dominant shopping malls under our management where we have this potential for growth. This movement is aligned with the long-term strategy, which is concentrating the portfolio, biggest cash generation, and we can extract the most synergies.

In that sense, in the beginning of the year, we had a partnership with Kinea for the generation of Kinea ALLOS Mall, which is a new vertical of business which generates recurring revenues. The structure increases the future of M&A, optimizes our portfolio, and reinforces our capacity for the remuneration of the shareholders.

Additionally, we have this week disinvestments. We have participation in assets that are part of our portfolio, that reinforce our operational metrics.

I return with the Q&A. Thank you.

Thank you, Rafael. Good morning.

Next slide, we see that the rate of occupancy closed the quarter in 96.3%, with a seasonal impact, but at a healthy share threshold. We are raising the signature of 140 new contracts in the period.

We are highlighting Sephora, Nike, Olive Garden at Tamboré, and Decathlon at the Norte Shopping, where we are strengthening the mix of our enterprises. Now talking about the operational indicators, the cost of occupancy closed the quarter in 11.1%.

The delinquency net was impacted by Tijuca Shopping, getting to 3.6%. Disconsidering this effect, the indicator would be 2.8%.

In the first quarter '26, ALLOS has a strategic landmark with the implementation of the sales model 100% unified, with the full commercials strength in one multi-platform. We are operating with an ecosystem of high capillarity, present in 140 shopping malls, 6,000 residential condominiums, and 13,000 digital screens, reinforcing the efficiency of our commercial platform.

In the quarter, we advanced in the expansion of the strategic objectives with the integration of the airports with Aena, that is 18 terminals. Besides, we have the fidelity of ALLOS, and we are converting this into a new powerful media channel.

helloo is increasing the announcers with 16 new shopping mall clients, and an increase of 16% in domestic screens, and cross-sell between the airports and other verticals with relevant brands of retail. The operational advances are based on the position of the market on the helloo with connecting with what is important, with a qualified impact and relevant experiences.

helloo has a strategic role in the generation of non-real estate revenue with the connection between brands and consumers. In the first quarter, the growth of media grew 52% in regards to the first quarter of '25, representing 7.4% of the gross revenue of ALLOS, an advance of 220 bps year-on-year.

This performance reflects a bigger volume of business and the increase of all the verticals that we work with. We still advancing consistently in our agenda of efficiencies and operational simplification.

As we indicated, the relevant impacts are expected for 2026. In this first quarter, the results are there.

We have a reduction of 13.2% in the expenses, the organizational adjustments, and the increase of processes. This is a continuous work with the alignment of ALLOS culture, keeping excellence at the execution.

In the financial management, we still have a lot of efficiency. The rate of financing of the company in the quarter was CDI + 0.7%, results of several actions of liability management that we realized in the last quarters, the emission of R$1 billion that was below the CDI, with payments in 5, 7, 10 years, reinforcing the long-term profile of our indebtedness.

The current profile of our debt is 98.4% annexed to the CDI, 1.6% pre-fixed, with a leverage of 1.7 times the net EBITDA that gives flexibility to study new projects for capital allocation, even the remuneration for the shareholders. We have a new slide and keeping in mind, from the fusion until May end of 2026, R$4 billion returned to the shareholders.

We were dealing with interest over capital, repurchasing of shares, and this is 40% of the value of ALLOS, considering the closing of the first day of negotiation at B3 in January of '23.

Thank you for the opportunity. On our side, we want to understand the sales of April.

Do you see any trend that is different from the first quarter? Was there an impact, relevant, from the calendar?

Understanding what is the operation of the tenants of Tijuca. They came back 100%?

Should we wait something for the next quarters? Last point, thinking about what was provisioned, the expectations for the reversal up ahead.

Ana Júlia, the sales and the operation of Tijuca and then provisions. Hi, Ana.

About the sales of April, we see a trend that is very similar to the first quarter, it should continue along the same lines with the first quarter. Tijuca, this month we have the reopening of ground zero.

It was the floor affected by the incident. Through the next months, we have the reopening of the several stores in that floor, and a lot of the tenants are refurbishing their stores and doing new projects.

We should have a positive impact as the stores are reopening. We still have the expansion rooftop, along the lines of what is estimated, we should open the rooftop expansion in June.

According to our expectations, this should help with the consolidation of the results of Tijuca from the second quarter onwards. Hi,

Ana Júlia. Insurance and provision.

We are dealing with our insurance company. These processes are long, and the company advances the value and receives from the insurance.

That was a big impact on the first quarter because the shopping mall was closed. As Vicente said, as the stores are reopening, we will replenish the impact.

The impact should be lower, and as we receive from the insurance, we are going to reverse this to the P&L, which is the first quarter, which is the first reversal already.

Good morning. Thank you for the opportunity.

My side, two things. First is these revenues in the first quarter, what can we expect for the next quarters, what would be the recurrence and the impacts of the P&L?

The G&A, we see an advance in efficiency, we want to understand what can we expect up ahead in the SG&A, and what are the possibilities of improvement?

Matheus, good morning. Thank you.

On the real estate revenues, we have 2 million square meters to develop. We are working over the last four years, and intensely over the last three, to create a pipeline of approval, we can have that stream of cash flow recurrent and projected, and we have a ramp up.

Our idea is we have the ambition of having a revenue that is recurrent, with a relevant amount for the company. We have a lateral benefit, most important than the direct revenue, which is the qualification of the consumer that goes to our mall, and with a habit that benefits a lot the hours of less occupancy and less frequency for the shopping mall.

These programs are developed with these characteristics. The numbers that we are reporting are bearing their fruit.

All of this initiative, it starts with this revenue, and it's very nice, but mainly can you imagine when you have Cirella open in... imagine the qualification.

It's going to be the best condominium. It's going to be a nice example that this is a dynamic for the future with this acceleration that we have in the hiring.

We expect that this accumulation will get to a higher number in the next years, and the entry of new projects will be more in the shopping mall as we reported last month of an interesting project that it took seven years to get the approval. Now we're going to develop almost R$2 billion of VGV.

It's an area that didn't have development for many years. The real estate revenue, but also qualification and improvement of the flow.

SG&A we already discussed. I'm going to simplify.

ALLOS is a long-term project of building a management model for the organizational structure from a new dimension of the company, which is consolidated. Now we can extract value without losing quality.

Our business, the most important thing is to attract the consumers and make the tenants wish to be in our shopping malls. That is the priority.

We don't have a specific guidance of SG&A, but it's a trend that should consolidate nominal drops. It's what's expected, and we expect that the work will continue gradually and carefully, we can extract value.

Thank you. Follow-up on the first question.

This line should be constant or we're going to see these impacts or this is specific for a few projects? Certainly is more constant looking at the year, because the approvals, they happen concentrated in a few media.

The business is seasonal because of this fact. The projection for this year is recurring in a quarter-on-quarter, depending on the approvals.

When we have that pool of millions of revenue, R$500, which is important, and it will be filled out not only for the future, but for the next years. For example, one of the contracts that we signed is we have contracts that we signed last year and they're going to be building in the next five years, some this year, there's going to be multiple over the years.

That's important that we have this pool full, that we use the qualification of our surroundings with the vision not only of revenue, but also communication and management.

Good morning. Good morning, everyone.

Thank you for the question. Two.

First, can you give us an update on the fee with Kinea? Was there any news about the relevant fact of last month, the fund will be managed by ALLOS and Kinea?

What is the economics here in terms of administration rate, management, and even performance, if there's something of that sort like that? About the delinquency, net growth in the quarter, which is above what was running in the previous quarters, I wanted to understand if there is a deterioration in the base of tenants or if it's more of a one-off thing?

Thank you.

Thank you, Mazini. Unfortunately, the first question, CVM registry, we cannot talk about it.

That's a relevant fact. That's what we can discuss.

That the project with Kinea, we are now in this structure of structuring. We cannot comment.

Delinquency, of course, removing that we have the base of Tijuca, we cannot consider that this is recurring. If we think about 2.8, which is the effect without Tijuca, certainly with the scenario of Brazil, many years of hikes in the interest rate, there is a possibility that show that after everything that happened in Brazil, the amount of difficulty in real estate, we have 2.5% of delinquency in the first quarter, which is the worst moment of the year.

We are leaving this cycle, horrible of high interest rates, of lack of fiscal restraint, in a better way than the last crisis. We did very well, I'm talking about ALLOS and all of our peers.

They could go through the first scenarios of investment of macroeconomic base of doing business in Brazil. If you think about it, when we have an interest rate of 15%, 17%, Dilma government, the inflation was 10%, 9.5%.

We had a base of revenue that was growing, and the tenant could get more price, didn't need so much margin. We are in the reversal because there's the interest rate, a better perspective.

The risk of inflation is an external risk, and we are getting at a better place. That's why we don't see a big problem with delinquency in the next quarters.

Thank you. Since you couldn't comment on the fee, how about the media?

The revenue R$55 million increased 60% year-on-year by the entry of the airports.

Now we've got the 17 airports of Aena, which is what you won, it's at its state? More airports?

What can we think about helloo in terms of other types of real estate? I'm going to get you the third question.

I'm going to give the floor to Vicente Avellar, thank you for the question. We still have seven airports to absorb this year, actually six.

We got Uberlândia this month, and six airports thereafter. There's still a great part of the contract, Congonhas, the main one of the 17 that we're working, but there's still an important base even in cities that we have shopping malls.

This is an effect that is doubly effective. We can leverage the revenue of media of the airports and connecting with the shopping mall network, and we become a vehicle that is very powerful of media in the city.

Congonhas Airport, it's important to notice, just now in April, there was the exclusivity total for the contract of Congonhas. There was still some operators with contracts until last month.

That made the revenue be a bit divided. There's a potential upside in Congonhas looking ahead, which really just reinforces how much this growth is being healthy, and it's important for helloo.

Good morning. Can you hear us?

Because we didn't hear the question.

Good morning. I have a few...

Hi, Jorel, you can talk. Okay.

Sorry, I was on mute. Hello, everyone.

My questions are about inflation and the impact. First, I wanted to know how do you see the impact of the cost of construction that we see that is accelerating?

Is that impacting your appetite for your pipeline for the developments, and also does that affect the yearly costs that you're projecting? The second one, about your inflation in consumption.

You have the tenants, how the inflation impacts the future losses? Do you see them ready to give more discounts or do you think that they're more limited because the inflation is impactful?

Thank you.

Great points. A great deal are conceptual and economic.

I think that we went through the worst phase of the exposure of the capital. We have the pressure of inflation is not that big.

The pressure was more because of the fiscal, and I think that we have a lower interest rate, and we're going to have an easier environment when you don't have the level of cost that we have. Now we haven't seen a concerning level.

Inflation is lower because of IGP, and now some are going to reflect the height of oil, but this is a factor by which we don't have any control. To be ready with good contracts, and we have to attract the consumers to the shopping mall, it's difficult.

It's difficult to predict a new macroeconomic scenario as the manager of the company, but we understand that this is non-stop. The first point, the reason why we have projects that are shorter, quicker, for the development, for the expansion, is because of the uncertainty.

The levels of uncertainty is the cost of construction in Brazil. In fact, we are doing projects that are quicker, the budgets are simpler.

Of course, we are aiming to do something more transformational, something more important. When we have an interest rate that is more accommodated, that's where the inflation perspective is anchored.

Two important factors to reduce this uncertainty, that's why the Capex is slower than last year, and we are monitoring all the projects. Thus far, all the works were delivered in the time and budget, with all the projects that we're doing with our partners in Maceió.

Same thing that Vicente commented with Tijuca, also time and budget, and probably working with Jorel in the commercial domain that is going to build out quicker. What is driving these results stronger than what was projected, and not so much the INCC, the question of the quality of the projects.

Thank you.

Can you hear me now? Thank you for the opportunity.

One question regarding the recent MOUs. There's a format that is not usual, which is locking the assets.

Can you give more context about this movement? That would be very interesting to understand if this movement can be more recurrent.

Thank you, Carmen. I understand that you're asking about the entry, the increase in the participation in Campo Grande and Caxias do Sul, because of a reduction of participation.

What happens? Curitiba's sale has a different dynamic.

We don't have a position of leadership. The shopping mall, it's a good mall, but it has a very mature brand, and we want to be leaders in the main markets.

This is something reasonable with an operator that can extract value for their local position. That's the logic.

Here, with the exchange in participation, we do this movement in the sense of keeping governance at Taboão, use that as an exchange rate with another investor, we can increase the participation in two malls that have development potential and direct growth quicker. Campo Grande, which is something that demands more area, GDP that grows higher than the average of Brazil, and also because we think we can get to a participation of having a better participation than what we have, with an increase of participation in assets that will generate value in a quicker way.

That's the logic. It's difficult to see these opportunities because there is interest on the both sides, we might sell the participation in a shopping mall and do a test buying a different shopping mall, or even with a new shopping mall.

We have the objectives of having a return rate that is adequate to the cost of capital. That's number one.

There is something that would justify the return rate or the qualification of the portfolio and reinforcing our potential for growth with a known discipline with the capital allocation.

Thank you, have a nice weekend, too.

Thank you. Congratulations on the results, the experience of Tijuca.

I wanted to ask you a question, and I think that at this point maybe you can comment. The deal with Kinea, without getting into numbers, we go to the end of last year, you mentioned in the third quarter that I don't know if that was the exact words, but it was not great, and you needed to re-leverage.

We have the announcement of the dividends, the range that is expected for this year in the month of December next year. This year, you announced in this deal with Kinea that potentially you can raise a value that is more significant, and I imagine that it's going to keep the company deleveraged with a capital structure that is suboptimal.

One thing doesn't annul the other. You need to re-leverage, and what can be the use of money?

You should have mapped a series of new investments, given the message that you passed of leveraging the company more. Thank you.

Thank you for the analysis. I think it's very good.

It is very difficult to say. It's difficult to imagine oil at 120.

That's why it's important that we do careful movements. We have to be ready for any scenario.

The company has to survive any scenario that is macroeconomic rupture. It's difficult to say what we're going to do with the resources.

Now we should think that the company, I am creating an option, and if this business works out, we can have a good problem of deciding where we're going to allocate the capital and how were the projects of the return to the shareholders. One thing that we realized is that the most important thing for the return is we return R$4 billion in the last three years for the shareholders.

If you look at the market cap of the company in January of '23, we concluded the fusion, we returned the equivalent of 40% of what was the market cap for that moment. The company is worth R$15 billion, R$16 billion.

The predictability of sales is what makes our differential in terms for the investor. Giving the conviction that this is based on cash flow and capacity for healthy leveraging and with predictability for the next years, maybe that's going to be the most important in this aspect once we've done the reduction with the repurchasing and with the dividends paid before.

Giving this predictability is the most important for us, and creating opportunity for growth with projects that create and make sense and not growing at any cost, which is not the characteristic of the company. We're growing with return, with good results for the shareholders, and what doesn't generate results for the shareholders is not what we seek as a company.

If we have to leverage the company, it's going to be a good news because we're not creating something new. Thank you.

Good morning. If you can talk about sales, second quarter specifically, when you see the rhythm and the beginning of the second quarter, and the other question is more to understand the specificities of the values by the ex-partners, and that's it.

Elvis, this receivable is an action that we received in an arbitrage that we had to adjust the price. We received the resources with a former partner in the terrain that we had, and now we received.

I'm going to let Vicente reinforce.

Elvis... Our perception is very similar to what we've seen in the first quarter, in April and now in May.

We have a positive expectation for Mother's Day. It's moving along the same speed.

We are trusting that it's going to work.

Thank you, Rafael and Vicente.

Thank you. Two quick topics.

One about Capex. First quarter is weaker, but just to think if there is a difficult economy when you see the range of 350, 450, maybe the inflation is pressuring more, wanted to get some color.

Another point, I don't know if you can add a lot on VAT of the tax for next year, and is there any news, thinking about the delinquency of the sector. This is with a delinquency macro for a long time, and this can remove the strength for or give more space for the legal discussion, just wanted to understand these points.

Marcelo, well, this is important. Capex, if we can do this operation, it's not because of de-inflation, it's because we were successful in the approvals and the development.

It's well budgeted, we are very well higher than planned. We have projects that are very good, and there is a release with a huge shopping mall in Parque D.

Pedro. These are projects that can work well because the revenue gets in well, quickly, but these are projects that qualify the shopping mall without the need to create a new area without creating an expansion.

These projects, they are going to generate a growth for next year. We are convicted, and we are not doing trendy bets.

We are working with the numbers because of what we have in Brazil. In next year, we hope to be better.

In terms of taxes, my impression is that I'm certain that about the instruction with the passing on of the taxes, any place in the world where IVA goes up on the price that is hired. We don't have legal permission of doing it in a different way, and we worked very close to have a scenario with the mildest possible for the tenant.

You have the industry that has the less impact for the commercial partner, with hospitals and the school. Our industry is the one that is best positioned to take care of this relationship in a fair way, and not only us, but all of our peers are going to have the same attitude, because it's the right thing and we fought for non-aliquot, and we hope not to have problems with the implementation of the tax.

Complementing, we have the mission in 2026, we are issuing service invoices, and in that segment which is rent, we have a determination of starting to issue on August 1st. What we're looking at is the refinement of the systems to be able to fulfill this efficiently.

Complementing the impact, and we're dealing with the tenants, there is a period of transition, and the benefit that the sector could get will make this transition better. We have an impact in revenue of rent below 3% next year.

With this transitional period and with all the benefits of the sector, we can go over this phase in a softer way. Should you want to ask a question, raise your hand.

Since we don't have any more questions, I'd like to give the floor to Rafael Sales for the closing of the event. Guys, thank you once again.

Thank you for the interest in our results. Our IR team is available, and we are going to do meetings with investors, and we are going to clarify any questions.

Thank you, and see you in the next quarter. The first quarter of '26 earnings call of ALLOS is closed.

Thank you for your participation. Have a nice day.