Good afternoon, everyone. Thank you very much for your interest in the results of ALLOS.

This third quarter the company consolidated the integration with the conclusion of the process of unification of the ERPs, overcoming the stage of stabilization, and today we have a structure of back office and systems that is very robust, integrated, running without hiccups. Another important pillar of our integration thus far is that our operation as a whole in terms of revenue, relationships with tenants, growth of sales, launching expansions, was done without ruptures, which is something rare.

We know of the challenges of an integration and an M&A. We saw the companies that have done important transactions through the years.

They consolidated their industries and they had difficulties. For example, they had write-offs, they had difficulty in the cultural integration, the results dropped.

ALLOS, all the time through the fusion and thereafter, we had growth in all quarters since our creation in March of '23. I'd like to say that the operational excellence is the second point of highlight in the integration of the culture of ALLOS, and we are demonstrating that we are in a good path with our business team working together, developing new opportunities, and we're moving forward.

Third point that I'd like to highlight is our reworking of the portfolio. We've done many disinvestments.

We are still investing in our shopping malls, specifically in those that are highlighted in our portfolio so we can continue to grow more. This is all in regards to the results that we've already seen in the past.

Our gains in selling through square meters and NOI through square meters, in general terms, are very positive since the fusion, specifically when we look post-pandemic, that we have very expressive results improving in a highlighted way the operational efficiency of our business. The fourth pillar is our balance sheet, an exceptional work that was done through all the team that improved our financing.

When we did the fusion, the new company in January of '23, we used to run the cost of debt of CDI plus 2.5%. Now we have a cost that is much lower than that.

The last capture was even below the CDI index. This allows us to, as soon as the interest rates drop, we're going to capture the total effect of the drop of the rate once our spread is very low, which is compared to the best companies that access the market.

As a demonstration of that, we've kept our AAA ratings that today give us a unique balance sheet to access the capital markets. Therefore, today we look inwards after this integration that was successful, and we look at a few opportunities that we understand that are important, and we already started to attack those.

One of those is to gain more operational efficiency. Once we integrated correctly the company in a post-fusion moment, and therefore we can continue to deliver growing results in the quarter without hiccups.

The opportunities are in optimizing processes, reducing bureaucratic flows, trying to be more efficient, and therefore we are implementing since the inception of the year a gain of efficiencies of short, medium, and long term. In the short term, we already executed important measures over the last quarters, implemented a reduction of organizational structure with the processes that will generate results from the first quarter of '26 onwards.

As you can see, this quarter we've had a drop, robust, of costs in 8%, which confirms the trend from the previous quarter. G&A is flat regardless of the inflation in the year, but the adjustments that we've done, we can see drops of expenses from the first quarter of next year onwards.

This is a gradual process done with care, respecting the culture of the company and continuing to deliver an execution of excellence, which is our main objective. Another important possibility that we have from this successful integration is trying to find a more efficient capital structure, re-leveraging the balance of the company.

Today we have a lot of liquidity. We're running with a cash flow much higher than we run in the past for two important factors.

First, because of the great conversion of revenue in cash. We generate a lot of positive cash flow.

Secondly, by the reduction of our indebtedness and our cost of debt. With that, we are very comfortable to be able to re-leverage the balance of the company step-by-step, keeping our current capital structure.

Now I'd like to go to the next slide and we're going to talk about the selling operational results. Third quarter we sold over R$10 billion, a growth of 5.5% in regards to the same period of last year.

This result had even with the impact of the movies that didn't have a strong public in the last year with no strong launches in '24. This factor influenced the same-store sales, which grew 2.9% against a base more robust of the third quarter of '24, which grew 6.2%.

To illustrate, same-store sales in cinemas in the third quarter of '24 grew 11%, which makes it difficult for a base of comparison. Since we've confirmed over the last quarters our selling continue to overcome broadly the selling of the retail in Brazil and the ABRASCE shopping malls, which reinforces the gain in market share in the main regions that we are and we capture more and more the attention of our consumers and clients.

The regional highlight for this quarter was the North of Brazil, with the malls that are there that grew 8.8%. Slide three.

Now let's discuss the commercial position. We reinforced the leadership and attractiveness toward tenants, and they've demanded ever more consistent spaces.

It's a surprise given the macroeconomic complex scenario of high interest rates much higher than we expected at the beginning of the year when we did the budget of last year. This quarter we signed 249 241 new contracts, and we closed the period with an occupancy rate of 96.5%.

Amongst the launches, we have two stores of Farm in Shopping Center Caxias do Sul and in Catuaí Shopping Maringá, besides a Coco Bambu in Independência Shopping, two stores of Sephora in Mooca Plaza Shopping and another one in Shopping Campo Grande. We have to say the H&M shopping mall H&M store that will be launched next year in NorteShopping, and we launched on October 30th the first H&M store of the portfolio in Parque D.

Pedro Campinas, and had a strong performance of sales at the beginning. Let's talk about the results financial.

Slide four. We've had a solid performance of sales that resulted in real gains of rent.

Third quarter of '25 we had a growth of 6% in rent revenue, same-store rent 6.5%. The media segment, we started the operations in airports at the end of July, still in an accelerated rhythm, ramp-up, growing 25.2% when you compare to the third quarter of '24.

Now the parking lot revenues, they've also highlighted with an increment of 10.2% in the same period. Combining the growth of revenues and the reduction of costs and expenses, we've had the results of NOI and EBITDA, they were leveraged with gains in the margin.

Our costs dropped a lot, 8.1%, and our expenses of SG&A were stable regardless of the inflation. The NOI got to R$586 million, an increase of 7.8%, and the EBITDA margin closed with 73.2%, a gain of 100 bps in regards to the previous years.

I'd like to say that the revenues of our restructuring of the organization and the efficiency program still was not captured in the G&A of the quarter. We should capture it in the next quarter.

It's something that we should check in the next call. In regards to FFO, we've had R$305 million in the quarter, an increase of 3.5% regardless of the interest rates much higher than the previous year.

The FFO per share, which is a highlight, grew 9%, pushed by the repurchasing of shares in the period. To conclude, and complimenting what I just told you at the beginning of the call, over the last years we've had several strengthenings of our portfolio and we did investments that were important in our malls.

Now we are deleveraging even more our balance sheets. When the interest rates climbed up, we were going through deleveraging in the company, and we went through the high interest rates with the indebtedness dropping and the cash generation strong.

Now we can use this moment to make a strategic decision given the current scenario of the economic growth of Brazil with the political uncertainties and the cost of capital still high. We opted by reducing investments, which would make us even more deleveraged.

That's why it's natural that we make a decision of not keeping the company with so much cash flow. I don't think it's healthy to keep the rich company in cash flow.

It's not a synonym usually of efficiency. Therefore, we're giving a guidance of dividends that was already approved by the Board.

Based on an expectation of keeping the company with a leverage that is closer to two times net debt over EBITDA, we're going to increase our dividend in almost three times, as Dani will detail up ahead when we talk about the intention of reducing CapEx and keeping the capital more leveraged. I'll give the floor to Dani, and I'll come back in the Q&A.

Thank you very much.

Thank you, Rafael. Good afternoon.

Now let's talk about our operational indicators. The cost of occupancy closed at 10.

10.5%, 30 bps above the previous year, capturing the opportunities of closing the new contracts of rent and renewals with the leasing spreads that are real. The net delinquency is controlled and stable with lower levels, closing the quarter in 0.9%.

The comparison with 2024 reflects the renegotiations that are pinpoint that occurred over the last year without structural impact in the quality of the base of tenants. Slide six.

Continuing the case study, and now we would like to highlight the strength of our shopping malls in the Southeast. ALLOS has 21% of market share of sales in the region with four of the top five shopping malls in sales and NOI per square meter located in the Southeast.

This reinforces our leadership and capacity of generating results that are superior. I recommend that you read the release.

Going to the next slide, let's talk about the media business, which is one of our engines of growth. In the third quarter of '25, the media revenue grew 25.2% in regards to the same quarter of the previous year, representing 18 8% of the gross revenue of the company, an advance of 130 bps.

This performance reflects a higher business volume pushed by the seasonality and the strengthening of the fourth verticals of actuation that already works at the airport since the end of July. Our financial management still efficient.

The average rate of the financing of the company in the quarter was CDI plus 0.7%, which resulted from the several actions of liability management that we've done in the previous quarters. The profile of the indebtedness is still 98.2% indexed to the CDI and 1.8% pre-fixed with a leveraging of 1.7 times net debt over EBITDA that gives us flexibility to study different approaches in the capital allocation, as we will discuss up ahead.

Going to the next slide, let's talk about the front of efficiency and expenses. This quarter we followed the program of gains of efficiencies with the simplification of structure and the processes of ALLOS, and we are getting the low-hanging fruits.

When we compare the SG&A over the last 12 months where the values of 2022 are adjusted for inflation, we reached a reduction of 13.4%. As Rafael said before, we've done a relevant reduction in the organizational structure that had an impact in this quarter, but that will affect the SG&A more relevantly from the first quarter of '26.

Next slide. Aligned to our capital allocation strategy, we defined the new projection of the CapEx for 2026 between R$350 and R$450 million, a reduction of R$100 million in regards to the estimation for 2025.

This decision reflects our strategic vision facing a macroeconomic scenario that is challenging. We will prioritize small projects with quick implementation and bigger returns, maintaining efficiencies and generation of value even in an environment of macroeconomic uncertainties and political uncertainties.

In other words, we will do intelligent and responsible investments seeking efficiency in the capital allocation. In that sense, given our great liquidity in the balance, the strong generation of cash flow, our schedule of amortization of financing, and the provision of reduced CapEx so we can keep the capital structure more efficient, we adopted the strategy of re-leveraging our balance to around two times the net debt over EBITDA, returning the cash to our shareholders.

With that, the Board of Directors approved the payment of R$146 million in dividends for the month of December of '25, and for 2026 we have approved the guidance between R$0.28 and 30 cents per share per month, which is about three times more than what we were paying monthly through 2025. The prediction of dividends to be paid between December of '25 and December of '26 should be a total of R$1.9 billion.

These results show that we are delivering growth, efficiency, and generation of value for our shareholders. Thank you for your interest in ALLOS.

Now we're open for the Q&A session.

Hi, guys. Good afternoon.

I'd like to ask a few questions. It's more related to the dividends, not so much the quarterly results.

I'd like to understand more. It's a discussion that we've had in the past about the utilization of the reserves for the payment of dividends.

I remember that the last conversation that we've had, you had an understanding that maybe you could use just in a buyback, not just the dividend, but since you announced now this guidance of dividends, I would like to understand if something changed in the understanding, the lawyers, etc., and then you feel comfortable to utilize this reserve. Also, second question talking about dividend.

The guidance is a payment that is monthly next year. I want to understand, given that the company has made this decision of paying the dividend, wouldn't it make more sense for you to announce and pay everything now once we have that issue of the discussion of the taxation?

Wouldn't it be interesting to anticipate? Then I want to understand the rationale of why doing it monthly next year and not this year payout to avoid taxation.

Lastly, I want to understand how do you think about the recurrence of that. Of course, the guidance is only for the next year, but thinking about '27, '28, you would still be below the projected what is '26 in terms of EBITDA.

Do you continue below in two times net debt over EBITDA, but on the other hand, there is the reserves? If there's going to be reserves in '27 to keep a dividend so high given that the net revenue is less than the distributed dividend?

I want to understand how you foresee the possibility of keeping this threshold of dividends maybe thinking about '27, '28. That's it.

Thank you.

Hi, Cambaúba. Starting with the canceling of shares, we have comfort and we can distribute through canceling or the distribution of dividends.

When we discuss in regards to the monthly payment for next year, the issue if there's going to be taxation or not, when we talk about the part that was already announced of December that will be R$146 million, it's announced and it will be paid in December, it's before to the new legislation, we will not get taxation. We're studying with our lawyers and our consultants that the law was just published.

We still need to understand what is the best way of declaring those dividends for 2026. Would you like to compliment?

No. Cambaúba, hi, Rafael.

In terms of balance sheet and capital studies, the most important is to understand the dynamic of the rationale. Rationale is company stabilized, completely post-integration, results predictable, strong, even though the growth is not so strong as we would like in Brazil.

Because of these issues, the cost of capital, the leverage of the consumer, it's not a moment of accelerating investments, we are reducing the investments, natural that we will keep the expenses dropping. We're going to have more cash flow in the operation.

Therefore, we still have a CapEx that is interesting to keep the shopping malls attractive, to bring news as we have announced. We will still have capacity of investing in the business, but given the growth that is more moderate, we also invest less, and there is some capital left.

We're going to try and find, and we go back to re-leveraging the company because at no moment we totally deleveraged the company. At the moment of post-integration and in the middle of the process such as these, we're more cautious, less leverage.

Therefore, we have a high cash flow in the company. It's a cash flow that, a company with R$3 billion in a cash flow, it's natural to distribute this cash.

At the same time, we understand that the adequate way is a gradual way, step-by-step. That's why we preferred the monthly payment of dividend instead of paying the lump sum of one time and leverage the company once, because the overview of having a recurrent payment, we understand that is positive for the shareholders to create the recurrence of the return that the company provides to the shareholder.

Between taxation or not, several of our shareholders will not be taxed with the change in the funds in Brazil. Several funds are not going to be affected in that way.

We need to do what is more adequate for the strategy of the company and not necessarily guide ourselves through taxation. The idea is to pay in installments monthly.

Having said that, the publishing of the dividends can be done differently depending on the final interpretation of how there's possibility of announcing and paying afterwards, and we're studying. That's why we're announcing that the intention is to distribute this range of 28% 28 cents, sorry, and per month, and as necessary, we define the way of payment over the next months.

The recurrence of that for the future, I don't see any limitations, actually, because of the cash generation and the data that the company is going to have next year and certainly 2027 by all the projections that we have analyzed, and also by the deleveraging, natural deleveraging, that we're going to have in a positive combination of interest rates dropping and the opposite, which is the interest rates high going up, and even we could deleverage and with the financial expenses, the CapEx grew regardless. All of this allows us to state that given the current scenario of growth and the CapEx in the level that we are announcing and with less expenses and more cash flow, it's natural that we keep levels of dividend similar to these using the recurrent revenue and the reserves that we are creating.

We discussed in the Board on the 2026, which is obviously the way that we can work, and we cannot tell you the dividend of '27 now, but doing the projection, we have in the company the possibility of keeping the level of dividends and the interest rate dropping, it's going to be more attractive with a smaller interest rate this year. It will be more interesting for the investor with the return.

Of course, if there is great opportunities of growth, we're going to discuss this with the investors, and also we can leverage the company even more. There's still a lot of space for leveraging in the balance sheet that we do not use because of the current scenario of uncertainties of the interest rates and the macroeconomic and the political uncertainties that doesn't allow for the growth of Brazil that could unlock more investments than what we do today.

Today we consider that is far far away. That's why today our scenario is that what we are saying to you.

At the same time, we are keeping a great level of investment in our business. Thank you.

Thank you, everyone. Quick point.

Deleveraging seems okay in the cash generation. My doubt is in the projection with the FFO, with the cash generation that we're going to use almost all the reserves if you don't think that in '27, '28 can we go through the same limitation with the reserve issue?

In your projections, the revenue grows so much that we get to close to that dividend? That's my doubt, because in the leverage, I don't think that there is a limitator.

Actually, look. The most important part of this is the recurrent cash flow.

Our cash flow is recurrent. It's paying the dividends, the recurrent, which would be a big absurd.

I agree with you. From the material standpoint, what is the most important is what we think that is sufficient to pay.

On the partnership issue, there are several strategies, even going back to using the repurchasing. What's interesting to us is that there are ways of generating reserves.

There is the recurrent net revenue to be generated by the company. The most important thing that you've discussed is the cash flow and the leveraging gives the economic fundamentals for the distribution of capital.

This is an important value for us.

Perfect, thank you.

Hi, good afternoon to the team. Thank you for the opportunity.

Two questions. There was a reduction of operational expenses that led to an improvement in the margin.

I want to know how much of that is synergies of fusion or that's initiatives from the company? What can we expect looking up ahead in terms of capturing of efficiencies?

The second question, given the perspective of growth of EBITDA and NOI after next quarters, an environment that we know that is decelerating in the economy.

Hi. As we discussed in the release, we are doing a project to gain operational efficiencies in the company.

It's been three years after the combination of the businesses, and after we've done a big process of disinvestment of the assets, we studied our capital structure and we had space to have the gains of efficiency. We've done a few movements in the third quarter, but that you should look at the impact of these movements through the year of 2026 as a whole.

That in general is a project that is not simply that starts in a month or ends in the other. This is a journey that will take some time, and we will go over not only the expense structure, but CapEx that resulted in this reduction of CapEx.

What we imagine and by decreasing the structure of cost and expenses as the revenue of the company grows, and then you'll see that in the quarters that we are discussing. In regards to the growth of EBITDA and NOI, we are trusting that it's going to be within the guidance that we have, and we are seeing a commercial strength that is very good, very interesting.

We saw the third quarter of signature of contracts very strong. When we look at September in and on itself, we're talking about 90 contracts.

More so, we added a lot of areas because of these contracts, you see a response in the occupancy rate. In general, in this quarter we've seen a recovery of revenue of rent because of IGP.

There is a deceleration, natural one of IGP for the fourth quarter, but we believe that with this process of efficiencies, we will be able to deliver an important result. I reinforce what Rafa said, that even with the macro scenario, we have had growth of FFO, and most importantly, the growth of FFO for the share in this quarter.

I'd like to reinforce right now the capacity for generation of capital.

Thank you.

Hi, good afternoon, everyone. Thank you for this space.

We would like to explore this point of the dividends. If you can share with us, how is the composition of the R$1.9 billion in cash flow?

Part FFO, part leverage. We want to understand if there is a potential for disinvestment in this amount.

The second one, we have an operational performance in the fourth quarter. If you can share the performance of October.

You had the H&M in Parque D. Pedro.

If you have the numbers of how is the performance of the store, but we want to understand the performance of selling, the acceleration of October versus the third quarter. Is there any reading for November?

Hi, Ana Julia. Good afternoon.

Actually, October is accelerating in regards to the previous quarter. The base of comparison for the same store in the third quarter was really higher.

We had a bit of a hindrance. We also had a lot of engagement of the consumers in our app.

The growth of the same store certainly better than the third quarter. The total sales as well.

The launches that we discussed in the call are very important. Some of them are consequences of investments that we've had.

For example, the H&M is a consequence of the redevelopment of the area of Parque D. Pedro, and consequently it attracted new stores.

It is an area that had something totally different from what we were working. It's fashion and lifestyle, and it's a consequence of the investments that we've done.

The investments are maturing, and we have the launch still this month of Maceió along with Multiplan. It's exceptional what we've had, and the other project that we are working, Shopping Recife, that is already open, but we're going to do the complete launch of this month, and several other projects in Bahia complimenting, and we completed this movement.

Several projects that will lead to an improvement in the fourth quarter that should be affected by these news. This is the dynamic of the fourth quarter.

It's apparently better, but the comparison based of third quarter was higher, we saw the same-store sales in the third quarter of '24. In that way, I would like to say, as before, we are far away from being at a moment that the retail is growing at a breakneck speed, but it's not, but it's growing.

We're getting the fruits, the low-hanging fruit of the investments over the next years, we are maturing. We had a launch that was in the first quarter of next year, and we have the launches of stores that are being done, the works, and we're doing the revamping of VillaLobos, and this is reflecting in results.

Many measures that we have operational growth, and we understand that in October we're doing well, November we are doing well for the fourth quarter. It should be good.

About synergies, I'm going to give the floor to my colleague.

How can we work that 1.9? It has to do with what we are discussing, the capacity of generating the cash flow that the company has.

Improvement operational efficiency, we are reducing CapEx, we are improving the SG&A over the net revenue, and opening more space for generation of cash flow. It's a comfortable position of cash flow, and we are very comfortable.

It's important to mention that we don't have any other disinvestment, it's not at the moment. This is not the scenario of disinvestment that is favorable.

We already did several disinvestments, we deleveraged the investments, and that's why we have so much cash flow. None of everything that we are discussing has to do with disinvestments.

It's outside of the projections. This projection is recurrent within the dividends and the cash flow and the dividends.

Thank you, Rafael and Dani.

Hi, thank you for the opportunity of asking a question. I have two on our side.

I'd like to talk about the CapEx, since you were discussing the projection for the next year is a bit lower than what we have for '25. Can you give us an opening on what are the expansions that should pull this CapEx, and thinking about the long term, what are the shopping malls that still have a potential for expansion?

The second question has to do with rent, IGPM. You discussed the IGPM that is accelerating and that has generated during the rent difficulties.

Can you comment on the perspective of rent for the next quarters, the negotiations with the brands that just closed the contract? Thank you.

Hi, Carla. Thank you for the question.

The CapEx, these are projects that are smaller, pinpoint, the expansion of Tijuca. We have the project of Manauara Manaus, and taking that, we have a case-by-case revamping, a change of restaurants, everything very pinpoint that generate results still within the year.

It's important. These are projects that are focused at most 12 months of maturation, which is the focus of the next year in terms of CapEx.

A CapEx that is more focused in quicker projects in a more challenging year given that we've expanded the big expansions that were done until the end of the year. This is our guidance that we have today.

We don't have any project that will demand a percentage that is much higher, more relevant than the CapEx. These are pinpoint issues.

It's smaller because we have a reduction if you take from 2022. The two companies had invested over R$800 million, and then an amount in 2023, less, '24, '25 higher numbers, it's natural that we have a smaller CapEx.

We have the potential for expansion very big in the portfolio. Many of the projects, we've had over 200,000 m of potential of malls amongst 5 million m² that we can develop of multiuse.

We have at least 300,000 m² of shopping mall, but we're not in Brazil, and we cannot do so big relevant expenses right now. We have two projects that are very good to implement, and we have Campo Grande.

We have to wait the correct moment, and the approvals are ongoing, and in a scenario of growth that is stronger, we have these projects that will take some time of implementation because of the time of approval, of course. About the rent, as we commented, we've had an increase in this quarter, and naturally the increases in the second quarter reflected in the third, and we see a deceleration of IGP.

With this commercial demand that we've had, we start to occupy more the portfolio, because we have a perspective that is more positive when we talk about revenue. It's important to highlight that the company is diversifying its sources of revenue through the year.

We've grown in our service line, the media that we've had the relevant growth. Beyond rent, we are being able to deliver significant results, and with the growth of bottom line even in a scenario that is challenging with the interest rates of 15%.

We've managed to generate cash flow, we have the return for the shareholder.

Thank you very much.

Hi, Igor. Actually, the guidance of dividend, it comes through the cash flow.

We're going to deleverage the company very quickly looking at the end of '26. With less CapEx, less expenses, we re-leverage the company through a bigger return to the shareholder trying to be two times the net EBITDA.

If we believe that we're going to be beyond the two times of leverage. Sorry, can you repeat the question?

There is a point that if besides the two times net EBITDA, do you still see the dividends in regards to the performance of the FFO?

Since you have those two indicators. Actually, the capacity for payment of dividends in the end and cash flow as a whole, the FFO is a part of this cash flow composition.

The FFO is part of the cash of the company.

Thank you.

Hi, Rafael, Dani, thank you for the call. My question is, now that ALLOS is working with the sector, and we want to understand how do you foresee the trade-offs between changing the structure of the company for the real estate fund now that there is more space for leveraging the benefit, which seems less taxed in a recurrent way, but the trade-off, you would probably have ITBI in the market, but it's one time.

Of course, we know that abroad in the United States, we have active companies that developed that. Can that be replicated here?

How do you see this?

Mazini, thank you. It's an excellent question.

We have here a legislation that really helps with the real estate funds, and we continue to evaluate the possibility of exploring these alternatives. Today we do not see that as easy to implement because of the difficulty in raising capital in a moment such as this in a market that is closed, and also because of the costs of implementation of this transaction, of the one-offs and so on, the cost of construction.

Now, having said that, we can continue to evaluate because a fee where we have the shareholders that are references, we have a trend of having a strategic value that is higher. Even ALLOS being a quota holder, this can be something that can unlock value in the future, creating a vehicle that has these characteristics of long term, and alignment between the shareholder and the manager of the fund.

That can be a possibility, and it's something that management has to explore, but we don't have anything to announce in the short term. We're still evaluating this possibility because of an issue of discipline, intellectual discipline of being prepared for any future scenario with the legislation and the taxation.

The REIT in the United States and Mexico, we have characteristics that are more flexible from the corporate standpoint, it allows for the company to have development, to have leverage that we keep the assets well invested, the shopping mall well prepared. This is one of our concerns, because our shopping malls, we keep a level of investment that we always want to keep them attractive.

If you look per region, we are gaining market share every single year since the pandemic clearly. When you have the numbers of ABRASCE per region, that is clearly.

Keeping the shopping malls well invested, updated, bringing new attractions, new experiences, is essential. That's why the real estate fund structure has to allow for that.

Maybe that's the additional challenge, this vehicle, but it's something that we will continue to explore and consider in the capital strategy of the company.

Thank you.

Thank you. Two points.

I want to understand the CapEx is this threshold that is lower. Is it sustainable if we think about the long term?

The other point in regards to dynamic of the potential recycling, how do you see the real estate funds? Has the conversation improved, the demand for your assets?

You've taken part of the quarter, I want to understand how is this experience. These are the points that are interesting.

Thank you.

Hi, Ygor. CapEx that we're giving the guidance is absolutely the recurrent level and already having many things for growth.

Half of the CapEx is for growth, but for projects that are quicker, that are smaller, spread through the malls. It's important to highlight that our capacity for development is also allocated for the multiuse.

We invest, we work to have the development of this multiuse that generates financial results for us, not so much this year, but this next year we've had a lot of results to be booked over the next years as we launch, and our capacity of development has been directed for that. This is very important because it generates future expansions of the shopping mall.

For example, the corporate hotels, and these investments have to be successful and they bring a better dynamic of using the area and the frequency of the consumers. This is a factor that we have where we don't have the CapEx, but we have work done in that sense.

Also from the standpoint of CapEx, R$350, R$450, it's an amount of resources that is very important that not only keeps the shopping mall updated, but works for the growth and brings new attractions, remodeling the areas of the shopping mall. Everything is contemplated in this CapEx.

In terms of disinvestments and new acquisitions, the redimensioning of the portfolios, we don't see a very active market, at least not in the level that we would like, with a cash utilization. The quotas were more an interesting strategy.

We still have the quotas in the balance sheet, and we've managed to use the liquidity of the market to generate more cash flow. Today the cash is not an issue for the company.

We've finished the quarter with over R$3 billion in a cash flow. We paid a debt at the beginning of the quarter, and even so, we should have another R$2 billion in cash flow.

This gives us a lot of comfort that we don't have to do a lot of transaction in the short term, and as we are looking at alternatives of investment and disinvestment, but it's not a very clear scenario today.

Thank you.

Good afternoon. Thank you for taking my question.

I have two. First, it would be the media revenue.

It grew a lot, including the airports. I want to understand what is the expectation of the ramp-up of the new contracts, which should be a stabilized threshold looking ahead?

Secondly, what would be the impact of the exemption of the taxation? Do you see more resources being destined for the market?

Olavo, hi, thank you. About the consumer being the second part of your question, obviously we imagine that there's going to be resources that are going to come to the market with the families have the exemption of R$5,000 and even the reduction of taxation.

Having said that, we have the consumers that are also leveraged, and so there's no silver bullet in growth. Actually, the right way of growing is by building generation of real wealth and not artificially through decisions that are populists that lead us to get the fiscal debasing in Brazil.

Even though it can generate on the short term for us in the first and second quarter, we know that these are measures that are not the adequate way of managing the public accounts. Brazil should be privileging the jobs.

That's the best policy, good generation of jobs, and it generates the wealth for the people of the country in a recurrent way. This is the way if we see more consumption, it's temporary.

About the media, I'm going to let Vicente comment about the ramp-up.

Hi, Olavo. Good afternoon.

This is Vicente, and we are very excited with the selling of the airports thus far. Within the business plan, we have approximately 75% of what we predicted in the second quarter, which represents November and December that tend to be very good months.

They can be positive and surprising from our initial prediction. This is positive.

In the margins, we also see good numbers ahead. Naturally the lines of shopping malls tends to grow less than because it already had a big acceleration of the next years, but the line of home, which are the residential buildings and airports and all the products that we've developed due to the strategy of data of ALLOS, these lines, they tend to grow a lot because we still have a perspective that is very young, very new.

We don't know what is the limit because these are new products and very interesting for the tenant and for the announcers once we can combine the data of the shopping malls to increment the product for the tenants and to generate more selling and generating more conversion. Everything that we are very excited, and we see a perspective of good growth for 2026.

Thank you for the question.

Thank you. Have a nice day.

Thank you very much for your interest in the results of our call. The IR team is available should you need any more clarifications.

Thank you, and see you on the next results of the fourth quarter.