Good morning, everyone. Thank you very much, once again, for your interest in Cury and for following our second quarter 2026 earnings release call.

Today, representing Cury, we have with us, in addition to me, Leonardo Mesquita, our Co-CEO; Paulo Curi, our Co-CEO of Engineering; and João Mazzuco, our CFO. Throughout the presentation, we will make comments on the main highlights of Cury's operational and financial performance.

At the end, we will open for the Q&A session. I would like now to hear the message from the administration.

Good morning. The first half of 2026 was marked by robust operating results, reflecting the consistency of the company's strategy and the discipline in execution.

We maintained high levels of launches, sales, and strong cash generation, reinforcing the differentials of our business model. Throughout the second quarter, the macroeconomic environment remained challenging, influenced by geopolitical uncertainties and tensions.

Given this situation, we continue to act with discipline, prioritizing the protection of margins. As for financial indicators, we obtained record net revenue driven by consistent advances in construction productivity and continued focus on efficiency throughout the operation.

This direction was also reflected in the acceleration of transfers and registrations, increasing commercial expenses in the period, but contributed decisively to strong cash generation. As a result, the conversion of net income percentage Cury into operating cash reached 72% in the last 12 months.

We remained faithful to the pillars that support our trajectory: from careful selection of land to the strategic use of associative credit model, through excellence in execution, always focusing on cash generation and profitability. We had great commercial performance in July, emphasis on the launches: Saudosa Praça XI in the central region of Rio de Janeiro, with PSV of 171 million and sales above 80%; and Cidade Parque Guarapiranga in the south region of the city of São Paulo, PSV of 375.8 million, more than 40% of the units sold, reinforcing the solid demand for our products and the correct commercial strategy.

As part of the evolution of our ESG agenda, on August 7th, we published the fourth edition of the Sustainability Report and launched the company's new sustainability website, increasing transparency about our initiatives and reinforcing our commitment to creating sustainable value in the long term. Shareholders' compensation remains a priority of our capital allocation strategy, reflected in the dividend distribution announced today, which shows our ability to transform operating results and cash generation into value creation.

I now hand it over to Ronaldo Cury.

From now on, let's explore the highlights of our second quarter 2026 operational and financial performance. We achieved a record in production with 5,737 units; a historic mark of 26.1 billion Brazilian reals in landbank; and an operating cash generation of 144.9 million Brazilian reals, our 29th consecutive quarter of positive cash generation.

We also had record net revenue of 1.7 billion Brazilian reals; adjusted gross margin of 39.8%; net income of 270.5 million Brazilian reals; and our ROE reached 73.6% in this quarter. I'll now bring more details on our operating results.

In the period, we launched 11 projects with PSV of 2.3 billion Brazilian reals, increase of 1.4% over the second quarter 2025 and reduction of 14.7% over the first quarter 2026. In the first 6 months of 2026, we reached 4.9 billion Brazilian reals in launches, reduction of 2.1% over the same period of the previous year.

The next slide, we show the main projects launched in the period: Linea Água Branca in the west region of São Paulo, launched in April, PSV of 343 Brazilian reals—reals with more than 60% of units sold, 343 million Brazilian reals; second is Luzes do Rio, [Lamparina?] condominium, launched in April in the Porto Maravilha region in Rio, totaling PSV of 139 million Brazilian reals and 68% of the units sold; Novo Mundo Curuçá 2, launched in April in the eastern region of São Paulo, PSV of 424 million Brazilian reals and over 80% of the units sold.

Regarding net sales in this quarter, we reached a total value of 2 billion Brazilian reals, reduction of 9.5% over the same period in 2025 and 11.2% over the first quarter 2026. In addition, our net SOS in the quarter was 40.5%, 4.8 percentage points lower than in the first quarter 2026 and 7 percentage points lower than in the second quarter 2025.

In the 6 months of 2026, net sales reached 4.4 billion Brazilian reals, reduction of 0.4% compared to the same period of the previous year. Net SOS in the 6 months 2026 was 59.1%.

Moving on to the next slide, the average sales price in the second quarter 2026 reached the level of 331,000 Brazilian reals per unit, representing an increase of 1.7% over the first quarter 2026 and 6.9% over the second quarter 2025. In the last 6 months, the average price reached 328,000 Brazilian reals per unit, amounting to an increase of 5.8% compared to the same previous last year.

In this quarter, 95.8% of sales made had unit sale price of up to 600,000 Brazilian reals. Regarding the landbank, we ended the second quarter 2026 with a record of 26 billion Brazilian reals in potential PSV, amounting to 84,055 units.

Currently, Cury's landbank is composed of 19.2%—sorry, 19.2 billion Brazilian reals located in São Paulo and 6.8 billion Brazilian reals in Rio de Janeiro. To close with the operating indicators, we have operating cash generation reaching 144.9 million Brazilian reals in the quarter, the 29th consecutive quarter of positive cash generation.

In the last 6 months, we reached 238.2 million, or 84.5% above the same period last year. Let me now hand it over to CFO João Mazzuco.

João, please?

Good morning, everyone. Let's start by highlighting our net income.

In the quarter, we reached 1.7 billion Brazilian reals, meaning growth of 4.8% over the first quarter 2026 and 25.5% compared to the second quarter 2025. In the last 6 months, net revenue reached 3.3 billion Brazilian reals, increase of 28.9% compared to the same period in the previous year.

The next slide, we can see a record number in our gross profit, which reached 668.4 million in the second quarter 2026, increase of 25.5% over the same period in 2025 and 6.1% compared to the first quarter 2026. Our gross margin reached 39.5% in the quarter, decrease of 0.1 percentage point compared to the second quarter 2025 and increase of 0.5 percentage point compared to the first quarter 2026.

In the last 6 months, there was increase in gross profit of 28.8% compared to the same period in 2025, accompanied by stability in gross margin. The next slide highlights net income of 100%, which reached 311.2 million Brazilian reals in the second quarter 2026, 16.5% above the same period in 2025 and reduction of 11.4% compared to the first quarter 2026.

Net margin for the quarter reached 18.4%, decrease of 1.4 percentage points compared to the second quarter 2025 and reduction of 3.4 percentage points compared to the first quarter 2026. In the last 6 months, we reached profit of 662.4 million Brazilian reals, which is translated into growth of 32.3% compared to the equivalent period last year.

Slide 18, we show net income attributable to Cury. This indicator reached 270.5 million Brazilian reals in the second quarter of 2026, meaning growth of 14.3% compared to the second quarter 2025 and reduction of 10.7% compared to the first quarter 2026, with net margin having reached 16%, which is a reduction of 1.6 percentage points compared to the same period last year and 2.8 percentage points lower than in the first quarter 2026.

Our activity in the last 6 months generated profit of 573.3 million Brazilian reals, representing growth of 27.3% compared to the same period of the previous year. Net margin reached 17.4%, reduction of 0.2 percentage point compared to the same period of the previous year.

Still in 2026, our return on equity, as ROE, reached 73.6%. Finally, we highlight the profile of our financial indebtedness.

We closed the quarter with total gross debt of 1.3 billion Brazilian reals and with cash position of 1.6 billion Brazilian reals, which translates into net cash of 290.6 million Brazilian reals. Thank you very much, and now back to the operator.

Hello. Good morning.

I have two questions. First, I would like to understand, in the current status of Brazil and leverage of families, restricted funding lines, would the company reconsider the launches in 2026 more to 9 billion rather than 9.5, or whether you see and expect no changes?

In terms of improvement of Minha Casa, Minha Vida, we've been hearing about decrease of interest rates in levels 3 and 4 where you have major exposure. Would this improvement make you reconsider your strategy, thinking about 2027, maybe more launches in 2027?

Your landbank has been increasing, I'd like to hear you on all these points. Thank you.

Good morning. Good morning, Igor.

Thank you for the question. Your question has some part of the answer in itself.

We've been observing what sales will look like. July was a very good month.

Launches did great. Now August has already started.

We've been observing the landscape and whether we are going to have good volume of sales or not, so that we can increase or adjust the volume of launches for this year and next year. The second issue concerning Minha Casa, Minha Vida may be an important factor for us with improvement of better funding conditions, which means that if the conditions improve, we can add more projects, especially to leverage some specific kinds of products.

We've been working, Igor, to reach efficiency in launches very close to our sales, which tend to be the main factor to be accounted for. To present, as you mentioned, our landbank is quite well prepared to deal with improvement, with more projects to be approved in different regions in Rio de Janeiro and São Paulo, so that we could really take the opportunities.

Right now, we are observing sales and monitoring them closely to keep the levels of efficiency that we have executed in recent quarters.

Great. Thank you, Leonardo.

Good morning. Thank you.

I have two questions. First, could you please give us some details about the margins of the quarter?

In the previous quarter, some of the budgets impacted the margin, but now the margin is back when compared again against the first quarter. Was it an impact on price increase, maybe projects coming with better margin that impacted reported margins?

In other words, what can you tell us about that? Secondly, we've been hearing a lot about Caixa, all the concerns with default levels.

Do you expect to change the dynamics of approval structure? Tell us a little bit about that.

Thank you.

Good morning, Joana Zico speaking. Part of your question already has answers in it.

We've made an adjustments in the first quarter, bringing down somewhat the margins, and now we are back to the levels that we've been operating at. I believe that from now on, that's what we expect: to maintain gross margins at 39.5% on average, between 39 and 40.

Why? A margin oscillation quarter-over-quarter is expected.

In a quarter, there might be launches with better margin because of maybe location, kind of project, and it tends to be relevant for the margins accounted for in the quarter. There are products which tend to have some lower margins, but you see, in terms of costs, if they remain stable as is—the main question is the war still moving on, we don't know what it will mean in the future, but considering that the cost situation remains the same, our margin is expected to be at that 39.5% rate, just oscillating up and down a little bit.

Leonardo speaking here, Pedro. Concerning Caixa, let me share with you our Cury's perspective.

In Rio de Janeiro, we've been carrying out interviews since January. That was a reality that was known to us and we had been working with.

It has expanded into other regions as well, and I don't think this is an operational problems. We have very good structure and we can kind of outperform the smaller players because we have a very well-organized company relationship with Caixa Econômica, which means we can be fast in our actions.

I think that Caixa is also getting adjusted to the new reality. There are some new professions, some new occupations.

Now Caixa has some new elements considering these new occupations. Especially when we talk about informal income strategies, I think Caixa is paying attention to that, readjusting it financing lines to be modernized and to be ready to embrace this new kind of jobs and occupations.

This is important. It might require adjustments, such as in the end of June.

Sometimes there is an excessive need to adjust, but Caixa has a whole department focused on that. We try to do our part.

We want the credit policy of Caixa to be effective, and all companies and a part of our association act like that. We have data, we have track record of data to help them design a credit policy which is very much aligned with the reality of the people.

Things have changed compared to the past. As I told you, there are new occupations, there are new factors.

For example, the betting websites and how much the betting habit of the population has been impacting businesses. I think healthy Caixa means that we are healthy and the market is healthy.

This is something important to all of us. This is why we are constantly working on credit analysis and data analysis.

That's great. Thank you very much.

I apologize, João. Good morning, everyone: Leo, João, Ronaldo, everyone.

I have two questions. First, you've just launched Praça XI in Rio, seemed to be quite successful.

I'd like to know what's the potential you anticipate of this new area in Rio. Do you think it's a region that can become as relevant as the Porto region?

Would it be comparable to what you have had in Niterói? Please tell us more about that.

A second point concerns—you see, Leo, how do you see the demand in your sales booth? A lot of people are concerned about consumers leverage.

Have you observed a reduction in clients, interest of clients? What can you tell us about competition, especially in the city of São Paulo?

We hear companies complaining of competition, of land plots, of projects. That's what I would like to know.

Good morning, Fanny. How are you?

Praça XI was a launch where we outperformed our only expectation. We had to hold it back for 1 month because of the legislation.

This is a region in Rio that is getting new investments, very similar to what happened at the Porto region. Because of investments made in museum, in changes and new projects in the region, I think it's a region that is going to get more and more traction.

There's still some steps to really unlock the value of some of the land plots, but now we can see more analysis and consideration by the city administration of Rio. This launch, in addition to that, it's as if it were a second step of what has been happening with the Porto, with Praça XI, and the downtown region.

When you go to the Porto, Porto Maravilha, it feels like a whole new district. People are living there, more and more stores are coming.

It's like a new step in this natural evolution. Also, the downtown region of Rio 4 or 3 or 4 years ago had very low price ranges.

Now we can see some launches at 14, 15,000 per square meter. This process of a whole revamping is really evolving, especially in the Porto region.

I believe that we are very well positioned to serve, to speak, the second wave of this region. It is a clear vector of growth of the city.

As to demand, we've been seeing an interesting volume of people showing interest in our units. Yes, there had been the football World Cup, but I don't think the problem lies in the demand, but there is an increased concern with credit, or lack of thereof.

We've been considering having more and more sales booths and sales areas to maintain the speed of sales that we want. We've been trying to have that.

People have a will, buy a house, and in July, concerning competition, our strategy, and I would say even our philosophy, is of having privilege location, well positioned, offering good products. We constantly discuss that, which is, of course, somewhat more complex for engineering, but some of our direct competitors who came from mid and high income level offer very low-quality products, whereas we offer well-located, good infrastructure projects.

By having that, we can offer something that really sets us apart. This is something clear to us.

This is the right strategy. Especially in highly competitive segments, having better location and better products places us at higher levels of attractiveness to our clients.

That's great. Thank you.

Just a follow-up. Third quarter, you expect sales to increase because the first launches of the quarter were good, but there were some launches now in August.

Is that aligned with what you've been expecting?

I still cannot tell you anything about August yet. We've just started making our launches, but in Rio, we are launching a project in Rio.

It's not going to be as fast as Praça XI, which was kind of out of the expected range. Maybe it won't be as fast, but in São Paulo, there is a launch in Vila Guilherme which seemed to be quite interesting, another one in Ipiranga, which is also quite good.

I don't like to say that a 15-day change is a market change, of course not. I understand why you ask that, because of what's happening at the macro level, we believe that one thing will happen and change everything.

The natural flow of our business is to have some level of seasonality. There are going to be one-off different projects.

The demand is good, and we expect some levels of variation. Sometimes we have the right product, the right price range, whereas in other cases, things might run somewhat slower.

I believe that the quarter has started quite well. What is my point?

Our focus is on working on sales force and offering our available units. Of course, we want new launches to work, but we are also working on an inventory of units so that we can sell, transfer, and register quite well the existing projects so that we can maintain the level of construction, to maintain our cash generation policy.

This is our main goal: to have a turnover with high number of transferred units.

That's great. Thank you.

Good morning. Piggybacking on what Leo has just said, my understanding is that the demand is a given, the perspective of sales is better than the financial market anticipated for the previous 6 months.

It seems to be more of noise than anything else, really. Leo, you said that what really concerns you is credit, or lack of credit, and you said that the solution that you've been trying to resort to is to increase the flow of potential customers, maybe get those that have higher income rates.

Why are you so concerned about credit or credit lines, the restrictions that Caixa has been imposing? Is that what you were talking about, or are you talking about a broader perspective of indebtedness of the families of potential consumers?

In addition to increase the flow, do you also think about considering other commercial conditions to deal with these concerns of yours? Secondly, cash generation.

Considering all the noise that we've been exposed to, we can think that cash generation seems to be quite robust to you. Considering the current landscape of smaller operational growth, do you anticipate any situation in which you could increase the distribution that you have been making?

Would there be a situation where there would be excessive cash flow, maybe as you have been really performing better than the market was expecting? These are my two points.

Good morning, Tapia. I'm going to answer the first one, and then João will answer your second question.

Our concern, Victor, is the following: we observe the macro perspectives of the market. Let's take a step back here.

We started the quarter with news of inflation rates that would result from the war. We got prepared to a very negative landscape.

We reviewed our numbers with adjusted prices. We just braced ourselves for the turmoil that would be coming, maybe it would still come, I don't know.

That's the problem: there is more instability than in the past. We started the year that we thought would be strong in terms of sales, but there were a number of uncertainties coming into the market, not only to Cury, but to all entrepreneurs in Brazil.

Our customers are exactly the customers of banks, retails, and all. Families have a higher level of indebtedness.

Aware of that, as we have good demand, we have to be more selective, we have to try to attract as many customers as possible to try to get the best. Considering what's going on in the market, it's no use saying we want more and more.

We have a good level of inventory to be sold, to be transferred, to be registered, and to have a turnover. We want to do it with healthy conditions.

Analyzing the whole market landscape, we always make decisions to be as healthy as possible. Going into your second question, we want to have cash generation.

How can we do that? I can give you an example, something we did in July.

We got a number of projects which had high liquidity. They were with clients that took longer to be transferred, 10 here, 20 there, we tried to work with them and work on cancellations.

They have very high liquidity and we could have them transferred and registered quickly. We want healthy projects, having more and more transferred and registration.

Just starting the next part, or the part of the next question, we always want to really deal with in the understanding of associative credit model.

You see, Tapia, building up on what had been said, our distribution is limited because of the increase of our assets, of our shareholders' equity. We have the benefits of working with this low level of shareholders' equity, which translates in our ROE.

Everyone is familiarized with that, I don't have to elaborate further. Growing less in terms of launch and sales does not mean necessarily that I'm going to have more cash.

There is no direct relation there because of working capital. Growing less today in sales is not translated in the progression of construction phase.

We are working to deliver the 30% growth rates, and it increases cash generation. I'm going to expand cash generation quite strongly because I have a number of ongoing constructions, and that's where we derive cash generation from.

We already have a distribution at the level of cash conversion, or very close to it. We'll keep on expanding our cash generation by expanding the operations, especially in engineering, and distributing within the limit set for by our balance sheet, very close to what we've been exercising: 70 to 80% of the previous year results, and that's where both things converge: cash conversion and the balance elements.

This is going to be our goal, and we remain so. Nobody's going to, of course, have excessive cash generation if necessary.

If we see the need to make additional distribution of dividends, we'll do that. As an indicative figure, we are going to maintain the level of distributions that we have practiced in recent years.

That's great. Thank you.

Have a great day.

Good morning. I have two questions.

First, introduction of aluminum foil in some projects, what is the proportion between the aluminum plates and brick and mortar? Secondly, gross margin of the result: it did increase to 43.5% as opposed to 42.9% in the first quarter.

Is this improvement resulting from new projects sold at higher margins, or whether you had favorable review of existing projects? Have you got any higher margins because of this new construction technology?

Thank you.

Good morning. This is Paulo speaking.

Concerning this new structure, we are contracting it, the launch where the new project will be this year, and we are going to start the construction beginning of next year. Until we get numbers, real numbers, we are not going to speed up the process.

What I can tell you is that there are two or three other projects that we are going to use it. If we realize it's going to give good margins and good production capacity, we are going to speed it up.

Second point, João?

Good morning, Mazini. It's your first option: projects at higher margin, launches very relevant.

If we consider the second quarter and the third quarter, there were more launches, and we try to use stronger margins, of course. Once we get good response of the market, the margins will be increased, of course.

We haven't been allocating any budget gains or things that could improve the margins, or it's not the aluminum formworks or modular formworks, as Paulo explained, but it's rather sales of launches that, by definition, new sales is what impact our margins here.

That's great. Thank you very much.

Good morning. I have two points.

First, construction cost: in the first 6 months, there was some increased cost of materials. How is it evolving?

What concerned you, and is it a fact or not? Considering your budgeting strategy, you had reviewed and considered 8% inflation rate per year.

Are you maintaining the same assumptions considering the change in the landscape? What would you have to see to go back to previous inflation rates?

What would make you be more comfortable to use the same assumptions as you used to adopt? Secondly, concerning sales, structure sales, you've talked about July, recovery.

There were some one-off effects during the second quarter, but what are your main concerns: family indebtedness, is it competition in São Paulo? We can see new companies coming into Minha Casa, Minha Vida.

Is there anything there to dilute your demand and reduce the growth route, or whether or not you just feel comfortable with the quality of your products?

Good morning, Paulo speaking here. Let me address inflation first.

Beginning of the year, there was some turmoil with prices, price of materials because of the war. After that, we got into some level of settlement, accommodation.

The prices went up and then got stable at a plateau. There is no shortage of material.

Everything is well planned, but the prices are at the level that we had anticipated, no additional inflation. The war is not over.

We are really paying attention and trying to anticipate the next steps. Leo is going to complement.

What concerns us is the following: I think we are concerned every single day about everything, but it all reinforces our perspective on acquiring and reviewing our products and projects. Attempt of players of getting into that entry-level segment of Minha Casa, Minha Vida, it is not easy to get adapted and to in a reality where we have the associative credit model, registration, adjusting the product.

The language, it's not something just built up on price. In other words, it reinforces that we have to have a connection with our customers by offering great location, good products, maintaining our sales force well supported, taking the lead, and offering the market new trends.

I think Cury operates quite well within all of that. Because of the complexity and size of projects in São Paulo and in Rio, really, it gets quite clear that small and mid-sized companies have a hard time to face these periods of instability.

If we have a solid structure, it's always easier to deal with changes. For example, you've pointed out this new of the interviews, that's something that we're used to do it.

We haven't realized it was a problem, whereas some of our competitors in the market, especially small and mid-sized, they said it had been huge for them to deal with that, whereas for us is something quite expected because we have operation, team to do that, and we had been doing it already. Our main concern is how well we can or how or to what extent we can keep on improving our productivity.

Some of the macro factors cannot be changed by us, of course, and we are going to go through moments of uncertainty. The thing we can do to mitigate that is to become more and more efficient.

You see how things change. Cury started the year being questioned concerning our engineering capability, then our sales force.

To present, however, this level of instability means that we have increased our engineering stability, being prepared to deal with, let's say, if there are better conditions in the market, better Minha Casa, Minha Vida, we have a great landbank. Engineering has been developing other alternatives, and we can see our productivity going up.

We can see in the mid and high level competitors, we can see a difference there, but we are really considering our own efficiency. We want to be ready and prepared to deal regardless of the conditions.

I think that this is our main goal: to be efficient, lightweighted, to speak, to deal through moments of instability and deal with moment or perform well during stable periods. Elvis, talking about budgeting and future inflation rates, we are going to maintain what we've done so far and what we reported to the market in the previous quarter.

There's still a lot of uncertainty, a lot of things happening, and it's too early to say that we've defeated inflation. There are just so many things at play.

We have the Middle East conflict. If there are gains in future inflation, good, we can benefit from them in the future.

We're still taking it as a caveat. We keep on improving our conditions internally, but we are still working within the same inflation rate.

Thanks very much. Have a great day.

Good morning. I'd like to talk about purchase of land plots.

You've increased your landbank, and we can see in other companies that they are saying that there's been a fight for different land plots. In the beginning of the year, we were also talking about improvements in the plan of urban intervention in Tietê and Pinheiros.

Have you heard anything new? Can you see there are more opportunities to acquire land plots?

Thank you.

Good morning, Rafael. I think the improvement hasn't derived from that specifically.

As I told you, we are located in regions that we know quite well, and we can understand whenever there is a good opportunity. The increase has resulted from acquisition of land plots that we had been looking for a while, that we had been considering purchasing at, and there came the right time, the right conditions to acquire them.

Speaking of small and mid-sized plots, there is increased competition because the competitors that want to go into Minha Casa, Minha Vida, they don't want to get in with major projects at first. Especially in mid, large-sized areas, we don't see that much competition because there are few companies that can really deal with these large land plots.

When the business get an attractiveness level that we understand there is good opportunity, we've been trying to be more proactive because we have a landbank that allows us to know exactly where there would be attractive areas. In the cities of Rio and São Paulo, we know that for 2028, 2027, I believe that we already have everything that we need in-house.

We can be very precise, and this is why if there is any quarter where we see no opportunity of acquiring land, that's fine, it won't be a problem because we are monitoring the plots that we want to acquire, and we monitor closely the conditions so that we can be placed at the right level of competitiveness to deal with any moment, any evolvement of scenario.

Urban intervention plans, any news from your side?

In Pinheiros, in São Paulo, we have had expressive gain in a land plot we already own. It means that we do not have to focus on this region because we have had significant gain in one specific land plot there.

It has really favored us, and we are going to develop this business that was purchased there at much better condition than we used to have. It has been appropriated in our landbank.

Okay. Great.

Thank you very much.

Good morning. I have two questions.

First, could you please update the preparation of your suppliers for 2027? In Minha Casa, Minha Vida, if the interest rates are reduced to groups 3 and 4, what would you do?

Because it would improve the affordability of buyers, of course, but would you be willing to increase prices if that's the case, or would you speed up your speed of selling? Thank you.

Hello, Jorel. I'll talk about the preparation of suppliers.

You're probably monitoring us and the industry at large, that there are a number of uncertainties concerning the implementation of the tax reform. We have created an internal working group.

We've brought on board some external consultants, and we've been holding meetings with our peers, with our competitors, to see how the industry is addressing all the issues concerning the tax reform. One of our initiatives concerns suppliers.

We have had a broad survey with the consulting companies, the tax systems of each supplier, and how that's going to be transformed and change during the transition into the new tax system. We've been talking to suppliers, especially small ones, because large suppliers, they'll be prepared, right?

They'll know what position to take. The problem concerns small suppliers where we have to work more on a 1-on-1 basis.

This is what we've been doing concerning all the limitations and uncertainties that we all face. What I can anticipate, and the perspective of the average 300, 350,000 Brazilian reals real estate, we believe that the tax reform will work for our benefit.

We've been doing whatever we can to be absolutely prepared to migrate into the new tax regimen. We cannot really deal with operational or systemic restrictions to comply with the new system.

We are going to get ready to really embrace it once it gets into effect. This is part of our internal agenda, and we really want to benefit from the existence of the new tax system.

Concerning your second question, I think there are two situations. Let's say it in August or September, there is a launch in the Porto in September which is level 4 project.

That would be a good test to understand the impact of the effects of the new program. I also think there is some homework to be done.

Level 4 clients, sometimes they prefer direct price list to just transfer upfront because maybe the transfer is not as attractive as expected with the interest rate. If there are better interest rates, of course, we would like to approach them, making more transfers, more registrations.

That could be one first alternative, really: interact with clients and tell them about new potential rates, showing that there is an opportunity, and that would probably generate an opportunity to us of generating more transfers. I think that this is really going to help us transfer more and more.

A quick follow-up. I don't know whether you or Curi would be willing to transfer into the VAT, or just maintain the current system?

Oh no, all the indications that we have had so far is that we would probably go into VAT. We've been doing what others have been doing: simulations at different levels of projects, projects coming to completion, those launches, those with higher and lower average ticket.

In all simulation, it seems that we are going to benefit with the new VAT. Yes, we are willing to migrate as soon as possible.

Great. Thank you.

Good morning. Two quick points.

Just a follow-up on the delayed deliveries. You've mentioned four projects, right?

Five projects, did they amount to the 18 million impact? If there are four projects, would be an impact 20% smaller, or are these projects larger?

When you think about PSV, maybe the relation is different. What kind of details could you tell us about this delayed deliveries, and what has caused that?

Is it labor? Is it engineering complexity?

Is it something related to permits? Finally, the minorities.

You've talked in your previous call that you would go back to your 90, 95% share of Cury in the launches. It's at about 85, 86% in this last quarter.

Don't know if it's one-off effect or whether there had been any change in your strategy because of the launches and projects. These are my two points.

Thank you.

Paulo speaking here. Starting from the delay, João talked about five delayed deliveries out of 90 that we have, 9-0, just minor delays, really.

From now on, we've been monitoring closely four constructions which might have minor delays. That won't have major impact on our figures.

The delay was due to labor and equipment. It was a moment where the market was expanding, greater demand of raw material and labor, and they had a very tight deadline.

We have had a good productivity, and we expected it to be the same, but it was not the case. Now we've improved productivity.

Just for you to have an idea, in São Paulo alone, in the first 6 months of the year, we had a 20% improvement over last year, and in Rio 30% compared to previous year. It gives us a level of comfort.

We can probably catch up, and future construction projects will just follow the expected timeline. Let me hand it over to Leo and João to see if they would like to add anything.

Concerning launches, Motta,

yes, there is a proportion of about 90% participation of minority partners, but what has happened?

In the restrictions we experienced in the beginning of the year in São Paulo, our launches that were available were launches with the potential partners. In this quarter, we could even increase launches, but these are things that are part of our business and it should not be a guiding principle to our commercial decisions.

There was a launch with EZTEC in June. It was expected to launch a first phase in the quarter, and we've launched both phases in June because it was extremely robust and strong.

It means there are going to be more partners in the quarter, but that's part of the game, isn't it?

We work around that 90%, but there might be changes, such as what happened in June, two phases being launched quickly because of the importance of the launch. Whenever we can take the best of that, we'll do it.

I would say that, in general, throughout the year, it's going to be close to 90%, except if we had to anticipate everything. If that's the reason, strong sales, it would be okay.

We wouldn't mind having a reduced share. What really matters is the sales, the quality of the sales, and not really whether we have partners or not.

To conclude, Motta, we are monitoring very closely engineering and doing our best to avoid problems in those four construction projects. If there are problems, the financial impact will be at the same level that we reported throughout the first quarter—or first 6 months.

If there is a delay in this construction project, we'll be ready to make any required adjustments, which speaking about the same amount of moneys as we've mentioned so far.

That's great. Thank you very much.