Good morning, everyone. The year 2025 was very challenging, and it continued impacting the capital cost and the sector as a whole.

This was compounded by a demanding basis for comparison, as 2024 had been marked by a company's exceptional performance. Nevertheless, Cyrela ends the year confident in its ability to navigate this environment with consistency.

In 2025, we had very healthy operations with sales at R$9 billion and with launches totaling R$13 billion. We ended the year with a R$9.4 billion net revenue, a gross margin of 32.6%, and the net income at R$2 billion, an ROE of 22.3%.

The year 2020-- the year of 2025 shows how we can consistently navigate this market. We had R$105 million in cash generation and the payment of R$1.4 billion in dividends.

That's a record for the company. It's impossible to have a R$2 billion result without the efforts of our team, I'd like to congratulate our team.

That wouldn't have been possible without you. We have a very competent team, and this number was only reached thanks to the sole group of people.

We'll continue committed to operating efficiency, and we'll always be attentive to any challenges in the cycle. We thank all of the stakeholders, clients, partners, and employees for their commitment throughout the year.

Thank you very much to our team. We'll now move on to the operating results.

Thank you, Raphael. We're going to go to slide 4.

We'll talk about launches. To the left, we see our launches PSV.

We had R$3.3 billion in the fourth quarter 2024, that was 33% less than the previous year and in line with the third quarter 2025. In the year, we had a 35% growth, R$13 billion in total compared to R$9 billion year-on-year.

We'd like to highlight the Cyrela Lifestyle that was a project launched in November in the fourth quarter that was a very successful one. Now, as for launches, let's look at the chart to the right.

The PSV was 33% lower year-on-year and 10% lower quarter-on-quarter. Sales were very stable year-on-year, with just 1% reduction.

Now let's talk about our SOS. Our SOS for 12 months was 45%, and to the right, we see the sales by period, by launch vintage.

We see that the first, second, and third quarter 2025 were beyond 30% and in the fourth quarter, beyond 50%, and the fourth quarter was at 38%. In the year, we had a 48% figure, which is a very satisfying number.

Now, looking at the inventory, we had an 8% rise, going from R$11 billion to R$12 billion. That is in Cyrela's shares.

To the right, we see the inventory breakdown: 72% in São Paulo, and then Rio de Janeiro and the South. Finished inventory: we had an 8% rise.

We were at R$1.9 billion at the end of the year, and you can see the breakdown to the right as well with a 40% share in São Paulo, 24% in Rio, and 20% in the South. Now, delivered units: we had a 49% rise.

We went from 5 to 7.8, and the volumes we had in the fourth quarter was also very substantial, R$2.9 billion. That is a 25% rise year-on-year and a 29% rise quarter-on-quarter.

Now let's look at our financial results. We had R$3.2 billion net revenue.

That is a 25%-- or rather, a 29% rise year-on-year and a 52% rise quarter-on-quarter. We had an 18% rise in the year.

To the right, we see the gross profit and the gross margin. In the year and in the quarter, we have a very stable margin: so 33 and 32.3 in the year, very close to the previous quarter and the previous year, and the rise was 19% in the gross margin.

Now, when we look at the net income and the ROE, we had a record income, surpassing R$2 billion. It's a 22% rise.

We had R$682 million in the fourth quarter with a 37% rise year-on-year and a 12% rise quarter-on-quarter. Our ROE in the last 12 months was at 22%, also surpassing the previous quarters.

Now, liquidity and debt: the net debt over total equity was at 21% at the end of the year. Now let's look at the breakdown of the debt and the debt costs.

They're very good. Credit is low.

We have had good leverage. With this debt standard, we see that over 80% of it is long-term debt.

Cash generation: we had a R$38 million cash burn in the quarter that compares to R$61 million plus in the fourth quarter 2024 and R$123 million in the third quarter 2025. We had nonrecurring sales in JV.

When we look to the right, we see a R$65 million cash generation in the year, comparing to R$259 million in 2024. When you look at only the recurring number, we had a R$190 million burn against a generation of R$53 million recurring, that in 2024.

This is the end of the presentation. We'll now start the Q&A session.

Thank you very much.

Hello, everyone. Good morning.

I've got two questions. How do you see the real estate market?

If you could talk a little bit about the inventory as well. At the start of 2026, we see that inventory is much higher than at the start of 2025, and we see there's a slowdown in the sector.

The inventory levels in the city of São Paulo is much higher than in the past two years. I'd like to understand what your thoughts are.

Is there any concern about the inventory levels? Is there any initiative to accelerate sales, or are you going to reduce launches to focus on inventory sales?

What are your thoughts on inventory? That's my first question.

My second question has to do with Cury. You were at 15% share, right, in the company?

That's very close to the minimum for you to keep up with the shareholders agreement. When we look at the company's proposal to be voted in the Cury's shareholders meeting, we see that Cyrela is no longer joining or no longer being a part of the board of directors.

I'd like to hear about why you no longer take part in the board of directors. Is it a specific decision?

Is it something to do with the election of the board members? These are my two questions.

Thank you. Have a good day.

Hi, good morning. 2021, '2, '3, the SOS was very high.

It is less good than it used to be. That's true.

If that will reduce our launches, you asked, the answer is no. We understand that the market's good as it is if you know how to operate.

SOS, well, has been better in the past, but it's still satisfactory. It's all right at the moment.

There is no expectation that interest rates should go down. It's an election year.

I agree with you that the inventory levels are higher in the city, that SOS has gone down, but we're navigating the scenario satisfactorily. You are right: SOS was high.

It was Switzerland level. We're doing fine.

We're not going to review launches at this point. If the conditions should worsen, we may review it, but it doesn't seem like it's going to be the case.

Now, as for Cury, let me be 100% transparent. Fabio is a great partner, is a good friend.

He called me 3, 4 days ago. We've always sold a little bit in the past years with Cury, but we don't intend to divest, and this has got nothing to do with no longer being a part of the board or being a board member.

The company is well-managed. They don't need us.

Whether we want it or not, we have low-income properties. We wanted Fabio to feel comfortable talking about whatever he wants to talk about and his strategies on the board, because I'm a friend, but I also buy a land bank, right?

We wanted to make him feel comfortable. The company is doing well.

It doesn't need us, let's leave him comfortable to talk about everything he wants to say to the board members and not only 60% of the strategy because we always insisted on not knowing what the strategy was. There are secrets that need to be kept.

We said, "Fabio, we prefer you feel comfortable, and you can talk about everything you want in the board meetings." That's it.

That's clear. Thank you, Raphael.

Should we see something similar in Plano & Plano and Lavvi, or is it just Cury at this point?

I'm a board member for Cury, I can only speak for Cury.

This is Miguel. I'm a board member of the other three companies.

We have no decision at this point, but this subject could be discussed, yes.

That's great. Thank you very much.

Have a good day.

I've got two questions. My first question has to do with the fourth quarter.

We know there is always some pent-up demand and we see an increase in the fourth quarter and the recognition of revenue from some projects as well. There have been changes in the criteria looking forward, I know you don't give guidance, but what level of revenue could we expect thinking about the first quarter?

Would it be closer to the first quarter? We've been asked this question a number of times, I'd like to hear what your position is.

As for the master plan in the city of São Paulo, well, we see the restrictions and approvals and all. How could this affect your launches pipeline if this situation should continue for more months?

Thank you.

This is Miguel. Thank you, Fanny.

There are no changes in the recognition of revenue. The accounting criteria say that when a developer can no longer give up that development, they recognize the revenue.

You could consider up to 6 months according to the law and a percentage of sales that will give the right of the developer to give up on the project. What Cyrela has been doing is at the end of every quarter, we're assessing what projects are starting-- and we're starting this in the fourth quarter-- what projects are we not going to give up on.

Then we have a meeting, we have the minutes for it, and then we let go of our right to give up on the project. This had an impact on the fourth quarter, on the revenue.

We know the volatility for the future. I can give you some data.

In 2025, we sold R$10.5 billion in the 100% consolidated view. That is what is going to transform into revenue at some point.

Our accounting revenue was R$9.4 billion, we had about R$1 billion extra that is going to be revenue than actual revenue in the year. In 2024, we sold almost R$10 billion in this view, and we had R$7.4 billion in revenue.

In 2024, we had a gap of R$2 billion in future revenue to be recognized, almost R$3 billion when you add up both years. If you look at our revenue to recognize, it was R$6.7 billion.

Now in the fourth quarter 2025, it's almost R$11.5 billion, there's almost R$4.5 billion extra. This shows our journey in revenue growth.

In 2024, we have three perspectives. We have the PoC revenue, which is what comes from construction works.

We have from sales and the initial recognitions of sales. It's difficult to predict what's going to come from sales and from the initial recognition because there's a bigger commercial risk.

What comes from the PoC, it was R$4 billion in 2024, it was R$5 billion in 2025, and in 2026, we expect it to be R$5.5 or R$6 billion. We should have this additional revenue coming from the PoC, and then future revenues will depend on the level of launches, but we do see an expectation to increase it.

Our revenue to be recognized was higher in 2025. This is a factor that really shows that we have a good expectation for revenue in the coming years, but this really depends on commercial aspects that we don't discuss here because of the lack of certainty.

As for São Paulo, we know that the city municipality and the City House want to impugnate it based on good ground because we understand that the current scenario leads to a lot of instability in the real estate market in São Paulo, which is by far the largest one in Brazil. We cannot predict anything about the future because we don't work with scenarios where there aren't approvals for projects, licenses, master plans.

This scenario is certainly going to be impacting everyone, but we won't be naming percentages here that would have an impact. We could say that up to now, it hasn't impacted our operations, and we hope that it will be addressed soon.

Thank you very much, Miguel.

Good morning, Raphael and Miguel. Thank you for taking my questions.

When we look at the margin breakdown, we see that Vivaz had a substantial growth in the fourth quarter 2025 as well as the whole of 2025. Is this what you expect to see going forward, or should there be any other increase thanks to efficiencies that we would be able to see looking forward?

Also, when we look at the margin, Cyrela, Living. My second question has to do with the deliveries in 2026.

What level of delivery of PSV do you expect, and what is the LTV also for sales for the year?

Thank you for your question, Pedro. Good morning.

As for the gross margin, well, we had been saying that we saw an expected rise in the Minha Casa, Minha Vida and Vivaz. In the quarter, it was 36%, and in the year, it was 34%.

When we look at our launch periods in Vivaz, the launch vintages, we see a gross margin that is close to this figure, 36% or even higher. This doesn't mean we will be able to keep it, but we see room for an increase in margin in Vivaz.

Speaking of the whole picture, when we look at the launches of all projects in 2025, with the adjustment of Vista Milano that were even mentioned in the release around the studio, it's a minor adjustment, there's a 34% margin, gross margin, that is very close to what we had in 2024 and in 2023. We should have a gross margin that should, slowly but surely, increase and rise from 32.6%.

What was your second question, sorry?

It was about the deliveries: PSV and the percentage sold.

As for the deliveries, we see a rise, I would say of about 15%, and deliveries in 2026 are 85% sold, and that was at 31st-- on 31st of December, and 49% delivered or received. For 2027, deliveries are similar, and they're 86% sold, also the reference 31st%-- pardon me, 31st of December of 2025.

We have in two periods, '26 and '27, they're quite healthy from LTV and of PSV sold.

Thank you very much for your answers. Have a good weekend.

Good morning, Raphael and Miguel. I've got two questions.

My first question has to do with the inventory in São Paulo. The increase in inventory levels, is it more concentrated in specific regions, as that impacted pricing because customers are negotiating more?

That's my first question. My second question has to do with the changes in the Minha Casa, Minha Vida that are to be seen at the end of the month.

With the cap in the property value and the impact this could have on Vivaz.

Hi, Olavo. Again, our SOS has been better in the past, but the rest remains quite normal.

SOS in '23 and '24 was absurdly high, and it's just more moderate today. The market is fine if you know how to operate it well.

I'm not going to talk about different regions or neighborhoods. I don't think this is the purpose of this call.

Hi, Olavo. This is Miguel.

When we look at the income range, the cap for the property, well, we're monitoring this subject through the institutions. We understand that there's a high chance it will be approved, and we see that as quite positive because this increases customer affordability.

It increases the possibility of operating certain price ranges. We never plan when it comes to land bank and projects based on future rules that could improve.

We prefer to be more conservative, this has not changed our approach. Some of these points can be positive to future projects, yes.

Thank you very much. Have a good weekend.

I've got three questions. You had a number of land bank that came in in the high and low end.

Do you aim to continue with these high volumes in the future, or were you considering reducing it? Low income was R$5 billion at the end of the year, and this project of R$1.5 billion was announced as well.

Do you see any opportunity there? Do you want to grow the land bank in low income, and what sizing would you understand is ideal?

What about your launches for the year? This is my next question.

The Cyrela breakdown, do you have any iconic project as you've had in the past years, or is it anything that is going to be more challenging and your appetite for launches on the Vivaz side?

Hello, Elvis. We're very selective when it comes to land bank.

We've always been. We're not a real estate ETF.

We need to pick and choose one by one. We look at the pricing, we look at return rates, we look at the market.

We don't like saying, "Oh, we're going to buy R$1 billion or R$500 million this year." We've got the capital, we've got sanity checks, and we're not driven by size.

Our board, well, is tough, and they will pay us according to our ROE. If there is a good ROE, we will do it; if there is no good ROE, we will not do it.

Sorry, it's a bit of a bland answer, but... Vivaz is growing well.

It will continue to grow. We're a mid-sized player in São Paulo, and we're operating well.

You could expect some growth, but we've got, yeah, competitors or partners that are much bigger than we are. They'll continue to be partners.

We're doing well in the low income, and we're looking at our own potential. We're always focused on us.

We're not looking to the side and see if there's anyone launching more than us. If we're doing our best, then it's fine.

Thank you, Raphael. Have a good day.

Hello, Miguel and Miguel. I've got two questions.

Do you see any increase in materials costs, also considering the increase on fuel, the oil prices are going up? We understand that maybe cement and concrete producers might also be passing on the cost down to you.

My second question has to do with cost inflation and an interest rate that is going down slowly and the licenses. What is our main strategy in Cyrela for 2026?

Is it generating cash, is it increasing revenue, considering this more challenging backdrop than we expected for 2026? Thank you.

I think it's a bit early to talk about pricing. There is a substantial war,

a relevant war in the Middle East, but we're not from the textile or plastic sector to be directly impacted by the oil prices. If there is a price increase, well, then we negotiate.

Other than textile and plastic, I don't think there will be much impact to get to us. Challenges, well, I don't know.

In 2015, in 2016, we had R$1 billion in launches, and there were so many challenges we wouldn't be able to or wouldn't get enough sleep. Launching R$10 billion, we have the same problems, and no one sleeps anyway, so...

I don't know what the challenges are going to be. Every year is a different year, but every year is also the same.

We've had 20 years with different challenges, different years, but it's all the same every year anyway. What we want to do is continue to have a good ROE with the team that we have.

This is a challenging ROE to get to. I didn't expect it, to be honest.

Thanks to the team, we were able to do it. The challenge is to keep it.

When you get to an ROE of this level, you want to sustain it, and it's hard. We're not a bank to have an ROE of 20 easily.

This is a challenge, to sustain this ROE. We'll do our best to sustain it.

That's it.

Thank you, Raphael.

Good morning. I'd like to talk about expenses: commercial expenses or selling expenses and others.

Starting with selling expenses, it's slightly higher than we expected with a PSV that's slightly higher. Is there any additional sales effort that you took on this quarter?

Would this be expected for the first and second quarter this year, or was it a spot on that should not be expected to be seen again? The line item others, when we look at them, when you adjust by the Cury accounting effect, this line was also higher than expected, a bit higher than we have on the historical average as well.

From the many items you have within this others line item, is there something that we're failing to see? Thank you.

Thank you for your question, Tainan. As for selling expenses, when you look at the whole year, they've gone up than the launches volume, which was 35%.

We see that some lines have a higher number. We have the booth line, which grew 53%, and there's an effect here that comes from the fourth quarter 2024.

We had launched a lot and there were many booths that were still activated. We had a reduction of many of these booths, and that was one of the impacts.

When you look at another line item was CashMe, with a 59% rise year-on-year. This is very much associated with the CashMe growth.

They grew a lot this year, this is also natural. There are other situations as well.

When you look at Vivaz sales growth, that has a bigger volume in TBI and they are seen the moment they are incurred. The expense comes when it happens, but the revenue comes when you have the PoC.

You may have an increase in expenses seen earlier than an increase in revenue. There's also third-party services based on commissions and premiums.

Part of that will come through the PoC and the premiums will be in the expenses, but this is also related to our revenue growth and most of these impacts are explained by these factors. We had some one-off impacts.

We had the amortization of the Eden project that was a purchase of quota, and there is a variable share there from one partner. This project is also doing very well.

This is actually an impact from the project. There are other some minor effects.

We had impairment in an old company that we had in another partnership we had in São Paulo with some projects that we still had. We did the impairment test, and we had this allowance due to our expectation of a higher chance of the values not materializing.

An old partnership also in São Paulo had a situation, and we had a legal discussion around this case. We had already set apart an allowance for that, but we understood that we needed to increase that allowance.

We increased the loss there. Each one of these impacts will be about R$10 to R$12 million, this explains the fluctuation.

Cyrela is a very large company with many operations, you always have positive or negative impacts in many other contexts, and that's why they sit in others. These are the main points that would justify the difference.

That was very clear. Miguel, thank you very much.

Have a good day.

I've got two questions. Good morning.

The labor cost and the 6:1 roster, 6 days working and 1 day off, and its impact. In Vivaz, we had profitability go up, and I'd like to understand what your cash generation dynamics are going to be.

Has Vivaz been growing and generating cash at the same time?

This is Miguel. Thank you, Igor, for your questions.

With the 6:1 roster ending, we don't have anything concrete about it. If it does end, we'll need to see what the terms are going to be, what are the terms for the effects to materialize.

There will be an impact, but we don't know exactly what it's going to be. The competition and some friends have shown us some of their estimates, and we understand that what they expect makes sense.

As for the cash dynamic in Vivaz, well, Vivaz has been growing and generating cash. We've got a well-oiled operation with very good sales volumes at the start of projects, we generate cash quite quickly.

This contributes to cash generation of the company as a whole. We also grew a lot in high end and medium end, and that also calls for some cash investment.

That's why we don't necessarily constant generation of cash, but we have a contribution from Vivaz, yes.

Thank you for taking my questions. Good morning.

What is your impression on sales performance so far this year? Low end, high end, how have they been performing?

The new tax, the IVA new tax, what do you understand the impact is going to be?

As for sales, it's a bit early. What we can say is we had less launches in January and February 2026 year-on-year, and the inventory sales, they grew slightly.

They were high single digits. We see that the market is really behaving similarly to last year.

As for IVA, that is actually VAT, the value-added tax, we have several simulations, nothing different to what we discussed in previous calls. We see a negative impact on medium and high end and a positive impact on the low end.

Of course, it depends on the property prices. It's hard to quantify that at this point.

This model is mandatory as of 2029, we'll study and start following in 2029 or earlier if the studies show that it would make sense.

All right. That's clear.

Thank you.

Hi, good morning, everyone. Thank you for the call and for taking my question.

Mine is on the low-income exposure. If I look ahead, I would like to perhaps better gauge how your exposure will look like in the next few years for the low income.

Any color that you can provide here will be incredibly helpful. How much of you expect it to be in terms of contribution in the next couple of years?

How much of your land bank is today earmarked for low-income housing, and how quickly do you envision that to translate into launches? That's the first question.

Then the second one is sort of a follow-up to an earlier question. I just want to understand how much at the expense level was driven by a pull forward from the recognition, and how much is really just because you're seeing some increases on that front.

If you can help to separate the impact, that'll be very helpful. Got it.

Thank you very much.

Thank you very much, everyone. I'd like to once again underscore a big thanks that we have to our executives, our partners, and all of the employees.

We're very proud to see the results we had in 2025 in spite of all the challenges. We know that in our business, we always start from scratch.

Every year, we're starting from scratch. We sell a project, we launch a project, sell it well, and we're happy, and then we start over.

We can only have good performance thanks to the amount of talent we have in this company and the efforts of all of them. We hope to continue to deliver good results.

Thank you very much for joining the call.