Good morning, ladies and gentlemen, and welcome to Cyrela Brazil Realty S.A.' s third quarter of 2025 earnings call.

Today with us are Mr. Miguel Mickelberg, CFO and IRO, and Yuri Campos, Head of Investor Relations.

This call is being recorded and simultaneously translated. You can hear the translation by clicking the interpretation button.

To those hearing the English translation, you can mute the original audio by clicking Mute Original Audio. Also, you can find the slide deck in English on the company's investor relations website at www.ri.cyrela.com.br.

During the company's presentation, all participants will be in a listen-only mode. After that, we will open the call for questions.

To ask a question, please click the Q&A button and enter your name and organization. When your name is called, a request will pop up on your screen to unmute your microphone before asking your question.

We would like to inform you that any statements that may be made during the call related to Cyrela's business perspectives, operating and financial targets are projections made by the company's management that may or may not occur. Investors should understand that political, macroeconomic, and other operating factors may affect the future of the company and lead to results that differ materially from those expressed in such forward-looking statements.

To open Cyrela's Q3 2025 earnings call, I'd like to turn it over to Mr. Miguel Mickelberg.

Mr. Mickelberg, you may proceed.

Good morning, everybody. In Q3 2025, Cyrela once again demonstrated the resilience of its operating and financial performance amid a highly complex domestic and international scenario with high interest rates and global trade tensions.

We kept our consistent execution of launches and sales strategy. In the first nine months of 2025, launches totaled R$9.7 billion, surpassing the 2024 full-year volume.

Pre-sales grew by 19%, reaching R$6.8 billion from January to September 2025, underscoring a solid year-on-year performance. Financial results remained robust.

Net revenue reached R$6.2 billion with a gross margin of 32.7%, while net income totaled R$1.3 billion. All of those indicators grew year on year.

The adjusted ROE for the last 12 months stood at 19.9%. Cyrela generated R$423 million in cash in the quarter, reducing the adjusted net debt to adjusted shareholders' equity ratio by 4.6 percentage points to 8.2%, a comfortable level that reinforces the company's commitment to financial discipline and sound corporate governance.

We will continue to focus on developing exclusive projects, delivering a superior customer experience, and achieving sustainable results. The company would like to thank its shareholders, clients, partners, and employees for their trust and support, and we reaffirm our commitment to operational and financial excellence, transparency, and long-term value creation across all stages of the economic cycle.

Now let's take a look at our operating results. On slide 4, in the quarter, excluding swaps, we had launches amounting to R$3.4 billion, a 19% increase quarter on quarter, and in the year, we basically doubled our launches by 105%, reaching R$9.7 billion.

On slide 5, we can see project Epic, Jardim Europa by Pininfarina, which was launched in June with a PSV of R$1.3 billion and a very strong sales performance. Now on slide 6, we're going to talk about sales.

Sales in the Cyrela stake, excluding swaps, came to R$2.4 billion, basically the same level as 3Q24, with a growth by 10% quarter on quarter. Year to date, our sales reached R$6.8 billion, a 19% growth year on year.

Now on slide 7, let's take a look at sales speed. Our SOS of the last 12 months reached 50%, a little bit less than the other numbers that you see on the chart from 54.9% to 52.3%, but it's still a healthy level.

Now sales per vintage, you can see that all vintages since the fourth quarter last year have been selling well, and we can see a lot of consistency in the vintages that were launched in the beginning of the year. In 3Q25, the vintage was 41% sold.

Now on slide 8, we're going to take a look at our inventory. The total inventory in the period, considering 100%, was R$15 billion, and in Cyrela's stake, it is R$11 billion, and you can see the breakdown: 65% in São Paulo, 16% in Rio de Janeiro.

Those two places account for over 80% of our inventory. Now on slide 9, let's take a look at finished units.

Finished units at market appraised price stood at R$2 billion, or R$1.7 billion in Cyrela's stake. We sold R$185 million in Q3, and the sales of finished units this year is below last year and previous years.

We can see the breakdown of finished units according to the region: 34% in São Paulo, 26% in Rio de Janeiro, and 23% in the South. Now delivered units, this quarter, we had a very significant volume of delivered units with R$2 billion 250 million, almost in line with the previous quarter, and a 14% growth quarter on quarter.

Year to date, we delivered R$4.9 billion, which is a significant growth year on year in which we delivered R$2.9 billion, a 68% growth. Now Yuri is going to give you the details about the financial results.

Thank you, Miguel. On slide 12, let's take a look at our financial results.

On the left-hand side, you can see net revenue, which grew thanks to the performance in sales and launches. It grew by 5% year on year and 1% quarter on quarter.

Year to date, we reached R$1.1 billion in revenue, a 13% growth year on year, and that is in line with the operational growth of the company. Now on the right-hand side, the gross margin has been fluctuating less.

It is about 33%. This quarter, it was 33% precisely, a little bit lower than the last quarter, a little bit less, actually, than 3Q24, and a little bit higher than 2Q25.

Now on slide 13, let's take a look at our net income, which grew in line with the other metrics. We stood at R$609 million, a 57% increase quarter on quarter and almost 30% higher year on year.

Year to date, we reached R$1.3 billion, 15% more than the R$1.1 billion last year. Now our ROE for the last 12 months, excluding CashMe from the average shareholders' equity, stood at 19.9% in the last 12 months.

Looking at slide 14, let's take a look at our liquidity and debt. The company decreased its leverage level going from 12.7% in the last quarter to 8.2% this quarter.

On the right-hand side, we can see that the debt is very little concentrated in the short term, and the average cost is under control as well, as you can see on the right-hand side. Now on slide 15, you can see why our leverage level went down.

We had a cash generation of R$423 million in the quarter with a one-off effect of R$251 million with the sale of Cury stock. The recurring cash generation, therefore, is stood at R$172 million.

Now year to date, total cash generation stood at R$103 million, 50% less than last year, R$103 versus R$198 million. Thank you very much for your attention, and now we can take your questions.

Thank you. We will now begin the Q&A session.

To ask a question, please click the Q&A button and enter your name and organization. When your name is called, a request will pop up on your screen to unmute your microphone before asking your question.

The first question comes from Gustavo Cambauva with BTG Pactual. Please go ahead.

Hello, good morning. I have two questions.

The first one is about inventory. When we look at late 2024, you had a large volume of launches.

You reached R$15 billion in the third quarter, and we also saw a decrease in your SOS in the period. Are you concerned at all about your inventory level or maybe do you intend to launch fewer units to stabilize your inventory at a lower level?

Because your launches SOS is good, but your finished units SOS was not that good. The second question is about the dividend payouts looking forward.

I believe there's an expectation for a special dividend payment, but also at the same time, you canceled the acquisition of Tecnisa's land in which you were going to disburse R$15 million to acquire that plot. I'd like to know your perspective on that.

Maybe that plot could become more dividends for the company or are you going to relocate that capital to buy other land bank that might be under negotiation? I'd like to know more about that.

Good morning, Cambauva. Let me tell you some more about our inventory.

Indeed, we had an increase in our inventory this year in comparison with previous years. Our inventory volume was growing very little three to four years ago, but this year there was a sharp increase.

That increase is not happening in the projects launched until 2024. If you look at the sales that started the year with finished units, the sales are actually according to normal, but we are selling less of the finished units because the cost of carrying them over is very high.

We are paying a lot of attention to finished units and taking all necessary measures to address that. The rest of the growth is concentrated in this year's launches.

The launches SOS is at a healthy level. It's basically what we launched in the first nine months of the year, which was twice as much as last year.

We are looking at things project by project. We have our strategy, which is very much focused on each individual project, and we are trying to improve that as much as possible.

When it comes to finished units, it's what we are more concerned about. Now about dividends, indeed, we are considering the possibility of paying dividends on an extraordinary basis.

We believe it is likely. We are probably going to do it in December, but we still have to talk to the board.

We are going to make that decision and communicate to investors accordingly as soon as we have a decision. When it comes to giving up on buying the Jardim das Perdizes plot of land, we communicated the market about it, and Tecnisa issued a material fact about that, I believe that you have all the details that you need in those two communications.

For that acquisition, the price was quite high, but we were working on a partnership. We were going to have a partner with us, and we would have an individual leverage structure for that plot of land, which would make the payment flow for that plot of land to be more extended, and that would be linked to the flow of payments coming from the project.

That wouldn't impact the payment of dividends. We should end the fourth quarter with less leverage and a better cash generation scenario than we would have if we were to buy that plot of land, but it is not going to have any impact on our dividend decision.

In early December, we should hear more about it. Thank you, Miguel.

The next question comes from Mr. Pedro Lobato with Bradesco BBI.

Please go ahead. Good morning, Miguel and Yuri.

Thank you for taking my question. I have two questions.

The first one is operational. We can see that launches were more concentrated in the last weeks of the quarter, I would like to know from you what the performance has been like for these projects in October and November and also in general.

What's the sales performance in the beginning of the fourth quarter? The second one is about your revenue.

We can see an increase at about 1% quarter on quarter, but when we look at your revenue backlog, it went down on a quarter-on-quarter basis. I'd like to know more about that.

How do you explain that decrease in your revenue backlog? Would it make sense for us to expect a rebound from that?

Good morning, Pedro. This is Miguel.

I'm going to talk about the revenue, and Yuri is going to talk about the sales performance in October and November. In the 100% vision for revenue this quarter, we had almost R$4.1 billion from launches, and over 70% of those sales were not recognized in the third quarter.

That means that the R$1.5 billion is off-balance. It is not recognized in the quarter's revenue, and it is not in our backlog either.

The revenue referring to that R$1.5 billion in sales is about R$600 million. A good portion of that revenue, if not all of it, will be recognized in the fourth quarter, which should help our revenue in the fourth quarter.

Another factor that I should highlight is that there was a decrease in the finished units' sales speed. As I said during the presentation, we have a finished unit inventory that is very similar to what we projected in the beginning of the year, but we are surpassing our targets for those units that will be delivered after 2025.

What that causes is a smaller conversion of sales into cash. This quarter, our finished units revenue was the lowest in a long time, and that caused the revenue to be a little bit lower than we expected, as many reports by many analysts highlight, but the fourth quarter will have a positive dynamic because of that revenue that was not recognized in the third quarter yet.

Now Yuri is going to talk about the sales performance. Hello, good morning.

About the launches that we had in the last weeks of September onwards, most of them were in the Vivaz São Paulo projects with many units. You're not going to sell 500 to 600 units in one weekend.

The initial performance was satisfactory in general. When we look at the four to eight-week window, the performance is exceeding that of the first weekend, the performance is in line with our expectations or even better.

This is a segment that is performing very well. Now about October and November, the sales are good according to our expectations.

Some projects are selling even better, and Cyrela has already launched a few projects in the fourth quarter under the Cyrela, the Living, and the Vivaz brands, and the management is happy with the overall performance of our launches and also with the sales of our inventory. We still have a few launches to come until the end of the year, we have good expectations.

Thank you. The next question comes from Fanny Oreng with Santander.

Please go ahead. Hello, good morning.

Thank you for taking my questions. The first one is a follow-up on the Jardim das Perdizes land bank.

Were you already working on launches for that plot for next year? My question is whether or not that comes in the way of your launches pipeline for next year.

The second question is about Vivaz. We can see that Vivaz metrics have been improving day after day.

What is your expectation for Vivaz in the next two to three years? How much growth can we expect from Vivaz?

How big should it get? That's it for me.

Thank you. Thank you for your questions, Fanny.

First about Jardim das Perdizes, it's still too early to tell, but yes, it may impact our pipeline for next year because we thought that we would have a project being launched in 2026 in that plot. This is fresh news, we have to wait a few weeks to understand what the impact will be.

Now when it comes to Vivaz, we're very happy about this operation. It has maturing.

The performance has been very good from the engineering and the sales team, and we feel very comfortable about growing this operation, both here in São Paulo and also in Rio. In Rio, there are a few challenges regarding the city master plan and regulations, which could create a tailwind for the segment.

In São Paulo, we have a robust segment, and one of the things that we are sure about is that next year we are going to grow under the Vivaz brand. We're going to work hard on it, but yes, we are very happy about its performance, and I think it's going to give us great returns.

We are always going to work on filling the gaps in comparison with competitors and work as hard as we can across the board. The next question comes from Tainan Costa with UBS.

Hello.

I'd like to talk more about the pipeline for 2026. Miguel said that not having the Tecnisa plot may come in the way of next year's pipeline, but thinking about your launch strategy over the coming quarters, what's going to be the breakdown between high, middle, and low income?

Considering the elections, do you think that you are going to concentrate the launches more in the first half of the year or in the second half of the year? The second question is about your sales strategy for finished units.

Are you adopting a different strategy, maybe? I think Miguel said that you are working harder on selling the finished units.

If you can share with us the strategies that you are adopting to address that issue, maybe with extra sales efforts or other measures, that would be very helpful. Thank you.

Thank you for your question. About 2026 launches, I think we've been talking about this for a while.

The low-income segment has been growing in the company. It's performing very well.

That's not new, and it should gain more share in the launches. We're not going to have major changes in the breakdown between those segments, but I think low income will grow a little bit.

The other two segments will continue to have significant shares as well. Now our planning in relation to Copa and the elections, every four years, we have to deal with that.

It's not going to be the first time we have to face elections and the World Cup, but I don't think we're going to have any different strategy. We will try to do things according to plan, and this year, 2025, should be very well-balanced across the four quarters, and we're going to try to do the same next year.

If we need to concentrate more in one half of the year or the other, it's okay. We have our sales force that is fully prepared to execute that strategy.

You asked a question about our operations. I'd like to correct something that I said when I addressed Pedro's question.

I forgot to talk about the performance of a Living project in Rio de Janeiro. It completely sold out in a very short period of time, it's another highlight of the quarter.

Now Miguel is going to give you more details on our strategy. About the finished units, Tainan, one of the things that we realized is that one of the factors that have the most impact is interest rates.

They grew significantly since December last year, January this year, and that is one of the most challenging issues. It greatly reduced the customer's affordability.

One of the initiatives that we put in place was a funding product with more attractive conditions, and we have been pursuing partnerships with banks to offer solutions that can help our sales team sell more. Our sales team is always extremely focused on selling finished units, but we know that when there are many new launches, you end up creating distractions.

The new launches have all that marketing effort with the showroom. We have been trying to create packages and some campaigns, and we have seen good results from them.

Yes, it is a challenge, and we have been trying to find good solutions that wouldn't have any impact on the finances, but that would also accelerate the sales of finished units. Thank you.

The next question comes from Mr. André Mazini with Citi.

Hello, Miguel and Yuri. Thank you for the presentation.

I have a follow-up question on your top line. Revenue recognition in this quarter was not so strong considering the launches that happened towards the end of the quarter, and considering that your launch sales are still very good, 42% in three months, right?

What can we expect from revenue recognition looking forward? Also about the Epic project, I'd like to know if you recognized the revenues of the business tower, and also your perspectives about the sales of the business tower.

What's the profile of the buyers for that product? The second question is about your strategy to pass costs on to consumers when it comes to inflation and whether or not you see some regions performing better than the others when it comes to your ability to pass on costs.

Thank you. About the revenue, I think I gave you some color on those numbers, right?

We believe that in the fourth quarter, we are going to see the recognition of some significant projects that could impact our revenue in a positive way. About the Epic project, you're correct.

The residential part of the project already exceeded 50% of units sold. The business tower was not sold yet.

To answer your question about how we're going to sell those units, we have not defined our go-to-market strategy. We don't know yet what the strategy will be and the buyer profile.

We know that since you have to buy the unit four years before the unit is delivered, it's hard to do that because the real estate funds struggle with that. I don't know if that would be the right moment.

If we wanted to go for that strategy, we would have to depreciate the asset to be able to sell it, but we have not defined this strategy yet, and we are not in a hurry. We're going to take our time to assess this.

Epic, the residential units are selling very well, and the revenue was already accounted for in October, it's going to be recognized in the fourth quarter. Now about passing on costs to clients, we have been adjusting the prices according to the construction inflation index.

In some cases, for finished units, we are assessing whether or not we should pass that on to the customers depending on the case and also considering the campaigns and the sales efforts that I mentioned earlier, but in general, we have been adjusting the prices according to the construction inflation index. Thank you.

The next question comes from Carla Graça with Bank of America. Hello, good morning.

Thank you for taking my question. My first question is about cash generation.

You said that it is going to pick up some speed in the next quarter. Can you give us more color about your perspectives for cash generation in 2026, especially when it comes to capital allocation?

Are you going to continue buying land bank at the same speed? About Vivaz, what is the share of the new Minha Casa, Minha Vida tier in the low-income segment?

What's the impact been like? Thank you for your question.

About cash generation, in the fourth quarter, we believe that cash generation is going to be neutral. It could be slightly negative or positive.

It is not going to be, however, at the same level as the second quarter and the third quarter. I don't know exactly if it is going to be slightly positive or negative, but in October, cash generation was very close to zero.

For next year, it's too early to tell. Last year, in the third quarter, I gave you some estimates, and I regretted that because the scenario changed, but we believe that cash generation will be positive.

It's going to be a cash generation, not a cash burn, but I cannot give you any more details than that because we have to define the details for each project in each region. We define the sales target for each of them, and then the financial department will analyze for sensitivity and give you an estimate.

This year, because of finished units, we missed our estimate. We are usually very conservative, and for next year, we are not going to make the same mistake again.

We are going to give you a solid estimate, and in the fourth quarter, we'll be in a better position to give you more on that. Now about the Tier 4, they still account for a small share in Vivaz because in São Paulo, due to the master plan rules, we have a segment that has an income bracket that is a little bit higher than Tier 4.

We see some conversion there, and we also have the free units, as they are called, that can be sold to families with income higher than that bracket. In some of those units, we can use Tier 4 of the Minha Casa, Minha Vida, but for Cyrela, that share is not very significant.

Now about cash generation in the fourth quarter, we usually tell you that the interest payment is usually concentrated in the second and the fourth quarters. It is a coincidence.

They usually fall on those quarters, we are going to see that effect in the fourth quarter, which is fully according to the plan, but that also underscores what Miguel just said: we might not see the same level of cash generation as the second and third quarters, or it might be close to zero. Thank you very much.

The next question comes from Mr. Rafael Rehder with Safra.

Hello, good morning. I have two questions.

The first one is still about Vivaz, but I'd like to talk more about the changes in the income cap of Tier 1 and 2 of Minha Casa, Minha Vida, and I'd like to know the percentage of the Vivaz products that are targeted at those two tiers. Also about workforce, I know that your PSVs have been good.

I'd like to know if you have been struggling with personnel, maybe, or any other issues. First about the changes in the Minha Casa, Minha Vida program.

The changes in the cap of 264,000 to 275,000 is actually good because it covers most of our operation in São Paulo with about 60% to 70% of our units under the Vivaz brand. That increase in the income cap may cause a positive effect for us.

Now the change in the subsidy curve, well, that's a target audience that we are not exposed to because of the prices here in São Paulo, we don't believe that that change specifically is going to cause any positive impact for us, but the cap in the real estate price, that change that happened, that is going to cause a positive impact on us. In our portfolio, we have some products that had a few delays.

We have been improving and decreasing the periods to deliver the projects, but we know that the scenario is difficult for everybody operating in São Paulo. We can see a better maturity level in the engineering team here in São Paulo, congratulations to them by the way.

In such a difficult scenario, you have been able to do things according to what we consider to be healthy costs, but we continue to see an increase in launches, specifically in the low-income segment. We can see a concentration in works happening right now, and we have a scarcity of workforce.

We have been working with that. We have been putting efforts in place to do whatever we can to mitigate those impacts.

Thank you very much. Good day.

The next question comes from Elvis Credendio with Itaú BBA. Good morning, Miguel and Yuri.

I have a few questions. The first one is about Terra Encantada and some projects in a new neighborhood.

I'd like to know your projected PSV and what is the weight of your land bank in Terra Encantada? Also, I have a question about a corporate tower that you are developing in São Paulo.

If you can give us a schedule for that project and your projected PSV and also what that corporate tower can represent in terms of your balance sheet? Thank you, Elvis.

About Terra Encantada, indeed, we have seen some positive developments in the project, but it is still under development. We don't have a launch date for it yet.

It's a huge project, we don't know even when it is going to be launched. We don't know how long it will take for it to be launched, but Terra Encantada accounts for less than 500 million in our booking.

We are very happy about this launch, but since it is in the development phase, we cannot give you any color on the return. Actually, we never give you any color on the returns of individual projects, I can't give you more details about that, but we're very happy about it.

Now the corporate tower, it is going to be delivered in mid-2026. Our head office will be there, as announced, and recently we started looking for tenants.

It is a quite big project, and I think that we are going to see some good news, but it's still too early to give you more details, but there's a lot of interest for a project that it's still months away from its delivery. After we have the tenants, we will be able to tell you more about our strategy for it.

It has a significant cost indeed, although the construction, 80% of the construction costs were leveraged, part of the construction cost is leveraged, it does not account for much in our balance sheet because of that. After we have all the tenants, we will have to define a strategy to exit the asset.

We know that the interest rates right now are very high, we don't know any visibility on that, but those are great questions. Thank you.

The next question comes from Mr. Marcelo Motta with JPMorgan.

Over to you, Mr. Marcelo Motta.

The next question comes from Mr. Ygor Altero with XP.

Please go ahead. Hello, everybody.

First, I'd like to know your perspective about the new real estate funding model with the compulsory loan being released. I'd like to know more about affordability, especially in the high-income segment.

Do you see any changes in that at all? The second question is about your inventory.

Do you have any concerns about the inventory in São Paulo, especially in the high-income segment, since many launches in the market are targeting that segment? I'd like to know your opinion about that market dynamic.

Maybe some players will have to be more aggressive in terms of discounts, I'd like to know your opinion about the market right now. Thank you, Ygor.

Now about the new real estate credit model, it completely changes the dynamic. In order for you to know how much you have to lend is the numerator of your accounting balance, and the deadlines are now much more complex.

It involves a lot of uncertainty. The banks will have to think about what the savings account will be looking forward to design their origination strategy.

Also, there is a change in the SFH, accounting for 80%, and only 20% will be dedicated to units in excess of 2 million in price. That does not reflect the reality in the São Paulo market.

I'm sure that much more than only 20% of the units in São Paulo cost more than 2 and a half million. The banks right now have much more real estate credit than money in savings accounts, there's a lot of complexity, uncertainty.

I can't really tell you what it's going to be like when the system is running full. It's very hard to predict what's going to happen.

What I can tell you is that the compulsory loan release is very positive in the long run. We can see now banks with more appetite, and we can also see some slight reductions in interest rates, but they are positive.

I think that's the positive side. We might have more complexity and sailing more risk, especially in the long run and for the high-income segment, but it will take time until the model can cause its full impact.

We can see, yes, a lot of launches in the high-income segment. We focus on our own projects, and of course, we have to look around and see what the competition is doing.

When we see a plot of land and there's a lot of supply, we take a look at the plots in the surrounding areas that will become future supply, and we take that into account, and that is going to require a security margin for us, but we don't have any specific concerns right now. Of course, we need to monitor for excess supply because that always hurts the high-income segment.

Thank you. The next question comes from Jorel Guilloty with Goldman Sachs.

I have two questions. Good morning.

The first one is about Vivaz. You said earlier that you are going to consider paying dividends on an extraordinary basis, and I'd like to know more about your leverage.

To what extent do you intend to increase your leverage level? What would be the maximum leverage that we should consider?

The second question is connected to Ygor's question. I'd like to know more about the access to capital.

Do you think it is easier for you to access the legal entities' credit? I'd like to know if you can see an improvement to access to credit in your business.

Thank you, Jorel, for your questions. About the dividends, we don't have a maximum leverage number because we tend to look at the film and not the snapshot.

It is important for us to know how long it takes for us to decrease the leverage level than to think of what a maximum level would be. We always have to be at a higher cash level than we consider to be the minimum to operate.

We are going to propose something to the board, and let's see what they're going to decide. We are right in the middle of that process.

In a few weeks, we will have a decision. Now about access to capital, especially for legal entities, the reductions in rates are more for individuals and not legal entities.

When it comes to access to capital, some banks were not in the game, and now they're coming back. That's something that we are seeing right now.

The cost of capital, the cost of debt is much higher than it was last year. When we look at the curve looking forward, in many cases, it is more expensive than our corporate debt.

We have to assess it. Unfortunately, the scenario deteriorated not only for us, but for competitors as well, and maybe it's even worse for them than for us.

I think that the situation is very similar to what it was in the previous quarters, but now some banks are regaining appetite for these products. This concludes the Q&A session for today.

Now I'd like to turn it over to Mr. Miguel Mickelberg for his closing remarks.

Thank you very much. Raphael was not here today, but I'd like to send my best to him and Mr.

Elie and Ephraim as well. I would also like to thank all the investors and partners.

We are very happy about our team and the sheer amount of talent that we have at Cyrela. Even in challenging scenarios, we are confident that we can offer a differentiated product to our customers and good returns to shareholders.

See you in our next call, and have a good one. Enjoy the weekend.

Thank God it's Friday. This concludes Cyrela's earnings call for today.

Should you have any questions, please contact the investor relations team at [email protected]. Thank you very much for your participation.

Have a good day.