Good morning, everyone. We are pleased to present Even's results for the second quarter and the first half of 2026.

Let us begin with the main indicators for the first half year. Launches totaled R$281 million in the period.

Net sales amounted to R$408 million. In the quarter, we delivered a project with two phases that amounted to a PSV of R$122 million, Even's share.

In the first half year, two projects were delivered, amounting to R$590 million of PSV. Concerning our financial indicators, the gross profit for the period was R$112 million, translating to an adjusted gross margin of 33.4%, which represents an important increase of 7.5 percentage points in the annual comparison.

The backlog and inventory margins were at 38.8% and 32%, respectively. Even's net income in the second quarter was R$31 million, with an ROE in the last 12 months of 11.1%.

In the first half year, comprehensive net income, which is when we include the results of sales in SPEs we control, was R$77 million. On the next slide, we present net income history of the operation in São Paulo for the last 14 quarters.

We can see consistency in profit generation quarter-over-quarter, and an increase in profitability mainly driven by the gradual recovery of margin and by gains in operating efficiency and capital allocation. On this slide, we show you some images of the quarter's launch, Renato 410, a high-end luxury development located in Itaim neighborhood, with a PSV of R$231 million, Even's share.

Now, we present the sales performance. Net sales volume in the quarter was R$156 million, with a consolidated SOS of 4%, and in the first half year, net sales volume was R$408 million.

Regarding cancellations, we ended the quarter with R$69 million. In the first half year, the volume of cancellations was R$150 million.

We continue to have a very healthy receivables portfolio that is increasingly concentrated on high-end projects. Moving on to the next slide, we delivered in the quarter the project [Joaquim?]

in Brooklin neighborhood with R$122 million of PSV and a total of 153 units. Next, you can see some images that highlight the quality of our deliveries.

We ended the period with an inventory worth R$3.5 billion, mostly in the high-end and luxury segments. These are products that are well located and with good liquidity.

It is worth noting that our finished inventory represents only 8.3% of total volume, and out of inventory under construction, 67% is scheduled for delivery from 2029 onwards. The projects to be delivered in 2026 were 80% sold by the end of the second quarter, as we can see in the graph on the bottom right-hand corner of the slide, next to the breakdown of percentage sold by year of delivery.

Our landbank amounts to a PSV of R$5.3 billion. It is located mostly in prime neighborhoods in the south and west sides of the city of São Paulo, and is concentrated on the high-end and luxury segments.

On the next slide, we present our solid capital structure. We ended the period with R$787 million in cash.

Net debt totaled R$699 million, which represents 30% of the company's shareholders' equity. In this quarter, operating cash burn was R$95 million, driven by the disbursements related to the acquisition of an exclusive plot of land in Vila Nova Conceição neighborhood.

Also in this quarter, we paid out R$30 million in dividends. With that, I now give the floor to Even's CEO, Mr.

Marcio Moraes.

Good morning, everyone. Thank you, investors, analysts, and employees, for attending this call.

In this half year, we witnessed a more challenging market, where we reduced the volume of launches and were more mindful of sales and the cost of construction, since the international environment still generates uncertainty about the cost of inputs. In this context, Even is protected on three fronts.

The first one is the receivables portfolio, which is robust and indexed to the INCC, as well as larger than the costs to be incurred for the completion of all our construction work. The second one is our construction company, experienced and with proven capacity to deliver our projects while meeting deadlines and keeping costs under control.

The third one is our capital structure, with around R$800 million in cash, and leverage at 30%. This combination allows us to go through the cycle, overcoming our challenges, and at the same time, taking advantage of opportunities that come along.

An example of this was the purchase in the first half of the year of a building to be demolished in Vila Nova Conceição, near Praça Pereira Coutinho, where we will develop a project with a PSV estimated at R$225 million, Even's share, in addition to four other plots of land in Pinheiros and Jardins that amount to a R$1.3 billion in PSV, Even's share. For the second half of the year, we are preparing special launches on high-end projects with cutting-edge architecture that are more resilient to market fluctuations and with proven demand.

Among them, I would like to highlight two exclusive locations: a project on Avenida República do Líbano, and another one near Esporte Clube Pinheiros. Our financial results remain consistent and continue to evolve.

We have a robust cash position, ample operating capacity, and a high-quality pipeline of projects for coming cycles. Thank you again for your attendance.

Good morning, Marcio, Dzik. Thank you for taking my questions.

I have two questions. The first one, a highlight of the quarter, which is the gain of R$55 million.

I would like to understand the rationale for this operation, if it was reducing risks or increasing value, and if we will see other similar operations looking forward. The other one is concerning gross margin.

We see that it's a very healthy level, but the accounting gross margin fell in relation to previous quarter. I would like you to explain this drop and what we can see looking forward.

Hello, Herman. Thank you for your question.

Dzik here. I have two questions.

Concerning the sales of our equity in some operations, this follows a rationale we have been applying in other operations along the years. The idea is to take advantage of our capacity to generate deals without increasing our costs and our risks.

This was a high-volume project. We sold part of it and generated a very good result with this operation.

Concerning margins and the consequences of our gross margin without being adjusted, they were caused by the decrease in our net revenue and the maintenance of our financial expenses, and also the volume of cancellations in the quarter. When we consider the carryover of these financial expenses and the cancellations that came in line with a lower net revenue, we see a decreased gross margin, but our adjusted gross margin is in line.

More important than that, when you look at our backlog inventory, it's reaching very good levels. We look at a wider window, we see a growth in 2024, 2025, and intention is to continue this evolution.

It's clear, thank you.

Hello, good morning. Thank you for taking my questions.

My first question is I would like to understand how you see the competition in São Paulo's market. I would like to understand if you have some kind of specific lever you can operate to increase sales because the margins are a little tighter.

The second question is concerning what you expect in terms of launches for the second half, and if it's part of your strategy to reduce the volume of launches and focus on sales of inventory. I'd like you to see where your mind is at regarding this issue.

Hello, Matheus. Marcio here.

Thank you for your question. Concerning competition, what we have been following is that the largest volume of launches in the city was last year.

This year, we have seen a decrease in this volume, even from our competition, in the search for new areas, new land. We do not operate on the Minha Casa, Minha Vida affordable segment.

We have been feeling that for next year, competition will decrease even further, as a result we have been seeing in the market right now. This does not give us any slack, but a market adjusting to the size of demand, and we will keep on our cycle.

Concerning your second question about launches, we have one more launch for this half year that we put off because we're waiting for a clear vision from the market. We have been having a lot of visits, a lot of interest, but to purchase, but we have seen a delay in the decision so the period between the first visit and signing the contract is around 90 days.

This is too long in relation to what we saw last year. The interest is still strong, but the decision is still focusing on what Brazil will be like in 2027 in terms of interest rates, what's the best thing to do with the money.

This is because of the market. Dzik now will talk about launches a little more.

A few questions here. The volume of launches this year, we have just mapped out the market.

If you look at our operation here, Even and RFM in a simplified way, for projects of units of over R$2 million where we are concentrated, when we compare with the first quarter of last year, the decrease in volume of launches was really significant, more than 50%. This, of course, decreases competition and makes it easier for the sales of our projects.

The launches for the year, as Marcio said, let me give you some references. The previous two years were around R$2 billion, our participation.

We see this year something closer to R$2 billion. We are more selective, of course.

We are focusing more on higher-end projects with a proven demand. Let me give you two examples: one near Pinheiros neighborhood, that's a very high PSV; near República do Líbano is another one.

We will launch on the second half year. There was a potential, we have a good landbank, to launch a little bit more than that, but given the market circumstances, the scenario nowadays is something closer to R$2 billion, not above that.

Thank, it's clear.

Good morning. Thank you for taking my question.

I'd like to ask you first concerning the scenario of default in your portfolio, how you see the pro-soluto concession, these loans, these mortgages taken by the clients, if they are decreasing, if you see a decreasing volume. This is a more recurring issue in your industry, this deterioration of your portfolios.

I would like to understand how you see that. You already answered it, thank, asking if the competition for new lands in the high and luxury is decreasing, cause there are many companies focused on the affordable segment.

I would like to understand how you see an improvement in the purchase of land, if you're being able to pay less, if you're being able to pay more through swaps with a extended deadlines, if this will translate into margins, backlog margins, and if this will actually refer to higher margins in the future.

Hello, João Pedro. Thank you for your question.

I'm going to answer the first one, and Marcio will talk about the competition. Regarding our portfolio, I think because of the profile of our projects, we are talking about projects with R$2 million above, our portfolio is still very healthy.

We have been disclosing it. We have been talking about cancellations, which have been stable and a low volume and in line with what we expect.

Our portfolio does not show any sign of a change in environment and an increase in default, even though we see the market. We work in an industry with a condition, a payment condition, that punish the client very much.

Our current situation is very comfortable, especially what you mentioned. We do not operate Attractively, if we need something special, something specific, some remaining inventory of older cycles, but since we do not work with pro-soluto in high-end.

Marcio here. Concerning the competition for land, I've already mentioned this, but this really facilitates the purchase of land by us.

We were spending more capital to buy this land because of competition, especially high-end. Nowadays, we can have more projects in a swap way and the return of lands that were not sold.

We have been having great opportunities to look at this land. We have been more selective, more careful.

Retaining cash is our main focus now, but yes, the performance is improving, and it will probably reflect on higher margins in the future. We also see in neighborhoods where there is more population density, we have seen the purchase of whole buildings.

These are projects that take a little longer, which is the case of Vila Nova Conceição. We bought a lot with a building with 12 apartments that will take some time to be demolished.

Concerning larger area lots, which in São Paulo are difficult to find, there's very little supply for this, but yes, it will mean higher margins in the future.

Good morning, everyone. Thank you for taking my questions.

Two questions. First, I'd like to understand your strategies for increasing the sales of inventory when you look forward, if you have some commercial strategy more specifically to sell this inventory, and if this will reflect on discounting prices for the units.

My second question concerns the deliveries, your pipeline of deliveries looking forward, what is your LTV portfolio, and consequently, what's your expectation regarding cash generation by the company that we can see for 2026, 2027, and your ideal level of leverage you are expecting to achieve in this future years.

Juliana, Marcio here. Let me talk to you about your first question.

We have two different segments here: the finished inventories, which belongs to the older cycle, we have been following a strategy of having events to sell this finished inventory. It's giving us some results, but it depends more on the situation of the country to increase.

Now, concerning the inventory under construction, we have been holding the price. We have not been giving discounts because of the volume of deliveries that's very concentrated on 2029 and forward.

We have time to keep our price and our margins. Maybe if the market improves, we will be able to do that.

We are not working with discounts, rather we are showing that our projects have good price and good products, and are ready to move in. Dzik now will answer your second question.

Just to complement what Marcio said, before we talk about portfolio and cash, we had a more difficult quarter, but we also respect the macro cycle of our projects. Launch is a moment to sell, and the quality of the finished inventory also sells very well.

We launched big projects in the high-end industry with longer cycles, we had fewer sales. When we look at our finished inventory, it's been consistently below 10%, 8% in this quarter.

Like Marcio said, 67% of the non-finished inventory will just be ready in 2029 and onwards. We are paying a lot of attention to the quality of our products, and we have a lot of time until the delivery of this products.

You asked about our LTV. Our average LTV is around 50%, our portfolio is very strong.

It's typical of a high-end portfolio. Concerning the cash burn linked to the projects that we launched, these are projects for 3, 4 year in terms of construction, deliveries will happen after 2029.

Our planned cash burn is around R$200 million for this year. We have already burned a good part of this cash, and we expect to burn a little more in the second half of the year.

For 2027, we have some uncertainties given the current scenario and the volume of launches this year and next year. This volume of launches may vary a lot, but our macro planning is some cash burning in these years until 2029, when we'll see a reversal in this trend and a cash generation given the cycle of our projects.

I thank you all for attending this call. We'll see you again in our next earnings call.

Thank you.