Good morning to you all. It is with great satisfaction that we bring you Even's results for the fourth quarter of 2025.

Let us begin with the main indicators of the year. We launched in 2025 R$2.5 billion, Even's share, a record volume of launches with our participation, which was 35% higher than the volume achieved in 2024.

In the year, net sales totaled R$2 billion, 46% higher than the volume of 2024, contributing to net revenue of R$1.9 billion recognized in 2025. In 2025, Even's adjusted gross margin increased by 1.3 percentage points when compared with 2024, closing the year at 32.2%, and reflecting the margin increase trend observed in previous quarters.

In the fourth quarter, adjusted gross margin was 38.6%. Concerning the results yet to be recognized, we closed 2025 with R$1.9 billion in revenue, 32% higher than in 2024, and our backlog margin was 37.8% by the end of the period, which was 8.5% higher than in the year-over-year comparison.

We reported R$45 million in net income in the quarter, which when added to the comprehensive net income in the first 9 months of the year, amounted to R$265 million, which translates into an ROE of 14.4%, which is 2.6% higher than the ROE of 2024. In the next slide, we show you the history of net income for São Paulo's operations in the last 11 quarters.

We can see the consistency in profit generation quarter-over-quarter, and the increase in profitability, boosted mainly by the gradual recovery of margins, as well as by gains in operating efficiency and capital allocation. In the next slide, we break down the launches of the year, which amounted to R$2.5 billion, Even's share.

In this quarter, we launched Plenitude Melo Alves project, in partnership with RFM. It is located in Jardins neighborhood, with a PSV, considering Even's share, of R$351 million.

In the next slide, we show you two other launches in the quarter, Go Madalena and Hub Perdizes. Now, let us look at sales performance.

The volume of net sales in the quarter was R$523 million, with a consolidated SOS of 13%. Concerning cancellations, we closed the quarter with R$36 million, which is a lower level than in previous quarters.

It's worth noting that we still maintain a very healthy receivables portfolio, increasingly more concentrated in high-end projects. Moving on to the next slide, we delivered in the quarter the Hub Perdizes project with R$85 million of PSV and 161 units.

In 2025, we delivered 1,760 units, which amount to R$1.2 billion, and for the next 12 months, we estimate a delivery volume of 1.7 billion. We ended the year with a R$3.5 billion in inventory, mostly in the high-end and luxury segments, with well-located and highly liquid projects.

The highlight goes to our finished inventory, which represents only 9.8% of the total volume. Out of the inventory under construction, 62% are scheduled to be delivered from 2029 on.

Out of the projects to be delivered in 2026, 79% had already been sold by the end of 2025, as can be seen in the graph on the bottom right corner of the slide alongside the breakdown of percentage of sales by year of delivery. We purchased two lots in this quarter with a PSV of R$615 million, considering Even's share.

Our land bank has a total PSV of R$4.3 billion and is located mainly in prime neighborhoods in the south and west sides of São Paulo city, and is concentrated in high-end and luxury segments. In the next slide, we show you our solid capital structure.

We ended the year with a robust cash position of R$977 million. Net debt amounted to R$514 million, which represents 23% of the company's shareholders' equity.

It is important to note that in this quarter, R$250 million were raised via mortgage-backed securities, distributed to the market at a cost of 101.5% of the CDI and a 7-year maturity. This quarter, operating cash burn was R$64 million, however in 2025, we generated R$76 million in operating cash.

I would like now to give the floor to Even's CEO, Márcio Moraes.

Good morning, everyone. I'd like to begin by thanking you all, investors, analysts, and everyone else present for attending our earnings call concerning the fourth quarter of 2025.

We ended 2025 with significant operating and financial results. In operating terms, we reached a record volume of launches, R$2.5 billion, Even's share.

Our sales volume was relevant at R$2 billion, surpassing 2024's figures by 46%. The highlight goes to São Paulo Bay project, a R$1.5 billion project that was launched in the third quarter and whose sales have already exceeded 60%.

In financial terms, we delivered in 2025 an increase in margins, profit, and ROE, while generating cash and paying out dividends. In 2026, the macroeconomic environment remains challenging.

Domestically, we can still see interest rates remaining high, and internationally, conflicts and inflationary pressures are still present. We are paying close attention to market movements, and we are focusing on sales and deciding at each launch opportunity.

We rely on robust cash and operating structures, which are ready to let us take advantage of future business opportunities. For the next cycle, we have built a pipeline with land located in highly desired places, such as Itaim, Jardins, Pinheiros, and Moema, with luxury projects and that offer unique architecture and exclusive items.

In 2026, we announce Even's new brand positioning with the goal of materializing to our audience our already highly awarded and recognized operations in the high-end and luxury segments. The new identity was developed to communicate sophistication, timelessness, meticulous attention to details.

In these past years, Even has directed its operations toward projects that have meaning and have been uniquely conceived in a way that can reflect our customers' personal lifestyles, such as Fasano Itaim and Faena São Paulo. We'll continue to focus on high added value projects in São Paulo city, always with a keen eye to sales and market dynamics in order to continue on our path of delivering ever improving results.

Once again, I thank you all. We are open now for questions.

I would like to understand how you see the dynamics of this more difficult market, we see higher interest rates for longer. I'd like to understand how you see the temperature of sales and at the end, in this more recent end, I'd like to see your speed of sales of inventory overall, if it has fallen a little, how you see this, and if somehow this could make the company revisit its size in terms of launches.

I think these are the questions. I'd like to understand.

Hello, Igor. Thank you for your question.

As our positioning here in the middle, high, and luxury segments, we have a very seasonal movement, this is not a very highly busy month, February not either, March is what we call beginning of the operation, as what we have been seeing is that we are at levels in terms of visit to sales and sales stands and sales very close to what we saw in the second quarter of last year. In spite of some news, the generation of inventory in São Paulo, we haven't seen any change in level, nor a decrease in the appetite of our customers for new projects.

The interest rate remains at a higher level, and a very long cycle, what we're going to do when we talk about planning volume, as we always do, is to adjust the launches as the economy unfolds. We do an annual planning, but if we see a very low SOS for any reason, or a change in the scenarios in the city, or a very messy second half because of the elections, we will revise this, but for now our planning is maintained.

Let me just ask a follow-up question. In terms of speed of sales and margins, how you see this relationship in terms of priority, where is the company at?

Our position in the high end, this is not a position in which we see high sale SOS. Our projects have been showing a good SOS, but as we highlight in the inventory presentation, we have a very long cycle, we see a 9.8%, and we have seen this scenario in these past quarters, and a good portion of this inventory, more than 60% of it, will be ready beyond 2029.

Our focus, because of our financing and capital structure, our access to credit, in this dichotomy of SOS and value and margin, we have been focusing on value, even though we have been good speed of sales, and we are very paying attention to our finished inventory.

Thank you.

Good morning. Thank you for taking my question.

I have just one question here concerning gross margin that came at a very strong level, even with the sales of inventory at higher levels. I'd like to understand what the drivers are of this higher margin, if it's a mix, more controlled costs, if you expect this to be a recurring trend.

Hello, Herman. Dzik here.

Thank you for your question. We have been talking a lot about gross margin, and we have been seeing an increasing trend, which you've seen the past few years, and there are several reasons for that.

We have changed the company's positioning in terms of projects, we have had a tighter control in terms of costs, and some changes we made in the 2022 cycle in the purchase of land. All these factors, when added, contribute to a positive effect in the margins, and we have seen this increasing margin.

From '24 to 2025, we gained margin. We had another step that we overcame, and we can see now looking forward, our backlog margin, we highlighted this in our presentation, is at a much, much higher level as we did last year, and our adjusted inventory margin nowadays is also at this level.

When we talk about adjusted margin, today we see a very clear trend for the future, both inventory and backlog margins we see at this level of 35%.

Thank you.

Hello, good morning. I have two questions.

The first is if you could give me some more details of your delivery cycle looking to the next 2 years. You have shown how much has already been sold during the presentation, but if you could tell me more or less what we could expect in terms of cash generation due to these deliveries in the next 2 years, especially for us to understand the dynamic of cash generation.

I'd like to link this question to cash leverage. You have entered the year a little more leveraged, if you're feeling comfortable, if this level of leverage is okay for you, or if you expect some more indebtedness from the company.

What kind of leverage you acquired to buy this land bank at the end of the year?

Hello, Gustavo. Dzik here.

Let's go. Let me see if I can answer your questions.

Concerning deliveries in our slide, in the next 12 months, we see a R$1.7 billion, and the year after that, we are going to have a reduction around at around R$1 billion. When we talk about in portfolio when we talk in our conversations, we have a very resilient position in our portfolio.

It's a very low level of cancellations, and because we are positioned in the high end, the situation is different from what we had 3, 4 years ago. Nowadays, we have 60% of our receivables happening before the delivery of the project, this means an LTV in the portfolio of around 40%.

Of course we have some differences from product to product. When we talk about cash burn, our planning for this year assumes a favorable environment for our launches and land acquisition.

We will have some burn, some cash consumption, but in terms of launches and business opportunities we'll have. When we talk about our leverage planning, we believe that a healthy level for the company, obviously looking forward, what we're going to have in terms of quality of this debt, is at a level of around 25%, 30%.

We paid out dividends in the fourth quarter close to this level, but this is what we see as a recurring level, of course, accepting changes from quarter to quarter, cycle to cycle. Thank you.

Good morning. I have two questions.

The first is a follow-up question to the previous one. When we see the formation of inventory in São Paulo, we can note that this formation happened more in terms of units of very high-end luxury segment.

I'd like to understand how you see competition for 2026, if you see a deceleration in this competition in terms of launches for this kind of products in this segment, if you will start operating more alone in this segment. The second question refers to São Paulo Bay.

I'd like to understand the evolution of sales is very high at 60%, I imagine this is much higher than the feasibility studies you did. I'd like to understand how you see in terms of pricing for this product, if you are thinking about increasing price, to see if you put it even higher than the feasibility curve, if you'll gain some margin in this project.

Anyway, how you see this project in particular?

Márcio here. I'm going to answer this question.

Concerning the increase in inventory in the luxury, in the high end, it happened, but it's more a market dynamic, because in the previous cycle this was very harmed by certain legislation that we were not able to meet in the previous cycle because of the zoning planning of São Paulo. I think this balance that happened now between units in the high end is that we that helped us build this inventory.

We talk about 600 units, and now a market of 10,000 families, it's an inventory that grew, but it's not an inventory that will not be absorbed. It is still being absorbed.

The interest rates, on the one hand, harms the middle income, but on the other hand, it helps the high income. We see that some companies that were operating in the higher, the upper income, now have been focusing on Minha Casa, Minha Vida, affordable segment, which we are not into yet.

This space will become a little less competitive for us, and we are following on that. When the interest rate starts its downward trend, we'll see our land bank, because we already have products in this inventory for the middle income, we are just waiting for the best moment to launch it.

Concerning São Paulo Bay project, it was a sales success. Two quarters after that, we are at 60%, with a expectation very good for us, and it will show in the future very good results for us.

The price, we have been updating every cycle, we have been updating and increasing this price. The price has already increased by 15%.

This will show in future margins. We have had good success.

Dzik, if you want to complement?

Thank you.

I'd like to thank you all for attending this call. We'll see you at the next one.

Thank you.