It is with great pleasure that I present Even's results for the first quarter of 2026. Let's begin with the main indicators for the period.

Net sales of inventory totaled R$252 million, 3% higher when compared with the same period of last year in a quarter without launches. We delivered one project in the quarter amounting to a PSV of R$468 million, which is 45% higher than the first quarter of 2025.

We purchased four lots in prime locations of São Paulo, adding up to a landbank worth R$5.6 billion, Even's share, by the end of that period. Concerning our financial indicators, the gross profit in the period was R$85 million for an adjusted gross margin of 35.6%, which shows a relevant evolution of 6.2% in the annual comparison.

Backlog and inventory margins are 38.7% and 33.1%, respectively. The comprehensive net income, that is, when the effect of selling participation in controlled SPEs is considered, was R$47 million in the quarter.

Next, we consider the reconciliation of these figures. Even's consolidated net income was R$33 million in the quarter.

When we consider the R$14 million resulting from selling our stake in a controlled SPE, which is recognized directly in the variation of shareholders' equity and does not appear in the statement of income, Even's comprehensive net income in the period was R$47 million. We consider this figure in the quarter's results because it has a cash effect for the shareholders.

In the next slide, we present the net income's history for São Paulo's operation in the last 13 quarters. We demonstrate our consistency in generating profit quarter-over-quarter, and an increasing profitability driven mainly by the gradual recovery of the margins, and by gains in operating efficiency and capital allocation.

For the next quarter, we are preparing two high-end projects in prime locations in Itaim neighborhood, Renato Paes 410 and Janu, through RFM, with Even's share of the PSV of R$231 million and R$159 million, respectively. Now we are showing you our sales performance.

Net sales of inventory in the quarter were R$252 million, with a consolidated SOS of 7%. Regarding cancellations, we ended the quarter with R$43 million.

Our receivables portfolio remains healthy, and increasingly concentrated in high-end projects. Moving on to the next slide.

We delivered in the quarter Mayrink Ibirapuera project consisting of three phases, with a PSV of R$468 million and 529 units in total. Here are some pictures that highlight the quality of our delivery.

We ended the period with an inventory worth R$3.3 billion, comprised mostly of projects in the high-end and luxury segments. These are projects in prime locations that are highly liquid.

The highlight goes for finished inventory, which represents only 9.2% of total volume. Considering the inventory under construction, 62% have their deliveries scheduled for 2029 and later.

The projects to be delivered in 2026 were 80% sold by the end of the first quarter, as you can see in the graph on the bottom right-hand corner of the slide, together with the breakdown of percentages sold by year of conclusion. We bought four pieces of land this quarter with a PSV of R$2.1 billion, of which R$1.3 billion is Even's share.

Our landbank has a total PSV of R$5.6 billion. It is located mainly in prime neighborhoods in the south and west sides of São Paulo city, and is concentrated in the high-end and luxury segments.

The next slide demonstrates our solid capital structure. We ended the period with R$924 million in cash.

Net debt totaled R$571 million, which represents 25% of the company's shareholders' equity. This quarter, operating cash burn was R$56 million.

I will now give the floor to Even's CEO, Marcio Moraes. Good morning, everyone.

It is a pleasure to present the results for the first quarter of 2026. I thank the investors, analysts, and collaborators for their presence.

In recent years, we have focused our efforts in developing high-end projects in prime locations in São Paulo.

We are already reaping the rewards for this strategy, as it is evident by the consistent performance of the last three years, and evolution of margins and profitability as presented by Dzik. The beginning of 2026 brought significant challenges: cost pressure resulting from the conflict in Iran, high interest rates, and more restricted credit.

The company is well prepared for this scenario, with robust cash flow, financial discipline, and a construction company with more than 40 years of experience. Our receivables portfolio, which is indexed to the INCC at around 1.5 times the cost of construction to be incurred, offers a significant hedge against cost variations.

This quarter, we had a significant volume of sales of inventory, and we bought four lots in the highly sought-after neighborhoods of Pinheiros, Jardins, and Vila Nova Conceição. For the year, we have prepared special launches in the luxury segment with cutting-edge architecture.

We continue on a path of evolution, with a solid pipeline, financial and operating capacity to take advantage of marketing opportunities. Thank you all for your presence.

We are now available to answer your questions.

Good morning, I have two questions here. The first one, I'd like to know what you expect in terms of gross margin looking forward.

The recent projects still have a smaller contribution, which gives a higher margin. How do you see the evolution of gross margin along the year?

That would be the first question. The second question is, you have been making a huge effort to improve the composition of landbank in these previous quarters.

What have you seen in this process of purchasing land in terms of availability of land, price, and the competition? If you can tell me about it, I would appreciate.

Hi

Gustavo, thank you for your questions. Dzik here.

Let me answer the first question, and Marcio will talk about the landbank. Gross margin, we have seen, and we have been commenting about this since 2023, a gradual recovery.

Our gross margin has been growing with some variations quarter-over-quarter because of the mix. When you look at longer periods, we see a clear trend that it will keep on growing.

We can see this very clearly, and we have been highlighting this, our backlog margin especially, and our inventory margin. Not to mention the high-end projects, more recent launches, that bring more higher margins than the previous projects.

This will have an impact in future quarters, respecting the mix as I mentioned. We see a path to grow.

Marcio here. Regarding landbank, the three points you mentioned, the availability is a little better now in terms of competition.

I think the competition has decreased. The volume of land purchasing by the market itself has decreased.

In some cases, we have been rejecting high prices, and when we come back, the prices are back to a lower level because of the reduction of appetite by the market. We haven't been fighting a lot for this land.

São Paulo presents a challenge because we have sometimes many houses that we have to buy, but we have been able to develop good lots, and we were able to purchase a good series of lots.

Hello, good morning. I'd like to ask you concerning the land.

In these past three quarters, you have been purchasing land. I would like to understand how much more land you are planning on buying, what are your expectations for next year, and what we can expect in terms of launches for the next two or three years.

Also, just a complement, I see that you bought a lot with an average unit price at around R$350,000. I know it's small, but I'd like to understand what you're planning to do, if you're going to set some foot in the affordable segment, if you're planning on increase your presence in this segment, or it's just something one-off.

Marcio here. In relation to buying land and the amount of land we are buying, we always project for the next two or three years in terms of launches.

We have a goal of R$2 billion to R$2.5 billion per year. We never stop looking at land.

It takes us one or two years to close these deals, we never stopped looking. In terms of the size of the landbank, we are planning on keeping what we have, maybe growing, increasing it a little bit more.

In relation to this detail of smaller units, this is a phase of one of our projects. We do not intend to increase our presence in affordable segment for now.

We do not see this happening now. This happened because we had some land that was huge, and these were phases of projects that were bigger.

The high-end where we operate and luxury where we operate, we have a landbank for the next two or three years.

Thank you.

Good morning, thank you for taking my question. I have one question.

I'd like to understand how you see these clients, your clients, especially these high-end, luxury clients that are less sensitive to macroeconomic changes, but we have been having a more challenging scenario. I'd like to understand if these clients are feeling these different scenarios, or if you don't see any change.

I'd like to understand what your client is thinking at this point.

Hello Herman, Marcio here. The high-end customer, as we saw in the first quarter, we see there is a seasonality that this customer is not in the country in the first quarter.

In terms of decision, you mentioned the point, the main point, it's an expansion in the time it takes to make the decision. Until the end of last year, we had more offers, they were able to choose more.

This timing for decision has been extended. It's taking 60 days to close a deal, but the interest is still there.

This customer was predicting a decrease in the interest rate, cause this was remunerating their capital in a different way, but it didn't happen. We have good projects for the next quarter, and I hope we'll keep our rhythm.

Very clear, Marcio. Thank you.

Good morning, I have two questions here. The first one is regarding the level of provisioning you are making.

I see two sides. When we look at net revenues, we see a provision for a higher cancellations this quarter, but at the same time, a contingency provision that will impact other expenses in your P&L.

If you could elaborate on this issue, your position, if it's more conservative or if you see some additional problem ahead. The second question is more general, regarding the expectations for cash generation in the year, what kind of dynamic you see that will impact leverage for 2026, 2027.

Hello Juliana, Dzik here. Thank you for your question.

Let me start by the second one, the leverage. We have some information.

What we have been saying and what we have been doing, we see an optimum level of leverage around 30%, more or less. It depends on the quality of the debt, on the extended maturity on this debt that is comfortable in relation to our cash position.

We are at 25% now, we are going to burn some additional cash. Our basic scenario is this.

We're going to launch at around R$100 million or R$200 million, we may end the end of the year a little above what we are now, but this is what we are looking at.

Hello Juliana, Thiago here. Provisioning for contingencies, what we had this quarter is more or less the natural level we have been observing, around R$8 million for quarter.

We had this one-off effect. Regarding cancellations, we still see we have a very healthy portfolio.

Sometimes we may have some one or another unit in a specific quarter can cause a higher provisioning, but we do not see any change, any significant change in the levels of cancellations, considering the numbers we have been showing quarter-over-quarter.

Just to complement Thiago's point, we highlight this that we have been moving towards this high-end, and more and more our portfolio is more resilient, with a higher input of cash and lower LTV. The two things, we are in a good period with a very low level of cancellation.

Default in our portfolio is very low, too.

Thank you.

Good morning, thank you for taking my question. I have two questions.

The first, I'd like to confirm regarding the selling expenses in this quarter, it were a little lower because of the absence of launches in the quarter. I'd like to confirm if that's what happened, and when you launch more, these selling expenses will grow more in coming quarters.

The second one concerns Herman question in the beginning, in the extension of this period to make a decision, we see some signs that buying launches is taking longer for a decision to be made, especially because the INCC is showing the impacts that the war abroad is having here.

Hello João Pedro, thank you for your question. Dzik here.

Yes, our selling expenses follows our flow of launches, obviously. Part of it is related to the remaining inventory, but as Marcio said and we say, real estate market has a seasonality, especially in the very high-end.

Yes, January, February is a period with less activity. Generally speaking, our customers are not here, or they are not thinking about this.

We have a decrease. Next quarter, we're going to increase our launches again, and then selling expenses will go up again, but within our planning.

Concerning INCC index, we talked about the low LTV we have, but even with the interest rates higher, this kind of customer usually makes shorter payments and even advance the payment of this purchase. Yes, of course, these issues have been a topic.

We do not like it, it's not good for the market that these costs are high. We are very well protected when we talk about our operation concentrated in the very high-end.

Our level is around 40% of our PSV. Our customers usually pay in cash, and we don't have a significant accumulation of LTV.

With a higher inflation, the price of the apartments may not work for the client anymore. We haven't seen this effect yet.

We have been monitoring it with our teams of cost and pricing. We are analyzing what is the inflationary impact, and we have partners, suppliers, and pre-contracting our services, we minimize these effects.

We have this in our information, and we have 1.5 times the portfolio in relation to our costs, we are very well protected against any changes that may happen.

Thank you for your answer.

I'd like to thank you all for attending this call. We'll see you again in the next earnings call.

Thank you.