Good morning, everybody, and welcome to the Helbor's call for the fourth quarter of '25. It's a pleasure to be with you.

We have today with us Roberval Toffoli, CFO, and Marcelo Bonanata, Commercial Director. Like the fourth quarter, 2025 was marked by the consistent evolution of Helbor's operational and financial performance, reflecting the disciplined execution of its strategy, the careful allocation of capital, and the continuous strengthening of its portfolio.

Some of the main highlights of the quarter. In the 4Q25, total gross sales reached R$661.8 million with a growth of more than 15% compared to the fourth quarter '24 and 38% to the 3Q25, driven mainly by the strong performance of the quarter's launches.

Helbor's share of gross sales of the period was 55%. In 2025, total gross sales reached R$2.2 billion, 9% increase compared to 2024.

Helbor's share totaled R$1.2 billion, a 6.4% increase compared to the previous year. Total SOS reached 19.7% in the Q4, while Helbor's share was 17.5%.

For the total year, the SOS was 48.1%, and Helbor's share of SOS reached 44.4%. Regarding launches, in Q4 2025, the company launched four projects, three located in São Paulo, Casa Piauí, Garden Design, Private Park Residence, and the second phase of Clube Pátio São Bernardo, and the new concept in Mogi das Cruzes, which showed excellent sales performance of its launch weekend.

The total net sales value of the was R$959 million, with Helbor holding 48%. In the year to date, 11 projects were launched, totaling a net VGV of R$2.2 billion, with 60% for Helbor's participation.

In the Q4 2025, we delivered two projects, Duo Lifestyle and Pátio São Bernardo, with a net VGV of R$331 million with Helbor holding 73% stake, of which 92% was sold. In 2025, we delivered 10 projects with a net VGV of R$2 billion, with 55% corresponding to Helbor's participation.

Regarding transfers, in Q4 2025, they totaled R$425 million, with 64% from Helbor. In '25, it totaled R$1.9 billion, a growth of more than 10%, reaching the highest volume in the company's history.

Before handing the floor over to Marcelo, I'd like to highlight the announcement we made last week regarding the partnerships with Cyrela. Helbor has signed a memorandum of understanding with Cyrela, which establishes the basis for the potential acquisition intended for the development of residential project under the Minha Casa, Minha Vida program on the Semp Toshiba land.

In this context, Helbor will maintain a minority stake equivalent to 30% of the R$159 million. This MOU also contemplates the potential acquisition by Cyrela of 19,195.0 CEPACs, certificates of additional construction potential.

Marcelo will give more details of this topic through the presentation. Now I invite Marcelo Bonanata to present the operational highlights.

At the end, I'll be available for the Q&A session.

Good morning, Henry. Good morning, Roberval.

We started with the landbank, the strategy of the company, a landbank of quality, with a potential VGV of R$10.2 billion, 61% Helbor's part, with R$6.6 billion. It's important to show an oxygenation in relation to this landbank.

Last year, we sold three piece of lands, one in Campinas, one in São Paulo in the Butantã neighborhood, and one in Campo Grande. We are not operating in these areas, and we are strategically oxygenating our landbank.

In the last Friday, we signed an MOU with Cyrela. Cyrela is acquiring the Semp Toshiba piece of land and with a financial swap, and we are holding 30% of the new incorporation with R$1.5 billion of VGV.

The most important, we sold 19,000 CEPACs to Cyrela. Many people ask if we are going to Minha Casa, Minha Vida program.

Yes, we will, but with those who know how to do, learning little by little. We had two MOU with Curury, and now this big development with Cyrela with Minha Casa, Minha Vida, but supported by experts.

In the second slide, we see the four launches we had in 2025 with R$959 million with Helbor participation of 48%, but this is especially due to Garden Design, a development we have at Lapa where our net participation is slightly smaller. That's why the total in the fourth quarter we have this slightly lower, but we'll have the 70% in the new launches.

Casa Piauí is another launch I'd like to highlight in Higienópolis. This is the net PSV.

New Concept in Mogi das Cruzes, we have it with R$241 million, 50% participation. Pátio São Bernardo in the second phase, we launched it last year, 50% Helbor's share.

So 2025 we had 11 developments launched with a PSV of R$2.2 billion with 60% Helbor's share. In the contracted sales, we closed the 24th semester with R$662 million in relation to the last quarter of '24 and 38% in relation to the third quarter of 2025.

We closed in '25 with 9% above then 2024. A very consistent performance, especially in relation to '24.

In the next slide, we see in our commercial strategy, our VSO, we had 19%, 19.7% and 16.1% with an SO year total of 41 48.1% and Helbor's share 17% in the fourth quarter, 44.4%. In the next slide, we will talk about inventory.

Total inventory is of R$2.9 billion today, totally located in the Southeast Region, our concentration in São Paulo. By segment, we have mid-high with the largest part, but also highlighting the high and very high, especially in economic and commercial.

The commercial comes from the legacy inventory. The total SOS of 2.8 and Helbor's share R$1.9 million.

In the following slide, we see our inventory showing especially the ready and legacy inventory. In the ready inventory, we see the inventory of the entire sector.

We had a ready inventory almost reaching R$2 million in 2018, but today we have a ready of R$509 million. This inventory is concentrated especially regarding the Itaim development of very high level.

This is concentrated in this development. We have very few units, but of very high level.

The legacy inventory, we have only R$7 million. We are reaching now at the area of the mutual agreement.

We had a total SOS of 21 million R$331 million, 73% Helbor's share. The first one is Duo Lifestyle at the Jardins neighborhood, very close to the Ibirapuera Park, a very compact development with a sales speed spectacular.

We have it 100% sold. Then Helbor Pátio São Bernardo, also a mid and high level development, and we have almost 94%.

We had 10 projects delivered in 2025 with a total PSV of R$2.1 billion. You see that Pátio São Bernardo, in spite of the high interest rates, we delivered the development with almost 90% of the units sold.

This is very important. Helbor has never forgo the segment it operates.

Even with high interest rates, we have a great potential due to our reputation. The on-lending increased.

Last year, we had R$1.7 billion on-lending in 2025, R$1.9 million, 2.10% more than in 2024. Henry always highlights that how much it's important to sell, but it's more important to have the on-lending because this is the moment we have the return on investment.

The company launched 2B and the on-lending was about 2 billion. This year with what we launched and what we did on on-lendings.

These are the 16 developments under construction, with a total PSV of R$3.7 billion with deliveries until 2029. On the upper line, you see the developments delivered in 2024.

Below, we see the projection for 2026, 2027, '28, and '29, the evolution what is under construction, and we have to develop the percentage of every sold phase, and very soon we'll have this developments to the on-lendings. This was what I had, and now I give the floor to Roberval for the financial data.

Good morning, everybody. Let's see the financial results starting with slide 15, looking to the net revenue on the left side.

In the fourth quarter, net operation revenue totaled R$311 million, with an increase of 2% compared to the 4Q24 and 34% compared to the third quarter 25. The variation between the periods mainly reflects the change in sales mix.

In 4Q25, 49% of the sales correspond to units launched during the period, 28% in 4Q24, 29% to units under construction, and 49% in 4Q29, and 23% to ready or completed units, the same percentage observed in 4Q24. In 3Q25, the composition was 40% under construction, 35% completed, and 25% in launches.

In 2025, net operation revenue was R$1.1 billion, an 11% reduction in compared to 2024, also impacted by the sales profile. In 2025, the profile was mixed, with 41% units under construction, 23 20 32% in launches, and 27% completed units, while in 2024, the distribution was 49%, 18%, and 33% respectively.

Now moving to the right side of this slide, the gross profit and gross margin. In 4Q25, gross profit was R$93.7 million, a 21% reduction in relation to the 4Q24 when it reached R$117.9 million.

This decrease reflects the lower sales volume of the period due to the mix of products we referred previously. In comparison to Q3 25, gross profit increased by 32.5% and the gross margin in 30.1% in the Q4 25.

For the year to date, gross profit totaled R$350 million, representing a 18% decrease compared to 2024, also influenced by the lower sales volume in the previous period. The gross margin of 2025 was 31%.

On the next slide, we discuss the result to be appropriated, which represents the recognition still in conclusion that will be the appropriated net revenue totaled R$716.7 million at the end of 2025, a 61% increase when compared to the Q4 4 to 2024. The largest revenues to be appropriated refer to following projects: Alegria Pátio Mogi launched in 4Q, Open Mind launched in the second quarter '23, and Pátio Vila Mariana launched phase one in 2Q24 and the second phase in the 4Q24, and New Concept launched in 4Q25.

Together, they represented 73% of revenue of the appropriation or the backlog margin. The backlog margin was 28.8%.

In the fourth quarter '25, general and administrative expenses, excluding depreciation and amortization, totaled R$27.3 million, an increase of 4% compared to the 4Q24, and this growth was driven primarily by the increase of personal expenses due to the salary adjustments of 5.5% resulting from the annual collective bargaining or agreement signed at the end of the second quarter, medical expenses, and adjustment of fees of boards and audit committee. In 2025, expenses totaled R$111.4 million, accounting for a 8% increase compared to 2024.

As in the quarter, the increase reflects expenses with personnel and management fees. In 4Q25, commercial expenses totaled R$24.8 million, accounting for a 19% increase compared to 4Q24 and 38% increase compared to three the 3Q 2025.

This growth is mainly explained by the higher volume of sales commissions in line with the strong commercial performance, in addition to higher advertising and marketing expenses resulting from the higher level of launches in the last quarter compared to previous periods. In 2025, expenses totaled R$96.3 million, remaining in line with 2024.

As observed in the quarter, the annual dynamics mainly reflects higher expenses on sales commissions and advertising. These effects were partially offset by the reduction on expenses on sales stands and decoration of model apartments.

Moving to slide 18, consolidated net income of Q4 25 was R$23.2 million and R$92 million for the year. The holding company's net income reached R$1.6 million in 4Q 2025 and R$11.3 million in 2025.

As mentioned by Henry, a Board of Directors meeting was accepted the distribution of dividends of R$2.5 million. Now going to slide 19, the gross consolidated debt at the end of '25 was R$1,864 million, a 6.4% reduction compared to '24.

The decrease is mainly due to the higher volume of amortization carried out on construction financing, notably the settlement of Pátio Plabin and Reserva Caminhos da Lapa business plan. The availability at the end of '25 totaled R$250.2 million, resulting in a net debt of R$1,614 million, equivalent to 57.7% of consolidated equity.

This ratio represents an increase of 2.2 bps compared to the end of 2024. Now going to slide 20, we have the cash generation.

In the 4Q, the cash consumption was R$85.6 million, explained by the payment of financial expenses related to Pátio Plabin and Semp Toshiba land, and settlement of the grant and payment of the solidarity quota installment of the Hava project in São Paulo. The consolidated and non-consolidated company, the fourth Q had a R$81.4 million.

In the year, considering consolidated and non-consolidated company, we had a cash generation of R$9.1 million. To close the presentation, moving to the last slide, we reinforce our priorities to 2026.

We continue to focus on active commercial management with specific strategies for our inventory, effective management of our landbank, leveraging new opportunities, and prioritizing the sale of lands that does not fit in our long-term strategy. In 2025, we sold three plots of land, and now in March, we signed the MOU with Cyrela on the Semp Toshiba land.

Complete the construction and guarantee the delivery of five projects by December, totaling a PSV of R$1.2 billion, strategic launches in Greater São Paulo and Mogi das Cruzes aligned with the best market opportunities. Finally, we will continue with our discipline of cost management and reduction of leverage, ensuring profitability and financial sustainability.

With that, I conclude my presentation, and now we open the Q&A session.

'I'd like to know how do you understand the leverage scenario of the company today and what should we expect for 2026 in terms of cash generation and reduction of debt? If you can, please, your point of view about the current moment of the mid and high-level market.'

Thank you, Gustavo, for your question. Talking about leverage, we have a daily struggle to reduce this percentage of the leveraging on the net assets, because no one better than us know that at the end of the day, the financial expenses has a great impact.

We still carry a debt that is slightly high. I'd like to highlight the following two aspects.

First, this debt has been worse. If you take a snapshot of the company two years ago, we have a debt of eight we were with a debt of 80% and now it's around 58%.

We are doing the homework, we are deleveraging the company gradually. We cannot do this in just one quarter.

We have long developments, but we are on the right way. We have several other things, such as the selling of some plots of land, and the landbank that we associated with Cyrela will be important for the deleverage, because it's an expressive value.

We are now on the right way. For those who follow the company, we said that 2025 would be a year that we wouldn't have a reduction in corporate debts.

We would reduce the debts of a production, and the corporate debt will be over time. The company is working on this.

We are being able to reduce and the strategy continues.

Gustavo, thank you for the question. Just to complement Henry's response, as he said, our main purpose here, in addition to sell the buildings, we are also reducing leverage.

We have advanced the process of transforming part of the corporate debt with a debt within the projects with a larger bank, which is a good partner of us. We are very advanced in this project, and we believe this will relieve the corporate debt and will change slightly the debt profile, and will be a debt within the projects, self-liquidated, and with a interest rate much lower when you compare to the corporate plan.

We are doing this, and we will harvest some fruits in the next month.

Gustavo, this is Marcelo Bonanata. Answering your second question in relation to the mid and high-level market, I would like to stress that today we had almost none inventory of mid-level ready.

We resold almost everything. Of our landbank for the mid-level, we launched Caminhos da Lapa, where we open the sales for a mid and high level, and we sold the apartments at the range of R$1 million, and we did it very well.

This weekend, we open the sales of a mid level. We have never been segmented just to one product, and mid and high level has been our flagship, and we want to try this units, and we think it's important.

The interest rate is more elevated, but the term flexibilization and payments of savings really made it flexible. Many people know that is paying more of interest, but they can balance the debt due to the elasticity the banks provide.

The mid-level segment continues to be a product that we have on our radar, and we have some seasonality, but it's also in our pipeline, and we are doing a good performance.

We have always worked like this. We don't want to focus on just one segment.

We want to have a rational distribution and participate in very high, high, and mid, and also investors. We mentioned the compact apartments in São Paulo, the studios, but we don't have inventory, they are performing, we don't want to have concentration.

Now we have this small part in the company's portfolio. As Marcelo mentioned, always with a partnership with those who are experts.

'Good morning. In relation to the Semp Toshiba sales to Cyrela, how much this will contribute for cash generation for Helbor?

Can we expect more sales in the year were sales of assets like landbank?'

We sold the plot, but we are part of it. Cash generation comes in two parts: this financial swap that we did of about 70% in a estimated PSV of 2 point, and we have also an interest of 30%, which is of a shorter cycle that will generate a good result to the company with a very low cash exposure, and also the CEPAC that we sold.

When you sum everything, you see that this operation in next quarter, over the year, it will reflect in our leverage reduction. If we are going to sell any other asset, well, we are showing, Herman, that we want to recycle our landbank, but today we're much more focused in approving the projects in the development, in launches, and if there is an opportunities as we had to sell to Cyrela.

This land was not expected to be sold, but we saw an opportunity there. It may happen, but we want to manage the landbank for our launches.

You see that the inventory of the company is low now. Everything we have to sell is for basically one year.

This year, we'll have new launches very prudently, but looking to the future, because it's useless to sell a plant or a land, a piece of land, and then in one year you have to buy land again. The recycling of our landbank is very nice.

This land of Semp Toshiba is something that we are studying as well. We have some lands in-house that today they have a more economic profile.

Maybe we use it for a Minha Casa, Minha Vida launch. Maybe we can do this year.

I'd like to thank on Helbor's behalf for those who participate in the conference. Thank you very much.