Good morning, everyone, and I would like to thank you all for joining the first-quarter 2026 earnings conference call. It's a pleasure to be with you at this time.

Joining us, we have our Commercial Director, Marcelo Bonanata, who will lead part of the presentation and will be available for Q&A session at the end of the call. Our president could not be here because he's on a business travel abroad.

Now, I would like to mention some highlights of this quarter. As we observed in the 4Q of last year, the beginning of 2026 was marked by the continued operational and financial evolution of Helbor, reflecting the disciplined execution of our strategy, prudent capital allocation, and the ongoing strengthening of our project portfolio.

During the quarter, we recorded total gross sales of 421 million. Also, Helbor's share was 54%.

As regards the launches, we began the year with two new projects: Nova Viveri in São Paulo and Parque Clube Ipoema, Mogi das Cruzes. Together, these two projects total net PSV of 470 million.

Another relevant highlight of the quarter was the execution of the memorandum of understanding among Cyrela, Helbor, and ASA 159 Empreendimentos Imobiliários, a company in which we hold an equity interest. The agreement sets forth preliminary understandings for a potential partnership in the development of a residential project under the Minha Casa, Minha Vida program on the site of the former Semp Toshiba facility.

This represents an important expansion opportunity in a segment with significant structural demand and which may add value to our future portfolio. I will now turn the floor to Marcelo so that we may continue with the presentation of the quarter's results.

Thank you.

Thank you, Roberval. Thank you, everyone.

Beginning our presentation, talking about landbank, our total potential landbank is 11.9 million with a 72 participation of Helbor, Helbor's share 8.6 billion. As Roberval said, a very important event that talks about landbank was the MOU signed with Cyrela for Minha Casa, Minha Vida with 1.5 million potential and sales of 19.195 in this operation.

This is an extremely relevant operation where we already had two important with Cury and now this major fragment, and we see that economic segment is gaining potential, and we should leave with those who know how to do. We think this is a very important event for our landbank, and consequently, the other products that will come along.

A highlight with the two launches we had in the first quarter totally 407 million with 33 Helbor's share. The first of them is Nova Viveri Caminhos da Lapa, which is a land lot we've been developing for 10 years in partnership with Tegra, and there's a lot of things and this one of the largest assets we have in the company, there's a PSV of 387 million with 18.3 Helbor's share.

Another launch was in Mogi das Cruzes, the first phase of Parque Clube Ipoema. Mogi is our city where we can develop several projects that are icons in the region, and this is another project.

This was a plant that we have changed into a neighborhood. It became Ipoema.

This is the last land lot of this phase of this major land plot where in the first phase we had 83 million of PSV and we sold almost 40%. I would like to highlight the two projects were launched late March this year, we are taking the sales at the end of the March.

In the next slide, we talk about the contracted sales. We close the first quarter with 420 total VGV.

We had a relative drop in the first quarter of last year. Last year, this VGV of 680 million included the launch that Cury made in the East neighborhood, 220 million of VGV, and so just to make a comparison between the two quarters.

There was a decline in relation to last year and in relation to the fourth quarter of last year, which is normal. We see the sales by segment and the majority of real estate under construction and also the launches.

Concerning the VSO, there was a drop. We closed the total VSO at 12.4%, and there was a drop in relation to last year as well as the last quarter, but in line what the market is doing.

I think it's above what we were observing and what the market is indicating and Helbor's share 10.9%. Now, moving to the next slide, we are going to talk about the total inventory, which is about R$3 billion with a concentration in the Southeastern region.

Split by category, we have the highest share is average high, high, average, ultra high, and mainly I would like to highlight in the next slide is concerning our inventory of completed units, finished units. First, I would like to talk about the legacy inventory since terminations, concentration, especially in office space and hotel units that today we are practically zeroed.

We are at the end of it in relation to the legacy units. Anyway, I would like to talk about the inventory of finished units.

It's about 15% of our total inventory, which is a very healthy inventory as compared to the market. We are very alert to the finished unit inventory.

When we talk about PSV, there is a concentration in two important projects: Figueira Leopoldina, 12 units that amounted to 130 million, and one of the highest units. We have a low inventory of finished units, and we want to keep this inventory to have a lower carry-on cost.

We have been working hard to leave it lower and lower. In relation to deliveries, we did not have deliveries in the beginning of this year, and so therefore, we had a decline concerning the on-lending in the quarter.

We had a drop in relation to last year of 42% and in relation to the fourth quarter, 35%, but we also worked very hard to always decrease the time for the on-lending. Roberval's team works hard in this area, and the lack of deliveries in the quarter was forecast, but we've been working hard to on-lend it as fast as possible.

Now giving an X-ray concerning the 18 projects we have under construction in 2026, we still have the delivery of three projects that will take place in the second half of this year. Then we have four projects for 2027, seven for 2028, three for 2029, and 2030 with one project so far.

We still have some launches in this year, this is my share and then I'll come back and then I'll give you now to Roberval.

Thank you, Marcelo. Now, turning on to slide number 14 that presents the company's net revenue and gross profit and margin.

In the first quarter of 2026, the net operating revenue totaled 347 million, representing a growth of 16% compared to the first quarter '25 and 11% on 4Q '25. Now, this performance mainly reflects changes in the sales mix between the periods.

During the quarter, 20% of sales corresponded to launch units, while 55% came from units under construction and 24% from completed units. Compared to the first quarter of last year, we observed a greater share of sales from units under construction, which directly impact the company's revenue recognition dynamics.

It's worth recalling that due to the POC methodology adopted by Helbor, revenue is recognized according to the physical progress of construction works. Accordingly, changes in the profile of products sold and in the stage of developments ultimately influence the pace of accounting revenue recognition throughout the quarters.

Now, the gross profit reached 100 million during the quarter, representing a 6% growth year on year and compared to the previous quarter. Gross margin closed the period at 28.8%.

Now, moving on to slide number 15, we highlight the evolution of the revenue yet to be recognized, an important indicator for the visibility of the company's future results. At the end of the first quarter of 2026, the revenue yet to be recognized from sales totaled 737 million, representing growth of 54.9% compared to the same period of the previous year.

This increase mainly reflects the strong commercial performance of launches carried out in recent quarters. The gross margin to be recognized closed the quarter at 29.3%, a level that continues to reflect the quality of the company's future revenues and the maintenance of healthy profitability levels for the projects.

Now on slide 16, we present the evolution of general administrative and selling expenses, reflecting Helbor's ongoing focus on operational efficiency and disciplined cost management. In the first quarter of 2026, general and administrative expenses, excluding depreciation and amortization, totaled R$25 million, representing a reduction of 1% compared to the 1Q '25 and 10% versus 4Q '25.

This performance mainly reflects the reduction in personnel expenses, in line with a leaner organizational structure in 2026, including at the executive management level, generating positive impact on salaries, benefits, and profit sharing expenses. In addition, we have the renegotiation of the corporate health plan that brought a reduction of about 10% in the individual cost per beneficiary.

Now, selling expenses totaled 20 million during the quarter, representing a 20% reduction compared to the first Q '25 and 18% versus the fourth Q '25. This reduction followed the lower volume of sales commissions, in line with the commercial dynamics of the period, as well as lower advertising and marketing expenses, reflecting a smaller number of launches when compared to previous periods.

Overall, we continue to advance in capturing operational efficiencies while preserving the company's commercial capability and maintaining an appropriate structure to support the sustainable growth of our operations. Now, turning to slide 17, we present the company's net income for the quarter.

As a result of the operational and financial factors previously discussed, as well as the financial expenses recorded during the quarter, Helbor closed the 1Q 2026 with consolidated net income of 24.2 million. Parent company net income totaled 2 million during the period.

Now, on slide 18, we present the evolution of the company's indebtedness and liquidity position at the end of the quarter. We closed the 1Q 2026 with consolidated gross debt totaling 1.9 billion, representing an increase of 5% or 4.9% compared to the year-end 2025.

The availabilities closed the quarter in 208, resulting in a net debt of 1.7 billion, equivalent to 59% of the consolidated shareholders' equity. Now turning to slide 19, we comment on company's cash flow movements during the quarter.

In the 1Q 2026, we recorded a cash consumption of 54 million on a consolidated basis. This performance was mainly impacted by the payment of financial expenses, disbursements related to land acquisitions for the Pátio Clubing and Semp Toshiba projects, as well as investments in construction work for projects that had not yet reached the milestones required for the release of construction financing, such as the Rahva and Clube Pátio São Bernardo projects.

On the other hand, the nonconsolidated SPEs generated 16.5 million in cash during the period, mainly driven by unit transfers at the Reserva Caminhos da Lapa development. Accordingly, considering both consolidated and nonconsolidated operations, the quarter ended with cash consumption of 37.5 million.

To conclude our presentation, we would like to reinforce a few points. Now, we continue to maintain an active commercial management, adopting specific strategies for each type of product.

We also continue in the efficient management of our landbank, prioritizing opportunities with greater return potential and evaluating the monetization of land plots that are not part of the company's long-term strategy. On the operational front, we continue to demonstrate strong execution capabilities with delivery of five developments that together total the PSV of R$1.2 billion.

In addition, our strategy of selective launches with projects located in strategic regions of Greater São Paulo and Mogi das Cruzes align with the most attractive opportunities in the real estate market. Finally, we remain committed to disciplined cost management, leverage control, and seeking a balance between growth, cash generation, and long-term financial sustainability.

With that, we conclude our presentation and will now open the floor for the Q&A session. Thank you very much.

Here is Marcelo. First, I would like to thank your question and say that yes, this year we still expect to have the opportunity to have the Helbor Fest, which is the largest sale of inventory in Brazil since 2015.

We take to the whole Brazil this event, which is a total success, consolidated by the sales team and our clients. Your first question is that we do not give any further discount that we usually give in our sales stands and points of sale.

What we do is that we envelop all the opportunities, many of them due to the scarcity of offer of some products that we are running out of, and we always have special conditions, especially our major partner Bradesco with better conditions and lower down payments in ready projects. We give 6 months of condo fees, there is a special condition for the client, but we don't work with any discounts.

We expect to continue to have one or two events this year.

Juliana, here is Marcelo speaking. Juliana, I think that what we can explain is that we had a lower number of sales in the quarter, and then we end up having less expenses in relation to sales.

This is in line with the size we are going to have the next quarters. Don't you think, Roberval?

Yes, I think that we are going to maintain the same levels as compared with the income. What happened in this quarter was a drop in the volume of sales that generated a reduction in commercial expenses.

I think that São Paulo is like a country. We have a huge market and undoubtedly the offer has been increasing.

As I said, our inventory is low, and we want to work on this to keep it low. As Roberval said, we have to be very selective concerning the launches so that we can have the greatest speed and then have a cruise speed.

In the ultra-high segment, undoubtedly, we had an increased offer. Just to give you an idea, 2 years ago, everything we launched in the city of São Paulo, we had only 2% of launches with projects with over 150 square meters.

We had a higher offer. We had a demand.

I don't know if it was pressed demand or not, but everything is interrelated, such as the macroeconomics, expecting the drop in interest rates. In relation to the market, we analyze very carefully what things are happening.

We are not focused on a segment. We have a flexibility both in relation to the location, the state of São Paulo, and segment.

We leave studios, 25 square meters, or apartments of 500 square meters. This is affected concerning the concentration of products.

Also we also have escape valve, which is the city of Mogi das Cruzes. 25% or 30% of our sales will come from here.

We are market leaders and we could have our projects be realized at high speed with a good margin, and this is very helpful.

Just supplementing, Juliana, I understand what you talked about the commercial expenses. We had two effects in the quarter.

We had the recognition a greater revenue recognition due to the mix of the projects, and we had a volume of commercial expenses lower. That's why this percentage was lower.

I think that's why you had doubts in relation to that. I think that we can consider the the percentage the previous percentage levels because this quarter specifically had this effect.

Hi, Francisco. This is Roberval speaking.

We had a higher level of terminations this quarter due to the deliveries we had of the projects of late last year. It's natural that from 10% to 15% of the project when you make the deliveries you also have cases of terminations due to several elements, lack of sufficient income, and I think that this is within a normal level and linked to the volume of deliveries we had late last year.

Just an additional information is that and Marcelo can supplement my answer. We have Marcelo and their sales team extremely focused in reselling the terminated units.

I would say that almost 100% of the units canceled in the quarter, they are promptly resold within the same quarter.

Exactly, Francisco. Roberval was right.

The problem with the termination, if you launched the project years ago, everything was different, the interest rate, and there is even a natural consequence. As some projects are well sold, many of these projects, we no longer have inventories.

When we start having this misalignment, our team starts working, offering. Sometimes we can do the termination and the new sale one after the other.

We've been doing that and this termination of contracts, and we practically have no more inventory of terminations.

I would like to thank you all for your participation. Thank you very much.