Welcome to Helbor's earnings conference for the second quarter of 2026. It's a pleasure to be here with you.

Joining me today, I have our CFO, Roberval Toffoli, and the Chief Marcelo Officer, Marcelo Bonanata, who will be participating in today's presentation and will join us for the Q&A session at the end of the call. I will begin the presentation by highlighting the key developments of the quarter.

First, the gross total sales of the first the second quarter reached 339 million, a reduction of 27% of the same period. This reduction can be explained by the absence of launches in the quarter, and the participation of Helbor in this volume was of 73%.

Now, in the year-to-date, the gross sales totaled 759 million, 30% less than the first half, and Helbor's corresponding to 28%. The SOS of the second quarter reached an 11.3 in the 2Q '26.

In the total SOS reached in relation to percentage points in the comparison of the second quarter '25. In the second quarter, it was impacted by the performance of the sales in the second quarter of 2025.

In the semester, it reached 22%, a 12.1% reduction for the same period of the previous year. Helbor's SOS stood at 21.2%, a decrease of 10.1 percentage points compared with the 1H '25.

The company did not launch any projects during the quarter. However, it's worth recalling the launches carried out in the 1Q '26, which are included in the first half figures.

Two projects were launched: Nova Vivare in São Paulo, and Parque Clube Poema in Mogi das Cruzes, with a combined net PSV of 170 million, of which Helbor share was 33%. At the end of the 2Q '26, the company's landbank represented a potential gross PSV of 11.6, 74% of which corresponded to Helbor share.

The total mortgage transfer reached 205 million in the quarter, with Helbor accounting for 62%. Year-to-date mortgage transfers totaled 482 million, with Helbor shares at 65%.

Finally, I would like to comment, and I would like to invite Marcelo Bonanata to provide his, and he will be available at the end of a Q&A session.

Thank you, Roberval. On the first screen, we have Helbor's landbank, and strategically well positioned, we have a total landbank of 11.6 billion, 74% Helbor stake.

I think that we always talk about the landbank, and this is the greatest asset the company has. Its landbank is raw material, and we can see in the highlights that in addition to the quality of the land lots or the location, we can also have a very well-distributed landbank as regards the income.

We have the ultra-high, medium-high, and the economic and the two. This is the greatest wealth we have in this same company: a very robust landbank and very well positioned.

Now, in terms of launches in the second quarter, we did not have any launch. We had two in the first quarter, which was the Nova Vivare.

We are involved since 2016 this in Lapa, and we always like to highlight this project. This is something very important.

We have been developed to have over 2,000 units delivered and with a high potential of growth and appreciation in the region. We have another phase and also Parque Clube Poema in the Mogi das Cruzes in the metropolitan region.

We operate in ABC, Mogi das Cruzes, Guarulhos, and Campinas. We also like to spread, and Mogi is our city, and we have a very large SOS where we can develop new neighborhoods.

Just to give you an idea, in the first quarter, we have over 50% of the units sold. Highlighting the medium standard in São Paulo, this is very important.

We have talked a lot, it's a city close to the capital city and with a high potential of appreciation and value and at a lower price, where we have a great migration: Mogi and also the ABC. We should also highlight that in all the higher sales, we had a total of 339 million in the second quarter.

We had a drop concerning the second quarter '25 of about 27%, and in the semester, we had a drop of 30%. Henry highlighted that we had no launches in the 2Q '26, and due to our strategies, we had a very important event: the World Cup.

We have sometimes the expectations that these have not affect the sales, but it does, and we decided to wait a little longer, and we are going to do that the second half. In the next one, we talk of VSO, and the total VSO had a decline.

Last year in the 2Q, we started with 18%, in the 1Q this year 12.4, and in this second quarter 11.3. The VSO of the semester last year, we had 35%, we went to 22.

At the Helbor's VSO last year, we had 18%, in the 1Q 10.9, and we had an increase of 11.3% in the second quarter of this year, and the Helbor's share in the semester from 31 to 21%. In the total inventory, we have 2.9 billion, 99% concentrated in the eastern region.

Helbor's share is 1.7 billion, and it's distributed, as I mentioned, in our landbank and our inventory. We have in the upper-medium, and we have a flexibility not only in the capital in the metropolitan region of São Paulo, and also in some other regions.

We do not concentrate the same typology both in our inventory and landbank. We can scatter that around, and we can work at different standards and classes.

In the next slide, we talk about the completed units, and it's always very important was the legacy, the period from 2015, where the termination contracts crisis and the market was very well affected. Last year, we had from '24 to over 50 million inventory of the legacy.

In '23, we had only 2 million reais. We are at the end of it, but it's important to highlight that with our completed units, last year we have 509 million and today we have 549.

The completed units below 20%, a very healthy position. It's worth mentioning that our completed is below 20% of the total.

Now in the completed units, we have two one, two projects. One is Figueira Leopoldo in Itaim and the W Residences.

We're talking about two projects with a concentration of over 70% of the PSV. The ready units inventory is very healthy, and we are working hard to sell both the completed units and under construction.

Talking about the onlending and due to the deliveries. This year we have a smaller amount of delivery, we had a drop of the onlending or the Swift.

We close the second half 240 million. In the semester, we have 482 million reais.

In the next slide, we distribute the projects that will be delivered. We have three projects to be delivered: one is the Vila Nova in Curitiba and our closing land lot in Itapiti.

They are correspond to 80% of the units sold, all of them very well sold. The majority of them, we are already in the transfers phase, and we are going to deliver these three.

In 2027, we have four projects, PSV of 896 million and well sold, about 78%, 77%. In 2028, we have seven projects to be delivered, 1.2 billion delivery to be made, and 55% of the total units sold, and we should reach for '28 in the sales and deliveries.

In 2029, we have three projects with 65% sold units, and we have just launches. In 2030, we have one project, which is the Nova Vivare.

We are monitoring closely this inventory, both under construction and completed units, we can have the lowest inventory possible. Now, I'm going to give the floor to Roberval, who will give you the financial information.

Let's move on to the financial results of Helbor. On slide 14, on the net earnings, in the second half, we have 207, a reduction of 25.5% as compared to second quarter '25, and 38% in the comparison with the first quarter of 2026.

This performance reflects the lower sales volume between the periods combined with changes in the sales mix. During the quarter, 70% of sales consisted of units under construction, 18% of completed units, and 12% of units from projects launched during the first half of the year, compared with 68, 25, and 7% respectively in the 2Q '25.

In the 1H '26, net operating revenue totaled 559.3 million, representing a 4.4 decrease compared with the 1H '25. This change was primarily driven by the shift in the sales mix over the period.

During the first half, the sales mix consisted of 62% units under construction, 22 completed units, and 17 launches, compared with 50%, 25%, and 25% respectively in the 1H '25. Moving to the right-hand side of the slide, we have gross profit and gross margin.

In the 2Q '26, gross profit totaled 65.8 million, down 28% from the 2Q '25, when it reached 91.4 million. Compared with the 1Q '26, gross profit decreased by 34%.

Gross margin stood at 30.9 in the 2Q '26, therefore stable. In the first half of 2026, gross profit totaled 165.5 million, representing a 10.9 decrease compared with the same period of 2025, also reflecting the lower volume of sales recognized during the period.

Gross margin for the first half stood at 29.6%. Moving on to the next slide.

We have the results to be recognized that will represent the recognition of sold products that are still under construction and whose results will be recognized in the company's income statement as construction progress. The gross revenue to be recognized totaled 786.5 million at the end of the 2Q '26, an increase of 62.4% compared with the 2Q '25.

The largest amounts of revenue to be recognized relate to the following projects: Alegria Barão de Mauá, launched in the 4Q '24; Mel Concept, launched in the 4Q '25; Art Vila Mariana, with the first phase launched in the 2Q '24 and the second phase in 4Q '24; Open Mind, launched in the 2Q '23; and Colage Bela Vista, launched in the 2Q '25. Together, these projects account for 78% of revenue to be recognized from units sold.

Gross margin to be recognized stood at 28.3% in the 2Q '26. Moving now to slide 16 and look at expenses.

In the 2Q '26, general and administrative expenses, excluding depreciation and amortization, totaled 21.7 million, down 22.9% from the 2Q '25. This performance mainly reflects lower personnel expenses as a result of a leaner organization structure in 2026, as well as lower professional services and legal expenses.

In the 1H '26, G&A expenses, excluding depreciation amortization, totaled 46.2 million, representing a 16.9 decrease compared with the 1H '25. The decrease recorded in the first half was driven by the same factors observed in the quarter.

On the right-hand side of the slide, we present selling expenses. In the 2Q '26, selling expenses totaled 7.0 million, down 39.6% from the 2Q '25, and 16.6% compared with the 1Q '26.

This decrease was mainly due to the lower advertising and sales commission expenses, reflecting the absence of project launches during the quarter and the lower sales volume. In the first half of the year, selling expenses totaled 37.4 million, representing a 30.1% decrease compared with the 1H '25.

On slide 17, the consolidated net income for the 2Q '26 was 5.3 million. Net income attributed to the parent company amounted to 0.6 million.

In the 1H '26, consolidated net income reached 29.5 million, of which 2.5 million was attributed to the parent company. Now, on slide 18, we're going to talk about the debt profile.

At the end of the second quarter '26, consolidated gross debt totaled 2 billion and 11 million, 51% of which was self-liquidating, representing an increase of 7.9% compared with year-end '25, and 2.8% compared with the end of the 1Q '26. This increase was mainly driven by the new borrowings of 150.8 million in the Plano Empresário real estate development financing plan during the quarter, particularly for the Clube Pátio São Bernardo, IARQ, and Alegria projects.

This impact was partially offset by a higher volume of repayments of real estate development financing by the repayment of working capital installments contracted with Bradesco that matured during this period. Cash and cash equivalents at the end of the 2Q '26 totaled 238.5 million, resulting in a net debt of 1.773 billion, equivalent to 62.6% of the consolidated shareholders' equity.

Finally, I would like to highlight that we are at the end in this partnership between Helbor and Cyrela for the development of the old Septo Shibata that for sure will have an impact in the leverage for the second half. Now, moving on to slide 19, we present the cash generation.

In the 2Q '26, consolidated operations recorded cash consumption of 104.4 million, mainly reflecting the new real estate development financing raised during the period, and the payment of financial expenses, and the lower volume of mortgage transfers during the period due to the absence of project deliveries in the quarter. Cash consumption by non-consolidated SPEs totaled 19.6 million in the 2Q '26, mainly driven by the raising of construction financing for the Nova Vivare and Garden Design projects.

Considering both consolidated and non-consolidated companies, the 2Q '26 ended with a total cash consumption of 123.9 million. To conclude the presentation, moving on to the last slide, I would like to reiterate our priorities for the second half of this year: maintaining the focus on active sales management, and the effective management of our landbank.

For the second half, we have three projects totaling 782 million in PSV. We are also conduct strategic project launches in the Greater São Paulo and Mogi das Cruzes, aligned with the most attractive market opportunities.

Finally, we remain firmly committed to cost management discipline and reducing leverage, ensuring profitability and sustainability. I conclude the presentations, and I would like to open for Q&A.

Good morning, Mariana. Concerning the deal, this is an operation that HBR has made an offer to the minority shareholders, and we are following the legal terms.

HBR, a month ago, made all the Securities and Exchange Commission issue. It's important to remind that this is a transaction that is approved by the minority shareholders of Helbor.

From the company's point of view, we understand it's going to be a very good deal with the synergy between the two companies. The two companies are development companies.

They have an expertise at what we do here at Helbor and HBR. The difference between them, Helbor is a development company, and HBR, and it sells its projects at their maturity.

For sure, as we mentioned, it's also a matter of synergy of landbank between the two companies. It's following the normal course.

It's an offer that requires some time, but everything is going very smoothly.

Hello, Marcelo. Marcelo is speaking.

Concerning the performance of the mid and high projects in São Paulo, our inventory of mid and medium-high is very low. It's practically zero.

It's important to highlight the mid and medium-high in the metropolitan region. We have two important projects: one in Mogi das Cruzes, we have the two projects, mid and medium-high, they are performing very well.

In São Bernardo, we have a large land lot. We made a launch three years ago, and we delivered recently.

We had another launch last year, apartments with 100 square meters, and they're performing very well. It's important to highlight the mid and medium-high, and even in Caminhos da Lapa, and we launch apartments with a medium standard that performing very well.

Wherever we can have the price of square meter that can fit in the income of the profile of this buyer, we are doing very well. At high, and we had some launches in the city of São Paulo for the high and ultra-high standard.

What's important is the product and the location, where you can combine attributes so that this sharing of income, we think that the buyers of medium-medium high live very well, they're more demanding. With the launch of offers, we have to be attentive.

We have stocks in a high and ultra-high concerning the location, the products, and also what we have in landbank, we have land lots located in good places. It's very attractive.

We are very attentive and to the high and ultra-high, but we also have very good land lots and projects. Now

Henry speaking. The buyer of high standard, he chooses where he wants to buy and live.

Talking about location, in our opinion, this is basic for any development company: to have a good location. The major differentiating factor are the products.

I usually tell Marcelo: you have to generate expectation of the urgency sense, as what we are doing with Canário and Hipódromo. We have a partnership with a company that's very well recognized.

Whoever wants to live in this project in this location, we have this project. We have different products and well located.

There are two land lots that are also very important: one is on Pamplona together with Lorena, which is a large land lot with 6,000 square meters, and we have the possibility of adding some land lots in this area. We are going to have an area that's very large and in the heart of the Jardins neighborhood.

A land lot on the Rodeio restaurant, which is very well known at Oscar Freire, and we have another project in this location. We think it's a differentiating land lot.

The company is more focused in reducing its leverage, and we are very concerned about the macroeconomics, what's happening. We are looking inward to see the launch and to be sure of what we are going to launch.

I would like to thank Marcelo, Roberval, our team, and all of those who participated in our teleconference, and we are available to make any other clarifications that may be needed. Helbor's earnings call is closed.

We thank you all for your participation, and have a very good afternoon.