Good morning to all. I would like to thank you for your time and for your interest in the company.

Just to briefly summarize, this is a very special time for us. You will see the operating results, which are very robust.

We have some records to present to you. We are also recycling assets.

I would like to reiterate that the company, above all, is a real estate developer above all. Within the cycle of real estate, after the asset matures and the rents reach the levels that we expect, and which are healthy for that asset, we recycle the assets.

We are finalizing the first wave of development to start the second wave of development. We are going to give you a little bit more color later.

Then, at the end, I'm going to summarize the main milestone of the company on this quarter, and this has to do with a share exchange tender offer to acquire control of Helbor. We believe this is a very positive move, both for HBR and Helbor.

This is going to be one single company, which is more robust, but more agile and lighter. This will bring good results to both companies and to the shareholders of both companies.

On slide 3, you can see the highlights. The operating results were very strong in all the platforms.

There were historic records in terms of NOI, EBITDA, and net revenue. We continue to focus on the costs.

We have now the lowest ratio between SG&A and net revenue, which tells you that we're very strict in controlling costs, which makes the company very healthy. We want to do more with less.

We want to have an asset-light structure that is, however, able to deliver the results that you can see here. Sales have grown in the ComVem platform, and Bicudo is going to tell you a little bit more about it.

ComVem is a platform that has been growing very strongly. We have been focusing on it, as this is one of the most important pillars for the company.

We have 40 ComVem already operating, and we are developing another 22. The margin is 81%, a very good margin for retail, a shopping mall-like margin.

Also, the occupancy rate, which has been growing. We have delivered thousands of GLAs, but still, we have been growing in terms of the occupancy rate of ComVem.

This is excellent news, and we are running contrary of what others see in terms of active storefronts. On average, this storefronts have 20% of occupancy, but ours has 80%, we are kind of an outlier.

Then, in terms of opportunities, the highlight is W. The average occupancy was 52%, a record.

But 2 weeks ago, it was 100% during the whole week because of Harry Styles' concert. His team stayed with us, and W is increasingly chosen by international companies, people who come to Brazil, and it's a great option in terms of hotels in São Paulo.

The net revenue grew 40%, which reflects the occupancy and the revenue coming from food and beverages. In terms of 3A, the growth was 48%, which was driven by the renewal of a lease in Faria Lima.

Faria Lima now has rent that is considered level with others in the region. We're very well positioned, and we have been working to recycle, that is, to sell this asset.

We have projects under development, and I would like to highlight Paulista with 81% of progression in the works. We are now finalizing the agreement to rent 100% of the floors.

Once we have the permit to occupy, we will have all the floors rented out. ComVem has a very good margin.

The NOI grew by 27%, and I would like to look at the sales and rentals. You will see that sales grew by 11%, and the rentals grew by 20 over 22%.

The rents are maturing, are reaching a very good level. In some stores, this has been happening naturally, and in terms of percentage, percentages of the sales, we end up having over 23% in terms of growth.

We delivered, rather, Giovanni Gronchi in partnership with Cury, and this is for 2,000 square meters, of which 60% have been rented out. We are going to open ComVem to the public in the next few weeks.

As regards HBR Malls, we have mature shopping malls, but we were able to grow 7.3% with a margin of 84% in terms of NOI. Now I'm going to turn the floor over to Alexandre, who's going to talk about the retail platform, especially ComVem.

We operate ComVem, and we are recognized as good operators of convenience centers and active storefronts. This makes us very happy.

In terms of the numbers, 7.7 in million in terms of net revenue, a growth by 24.9% relative to last year. In terms of sales, sales grew 11.5% more relative to the same period of last year.

In the same-stores concept, 42% 4.2% increase. In terms of rentals, they grew 23.5%, and we reached the 10.9 million.

SSR was an 8.2% increase, and this shows how mature the ComVems are in terms of revenue and percentage of rentals and other metrics. In terms of occupancy rate, it is 87.3%, and it has remained stable relative to last quarter and grew 3.3 percentage points relative to Q2 2025.

The NOI was 26.8% with the margin, which is very relevant, 81.2%. We continue to open stores.

In 2026, we have opened over 5,000 square meters in terms of new stores, which is very important to renew and revitalize our centers. In terms of the shopping malls, it's a more stable growth.

Total sales grew 7%, especially in Suzano, where we grew nearly 11%, which reflects the opening of Riachuelo, an anchor store, and this made a positive impact in Suzano. In Olinda, the growth was by 9.3%, and there, Vult Cosméticos opened in April.

Then, Urupema suffered with the impact of the revamping of the cinema, and this is a relatively small shopping mall and the cinema has a strong impact on its revenue. This has been reversed now.

The cinema has reopened in July with very relevant blockbusters, and we are going to open new shops as well: a notary and then a gym, McDonald's, [Bouska Bouska?] , and these are shops that are going to open by the end of Q3.

Under the same-store sales, we have been growing 4.8%, and we would like to highlight Olinda that has good anchor shops and telephone stores, which performed really well, and Urupema still suffering because of the cinemas. In terms of total rentals, 7.7% growth with Olinda growing very strongly because of a university as well.

Then, under the same-store rents, we have been growing 3%, and this suffered with the discounts that we had to give. This was what I had to say, and I now turn the floor to talk about the occupancy of the malls.

In the portfolio today, the occupancy is 92.3%, which, in comparison with the last year, is a positive. Then in Mogi, a mature shopping mall with an occupancy of 98.6%, we have been improving the retail, working with satellite stores.

We have added some satellites, such as Swarovski. We are going to relocate L'Occitane and other shops.

These are satellite stores, which gradually position Mogi as a leader among the shopping malls in the region. Then there's Suzano shopping, an occupancy of 96.1%, very good.

In Suzano, we also want to improve the stores. There is an Hering shop.

There is going to be a Vivara as well. The vacancy, which is quite small, has to do with a megastore of 400 square meters.

If we exclude that, the occupancy rate would be 99%. Then, in Olinda, 92.3% of occupancy was impacted by the negotiation we had with Vult.

In Urupema, the occupancy rate is 82%, and this has to do with a gym that is going to open in the next few weeks. Very good prospects in this portfolio.

The NOI was 16.1 million, a growth by 7.3% relative to Q2 2025, a margin of 84.2%. I now turn the floor over to Nakano.

I would like to thank all the team that works with retail. It's a very important portfolio for us, and this includes malls and the ComVem platform.

This growth is an important milestone for the company, especially what happened with ComVem. Our business rationale has, as a premise, the maturation of ComVem, and so much so that we are beginning to talk about the sale of these assets, and we see that there is appetite in the market for good bricks.

In the next few months, we hope we will have good news with regards to ComVem, which will provide a proof of concept of the investment thesis of this platform. On slide 8, I'm going to talk about the towers, the corporate towers.

We have received a tower in Itaim and Vila Nova Conceição and Vila Olímpia. We are now renting it out.

We have been approached by some who want to rent these floors. Then we have the towers in the tower in Moema, the one we acquired from Cyrela, we should receive it at the second in the second semester of 2026.

The Paulista is 100% rented out, and we are just waiting for the permit to occupy. Then Faria Lima 2 is a corporate tower, and the one in Pedroso Alvarenga, which we call Itaim 1.

We have received the permits from the municipality, and we should start working on them very shortly. The net revenue of the platform grew 40% and was 7.6 million reais, which was driven by the contractual renegotiation of the Faria Lima tenant, WeWork.

The platform occupancy rate has remained consistently at 100%, and also the sales schedule. We expect good news for Faria Lima and also for interests in the shopping malls.

We have been working and talking to good players. It's a challenging market that makes the conversations more difficult, but I do believe that when you have good bricks, good location, this allows us to fight in a good position in such a challenging market.

We have been having very good conversations, and we should have something to announce very shortly. On slide 9, you will see that the star of HBR Opportunities is W, where we saw a growth in net revenue by 8.2%.

Mind you, we have sold Hilton Garden Inn last year, the comparison basis is a bit thwarted, but W has been performing really strong. The net gross revenue was 19 million reais, with an occupancy rate of 52%, and we are expanding revenues from lodging, food and beverages, and events.

W is now on the radar of those who are interested in events, corporate, and tourism. We are hosting lots of events in the hotel.

We did right by partnering with Marriott. The team is This is run really well.

Then we have Plus Box. We sold the two Plus Box in Tamboré, and we were left with one unit on the Tietê Marginal Road.

It has an occupancy of 50%, which is above our forecast. On slide 10, it's just a summary of what I said before.

We received Giovanni Gronchi from Cury, and 60% is now occupied. We're going to open it very shortly.

Then, in Ibirapuera and Moema, which we acquired from Cyrela, this we should receive in the next few months. Then, in Vila Nova Conceição, we have this tower, which we are now renting out.

Then you see the GLA changes. We are focusing on ComVem and 3A, and then the 22 ComVems we are developing.

Then, below, we have the delivery schedule, which illustrates what we have under contract. Then, up to 2029, we are finalizing the first wave, and we are starting the next wave of development.

We are concentrating in ComVem and corporate for the next few years. Then, under malls, we have the expansion of Mogi, which is going to be delivered in the next few years.

I will now turn the floor over to Piero, who is going to give you details about our financial performance.

Thank you, Nakano. Thank you, Bicudo.

Speaking about the financial results, they reflect the improvement we saw in all the platforms, as you heard. We have an improvement in the operations, and you'll see an improvement in the net revenue, an increase relative to Q2 2025, an increase by 14%.

Then we say managerial when we work with a proportion, and IFRS for 100%. Sometimes people don't understand this methodology, I would like to clarify again.

When we talk about managerial net revenue, it is the proportional part, our stake. There was an increase by 14% relative to Q2 2025, and when we look at the net revenue under IFRS, 7.2%.

When we look at NOI from a managerial point of view, the increase was nearly 15%, and under IFRS, 10%. The improvement is on all the verticals, and this arises from what Nakano and Bicudo have said.

Opportunities, malls, ComVem, 3A, they're all performing better, and this is because of the wonderful team we have. On the next slide, we see SG&A net revenue.

For the sixth consecutive quarter, we have improved on this indicator. Specifically here, we have two important variables.

Yes, we have increased net revenue, but we have also reduced the G&A. This is a combination between operational efficiency, but also our diligence in relation to costs.

I have been saying this for 4 or 5 quarters, but this is part of our DNA. We are never happy with business as usual.

We always try to rationalize costs, gain efficiency, optimize teams. What we try to seek is efficiency between revenue and SG&A.

Here you can see the EBITDA, which reflects a relevant increase by 25% for adjusted EBITDA. This is a result of the G&A, which is slimmer, and also the improvement in revenues.

The FFO had a slight decrease, a worse performance. The net income went from -33 to -26, which reflects some efficiencies that we were able to achieve, but financial expenses impact our losses.

Then, on the next slide, we see CapEx, and we have been working on the CapEx. If we look at previous quarters, the figures were above R$1 billion, but throughout the quarters, we have been managing CapEx.

We have been deferring the expenses as we can, we have been managing deliveries. Quarter-on-quarter, we have been employing solutions as needed.

Going forward, we know where we are going to allocate CapEx in the next cycle. Moving on, we have our debt.

Our debt increased 10% relative to Q2 2025, and this has to do with deliveries. Remember, our business model is linked to financing CapEx.

We use leverage to implement CapEx. We don't spend CapEx under equity.

We always use leverage. Sometimes we deleverage, and then we have slight increases, and then we have a great reduction once we sell the assets.

The reduction of our debt will not happen organically. It's not something that will come from the operating revenue.

It comes from the sale of assets, from the recycling of assets. We expect the debt to be reduced in the next 6 months.

Looking at the structure of the debt, it is a healthy debt. The maturity is very long.

There is no direct pressure in any year or quarter. The breakdown of the debt is also healthy, and the indices are also very competitive.

A higher leverage is a penalty because of the high interest rates. We are reducing leverage, but the profile of our debt is very healthy.

If we were to convert all of our debt in the percentage of the CDI, it would be in the region of 80% of the CDI. I now turn the floor over to Nakano before the questions for his final remarks.

Thank you, Piero. Thank you, Bicudo.

A big thanks to the HBR's team. The results were strong, growth in all platforms.

To speak a little bit about the recycling of assets, and I'm not giving any guidance, I'm not promising anything, but we are moving forward, and we are very consistent in that agenda. We are looking not only at selling the corporate tower in Faria Lima, but also, we are selling stakes in shopping malls.

We were approached, and conversations are moving forward. We continue with our focus.

I always look at the cash position and the debt, and we are looking for this sale to decrease the company's debt. We expected this level of debt.

We need a lot of capital during the development. It's a real estate development company.

Also, we have to strengthen our cash position for the next projects we have in the pipeline. This is where what we focus on.

We see a lot of potential. I think an urban income fund would be a very good solution for ComVem.

It's a challenge to operate ComVem, but it also gives a big opportunity in terms of revenue and consistent revenue. The ComVem platform delivers what funds need: stable revenue.

The market understands that, and we have opened some conversations. Watch that space.

We are moving in terms of recycling assets. Now speaking about the acquisition of Helbor through the share exchange tender offer, we have explained this in many calls.

The thesis is very clear, but I will remind you why we decided to go down that route. The two companies have the same DNA.

They're both real estate developers, and numbers are and both are undervalued in the market. We want to create a more robust company with better shares by simplifying operations.

We are going to have a more agile, a lighter company with strong governance. At the end of the day, we are duplicating lots of efforts in governance, and we believe that by having just one company, we are going to become more agile and lighter, thus delivering more value to the shareholders.

Helbor has a very good landbank. 95% of this is located in São Paulo in excellent locations, and 83% of this landbank is for middle to high income, which is very good for our ComVem platform as well.

With this, we want to have more robust revenue. We have two profiles of revenues, which are complementary.

This will allow us to deleverage. We want this to happen.

We also want to optimize fiscal and tax structures. We will eliminate ITBI when we acquire land from one another.

This is what we want: a more robust company that is also more agile and light and lighter. In parallel with the acquisition of Helbor, we have not stopped.

All of our processes, all of our operations continue. You could see the results.

We have been delivering positive results just as Helbor, this share exchange is now being assessed by CVM, and in the next few days, we will have CVM's official position. If everything goes well, by October, this process should be finalized.

That's what I had to say, and I'm now going to open the Q&A session for us to clarify any questions you might have.

This is Alexandre speaking. The loss in the quarter is a direct reflection of our debt.

The financial expenses burn our profit, and that's why we went into loss this quarter. As I said when I was explaining the financial results, and as Nakano and Bicudo said, we are going to solve this problem.

The company has been working for many quarters, for 6 or 8 quarters, we have been improving operations, and we have been improving our results quarter-on-quarter. We have been acting on the debt.

We sold $500 million in assets, and we have made public that we are going to hire Bradesco to sell assets. Once these assets are sold, the situation will improve.

Once we sell these assets, our leverage is going to be decreased significantly, and there will be a better alignment between operating results and financial expenses. Quarter after quarter, we want to take money from the banks and put it in the pockets of shareholders, and this is what we have been doing.

Where is it happening? Or when it's happening?

In the short term. This is what we have been focusing on.

Thanks for your question.

This has to do with our business model. As I had said before, our mission here is to reduce leverage and obtain bottom line, improve bottom line.

The leverage doesn't disappear overnight. It's a very competitive process.

The market today is difficult in terms of the execution of transactions, but we are selling our good assets despite the challenging scenario. This doesn't happen in a linear way.

We are not going from 1.6 to 900 100 million in a straight line. The reduction will be clear and direct.

We managed to reduce the leverage at the end of 2025, and now with the CapEx projects and the last mile, to speak, of implementation that we need to do, we need the leverage, which is the case in the real estate sector. This is all backed by the asset.

We take money from third parties to complete a project, and once that project is ready, it gives us revenue. We have recurring revenue or we sell the assets.

During this period when the leverage goes down, there will You will see some ticks up, which reflect the need for capital. Here, we had the deliveries of Cury in the ComVem platform and Infraprev, which is the one Nakano talked about in Vila Nova.

This increased our debt moderately. In line with our deleverage plan, the leverage is going to be decreased substantially.

Thank you, João Paulo. This is Nakano speaking.

We do want to divest at the pace that we have been doing it. What is eligible today?

All the assets that have reached maturity in terms of rentals are eligible. As Piero said, we hired Bradesco BBI, and we have Faria Lima and stakes in the Mogi, Suzano, and Olinda shopping.

We have been holding conversations. We have seen proposals.

We are refining some of these conversations, some of these proposals, and we should have good news on that front. In terms of criteria to sell assets, we were focused a lot on price.

Price is essential, but we also have to focus on execution. At the end of last year, we received a firm proposal to sell Faria Lima, and at the last minute, the buyer changed the payment schedule, and we had to back down.

This was bad news, but that turned to be good news because the rent was lower in those days. Now we have managed to increase this rental by 50%, we can talk now about higher values, higher amounts.

Although that proposal had an earn-out clause relative to the renewal of this lease agreement. For now, we look at price and the guarantee of execution of the proposal.

This is extremely important, given the challenges in the market overall.

This is Bicudo speaking. We are certain that the results we presented for ComVem will be sustainable in the next few quarters.

The existing ComVems have been improving and have a higher occupancy rate. From planning, sales, and operations of ComVem, we work with a team that is very experienced and is dedicated to selling and operating the ComVem.

We have an expertise there and work in synergy with the stores and the commercial towers and the buildings that we where they are located, and we can work closely with them. The brand has consolidated as an excellent operator of convenience centers.

ComVem is recognized by the public and by store owners. The challenge is to continue to manage the new ComVems, but we also have good projects in good locations.

We have projects and ComVems in good locations, and we are going to work to improve the mix there. We believe that all the indicators of ComVem will improve.

Thank you so much for your question. We have been working on the operations, and we believe you can see that.

We have been decreasing those gaps and trying to make figures come closer and closer to the revenue. Obviously, we have to decrease expenses and drive synergies in terms of people, processes on different fronts.

The growth of the ComVem platform and the decrease of expenses is very relevant, and you can see that in the margins. The margins that ComVem has been improving margin today is above 80%, which is comparable to shopping malls.

This reflects processes, digitization, efficient collection, and all of that, which we have developed when we managed shopping malls, we have transferred that to ComVem, where this is easier to carry out. Or rather, which is not as easy in ComVem.

We managed to transfer all of that knowledge. What I can say is that day after day, we are pursuing efficiency, and this is going to be seen in the results.

I would be concerned if I had to present results that were not so good when the debt is okay or stable, but with no way to remedy the financial expenses. No, we have a business that is doing really well in terms of operations.

We have financial expenses, which we are sorting out, and then we have good assets that are going to help us pay down the debt. I see a very stable scenario.

This is going to happen, and in a not very long period, we are going to see a stability.

Thank you for attending. As I said, yes, we are going to sell Faria Lima.

We have some proposals, conversations which are moving forward, proposals that are better than proposals we obtained before involving amounts that we think are very good. Yes, we should have an update very shortly.

Thank you, Jorge. You are always here participating.

Yes, the landbank is very good, 95% within São Paulo and 83% for middle to high income. In Jardins, we can have a corporate tower and ComVem, which are the two verticals that we want to focus on.

Then they have other land close to Nove de Julho, in Vila Mariana, other plots, in Juscelino Kubitschek, and these are projects where we can deliver good projects for HBR. We will help Helbor sell the towers, and this is also because of the retail component.

Also, ComVem stores are more easily rented out when there is a corporate tower on top of the platform. This is a very positive approach.

Thank you for your question.

We are going to follow what we said before. We sold the Pinheiros tower to Einstein this year, and soon after that, we paid out dividends, and this is going to be the same procedure.

Once we divest, we will schedule the payout until the end of the year.

Heloisa, for your question. There are many synergies that we identified, and this is what underpins the process.

I will start with governance. Today, we are duplicating the governance.

We have two boards, two fiscal councils, two audit councils, and this is going to be simplified down to one of each. Decisions will be easier, more agile, but made with responsibility.

Also, departments: today we have two legal departments, two engineering departments. We want to have just one engineering department.

The two businesses are going to coexist: properties and residential properties. We want to have just one team looking at both businesses.

There is an operational example that illustrates very well what this synergy means. Today, the construction company has to issue two invoices or the contractors have to issue two invoices, and this is going to simplify operations once that transaction is done.

We do believe in this synergy and its potential, and we want to build a more robust company that is more agile and lighter.

Thank you for your question. The answer is yes.

This is moving forward. When we mentioned conversations to sell the portfolio, I talked about some specifications.

We worked to structure ComVem as a portfolio, as a big business. It benefits from the diversity of locations, and although it's a convenience mix, there are specific mixes for each region.

In São Paulo, we are occupying corners and accesses, and we are trying to negotiate this portfolio as such with funds or companies or entities that want to invest in urban income. This asset class requires new product, and ComVem could be one of the main products for this asset class.

We have been working with some funds, but this takes time. We're talking about 44 units, we have to look at which one of them.

We go into details, valuation, auditing. It's not a quick process.

The negotiation with Bradesco does not include ComVem, but the process that involves the Faria Lima tower is a quicker one. We believe that we are going to sell ComVem.

Once again, thank you for your question.

Once again, I would like to thank you all for attending this video conference. Thank you for your time.

We have excellent operational results. This is a very special time for us with the acquisition of Helbor to make HBR bigger, and we continue to recycle assets.

A special thanks to the controller, to the shareholders, to the operational team, to the partners, and especially to our tenants who placed their trust in our projects. Thank you very much.