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

It's very important to have you here as we share the results of the company and our vision. This will allow you to understand a little bit more about our company and how we envision the future in the next few months.

We are also going to talk about our strategy for 2026. On slide 3, we have the highlights, and this has to do with the main figures.

We had a net revenue of nearly R$60 million, net revenue R$53 million, and NOI was also very substantial. We have grown 38%.

The NOI has grown as well, and this attests to the progress that we made with W Hotel and ComVem. We also give you some more color about SG&A over net revenue, and we are now at a level that makes us feel a lot more comfortable.

We have worked hard to improve operations. We have always focused on costs, expenses, and we don't focus only on revenue, on growing rents, revenues, and sales.

The SG&A over revenue is a very important measure for us. Also in relation to sales, half a billion reais, and the process started in 2025.

In terms of opportunities, we would like to highlight W Hotel, R$25 million in terms of operational revenue. It's yet another very important point.

The revenue from W is growing very strongly, the net revenue of this vertical grew 71%, a very robust growth. We also sold two MyBox units in Tamboré.

We sent it to a storaging company in January 2026. In the corporate vertical, NOI is nearly R$10 million with a 96% margin, and we highlight the revenue of HBR Corporate Pinheiros.

We sold this to the Einstein Hospital. It's the first expansion of the Albert Einstein Hospital on this side of the river, and we were chosen by Einstein, which made us very proud.

This shows that we have been getting it right as we choose land and we develop products. The construction is also right and the way we market our projects as well.

We signed the sale in December, and this was paid in March of 2026. Then as regards ComVem, if you look at the last few quarters, you will see that growth has been strong in the last few quarters in terms of sales and in terms of rents, and the NOI as well.

For the first time, the margin was above 90%. We have been pursuing this very strongly.

We put a lot of energy into increasing the ComVem margin, and the growth has shown the importance of this platform within our portfolio. I'm going to talk about the recycling, the churn strategy.

We have a critical mass in terms of ComVem. We have 40 units with over 50,000 square meters of GLA, and 80% of this area is occupied.

If you Google active facade on Google, you are going to see lots of news about an occupancy problem. On average, active facades have 80% vacancy in São Paulo, which is the opposite of what we see.

Our portfolio has an occupancy rate of over 80%. Bicudo and his team, who is responsible for this platform, have done a great job, and Bicudo is going to give you more color about how we achieved this and how we are going to continue to work once the new deliveries happen.

Then in the shopping malls, NOI grew by 4.9% with a margin of 83%. Sales were at R$420 million approximately, and the rents have increased approximately 5%, which is what we expected.

The gross leasable areas are mature in our shopping malls. We are adding 7,000 square meters in the Mogi Mall, and we are starting to think about the expansion of another shopping mall.

We need to increase the GLA due to the high occupancy rates of these two shopping malls.

Now we're going to talk about ComVem and shopping malls. As Nakano said, we are very happy with the performance of ComVem.

We are seen in the market, especially by clients, as good marketers, good planners, and good operators of commercial convenience centers, and this is very important for us. This is reflected in the figures.

Just very briefly in the quarter, net revenue was R$7.3 million, a 31% increase relative to Q1 2025. Total sales were R$108 million, and in the same-store concept, also 5% above Q1 2025.

In terms of rents, R$10.4 million in Q1, an increase by 36%, and SSR, 7.1% increase. These are very good figures, which attest to the power of ComVem as a platform.

In terms of occupancy rate, the occupancy rate has been growing gradually and consistently. In Q1 2026, it was 88%.

We are looking for high occupancy while trying to increase rents. We have an NOI that expanded 54%, and the margin, as Nakano said, is record at 91%.

Now in the HBR malls, there is an impact from Mogi and Suzano mature enterprises in terms of sales, R$409.6 million, an 8% growth relative to last year. Suzano grew 13%.

Here I would like to highlight telephony, sport gear grew really well. SSS grew by 6% relative to Q1 last year, especially Olinda with a 7% growth.

In terms of total rents, the growth was in the region of 5%, reaching R$35.1 million, and Olinda was the highlight. We managed to increase rents by 16.5% relative to Q1 2025.

Entertainment and education institutions account for that increase. In terms of SSR, rent grew to R$24 million, and the highlight is Urupema.

Then moving on to the operational data, sales were in the region of R$420 million, an 8% growth relative to last year. Average occupation was 93%, and I would like to make some comments.

In Mogi, occupancy rate is really good, 98.8%, and this is a mature shopping, we are trying to improve the shopping mall and to optimize the GLA. We have been very careful in doing this in Mogi.

In Suzano, especially last year, we managed to improve the mix, and this is improving all the indicators, 97.3% of occupancy. Vacancy has to do with a megastore, once we rent this store out, we will be able to bring vacancy to zero.

As for Olinda, occupancy is 89%. It's a shopping mall that is still maturing, and after we closed the quarter on April, we managed to close a deal with a cosmetics shop, which has been doing really well.

We are very happy with the prospects for Olinda. In terms of Urupema, occupancy rate is 82%.

We are improving the mix of this shopping mall. We will have a big gym, which is going to open at the end of Q2, and we have other stores which are coming to that shopping mall and make us very optimistic.

In general, NOI grew, and the margin is 83.3%. In general, this is what I had to say about HBR malls.

Now, on slide 8, I'm going to give you some more color about our asset for you to understand the quality that we see in this asset and the importance they have within our portfolio. First, we are going to deliver Vila Nova Conceição, which is located between Vila Nova Conceição and Itaim.

We have been talking to two or three potential tenants, and we had a proposal to sell, but we didn't move forward with that. This attests to the liquidity of this asset in the market.

It's between Santo Amaro, Guilherme Bannitz, close to the Ambev building. For those who want to be in Itaim, Vila Nova, or Vila Olímpia, it's a good asset at a competitive price.

This is how we position this asset. Companies have been approaching us, companies that want to be near the corporate clusters, but at a more competitive price.

Ibirapuera is located on Ascendino Reis with Diogo Jácome. There is a gym that wants to occupy the first floor.

We have sold some stores, and also we have been approached for the corporate floors. Then Moema is across from the Ibirapuera shopping mall and close to the Eucaliptos underground station.

We have rented a store to Pão de Açúcar, and we have two floors, two corporate floors, with 2,500 square meters each. It's a great location.

Paulista is located on Avenida Angélica with Avenida Paulista and Rua Minas Gerais, a corporate tower with nearly 10,000 square meters of area. We believe that within this month we will be closing the deals to rent all the building to a couple of companies at market rates for this type of rent.

Even before we get the permit, we believe the whole tower will be rented out. Then Faria Lima 2 is a corporate building with 32 residential units.

The residential units have to do with improving the construction efficiency of the building. We do believe in having residential units on Faria Lima.

This building has 32 residential units, a store down on the ground floor for 200 square meters. There are two companies looking to acquire these residential units to then rent them out.

These are small units of 40-50 square meters, which are looked after in this region. Then Pedroso Alvarenga, which we call Itaim 1, is located between Renato Paes de Barros and Pedroso Alvarenga, premium location.

The GLA is 7,000 square meters plus a store with 350 square meters on the ground floor. We have been approached to rent out the corporate floors and the store because it's a sought-after address.

We are going to start working on that on the second semester of the year. Faria Lima will be ready at the end of 2028, and Pedroso Alvarenga will be ready in the first semester of 2029.

We have delivered the sale of Hilton, Albert Einstein, and MyBox. For this year, we are going to focus on selling and recycling Faria Lima, a percentage also of the shoppings in Mogi and Suzano, and the ComVem platform.

There was a bit of frustration at the end of the year with Faria Lima, which didn't work well, but it gave us an opportunity to reprice the asset. We had an earn-out based on renewing the agreement we have with the tenant, and we renewed it with a very good value, a very good amount, which repriced it to the market average in the region.

We will be able to reprice it when we try to sell it again. In terms of Mogi and Suzano shopping malls, these are very mature enterprises, we have to look for the best proposal.

In these two shopping malls, we want to continue to control and manage, but we have many companies who are interested in it. This is being dealt with by Bradesco, who has been talking to many players.

In the last two or three weeks, we have signed over 15 NDAs, which attests to the interest of funds in this asset. In terms of ComVem, Dalpiero and myself have been talking with three players.

One of them is very interested in buying it through a fund. Because of ComVem characteristics, it's a very good asset for this fund.

ComVem operates in different geographies, and this allows one unit to offset the results of another unit. This allows a consistency of income, which is sought by funds of this type of profile.

ComVem with growing sales, growing NOI, is a very good product for this type of fund. In Q2 and Q3, we should be able to announce a sale of ComVem, Faria Lima, and some percentages of the shopping malls.

Now moving on to slide 9, we are going to talk about the opportunities vertical. The highlight here, as you can see, is the increase of gross revenue of the W Hotel.

We are now having a revenue of R$25 million in gross revenue after the ramp-up period of one year. We can still make it grow.

It's a young asset, and we are very happy with the way Marriott manages W Hotel. We still see a lot of opportunity to increase revenue.

We have also been talking to Marriott and the team on site to lower costs. As we are very active in the management of these enterprises, and this is the way we work with W as well.

We are very disciplined in terms of costs. Also the recycling of the two units of MyBox, which were sold to the storage group.

Here you can see the new deliveries. We have a ComVem in Giovanni Gronchi, which we bought from Cury.

There are 2,000 units in these two towers, 6,000 people living there who can use our stores. ComVem has a very good potential.

We have been selling the stores very well in ComVem. Then we acquired other ComVems from Cyrela: Vila Nova Conceição, Ibirapuera, and Cotovia, three units, as I have told you before.

On the right-hand side, you see the GLA on the platforms, and you can see that our energy and focus is on ComVem and 3A. In terms of malls, we are expanding Mogi.

In the future, we are going to expand Suzano as well. This gives you an idea of our strategy, which is to focus on corporate and ComVem.

Now I turn the floor over to Dalpiero, who's going to talk about company finances.

Good morning. Once again, I come here to talk to you about the results of HBR.

In terms of net revenue, we had R$53.4 million, a 37.9% increase relative to Q1 2025, which reflects a growth in nearly all the platforms: on 3A, an 83% increase; opportunities, 71%; and also ComVem grew 31%; and malls, which grew 8%. Also, we had efficiency gains, especially in ComVem.

NOI is 54% greater than in Q1 2025. The graphs below give you all the breakout.

The renewal of the rent, as mentioned by Nakano, in the Faria Lima building had a great impact. The rent is now marked to market.

Just to complement what Nakano said, today in São Paulo, there is a balance between assets of corporate units which favors owners. We see not only this in this asset on Faria Lima, but as Nakano said, there is a strong demand for corporate assets in other places in the city, especially Pinheiros, Paulista, and Itaim and Faria Lima.

These are places where we have a relevant presence. In terms of IFRS, the increase in revenue was 42.1%.

In terms of NOI, 25.9% was the increase. 3A has a very relevant presence, but the shopping malls as well account for a lot of it.

Here we see the SG&A over net revenue ratio, and for the fifth consecutive quarter, there was a reduction in this indicator. This is the lowest in terms of our history.

We had geared efforts to align processes, to use automation, to reduce headcounts, reorganize the structure, and also to do more with less. Last year at ComVem, there was an increase of approximately 15,000-16,000 GLA, but with no increase in SG&A.

Our processes are now more streamlined, and we are more organized to keep costs under control. Then on the next slide, we see adjusted EBITDA, which reached nearly R$26 million in Q1 2026, an increase by nearly 36% vis-a-vis Q1 2025.

The managerial margin is nearly 50%, which is supported by the strong growth in net revenue, and the control of administrative expenses. On the graphs here, you can see the increase in adjusted EBITDA by 35%.

In terms of IFRS, this reaches nearly 42%. FFO is very important.

It's a metric we have to improve. It is impacted by financial expenses.

When we effect sales, we want to reduce financial expenses and improve our adjusted FFO. Net income as well, there is a slight improvement, but it was impacted by financial expenses.

This is why we focus on sales to decrease the financial expenses. On the next slide, we see our CapEx.

It's under control, the future CapEx. When we closed last year, there was some displacements of CapEx, there's no additional CapEx.

What we have done is rebalance the CapEx between periods. As we are facing difficulties in the civil construction industry, there are some delays in deliveries and delays in what we have to receive, and therefore, the execution flow suffers.

In terms of debt, was a reduction by 12.2% in net debt relative to Q4 2024, and a stability of the net debt relative to Q1 2025. We have been able to amortize R$88 million in debt coming from sales.

I have been talking a lot about reducing our debt, and at the end of the quarter, our debt was R$1.6 billion, cash and equivalent R$213 million, and the net debt is R$1.4 billion. Our focus is to rebalance the capital structure to reduce debt.

This is not going to be a straight line going down because we have CapEx to execute, and this CapEx is partially funded with debt. When we execute sales, we want to ensure that our debt goes down, and this is what you see here in Q1.

When we look at the amortization of debt, we don't have any peaks of debt here. There is a dilution of our debt in the payment schedule.

The indices of our debt also are diversified. Most of them are linked to civil construction indices, this debt is competitively priced.

Then on the right-hand side, you have our debt by vertical. Now we are going to open for the Q&A session.

"The impact of the renewal of 3A in Faria Lima was an ad hoc thing, right? Or should we expect something similar for the next semester?

Is the revenue level sustainable, or should we expect changes in the next few quarters?"

Thank you, Mateus. The impact of the renewal of 3A Faria Lima has a bit of both.

We had an agreement in January, but it was retroactive to October. We had the impact of October, November, and December, which were paid in January.

Then in January, you start to see a substantial increase in this rent quarter-on-quarter. In recurring terms, R$1.2-R$1.3 million per month more than we had before, it's an increase which is relevant with no additional costs.

In terms of SG&A over revenue, this is structurally sustainable. When we adjusted the structures last year, we managed to optimize the structure.

This is sustainable from a staffing point of view. We also have automation, gains of scale, process improvement, and policies to restrict some more costs.

This is a structural reduction, which is also sustainable. There may be increases, but what I can say is that it is a structural change.

"Good morning. I have two questions.

Can you give us an update on the maturation of W? Is there an increase in the occupancy rate?

Then, there was an adjustment in the rent of Faria Lima. How will this impact the sale price?"

Herman, thank you very much for being here and for asking your question. In regards to W, yes, of course.

It has had an increase in the occupancy rate. This is the beginning of the second year of operation.

From Monday through Friday, the occupancy rate was nearly 100%. We had to send our guests somewhere else because we had some overbooking.

Just to give you a little bit more color, 60% or 70% of the revenue of the hotel comes from the occupancy of rooms, and then 30%-40% comes from food and beverages. We are gearing efforts together with Marriott to increase the number of events so that companies will hold corporate events there, because this is what can move the needle in this type of revenue.

We are looking to capture revenue from events. Then in terms of Faria Lima, it will have an impact, not only on the selling price, but also on the velocity of sale.

The rent was below market value, and now it is aligned with market value, and maybe a little bit higher than market value. This was a very good upgrade in the value of that rent, and we believe that we will receive proposals that reflect this improvement we had in the rent value.

"Congratulations for the quarter. One question about the ComVem platform.

Will it be sold to an existing fund, or will it be a spin-off of the company, a fund where the asset would remain the property of the company, but on a separate fund?"

Thank you, Danian, for the question. It's an opportunity for us to talk about what we are thinking to do with ComVem.

In the beginning of this presentation, Nakano talked about the sale of this portfolio of assets, just to make it clear. All the ComVem units are under our balance sheet, the transaction means that we want to sell these assets to a company outside HBR.

It would be a sale to a third-party fund, which would manage the fund. HBR would be part of this fund as a realty consultant and would receive a fee to provide this service.

For us, it is essential to continue to manage these assets. The occupancy rate is nearly 90% because we focus on managing those assets.

We have been able to create a mix of convenience, proximity. We don't sell shoes.

We have restaurants, we have shops that sell wine, we have grocery stores. What we have is a product, a recipe that is very difficult to replicate in the market.

We would like to continue to manage the mix, but it would be a sale. Once this happens, we will have a recycling of our capital.

It would be a proof of concept for ComVem. We have many thousand square meters of ComVem that we are developing, and this creates a virtuous cycle: development, creation of value, and sale to a fund.

We will be able to receive revenue to reinvest in ComVem. This transaction is moving forward, as Nakano said.

We have been talking to some funds, and this is in our pipeline for 2026 to execute this deal.

"Good morning. Congratulations for the results.

What can we expect in relation to the reduction of debt, given the recycling of the portfolio? What amount of net debt should we expect at the end of 2026?"

Thank you, Samuel. Thank you for participating in this conference call.

I will give you no guidance. It's something that we are very mindful about.

What I can say is to reiterate what Nakano said. We have a pipeline of sales for this year: Faria Lima, percentages of the shopping malls, and the ComVem transaction.

These three blocks of assets, and maybe others may be added to that, will allow us to amortize the debt. I won't give you a percentage.

We have the breakdown of our managerial data where we have the level of indebtedness per asset, per vertical. Could be in the region of half a billion, and the sale could be in the region of over a billion.

I'm not talking about an amortization straight down. The amortization will allow the debt to go down, and we will make new debt because of our CapEx commitments, and then the debt will go down again once we do another sale.

The important thing here is to say that the trajectory is towards reducing debt. This is what we have been focusing on.

In the current scenario with high interest rates, this debt impacts our FFO, and this is our concern. We are not going to just sell off the assets.

We are looking to make good transactions with prices that make sense to us and to the investors.

"The occupancy of ComVem reached 88% with SSR of 7.1%. Pipeline of 12,000 square meters for delivery in 2026.

Is there room to expand occupation and rent per square meter, or are you thinking more in terms of diluting costs over the current base?"

Thank you, José Luiz, for your question. This allows us to give you some more color about ComVem.

We have to talk about the quality of this additional 12,000 square meters: five ComVems in upscale regions of São Paulo. We want to maintain and increase the quality of the tenants, increase the rent, maintain the occupancy rate.

We are going to continue to be very careful with the tenants. Commercial, financial planning, then marketing, then a careful selection of the tenants, the brands, the activities, because they have to adhere to the profile of ComVem.

The occupancy has to be high, the mix has to be good and sustainable in the long term. This is a very good prospect for when we add this new GLA.

In terms of the costs, as Nakano and Dalpiero said, our team is ready to work with this GLA with the same team, the dilution of costs should take place as well.

Once again, I would like to thank you all for your time. I would like to thank our controllers, our shareholders, our board, and our associates for this strong operational results: NOI over 54%, sales growing 37%, 88% occupancy, Faria Lima with a new value of the rent, which allows us to reprice the asset, the shopping malls with 97% occupancy, and W.

W has been growing as expected or even above what we budgeted for in terms of occupancy and events. What we have been doing is managing W together with Marriott to improve the NOI.

In terms of recycling, which is extremely important, Dalpiero has already explained our thinking. We have maintained our strategy in terms of deliveries.

We are selling assets once they reach maturity. Once they reach maturity, we are going to sell these assets, but not at any cost.

We are not going to sell off the assets. We want a healthy cash position, a healthy debt position as well, and we have to find the best time and the best value to sell the assets.

As has been said, our focus will be on the sale of the corporate tower in Faria Lima, our share in the shopping malls, Mogi, Suzano, and maybe part of Olinda, and the sale of ComVem. ComVem is a game-changer: over 50,000 in terms of GLA, R$15 million, and it's part of our strategy.

We want to be asset-light in the ComVem platform. Very few have this kind of knowledge.

We are able to rent out, to charge, to collect, and we now can recycle that, and we can become real estate consultants within this fund we want to sell ComVem to. Very few in the market can manage this type of retail.

Once again, thank you so much for attending this video conference, and see you next quarter.