Good morning, everybody. It is a pleasure to be with you once again to speak about our results for the fourth quarter 2025 and the close of the year.

The year 2025 was important for the company, emblematic despite the challenging macro scenario. We deliver consistent results in the main operational and financial goals, reaffirming the strength of our brand and portfolio.

With this performance, we show you how we distinguish ourselves, and that we truly are very different when we look at the market. To look at our total sales, we ended the year with a record 25.2 million, an increase of 19.2 vis-à-vis 2024.

Especially in the fourth quarter, we reached 7.9 billion, a growth of 12% with sales growing 2.3. Now this shows a true gain of productivity, the participation of Pátio Paulista in our base, and it shows that our curatorship has led to high conversion rates, very much in line with what we believe.

The results show the success of our strategy. In January 2025, sales increased 12.8%.

Now, when we look at the growth in rent, the sales dynamic also translated into real increase in rents, which is important for growth. Same-store rent, 7% for the year; same-area advancing soundly with 5.9% in the fourth quarter 2025.

This shows you our ability to maintain the pricing of our portfolio, maintaining a balance, occupancy rate, and of course, doing the best for our spaces. In slide number 4, we ended 2025 with 10...

29%... 4%, I'm sorry, a drop of 0.1% vis-à-vis 2025...

now, 0.2 percentage point drop in the same asset base. Now, we continue to grow.

We have a sound growth in sales, and our sales continue to grow above rents. This shows the operational health of our tenants and the continuity of the repricing process and growth of our rents per square meter.

In slide number 5, the occupancy rate shows that we continue to be very attractive. There is a high demand for our spaces.

We ended the fourth quarter with a consolidated occupancy rate of 96.7%. Now, I think this is concrete proof of the success of our commercial strategy and the brands that are present in our ventures.

During this entire period, Iguatemi is the main gate of entrance for the main domestic and international brands. Now, if we look at what we attained this year, we had significant inaugurations in the last quarter with Carolina Herrera.

We had the signing of On and Sisley in Iguatemi JK. We signed contract with Boss and Birkenstock in Rio Grande do Sul, showing the strength of our work and what we do to have a product that truly stands out and bringing uniformity to our strategy.

What is also important to mention is our partnership with Bradesco. With Bradesco, Principal and American Express are our new partners through a three-year contract.

This is a partnership with co-created benefits at our events, expanding our participation in the high-income segment, and of course, enhancing our proprietary events. We're quite satisfied with this partnership, and of course, it will be benefits for ourselves and for Bradesco.

We continue to expand our revenues because of the quality of our assets and the strength of our brand. Our growth was 14.1% if we look at the CAGR.

Our M&A agenda, well, we have a very disciplined allocation of capital. We have strengthened the quality and profitability of our portfolio.

We signed a binding MOU for four assets, as you were able to follow: Iguatemi Alphaville, Praia de Belas, and two others, representing an average 317 million. In February, we signed another binding MOU for an acquisition of 4.5% of Paulista shopping.

This asset is part of our portfolio and is one of the five most profitable in our company. The acquisition represents 113.4 million with a cap rate of 6.8% based on net operating income for 2025.

Our event pillar is a significant competitive differential at Iguatemi. We ended the year with important events like the Christmas program, activations in Rio Sul and Pátio Paulista, already part of our portfolio according to our delivery models, and we also stand out in events when it comes to the consumers of these malls.

Additionally to that, we had the inauguration party with an increase of 25% in the flow with the events that we held in Pátio Higienópolis and Rio Sul. This reinforces our share working together with our customers so that they can make the most in our ventures and creating proprietary events taking our brand to gain significance when it comes to announcers like Bradesco bank.

We had the second edition of Trancoso, and also an experience in Iguatemi Campinas, generating value for our ecosystem. Now to speak about ESG, we have made significant strides there.

We were included in the ICO2 2026 portfolio with a B score for CDP, recognized at COP 30, and we are part of the main sustainability indices of B3. We had an evolution in people management, receiving the top employer certification and the National Quality of Life Award in the fourth quarter 2025.

We enter 2026 with a sound portfolio, a very healthy growth of capital. We look upon the year with optimism, focused on operational efficiency, and of course, sharing values with our customers and the entire market.

Thank you all very much, and I would like to give the floor to Guido, who will speak about our financial figures.

Good morning. It is a pleasure to have you here for the close of the fourth quarter 2025 and the entire year.

Despite the interest rates for the year, despite this, we were able to fulfill all of our targets. We have a non-recurring event which was the sale of Market Place throughout 2025, where we had the highest profitability in the company.

Now, if we look at our operational indicators, we have a drop in our GLA, our owned GLA, because of the sales of Galleria and Market Place, offset with an increase in stake in Pátio Paulista and Pátio Higienópolis, which have been very profitable. We have grown 7% in sales per square meter and the rent per square meter and total sale of square meters also with a growth in the fourth quarter.

Now, we have grown 16 or 17% during the year, this due to the work of optimization and enhancement of our portfolio, focusing on the highest profitability malls such as Rio Sul, Pátio Higienópolis, and Pátio Paulista. When we look at total sales, a growth of 15.8%, as mentioned by Ciro, strong sales in the fourth quarter with Iguatemi São Paulo and JK malls with the international stores setting themselves aside and showing you the resiliency of these malls and the certainty that we should focus on these premium malls as they bring relevance to the portfolio and highly productive sales, the total sales of the year reaching 25.3% with a growth of 19%.

On the same base, a growth of 8.4 above the IPCA in same-store sales, same-area sales, and in same-store rent, same-area rent, a growth of 6%, a growth of 3% over the IGP-M for the period. We are, of course, always above 2.5%, in some cases reaching a growth of 5% and 3.5% of real gain over the IGP-M for the period.

Cost of occupation, 10.4, 10.9 for the year, showing you that we are proceeding with very healthy occupation, with a healthy growth of sales. This shows you that we can continue to work in this pass-through of rent in terms of percentage rental and an improvement of new rentals through renovations with a positive spread.

Occupancy rate closing at 96.7, we were 0.7% above the same quarter in 2024. As Ciro mentioned, we ended at 98% because of the entry of some stores, such as H&M and the Praia de Belas market, which is our mall in Porto Alegre that increased our occupancy rate at the end of the year, and a net delinquency rate of -3.5%.

For the year, it stood at 2.5% with the lowest level of discounts ever. That discount was extremely low in December and continued so in January.

Now, if we look at EBITDA and our net income, well, the FFOs were record 610 million of net revenue, FFO growing 6.4%, our NOI reaching 1 billion 263 with a growth of 16% for the year. Finally, our indebtedness and liability management and leverage, we reached a leverage of 1.8 if we do not consider the capital gain that we had.

Now, the cost of debt at 102% and the average term of the debt for 4.7 years are the very best in the sector. We have a cash coverage that we show you in the slide that is extremely comfortable, and which means we complied with all of the leverage metrics, showing you the work we did for optimization of the portfolio with a sale for the recycling of capital with percentages above those of the asset, enabling us to focus on the most productive assets, and acquiring extremely important stakes in Pátio Higienópolis, the purchase of Pátio Paulista, and the movement that began in '24 for the acquisition of Rio Sul.

If we look at our guidance, as we have always done, we fully complied with net revenue growth, and exceeding it, we were above the net growth, 12.7% above. It was an exceptional year for the retail market with a growth of revenue, an improvement that reached an EBITDA margin above 10%.

We ended the year with EBITDA margin above 12%, and for the retail market, 5, 7, 10%. We're seeking EBITDA margins of around 20% so that we can align the retail operation with the retail in the sector.

If we look at the EBITDA margin malls, 84.4% for the 12 months of the year, and total EBITDA margin including retail, 76.2%. Our investment, because of the delays and approvals of expansion projects in municipality, we are somewhat below our roof of investment.

Very well, with that, we would like to open the floor for questions and answers. We're at your entire disposal to answer your questions.

Good morning, everybody. I would like to pose two questions.

The first, if you could remark by looking on the operational indicators, you have 98% occupancy in December. Now, if we look at the dynamic of the same-store data and we compare this with same-area, there's a dynamic where the new tenant seems to be selling more, 3 percentage points more than a tenant that was part of your former base, but at the same time, the rent is somewhat lower.

My doubt is if we could think about the following: think about an increase in rents above the inflation, even in a scenario that we observe at present, very close to zero. If you're going to in these new contracts have a significant gain in rents because of your contractual stages and because of the sales dynamic of these new tenants that apparently is extremely good, I would like to understand that impact on the rents that we see.

My second question refers to M&As, the participation of BB. I would like to understand the windows for you to acquire other stakes to continue growing your share in the assets where you have a stake that is below the average of the portfolio, if you have another acquisitions foreseen for 2026.

On the part of investments, you have a good match of sales with acquisitions of other assets. Which is your mindset in terms of this for 2026?

Thank you.

Thank you for the two questions, Gustavo. Our sales, and that is a very good news, has had good elasticity.

It has grown significantly when we look at the last few years. This opens the opportunity for real gain in rentals, and this is already happening when we look at last year.

Everything that we had spoken at the beginning of last year, those projects of looking at our portfolio and working with positive spreads above inflation in the renewals and in the new contract, is something that is materializing. Nowadays, we're highly organized when it comes to our commercial tables for the new tenants.

We look at the tenants that are in the top tier of payment of rent per square meter. Our focus as a company is to ensure that the sales continue to grow.

This opens up new opportunities for us, but also we have the internal diligence of seeking real growth in rentals. Yes, there is the opportunity to continue to grow.

These sales help us to negotiate our contracts with more strength. In renewals, we have increased our base.

Iguatemi and JK are highly well-positioned malls. In the international area, we have absolute figures that are much better than those of last year.

Even malls that are not there, that are in the hinterlands, have allowed us to work with new contracts with very positive spreads and negotiations above the inflation. All of this will reflect the work that we're doing in this area.

Yes, we do believe that we can continue to catch up on the difference between sales and rents per square meter. We have done this in the previous quarters.

Now simply to strengthen the answer, and give you some figures, our real gain is always above IGP-M. There has been a drop in the IGP-M lately.

In the last 12 months, it is on a negative base. We do not transfer this negative IGP-M to rentals.

You don't carry out a restatement, but you don't reduce the rent either.

It is important to highlight that we're carrying out significant work to reposition the portfolio as a whole. If you look at our rental per square meter per quarter and sales per square meter, in the first quarter of 2022, the sales were at 1,600 BRL.

Nowadays, they are 2,600 after three years. By far, this is the portfolio that most sells per square meter.

We went from a rent of 150 BRLs in '22, we are now at 220 BRLs. Once again, highly productive for the premium positions with significant growth during the period.

We transferred the entire IGP-M in 2021, 2022, a high IGP-M, and we maintain the take rate. If you look at the take rate of the company since the third quarter of 2024, we have maintained a take rate of 8.2, 8.3% of rentals over sales.

We're always transferring this to rentals, and there's room to continue to do this, our discussions on percentages and a positive spread on renewed contracts. Now to go on to the second question when you speak about M&A, we have nothing ahead of us at present.

The issue of the BB, well, they carried out a sale of Pátio Higienópolis that XP acquired, and they sold this fraction of Pátio Paulista that is still undergoing closing, and there's a discussion of rights of preference. We shared this with Capitânia of the 9%.

Now, the BBIG, we do have an option over BBIG that begins in September of 2026. It's an option over Rio Sul, that stake that we bought from BBIG in October of 2027.

We have a 5-year window to exercise our call over that option. Everything will begin only in 2027, we have time, we have a certain term.

If we look at the scenario, what we foresee, we have no other M&A in view besides what we have announced. However, we are highly diligent and will look upon all of the opportunities that come about.

We are in an expansion cycle. We underwent an M&A cycle that began in 2022 with JK, in 2024 with the Brookfield portfolio, and all of the sales movements we carried out: São Carlos, part of Alphaville, and in the malls that we have sold lately.

That's

excellent. Thank you very much, Ciro, Guido.

Have a good day.

Good morning, everybody. Thank you, Ciro, Guido, and congratulations for your excellent results.

I'm thinking about what Guido just mentioned in his answer. The company delivered a very strong, excellent 2025 with good guidance, a relevant portfolio with the acquisition of the two Pátios, relevant improvements in the assets.

My question here is which is your vein for 2026 to further reduce leverage, to deliver the renovations that have been scheduled, so that we can in the call of 2027 look back on 2026, which will be the story that you will be telling us compared to this year? My second question, I would like to explore the issue of a tax reform.

2026 is a year of transition. In 2027, we will see the full impact of the CBS, the results.

The rental segment will have a significant reduction of aliquot. Which are the impacts that you foresee for the company because of these new regulations?

Is it possible vis-à-vis the previous scenario? Will your sector benefit from these new rules or not?

If you could shed light on this, it could be very helpful.

Thank you, Kiepher, for the question. As Guido mentioned, we are in a significant investment cycle.

As you mentioned, we had a historic 2025 for the company with the acquisitions, with everything we did. We diligently continue on with our indebtedness and were very disciplined when it comes to looking at figures and doing the movements that we deem to be correct at the right time, that will bring to us the benefits that Rio Sul and Paulista, Pátio brought to us.

This is what we saw in Investor Day. This goes through the expansion of Iguatemi São Paulo.

We're in the middle of that cycle. We will inaugurate in '27 the expansion of Iguatemi Brasília.

The works will begin in March with a delivery for 2027. We have 50% of growth in that mall and several contracts already signed with international brands.

It's a relevant product for us that we will deliver to the city and to customers in that region. Casa Figueira that continues with works and infrastructure.

We published all the joint ventures we did. We have the stage one underway.

We have the retrofit of Market Place, as we presented, and the A-tower of Campinas in our investment pipeline. Diligently, we seek ever better results in sales.

This will help us increase our rental base, maintain our investment cycle, what had been foreseen, continue on with the works, and preparing the best products in design, architecture for our customers, and working diligently when it comes to capital allocation and our indebtedness. We're quite confident in this year.

We showed you how we stand aside in terms of our portfolio, how the brands that we have have brought additional strengths to continue to grow. Kiepher, regarding your second question, the tax reform, you would like to know if the tone is positive.

No, it is positive, evidently. We have prepared for this for some time.

We created that tone along with ABRASCE and other players. As a company, we included a contractual clause, making it very clear that rent is price, because any discussion is on price, what price represents: the price without PIS and COFINS or with PIS and COFINS, because the IBS has time to be implemented until 2034.

The CBS will stop existing, because PIS and COFINS will stop existing in 2027. We have to see what will happen with those credits for those who buy them and for those who sell without PIS and COFINS.

In our contracts, we always said that rent means price. We have had a very healthy relationship with the retail market.

They understood this and the makeup of our invoicing. There's a mistake people say, "Well, he has real profit, he can pay less," or "This one will have less benefits."

It depends on how you are having net revenues and how you work in condominiums and consumptions. That entity that is profitable for malls has always been exempt, and we taxed in co-property with the condominiums of the mall, we don't run that risk.

My entity that was making money was always exempt from all of this exercise. We need to keep working to show that rent is price, and because it is price, it shouldn't be debated if we're going to reduce it or not case by case.

We see this benefit as a benefit for the company beginning in 2027 to no longer have PIS and COFINS in that account. If we're going to pass through 100% of this benefit that we will no longer have, we'll have to be debated case by case.

Contractually, this will play in our favor. We also have another issue, that of parking.

In parking, you will no longer include CBS in the bill given directly to the customer, and there is a price elasticity that will be very calm regarding this. The 10% in a rate of 10 reais is 1 real, we can pass through this price.

I think it's a positive case for Iguatemi as a whole. We got ready for this, and we have been holding favorable discussions regarding this theme.

Thank you. Thank you very much.

Good morning, Ciro, Guido. Thank you for taking my questions.

We have two questions. The first about same-store sales, very positive.

Which are the trends for sales in January and February? Which are the segments that are doing better or worse?

Now, the occupancy rate of 98%, if you could focus more on this metric and the recurring levels that you expect. Thank you.

I'm sorry. Thank you for the question.

We continue quite enthusiastic. January was a good month in terms of sales growth.

When we look at our portfolio and we look at the malls in São Paulo, JK, and Iguatemi, they continue on with a two-digit growth because of the product, what we have built during years. We have a very positive outlook when we look at the figures of January.

We believe that this will continue throughout the year. Everything we have done moves so that this will become something constant, and we do believe this will materialize during the year.

January has pointed to the fact that this is possible and that we will continue to grow. Occupancy rate continues to grow, as we have presented in the last two years.

This because of the careful planning, the arrival of new brands that occupy quite a bit of space. At the end of the year, we had the beginning of the contracts of H&M and an acquisition we carried out in Praia de Belas with a Zaffari supermarket.

We had a record contract signing lately, we are still very enthusiastic with the expectation that 2026 will be highly relevant for the company. Now, regarding the sales, to give you some figures, we had a growth of total sales of 18.6% in January.

For the same base, we had a growth of 10% same-area sales. When we look at the main sectors, it all is very similar to what we saw in the fourth quarter.

We've shown you this as our results. We're very strong in terms of fashion, for example.

Now, our anchor stores, food and court all above 10% sales, growing 15%; restaurants growing 10%. When we look at the main segments, health and beauty doing very well, which was the vein for the year; libraries and paper stores recovering; and fashion growing 12% and a growth of 17% in January and February.

We're very enthusiastic for the rest of the year. As I mentioned in an interview, this is our option to continue on with very strong sales.

Thank you, Ciro, Guido. That was very clear.

Congratulations for your results.

Can you hear me? Hey, good morning to everybody.

We have two questions here. For the first, I would like to approach the retail operation.

I think the growth this year draws attention. You had a growth of almost 40% in gross profit, and you believe you can stabilize the operation at a margin of 20%.

Which is the growth of revenue that you foresee going forward? A second question, the sale of land.

You announce a sale of some lots in Casa Figueira. When I look at what you have in the balance, you still have quite a bit of land vis-à-vis other assets.

Are you thinking of other sales? Will you concentrate more on the lots of Casa Figueira in the coming years?

Hello, Rafael. Good morning.

To speak about the retail, it had an excellent year, as you mentioned yourself, net revenue growing with a margin of 15%. One of our counselors that came from the retail said we would be the best in class if we had an EBITDA margin of 20%, and we're working on this.

We're basing ourselves on inventory, paying in installments, the management of receivables in retail, and of course, the brand management. We have a brand that is excellent, Birkenstock, that sells a great deal; Polo with very strong sales as well; and they drive these figures in e-commerce as well as in brick-and-mortar stores.

In e-commerce and brick-and-mortar stores, we're doing very well. We have CDG that ended this year is improving.

We have an increase in the Birkenstocks. We have one in Pátio Higienópolis, and we have also expanded our pop-up in JK with the brands that are offered in 365 and that we sell directly at the brick-and-mortar store, like Longchamp.

The best sales of Longchamp in the country are because of us, and we're very successful with this, so much so that these brands that only we sell that we bring from abroad and some domestic brands that we also explore that are not in the mall become a laboratory to bring down the brick-and-mortar stores inside of our malls. This year, we had the growth of Birkenstock.

As Ciro said, Birkenstock will be in Rio Sul. We're also thinking of other cities where we can have a Birkenstock, and we're thinking of Polo and the growth that it produces.

Now, when we speak about BDP, we had the first sale of lots in the fourth quarter for Casa Figueira. We have already sold two lots.

One sort of slipped into the first quarter this year. We will be signing this at the end of February, beginning of March.

This should have been done in December. The figures would have been better, but because of closing problems, because of the project and the conception of the final project, the developer delayed a bit.

We decided to slip this into the first quarter. Now, recurrently, you will see entries from sales from Casa Figueira, and I think it's the main generator of revenues when it comes to the land, the lots that we have.

In other malls, we have explored the lots in Ribeirão Preto in Rio Preto, in Sorocaba. We have announced this in the last few years.

We also had the sale of the land of the Market Place tower that we sold, and after this, we sold it to Cyrela. We sold 49% of our stake to Cyrela.

You should begin to recurrently see more lots being sold from Casa Figueira. Beginning in 2027, we will go back to selling lots in malls.

We have a delivery and significant construction around the mall because of previous years. We have just delivered a tower in Rio Preto.

We're beginning the construction of a tower in Ribeirão Preto. We have the towers that are under construction and that we are delivering in Sorocaba, one with Calil.

This will begin to be delivered now. We also have the towers that we sold to Patriani.

The construction will begin in this first quarter. A great deal of construction is underway, and you will see more recurrent sales.

Thank you. Thank you very much.

That was very clear. Thank you.

Good morning, Ciro. Thank you for taking our questions.

We have two at our end. A confirmation on Iguatemi São Paulo.

Is there a relationship with the present-day construction? Is there any expectation of when you're going to make the most of these CEPACs, if you maintain this?

The second question is about leverage. After the acquisitions, the company seems to have a very healthy leverage.

Which is your mindset when it comes to the ideal figure of leverage simply so that we can work with our figures? Thank you.

Thank you very much.

Regarding the CEPAC, the CEPAC has nothing to do with the works we carried out now that are underway. An opportunity came about to purchase these additional urban development rights for the best mall of Latin America.

There's an enormous demand from both domestic and international tenants who want to come here. We took the decision to carry out that acquisition to have this new potential and begin with our projects.

We're carrying out surveys, a briefing of what would make sense for us to do, and at the right time, we will disclose this. This is an opportunity.

Iguatemi São Paulo does have the demand, and we were able to carry out this acquisition of CEPACs to help us with projects in the future. They have nothing to do with the projects underway.

Now regarding the leverage, we have an investment cycle that began last year. Since 2022, we have been the most active player in terms of M&As with sales and acquisitions.

Everything is under control. We're coming from an investment cycle mentioned by Ciro.

I will not reiterate them here. We spoke about this in Investor Day.

We gave you the figures, the return rates, and we want to maintain that level of leverage for the year 2026. We ended 2025 with 1.89 times, we're comfortable with those levels for the year 2026.

When we look at 2027 and going forward, if we consider projects and recall the expansion projects, they're very similar to Greenfield. They're cheaper, they're faster, but they respect that normal construction phase.

There's the beginning of the construction. Funding is always lagging behind, and there is a concentration that will be higher in the second half of the year of this year with investments, a lower part of investment in the first half of the year, and 30% between 2027 with all the guarantee levels and the retention of the work, which tend to be more delayed because of guarantees and the delivery terms.

We're in a very calm investment cycle, ensuring the leverage will remain at good levels for '27, '28. We have an entire discussion.

The company, of course, will increase its level, and our leverage will be much faster, and we need to hold the discussion regarding this.

That was very clear. Thank you.

Good morning. Thank you for taking my question.

We have a question regarding the guidance in line with a question for 2026. You have not disclosed the guidance for this year.

If you could speak to us about your mindset for this year, thinking of the guidance for 2025, what do you think in terms of the growth of revenue, EBITDA margin, and much more? Regarding capital allocation, how decisive will the elections be this year?

Is there a scenario of continuity of the government? Would this impact your investment cycle that you're on?

Ana, thank you for the question. Regarding the guidance, simply to explain why we haven't disclosed it yet, we're working with a guidance from 2007 to the end of 2025, 20 years of guidance.

Iguatemi has fully complied with all of its guidances. We had a discussion at board level, and I think the market is well aware of what Iguatemi does, we haven't disclosed it.

Now regarding the year, what can I say to you? This is a year where we're very enthusiastic.

We are growing same-store range above the transfers of IGP-M. If we look at our background in the last quarters, we have had a real growth of about 5% to 5% with 2.5% of IGP-M.

This is what we're going to seek out as real growth over the pass-through of IGP-M. In sales, we have been extremely productive.

We have high occupancy rates. We saw the sales of January of about 10%.

We don't have a metric that we're seeking, but we're highly optimistic, despite the two events that you mentioned: the elections, for example, and the World Cup. We've already been through that several times.

When we prepare our budget store by store, schedule by schedule, we look at the schedule of the games. We compare this with other World Cup events, when Brazil was playing, when Brazil wasn't a participant.

We do have a great deal of information in terms of World Cups: how long the customer will remain in the mall, if they leave, if they will return after the games are over. All of this is highly detailed in our budgeting.

This is the third election, the third or fourth election with a great deal of polarization. We know how this works and what will happen with the losers and winners.

We look at our metrics of parking flows, customer flows, and much more. A bit of more of the same.

We're highly used to this. We have gotten ready for this.

Now, if we look at the results of the elections, we're not concerned with this. We're marathon runners here.

We run the 100-meter marathon. We get ready for this, and we see which is the time that we're seeking, and we embark on this marathon.

This is a company that thinks in the long term. We have projects that are for the 30 coming years, everything will depend on what will happen in this cycle.

This has happened before, but we will continue to invest despite the results. We had an enormous recession between 2015-2018.

Iguatemi did not have negative same-store sales or same-area rents. We were all very positive in these metrics.

We pass through the inflation, and it's all about our portfolio that is highly resilient and can pass through the price. We transferred the full IGP-M after the pandemic, and we will also do this in other events.

If you have a portfolio that you can bet on, this is what we will continue to work on.

Thank you. Thank you very much.

Have a good day.

Good morning, everybody. Thank you for taking my questions.

We have two questions at our end. First, the default rates.

You have a very relevant figure, -3.5% for the quarter. What will happen with this indicator going forward?

Do you have room for more recovery? Will this become the normal figure?

The second figure refers to a tax reform, simply a follow-up. Are you working with a minority of tenants or carrying out these accounts?

Are most of the tenants working with these accounts? What are you going to do to offset your changes in 2027?

Will there be any noise? Will this increase the default levels temporarily?

Which is your view in terms of your operations?

Thank you, Mateus, for the questions. Now, to think about the default rates, it truly was incredible, a very strong recovery.

The figures that we have seen for January and February are coming in the same levels. In January, historically, we have a certain fall because we double the rents, but we had a very good month in terms of default.

Everything we said about resiliency, the portfolio growth, these indicators are all interconnected: sales growth, occupation. The tenants have been able to maintain their operations healthy.

We spoke about this in terms of rents. We don't see an outlook of default other that it will be controlled and positive.

If we base ourselves on what we saw for January and February, it's not a reason of concern. Now, to speak about the tax reform, I think it's worthwhile highlighting that Iguatemi through our team, Guido's team has worked actively with Carol and others.

We have been working on this for several years to prepare for this moment, all the way in the legal matters of including this in our contracts, our general standards, the clauses that say that rent is price, and they enable us to pass through inflation. Now, the gains that we had in industry, we participated actively in this discussion, debating, showing the premises that make sense for us.

Since last year, we set up a working group that is working along some fronts. When all of this became mandatory, we would be ready for it.

One of the pillars is the legal pillar. We have been following up on discussions in the larger groups.

This is very incipient, would gain force in the second half of the year. I think tenants woke up to this process, but there weren't very many groups.

Many have franchises in the hinterlands, they're on the margin of this discussion. The large groups discuss this with us.

We included this in the contracts and the renewed contracts. We set up a working group for communication to have the right speech with the tenants, with the market, if any tenant wanted to converse about this with us, about how you can get credit.

In our understanding, rent is price, and of course, we will pass through the inflation. We're very categorical about this without further discussion.

I have spoken with some of the tenants, especially the larger groups. I have spent some time with them, explaining our stance and how we would get ready to issue our bill.

We're waiting to be able to do this because there was a postponement in our industry. The IT area is working diligently so that in-house we would be prepared for this if the implementation were to be in January.

The processes that we set up, the price transfers, the legal parts are all fully in place for us.

Thank you. Thank you very much.

That was very clear.

Good morning, everybody. Two topics here.

First, about Iguatemi São Paulo, more specifically. You have been able to open up your sales for this asset.

Now, the rent compared to the sales are below average in JK and Iguatemi São Paulo. When we look at strong assets like Higienópolis, where the level is 9%, if I'm not mistaken, unless I am mistaken, the tenants' contribution margin should be higher, if I'm not mistaken.

Which is the evolution through time of this productivity of rents vis-à-vis sales simply to have an idea of the magnitude of your catch-up and what you can do regarding this, considering the relevance of these assets in your portfolio? I go back to the topic of guidance that you're not going to disclose.

You, of course, complied with the guidance of 2025 with a growth, a top-line growth of your malls, surpassing this. Now, what do you consider for EBITDA margin for this year, for example?

Where is the company going to go in terms of EBITDA margin for this year? Thank you.

Thank you, Elvis, for the two questions. Let's speak about the sales.

You spoke about Iguatemi Faria Lima and JK. It's important to show you that the sales of Iguatemi and JK are extremely productive.

We have been mentioning this for some time. The opening of our same-area range, same-store range, Iguatemi São Paulo growing enormously, almost 18% in the fourth quarter; JK growing 14%.

When you look at same-area range for the year, for JK and Iguatemi, all above 10% for the fourth quarter, and 14% for JK, 11% for Iguatemi. Now, what can I say to you?

These are malls that we invest in. They have growing sales that are highly productive, and we're increasing them.

What we're going to do is celebrate. Which portfolio has sales of 70 million for one tenant?

You'll say it's a single tenant? No.

In another tenant, we have 60 million; with another tenant, 50 million; a fourth tenant, 40 million. Which portfolio has this in a mall?

Iguatemi São Paulo and JK, only we have this. We're working based on this in all of the renewals, in all of our actions for renewal, in all of our discussions.

Our contract is a percentage on sales as guarantee. We speak about rent, minimum rent.

We're speaking of minimum rents with very high spreads. Some pay 3,000 reais per square meter of sales, an absurd figure, and the overage is growing.

Our percentage, when you negotiate a contract, your percentage is 5%. If the tenant is selling 50%, you will apply 5%, and they will pay 5%, and you continue on with those sales.

What is important, we have sales, and we generate a good base, and increase rentals continuously, because everything is done based on comparison. The higher the rent, the more you will earn.

We have a great deal of room to grow in Iguatemi São Paulo, as well as in the JK mall. Now, these are tenants that have an enormous contribution margin, where the occupation is perhaps lower, and there's room to continue to grow the rent.

When you speak about guidance, EBITDA margin, if you look at our background, the margin was always above 70%, 75%, 80%, and the company will maintain that level going forward. It's simply part of our history.

We have always delivered an EBITDA margin of 75-80%. We will continue on in that vein.

Nothing has changed in our business. We simply continue to grow.

It's simply more of the same.

Thank you.

Good morning, everybody. Simply one follow-up for the question about the lots in Casa Figueira.

You will be selling a lot now in the first quarter simply for the purpose of modeling. It should represent 15 or 16 million of contribution from these sales, and if you annualize this, 60 million or so of contribution for the year.

Now, simply to know if this rationale makes sense. Thank you very much.

Motta, thank you for the question. We're a minority in the sale of lots.

60% is for Fech, 30% is ours. In the last quarter of last year, we carried out a sale of the fraction of the first lot that we accounted for in the fourth quarter.

For this year, we hope to sell lots in the second and third quarters. For this year, therefore, we should have an amount very close to what we normally achieve with the sale of other malls: 30 million BRLs.

Last year, we made somewhat less. In other revenues, we have not only the sale of lots, but an important part of Iguatemi.

The only player in the sector that can resell points in the sector amounting to 40 or 50 million year after year is Iguatemi São Paulo. This is also part of the line item other revenues.

Now, in the fourth quarter, this figure was somewhat lower. Lower because we did not sell the second lot in Casa Figueira.

This was offset with the sale of points in JK, Pátio Higienópolis, Rio Sul, Iguatemi Porto Alegre. All of this offsets this drop.

Now, we were above what we had budgeted for the sale of point of sales: On, Sisley, and others paying a great deal for the sales point. For the year, an average of 30 million BRLs for coming years.

It wouldn't be 60 million per year or 15 million per quarter. It's 30 million per year.

Very clear. Thank you very much.

Good morning, everybody. I'm going to focus on the renovation based on what you have said to us.

You began to carry out contracts with the tenants saying that the rent is price to avoid the discussion. Based on what Ciro said, the change of contract is part of a conversation where the tenants are participating, they accept this.

What I would like to understand is the following: you have several types, sizes of tenants, different sophistication, and of course, you have this tax reform as part of this ballpark. Now, for the entire base of tenants, whether they are small, large, more or less sophisticated, do they all have a very clear idea of the impact they will have with the tax reform?

I think this is a question that I'm attempting to ask. It's a bit difficult to understand this.

I don't know if this is clear for them. If at the end of the day, one or another tenant who doesn't have that many benefits in the reform, you will have that contractual clause that guarantee for price.

What will be your stance if for one specific tenant the occupancy cost becomes prohibitive? How are you going to deal with this case by case?

Very good question. Now, you want to know 100% of all of the answers, let's go on.

We have not changed the contracts overnight. We're not saying, "Come here and sign this."

This is a very long-term process. We got prepared when they began to speak about a tax reform in 2018-2019 before the pandemic.

We already had that contractual clause on price way back when. All of the contracts that were signed, renewals, new contracts, for revision, all of them had that clause.

Our common clauses, as Ciro mentioned, well, this is part of the contract, and this dates back for some years. We enhanced this clause during this period that we did.

If you look at our base nowadays, 70% of our base already has that clause in their contract. This gives us that calmness to debate the issue that you mentioned, if the entire base has fully understood the tax reform.

I spoke with tenants, Ciro spoke with the franchisees. Some have two stores, they're still debating this.

They're simpler people, they still haven't fully understood what is happening. They're going to begin receiving the bills and understand what is happening.

Now, others have already understood this, have discussed this, and had conversations with us. Now, this task is neutral.

That discussion that I'm going to have a price increase, the mall is saying that rent is price, do recall that there will be credits and debits, and this is what we're clarifying for the tenants. At the end of the process, this tax is neutral.

If they pay more taxes, okay, they have 60 days to be credited that additional tax that they paid for. For the more simplistic tenants that they're not going to opt for this, well, they have to fully understand in this the situation they're in.

For the more simplistic tenant, it's a good option. They won't be credited with anything.

There's a great deal that will happen still systematically. We have everything ready, our SAP, our bill for the retail.

Our retail operations are already working with this bill. In other operations, we're still not working with this, because the IRF is not going to work with this this year, but we're ready for this.

We're quite calm when it comes to this discussion with the retail. It's not a simple discussion, it's a technical discussion.

We put the figures on the table to show them what is happening. We have PIS and COFINS at present.

We have a company that was set up as being a real profit company or a simple company, and they're paying 5 to 6% depending on the PIS/COFINS credit. We hold our discussion based on that.

Next year, when we no longer have PIS and COFINS, the aliquot will have a discount of 60%. We're speaking about 3, 3 and some percent in the rent and 9% in parking.

It's not a significant amount, the discussion is quite calm. Everybody forgets to speak about those 27%.

This is not for now. That full aliquot will only be achieved step by step, year after year, and it will be easy to understand and will be passed through very slowly, very gradually.

We're quite calm about this discussion. There's an important point here, simply to reinforce what was said.

Why are we calm about this discussion? Many tenants come to us, they want to discuss this discount, although the percentage is quite low.

We have a growth of that aliquot that has been calm throughout the years. We have operations that allow us to work with this pass-through.

We have tenants growing much above inflation. We transferred IGP-M in the past, as Guido mentioned, and this allows us to know that this will not be a difficult theme, unless somebody wants to discuss this legally, and we're ready for that.

If necessary, we'll deal with the exception of the exception. We don't believe that this will come about.

We have planned carefully, we're calm, and as these aliquots will continue to increase, and because of the occupancy rate we have at present, we'll be undergoing this movement with quite a bit of tranquility. A large part is aware of what is happening.

The impact should be neutral, and you're open to conversing about the exception of the exception. Thank you.

That's what I was after. Have a good day, and thank you very much.

Thank you very much. We're once again together here.

It was a pleasure to respond to your questions. Guido and the IR team are always at your disposal for any new doubts that you may have.

I would like to wish you an excellent 2026, and we're quite confident that we will achieve super special results for this year. Thank you very much.

We thus end the Iguatemi earnings call conference.