Good morning, everyone. Thank you so much for being here.

The second quarter has been a very important quarter for Lavvi. We had a launch that I consider a landmark for the company, Jardim da Hípica, the largest project in our history, the first project that we really believe you need lots of land in front of Clube dos Ciganos.

It's a kind of project, it's the one to be related to the market. Customers responded very positively.

We ended the quarter $565 million in sales, 44% of the PSV launched. I think that speaks a lot about the quality of the project.

Of course, the macroeconomic scenario remains challenging. We have seen an increase in cancellations, and we are monitoring this closely.

At the same time, we see a very consistent demand for our products, especially when we deliver well-located projects and brands that add value. About Novvo, we also had a very strong quarter.

Santa Marina, our most recent launch, ended the quarter with more than 50% of its PSV sold and reached an SoS of 75%. This demonstrates that we still find a very healthy demand in the low-income segment.

In the consolidated, we ended the quarter with R$875 million net sales, backlog of 3.1 billion, and gross margin of 38.8%, indicators that make us very confident about the future. On the financial end, we had a net revenue of 495 million and net income of 83 million.

We keep renovating our portfolio, and we have a landbank of approximately R$9.5 billion PSV. Looking to the future, our vision remains the same.

We are going to continue to address our projects with discipline, to allocate capital in a way that it makes sense. We believe that this combination—good land, differentiated product, good brand—will permit the company to grow with profitability and to generate value to our shareholders.

Once again, I would like to thank our shareholders and partners, once again, and especially the work of all Lavvi team. Thank you very much.

Now I'd like to give the floor to Sandra, who's going to give you more details about the operational results.

Thank you, Dida. Good morning, everyone.

Now, on the operational results. In the second quarter, we had two launches that totaled 1.4 billion of potential PSV, or 848 Lavvi's.

On slide 5, the first and much-expected Jardim da Hípica, Lavvi's biggest launch of 1.3 billion PSV, closed the quarter sold by 44%. There are two residential buildings with 84 to 200 square meters and an apartment tower with units ranging from 21 to 57 square meters.

There's an immersion room, decorated apartments, and a wonderful square of 10,000 square meters that can be seen from any flat in the region. On the following slide, the first phase of Novvo Santa Marina, in the region of Água Branca, in the city of São Paulo, that closed 51% sold in the first half of the year.

Then you can see our launches and sales. Comparing year-on-year, there has been an increase of 8% in launches and 12% in sales, keeping an SoS of 22% in the quarter.

Comparing the first six months, even though there was a drop of 6%, sales were 3% higher than in the first half of 2025, with a highlight to Hípica, accounting for 64% of our sales. We have been feeling that the market is more difficult.

Customers are worried with the INCC, pointing to the figures. At the bottom on the right, you can see the cancellations of the first six months higher than in previous periods, with customers finding financial difficulties.

These cancellations are not concentrated on any project and were not massive at the time of transfer due to lack of credit. In addition, 40% to 45% of the units were resold in the quarter.

We have a very [unclear] which makes it possible for customers to transfer despite the high interest rate scenario. We are trying to find alternative for our customers to keep them in our portfolio.

On slide 8, you can see our SoS for the last 12 months, still at 50%, very much helped by the sales of My Home, My Life, reaching 79% SoS in the period. On slide 9 and 10, you can see our inventory closing at 3 billion, 2.4 in Lavvi share, 7.2% practically concentrated in three projects: one was delivered in less than one year and two just this quarter.

Now, moving to slide 11, there has been the delivery of Green View, in the district of Butantã, in the city of São Paulo, a building with small units and the other one with 152 square meters, units with 152 square meters. On slide 12, we had Grand Square, 78% sold.

Most of them have transfers. Moving on, we have 84% and 88% in terms of financial settlement.

On slide 13, you can see the landbank, closing the quarter with 9.5 billion of potential PSV, or 6.9 in Lavvi's percentage. 1 billion and a half is for the My Home, My Life segment, representing 21% of the landbank, in our share.

In the current scenario of high interest rates and high inflation, it's important for us to operate in My Home, My Life, which proves to be resilient despite the more challenging times. Now, I would like to give the floor to Naira for the financial results of the quarter.

Thank you, Sandra. Good morning.

Now starting on slide 15, Lavvi's second quarter financial highlights were net revenue of 495 million BRL, 33% over the previous quarter. Adjusted gross margin adjusted by SFH is 37.6%, net income of 83 million with a net margin of 16.7%, ROE of 24%, backlog of 3.1 billion BRL with a gross margin of 38.8%, adjusted cash burn of 28 million, or generation of 72 million BRL in the ex-land view.

Net debt was 525 million at the end of June. Now moving to slide 16, in the first chart, we see the revenue of 495 million BRL in the quarter, a growth of 3% in annual comparison and 33% compared to the first quarter 2026.

The main highlight was the launch of Jardim da Hípica, which accounted for a large share of the sales in the period and increased the share of new sales in the composition of revenue. In the first six months of the year, net revenue reached 868 million BRL, 6% higher than the first half of 2025.

In the second chart, adjusted gross profit totaled 186 million BRL with a margin of 37.6%. In the quarterly comparison, this growth reflected mainly the higher volume of revenue, with emphasis with Jardim da Hípica, Novvo Santa Marina, and Grand China.

In addition, due to the higher gross profit and margin expansion in the quarter, going back to the levels of 2025. On the right, we can see the negative financial results by 3 million BRL in the quarter pro forma, mainly reflecting the increase in financial expenses after the issuance of the CRI launched at the end of 2025.

On the bottom side, SG&A totaled 27 million BRL, the increase compared to the previous years mainly related to extension of the workforce to support the company's growth. In the semester, we also had investments in systems and technology to improve internal processes.

In sequence, commercial expenses totaled 49 million BRL. This increase mainly reflects the investments made in the promotion of Jardim da Hípica, which had a comprehensive communication strategy, than other of the company's launches.

In addition, we had high expenses related to ITBI and registration of units included in My Home, My Life because of the launch of Novvo Santa Marina. Finally, the net income attributable to controlling shareholders, 83 million BRL with a net margin of 16.7%, pressured by commercial and financial expenses.

Moving to slide 17, we can see that the company's historical evolution. In the last 12 months, Lavvi reached approximately 1.8 billion BRL in net revenue and 361 million in net income.

Another important point is the gain in the relevance of Novvo, which has been increasing share in the company's revenue and reinforcing our strategy of diversifying our business. On slide 18, we've seen an annualized ROE of 24%, a level that remains quite healthy and reflects the company's ability to generate value.

On slide 19, you can see the revenue from backlog sales ended the quarter 3.1 billion BRL, up 21% year-on-year and 11% compared to the previous quarter. The backlog margin reached 38.8%, the highest level in recent periods, mainly reflecting the launches of Jardim da Hípica, Novvo Santa Marina, Novvo Vila Prudente, and Palazzo.

This represents approximately 1.2 billion BRL in future gross profits to be booked over the next few years as works evolve. Going to slide 20, the company recorded adjusted cash burn of 28 million in the quarter, excluding dividends.

In the ex-land view, there was a generation of 72 million BRL, reflecting the good operational conversion capacity of projects under development. We ended the quarter with a net debt of 525 million BRL and leverage of 30.6%.

Finally, on slide 21, reinforce that the third installment of the dividend approved by the Board of Directors will be paid on August 14th, 2026, totaling 70 million BRL, continuing our strategy of generating and paying out value to our shareholders. Thank you very much for participation, and now we are open for questions and answers.

Good morning. You've had a very successful quarter in terms of your launches, but the mid and high-income market as a whole has been deteriorating.

We've seen the performances getting worse in Q2. How confident are you with the pipeline for the second half of the year in giving this slightly more challenging market?

Are you going to make any changes? Still on that, I know it might be too early to think about 2027, but thinking about the macroeconomic scenario, what are you thinking in terms of volume, product mix?

Are you going to increase My Home, My Life? Can you tell us a little bit more about that?

Hello. Good morning.

This is Dida. There are some mid and high-income segment launches in the second half of the year, and despite the difficulties in the market, we are very confident about those launches.

We believe that we have land at very differentiated locations with very good projects, what we are going to launch. We have a plot of land in Moema, very good position, big size.

We think our theory, when we have something that is very good, even at very difficult times, we can sell, such as Hípica that we have seen hundreds of units at a very difficult timing in the market. We have very, very good locations, upscale places.

The other one, that's a plot of land that was bought from a hospital. It's right in front of a hospital.

There are lots of hospitals around it, and we are focusing on this public. We think that we have differentiated products and plots of land to sell even at difficult times.

About My Home, My Life, yes, we have increased the operations. We are doing very well.

Everything that we have launched, we want to increase, and we are very much focused on buying land, and we have lots of plots of land being negotiated with a higher SoS. We think that very soon it's going to get to one-third or even 40% of our sales will be with My Home, My Life projects.

Good morning. Thank you very much for taking my question.

I have two questions. The first is about low-income sales, if you see any bottlenecks, especially in July, if there is a bottleneck, whether this has affected the pace of transfers and the Hípica.

Do you have a schedule for future phases of the project?

Hello, Gabriel. This is Sandra.

Thank you very much for the question. I'm going to mention the transfer to bank.

We're not seeing any bottlenecks in our transfers. Sales are taking place at a very good speed, and transfers are going on normally.

About Hípica? About Hípica, we have launched lots of things now this semester, many large units, and we have recently opened a unit with small units.

Our expectation is to have new launches in the beginning of next year. Our expectation is to launch in the first half of the year.

There are units that have been very well-sold, the best one, 85 square meters, and we had more units like that. Our dear strategy is to focus on those launches next year.

In this manner, we are always active with projects such as big as those. It's not a sprint, but it's a marathon.

We are selling and selling and selling all the time. As there are new things and little by little, we can always have novelties.

We want to get the units that we've seen to be very high demand and then you can attract more sales for the project as a whole. Thank you very much.

Good morning, everyone. Thank you very much for taking my question.

If you could give us a follow-up, a quick update about the demand since June and behavior in sales after the closing of the quarter, is it consistent or do you feel any slow down? Do you see any more aggressiveness in prices in terms of mid and high-income projects?

Actually, July has been a very good month for us. The fact is that July was a very good month.

We have sold our inventories very well. Hípica was sold very well.

Now if you ask, do we feel the competition lowering prices? Yes.

The market is more difficult. We are not selling as we would like, and some companies are lowering their prices to accelerate sales.

Of course, this affects the market as a whole, and no one likes having competitors. At the end of the day, if you have special products, you end up mastering it.

For Hípica, people say, well, the competition is cheaper. There is no competition here.

We have nothing to do with them. Yes, we have seen the market practicing slightly lower prices.

Thank you very much, Dida.

Good morning. How are you?

I have two points, more focusing on the competition. First about sales, do you see any difference in demand according to type of product, footage?

I think that the market is difficult as a whole, but do you find it more difficult to sell larger units, whether it's easier to sell smaller units? Is there any distinction between the project that you see on demand?

Then what about plots of land? Do you see a new year impact in mid and high-income segment, whether prices are going down with better terms to pay?

For My Home, My Life, we see an increasingly more difficult environment, many [unclear]. We have been noticing that the competition is having difficulties to buy good plots of land for the low income.

In terms of footage, that's not what determines. It's not footage.

It's whether it sells or not. We have launched a project with large footage, 150 square meters, and we sold 100% in one week.

There are some projects with smaller units that take longer to sell. I think that the main thing is the audience.

We see that very, very high income, lots of money. They are still buying, much more consistent.

My Home, My Life is doing very well, the very low income. The middle is what suffers the most.

They feel the financial difficulties. Sometimes they can't keep up with prices, more difficult with the transfer, but it's not directly related to size.

There are mid to high-size projects, we sold everything, all footage. We sold everything that we expected.

It's more related to the audience than to the size. I was talking to Cyrela the other day with that.

People that the demand for plots of land has gone way down, except for the very, very special, but we can't find the competition going after plots of land. Prices never go down, but they stop going up, which is good news for us.

Really, we see the demand for high-income plots of land has gone way down in the past. When we talk to the owners of high-income plots of land, they would have 10 proposals, but now they have fewer.

They have offers. Today to get a plot of land from My Home, My Life to the low income, you really need to go after to work intensely to buy good land, because the market is very competitive.

There are always opportunity. There will always be.

You need to have patience and to be cautious to go after good business. It's not the effort to buy and buy just anything.

Oh, thank you very much.

Hello. Good morning.

I have two questions. The first one about the cancellations, what kinds of alternatives have you been studying internally to reduce the level of cancellations or to facilitate the resale once there has been a cancellation?

What about the margins for sales of inventory? We saw slightly higher impact to give liquidity this quarter.

The margin is very much influenced by new launches. How do you see this in the second half of the year, but because as you said, the market is difficult, especially to sell inventory units of ready-to-sell units?

Hello, Gustavo. Thank you for the question.

About cancellations, if I couldn't fully hear your question, if I don't fully answer it, please let me know. We try to meet the needs of customers.

When we see they have difficulties trying to renegotiate the installments that maybe they are not managing to pay the full amount, we try to dilute, and we also try to downgrade if we see that that unit is too difficult. We try to offer other ones to keep them in the portfolio.

It's not something very new. It's what we've always done.

We had higher cancellations in the first half of the year. I don't know whether it is recurrent.

Let's see what's going to happen in the future. It might be a one-off, but we need to monitor it closely so that it will not increase.

At the end, we can resell the units. Sometimes they have higher liquidity that go back to our inventory, and sales are excited because there were customers that wanted to buy, and that's why we can sell them quickly.

So 40%, 45% of the cancelled units we could sell, and we can keep on selling. About the margins of inventory, the finished inventory, we don't want to leave it.

We pay a lot, the tax and administration fee. There is always a trade-off.

We need to think whether it's worthwhile giving the discount, holding it. Would it make it more impossible thinking of the CDI?

We analyze proposal by proposal to see whether the discount that the customer is suggesting to try and keep up our inventory is suitable. Have I answered your question?

Yes, you have. Very good.

Thank you very much.

Thank you, everybody, once again for your attendance. I would like to thank you very much for your trust and to say that if you have any questions or any needs, please get in touch with us.

We are very much interested in being close to everybody and to answer any questions you may have. Thank you all very much, and have a very nice day.