Good morning, everyone. It's an honor to have you here in this conference call to talk about the results of Lavvi in the first quarter of 2026.

The first quarter was a period essentially dedicated to preparing future launches, with focus on warming up the launches for the second quarter. Jardim da Hípica, and in the same month, we sold almost 50%, reinforcing our strategy of selling well at the start.

In a quarter without deliveries and launches, we had good commercial dynamic with net sales of 336 million overall, which contributed to the reduction of inventory. DSO for the last 12 months remained at 54, reflecting quality and maturity of the portfolio.

On the financial side, the quarter's results were timid, but due to the absence of launches. The fact that margins are under pressure this quarter is a one-off event and should be reversed in the second half of the year.

In the last 12 months, indicators demonstrate stability or growth, the annualized ROE 28%, reinforcing the company's consistency. As to cash burn, about 44 million, mainly for investment in land.

We bought good land with good negotiations, and we had R$10.4 billion around potential PSV. We remain optimistic.

We are paying attention to INCC, monitoring impacts, but we are confident. Our receivables portfolio is corrected by the same index, functioning as a natural hedge.

Thank you all shareholders. Now we give it over to Sandra to talk about the operational results.

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

Now, starting on slide 5. In fact, we had no launches this quarter, but we prepared for the biggest launch of Lavvi ever, Jardim da Hípica.

It's worthwhile, 40,000 square meters of land, plus another 10 square meters of a square, wonderful and different from anything else in the city. We opened the first phase in less than one month, we sold almost 50%.

Going back to quarter... to the first quarter, we have launches and sales on slide 6.

Zero, but flat compared to the last 12 months. Note that the low-income segment grew twofold in terms of launches from one year to the other.

At the bottom of this slide, you can see sales of the quarter. We're close to 336 net sales, 1/3 from Minha Casa, Minha Vida.

Even though this low-income housing program demonstrated a good performance, we had the same average last year. On the right-hand side, at the bottom, you can see the cancellations that took place in the quarter.

As presented before, there was an increase in the number of units and cancelled PSV. First, we need to separate Minha Casa, Minha Vida from mid- and high-income with different risk profiles.

In the low-income, cancellations take place in the very short term, 2, 3 months, they are giving up. In this quarter, between Lavvi and partners, we had 57 units from Minha Casa, Minha Vida that were cancelled.

Considering the liquidity of those products, we resolved them very fast, in one or two months. Then we still have another 45 units that have been cancelled in mid- and high-income profiles.

33 of them are under our management, 12 partners, 11 units per month, which is normal. Cancellations were pulverized, not concentrated, and did not present any risk for any of our projects.

Now moving to the next slide, our SOS for the last 12 months supported... was above 50%, always.

On slide number 8, the inventory dropped 12%, closing at 2.5 billion, or 2.100 billion at Lavvi's inventory. Our ready units is 6% in a single project with higher ticket and a lower...

slower speed of sales. In addition to it, other deliveries of 2025 are well solved, with an inventory at one-single-digit, as you can see on this table on slide 9.

Moving now to slide 10, you can see the landbank. This quarter, we had two new lands, one in the district of Paraíso, and another four, two for low-income and two for high-income, and we closed with 10.4 potential PSV, or 7.5 in our stake, 20% for the low-income segment.

The landbank is enough for the launches in '26, '27, and partly '28. Our landbank was acquired 87% cash and 13% through swap.

Now I would like to give it over to Naira, our new Investor Relations Manager, to talk about our investment income.

Thank you very much, Sandra. Good morning.

Now, starting on slide 12, Lavvi's first-quarter financial highlights were: net revenue of 273 million BRL, which suggests a gross margin of 34.9% in the quarter; net income of 70 million with a net margin of 18.7%, and ROE of 28%. Looking at future revenues, our backlog is 2.8 billion BRL with a gross margin of 38%.

We had an adjusted cash burn of 44 million BRL and generation of 30 million in the ex-land view. Net debt totaled 468 million BRL in March.

Now moving to slide 13, in the first chart, you can see the net revenue of 273 million in the quarter, influenced by the absence of new launches, representing the evolution of the percentage of completion of the construction underway. The quarterly comparison was impacted by the launch of Casa Botanica in Q4 '25, almost 100% sold.

In the comparison to the last 12 months, we have had a growth of 13%, reaching 1.8 billion BRL. In the second chart, the adjusted gross profit totaled 130 million in the quarter, with a margin of approximately 35%.

Adjusted gross profit was mainly impacted by the reduction in net revenue in the period. In the last 12 months, we continued to grow the adjusted gross profit, and margins remain at a healthy level.

At the chart on the right-hand side, we can see the financial result of 6 million BRL in the quarter, pressured by the increase in debt because of the third issuance of CRI. In the first chart at the bottom of the slide, SG&A totaled 29 million BRL.

The increase is mainly due to the increase in the number of employees due to the company's growth, in addition to investment in IT and improvement systems. Then commercial expenses totaled 39 million BRL in the quarter, a reduction of 18% compared to the fourth quarter of 2025.

Finally, the net income attributable to controlling shareholders was 70 million BRL with a net margin of 18.7%. Excluding seasonality, in the last 12 months, there was a 10% increase in net income, and net margin was flat.

Now moving to slide 14, you can see net revenue growth and also the net income growth in the annual vision, with net margins above 20% since our IPO. On slide 15 of the presentation, you can see a resilient ROE of 28%.

On the next slide, I would like to highlight the backlog. The backlog revenue was 2.8 billion with 38% gross margin, and there were sales that will be booked in the future years as construction evolves.

The 38% margin implies approximately 1 billion BRL of gross profit to come. On the next slide, at the end of the period, the company burned 44 million cash ex-dividend.

Excluding investments in land, there has been a generation of 30 million in cash. Before closing and continue the payouts of dividends, on the next slide, the interim dividend payout was approved in January, and the second installment in the amount of 30 million BRL is going to be paid on May 15th to shareholders that had a position on February the 2nd, 2026.

Thank you very much for your participation, and now we are open for questions and answers.

Good morning, everyone. Thank you very much for the space.

Sandra mentioned the cancellation in the low-income segment. What have you been doing to improve that?

How do you see the growth trajectory of this division? In terms of PSV, and now that you launched Hípica, thinking about the rest of the year, how do you see the landbank of high income?

Is there a lot of competition?

Good morning, Pedro. How are you?

For the low-income segment, cancellations, it's not a problem, we sell very well. We have sold very high share.

The cancellations, they can't get the loan, it's like a sale that didn't happen, and then after they go to the bank and after their loan is approved, there are not so many cancellations. For the very low-income segment, we want to grow.

We are being very successful as to the replacement of the landbank. We still have major projects, we have Novavida, and we are really okay until 2028, and we will be able to recover the landbank.

It's not easy, it's never been easy, it's always been difficult. The land is difficult, there are lots of people who want to do that, it's always a challenge.

Thank you very much, Ralph.

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

I have two questions. I would like to explore your launch strategy.

You have mentioned earlier that sales are going very well and there are projects that have already been launched. Considering that there are many phases, are you going to launch the phases so that you're going to build and launch new phases, if the market gets better, you're going to launch several phases at the same time?

Is there any engineering challenges of launching a lot and then having to build lots of things? How do you see the market in the region taking lots of launches?

I think that maybe launching too much might have some consequences. The second question, we have been discussing cost increase in the last few days because there is a high with the blend.

I would like to understand the pressure that this is corrected by the INCC. How do you see this for future launches?

I'm going to talk about Hípica. Hípica is a construction that will take 5 years until it's complete, there is a buffer for any possible delays from suppliers and everything.

We are going to start construction now in July. We have divided it into a few phases.

Today, we have two towers. We launched very well.

We had more than 3,000 people coming to see our booth when we could show to São Paulo that this is something different. Now we are going to have a new phase to sell, a tower of small flats.

We want to have brokers there excited with novelty, and we want to sell the first phase because of the 3,000 people, many of them have already bought, and others are still thinking and deciding. No customers buy from them without distorting and coming to see our project.

The club and the leisure is really unique, and we have very competitive prices. We are confident in the project, very good floor plans, very good.

As to the INCC, we have had very few complaints of customers that are buying, and this might be an item that might be a problem because it's going to be reflected in the next month, but we can't do anything about it. Our prices need to be competitive, and customers want to buy and make an extra effort because we think that our product will value more than the INCC.

Of course, we are not going to raise our prices because we want to launch well, but they have 10,000 square meters by 25,000, we have the Global Park that is ready, and we are at a range of 15,000, 14,500, but as I told you, there isn't anything we can do much about it. Have I answered all your questions?

Yes, you have. Thank you so much.

I have two questions. Could you give us some color for launch margins, especially for high-income projects?

I'm trying to understand how can the margin relate to your inventory margin and how can the mix impact in the gross margin for the end of the year? Number two, how you see the current level of leverage of the company and what happens in terms of cash generation?

Gustavo, I will talk about margin. There is a managerial margin of 17% in terms revenue at present value.

This is our target. Of course, if we sell, it increases; if it's low, it goes down.

On average, this is what we have. We have the margin of 28, and zero, we can't get everything right.

Inventory, as time goes by with a 15 CDI, and our calculations are always based on the CDI, the trend is for our managerial margin to drop. Now Sandra is going to talk about the accounting aspect.

Hi, Gustavo. Because Gustavo talked about the accounting margin, these new projects have a higher margin, might be above the rest.

The trend, even though our margins dropped in the last quarter, from last quarter to this quarter, we are likely to go back to our margin of unearned revenues, and that are things that were launched in 2022 with tighter margin. Whenever I sell the product, the margins are driven down, and we are likely to go back to levels of the margin of unearned revenues.

The second one was cash generation and deleveraging. The level, today we have 28% debt over the bottom line.

This might go up to 30, 35, but this is just in the short term. Of course, this is going to depend because there is a forecast for sales, it depends on how we buy land.

If it gets to 30, 35, it's not yet a problem of concern because then it goes back to levels above 25. On cash generation, it depends very much on how we're going to pay the land in our forecast.

For this year, we have delivered the three enterprises that we had sold to a fund, and in the delivery, there is some cash generation. It depends on how we pay the land.

Okay. Thank you so much.

First about inventory sales, how do you see the sale of inventories? Have you come across any challenges regarding the inventory?

What do you think about pricing, especially projects where inventory levels are slightly higher? The other question is about pricing.

How do you see the price dynamics with price trends versus construction costs? Is there any room for you to increase prices in the future of the inventory and launches, considering construction costs are slightly more stringent?

Hi, Elvis. How are you?

As for inventory, we're looking one by one. Where we're okay, we transfer to INCC, and where it's not, we don't because today we want cash.

We want to sell. There are lots of projections, what is worth more: to sell slowly, charging lower prices and sell it more expensive against the CDI of 15; sometimes we lower prices to have more cash.

We increase prices, it's not doing well, and then we lower prices. It's case by case.

We can increase where we have good products. If we don't have good products, we're not going to increase.

That's why our main concern is to have good products. It's a problem to increase, it's always a problem to increase.

This is Brazil, this is the reality, this is what we have to deal with.

Thank you very much, Ralph. Thank you.

Hello, good morning. I have two questions.

The first one is about inventory sales. Do you see any difference?

I know that the market's slightly more difficult and there is inventory, or whether it's more uniform. The second is the deliveries of the year.

As you said in the conference call, you have lots of projects to deliver in the qualitative, especially in construction and labor, there is a pressure. How are you doing that?

Hello, Rafael. About typology, I can talk about Hípica.

Of course, it all depends on the point and sales. In Hípica, 80 and 130 did very well, 170 did so-so, and 170 not so well.

It's case by case, it's difficult to say something. Our high and very high-income product does not have very good liquidity.

We have in Moema, we still have 20% of the project. There's a competition, customers are going to all booths trying to negotiate.

About the deliveries of the year, we have been delivering with good quality, even though we are late, we have two constructions in the last minute. As we said, we have been paid 1, 2 months of the management fee.

There is a problem of labor, and this is overall. We don't think we are going to solve the problem of labor in the short term.

Now we have longer delivery times than before. We have an extra 6 months for Hípica.

We added 8 or 10 months, and then customers in the beginning they know that it's going to take a long. It's a good surprise if we are able to deliver before.

For Hípica, I think we are going to have a good surprise in addition to engineering. There is a buffer, we have added a buffer because we are really worried about labor.

The planning is already taking into account that we will be short in labor. We are adopting new systems that will require less labor, concrete walls require less labor, the system is going to grow.

As labor becomes more scarce, we want to have more solutions that does not require labor. [Portuguese spoken]

Thank you very much. Despite the challenge, we are very optimistic.

Come to Hípica stand. It's very nice, there is a model, it's different, it's beautiful, it's worthwhile.

You must go there. Thank you so much.