Good morning, everyone. I would like to thank you for being here.

It's always an honor to have you here to talk about Lavvi's results for the fourth quarter of 2025. We're very happy with Lavvi's performance in this fourth quarter.

We had three new launches in addition to the second phase of Novo Vila Prudente. We started with the launch of Casa Cerâmica in São Caetano, an absolute success.

It sold out very quickly, and there was even a queue to buy. Then we launched Novo Anália Franco that did very well.

Finally, we had Zen with Cyrela in Moema, which is 40% sold today. On the operational front, it was the second best year in Lavvi's history regarding our accounting records in 2024 -- 2025.

We had records in the lines of revenue, gross profit, and net income. This year, we're burning cash as a result of relevant investments in land.

I want to thank everyone for their presence. We had many launches in 2026.

In October, we raised 400 million, and then we strengthened our gross cash to keep buying land. Now, we're getting ready to our biggest launch, the biggest one in São Paulo, which is the Hípica project.

We had a meeting yesterday. There were lots of people, almost from 700 between and 800 brokers.

Now we have a little bit more than 1.3 billion PSV and 1,060 units. In 2026, it's going to be a very challenging year so far.

Things are not easy. Interest rates are high.

The world is complicated with war, World Cup, elections. As usual, we are going to follow the market very closely and make the best decision at each time for each launch to reach the best results of the company.

Thank you very much, all shareholders and analysts. Now, I would like to give the floor to Sandra for the operational results.

Thank you, Ralph. Good morning, everyone, and thank you all for the presence.

About the launches, on slide 5, there is the Novo Vila Prudente. We opened the second phase, and we booked the entire project in the 4Q.

We have a plot of more than 4,000 square meters, 900 units, and R$275 million of potential PSV. Here, you can see the pool and the rooftop with an open-air cinema theater.

Today, we have almost 50% of sales. Then we launched, in a partnership, Casa Cerâmica in São Caetano, the first project of Lavvi outside the capital, a differentiated plot of land, a very large plot of land, differentiated product, three towers with apartments with 130, 170, and 142 square meters, full leisure, and services provided by CBRE.

The product really attracted people. In almost 1 month, we zeroed sales.

On slide 7, another My Home, My Life project, very close to the shopping mall, with almost 600 units and 178 SOV, and we had 78% sold, and today we have 85%. With a speed project, because low-income through Novo brand has become more relevant with a larger share in our businesses.

We're excited to keep operating on this segment with new plots of land. On slide, the last launch of the quarter, in partnership and under the management of Cyrela, Zen in Moema, right in front of Ipê Clube, with a potential PSV of 681 million.

We had a great quarter and year in terms of launches and sales. As you can see on slide number 9, in the quarter, we launched 1.8 billion PSV, and we sold 1.4 billion.

Comparing to 2024 in terms of launches and sales, we had a slight drop of 11% and 15%. As a reminder, in 2024, we had three launches had been delayed from 2023, which raised the level of the year.

Our SOS was 32%, the best quarter in the year. If we consider the last 12 months, our SOS is still above 50%.

Now, moving to slide 11, you can see the evolution and the breakdown of our inventory per season of delivery and stage of the project. As you see, we launched 1.8 billion PSV in the quarter.

Senior management knows how important it is to keep the inventory under control, negotiations under way, and works intensely to try and solve any problems that may arise. On slides 13 and 14, you can see the deliveries of 4Q: High Wonder and Verdata.

Both projects were launched in 2022, and they were very well sold at first. In November and December, we delivered them, and today we have only units for High Wonder and 9 in Verdata.

Already we have 90% of those two ventures sold between transfers and settlements. Considering our portfolio, it was not difficult to approve the credit of our customers at the bank and to solve this portfolio.

Now moving to slide 15, you can see the land bank breaking down: My Home, My Life and mid and high and luxury. We have 5.9 billion in a percentage 16% in our share for the brand Novo.

We have negotiations to buy new plots of land for both brands to complete the pipeline from 2027 onwards. Now I would like to give the floor to Vitor for the financial results.

Thank you, Sandra. Good morning, everyone.

Starting on slide 17 with the financial highlights of the fourth quarter of 2025, net revenue was R$530 million in the quarter, 8% below 4Q 2024. In the year, we had a 14% year-on-year increase, a record for Lavvi.

The adjusted gross margin was 35.5% in the quarter and 37% in the year, 1.5 percentage points above 2024. As a result, net income reached R$205 million in the quarter and R$414 million in the year with a net margin of 23.5%.

ROE was 28%. Backlog grew 19% compared to the same period the previous year.

This quarter, we had cash burn in the amount of R$45 million. In the year, we burned R$119 million cash, and we would have generated R$372 million without investments in land.

Finally, we ended the quarter with a net debt of R$394 million. In addition to these results, on slide 18 on the right, we have the financial results.

This positive change is a reflection of more robust gross cash flow and a higher Selic rate in 4Q. At the bottom of the slide, starting with G&A, we see a high that reflects the company's growth and investments in systems and improvements.

Despite a nominal increase, we managed to remain practically stable in terms of percentage in net revenue. In commercial expenses, we increased 23% in the quarter and 4% in the year.

Finally, net income in the quarter was 13% below 4Q 2024. In the year, net income reached R$414 million, a record for Lavvi, and 21% above 2024.

On slide 19, we see a constant growth of net revenue and net income year on year with 20% margins -- above 20% since the IPO. In slide 20, you can see the ROE of 20%, proving resilience.

Next slide, you can see backlog revenue totaling R$2.8 billion, up 19% against the previous quarter, driven by launches. The 37.5% margins implies more than R$1 billion gross profit to come.

Then on slide 22, this quarter, the company burned R$45 million cash, which would be a generation of R$53 million discounting investments in land. In the year, we burned R$119 million cash and generated R$372 million in the ex-land view.

Now slide 23, on March 27, we are going to pay the first installment of dividends, as decided in January, over retained earnings reserves. We have exceeded the mark of R$1 billion paid in the generation paid out to shareholders since 2021.

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

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

I have two questions. First, related to commercial expenses, they're slightly higher in Q4 and very much related to Cerâmica.

Could you give us more color on which were these additional expenses and if commercial expenses will remain at the same levels? An update about Hípica, and what you expect in sales when the project is launched?

Hi, [Renan?] , this is Sandra.

I'm going to talk about the commercial expenses, and then Ralph will talk about Hípica. The effect was Cerâmica.

These are usual expenses: marketing, advertising, everything that is necessary for a launch. Usually these expenses come 6 months before launch.

What happened for Cerâmica that we started Q4 as partners of the venture, and then we only got to know about incurred expenses in this quarter. That's why it's concentrated in that quarter, and that's why it's high.

Hípica is the following. For Hípica, we had the meeting Tuesday night.

We've been for 2 months working with brokers. The opening of the work will be on Saturday, and then we are going to open, decorate it, and we are going to start the first phase.

We would like to sell 25% of the project by July. This year is too early to talk.

Many brokers are joining, and the game has only just started, and we're very excited, but still too early to say anything.

It's very clear, Sandra, Ralph. Have a good day.

Good morning. Two questions.

First, for the gross margin performance, which is the highlight of the quarter that dropped a little bit quarter on quarter and year on year. Could you give us more details of what is underlying this?

If you look at REF margin, it has increased because of mix of projects that are delivered, because REF margin. Can you see the accounting margin for 2026 going up very much related to new projects with higher margins that contribute to the result?

The second one is about inventory, especially ready units, the specific Villa Versace that concentrates most of your inventory. Could you give us your vision, and how do you see this project, and what has already been delivered, if you're worried, would you try to be more aggressive in sales, reducing margins to monetize inventory faster?

Good morning, Gustavo. Thank you very much about the question.

About the gross margin, this quarter we adjusted the cost of the projects that we are going to deliver. There is a shortage in labor.

We are within the waiting period, another 2 or 3 months. Sometimes we need to reverse part of the revenue.

We have this impact in the gross margin. About the performed receivables and the margin, there are some projects from 2022 whose margin is suffering more and they're being delivered now.

Once we zero the inventory, it gets out from the margin and we replace it for other projects that we have been launching more recently with better margins. The margin is likely to go up.

Hello, Gustavo. Inventory is something that we are really concerned about.

We are very organized. For Versace, we could not work last year because the construction delayed, and we were in a hurry to transfer everybody so that we could start.

If we had to sell at a slightly lower price, not to cause any problem with previous sales. We are seeing many people.

This year, we have already sold the studios. I think we have three or four.

We have 18 still large. There will be a bonus.

It's something that we are monitoring closely. It's difficult to say, much harder worker.

We are monitoring it closely. This is what we can do.

We are going to monitor it closely to sell the inventory. We don't like inventory.

If we need to lower prices, we will, and we are going to get to amounts that will give us liquidity. For high-standard, it's not about lowering prices, it's about their liking, and it takes a while for them to mature the idea.

There are many offers. They see many projects.

This year, we want to zero Versace.

Thank you very much.

Good morning, Ralph, Sandra, Vitor. I have two questions.

First, about the pipeline of projects this year. Is there any project that you're more excited about?

Is there anything else that you're more excited? Also in that sense, what about the approval of permits?

Can it affect the pipeline? The second item, it's about the market as a whole.

We have heard news of a higher inventory in São Paulo, especially high-standard units. There is a growing volume, but sales volume is still high.

The number doesn't seem to be too high. Are you worried about that?

This may change a little bit your launch strategy? What you see in terms of competition with that regard?

Hi. Good morning.

First, we have a very extensive pipeline for this year. For Novo, we are launching Santa Marina, which is right across from the subway station.

The first phase with 400 units, phase 2 next year, because we are decontaminating the land. We have Hípica, huge project that is coming out now.

We also have Clodomiro Amazonas, high standard, for this year. We have another in Paraíso studio right close to HCor.

We were very successful in Studio 6, we bought a new plot of land to repeat the dose. We have a big project in Moema, almost R$800 million PSV.

We have another low-income, and we might try and have another one close to Anália Franco. We have quite a few projects.

As to permits, what is with the city may affect, most doesn't affect, because I am at the phase that this makes no difference. The only thing is that there is one or two that the city has canceled 100% of the permits for demolition.

They're not giving any permits. This might affect, but most of them, we're still in the phase that this doesn't affect.

This affects the market, and there's not much to go into the future. January and February, we think that the market is good, especially My Home, My Life, lots of liquidity, and we want to sell at least 100 million.

We've reached that in January and February, and January is a very difficult month with summer vacation, February is Carnival, but the market is active. Even though the interest rate is very high, we have very good products.

My Home, My Life, we have one with lots of inventory, it sold 18. Now with a little bit more liquidity.

For each inventory, we have a product manager that looks after it, looking after what happens in the weekend. We really want to sell because sale of inventory means cash.

Good morning. I'm going to follow up on the permits.

As to the timing, how long do you think it might take? The second question is more related to low-income.

How are launches evolving in terms of share, because low-income will win overall? Which are the challenges that you're seeing?

What are the lessons learned? This is what I wanted to know.

Thank you very much.

As to the permits, we think that we're going to solve that this month. I think that the city and the legislative branch have decided, because this affects everybody.

As to My Home, My Life, we're very excited, lots of liquidity. My Home, My Life is under production.

We still need more labor. We are going to extend delivery times.

For My Home, My Life, it's going to be 6 months, but we're really raising. A challenge of the industry is that many construction companies are failing to launch, are not launching everything that they could.

The challenge is in production. We still have a problem with the lack of labor, should not be solved in the short term.

The new law of 6x1 might make matters even worse for us, but the market is very warmed up. Lots of people to buy the product.

I think it's still good, but we are going to adapt to new times and to the reality.

Just a follow-up as to the 6x1 work shift. Is this going to impact labor?

I can ask engineering department. I don't have it at the top of my head.

Usually 40% is labor of the total cost of a development.

Thank you very much.

Thank you very much, everyone. We are very excited, as usual.

The company is growing. We are digitizing the company more and more internally, and we are very excited with the market.

We expect to be able to deliver the better results this year than last year. Thank you all very much.