Good morning, everyone. Thank you very much for joining us in the earnings release call of LOG's first quarter 2026 results.

The Brazilian market for Class A logistics warehouse remains very strong, supported by solid structural fundamentals: the expansion of e-commerce, the expansion of existing logistic parks, and limitation of supply of modern, well-located assets. These factors continue to provide positive occupancy rates and rental prices.

In this context, LOG continues to move forward with its strategy of building a scalable logistics platform, combining geographic diversification, modular flexibility, verticalized operation, and strong operational performance. Robust demand enabled the company to deliver gross absorption of 186,000 square meters of GLA in the quarter.

We have also completed two projects: LOG Campo Grande, 27,000 square meters; and the first phase of LOG Cariacica in Espírito Santo, approximately 38,000 square meters, totaling more than 65,000 square meters of GLA. It's worth noting that both assets were delivered with 100% pre-leased, showing the strong adherence of projects.

This high level of pre-lease reduces vacancy risks, increase the predictability and revenue generation of assets, and reinforce the liquidity of projects developed. Our vacancy rate remained at minimal levels, at about 1.1%, while the development pipeline remains concentrated in regions with proven liquidity and high consumption intensity.

This strategy has allowed the company to operate with greater commercial efficiency and capture consistent price gains. As a result, the average ticket of the lease reached 23.84 Brazilian reals per square meter, representing significant growth of 13% year-over-year.

The lease spread was 2.79%, 15th consecutive quarter of real growth above inflation. We continue with accelerate the pace of construction, with 16 active construction sites, equivalent to 780,000 square meters of GLA in all regions of the country.

Throughout the year, we will reach a peak of 19 simultaneous construction sites, totaling about 1 million square meters under construction. It's distributed in 16 states, covering 18 capitals and their metropolitan regions.

For this new group of projects, we have set a relevant cost in line with LOG's latest deliveries. To sustain this growth, we have announced a transformation pact in the company's history: the completion of the signing of the transaction announced on February 11 is the largest sale ever carried out by LOG.

The completion of the definite documents of the transaction announced on February 11, 2026 formalized the sale of a portfolio of 11 stabilized operating assets, totaling approximately 333,000 square meters of GLA, for total value of approximate 1 billion 20 million BRL. The total amount is close to the net asset value, the NAV, implying estimated gross margin of 33%, showing the company's ability to originate, develop, and monetize assets with discipline and generating value for shareholders.

Transaction will be completed through the constitution of a new real estate investment fund, LGCP11, which has already been filed and has firm guarantee of placing the shares in distribution. In addition to being the largest transaction ever carried out by LOG, we highlight the structure of the operation, which allow us to capture relevant value already at time of sales, with the potential to generate future results.

Approximately 80% of the proceeds will be received in cash, strengthening the company's cash position and liability management. The remaining 20% will be converted into shares of the fund, with the potential to capture inherent value both from the revision ongoing rental contracts and the possible compression of cap rates.

LOG will act as real estate advisor to the fund, with a remuneration of 0.5% of AUM. This new level of compensation for the company, in addition to reflecting market recognition of the competitive differentials of LOG's service platform, also shows the company's ability to expand revenues from service in asset management.

Finally, the structure of the transaction reinforces the company's position as an integrated platform in the logistics industry, preserving the relationship with all customers and the accumulated commercial intelligence. The transaction is fully aligned with the company's strategy, showing the ability to generate value for shareholders through asset recycling operations, with better capital lease between leasing and development activities.

The anticipation of the resources necessary to execute the investment plan for 2026 enables unlocking the potential value associated with new development projects. In a challenging macroeconomic environment, sensitive to interest rate dynamics, LOG demonstrates discipline in capital allocation, consistency in execution, and resilience of its business model.

Accelerated development activities, combined with service platform expansion, enhances the value capture from opportunities in the Brazilian logistic market and will be an important lever of total return to our shareholders. The first quarter of 2026 was marked by financial records for the company.

Net rental revenue totaled 66.1 million BRL, up 19.4% year-over-year, reflecting both the maturation of the portfolio and the consistence of our commercial strategy. In net revenue from services, we had even better performance: growth of 94%, reaching 8.3 million BRL with gross margin of more than 70%.

It's worth mentioning that about 40% of this revenue comes from complementary services, such as energy, insurance, and solutions offered via LOG Shop. LOG ADM closed the quarter with about 3 million square meters of GLA under management, of which 2 million square meters are third party, showing that the open market has already proved to be a relevant vector of growth.

For 2026, LOG ADM has approximately 36 million in gross revenue already contracted. With the creation of the new fund, we expect to generate approximately 5 million BRL in additional services revenue in the next 12 months.

This shows the company's position as an increasingly relevant player as a real estate consultant, expanding the base of recurring revenues. Moving on to profitability, rental EBITDA was 56 million BRL with margin of 85%, increase of 18% year-over-year.

In development, EBITDA was 129 million BRL, increase of 76%. As a result, consolidated EBITDA reached 185.1 million BRL, growing 50% year-over-year.

In terms of final results, LOG reported the highest quarterly net income in its history: 134 million, increase of 55% compared to the first quarter of 2025. Net income per share followed the same pace, reaching 1.63 Brazilian real.

In the capital structure, we ended the quarter with leverage 1.8 times net debt over EBITDA. It's essential to highlight that considering the expected receivables from the sale to the new fund, our pro forma leverage would fall to only 0.3 times.

Finally, in line with our commitment to shareholder return on investment, we approved the distribution of 31.8 million in dividends, equivalent to 25% of adjusted net income, scheduled to be paid on June 30, 2026. It concludes our presentation, and now we open for the question and answer session.

Thank you all very much.

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

I have two questions. First, I would like to get more details about the sales of 1 billion assets that you made to Itaú.

If you could tell us about cap rate or yields, it would be great. I would like to understand that when you announced it in February, there were 12 assets; now when confirmed, there were 11.

What has happened with the missing element? Finally, construction costs: you have been working at very low levels showing your level of efficiency, but have you experienced any increase in costs of supplies, freight, or do you expect an increase?

Thank you,

Sérgio speaking. I'm going to start with the second question.

It is a fact that we have been subject to some pressure with some specific items in construction costs: paving, earth movement, concrete. It represents about 1/4, and we've been seeing an increase in costs, some of them nearly 10% price increase.

We don't know whether this is going to be maintained and how far it would go, but we have been subject to such pressure. At the same time, what have we been doing to offset it?

We've changed our commercial policy in the company. We can still have good lease prices.

You've seen what we've delivered has been a very positive prices, and this is a kind of pass-through to our clients. Our pre-lease during the construction sites, we are bringing up prices and then IPCA index just after delivery of keys.

We understand that we can share that with our customers. We are talking about 1 real more, Brazilian real more, in terms of rental prices, and we believe that we can maintain with that strategy our expected yields very close to our previous deliveries of 3% yield per year.

Good morning, Herman. Rafael speaking.

Concerning our transaction, it was 1 billion 40 million, and it went down to 1 billion 20 [million?] because there was an exercise of the preference orders of the Gaiolli asset.

It flows the normal way, the normal process of sales, and it's going to be concluded shortly. This is why there was a difference in value and number of assets.

Now concerning the economics elements of the transaction, as he told you in the release, the value is very close to our NAV and with the capture rate that we are used to operating with, 8% to 9% on average, very much aligned with what we've always done. In addition, we are going to get a very important portion in cash.

Thank you. Wonderful.

Hello. Good morning.

Two questions. First, recycling for 2026 with higher interest rate, is there still room for good recycling?

What level of cap can we expect? Growth plan of the company: now that we have more challenging costs pressure, are you going to revisit your numbers, or are you going to sustain your strategy?

Sérgio speaking. We are still following our pipeline of projects as is.

We've had a record activity in the second half of the year, 1 million square meters under construction. We are not going to change that because, commercially speaking, we've had a very high demand.

We've never had such a high demand. We can see very good pricing capability for lease.

We can see clients are willing to pay for quality. We don't want to miss the opportunity.

Considering what we currently have in terms of pressures over lease prices, we still believe we are going to deliver the same yield levels. I think that this is the best time ever in our history: only wonderful projects, strong regions, high consumption levels in the regions, and it has been translated into very good lease levels.

Concerning recycling of assets, yes, the interest rate has been going down. We are probably lower than initially expected, but we can see the market with some more liquidity.

We've been making very good negotiations. We really want to have a record year in recycling of assets.

Last year is 800 million. This year we've already exceeded that with the new transaction.

There are new things coming, and we want to have a record year. We believe we can do that with very good negotiation.

The first one was just amazing. What we've delivered in the deal announced yesterday: 80% cash payment when the transaction is closed, and LOG will still have revenues and the capacity to have an appreciation in our additional funds.

It's an amazing transaction, probably the best ever in our history. We are very optimistic with the possibility of having very good year ahead.

Great. Thank you.

Hello. Good morning.

I have two questions as well. First, you've been showing an increase on the average ticket, which is quite relevant, and you showed in the chart that there is still a gap between what you've been using and what you have in new contracts, renewals, etc.

My question is, how do you expect this convergence to happen? How do you expect to have an increase in average ticket in the next quarters, and also saying meter?

Secondly, a follow-up on the previous question of the LOG 2 Million: even though we have some level of uncertainties in terms of interest rate, the transaction has brought some liquidity levels to the company, which is good. How do you expect to have the distribution of deliverables, to really comply with your own plan, LOG 2 Million?

Planning of constructions: this year we are expecting to construct over 500,000 square meters per year, and next year it would be even stronger. We have a land bank.

We have the approvals. We have confidence, commercially speaking.

We really believe that LOG 2 Million will be delivered, maybe even with an upside. Now concerning our gap, we've been working in the past three to four quarters.

The gap was four it was close to 20%, now it's close to 10%. I don't think we are going to close a gap because we've been increasing the lease prices on a monthly basis, the prices are going up.

The move continues on. The gap seems to be harder to close, but for good reasons.

We can see a market that has high demand, very strong market. We've been renegotiating quite well with all our clients.

The LOG's business model has this complexes with 20, 30 clients in some of them. When there is price discrepancy, it's quite easy to renegotiate, present your rationale, because the modular sheds and the volume of contract, the industry diversification, this is great because it to some extent facilitates our negotiation.

I don't think it's going to change in the mid-term, and we're going to keep on working to bring prices up and close the gap.

Thank you.

Hello. Good morning, everyone.

Thank you very much for the opportunity. I have a question about the financing partnership, for example, Itaú funds.

Do you see any capital partner, investment funds or others, willing to join you in the risk of development, not only purchasing ready, stabilized assets with occupancy rate over 90% as funds normally do, but at, let's say, a more risk-available, let's say, investments? Because if that would be the case, having an investor partner, you could develop using less of your balance and maybe scale up faster.

My second point is, how do you anticipate the receivables from your current sales? You have sold for 300 million, are you going to keep on monetize that, or how do you plan to use the receivables?

Rafael speaking here. Thank you for your question.

Concerning your first question, what we've been trying to do is a very broad process of capital management and capital efficiency. We are going to observe a number of transactions, among them the possibility of having development partners, especially considering that we have capex volumes which are very significant, associated with our LOG 2 Million plan.

Yes, it does make sense to consider different possibilities of structures attracting investment funds, FII, or others, provided that the process is favorable to us in terms of return on investment. In capital allocation, we really want to have everything very meaningful.

Concerning receivables, we are always going to follow the financial perspective. If we see good opportunities of anticipation at compatible costs, at appropriate funding levels of the company, we would anticipate them.

We've been showing the liquidity of these receivables. In the past, there have been questions about the company's capacity to have liquidity of these receivables, but we have really reduced these numbers.

In the second quarter, we're going to have more operations, really showing the quality of our receivables and how well we can transform that into liquidity and improve our cash position.

Great. Thank you, Rafael.

Good morning. Thank you for taking my question.

Would like to have a follow-up on your transaction. You announced 11 assets being part of the contract, and are you going to maintain the partnership with this fund?

You said that you can see a challenging, but still positive perspective of recycling for the rest of the year. Do you think that this fund can offer additional transactions to you in the near future?

Hi, Igor. Sérgio speaking.

You see, Igor, after completing this transaction, there are four partnering funds at LOG, each of them with different terms and conditions. We can do business with any of them.

We are willing, open-minded. We understand it's something really positive.

We'll be considering all possible transactions. It can be with this fund or any others, or maybe new funds.

We are open to really work on the best transaction to our company. Probably what we are looking for are transactions in which we can retain this level of service post-sale.

It's something quite important to LOG. We have to maintain our commercial intelligence, proximity with our clients, really operation of the condominium administration, and it helps us improve price margins.

There is a whole scenario behind that. We are always going to focus on negotiations where we maintain management of assets.

All those four funds offer that, we are probably going to do more of the same.

Great. Thank you.

Good morning. I have two questions.

One concern the whole operation. You have enough money to have the capex of LOG 2 Million plan.

Said that, do you intend to use the cash to speed up the construction sites because there is a whole pressure of some price increases, any reason that would pull you into delivering the constructions in a faster pace? Secondly, have you seen any specific or different industry with stronger demand for your warehouse lease?

Sérgio speaking. E-commerce this year has taken most of the room.

Last year, we saw food and beverage, pharmaceutical products, also e-commerce, but this year so far, e-commerce: 90% of what we closed in the first quarter came from e-commerce operations. The beauty of our business is a concentration in one industry, but if you go deeply into data, you can see a number of marketplaces all over the country, dilution of risk.

E-commerce ranks first. We have a lot of ongoing negotiations with major amounts, really, and this is why we are so optimistic with the near future.

Now concerning the constructions, on the one side, we know exactly the amount of GLA delivered in each region with strong pre-lease level so that there is no vacancy. Our vacancy rate's about 1%, and that has been so for the past 5 years because of that.

On the other hand, even if we can speed up construction sites, we are going to take the pace of each region so that we can maintain good occupancy rates once the assets are delivered. At the same time, we have to be conservative in terms of leverage.

This operation has been great to our company. There are new things going on in terms of recycling assets, and it makes us really comfortable to go through this year of some uncertainty, but still with strong balance.

Great. Thank you very much.

Good morning. I have one point to approach, to talk more about competition.

It's a very good moment for the industry at large. Do you observe an increase in competition, not only in the Southeast, but also in the other regions where we are located?

In the company's perspective, what are the main barriers for new competitors to come into the market and start investing in the warehouse operations, because you've been obtaining excellent numbers?

Thank you, Rafael. Sérgio speaking.

Entrance barriers: I'll say the first one is cost of capital. It's high to everyone.

Hadn't we had our strategy of recycling our assets, we would have difficulty to maintain our pipeline. With our own movements, we can develop ROI, we can develop very positive results for different tiers.

Cost of capital: number one barrier for any incomers. We have a competitive differential which huge, right?

Let's face it. We have a platform where we can build 50,000 square meters of shed per month, standardized shed with very good supply chain, partners who have been with us for years, very good solid internal team.

Therefore, our construction is much more affordable than others, and we can deliver results, we can deliver yields. These are the two main barriers for competitors.

It's quite difficult to get to the level that we are. Now talking further about competition, we've been observing development because of increased demand in the region of São Paulo, large projects.

Competition is fiercer there, but this is not the reality in other very good regions in Brazil. Yes, there are projects being launched here and there, but once interest rates come down, real estate investments may go into development.

We've been seeing that from one or two funds, but it is not something that is concerning us. We have 19 ongoing projects in large Brazilian cities, and most of them are not first project, they are second or third project.

It means we know a lot the regions. I would say we are at a privileged situation, and we should benefit from it for a while.

Thank you. Great.

I have two quick questions. First, can you please tell us more about the equity income?

The line in Betim was much better. Is it what, the level of development of these projects, so that we can anticipate what's coming?

Now in terms of leverage, do you have any metrics, such as the maximum leverage number that you want to work with in the short term? After this transaction of 1 billion, you have a very comfortable position, right?

I was wondering, is there any other metric that we should take into consideration?

Sérgio speaking. In Betim, we have reached these levels of equivalence that you've observed in the third quarter.

There is no more capex there, it's nearly closed. Sales are not as good as we expected, we wish we could have been selling more.

The first quarter, we sold more than last years, and as there is no capex, we end up getting better results. The good news is, though, that we still have 1.8 million square meters to be sold, 1/3 of the project, which is a considerable amount of resources that are coming in in upcoming quarters in terms of equivalence.

We've been putting in place some commercial initiatives, payment in installments, to increase the sales volume. We are excited, I have to say.

We expect the numbers to grow in upcoming quarters. You see, no capex further there, it's all covered.

In terms of leverage, after this transaction, we had the strongest balance for the past 5 years, right? There are new transactions to take place, as I told you.

We have maintained the line of having a leverage 1.5 times EBITDA. We don't want to go any more than that.

700 million or even a bit more in terms of adjusted net debt, this is what we're going to maintain throughout 2026. If things change, we can always revisit the strategy, but this is what we've been worked: 1.5 times net debt over EBITDA.

Thank you.

Thank you all very much for the participation. I would like to highlight two points.

First, about what I've said concerning the transaction, the best transaction ever in our history: it's going to improve our service levels. Service line is increasing significantly, getting close to our SG&A of the whole company, much faster than we initially thought.

We had 100% growth of revenue from services over the first quarter last year, and we can see we can keep on growing, very positive indeed. Now speaking about the perspective of the second quarter, we already have very good construction operations being delivered, good yields, 100% pre-leased covered.

We'll keep on increasing our revenues. We are highly excited with the pipeline of the second quarter 2026.

Thank you all very much for joining us this morning. See you next time.

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