Good morning, everyone, and thank you for participating in the call for the earnings release for the second quarter. The market has been heated based on solid fundamentals.

The lack of Class A assets and rentals continue leveraging the demand for high-quality logistic facilities. With that, we have a confirmed capacity to capture opportunities in a competitive manner.

We closed the first quarter of 2026, which reinforced the consistency of our results. Quarter over quarter, we remain demonstrating that our operational results, with a very criterion selection of our assets and a close relationship with our clients, everything supported by robust support.

In the second quarter, we had 81.5 thousand square meters delivered of ABL. Pre-location were delivered 100% average YOC.

The accumulated for the quarter, we totaled 147 square meters delivered, all of them with 100% of rentals, stabilized vacancy of 1%. The gross absorbance was 108 thousand square meters.

We had a growth of 24.5% when compared quarter over quarter and year over year. The average ticket, we had an increase of 18% in 12 months.

Same-client rent was above inflation. In the development pipeline, we closed this period with 148 thousand square meters and a distribution of constructions in 17 areas in 13 states in the main metropolitan regions of the country.

We follow our construction schedule very strictly. The remaining of the pipeline is being built, but we can guarantee our growth.

We have had the best expansion cycle in the company's history to continue generating sustainable value to our shareholders. We remain committed to high-quality assets which are strategically located, consolidating LOG's position in one of the main logistics platforms in the country.

Thank you for your attention.

LOG remains disciplined with its capital management to generate value to our shareholders. In this last quarter, we had assets for ILCP 11 and we sold assets in Recife too, in the order of 210 million BRL.

Then when the transaction is concluded, we will have 1.3 billion assets sold related to ABL, recycled ABLs in the order of 388 thousand square meters. This reinforces the liquidity of our assets and the consistent recycling of assets in different market segments.

We remain growing with accelerated growth and recurring revenue. LOG ADM closed the quarter with 3 million square meters in ABL, a growth of 24% year over year.

The accumulated for the year, we reached new records with 15.8 million BRL, a growth of 76% year over year. These figures still do not reflect additional revenue for ILCP 11 of approximately 5 million per year.

Additionally, LOG has expanded its construction expansion. We obtained a preliminary approval for funding of 8 of the 17 projects that are anticipated for the upcoming years.

We estimate a total potential of about 1 billion for the development of over 900 thousand square meters. As this initiative is implemented, it will reduce the capital cost for our enterprises.

Throughout 2026, the company has generated over 1.49 billion in cash, in addition to anticipated monetization in the accounts receivable. This robust cash generation has allowed us to distribute 282 million BRL.

In addition, we approved 13.9 million BRL with payments planned for October. For LPM on June 30, it was 35%.

We have increased the total return to our shareholders. In the second quarter of 2026, we had solid financial results, reflecting the consistency and quality of our operations.

In the second quarter, the net revenue was 66 million BRL, a growth of 7.3%. In the half of the year, our net revenue totaled 132 million BRL, an increase of 13%, demonstrating the consistency of our business strategy.

The net revenue of services in the second quarter had an increase of 60%. In the accumulated, we had records of 15.8 million BRL leveraged by the growth of in our margin.

The rental EBITDA totaled 56.6 million BRL, a growth of 6.2% year over year. The margin was 85.8%.

The rental EBITDA in the last 6 months increased, and the consolidated for the half of the year was 79.8 million and for the half year, it was 264 million BRL, and that excludes the effects of the sales. If we exclude that effect, the results would have been 410 million BRL, a growth of 57%, results of a strict expense control.

The financial result was 14% better when compared to the previous quarter. The cost of our debt closed the quarter with a CDI plus 1.5%, following a consistent reduction.

The net profit was 58.7 million, and in the accumulated for the year, it was 192.7 million BRL, a growth of 11.1% when we compare to the past half of the year. The profits per share is higher than in the previous period.

The net profit for the half of the year would have been 178.2 million BRL if we exclude the effects of the transaction we had in the recent past, and we had a growth of 312 million BRL. The adjusted net debt has the less level since 2024, and if we consider the effects of the sales, it would have been only 0.48.

This position reflects our discipline with our finance management, optimizing capital cost, and also with efficient resource allocation, generating value to our shareholders. With this, we conclude our presentation and open for Q&A.

Thank you very much.

Hello Sérgio, Rafael, Henrique. Thank you for the call.

I have two questions. In face of the high volume of recycling you are carrying out this year and with the recent sales of LOG, what is the payout of dividends going to be for capital allocation with this stronger scenario of asset sales?

This is the first question. Second question: recycling of assets and allocation, and so on and so forth.

What do you consider to be the main bottleneck for you to reach the goal of 2 million and if there is an opportunity to anticipate this target when compared to the end of 2028, which is the target that has been set for now?

Hi Mazini, this is Sérgio, thank you for the question. Starting with your second question: anticipating our goal?

No, but we have an opportunity to deliver a little bit more than we promise. It's important to mention that today we already have all of these plots allocated, we have a record volume of area allocated, and these assets will be delivered in the next 18 months.

In addition to that, we have 500 thousand square meters that are guaranteed for our plan. When we have a new plot available, we always map the absorption for that project.

We want to continue delivering these assets with a very strong level. The 5,000 square meters that we delivered are already taken.

We want to maintain efficient capital allocation, but we are very confident that these results are the best in the company's history. If these construction projects we have today are the best we've had.

In addition to that, it's important to note that we can see, as you mentioned, the sector is growing really well. We are at the best moment of the company ever.

The new constructions month over month have provided results much higher than anticipated. We can see a significant increase in our yields, and we anticipate profits of 15% or even greater than that.

This is really interesting, and once again, I don't see any changes for the medium term. We will grow strongly with quality.

Our figures are also going up, we see the scenario changing. In response to your first question on dividends, we have had strong movements in the past quarters with our payout.

We want to increase the return for shareholders. This is always a solution that we pay close attention to.

Of course, it will depend on the CapEx versus our recycling speed, but this is something that we are discussing, but the levels will depend on what happens in the future.

Thank you, Sérgio. Good morning.

Good morning. Thank you for the opportunity to ask a question.

I have two questions. First, I wanted to understand these sales and also understand how you see these opportunities for more sales this year.

Do you think that it's still possible to have more sales? I also wanted to understand the quotas and if the negotiations require part of the payments in quotas and shares and how you see their sales in the future and also the ones that you're making now.

This is my first question. The second question: I wanted to understand a little bit more about costs and some specific results.

I wanted to understand how this has evolved for the third quarter and if there will be an impact or not in the projects.

This is it. Hello, Matheus.

Thank you for the questions. It's Sérgio once again.

We have seen more pressure in the first quarter as opposed to the second quarter, and what we can see are levels below, maybe because of a lower percentage or close to that. The positive thing is what I mentioned: we've seen increased rental prices much higher than that, the trend for the yield is to increase even further.

Also, the average for these projects are all above 13, which is very interesting aspect. Because we have allocated many projects in our construction cycle is that we've been able to have an MCC hat until the construction is delivered to our clients.

We're very confident about the results we're going to have in the near future. Regarding the quotas, these are different things.

The important sales we had in the second quarter, strategically speaking, we have these quotas to absorb all of the gains in the portfolio in the mid-term, and we do not want to leave it in the hands of the market. They will have significant repricing in terms of rentals, and we wanted to be exposed to that.

The way we found was to hold part of them, we will capture them, or a significant part of them, that's very important. Strategically speaking, we wanted to keep these quotas.

These areas will capture all of the gains that we expect to have in the future years. This is one aspect.

The second: sales, for example, that we have as payments are very relevant. These are sales with a gross margin of 41%, very good.

We are receiving everything in the short term, almost 1 year. We've been receiving the resources and a small part of quotas involved, we have the protection of these quotas, Matheus.

We are looking case by case. We have different proposals depending on the payments, depending on the property.

We are open to listening to all of them very carefully.

Very nice. Thank you very much, Fischer.

Good morning Sérgio, Rafa, and team. Thank you for the opportunity.

There's one thing I would like to mention: the concentration of the gross revenue from 12.5 to 17 in one year. Could you let us know what these clients are and where they work, and how we can decrease this exposure?

I wanted to better understand that. Thank you very much.

Thank you for the question, Herman. Yes, we can do that.

This is an SOP client. It represents 11 different operations in different regions of Brazil.

Our geographic diversification is significant, and so are our operations. Once again, this property that we just sold is there.

This is why we do recyclings so that we can reallocate our client. We did this in the past with Amazon, we're now doing it with Shopee.

It's part of our business model. The most interesting thing is that we have scattered operations with different clients, and we can reallocate everything very quickly.

It's usually only one month. As I mentioned earlier, we are growing very significantly.

We are concerned about having only one client, but the sales we had recently were very robust, and once again, this is why we have these recyclings.

That was very clear. Thank you very much.

Good morning Sérgio, Rafa, and Henrique. Thank you for the opportunity to ask a question.

I wanted to better explore the pipeline that you have now: 850 thousand square meters, a historic level for the company, 17 construction sites. We know that LOG's construction cost is a little bit lower MCC, but I wanted to better understand if there are any regions where you're under more pressure, and what the mix of cost is among the different construction sites, and if you see the construction cost of the company increasing because of this higher volume in the pipeline and this regional distribution.

Thank you for your clarifications.

Hi, Igor, thank you for your question. This is Sérgio.

No, we do not see any area doing different from the other. The distribution is very linear.

We have national providers for a large part of our projects, everything is negotiated regardless of where it is delivered in Brazil. We are operating below MCC.

I don't think this is going to change, and this is the current scenario. The constructions we have now, when we start a construction, we already contract a large part of our costs, metal, materials have already been contracted, among others.

We're very confident about these deliveries. They will be running below MCC, and as I said earlier today, we will have additional returns for these areas.

That's very clear. Thank you very much.

Good morning, everyone. Thank you for the opportunity.

I have two questions. I wanted to understand if you imagine it as a recurring strategy to anticipate receivables as you did this quarter.

Also, could you help us better understand what the cost of the operation was? This is the first question.

The second one: vacancy is very low, you're growing above inflation, average ticket has grown. I wanted you to help us understand how these numbers will remain in the future.

Do you think that the demands will continue growing and supporting these strong operational goals, also regarding the requalification of these areas? I just wanted to understand what you see for the future.

Thank you very much.

Hello, João Pedro. I will answer the second question and turn over to Rafael.

Regarding the sector: yes, there is a significant merit on our part in terms of knowing where to choose for our constructions. Also, we've been able to hold our clients.

We have really become a one-stop-shop platform for many of these clients. They know what to expect from deliveries, quality of services provided, and we are increasing revenue as well.

LOG does have this merit. We are the only platform that have done this at a national level with relevant volume.

Also, it's worth mentioning that we can see the number of constructions increasing, and when we compare to the rest of Brazil, we are delivering more and better. We have modular warehouses, multisectorial, and we are geographically diversified as well.

Looking ahead, we expect to keep our vacancy level as it is now. The sector is under high demand.

E-commerce has changed its bar, increased its bar in Brazil. We can see this year over year, and this is what we see at the end.

The demand has increased over 50% thinking about the future, and I don't think this is going to change. This is here to stay.

Also, what makes us very enthusiastic is the tax reform, these warehouses will be closer to the consumption centers, and in many areas we are the only company providing what we do. I will now turn over to Rafael.

Good morning, João. Regarding receivables: actually, this is one initiative from the point of view of capital management that is very important.

The company has worked at different fronts to optimize capital. We have initiatives from funding with regional developmental lines, which is very important for the future of the company.

The company is advancing very quickly. We have a lot of potential.

Also, accelerating the recycling so that we can return investments. As we bring these receivables to reasonable costs, and since December last year until now, we have anticipated over 600 million in receivables.

It's a significant amount, and it has helped us with this strategy of high dividend payments, leverage control, and also support to our investment plan, which is very robust. Actually, we also have the quotas and the receivables.

Looking ahead, our calculations are very careful. Expected returns, is it more passive as in the case of the sales that we anticipated?

We analyze opportunities and costs. These operations we performed were below the average cost of debt of the company.

Receivables is not a LOG risk, is a third-party risk, but the risk of the company is very low. The operations will remain being analyzed very carefully.

We analyze liquidity, and we have a liquidity of 50% of these receivables.

Excellent. Thank you very much.

Thank you. Good morning.

Thank you for the call. I had two questions.

Now going back to CapEx and the strong demand in the sector and the construction cost which was mentioned, and will accelerate CapEx in the year, 170 million for the quarter. The second question has to do with the average ticket.

When do you think you will be able to close this gap for 2027, 2028, and the mean duration of the contracts after the most recent sales?

Hi, Jonathan, thank you for your questions. This is Sérgio.

Regarding the CapEx, there is a trend towards increase, especially because of the amount of constructions we have. It's important to highlight that we're very enthusiastic with the funding perspectives from fomenting agencies for a large part of these constructions.

This will remove some pressure from the CapEx and will considerably increase the return for these projects. This is very transformative for the company.

We can increase up to 10%, and that's very relevant. We also have very good opportunity to capture new fundings for these projects, and a relevant part of our constructions will be funded by means of these lines.

Regarding the ticket: the most interesting thing in this dynamic is if you follow the past quarters, quarter over quarters, we have had increased requests. We can't close the gap because we're going through a very special moment, and it will remain in the future.

The average contract period, which is of about 4 years, gives us a good idea of what we can anticipate in terms of closing this gap, because after 3 years we can sit down and renegotiate. The average price of contract is 4 years, we can renegotiate about 25% of them every year.

Thank you, Sérgio.

I thank you all for your participation. I wanted to update some relevant aspects.

I've talked a lot about our new development cycle, which will be delivered in the upcoming 18 months. They will be delivered with a good return, as we've done recently.

The most important thing is the sales we announced this week. The gross margin is 41%.

We have a new reality for our yield. Even in a very complicated scenario, we are able to sell with stable caps.

We see a very positive scenario for future recycling. We have new things ongoing.

We want to do more. We want to have a very large volume of recyclings.

We understand that we have an opportunity to capture more gross margin. A second thing, regarding services: LOG ADM, we've been able to grow 76% compared to last year.

We are focused on growing the revenue of all of the services we provide, not only because of the quality and client retention, but the capacity we have to improve prices. They're paying well because of that, but also so that we can have a line related to assets, and that's very important for our strategy.

We're very enthusiastic about that. This is what we wanted to say, and I thank you all for your attention.