Good afternoon, everyone. Thank you for your presence at another LPS Brasil teleconference.

We'll have a presentation of our Vice President, Francisco Lopes Neto, and then our Financial Officer, [Baing?] .

First, let's start with a message from Marcos Lopes, our CEO.

Good afternoon. Thank you for your presence at another LPS Brasil teleconference.

Lopes maintained its strategy this quarter, given the continuation of the scenario observed in the first half of 2025, marked by funding constraints and high interest rates. Even in this challenging context, the company preserved its profitability and cash position, reinforcing its commitment to operational efficiency.

The real estate sector continues to show positive activity levels, especially in the Minha Casa, Minha Vida program. At CrediPronto, we remain focused on portfolio growth, aiming to increase profit generation and strengthen our market share.

During the third quarter of 2025, Lopes launched 33 projects, totaling a launch value of R$6.2 billion. Intermediation transactions totaled R$3.5 billion during the period, with more than 4,000 units sold.

CrediPronto ended the quarter with an average loan portfolio balance of R$17.9 billion, having financed R$1 billion in contracts during this period and achieving a market share of 6.9% among private banks, according to data from ABECIP. As a result of the company's performance, EBITDA was R$22.9 million in the period, and the EBITDA margin was 44.4%.

We recognize that funding constraints and high interest rates directly impact all of the company's business areas. However, we remain attentive to market conditions in order to adjust our strategies and capture opportunities in a sustainable way.

Thank you all, and now I hand the floor over to Mr. Cyro Naufel, who will present the results.

Thank you,

Marcos. Now, we start the company's presentation, starting with the highlights on slide number 4.

For financial revenues, we had a net revenue of R$51 million, decrease of 2% compared to 3Q 2024. In the first 9 months of 2025, net revenue is R$151 million, 11% plus than the same period of last year.

The EBITDA of the company was R$22.9 million in the third quarter, 11% higher than the same period of last year. In the quarter, the EBITDA margin was 44.4%, as highlighted in initial message by Marcos, and it's the highest quarterly margin since 2011.

In the first 9 months of the year, the EBITDA was R$55.5 million, 7% above the same period of last year. The net income of the controlling company ex-IFRS had an increase of 43% compared to the same quarter of last year, R$15.6 million.

In the first 9 months, it was R$32.6 million, 54% compared to the same period in 2024. CrediPronto ended the quarter with R$17.9 billion in portfolio balance, 13% higher than 3Q 2024.

CrediPronto profit sharing was R$12.7 million in the quarter and R$33.3 million in the first 9 months, 58% to 66% higher than the same periods last year respectively. Cash and cash equivalent generation was R$17 million in the third quarter and R$11 million in the first 9 months.

Next slide. Lopes launches totaled R$6.1 billion.

Operations in São Paulo had the highest number of launches, 46% of total, while Rio de Janeiro launched 40%. We show the states in which there were launches in the first 9 months of the year.

On the next slide, we see the results of Lopes intermediations. Lopes has brokered R$3.5 billion in the quarter, 4% less on a year-to-year basis.

In the first 9 months, it was R$9.5 billion, 2% less than the same period of 2024. We have 163 stores.

Next slide shows the geographic breakdown. Main state was São Paulo, 40%, followed by Rio de Janeiro with 38%, and the other regions together accounted for 22%, with a total of R$774 million.

On the next slide, number 8, we show the division between primary and secondary markets. The primary market, which accounts for the main number of intermediations of the company, accounted for 75% and 72% of units intermediated.

On the next slide, we see the indicators regarding Lopes Portal. At the top chart, we see the organic visits to the website.

At the lower part, we see leads from organic searches generated by Lopes Portal, which totaled 170,000 in the last 12 months view. The next slide shows CrediPronto highlights.

The mortgage volume by CrediPronto is R$1 billion, 16% lower than the same period. However, considering the 9 months of 2025, the volume is 25% higher than 2024, reaching R$3.16 billion.

The amount grew by 14%, showing the growth in market share of the company. At the lower part of the slide, we can see the CrediPronto portfolio reached R$17.9 billion, and Lopes holds 50% of that portfolio.

On slide 11, we see the main highlights of CrediPronto in the third quarter, as well as the first 9 months of 2025. As said, the funded volume accounted for R$1 billion and R$3.1 billion in the first 9 months.

Number of contracts has risen 16%, reaching 6,637 contracts. The average LTV is 60%.

The average rate is 12.7% and 12.4% for 9 months. The average terms is 361 months in the quarter and 362 in the year.

In the lower part of the slide, we can see that the profit sharing reached R$12.7 million, that added to R$8.3 million of origination revenue totals R$21 million. In the first 9 months of this year, the total revenue was R$63.5 million, while in the same period of 2024, it amounted to R$41.7 million.

On slide 12, we see the virtual P&L with R$12.6 million in the quarter, and that's the 50% of profit sharing attributed to the company. On the right, we see the net result and its recognition in the results of LPS.

On slide 13, we can see that the net revenue in the third quarter 2025 was R$51.6 million, 2% less than the same period in 2024. In the first 9 months, it was R$151 million, 11% above the net revenue in the same period of 2024.

On slide 14, we see that operating expenses decreased by 10% when compared to the same period of last year. Year-to-date, operating expenses amounted to R$95.5 million, which is 14% higher than 2024, and that increase was mainly caused by the transfer banking correspondent because of the higher volume of credit facilities granted by CrediPronto in the period.

In the next slide, we see EBITDA and EBITDA margin, R$32.7 million in the 2025 in the last 12 months view, keeping the company's focus on operational efficiency. On slide 16, we see the results by segment before IFRS.

In the consolidated column, we can see that the net income before IFRS was R$17.6 million, while the amount attributed to controlling shareholders was R$15.6 million. On the next slide, the total revenue was R$37.8 million, while that attributed to controlling shareholders was R$32.6 million in the first 9 months of 2025.

Now, in slide 18, we see the IFRS impacts on the company's results, and that refers to the amortization of intangible assets, losses with accounts, gains and losses in-cash and net effects. We suggest that the analysis are made without taking into account IFRS impacts.

On slide 19, we see the development of cash flow and cash flow from operating activities. The third Q 2025 was R$63.5 million, almost twice the amount of the previous year, or it was R$23 million, a total amount of R$63 million and plus financial transactions.

These were our comments, and we thank you all for attending, and we remain available for any questions you may have.

Good afternoon. This is Robson speaking.

We have a question about whether there has been an impact regarding the news of the termination of a contract with a franchisee in Rio de Janeiro. There was no financial impact, and the contract remains in force, the agreement.

We would like to make that clear.

Thank you, Robson. We were asked to give some clarification on the drop of the volume intermediated by the company in the quarter.

It's important to highlight there was a decline in the total amount intermediated only of 4% regarding the third quarter of 2024. That was mainly due to the fact that in the third quarter of 2024, there were two commercialization of land in the R$400 million that were one-off event, so that was not a repeated event.

If you disconsider this R$400 million sale of, we would have a increase in the intermediated PSV. Also, there was a drop in more than 30% in the launched volume due to the fact that there are uncertainties in the economy and high interest rates, the real estate developers are waiting in order to make new launches.

There was a question about CrediPronto considering what is the driver for the increase in market share. We can attribute that to a very efficient strategy to increase capillarity and the presence in the company throughout Brazil, an increase in the number of bank correspondents, and therefore the number of credit facilities granted or loans granted.

In addition to the search for excellence in services granted for those who are interested in getting a loan, based in technology and also providing the lowest turnaround time to provide a loan. That's very highly valued by those in need of a loan.

With regard to Lopes fee, we haven't seen any decline in intermediation fees. On the contrary, they are maintained, and there's a certain agreement in terms of fee level, there's no pressure regarding that and no decline intermediation fee.

These were the questions we received. With that, we would like to thank you again for attending this earnings call for LPS Brasil.

Thank you again, and have a good day.