Identify speakers: begin each speaking turn with the speaker's name and role when they are stated on the call (e.g. "John Smith (CFO):").

Let's check who the speakers are: At the start: "Good morning everyone... I am Alan Aquino..."

Wait, Alan Aquino introduces: - Diego Villar, CEO of the company - Diogo Wanderley, CFO - and Diogo Barral (or Diogo Barral / Barão), the Director of Investor Relations. Wait, who speaks first?

Alan Aquino (IR / Host / Moderator?) : "Good morning everyone.

We will now start our presentation of our results for the second quarter of 2026 of MDNE..." Wait, he says "I am Alan Aquino, and I'm presenting the results today with Diego Villar, the CEO of the company, Diogo Wanderley, the CFO, and Diogo Barral, the Director of Investor Relations."

Then Alan Aquino gives instructions on Q&A and disclaimers, then says: "Having made the disclaimer, Villar, please go ahead." Then Diego Villar (CEO) speaks: "Hi Alan, it's a pleasure to be here with you..."

Then at the end of his section: "I'm going to pass it now over to Diogo who is going to talk about our financial numbers, and I'll come back at the end for any questions you might have." Then Diogo Wanderley (CFO) speaks: "Good morning everyone.

Thank you for your participation in our call. I'm going to quickly pass through a few operational indicators..."

Then later Diogo Wanderley says: "Good morning everyone. Let's start with the highlights, the financial highlights with the net revenue..."

Then at the end of financial presentation: "With that, we close the financial numbers, and I pass back over to Alan for any questions and answers that you might have." Then Alan Aquino: "Thank you all.

We will now start our question and answers session... The first question comes from Gustavo from BTG.

Gustavo, please go ahead." Then Gustavo: "Hi everybody.

Good morning..." Then Diego Villar (CEO): "Hi.

Hi, good morning. Let's look at this one at a time..."

Then Alan Aquino: "Okay, thank you, Villar. Next question comes from Matheus Meloni from Santander.

Matheus, your mic is open, please go ahead." Then Matheus Meloni: "Thank you very much..."

Then Diego Villar (CEO): "Okay, let's go. Salvador, you said very well..."

Then at the end of his turn: "I'm gonna let Wanderley answer that while I take some water." Then Diogo Wanderley (CFO): "Hi, Matheus.

Thank you for the question. Speaking about our margins..."

Then Diego Villar (CEO): "If I could add also..." (Wait, let's check who speaks: "If I could add also, what we had in this quarter..."

That's Diego Villar's voice!) Then Alan Aquino: "Okay, thank you very much.

Next question comes from Herman Lee from Bradesco BBI. Herman, please go ahead."

Then Herman Lee: "Thank you. Villar, Wanderley, thank you for this space..."

Then Diego Villar (CEO): "Hi, Herman. The torna, I'll let Wanderley handle.

Let me give you a context..." Then Diogo Wanderley (CFO): "Thank you, Herman, for the question.

Just to link the two questions..." Then Alan Aquino: "Next question comes from Safra..."

(Wait, let's check exact wording: "Very clear. Still...

The next comes from Safra. Olavo, your microphone is open.

Please make your question.") -> Wait, Olavo from Safra?

Or Unidentified? Let's check name: "Olavo" / "from Safra".

Then Olavo: "Okay, thank you for the space..." Then Diego Villar (CEO): "Sold 60 apartments up until now..."

Then Alan Aquino: "Next question comes from Ygor Altero from XP. Ygor, your..."

Then Ygor Altero: "We've seen higher leverage..." Then Diego Villar (CEO): "It'd be a pleasure to see you then.

In fact, São Paulo has..." Then Alan Aquino: "Okay, that's clear.

Thank you very much. We're now closing our questions and answers session due to time.

Thank you for your presence and the IR team is at your service for any questions. Okay.

Villar, anything else?" Then Diego Villar (CEO): "All the discipline of the team..."

to the end. Good morning, everyone.

We will now start our presentation of our results for the second quarter of 2026 of MDNE. I am Alan Aquino, and I'm presenting the results today with Diego Villar, the CEO of the company, Diego Wanderley, the CFO, and Diogo Barral, the Director of Investor Relations.

To make any questions, we will use the same dynamic. When to make your question, please use the raise hand function.

However, if you want to write your question, use the Q&A function, which is at the end of this presentation, we will start with the questions and answers. I would also like to remind you all that any declarations that can be made during the conference are based on premises of the directors of MDNE, and future considerations are not guarantees of support of results as they involve risks and factors that may or may not occur.

Having made the disclaimer, Villar, please go ahead.

Hi, Alan. It's a pleasure to be here with you.

For the quarter for most of us the majority of what I know I'm going to mention one of the principal operational indicators and financial indicators. On my letter from the from the administration, the message that we've sent to you, we mentioned the record of net profit of the company.

What the most important thing is in our perspective, less than the record itself, is that at the beginning of last year we said that the potential had a potential the company had a potential to change from the to a level to reach operating numbers that will shortly be reflected in the financial numbers of the company, and that we would like to realign these expectations with you. What makes me satisfied is to know that during this quarter, this is the and since the first quarter of 2025, we are delivering results that we had signaled to the to the market.

We did We've done this with a great deal of discipline, and at the same time, we grew the company, bringing to you performance results and financial results which are better than those which we have been delivered up until the end of 2024 and the beginning of 2025. Those who follow the real estate market know that it's not easy to be improving the indicators of financial results.

We've been able to do that with a huge amount of discipline in our cash management and the development of products, and the selling the commercialization of this, and then more important is the actual execution of these projects, the construction work, which says we are launching our margins bringing margin Moura Dubeux to a company extremely extremely predictable. With much less in the importance of the size is the capacity to be to be trustworthy and deliver results which place us on a level among the best developers in Brazil.

That's what I think the most important thing of what we've been seeking for is the confidence and credibility and predictability for you with what that what we bring as a signal is what we will perform. Looking at the principal points, we've we've launched approximately 1 billion in the second quarter of '26.

When we look at the 12 months, the year-to-date 12 months, we look at the 4.6 billion in the last 12 months, 82% came from the condominium market, approximately 3.8 billion, and 18% in the development model, which is basically is a liquid of of 850 million. Since the beginning of this year, we've been signaling a range from Moura Dubeux between 4.5 and 5.5 billion of launches and sales per year.

When we look at 5.5 billion, we've brought the Única with 2.5 billion, Mood with 1 billion, and the rest being complimented by the closed condominium model with the Moura Dubeux brand. We still don't have this configuration.

We started this year to present these projects for Única, but this show itself to be in a balanced way starting next year. However, we're following exactly when I opened the presentation disciplined and very, very confident that which we have been telling you, that we've been sharing with you, is what we've been delivering.

As far as Moura Dubeux is concerned, what we're able to administer and the limitations in our limitations is that we're able to do that better than what we than the expectations that we've been. What would be the market demand and the conditions that run which are not managed by us.

We've always had a scenario which was more challenging for the country, and we've been able to navigate well with this caution when we look at the at the macroeconomic demands for labor and that which is could interfere in the results, and which is not under our direct management. When we look at the sales level, we sold exactly what we launched, 1 billion in sales contracted just during the second quarter of '26, and we look at the last 12 months, including this quarter, we reached the level of 3.8 billion, 2.7 in the model of condominium and 72%, and a little more than 1 billion, 28%, in the development incorporation model.

More importantly, I would say than these openings in this mix is the quality of our VSO. We've been coming for five straight quarters performing between 51% and 56% of VSO, and reinforcing again more important than the level of sales and and launches is how much we is the quality that we have.

We maintain a strong VSO. We have started the third quarter in the month of July isolated way, which was better than general and in between January and April comparing it to the previous months, the quarters immediately before the second quarter.

It was July is the best beginning of a third quarter, which doesn't remove from us our caution or our concern which always have for with demands, the quality of our sales. We try not to make any type of discount in our mix of products.

We even may open if there's something that we haven't seen yet and something of sales velocity do not hurt our margins. However, the VSO up until this point in time, as a comparison, is moving at the same rate and the same level, which is more for us is is more important than the number of products or the VGV that's launched.

What's most important is that the margins that and that we have been able to reach. The revenue Wanderley going to talk in more detail.

I bring a few highlights. We reached 731 net revenue just in the second quarter, and more than that volume is the gross margin hitting 39%, which we when we adjust it when we adjust that, it becomes over 40%.

That's what I've been saying since the opening of the meeting here, the quality of the financial indicators of the company, which we guided in beginning of this year, growing and improving our performance. This is a very extensive work that we do in the product mix and the regional diversification.

More important than that is the reflection of our brand with the same quality and our engineering, able to produce all of that and still maintain the performance within the predictability that we seek. We close a deal, launch a new one, and continue with you.

For the year, we've reached 2.6 billion in revenue for the year in the last 12 months. In the last last 12 months, it's 2.61, 1.6 billion from condominiums and 37 almost 1 billion reais from the Mood hardly anything from Única here yet, but we should see a participation of Única, small participation going forward.

Net rev net revenue of 774 for the just in the second quarter, it's a record for us. It's good that we've been able to reach this level, but also highlight that it's a company which is still prepared and protected than it was 18 months ago or 24 months ago due to the capacity we've had for diversification, the strength of our land of our brand in the 17 markets in which we operate, and the product mix that we have been able to balance correctly and with the introduction of Única, and as well as the Mood brand, which we hope to move in the next quarter.

We've been able to have a company that's more stable when we look at the medium to long term due to the risk factors based on product lines. This is the most important.

We have a a net margin of 24%, net profit in the last 12 months of 559 million. We've been giving guidance for something close to 600 million of net profit for 2026.

Last year when we talked about that we changed that level, we spoke about 400 for 2026, high 400s. Now we're talking about 600 or high 500s or 600 million.

Here most showing that this is the performance that the company is doing well with great discipline, very great focus on what we have predisposed to do, and this year we're doing very well. The average return on on equity is 28%.

It's probably among the highest in the upper upper class market. It's a way for us the correct way for us to look at the capital looking inside with this level of profitability almost the double of the average interest rate of the country today.

We have cash generation of 27 million reais in the second quarter. It's a company basically unleveraged, only 2.5% of net debt compared to of net equity.

It's important this is important in in in in times of high interest rates as we see this. We consider this always our plan to be the company that has low low debt, low leverage, and shows how much we have the freedom to make the best decisions in the allocation of the company's capital and in the strategic decisions.

In this line, this is where we continue guiding the company. Here looking just a little bit more of the third quarter, we've already launched in the third quarter at the end of July a Beach Class in Maceió, in the Alagoas capital, a product a closed condominium, almost five 5 million of VGV net.

We launched the Infinity Nu Cais with the staying over price of 277 million reais. It's a project which closes the cycle of launches of the Novo Cais, the new port project since last year.

You've gone back to Luciana Plaza, Beach Class Novo Cais in Moura Dubeux Corporate, and and we close this year consolidating all of these launches between 2030 and 2032, all of that entire neighborhood which ha- if everybody has seen here in Bairro, which we show in a model that we have here, which will be a model in a whole new neighborhood that we're building in Recife. Construction is underway.

The only one that's not under under construction is the one we just launched. However, we're due to the sales performance, we should probably already be building it this year, starting on the construction.

We've concluded our cycle of launches in the region, showing in fact our capacity for real estate development. In Fortaleza, we had a a picture last year of the Macedo's in the heart of of Meireles, the best bairro, launching a Beach Class in the Casa Macedo.

Today, looking at this what called the Vert Macedo, a project of of closed condominium, four launches all in closed condominium model. We also have projects that are prepared Mood, Única, and during the year we'll probably have we feel very comfortable from the standpoint of legalizations and products that we that we can launch what we have been guiding you all at about approximately 5 billion reais if the market is as it was in the first six months, we can probably even get a little bit above that.

More important than the size of that is the quality. We've been feeling the market prod- products by product.

The month of July closed, and there's no thought nothing that leads us to believe otherwise as I have been talking with you over the year. In any event, we need to have the maturity.

We can't be naive. We have have to maintain these lessons, and there are certain uncertainties that help us to main- help us to be cautious.

It's no different than what we've seen and guided you during about this subject. 3.2 billion is what we reached in launches up until the 31st of July for the year.

If you add this to the projection of the year, it'll give that 5.5. It's not a formal commitment.

It depends on the market. However, we are very well prepared and confident for the for that number.

I'm going to pass now over to Diogo who's going to talk about our financial numbers, and I'll come back at the end for any questions you might have.

Good morning, everyone. Thank you for your participation in our call.

I'm going to quickly pass through a few operational indicators that we consider relevant and that have in a certain way passed this security for the administration that Villar has mentioned, that we continue strongly with our plan for 2026. Starting with the launches in the second quarter, we launched 1.2 billion, a fall of 46% when we look at it year on year, and a reduction of 40 22.6% in relation to the previous quarter.

In the graph on the right, we see a vision of the accumulated for the first six months. The company launched 2 billion 300, grew 2.5% in relation to the first half of last year.

In the same vision of sales, we sold 1 billion, a fall of almost 15% in relation to the year on year, in line with what we projected for sales in the first quarter of this year. The vision of the first six months of the year, the company accumulated 2 2 billion and 32 and grew 17% in relation to the first semester of '25.

As I mentioned, these are operational indicators that we have observed closely. The first we talk about cancellations, which are at a very highly healthy level, representing only 6.7% of our gross sales.

We also explain a number eliminating from that number the exchange of ownership or migration to a different type of unit. This indicator falls even more and goes where cancellations goes down as 3.6% of our gross sales.

That's where we understand in fact true cancellations that the company experienced. Now we talk about the VSO, 51%.

It's worth mentioning and reinforcing here a lot of resilience in our sales and the quality of our sales. This is the eighth quarter in a consecutive quarter in which we present a VSO of the last 12 months above 50%.

When we look at this indicator, it's focused on the launches, it's still higher. The VSO of these launches is in 55.7%.

I think that we have a very healthy cancellation, a VSO that's resilient, and to complement, we bring our stock, our inventory of another indicator which we have looked at carefully. The company closed the second quarter with 4 billion in market value of stock.

However, an important point is we've been able to reduce our volume of ready-to-move-in stock with 100 went down to 100 million in the first quarter in the second quarter. This even with the company doing its chronogram of deliveries, we able to see that deliveries are well-run and have been going very well, close to 100%.

Our stock of ready to move in is only 2.7% of our total inventory. This indicator is of 3.5% at the end of the first quarter.

We're already always looking at our indicator of stock coverage. If we stopped launching anything today and setting our sales during the last 12 months, within 12 months, we would be completely wiping out our stock already of apartments.

We also closed the quarter with the 60 plots with 11.8 billion in potential sale. We show here that only in this region our position of leadership contributes greatly so that we're able to get the best properties, which will bring good returns down the road.

Of this 11.8 billion, we always seek to be working with whenever it's not always possible, but we always try to work with the acquisition of these properties via swap. Of these 11.8, 77% were signed up via swaps, and only 23% in money, in cash.

69% nine products many are in and 28 are in incorporation development model. To close our chronogram of deliveries here, and the year to date, we have delivered six projects, two two more in the second quarter.

We accumulated building six. We started the third quarter with a delivery.

We have already done two deliveries this month in July and August, and with that, we have eight more projects to be delivered during 2026. I'm going to close the operational part and leave it with Wanderley.

He's going to talk about our accounting numbers.

Good morning, everyone. Let's start with the financial highlights with the net revenue.

We delivered in the second quarter 731 million, growth of 10% in relation to the second quarter the first quarter and of the first quarter of '26. When we look at the cumulative year to date, the first half, we delivered 360 26% above the first quarter of '26.

We saw the biggest participation of condominium and the operation has been growing. The adhesion has been growing.

The sign-up fees have been growing, and the land that we have been recognizing have brought this result of revenue higher when we look at it year on year. We know that it's still not a level of revenue that is stable, this recipe that revenue will grow, and it'll have important growth when we talk about from one year to the next.

Looking at the gross revenue, we delivered 294 million, here adjusted by capitalized interest in the second quarter in the almost 30% growth, and when compared to the last quarter, a growth of almost 12%. Gross margin was 40.2% in the 40.2 for the first quarter and a little bit below the margin in the first quarter due to the mix of revenues which we discovered in this quarter.

We have 500 and 567 million, approximately 41% higher than in the important growth in the profitability, which came also due to the gross margins, which reached adjusted by capitalized interest 41%, gaining 6 percentage points in relation to 2025. 60% of this revenue comes from condominiums, 31% came from incorporation.

From the gross margin is 36, and adjusted condominium model is of 46.9. Looking at the commercial expenses and administrative expenses, on the left side, selling expenses, we delivered 62 million in the quarter, very much in line with the last three quarters.

However, as a percentage of sales, we reached 5.7, which is still a low percentage. It's what we report in viability, which is 7%.

We continue to be very competitive. Definitely from the commercial expenses, we've been able to deliver a representative below what we have budgeted.

As far as administrative expenses, we delivered a growth, important, 42 million in the quarter. This is 3.8% of sales and 5.7% of revenue.

We started to provision in this quarter as well as provisioned in the last AGO, which brings an increase in the administrative expenses, which has an effect on the results. The cash effect will only be at the end of the program, which is a 5-year program.

Up until then, we'll be provisioning these payments, which will be in shares. With that, we'll have an increase over the next two years.

The numbers still very low when we look at it compared to the size of the revenue of the company. We're talking about a low level of 6%, and again, it's below that which we consider reasonable.

We budget 6.5% in our viability studies. We still have space here in our expenses.

Following to the adjusted EBITDA, we delivered 179 million in the quarter. We accumulated in the last 12 months 615 in operational revenue.

When we look at just 2026, 326 million, 56% above that in the first half of '26. Again, the important gain in the EBITDA margin with leveraging of the company operationally translating into results, gaining 5.5 percentage points.

The EBITDA margins wound up at 55. 56.5%.

All of that resulting in a net revenue in the quarter of 150 174 million. In the last 12 months, we have 559 560 million.

For the year, at the level of 329 million for the year, 73% growth in relation to the previous year. Important growth, and which for us is even more important the indicators of net margin and return on capital.

It grew by almost 7%. We delivered 24.2% in the accumulated of the year, and the return went to the level of 28%.

As we see, all of this added to a low level of leverage, and we've been able to differentiate and deliver differential returns for our stockholders, remembering that we still have the level of operations with the results should grow. We have space here for this return to run 30 near 30%, which is what we're looking at the moment.

On the left-hand side, incorporation, we had a slight increase, 7.5% approximately. We closed with 468 million of profit.

The margin also grew maybe 1/2 of a percent to 0.5%, which shows an increase of the Única and the Mood brands into our results. This is very positive for us because a large part of our future results are already contracted.

On the right-hand side, on the condom inside, we had a small fall of 10%, a small reduction. We closed the quarter with 36 million, and the margin is in line of 28.9%, and administration fees grew 7.7%, totaling 476 million 467 million with the recognition of the condominium growth which has come from the operation which has been growing.

To close the financial numbers, we're going to bring the cash and debt levels. For the quarter, we had a generation of cash of 27 million.

We closed the second quarter with 56 million in net debt, which is 2.5% of our equity. Here it's important that in the second quarter, we did an anticipation of receivables from the Torna.

We had access to this portfolio to have this generation of 150, approximately 150 million. With that, we close the financial numbers, and I pass back over to Alan for any questions and answers that you might have.

Thank you all.

We will now start our question and answers session. If you would like to speak your question, please use the raise hand, or if you prefer to write it, use the Q&A function.

The first question comes from Gustavo from BTG. Gustavo, please go ahead.

Hi, everybody. Good morning.

I wanted to touch on two subjects. The first, the monetization of the receivables from the Torna.

If we look at accounts receivable, we see there's almost a billion and a half of receivables from the sale of land on the balance. I want to know how you evaluate these for sales, and at what rhythm do you expect to monetize this mountain that's still on the balance sheet?

Secondly, when will we have the option of this change of the estimate to change it between 10% and 15% of net debt to EBITDA, net debt to equity? Second question is if you can give us a general overview of the three principal market in Northeast in which you operate, Salvador, Fortaleza, and Recife, more from the high level, the high luxury market.

How do you see this evolve, the dynamic in these three markets in terms of demand and offer and supply and demand, stock and availability of property, and if there's any preference on the part of the company between these three principal markets? Just these two questions.

Thank you.

Hi, good morning. Let's look at this one at a time.

First, about the Torna, it's a technical term which we use in the market, an anticipation. In my vision, it's not an anticipation, and I explain why to give you some context of our strategy in relation to that subject.

The asset, the Torna asset is a plot of land which is sold by Moura Dubeux to the condominium. It's an asset that is already performed.

There's no return to be done. We put a payment period in fixed payments in the contracts of the condominium owners so that in the flow of their quotas included is the payment of the land, the building, and our administration fee.

The contractual structure, I am the manager of the cash account of the condominium, and I am also the decision-maker of who will be paid first, so that the project in that period of time, 5 years, 4 years, each one has its deadline, will be delivered on time. Remembering that late payments do not bring any financial, only habitational, because the condominium should live on its own cash flow.

Moura Dubeux guarantees the delivery dates and so forth. However, the contractual rigor, I can use 100% of these initial assets for the payment of this property, help even so the first payments will not be enough to pay for the entire property.

Have the sale with almost zero risk of non-payment. I'm the manager who makes the decision of who pays first, and at the same time, we can utilize these resources to always prioritize the payment of this land.

Since there's no possibility of paying this in cash, we finance it to the condominium owners. It goes into the receivables of an asset which is performed, which no longer brings me any expenses on my balance sheet, and the profit is already passed on my balance sheet, and the person buying it has no risk.

Why is it important to explain this? My desire, my ideal would be that I have at one end, a market which already educated to purchase this receivable in a level of discount that is so low due to the guarantee that exists, that this land, the receivables it has a very low probability of not performing, so that when the profit comes into our financial statement, the cash comes along with it, and we do the operation as we sold property and we received the money with no liability that needs to be performed.

The first thing that we did, as Wanderley and his team had the competence to set up, had a discount, which I don't want to repeat that as a recurrence for all of our Tornas. Then we add to this cost and opportunity cost for the company, which justifies and we do this.

However, having done first of all and educated the market, there's the second exercise which I'm also involved directly, which is to have anyone who purchases or does a financial structure to understand this so that it generates this recurring, this constant recurrence. I do not have this yet.

In a conservative way, we haven't foreseen any anticipation of Torna this year. However, my desire that is in the medium to long term, we do things that way.

It's going to depend greatly on what I just mentioned to you, and if there will be any type of discount to do this, if anybody wants to stay with the correction. This is something which we're maturing, and I have no premise close to be able to pass to you.

The fact is that it's an asset which has performed. It's passed through the financial statement in the short term.

The second point which you've pointed out to me about the performance in these different cities, I can also give you the vision up until today. A company like us to go forward and make the right decisions going forward, however, even more in an election year, and we don't even have a certainty what are the possibilities of the economic policy which will be running the country.

Up until 31st of July, we performed very well. Products have had excellent acceptance.

The VSO of the company has been maintained. The cancellation is at the same levels that they are in historically, based on the recent performance, of changing our perspective.

It's very linear city by city, and I'm saying this in a medium to higher level properties, luxury properties. Salvador this year has a performance which is above Recife and Fortaleza.

It's not that Recife and Fortaleza fell, it's because Salvador grew. We made the following launches in time Macedo.

We had the Beach Class Bahia at the beginning of the year. We had the Mansão Prado also at the beginning of the year.

Over the last few months, they have been able to have a sales performance which is above 80% in very short period of time. There's the Salvador 2220, which we know as the Pestana, which the market has been working with for a long time.

We had launched it due to a judicial question, which we have been given some visibility to, and that favored that place. Fortaleza is a clock.

Every week, every month, they have the same consistent sales performance. Recife, we were positively impacted by the Novo Cais, which in the last 18 months has been responsible for excellent results here.

Before that we had Cais Santa Rita, and we did our homework and closed good properties to be able to have this performance. I would say that in the dynamic of these three capitals, it's a market whose performance is very similar to what it was a year ago.

We have no product which at the moment brings us any points of attention or concern. Again, we're monitoring the market, the political issues, the indicators which could lead us to any type of concern.

As our IR, Diogo, we have constant contact with you whenever this changes, and when the winds change, you'll be the first to be informed. Basically, we could hold up any launches if that happens.

It's not on our radar now. We're working right now and we'll be in conversations with you, but the caution is always part of our dynamic here.

This comes from your concern as well. If you look at an interesting bit of data here, we did a follow-on in what, February?

In January we did a follow-on, and the price of the share was 25 reais. At the time of the allocation, my cell phone never stopped ringing of everybody wanting allocation.

Now it must be around 20 high 23, 24. I'm not watching the screen right now.

Where is it? Everybody wanted to allocation at 25.

This negative dynamic which has come a little bit from Faria Lima due to the coverage that you had to give going forward. We've been very optimistic to understand that our market has a different dynamic.

Thank you, Villar. Next question comes from Matheus Meloni from Santander.

Matheus, your microphone is open. Please go ahead.

Thank you very much. Thank you for the space here.

On my side, I have two questions. First, you have set up a portfolio very iconic in Salvador with the Pestana e Otacílio and more recently the acquisition of the site of the Correios.

I want to understand how do you see this strategy going forward because it's better than other cities, other markets, or it's more specific about Salvador, or can you give us any more detail what you're thinking about the projects on this property of the old post office building? The second question, which I think is connected to that, to understand a little bit the trade-off between doing a retrofit of a property like that or starting a new project starting from zero.

Looking at the complexity of the construction, the time of execution, and delivery, and at the end of the day, what is the viability if it's positive to do this type of retrofit, or is it a question that's specific of a certain property that you have purchased, in this case, the question of the post office? Those are my questions.

Thank you, Matheus. Thank you.

Let's go. Salvador, you said very well.

We had the Othon, and shortly after that, we had the Bahia Beach Class Salvador, and then the Pestana, which became the Oceano. Recife also, we had the Luise, and we had the Infinity.

In Fortaleza, we also had similar buildings. I don't have one product that's better than the other.

They're very similar in each one of the capitals in which we operate, especially in the three largest capitals. You talked about this dynamic of Salvador, and Recife we have the new port, and we have property that's very well located in Boa Viagem to be able to do these launches shortly.

I spoke a little bit about the launch of the Vert closing that window. It's very well located, better located than now in two pieces of property on the beach in Iracema.

Almost 12 billion in landbank. I think that over time we have shown what our real estate development team is more than competent to prepare not only to prospect, but to develop products which have a good performance for commercialization and margin, but also reinforce the brand of the company as that which does unique projects in the Northeast.

This is not my concern right now, having seen that the performance of the company and what we're working on in the next 3 years in the company. I don't have this concern.

In relation to the case of Salvador specifically, the building that we purchased from the post office, we treated as a 35,000 square foot a square meter property, almost 2 billion of PSV. It's not a decision for a retrofit.

That building will be imploded on a Sunday with all the safety that is required. We're studying, and we've get extensive list of approvals all the way to the army to get approval.

That property will have a development of four or five new developments. What decides if we do a retrofit or in a case like this, or an implosion, or a demolition, as in the case of the Mansão Ceará in Fortaleza, where we bought a hotel in operation that had not been abandoned, and we're demolishing it one step at a time in a mechanized solution.

The construction potential of each city. In the case of Infinity in Recife and Luise of the Othon, the case of the Pestana, we had limitations, urban or environmental limitations which the demolition would not help us to build the same potential with the maintenance of the current asset.

Then we make the decision to retrofit it. Or as in the case of the Moinho, do a refund.

Always prior to the acquisition, a study is done, which guides us if it will be a retrofit, if it'll be a mechanized demolition, if it'll be an implosion. What is the potential to exploit that property in terms of private area, and also in terms of environmental approvals, historical approvals, and at the same time, the quality of the product for our clients.

It could actually happen that there will be a reduction in the construction potential with the demolition, but the product would add so much to the price that it still doesn't make sense. It's an exact science.

I have always been the same way to make decisions. It's a exact science in the variables which take us to the end of equation with the best decision for our client and for our stockholder.

Very good. Thank you very much.

The next question is from Mariangela Castro from Itaú BBA. Mariangela, go ahead.

Morning, everyone. Thank you for the presentation.

On my side, there's two sides. I wanted to explore a little bit the margins of incorporation, and how do you see the difference in the gross margin of the projects of Única and Mood?

What's your perspective regarding that? The second question is we noticed an increase in the closed sales in the condominiums in this quarter.

I want to understand if this is opportunist or if this type of sale is becoming more advantageous for the consumers in the region.

Thank you, Mariangela. I'm going to answer the second part, and Wanderley can answer the first part.

As far as the increase of closed sales, it's natural. We've had a higher mix of condominiums in our portfolio, and at a certain point in time, there's an evolution of the project.

It's easier for some clients to adhere to the closed sale even paying a higher total with the accumulated numbers rather than in the pure condominium product. It's important to mention here that we place in our viability studies that condominium projects should be sold in condo in 70% or 80%, and in closed sales 20% to 30%, depending on each case.

On average, even considering what you just told me, we're below half of that. That means that minimizes the exposition of cash of the company nominally.

The possibility of profitability is smaller, but this favors greatly the VPL of that project, and that's why we're putting less than half of the capital that was foreseen in the viability study. It's not a concern.

It's a natural tendency that it would run in the orbit of closer to what we put in the viability because of the phases that are simultaneously happening as the thing starts to get close to being ready. As far as the margin of Mood, I'm going to let Wanderley answer that while I take some water.

Hi, Mari. Thank you for the question.

Speaking about our margins, we see today Mood running in the neighborhood stabilized with a gross margin of 33%, and Única with a margin of 36%. It has a higher margin than Mood.

Logically, this will happen as these projects advance and as the portfolio advances, and in our composition of margin, we still have a number of projects of 2026 and 20 of higher level of buildings, but this is at ending, and I believe that by the end of this year of 2026, we won't have any more of this stock on hand. Starting next year, we should see an increase in the looking for 32%, 33%.

As Única starts to participate more in this segment in a more stabilized way, this margin could grow a little bit. That's the dynamic that we should have for gross margin in incorporation.

You didn't ask, but in the condominiums it's also very stable. We see that there's a variation quarter by quarter, but it depends greatly on the way in which we sign the contract of the condominium.

When you look at a stable level, it runs around a very reasonable level of margins. In the consolidated, we can understand that this margin that we've been passing along in the last quarters can be maintained, and possibly even increase slightly looking at the medium to long term.

That was very clear.

Thank you very much. Just one more about these closed sales.

In the release, you mentioned that some of these sales were due to launch of condom-. What specific project was that?

Every condominium that we launch, we open the sales in condominium and the closed sales, both price lists. The closed sale is a little more expensive at the beginning.

In the Casa Macedo, we opened it up. The Vert, we opened up that way, too.

It's natural in this first moment that these sales will be no longer pushed by the condominium in the first moment. The closed sales happen more after the first year in terms of volume.

If I could add also, what we had in this quarter, but we have every quarter, but in this quarter it was even higher. Some of the condominiums, which are only for investors, which was the Salvador 2220 and the Beach Class in Fortaleza, the Macedo's Beach Class, they had some sales where the client paid a 12-month payment for a closed price.

The volume wasn't so big, but since the number of closed sales is low, very few sales that happen in a quarter make this effect of growth. Remember, and point, that was one of our commercial strategies.

The product 2220 brought investors wanting to pay cash or in the short term, the unit. In the condominium, it doesn't make any difference to us.

We don't give any discount for anybody who pays up front. You pay the value of the quota, and on the next day there'll be a correction.

For us, we took some units, added to their price, and made cash or in 12 payments. However, that was just to not lose these investors and have the perception that he was acquiring a better condition.

It was a commercial strategy. We had more than 600 units that were sold in that plan, in that

Thank you very much. Next question comes Herman Lee from Bradesco BBI.

Herman, please go ahead.

Thank you. Villar, Wanderley, thank you for this space.

Two questions I want to ask. First, an update on the partnership with Direcional.

How is the pipeline with them for this year? There's been any changes?

The second is to understand the dynamic on the P&L of how much of this Tornas is passing. In my understanding, you sold with the correction of the debt balance, but as it's sold to the purchaser, becomes a gain.

I want to understand the impact on your financial statements and cash flow going

Hi, Herman. The Torna, I'll let Wanderley handle.

Let me give you just of an adjustment in what you questions. In relation to our joint venture with Ricardo Gontijo from Direcional, it's going very well.

There's nothing different than what was planned. The launches which are foreseen, four have already happened, two in Recife, one in Natal, and one in Fortaleza.

This year, we already have launches in Maceió and in Salvador. They're doing very well run.

They're ready. It's just waiting for the permission to construction to get rid of the RI, which should happen the next 60 days.

In Salvador should also happen in the mayor's office, waiting for approval. We have one more in Fortaleza.

They're all going forward in a good rhythm. This participation what depends on Moura Dubeux with Única is running about 700 or 800 million.

It will happen, and we have nothing different than the plans for next year. We closed on a property here in Jaboatão.

We closed on a property in Fortaleza and Granja Maranguape in Salvador. We're expanding that which we agreed to in our meeting.

It's basically that to continue with the discipline that we have always had. We're the boring part of being predictable, it was what we're proud of.

Just to explain in detail, but basically it's the following: whatever is financial revenue from Torna is we don't realize it until it happens. Wanderley can give you the details.

Thank you, Herman, for the question. Just to link the two questions and separate the two things.

One, the correction that we had in this quarter has nothing to do with the anticipation which you did of receivables from our portfolio. What we have in the way of correction in the index in this quarter is from the Torna that we have on our balance sheet, which was corrected by INCC.

Due to the dynamic of accounting, this does not go as gross revenue. It goes as financial results, as if we were financing the condominium in the accounting vision.

In this case, it went up well. The number went up due to the size of the receivables, which has been growing.

The economic value grew. Part of it, it's natural that this should also grow.

If you had this year an impact of the INCC in this last quarter, which was higher than average, and so this also contributed for this line to come in higher. In relation to the operation that we've done, how is it going to happen?

You have a difference between the amount of the receivable and what you anticipated, and this has been recognized by financial results.

Very clear. The next comes from Safra.

Olavo, your microphone is open. Please make your question.

Okay. Thank you for the space.

I have two from here on the side. One is on the point of sale.

I wanted to understand how things have been one of the projects that you launched, which is new for Direcional, to understand that if you see a dynamic that's different for this place. In second place, I want to do an update on the engineering and production that you have more than 40 under construction right now underway.

Have you seen any problems to look at the principal offender or look at the question of mão de obra?

[unclear] no longer with us. All these products together with sold 60 apartments up until now.

A good performance of sales, three towers, and with the first tower that we passed 80%. It's a good number for the commercialization.

Fortaleza, it's the same. The month of July and August is doing very well.

We have no points of attention, the 10% because it was in the period of June, remembering that there was a cup. I don't have any concern in relation to the demand for the projects of Única and Direcional again in the curve of what was foreseen.

The second part of your question was these projects were conceived previously for about 42 to 48 months. We decided to lengthen this to 60 months for several reasons, among them, the most sophisticated ones to dilute this thing.

We've done it this way. These are larger projects.

The dynamic today for productivity is no longer what it was, which was 5 or 10 years ago. Basically, We did an event called TraveSee with all the leadership in the engineering team, in which we have invested a great deal in the industrialization of this project, even with the modern-day projects, in garage structures, pre drywall, all these kinds of things.

We're using all of these apartments. The largest part of the finishing, because that people have been breaking the personalization and their desire and so forth have been doing this adjustment.

At the end of the day, the major part of our projects, we have not had any problem with work period. What we see today is a one-time problem with what we have been developing.

In Recife, there's a retrofit which was more complex than what we imagined. The condominium has no limit.

We're the administrator that construction. We're not the developer who sold the apartment.

These closed sales can be include in the Luxing and the majority who didn't have sales, if you don't have closed any sales that are closed, it's not a concern for us, I would say, in relation labor and the periods in the company. This is ending.

We have everything. The majority these timelines are set up for longer periods of time compared to what we launched.

These difficulties that we've had, we delivered or are delivering. Up until the condominium model helped the company to do better because it didn't have this limitation of time period.

There are two incorporations, two developments of high level in the past which we launched in 2022, which are going to be delivered now in this period, which bring a 6-month period in the contract period of the client, and we have done all the communication, anticipating, informing them of this period. We don't expose ourselves to this since 2022.

It seems like we anticipate a difficulty of launching an incorporation, a high-level incorporation in high projects to be done in 30 or 36 months. We imagine not only because of that, but also due to the question of the exposure to leverage.

It didn't make any sense in return on capital for the part of the results is to protect the company from the I hope we've covered your question.

Very well, Villar.

Okay.

The next question comes from Igor Otero from XP.

Igor, your

We've seen a higher leverage and higher interest rates for families in the condominiums. Differently from São Paulo, where we have seen a very challenging number, but we can see a little bit how your head is in relation to your mentality in relation to the end game in terms of size.

Do you think you can continue maintaining the same rhythm in the recent years? What can we expect?

The operation, all these segments is very well-oiled, and we understand what you see today as a bottleneck. Just these points.

Diego. I'll be with you next in XP in your in your conference next year.

It would be a pleasure to see you. It would be a pleasure to see you then.

In fact, São Paulo has our region has a dynamic which is different. It wasn't so over-offered like São Paulo.

The company's mentioned that.

This that's expectation of the companies that are with that are not publicly held. They have difficulty of the market to to absorb all of this.

It's The dynamic of competitors of launches which is not us not necessarily projects you can do one, and this scale is much more difficult. We didn't suffer the same level of competition that we saw that Cyrela and Eztec and these other the other big developers in São Paulo have been suffering.

Even similarities in structure and financial capacity and execution of these projects. This favors Moura Dubeux for a long time due to our performance of VSO.

We're orbiting about 10 percentage points, 8% to 10 percentage point of VSO above the listed in the simplifies as I mentioned to you here. In relation to the balancing of the condominiums going forward, it's several months that I, Barral, Wanderley have been speaking with you that Moura Dubeux has been in above launches.

When we look at the medium to long term, we bring this closer to 2.5 billion of launches because I have two concerns, and I've been showing this to you for a while, and we maintain a stable due to the growth of Única and in Mood, which was the first affected demand and a company with with interest rates that are so high, and the level of 4 billion if it's if it's healthy. I feel very comfortable 14 as we performed in the average in Recife.

Bring inflation and only bring Recife and Salvador. The change in demand and going to the whole Northeast in this regime is the least we can expect from Moura Dubeux.

The data that we have today of the sales velocity of their products and the acceptance and performance don't don't lead us to reduce anything. We reduce is also a question, an operational question.

I've said several times in the in the regime of Moura Dubeux, Única, which is a much more repetitive system, a system that's much more industrialized than the way we've been performing. This is something else that takes us to look at the screen in this balancing of the company.

Resuming everything that I said, summarizing everything in the performance of the company, and based on the expectation of what I have looking forward is we should expect to continue. It's a company of 5 to 5.5 billion, more exposed for Mood and Única than in the condominiums model itself.

This is lined up for the next 2 or 3 years. Again, next year, you'll see some of that as we present the operational data of the company.

In case we have the opportunity to demands a project for a higher level of profitability, we will feel very comfortable corporationally. We may do more than 2.5 billion, possibly reaching as high as 3.5.

That's clear. Thank you very much.

We're now closing our questions and answers due to time. Thank you for your presence, and the IR team is at your service for any questions.

Okay. Villar, anything else?

All the discipline of our team, your projects and business plans, our stockholders, each one of you who sell the company or put your capital to its own stockholders for our company. We work hard here in the company to be able to surprise you with what we promise and to guide you as what we're able to do.

We've been doing that. We have nothing to guides us away to do anything differently.

My commitment to you is that if the winds change in any way or stop blowing, but in this case, we're very confident with the results that we're bringing you to during the year. We're very attentive and cautious with the economic dynamic and the results of the elections or the turbulence which we may go through.

Would be irresponsible with the launch of products which we have some risk of execution, whether it be commercialization or labor. Don't worry about that.

With no doubt. It's a call which I've been promising to you.

Thank you all very much. A good Thursday to everyone and a good weekend to you all, and I repeat our confidence in that you will be continue believing in the company and the confidence in us, and we'll be doing our best.