Good morning, everyone. We are now going to start the presentation of the results of the third quarter of 2025 of Moura Dubeux.

I am Alan Aquino, and presenting the results is Diego Villar, CEO of the company, Diego Wanderley, CFO, and Diogo Barral, director of investor relations. For questions, if you would like to speak verbally, use the raise hand function.

Or if you would like to write your question, use the option Q&A on the screen. I'd like to remind all of you that any declarations that may be made during this conference are based on premises of the management of the Moura Dubeux.

The future consideration are not guarantees of performance, as they involve risks and uncertainties, which depend on factors which may or may not occur. After this disclaimer, I pass it over to Villar.

Villar, please go ahead.

Good morning to everyone. A pleasure to be here again with all of you.

Now the third quarter of 2025, but we still have lots of year for right, we're in the middle of November, the company still has lots of work to do, lots to deliver. I'm going to show you what we what we call at the new year, the new the new level.

These are the numbers that I want to bring a few highlights, closing the third quarter with launches of R$1.3 billion in launches. I said that this would be the new standard of the company.

On average, it's what we hoped who tried to guide the guidance for you and the market at the beginning of the year that you could expect this new dynamic of the size and depth of the demand here. When we look at the last 12 months based on the data that we see in December in September, we see R$4.1 billion, which is exactly the goal, the target that we had shared with the IR folks and our CFO, Diogo Barral had said to explain to the market which was the at the level at which the company should be analyzed and projected for coming years.

Interesting is that R$3 billion of this R$4.1 billion, or 73%, came from the regime of closed condominiums, the condominium model. Look forward when forward we look at this could be R$2 billion, when explain I'll I will explain about that, and R$1.1 billion or 27% came from the model of incorporation or development.

See the significant part, which is the Mood product. Over time, we're going to see this taking a going towards R$2 billion with the development of our business plan for Única.

R$2 billion of Moura Dubeux in condominiums and R$1 billion in Mood and R$1 billion in Única. This is the rational rationale that we are establishing.

Since it's a business model of low leverage, cash generation, a model which Moura Dubeux has been running very well, if the market year by year is able to behave in a dynamic of more condominiums, and it makes sense it doesn't make sense for us to not occupy that demand. We've shown that it is a business a winning model, a model which differentiates Moura Dubeux, and we have no doubts.

We're in the sixth cycle of this business cycle where it has been bringing the performance and and with the financial of earnings with the company, as you see. It's a highlight that we have been occupying little by little in the of the listed companies.

In the last 12 months, we see been moving very well in our business model, and this is our strength as as here highlight this is what highlights us from differentiates from the other high-level companies in this area. R$1.1 has a the performance should have been even been bigger than Moura Dubeux in the last 12 months.

In this in the case of in the house of 12% about 60% of launches in the quarter, R$1.1 billion in sales. We've sold almost everything that we launched.

The dynamic here is more based on our paradigm in relation to the operational capacity of generating products with its costs controlled and ensuring the satisfaction of the client with low leverage. We as we in this quarter, we've had more demand, which has been with the sales accompanying this double.

When we look at these 12 months, we accumulate R$3.3 billion in sales in net sales. Net sales did not accompany exactly the R$4.1 billion because the dynamic of launches was not every month, and we don't even and also didn't start from zero.

Quarter by quarter, we have been improving this this new level of net the net sales for next year will go up more. During the rest of this year, we will accumulate more than that when we close the year by the time we close the year.

R$2.2 billion or 65% came from the condominium model, very close to what our business plan was for 20 for and R$1.1 billion exactly what came from development. The condominium is longer, but the but the PSV is not as strong, and it has a shorter cycle like Mood.

The stronger one wins, and and the condominium continues to sell more with following its own dynamic. Wanderley is going to talk a little bit more about this, but we reached a level in the quarter of R$548 million of net revenue.

I'm going to jump over to this side to get over to the gross margin, which brings the company of a level of R$2 billion for net revenue for the last 12 months. Again, it's growing.

We've been improving and adding revenue to the company. R$1 billion of this revenue comes from the condominiums, R$1 billion comes from development.

It's never remembering everyone that we're never going to have the equal revenue what we consider the launches of the condominium because the revenue comes in in from the land sale, from the administration fees, the adhesion fees, and also the closing of the sales. It never adds up to the exact PSV at the launch.

However, the most important thing is that we have grown revenue, and gross margins grew up by 43%. In the letter from the administration, which I recommend you lay you read, I spoke clearly about the chronology of a dynamic of a sport of an athlete.

The game isn't here isn't here for who does the most volume; it's who does the best performance. Our objective is that, very clearly for any collaborator and anybody that's in the company, any one of our activities: enchant the client with our with our product, be the company that generates the best return for our stockholders.

These are the two principal dynamics that guarantee our perpetuity. 43% of gross margin adjusted, which is another moment that we're living, delivering more volume and more profitability.

We get this R$118 million in net revenue in the third just in the third quarter. It's Very recently, that was the profit of our whole year, but now we're earning that in just one quarter.

In the last 12 months, we've accumulated R$353 million in net revenue with this new level, growing quarter by quarter, and we close the year We've done more than we did last year in just in all 12 months. This will be a record profitable year, the highlight which the most important numbers in this presentation are the operational and financial: 21% of net margin and 21 21% of average return on an equity, providing the company to a level of 25% quarter by quarter.

We've been raising our return on our on equity, and in one way we've been surprising the market with these levels of margin. We believe that we have, nominally, more than we expected, but I believe that we can deliver even more than what we have been prom- promising.

Distribution of dividends, close to R$51 million, we're going to distribute right now in November, 60 cent 60 cents centavos per cent per share. We're looking at the question of the tax question, well not today, but initiating going to show what we're thinking about doing due to this tax tax reform question.

We're looking at the details about that, guaranteeing what that we'll do what we promised, not less than R$100 million in dividends paid this year. We've already reached this level, the level that we've committed with you.

On the next slide, we're going to look at the highlights. As what we've seen, we are confident with our demand for the region, with the capacity of the company to produce new launches, produce new sales performance, and add even more to our results.

There's nothing on our radar in the short term that shows a change in direction. We should be moving towards a third quarter, which is similar in terms of financial performance, operational I don't I believe will be the same as the last two last two levels last month's level.

However, obviously it'll be a few more days to have a good closing in October, and we're doing well in November. Again, we're also with the cycle of launches that is closing, we don't have lots of new projects to present right now.

We're more focused right now on selling the stock that we have, and this is going very well for the company. For next year, what I said to you, the level of launches, level of sales, and we and have expected great efficiency so that we can add to the net revenue of the company.

Going to pass over to the next slide. The highlights of Mood.

Here I wanted to give a little more visibility. In 2022, we started with this business.

In '23, we gained in mass, and in '24, we grew. Now we have products delivered, Parque das Dunas, the clients living in these buildings now.

We have an NPS of satisfaction which is very high. Soon we're going to be delivering the Miraflores in Ceará.

We also have Mood Aurora, Mood Parque do Cocó, Mood Candelária, Parque Azul, Costa Azul, Praia do Futuro in Fortaleza, Mood Farol, Colina, Farol, Copas, Epitácio. This year, we're going to be presenting Mood Club in Salvador, which is almost 400 a 400 ready to go.

13 projects launched, two ready to delivered, 1.2 billion just in Mood sales, 62% of VSO, and R$2.1 billion is our landbank for this product. This business didn't exist when we opened our capital.

We start built up a new business inside the company, which if the scenario of next year with the reduction of interest rates, a reduction of interest rates beyond what the government has been practicing in the level 4 the use of the of savings for the middle class property will create a huge space for Mood. It's a model in which we're very, very assertive in periods of delivery and costs, and has good margins, always improving every quarter.

Mood is a is a vehicle which in very little time, 2 years, 3 years, we have transformed into a reality of this size. Everyone can see what we can do for the next 4 years just with this company, which we have inside the company.

Besides Única, which we talked a lot about and we've said a lot about Única, a joint venture we set up with Direcional, we're very optimistic, and we have a lot of things in-house already to launch next year. The financial results are still timid for 2026, but the operation will come, showing the strength of this market in the Northeast.

In '27 and '28, you're going to be able to see this on the balance of the company, both on our side as well as in Direcional's balance sheet. Here is the launch which we've already done in the fourth quarter.

It's helped to push our sales of October, R$382 million in PSV, net PSV. One more hotel which we purchased, which was very in the best spot in on Boa Viagem Avenue.

It's the old Recife Palace. We purchased it.

It's the biggest price per per meter for condominium that we have in our history, more than R$26,000 per per per meter. People that know the condominium model, condominium units is 80% of the price of of a development or a 20% discount.

The product which is going very well, it's been selling very well. It's only been launched 30 days ago and has already helped to bring good sales to Recife, as well as Fortaleza, where we have done very well with the launches there, the other cities.

This is the major highlight of our of our launches in the fourth quarter, already which is already underway. We have other launches as well, Fortaleza with our Casa Macedo, and we have also the Beach Club.

Here, Casa Macedo, a closed condominium, standard high standard building in Fortaleza, 382 of PSV. In the first month, more than 20 apartments have already been sold.

Not a little, because these are big apartments, two per two per store per floor, a tall building. It's shows our capacity to continue operating in the condominium market and a high standard condominium market in the Northeast, which has a deep market, as we've shown to you.

We have 4.3 million 4.3 billion, R$700 million. As I said a little earlier, we're heading towards 4, and if we have demand, we're going to continue putting these products out there.

We're going to continue to do this type of development. Movement, and we're here doing more than that.

One more, here I pass the word over to Diogo Barral. He's going to talk about the highlights and Wanderley about the financial highlights, and I'll come back to you at the end for Q&A.

Thank you all, and I'll see you at the end of the presentation.

Thank you, Villar. Good morning to everyone.

I'm going to go through the operational details, starting with our launches of the company. We launched R$1.3 billion in the third quarter, several products, five projects, all of them in condominium model.

This brings an advance of 22% in relation to the third quarter of last year and a reduction of 28% in relation to the second quarter of this year, basically because we had already had this in our planning a higher volume of launches in the second quarter. When we look at the accumulated for the first 9 months of the year, we've did R$3.6 billion in launches, an increase of 73% compared to the same period of last year.

On this screen here, I bring a summary of the sales, cancellations, and VSO. On the left-hand side, we have the sales.

The company sold a little more than R$1 billion in the third quarter, an advance of more than 6% compared to the third quarter of last year and a fall 10% in relation to the second quarter, basically because of what I mentioned earlier about a higher level of launches in the second quarter. Looking at the year-to-date, the company sold R$2.8 billion, an expressive advance, more than 50% higher than the first 9 months of '24.

On the right-hand side, in the upper right-hand corner, we have the cancellations. What's important to mention here is that when we look at the evolution over this year of 2025, indicators have shown a fall quarter by quarter, and we're closing the third quarter with cancellations representing only 5% of our gross sales, a very healthy level.

When we look at this number, adjusted number, eliminating the exchange of ownership, changes in units, the indicator goes to half that, becomes only 2.5% of cancellations of our sales. Below that is our VSO on the left-hand side, the consolidated VSO of the company.

That's a trace that we've seen in the last 12 months. Also very interesting because we have a vision of five quarters.

The company has been presenting in a resilient way this PSV above the level of 50%, very much due to what we say, the dynamic of the real estate market in the region and our leadership. There's a low level of competition compared to what we're able to do with this velocity, and we're moving very strongly in this cycle of sales.

In the lower right-hand corner, the launches in the last 12 months, which was very close to 60%. When we look at the quarter, the company sold almost 52% of everything that we launched in the third quarter.

In the next slide, we have stock and landbank, projects underway. On the stock, we have two important points for us to comment.

First, we have been able to maintain an indicator of coverage very healthy. We go through the third quarter with 11 months of coverage.

The other point in relation to our stock of ready to sell goes from R$150 million in the second quarter to R$140 in the third quarter, representing apenas 4.5% of our total PSV in stock, unsold stock. About our landbank, today has 56 sites, 9.7 in potential PSV.

Once again, our leadership talks about that. We have been launching strongly every quarter, and we've been able to recompose this stock very quickly.

Considering this R$9.7 billion, almost 70% was acquired through swaps and 30% by cash. We closed the third quarter this year with 60 projects underway, 40 of them in regime of incorporation and 20 in the condominium model.

To close our operational part of the presentation, we also bring the projection of the deliveries during this year. During the year, we've delivered 12 projects, and to close this last few months of the year, we have a projection of eight projects, two of them in development and six in the condominium model.

I want to pass it over to Wanderley to give you the numbers, our accounting numbers.

Good morning, everyone. Starting here with the financial results, beginning with revenue, we delivered approximately R$550 million in the second quarter in the third quarter, a growth of 9.3% in relation to the third quarter of last year and a reduction of 37.5% compared to the second quarter.

You can see that the revenue of development, which is very much in line with the last quarter, and the variation in the revenue, the lowering of this revenue in the condominium segment, always remember that condominium is not as linear as a development revenue. It depends on the number of land that we have sold in a quarter and how we acquired that land.

In this case, in the third quarter, the majority of our land were purchased principally through physical swaps. We have a nominal revenue, which is smaller, but a higher margin, which is what we're going to see in the sequence.

In the second quarter, when we purchased more land in cash, and therefore we have a higher revenue with a margin a little bit lower. When we look at the year-to-date for 2025, we're at R$1.6 billion of net revenue.

This represents 37.5% above of what we had in 2024, with both segments growing revenue. When we look at the size of the operation of the company that we've been running, as Villar said, about R$4 billion of PSV per year, see that even though the year is not ended, that we're still not close to the stabilization of the amount of revenue as we should be because of the size of the operation that we're running.

We expect that with the pass of this next few quarters, especially with the projects of Mood, that this revenue will go above R$3 billion per year, R$3.5 billion, as we see here. That's what we have an increase in future revenue.

Looking at the gross revenue, we deliver 333 billion, which is what we acquired with capitalized interest, a margin of 43%. This gross profit was a growth of 37% compared to last year and very much in line with the second quarter of this year.

The revenue falls, but the margin goes up, and the nominal gross doesn't change. It's that dynamic depending on the way the land was acquired.

Look at the year-to-date, we delivered R$660 million, a growth of compared to last year from the IPO, that it's basically what the company's been growing quarter by quarter, between 40% and 45% a year. The important thing is that the gross margin has grown up 2 percentage points when we compared to 2024.

Looking at the adjusted EBITDA, we delivered R$130 million, very close to the second quarter. The margin was even a little bit better, 23.7%.

When we look at the R$405 million of EBITDA, a margin of 20%, and we look at the year of 2025, it's a growth of 50% in relation to last year, R$325 million of EBITDA, a margin of 21%, a gain of almost 2 percentage points, very relevant to the operation growing each quarter. Looking at the net profit, we delivered R$138 million in the quarter.

We accumulated in the last 12 months R$353 million of profit with a net margin of 17.5%. The most important thing is the return, which is above 20 reaching 21%, and it's the principal indicator when we look at our results.

It's part of the strategy of the company if the company be a company which operates without leverage, bringing the biggest possible revenue to our shareholders. We have been receiving the fruits of these results in the strategy that was taken not in this quarter, but at the end of 2022 and beginning of '23, and accelerate our launches and that the model would consume less cash.

We've been able to grow the operation and have a low level of leverage under control. Natural that the ROE has been growing, and we see space for still further improvements when we change our model going forward.

For the year-to-date, R$308 million, which is 50% above what it was last year, and we're going strongly to deliver R$400 million that we understand is the model of the company ready to generate, and a net margin of almost 19%. Looking at the expenses in this quarter, both commercial as well as administrative expenses had increases.

On the commercial expenses, we released R$66 million. In the revenue, we also had a growth of 5.8%.

It's good to mention that we did lots of launches in the end of the second quarter and during the third quarter. With these launches, it's natural that the investment in commercialization increases, which leaves us comfortable with indicator that in all the viability that we look at, we look at 7% for this line, 4% for commission and 3% for marketing and expenses.

We've been running at a level well below that. It's logical that we were not happy to be below.

We always want to be more or less optimized. It's natural that with more launches, this line would grow.

It's to be expected. On the administrative side, the growth was less.

We did R$33 million, a little bit above the second quarter. The percentage of revenue grew a little bit due to the dynamic of the variation of revenue that I mentioned agora.

This amount also grew due to the company following to deliver its best results in the history of the company of any year in the history of the company. With that, naturally the team bonuses will be overcome.

The goals will be reached, and we've already provisioned during the year the bonus which would be paid next year. This generates an impact on our G&A, but nothing that wasn't foreseen if the company were to overcome all of its goals.

Looking at the proper results, there was no variation, the same R$378 million with the last quarter, also with the gain of margins of almost 1 percentage point. It's important to see that the innovation with the launch to bring improvements results in the future.

It's all an expectation based on the analysis of today. We always accompany this closely, and the fact that we're always correcting our projects, which makes our margin very stable.

It's an important thing. We'd like to be very transparent that this is the margin with which we're very comfortable with the current moment.

In the condominium, there was no variation. The margin was very much in line with the amount of R$40 million to be recognized in the results.

The administrative fees went up by 14%, reaching R$400 million. As the condominiums are delivered, we have lots of condominiums, and this brings more fees to be recognized as the construction progresses.

Then to close the financial numbers, we have a look at debt, it grew by R$35 million. We have accumulated R$246 million in net debt, which is only 13.6% of our net equity.

The trajectory, we've accelerated the growth starting from 2023, and with that, it was expected that with burning this cash, that we'll be running the company between at 15% and 20% of net debt. This has been happening.

However, it's going faster than we thought. We look at our model at the end of last year, and what we expect for this time this year, we should be a little more leveraged than we are, basically because the company has been running very very strongly.

We're still flying at the same rate. We're going to burn some cash in this quarter, in the fourth quarter, and in the first quarter of '26, and in the second quarter of '26.

The third quarter is when we'll start to stabilize and begin to generate cash. We also announced, as Villar said a few minutes ago, R$50 million in dividends, which we're going to pay now in the fourth quarter.

This is already in our account of debt. With that, we close the financial highlights, and we're going to continue with the Q&A.

Thank you all.

Very well. We'll now begin the question-and-answer session.

In case you would like to make your question, please use the option to raise hand. If you'd like to write your question, use the Q&A button.

We have our first question from Gustavo Cambauva from BTG. Gustavo, please go ahead.

Your microphone is open.

Hi. Good morning.

I just want to make two questions. The first, if you could comment a bit on the opening, Villar spoke about the projects for the fourth quarter.

If you could comment how is the pipeline of 2026? How's the ramp-up of the Minha Casa, Minha Vida?

In the condominium model, you have very very solid results, but I want to understand a little bit, what do you see eventually, and how much you think you can grow in launch in the Única and eventually in Mood as well for 2026? My second question is in relation to the gross margin.

You presented a very high margin in the third quarter to understand a little bit what happened there. Were there any non-recurring factors, something that could be repeated in the third in the fourth quarter with a high volume of condominiums coming online?

How do you see this gross margin evolving in the next quarters? Thank you all very much.

Have a good day.

Good morning to everyone. Cambauva, thank you for your questions.

I'm going to explain here your first, and Wanderley will take care of the second one. About launches, we have guided to R$4 billion.

It's probable that we will do a little bit more than that because the condominium we have not had any signs of deceleration. Over the year, we've been perceiving this demand is dynamic.

We're going to try to do a little bit less than we did this this year, but above R$2 billion. As far as Mood, that's it.

We're guiding for R$1 billion. I don't believe in a in a significant short-term lowering of interest rates.

This is the the level that Mood will operate. As far as Única, it's where I would deposit my greatest optimism.

We have a market which has a demand which is not being attended by our resources, and that has been done for 5 years differently from São Paulo, where the demand and the offer supply and demand are very close in the last 5 years. That's what happened, and with high prices going up.

That's not what we see here in our region, especially in the level 3 where we decided that Única would position itself. We have a business plan, the land that is relatively used for Única.

Over the year, we're going to be guiding you. However, we should not do for Única less than R$1 billion for Única.

I think that's where we can comes surprises, positive surprises. Condominium should be above R$2 billion, Mood shouldn't be above R$1 billion, and Única should be at least R$1 billion.

We believe that it could be even more than that. In summary, that gives the R$4 billion that you're that you're working with.

However, I believe that if the dynamic, macrodynamic continues as it is, and the demand continues to correspond positively, we could posit surprise positively, both in the condominiums of Moura Dubeux and the Mood and Única delivering more than is foreseen. I'm going to, as I did this year, when we get to the beginning of the second quarter, guide you if this level is coming in higher than what we expected.

We will show you how the rest of the year should be, as we did this year. The disposition is we wait to see how the humor of the company, how the how the demand is corresponding.

The size is not our is not our biggest objective. As I said at the the highlights, we're interested in margins, as as Wanderley will answer you.

I would rather wait and have a more specific specificity. It's an election year, a year in which always, as I've said for a long time, we're very optimistic, but it's a cautious optimism.

That's what we're going to continue to go forward. Wanderley, please go ahead.

Okay. Thank you for your question.

I think I commented a bit about the margin in the third quarter. We had the land that was recognized had a lot of swaps in these negotiations.

The cost of this swap doesn't show up in our results, and the gross margin is higher than in the other quarters. We look at these stabilized numbers, we hope that this margin will come back to the levels that we have been presenting the last quarters and that will come back to the normality, and the consolidated between 34% and 35%.

This was more a effect of properties, well, almost all in swaps. We have good land, and some of them are in swaps.

For several quarters, we're going to have a little bit of growth in our margins. When we look at the average in the fourth quarter, addressing your question, we expect that the margin will come back to what it has been in these quarters.

The most important is the profitability.

Okay. Very good.

Thank you. Next question is from Herman Lee from Bradesco BBI.

Herman, please go ahead. Microphone is open.

Thank you, Moura Dubeux team. Thank you for the space.

Two questions from our side. First is about the PSV, which has a very high level, very healthy level last months.

We look at this number is seasonality through launches. A little more details.

The second question is about the level of condominiums. I want to understand a little bit more about the growth that we're seeing in recent quarters.

This is more on the investors. This is a city which is not doing as well as another, and this model how can you explain, as you explain frequently, it's not surprising the volume.

If you can give us a little more information about this dynamic.

Herman Lee, good morning. Thank you for your questions.

The fall off in PSV quarter to quarter, I understand that the market is anxious to see results quarter by quarter. We talk about a marathon in our administration.

The last 5 the last 5 km is slower than the previous 5, just a little bit more slow. It's irrelevant on the end of the day in the cycle of a long journey, normal.

There's no explicit reason justifies this. In fact, we had good sales, level of launches versus sales.

The gap was smaller, 1.3 of launches and 1.3 of sales. When last year, the delta was a little different.

We have products that explode and sell very quickly. We have other products that follow our viability plans in terms of sales perspectives.

The truth is when Moura Dubeux has for a long time was the strongest in the medium to high level sales that we go to the viability, people ask questions. There's nothing, absolutely nothing to worry about.

Why? We've launched 80 projects since the open capital.

One or another may have a dynamic which is a little slower than some, which were very huge successes. I don't see anything to worry about in this point of view.

As far as demand for condominiums, the level at which the company is performing, an explanation which is a little long, but it's simple to understand. What happens today in Brazil, I'm going to look at this from the point of view of high income.

Since 2021, we have performed economic growth combined with 3.5 years of a cycle of very high interest rates. It's a paradox.

Central Bank performing these very high interest rates of 10% and Brazil with low unemployment, explain that to me. You in a research, try bank, explain it to a gringo so they can understand.

This combination generates an important favorable winds, which favor the high-income market. The business, basically high income is associated with business people and professionals.

That's good for low unemployment, growth in the country, turns a level of economic confidence in a real-life economic, with a dynamic of commerce and industry, which is positive, and service provision. The business is going well.

The majority of the developers see this paradoxical situation. However, 15% interest rates never been so easy for anybody that has money to make profit on that.

There's no way to lose. The public paper is there, performing.

The demand every day higher than the other, which has favored a greater accumulation of wealth. However, there has been a change in our age pyramid, looking at the geometric pyramid, so that we can have an inclusion of the population in the age of 35 to 45 years of age, which combines with the second time they exchange their real estate.

There's no deficit. There are new attributes, better localization, which favors this exchange.

This is the second pillar, adding to the first one, which favors this segment. The third and last is specific to the Northeast.

For many years, we have lots of years of demand, not many competitive players. It generated a huge demand for the segment, and we're taking advantage.

Looking at condominiums specifically, is that normally here in the Northeast and in São Paulo as well, you can look at any company that has results. Look at the dynamic of their portfolio of the high-luxury buildings.

Look at the price of financing is low. Let me give you a number.

I know this because yesterday, Mario Leão, he said that 7.2 years is the average period of time in a portfolio of real estate in Santander. It works in all segments.

The high-income client finances 30%, 40%, 50% of his much of it during the construction. Condominium is 80% of our incorporation.

Usually, people are able to it's not 36, it's 42, 48, 54 months on average. It's even easier for the high-income individual.

It fits inside of his budget, and the same product is the same as an incorporation product. We took advantage of all this combination, which favor us, and also the expansion for other models of business, which is the Beach Class and the expansion, geographic expansion in the Northeast, not just in Recife, but also in Salvador and Fortaleza.

That's why I'm very very optimistic with a minimum size of R$2 billion. If these conditions perpetuate, and I'm not sure exactly how much of this demand has been attended, we need a longer cycle to have this information, the dynamic of high interest rates combining with the growth.

I'm not an economist, but to be able to know how much this is going to still perpetuate in Brazil. This has favored this change in the age pyramid of purchasers.

There won't be so many young people now. What you're going to see tend to be older people entering the market, and this will give us depth to the market.

As I said, it was a long explanation, but it's easy to understand. It's very simple to understand.

It's a long explanation, but easy to understand.

Very clear. Thank you.

Any other question, Herman?

Thank you for the answer. It's very clear.

Next question is from Ygor Altero of XP. Ygor, please go ahead.

Your microphone is open. Thank you.

Want to understand a little bit with these changes in the program, what do you think could help you, both income as well as increase in subsidies? What's your position of Moura in lower income?

When you look at these lower incomes levels, do you think this will have an impact? This is the first question, and afterwards I'll come back with the second question.

Hi, Ygor. Good morning.

Hi to everyone at XP. Listen, we're not going to operate in level 2.

We're not looking at it that way. We've always seen a partner in level 3.

It's not been announced, but we have the expectation that it won't be a change in the level, which will favor even more Única. We have some properties from Mood might even fit into that type of financing.

For the 12% for savings, PSV of 62%, it hasn't been easy. Convinced clients leave a portfolio in the case of Mood.

There's a dynamic of subsidized interest rates to go from a 7% to go connected with the bank at 12%. It's better to wait in Brazil for a reduction in interest rates, and then migrate to 11% or 12% going forward.

That doesn't mean we stop. We're not going to sit here and wait.

That's what happened. We're doing active migration in Mood, and has been successful.

Arbo Dunas, Miraflores, we had irrelevant cancellations, the pass throughs to the Caixa Econômica. Looking at Única, we're not exposed.

We're going to be exposed starting next month. We have a portfolio for the product.

I think it will be a success of sales. Única Benfica, which already has Direcional with us, a product which is going to be sold on the project just as they do on level 3, exactly because we're doing it together.

I'm very optimistic that during the year of 2026, there'll be lots of space for two reasons: one, because the demand is very clear, a percentage of demand and supply greater than any other region in Brazil. We have the biggest space, the biggest possibility to grow.

Second is because the federal government in election year is going to stimulate even more this program. Whether it be increasing the level for level 3, more subsidies, this should also favor us.

Third, the change in the exemption of income tax. Informal income will start to become formal because they won't have to pay income tax, and this will facilitate the provision of credit in some way.

If we get 10 11 1,000 with this increase, this will take this income out of the informality. In our region, we have a lot of informal income.

I bring this also for your research. The second part of your question is in relation to the ROE.

What are the principal levers that you see to extract more value in terms of ROE and looking forward? I'm going to divide this with Vanderlei.

First, part of the answer, which is Única itself. It will tend to be a business model for people with low equity and strong cash generation.

We're going to be doing this in a society with Direcional. It's not what we see in this project.

It doesn't make sense for a society to deliver lower results than Direcional performs in the third in the faixa 3, in the level 3. In this business model, it's what you can expect there.

That's one way forward to increase our. The second is the natural dynamic, the payment of dividends, we're going to be paying on our equity.

With that, we're going to be able to increase the profitability of the company, as we hope, in the next years, which will bring an increase in ROE. We should stabilize somewhere around 25%.

Wanderley can also add on.

Ygor, following here what Villar commented, it's natural that with the entrance of Única, it's a lot better than the development and high level in development which we have in our results. It's natural that the ROE will get better by itself.

However, the margin, especially as well as the cycle, has a much shorter cycle, with a cash generation starting right from the beginning with the contracting of the financing by the client. This will also push our ROE.

We've been growing a lot in recent years, and we're not haven't yet been able to to overcome all of this profitability and because of this growth. Once we stabilize the company, this is we see at around 2027, we're going to be able to release a lot more capital from our equity and optimize even more in more our ROE, but doing that yet we're not leverage the company too much.

Since we're in a in a growth phase, we're limiting the dividends to what we consider a healthy level. We hope that is we expect that the ROE will grow at a healthy level.

The new business that have better ROEs than what we have in the past, with the stabilization of growth, we're going to have a little more capital coming in, and we're going to be a little bit lighter. Naturally, this will bring more return on investment for our stockholders.

Thank you very much. Good day.

Next question is from Elvis Credendio from Itaú BBA. Elvis, please go ahead.

Your microphone is open.

Good morning, everyone. Two questions from my side.

Just want to talk a little bit about this topic of the Minha Casa, Minha Vida, looking at these points of attention which we see as a challenge for this operation to go well to understand, overcoming these challenges, these points of attention, what do you think could be the size of the opportunity for Moura Dubeux is very relevant in the places in which you operate? If this could be with a partnership with Direcional, do you have a share share in these level 3 and level 4, do you think it could even get to the 5?

As far as the cash flow, you mentioned the cash flow is coming better than was expected. We want to know what are the perspectives going forward for this cash flow, and how do you see this strategy of allocation of capital of the company?

That's it. Thank you.

Elvis, I'm going to answer first of all. I'm going to divide this a little bit with Wanderley.

I want to welcome to the Itaú BBA. It's a big challenge to take over for Daniel.

Congratulations. I desire great success to you.

With the question of the challenges that we face of the Minha Casa, Minha Vida and of Única, I would say the following: the demand is consistent. We have a deficit, a huge deficit, a demand in our region which is very strong, as I explained to you previously.

Today the delta is more open between supply and demand, especially for the third level. As a percentage, the biggest in Brazil is the Northeast.

This is a positive direction. The government is stimulating, deciding to increase more and more the number of units, creating mechanisms and logistics to provide funding.

These are the positive. The negatives that worries us, I wouldn't say it's only Minha Casa, Minha Vida.

It's the entire construction market in the current moment in Brazil. When I say this, I may be not correctly interpreted.

We're talking about labor. Brazil has this low unemployment, strong incentives and subsidies for social Bolsa Família.

It's more than 40% of the minimum wage. If we take all of their income in Brazil, and distribute it to this segment, showing that the government is stimulating informal employment.

Person gets their Bolsa Família, and then they stay in the informality that adds their income through various mechanisms that have shown up in the last 10 years, which stimulate the informality, but do not increase the productivity. Not long ago, that was in Neto itself, I presented various studies showed less people coming into the market to the formal labor market, less people entering, young people or people of lower qualification in the formal market.

Just to understand, it's either fundamentally or not even that. That's exactly the public that would come into the formal market in civil construction.

This hasn't happened. We've seen situations of productivity well below what we saw in the past, and demands that have to pay to raise salaries.

Of course, the labor in the high-level works, in the Minha Casa, Minha Vida, which reduces the levels of service, which become much more compact than the system of concrete, and it eliminates whole steps of this process. This is the point that I personally am most concerned about.

On the other hand, it's easier to navigate this kind of construction than the type of construction that we do, where we bring the protection in the condominium model for these variations. All condominiums charge extra fees.

This condominium we've launched in the last 3 years that didn't charge it, and the principal impact is the labor costs. I personally participate in various explaining why there is this extra fee.

In the incorporation, Minha Casa, we have no option. People who are buying can't explain a extra fee.

High-level and luxury, Minha Casa, Minha Vida has less that problem, and very little variation, very close to our viability in terms of periods and costs. However, the more we grow in the segment, the more sites and the more demand for labor.

We suffer this in all of the industry in the productivity, lack of labor, of workers. We need to have more industrialization into the sites and more training of laborers.

We have no problem with demand. We have to close our margins.

We can't be launching and selling without having results. That's what I consider the biggest challenge.

In terms of the depth, what we see is always the following: the market has left on its shelf in the last 5 years between level 2 and 3, R$5 billion per year in the Northeast between what was offered and what was the demand. We had demand, desire to purchase, have income, and have credit approved.

If we apply the share of Moura Dubeux just in that space that was not filled, you can calculate at least R$1.5 billion which is not the share of the market, as share just about that part that was unattended. We're very optimistic.

Last year, I had a meeting with Ricardo and our team, and we showed them the business plan what's possible to do next year. The plan is a little bit more bolder than we're presenting to you, but we're always very cautious.

Always with a low leverage, low cash burn, and a high level of execution for our projects. I think that in terms of volume, we could surprise you very.

Wanderley, as far as dividends and how this could look going forward, I think it's worth giving them a look.

Thank you for the question, Elvis. As far as cash, we should still burn some cash in the fourth quarter.

We should wind up getting the year with 20%, maybe a little less. In 2026, we're going to continue at this level in the first quarter, and in the second and third quarter going to start to generate more cash and be able to pay a little more dividends to finish the year of 2026.

We estimate we're going to have the capacity to pay maybe R$150 million in dividends without leveraging the company above what we already would. We're looking at the medium to short term.

Due to these business models running together, Única and the condominiums and Mood, if we don't grow more, we should be a company of strong, generous cash generation. We look at 2028 and 2029, we're going to be generating a lot of cash.

All this profit will turn into cash, and we're going to have recurring dividends at that time. That's what we see.

Perfect, Diego, Vanderlei. Thank you.

Next question is from Rafael Safra from Safra. Rafael, please go ahead.

Your microphone is open.

Thank you. Good morning, everyone.

I have a question. I wanted to talk a little bit about the question of labor, especially in São Paulo.

We see the companies still with a great deal of difficulty due to the level of low unemployment that we have here. I want to check with you, how do you see this in the Northeast?

If you see this as a company is very verticalized, do you see space for verticalized even more operations and reduce the need for labor? Also talk a little bit about your deliveries, strong deliveries that you have at the end of the year and the beginning of next year if you're going to be able to deliver everything in the periods that were foreseen.

It's more or less along those lines.

Thanks, Rafael. Sincere and complete here on my part, I'm totally sincere.

I have no problem to talk about the real life. We have difficulty with labor, even though we are very verticalized differently from the majority of the developers in the high-income level in São Paulo.

We have a level of verticalization that we have 37,000 for the size of our operation, when compared to the other developers, you can see that it's a lot of people because we're not productive, it's because we're more verticalized. We've had difficulty, and this is impacted in the time periods for condominiums, which does not reflect any problem on our balance, because we combined that a project that was set up for 36 months, maybe it's 40 40 months.

There's no fines, no penalties for cancellation, neither for costs and neither for the lengthening of delivery periods, because they're personalization. It's a different dynamic than the incorporation, it's give transparency and showing this to the participants.

Mood has no problem because it follows the Minha Casa, Minha Vida dynamic. In the condominium market, even though we made this decision to migrate all of our products to condominiums to not fall in this problem, which I've seen, which is recurring in São Paulo and here as well, the impact of the labor costs, the costs don't get to our balance because we also cover additional fees.

Give you an idea, a condominium with 8% above as an additional fee, and we have condominiums with 15% of additional fees, not just because of labor. There also other questions of scope in this process, but we're able to pass it what favors this product is sold 80% cheaper, and over time, due to our efforts of quality and so forth, winds up to become more highly valued, and then it's easier for them to follow up.

I think in the company here, we work with projects that are bigger, which favors also having several sites operating at once. We have a higher level of concentration, such as in Ceará, the Aldeota Plaza.

If you look at the dimension of these projects, the second is all of these projects, as I can tell you, not have internal finishing. We don't have internal finishing, which also favors the reduction of labor.

The third item, many of them are prefabricated facades, which favors the project in the medium to longer term. Decisions that we've been taking to be able to solve this problem, which exists today, for the next few years.

Beyond that, our strategy of increasing the participation of Mood and Única in our business model, also we're not going to just depend on the specialized laborers in Minha Casa, Minha Vida in the same way. Finally, to close the program of training, we're not just sit here and complaining, we have to do our part, which is to go out and train.

I hope I've given you a little more of a picture.

Yes, very clear. Thank you very much.

Thank you, Villar. The next question is from Luiz Baldo from Santander.

Luiz, please go ahead. Your microphone is now open.

Thank you all very much. Two questions from our side.

One focuses more on the acquisition of land for Única. How have you seen this to do a big launch for next year, and our expectations, how have you done these acquisitions?

Have you had to add more cash up front, or is the swap model working well? The second question is focused more on the competition.

In the last years since the IPO, you've shown growth, very expressive, and so it's called a bit of attention competitors. We see something here at the people trying to increase a little bit to run after where you are and to replicate your business model.

I think that's it. Luiz, good morning.

Thank you

for the questions. Say hi to Fanny on our side.

Starting with the second part of your question about the competition, it didn't change much the scenario here. From what we've seen our share in the last 5 years, every year Barral always update in our presentation every 6 months and present to you.

We haven't heard many a developer in the medium coming here. Seeing they're coming here, but you said it's also true.

We've had more and more people looking to understand the condominium model in the past, and it's good to see that, because in 2020, I heard people say, "What do you guys do?" Some people turn their noses did not understand.

They didn't want to hear about it. Today, some companies are seeking us out to understand what has been proven, what we've said, that this is a great differential here in Moura Dubeux in the Northeast.

I hope that nobody starts to come and look at our region, not messing things up, and leave us together here with the local players that we know how to operate, offer the correct products. Just the first part, which is the acquisition of land for Única, 15% of interest rates, it's hard to buy property and pay cash up front.

What we do is the swap, financial swap, and the third, if it's a really premium property, premium for Única, showing that we can get a little bit above, it's going to have strong demand and the margin increases, then we can go ahead and pay it out during the process of construction: first payment on the IR, and then during the cycle, that should give us the value of the land. We close the project with the generation of cash.

That's our mentality. When we look at the model and being optimistic, we see some cash burn in 2026.

Sincerely, when I look at it, it's 20%, it's relevant for both. Nothing has changed anything that Wanderley explained previously, but it comes with strong cash generation in 2026.

Thank you, Diego. Thank you.

We don't have any more questions in line. I'd like to pass it over to Villar for his final comment.

Thank you all very much. It's a pleasure to share this presentation with you and Wanderley and Barral.

Thank you all of the IR team for all the material that was produced, and also wanted to thank all of our employees in Moura Dubeux. This great year that we're having, confidence of our stockholders who follow us in the market.

Since 2020, we've been maybe a little different thesis for opening our capital, but we already overcame what we promised. Over time, have stabilized.

The stock share has also prepared it's already R$30. We believe very much in how much our team can generate in value.

We believe greatly in our region and our business model. Again, when you look at the message from the administration, we have lots of discipline in what we do.

We focus strongly in doing well what we do, and we don't have the vanity to keep insisting in something that doesn't work well. Here, the example that I just said in high-level corporation, we had demand, but we knew it could be a problem in terms of labor and interest rates.

We went to the condominium model. It was challenging, it was horrible, hard to convince, and that we can have this deep of a market.

We preferred to prove this before we said it at this level. This is the dynamic which will be for you, Única, as well.

We're very confident in this partnership that we have created with Direcional. We believe we're going to surprise in terms of growth, in the dynamic of sales, in cash generation.

Soon, we're going to have a precious jewel here in Moura Dubeux, and we're going to be very proud. Mood is still growing, and it has a good size, and Única is the next.

I expect I'm going to pass much because of macrodynamic condition in Brazil. Thank you all.

It's a pleasure to see you all. Thank you for participating in our webcast, and have a good weekend for all of you.

There's lots of 2020 lots to do in 2025.