Good morning to everyone, and now start our presentation of the results of the first quarter of 2026 of MDNE. I'm Alan Aquino, and presenting the results is Diego Villar, CEO of the company; Diego Wanderley, CFO; and Diogo Barral, our Director of Investor Relations.

To make any questions you might have, we use this same dynamic. If you'd like to make your question, please use the raise hand function, but if you'd like to write your question, you can send it using the Q&A tool, which at the end of this presentation, we will start the question and answer session.

I'd like to also mention that declarations that may be made during this conference are based on premises of the directors and management of MDNE. Future considerations are not guarantees of performance as they involve risks, uncertainties, and depend on factors which may or may not happen.

Having made this disclaimer, now Diego Villar, please go ahead.

Thank you, Alan. Good morning to everyone.

Once again, it's a pleasure to be here with you, presenting a little bit about our results. Also have Diego Wanderley and Diogo Barral, CFO and our RI Director.

The numbers in the first quarter already indicate, let us take us to the understanding that of that which we mentioned during the follow-on and the conferences to which we've been invited and the interactions that we've had with our investors and through our sites, was shown what would be 2026 within our expectations. I think that one quarter this year has already been well reflected in the first quarter.

I'm going to talk a little bit about that, talk a little bit about each one of these operational indicators and financial indicators, and give a little bit of visibility to you all. At the end of this presentation, I'll come back for Q&A, and we can go deeper into any questions or doubts that you might have.

The first quarter, we closed $1.3 billion in launches. Most important is to point out that we have accumulated in the last 12 months with $5.5 billion in the last 12 months.

The past has always been the size that we were looking at. We've said in the medium-term, we'd be seeking the level of $5 billion, more recently we talked about $5.5 billion, and now we've already completed that.

The goal. That's some data that I wanted to bring to you, the highlight of our capacity to develop products and deliver them with excellent performance, sales performance very quickly.

As every time I bring questions or doubts about demand, questions to buy land and develop products, I've said that you're looking at it the wrong way. It's never been a problem.

It's never, we don't believe it will be, demand within MDNE Group. Basically because of everything that since 2009 we have been educating the market and passing information and have been showing that there's a positioning of MD, the strength of its brand, the strength of the quality of its land and of its team and of its products, and to develop the market in the Northeast, especially over the last 5 years of growth that we've seen here, growing above average over the last 5 years.

So, $5.5 billion, we've reached this level. What we now have to do is to rebalance this.

We're very much more exposed in the closed condominium market, which is positive. $4.4 billion done with condominiums, condominium market.

Lower risk of execution, financing, and leverage, we've opted for that model. Always the ideal to be exposed to all of these options.

$1.1 billion was through incorporation or the normal development model. Then looking at Mood, our Mood product, and the level of $1 billion, we made a little bit more than $1 billion with the number of sales of Única.

We've already had that, but over each quarter it will be gaining, it's been gaining in strength and size, and mix of products, and the MDNE Group close to $5.5 billion which we've already had. However, balancing the different balance of products, not because we don't want to be exposed in the condominium market, because I think that it's more prudent and more cautious to have strategies to follow more in this balancing of our portfolio.

Because I believe that the condominium market will not be doing $4.4 billion consistently forward. We have caution in that area.

Of course, if we can do it, we'll do it. The second point is it's a business model which depends greatly on labor, specialized labor, and more and more we're seeing having difficulty in training people, hiring people that are able to maintain this growth which we have been delivering.

Here I, the level of growth and operational capacity of the company to develop business. The other end is selling $1.1 billion in the first quarter is a huge jump compared to the first quarter of last year.

The company is at another level, and as I mentioned a year ago, I said that and you can see the results. Now we can go to the next level.

We're going to be delivering this within the next year. We're proving what we've promised, and we reached a level of $4 billion of net sales in the last 12 months.

71%, almost $3 billion in condominium and 29% or $1.1 billion in development. That's Mood.

That's what Mood is. We launch it, and we sell it.

We launch it, we sell it. On average, you can see everything that's been sold in the market has been sold.

In that condominium market, as much as we're used to, it's been a sales, the cycle lasts a little bit longer. We've launched Moura Dubeux Plaza, Senna Plaza, and Porto Fino Corporate, Moura Dubeux Enseada, several projects with very high price levels, very high tickets: $10 million, $12 million, $14 million per unit, and believe that this is 100%, sold 100% in a few months.

We don't say it is not viable, but even so, we think that it has to be cautious, which brought us to Moura Dubeux to a velocity of sales above 50%, and the best VSO, the sales velocity SOS is among the three best, losing only to the Minha Casa, Minha Vida companies which have another dynamic, which we're also looking at now through our Única brand. We reached a level of 680 million reais just in the first quarter.

I think what's most important is not just growth. Growing just to grow is not anything that we should seek, and that's what Moura Dubeux is looking for.

We grow with efficiency. We reached a gross margin of 40%.

It is what we expected, but it's not normal in the market, in what we've seen in the market. The growth of the sales with the growth of margin, not just in the real estate market, in the market in general.

See people that have grown, they said that they're opening they're working with smaller margins so that afterwards they can they grow and afterwards we improve their margins. In our case, we've been able to do both.

$2.5 billion was the revenue of last 12 months' revenue. $1.6 billion came from the condominium market at 62%, 38% from the development, almost $1 billion, 971 million reais, almost a billion over time, which will the development is not going to lose its relevance, but really we'll reduce the relevance, the condominium.

Then grow with development, but as the MDNE Group with the Única brand will grow. I think what's most important during the follow-on, most recent follow-on, we commented with you that if we exercise almost the totality of the offer, which we're looking at was close to 500 million reais, we had the capacity to deliver this year a number close to 600 million of net profit.

If we had the basic, with a basic offering, which we have that, we could still have 500 million in profit. Here deliver at least one quarter of this number already in the first quarter, 156 million of net profit.

It's the biggest net profit for one quarter in the history of the company. It's not it hasn't it hasn't been very long ago at a results presentation we talked about 150 million profit for the year.

That was the number that those of you who have been covering the company since the IPO, that's the number that we spoke about should be the stabilized return on the company, of profitability per year looking and when we reach cruising level. In more than 6 years since our public offering, we've we're already delivering a profit, annual profit per quarter.

Which is more important than the number is the net margin, 25%, a return on on assets of 27%. It's the biggest highest level of any listed company, and it's hard to compete with a Minha Casa, Minha Vida in terms of profitability.

In the game that we've been playing, it's the biggest return on profit, 25 27%. 505 million of net profit in 505 million in profit, net profit in the last 12 months.

That's right. A point which I always have called attention to, which is not something that's not something that we're worried about, but it's a question of caution: we don't want to leverage the company, to have a company with very low leverage, 4% of net debt to equity.

It's almost zero. However, in the medium-term, it's difficult to be, we can't be cautious to match that growth as we've been growing with generation of cash.

However, my major job today from the standpoint of financial indicators is to revert cash burnt to cash to cash generation. It's not going to happen in the short-term.

We have a lot of business planned, it's not going to happen in the short-term. The growth of Única in the short-term will consume cash.

Minha Casa, Minha Vida has become attractive generation of cash with CRI and so forth. We see of we need to do a follow-on or an IPO to be able to finance its growth.

122 million of cash consumption, not including dividends, and at the close of last year of 200 million in dividends this year, already delivered half. In the second half, dividends will be coming in the second half of 2026.

These are the principal numbers that I wanted to point out to you that I wanted to highlight from the standpoint of operational and financial. I have one more slide I'd like to mention to you before going on passing it over to Diogo Barral, which is Única.

We have four projects already underway, two in the first quarter, which is the Way Boa Viagem in Pernambuco, and Stillo Boa Viagem also in Pernambuco. Projects in which we are 50/50 partners with Direcional, which is they even though they're doing the operation, and Única Veredas, which is already heading for the issuance of its RI.

Have more than 50% reserved, strong reserves in this project, strong reservations, and the Única Benfica in Fortaleza recently launched, and already with several pass-throughs with the Caixa. We have in a very short period of time four projects.

We're going to deliver the guidance that we have, going to deliver the guidance that we talked to you about during the follow-on. This is a reality.

In case you had any doubts about the capacity to develop projects and pass along results, I'm going to pass it over to Diogo Barral, and talk to you about our operational highlights, and then Diego Wanderley with our finances. Then at the end, I'll be back to come back and talk to you about any questions you might have.

Have a good results call to you all.

Thank you, Villar. Good morning to everyone.

I'm going to pass through a few more details of our operations, looking at the launches in the first quarter. We launched $1.3 billion, more than tripling the volume in the first quarter of last year, and we also advanced 32% in comparison to the third quarter of first quarter of 20 The graph on the side, we see $5.5 billion launched.

As Villar mentioned, this breakdown in relation to the condominium and development and incorporation, we're doing very well. We've advanced 20% in relation to the full year of 2025.

Following to sales, the company has sold a little more than $1 billion in the first quarter, grew by 80 88% compared to the first quarter of last year and 48% in relation to the fourth quarter of '25. With a vision of the last 12 months, we reached the level of $4 billion, and we grew by 14% in relation to the year of 2025.

On the right-hand side, we always bring what we believe are the two operational indicators which are most relevant and which pass safety, a sensation of security to the management team that we're following the right strategy. During the year, we see both numbers continue at very high levels, very healthy levels with cancellations, even though we've handled our volume of launches, have increased the number of launches.

A year ago, we had 9% cancellations, and we're now down to 4% of our gross sales are cancellations. We look at our sales velocity, it continues above 50%, and in the consolidated for the last 12 months at a level of 52%, and our VSO of launches the SOS of launches is performing very well in the last 12 months and closing the first quarter with 56.8%.

Looking at our stock, we closed the period with $3 million 850,000 billion. Two very strong strong questions about our volume of stocks.

We have a quantity of stock, very low quantity of stock compared to our total volume. Today represents only 3.3%.

Look at the last quarter, normally we have been able to lower even delivering four projects during the first quarter, going from 136 to 128 million in ready to occupy properties. Also, our landbank is in a very interesting level.

We closed the quarter with 12 months of stock coverage. We also closed the quarter with 57 properties, $10.4 billion in potential sales volume.

The most important is we're continuing in the acquisition of lands through through swaps, with 65% acquired during by swaps and 37% non-swap and cash. 24 on our development model and 41 in the condominium model.

We also delivered four projects now in the first quarter. Very important to mention that the stock ready to sell these four projects are very well sold already.

Three of them, 100% sold, and the other one above 90% sold. During the year, we're planning to have 12 more 12 more buildings reviewed for delivery, four in the incorporate the development model and eight in the condominium model.

Also bring the projection which bring this number, the projection for the next years. We've been able to look at these numbers in 28, 8 for '29, and 10 for 2030.

17, 18, 8, and 10. These are going to close with the operational numbers, and now I'm going to pass it over to our CFO, talk about some of our financial numbers.

Good afternoon. Good morning, everyone.

Going to look at the highlights, the financial highlights, beginning at the net revenue. We delivered 628 million in the first quarter, a growth of 43% of first quarter '25, a small fall in relation to the fourth quarter of last year.

It's important to mention that two points: first, in relation to incorporation, the development model which had a small fall in relation to that quarter, 240 in this quarter compared to 240 in '26 '27 in '25. '26, Mood has began to participate more in the net profit in the gross profit rather than the incorporation high level, high class development which we the 2024.

Starting now, we are beginning to see a change in the participation in profits. Mood is not as important as the high level incorporation project development projects that we had in which we have participated.

We've been increasing our results to recognize. On the next slide, we've grown quite a bit this profit to recognize.

Although we sold more, the profit still not as evolved because the revenue of the company has come in a little bit lower. In the case of condominiums, it's the dynamic of the profits of the properties to be recognized.

Three projects, we had the return of the Infinity in Fortaleza, and the turnover of the two Beach Class Bahia and Beach Class Milagres. These two Beach Classes were 100% sold, margins almost 100%, and Infinity had a personal Caixa, not as much cash income since the revenue was lower, contributing to a better gross margin as we'll see looking forward.

When we look at the accumulated for the last 12 months, we delivered approximately $2.5 billion in revenue, a growth of 8% looking at the and with the revenue from incorporation running around $1 billion. Diego mentioned as Única has brought results to our financial statements and our balance sheet, and this revenue should come in over the next few years, whereas the condominium market has a revenue of a billion and a half.

Looking at gross profit, we delivered 260 million, a growth compared to the last quarter of '25, and a growth of 11% looking at the last quarter of '25. Most important, the gains in gross margin, which we already include with interest rates interest capitalized interest.

We look at the last 12 months, growth of 12% in profitability, a margin which is very stable when you look at several quarters consolidated. We've delivered 38% of margin, closer to the standard of margin of the company, but also a grow an important growth of 1.5% in relation to the full year of '25.

The portion of 200 is 35% incorporation. The development margin is linear as was in last quarters, and the condominium income has a very relevant impact as we recognize.

It's important to remember that even though we recognized three receipts, we have more coming through in the next recent quarters with the installation in the second quarter, which is natural in our dynamic. We always launch in one quarter and recognize it in the following quarter, which is the ideal time to form a group, to call an assembly, and do the installation of that condominium.

Now looking at the expenses on the left-hand side, the commercial expenses, we had a volume which is very close to the fourth quarter with 57 million. However, we sold much more, we were able to dilute greatly the fixed costs of that.

Part of the commercial expenses, marketing and the team commercial is more fixed cost. That's important.

We delivered 5.3% in the quarter. This also happens when we look at the administrative expenses, was also a reduction, nominal reduction when we consider the relation with the fourth quarter '25.

We delivered a per revenue almost a was well below 2.7% which is well below what we've had in our model and viability, which shows a little bit how much the company has been able to grow the operation, at the same time bringing efficiency. We've been able to be very Spartan with our expenses.

We have a budget which is very tight. When you look around the market, you'll see that the level of expenses representation of our SG&A compared to revenue is very low.

Remembering that we do not have revenue we do not call revenue everything that we see because of the dynamic of a condominium. When we look at the condominium model, it's even lower.

We get to a level of 2.7% when we look at the first quarter of 2026. Looking at the adjusted EBITDA with capitalized interest, we look at 160 million in the quarter.

We've accumulated 570 in the last 12 months, which is 50% increase compared to 2025, which is an important increase with the addition of only one quarter. A gain of almost 2 percentage points in our operating margin, which is very relevant.

As we mentioned, the dilution of expenses contributes here to the gains of the company. We're still not reached a stable level of the profitability that we've been running.

We still see space to improve. We want to continue to do what we've been doing, being Spartan with expenses and have an increase in margins when we look going forward.

Following the net profit, as Villar mentioned, it was the best net profit for a quarter, 156 million. We had a important margin of 38%.

We look at the last 12 months, we delivered 505 million in net profit, which is 27% higher than in the '26 2026 profit, have changed our level of profitability. We're still not generating the profitability that we show or that shows we can with the size of the company.

However, the dynamic of profitability to recognize when we get to stabilized level, and the most important for us is to have a return for our investors. The cost of capital is still high here in Brazil.

For us, it's very important to have a return a differential return, we're still we've been able to do that by 27% over the last 12 months. Very much in line with what we had in 2025, and a little bit above what we have shared with you, having passed the expectations.

In fact, the operation has been actually doing much better than we had planned. The margins have been better.

The size of the margin has been in line with what we have been saying. We close our results.

We talk about the results to appropriate on the next slides, Alan. The first quarter, we closed with 236 million, talking about incorporation, even though we sold more, the revenue doesn't really all come to the results.

There's a lot of work to develop, and with that we've grown by 11% with these results to recognize. There's a gain in margin.

The Moody Mood has a little bit better margin than the high-level development that we have been running, and we've been able to add 0.4% of margin recognizing in our results. In the condominium and closed plumbing, we had 41 million of profit to recognize, much in line.

The administration fees remained in line, growing by 6%, 436 million with the results to recognize. To close the financial results and look at the Q&A, we bring our cash and our net level of debt, remembering that we did the following in January.

Had free of fees and taxes, 126 million in cash in the company. We paid 100 million in dividends that we had mentioned in December of '25.

The operation burned 156 million in cash. Altogether, we had a variation of 240 million in our net debt, which closed the year at 324.

Now we close the first quarter with only 84 million in debt, which is only 4% compared to our net equity, which we consider a very healthy level. We always talked that we want to run the company between 15% and 20% of net debt to equity.

This, we don't want to bring any unnecessary risks to our import to our investors, our shareholders. We still burn some cash because we're growing quite a bit.

We have lots of land which we have been paying for, projects which we have already launched, and we still have the payments to make on this land. The things that were this year, we've paid double the land payments what we paid in the fourth quarter, which is natural due to the growth, this volume of land.

We have Única, as Villar mentioned, is going to need a little more capital, and also the following came to capitalize that. We expect, that was expected, as expected, having cash burned in the fourth at the quarter when we should generate cash.

We should have it, and we should close the year close to 15% as we had commented with you. This gives some important data: we are accompanying the cash flow here every month, every week.

Together with Diego, we have a weekly meeting about that. The model shows that we are close to 2% ahead in reality of the model itself.

We're still confident that the cash situation is at a healthy level or even a little bit better than was foreseen. Just to remind you, we have 150 million in dividends, and we'll pay 100 million in the second half.

We have space, if this net debt remains low, pay even a little more than 150 next year, announcing more dividends. We've already anticipated that the model has 150 million in the model, and we close the year with 300 million in dividends.

We have to look at the operation, how we're going to arrive at that level, leaving space. With the as the model shows, we have space to continue in that direction.

I'm going to close now our financial points, and we'll go on with our Q&A. Thank you very much.

We will now start the session of Q&A. If you're going to make a question, use the raise hand question.

If you want to write, use the function of Q&A. The first question comes from Ygor Otero from XP.

Ygor, your line, your microphone is open. Please go ahead.

Thank you. Good, from my side, want to understand how do you see the cost of materials, pressure on materials costs, and if you have space to pass through these in both the condominium model and in the low-income market, and this scenario can bring the company to revise its mix of launches.

Seeing you talking a great deal about lower growing the low-income area. Does this change your mentality, or is this to continue?

The other side I wanted to mention is if you see any impact on sales velocity in condominiums going forward, since this is a segment that has done very well and you've been running this very well in recent years. If you think that in any way they this can impact your company going to be impacted by this.

Thank you.

Ygor, we had a little technical problem. Can you repeat the first question, please?

As I mentioned, the first question, how do you see a pressure of cost of materials cost, space to pass through these costs in your condominium and in low-income, maintaining your margins? Is that clear?

Yes, very clear, Ygor. Hi.

Thank you for your question and for opening our Q&A. We have to mark a new road show with you.

It's been a while since Barral made an agenda with you guys. We need to do this with XP.

First part of the question about our costs with the variation of the INCC. For now, so far in the acumen there was nothing significant.

I have been accompanying very closely negotiations and variations in prices for materials due to the shock, the petroleum shock, momentary petroleum shock. I do not believe that this is a long-lasting, very much a momentary thing.

We're going to be often no matter the opportunists who try to bring, show me your composition of costs and how much the fuel costs or if your materials are petroleum derivative, and we'll talk. Far no one has brought me any breakdown of why they should be raising their prices.

Far we have no prices to negotiate, irrelevant to the market. A sack of cement, nobody has any relevance in that account.

It's just a commodity because nobody buys it. It's more the retailers that buy it.

To give you an overview, impact of this above the INCC is irrelevant so far. In our medium and high-level construction, just to give you an idea, approximately 1% the margin of the INCC.

That's compared to the basket of prices and that which has been brought forward and that which has already been included. Closed condominium model, this is about the cost.

This is costs, not margins, huh? The closed condominium model, we always have space to raise an additional fee of the amounts of the quotas.

One of the reasons for an increase of an extra fee would be situations like this. The condominium is protected against this type of increase.

The Mood model, we've had in our viability studies 5% of contingencies, of which we only is removed at the end of the project, when the project is delivered, and we have a process of changing that number. Up until this moment, we're very well protected in both segments.

As far as your question, the first part of your question, which is about the cooling of sales due to the correction of these costs, we do not put all of in the model the correction of the costs, which is equal to the portfolio and the stock. We're very conservative.

Sometimes we only include half. If it goes up by 6, the cost goes up by 8, and our viability, a correction, the portfolio only goes up by 4.

That's how we structure the viability studies for Moura Dubeux to protect our results. In fact, if you look at a historic series from 2000 till now, looking at the gross margin of Moura Dubeux, the correlation exists.

However, variation, the level of variation is many times higher how much the index has increased. These protections deaden this variation.

As far as the dynamic of demand, in what's I know I've mentioned this to you, in fact to you personally, in our numbers, we always make the decisions if the price of a sales price brings margin within what we desire. More and more, we've been very demanding in terms of the margins.

Just to help in the visualization, I would say that we always accepted this margin. We've always left part of the price gains for the client, and we've always judged this as to be important because over the cycle of development and delivery, our new client, if he sees that it was worth it to invest in a product of MDNE and it went up in value, it was a win-win.

We've never taken the prices to the maximum limit so that all the results goes to us and nothing goes to the client who believed in the beginning of the project. Our SOS is very strong.

It continues strong. The fallout is very irrelevant, from 50% to 52%.

The base increased greatly, and we've raised our prices. Look at Senna Plaza, which was launched last year, which was approximately at 20 million, 20-21 million, and it came in at 23 million.

Same product, with the same areas. We've had a real gain in prices.

Even so, the SOS has continued very good. I have no concern, not looking at the current situation, to have an impact on demand.

In fact, going into the second part of your question, which I answered with this, is also the fact that many times the question come about our concern regarding demand in landbank, and it should be much more tied to construction itself. I would say not just the view of the impact of the petroleum shock that we've seen recently with this war between the US and Iran.

I would say it's much more looking at the perverse logic that we have in our country, which does not impact only the real estate market, but in all industries. That we're always tied to every time we grow, and we grow for long periods of time, we then hit a ceiling of availability of productivity.

Not just offering of labor, but labor that's able to grow above proposed growth in productivity. In fact, the logic is perverse, and it's hurts the Brazilian industry.

Everyone is suffering with For instance, at least anybody who's being transparent, every day it has been more complex to find labor, productive labor. Not because we have full employment, and in this concern, no concern in losing their job.

Everyone who loses his job, the public policies in our country favor his desire to be unemployed for a certain period of time, and the informality also permits that. I'm not optimistic about that, unless, as I heard recently a proposal which I thought was very reasonable.

If we have CLT more than 80 years in existence, the labor laws, it's completely out of date. The other option is that if you don't want to have a CLT, have contract and lower the number of social benefits, at least anybody who's receiving social benefits should work as a volunteer in public environments, schools, or health, or whatever, so that we can remove this perverse logic of not incentivizing people to go to their first jobs or jobs at the bottom of the pyramid.

I think that these questions become more along the line of the other logic, which is not we are seeing any problems at all.

Thank you, Diego. Very clear.

Thank you.

Next question comes from Herman Lee of Bradesco BBI. Herman, your microphone's open.

Please go ahead.

Thank you, Villar, Diego, Diego, for giving me space here. One question from my side: I want to know about your expectation of launches for the year.

You've been very transparent about this, but I want to see if we've had any possibility of an increase through front-end and also during the effect of Única, where you have an increase in the participation in the company, if the Moura Dubeux stake has an effect of launches which is much higher. Just want to understand a little bit more about your current expectations for the rest of the year.

Herman, good day to you. Thank you for the question.

Yes, in fact, I've communicated this, that starting at the moment that we've changed the share of the shareholder makeup within Única, we have not changed quantity of projects, but there is a project has increased. MDNE in these joint ventures of the Única projects.

In spite of that, we have no major expectation of growing above that which we've announced, possibly a little small irrelevant growth above that. Not lack of financial capacity, the company is completely deleveraged, is not due to lack of market or landbank or that we're concerned about sales velocity of compared to the ready to occupy stock.

We have stock, many of them are in this phase of construction or launches of more than 80 projects that we have underway. I can count on one hand those which have sales performance is below our viability studies.

It's natural, we can't hit everyone. In Mood, we have I can on the Mood that we haven't hit, I also can count on one hand all those that are below our expectations.

They're below the curve, but well below the level of the rest of the market. What we're delivering is very reasonable.

What limits us, this growth, it's a question a genuine question of myself and all the management of the company in the quality of the product and its capacity of execution within our parameters of viability. It's not just cost, we're talking about time period, quality, perceived quality, client quality.

We're not going to be irresponsible, as we did in over the last 5 years, just like we've done in the last 5 years, done very consciously and responsibly, acting there's no way to change the base of not be responsible with this new level, productive limit. I even mentioned in the highlights, operational highlights, that the rebalancing of the condominium is not due to demand.

I have a concern the demand is still strong. I have a concern for productive production.

We have to be cautious. We tried to put together optimism and caution.

We always make decisions with this premise, and I think that more than ever, we have to be very cautious with the production at levels greatly above that which we've been delivering here at Moura Dubeux.

Very clear. Thank you very much.

Next question comes from Luis Assisto from Santander. Luis, your microphone is open.

Please make your question. Go ahead.

Good morning. I wanted to talk a little bit more about the Única sales.

When I see these launches in the same city, but the level of sales of each one was quite different. They were both launched in the same city at the same month, and I want to understand what justifies this difference in these two products and these two launches.

Also understand along the same line, how do you see the four launches in the second semester? How do you see the competition in each city?

I know it's perhaps too early to talk about the competition in the second half, second quarter, but how do you see that so far?

I'm going to let Barral answer. I'm going to answer the second part of your question.

Barral can answer the first part of your question. Again, first of all, good morning.

What we see here in the market of Minha Casa, Minha Vida, the low-income market, it's the second largest market in Brazil. It's a demand, gigantic demand as a percentage, presented as a percentage it's the biggest demand, the less competitive market, especially in the third category, level 3 market.

In the lower level, there's a lot of developers, very small levels operating in that program. In any event, houses or apartments and every type with concrete walls, structural walls, everything, every type of construction methods.

In 2025, the third level market, which is where we're most Única is busy in terms of income and capacity of indebtedness of non-compromised income to acquire a property, in São Paulo it was 78% funded due to the success of Curury. In our region, only 20% of that demand has been reached.

Apartments up to 400,000 reais in the third category, which you see the Minha Casa, Minha Vida in São Paulo, in the city, which a product which is not a low-income product, it's a middle-class product, because it's a very huge demand due to the price, the interest rates for the individuals where you have interest rates of 4.5% as we have currently, it's where there's more space for us to grow and exploit. What I see at this current moment, it tends expands certain capitals in a way that is significant.

It's not a product that competes directly with us. It has a line of products until the moment has most compact, apartments of 38 square meters and with less attributes, less relaxing.

For instance, none have almost no garage spaces. This is a different public than the public in which we're positioning ourselves.

I personally feel that our region, the dynamic does not work in the same way as in São Paulo because my limitations of garage spaces is important. In São Paulo, it's a phenomenon, one of the best capitals where you have the infrastructure of public transportation here, still a very big difference.

They have space, parking space, and it's important apartments like 58, 59, people who prove they have motorcycles. We're still not in this segment specifically.

Our product attends 40 to 44 meters. We have with one suite, apartments with one suite.

Normally these apartments do not have suites, it competes importantly in a strong brand which hits the penetration in our region. Again, our market share has space for both, and we're here disputing with different type of products.

That's the first part. The first part is the sales performance in Boa Viagem and Wave, I'm going to let Moura talk a little bit.

He's been following these more closely. Two projects with Direcional, and I'm going to share with him a little bit.

Luis, thank you. The two projects, the Stillo is approximately 50% to 55% sold, and the Wave is close to 20%.

What's the difference in relation to these two projects? We look at the operational side of the company, we give this disclaimer.

The Stillo was launched about one year ago, and that's one reason why it has had a higher level, much higher level of sales than Wave. Wave was only launched in the first quarter of this year.

The difference in the volume of commerce of these two projects is basically, both are consolidated by Direcional and we are giving equivalency with the company, is basically that the Stillo has had a longer period since its launch, and Wave was launched now in during the first quarter. As we joined in these two projects now, just now during the first quarter, we have been very careful to add them to our table of launches.

We have eight projects launched in the quarter, but we gave a disclaimer showing that Stillo has more than a little more than one year since its initial launch.

Very clear. Thank you very much.

Have a good day.

Next question comes from Gustavo Fabius from BTG. Gustavo, your microphone is open.

Please go ahead.

Hi. Two questions from my side.

The first one is regarding Única. What do you feel in the way of synergies in this first quarter of operations together with Direcional?

How's that been going, and vice versa? Also to see if you've been able to discuss the level of launches for 2027.

That's my first question. The second one is a follow-up regarding what Wanderley in his presentation, in what phase do you see the company is today in this process of growth of landbank?

Do you see the current level in both in size and composition as the ideal levels looking at where you have in the way of a pipeline over the next few years of launches, or has been growing above in the last two years of launches? Looking at the next few quarters, are you going to see a lot more cash going out to reinforce that landbank in the next period?

Hi, Gustavo. Hi to everybody at BTG.

Being a joint venture with Ricardo at Direcional is excellent, going very well. They are the partners that everybody wants to have, a serious company, very competent, the level of humility, incredible level of humility, I can just say.

Here we have a great deal, we're very proud, and we're much more really surprised in the way they conduct their business. We're very happy with them.

The decision has several different roots in the decision-making in the purchase of land. What is the problem with discerning lands, decisions done together, they're complementary.

Different, very difficult to have overlapping work. There are some there's a vibe memory, some final adjustments.

It should be 20 or 30 days that I haven't spoken to him because there's been nothing, there's no type of disagreement. The team is quite well-oiled, and it's flowing very well.

I have absolutely nothing to talk about. I'm not saying that because I'm in public, but I also say this privately.

It's I have nothing to worry about in our relationship, no points of tension or adjustments that I should make. I'm certain that our joint venture will be a long-living one, and the initial results is exactly what we expected.

For next year, we already have given guidance of what we expect to do next year. We already spoke that we where we want to go.

His team is motivated. Ricardo is very even more conservative, he doesn't give guidance.

He's very cautious. Every time I say he always, 'You're giving guidance, let's be cautious.

Let's not give guidance.' We give the information.

The last 6 years, we've complied completely with everything that we have promised. The pipeline is already out there.

No doubt, there's no doubt at all that this will happen, unless there's some huge macro change in the program, which I do not believe. No matter who comes in as a president next year, it's a program that will continue.

It's a program state, it's a government program, not a not a program of the current government. This is already established.

I'll let Wanderley make take his question and let him answer the third part of your question.

Hi, Fabris. Thank you for the question.

Yes, of course, we have a level of landbank which is quite interesting. As you mentioned, already guarantees 2 years of business plans.

We have been able to connect very well the beginning of the payment of these plots of land with the launches of the program. We leave a small cash payment up front to close the deal, and the principal amount of payments paid off with the first year of the launch.

We burn a little cash, and we'll have a return during the construction of the condominium when it's a high-level property. This also helps us in the question of the management, capital management.

I think we're very comfortable in relation to the size of this land. Everything that we would launch in these projects, we add to our landbank so that we're able to go up to this 10 billion, which is very comfortable to be able to make 5 billion a year.

Maybe one quarter when we close with 11 or 12 or 9, but we're always going to be running in approximately 10 billion in landbank.

Thank you.

Fabris, okay? That's very good.

Thank you. Next question comes from Elvis Credidio from Itaú BBA.

Elvis, your microphone's open. Please go ahead.

Thank you to all of you. The

two topics here: about the condominium market, I want to understand from your side, from your point of view, what is the potential increase, we're very much at the beginning of this, we still don't have certainty, but the tendency that you see any risk, commercial risk, if in fact there's a great increase in these extra fees and why they're making the clients, and here through the condominium model. Do you think there's any risk in that sense?

Then the second question is cash flow. I wanted to understand from your point of view, since Única is already part of that now tax Única, it's a model needs capital, needs working capital going forward, I want to understand how do you imagine the need of the dynamic of cash generation for the next few years and if in any sense you think this will change what you have in the way of expectation for the payment of dividends?

Thank you.

Elvis. Let's, good morning.

First, it's very difficult to respond to this first part with total certainty if we look forward going forward and put significant variations in the INCC costs. When I answered in your the construction cost index, what has been happening and the level at which it's happening, remove demand, I would say no.

I gave an overview of why that was. I wanted to remind you that in 2022, we we got to accumulated of 12 months more than 20% of correction in the index of construction costs, and in that year and in the following year we had growth in sales at Moura Dubeux in spite of that, because people started to purchase more real estate.

The demand in our region is still very much undersupplied. From 2020 until now, the market in São Paulo in São Paulo, the quantity of product of products accompanied the growth of demand.

Look at the number of stock on the shelf, except for the second Dilma government, it was the same. We're selling a lot more because the market changed, in the market as a.

In our region, it also doubled in size, but the number of products offered has not accompanied the same level of growth, so much so that Moura Dubeux is closer, is stronger, and the ready to sell stock is on hand. Nobody listed, no real estate company has such a low amount of stock on the shelf as, except for very small businesses might have numbers as low as ours.

This dynamic of the real estate market in the Northeast, but we have demand, and this helps in that absorption of of and absorption of cost increase. Even with extra fees, the real estate arrives at the end to the client who wants to sell it more expensive than what he paid with the correction.

That the client has a real gain, and that's what's important. If this dynamic becomes, the inflation could be 5% a year, there's no loss of traction.

You buy an apartment and 4 years later the market is lower with inflation than what you paid. That works, that's what takes removes demand at the end of the line.

However, in our region, that's not the case. However, there was a huge petroleum shock, and the index close to 30%, and it's irrational, irrational that there's no way to give an answer to you what would happen unless you can suppose that, for obvious reasons, that this is going to create a problem.

You're not going to be concerned about the problems of the developers, the country is going to be passing through a dynamic, a problem a problem that's much higher. I've always said, and I reinforce here, and it's important to mention, that we work in extreme scenarios here in Moura Dubeux, which is why we would not leverage the company.

That's why we have much more exposure in the condominium market. That's why in Única we are want to grow, which has not grown as fast as demand in our area, and one of the shorter cycle.

That's why we look to partner with Direcional because of this caution. If it's a more extreme or recessive period in the country, our company is very well protected.

Wanderley mentioned that what we have in the way of amount contracted, we have 400 million in fees, but in launches we have 100 100 a billion, and we have zero nonpayment in Moura Dubeux. We have very great results by the contract, and so to focus on a company which is very healthy and which will very quickly turn into free cash.

We're going to diminish our our business plan with a great deal of performance, already in relation to our portfolio, it's very small. Let me mention something: we did an analysis, an extreme analysis considering that that which is sold is not able to be can be corrected above the INCC index, and that the stock which is corrected by the index, and we run out of labor.

The impact that you saw in there in would bring to the maximum a difference in value of 40 million reais in our in our value, which both in in cash and in results were coming like ours. The decisions which are taken here are always taken based on extreme possibilities against which we protect the company.

However, to say that we're going to reduce 5 percentage points of sales sales velocity if if the index arise in the end of the year, it's difficult to say. That's not what happened in the past.

What we say that to try to prove important number like the one which you mentioned, the possibility, is tanto quanto, it's as much as when the year begins and everybody bets where the interest rates and the dollar are going. Most people make some mistake, and that's what I wanted to talk about.

I think I've missed part of your question. About the level of leverage we're going to need moving forward, Elvis, it did not change.

The strategy is the same. We did the follow-on.

We mentioned the need for capital to leverage Única through to leverage Única, and we see our model in parallel with that in growing the company. There was demand for capital.

What we see today is that 2026 is a year which we're going to burn cash. '27 is a year when we're going to generate very little cash, we're talking after dividends.

In '28, '29, we will generate a volume a relevant cash model which will help us get to a payout of 50% without increasing our net debt. In 2030, we'll reach a stabilized level of generating cash which is equal to our profit.

At this moment, when you should see that's how you should see the company right now. This year we'll burn a little cash.

We're going to close the year between 10% and 15% of leverage, already paying announced dividends. Next year, considering 150 that we've already mentioned as well as the along with the 150 that we see in the model, we're going to wind up with this 15%.

We have cash generation close to 300 million to pay 200 million to pay this debt, pay these dividends, and in '27 and '28 we'll have a strong cash generation, will be generating a lot of cash in '27 through '29. That's our dynamic going forward.

Thank you very much, Wanderley. Very good.

Next question is from Rafael Eder from Banco Safra. Rafael, your mic is open.

Please go ahead.

Good morning, people. I have two questions that I wanted to hit.

First, you've already spoken a lot about this about Única. Want to understand how do you see at this current moment, is the administrative structure of Única will it handle the amount of launches that you have in the structures in aluminum, and what stage you are in that business plan?

Secondly, I wanted to talk a little bit about Mood and understand a little bit more these recent changes in the board, where you've brought the level to 600 million and the income to 13,000, if you see more clients in Mood and if you're able to increase your share of Mood in the associative credit, as you mentioned, which is a volume still very small, with a very low volume of credit from that. Thank you.

Rafael, very good. Good morning.

I liked your change the question. It allows us to think about, to give visibility to what's happening.

As far as the structure of SG&A at Única, we have the base already resolved with the headquarters here in our headquarters, already set up here in our headquarters. The operational directors, my team, of development product development, of launches, all already set up, segregated from the MDNE structure, and a lot of things using the structure of MDNE itself and Moura Dubeux and of Mood, as we work, all of the teams that are sit down here in the room, and they work for the three companies of the group and in several other areas as well, with no problem.

That which is only Única for a product or an operation or engineering, of development, landbank, prospect, legalization, it's the same route, get our projects approved in the city government, it's the same direction. There's also a synergy.

Mood is a concrete wall for a long time, and we have several already molds, and we have molds already purchased for Moura Dubeux as well, both for Direcional and for Direcional. Mood in Fortaleza, we acquired a mold, it's not from the project, it's the only one which we have combined with Ricardo and with amounts deducted for these molds within the project, this is working well, and we have no type of problem with that.

The second part of your question was about About Mood, of associative credit, if it's increased Okay. In relation to the fourth level of the program, in the beginning, in fact, the first projects of Mood, the Arborium and Melhores, they were not passed through totally, but I would say 50% was passed through, had no exposure of cash and there was no generation of cash, it was very good for us.

There was a certain moment when some projects in Mood which are above level 4, such as the Kennedy, Mood Shopping financed by Itaú and by Santander, there's no pass-through because these clients do not go through a pass-through, no subsidy of the interest rates for this type of product. Mood gets up to a million reais, the price of a Mood apartment, it doesn't work and there it doesn't exist, it doesn't work.

Since we've got to this first quarter, we launched in Maceió the Mood Jacarecica, the second Mood in that city. We decided that we're only going to offer one price, a smaller apartment.

Mood Kennedy, Mood Shopping, and Mood Cruz das Almas, very similar to the Arboria and Bellas Flores. The first 80 clients, 100% hired and passed through to the Caixa Econômica.

We've already seen, when you've seen with this change in policy, with the change in and increased maximum prices, the changes in incentives made by the government in the biggest pass-through in the under construction through Caixa Econômica, and that stimulation of the Caixa for this, I would say that we have here a card up our sleeve so that these other projects in Mood in this level, this segment, not have the same performance. I still say we're going to have a surprise, a positive surprise of Mood exposing less cash in Moura Dubeux, possibly less during the entire second project, and the second already be generating cash.

Very good. Thank you very much.

We have one more question, one last question from João Torat. He asks about dividends.

What is the possibility of the implementation of monthly payments due to the taxation for payments of above 50,000?

João, good morning. We have not studied this, it wasn't in our plan.

We prefer to do this in lots, as we've been doing. For now, I would say there's not this probability.

However, I'm going to give this homework for Wanderley and Barral to look at this going forward to see if this, how this would interfere with us. We will come back to you guys, get back to you then.

It was announced in this way. There'd be more for next year, for this year there's nothing else that can be changed because these plans have already been announced.

Having no more questions, Villar, your final considerations?

Thank you, Alan. Thank you, and congratulations to everybody on the Moura Dubeux team for these results.

You've accompanied our commitment, and we're very, very thankful for each one during this. Our shareholders like you here on the call, you can't hear, they're already we don't like the word 'retire,' we like to work hard.

Don't want to retire. To generate results for you.

Not just me or Barral or Wanderley who do any of this happen. Team of almost 8,000 workers already are love, are in love with what they do.

Have business which is capital-intensive, but of many also intensive in hourly work. Work hard here, we like this.

That's why we value people, have a lot of discipline, a lot of resistance, a lot of creativity, and commitment to that which is our proposition and our project. I wanted to all this team, thank you very much for all you're doing, and also thank each one of you for your confidence that you have deposited in us.

Everybody, both the buy side and the sell side, every report that you release recommending the company. We want to thank you all, very, very much.

All of us here want to thank you because it's not easy to conquer your confidence, it's very easy to lose it, and we give a great deal of value to that. We're very, very committed to that, I want to thank you all.

Have a great day. I want to end the results, finish the results presentation.

Have good next quarters, next calls and presentations. A hug to all, and have a great day.

Goodbye.