Good morning. I would like to thank everyone for attending Melnick's earnings call for the second quarter of 2026.

First, let's go through the quarter's highlights on slide 3 of this presentation. In the box on the left-hand side of the slide, we present 150 million reais in net launches in the quarter and 328 million reais in net launches in the first half year.

In the next box, we highlight 108 million reais in net sales in the quarter and 408 million reais in net sales in the first half year. In the box to the right of this slide, we highlight a gross margin, excluding financing, of 30.9% in the quarter, with an increase of 1.1% compared to the same period of previous year; net income of 34 million reais in the quarter and a net margin of 18.6%, which is an increase of 3.8% compared to the second quarter of 2025.

Moving on to slide 4, we observe the 122 million reais in gross PSV launched in the quarter, of which 114 million is the net amount, referring to the launch of the second phase of Square Garden project in Porto Alegre. In the first half year, we launched 370 million reais in gross PSV and 328 million reais in net PSV.

On slide number 5, we have an image of Square Garden, a complex with three residential towers on top of a food hall with almost 5,000 square meters, located on one of the main corners of the city, and it is currently 53% sold. Let us now move on to slide 6, where we address the company's net sales.

In the graph on the left-hand side, we can see that SOS of launches in the quarter was 15%, while the SOS of inventory was 7%, which means an average SOS of 7% in the quarter. We made 108 million reais in net sales, of which 90 million was from inventory sales and 18 million reais from sales of launches.

In the pie chart on the top right-hand corner of the slide, we present the breakdown in sales by business unit, where 68% of sales were concentrated in our Development unit and the remaining 32% in Open, our Minha Casa, Minha Vida unit. Finally, in the bar graph on the bottom right-hand corner of the slide, when we look at the projects that will be delivered this year, 81% of the units have already been sold, with the entire second half of the year still ahead of us to reduce the remaining 19%.

On the next slide, number 7, in the chart on the left side, we can see the company's deliveries. In the first half year, 563 million reais of PSV was delivered, 530 million reais of which in this quarter alone, distributed among six deliveries.

On the right-hand side of this slide, we bring some information about our operating capacity. We currently have 20 active construction sites: 14 in our Development unit, 3 in our Urbanizadora unit, and 3 in our Open Minha Casa, Minha Vida unit, for a total of nearly 4,500 units under construction.

On the eighth slide, we break down the six deliveries of the quarter, which are 87% sold on average. We highlight the three deliveries of the Nilo Square complex, with a hotel, compact commercial units, two high-end towers, and a shopping mall on the first floor.

It is one of the largest PSVs ever delivered by the company, and it's a commercial success. In slide 9, we break down the company's inventory by year of completion.

To facilitate the understanding of the company's finished inventory, the box on the left-hand side of this slide shows a donut chart that highlights the inventory of launches prior to 2020, composed mostly of commercial units, which make up 89% of the inventory of this group, which amounts to 102 million reais. In the bar chart in the same box, we can see that we currently have 1.291 billion reais in inventory, excluding the inventory launched prior to 2020.

Out of the total inventory, only 11% of it, 149 million, is finished inventory from after 2020. Of the remaining inventory, 33 million of it will be completed by the end of 2026.

In the graph on the top right-hand corner, we break down the composition of our finished inventory worth 251 million reais, of which only 30 million is in Urbanizadora, 170 million is residential, and 3 million of it is leased. The oldest and least liquid inventory, the commercial units corresponding to office space, stores, and hotels, amounts to 104 million reais, of which 44 million is leased or is from hotel units.

It is worth noting that 29% increase in the finished inventory in the quarter is due to the high volume of deliveries that happened in this quarter. At the bottom of this slide, we demonstrate the decrease in the company's finished inventory in recent years.

It once represented 30% of total inventory and now represents 18%, largely coming from our reversible lease strategy. In the next slide, number 10, we discuss our landbank.

In the box on the left-hand side of this slide, we see that currently we have 4.6 billion reais in total PSV, 3.2 billion of which is Melnick's share, distributed in 26 plots or phases. Of these, about 24% have already been approved.

In the next box, we show the composition of our landbank, where approximately half of it is in our Development unit. In slide 11, where we present the company's financial indicators, we can see in the graph on the top left-hand corner that net revenue in the quarter was 271 million reais.

In the first half year, net revenue was 591 million, a 5% increase when compared to the same period of previous year. In the chart on the right, we have the gross profit for the quarter of 67 million, with a gross margin, excluding financing to production, of 30.9%.

In the first half year, gross profit was 145 million, a 4% growth when compared to the first half of 2025, with a margin growing 0.8%. At the bottom of this slide, we show our net income of 34 million reais in the quarter and net margin before minority's interest of 18.6%.

In the first half year, net income reached 59 million reais, a 12% increase when compared to the same period last year, with a 1.9% margin gain. In slide 12, where we demonstrate our capital structure, in the table on the left-hand side of this slide, we ended the quarter with a net debt of 492 million reais, translated into a gross debt of 818 million reais, mostly to finance the projects under construction, and a total cash position of 226 million.

Currently, total shareholders' equity is approximately 1.221 billion reais, and our capital structure represents a net debt to equity ratio of 40.3%. In the box below, we highlight our consolidated cash position of 226 million and the profile of our debt, in which roughly 64% goes to financing production.

In the quarter, the company had an operating cash burn of 39.6 million reais, of which approximately 25 million was directed to purchase of land. Thank you for everyone's attention.

I would like to give the floor to Leandro, the company's CEO, for his final remarks, and then we will open for the Q&A session.

Good morning. I would like to continue our earnings call explaining the evolution of our operating strategy.

Historically, Melnick operates in the upper-middle, upper, and luxury segments in Porto Alegre. A few years ago, we began to study intensively a way to diversify our operations.

As a first effort, about four years ago, we launched some small projects in the affordable segment, the only segment in which we did not yet operate in the Porto Alegre region. Our intention was to test this market and gradually learn how to operate in it and get through the learning curve with low risk.

You can follow these figures on page 14. After a few launches, we decided last year to take another important step in this journey.

We created a company to operate exclusively in the affordable segment with our own brand, Open, and a dedicated team. Results came quickly.

We went from 71 million reais of PSV launched in 2024 to 196 million in 2025, focusing on projects in Band 3 of Minha Casa, Minha Vida program, where we see a relevant and profitable market for Melnick to position itself. Commercially, these launches were very successful, which proves that our initial thesis was correct.

To continue this journey, we recently brought in Renee, a highly experienced executive recognized for her competence, who arrives at Open with a very relevant background in this segment. The combination of our ability to create new businesses, the knowledge we have of the Southern region market, and Renee's experience gives us confidence that Open will have a very positive trajectory in coming years.

If Open represents our diversification by segment, Melnick Partners represents our geographic diversification. Melnick Partners is a real estate investment partnership company, which also started in Porto Alegre approximately four years ago, testing the thesis with low risk before any major movement.

To overcome this learning curve successfully, we structured the entry into the markets of São Paulo and Florianópolis through a model of investing in projects of the highest standard and extremely well-located plots. Each partnership has its particularities, but they all respect some concepts of our business model: traditional partners with a proven track record and high capacity to integrate quality and operating safety, contractual protections, and very judicious investments exclusively in land that allows for the development of projects that are highly desired by the market and so greatly reducing commercial risks.

On slide 15, we show five projects already underway, two of which have already been launched. It is important to analyze the location and size of these lots, which allows us to develop high-quality and unique projects.

In this model, our partners are responsible for the day-to-day operations, which provides operating security, while our expertise adds control and value to the investment business. On slide 16, we highlight our businesses in the state of Santa Catarina.

The lot on Jurerê Beach is a rare, large-area asset, which enabled significant PSVs. We invited Dimas, a traditional and very well-structured company in Florianópolis, to be our local partner.

It is a project with the potential to generate a great impact for our entry into the capital city of Santa Catarina. Still in Santa Catarina, we introduce you to Otempo, where Melnick participates as a consultant.

It is a unique luxury development with a huge PSV, which brings together in a project signed by Norman Foster, a residential project and an Emiliano hotel. It is certainly a future landmark for the region of Praia Brava close to Balneário Camboriú.

Acting only as consultants guarantees relevant revenue for the company without exposing Melnick to the risk of developing in a region where we still do not have depth of knowledge of the real estate market. The practical results of this diversification strategy is that we have today in Rio Grande do Sul including the affordable segment to our portfolio through Open, and we gain the optionality to allocate our capital in high-end projects very well located in São Paulo and Florianópolis.

Over time, this diversification will provide us with the choice of capital allocation, which will certainly mean better results for our shareholders. From the point of view of financial structure, Melnick has always been guided by being conservative, solid, and unleveraged, prioritizing the highest profitability for our shareholders.

This discipline has translated into a policy of intensive dividend payout in recent years, with virtually 100% of profit paid out. Last year, we had an additional increase in earnings generated to our shareholders through capital reduction.

It was precisely this solidity that has given us room to fund the investments needed for the diversification movement that we explained here. Investments in the purchase of lands have increased our leverage, with corporate debt reaching 16% of shareholders' equity, and have added to production financing a total debt of approximately 40% of shareholders' equity.

Even though these levels of leverage are still healthy, starting next year, this situation will begin to move back to the company's traditional capital structure, which is based on low leverage. We should see in our figures the return on investments made, the increase in the results from Open, which, when added to the maintenance of the results from the launches in Porto Alegre, should increase our results and start a deleveraging curve.

Our cash position should further be reinforced by a relevant volume of projects to be delivered in future quarters. We have completed the initial investment cycle that allowed for the diversification of the company's operations, maintaining our strategy of being a solid company with a long-term vision and focused on the highest return for our shareholders.

Lastly, I would like to thank everyone for their presence and for their continued trust in Melnick. Thank you.

Hello. Thank you for taking my question.

I would like to understand how you see this question of banks. We see Caixa Econômica squeezing, shutting down the faucet a little bit more in terms of credit.

How you see this behavior in June and July, if you see this affecting your affordable income segment or other income segments, and how the private banks are behaving, if you noticed any change in behavior. In the affordable segment, I would like to understand what's your endgame in terms of size of operation, PSV, what you see looking forward.

Good morning, Ygor. Thank you for your question.

In both Caixa Econômica and other banks, we are in the same situation as previous quarters. There's nothing different now for us in Rio Grande do Sul.

In relation to private banks, it's the same situation. The credit is squeezing, but we still have partners that are following through with their operations.

On our side, everything's stable. Leandro will answer your second question.

Good morning. Open's vision in a strategic way, to complement the explanation that we gave, is that we started a cycle of growth, and the size of this growth will be based on the way we understand the market to be able to absorb this and our operating capacity.

Renee entering our team reinforces it. Melnick has a functional structure that's always conservative, and we will not speed up too much the segment even though market conditions are favorable as we see them.

We see this in the South. It's important to note that our knowledge in the Southern region market is open to all analysts.

It's a market that was much less offered in the affordable segment through Minha Casa, Minha Vida, especially in Band 3. Due to a series of structural issues, the market in Porto Alegre and region did not have the same kind of offer other regions had.

We do not have in the South great-sized operations that operate in this segment. 200 million reais was our operation last year.

We had great results. We have a growth journey without determining the speed of this growth.

We have a very positive view that Melnick will be able to use its strength to generate very qualified projects in this affordable segment. As I mentioned, structurally, it's a company that has been much less offered in these last 10 years than other places.

We think it's reasonable to expect in incoming quarters that these numbers increase and become more relevant, but without determining the exact pace we will follow. It's very clear.

Thank you. Have a good day.

Good morning, everyone. I have two questions on my side here.

The first one is concerning the launches pipeline. When we look at the market, it was mentioned in the previous quarter, we see a more challenging market for the middle-income and more favorable for the lower-income.

I would like to understand how you see the composition of pipeline looking forward between Melnick and Open, and how much you have been revisiting this pipeline in terms of expectations of changes in it. My second question is a little more detail on your expectations for cash generation this year, and how it will impact your payout expectations or dividend payout.

Thank you for your question. Let's begin with the launches and cash generation.

Because Melnick is operating in different segments, it gives us the opportunity to allocate capital in a more intelligent way and notice how the market is absorbing it. It's reasonable to expect that Open will increase its participation in future quarters, not just the second quarter of this year, but we are looking forward in coming quarters.

We know that in the real estate market, movements occur in mid and long-term plans. Within the high end, we are concentrated launches in the very high-end luxury segments, which is a different performance from São Paulo, which doesn't have a very concentrated offer in this high-end segment.

Our figures are reflection of the year. We had launches predicted in a high volume for the second and third quarters in the middle and upper-middle income, which we understand that the market nowadays, because of the high interest rate, makes it more difficult.

It's not such a positive moment to absorb these launches. It was land acquired through swaps, without a carryover cost, we were in a position to manage this and hold up on these launches in the middle income and concentrate in the high end and luxury.

For the year, we will have a similar volume to previous years in the high end, but with a more concentration in the fourth quarter in these projects in the very high and luxury segment.

Regarding cash generation, I will make a few remarks. I will talk about more strategic issue.

We had a movement that I explained in these past 12 to 18 months of work in which we diversified our operations moving out of Porto Alegre and going, especially through Melnick Partners, which is a partnership in São Paulo and Santa Catarina. As we showed in the presentation, we had some very important projects.

This implied in a increase in cash burn, and in this movement, we increased it, and we see in the second quarter. We are planning in the second half of the year to not have such high cash burn, and starting next year, we will probably go into a very important cycle of cash generation.

In dividends, and then will be impacted by this because we see this curve that we still learning. We are going to match this strategy that we are communicating now of not increasing cash burn starting in the second half year and decrease our leverage.

Depending on operating movements, we're going to adjust the dividend payout to respond to this behavior. Another important point in cash generation that affects this situation is that in the next quarters, we have very important deliveries from projects that have sold very well, which generate very positive cash to export to other things.

Our gross margins have grown because the projects that have been delivering are projects that have a higher gross margin than the average of our inventory.

Just to complement the answer, but focusing more on sales, I think it's important when we look at Melnick Day, which is a moment for sales that's very important. When we compare this year to last year, they happened in different quarters.

When you compare a more comparable way in terms of sales of our second quarter is the third quarter of last year. We have very similar sales in terms of inventory in this quarter and the third quarter of last year were the sales of launches because we had fewer launches.

We see a quarter post-Melnick Day in terms of volume of sales that's very similar to last year when Melnick Day happened.

Hello, José. Thank you for your question.

There are some subtopics here. The market in terms of the consumption of real estate projects, because of the flood, has already been overcome.

Of course, the impact of the flood happened, but the state was able to overcome this. Of course, we are influenced by the same structural situation that affects the whole country, high interest rates.

It impacts the Southern region. Concerning the flood itself, it's already in the past.

We had some important impacts as, for example, the location of some projects. There's a very important situation here, a movement in the state, where we see some high consumption in some projects that sold a lot of inventory.

Projects in high demand nowadays are in regions that were not flooded. This favors us because the land that Melnick owns are in regions that were not flooded.

There are important issues that are related to the flood. The second part, I commented, the market itself has already put this issue in the past.

For Melnick, it's important to mention in relation to the market, which is a consequence of the flood, the number of companies with a solid and growing economic capacity in our market in Rio Grande do Sul is lower than in other regions, which makes the number of launches to be regulated because the market's not consuming, the company are launching less projects with certain types. This makes a difference with markets in other regions, where we see an exaggeration of launches in some segments.

This difficulty in the Southern market decreased the number of launches, which led the inventory at a healthy level. General launches