Good morning. I would like to thank you all for attending Melnick's earnings call for the first quarter of 2026.

Let us begin by going over the highlights for the quarter in slide 3 of this presentation. In the box on the left-hand side of this slide, we show you the 213 million reais in net launches in the quarter.

In the next box, we highlight the 300 million reais in net sales in the quarter, as well as the reduction of 14% in the finished inventory when compared with the previous quarter. In the box on the right-hand side of this slide, we highlight the gross margin, ex-financing, of 28.5% in the quarter, and a net income of 25 million, which is an increase of 86% when compared with the first quarter of 2025.

Moving on to slide 4, we can see the 249 million reais in gross PSV launched in the quarter and 213 million net, two launches in Porto Alegre: Sim, Três Figueiras and phase 2 of Open Bosque in the Minha Casa, Minha Vida segment. In slide 5, we present Sim, Três Figueiras, an upper middle-income project that has 57 units with three en suites and complete infrastructure, which is currently 56% sold.

Also, Open Bosque phase 2, a project in Minha Casa, Minha Vida segment where 51% of the units have already been sold. Let us now move on to slide 6 where we discuss the company's net sales.

In the graph on the left-hand side, we can see that SOS of launches in the quarter was 38%, whereas the SOS of inventory was 15%, which means an average SOS of 18% in the quarter. We had 300 million reais in net sales, of which 218 million was inventory sales and 82 million was sales of launches.

In the pie chart on the upper right-hand corner of this slide, we break down sales by business unit, where 85% of sales were concentrated in the Incorporadora unit. Finally, in the bar chart on the bottom right-hand corner of this slide, when we look at the projects to be delivered this year, 86% of their units have already been sold, which gives us the whole year to sell the remaining 14%.

In the next slide, number 7, in the graph on the left-hand side, we can see the company's deliveries. In the first quarter of this year, it amounted to only 23 million reais of PSV.

On the right-hand side of this slide, we bring some information concerning our operating capacity. Currently, we have 20 active construction sites, of which 14 are in Incorporadora, four in Urbanizadora, and two in Open, amounting to over 4,500 units under construction.

In the eighth slide, we show you the only delivery of the quarter, which is 84% sold on average. It is the third phase of The Grand, a high-end residential development in the city of Canoas.

In slide 9, we break down the company's inventory by year of conclusion. To facilitate the understanding of the company's finished inventory, the box on the left-hand side of this slide, highlighting the donut graph, inventory launches prior to 2020, pre-IPO, it consists mostly of commercial properties amounting to 88% of the inventory and it's worth 118 million.

The bar graph in the same box shows that currently we have 1.258 billion reais in inventory, excluding the inventory launched prior to 2020. Out of the total inventory, only 5% or 76 million corresponds to finished inventory after 2020.

Out of the remaining inventory, 115 million will be finished by the end of 2026. The graph in the upper right-hand corner breaks down the composition of our finished inventory, worth 194 million.

Only 22 million of it is at Urbanizadora, 64 million is residential, of which 4 million is leased. The oldest, least liquid inventory, the commercial units, which include office spaces, stores, and hotels, add up to 108 million, and 39 million of which is leased or referred to hotel units.

Here, I want to draw your attention to the 14% of reduction in the finished inventory in the quarter. At the bottom of this slide, we show the reduction of finished inventory in the past years, which at one point was 31% of total inventory, now represents 14%, mainly as a result of 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, you can see that currently we have 4.4 billion reais in total PSV, of which 3.2 billion is Melnick share, comprising 26 lots or phases.

Roughly 20% of it has already been approved. In the next box, we show the composition of our landbank, where 62% is with Incorporadora.

Moving on to slide 11 where we show the company's financial indicators, we observe that in the graph on the upper left-hand corner, the net revenue in the quarter was 320 million reais. The graph on the right-hand side shows that the gross profit in the quarter was 78 million and the gross margin excluding financing production of 28.5%.

At the bottom of this slide, we show our net income of 25 million reais in the quarter and net margin before minority interest of 11.2%. In slide 12, our capital structure is shown.

In the chart on the left-hand side, we ended the quarter with a net debt of 452 million, a gross debt of 702 million reais, mainly to finance our projects under construction, and total cash position of 250 million. At present, our shareholders' equity is approximately 1.237 billion reais, and our capital structure represents a net debt-to-equity ratio of 36.6%.

The box at the bottom highlights the consolidated cash position of 250 million reais and the profile of our debt, which consists approximately of 78% of financing production. In the quarter, the company burned operating cash to the amount of 33.8 million, of which approximately 22 million was used to purchase land.

Besides, we carried out a stock buyback to the amount of 10.5 million. Thank you all for your attention.

I would like now to give the floor to Leandro Melnick, the company CEO, for his final remarks, and then we will take your questions.

Good morning. We ended the first quarter of 2026 with good operating numbers.

Considering the country's current macroeconomic scenario, our figures, when compared with the same period of the previous year, represent a significant improvement. The company's results increased 86% when compared with the first quarter of '25, reaching 25 million reais.

Our sales reached 300 million reais in this quarter, surpassing by much the results in the same quarter of the previous year, which was 130 million. Additionally, we had some launches in this first quarter, which didn't happen in the same period of last year.

We'll have a year with many deliveries of projects that have been selling very well, projects that demonstrate that Porto Alegre's market has been absorbing our products. The products that Melnick has been developing, building, and delivering have consistent differentiating factors in relation to what the market has been able to deliver for the most part.

This leads us to the understanding that we are going to have a very positive year, a year of evolution compared with the results we had in the previous year. This is part of the company's strategic planning.

Hello. Good morning.

I have two questions here. The first, I didn't see some news about the new zoning for Porto Alegre.

I would like to have an update regarding what you see this will have for Melnick, what it means for you in terms of purchasing land, the kinds of projects, even launches in the year, what this new master plan can change for the company. The second question is the sales of inventory.

You commented that you sold a lot of inventory, and I would like to understand how you see this demand at the end, what kind of strategies you have been using to sell these units, if you have to give some discounts. This is what I'd like to know.

Good morning, Gustavo. I will answer your first question.

Considering the master plan for Porto Alegre, it was consolidated yesterday. The council of the city, it's a relevant master plan with many significant changes toward a more strategic vision for the city.

It increases the density for the city, releasing some parts, changing the way the buildings will be laid out. It will increase the population density of the city, leading to a more appropriate use of the space.

This evolution will have an impact in the mid-term to our operation. We are going to have bigger buildings, taller buildings in land that today we have, in the same land, smaller buildings.

Our landbank is, the part that we have purchased and the part we have swapped. In the mid- and long-term, we see a potential to improve the projects in this land.

If you have been following the real estate crisis the city has been going through, a decrease in the price of land, which is different from what's happening in other cities, our real estate market has been suffering the result of the high interest rates, it has been affecting price and it changed the conditions for purchasing this land. Adding these two factors, a landbank in the mid- and long-term, we see an interesting view and we're going through a moment that is increasing the attractiveness of this land.

Now with this new master plan, we're going to see land that can deliver a higher potential. We have been analyzing this case by case in terms of the landbank we have and the pipeline we have, but our evaluation is a very positive one for coming years.

Juliano here. Thank you for your question.

I'm going to answer your second question regarding finished inventory. In this first quarter of the year was a very good quarter for sales of inventory.

We had a Melnick Day, an event that happened in the first quarter this year. Last year it happened in the second quarter, we were able to speed up the sale of inventory.

Last year it represented more than 30% of the sales of the company. Today it's below 15%.

We have been reducing the size of this inventory, especially because it's an older inventory which it's basically commercial inventory that was created when there was more demand for this kind of product. We have been using our reversible lease strategy where we lease these commercial units and then sell them in time.

Now we see the results. The finished inventory reduced from 80% to 14% now.

In terms of margin, we are always updating our values using the real values, we are always close to the reality. It's natural that this finished inventory had some slightly lower margin, because it brings the margins a little lower.

It has been moving along very well in terms of moving this inventory. For the next quarters, we believe we'll be able to sell this inventory well.

In the future, we'll get to the position that we always imagined, to a position that will be between 10% and 15%, closer to 10%, but we still have a few months to keep doing this. When we separate this older commercial inventory from the projects that we have delivered more recently, that are 80%, 90% sold, this finished inventory in this past few years have always been lower than 10%, 6%, 7%.

It's a very healthy inventory that has been coming, the newer one.

Thank you.

Good morning. I have two questions here.

The first one is concerning the margins. When we look at the accounting margin, we see an increase in the accounting margin in relation to the backlog margin, which dropped a little bit in this first quarter.

I would like you to explain the motivation for this dynamic and also if we had seen a one-off effect in these margins and how you see these margins going forward. The second question is regarding cash generation.

I would like to understand a little bit more about how you are generating cash this year and how this affects the dividend payout.

Hello, Juliana. Thank you for your question.

Regarding margins, we have a planning. We have been analyzing previous quarters.

We have seen an increase in these margins. When you look at the quarter readings, we have to take into consideration the seasonality.

We also have the Melnick Day, which is a very important factor because it increases the volume of sales in the quarter. In previous years, we also saw this phenomenon.

The quarter in which the Melnick Day event happens, we have some noise, let's put it that way, that increases the margins. The company's margin is stable.

Looking forward, we see an increase because we have been able to transfer part of these costs to the price, and it has been absorbed very well. It has been 90%, 95% sold.

The recovery of these prices is slow. We have been recovering the margins.

In this quarter, we have had this Melnick Day's noise because it concentrates a lot of sales of inventory. This year the event, when it comes to inventory because it refers to projects that will be delivered and the finished inventory is selling very well.

We're going to concentrate the event on these best-selling projects, the margin becomes a little more negative. The reading that we make is a stability in these margins, the accounting margin, the REF backlog margin.

Concerning our cash position, we have a dividend payout policy that's very clear. We are a company that focus is on cash generation and dividend payout.

Of course, the real estate market, which adds to the macroeconomics of Brazil, we manage the year and the moment according to circumstances. We see in this year with some relative stability of future facts that are significant, due to our national political questions as well as international questions, wars for example, we have been more conservative in this year.

We are not following the previous policies of paying out dividends quarter to quarter. We're going to wait how the year progresses to understand if we are going to keep the policy of more frequent dividend payout or if we're going to retain the cash in the company because of the macroeconomic effects, national and foreign.

We're going to wait for the next quarters to have a clearer view of Brazil and the world to understand how we will behave in relation to dividend payout.

Thank you.

Good morning. Thank you for taking my question.

I have two questions. The first one is regarding provisioning for contingencies and cancellations.

I would like to see how these two lines are evolving and in terms of operating expenses, what's your motivation for the behavior of these two lines? The second question, I would like you to talk a little bit more if you can about what you will announce, a partnership with Verde in the real estate fund.

I would like to understand a little bit more the scope of this partnership and if you think your area of partnerships will be able to create more solutions for you.

Good morning, Juliano here. Thank you for your question.

Let me answer first about cancellations. For now, cancellations are in line.

Nowadays we have in our portfolio cancellations that are very well aligned with what we expect. Of course, after the floods that we had in the past, we were a special moment, but we have been dealing with this well.

We have seen a slight increase in part of our portfolio. It's a part of the portfolio that we began with negotiations after the floods that happened, which was our way of trying to deal with that crisis.

We were more strict in the negotiations. We had a slight oscillation, but bringing that the whole portfolio we barely notice it.

By the end of the year, we have been working with cancellations that are in line, and we do not expect any news, any improvement or any worsening of this situation. I'd like to take advantage to also think about strategically, which is a partnership with Verde fund.

As I commented before, we see a decrease in the high end, mid to upper middle-income, a decrease in this market in Porto Alegre regarding the volume that the market can absorb. We see a percentage of selling that's very good.

We started more active with Open, which is Minha Casa, Minha Vida, it's been performing very well, very, very well. As we see this in Brazil, too, in other companies in this segment, affordable segment.

The companies that operate in the level 3, the publicly traded companies have not entered in our market. We see this with very optimistic, that the city of Porto Alegre, we see very few construction sites in this segment.

In the future, this will improve our results in the way we structure this segment. The other activity that we have been increasing is the partnership, which is different from other Brazilian companies.

This is a branch of the company that makes real estate investments in other developers. We already invested in nine developers, and four of them are companies that in Porto Alegre operating in smaller projects, and the other ones are in Santa Catarina and São Paulo.

This project, we have great expectations about this project in its ability to add value to this company and also especially in São Paulo to enable us to buy some land, which we know it's a challenge in São Paulo, especially mid-sized good companies. This partnership with this fund, the green fund, it's a long-term project, and we believe we'll have a significant volume to raise funds in the swaps.

We do not have an operation in São Paulo traditionally speaking, in a vertical way, we operate by allocating capital in other projects. With Verde, we built a fund that in partnership with other developers we purchase land, this fund is swaps, and occasionally Melnick can participate in parts of these projects, and this is a way of us allocating capital.

We see this very positively because we have been able to participate in these projects that bring very positive, in very good areas of São Paulo, in very good neighborhoods. These are very well-located projects and thanks to my experience when I was at Even.

This fund gives us this tool of acquiring land that do not use company's cash and gives us the possibility of having partnerships with very good companies like You,inc. We also had some projects with Even in Nova Conceição neighborhood.

We're going to bring more details in the future. We're very happy with this strategy.

It gives us a very ample and diversified view for Melnick, getting away from the concentration of Porto Alegre, but we do this responsibly in terms of cash and production capacity.

Thank you.

Thank you, Mateus. I have already commented on this, but it's important to reinforce this, that our strategy is to be a company that has low cash-burning and high dividend payout.

This is still our strategy, but we signal this quarter by quarter, year by year, considering the circumstances of the moment. We are going through a very turbulent moment now, which makes it difficult to understand the mid- and long-term, especially in Brazil.

We have some important political questions here and also international questions like wars, we have been more conservative of not paying out dividends every quarter. We are going to wait a little bit more to see ahead what the scenario will be in Brazil.

Another factor that has to do with a company like ours, which is capital-intensive, we have the moment, consider the opportunities. Usually, big opportunities come where capital is more scarce, is more expensive, like the current moment.

We have been able to take advantage of these very interesting opportunities concerning the purchase of land. These are opportunities that we are taking advantage of.

The crisis allows us to make some investments in terms of purchasing land. Considering these factors, we are going to have a year that will mean more analysis, especially in the next two quarters, to understand if by the end of the year we are going to do our usual dividend payout policy, which is in terms the percentage of this payout.

The first part of your question, it's more ample. Our partnerships have been performing very well.

We have been able to get the moment right. The real estate market in Santa Catarina is booming, and in São Paulo it has a strength of its own.

In São Paulo, we have some difficulty of purchasing land, in Santa Catarina they want to work with companies that are more structured. We were able to close partnerships that are very interesting, involving very good land, and this in the future will bring us very good results.

This is improving our figures. In São Paulo, we're going to have two launches this year, and in Santa Catarina, in relation to São Paulo, we have a one-year delay.

Our partnerships are very important, where launches will increase naturally, probably in the second quarter, but in coming years it will increase. Thank you for your question.

Just another point I'd like to make here regarding Minha Casa, Minha Vida. You signaled feeling more comfortable in growing with Open unit, and my question is how you see this scenario of supply and demand for this segment in the city.

A broader view of Minha Casa, Minha Vida in Porto Alegre and how Open will benefit from the new master plan in the city.

Thank you for your question. It helps us to share with everyone a vision for this region, for this city that's not so clear, obvious.

It's a very particular situation, and we think it's very interesting to give it some context. The affordable segment, as we know, it has grown a lot in these past few years, and in Porto Alegre this growth didn't happen for some circumstances, especially the geographic circumstances.

We did not have land that was suitable for this affordable segment. Second, because domestic companies did not come to Rio Grande do Sul, and the floodings that happened made Brazilian companies look at this region with more caution, and this created a vacuum, an emptiness for Rio Grande do Sul.

Even with the positive circumstances all around Brazil and with Rio Grande do Sul with high income, this didn't happen in the state because of this crisis. We see this opportunity.

We have been working on this for 6 years slowly. We have launched and delivered some projects in this segment, but within Melnick.

This was us following the learning curve. We were able to build a very interesting landbank because the crisis in the middle-income segment allowed us to buy land in Porto Alegre probably 60% lower than it used to be.

We're able to build a very significant landbank in Porto Alegre, four projects in the affordable segment of Minha Casa, Minha Vida in regions that never had this kind of project. We have been very conservative, analyzing the risks involved in this, these are few construction sites within the city of Porto Alegre.

These are not several construction sites spread out. We understand, last year we were at the moment after 4.5 years of operating in this segment to build a company exclusively for this segment.

The launches have been happening, and they have been happening in a way that makes us very enthusiastic because we have been able to preserve the average price. We are operating just in the level 3 and the beginning of level 4, which is the segment in the affordable that is closer to our average income.

With this operation, we have been increasing our landbank through swaps, very strategic lots. Our expectations are high.

We do not imagine a very fast growth in this segment because we are very conservative. We are working to understand the operating issues, not just the commercial issues, but operating issues that may cause a problem.

We understand in Melnick's future view, we see Open as something that will gain relevance in our figures, but not an exponential growth, which is not part of our strategy. It's not how we understand the real estate market.

Thank you.