Good morning, everyone. It's a pleasure to be with you and discuss the results of the first quarter of 2026 of Multiplan.

I'm going to start by reinforcing the consistency of our strategy throughout the years. This disciplined execution is translated into cash generation and value creation for our shareholders.

We are doing an investment cycle focused in the improvement of our malls through expansions, revamps, and changing of the mix, always focusing on the demands of the consumers. We also intensify the promotion of events and experiences that connect to people and bring new things.

The results of this first quarter show clearly the effect of this strategy. Record of sales, EBITDA, the highest records of FFO, and all of that was achieved through a long period of high interest rates.

It shows the resilience of our business model. We just launched the expansion with a lot of success in growing 24% over last month in that mall.

Now our focus is on three new launches still this year: expansion of BarraShopping, BH, expansion of ParkShoppingBarigüi, Brasília. They increase the potential for the generation of revenue and value creation.

The results of the first quarter are bearing the fruits of our digital ecosystem. Multi is an important tool for the decision-making process of the company.

With over 10 million downloads, we are guided by the big amount of data that allow us to know our clients very well. With that, we offer relevant services, personalized services, and help our tenants to improve the results.

This investment cycle doesn't finish in 2026. A robust new project of expansions and entrepreneurial real estate projects: BH Shopping, ParkShoppingSãoCaetano, and Jundiaí, and the third phase of Golden Lake and Lake Baikal, and residential projects besides VillageMall and BarraShoppingSul.

To accelerate the growth of other enterprises, we launch contracts for the residential and commercial projects in three malls: ParkShopping Jacarepaguá, ParkShopping Rio Grande, and ParkShopping Canoas. We would like to thank you for your investment in the company and your trust in the company that is fundamental for our journey.

Thank you very much. Thank you.

Hello, thank you for the presentation. Two points: well, we fell on the 89%, I understand more pressure, was it delinquencies, non-recurring?

What can we expect in this NOI? You could control very well this movement in terms of occupation.

What can we expect throughout the year? There's a trend that is more positive in the occupancy throughout the year, thank you.

Hi Ygor, thank you for the question. The NOI margin is normal, we've had a delinquency that was not expected and we have three actions that were not paid and you had an increase of the cost, but this is from the day-to-day.

If you imagine the amount of GLB that we produced in the last 24 months and we're still going to produce this year, this happens with those of us that work with it. I think that this is a bit [point situation?]

, we are focusing in keeping the level of allocation and vacancy the lowest possible, still with a higher number of stores. We are growing 50,000 m, 50,000 m over the last 3 years, it's a progressive challenge.

I think that just in this base, the first quarter of last year to this one, 80 stores and 18,000 square meters. If you look at this graph in 5 years, you clearly see this evolution.

It's just what we commented. It's important to measure what we are doing.

We are always trying to deliver the best experience. To not do anything is not an option.

If you don't do anything, you're not going to innovate, you're not going to improve the condition of the store. In that sense, you end up running more risks.

Very satisfied, as I told you, with the results of the company. Thank you Eduardo and Armando.

Eduardo commented on the Capex, but I wanted to understand what do you understand, since this is a threshold that is imagined it was going to fall, but I want to understand if it makes sense. Second related to that, I wanted to understand how is your mindset.

You commented the focus of the year is deleverage, having a good deleveraging. I wanted to understand is the target of net debt over EBITDA and how do you relate to that, and how can generate the interest of her capital payment?

Can you repeat the first question? You talked about Capex and the second part, we didn't get it.

Can you hear me well?

Yes.

The first question was to understand the threshold of Capex for the year. We imagined a drop, but this 116 can be a number that we are going to have over the next quarters.

The second one is to relate, how do you work this Capex with the threshold of deleveraging for the year, and is there any target? Should the focus be any target for net debt over EBITDA, or for the size of the debt, you can feel more comfortable to distribute the interest of her capital and dividends?

Thank you Pedro. Both.

Let me start by the last. We don't have a target for this deleveraging.

Of course, we want to be as light as possible, either to seize an opportunity or do what we just discussed, interest of her capital, you name it. Obviously, the environment of interest rates are going to fall,

it's going to help the economy in a good perspective. We are always looking at the opportunities in-house or outside.

It's a constant, and we don't want to stop growing. As I told you, the best way of you perfecting is growing.

It's not just managing what you have. Capex, we are investing a lot.

We've just delivered a new mall, it's a project that is 500 million and expansion. We have another three expansions for this year, and the Golden Lake.

We are still using a lot of resources, as you see. Eduardo, you were commenting...

This is concrete, the Capex related to the revamp had a drop, enormous drop in regards to last year, 14% of the NOI below than the record margins. You have a Capex that is being used as Eduardo commented, and our plan of delivering this expansion, and looking to the future, the opportunities.

Thank you.

I wanted to approach two points. They come from delinquency.

Delinquency, I think that Eduardo already discussed this. There were a few contestations in the first quarter, if you can give us more opening.

Was there anything regarding the client or something more generalized, and if it's somehow, could you open the size of the delinquency? What was the impact of that value that was discussed and how much it would be that non-recurring?

On the sales, can you give us some color on the dynamic of April? Do you have any indices that you can share?

Is it accelerating vis-à-vis the first quarter, any sector, services that has outperformed? A bit of color in the April sales, that would be great.

Tainá, Armando.

Thank you for the questions. Let me start by delinquency.

We already commented, there is a great part of this that in fact we're not going to give more details that is related to a few discussions that are legal frameworks. I see it's a specific pinpoint.

We see health very well, thank you very much, but when you compare to the previous year, and you have to look at the picture and comparing to the before, no, this one is not so pretty. Last year, we could have a lot of recoveries of expenses and delinquency that was really good for the first quarter, less expenses in the shopping mall last year.

Of course, the base of comparison seems worse. In regards to sales, we don't see anything a lot different from what we've seen this year, but to close this month, we've seen Eduardo commented the number, MorumbiShopping very well, the sales are growing 24% in this month of April.

This is a good trend. We are very confident in the change of mix, revamping, expansion, and there is a slide that we show in this call on the page 5 where we compare the portfolio over the last 5 years.

I give you the example. We compare the shopping malls that were expanded, the portfolio grew 50%, and the New York doubled the sales.

What was the area in New York? It was the first shopping mall revamped that we had a change of mix and the revamping that was stronger at the beginning of the cycle that Eduardo commented in the beginning.

There are 15 days that we just had the closing of the quarter, imagine this looking to the future. You have that expansion that was so transformational, how it will impact so positively.

Complementing, we've done and we are still doing, there is a whole year for development, there is an expansion in Brasília that will be very impactful for Brasília as Morumbi was for São Paulo. Morumbi, the impact that we had in São Paulo helps us a lot in Brazil, so that helps the company advance.

I really like to look at the experience of the people that go to the mall and they consume or not. Everybody is welcome.

That experience improved over the last years with everything that we've done. I'm always optimistic because I believe in the capacity of the company to generate this positive expectation for those that go to the mall.

This is what we've done over the last 50 years and this is what we're doing well. In the public meeting, you can see Eduardo went over the connection as someone that goes over the mall.

We are always with this communication and alignment, and this explains the strategy and the help there. Thank you very much, Tainá.

Thank you, very clear.

Good morning, congratulations on the quarter. I have a few questions.

Disinvestment in the last quarter: 10% of Belo Horizonte, 10% of ParkShoppingSãoCaetano. Is there any appetite for selling of the partnerships, or the focus goes back to the organic growth at the opening and Golden Lake?

The second question, from now on, in real terms in the quarter, well, we're going to keep this 3% level, is it real? The sequential improvement, do you attribute it to the revamping and expansion, or is it something more specific on the contracts?

Thank you.

Jonathan, disinvestments: it was very clear our strategy of communicating this frequently on the generation of value for the investor, the shareholder. This is our focus: generating the best opportunities, selling or buying.

What we start to have is an activity that is higher in the value creation, we repurchased the shares with a lower cap, generating a value for the shareholder, trying to have a more quicker the deleveraging, seizing opportunities. We're very consistent to what we announced last year, and

within the strategy, the terrains that we are developing, we are going to try and find partners that can create this in the shopping mall quicker and creating opportunities for future expansions. We've done several improvements in Ribeirão Preto.

Eduardo announced three new, and it's going to be a positive impact. This is very important because it's a different dynamic for the company.

Since I took over, we had an expectation of developing everything, well, we're only going to develop what we have in-house. What we don't have, we're going to unlock value, as it was done in Ribeirão Preto, Campo Grande, and Maceió, and here Jacarepaguá now.

The idea is not to become a bank of terrains. We're going to continue to do business and generate more traffic of returns for the shopping mall.

Let me get an example. We are discussing 1,500 people going over the shopping mall that we've just done the business with.

Just on the project, it's 300 rooms. You're bringing traffic to the shopping mall and you're unlocking value for the terrain.

What we developed in the sales of Golden Lake and the project on the side of the VillageMall. We have to have hands to do it, we have to have a margin to build, and what we cannot do, well, let someone else do it.

I don't want to do everything. In regards to the same-store rent, it's very clear, your question.

I'm going to break it down. You asked about the quarter, 3%.

When you look at this long series since listing, 13.5%, more than 3%.

We've had the records that were consistent of real growth, regardless of the index of inflation that is before. It became positive, and I'm talking about 12 months.

It's pushing the revenue of rent. I hope I answered your question.

Thank you.

Good morning, everyone. Thank you for the opportunity.

I wanted to talk about the cost of construction. It would be on the Golden Lake.

You are recovering the margin of the project, do you feel any impact of this increase of the INCC and how that would impact the trajectory of improving the margin, and would it impact the plans for the next phases of the project? The second one for the cost of construction, thinking about the expansion, the projects.

Understanding if this increase would impact in a relevant way, and would that make or not make sense, maybe delaying more. I wanted to understand your mindset given the expansions and the increase of cost of the INCC.

Matheus. Starting by Golden Lake.

Good news: we will launch Baikal, which is 29 floors, and a very high level, threshold. The other limit was 18 floors, and we're going to have more efficiency.

The increase in the INCC is marginal for us, even though we're building, the margin is ours. There is nothing for the next phases of the Golden Lake or for the expansions.

We are finishing to build some expansions, most of them in Brasília, but

I don't believe that there's going to be a big impact in here. It's not going to change the mindset, which is São Caetano, Jundiaí, BH Shopping.

These are big expansions and they're not mature. We're still in the phase of projects, developing, building is not going to be very big.

The beauty of our business is that we are not mandated to do anything. We are not here riding a bike and we cannot stop.

On the contrary, we take stops and we can do expansions if the return is good. If the cost of construction doesn't have a good return, we don't have to do it.

A great example that you're doing, we went through this when we produced the expansion of Morumbi, didn't have viability and now it's viable, 12 years later. The cost of expansion is the least of our problems, but really I don't see it impacting neither the expansion, and the last point, we have a natural hedge when we talk about expansion.

Matheus?

Thank you, Armando, Eduardo.

Good morning, Eduardo, Armando, and the team. My question is about the portfolio that is more satellite, 58% of satellite, even though your cost of occupancy is dropping.

I wanted to understand you and confirm that you understand that the strategy they pay, they support the cost of occupancies and the big stores they pay more per square meter, you can make it satellite and still reduce the cost of the occupancy? Does that mean that it's opening more space for the increase of rent?

This is the first one. The second one about the recurring of the expenses.

One-off below, we imagine that, so that threshold, 50 below, would be the recurrent that we can imagine up ahead, or maybe below that given your discussion of provisions? Thank you.

André,

talking about the cost of property, we always try to get the best efficiency of the company, having the best indices. Of course, it's better.

We specifically a few actions that have impacted this quarter, but I don't think that this is going to repeat. I don't believe, and neither I'm going to let the team accommodate in that sense.

We're going to try and find better margins. Do we always manage to do it?

No, not ever. There are factors that we cannot control, as we had in this quarter, that led to this.

I think that you called our attention, Mazini, to a very important point, which is true. Historically, we get 10 years that satellization of the portfolio even stronger, allowing you to get space in and smaller stores, bigger stores, and having more satellite.

The cost of occupancy in the quarter is much more of a result with the low inflation that we think that is great. We don't pass on the inflation.

No, it's good to see. This gives a more long-term overview as we said, and satellite that do well.

We're working strongly in the events and the management of the shopping mall and the improvement of the mix, Multi, to create an environment of sales, making the shopping mall more attractive, creating a virtuous cycle. You can only have an increase if the sales increase.

You can have the best contract in the world, but if the shopping mall doesn't give you form, you cannot grow rent, you don't improve the frequency of the shopping mall. Everything that we've done over the last years, and this is not little, we expanded...

We're talking about four expansions. It's to deliver an experience that is much better for those that come here.

This is our biggest legacy, to make the entirety of the company think that we need to have this mantra to be close to those that consume the brand. All the company does goes well when you think about that.

When you start getting distracted, and it's not easy to get distracted, there are so many things to think, you lose focus of what is the heart of the company. My consumer is satisfied.

Let's fight with the other lines of efficiency. This is the best guidance.

You said a word that is very relevant, which is efficiency. One of the reasons that lead us, not only from one quarter, but in a longer period, to an experience of lower occupancy, lower expenses with investments and efficiency, technology, and Multi is a clear example of that.

You've seen you can pay for the app, the cost, parking, manual, all the reduction that we've had. We are always thinking, as Eduardo said, to be more productive, to be more efficient, and indirectly that is...

Multi was created to be a toolbox. To extract data, and then?

This is a sub-product, but the intention, as everything that we do, is to improve the experience of those that work with it.

Since I've been to the shopping malls all my life, and I live close to BarraShopping and VillageMall, you want to access the shopping mall, if you don't have electric energy, well, then we're going to have issues. Then let's develop some independent system, and this is the way that we've done it.

We were pioneers in that technology. It works very well, and it brought us things that we never imagined.

Where are they going, and the amount of tenants that are accessing the data. It's all the ecosystem.

It's a great virtuous cycle that gets feedback. The tenants see that there is a value, all that transpiring with the correct direction.

We always want to improve the experience of those that go there. The pain of the consumer getting to the shopping mall.

Okay? Clarissimo.

Thank you, Eduardo and Armando.

Good morning, Eduardo, Armando. About the same-store sales, could you comment on the performance of the quarter?

We've seen that big stores... If you can comment on how you're feeling the rhythm of sales at the beginning of the second quarter.

A second topic would be the taxes. Correct me if I'm wrong, but I believe that there is a one-off effect once you pay the taxes at the conclusion of the BH Shopping, and there is an aliquot that is very efficient.

I wanted to understand from your side, do you face this as recurrent? Elvis, could you repeat the end?

You're talking about the recurrent? Yes.

If you can exclude this at the sale of BH, and is it something recurrent or not?

Let me start by the second part. We had the sales of Belo Horizonte that you mentioned, and it contributed to have a smaller aliquot, but even excluding that, I think that one of the factors is the best distribution that we have with the best structure of the company, and the real income.

We have the nominal to distribute 150 million of interest of her capital, so that helped with the efficiency. Historically, we had a good performance and with this efficiency.

In regards to the same-store sales, well, I have difficulty attributing one segment that didn't do well because many times there is a change of mix. They did very well because there is a new store and another one that closed.

Traditionally you sell more electronic products during the World Cup, it's dynamic. If you pay attention, it's difficult to translate what is going on, but we can explain.

There are segments that are not being sold as they sold traditionally: electronics. Just in Brazil, it was sold in a way that we had with the big stores that changed.

It's not this way. It's important, Elvis, that the company is always adapting, bringing other activities.

Our mix of what is being sold and what we provide of services to the shopping mall is always in movement, is always modifying. With the public meeting that we had, what did we think?

The important thing is to be ready for the change, to receive what didn't sell, now there's something else that is selling better.

Thank you. Now

Good morning, everyone. Two questions.

First, about the inflation, the impact of the acceleration of the inflation over the condominium costs. I wanted you to understand that, well, the impact and how can you mitigate the impact, and do you think that if that part, well, is growing within the occupancy costs because, as you've said, the occupancy cost is at a lower threshold than the records.

Second, the turnover of logistics, and you mentioned that clothing was the leader of turnover in this quarter. I wanted to understand about the type of tenants that got in, and this is national companies, mom-and-pop, just to understand what type of tenants got in and was the leader here.

Thank you. You were talking about the increase of the condominium costs because of inflation.

If you pay attention to the condominium cost for our properties, you will realize that it's not automatic. It didn't increase, and we pass on because there is a contract with the provider.

We try to do the best management of everything that is within the shopping mall to try and increase as little as possible. We see that the tenant has the total costs.

The management, and I remember here for many years MorumbiShopping was static that we just launched the expansion. For many years, even with the variation of inflation, being very generous, and it changed the rent, we always try to do the best management as possible.

That doesn't have any impact, or even decrease. What we are delivering, if you look at the listing, and sometimes we do exercises, well, the costs of occupancy, it decreases all throughout time if you look at the base 100.

It decreases because of what you mentioned: the efficiency, and it's more difficult because we always want to deliver a better shopping mall's experience. It's not just stopping with the security or stop the information, no.

If somebody doesn't feel well in the shopping mall, they're going to receive good care. I try also to be as efficient as possible in all the lines.

About the turnover of clothing, here, in terms of GLA, the net that got in and got out was in the clothing. Jorel, this changes.

I every quarter I get I know, well, it's very pinpoint. Sometimes you go with a larger store, it changes the game.

Let's look at these numbers in 12 months.

Jorel, a big point that we can talk about in terms of risks is that you have international brands with a lot of appetite. It's a country that has 200 million inhabitants that talk about the same language, they use the same currency.

It's a market that is important for all the brands. Who is with or with taxation, or contracts, but today you have good international players here, and they're all looking at Brazil with a lot of appetite.

This is very positive for everyone. Looking ahead, we expect to continue to see these movements, and these improvements intensify.

Thank you.

Thank you very much to everyone that is following us in this call. As I told you at the meeting yesterday because this is a listed company, we thank you for your participation: analysts, partners, because you always contribute for the company to be better.

The challenge of a company is to understand all of these questions and translate to improvements in the business. We are very engaged to do this approximation between what the consumer desires and what we deliver.

This is the main vision of the company and the mantra of Multiplan. Thank you for this call, and everyone, we'll see you in 3 months.