Good morning, and thank you for taking the time to connect to the Parque Arauco second quarter 2026 earnings call. I'm Lauren Brown, Head of Investor Relations, and I am joined by Eduardo Pérez Marchant, CEO of Parque Arauco, and Francisco Moyano, the CFO.

I would like to mention a few things before we get started. At this time, all participants are in a listen-only mode.

A brief question-and-answer session will follow the formal presentation. Please note that this call is being recorded, and the recording will be used for internal purposes.

To start off today's conversation, I'm going to pass the call over to our CFO, Francisco Moyano.

Thank you, Lauren, and good morning, everyone. Parque Arauco closed the second quarter of 2026 with outstanding operational and financial performance, reaffirming the resilience of our core business in all the three markets where we operate and demonstrating the strong execution across our strategic growth initiatives.

First, I would like to highlight our financial results of the quarter. Regarding revenues, we closed the period reaching 104 billion pesos in revenues, a 17.9% increase compared to the second quarter of 2025.

At the same time, the EBITDA expanded by an important 15.8%, reaching 75 billion pesos. One key element of the quarter is that our adjusted EBITDA margin reached 77.6%, our highest margin for a second quarter in Parque Arauco's history, reflecting that the effect of our efficiency programs are having the results expected of in in the company.

By country, the EBITDA measured in Chilean pesos maintained positive momentum, increasing 8.2% in Chile, 21.9% in Peru, 28.1% in Colombia. These results were driven primarily by the revenue growth in local currencies, with revenues in Chilean pesos growing 15.6% in Chile, 18.1% in Peru, and a relevant 24.4% in Colombia.

The operating strength is then translated into a 10.5% increase in FFO, reaching 57 billion pesos, while the net income attributable to controlling interests reached 18 billion pesos, decreasing 30.8% in the quarter. This is This decrease is mainly associated with the effect of the readjusting process of our liabilities denominated in UF affected affected by higher inflation in the period, as I will explain in detail in this presentation.

Regarding our growth pillar, I am pleased to highlight that in June we successfully completed our capital increase. We fully placed 100% of the market portion of this follow-on with the subscription of 75.8 million shares and raising 274 billion pesos, which is approximately $300 million.

These funds significantly strengthened our balance sheet to fund our strategic pipeline as it allowed us allow us to reduce our net debt to EBITDA ratio to 4.5 times, placing us below our 5 to 6 times range target and providing us an important financial flexibility to continue in this growth path. In this line, we recently announced the agreement to acquire 100% of Mall Paseo Quilín in Santiago, Chile.

With an enterprise value of $119 million, we would be adding 47,000 square meters of GLA to our portfolio. The asset is also built in a 100,000 square meters lot of land with significant long-term expansion potential, which makes this transaction even more attractive.

With this announcement, our regional investment pipeline is reaching $1.1 billion, with $500 million remaining to invest. Beyond financial results, we continue to reinforce our regional leadership in sustainability.

Scoring 77 points out of 100, Parque Arauco was selected as one of the only two Latin American real estate companies in the prestigious Dow Jones Best in Class Chile and MILA 2026 indices. With that, I would like to review some pages of our earnings report.

First, regarding the tenant sales, the growth in the quarter is 12.6%, and as we see in this in the presentation, we have an increase in sales in Chile of 2.6%, in Peru of 27.7% in in Chilean pesos, which is 26.1% in local currency, and in Colombia, 19.9% in Chilean pesos, which is 8.5% in local currency. In the quarter, we have an important effect exchange rate from Colombian pesos to Chilean pesos, and this is why the growth in Colombian coming from Colombia to Chile is very important this quarter.

Even then, if we review the same-area sales, we can see that Chile is around flat with a same-area sales decreasing 2.2%, while Peru is growing 8.9% and Colombia 8.2%. Regarding Chile, the reason of this negative effect in comparison with Peru and Colombia is the diminishing effect that we are having from tourism coming from Argentinians during this year in comparison with what we had in 2025.

However, at the same time, you can review that in Arauco Maipú, for example, the growth in total sales is a positive 5 5%, and also outlets, which received last year a lot of Argentinians, is growing this quarter 1.3%. With that in our analysis, we are seeing that the effect of Argentinians is decreasing and will continue to decrease during this year, probably, will be offset by the coming of of Brazilian tourism in this in this winter.

Also, I would like to highlight the diversification that we have in Parque Arauco. While we are seeing Chile being more more flat or or more stable, we are seeing a very positive scenario in Peru and Colombia.

We As we have around 50% of our business outside Chile, the diversification effect in our financial results is very important, and and we can take advantage of this effect in the in the operation. Now passing to revenues, revenues are growing 17.9%.

This 17.9% is also showed in all shown in in all three countries, with Chile growing 15.6%, Peru 18.1%, and Colombia 24.4%. Colombia in local currency is 11.3%.

Chile and Peru are growing faster than than Colombia in revenues. You can see also very positive same-area area rent with Chile and Peru growing 3.8% and and Peru 3%, while Colombia 13%.

This same-area rent is in local currency. Also to mention the the high occupancy that we're seeing very stable in all three countries, with Chile in 97%, Peru 96%, and Colombia 93%.

This high occupancy in in the whole portfolio is around 94%. Also, I would like to highlight regarding revenues that the participation of parking and and other rents is growing this this year.

Parking is representing today almost 6%, while if you review the report of last year was representing 5%. This growth from 5 to 6% in parking is also part of our strategy and and very important in the growth of the results in Parque Arauco.

Now passing to to the EBITDA, just to mention that the EBITDA is growing 15.8% and is also very positive in all across the board in Chile, Peru, and Colombia. Important growth coming from Peru of 21% and Colombia 28%.

Chile very positive also in with 8.2%. Also mention mention again the diversification effect, and and this is also the result of this high margin that I mentioned at the beginning of the call.

The adjusted EBITDA margin is 77.6% this quarter. If you can see in the chart in the left part of the slide, you can see that the the history of the EBITDA margin is is only growing and and reaching this 77%.

Last year was 76%, and the last 12 months of 2025 also 75%. This is showing how the all the cost efficiencies that are are is getting Parque Arauco with all the initiatives that we have been deploying in the last year are are are producing results in the in the financial in the financials of the company.

Now passing to the consolidated results to review the non-operational part. We are having a very positive operational result with the EBITDA growing 15.8%, and then the net profit is decreasing 23%, and for the equity holders is decreasing 38 30.8%.

As I mentioned, the first and most important effect this quarter is the effect that the inflation is having on our liabilities. As the liabilities in Parque Arauco are denominated in UF mainly, and also the biggest part of liabilities is in Chile denominated in UF, and we readjust then these liabilities in a quarterly basis, while the assets that are also related with inflation are are readjusted by the fair value adjustment that we make only at the end of the year.

We have the negative effect of the readjustment of the liabilities every quarter, while at the end of the year, we should have a more positive effect from the readjustment of the of the assets by the fair value that should offset all these effects. The inflation in the period is represented in the in the financial statement by the change in the UF.

Last year, the UF changed 373 pesos, while this quarter changed 979 pesos. We have three times the effect of the change in UF in the liabilities then represented in the income of or loss from index asset and liabilities, and increasing this effect in comparison with last quarter by 103%.

As I mentioned, this should be offset at the end of this year with the adjustment of the fair value of our assets. At the same time, we are having a higher financial expense of 28.5%.

This is, in part, coming from the growth of the company. In the liabilities in this year, we also have a new debt coming from the acquisition of Minka.

We also increased our liabilities with the with the investment in Arauco Chicureo. At the same time, we took some debt during the second quarter that was only that was repaid with the capital increase.

It was a one-time effect in in the second quarter of 2026 that with with higher liabilities that will not continue in our balance sheet. From the 25.

28.5% that is growing the financial expense, from that 28, 5% is in this liabilities that were taking only to to wait for the capital increase and then was repaid. Then we are having higher interest costs in Colombia, where the the treasury rate is still high in that country and higher this year than the last year, and that is also representing an an important part of this growth in financial expense.

Besides that, the income coming from affiliates is also decreasing 43%, and for that, I would like to pass to the next page, because the most important part of of of this income from affiliates is coming from Grupo Marina, the specific company is Inmobiliaria Mall Viña del Mar, and as you can see in the chart, the revenues of Grupo Marina is growing 4 4.5%. This Grupo Marina owns four malls in in Chile, and and the proportional EBITDA is also growing 7.8%, and then the profit is decreasing 46%.

Being in Chile with liabilities denominated in UF is having the same effect that we have in Parque Arauco of a higher negative effect from the readjustment of the liabilities, and because of that, the proportional EBITDA is is changing from a positive 7.8% to a negative 46.2%. In the following page, we have the I would like to mention that the FFO that is growing 10.5%.

This 10.5% is below the EBITDA that is growing 15.8% because of the financial expenses that I already explained, but also some current the current taxes that is also increasing. In our in our calculation, the affected effective tax rate this quarter is higher than the average that the company should have in the future is 27% this quarter, while in the in should be stabilized in around 24%.

With that, the FFO is growing 10.5%, and I would like to highlight that the the chart that you can see below in the in the in the slide, where the CAGR of the FFO is an impressive 22% in the last five years, is coming from a 10.8% in the last 10 years, but is the speed of growth of the FFO is grew from the pandemic and and reaching this 22%. With that, I would like to pass the call to Lauren to more details.

Thank you very much, Francisco. Let's now turn to the performance of our retail assets in Chile during the second quarter of 2026.

Despite the flat growth in tenant sales, revenue in Chile grew over 15% compared to second quarter of 2025, while EBITDA increased over 8%. In Parque Arauco Kennedy, this iconic asset continues to evolve.

The west building saw over 22% increase in revenue and over 11% in NOI as a result of the recent openings of the Cerro Colorado sector throughout the last quarters, including the new two-level food court, which was recently inaugurated. As a result of increasing the GLA at this asset, we did experience a slight dip in the occupancy to 97.7% as some of the spaces are still in the leasing process.

At Arauco Maipú, this asset shows a solid 5% increase in sales, as Francisco mentioned. You may also notice over a 1,000 square meter decrease in GLA.

This is due to a strategic move, as we are reconverting the former Corona intermediate store into a mix of smaller store formats, which are currently under reconstruction. This in turn reduces the overall GLA, but makes the space more profitable.

At Arauco Quilicura, this was a standout performer with an over 16% increase in NOI. This success was driven by an increase of over 10% in sales and 12% increase in revenue, largely leveraged by the strategic arrival of the Líder Express to the retail mix, which has driven more traffic to the mall and increased tenant performance.

At Arauco Chillán, while the revenues grew over 11%, tenant sales saw a 3% decline. This is specifically due to work taking place on one of the mall's entrances, which led to a relevant drop in car flow that we expect to normalize as the project progresses.

Moving on to Peru, our operation in Peru delivered positive results, with revenues up 16% in local currency and EBITDA growing over 21%. At MegaPlaza Independencia, our main asset in Peru maintained strong, with its commercial momentum growing over 7% increase in sales.

We also activated 4,500 square meters of new GLA, located predominantly in the new gastronomic area. While not yet fully occupied, we expect a progressive opening of these new spaces throughout the third quarter.

This gastronomic district has a capacity for 26 tenants, some of which have begun operation, and the official inauguration of this new district will be held in September. At MegaPlaza Ica, sales grew over 22%, driven by strong performance in the department stores, including Falabella and Ripley, and also the home improvement store, Maestro.

As part of the master plan reconversion, 3,000 square meters of GLA opened at Ica compared to the second quarter of the previous year, of which over 2,000 square meters are occupied, including the majority of the new Boulevard district, and during the second quarter of 2026, new restaurants, including Dunkin', Chili's, and Platanitos opened. The official inauguration of the Boulevard district was held on May 4th and was well received.

You may also notice that revenues and NOI were lower than last year at MegaPlaza Ica, but this is purely a base effect because in second quarter of 2025, there was a reported significant nonrecurring revenue, which affected the base. At Minka, like last quarter, Minka continues to perform above our expectations, becoming one of the most important assets in our Peruvian portfolio.

At Larcomar, this asset experienced growth, with sales up over 18% and NOI over 70%. This performance was partly boosted by the base effect from a temporary closure that occurred in June of 2025.

Moving over to Colombia, Colombia experienced consistent growth this quarter, with sales over 8% above the second quarter of last year and revenues increasing over 11%. In Parque La Colina, performance remains solid, with over 7% sales growth.

At this asset, we added 1,500 square meters of GLA by creatively transforming parking areas into commercial space for high-demand tenants like Action Black and Pepe Ganga. At Parque Alegra, this asset continues to mature well, with revenues over 23% and NOI over 53%.

This growth was driven by higher common area income, energy distribution adjustments, and the reversal of 2025 provisions. At Titán Plaza, sales in Colombia were further leveraged by the positive performance of this asset, where sales grew over 15% and NOI increased over 18%.

Lastly in Colombia, Parque Caracolí, sales grew over 7%, and revenues and NOI were flat. This was impacted by the closure of Lili Pink and YOI stores.

This is a trend seen across the country due to an external regulatory issues of this tenant. Now moving to development on page 24.

On this page, we highlight our historic investment pipeline, which has reached over UF 1.14 billion, divided between new shopping centers, expansions, and multi-families. In our new mall category, since our last conference call, we signed the MOU to acquire Mall Paseo Quilín in Santiago for approximately UF 119 million, adding 47,000 square meters of GLA, with a long-term expansion potential, as Francisco mentioned.

Additionally, Arauco Chicureo is well advanced, with home center and Líder expected to open in fourth quarter of 2026. In the expansion section, the Cerro Colorado phase of Parque Arauco Kennedy is on track, with the office tower scheduled for 2027.

In Peru, we are progressing with the gastronomic district of MegaPlaza Independencia to replace the current food court, as I mentioned previously. In the multi-family category, we now have over 50,000 square meters in our multi-family pipeline.

This past quarter, Livspace Ciudad del Río in Medellín opened, and we recently announced the acquisition of the San Joaquín project in Santiago, which will add 271 units. Now let me jump over to our case study pages found on page 36, where we are advancing with our digital ecosystem as part of our digital transformation.

This past quarter, we successfully launched the new Parque Arauco Kennedy app, and in just its first weeks, it recorded over 70,000 sessions and 23,000 installations. The app focuses on a ticketless digital parking experience and redesigning the interactive maps.

This app, Arauco Plus, will eventually be expanded to other assets as well. In addition, we also launched over 40 new websites for our main portfolio assets, and our new corporate website will be rolling out later this year.

Our marketing strategy has been focused on memorable experiences, and in Chile, the Bluey's Backyard campaign captured over 28,000 new data records for loyalty strategies. In Colombia, the football campaign drew over 463,000 visitors in June alone, with election days driving a record-breaking traffic of 76 76,000 visitors to Parque La Colina.

As Francisco mentioned on our sustainability page, we are very proud to be one of the only two real estate companies in Latin America selected for the Dow Jones Best in Class Chile and the MILA 2026 indices. Furthermore, Parque La Colina achieved LEED Platinum O+M recertification, the first asset in our regional portfolio to reach this highest possible category.

Now we are going to pass over to the questions part of this call. If you are joining our call using the link, you can ask a question by clicking the button Ask a Voice Question, which will then raise your hand, or by submitting a written question.

If you are submitting a written question, please submit the question in English as it will be read aloud on this call. If you are joining by phone, you can ask a question by pressing star two.

To start off today's discussion, I'm going to pass the call over to our CEO of Parque Arauco, Eduardo Pérez Marchant, and he will be answering our questions. Right now, the first question I see is from Jorel from Goldman Sachs, I will unmute you now.

Hi, Jorel. Can you hear me?

Yes. Thank you.

Great, we can hear you as well. Yeah.

I have two questions here. The first one, I wanted to talk about Chile same-area sales.

We saw that this first half was a bit challenging with negative same-area sales growth, part of that is driven by tough comps. Just want to get a sense, though, what is your expectation for the second half of the year as that tough comp eases a bit?

Then the second question I had was on Parque Arauco Kennedy East. If I look at the NOI margins there, they're around 70% compared to Parque Arauco Kennedy West, which is around 95%.

Pretty wide NOI margin gap. Want to understand how do you think about that?

Is there a path to narrow it? How does that happen?

I think if I remember correctly, you've spoken in the past about perhaps changing tenants, cost efficiencies. Want to understand what is that dynamic there.

Thank you.

Hello, Jorel. Eduardo here.

Regarding Chile same-area sales, I would say that the main effect that explains the negative same-area sales are Argentinians, huh? You can clearly see this when you divide the assets where we have Argentinians visiting the assets, such as Parque Arauco Kennedy and the outlet, and the rest of the portfolio, huh?

In the case of the first group, the sales decrease at a double-digit, 11, 12% levels, and the rest of the portfolio of assets where we don't have Argentinians, the sales decrease approximately at a 2% level, huh? This is why I say it's very clear that the main impact that explains the negative same-area sales are Argentinians.

That of course is not the only effect. The sales are also impacted by local consumption, but it's clearly a second explanation and a much less important explanation that explains the negative same-area sales.

Going forward, we expect as you mentioned, the base changes, huh? During the second half of last year, we didn't have many Argentinians, and because of that, I would expect a more positive scenario.

Flat sales or even slightly positive sales is what we expect. Regarding the second question, we have been working a lot in taking control of the asset of the former Open Plaza Kennedy or current East building of Parque Arauco.

We're working at a project level in improving the infrastructure of the asset. This has not yet started, but we have been heavily working on this.

Also we are working in balancing properly the commercial mix of both assets. Here again, we haven't done many changes, but we have clear plans for the future regarding this.

Finally, we are working in further connecting both assets and improving the connectivity of both assets, and we expect next year to have news regarding this. Also in this process of taking control, we did a change of brands, all the branding related to the asset.

We standardized the parking prices also. Of course, we did a deep analysis regarding OPEX and cost and how we would manage the asset from a security, maintenance, and cleaning point of view, and we found several opportunities both at the revenue level in operating the asset, for example, parking, and also at the OPEX level, and this is why as a guideline, we have said that this 6.9 cap rate that we showed when we acquired the asset, we expect this will be more than 8% cap rate going forward as you are seeing this in the asset.

I would say, Jorel, that the main difference in the NOI margin is explained by the fact that, from an OPEX point of view, the middle managers of this contract, such as security, maintenance, and cleaning, it's really one asset in our mind, but from a cost point of view, are still in the West building, huh? This same jefaturas or heads of maintenance, cleaning, and security are the same heads that are now taking care of the Eastern building, huh?

This is why you see the difference, but really we see the asset as one asset.

Thank you. Mm-mm.

Thank you, Jorel. Now I will be unmuting Alan from Bank of America.

Hi, Alan. Can you hear me?

Hi. Good morning, and thank you for the call.

Just a question on your deployment of the equity follow-on proceeds. Congrats on the announced acquisition.

What should we be thinking of timeframe for the deployment of these equity follow-on proceeds? Thank you.

Mm-mm.

Thank you, Alan, for the question. During the process of roadshow of this follow-on, we explained that, after this follow-on, we expect to change the CAPEX capacity of the company from approximately $200 million to $300 million.

We explained that approximately half of this CAPEX for the next years, we expect to invest it in brownfield investments or the expansion of our main and more successful assets. We have communicated some of these expansions, but not all, huh?

Gradually, we will announced new investments for all new phases of some of the assets we are currently working in or new assets being expanded in the next years. This is approximately half.

Then we are investing another 30 to 40% in new malls, huh, that is for the last years at least has been more towards the M&A side than the greenfield side. We expect in a central scenario to this to continue to be the case.

This 30 to 40% additional again invested more in M&A than greenfield. Then a 10 to 20% invested in multi-family as we have been gradually investing in the last four years.

We will gradually announce new projects. To answer your question, Alan, during the last Junta de Accionistas, we updated our expansion plan, and we announced project of approximately $300 million during this second quarter.

This happened relatively a few months ago, and you should expect this to continue to happen in the next cycle.

Thank you. I guess the deployment could be much faster than expected if you are able to do more M&A, right?

Do you see conditions for this to happen quickly or not? Thank you.

We have been very active in the past in the M&A market. We have closed 20 deals in the last few years, both considering acquisitions and also selling of minority stake in mature assets.

However, we have business in relatively small and illiquid markets, it's very difficult to give you a guideline related to that. When you analyzed long periods of time, you will clearly see that there is a consolidation trend in the market of less companies representing a higher market share each, and Parque Arauco has been the leading company taking advantage of that trend in the three countries where we have business, huh?

In a central scenario, I would expect that to continue, but it's very difficult to give you a guideline related to the when, huh, because we have business in small and illiquid markets.

Understood. Thank you.

Thank you, Alan. Now I will be unmuting Gustavo Fabris from BTG.

Hi, Gustavo, you are unmuted.

Hi, everyone. Good morning.

I have one question here from my side It's a little

Gustavo, it's a little bit hard to hear you, if you could speak up a little more.

Can you hear me now?

Much better. Thank you.

Perfect. Good morning, everyone.

I have just one question here on my side regarding the recent M&As that you announced. If you could give us a quick overview about Arauco Chicureo and Paseo Quilín in terms of how both assets are positioning within your current portfolio.

I wanted to understand if you see any complementarity in terms of location, target audience, or how these assets compare to the rest of your portfolio in terms of tenant mix across categories, or in terms of anchor versus satellite stores. Anyway, any color here you could give in terms of the qualitative information positioning about these assets will be very helpful.

Thank you.

Perfect, Gustavo. Good morning.

If you analyze the last acquisitions the company has done, we have clearly focused in large regional malls, huh? We acquired Parque Fabricato and Titán Plaza in Colombia.

After that, we acquired Minka in Peru, Open Plaza Kennedy in Chile, and the last announcements has been the ones you mentioned, Arauco Chicureo and Quilín. Regarding Chicureo, this is the highest growing residential district in the great city of Santiago.

This is a residential neighborhood located 20 to 30 minutes away from the working areas in the city. This sector is clearly unserved from a retail point of view.

There are no cinemas in this area, no department stores in the area, no intermediate stores in the area. People that live in Chicureo and Colina most of the times shop in central parts of the city.

Now the area has the purchasing power that is enough to have the first relevant property. It's very well anchored with a Líder supermarket and a home center, home improvement store.

It will bring several minor stores that have not business in the area. It will have a food courts and some restaurants.

It will bring a retail offering that is not present in the area. I would add that, in my opinion, this asset has a lot of optionality going forward because is an asset with one floor, parking at a ground level, and once the influence area consolidates, I would expect the assets to continue to grow going forward?

It's designed to serve both the areas of Colina because it's located in the intersection of Autopista Los Libertadores that connects the city of Santiago and Colina, but also a part of Chicureo because it's located in the intersection of Avenida Los Libertadores and Avenida Chicureo. Regarding Quilín, this is also a regional mall located very well located and very well connected.

Is located at the Avenida Vespucio, which is a highway in the form of a ring that connects the great city of Santiago. There's a small part of this highway that still has traffic lights, and there's a private highway working in connecting the parts of this Américo Vespucio highway that are not connected.

This creates a very attractive connectivity, and we are 10, 15 minutes away of a relevant part of the city, huh? Also this part of the city is growing importantly.

We acquired the asset, we are still in the process of diligence, and we expect to close this deal in the next month, but we acquired this property because the influence area is also very importantly increasing in density, changing from fields that used to have a vineyard to houses, mid- to upper-class houses, and also the influence area is changing from houses to small buildings. The density of the area is clearly increasing, and it's very interesting from an income and purchase power point of view what's happening above Américo Vespucio towards Peñalolén, huh?

We believe that for the next 20 years, this influence area should have a very positive evolution, huh? Also, again, this property has a lot of optionality going forward because the piece of land is very large, huh, and this is again a property of two floors with parking at ground level, and our plan is to start working in a master plan that will importantly change the asset and improve the asset.

I would add that, again, this is an asset with a lot of optionality.

That is very helpful, Eduardo. Thank you.

Mm-mm.

Thank you, Gustavo. Now I have a written question from Eduardo from BICE.

What explains the decline in occupancy cost in Peru during the quarter? Do you expect the recent trends in occupancy costs across Chile, Colombia, and Peru to continue throughout the rest of the year?

Mm-mm.

The occupancy cost question is more related to one-off effect in last year. We had a one-off effect in MegaPlaza Ica, a nonrecurring income that increased the occupancy cost in the second quarter last year.

Second, we faced a closure of a few weeks in Larcomar last year also after a small earthquake that affected the city of Lima, and that also affect the comparison base in occupancy cost.

The second was: Do we expect the recent trends in occupancy cost across Chile, Colombia, and Peru to continue for the rest of the year?

We have been actively working in optimizing the commercial mix. We have been very active in reducing the relevance of large anchor stores and changing that space into a more productive use, huh, with minor stores and intermediate stores.

More specifically, we have reduced 9 percentage points in the last 10 years the relevance of department stores in the GLA. Because of that, you should expect an increased average occupancy cost.

However, the occupancy cost when you analyze each of the categories, minor store, intermediate stores, anchor stores, is not changing in a relevant way, huh? The average is changing because we are increasing the categories that has a higher occupancy cost.

Great. Thank you very much.

Thank you, Eduardo, Francisco, and everyone for asking your questions. If you have any additional questions or would like to set up a meeting, please do not hesitate to reach out.

Thank you again for attending the second quarter 2026 conference call, and we will see you at the end of October for our third quarter results call as well. Have a great day, and thank you very much.