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

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 has started 2026 in its consolidated figures with the same positive momentum that we saw in the previous year, reaffirming our operational strength and the successful execution of important investments.

Regarding the EBITDA of the company, the first quarter of 2026 was marked by robust growth of 20.5%, with revenues growing by 20.2% compared to the first quarter of 2025. This growth was driven by both the successful integration of new assets, as Parque Arauco Kennedy East Building in Santiago acquired in April last year and Minka in Lima that we are consolidating since July 2025, together with an efficient commercial management, which allowed us to achieve an organic revenue growth of 11.1%.

By country, our EBITDA measured in Chilean pesos showed consistently strong double-digit increases, being 20.9% in Chile, 20.4% in Peru, and 19.6% in Colombia. This operational performance translated into a 12% increase in FFO and a net income attributable to controlling interest of a significant 67.7%.

The consolidated occupancy closed at 95.4%, which remains stable and is in its highest levels, decreasing against last quarter for the effects of the start of operations and maturation phase of our new multifamily properties: Livit Space La Mar, Calle 72, and Calle 94. Regarding the growth pillar, and as you may be aware, we are currently in the process of a 285 billion capital increase, approximately $330 million, for which we are starting today the preferential right period that will last for 30 days through June the 2nd.

Besides that, I would like to mention that the price for this capital increase has been set at 3,600 pesos per share, so that is the price of the options for subscribing this follow-on. These funds will strengthen our balance sheet in order to advance with our investment plan of $1.03 billion, and will give us space to increase capex to around $300 million annually while maintaining our strategy of having a net debt to EBITDA around 5 times.

Within this investment plan, I would like to highlight the recent increase of $277 million dedicated to 6 new projects that will further strengthen our regional pipeline, including Arauco Chicureo, expansions of Arauco Quilicura, Premium Outlet Coquimbo, and Parque La Colina, together with a new multifamily project in MegaPlaza Independencia and San Joaquín. Beyond financial results, we continue to demonstrate regional leadership in sustainability.

For the 6th consecutive year, Parque Arauco was included in the S&P Global Sustainability Yearbook 2026. In this edition, we stood out as the Latin American company with the highest rating within the real estate industry.

We also ranked 1st in the Merco Responsabilidad ESG Chile 2025 ranking within the real estate sector. Besides that, we also completed the internal reorganization process initiated in 2025.

This restructuring strengthens our Technology and Digital Transformation department and gives greater autonomy to our business units by centralizing corporate support functions. This helps execute our growth strategy and optimizes our cost structure.

Finally, I want to highlight the significant increase in our stock liquidity. The average daily trading volume, ADTV, reached approximately $5.7 million in average during this quarter, representing an 178% increase compared to the first quarter of 2025.

This effect reflects great interest in our stock that we expect to be reinforced by the capital follow-on and our pipeline of new projects. With that, I would like to review some of the pages of our earnings report.

Starting with the tenant sales, tenant sales this quarter are increasing 15.5%. It's a positive quarter in sales with also increases in Chilean pesos in Chile of 8.9%, Peru 27.3%, and Colombia 16.1%.

The occupancy cost is showed stable by country, although in Chile we are seeing 11.1% passing to 11.7%. It's important to mention here that in the breakdown of this occupancy cost by category, the figures are stable by category, we think that the occupancy cost is sound in the company within the 3 countries.

The same-area sales are showing a decrease in Chile of 2.8% and increases, important increases, in Peru and Colombia of 10% and 9.7% respectively. In Chile, the decrease is mainly due to a decrease of Argentines visiting some of our malls, impacting mainly to Parque Arauco Kennedy and the outlets that in the quarter are showing decreases in sales.

At the same time, malls as Maipú or Chillán are showing increasing sales of 4.3% for Maipú and 3.3% for Chillán, it's around or a little bit higher than inflation in those malls. For us, the impact is mainly due to Argentines in Chile.

In Peru, at the same time, the 10% increase in same-area sales in some point is due to the pension funds withdrawal, but at the same time I think that we are having a positive consumer sentiment in the country, with increases in sales across all the portfolio where I would like to highlight MegaPlaza Independencia growing 8% and Larcomar growing 6.2%, which are the most important assets that we have in that country. At the same time, Colombia growing 9.7% with very positive figures in the whole portfolio.

It's showing a strong portfolio with La Colina growing 9% and Titán Plaza growing an impressive 25%. In the next page regarding revenues, we can see that revenues are growing 20.2% with increases across the board: in Chile 23.5%, Peru 16.2%, and Colombia 16.1%.

This growth in same-area rent is also represented by increases of 1.8% for Chile, 3.4% for Peru, and Colombia growing 5.5%, all those figures around inflation or a little bit higher than that. At the same time, the retail occupancy, as I mentioned, in the consolidated figure is decreasing against last year, but that is due to the new projects that we are opening, mainly in the multifamily sector, because if you can see the retail occupancy is stable or even growing in Colombia from 93.8% to 94% 94.3%.

Now if we can pass to page 8 regarding the EBITDA, this important increase in revenue of 20.2% and then we can see that the cost of sales is growing at the same pace and it's more correlated with the new assets that we are adding to the portfolio because we can see that the adjusted EBITDA margin is even growing from 74.2% to 75.9%. That is showing an important work that we're implementing to achieve efficiencies in the portfolio.

Also I would like to highlight the estimated income due to impairments of accounts receivable that is growing from 400 million pesos to 800 million pesos. I'd like to mention that this is due to a specific tenants.

Our accounts receivable are in sound shape, but the provisions had to increase because of these specific tenants during this quarter. In the next page, the non-operational results, I'd like to highlight first the financial income that is decreasing to 3.5 billion pesos.

This is due to a lower cash levels and also the decrease of rates for financial investments that we can see in all financial industries in Chile, Peru, or Colombia. The financial expenses is growing 11.7%, mainly because of new debt acquired by the company for the projects of Chicureo and the acquisition of Minka last year.

The other important effect is the income for indexed assets and liabilities. In that line, we account the effect of inflation adjustment for our debt that we have in Chile in UF.

We currently maintain 34 million UF in debt, all that debt has to be adjusted by inflation, and the effect of that is in this account, but it's decreasing against last year from 15 billion pesos to 4.6 billion pesos. This is due to a lower increase of the UF in this quarter.

In 2026, it's increasing 0.3%, while in 2025 is increasing 1.2%. The inflation in April will be higher in Chile, and the expectation for inflation in this year are also having some pressures, probably these positive effects will be diluted in the following months or during the rest of the year.

Besides that, I would like to highlight the income or loss from affiliates that is growing 34.1%. In that line, we account for the earnings coming from Mall Marina, that is also having a positive result.

Although the EBITDA of Marina is more stable this quarter, also affected by the Argentines, but the final earnings from Marina is growing due to the same effect of the inflation in the adjustment of the debt that that company maintains. Now in page 11 regarding the FFO, the FFO is growing 12%, starting from the EBITDA that is growing, as I mentioned, 20.5%, and the adjusted FFO is growing an impressive 58.4%, where we account also for the adjustment of the debt for the UF.

With that, I would like to pass the call to Lauren to review some other details of the quarter.

Thank you, Francisco. Jumping over to our mall-by-mall slides from page 18 through 22, let's now turn to the performance of our regional assets in Chile during the first quarter of 2026.

Gross leasable area in Chile increased by 13.8% compared to first quarter of '25, representing an additional 76,500 square meters. This is explained by the addition of Parque Arauco Oriente and the inclusion of stores in the new Sector Colorado section.

Parque Arauco Kennedy Poniente, the west and original building of the asset, showed solid growth in revenues by 26.8% and NOI by 21.7%. These increases are both as a result of the additional 7,500 square meters, approximately 40 new stores, that opened in the new Cerro Colorado section since the same period of the previous year, and also due to the price optimization strategy and the high productivity of the asset.

The new GLA of the Cerro Colorado section drove the increase in revenues, alongside the higher minimum rents of the connecting Rosario section. Rents increased at the stores in this sector now that the construction is finished, allowing for complete connectivity to the rest of the mall.

Revenues also benefited from upward adjustments in parking rates. As Francisco mentioned, sales at Parque Arauco west building did experience a 4.5% decline compared to the same period of the previous year.

This is due to over 50% decrease in Argentine license plates compared to the first quarter of 2025, indicating a decline in Argentine visits. However, it is important to keep in mind that despite the drop, foreign traffic only accounts for 4% of the mall's total flow.

This drop did affect anchor stores, who saw a significant decrease of 17% overall, with equally low performance across Paris, Ripley, and Falabella. However, a highlight at the Parque Arauco west building was the cinema, which experienced an 152% sales increase following the 2025 rebranding and remodeling.

The outlets, also mentioned by Francisco, was also affected by the decline in Argentine tourism, and as a result, the consolidated sales fell by 4.6%. The most affected categories were the sports and outdoors sector.

However, again mentioned by Francisco, not all of our assets in Chile receive Argentine tourism, and therefore are not affected. For example, Outlet Concepción was an exception to this trend, and experienced sales increasing by 5.6%.

Arauco Quilicura experienced strong performance during first quarter of '26, with sales increasing by over 18%, revenues by over 12%, and EBITDA by over 19%. This growth can be partially attributed to the consolidation of the shopping center's expansion, which included the addition of the Líder Express.

Additionally, we recently began charging for parking at this asset, which has also helped drive the increase of revenue. Our Livit Space multifamily projects in Chile both show very high health.

Livit Space Concón currently has an occupancy of 98.3%, and Livit Space Ñuñoa has an occupancy of 98.4%. Moving over to Peru, total GLA in Peru increased by 16% compared to first quarter of '25, representing 69,000 square meters.

This is explained by the inclusion of Minka, Livit Space La Mar, and the activation of master plans at MegaPlaza Independencia and MegaPlaza Ica. Sales in Peru expanded by over 26%.

This represents the most robust growth in consolidated sales among the three countries, primarily driven by the incorporation of Minka, the strong performance of MegaPlaza Independencia and MegaPlaza Ica, and the pension fund withdrawals. Excluding Minka to represent the same base, the increase of sales in Peru was over 11%.

MegaPlaza Independencia, due to the activation plan of the GLA increased by 4,000 square meters, which included the opening of a 1,000 square-meter Casaideas and the new Skechers, which moved to a new location, which is a larger space, and the addition of new restaurants. The occupancy at MegaPlaza Independencia reached 99.3%.

Notably, the new restaurant area is opening with 100% occupancy. Sales increased by 8% compared to first quarter of '25 following the completion of construction that had previously blocked some access points.

The decline in revenue, despite the increase in square meters and a higher occupancy, is due to adjustments in commercial conditions due to the ongoing construction of the master plan. MegaPlaza Ica is also under its master plan, and this new boulevard section began activation in October 2025.

Compared to the same quarter of the previous year, 3,000 square meters, over 8% of new GLA, was added. In the new boulevard section, 11 stores are currently operating, including retail stores such as Triathlon, RKF, Skechers, Samsung, a pharmacy, and various restaurants.

Six more tenants are scheduled to open during second quarter. We have received very positive feedback about the boulevard, which has received high valuation, especially considering that the area was previously used for parking.

Marketing shows are already being held on weekends and have been very well received. Finally, the public is eagerly anticipating the opening of Popeyes, which is currently in the fit-out process, and we expect it to be ready by the official opening launch event in May.

As a result of this phase of the expansion, traffic has increased by over 20%, sales show a strong growth of 23.8%, driven by intermediate stores growing over 40%, small stores growing over 36%, particularly apparel and technology, and even anchor stores growing over 21%. As a result, revenue at Ica grew by 15% and EBITDA by 21.2%.

A quick update about Parque La Molina: while consumption grew significantly with sales up by 50%, led by small stores and intermediate stores, revenue fell by half. This is due to discounts granted to operators to stabilize the asset following its opening while it is still in its ramp-up period.

To finish Peru, an update about Minka: this quarter, Minka had the second-highest sales after MegaPlaza Independencia, reaffirming the importance of this new asset. Moving over to Colombia, this quarter, GLA at La Colina increased by 3.3%, driven by the new 2,000 square-meter Dollarcity.

This quarter, traffic increased by almost 20% compared to the same quarter of the previous year, driving sales to increase by 9.3% and revenue to increase by 12.5%. Parque Alegra experienced an increase in traffic by 6.7% compared to first quarter of '25.

Sales at this asset grew by over 20%, where sales in apparel grew by over 12% and Falabella rose over 27%. Notably, the store Castillo del Bebé experienced an over 210% increase in sales.

Revenue at Parque Alegra grew by over 20% and NOI over 57%. This NOI increase is explained by higher sales and a significant good management in cost and a reduction of bad debt provisions.

In Colombia, we initiated various high-impact marketing experiences, which you can read about on the marketing page, but in particular, I want to highlight the ones done at Parque Alegra that boosted the sales and the foot traffic. The main milestone was Destino La GozAlegra at Parque Alegra through an official partnership with the Barranquilla Carnival and a powerful experiential marketing and digital virality strategy.

The shopping center positioned itself as a national cultural landmark. This initiative not only strengthened the community ties, but also translated local heritage into profitability, boosting sales by over 19% and increasing foot traffic while this event was happening.

Titán Plaza, as mentioned by Francisco, experienced the highest growth in sales in Colombia, increasing by 25%, driven by an increase in apparel by over 42%, sports by over 50%, restaurants by over 17%, with stores such as KOAJ and Skechers leading the way in apparel. Revenue increased by 12.6%, and the occupancy closed at 100% this quarter at Titán.

Sales per square meter are practically tied between La Colina and Titán Plaza this quarter, with La Colina coming in slightly ahead of Titán Plaza. Moving on to developments, on page 24, I would like to highlight our capex table, where you can see that we are following through with the development of the projects that we announced to the market.

The capex table includes the recent acquisitions and expansions that were announced at the extraordinary shareholders meeting in February, in addition to projects that have been incorporated in the last 12 months. On the top right-hand side, you can see the pie chart showing the breakdown of our total capex investments by type of project.

By the time all of these projects are completed between now and 2030, we will have invested over 1.03 billion US dollars. While page 24 highlights total capex, on page 25, we take a look at the remaining capex.

You can see the breakdown by type of project of the remaining 415 million USD in the pie chart on the left-hand side of the slide. On the right-hand side of the slide, you can see the investment distribution by project.

This remaining capex will result in the addition of over 190,000 square meters of GLA that will be incorporated with these projects. Our investment pipeline, totaling over $1.03 billion, is a historic figure for the company, and as mentioned by Francisco at the beginning of the call, is the main reason why we are pursuing the capital increase, whose preferential period began today.

Page 27 highlights expansions of our three iconic assets that are currently underway. I already mentioned the progress at MegaPlaza Independencia and MegaPlaza Ica.

One of our most important development milestones is the advancement at Parque Arauco Kennedy and its master plan expansion. Opening soon in the second quarter is the new two-floor food court level on levels 4 and 5, comprising of over 1,600 square meters of floor space and achieving a 55% increase in seating compared to the current food court.

Then in 2027, we will be opening the restaurant terrace level. These gastronomic areas include large terraces overlooking Araucano Park.

Once completed, the seven floors of retail of the Cerro Colorado phase will add over 11,000 square meters of retail space and over 23,000 square meters of office space. This phase will be completed in 2027.

Then in 2028, we will be inaugurating the 414 apartment multifamily building, the first multifamily to be incorporated into an existing asset. This will complete the Kennedy phase of the expansion.

We recently announced several other expansions, including Outlet Coquimbo, Arauco Quilicura, Parque La Colina, and two residential towers representing the second phase of MegaPlaza Independencia expansion. At the beginning of the year, we also announced the acquisition of Chicureo, which will begin operations during the second half of this year and finish opening in 2027.

Jumping over to our case study on page 36, we wanted to highlight parking and our strategy of increasing our parking revenue. Parking EBITDA has almost doubled since 2022, and now is around 19 billion pesos and representing 6% of the company's EBITDA, making it a strategic revenue stream apart from our rental revenues.

Parking rates were adjusted upward across several key assets, including Kennedy, El Bosque, Quilicura, Puerto Nuevo, and San Antonio. These adjustments are aligned with our rate structure pricing model, which also incorporates pricing differentiation based on high-demand zones and high-demand times.

Other ways we are maximizing the profitability of parking is through parking subscribers, who sign up for monthly parking plans, whether in the day or in the night. Additionally, we have converted some parking areas into commercial areas, including stores, car washes, and entertainment areas.

Now over 60% of our assets have monetized parking, and we have begun to roll out our ticketless parking at Parque Arauco, Parque La Colina, and Larcomar. We are now moving over to the question-and-answer part of the call.

If you are joining our call using the link, you can ask a question by clicking the button Ask Voice Question or by submitting a written question. If you are submitting a written question, I remind you please write your question in English.

That way, it can be read out loud. If you are joining by phone, you can ask a question by pressing star two.

When you are invited to speak, I will unmute you so you can ask your question. To start off today's discussion, I'm going to pass the call over to our CEO of Parque Arauco, Eduardo Pérez.

Great. I see we have various questions.

The first question I saw this morning was from Gustavo Fabris of BTG. Gustavo, you are now unmuted.

Hi, everyone. Good morning.

My question is regarding the leasing spreads, especially in Chile, right? When we look on an organic basis, we saw sales declining in Chile this quarter.

Since you have a big chunk of contracts to be renewed in the short term, I guess 30% in the next 2 years, I wanted to get your view on how do you expect leasing spreads to behave in this next renewal cycle. Or in other words, if you believe you can still pass through real gains into rents.

I'm trying maybe to understand here what should be the ceiling for occupancy cost in Chile mainly. Thank you.

Good morning, Gustavo. Eduardo here.

Let me explain how we negotiate contracts, okay? When sales increase at a higher pace than revenues, you have two alternatives here.

One alternative is to continue to have flat revenues, and once the contract expires, increase rental revenues in order to do the catch-up and maintain a constant occupancy cost. This is not what we do.

What we do is we negotiate rents with step-up clauses. The already signed step-up clauses implies a growth of inflation plus 2%.

Of course, it's important also to understand how sales evolve over time, because when the contract expires at the end, we, of course, expect a relatively constant occupancy cost. We do not expect an increase in the occupancy cost for the same category.

I would say, Gustavo, that when you consider the evolution of sales in longer trends of several years, you will see that the occupancy cost has not increased importantly. It has maintained constant over time compared to the levels we had before the start of the pandemic, okay?

Again, I would expect as a guideline to maintain those occupancy cost levels per category at relatively the same levels. Considering that the tenant sales have increased importantly over time, of course not this quarter, but when you go to longer trends, they have grown importantly, I would expect rents to continue to grow at inflation plus 2% levels or so.

There's an adjustment that we believe it's mainly related to the fact that Argentinians are shopping less in our country, but it's a local adjustment that you will see this year. From there, I would expect the evolution of rents to continue to be at this inflation plus two.

Let me also add to that that we have been actively managing our commercial mix. We have between 12% to 15% of the GLA expiring every year.

That is also an opportunity to increase the productivity of our GLA. We have put important efforts in the company to decrease the larger surfaces, the anchor stores, and increase the percentage of minor stores.

That implies an important gain in productivity, because as the rent per square meter in minor stores is very importantly higher than the rent per square meter in anchor stores. I always highlight in my previous answer the fact that per category, I don't expect an increase in occupancy cost.

In average, I do expect an increase in occupancy cost because the categories of minor stores weighs more. Because of that and because these minor stores have a higher occupancy cost, in average, you should expect a higher occupancy cost, but not per category.

That's perfect. Thank you, Eduardo.

Thank you, Gustavo. Now I am going to be unmuting Igor Machado from Goldman Sachs.

Hi, Igor, how are you today?

Good morning, team. Thanks, Lauren, and thanks, team, for taking my questions.

First point here is regarding inflation. Are you concerned about the impact of increasing inflation on consumption in Chile?

I'm just trying to understand here specifically in Chile and how are you seeing the inflation environment for all the Andean region, too? My second question is specifically on Chile, just trying to understand here if you see weaker performance for Chile this quarter as a consequence of hard comps and less Argentine visitors or a sign of the deceleration in the country?

Thank you.

Good morning, Igor. Eduardo here again.

As you point out, inflation is being a little bit higher than expected. Let me make the point here that we have a long position in inflation in our balance sheet.

Since we have $6 billion, US billions, in assets and $2 US billion in liabilities, we are long 4 billion in inflation. Of course, this is one way of seeing the financial statements of the company.

As you point out, of course, a higher inflation also implies a lower purchasing power, and because of that, we could see a negative impact from consumption, and we could see also interest rates decreasing less than expected. Because of that, also an impact in both the assets and liabilities in the companies.

Considering the levels of inflation we are seeing, we do not see this as an important concern. Again, we are not seeing an important decrease in consumption that is related to local consumption, at least not from the data from the first quarter.

The decrease in sales in Chile is mainly related to the fact that Argentinians are shopping less in the country. Let me give you some data there, Igor.

From the data we have of Argentine cars license plates, plus the data we have from Arauco Travelers, which is the strongest tourist program in the country, plus the data we have from Sernatur, the local tourism organism, and the data we have from some of the retailers, we see that in Parque Arauco Kennedy, which, as account for approximately 50% of the NOI in Chile, the Argentinians represented 7% of sales in '24, and that figure increased to 11% of sales in '25. In '26, we expect that to go back to approximately 7% in our central scenario.

That's only PAK, only Parque Arauco Kennedy. When you go to Chile figures, '24 in our calculations, we believe that Argentinians represented in Chile 4% of our sales in our portfolio in '24.

In '25, 6%, and in '26, we expect this figure to go back to 4. We expect a 2 2 points of lower sales only because of Argentinians.

As Parque Arauco is the more diversified company in our sector from a geographic point of view, when you go to consolidated figures, it's not relevant. It used to be 2% at a consolidated figure.

Now is 3% in was 3% in '25, and in '26 should go back to 2% of sales, but not revenues, of course. We believe it's not an important impact in our financial statements.

Perfect. Thank you.

Thank you, Igor. Now I am unmuting Marcelo Motta of J.P.

Morgan. Hi, Marcelo.

Hey, hi, Lauren. Hi, everyone.

Thanks for taking the question. This is a follow-up on the study case of parking.

If I got it correct, you mentioned that around 60% of assets are already generating revenues through parking. Just wondering if that number is correct and what is the expected ramp-up for the remaining 40% of the portfolio, if this is a matter of, I don't know, maybe systems or personal or if it's related to the size of the asset or the location, we can try to understand the ramp-up to get 100% of the operation.

Also on capex, if there is any updates regarding the follow-on. You mentioned in the previous call that half of the capex would be expansion, the other half will be greenfield and M&As, just wondering if that is still the case to get to this $300 million per year in capex.

Thank you.

Good morning, Marcelo. Eduardo here again.

Parking, let me start by saying that the non-rental revenues have been growing much more than rental revenues in the last few years, okay? I would expect this trend to continue.

In this non-rental revenues, you find electricity distribution revenues, you find parking, you find retail media, and other retail as a service initiatives. Now parking is the most important non-rental revenue from an EBITDA point of view.

If you compare and you do a benchmark to, for example, Brazilian companies, there's a huge difference. In the case of Chilean companies, parking represent a little bit more than 5% or approximately 5% of revenues, and in Brazil, that figure can go up to 15%.

There's a huge difference. As you point out, some of the assets don't charge parking.

I would not expect a relevant change there. I would expect a gradual change because in the life cycle of an asset, we normally don't start charging for parking.

There's a point when a client cannot find a space because a non-client is parking. In that point, we start charging.

Let me also add to that that we understand that parking is not our main source of revenue, and because of that, our strategy or price policy is to charge on quartile 3, below average for the relevant market for the influence area of this asset. That said, there are several levers for the next years that I believe will increase the relevance of parking revenues.

This slow and gradual change of assets that don't charge parking that will now charge parking, but again, it's a slow process. Second is related to the possibility of having VIP parkings in this well-located parking areas and with a different price.

We have done pilots regarding that with a lot of success. I believe there's an important opportunity there.

Also, I would add pricing policies. We charge the same price for weekdays and weekends.

There may be an opportunity in having a more sophisticated pricing policy, but again, always charging below average, since this is not our main business. Also, there are other opportunities related to converting parking areas into commercial areas.

For example, in Parque La Colina, our main asset in Colombia, we reconverted parking space into retail space in the surroundings of the escalators and with a lot of success. With more service-oriented commercial mix, but very profitable.

Since the client use the escalators in order to reach the shopping center, these are high-traffic areas, and retail makes total sense. Also, there are some efforts related to retail media in the accesses of parking, in the wayouts of parking.

I do think, Marcelo, that parking will be more important gradually, but it's a slow process. As a guideline, I would expect that the non-rental revenues will grow more than the rental revenues in the year to come.

Regarding the second question, we recently updated the investment plan with a new announcement for more than $270 US million. With the follow-on, we will be able to increase our investment capacity from $200 US million a year to approximately $300 US million a year.

This announcement we did a few weeks ago is approximately of the size that we need for each year. As a guideline for what we expect in the years to come in terms of use of funds, I would expect that expansions or brownfield projects will continue to be approximately 50% of the capex.

It's organic growth of some new phases of expansions we have announced or new expansions of other assets different than what we have announced, but that we have been working for several years. That's 50%.

Then 30% new assets, and by new assets, it's both greenfields and M&A. In the last years, we have been doing more M&A than greenfields because from our risk-return profile, we believe makes more sense for the shareholders of the company.

We have a high focus on quality, we need to acquire high-quality assets at right price. Since we participate in small and relatively illiquid markets, it's not obvious that you will be able to find attractive M&A opportunities.

We always put on balance the risk-return profile of greenfield versus M&A in order to take a good decision that adds value for the shareholders of the company. The remaining 20% is multifamily, both in M&A and greenfields.

Again, 50% expansions or brownfields, 30% new assets, both greenfields and M&A, and 20% multifamily.

Perfect. Thank you very much, Eduardo.

Thank you, Marcelo. Then now we have a written question from Bci.

I believe we already answered about costo de ocupación and La Molina, the remaining question is about the new taxes in Colombia that we will have to pay the second semester.

Can you go into further detail about that? Lauren, I think they are talking about that special tax to the equity, to the patrimonio.

We, yes, we will pay that. Actually, we paid already the first installment of two.

In total, it's not final, but it should be around 6,000 million Colombian pesos. Assume you're talking about that one, that particular tax.

Great. That wraps up our call today.

Thank you, everyone, for taking the time to connect to the Parque Arauco first quarter 2026 call, and thank you, Eduardo and Francisco, for being on this call. Again, if you have any other questions about our first quarter earning results or our capital increase, which again started today, please feel free to reach out, and we will see you back in July for the second quarter 2026 conference call.

Have a great day.