Good morning, everyone. This was another quarter that once again demonstrates the strength of our business model.

It's a model that was built on a very simple principle: the quality that drives results. When we invest in quality, in the quality of our assets and the customer experience, the results will follow.

We have achieved another record for sales for the second quarter. Our shopping malls have generated over R$7 billion, and at the same time, we've had occupancy rates above 96%, and we've had another quarter of negative net delinquency.

The revenue from rent of the stores are growing every quarter since the pandemic. The cash generation was record, and the margins are amongst the highest in the sector.

The net income has increased over 60% in regards to the second quarter of '25. When we look at the company, we see that it's still generating efficiencies.

We had a recovery of expenses that was very significant, and we have a record NOI margin on the quarter. We also have accelerated the PIS/COFINS tax credits, and we have created consistent value for the shareholders.

These are very important. The clients and the tenants always choose the highest quality assets in the market, and that's no coincidence.

The consumers have changed, they seek more convenience, dining, and entertainment experiences. We understood that transformation for a long time, and we continue to update our malls to service the expectations of our clients.

In March, we have the expansion of Morumbi Shopping mall, today it grows, and it's an expansion that has transformed the mall. It brought our brands to a new way of consuming ourselves.

The growth of the stores have had the same-store growth has reached 10%, reinforcing reinforcing the positive impact in the renovation throughout the mall. Also we have the expansion of BH Shopping in this quarter.

For the next for the next month, we are increasing the expansion of BarraShopping and the 10th expansion of ParkShopping Brasília, which is 100% leased and in an advanced stage of construction. With these deliverables, we will have seven expansions that are concluded over the over the next over the last three years and over 50,000 square meters of GLA.

These are projects that are not only physical growth, they demonstrate our ability to continuously replenish our mature assets and keep them relevant for those that are customers of our malls and those of future generations. In August, we will launch Lake Baikal, which is another milestone in our real estate development strategy.

In fact, that strategy has intensified. We've announced this month the sales of three land plots for development of mixed-use projects: one adjacent to ParkShopping Jacarepaguá, and two others at ParkShopping Campo Grande and ParkShopping Canoas.

These developments reinforce our vision of integrated mixed-use neighborhoods connected to our shopping malls. Digital innovation is also one important lever of our business.

The Multi app has surpassed 10.5 million downloads and will continue to strengthen our relationship with both consumers and tenants. In the first half of the year, the sales captured through the app has grown 20% in comparison to the same period last year.

Over the last 12 months, the app generated over 63 million interactions. Still within the innovation, we are using artificial intelligence to enhance the customer journey across our malls, making making it more seamless and more personalized.

Artificial intelligence has been an important tool in the optimization of internal processes, proportioning productivity gains and more operational efficiency. It's so relevant as the results of the quarter.

It is what we are building for the future. We have planned for the next expansion cycle of '27 with Jundiaí, São Caetano, BH Shopping, and VillageMall.

Our land bank includes 130,000 square meters of GLA of detailed expansions. We have, therefore, 15 future expansions across 11 malls.

Throughout five decades, Multiplan has helped to transform entire regions. This transformative capability remains present in every expansion, every renovation, and every real estate development that we undertake.

We will continue to see the changes in behavior and preferences of the new generations because consumers evolve, and Multiplan evolves with them. That's why we are positioned to continue to be the leader of the sector for the next 20 years.

Thank you very much to all of our employees for their their dedication, and the shareholders and analysts and members of the press for their interest. Thank you very much.

Good morning. Two questions on our side.

I wanted to understand first, what is your overview, how do you see the tax reform? How are the operational challenges of this tax reform, the communication with the players that are less professional?

I wanted to know if you see tenants that are ready therefor. The second point that I wanted to talk about is the NOI margin.

It's an impressive threshold that you've achieved. Do you see continuity in this high-level threshold?

I wanted to understand how can we see the gains of efficiency? You've done a lot, but I wanted to understand if you think that there is a space in the future for growth.

Thank you very much.

Hi Ygor, this is Eduardo. Thank you for the two questions, and I'm going to start by the last.

You talked about efficiency and NOI margin. It's the objective of the company to be efficient, but more than being efficient, our objective is to get the company closer to those that are going to the mall.

That is key. All of the importance of the efficiency of the company depends on how much the malls are visited, how much the consumers understand that we're working for them.

It's a constant looking for efficiency in the company. I think that this quarter is key, even with the movements that we've had.

It was very positive for everyone, and this is an incessant drive. From here to the end of the year, we're going to have changes, and we cannot predict the future.

Sometimes we get it right, sometimes we get it wrong. Even to complement that, it's the same question that happened in the first quarter, and it's a continuous work.

You see that in the last 12 quarters, we have a margin over 90%. It's because of the continuous effort of the company.

To close this, why do I talk about the mall? Because the dependency relationship for this company is not the mall that depends on Multiplan; Multiplan that depends on the mall.

We will only have results and ever better results if we are very good in the end, and this is the incessant drive of the company. I'm going to answer your question on the tax reform in a different way.

The biggest focus and the biggest dedication that we have in regards to the tax reform is to be technically ready to service the demands of the tax reform. That has been the greatest dedication, and we've gotten today the tax authority that is delaying the deadline for the issuance of the invoices.

The biggest challenge is to be ready for the tax reform. We have to be ready for the deadlines that are established by the tax authority.

That's the biggest challenge. The other themes are secondary because of the effort of building all the systems to service the demands of the tax authority.

Ygor, you were talking about if we think that the tenants are ready for such a change, which is the tax reform here in Brazil. I can answer you, from my feeling, I think that not.

I think that there's a lot of people that are worried about economic scenario that we are living today and that we're going to find with the tax reform. The biggest and the most organized, certainly they're going to be ready, but the smaller, not so much.

Thank you, Eduardo. Thank you, Armando.

good morning, everyone. Thank you for the opportunity.

I have two questions. First, even going back to the theme the NOI margin, we had a reversal in the quarter, I wanted to understand what can we think as a recurring from here on to the future, and if there is any change in the provisioning and aging, is there any change in that front?

The second question in regards to the credit, PIS/COFINS tax credits, what would be the timing for the release of that credit in regards to the impact, cash generation, and also looking to 2027 with the end of the PIS/COFINS tax, how can you reimburse that, for how long? Can you give us some color on that?

Thank you.

Matheus, you asked two good questions that we don't have an answer, at least I don't have a direct question direct answer, sorry. First, the provisioning, that's very dynamic.

All the systems will change, and as you recover, you increase the delinquency. You've seen in the first quarter we had a biggest provisioning, and that impacted all the models and all the provisioning matrix.

In the second quarter, we managed to recover a good quantity that impacted positively all the project all the process of aging for the company, for this provisioning. What is the expectation?

Eduardo commented, we're going to work so we can have a high productivity. When we can help the tenant to sell, and you've seen in the quarter the quarter that we have the challenges of the distractions of the World Cup, high interest rates, and you have positive sales, you see that our work is in the right direction, and you can value your space so that the tenant will not be delinquent.

We have that the distribution of the proceeds of the company that might go faster or quicker, I can even comment, we have a credit and it can be compensated with the PIS/COFINS that is recurrent. As we have the income, we are going to have the PIS/COFINS, and we're going to use that credit to use it.

The timing of the usage will be in accordance to the generation. Also we're going to see it in the future if we have a reimbursement, or we will we evaluate all these possibilities, but we have had a detail on that.

It's important to have taken this constituted tax credit within this year.

Hi guys, can you hear me? I think that it's clear.

Thank you very much.

Hi everyone, thank you. I'm going to take the question and congratulations on the results.

Two on our side. First, the company, as Eduardo has said, we have strong sales and the work that has been done over the last years regardless of the World Cup, that we would think that it would be causing more of a hindrance, but it was a facilitator for sports clothing, for example, sales.

I wanted to get your feedback more granular of segments that were better, were worse, and if somehow the last game of Brazil for the shopping mall, did it have an effect for the month of July? Can you comment something on that?

Secondly, in regards to the parking lot revenue, I think that is the strongest, one of the biggest ones for the rent. There is a flow effect, the effect of BarraShopping, but on average, the effect of price is the one that had the pulling up the growth of 70% year on year.

I wanted to understand the current levels, there is a big demand, the demand is on the side of the malls, up until what point do you think that we can continue with that price effect that is so relevant? Next year we have the tax reform, and we will have a new increase for the price for the consumer.

Can we have that effect of price so high on the inflation for so long? Thank you.

Thank you, Kiepher. I'm going to answer with the World Cup.

It's not just the World Cup. Any event that is strong in the television is bad for the shopping malls.

That's it. It's bad for commerce.

Olympics, World Cup, sometimes even the end of the soap opera will hinder the sales of the shopping mall, but it's very pinpoint. It's just that day, and then that's it.

Don't be too attached to the day. The day of the game at 4:00 PM, as it was the last game of Brazil, it was 4-6.

Regardless if it's 4-6, and it's a bad day of sales, and it's below what we expected, but it was above to what we could imagine from a World Cup that is so long and with so many interesting games. This is one point.

You asked if we think and talking about parking lot and revenue. If I think that we can continue to grow, I am certain that we can continue to grow.

Because everything that we do is for the improvement of the experience of the shopping mall. When the Morumbi Shopping grew, it's a consolidated shopping mall in the heart of São Paulo.

We've done a revamp of an area that is relatively small, and the impact for the sales of the stores is very big. That is translated that we can achieve the objective, which is to bring the people that are not going to the Morumbi Shopping mall and captivating the people that are already going to the shopping mall.

It's a double work. It's something that started three years ago.

We've renewed the shopping mall, we planned an expansion, we've changed the communication of the shopping mall. It's a deep work, and that will continue to happen in other assets.

When we made a decision of not building assets, new assets, greenfield, because I realized that there was a lot to find in-house. If you're going to see the same thing with a higher intensity happening in Brasília.

Brasília, the shopping mall is going to have a function, and now this expansion will give you that function, which is connecting with the stores for the biggest parking lot in the shopping mall. For those that are going to the shopping mall, the experience is going to be much better.

There was a part that was a reimbursement of the tariff, okay, certainly. A big part are people that are going to the mall, and they didn't go before.

You have more people going than you had before. I'm going to give you a phenomenon that is very clear for Morumbi Shopping and those that are living close.

Morumbi Shopping on the weekend, we have 500,000 cars with corporate, and we have 2,300 available seats at the weekend. That didn't happen.

I can guarantee that since we're not going to stop to invest in improving the assets that we have, I am certain that that will continue to grow. That happened in Curitiba, ParkShoppingBarigüi.

We see an increase of visitation and transit that is happening in Morumbi and DiamondMall, Maceió, and it's the same thing that we're projecting for Brasília. It's important that you understand the strategy of the company.

I'd like to imagine we have demands by space, Morumbi Shopping, BarraShopping, BarraShopping, BH Shopping. If I had today another 10,000 square meters of stores in Morumbi Shopping, that would be allocated.

It's difficult to grow, and then you get into the limits of what you can do with the enterprise. Since technology of construction never ceases, it only improves, the cities contribute for that.

The cities, they started to understand that shopping malls do not need the amount of parking lots that they have today. You have all the mobility apps working for the enterprise.

The stores are selling more because of deliverables and more people going to the shopping mall with a less use of parking lots, the use of Rio de Janeiro. You have a law that you can't build within the next two years acquiring from the municipality the parking lot of the shopping mall.

Did we explore this? We are at the beginning.

There is a lot of things to explore. Thank you.

Thank you for the space. Just one question.

Looking at the breakdown of the same-store sales, same-store sale of clothing apparel is growing more than satellite, the big stores might be Renner, Centauro, those are the crown jewels. If you can tell us what are the crown jewels for clothing apparel, and what explains the performance that is stronger?

Because we have the perception that this segment was at a challenging time, having more color would be very good.

This one, we had the change of mix. Just one second.

We had a bit of a technical issue, please wait. We are connecting.

Just one second. Your question is complex because as a change of area, there are a series of things that happened in the mix of the shopping mall.

When you look at the same store, you're looking at a segment from one year down the line. When you see this, you increase the area of the shopping mall in this moment, which will distort the calculation of these sales.

I didn't understand your doubt in regards to the satellite and the crown jewel of clothing apparel. Can you clarify?

The same-store sale of the crown jewels are higher than the satellite. Our perception is that the crown jewels were not at a very favorable moment.

How do you see the sales of the well-known stores of clothing apparel?

Think about what's happening to that number. When you want to look at our portfolio, well, you have a clothing store that closes for refurbishment at the moment.

The same-store sales of a crown jewel of clothing apparel drops, what happens in the next quarter? They open much stronger, and there was a structural change.

Armando: We're going through this moment. Zara is doing a movement that is very significant within important shopping malls.

You have an increase of BarraShopping. There is Latin America, you have new brands in Brasília, and as we're going to get in Morumbi Shopping.

These are areas that were closed in this quarter. They impact negatively as a whole.

I understand your question and your concern, but when you go to the physical and you understand what's happening with the dynamic of the shopping mall, that there is a change that will happen in the second semester that will impact positively all the stores. What I wanted to disconnect is that point, macro point of looking at a perception that the retail is not doing so well.

They're looking at our portfolio, which is very specific for our strategy of bringing brands and random movements, as Eduardo has said. These are good news because you have Zara that is doing well in Brazil, that wants to grow in Brazil and wants to bring all the other brands to Brazil and for Multiplan.

These are good conversations. Today we are working with a chess.

If I get everybody in BH Shopping, BarraShopping, Morumbi Shopping, everybody wants the same ones. It's a chess that benefits most people.

Thank you.

Eduardo, Armando, team, thank you very much. First, about the expenses and evaluations and other operational expenses.

You've had a growth that was reasonable, I wanted to understand the magnitude of those effects. What is relevant, what is not relevant, what can we expect from now on?

Second question is the financial results, positive response on our side. When we look in these lines, we have real estate enterprises and other revenues.

I wanted to understand what is going along those lines, and what can explain that, and what can we expect in the future? Thank you very much.

Elvis, thank you for the questions. Expenses, well, you had two nonrecurring effects.

One last year in the second quarter of last year, which was a reversal of provisioning that happened. In this quarter specifically, 2026, you had an expense that is pinpoint with the changes that we've done in the company.

These are pinpoint issues. I don't see anything that is changing in a continuous way.

In regards to the payout of the shares, it was a marking to the market that with our program in the second quarter that you have on the expenses. When you remunerate, you have to pass on the trenches, and you have to do the marking on the market for the effect of the labor expenses.

That's why you have a higher price than the shares that were displayed at the time. There is a lot of things that resulted in this improvement.

The first one, there was a small drop, and the second, there is a reduction in the gross debt of the company, so that's affecting positively. Third, we had the amortization of debt with higher costs and a liability management that is positive for the financial results.

There were several factors. Talked about real estate, Golden Lake, I have a few units that are financed not by us.

That's why you have that result on the real estate, which is a carryover, positive carryover of that finance. The negative is in the expenses.

Good morning. I wanted to talk about the P&L and the payout of naming rights.

I think that two points here. I wanted to understand how that data talks about with your balance sheet with the deferred revenues.

This is a dynamic for the volume of the expansions that you delivered, or there is a change in your strategic line? How do you think about this line in the future?

Should it be in a threshold, are we talking about a level of growth, or there is something in that quarter that we didn't realize as we had in the previous lines, or it was even influenced by the expansion of Morumbi? I wanted to get your $0.02 on that copyright.

I think that the growth on the copyrights, it's a negative result. First, we have an area if you look the expansion we delivered in the last two months with 20,000 square meters.

We have another 20,000 meters that will be delivered in Barigüi, DiamondMall two years ago. You have a big change of mix if you look at the turnover of stores historical.

It's decreasing, but it's much higher. If you get it since the pandemic, we're going to get a big change of mix, and obviously a few things is incentives to change, and that will be recognized through the lifetime of the contract of the store.

The biggest level, the record of this company of the copyright was Vila Olímpia. It's interesting, 20% of the CAPEX.

You can see where Vila Olímpia is done there today. It's a completely financial decision.

Let's capture the most that we can, and we didn't give the correct attention to the mix of the shopping mall. What happened?

It has a short lifetime. You have a short level of success.

We could have had less results, certainly.

I would have preferred to have the second option, but unfortunately, the past is the past. What we can look forward is the future, and now we are going down the right path.

The reconciliation of that with the accounting, you will reconcile with the revenue of deferred revenues. What is in the balance, and then you open the contracts.

With the expansions that we have, we still have some to recognize, and others that will be opened in the short term. Brasília opening November, BarraShopping opening now in the second to third quarter.

Did we answer your question?

Yes. Thank you very much.

Thank you for taking my question. About the project of the Golden Lake.

The first one is if you can comment on the rhythm of sales that is a bit weaker and about the seasonality, about the World Cup that is closer to the deliverables, and I wanted to get your vision of what caused that lower speed, and what can we expect on the initiative of increasing the sales? The second one is the launching of Baikal.

I wanted to understand how comfortable you have on the price of the project or what can we expect, and speed of sales in the first few months of the year?

Marcelo, Eduardo. Thank you very much for the question.

Let's talk about the macro to get what you ask specifically. Golden Lake and BarraShoppingSul, we are developing throughout the city.

Golden Lake specifically is a project of maturation of 15 years. You have the increase of Baikal, and it will go to 29 floors.

You will have approximately 1,200 units selling in this year. It's an evolution of Golden Lake, and it's the best condominium in Brazil.

We are there trying to do the best. Till the end of the year, we are going to deliver all the common areas of the condominium that will accelerate the selling of Baikal and the stock of Lake Erie and Victoria.

Now last week and this one, we structured 10 apartments at Lake Baikal. The speed is good for those that didn't even get you the launch.

People are visiting, and the enterprise is well-known in Porto Alegre. We are not going to stop investing in the region.

We have plans of getting to the school. It's a condominium that is complete.

My expectations couldn't be better.

Once you go along the lines of efficiency, we started to sell that condominium to R$12,000, R$13,000 the square meter. It's practically double.

The margins, they tend to grow, and you'll be able to build the terrain. I only see it positive.

There's still the advantage of impacting positively. You're talking about 7,000, 8,000 people when it's completely concluded that will be going to BarraShoppingSul.

They will be heavy users of BarraShoppingSul. BarraShoppingSul reopens and they will open at BarraShoppingSul in September along with Sephora.

All the region is under development. No conversation is closed.

Golden Lake, Lake Baikal, we're doing very well, and the launch will be on August 15th. I am certain that we're going to be very successful.

That is with a high interest rates. You can see the mortgages in the United States because it's for 60 years.

Imagine the interest rates at 14%, 15% for so long. It's natural that you don't have the same speed that you would like.

As Eduardo said, we are very confident, and the building of a neighborhood is you're building a shopping mall.

Armando: I invite everyone that wants to go. The enterprise is going to be wonderful.

It's a planned neighborhood, and we have everything there. We have wellness with the first marathon runner under 2 hours.

It's a neighborhood that looks like a six-star hotel.

Yes, very clear.

Hi, good morning. I have two questions on my side.

The first is the occupancy cost is very under control. We will get to a lower threshold when we look at the history over the second quarter.

The doubt is how far away can you go in Brazil with the macro? This is not reflected in your results, and what do you see as a real effect for growth in this year?

The second one is follow-up. In provision, as we've discussed, we've seen a reduction in the index of deallocation.

What calls my attention, we have net negative delinquency and the coverage indices are at a threshold that is similar to what was be done before. If you can give us some color if there is a movement, what would be normal up ahead?

Occupancy cost, the occupancy cost is influenced by two factors. First, we have a big input, which is selling.

We promote shopping malls, we help the sales to be consolidated strongly. Secondly, is the effect of the indices that will have no control.

As you've seen in the quarter, is very low with the growth and the rent that is very positive. There's a goal for real rent.

We are always trying to extract the best result for our shareholders, especially when you have the biggest fundamentals. It's a challenging moment post-pandemic.

It we were questioned if if the delinquency would increase, and it didn't happen because of the quality and the fundamentals that I commented before. This Well, the same store since the opening, the real opening, we've had it close to 3%.

That gives you an indication, but it's not that we don't have a goal. We think that there is an important upside, and

we have an occupancy cost in the second quarter that is lower since the IPO. Success in the sales, success in the work that Eduardo answered in the first question, connected at the end.

The consumer goes to the shopping mall and creating sales that are very good. The second one, the success of recovering, it's a dynamic.

It's not static. It will be the same one if you have a delinquency that is better or worse.

We have the systems, and we have a dynamic curve for the provision. With the highlights, how many quarters we have a negative delinquency?

Imagine that we are getting to a record that was not so good, and we have an a good record. In the first quarter, for example, and now it's improving because of the consistency of the improvement.

The negative delinquency, it's something that is helping with the recovery, and eight of the last three years, eight quarters of the last three years had a negative delinquency. Did we answer, Gustavo?

Yes. Thank you.

Good morning, everyone. Thank you for the space.

First one is the Golden Lake. We've seen Lake Victoria is delivered, but I wanted to understand how is this if we can do without having any problems.

Connecting that to the next phases, we have INCC, and INCC in Porto Alegre is 7%, bigger for the capitals. If you can give us some color on how you see the scenario of costs for the Golden Lake, the expectation of margins?

That's the first one. The second one connected with BarraShoppingSul, the sales dropping year on year with a drop in the portfolio, and you even comment that there is a bigger turnover in the quarter.

I wanted to understand the explanation of the year on year, and how you've seen the flow in the shopping mall now that Lake Victoria was delivered?

Olavo, thank you for the question. Let me answer by BarraShoppingSul.

You have an impact that is very big of a lot of stores being closed because of Zara, Sephora, and you will have more stores closed. All of that will generate an impact that is very positive for the shopping mall.

You are getting brands that were in the past and they're going back to the shopping mall because they understand that there is a potential for consumption. You have an impact in the drop of sales.

Today you have 3,000, 4,000 square meters of satellite stores that are adding to the areas that only Zara has 3,000 square meters, almost 50,000 square meters, and all of that impacts negatively the shopping mall. You have to go through that movement of transformation, and that generates that noise that you commented.

You have a decrease in sales, but for the future, you have a bigger increase. You're going to bring more sales, more people, an improvement in the experience.

I only see positive things in the future BarraShoppingSul, even because Golden Lake is up there. You got here, these are very pinpoint issues and that impacts very little with the enterprise because we build.

It's the first time that Multiplan has residential enterprise. Residential, we've built a long time with Golden Lake, and we've done that in Porto Alegre because we understood that with the quality and to keep the margin that we wanted, we wanted to take over the construction.

Since I am the one that is building, I will get the biggest efficiency of the work with the cost of the company, I'm not concerned about that. It's not a concern.

Golden Lake is an asset for Porto Alegre that is gaining with a spectacular neighborhood. Lake Baikal has had a performance that is higher than what we expected with the prelaunch, and I am certain that we will perform very well with the launch in August.

Thank you.

Thank you for taking my question. Two on my side.

First you mentioned that the sales in the days that Brazil didn't play in the World Cup, the sales are 10% above the level of 2025. I wanted to understand two things.

First, could you tell me what would be that number and do you exclude Morumbi Shopping? Second, is how that 10% is translated with the same store?

Second question is more of a curiosity. I wanted to understand if you can observe more time of permanence with the shopping malls that went through revamps and over the last eight months?

Is there any time of quantifying that number?

Good morning. Almost good afternoon.

Thank you for the question, Geraldo. When we ask for the second one, if we have a time, can we have that information, but we don't give the disclosure of that at the time.

We see, yes, people going, spending more time and using the shopping malls because of the natural vocation of experiences. It's not just a visit to the store.

Let me just interrupt you one thing that we didn't commented, but the best way of measuring is you have those that go to the shopping mall, and the experience of Multi makes you stay more because I have a benefit, I have the exchange at a deep place, and none of that existed before. Physically we don't see it, but there is a lot of differences.

We're talking about an application that has 63 million interactions over the last year. The question that is always asked in regards to Multi is when are we going to monetize Multi?

It's being monetized every day. Because people go there and they use it, and they represent over 30% of the sales of the company.

The best way of you understanding the consumer is through the app. There is an important thing, Geraldo.

We created a relationship that didn't exist with the tenant of them getting the information of the stores at Multi. You have 1,500 tenants that are getting freely their information where the people what is a neighborhood that people come and what is the store that they go.

There is a series of informations that transforms that experience into something more enriching and better for everyone. Thank you.

Going back, there is a question about parking lot. This is one of the factors that influence the growth of the revenue, the time of permanence and more visitation.

That's the first question, given the effect of the World Cup. What is the number if we would exclude the expansion of Morumbi Shopping?

We don't do that analysis. For us is transparent, we don't have to do it, but looking at the same-store sales of Morumbi, the calculation excludes the expansion of 9.4%.

You see that it was very strong, it would be very strong regardless of the expansion. You had another question about the World Cup.

Geraldo, can you repeat?

I wanted to understand. You said that the sales was 75% and the days that Brazil didn't play.

I wanted to see that in implement year on year, that 10%, it's a full number of sales. What is the equivalence of same-store sales?

Also that increment of 10%, do we remove Morumbi Shopping from that 10% and how much it would be remaining?

We don't have that analysis. We see the performance, we see that enterprise in an isolated way.

World Cup is an event that influences the visitation, and we have the transparency, and you have associated with the World Cup the impact in the wholesale, what you lose at a day of the game, you compensate in the next day. The expansion is a success as we will have with others improving our portfolio.

It's more attractive for the consumer and for the tenant. Thank you.

Thank you everyone that took part in the call. I wanted to thank the board of directors, the VP, and they transform our ideas in reality.

I've shared with this at the public meeting, and whenever I can, I repeat it: all the investors, they help the company to be better than what it would be. The idea in your questions, they help us to transform our company in a better company.

I wanted to thank everyone, and I am very optimistic for the rest of the year. Thank you very much.