Thank you for waiting, and welcome to the earnings call of Allos for the discussions of the results regarding the second quarter of 2024. We have here with us today Mr. Rafael Sales, President, Leandro Lopes, VP of Business, Vicente Avellar, Director of Operations, and Ms. Daniella Guanabara, Director of Investor Relations, and this event is being recorded. All participants will only hear the earnings call during the presentation. Thereafter, we're gonna start the Q&A session only for analysts and investors, when further instructions will be provided. This event will be transmitted simultaneously via webcast, and you can access it at the ri.allos.co address, where you have this presentation available. The replay of this event will be available after the closing for a period of one week. We would like to inform that questions can only be asked through the Zoom app. Should you be connected via the webcast, your question has to be submitted directly to the IR team through the email ri@allos.com. Before continuing, we would like to clarify that any statements that might be done during the earnings call regarding the business perspectives of the company, projections and operational goals and financial goals are based on the beliefs of the company, as well as based on information that is readily available. Forward-looking statements are not guarantees of performance. They involve risks and uncertainties and premises, and they're regarding forward-looking statements, and therefore, they depend on circumstances that may or may not occur. Investors should understand that economic general conditions, industry conditions, and other factors, operational factors, might affect the forward performance of the company and might lead to results that are materially different from those expressed in the forward-looking statements. Now, I'd like to give the floor to Mr. Rafael Sales, and he will start the presentation. The floor is yours. Good afternoon, everyone. Thank you for your interest in taking part. Now, I would like to start today's call with an update on the investments that we've been doing in our shopping malls. We started with another important stage at the revitalization of Parque Dom Pedro in the area of the shopping mall and the other parts of the mall. This project will be completed by Christmas this year. Continuing other works that will transform the former restaurant place, we're going to offer a better gastronomic experience. The project should be done by this year. Besides that, we advance in the development of VillaLobos and Shopping da Bahia. They're gonna have a differentiated look and updated for our clients. These projects have the projection of being delivered by next year. June, we have the northern zone of Rio, the expansion of Shopping Tijuca, another 2,100 of GLA, 22 new operations of bars and restaurants, and we are going to have the restaurants that are carefully selected and with different options for food. And the child's area, that's going to bring a lot of comfort for the shopping mall. We're gonna have the new areas for shows. Projects such as this allow the organic growth of our shopping malls and the company. The return rate, very good, once our shopping malls are ready to pass on through these transformations. Let's talk about our results in the second quarter. Second quarter continues to deliver strong results of the company and the redirection of the portfolio and organic growth. We can see the operational indicators that are improving. We have an 8% growth in the square meters in sales, going over BRL 1,800 per sqm. The indicators since 2019, you can see on the graph, and we delivered the average growth of 8.6% per year, much above the inflation of that period. That demonstrates the success of our portfolio management and the mix. The sales of our tenants, they got to BRL 9.4 billion in the quarter, which is a growth of 5.8% versus the second quarter of 2023. In the cumulative of the year, we have the performance of the South, Southeast Region, a growth of 9.2%, South Region, 9%, and we had the performance of Shopping Catuaí. In July, we have the same rhythm in terms of growth in sales. Up ahead in the presentation, I'm going to bring you some more numbers of the operational indicators of the quarter. Slide three. We got into the results of the company, and here we had a net revenue of BRL 622 million, a growth of 3.8% in regards to the previous year, impacted by, positively by the increase of 25% in media and 40% in parking. Today, all the shopping malls of the company has the media business that is operated by Helloo. We see the media revenue, and we are very trustworthy in the high potential of this business. And in the quarter, the rent reached BRL 416 million, which is a growth of 1.3%, a positive number regardless of the effect that GMV and the revenue of this period. The same store rent also grew in a consistent way. If you can say, consider inflation, 2.3% above. EBITDA had a growth of 2% in regards to the same quarter of the last year, affected by the IGP-M tax and by the expenses that impacted, very concentrated in the second quarter of this year. From the third quarter onwards, we're gonna have an operational result with the regrowth of growth and seeing a trend that is closer to what we had in the first quarter of the year. The FFO per share has an evolution that is very expressive, a growth of 41%. That performance was done because of the management of these liabilities that reduced the cost of the debt that aligned to the performance, operational performance, allowed us to get to the 50% margin in this year, 11 percentage points higher than the previous year, than the second quarter of last year. We had the execution of the repurchasing of shares that reduced the capital base of the company. Before giving the floor to Dani, I would like to pinpoint that in the second quarter, it marked the conclusion of the disinvestments that we had announced since the third quarter of last year, with the entry of BRL 1.8 billion in resources for the company and with the concentration of the shopping malls that are aligned to our long-term strategy. Regardless of the current scenario of less liquidity in the M&A scenario in comparison to the past, we are executing the disinvestment program that we announced in March of this year, always focused in sustainable growth of the company and value generation for our shareholders. In regards to the repurchasing program, it's important to update you on the repurchasing of shares program. We had allocated BRL 956 million in the protection of the shares of this year of 2024. If we add that to the BRL 602 million of dividends paid in this year, we have BRL 1.1 billion in returns for the shareholders, 10% cash for our shareholders. Still, we closed the quarter with a cash of BRL 3.7 billion and a leverage of 1.5 of the net indebtedness over EBITDA. That's a comfortable cash position also, and we should highlight that in July of this year, we grew in a great deal in the shares that were acquired until the month, with 31 million shares canceled, and that's equivalent to over the 5% of the capital of the company. In the last program of repurchasing approved, 21 million shares, we still have BRL 7 million that we have to acquire in this business. We continue to want to deliver consistent results, seizing the opportunities for cash- for value generation, for the tenants, shareholders, and consumers, and for society. Now, I give the floor to Dani, and then I'll return for the Q&A session. Thank you. Have a nice day. Thank you, Rafael. Now, going to slide four, we continue to seize the opportunity of the seizing of the big areas with privileged localization and the potential for redevelopment and satellitization. The volume of signed contracts, 191 in the quarter, kept the occupancy rate stable at 96.3%, besides reinforcing the participation in the mix in the shopping malls as the wholesale offer that is more aligned for the consumers, the retail, sorry. The commercialized GLA was 27,600 sqm. We continue to be part of the expansion of big brands. Vivara launched 5 stores, Vivara Life, in our shopping mall. Sephora launched in Londrina, Adidas in Parque Dom Pedro, Barra da Tijuca, and Coco Bambu in Plaza Sul. Now, going to slide five, we have the cost of occupancy that closed in 10.5% in the second quarter of the year. A little bit below what was reported in 2023, due to the strong performance of sales. The indebtedness liquid was 1.1%, which was 141 basis points drops in regards to the second quarter of 2023. Slide six, we see that in the second quarter of 2024, our indebtedness is dropped to CDI + 0.7, a reduction of 10 basis points in the spreads of CDI. This reflects the management of liabilities that was done all throughout the next quarters. On the profile of our debt, we closed this quarter with 86.5% indexed to CDI, 13.2% prefixed, and 0.4% in inflation. In regards to the leverage, the relationship is net indebtedness over EBITDA 1.5x. In April 2024, we concluded the first issuance of debentures de Allos, capturing BRL 1.2 billion. This result reinforces the trust in the market, in our business strategy, and the financial solidity. We had the excess of demand, and we exercised the additional lot option which allowed us to reduce the cost of debt to CDI + 0.52% per year, and we have an evidence of low perception of risk of the market and the strength of our brand. Now, going to slide 7, we can talk about the media business that continues as a highlight for the growth of the company quarter on quarter, and the invoicing of BRL 35 million in the second quarter of 2024, which is a growth of 25% in regards to the same period of the previous year. As a percentage of the gross revenue of Allos, we have the media business that advanced 90 basis points in regards to the second quarter of 2023, reaching 5.3%. In the second quarter of 2024, Helloo advanced with a strategy for growth and expansion of coverage. We did the digitalization of 4 new shopping malls for the installation of 900 stores and elevators in residential buildings, getting to 13,000 screens in buildings. So with that, we are reaching 1,100 screens in shopping malls. Helloo Live, the live marketing agency that is focused in shopping malls and residential condominiums, expanded its work, focusing in brand experience. The interesting example of Helloo Live was Coke Studio. Along with the media brands, Coca-Cola launched its new flavor in an exclusive launch in NorteShopping. As a part of the strategy, we created the Coke Studio experience that allowed the consumers an immersive experience. With Helloo Live, the brands are having the opportunity to explore new formats for communication, and that not only promote the products, but also creates a memorable experience, strengthens the connection to the consumers. And now, going to slide 8, in the second quarter of 2024, we continued to evolve in our programs of loyalty, and today we have 2.2 million clients that use our app. There was over 2,500 benefits available for the rescue in the second quarter of 2024, which is a growth of 55% in regards to the second quarter of 2023. In the second quarter, we launched the new Shopping Leblon, and the results show how the loyalty program that is material impacts positively and significantly the journey of the consumers and tenants of Shopping Leblon. In the first quarter of the utilization of this app, the GMV captured increased by 59% facing the previous quarter of 2023. So the prediction is that all the malls of the company will have their own loyalty programs all throughout the year of 2025. Now, continuing in the presentation, we bring you a few recent highlights of the sustainability journey. The commitment of Allos with sustainability, a lot of projects and initiatives that encompass several social causes. In April of 2024, Allos published its first sustainability report as a as a combined company. The report reinforces the strategy for sustainability of Allos, reviewing the commitments for the sustainable life centers that guide the investment in projects and initiatives in the forefronts that are environmental, social, and governance, with goals, public and internal, that should be reached by 2030 and ending at 2040. These are objectives for leveraging relations in several places, promoting the full development of collaborators and clients, reducing the carbon footprint, and reducing the use of non-renewable resources. We also, in April, in Allos, we have a transformative initiative, Abril Azul. This is regarding the autism spectrum, and this is free for with the brochure that was launched. We also have sensory kits that were distributed and other initiatives. In the quarter, we also had the first edition of Arraiá in Goiânia Shopping. For three days, four families got together to celebrate the parties in June, and the event was beyond the party. Due to the generosity of the visitors, we got 6 tons of non-perishable foods that were donated for the association Tio Cleobaldo that services people that are homeless and families that are socially vulnerable. Besides, in agreement with Allos, we distributed potable water and food for the population of Rio Grande do Sul. Besides transforming our shopping malls, which are Riachuelo, Caxias, Praça Nova Santa Maria, in centers of welcoming and donations. Now, going to slide 10, we would like to thank and say that we are very honored to receive, for another year, the recognition of the market with the work of the team Allos. We got the most honored company in the sector of Mid Cap Latam Real Estate by Institutional Investor. We are in first place in six out of the eight categories, including Best CEO and Best CFO. Besides, we are amongst the three better in the other two categories. Thank you very much, and now we will start the Q&A session. We will start the Q&A session for investors and analysts. Should you have any questions, click on the button, Raise Your Hand. Lower your hand once you're done. The first question is from Ygor, from XP, Ygor Altero from XP. The floor is yours. Hello, everyone. Thank you for the opportunity to ask a question, and congratulations on the results. I have two things that I would like to discuss. First, capital allocation. We have the plan for capital allocation and purchasing of assets in Rio Grande do Sul. My question is more to understand how do you evaluate new opportunities for purchasing and participation in the assets? We know that there are two assets that you might have a negotiation on the short term, but I wanted to understand what is your appetite, and what would be the ways of funding that you would think that would be viable for such a thing? Second, on recycling, you commented that there seems to be less liquidity for the assets in comparison to 2023. I just wanted to understand how has that affected your negotiations? Is it more difficult to get larger fractions of the assets for sale, or was there any change in the negotiations for these assets? Thank you for the question. Thank you for the opportunity of answering. In terms of capital allocation, as you know, we've been working throughout the next years to have a portfolio of shopping malls that are relevant in the market, and they can provide the consumers in every single city that we are with an experience that is differentiated at each of the markets, and with an adequate mix with the characteristics of the results, and also over the invested capital. So we can continue to invest in the assets, invest in the shopping malls, so that we continue to enchant people. So this is to reinforce both acquisitions and disinvestments, reinforce these characteristics. We have here today the capacity for the investment, and we are in parallel to negotiating the debts. The cost of capital in terms of debt is very vague, and the shares are still discounted. So we have, obviously, more resources for the repurchasing, as it was done over the last 12 months, and as we highlighted here. But having the opportunity of consolidating shopping malls with this type of quality that we... With the examples that you mentioned, we have the capacity to structure ways of investing that improve the, that improve our return with a balance on how much we pay in terms of the initial value and the acquisition cost. So with that, I cannot really get into the detail because it ends up helping... It might hinder our negotiations. So I cannot give you any more details besides that. But we have, yes, funding, and we can improve this with interesting structures. So in terms of redimension of the portfolio and the investments that we've done, we today in the portfolio, a great deal, as you can see, on the number of sales. Of the 46 shopping malls, a great deal, 44, sell over BRL 400 million. That's a nice threshold of value of total sales when you compare it to any other group of shopping malls. It's a nice base for purchasing, and that's why our occupancy is so positive. Other shopping malls have good results. This investment has more to do with the capital use, additional capital, and with shopping malls in places where we cannot create this environment or create an experience that is so special as other shopping malls that are in this region, or since the market is smaller, less potential of growth, and then we can sell to a specialist in the market or someone that is dedicated to a region that can generate more value, so for the owner. We can reallocate the capital for the conditions that I commented, and repurchasing our shares or investments in other shopping malls, as you mentioned. This continues to be our strategy. Actually, it didn't change the cap rate valuation. I don't think that it was so much affected. What we have is, lower velocity for the conclusion of transactions once the resources available have, a longer process for capturing... We continue to update you on that, so we can keep the transparency, and we can give you a return pers- perspective that we're gonna keep in our guidance, both of capital returns and this indication of guidance for disinvestments, which is our objective. Thank you. Thank you. Next question, Pedro Lobato, Bradesco BBI, the floor is yours. Good afternoon, everyone. First question is in regards to the cost of occupancy. It has been below what was, in the past, and with a good performance of sales, we can see that it's growing. 8% is still contributed to a drop... I wanted to get to understand, how do you see this indicator looking up ahead? How should it be, the strategy in the combination of the contribution of rent for this indicator, and what should we see up ahead? And the second one, in regards to Hello, you mentioned this point that Hello has given a great representative in the revenue. Of course, in this quarter, maybe in the year, we saw an effect of the revenue of allocation that was weaker because of IGP-M. But now, thinking about the IGP-M going back to the positive threshold, how do you see the representativeness of Hello in the mix of revenue of the company? Thank you. Thank you, Pedro, for the question. In terms of the cost of occupancy, this is a consequence of the work of management and expenses that allows us to have to grow through the last years of inflation without really having relevant increases for our tenants. This allows us to have a healthy work, and allows us to, in a scenario of the contracts, we are improving our rents. This is a gradual process. There is no radical movement because these are long-term contracts structured, and we want our tenants to bring news to the shopping malls and that they are well-operated, and they can offer the best price for their clients. So this transference of value to rent has been positive. And the lease spread, the total that was invoiced, it's about 10% of growth, and of the renewal, it's about 4%. So we have here today a basis of increase of rent that is relevant above the inflation that will contribute to the results in the next quarters. Another important point is that this quarter was the bottom of the effect of the IGP-M. From July, we start to see positive IGP-M in our portfolio and contracts, and this is positive for the company and for the results as well. Talking about Hello, we discussed with Hello, our PO, that is to announce in the shopping malls and the apartments around our shopping malls; this is a trend that is positive, but we expect we don't bother that the growth of rent should be... Well, we have the operator- operations of Hello continues to grow, so I want to win in the rent and Hello. We don't have a target or a goal of percentage. If there is a space for increasing rent, of course, we have-- we want to do the adjustments that are reasonable and sustainable. In the same time, Hello has grown in absolute terms, which is our goal, 5.4% of the net revenue as it was today. It's a positive number, but we understand that this number will continue to grow, in all throughout the next years. And of course, with a quarter, there might be a variation in that number, but the most important thing is that Hello increases its relevance, and we're just starting to announce the shopping malls, understanding the live commerce and media, as Danny has commented, of launching experiences in a shopping mall. This is just at the inception, and we are very optimistic with the growth in a sense. Okay, thank you. Next question, UBS, Guilherme Grespan. Hello, my question is a follow-up of the M&A and the capital. Given the scenario that is more challenging that you commented, how can we apply-- think about capital structure for the next year? Because our doubt is basically how do you plan to keep this 10%, and should it be more difficult, this investment that you announced, or even, if it takes longer than what-- than it was planned? And would there be more space for the repurchasing or maybe increasing the guidance of the FFO for 2024 for the distribution of dividends? Thank you. Hello. Okay, talking about the capital structure and this investment, we have the guidance of BRL 1 billion. Not necessarily it's locked in this year, so it's not-- it's a promise of doing this, this investment of BRL 1 billion, but not necessarily in a timeline that is closed for the year. So as we evaluate the market conditions, and as the possible purchasers of this, of these assets have evaluated more positive conditions for the market, we will evolve. In regards to the dividends, we have the guidance, 50%, that guidance remains. As we see market conditions, the cost of capital, where it's still worth it to do the repurchasing of the Allos shares. And in our minds, we had a trade-off that was very clear between the cap that we've been selling the assets, 8%, and repurchasing the shares at a higher cap, has been very worth it, and we understand that this is a positive capital. When we see this arbitrage, we have a second program of repurchasing that is still open. We still have a space for repurchasing, and if it ends, then we will eventually evaluate something else. Thank you. Next question comes from Alejandra Obregon, Morgan Stanley. Continue. Hi, good afternoon, Allos. Thank you for taking my question. Mine is a little bit of a big picture question, if I may. So we are close to maybe the two-year anniversary of the merger, and now you own the second biggest public mall portfolio in Latin America. So I just wanted to stop and reflect a little bit on where you think you guys are in terms of this integration, and what is left to be done at this stage. What are the biggest opportunities and challenges that you still see from this merger? And more importantly, whether you're seeing some, let's say, tangible ability to get more favorable terms with your tenants now that you have scaled up. Is there any, let's say, material NOI growth potential from these, now that we are maybe six, seven quarters into the merger? Thank you. That's perfect. Well, in terms of integration, of course, with a company that is of the size of Aliansce Sonae and brMalls, the integration takes more time than a year and a half, and we got to this point with the integration. But having said that, we have the benefit of the management that was kept of the two companies of embracing the integration process in a way that I call... The environment was a fusion, the merger, a merger environment. This allows us to do the merger in a more natural way. We learn with each other. It's an effort that requires compromises, a lot of will, a passion for the business, and we saw that with a new team of Allos, of these teams that created Allos. So with that, we managed to capture several aspects of the results in the first year, because in the previous year, that's what we saw that happen. This year is less speed because the revenue comes with weight, with the numbers that were commented, and also with a change, strong change of big areas that were substituted by the tenants that had problems, financial problems in the past, and that created an environment that created temporary vacancies that were covered, that were replenished all throughout last year and during the period that we were having the synergy. So in the end, the top line of synergies will take some time for us to capture as a whole, maybe a few years, three years at least. But the good part is that we are being able to anticipate the big areas and transforming them in better performance areas with the substitutions that we've done. This will generate results from the second quarter onwards with a good occupancy, positive occupancy, and with contracts that counter the inflation and the effects of the negotiation of contracts. All of that allows us... well, it gives us comfort that we still have low-hanging fruits to be captured, but these are gains that are not so impactful on the short term as it was, for example, the synergies of Hello, synergies of parking lot, synergies that we that we captured last year in terms of expenses. We see an important gain operational gain and efficiency when we implement our new IRP next year, that will generate reduction of expenses of software licenses of software and etc., which is a very important step. And we keep the guidance of synergies that was announced, and in fact, we are very optimistic with this guidance of synergy, and we hope to have reached 80% of that number by next year when we have the implementation happening in the systems and the technological backbone of the company at the end of 2025. So we have this year, and we have a less effect in expenses of gains, gains and expenses, and next year, with the acceleration in that, and in terms of the integration, well, it's what I just mentioned from the operational standpoint, that's it. From the cultural standpoint, we created a company that is ever more innovative, more agile, that can bring more complete experiences for the consumers, products that are different for the marketing and, partners and the tenants and commercial partners. So this is our great challenge, and we continue to bring opportunities of business, and we hope that we will continue to capture, your comment, the NOI growth. We can have an NOI growth above the inflation with an efficiency that we are displaying. Even with a base that is adjusted in a way that is so low or not having any readjustment, we have been, nonetheless, having growth, so we expect that over the next few years, this growth comes along with gains in scalability and efficiency. Thank you, Alejandra. Thank you for the comprehensive response. Next question comes from André Mazini at Citibank. The floor is yours. Hi, Rafael, Dani. Two quick questions. One, is to confirm that the proportion of contracts in the IPCA rate of the company is about 30%. Remember, these IPCA contracts are from Sonae, but as these contracts are due, then it's an opportunity for you to change the index if you should like to do that change. Are you gonna do a change to IGP-M, or maybe do you wanna just have your cost hedging by the IPCA rate? Maybe IGP-M is higher, but it would be more better to have an index that is more volatile, given that you don't have a nominal decrease within negative inflation. So, is that your mindset? Do you go towards IGP-M, and what is the step? That's the first question, and the second on parking lot. I confess that I didn't see if you've gave the opening in having an increase of ticket of flow in the 14%. So if you can give us this details, is it correct to affirm that the flow is still below what was in the pre-pandemic, or if that's not the case, we're just talking about flows above the pre-pandemic. What can you tell us? André Mazini, Dani, thank you for the question. On the first one, we have an exposure to a IPCA le- that is less 19%-20%, so slowly we are migrating to GP whenever we can. In regards to the parking lot, what we've seen is a level of flow that is positive in the 3-4% range, with a difference that is the increase in the ticket, and that we will evaluate, you know, as time goes by. Thank you, Dani. Next question. Matheus Meloni from Santander Bank. The floor is yours. Mr. Meloni, the floor is yours. Your microphone is muted. Can you hear me now? Yes. So on my side, I have two questions, but I think that the first one is I wanna understand the rollout schedule for the loyalty program in the rest of your portfolio. Second, I wanna understand the health of the tenant. We saw that the same store sales is about, you know, of the shoes and clothing is a bit below what was in the previous quarter. What do you see in general, you know, for the health of the tenants? Matheus, thank you for the question. On our side, we have the loyalty program, and we have... We are sure that this model is very mature, so we can implement the loyalty programs in most of our shopping malls at the beginning of this year. Still, this year, we are gonna have Campo Grande and Parque Dom Pedro getting into this program, as well as there was Leblon at the end of last year. So we, at the beginning of this year, and now there's Parque Dom Pedro, et cetera. And in March, we should have in the other shopping malls, it's about 43 shopping malls that we have in the release in our list. That's strategic for us. We know our consumers much better because of this initiative. It's a way of marketing management that is very efficient, and we can direct the consumer for experiences and opportunities of usage, and gives us the opportunity for the tenants to show their products in a very assertive way. At the same time, we know better the journey of our consumers and for those that actually work. Our business is to generate opportunity and knowledge, and better experience for these clients, especially when we talk about marketing. Offering marketing that is directed to our consumers in that sense. So this CapEx that is being offered is within what was expected for this line. We are very at ease in regards to the guidance. Everything is going in a positive way, so we can have a rollout that is done at our shopping malls until the end of last year of next year. Hi, Matheus. In regards to your second question, when we look at the performance of clothing and shoes, we see that in the first quarter, it was a performance of 5% of total sales, and within this sub-segment, you have a few segments that are very strong, which are sport, which has a performance that is much higher than at the beginning of the year. And here we have segments that are very strong, cosmetics in general, beauty services, jewelry and watches, are performing well. And in the negative side, when we analyze, is more of the, of the same. Electro, electronic segments, still a bit below of the rest, but in general, with a portfolio healthcare that is good, in the cumulative of the year, we see good numbers. Thank you. Next question comes from Jorel Guilloty, Goldman Sachs. Please continue. Hello, good afternoon. Well, so you didn't change the guidance for the leverage so that it doesn't exceed 1.9, 1.9 the net debt over the EBITDA. So I wanted to know, how do you get to this number? Are you thinking about M&As? If you can give us some color on how you get to the leverage that you're displaying. And the other question, more of a follow-up from the previous question, understanding post-merger, I know that you gave some discounts for the tenants of some malls, but has that finished? And how... If we can know, what is the turnover for you guys now? Well, that would be it. Thank you. Hi, Jorel. In regards to your first question, we have changed that leverage guidance in the first quarter when we announced that we were going to do BRL 1 billion of guidance, of course, in the disinvestment program. So the continuity of the disinvestment program, and counting that we had additional resources being added, we adjusted the leverage for 1.9, 1.4, but we've done that in the previous quarter. In regards to this follow-up of Alejandra, if I understand your question correctly, then you're talking about the qualification of the mix of the shopping malls that come from brMalls. And when we compared both portfolios, they were very much alike, and we see the... Since the beginning of the fusion, we are implementing our system of mixed pricing. As Rafa has commented, we had a period of analysis of six months before the first day of the operations that were combined, and we used that period to prepare the database and everything that we needed to start the year of 2023, running the entirety of the portfolio with this new mixed price system. There is no difference in the mix between the two companies, and there is a cross opportunity. A group had the closer proximity to retail, so we did that exchange. We saw the mix of each to try and optimize. So today, we see big brands, Sephora, Adidas, Decathlon, Coco Bambu, all these big brands being spread throughout the portfolio, and we don't see a predominance of change in mix in shopping malls that came from one legacy or the other. It's more of a complementation that has made our results doing... have done very well. At the beginning of this, at least at the beginning of this year, we have a scenario that is challenging in terms of inflation. And all those additional revenues, media, parking lot, we've extracted a lot of value from these lines, regardless of the very challenging rent period. And, a follow-up on the guidance of the leverage. So in 1.9... You have 1.5, and then you get to 1.9. How do you get from 1.5 to 1.9? Well, if we have the CapEx until the end, we can increase the repurchase all throughout the year. That's a possibility. And as Rafa has said, we evaluate the opportunities, pinpoint opportunities for investments. Should we have the correct structure, and we can give an adequate return, we evaluate that as well. So we can be closer to the high of the guidance. Thank you. Our next question comes from Rafael Rehder, Safra. Go ahead. Thank you for the opportunity. I have two questions. First, I wanted to approach expansions. You announced a new one of Shopping Tijuca that should start next year, and besides that, we only have Shopping Maceió ongoing. Now, getting your potential for leverage and the investment and the amount of land that you still have, could that increase your appetite for another shopping mall in the pipeline? And the second question, I wanted to talk about the works. You have a very extensive pipeline. Now, within the company, I wanted to understand, what do you have in internal metrics to judge the success, you know, getting to a minimum amount of growth of works in a shopping mall? It would be more in that sense. That would really help me. Hi, Rafael, Leandro. So Tijuca, we are doing a few projects of redevelopment, such as L4 of Leblon, and we are in the final phase of study to launch two shopping mall expansions that are very dominant in this, in this city, and we should announce it very quickly. Very relevant is that we have Maceió, and soon we're going to launch two expansions that are very relevant. In regards to the reworks, usually we try to work along with expansions or in development that seek to improve the experience of the consumer, and what we follow up is the results of the shopping mall, specifically in the areas that we are working. Usually, it comes with a renewal of mix, and an effect of that is that you can see it in Parque Dom Pedro and Shopping da Bahia, which are shopping malls that we started with the revitalization in this year, over the last few years, and we see results that are very pertinent. In practice, we do a planning that takes into consideration change of mix, takes into consideration the revenue of the parking lot, takes into consideration an increase of the NOI, and above all, the experience of the consumer as a, as a whole. Thank you. Thank you. Next question, Jonathan Koutras, JP Morgan. The floor is yours. Good afternoon, Rafa, Dani. So I have a question. We talked about the rent, so there would be a relevant growth of 6%, given Helloo, the media. But just to understand, do you see more space for the growth of that line via the administrative rate of managing the shopping malls of third parties or not? So first, Hello is in many more malls than the shopping malls that we are shareholders and owners. We manage here the shopping malls of Hello. These media services, they are not the same drivers of knowledge with our business of administering a business of third parties. These are two businesses that are very distinctive. Here, you have the same profile of choosing the shopping malls, for example, that are the shopping malls that we want to invest. These are priority so that the radiologists... We can leverage the amount of management for what we do for our shopping malls. And the third, the shopping mall doesn't grow a lot, but it's a shopping mall that is very relevant, very important to us, and it gives us scalability. It gives us the capacity. It allows us to offer more business opportunity for the tenants and more opportunities for developing our product and getting the best opportunity for usage. We are very careful when we want to manage a second, another mall. We're going to announce this year, another management this year, but this is not something that grows, as Helloo, for example, grows. Thank you. Ladies and gentlemen, if you want to ask any questions, please click on the raise hand button. Since we don't have any more questions, I'd like to give the floor to Mr. Rafael Sales for the closing arguments. Thank you very much for your interest in our results. Our IR team will be available to answer additional questions that you have, and we welcome back in three months for the next result. Thank you very much. Thank you. The earnings call of the second quarter of 2024 of Allos is closed. Thank you very much for your participation. Have a nice day.