Good morning. Thank you for waiting. Welcome to the earnings call of Allos for the discussion of the results of the first quarter of 2026. We have here with us Mr. Rafael Salles, President, Vicente Avellar, Director of Operations, and Daniella Guanabara, Financial Director and Investor Relations Director. We would like to inform that this event is being recorded. Everyone will just listen to the earnings call during the presentation. Thereafter, we're going to start with the Q&A. Just for analysts and investors, you should get relevant instructions thereafter. This is being transmitted simultaneously via webcast and can be accessed at the address ir.allos.br, where we have the presentation. The replay of this event will be available after closure for one week. We'd like to say that the questions can only be done through the Zoom app. Should you be connected via the webcast, your questions should be submitted directly to the IR team via the email ir.allos.br. Before proceeding, any forward-looking statements that are done during the earnings call regarding the business perspectives of the company, projections, and operational goals, financial goals, are based on the beliefs of the board of directors based on information that is currently available. Forward-looking statements are not guarantees of performance. They take into account risks and uncertainties, and they depend on circumstances that may or may not occur. Investors should understand that macroeconomic conditions, industry conditions, and other operational factors can affect the performance materially different from those stated in the forward-looking statements. The floor to Rafael Salles. He will start. Great. The floor is yours. Thank you for your interest in the results of Allos. 2026 started with a strong operational development. First quarter, an acceleration of sales of our shopping malls, 6.5% in regards to the growth of last year. It's a rhythm of growth that is much higher than what we saw at the end of last year. The same way the same-store sales grew 5%, 250 basis points of growth in regards to the first quarter of last year. We'd like to highlight the food court segment, 8%, convenience, services, leisure. We had a hike of 6%. These numbers reinforce that more and more experiences are one of the main attractions of our shopping malls and they reinforce the connection with the consumers. Speaking of the result, we got BRL 683 million, a growth of 11%. In regards to the first quarter of last year, the growth would be 13% if we exclude the effect of Shopping Tijuca. This is due to the development in media. Real estate still has relevance. The same for rent. Got to 5.5% of growth, even in a quarter that is IGP negative. The results show our capacity to execute the contracts with a positive spread that are relevant and sustain the real growth of revenue of the company. The EBITDA of the quarter, BRL 490 million, growing 12%, and the margin 72.2% with an expansion of 57 bps, reflecting the growth of revenue and the reduction of expenses. FFO also grew. Got to BRL 300 million. I'd like to highlight that there is the biggest level of provisioning in the quarter because of the Shopping Tijuca. If we exclude the effect, the effect of the EBITDA would be higher, 17%. FFO would be 18%. Next slide. Let's talk about the update in our digital platform. We continue strengthening the relationship with the consumers and growing revenue. First quarter, 2.3. The GMV captured confirmed the growth in engagement. An increase in the recurrence of the shopping malls of 16%. The program, the shopping mall already existed, more and more mature. We have a growth of 25% in recurrence in this quarter. They are growing expressively for the media and activation of our benefits program that attracted several segments and tripled the revenue. Now, talking about the real estate development. Important approval, and we have 345 apartments, 1,000 apartments, where we have received a question and the local buyer, the diamond group. Owned by leasing by Reserva, by the NorteShopping is advanced. 93% of the units sold, Passeio das Águas, three towers in the group now of Reserva, and we have a recurrence flow for the shopping mall. In these quarters, we have BRL 24 million of real estate revenue. The important thesis is this is a growing, recurring business in our. We total 72 over 740,000 meters of area. The cash generation is BRL 340 million. Until 2036, this project is developed without the need of capital allocation by Allos. Before giving the floor to Dani. Allos, we had the strategic movement since the integration of the company went through the optimization of the portfolio. We have the strategic media due to the capacity of allocating capital, strengthening the balance, and the return for the shareholders. We have a comfortable capital structure. The shareholder at the same time that we see opportunity of investment actively. We are doing in this moment a natural evolution of the strategy, reallocating capital from the sales of recent assets to reinforce the position of our assets and quality. We are working with dominant shopping malls under our management, where we have this potential for growth. This movement is aligned with the long-term strategy, which is concentrating the portfolio, biggest cash generation, and we can extract the most synergies. In that sense, at the beginning of the year, we had a partnership with Kinea for the generation of Kinea Allos Mall, which is a new vertical of business which generates recurring revenues. The structure increases the future of M&A, optimizes our portfolio, and reinforces our capacity for the remuneration of the shareholders. Additionally, we have this week disinvestment. We have participation in assets that are part of our portfolio that reinforce our operational metrics. I return with the Q&A. Thank you. Thank you, Rafael. Good morning. Next slide. We see that the rate of occupancy closed the quarter in 96.3% with a seasonal impact, but at a healthy share threshold. We are raising the signature of 140 new contracts in appearance. We are highlighting Sephora and Nike, Olive Garden at Tamboré, and the Casan at the NorteShopping, where we are strengthening the mix of our enterprises. Talking about the operational indicators, the cost of occupancy closed the quarter in 11.1%, and the delinquency net was impacted by Shopping Tijuca getting to 3.6%. Disconsidering this effect, the indicator would be 2.8%. In the first quarter of 2026, Helloo has a strategic landmark where the implementation of the sales model 100% unified with the full commercial strength in one multi-platform. We are operating with an ecosystem of high capillarity, present in 114 shopping malls, 6,000 residential condominiums, and 13,000 digital screens, reinforcing the efficiency of our commercial platform. In the quarter, we advanced in the expansion of the strategic objectives with the integration of the airports with Aena. That is 18 terminals. This side, we have the fidelity of Allos, and we are converting this into a new powerful media channel. Helloo is increasing the announcers with 60 new shopping mall clients and an increase of 16% in initiative in domestic screens and cross-sells between the airports and other verticals with relevant brands of retail. The operational advances are based on the position of the market on the Helloo withActing with what matters, what is important, what is a qualified impact and relevant experiences. Allos has a strategic role in the generation of non-real estate, representing a connection between brands and customers. In the first quarter, the growth of media grew 52% in regards to the first quarter of 2025, representing 7.4% of the gross revenue of Allos, an advance of 220 basis points year-on-year. This performance reflects a bigger volume of business and the increase of all the verticals that we work with. We're still advancing consistently in our agenda of efficiencies and operational simplification. As we indicated, the relevant impacts are expected for 2026 and in this first quarter with the results are there. We have a reduction of 13.2% in the expenses, the organizational adjustments, and the increase of processes. This is a continuous work with the alignment of Allos culture, keeping excellence at the execution. In the financial management, we still have a lot of efficiency. The rate of financing of the company in the quarter was CDI plus 0.7%, result of several actions of liability management that we realized in the last quarters, the emission of BRL 1 billion that was below the CDI with payments in five, seven, 10 years, reinforcing the long-term profile of our indebtedness. The current profile of our debt is 98.4% indexed to the CDI, 1.6% pre-fixed. With a leverage of 1.7x the net debt EBITDA, that gives flexibility to study new purposes for capital allocation, even the remuneration for the shareholders. We have a new slide and keeping in mind, from the fusion until May of 2026, BRL 4 billion returned to the shareholders. We're dealing with interest over capital, repurchasing of shares, and this is 40% of the value of Allos considering the closing of the first day of negotiation at B3 in January of 2023. Thank you fo r the interest in Allos. We are opening for the Q&A. We will start with the Q&A session. Just for investors and analysts. Should you have any questions, please raise your hand. Please click on the lower hand button. Wait while we are collecting these questions. First question. Ana Júlia Zerkowski, UBS. The floor is yours. Thank you for the opportunity. On our side, we want to understand the sales of April. Do you see any trend that is different from the first quarter? Was there an impact relevant from the calendar and understand what is the operation of the tenants of Shopping Tijuca? They came back 100%. Should we wait something for the next quarters? My point is thinking about what was provisioned, the expectation for the reversal up ahead. Ana Julia. The sales and the operation of Shopping Tijuca and the provisions. Ayana. About the sales of April, we see a trend that is very similar to the first quarter. It should continue along the same lines with the first quarter. In Shopping Tijuca, this month, we have the reopening of Antero. It was the floor affected by the incident, and through the next months, we have the reopening of the several stores in that floor, and a lot of the tenants are refurbishing their stores and doing new projects. We should have a positive impact as the stores are reopening. We still have the expansion rooftop along the lines of what is estimated. We should open the rooftop expansion in June. According to our expectations, this should help with the consolidation of the results of Shopping Tijuca from the second quarter onwards. Ana Julia. Insurance and provision. We are dealing with our insurance company. These processes are long. The company advances the value and receives from the insurers. It was a big impact on the first quarter because the shopping mall was closed. As Vicente said, as the stores are reopening, we will replenish the impact. The impact should be lower. As we receive from the insurers, we are going to reverse this through the P&L, which is the first quarter, which is the first reversal already. Thank you. Next question, Matheus Meloni, Santander. Please. Good morning. Thank you for the opportunity. I have two things. First, the revenue news in the first quarter, what can we expect for the next quarters? Will it be the recurrence and the impacts of the P&L? The G&A, we see an advance in efficiency. We want to understand what can we expect up ahead in the SG&A and what are the possibilities of improvement? Matheus, good morning. Thank you. On the real estate revenues, we have 2 million sq m to develop. We are working over the last four years and intensely over the last three to create a pipeline of approval, so we can have the stream of cash flow. Recurrent, protected, and we have a ramp-up. Our idea is we have the ambition of having a revenue that is recurrent with a relevant amount for the company, and we have a lateral benefit, most important than the direct revenue, which is the qualification of the consumer that goes to our mall, with a habit that benefits a lot the hours of less occupancy and less frequency for the shopping mall. These programs are developed with these characteristics. The numbers that we are reporting are bearing their fruit. All of these initiatives, it starts with this revenue, and it's very nice. Mainly, can you imagine when you have Cielo open in BarraShopping? Imagine the qualification is going to be the best condominium. It's going to be a nice example that this is a dynamic for the future for this acceleration that we have in the hiring. We expect that this accumulation will get to a higher number in the next years, and the entry of new projects will be more in the shopping mall, as we reported last month of an interesting project that it took seven years to get the approval. Now we're going to develop almost BRL 2 million of ESG in an area that didn't have development for many years. The real estate revenue, also qualification and improvement of the self. SG&A, we already discussed. I'm going to simplify. Allos is a long-term project of building a management model for the organizational structure from a new dimension of the company, which is consolidated. Now we can extract value without losing quality. An evolution of NPS, even with the. For our business, the most important thing is to attract the consumers and make the tenants wish to be in our shopping malls. That is the priority. Now with a more profitable. We don't have a specific guidance of SG&A, it's a trend that should consolidate nominal drops. It's what's expected, we expect that the work will continue gradually and carefully so we can extract value. Thank you. Follow up on the first question. This line should be constant, or we're going to see these impacts, or this is specific for a few projects. Certainly is more constant looking at the year because the approvals, they have been concentrated in a few media. The business is seasonal in terms of because of this effect. The projection for this year is recurring in the quarter-on-quarter, depending on the approvals. When we have that pool of millions of revenue, BRL 500, which is important, and it will be filled out not only for the future but for the next years. For example, another contract that we signed is. We have contracts that we signed last year, and they're going to be built in the next five years, some this year. There's going to be multiple over the years. That's why that's important that we have this pool so that we use the qualification of our surroundings with the vision not only of revenue but also communication and management. Thank you. Next question, André Mazini, Citi. Please, the floor is yours. Good morning. Good morning, everyone. Thank you for the question, too. First, can you give us an update on the FII with Kinea? Was there any news about the relevant facts of last month? The fund will be managed by Allos and Kinea. What are the economics here in terms of administration rate, management, and even performance? Is there something of that sort? About the delinquency net growth in the quarter, which is above what was growing in the previous quarters. I wanted to understand if there is a deterioration in the base of tenants or is it more a one-off thing? Thank you. Thanks, Mazini. Unfortunately, the first question, CVM registry of Brazil, you can see we cannot talk about it. That's why it's a relevant fact. That's what we can discuss. The project with Kinea, we are now in this period of restructuring. We cannot comment. Delinquency, of course, removing that we have the base of Shopping Tijuca, we cannot consider that this is the return. If we think about 2.8, which is the effect without Shopping Tijuca, certainly with the scenario of Brazil, many years of high interest rates, there is a possibility that show that after everything that happened in Brazil, the amount of difficulty in real estate, we had 2.5% of delinquency in the first quarter, which is the worst moment of the year. We are leaving that cycle, horrible of high interest rates, of lack of fiscal restraint in a better way than the last crises. We did very well. I'm talking about Allos and all of our peers. They could go through the first scenarios of investment, of macroeconomics, base of doing business in Brazil. If you think about it, when we have an interest rate of 15.17, the Dilma government, inflation was 10%, 9.5%. You had a base of revenue that was growing, and the tenant could get more price. We didn't need so much margin. We are in the inverse because there is the interest rate, a better perspective. The risk of inflation is an external risk, and we are getting at a better place. That's why we don't see a big problem with delinquency in the next quarters. Thank you. Since you put in comment on the fee about the media, the revenue of BRL 55 million increased 60% year-on-year by the entry of the airport. We add the 17 airports of Aena, which is what you want. If it's steady state, more airports. What can we think about Allos in terms of other types of real estate? I'm going to get you the third question. I'm going to give the floor to Vicente Avellar. Thank you for the question. We still have seven airports to absorb this year. Actually, six. We got Uberlandia this month and six airports in thereafter. There's still a great part of the contract, Congonhas, the main part of the 17 that we are working, but there's still an important base, even in cities that we have shopping malls. This is an effect that is doubly effective. We can leverage the revenue of media of the airports and connecting with the shopping mall network. We become a vehicle that is very powerful of media in this city, Congonhas Airport. It's important to notice. Just now in April, there was the exclusivity total for the contract of Congonhas. There was still some operators with contracts until next nine months that made the revenue be a bit divided. There is a potential upside in Congonhas, looking ahead, which really just reinforces how much this growth is being healthy, and it's important for our growth. Thank you. Next question, Gladys from BDI. Carmen, the floor is yours. Good morning. Can you hear us? Because we didn't hear the question. O ur next question comes from Jorel Guilloty from Goldman Sachs. Jorel, the floor is yours. Good morning. I have a few. Hi, Jorel. You can talk. Okay. Sorry, I was on mute. Hello, everyone. My questions are about inflation and the effect. First, I wanted to know how do you see the impact of the cost of construction that we see that is accelerating? Is that impacting your appetite for your pipeline, for the developments, and also does that affect the yearly costs that you're projecting? The second one, about your inflation in consumption. Well, you have the tenants, how the inflation impacts the future losses. Do you see them ready to give more discounts, or do you think that they're more limited because the inflation is impactful? Thank you. Great points. A great deal are conceptual and economic. I think that we went through the worst phase of the exposure of the capital. We have the pressure of inflation is not that big. The pressure was more because of the fiscal. I think that we have a lower interest rate, and we're going to have an easier environment when you don't have that level of cost that we have. We haven't seen a concerning level. The inflation is lower because of IGP, and now some are going to reflect the hike of oil. This is a factor by which we don't have any control. We have to be ready with good contracts, and we have to attract the consumers of the shopping mall. It's difficult. It's difficult to predict a new macroeconomic scenario as the manager of the company. We understand that this is non-stop. The first point, the reason why we have projects that are shorter, quicker for the development, for the expansion, is because of the uncertainty. The levels of uncertainty is the cost of construction in Brazil. In fact, we are doing projects that are quicker, the budgets are simpler. Of course, we are aiming to do something more transformational, something more important. When we have an interest rate that is more accommodated, that's where the inflation perspective is anchored. Two important factors to reduce this uncertainty. That's why the CapEx is slower than last year, and we are monitoring all the projects. Thus far, all the works were delivered in the time and budget with all the projects that we're doing with our partners in Maceió. This one that Vicente commented with Tijuca, also time on budget, and probably working with Jorel in the commercial demand, that is going to build out quicker. What is driving this result stronger than what was projected, and not so much the INCC, the question of the quality of the project. Thank you. Next question, [Carmen Gladys] of BDI. The floor is yours. Can you hear me now? Thank you for the opportunity. One question regarding the recent MOUs, a format that is not as usual, which is locking the assets. Can you give more context about this movement? That would be very interesting to understand if this movement can be more recurrent. Thank you, [Carmen]. I understand that you're asking about the entry, the increase in the participation in Campo Grande and Castilho, especially also because of a reduction of participation. Well, what happens? Iguatemi's sale has a different dynamic. We don't have a position of leadership at the shopping mall. It's a good mall, but it has a very mature brand, and we want to be leaders in the main markets. This is something reasonable with an operator that can extract value for their local position. That's the logic. Here with the exchange in participation, we do this movement in the sense of keeping governance at São Paulo, use that as an exchange rate with another investor so we can increase the participation in two malls that have development potential and direct growth quicker, Campo Grande, which is something that demands more area, GDP that grows higher than the average of Brazil, and also because we think we can get to a participation of having a better participation than what we have with an increased participation in assets that will generate value in a quicker way. That's the logic. It's difficult to see these opportunities because there is interest on both sides. We might sell the participation at a shopping mall and do a test buying a different shopping mall, or even with a new shopping mall, we have the objectives of having a return rate that is adequate to the cost of capital. That's number one. There is something that would justify the return rate or the qualification of the portfolio and reinforcing our potential for growth with a known discipline with the capital allocation. Thank you. Have a nice weekend. Next question, João Rodrigues, XP. Thank you. Congratulations on the result, the experience of Tijuca. I wanted to ask you a question, and I think at this point, maybe you can comment. To deal with Kinea, without getting into numbers, we go to the end of last year. You mentioned in the third quarter that, I don't know if it was the exact words, but it was not great, and you needed to re-leverage. We have the announcement of the dividends, the range that is expected for this year and the month of December next year. This year, you announced in this deal with Kinea that potentially you can raise a value that is more significant, and I imagine that it's going to keep the company de-leveraged with a capital structure that is suboptimal. One thing doesn't annul the other. You need to re-leverage and what can be the use of money you should have mapped a series of new investments given the message that you passed of leveraging the company more. Thank you. Well, thank you for the analysis. I think it's very good. It is very difficult to say. Well, it's difficult to imagine oil at 120. That's why it's important that we do careful movements. We have to be ready for any scenario. The company has to survive any scenario that is macroeconomic rupture. It's difficult to say what we're going to do with the resources. Now we should think as a company, I am creating an option, and if this business works out, we can have a good problem of deciding where we're going to allocate the capital and how were the projects of the return to the shareholders. One thing that we realized is that the most important thing for the return is we returned BRL 4 billion in the last three years for the shareholders. If you look at the market cap of the company in January of 2023, we concluded the fusion. We returned the equivalent of 40% of what was the market cap for that moment. The company is worth BRL 15 billion. The predictability of sales is what makes our differential in terms for the investor. Given the conviction that this is based on cash flow and capacity for healthy leveraging and with predictability for the next years, maybe that's going to be the most important in this aspect once we've done the reduction with the repurchasing and with the dividends paid before. Giving this predictability is the most important for us and creating opportunity for growth with projects that create and make sense, and not growing at any cost, which is not the characteristic of the company. We're growing with return, with good results for the shareholders, and what doesn't generate results for the shareholders is not what we seek as a company. If we have to leverage the company, it's going to be a good news because we're not creating something new. Thank you. Our next question, Elvis Credendio, Itaú BBA. Good morning. If you can talk about sales, the second quarter, specifically, when you see the rhythm at the beginning of the second quarter, and the other question is more to understand the specificities of the values by the export groups. That's it. Elvis, this receivable is an action that we received in an arbitrage that we have to have the surprise box. We received the resources with our former partner and the terrain that we had, and now we receive. I'm going to let Vicente reinforce. Elvis, our perception is very similar to what we've seen in the first quarter, in April and our May. We have a positive expectation for Mother's Day. It's moving along the same speed. We are trusting that it's going to work. Thank you, Rafael and Vicente. Next question, Marcelo Motta, JP Morgan. Good morning. Thank you. Two quick topics. One about CapEx. The other one is a bit weaker. First quarter is weaker. Just to think, if there is a difficult economy, when you see the range of BRL 350-BRL 450, maybe the inflation is pressuring more. I want to get some color. Another point, I don't know if you can add a lot on the PE of the tax for next year, and is there any news? Think about the delinquency of the sector. This is with the delinquency macro for a long time, and this can remove the strength for or give more space for the legal discussion. Just wanted to understand these points. Motta. Well, this is important. CapEx, if we can do these operations now because of the inflation, because we were successful in the approvals and the development. It's well budgeted. We are very well higher than planned. We have projects that are very good, and there is a release with a huge shopping mall in Parque Dom Pedro. These are projects that can work well because the revenue gets in well quickly, or these are projects that qualify the shopping mall without the need to create a new area, without creating an expansion. These projects, they are going to generate growth for next year. We are convicted, and we are not doing trendy bets. We are working with the numbers because of what we have in Brazil. Next year, we hope to be better. In terms of taxes, my impression is that I'm certain about the construction with the passing on of the taxes. Any place in the world where IVA goes above on the price that is desired. They don't have legal permission of doing it in a different way. We work very close to have a scenario with the mildest way possible for the tenant. We have the industry that has the less impact for the commercial partner with hospitals and schools. Our industry is the one that is best positioned to take care of this relationship in a fair way. Not only us, but all of our peers are going to have the same attitude because it's the right thing, and we fought for an