Good morning, ladies and gentlemen. Welcome to Cyrela Brazil Realty SA's Second Quarter 2025 Results Conference Call. With us today, we have Mr. Raphael Horn, CEO, and Mr. Miguel Mickelberg, CFO and IRO. [Foreign language] This call is being recorded and simultaneously translated into English. [Foreign language] You can hear the translation by clicking the Interpretation button. To those listening to the English translation, you can mute the original audio by clicking Mute Original Audio. [Foreign language] Also, you can find the slide deck in English on the company's investor relations website at www.ri.cyrela.com.br. [Foreign language] During the company's presentation, all participants will be in a listen-only mode. After the presentation, we will hold a question- and- answer session. [Foreign language] To ask a question, please click the Q&A button and enter your name and organization. [Foreign language] When your name is called out, a request will pop up on your screen for you to unmute your microphone and ask your question. [Foreign language] We would like to inform you that any statements that may be made during the call related to Cyrela 's business perspectives, operating and financial targets are projections and forecasts made by the company's management that may or may not occur. [Foreign language] Investors should understand that political, macroeconomic, and other operating factors may affect the future of the company and lead to results that differ materially from those expressed in such forward-looking statements. [Foreign language] To start Cyrela 's Second Quarter 2025 Earnings Call, I'd like to turn it over to Mr. Raphael Horn, our CEO, who will now start the presentation. Mr. Horn, you may proceed, sir. [Foreign language] Good morning, everyone. In the second quarter 2025, Cyrela demonstrated operational and financial resilience amid a complex and macroeconomic environment. An environment marked by the geopolitical developments on the global stage and further increases in the SELIC-based interest rate, which reached its highest level since 2006. We continue to pursue our growth strategy by launching 17 projects during the quarter, with a PSV of BRL 2.9 billion. In the first six months of the year, launches totaled BRL 6.3 billion, a 180% increase year on year. Contracted sales or pre-sales reached BRL 2.2 billion in the quarter, 31% up year on year. Year to date total sales reached BRL 4.4 billion, a 32% growth year on year. This performance led to the last 12 months' sales oversupply indicator to reach 52.3%, a satisfactory level that shows how solid our operations are even in a challenging environment. Our strong operational performance translating to positive financial results. Our net revenue was BRL 2.1 billion, gross margin 32.7%, and net income was BRL 388 million. In the first half of the year, our revenue totaled BRL 4.1 billion, our gross margin BRL 1.326 billion, and net income BRL 715 million, all of them higher year on year. Our ROE, return on equity, in the last 12 months was 19.5%, reflecting the continuation of a path towards growth with the profitability and value creation for our shareholders. Our net debt-to-equity ratio remained at a conservative level at 12.7%, reinforcing Cyrela 's solid capital structure and commitment to maintaining healthy financial indicators. We continue to apply strict criteria while selecting projects and adopting a conservative approach in our financial management. As for the remainder of 2025, we remain confident that our strategy of developing premium projects and delivering a unique customer experience while always striving for sustainable long-term results. We thank our shareholders, clients, partners, and employees for their continued support and reaffirm our commitment to operational efficiency, transparent governance, and value creation throughout the economic cycle. We'll now look at our operating results. Thank you, Raphael, and good morning everyone. Our first slide is slide four. We'll talk about our launches. In the first quarter, or in this quarter, we had 17 new products with 176% growth and a 15% decrease quarter on quarter, so 176% higher year on year. We have BRL 6.2 billion launched, which is 180% higher year on year. On slide five, we would like to show the launch of Vivaz Selection Laguna. It's a BRL 200 million in PSV. On slide six, we talk about sales. In the second quarter, we had BRL 2.2 billion in sales, 31% higher year on year, and 6% higher quarter on quarter. Year to date, sales totaled BRL 4.4 billion, a 32% increase year on year. On slide seven, we can see our sales speed. Our company's SOS in the last 12 months was 52.3%. It was 52.6% in the first quarter. To the right, we can see the performance of the launches in the second quarter 2023, the launches we had in the second quarter are 38% sold, and in the first quarter, we're 35% sold. Now, let's look at inventory on slide eight. We had BRL 13.4 billion in inventory, [Foreign language] that is thanks to the increase in launches, and the total inventory is BRL 10 billion. [Foreign language] Slide nine shows our finished units. [Foreign language] We had BRL 2 billion at the end of the quarter. It's a 28% rise, due to the deliveries, quarter on quarter, mainly thanks to the deliveries. [Foreign language] We had BRL 93 million sold, so it grew to BRL 2 billion. In the Cyrela shares, we have approximately BRL 1.7 billion. [Foreign language] On slide ten, we had 10 projects delivered, a PSV of BRL 2 billion. Year to date, we have delivered 17 projects with a PSV of BRL 2.7 billion, approximately. [Foreign language] Slide twelve shows our financial results. [Foreign language] Our net revenue was BRL 2.1 billion, a 13% increase year on year and 8% quarter on quarter. Year to date, our revenue was BRL 4.1 billion and an 18% increase year on year. [Foreign language] Our gross income and our gross margin can be seen. They're slightly lower than what we had last year, and slightly higher than last quarter. [Foreign language] BRL 1.3 billion net income year to date. [Foreign language] Now let's look at slide 13, net income and profitability. Our net income was BRL 188 million compared to BRL 412 million, [Foreign language], that was an 18% increase quarter on quarter. [Foreign language] To the right, we can see our ROE, our return on equity. It ended the quarter at 19.5%. That's slightly lower than the 20.9% that we had in the first quarter 2025, but it's higher than the 15% that we had last year. [Foreign language] Now let's look at our debt. [Foreign language] We had BRL 6.8 billion in gross debt and net debt BRL 1.3 billion. [Foreign language] That is a 12.7% net debt-to-equity ratio. 84% of our debt is long term. [Foreign language] To conclude our brief presentation, on slide 15 we talk about cash generation. We had a high cash consumption of BRL 292 million compared to a cash consumption of BRL 61 million in the second quarter 2024, and a cash generation of BRL 71 million in the first quarter of 2024. [Foreign language] Year to date we have BRL 320 million in cash consumption, compared to $69 million in the first half of 2024. This is the end of the presentation. We can start the question-and- answer session. Thank you very much. [Foreign language] Thank you very much. We will now start the question and answer session. [Foreign language] If you'd like to ask a question,p lease click the Q&A icon. Write your name and your company. When your name is called out, a pop-up will allow you to unmute. [Foreign language] You can then unmute and ask your question. [Foreign language] Gustavo Cambaúva, from BTG Pactual, will ask the first question. You may ask your question now, Gustavo. [Foreign language] Good morning everyone. I've got two questions. [Foreign language] The first has to do with cash generation. We presented this in the last slide. There was nothing that was non-recurring. I'd like to try and understand a bit better how was cash generation just a concentration of expenses, just a calendar matter, or if it has to do with any specific land lot that you've acquired or anything else, and how do you expect the rest of the year to perform? What should cash generation be like in the second half of the year? The second question has to do with dividends. [Foreign language] This higher cash burn and an increased purchase of land lot. Would that impact dividend yield? [Foreign language] Would we have just the minimum payout, or do you believe there is room for more dividends to be paid? [Foreign language] Thank you for your question, Cambaúva. Good morning. As for cash generation, the main factor was expenses on land lot, BRL 480 million in the quarter. That's the highest historical figure that we have in recent years. When you look at the last 12 quarters, the average is BRL 240 million in the quarter. This quarter was basically twice as much. This is the main factor. We had an increase also in expenses on construction works. That is expected concerning the growth of the company and land lot. [Foreign language] We have some land lots that will have partners, and we're going to have some reimbursement. About BRL 100 million will be paid back. [Foreign language] Cash consumption should change in the second half of the year, part of it because of the land bank and part of it because of operations. Our cash position at the end of the year should be below what we expected at the end of last year or start of this year. One of the main reasons is that even though we have had a sales speed that is quite healthy, that is even slightly higher than our average and in line with what we had last year, the composition has changed a little. We're selling young inventory faster. [Foreign language] It's a slower sales speed in the finished units. The conversion of inventory into cash is smaller than we expected. For the year, it should be negative, maybe it should break even. [Foreign language] It's going to be below what we expected last year or start of this year. [Foreign language] As for the dividends, we have an expectation of taxes, and this is a factor we're considering. We'll always try and optimize our capital structure, and at the end of the year, we will discuss the possibility of an additional dividend payout. The cash performance in this quarter and the conversion of the inventory in cash will never impact our intention to optimize our capital structure, and our leverage is quite conservative. We will analyze that carefully. [Foreign language] It's too early to talk about 2026. [Foreign language] There's u ncertainty and not much visibility into that. [Foreign language] In the second half of this year, we'll certainly look into the possibility of an additional dividend payout as per our capital structure and future perspectives. [Foreign language] Thank you very much, Miguel. Have a good day. [Foreign language] Fanny Oreng from Santander will ask the next question. [Foreign language] Good morning and thank you for taking my question. I've actually got two. Can you talk about your sales performance in the third quarter? Miguel mentioned the inventory sales. Can you talk about the launch sales? Can you break it down into the different income classes and segments? Can you talk about Teknisa, please? Do you have any clarity on when the cash will be paid for that acquisition? Do you expect to have partners in this Teknisa project as well? Thank you. [Foreign language] Hello, Fanny. [Foreign language] About sales, it's as we expected. Brazil is never easy, but it's as we expected. [Foreign language] It's not for the faint-hearted. If you've got a strong product, a strong brand, y ou can do it as per our expectation. We're not feeling confident about our economy in Brazil. That's not what I'm saying, right? Our GDP has been 1.5% or 2%. While this is sustained, we can continue to fight. [Foreign language] We're excited and we continue to work. [Foreign language] The SOS has been lower, not only for Cyrela, but for the whole market. [Foreign language] But in medium class and high class, mid-end and high-end, we continue excited. So far, so good. Thank God. [Foreign language] Hello, Fanny. This is Miguel. As for the Teknisa land lot, we talked about it at the end of June, right? We'll continue to analyze it. We don't have clear definitions yet. [Foreign language] The payment of this acquisition could take place this year, but we're still going through this analysis. Thank you. [Foreign language] Pedro Lobato from Bradesco. You may ask your question, sir. [Foreign language] I've got two questions. Good morning, and thank you for taking them. [Foreign language] Revenue grew less than expected and t here is the accounting issue that has its impact as well. [Foreign language] Why else could the revenue not achieve wh at we expected and what can we expect for the second half of the year, considering that the backlog has been growing more than the reported revenue growth in the quarter? My second question has to do with Vivas. [Foreign language] What level of gross margin do you expect for the coming projects? How does that compare to launch periods that are at the end of their construction work? [Foreign language] Hello, Pedro. Thank you for your questions. [Foreign language] Our sales that are going to be acknowledged through consolidation, they're growing faster than our gross revenue, which is a like-for-like comparison. [Foreign language] In the last 12 months, the BRL 11.2 billion come from consolidation and BRL 8.8 billion for gross revenue. There's a BRL 2 billion gap. [Foreign language] We have almost BRL 4.9 billion in consolidated sales and BRL 450 million in gross revenue, so BRL 750 million gap. As you noticed, or as you mentioned, this shows a faster growth of the backlog revenue than the balance revenue. [Foreign language] In the year, C yrela shares grew 32% and revenue 18%. [Foreign language] There are a few reasons for that. One of them is that we had a substantial volume of launches in the second quarter that haven't yet been accounted in. [Foreign language] Because there are some resolutions in their incorporation that haven't been finished yet i n the development. [Foreign language] I n Vivas, the revenue is lower because the land lot normally has a lower cost than the high end. The Vivas cycle is faster, so it normally takes less time for this to catch up as the construction works start. [Foreign language] This gap that is large right now should be sort of bridged in the coming quarters. It's difficult to talk about the second half because it will really depend on the launches' performance that has a substantial impact on our revenue. We really do expect this gap to be bridged partially at least, and we have an increase in revenue. We saw something similar last year. [Foreign language] Especially in the fourth quarter. [Foreign language] It is difficult to talk about the whole year. [Foreign language] We do see this perspective. [Foreign language] As for Vivas margins, g ross margins, we've been seeing improvement. Our reported gross margin in the quarter is 33%. [Foreign language] We saw some projects that had 36%. [Foreign language] It's difficult to say if this is going to be a recurring level. It really depends on the macroeconomic situations and the market, the prices of landlords and construction works. We have been seeing better margins in projects than we expected a year or over a year ago. If this persists, the Vivas gross margin should continue to grow. [Foreign language] The projects we're delivering right now have less than 30% gross margin, 26% - 29%. These are projects that were impacted by the higher inflation cycle. These projects account for an ever smaller part of the Vivas income, and the new projects have margins that are above 33%, 34%, and they are starting to offset it. The reported margin grew substantially in the first and second quarters of 2025 for that reason. Thank you, Miguel. Have a good weekend. [Foreign language] Rafael Rehder from Safra will ask the next question. [Foreign language] Thank you. [Foreign language] I've got two questions. The first has to do with land bank. In the press release, you mentioned you had n ine new land lots, BRL 4 billion in PSV. When do you expect that to be launched? In what year? [Foreign language] In Rio de Janeiro, Terra Encantada, and Península, what are your expectations for those launches? [Foreign language] The second question h as to do with t he PJs and the, w hat is the impact that could be in gross margins in the next launches? [Foreign language] I don't think there's much to say about the land bank. [Foreign language] We buy land lots with resolutive clauses. [Foreign language] This quarter, we bought a lot of land bank, but t his is something that could have happened four months ago or four months into the future. We're not accelerating or slowing down. Some of this land bank is for launches for this year. [Foreign language] That is why w e have the deeds written for this year. If you look at the state and try and figure out whether we're accelerating or slowing down, you're going to be confused. [Foreign language] We launch 70 land banks or land lots a year. We normally buy 10 to 20 in the quarter. These are old acquisitions that were confirmed now. Península will launch in Rio this quarter. We're very excited. [Foreign language] The Encantada is n ot yet active. [Foreign language] There are some challenges to be overcome. [Foreign language] It is not to be launched this year or next year, or not even in two years' time. [Foreign language] We're working for it to be addressed. Gross margin and the other point will be addressed by Miguel. We'll give you a detail about the PJ numbers. [Foreign language] There will be an impact on the gross margin because of this increase. [Foreign language] This applied for the new hires this year. It takes some time until this will generate impact. You create a project. It normally takes 9 to 10, 12 months to start the works. [Foreign language] Then y ou start clearing out for construction works. Only then do you start seeing an impact. We expect it to be seen in the second half of 2026 and still limited. [Foreign language] It's bad f or our funding costs, it's increased. [Foreign language] We issued a CRI bond in the second quarter with very good spread rates. [Foreign language] Lower than the CDI base rate. [Foreign language] As for the PJ, t his should impact o ther competitors more than us. [Foreign language] That's right. That's great. Thank you. [Foreign language] Tainan Costa from UBS will ask the next question. [Foreign language] I've got two questions as well. Good morning. [Foreign language] You sold a land lot in Rio de Janeiro. [Foreign language] What was the rationale behind it? W hat segment was that project a part of? [Foreign language] Was there a change in the master plan? [Foreign language]? Was it non-recurring or could it happen again? [Foreign language] The second question has to do with top line and revenue. [Foreign language] Miguel mentioned some points that impacted the quarter. [Foreign language] Some clauses that weren't addressed yet, and there was Vivas. [Foreign language] Looking at the company's n ew situation with the cost of construction works, the land bank delays, and contractors. [Foreign language] Is this something that you understand will have a greater impact? [Foreign language] In the delivery, do you see major impacts for the second half of the year and for 2026? These are my questions. Thank you. [Foreign language] Hello. Again, the question is around land bank, right? [Foreign language] It's no use to try and understand what's happening to the company. [Foreign language] Looking at our land bank. [Foreign language] This is a land lot that I'm going to say we bought in 2012. It was a bigger land lot. [Foreign language] If we didn't confirm it, we'd get a smaller land lot. [Foreign language] We ended up getting the smaller land lot because we didn't confirm the bigger land lot. [Foreign language] We thought the bigger project wouldn't be able to be launched. [Foreign language] We thought it made sense to buy the whole thing at the time. [Foreign language] There was some exit clause or something that confirmed that it was going to be the smaller land lot. That's not exactly part of your question, but it was something of the context. Sometime later, we're able to sell it. It doesn't mean anything. It just means that this is a land lot that we're not going to be using, so we need to sell it. [Foreign language] This is around the Pontal land lot. As for contractors and terms and deadlines, Brazil is difficult. [Foreign language] Brazil is not ready to grow. There's not enough labor. [Foreign language] These factors favor us. [Foreign language] When it's hard to find contractors. [Foreign language] Contractors normally go for bigger, more reliable partners, where they're sure they're going to get paid. [Foreign language] It's difficult to get to the final match, but it's always fun to play it. It's a chronic pain to work in Brazil. We don't see major delays in construction works. [Foreign language] There have been one or two delays, but things have been well organized. [Foreign language] It is chronic, but we're used to that. Nadal, for example, used to have some pain in his ankle, and he played with it always. [Foreign language] We can't delay our deliveries because of that. You may play in pain, but you have to play nonetheless. [Foreign language] Thank you, Rafa. Have a good day. [Foreign language] Marcelo Motta from JPMorgan. You may ask your question. [Foreign language] Marcelo Motta seems to have technical challeng. We'll go for the next question then. [Foreign language] Piero Trotta from Citi. You may ask your question now. [Foreign language] Good morning. Thank you for your presentation. [Foreign language] I've got two questions. The first one has to do with selling expenses. There was a bit of a bigger increase in sales booths, media, and other commercial expenses.[Foreign language] Can you give us more details around this increase? [Foreign language] What is covered by other expenses, right? Other selling expenses, so that we can understand that better. My second question has to do with the constraints or limitations for the company's size. Is it the amount of launches, the sales team, the number of construction worksites? [Foreign language] Regardless of the macroeconomic scenario, I would like to hear what are the surreal perspectives. These are my questions. Thank you. [Foreign language] Hello, Piero. [Foreign language] We don't work much based on volume. [Foreign language] I don't know if there's a constraint or a limit. [Foreign language] The question is always how long a limit will last. BRL 10 billion -BRL 20 billion in two years is not possible. We don't have the structure for it. [Foreign language] We can grow in time. [Foreign language] I don't know if there are constraints, objectively speaking. Constraints or limits will always be what we can deliver, market size, engineering. I wouldn't say it's a bottleneck, but it's a factor to be considered. Market size as well. [Foreign language] And o ur challenge is to continue to be leaders. [Foreign language] So a s long as we can sustain that without problems, we will. [Foreign language] These are questions that we can't answer, and we're not really worried about them. [Foreign language] We work on having a good team and buying good land bank. That is what we do. It is great if we can grow, it is great if we cannot grow. ROE will be good, and the team will be working hard. [Foreign language] Hello, this is Miguel. How are you doing, Piero? [Foreign language] We had an increase in commercial expenses and selling expenses that was higher than the sales increase.[Foreign language] The media booths, [Foreign language] It's 37% and 47%. They're much more associated with launches because our selling expenses with media and booths, they are higher at the start of a project, when we have the model apartment, when we have the advertising campaign. It is natural. We had a 32% increase in sales, but 180% in the number of launches. It is natural that these line items will grow more than sales. [Foreign language] Revenue grew only by 18%. It is sort of diluted into our net income. The other line item, two thirds, is basically [Foreign language] r ecording or registering the ITBI register in Vivas. [Foreign language] There was a substantial increase there. [Foreign language] That also reflects our growth in volume in Vivas and the acceleration of transfers. Even though that's a high v alue, a high amount, it grew more than sales, but it's normal because of the increase in launches too. [Foreign language] Going back to your question, we don't really believe in strategic planning. [Foreign language] If we're going to be launching BRL 10 billion in 2025, if you ask me that four years ago, I would say no. If we sat together with the Executive Team and planned 2024 and 2025, we wouldn't add up to $10 billion. Planning this kind of thing doesn't really help. [Foreign language] It's hard to foresee. The answers we find here come from the team and how hard the team works. It's a competent team. These things add to one another and they sum up. [Foreign language] You don't go into a football match or a soccer match saying that you're going to score 12 goals and it's going to be 12 to nil. You train your team and you go into the game. It doesn't make sense to try and say we're going to launch BRL 14 billion or BRL 8 billion in four years. The answers come in our day-to-day activities. There will be new opportunities in land bank and we see, yeah, that's how we see it. [Foreign language] Igor Machado from Goldman Sachs. You may ask the next question. [Foreign language] Good morning, everyone. Thank you for taking my questions. [Foreign language] I've got two questions.[Foreign language] The first one has to do with l and bank. [Foreign language] Not concerning your acquisitions, what do you see in the market when it comes to pricing and competition? Cyrela land bank are going to be focusing on low income in the coming quarters and years. [Foreign language] The second question has to do with the changes in mortgages and housing funding. If you could give us any more information around that. [Foreign language] Hello, Igor. I think a ll segments are okay. [Foreign language] We don't give guidance on land bank, what we're going to be buying and where. Every segment is performing well. We have a plan for 2026. We're starting to plan 2027. [Foreign language] The team is working, as I said. The results are going to be a consequence of this work. We are identifying opportunities and we are going to see what's going to be launched in 2026 is planned for. What's going to come in 2027, we'll find out. [Foreign language] We are not focusing on one segment more than another. We are looking at opportunities. When we find an opportunity, we seize it. [Foreign language] This is Miguel, Igor. Hello. [Foreign language] There are changes in SFI, right? We don't know more around what was around that and was published in the media. [Foreign language] This could lead to an increase in housing credit. This could have a positive impact in pricing with the rates going down. I don't think there's a silver bullet, though. With high interest rates and i n a savings scenario, it's hard to see a substantial decrease there. [Foreign language] That has to make sense for the banks, because the banks are the ones that are the origins of all of these portfolios. [Foreign language] It has to be making sense for the banks, for real estate credit, and for the whole segment. We can't give you much more color than that. [Foreign language] Thank you, everyone. [Foreign language] Daniel Gasparetti from Itaú BBA will ask the next question. [Foreign language] Hello, good morning, Rafa, Miguel. Thank you for taking my questions. [Foreign language] It's clear that the strategy is quite organic. [Foreign language] We have been finding, however, more opportunities in land bank, more towards the low end or high end. [Foreign language] When we see the number of launches is growing. [Foreign language] You say it's very organic, but do you think about striking a balance between the different segments, high end, low end, or not? That's my first question. The second question was around financing and labor. [Foreign language] You mentioned that if it's hard for you, it's even harder for the competition, right? [Foreign language] Have you seen the competition reducing their launches or rethinking their strategy? Have you seen anything there? If you can break it down into low and high end and mid end. [Foreign language] You said 2, but there were 18 questions there. I'll try and answer your 18 questions. [Foreign language] We have learned how to work in scale. After we have gone public, that has been working in our favor. [Foreign language] At first, it was harder to have more projects ongoing. Now we can have more projects ongoing, and the team is bigger. The team is qualified. [Foreign language] We can invest more in our brand and sales planning. We can buy more land bank. We can tap into more, or we can have access to more contractors. [Foreign language] I think there is an advantage to working on scale. If you had asked me this question 10 years ago, I would say no, but I do think there is this advantage now. [Foreign language] Working in scale works in our favor, be it with contractors, land bank, or whatever. [Foreign language] The other question was you assumed we grow in an organic fashion, right? We do. We don't know if we're going to philosophically have $10 billion or $30 billion in brand. We have a limit in land bank, in engineering, in sales, in marketing. [Foreign language] Every brand will have those in charge. Everyone is working to have the best results they can. While we can find good land bank, we'll work to increase there. It doesn't really matter to us if we're going to launch BRL 10 million and it's going to be BRL 3 billion in one brand and BRL 7 billion in the other, or how the breakdown is going to be. Each leader has their own P&L. [Foreign language] Each one of them is going to try and do their best. Again, it's bottom up. [Foreign language] Whatever good businesses they present and we have cash to do it, we'll do it. We just need to have the cash, the budget.[Foreign language] The more opportunities we can find, the more we'll do. We don't say, oh, I want 30% per brand. It wouldn't make any sense to plan like that. [Foreign language] You could have 80%, 20% in one period, and then 37% in the other. It doesn't really matter. It's bottom up. [Foreign language] We do plan, but we don't see much value in it. We have a script to follow, but we do that to have a challenge, but that's not how we make decisions. To answer your question objectively, it doesn't really matter. We can have any volume in any brand without any type of restriction and without any ideal combination. Any combination can be ideal. Thank you. I apologize for asking 18 questions. I was just joking, of course. You can ask 24 questions next time. If there was a limit, I wouldn't be able to answer them all. [Foreign language] Mario Simplício from Morgan Stanley. [Foreign language] You may ask your question. [Foreign language] Good morning, Rafa and Miguel. I've got two questions.[Foreign language] Transfers and cancellations, how does it stand right now, and what do you expect considering higher interest rates? [Foreign language] There was an increase in finished units this quarter. Can you give us more color? [Foreign language] Around the delivered units this year, how sold are they? [Foreign language] Thank you for your question. As for transfers and cancellations, the number did go up in January, and in March there was some increase as well. The average for the second quarter was around 12. [Foreign language] In the fourth quarter, the funding or the financing was BRL 10.27. [Foreign language] 170 bps in four to five months. [Foreign language] We have been able to transfer customers. We even saw a small increase in f iduciary divestment. [Foreign language] In some cases, the client's s hare may be even smaller than the bank because of these changes in rates. We haven't had any cancellations above our. [Foreign language] Planned, of course, there could be changes in one product or another. We are following the budget and we expect to meet the budget for the year. The transfers may be taking a bit longer, but we're able to do it. [Foreign language] What's to be delivered this year was 92% sold and 54% paid. [Foreign language] In 2026, what's going to be delivered? In 2026, 87% sold and 39% paid. These are very healthy indicators for the next 18 months. [Foreign language] Very clear, thank you. [Foreign language] This is the end of our question and answer session. We'll now give the floor to Mr. Horn for his final remarks. [Foreign language] We thank you all. Thank you very much for joining the call. [Foreign language] See you next time. Thank you very much. Best regards. [Foreign language] This is the end of Cyrela 's earnings call. [Foreign language] If you have any questions, please email our ir.cyrela.com.br team. Thank you very much for joining the call. Have a good day. Have a good one, bye-bye.