Good morning, ladies and gentlemen, and welcome to Cyrela Brazil Realty S.A.'s third quarter of 2025 earnings call. Today with us are Mr. Miguel Mickelberg, CFO and IRO, and Iuri Campos, Head of Investor Relations. This call is being recorded and simultaneously translated. You can hear the translation by clicking the interpretation button. To those hearing the English translation, you can mute the original audio by clicking "Mute Original Audio." Also, you can find the slide deck in English on the company's Investor Relations website at www.ri.cyrela.com.br. During the company's presentation, all participants will be in a listen-only mode. After that, we will open the call for questions. To ask a question, please click the Q&A button and enter your name and organization. When your name is called, a request will pop up on your screen. To unmute your microphone before asking your question, 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 made by the company's management that may or may not occur. 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. To open Cyrela's Q3 2025 earnings call, I'd like to turn it over to Mr. Miguel Mickelberg. Mr. Mickelberg, you may proceed. [Foreign language] Good morning, everybody. In Q3 2025, Cyrela once again demonstrated the resilience of its operating and financial performance amid a highly complex domestic and international scenario with high interest rates and global trade tensions. We kept our consistent execution of launches and sales strategy. In the first nine months of 2025, launches totaled to BRL 9.7 billion, surpassing the 2024 full-year volume. Resales grew by 19%, reaching BRL 6.8 billion from January to September 2025, underscoring a solid year-on-year performance. Financial results remained robust. Net revenue reached BRL 6.2 billion, with a gross margin of 32.7%, while net income totaled BRL 1.3 billion. All of those indicators grew year-on-year. The adjusted ROE for the last 12 months stood at 19.9%. Cyrela generated BRL 423 million in cash in the quarter, reducing the adjusted net debt to adjusted shareholders' equity ratio by 4.6% points to 8.2%, a comfortable level that reinforces the company's commitment to financial discipline and sound corporate governance. We will continue to focus on developing exclusive projects, delivering a superior customer experience, and achieving sustainable results. The company would like to thank its shareholders, clients, partners, and employees for their trust and support, and we reaffirm our commitment to operational and financial excellence, transparency, and long-term value creation across all stages of the economic cycle. Now, let's take a look at our operating results. On slide four, in the quarter, excluding swaps, we had launches amounting to BRL 3.4 billion, a 19% increase quarter- on- quarter, and in the year, we basically doubled our launches by 105%, reaching BRL 9.7 billion. On slide five, we can see project EPIC, Jardim Europa by Pininfarina, which was launched in June with a PSV of BRL 1.3 billion and a very strong sales performance. Now, on slide six, we're going to talk about sales. Sales in the Cyrela stake, excluding swaps, came to BRL 2.4 billion, basically the same level as pre-Q2 2024, with a growth by 10% quarter- on- quarter. Year-to-date, our sales reached BRL 6.8 billion, a 19% growth year-on-year. Now, on slide seven, let's take a look at sales speed. Our SOS of the last 12 months reached 50%, a little bit less than the other numbers that you see on the chart from 54.9%- 50% through 2.3%, but it's still a healthy level. Now, sales per vintage, you can see that all vintages since the fourth quarter last year have been selling well, and we can see a lot of consistency in the vintages that were launched in the beginning of the year, and in pre-Q25, the vintage was 41% sold. Now, on slide eight, we're going to take a look at our inventory. The total inventory in the period, considering 100%, was BRL 15 billion, and in Cyrela's stake, it is BRL 11 billion, and you can see the breakdown: 65% in São Paulo, 16% in Rio de Janeiro. Those two places account for over 80% of our inventory. Now, on slide nine, let's take a look at finished units. Finished units at market price stood at BRL 2 billion, or BRL 1.7 billion in Cyrela's stake. We sold BRL 185 million in Q3, and the sales of finished units this year is below last year and previous years, and we can see the breakdown of finished units according to the region: 34% in São Paulo, 26% in Rio de Janeiro, and 23% in the south. Now, delivered units. This quarter, we had a very significant volume of delivered units with BRL 2.25 billion, almost in line with the previous quarter, and a 14% growth quarter- on- quarter. Year-to-date, we delivered BRL 4.9 billion, which is a significant growth year-on-year, in which we delivered BRL 2.9 billion, a 68% growth. Now, Iuri is going to give you the details about the financial results. Thank you, Miguel. Okay, on slide 12, let's take a look at our financial results. On the left-hand side, you can see net revenue, which grew thanks to the performance in sales and launches. It grew by 5% year-on-year and 1% quarter- on- quarter. Year-to-date, we reached BRL 1.1 billion in revenue, a 13% growth year-on-year, and that is in line with the operational growth of the company. Now, on the right-hand side, the gross margin has been fluctuating less. It is about 33%. This quarter, it was 33%, precisely a little bit lower than the last quarter, a little bit less actually than pre-Q2 2024, and a little bit higher, a little bit higher than 2Q 2025. Now, on slide 13, let's take a look at our net income, which grew in line with the other metrics. We stood at BRL 609 million, a 57% increase quarter- on- quarter and almost 30% higher year-on-year. Year-to-date, we reached BRL 1.3 billion, 15% more than the BRL 1.1 billion last year. Now, our ROE for the last 12 months, excluding cash me from the average shareholders' equity, stood at 19.9% in the last 12 months. Now, let's take a look at our liquidity and debt. The company decreased its leverage level, going from 12.7% in the last quarter to 8.2% this quarter. On the right-hand side, you can see that the debt is very little concentrated in the short term, and the average cost is under control as well, as you can see on the right-hand side. Now, on slide 15, you can see why our leverage level went down. We had a cash generation of BRL 423 million in the quarter, with a one-off effect of BRL 251 million with the sale of Curry stock, and the recurring cash generation, therefore, stood at BRL 172 million. Now, year-to-date, total cash generation stood at BRL 103 million, 50% less than last year, BRL 103 versus BRL 198. Thank you very much for your attention, and now we can take your questions. Thank you. We will now begin the Q&A session. To ask a question, please click the Q&A button and enter your name and organization. When your name is called, a request will pop up on your screen. To unmute your microphone before asking your question, the first question comes from Gustavo Cambaúva with BTG Pactual. Please go ahead. Hello, good morning. I have two questions. The first one is about inventory. When we look at late 2024, you had a large volume of launches; you reached BRL 15 billion in the third quarter, and we also saw a decrease in your SOS in the period. Are you concerned at all about your inventory level, or maybe do you intend to launch fewer units to stabilize your inventory at a lower level? Your launches SOS is good, but your inventory, your finished units SOS, was not that good. The second question is about the dividends payouts looking forward. I believe there is an expectation for a special dividend payment, but also at the same time, you canceled the acquisition of Tekniza's land, in which you were going to disburse BRL 15 million to acquire that plot. I would like to know your perspective on that. Maybe that plot could become more dividends for the company, or are you going to relocate that capital to buy other land bank that might be under negotiation? I would like to know more about that. Good morning, Cambaúva. Let me tell you some more about our inventory. Indeed, we had an increase in our inventory this year in comparison with previous years. Our inventory volume was growing very little three to four years ago, but this year there was a sharp increase, and that increase is not happening in the projects launched until 2024. If you look at the sales that started the year with finished units, the sales are actually according to normal, but we are selling less of the finished units because the cost of carrying them over is very high. We are paying a lot of attention to finished units and taking all necessary measures to address that, and the rest of the growth is concentrated in this year's launches, and the launches SOS is at a healthy level. It's basically what we launched in the first nine months of the year, which was twice as much as last year, and we are looking at things project by project. We have our strategy, which is very much focused on each individual project, and we are trying to improve that as much as possible, but when it comes to finished units, it's what we are more concerned about. Now, about dividends, indeed, we are considering the possibility of paying dividends on an extraordinary basis. We believe it is likely. We are probably going to do it in December, but we still have to talk to the board. We are going to make that decision and communicate the investors accordingly as soon as we have a decision. When it comes to giving up on buying the Jardim das Perdizes plot of land, we communicated the market about it, and Tekniza issued a material fact about that. I believe that you have all the details that you need in those two communications. For that acquisition, the price was quite high, but we were working on a partnership. We were going to have a partner with us, and we would have an individual leverage structure for that plot of land, which would make the payment flow for that plot of land to be more extended, and that would be linked to the flow of payments coming from the project. That would not impact the payment of dividends. We should end the fourth quarter with less leverage and a better cash generation scenario than we would have if we were to buy that plot of land, but it is not going to have any impact on our dividend decision. In early December, we should hear more about it. Okay, thank you, Miguel. The next question comes from Mr. Pedro Lobato with Bradesco BBI. Please go ahead. Good morning, Miguel and Iuri. Thank you for taking my question. I have two questions. The first one is operational. We can see that launches were more concentrated in the last weeks of the quarter, so I would like to know from you what the performance has been like for these projects in October and November, and also in general, what's the sales performance in the beginning of the fourth quarter. And the second one is about your revenue. We can see an increase at about 1% quarter- on- quarter, but when we look at your revenue backlog, it went down on a quarter- on- quarter basis. I would like to know more about that. How do you explain that decrease in your revenue backlog? Would it make sense for us to expect a rebounce from that? Good morning, Pedro. This is Miguel. I am going to talk about the revenue, and Iuri is going to talk about the sales performance in October and November. In the 100% vision for revenue this quarter, we had almost BRL 4.1 billion from launches, and over 70% of those sales were not recognized in the third quarter. That means that the BRL 1.5 billion is off balance. It is not recognized in the quarter's revenue, and it is not in our backlog either. The revenue, referring to that BRL 1.5 billion in sales, is about BRL 600 million, and a good portion of the revenue, if not all of it, will be recognized in the fourth quarter, which should help our revenue in the fourth quarter. Another factor that I should highlight is that there was a decrease in the finished units sales speed. As I said during the presentation, we have a finished unit inventory that is very similar to what we projected in the beginning of the year, but we are surpassing our targets for those units that will be delivered after 2025. What that causes is a smaller conversion of sales into cash. This quarter, our finished unit revenue was the lowest in a long time, and that caused the revenue to be a little bit lower than we expected, as many reports by many analysts highlight. The fourth quarter will have a positive dynamic because of that revenue that was not recognized in the third quarter yet. Now, Iuri is going to talk about the sales performance. Hello, good morning. About the launches that we had in the last weeks of September onwards, most of them were in the Viva São Paulo project with many units. You're not going to sell 5-600 units in one weekend. The initial performance was satisfactory in general, and when we look at the 4-8 week window, the performance is exceeding that of the first weekend. The performance is in line with our expectations, or even better. This is a segment that is performing very well. Now, about October and November, the sales are good according to our expectations. Some projects are selling even better, and Cyrela has already launched a few projects in the fourth quarter under the Cyrela, the Living, and the Vivaz brands, and the management is happy with the overall performance of our launches and also with the sales of our inventory. We still have a few launches to come until the end of the year, so we have good expectations. Okay, thank you. Next question comes from Fanny Oreng with Santander. Please go ahead. Hello, good morning. Sim [Foreign language] Thank you for taking my questions. The first one is a follow-up on the Jardim das Perdizes land bank. Were you already working on launches for that plot for next year? My question is whether or not that comes in the way of your launches pipeline for next. The second question is about Vivaz. We can see that Vivaz' metrics have been improving day after day. What is your expectation for Vivaz in the next two to three years? How much growth can we expect from Vivaz? How big should it get? That is it for me. Thank you. Thank you for your questions, Fanny. First, about Jardim das Perdizes, it is still too early to tell, but yes, it may impact our pipeline for next year because we thought that we would have a project being launched in 2026 in that plot. This is fresh news, so we have to wait a few weeks to understand what the impact will be. Now, when it comes to Vivaz, we are very happy about this operation. It has maturing. The performance has been very good from the engineering and the sales team, and we feel very comfortable about growing this operation both here in São Paulo and also in Rio. In Rio, there are a few challenges regarding the city master plan and regulations, which could create a tailwind for the segment. In São Paulo, we have a robust segment, and one of the things that we are sure about is that next year we are going to grow under the Vivaz brand. We're going to work hard on it, but yes, we are very happy about its performance, and I think it's going to give us great returns. We are always going to work on filling the gaps in comparison with competitors and work as hard as we can across the board. The next question comes from Tainan Costa with UBS. Hello. [Foreign language] I'd like to talk more about the pipeline for 2026. Miguel said that not having the Tekniza plot may come in the way of next year's pipeline, but thinking about your launch strategy over the coming quarters, what's going to be the breakdown between high, middle, and low income? Considering the elections, do you think that you are going to concentrate the launches more in the first half of the year or in the second half of the year? The second question is about your sales strategy for finished units. Are you adopting a different strategy? Maybe, I think Miguel said that you are working harder on selling the finished units. If you can share with us the strategies that you are adopting to address that issue, maybe with extra sales efforts or other measures, that would be very helpful. Thank you. Thank you for your question. About 2026 launches, I think we've been talking about this for a while. The low-income segment has been growing in the company; it's performing very well. That's not new, and it should gain more share in the launches. We're not going to have major changes in the breakdown between those segments, but I think low-income will grow a little bit, and the other two segments will continue to have significant shares as well. Our planning in relation to COP and the elections, every four years we have to deal with that. It's not going to be the first time we have to face elections and the World Cup, but I don't think we're going to have any different strategy. We will try to do things according to plan, and this year, 2025, should be very well balanced across the four quarters, and we're going to try to do the same next year. If we need to concentrate more in one half of the year or the other, it's okay. We have our sales force that is fully prepared to execute that strategy. You asked a question about our operations. I'd like to correct something that I said when I addressed Pedro's question. I forgot to talk about the performance of a Living project in Rio de Janeiro. It completely sold out in a very short period of time, so it's another highlight of the quarter. Miguel is going to give you more details on our strategy. About the finished units, Tainan, one of the things that we realize is that one of the factors that have the most impact is interest rates. They grew significantly since December last year, January this year, and that is one of the most challenging issues. It greatly reduced the customer's affordability. One of the initiatives that we put in place was a funding product with more attractive conditions, and we have been pursuing partnerships with banks to offer solutions that can help our sales team sell more. Our sales team is always extremely focused on selling finished units, but we know that when there are many new launches, you end up creating distractions. The new launches have all that marketing effort with the showroom. We have been trying to create packages in some campaigns, and we have seen good results from them. Yes, it is a challenge, and we have been trying to find good solutions that would not have any impact on the finances, but that would also accelerate the sales of finished units. Okay, thank you The next question comes from Mr. André Mazzini with Citibank. Hello, Miguel and Iuri. Thank you for the presentation. I have a follow-up question on your top line. Revenue recognition in this quarter was not so strong considering the launches that happened towards the end of the quarter. Considering that your launch sales are still very good, 42% in three months, right? What can we expect from revenue recognition coming forward? Also about the EPIC project, I'd like to know if you recognize the revenues of the commercial, the business tower, and also your perspectives about those sales of the business tower. What's the profile of the buyers for that product? The second question is about your strategy to pass costs on to consumers when it comes to inflation and whether or not you see some regions performing better than the others when it comes to your ability to pass on costs. Thank you. About the revenue, I think I gave you some color on those numbers, right? We believe that in the fourth quarter, we are going to see the recognition of some significant projects that could impact our revenue in a positive way. About the EPIC project, you are correct. The residential part of the project already exceeded 50% of units sold. The business tower was not sold yet. To answer your question about how we are going to sell those units, we have not defined our go-to-market strategy. We do not know yet what the strategy will be and the buyer profile. Aqui é há quatro anos antes da. We know that since you have to buy the unit four years before the unit is delivered, it is hard to do that because the real estate funds struggle with that. I do not know if that would be the right moment. If we wanted to go for that strategy, we would have to depreciate the asset to be able to sell it, but we have not defined the strategy yet, and we are not in a hurry. We are going to take our time to assess this. EPIC, the residential units, are selling very well, and the revenue was already accounted for in October, so it is going to be recognized in the fourth quarter. Now, about passing on costs to clients, we have been adjusting the prices according to the construction inflation index. In some cases, for finished units, we are assessing whether or not we should pass that on to the customers depending on the case and also considering the campaigns and the sales efforts that I mentioned earlier. In general, we have been adjusting the prices according to the construction inflation index. Okay, thank you. The next question comes from Carla Graça with Bank of America. [Foreign language] Hello. Good morning. Thank you for taking my question. My first question is about cash generation. You said that it is going to pick up some speed in the next quarter. Can you give us more color about your perspectives for cash generation in 2026, especially when it comes to capital allocation? Are you going to continue buying land bank at the same speed? About Vivas, what is the share of the new Minha Casa, Minha Vida tier in the low-income segment? What's the impact been like? Thank you for your question. About cash generation, in the fourth quarter, we believe that cash generation is going to be neutral. It could be slightly negative or positive. It is not going to be, however, at the same level as the second quarter and the third quarter. I don't know exactly if it is going to be slightly positive or negative, but in October, cash generation was very close to zero. For next year, it's too early to tell. Last year, in the third quarter, I gave you some estimates, and I regretted that because the scenario changed. We believe that cash generation will be positive. It's going to be a cash generation, not a cash burn, but I cannot give you any more details than that because we have to define the details for each project in each region. We define the sales target for each of them, and then the financial department will analyze for sensitivity and give you an estimate. This year, because of finished units, we missed our estimate. We are usually very conservative, and for next year, we are not going to make the same mistake again. We are going to give you a solid estimate, and in the fourth quarter, we'll be in a better position to give you more on that. Now, about the tier four, they still account for a small share in Vivaz because in São Paulo, due to the master plan rules, we have a segment that is a little bit that has income, an income bracket that is a little bit higher than tier four. We see some conversion there, and we also have the free units, as they are called, that can be sold to families with income higher than that bracket. In some of those units, we can use tier four of the Minha Casa Minha Vida, but for Cyrela, that share is not very significant. Now, about cash generation in the fourth quarter, we usually tell you that the interest payment is usually concentrated in the second and the fourth quarters. It is a coincidence. They usually fall on those quarters. We are going to see that effect in the fourth quarter, which is fully according to the plan, but that also underscores what Miguel just said. We might not see the same level of cash generation as the second and third quarters, or it might be close to zero. Okay, thank you very much. The next question comes from Mr. Rafael Reder with Safra. Hello, good morning. I have two questions. The first one is still about Vivaz, but I'd like to talk more about the changes in the income cap of tier one and two of Minha Casa Minha Vida, and I'd like to know the percentage of the Vivaz products that are targeted at those two tiers. And also about workforce. I know that your PSVs have been good. I'd like to know if you have been struggling with personnel, maybe, or any other issues. Okay, first about the changes in the Minha Casa Minha Vida program. The changes in the cap of BRL 264,000 to BRL 275,000 is actually good because it covers most of our operation in São Paulo, with about 60%-70% of our units under the Vivaz brand. That increase in the income cap may cause a positive effect for us. Now, the change in the subsidy curve, that is a target audience that we are not exposed to because of the prices here in São Paulo. We do not believe that change specifically is going to cause any positive impact for us, but the cap in the real estate price, that change that happened, that is going to cause a positive impact on us. In our portfolio, we have some products that had a few delays. We have been improving and decreasing the periods to deliver the projects, but we know that the scenario is difficult for everybody operating in São Paulo. We can see a better maturity level in the engineering team here in São Paulo. Congratulations to them, by the way. In such a difficult scenario, you have been able to do things according to what we consider to be healthy costs, but we continue to see an increase in launches, specifically in the low-income segment. We can see a concentration in works happening right now, and we have a scarcity of workforce. We have been working with that. We have been putting efforts in place to do whatever we can to mitigate those impacts. Thank you very much. The next question comes from Elvis Credendio with Itaú BBA. [Foreign language] Good morning, Miguel and Iuri. I have a few questions. The first one is about Terra Encantada a nd some projects in a new neighborhood. I'd like to know your projective PSV. And what is the weight of your land bank in Terra Encantada? Also I have a question about a corporate tower that you are developing in São Paulo. If you can give us a schedule for that project and your projected PSV, and also what that corporate tower can represent in terms of your balance sheet. Thank you, Elvis. About Terra Encantada, indeed, we have seen some positive developments in the project, but it is still under development. We do not have a launch date for it yet. It is a huge project, so we do not know even when it is going to be launched. We do not know how long it will take for it to be launched. Terra Encantada accounts for less than BRL 500 million in our booking. We are going to be. We are very happy about this launch, but since it is in the development phase, we cannot give you any color on the return. Actually, we never give you any color on the returns of individual projects, so I cannot give you more details about that, but we are very happy about it. Now, the corporate tower, it is going to be delivered in mid-2026. Our head office will be there, as announced. Recently, we started looking for tenants. It is a quite big project. I think that we are going to see some good news, but it's still too early to give you more details. There is a lot of interest for a project that is still months away from its delivery. After we have the tenants, we will be able to tell you more about our strategies for it. It has a significant cost, indeed, although the construction, 80% of the construction costs were leveraged, so part of the construction cost is leveraged. It does not account for much in our balance sheet because of that. After we have all the tenants, we will have to define a strategy to exit the asset. We know that the interest rates right now are very high, so we do not have any visibility on that, but those are great questions. Thank you. The next question comes from Mr. Marcelo Motta with JP Morgan. Over to you, Mr. Marcelo Motta. The next question comes from Mr. Ygor Altero with XP. Please go ahead. [Foreign language] Hello, everybody. First, I'd like to know your perspective about the new real estate funding model with the compulsory loan being released. I'd like to know more about affordability e specially in the high-income segment. Do you see any changes in that at all? And the second question is about your inventory. Do you have any concerns about inventory in São Paulo, especially in the high-income segment, since many launches in the market are targeting that segment? I would like to know your opinion about that market dynamic. Maybe some players will have to be more aggressive in terms of discounts. I would like to know your opinion about the market right now. Thank you, Igor. Now, about the new real estate credit model, it completely changes the dynamic. In order for you to know how much you have to lend, it is the numerator of your accounting balance. The deadlines are now much more complex. It involves a lot of uncertainty. The banks will have to think about what the savings account will be, looking forward to design their origination strategy. There is a change in the SFH, accounting for 80% and only 20% will be dedicated to units in excess of BRL 2 million in price. That does not reflect the reality in the São Paulo market. I'm sure that much more than only 20% of the units in São Paulo cost more than BRL 2.5 million. The banks right now have much more real estate credit than money in savings accounts. There is a lot of complexity, uncertainty. I can't really tell you what it's going to be like when the system is running full. It's very hard to predict what's going to happen. What I can tell you is that the compulsory loan release is very positive in the long run. We can see now banks with more appetite, and we can also see some slight reductions in interest rates, but they are positive. I think that's the positive side. We might have more complexity in selling, more risk, especially in the long run and for the high-income segment. It will take time until the model can cause its full impact. We can see, yes, a lot of launches in the high-income segment. We focus on our own projects. Of course, we have to look around and see what the competition is doing. When we see a plot of land and there's a lot of supply, we take a look at the plots in the surrounding areas that will become future supply, and we take that into account. That is going to require a more security margin for us, but we do not have any specific concerns right now. Of course, we need to monitor for excess supply because that always hurts the high-income segment. Okay, thank you. The next question comes from Jorel Guilloty with Goldman Sachs. [Foreign language] I have two questions. Good morning. The first one is about Vivaz. You said earlier that you are going to consider paying dividends on an extraordinary basis. I would like to know more about your leverage. To what extent do you intend to increase your leverage level? What would be the maximum leverage that we should consider? The second question is connected to Ygor's question. I would like to know more about the access to capital. Do you think it is easier for you to access the legal entities' credit? I would like to know if you can see an improvement to access to credit in your business. Thank you, Jorel, for your questions. About the dividends, we do not have a maximum leverage number because we tend to look at the film and not the snapshot. It is important for us to know how long it takes for us to decrease the leverage level than to think of what a maximum level would be. We always have to be at a higher cash level than we consider to be the minimum to operate. We are going to propose something to the board, and let's see what they are going to decide. We are right in the middle of that process. In a few weeks, we will have a decision. Now, about access to capital, especially for legal entities, the reductions in rates are more for individuals and not legal entities. When it comes to access to capital, some banks were not in the game, and now they are coming back. That's something that we are seeing right now. The cost of capital, the cost of debt, is much higher than it was last year. When we look at the curve looking forward, in many cases, it is more expensive than our corporate debt. We have to assess it. Unfortunately, the scenario deteriorated not only for us, but for competitors as well. Maybe it's even worse for them than for us. I think that the situation is very similar to what it was in the previous quarters. Now some banks are regaining appetite for these products. This concludes the Q&A session for today. Now I'd like to turn it over to Mr. Miguel Mickelberg for his closing remarks. Thank you very much. Rafael was not here today, but. I'd like to send my best to him and Mr. Eli and Efraim as well. I would also like to thank all the investors and partners. We are very happy about our team and the sheer amount of talent that we have at Cyrela. Even in challenging scenarios, we are confident that we can offer a differentiated product to our customers and good returns to shareholders. See you in our next call. Have a good one. Enjoy the weekend. Thank God it's Friday. This concludes Cyrela's earnings call for today. Should you have any questions, please contact the investor relations team at ri@cyrela.com.br. Thank you very much for your participation. Have a good day.