Good morning, ladies and gentlemen, and welcome to Cyrela Brazil Realty S.A. earnings conference call regarding the company's first quarter 2026 results. Joining us today are Raphael Horn, CEO, and Miguel Mickelberg, CFO and Investor Relations Officer. Please note that this conference call is being recorded and simultaneously translated. Translation is available by clicking the Interpretation button. For participants listening in English, there is an option to mute the original audio in Portuguese by clicking Mute Original Audio. Additionally, for those who wish to access the presentation in English, it is available on the company's Investor Relations website, ri.cyrela.com.br. During the company's presentation, all participants will be in a listen-only mode. Afterwards, we will begin the Q&A session. To submit a question, please click the Q&A icon and type your name and company. Once your name is called out, a request to enable your microphone will appear on your screen, and you should then activate your microphone to ask a question. We'd like to remind you that any statements made during this conference call regarding Cyrela's business outlook, operating and financial targets constitute forward-looking statements by the company's management and may or may not materialize. Investors should understand the political, macroeconomic, and other operating factors may affect the company's future performance and could cause actual results to differ materially from those expressed in such forward-looking statements. To begin the first Q 2026 earnings conference call, I'd now like to turn the floor to Mr. Miguel Mickelberg, CFO and IRO. Mr. Mickelberg, you may begin, sir. Good morning, everyone, and thank you very much for joining our call. We began 2026 in a business environment that continues to require caution, discipline, and adaptability. The macroeconomic environment remains challenging with interest rates still at elevated levels in Brazil, while the external environment continues to be marked by uncertainty and geopolitical tensions that may generate additional impacts on supply chain and construction costs over the coming quarters. In this context, Cyrela maintained its strategy focus on selective launches, commercial discipline, and rigorous capital allocation. From an operational standpoint, we delivered consistent performance in the first quarter. Launches totaled BRL 1.7 billion, considering the company's percentage ownership in excluding swaps, and showed strong customer acceptance with an SOS of 45%. Pre-sales reached BRL 2.2 billion in the quarter, excluding swaps and considering the company's percentage ownership slightly above the level recorded in the same period last year. We'd also like to highlight the positive performance of finished inventory sales, which contributed to cash generation during the period and reinforces the quality of our portfolio. On the financial side, our results once again demonstrated the strength of the company's business model. We posted net revenue of BRL 2 billion, gross margin of 32.9%, and net income of BRL 297 million in the quarter. Adjusted ROE for the last 12 months closed the period at 21.2%, remaining at healthy levels and reflecting our ability to generate value for the shareholders. Cash generation totaled BRL 134 million in the quarter, supported by healthy sales dynamics and disciplined financial management, which contributed to reducing the Pardon me. Net debt-to-adjusted equity ratio, 19.6%. We'll continue to closely monitor the developments in the macroeconomic environment and their potential implications for this sector while maintaining a disciplined approach in selecting new projects and a conservative stance toward capital management. Cyrela will continue to focus on developing differentiated and unique projects, delivering excellence throughout the customer journey and pursuing sustainable results throughout the cycle. We'd like to thank our employees, clients, partners, shareholders, and other stakeholders for their trust and continued support. Let's now look at the operating performance. On slide four, we'll talk about Cyrela's launches. The launches totaled BRL 1.7 billion in the total Cyrela share. It is a 48% dip year-on-year and 47% decrease quarter-on-quarter. On slide five, we have our In The Park Cidade Jardim project that is in Rio de Janeiro. The sales performed really well in the first month after the launch. On slide six, we talk about the sales and pre-sales. We had BRL 2.2 billion in the quarter. It's a 2% rise year-on-year and a 9% decrease quarter-on-quarter. On the following slide, we see the sales speed. Our SOS in the past 12 months amounted to 45.8%, slightly higher than the reference from the previous year. We can see the launch vintages or periods to the right. We see that what we launched in the first quarter 2026 already sold 45%. Let's look at our inventory. We had BRL 11.3 billion in the PSV inventory. We can see the breakdown in the charts. To the right, we see the breakdown in different regions. We see that 71% of our inventory is in São Paulo, 14% in Rio de Janeiro, and 7% in the south of the country. On slide nine, we see the finished inventory. We ended the quarter at BRL 1.7 billion. It is an 8% dip quarter-on-quarter. We see that 44% of these finished units are in São Paulo, 22% of them are in Rio de Janeiro, and 19% in the south of the country. On slide 10, we look at the deliveries. We had BRL 830 million in the first quarter. It's a 50% rise year-on-year and 64% down quarter-on-quarter. Let's look at our financial results now. On slide 12, we can see our revenue. We had BRL 2 billion in the first quarter. That's a 4% rise year-on-year, it's a 37% decrease quarter-on-quarter. To the right, we can see our gross profit and our gross margin. It's very similar to the comparable periods, so 32.9% in the first quarter compared to 32.5% in the first quarter 2025 and 32.3% in the fourth quarter 2025. As for net income and profitability, in the chart to the left, we see our net income and net margin. We had BRL 297 million in the first quarter 2026. It's a 9% decrease year-on-year, a 56% decrease quarter-on-quarter. Our net margin was 14.7%. To the right, we see our return on equity in the last 12 months. We closed the period at 21.2% comparing to 22.3% in the fourth quarter 2025. In the first quarter 2025, we had 20.9%. Slide 14. Let's now talk about our liquidity and debt. Our net debt was BRL 8.6 billion. That's stable in comparison to the fourth quarter 2025. The leverage dipped from 21.6% to 19.6% comparing to the fourth quarter 2025. To the right, we can see the breakdown of our debt, and 87% of the debt is long term. We can see the average rates for the whole of the debt breakdown. Our cash generation to wrap up, we had BRL 134 million in the first quarter 2026 comparing to BRL 71 million in the first quarter 2025 and a cash burn of BRL 38 million in the fourth quarter 2025. This is the end of the presentation, myself and Raphael will be available for the Q&A session now. Thank you very much. We'll now start our Q&A session. If you'd like to ask a question, just click the Q&A icon and type your name and company. When your name is announced, you'll have a pop-up to unmute your microphone, and you'll be able to enable it so that you can ask your question. Fanny Oreng from Santander has a question. Thank you for taking my question. I've got two actually, they're related to each other. The first one has to do with the initiatives that you have to reduce your inventory levels. We see there is some discount in the unit pricing, but what other initiatives do you have considering real estate agents, and what trends do you expect to see concerning our inventory? Is there any concern that you actually have anything that requires more efforts? That's my first question, and the second question has to do with selling expenses. Selling expenses were considerably higher than we had expected. We know that some of that has to do with the decommissioning of some showrooms, but where and when can we expect some stability in selling expenses looking forward? I don't know if there were bonuses paid to the realtors, but I think it's important that we should understand what we can expect in this line item. These are my two questions. Thank you very much for taking them. Hello, Fanny. This is Rafa. We're selling finished units better than we were last year. There was no major discount. We're quite pragmatic. We have 50 products ready, and we're pragmatic. If the price is not correct, we adjust it. We don't see any major discounts. It's not an easy scenario. We can navigate it quite well. We may have made adjustments to the odd product. Other than that, it's business as usual. We had BRL 50 million in discount in BRL 5 billion. That's nothing, right? There's no actual price reduction. As for selling expenses, Miguel's going to be discussing it better. We look at the selling expenses per product and how much we are spending. We're really as expected. We're really doing as expected. The balance is timeless for present, past, and future. There are some numbers that are correct, of course, but it's not a number that would be concerning in any way. We're not concerned about this line item. It's as expected. Miguel will further detail it out. Hi, Fanny. This is Miguel. As for the selling expenses, last year we had about BRL 280 million with the sales booths. The accounting effect was BRL 139 million. We had almost BRL 47 million added to our costs in the sales booths. In this quarter, we had a different effect, the opposite effect. As we decommissioned these sales booths, we had BRL 94 million in the accounting reference, but the actual expense was BRL 60 million. 75% of the increase we had in fixed costs or in fixed items has already been given back in this first quarter. We don't expect any substantial increase in this year. Well, SG&A as a whole, let's talk about that. It was 15% of our revenue in 2025, and this year we understand that SG&A should grow a bit more than inflation, and of course the revenue will depend on the sales. As we said in our past call, we understand that it should have a positive trend. SG&A over revenue should be close to 15%, which is what we had last year as well. As Raphael mentioned, to us, it's much more important to understand that each product is following the budget, is spending what we planned, so that we can preserve the margins and the returns on each project, and we have been able to maintain that. Thank you, Miguel, and thank you, Raphael. May I ask a follow-up question from Raphael's on Raphael's answer? I understand the price impact is minor. Is there any initiative to engage more realtors to bring them into the inventory sales? You're talking about the finished units. There's also some of the inventory that was launched last year. How do the realtors feel about working more with these other units? Hi, Fanny. Are you thinking about opening a real estate agency? Are you talking about engaging your real estate agents, right? I'm sorry. That was a joke. Well, we have a very strong Seller. When you work with third-party agencies, they're there with you at the launch, and after the launch, they'll be working with the next developer. The easy, the low-hanging fruit are the ones that are there during the launch, and then what comes after is not gonna be a focus from the real estate agents. That's why we created Seller 34 years ago, so that we wouldn't be a victim of this process. How can we focus on inventory? Well, we have a very strong Seller. It's stronger and stronger. The more difficult the market is, the more the Seller is a safe haven for the good realtors in the market. A harder market, as we have at the moment, the difference of having the Seller and working with the Seller is even more important, and that's why we can always sell our inventory well. We can have our realtors working for launches and for ready, finished units. They can't work only with launches. They have to work with the launches, of course, but also with the finished units. As you want to have your own real estate agency, any developer has to have a very strong house. With a strong house, you can have the realtor always focusing on what the developer needs and not only the low-hanging fruit. Thank you, Raphael. I may try and get a job with you. Well, we always need good employees, right? Pedro Lobato from Bradesco has got a question. Good morning, everyone, thank you for taking my questions. Talking about prices, Miguel mentioned that the launches are as expected, can you try and talk a little bit more about the pressure you've been feeling, the impacts we see on the quarter if you would have a more conservative stance and what you expect when it comes to costs? My second question is, when you think about PSV for the year, can you also give more detail about the three brands, please? Yes. Hi, this is Miguel. I'll start talking about the launches. We don't give guidance, right? We don't give you a breakdown by brand much because there's a lot of uncertainty, we don't expect growth in the amount of launches. Vivaz should grow a bit, but on the whole, we should probably be slightly lower than what we had in 2025. As for the cost scenario, we see price increases in many of the inputs. That's right. Our engineering team, considering everything they have already identified, either price increases that have taken place or that are about to take place, we expect there should be about 7%-9% difference in the year. How does this impact Cyrela, right? The fact that we focus on the mid-high end as well as on the low-end markets creates a natural hedge for us. The receivables that are adjusted by INCC, excluding all of the Vivaz receivables, basically, we have net receivables that are BRL 10.8 billion at the end of the 1st quarter, and we have construction costs that are going to be exposed to the INCC, the National Construction Cost Index, that are about BRL 8.2 billion. We have BRL 2.6 billion overhead, let's call it. In the short run, a higher INCC can be positive for our results. If you look at Cyrela's gross margin in the past 10-15 years, 2021 was the year where we had the highest gross margin because the INCC index was very high, we had 35% in 2021. Of course, there are two effects that we need to be mindful of. In the mid to high end, in the medium term, you can only sustain these margins if you can readjust inventory prices, and this is uncertain. Depending on the INCC levels, we will see how much we can transfer on and how the market behaves. On the low-end segment, we do not have the INCC index protection, so we could lose margins in the short run. In the low-end market, we expect a 6% inflation a year, and we have a 2% flat allowance on top of the launches. This inflation forecast, as well as this allowance, they are a cushion. Of course, with a higher inflation rate, you could see an impact on the Vivaz segment gross margin. Other than that, we should see an increase in the mid-high end. Of course, the selling prices should keep up with the INCC values, right, so that we can sustain our margin structuring. Thank you for the details. Thank you, Miguel. Have a good day. Elvis Credendio from Itaú BBA. Hello, I've got two questions. The first has to do with sales. Can you talk a little bit about the rhythm, the pace you have at the start of the second quarter for finish units as well as for launches, and if you can give us some color on the segment as a whole. My second question has to do with the revenue. We saw some volatility in the past quarters there. As of the second quarter, do you expect some more stability? Looking at the pace of sales you see, do you expect to see an increase in revenue, maybe a high single-digit increase? Can you share any expectations you may have on that front? Thank you. Hi, Elvis. Our perception is that 2026 is very similar to 2025. This is a game for professional players. It's challenging. It's not for the faint-hearted. It's not for amateurs. This is for professional players. For professionals, the market is fine, so we're not concerned. The market is absorbing what we're doing. Of course, it's not the same levels we had in 2022 or 2023. We were in Switzerland back then, and now we're in a okay market. If Fanny wanted to found her own real estate agency, if you want to have your own high-end developer, I think I would tell you this is a hard moment for you to get started into this business. For a professional in this business, you can still make quite a bit of money. Of course, the situation can get worse. It could get worse in a year. We could have 18% interest, base interest. You could have a recession in the country. From 2018 to 2024, this was one period. Now, 2025, 2026, this is a new period that has started. I would say that in 2018, 2019, the amateurs had a chance at this game. People often say in Brazil that Brazil is not meant for the faint-hearted, it's not meant for amateurs, and I really say that 2025, 2026, that is true. Hi, this is Miguel. I gave you some data in our last discussion last quarter, and I'd like to repeat them now. Because of our accelerated growth in the past years, we see that the sales that are going to be recognized through consolidation, they have been systematically higher than our revenue in general. What is recognized through consolidation goes straight into the revenue later. In 2024, we had BRL 10 billion in consolidation and BRL 7 billion in revenue. In 2025, we had BRL 10.5 billion and BRL 9.4 billion in revenue. Another BRL 1 billion in this gap. In the first quarter, we see this effect again. Through consolidation, we had BRL 2.4 billion, and the revenue was BRL 2 billion. We have BRL 370 million growth in this future revenue. With that, the revenue to be recognized net of taxes closed the quarter at BRL 11.7 billion, and in the first quarter of 2025, it was BRL 9.4 billion. This substantial and growing revenue to be recognized creates a very good dynamic for our revenues in the future. We have BRL 5 billion from Living, and we have three boxes. We have Living, we have new sales, and we have new launches. These are the three pillars. As I said in the previous quarter, we continue to see this first line item growing half a billion or BRL 1 billion this year. Our sales are on the level that we expected them to be. We're meeting our targets, and if we continue like that, we'll have similar sales levels or maybe even slightly higher than we had in 2025. Should that happen, then we'll certainly have an increase in revenue because the base of the POC, that is, POC coming from the milling. The POC will grow and make sure that the revenue is higher if we continue with these sales levels. We do believe there will be an increase in revenue. Hard to say if it's going to be high single-digit or maybe even higher than that, but we do expect something along these lines. That's crystal clear. Thank you, Miguel and Rafa. I'll open my real estate developer when the market is doing better. I'll leave it to the professionals for now. Alejandra Obregón from Morgan Stanley has a question. Our next question comes from Ygor Altero from XP. Hi, everyone. Good morning. I've got two questions as well. When it comes to launches, with the new INCC scenario, do you reckon you could decrease your sales speed? Also cash generation was quite good this quarter, so I'd like to understand that better why that was so. In this scenario where Miguel said there may not be any increases in launches, can we have any expectation of a better cash generation in the course of the year? Hi, Ygor. As Rafa joked, I don't know if you want to open a real estate agency or a real estate developer. Well, so far we've been doing well when it comes to launches, right? We have launches in April and May for the Cyrela in April and May for Cyrela. As Rafa said, we understand this year is going to be similar to last year. We are going to meet our targets in sales. For cash generation, this was a good quarter, BRL 134 million in cash generation. The two main impacts were, one, the increase in the payments in the inventory sales. We had an increase in finished unit sales that has an impact, a positive impact on the cash for the quarter. Another factor was the very small expense on land bank. These two lines are very volatile in the course of the year, we see some volatility in cash generation. So far in the second quarter, we have a substantial cash burn. Even though we may launch a similar or slightly lower amount this year, it doesn't necessarily mean we're going to have a lower cash generation of the year. Our sales cycle has been about four years from the launch to delivery. It takes time till a decrease in launches or stability translating to cash. I would say about two years, maybe three after you stopped growing. This is not something that's gonna be happening this year nor next year. This year, we estimate a cash generation that's going to be about up to BRL 200 million. That's clear. Thank you, Miguel. Olavo Fleming from Safra's got a question. Good morning, everyone, thank you for taking my questions. I've also got two questions. The first has to do with the inventory. It's a follow-up question. You already mentioned you have had some minor adjustments in some projects, but considering a worse macroeconomic backdrop, would you increase the discounts in these and give more discounts on other products? Want to get a whiff on the sales for in-construction and ready finish units. In Minha Casa, Minha Vida, I mean, we see that the mid, high-end players saying that they also want to have launches in the low end. Has that had an impact on your land bank negotiations, or do you see the same players as always? Thank you. Hello, Olavo. Again, we're not giving discounts. We're doing well in our targets. We're 100% meeting our budget for this year for both finished units and units under construction as well. What we predicted at the start of the year is what's coming true. So far, it's business as usual. Well, Minha Casa, Minha Vida, that gets to the more traditional players. It's not the other players from other segments that have come down to Minha Casa, Minha Vida today. It takes a time for you to actually be able to have this transition to Minha Casa, Minha Vida. It's not an easy transition. Going from heavyweight to a lightweight, you have to lose a lot of weight. It's not easy. Tainan Costa from UBS got a question. Good morning, Miguel and Rafa. Going back to the launches for this year, Miguel already said that Vivaz could have an increase in PSV. What is the biggest you expect this to be, considering the structure that you have? What is the main bottleneck in growth that you see in Vivaz, at least? Is there any expectation to accelerate sales this year? That's my first question. The second question has to do with financial expenses. It was a bit more than we had expected. Anything specific you'd like to talk about once you've sustained the same level of debt? Is there any trigger that impacted the debt costs? Hello there. How are you doing, Tainan? Vivaz is an independent company, the mid, high-end is an independent company. Mid high wants to have the best volume and Vivaz wants to have the best volume as profitable as possible. We can't launch BRL 2 billion in 2026. We can't have a company much bigger than what we already have. The company has been growing without absurd growth rates because our challenge is to make sure that we can grow, deliver the margins and the SOS that we expect. We're not reducing MAP to, or we're not going to be reducing high-end to increase the low end. They're independent. These are two completely independent companies, and one won't cave in to the other. MAP won't be impacting Vivaz or vice versa. It's not cannibalizing each other. We can grow, and the bottleneck is ourselves. It's our ability to have a team that can deliver. Their players are more experienced, more seasoned than we are, and they have more business maturity, and they can have a much higher launch amount a year. They have more salespeople. They have more engineers. They have engineers with more experience than me and Minha Casa, Minha Vida. We're moving at our pace. We don't look to the other players. We're playing golf here. We're playing against ourselves, and we're really playing as we find healthy. We're not going to have our profitability at risk. Yes, that's it. Hi, Tainan. This is Miguel. I'll talk about the financial expenses. When you look at the line items, you see that the debt level at the end of the fourth quarter 2025 and the first quarter 2026, the levels are quite similar. There is an interaction here that is important. In December last year, we issued a debt of BRL 600 million, and we paid BRL 1 billion in dividends. This impacted about 15 days in 90 days of the last quarter of 2025, it impacted this 1st quarter of 2026 in full. This leads to an increase in financial expenses and a reduction in the financial results in the earnings as per the dividend payment we made at the end of the year last year. Other than that, the rest is as expected. Perfect. That's crystal clear. Thank you, Miguel. Thank you, Rafa. Gustavo Fabris from BTG has got a question. I've got two questions. Good morning. I'd like to understand your land bank appetite in the mid, high-end market. How have you been also feeling the market when it comes to competition and pricing in this context? That's my first question. The second question has to do with the monetizing the stakes in JVs. How much could this impact the P&L in the course of the year? Thank you. Good morning, Gustavo. Thank you for your questions. Let me start talking about the land bank. Ever since 2025, the market has been more challenging, as Raphael said. Due to that, we're always going to be adjusting our expectations as well as our activities. We're raising the bar. We've been looking to have a bit of a buffer in the land bank. We've been saying no to more land lots than in the past. We don't see any problem when it comes to availability. We see a lot of land lots in our committee. We've been saying no to more land lots than in the past when the market was, I'm not gonna say easier, but less difficult at least. Yes, we've been adjusting our stance and our actions. As for the JV stakes monetization, we do not have any set budget for that. When we decide to sell, we look at the stock prices, and we decide what makes more sense looking at them individually. With the decreases in the stock prices that we've been seeing since February, a substantial part of our JVs, including Cyrela itself, is 30%-35% lower than what we had in February. We're in no hurry to sell, so we could really have no share, no stock being sold in the JV. We will take decisions if we understand that the pricing is better for our sales, but at this point, we're not interested in selling any of them. Thank you, Miguel. Jorel Guilloty from Goldman Sachs got a question. I've got two questions. I'd like to understand. What do you expect in land lot considering POC for the coming launches? We had smaller land lots this quarter, right? That impacted the POC. The value of the land lot is lower in comparison to the PSV of the project, or it's being paid in installments. Is this something that was a one-off, or should we expect to see more of that? ROE was 21% in the past quarters, but it was 11% in this quarter. You said in the past that ROE above 20% wasn't a target, but it was achievable. What is your expectation now for the ROE in the long run, and if the 20% reference is still an achievable target? Thank you, Jorel. Thank you for your questions. The initial recognizing level of our POCs in our projects, when we recognize a launch, we have basically no expenses when it comes to launches, so the recognition is really focused on the land lot. We have had no structural change in, neither in the low end nor in the mid to high-end market. An effect you may be seeing is that in this quarter, the low-end share was higher, and the land lot has a smaller share of the of our PSV than in the high end. With exception of a few outliers, the high-end projects have about 36% recognition at first, and the low-end initial recognition is about 23%. There are impacts such as the swap percentage and other factors, but we don't see any impact on how much the land lot have been representing of our PSV. There can be more of a mix effect. As for our ROE, we understand that 20% is sustainable. This is what we expect to see and what we'll continue to aim at. Of course, it really depends on the market. It depends on the performance of our coming launches as well. For now, we continue to see the 20% reference as sustainable. That's clear. That's very clear. Thank you. Andre Mazini from Citi has got a question. Hey, good morning, Rafa and Miguel. I've got two questions as well. When we think about the inflation and the impact in construction rates, what is your forecast for inflation? Maybe if you break it down by Living, Vivaz, and the Cyrela brand, if it's bigger in any of these three. When you think about the sales booths, the expenses, are they there before, during, or after the launch? How does that relate to the POC? Basically, yeah, the timing of the sales booths costs and the launch, how they are related to each other. Thank you. Thank you, Mazini, and good morning. Starting with the inflation forecast, we only project inflation in the Vivaz segment, and it's 6% a year. In Cyrela and Living, we do not forecast inflation because the sales adjusted by the INCC. I mean, all of the pending payments are adjusted by INCC, and the receivables, whenever you look at them, it's going to be much higher than the cost of construction where it's impacting the project. The customer has paid for 30% of the sold PSV when you have 15% of the construction work done. We do not project inflation because what we project is that the inventory is going to follow the inflation and that the receivables are corrected by inflation. Every month, we correct the INCC inventory, and the pending receivables are corrected automatically by INCC. This is Cyrela and Living. Now, Vivaz, we have the inflation forecast because of the segment. Because with the transfers still in the blueprint, that's how it goes. As for the sales booths, we normally start the expenses about three months prior to launch, and all of these expenses are going to be capitalized. They go into our assets, and it's depreciated in about 12 months. It's normally the life of the sales booth, we amortize the value or the amount of the sales booth in the expenses. When you close it earlier, you have all of the pending balance for the sales booths. I'm not sure if that was clear, if it's not, let me know. The POC impact on the sales booths is as explained. Yeah, that was my question. Thank you very much, Miguel. Marcelo Motta from J.P. Morgan has a question. I've got two questions, actually. Good morning. On gross and net revenue, when we look at the revenue deductions, it's quite volatile on a quarter-over-quarter comparison, we see that this quarter was a bit higher, about 6% if you compare it to 2025. It was closer to 4% on average, the first quarter had been 7%. We're just trying to understand if there's anything different in this quarter, what we can expect for the year. On the interest rates for the costs, this also went up this quarter in comparison to what we used to see in historical reference. Should this go back to lower levels, and what can we expect there? These are my two questions. Thank you. Good morning, Motta. Thank you for your questions. As for revenue deductions, what normally fluctuates or changes is that when you have swaps, then you have no tax levied on the swap. If you have less or fewer swaps in a quarter, then you have a higher or lower impact on the revenue, but there's nothing abnormal there. As for the interest rates, well, the interest should stay on this higher level for now because on the margin we have been taking more loans. In the third quarter, we had BRL 2.8 payable, and we have BRL 3.1 billion. This is basically what we have now. Again, there is an intra-quarter dynamic involved, and the capitalized interest is higher now than in the fourth quarter, and we expect the amount now to be I mean, there could be some increase still, but we expect it to be about this level, yes. All right. Thank you, Miguel. This is the end of the Q&A session. We now turn the floor over to Mr. Miguel Mickelberg for his final remarks. Would like to thank all of our shareholders, all of our clients and customers, and all of our staff, all of our employees, and most of all, thank you all. We stand strong, and we'll talk to you in the next quarter. Have a great weekend. This is the end of Cyrela's earnings call. Should you have any questions, please send your questions to our RI team on our RI email. Thank you very much for joining the call, and have a good day.