Good morning, everybody. Welcome to our earnings presentation of the second Q 2026. We here from Direcional Engenharia would like to welcome our investors, market analysts, and also all the other participants in this earnings presentation. I am here with Ricardo Gontijo, CEO, and Paulo Sousa, CFO and Investor Relations Director. We have our initial considerations and the main highlights of the quarter, and then afterwards, we will open for questions. If you want to ask your questions, please use the raise your hand feature in Zoom. As soon as your question is answered, you mute yourself. We are recording this event so that we can put it in our results center. Now, I would like to give the word to Ricardo for his main highlights. Good morning, everybody. Once again, thank you very much for everybody's participation here in our earnings results conference presentation with regards to second Q 2026. I want to begin with page 3, where we are going to have some highlights I find very important to share and stress with you. In this page 3, in the last years, and also the last 12 months, closed in June now, an increasing volume of launches and gross sales and net sales. In the last 12 months, closed in June, we reached more than BRL 7 billion in launches. We reached more than BRL 7.5 billion in net sales when we consider the cancellations over almost BRL 7.4 billion. I would like to stress that we still see a strong demand for our products, and it is clear in the amount of gross sales we have. However, on the other hand, it is important to stress that in the last three months, we had more cancellations than usual in our company. This is because of the problem with some budgets that state governments had to increment subsidies coming from FGTS in the Minha Casa, Minha Vida program. These subsidies added to FGTS ended. We had an important volume of sales done considering the continuity of state programs that unfortunately do not exist anymore. For these sales, now we are having to cancel the units. I would say that in the first quarter this year, the amount of cancellations, no doubt, has been much greater than the amount of cancellations in the future. But certainly we have been impacted by these state programs that were stopped. When considering the future, most probably, the difference between net sales and gross sales will decrease, and we will have a lower impact in our revenues because of these cancellations. In the following semesters, all the units that can be canceled will have been canceled. Thus, we will have a less negative impact in our results from there on. Page 4, still with regards to our highlights that I would like to stress with you, in the chart to the left, we try to show the effective net margin of our operation. Of course, this is not the result for Direcional specifically, but it shows our vision with regards to the efficiency of the company's operation, specifically, after the sale of a minority interest we had in Riva in the end of 2024. The minority interest line of the company grew. We consolidate Heber's revenue as a whole, and the share of these partners is in the minority line, as well as other projects where we have partners, and we consolidated the revenue. Then the minority interest shows the share they have in the profit of the project. This reduces the net margin of the revenue because we consolidate, and then we have the profit only considering our stake. When we exclude the effect of this minority line and the equity income line, and we consolidate 100% of the revenue of all projects we have at stake, and also consolidate 100% of the profit, we notice that in the last 12 months, closed in June, we reached the greatest level of net margin. What I want to say here is that we have been able to benefit ourselves operating with greater scale, greater volume, and this has reflected in the greatest growth margin level in the company. On the other hand, because of this greater scale, we have also benefited from having operational leverage, where we have been able to reduce G&A expenses, which is very clear in the material we're going to show you now, when Paulo Sosa shows you. This has been important for us to deliver a solid net margin. In our view, this ends up being an interest barrier for eventual other players, the level of efficiency we've been able to work with, and capacity of negotiations with suppliers because of the scale we've worked in this moment. When we consider the charts, the ones in the middle and the right, considering cash generation, we notice we've had an important cash generation this first half of the year. After paying in December last year, more than R$800 million, naturally, we should spend the rest of the year with a de-leveraging program. At the end of the second quarter this year, our level has fallen below 25%, has gone back to the recurrent leverage margins in the last years, 13%, 15%, 20%. We're already within the levels we work with. Also, in the following page 5, we try to demonstrate to you in an even more stratified way, month by month, an important part of the cash that we have. This means how much we've received because of the advance of our works. Here in the model we work with most of our projects. When we address cash generation, which is the priority of the company this month, and has been in the last quarters, where capital is expensive in our country, the prioritization of cash generation is for us, the lever where we're going to extract the best value for our shareholders. When we notice a cash generation in the first and second quarter, the operational cash generation, and we assess, and show month by month how much has been paid within the associative model. This data does not consider what we receive from sales, direct sale in pro soluto. This is only what is paid to us by Caixa Econômica Federal because of the advance of work. We see that June had been the best month in the year, where for the first time we exceeded R$300 million. In July, we had 30% growth related to June, reaching almost BRL 400 million in receivables. Yes, there is a prioritization of cash generation. This has been one of the variables that the market has tried to understand and analyze, and we're here showing you very clearly that there is a strong continuity perspective of cash generation, seeing that June was fantastic here. We are showing to you the expectation of continuity of deleveraging of the company with a potential returning non-used capital to our shareholders in the future. This is what we have been doing in the last years, considering the fact that last year we had a yield when we analyzed dividends. The high double digits yield. We still continue here in this path, and we have tried to prioritize cash generation and consequent return of non-necessary capital in our operations to our shareholders. Also always being very conservative in leverage. We believe it's very important and it's prudent to do this, because of so many definitions in the national scenario and global scenario. But the resilience of our business is very clear with what we're delivering this quarter in terms of margin, volume, where we are one of the few companies that delivered sales growth in the second quarter compared to the first quarter. Growth of recurrent profit because we had this effect of BRL 13 billion coming from the sale of FPA stakes. When we exclude this, the profit of the second quarter was more than the first quarter. We consider being very consistent one semester after the other in our work. It's very clear. You can see the results. Page 7, in the second quarter, we had launches over BRL 2 billion, more than 100% growth when compared to the third quarter of the year. When we analyzed the first half of this year compared to the first half of last year, we had a 9% growth of launches, having exceeded BRL 3 billion in launches. When we consider the demand and the projects to be approved, I would say that the demand being solid, noticing in spite of a very strong impact in the end of June and also beginning of July, we already noticed an increase in sales volume in the end of July and beginning of August. Since the first quarter is seasonally weak in our sector, the demand being solid, we're having projects to be approved, which will lead us to have a strong level of pace of launches. What is going to guide our launches are sales. The VSO index, net sales speed, is what's going to leverage this in the second half. Net sales, the chart to the right, we exceeded BRL 3.8 billion in the first quarter this year, a growth of 8% relative to last year, in keeping with our amount of launches. In terms of sales and launches, I'd like to highlight that we have noticed a return to the normality of the demand of our products in the second fortnight of July towards. We had an impact because of the World Cup and some other local holidays in Northeast, in Manaus, Amazonas. We had Parintins in the end of June. We noticed an impact in the sales in June, which seems to could be coming back to normal now. Page 8, with regards to our VSO, it was 23% in the second half this year, in keeping with what we had in the first Q, a net sales speed of 24%. I would like to stress, until mid-June, our VSO was superior to 25%. Because of the impacts I just mentioned now, in the end of June, we ended up having a sales volume in the second 2 weeks of quarter, lower than what we were selling in April and May. The impact in the end of June lowered our sales and resulted in a net sales peak in keeping with the first Q, but there was an expectation of exceeding 25% VSO. It was not possible because of the events we had in the second quarter. Page 9, an important information we would like to share with you. I said in the beginning of my presentation that we are seasonally having more higher cancellations than we believe is the recurrent volume of cancellations in our business compared to it, right? Each state we worked in, we tried to see how much we resold of those units canceled in the first quarter. Manaus is where we had the greatest amount of cancellations. We canceled more than 600 units in Manaus, and the demand for these canceled units has been strong. In Manaus, we have sold more than 95% of everything canceled. Of course, we would like to be selling new units and seeing positive impacts in our revenue, dilution of our expenses. However, because of the scenario of cancellations, the resale of these units is very positive. It is not the best of scenarios we would like to be in, right? We wanted to sell new units, but these cancellations have not been a problem. Obviously, we have an impact in revenues. We have postponement of cash generation because these units, because of a lack of state programs, right? We have to new sale, new credit approval, new transfer. Cash generation is delayed because of these cancellations, but it is good. Now, I am going to give the word to Paulo for the main financial highlights, and then I will be at your disposal for questions and answers. Thank you, Ricardo. Thank you everybody for your participation. It is good to be here one more quarter. To begin here with financial results, the revenue, as Ricardo said, there was an evolution of works, projects, and we were able to have 14% of the revenue compared to the second Q 2025 and 11. We grew 11% and we grew 19%. The blue bar was where the revenue, where we extract most of our results with the growing 25%. This month, considering a greater amount of cancellations and performance of revenue and resale of units, canceling, reselling. If we were selling new units, we would have more revenue. Here, we had a quarter with evolution of work. Here, the maintenance of the gross margin from 42.9% to 42.8%, right? The greatest level of growth margin in our story. We are at 42.9%, almost 43%, a growth of more than 100 basis points compared to the last quarter, last half, last year. We had a good sales performance and the sales of inventory. I will tell you about our inventory margin, which is still very high. Already here to the right, where we have the deferred revenue, and here, in a very summarized way, these are the units sold and not constructed yet, not filled. Once the works evolve, we defer the revenue, and we have a rev margin of 43.9%. The change in margin between 2025 to now, year 2025, is related to the harvest. The products we launched in these last quarters, specifically in the second Q, we sold a lot. We are selling our launches really well. Launches also begin with lower margin levels. Once we gain in price up, if we get inflation right, our margin grows. The trend here is to have an inventory margin greater than the deferred revenue. It is more than BRL 100 billion over the deferred revenue. This has been the reason for this. Once in our revenue, once we raise prices, we can have margin gains. It is important to stress this is not our priority. Our priority is sales and cash generation. But every time we see room for this, we try to have margin gains. In our products and considering the demand, we always are able to have a few more gains. Page 12, expenses. First, we have the trade expenses, a growth of 25%, 20% compared to last year. First, a very big volume of launches. We had double what we launched in the second Q. As mentioned by Ricardo, the volume of cancellations and the impact we had in sales in the end of the quarter, for example, because of our communication material, publicity, we had a lesser dilution below the expected. Because of this, our selling expenses over the revenue reached 10.1%, and this is national. Perhaps this quarter was more intensity than others, specifically impacted by cancellations, but we are working to recover these dilutions in the selling expenses. The first half, 33% growth, 9.7% of sales, but impacted with the lower amount sold in the end of the quarter, and also because of cancellations. General and administrative expenses compared to the last quarter, we had a slight decrease. In the first quarter, we had a greater amount of PLR and also the plans we have here. Consolidated in the first quarter and the second quarter, there was a decrease. It is not natural to have reductions of G&As in operations that are growing, but we have been able, and this level we deliver now is healthy, and we will continue with growth here. Next slide. This is the consolidated of the space we considered. In 2021, the G&A track record represented a little more than 18% of our revenue. Now since 2024, we are going between 14%, 15%, and 16% and reaching 15.6%. Once again, if we are able to recover sales that were left at the table in the end of last quarter, we would have had an important dilution here, maintaining the greater efficiency levels we have already seen here. Lastly, and as a result of everything, EBITDA and net income. In the EBITDA, we see a strong consistency in the last quarter and eventual oscillation between expenses, but a reduction of the gross margin. This allows us to have a healthy EBITDA, a small reduction of 100 BPS. But perhaps there was a need for revenue, but the rest is balanced. We are working to re-accomplish this in the next sales. This will come from sales, which is our main priority. To the right, the profit. We delivered 237 million BRL in profit and a gross margin 15.8%. Compared to the previous semesters, because of the smaller dilution we had in the last slide, still we have very healthy levels. In our view, there is room to recover what we delivered in the previous semesters. Capital structure. We are working here, and as we have been doing recurrently every quarter, raising the leverage to levels below 20%. We began the year with 23%, and now we are 18%, considering the cash generation we had in this last period. We want to generate the most amount of cash. When we do it below 15%, 10%, we pay dividends, always considering focus on this capital structure, all our discussions start from here: our size, our growth, where we go to, we begin with capital structure. Also it is important to highlight this important cash volume. We have almost 2.5 billion BRL of cash. This is a historical level. Our debt is the longest in the sector, 65 months of average term. So here we have linearity almost every year. Almost a lot of cash, very little leverage, and a strong large payback period. This is one more positive point for us to continue with our operations. Well, I think I have gone very quickly here so that we can go to the Q&A, which is the most important part of the call, and we are here at your disposal to answer questions. Now to begin with our Q&A, so that we have time for all the questions. Our first question comes from XP, Ygor Altero. Hello, everybody. Two points here. First, we want to understand what affected sales. Was it because of the FIFA World Cup? We saw some players complaining about either, too. You did not hear my question? Well, I can hear. Okay. This is the sales dynamic. We saw problems from Caixa in June. Greater restriction from Caixa. Was it because of the Cup or do you already see the situation more normalized? So with regards to Minha Casa, Minha Vida agenda, is there space for more improvements this year? What we can expect from improvements? How this can benefit Direcional now? Oh, yes, very clear your question. Thank you very much for your questions. We had a specific event from Caixa that began on June 27 and lasted till July 10. It was a change with regards to the percentage of the income that can be compromised with the payment of the installment of the financing. I do not know what happened there. This reduction in the income percentage, because of the payment of the PMT of the launch, had a significant impact in our sales. So in the end of June, all the way to July 10. But we noticed now in July, a strong reduction for demand of property, parting from the 15th. This adjustment of the Caixa that happened. It was very specific issue. This impacted things. But I would say that perhaps it was because of the FIFA World Cup, because last year we also had holidays in the Northeast. What was more special this year related to last year was the Cup. Parting from mid-June, we noticed a reduction in the demand for property in our sites and contacts with us. Also in the end of June, we had the impact of Caixa. In practice, it happened in the end of July because it was the first 10 days of the month. This has gone back to normal and there is no more impact here. We noticed Caixa very cautious in the credit analysis of clients. I believe that this is very positive. This demonstrates the bank's technical part. It is a bank that works technically and doesn't have any kind of interferences in the credit approval part. I think this is positive when we consider the sustainability of the program, maintenance of profit from the bank. I think our population has greater indebtedness now in these last years, and also with very high costs for this debt. I think it's absolutely natural what's happening. We noticed in one or other city where traditionally there is a greater level of default. I don't think there is a great point of concern in this moment. There was in the beginning of July, but I think that things are going back to normal. We see a greater amount of access to our company via site, WhatsApp. We see a greater volume of visit in our stores. We see more appointments for visits. The beginning of July and beginning of August has showed that that one month, 15th June to 15th July, where there was a reduction of demand, things have gone back to normal. I see Caixa being very cautious with credit analysis because we want it to be a program that operates with profitability and that they're under control. Everything is okay. There isn't a huge problem here. It is natural for us. We've had a stronger, more problem than last year, but it's okay. The Minha Casa, Minha Vida improvements, we noticed that the budget of the program has been used at a pace that is lower. When we consider the monthly consumption of the budget, we clearly see that there should be enough budget for the program in the end of the year, specifically levels 3 and 4, where there aren't uses of subsidies. The consumption of the subsidy budget has been close to BRL 1 billion a month, and we'll reach the end of the total budget we have for the year, BRL 13 billion. When we consider the burden here, we notice that the FGTS budget and the free SBPE budget, there will be available resources for the end of the year. There is room for eventual adjustments to increment affordability and have more families in the addressable market. Perhaps there might be adjustments because there is available budget in those levels where there is no consumption of subsidies. We have to wait. We have to see. All of this comes from the ministeriate, right? It has to go to approval of the FGTS board. We have to see what's going to happen. I believe there is room for affordability in certain levels. There is room for something to be done because of the budget volume we have for this amount. We have it for this year. Thank you. Thank you for your question, Igor. Next question, UBS, Tainan Costa. Good morning, everybody. Thank you for your question. A follow-up of this first question. Considering this impact we saw in June, the changes in cash. Vis-a-vis the scenario, if there was a change in the company's strategies, considering pro soluto, if there are selling efforts in terms of marketing to have a greater conversion of this client, have more clients in Taisha to approve, if there is a change in the strategy and how this talks with the growth strategy of the company. For example, vis-a-vis the scenario. Eventually, lower sales than was foreseen, if the appetite for growth changes for next year, bottle marks for the growth of operations in 2027. Two questions. I think what happened there, mid-June to mid-July, with things going back to normal in these last days, these last weeks, nothing changed really in our strategy. I think it is natural. We expected that we could have the impact of the World Cup and the impact of elections in our operations. We have always been saying, talking about this in the market. There was always a possibility of there being impact because of these events. But I believe that is specific, so it's contained. The projects are being approved. An important point that I'd like to stress here, because I said this in the beginning, we are going to adjust the volume of launches because of sales. We're not going to put capital in inventory. With the capital cost in Brazil, there is no chance of us having an increase in sales of our inventory because of our capital costs. We want to build that product where there is a demand, in a city where demand is solid, so we have speed of sales. We wanted to have it be more than what we delivered in the first half. We want a VSO of 25 or a little more than 25. We continue with this priority. With demand, there will be a launch. We have that land bank of more than BRL 60 million today, very healthy. A relevant project volume being approved. The demand, once it goes back to the historical levels, we certainly can see to this demand, meet the demand, when we consider the projects to be approved and to be launched. With regards to execution, there is no cost problem. We do not see a problem, a pressure of important products that could impact our margin or increase prices. We have tried to increase our prices relative to the cost. But what happened in February, March, because of the increase of the price of oil and the products we use in our works, the material we work, things have been in keeping with what we have shown the market. There isn't this concern that the buy side had. We are not seeing things materialize. Priority continues being VSO, invention controlled. From the point of view of execution, you see the pace of the evolvement of our works, 10% growth of revenue from one quarter to the other, the same amount of sales. The growth of revenue is because of the advance of the works. We have been able to have a very positive performance with regards to the advance of our works. June was a record of units produced by Direcional. We continue over more than June. This is a drought period. This is where we most produce. We have been able to deal with all the labor challenges, industrialization, because of industrialization, modification of the material we use in our works. From an execution point of view, we have performed better than we could imagine 12, 18 months ago. Of course, there are challenges, but challenges have been overcome by our engineering team. We have conditions of producing and delivering. Of course, this is going to define what we launch. What defines is demand, affordability, and construction days, and also competition. We need August now, the whole of August, which will be a month without these events, and it's before elections. We will see how things will behave. From an operation point of view, supply and execution, we are prepared for a reality where there is greater demand. We have to wait, and we will work with our company based on the demand from our clients. Perfect, Ricardo. Very clear. Thank you. Santander now. Fanny, you have the floor. Good morning, Ricardo, Paulo. Two questions. First, if you could give us some color, how do you see the sales tendency evolving now in the second half? If you could give us more information with regards to cancellations, what were the main states where there were cancellations? Also, you talked about Manaus. But any other place where you have a greater amount of cancellations, and if part of this cancellation is associated to a policy that is more cautious from Caixa. Also, with regards to cash generation, you said that July was a very strong month in terms of collection. We want to know what we can expect for the second half of this year, and if there is part of this improvement. If it is coming from greatest focus in the sale of inventory, which is what we saw in the second Q happening. I want to understand if you see more inventory sales. Because you have a very strong POC. Could this eventually come with a stronger cash generation than expected by the market for the year? Fanny. When we look at sales, you talked about the second Q, but I believe now it's the third Q. We had an impact in the beginning of July, which was very similar to the end of June, and now we see an improvement in the last weeks, the last days of July, which increased day after day, and August has been good, despite that we have 11 days of sales. I believe things have gone back to normal. I believe there can be a small impact in terms of cash adjustments when we consider the current situation. I don't believe there will be more adjustments. We want Caixa to make money with the program. Caixa will only work in the program if delinquency can remain in levels which will allow them to have returns for the program. We noticed when the main banks of the country disclosed their balance sheet. We're going to continue. We're going to have more clients. We want to offer them more clients, and I don't think we're going to have a problem here. Caixa has a very criterious analysis showing the technical character of Caixa, although it is a bank of which shares are detained, are held by the government. I think things tend to go back to normal, and I believe that the elections will have a lower impact than FIFA World Cup, but this is just a feeling. Let's wait for the second half. In terms of investment decisions in a company, if you consider FIFA World Cup or elections, perhaps this is not the most adequate period. We have to see a longer period here. We have focused in sales of inventory. We've had a positive sales in Rio de Janeiro, where we had the greatest POC of the works, so more relevant cash generation, even with the net sales being lower than the first quarter. It came from the sale of inventories in Rio. Although if we had less sales, these are works we had where we had the greatest amount of interest rates in the production in our cost. When we see these works with a greater POC, generally, there is a greater amount of cost represented by interest rate. This is where we can have more financing to protect production. These are works. If we look at the adjusted gross margin, the reported gross margin, we had a difference over the difference of the second Q, adjusted at 42.8% and reported in 40%. These are 2 percentage points. It was a little closer to 2%, 2.2%, 2.3%. We had 0.6 BPS more in the adjustment because we had more interest rates from these works where there were more inventory with an elevated POC. We had a greater amount in Rio than last year. We're going to continue focusing on inventory. When we talk about DSO and the sale of inventory with a higher POC, the consequence is cash generation. Since we're prioritizing cash generation, and our aim is to shorten the duration of our cash generation, we want this cash back as soon as possible. The consequence will be in terms of DSO and cash generation, and a return of this non-used cash to our shareholders via dividends or buyback. We're going to see the best allocation for our capital. Buyback is one option. This is it, prioritization of the return of this capital, and we try to have this where we have greatest returns. I believe I answered your question. If there's any question, please tell me. Okay. Very clear. Thank you. Next question, BTG Pactual. Good morning. I want to ask about the gross margin dynamics you see in the pipeline. You have this high gross margin. Was there an adjustment because of capitalized rates this quarter, and the rest was also a little corrected, adjusted? I want to see what you see in terms of gross margin in this inventory. If this inventory has had price increases once you have reviewed your tables, if the gross margin of the inventory is higher or lower than the average in the company. Also understand how you see new projects incorporating these new costs. If you are increasing something here because of uncertainties, because of the war, this volatility in terms of commodity prices. How do you see the margin of new projects being launched now in the second and third quarter? Is it different than the deferred revenue margin? Well, first, with regards to the gross margin of the inventory, yes, we still have a gross margin of inventory, which is high above the deferred revenue. When we launch a product, the cost of the project is inflated. So in theory, the sale of those units, if you consider them, the gross margin would be when launched. What we have seen in the last years and the way we work, once the market price rises, we increase the price of our units and gain margin. Our inventory that we have is an inventory with a margin above the deferred revenue, which are units I have already sold, right? Once I have units in my inventory, my margin grows. I said we have more than 100 basis points gross margins of inventory compared to the deferred revenue. If we sell more, we have more deferred revenue, right? When we consider the big volume we had in the first quarter, the inventory margin is greater than the deferred revenue margin. When we launch a project, we want it to be at a lower price, a lower margin. We have hurdles here. We do not go below what we need to pay our capital. The new launch comes with a lower margin. As we gain in time and the price of the property rises, we gain margin in the inventory. When I look at a quarter, specifically in the last ones, the expense of the deferred revenue margin with the BIP, we see that it was the same as last quarter. When the deferred revenue comes back, it kind of signalizes that the gross margin can be returned. This is what we believe here. We always say this to the market, and I think that this is a midterm trend. Still, I think we are a little at ease here, because we might see a gross margin coming back. Our gross margin should remain high for some more quarters. I do not know, Ricardo, if you would like to add to this. Camba, I do not know if I was able to answer your questions. I think these are the main points. When we look at the deferred revenue, we noticed a slight reduction in the last quarters. We had been saying to the market that the gross margin was not exactly the gross margin we had reported. We saw a reported gross margin, which should be over the recurrent gross margin. I believe that we continue with extremely solid margins above other recurrent levels. When you see the deferred margin having reductions, this has been happening in a lower pace than what we showed to the market, and will continue as we look before us. Between the deferred revenue and the growth is small. The gross margin should have a reduction when we look before us, right? When we look to the future, because of the launches at lower margins than we have in the inventory. So we believe everything is very positive, very interesting. I think everything we have been saying to the market is beginning to appear in the numbers, in a very gradual pace. I think very slowly, we should have a slight reduction of the gross margin, but within the expected and perhaps even better than expected. Great. Thank you very much. Next question, Elvis, Itaú BBA. Good morning. First up, with regards to cancellation, which was very high in the second quarter, 16.6%, compared to the growth of sales and explaining a little the lower VSO, right? I want to know how much you can quantify it in terms of backlogs, with regards to these units where the regional checks ended up jeopardizing these projects, right? How do you see this going back to a historical average, or if, in fact, it goes back. Then the second one is cash generation. We've had greater receivables in July. You had greater sales. I want to know if the cash generation expectations for the year changes, and what you are expecting in terms of leverage for the end of this year. Thank you. Well, I'll consider the first question, and Paulo with regards to cash generation. Cancellations. Well, the recurrent cancellation levels shouldn't be 16.6% of this quarter, where we're clearly showing. In Manaus, we had 600 units canceled, although they were resold, but this impacted the cancellation percentage. Fortaleza is down. Now we have the Federal District. We didn't have a relevant impact during this year of cancellations in the Federal District. But certainly, I think you're seeing the situation we had there, specifically with BRB. The program that exists in the Federal District can suffer some problem. We're still trying to understand what's happening there and what can happen there. But I would say that Manaus, most of it has been canceled. Fortaleza, 100%, there's no more cancellations now. Everything's normalized there. One point we have to monitor now is the Federal District in this moment. We have important operations in the Federal District with a large amount of units in level 2. So we have to monitor what's going to happen there. That's a point of attention. But when we look at a longer period, the volume of cancellation should go to a level closer to 10% in the next quarters. Obviously, I cannot foresee what's going to happen in the Federal District, right? In Brasília. But I think that in time, the amount of cancellations will converge to normal numbers. State programs, I think we have to certainly applaud São Paulo and Pernambuco, where we can work with huge forecast ability and strong confidence in state programs. The other states which created programs, we noticed there were huge management difficulties here. I think, in fact, these were programs that didn't have the positive impact that clients and families and companies imagined they would have. But these are lessons for everybody, and we will see how this will behave. But I think this has given us confidence to work, and what gives us confidence here is São Paulo and Pernambuco. In the other places, we're having some hiccups here, some problems, right? With regards to cash generation, Paulo. Elvis, since we've said our cash generation is our focus. We're working hard in our business to generate more cash at each moment. We want to increase it. This is our history. We generate cash, we reduce leverage, and we pay dividends. We continue doing this, and even with the impact we had in sales in June and July, we saw July, an important cash generation. The solution of these cancellations units, the speed, the sales of inventory in Rio went in this direction. The units in Manaus and other states did not generate cash. Because we sold, and transfer was blocked. We wanted to solve the issue of checks to transfer. Then at a certain moment, we decided to resell. There was a demand. We see 95% of what we publicized, we sold to have cash. This is the continuity for the rest of the year. I think the idea here is to trace specific scenarios. Where are we going to be in December? Where in December our cash generation be. We want to have room for payments of dividends and buybacks. We are already very deleveraged. The idea is to remain deleveraged, paying dividends. This is our story. This is what we have been doing. Excellent, Paulo. Ricardinho. Next question, Piero. Piero, forward. Citi. Good morning, Ricardo, Paulo, André. Thank you for the call. Two questions. First, is a follow-up of Cambaúva's question with regards to the gross margin and the Rev margin, the deferred revenue. Because of the deferred revenue margin has dropped in the last quarter, but we have seen the gross margin very resilient and adjusted. If that was the effect of inventory with the gross margin that was greater because of the transfers in time, or is there another, for example, construction cost effect, something related to this. So what has related this backlog margin dropping, but the gross margin still very resilient. The second point, since you said that large parts from a lower gross margin, what would be the gross margin of a new launch adjusted. Without the effect of the capitalized interest rates. Paulo. Piero, thank you for your question. With regards to margin, as I said, what helps with the maintenance of the gross margin at high levels is the inventory margin, which helps. In the quarter, we did not have any need, as Ricardo said, to change the budget, or even things with regards to the war. There was nothing different to be relevant. The gross margin is normal with elevated margins, allowing the gross margin to be in the level. In spite of the fact that the deferred margin was dropped, and it is being impacted by new launches. The growth of the VSO was very good in both inventory and launches, but the net sales speed was lower than the inventory speed of sales. New projects are new sales without checks or whatever. So there is a huge volume of revenue or PSV generation of launches, which reduce the deferred revenue. A launch does not have too much POC, so there is a lot of deferred revenue. When we look at a semester view, we are launching very close to 40% of the adjusted gross margin, and it is natural. We launch close to 40%, and now our history is above what we launch. Once the inventory is sold, we sell margins, so that the consolidated margin is above this. Just to summarize what I said, the margin is being impacted by inventory. There is nothing non-recurrent that could impact the adjusted margin. New launches have margins close to 40%, impacting the Riva margin. I do not know if I answered your question. Yes. Okay, everything is very clear, Paulo. Next question. Rafael Reda. Good morning, everybody. We have two points here, too. First, I would like to touch upon the inventory sales. We want to know how much more difficult it is to sell inventory than in large, specifically an inventory with a greater POC, which is closest to delivery. You end up with a lot of pro soluto here, right? The launches are high. Could you tell us a little about this strategy of the company? How do you accept something that is higher than usual? Secondly, the dispersion, considering the state you are operating in, how sales are. One of the things that you were able to improve was to reduce the gap between states. I will talk about the sale of inventory, Rafael. The second quarter, the main inventory we sold, these were units from level 2, and we had more in Rio, right? What we see is the client's capacity to pay. If he has capacity, he buys, otherwise he does not. We are very careful here. Very careful once keys are returned, are given to the client, right? We try to have the greatest amount in deposit anticipation, right? In this moment where we are in level 2, going from level 1 to 2, subsidy helps a lot. I do not know if I was able to answer your question. Well, perfect. I just wanted to understand if you were accepting some change here in the pro soluto change. Something important. We do not sell a policy to sell more. We do not play with credit. Zero change, right? Specifically starting from October last year, much to the contrary, we implemented a very specific policy with regards to the granting of pro soluto, where we have noticed new harvests healthier than before. We have been more criterious and more assertive. This is a point we are not going to change, because if we believe we are going after a certain margin, it is an illusion, right? To sell, only to have more cash, but with zero margin, because pro soluto was high, the pro soluto delinquency was high, does not make sense. We have been more criterious. We have been more careful with healthier margins. With regards to the performance of sales per state, we have not noticed too much differences in the performance and the differences. We have had an improvement in Rio. Rio has performed better than before. I would say that when we consider the last 30 days, where there were certain adjustments, specific changes in Caixa, which were the points we showed you here, we have noticed Caixa more cautious in one state or other. I think it is a little early to get to any conclusion, to tell you, because we might precipitate things here, and perhaps it is not 100% assertive conclusion because of the changes we have had, and frequent changes in Caixa. We believe we can have one place or other where delinquency is greater, and so they are more cautious, but they are right. It is difficult to come to a conclusion. In principle, without significant changes between states, comparing one state to the other. Okay. Very clear. Thank you. Thank you. Herman Bradesco. Good morning, Ricardinho, Paulo, André. These are two points I'd like to address. You've already talked about cancellations, and this seems to have been a specific problem in Manaus. We want to know if there is risk of other state programs presenting similar behaviors like Manaus, right? Then update us on the partnership with Moura Dubeux, and what you have in terms of PSV, and if it's more concentrated for next year or not. I think we had an impact in Fortaleza, which has been fully solved. Then in Manaus, where we have important operations, and I think the cancellations volume is lower than it was, so most of it has been solved. A point of attention is the Federal District and how it's going to behave. We see if there is going to be impact because of the challenges the government has been going through. This is something we've worked with attention, but we can't conclude anything here, if there's going to be a change or a problem in this Federal District program. We have monitored this. I would say nothing else. The others, either we don't have state programs, or state programs have performed in a very positive way. São Paulo, Pernambuco, no problem. No point of attention in these two states. The others, we just have to monitor the Federal District, which is what is the point of attention now. Very clear. Thank you, Herman, for your question. Igor Machado, Goldman Sachs. Good morning, Ricardo, Paulo, André. I would like to better explore the expenses which were higher this quarter. You talked about three main points, cancellations, and the lower conversion that happened in the end of June. I want to understand, for example, just how much these factors impacted things here, and when were we going to have a normalization here? Sorry, Igor. As we said, and you mentioned, the main point that impacted the line is the lower volume of launches. The higher volume of launches. We launched double than last year. So this impacts expenses. Before it was BRL 120 million, and now it's BRL 129 million. So if we are going to consider this, we had BRL 9 million more in selling expenses. If we look at the other two points, they're very similar. We didn't sell almost BRL 200 million, which was the impact of the last two weeks in June. If we consider BRL 200 million with an average POC of 50%, we would have had BRL 100 million more in revenue. An important dilution in expenses percentage line. Cancellation. We don't lose all the money we spend. We lose the fixed expenses. The marketing we sold in the first sale, for the second, it's a fraction. It's not the same thing, because marketing is concentrated in launch and the sale of inventory is less. Part of the commission we lose, because we pay the sales team, some members of the chain, which we pay independent of the sale. But this cancellation was not so relevant. So sales being less than planned, we begin wanting to sell a certain volume, and we invest to have a return. So perhaps there was a greater impact here because of this. But it is not easy to quantify this. Completely. Thank you, Paulo. Thank you, Igor, for your question. Next, Pedro Peroni. Good morning. Thank you for your space. We would like to talk about capital allocations together with cash generation. If we observe in our calculations and compare it to yours, we see Direcional Engenharia now is generating BRL 70 million cash this year, and the company reports BRL 115 million. When we consider their generation reported BRL 230 for the year, how can we match this generation with your back? Because the BRL 200 went is equivalent to BRL 250 million in cash. Considering leverage, how much is this good to support the buyback and releverage the company? Which are the priorities of the company? Cash generation together with buyback and deleveraging. Pedro, the idea here is to generate cash. Our mindset here, right? Deleverage and return capital to the shareholder. We never leave remaining or idle capital in the company. If you look at our background history, we've always done this. We have never done this. We began the year of a 23% leverage, which is the net debt over net equity, and we have come to 18%, and we want to generate the greatest amount of cash, deleverage the company to return capital via buyback or dividends. I won't try to make what things would be right. You need a model to indicate this. But it depends on sales, transfer. We had a good July. We are optimistic with these following months, specifically cash generation. When we specifically look at the program, it doesn't close December this year. It begins now. We can operate and do this buyback in the next months. Just like we take decisions with this dividend, we will take decisions on executing the program. Once we generate cash, we will see what makes more sense, buyback or pay dividends. We have to see cash generation, and then we're not going to leverage the company over the levels we have here as comfortable levels, which is above 20%. These are the two points. And then a difference in our cash generation calculations, and I'm going to dare risk. Perhaps it will be the change of Caixa's criteria, and until 2024 and during 2025, in some states, Caixa would pay us a transfer at the moment of the signature of the contract, and this cash remained restricted. It was blocked. And when, in parting, but this was a change. It began changing from state. It stopped paying during signature, but during the registration of the contract. So we have a great amount of receivables, but not restricted cash. This transition we have, we consider we are adjusting our cash generation because we don't have restricted cash. In the end, it's the same thing. The difference is to register a contract, which is a natural process of the transfer. So if I was to risk the difference of our cash generation, perhaps this is. I don't know if I answered, if anything was missing. Ricardo, if you'd like to add to this. I think you covered the main points. What's important to make clear to Pedro is maintain the company with a very conservative and low leverage level. This is a priority. And because of the scenario we've seen in terms of irrelevant cash generation, considering we have already gone back to leverage levels we were working before the payment of BRL 800 million of dividends in the end of last year. Now we become more flexible in relation as to how to allocate this capital that is coming back to the company via the Taisha dividends and buyback. In one moment or other, we might believe that buyback is a better allocation. Another moment, dividend, and we are going to decide based on this. It's an 18-month program, so we're going to execute all the way to the limit approved. Perhaps it's not going to be the total volume, if we believe that capital allocation makes more sense to buy back. Otherwise, we return to the shareholders. We have an expectation to have an important cash generation that allows us to execute the program completely or partially. So we're monitoring what is best to do this in terms of cash. We monitor this every day, but there is nothing mandatory or a predefined volume. This is something we like to have, and when we have opportunities, we carry it out. Thank you very much. Very clear. Thank you for your answers. We have our next question, J.P. Morgan. Jonathan. Thank you, André. A question, if you can tell us about the Master plan revision in Belo Horizonte approved and the potential for GNS in terms of large increment. Jonathan. Jonathan, master planning in Belo Horizonte. When we talk about the legislative branch, we don't exactly know when projects will be voted, because it's at the hands of the legislation, right? It has already been approved in the first round. Now there is an expectation of it being voted in a second round, but we don't exactly know when. We believe that it's going to happen in a relatively short period. It is a program of important priority to go back and work in the city because of the structure, because of public transportation, school, health, proximity to work, like what happens in São Paulo, where we have greater public transportation infrastructure. Belo Horizonte, the downtown is like São Paulo and are very optimistic with the demand here with regards to projects that will be built in this region and possibility of incrementing the number of launches in the downtown. In case the project is approved in the second round, like the first, things will improve and Belo Horizonte should have an important revitalization, so people will want to work on the downtown area. I'm very optimistic here. I don't know if a decision of a purchase should occur specifically based on this. I think there will be a new demand that today is not in the market. But I think there is demand around Belo Horizonte and around the metropolitan region, where the client doesn't buy around the region, but downtown. So we might be selling more in the downtown region of Belo Horizonte and less in the surrounding areas. I believe once we have a new demand and a new opportunity, this is positive news that can give a positive impact on our results with a greater comfort in relation to the numbers with regards Cordial São Paulo. But I think it's positive, and it shouldn't be a purchase decision. I think it's going to be part of this. But I'm very optimistic with what the plan, so the specific project has. I think we have a lot of projects in the area. We're going to be one of the companies working once this law is approved. I think it's one more positive point among the others we have in our business. Thank you for your question, Jonathan. I see that we don't have any more questions here, so I would like to thank you all that participated here with us and allow the IR team to answer any more questions you might have. Once again, I want to thank your participation, your questions, and stress our optimism with the resilience of our business, independent of events. Our operations in all the different cities have this resilience, and we made it very clear in the Q&A and the maintenance of our strategy during the last years, which remain the same, very similar to what we had last year. We don't see any kind of change. We continue working, trying to deliver the best results possible for our shareholders, always going after the satisfaction of our clients. Thank you very much, and let's continue with our work.