Hello, good morning. It is a great pleasure to be here with you in Iguatemi's Investor Day. This is the renewed Iguatemi Theater, which is a gift to the city of São Paulo. It is a new event to provide great culture and foster a new place for São Paulo. Before anything, we're going to watch a film about this theater. São Paulo, where the urban spaces almost hide arts. We have a private stage, an intense bringing together people and the audience. We have the sound in a very engaging environment, and we see the performance happening. The lights of the city make the place so special. Welcome to Iguatemi Theater. Okay, great. We have the marketing of the Iguatemi here as curators together with Couture Artística to just come and see the new place we have here for you. Today, we will start our day showing our trajectory since the last Investor Day in March 2024. We will go through some of the projects we have announced and that will help us gear efforts into achieving our goals over the next months and years. Before we start, I'll go through what we have planned for today. After my initial remarks, we have a panel with our controlling shareholders, Pedro and Carlos Jereissati. We will have Ciro Neto with his initial remarks. We will then have a panel with a commercial strategy plus a mix, retail, and relationships manager. We will have a 30-minute break. We will have a panel on development and management of our real estate and architecture and engineering. We will go through some of the expansion projects we have announced over the quarters. We will have Claudio, our Head of Engineering, and Caio Telles, who is the Head of Real Estate Development. We will also have an ESG panel where we will also discuss capital allocation. Me and Dilene Rodrigues Teixeira will be present. To wrap this all up, we will have a Q&A session. I'd like to say that me and Ciro will be here answering any questions you may have. You're going to scan this QR code here to ask your questions. We will have this QR code available for all these transitions between each panel. Before we start today, I'd like to invite to the stage Carlos Jereissati, Chairman of the Board of Iguatemi, and Pedro Jereissati, also on the board, to talk about the recent developments and the outlook we have for the future. Our Iguatemi group. What will be key for us to continue being leaders in this industry? Thank you so much for these questions and the opportunity here. Thank you for having me. I think this is a great opportunity for you to get to know how we work, how our team works. We have different people from different teams here to explain a little bit of our take on this business. In my opinion, the story of Iguatemi and this company, and we were just talking about that before we began today this presentation, this story has always been driven by a long-term solid strategy that was really flexible throughout time. We are able to fully adapt to new conditions. Since our IPO, we have adapted. There were different waves according to market pressures. If you remember when we talked about the middle class, what we call Class C in Brazil, these were all variables that could have an impact on our business. We have always focused on continued growing, and I think we have been successful. We have 17 shopping malls today, so 17 units. If we look back on this 30-year journey, there were about 12 companies that owned two or four shopping malls. Today, we have three or four major players in Brazil whose EBITDA is above BRL 1 million. Of all these companies in the past, we only have three or four players. Among this, Iguatemi stands out basically due to a key characteristic. I always like to say when it comes to our business that despite it being a real estate business, understanding retail and consumer behavior is key for us. I think it's going to be clear throughout this session how adopting technology has been really important for us. We have been able to bring together volume and quality, and we were able to deliver a differentiated service. If companies are only delivering one or another, we have been able to combine these two things to provide our consumers with complete experiences. I think this theater really showcases our intent, a high-quality theater that is going to provide different experiences. That said, I think that we will continue innovating. We are going to be presenting new design, new marketing, or new services. When we think about our trajectory, I see consistency, a discipline of following the strategy, and of successfully diversifying our business like no other player has done. Thank you, Carlos. Thank you so much. Yes, I think Iguatemi has been a major leader in this industry, and we are basically an entry point for foreign brands like H&M and different brands that want to come to Brazil. You have been really pioneers in that sense. Can you please give us your take on how that is reflected on our DNA? Yes, sure. When we think about Iguatemi in the 1980s, the greatest goal was to really have giant shopping malls at the time. We followed something that was quite new at the time that was a segmentation strategy, and that is something we have been working on throughout the years. We have been presenting the best in fashion we have in Brazil, and we are creating this lifestyle that allowed us to create different teams that are not really traditional for companies in our business. You're going to see today that we have a mix and retail department that works side by side with our commercial team, but whose goal is really to map out consumer behavior and the different product categories to try to anticipate trends while also offering these new technologies we have in the market for our operations. Iguatemi has probably led this movement in Brazil, and we, due to being the leaders in that sense, we have a structure and a methodology that allows us to balance out how our operations will work here and how things can play out. We like to say when it comes to our tenants that we have Nativos, we have Ninis, we have really relevant domestic brands that we need to pay attention to. You are going to hear further details on that, but we are a driving force in that sense. We've recently had the opening of the first H&M store here in Brazil. That has been a really different and unique operation, and it has had an impact on our flow or in our traffic as a whole. You know that Iguatemi will offer Louis Vuitton, Cartier, but in addition to luxury brands, we have Alo Yoga, H&M, Birkenstock, NIINI. We have Brazilian fashion players here represented. If you think about it, it's quite diverse, and that helps us to provide a 360 experience to our customers. We are continuing to build this brand experience in the Brazilian market. Thank you. While we are at it, to piggyback on that, let's explore this topic. We've seen some important M&As, acquisitions within our strategy. Can you share a little bit of your take on the M&A strategy as a whole? Sure. Thank you so much. Thank you for having me. It is a great pleasure to be here presenting a little bit more about our company and where we are and where we are headed at. You have mentioned about some of these recent M&As. When we think about capital allocation and growth, there are two key pillars that allow us to grow. One is strengthening our portfolio. This is really my motto and Carlos' motto. We really like to say about how important it is to strengthen our portfolio, our first driver. The second is our leverage ratio. How to continue growing while generating cash and allowing us to continue with our financial strength. When we talk about strengthening our portfolio, I do believe that we have a robust portfolio, and we have had it for a few years or many years. We have Iguatemi São Paulo, Iguatemi Porto Alegre, Campinas, Jetta Car, JK. We have different malls that help us to increase our sales volume. The opportunity we had maybe a year or 18 months ago when we were looking into the opportunities, we decided to acquire some of these assets from Brookfield, Rio Sul, Pátio Paulista, and Pátio Higienópolis. One of them ranks fifth in terms of size of shopping mall, and the other one ranks second or in the top five in terms of profitability. I think this was a unique opportunity, probably one in a million over the last 20 years. When we talk about M&A, we need to think about the opportunities. Are they game changers? When we talk about strengthening our portfolio and when we consider that as strategic as it is for us, it is quite important to see, understand how it is going to change the game. We have 22 properties. Out of that, 17 are shopping malls. We've added the third, the fourth, and the fifth largest profit per square meters in our city. Just for you to understand how relevant it is, Iguatemi, [JK], Paulista, Rio Sul, then Iguatemi Porto Alegre, Brasília. We still have this list that brings together these major assets. For our tenants, we have been becoming increasingly more relevant. Whenever we have a rollout plan in Brazil, they always think about Iguatemi. We are majorly a benchmark, and we are a key partner in that industry. Just to show you how consistent we've been, if you look back over the last 5 or 10 years, we have been working in Iguatemi São Paulo to really differentiate ourselves from our competitors. If you think about JK, it opened 12 years ago, but over the last 5 years, it has become quite relevant, the second NY per square meter. We have also worked on increasing our stake on that. We bought this operation in 2022, and we have been increasing our stake in that. Higienópolis Mall, we were only the managers of that mall, and we started small. We started taking strides toward growing. We waited. We bought 10% up to the point that last year we became the largest shareholder of the shopping mall that ranks third within our portfolio. In terms of profitability per square meter, it is also highly relevant. Considering some of these assets we have, if you think about it, which other player in our industry is that strong from a tenant standpoint? For their operations, we have our customers who are our tenants, and we need to think about how powerful we are as a player in the major cities in São Paulo and also in the countryside. We have tapped into Rio de Janeiro, which is the second most important market in Brazil. Pretty much many meters of gross leasable area, everything is available for new tenants. When we talk about large malls, we have to think about the GLA, but also it means that we have the possibility to present new brands. For example, in H&M of about 3,000 sq m, these stores want flagship stores. They want experiential retail. We are really, really excited about this promising outlook we have in Rio. This opportunity to showcase in real brands and experiences like we have done throughout Brazil. Rio Sul is in the top five malls in Rio, but we want it to be the best mall in Rio. You have mentioned about the M&A journey, but in January 2024, we knew there was a portfolio that we were really considering of Brookfield, how to really increase our stake. It was about BRL 3.7 billion. Could you explain how we did that with a low leverage ratio and what we do, our strategy, what is our capital allocation strategy when we are going to buy something? I think we live in a country whose economy is quite volatile. If you think about it, I think that you understand it better than we do. We deal with long-term agreements and a more, let's say, stable industry. We are in a volatile country, and we've been always very cautious when it comes to our leverage and capital allocation strategy. If we look back to what we've done over the last five years, we think that in 2022, our interest rate grew from 3% to 13%, and last year from 10% to 15% in one year, 15%. In Brazil, there will never be the best time to do something. We see changes every two years, or it is an election year, or we have a tax policy that is going to affect us. Even when things are going well, and I think that we need to be careful, especially when things are going well, if we look at players that faced some difficulties, they had problems when everything was stable, and suddenly there was a sharp increase in the interest rate. I think that we always try to be really creative to implement our strategy to strengthen our portfolio in a solid manner. Specifically about this transaction, Rio Sul, Paulista, and Higienópolis totaled BRL 3.7 billion. We were not able to do that alone, or we were willing to do that alone. It was a major transaction, but we had to do it. We decided that we needed to really have a good strategy on. There is another majority partner above us. We say we have to grow, but we cannot grow our debt. That is how we look for a solution. We said, "Great. Let's start a fund. Let's look for a partner." We created a fund with Banco do Brasil, and they contributed BRL 1.6 billion. We brought BRL 2.6 billion from our partners. There was this fund along with Iguatemi. Iguatemi was a real estate consultant with BRL 1.6 billion. Aside from that, XP Capitania, RBR, and other partners. Another partner from the Paulista Mall, Shopping Paulista. A lot of the stimuli came from us. We contribute with BRL 1 billion. There's nothing to sneeze at. We sold BRL 700 million in assets. These were assets that were at that point not as relevant to our strategy, such as São Carlos, either that or in other operations where we had a minority role, such as Marketplace Gallery and Alphaville. That means that we actually paid out BRL 300 million. In this case, it shows the magnitude of the investment and the savings that we brought. Last year, our profit was at around BRL 300 million. It's not easy, of course. Yeah. I spent many sleepless nights. There were so many players involved. It was very hard to coordinate that. We had amazing ability to talk amongst ourselves, amazing ability to organize ourselves. I have to say, I think we're very good at converging all those abilities together. Thinking in long terms, we started 10 years ago. We talked with our partners in Sul and established that we were the best partners, as well as our partners in São Paulo and the Paulista Mall. This is how we converge both strategies. Carlos, now. Going back to new assets. This is a recurring question. It's about curatorship, relationships. What are these new assets adding to what we have so far? What can the public expect from these new assets, both at Paulista as well as VCO? We can't tell you that before the contract is signed. We were just talking about execution strategy. I like to think about history as a film, not a photography. I was listening to him, and I was thinking about many of the conversations with our partners and how productive those conversations were. I saw amazing respect between the parts. Not only respect, but also actually admiration. I'm not just talking about something subjective. We're able to look at concrete victories a long time. We have the kind of retail technology that allows us to keep innovating. We have over 10 retail brands. We have technology that allows us to bring new brands to Brazil. It allows us to grow and to operate in this great country. Customer relations. We're going to share a few other projects that are part of our engineering teams. Iguatemi showed us a lot. It's a company that has amazing tradition and quality. It's a company that was put together by many hands. It allowed us to win the hearts of the families that work in the south. That is why the first H&M in Brazil will take place in Rio Sul. That speaks to the effectiveness of that store. There are many other innovations that will come along. Pedro said something really important. I think we all stand behind that. Shopping malls are real experiences when they are well done. A visit to any Iguatemi offers you that experience. That is what we are offering our tenants. Yeah? It is the assurance that they will have volume, they will have a quality profile, and the ability to reach a large target audience. Pátio Paulista added a lot of strength to our operation. We are very prevalent in the south. We have recognition from our tenants. You will see a number of innovations. We mentioned a few so far, but this reminds me of a joke I was sharing with André. I said, "Hey, have you signed a deal with [Uno]?" I'd love to be able to say that. And he did. The store will be at JK Iguatemi or [JK] Mall. In any sports, a person recognizes [UNO] as an important brand. This is really important because it puts us in a very favorable place. It opens the doors to a new rollout of many other stores of the same type. Yeah? This is the first one in Sorocaba, but I know they're already present in other malls. This is another show of how homogeneous this brand is, how much potential it has to grow still. I think this is the recognition that we have from the market, and this comes from our sales. This is the synergy. We often hit above the average. Our growth is usually above the competition. You talked a lot about differentiation. I'd like to talk a little bit about what's been announced so far, the expansion with Iguatemi Brasília, the one in São Paulo, and Marketplace Retrofit. Tell us about the differentiation between Iguatemi and the competition for the next few years. I've said a lot about content. Content is really important to us all. Here's an image of what today is the rooftop, and this is the future. I'm going to share a little video with you. It's an amazing feat of engineering. It's very technical work there. What is most important there is the creativity, pardon me. Our departments are very competent amongst themselves, including the financial. The financial team is amazing. That is why we were able to be part of the three largest financial strategies in Brazil. This is reflected here in the design. We are in a theater. Actually, we are only in one part of the theater. There is a whole other side. The acoustics here are impressive. I do not know whether any of you are musicians, but the acoustics here are really incredible. We have a number of partnerships. We allow different groups, different music groups, theater groups, other arts groups to use this space. This speaks to our ability to innovate this space. The space did not exist before us. We were able to create something so carefully, so sophisticated. The rooftop you see here will have seven restaurants, two cafés, and a number of new stores. It will have two exclusive event spaces. Total actually adds more than just the view. Most of our offices around here have the beautiful views of the gardens around us. It reminds us of the Metropolitan in New York. Here we are in the middle of the gardens. Today, you have a sea of green around us. We're missing a little bit of that, and this is what this space will come to remedy. We're talking about 10,000 sq m with over 4,000 sq m of stores. This will reflect our ability to create, to go beyond the ordinary. We used to have the boulevard as a green area. We have the Praça do Relógio, the clock square. This will be another interesting spot. This is the redevelopment that's been proposed for Marketplace. I really believe it will make a huge change in the profile. I think it will bring it to its full potential. We'll offer leisure and services. This is Brasília. We added 15,000 sq m, so reaching at around 15,000 GLA. It's 60% approximately operational at this point. The idea is to innovate in between 30% and 40% to bring things that are not currently in the market. We use a number of different pillars to stay ahead of the market. Thank you, Carlos. Pedro. The company has invested quite a bit in corporate governance. In the last 20 years, we have new members as part of the council. Part of the question is, how does this council work? Can you tell us how the new members add to our business model? This is something that I'm very proud of. I'm very proud of our board members. Carlos said he's been here for 30 years, but that's a little bit more. I've been here for 30. You've been here. Guido has been here for 30. Thirty-two years ago, Guido was a trainee, and I was his trainee. Yeah. I think governance has moved along with the company. We talked about the IPO from February 2007. Before that, this was a 100% family business. It was a first-generation founding member. This is a company that has gained in complexity, has gained in size. We have brought new members a long time. Each and every one of them, especially the independent ones, were chosen based on their skills. They are chosen based on the potential of the contributions they could bring. This has made this board more likely to contribute. We were able to create this environment. That is what allowed us to make the mergers, the purchases of the magnitude that we did. We had the backing of this board that really understood what we needed to do, both in the short and long term, but they also understood what were the challenges and the risks. You mentioned Rony and Flávia's arrival in the board. Rony is a great entrepreneur. He founded an amazing company. He's very knowledgeable in the area. Carlos mentioned it, but I, retail, I have to say, is one of the points that Iguatemi stands out. This is a very relevant operation in retail. Rony is a true retail expert. So is Flávia. Many of them are CEOs of public companies, either are today or have been. They're very experienced, although they're still very open to the conversation, to growth. They complement one another very well. Pedro has an amazing mind. He's so on top of AI technology. Sergio Pontes is really understanding the financial market, economic cycles. Ana Karina is part of our people's team. I remember when we were talking about committees, succession pipeline. The board has been really, really important to us. In my opinion, this is one of the best boards possible. It's hard to imagine something better. Here are a few informations on skills and how we've been complementing them. This is both finance, governance, retail. I've talked a little bit about that. I have to say, these numbers are impressive. Actually, this is what helped us to execute those transactions I mentioned earlier. Whenever we needed to explain something to one of our partners or bring everyone together and say, "We need everyone here in half an hour," people look at their agenda, and they really understand the importance of those meetings. I think this is one of the points that helps us stand out. Pedro, I have another very common question. People always want to understand how does governance go beyond the board? How do you guys relate? Tell us a little bit more about governance in your everyday. How is this decision-making process done? It's a process that's always evolving. It changes. The company grows, our strategies and priorities change. However, we have an operating model that's very clear. The controlling partner is always present. Yeah? This doesn't show up every three months or at every quarterly meeting. This has grown with the company. We have been with the company. We understand the business, and we think this allows us to be very agile, to be very supple. A long time we've created forums, committees, routines that support this business model. This is not a new business model. This is something that's been happening. Of course, we can go back to 2021 when Carlos was CEO. Back then, there was a dynamic. That was the first new CEO that we had. Of course, things changed because it was the first time we added someone that was not part of the family. We had already worked in three, and now we were four. Today, for example, we have with Ciro our weekly meetings where we are on the same page. We have what our top priorities are very clear, where we need to make decisions, and what the major issues to address are. I think we are very agile because of that. In addition to our board, we have six committees, and I think Dilene will give us further details on the governance panel, but we have two committees that are created due to the articles of incorporation of the company, and three that are not. Basically, when the year begins, we know when we are going to discuss what. If it is a retail, real estate, retail, if it's a redevelopment, and there are some topics that we always revisit. I would say that we work closely together with the business. We know, for example, that H&M is considering coming to Brazil, so we anticipate that, and we go to Panama. We fly there to talk to the head of new stores. We don't wait for things to happen. We negotiate. We find out the upcoming opportunities. This agility, this proactivity, this really reflects the structure we have in place today. This is a way to act. We are also customers of our endeavors. We complain. We consume. We are really active. We know that we are dealing with high-end customers, and they will require this commitment from us. So really having this DNA and this level of commitment is really what differentiates us from our market and one of the drivers of our success. Okay. Carlos, you've traveled around the world. Could you give us your take on major consumer behavior trends? What are we doing in terms of fulfilling this upcoming demand from a digital standpoint? What does Iguatemi already do in that sense? Thank you so much for calling me a traveler, right? Jokes aside, I've always been really curious. I think that this DNA is reflected on Iguatemi's essence. When we want to be creative, we need to be curious, and we need to lead the market. We need to be on the forefront of the business. It's really about understanding when we can implement these novelties. I always like to mention some of our key pillars, but I think that majorly the learning curve and the lessons learned along the way are really key for the consistency we've been seeing over these last years. When you think about Iguatemi, one thing that you don't see is obvious things. We always want to wow our customers. This is really true about everything we do. I am positive this will continue happening. We have many news to come that will be presented to the market. We are always really consistent. Everything is well thought within this logic of really wowing our customers, educating our customers. Iguatemi is always trying to think outside the box. That's why we have this mix in retail departments, these customer relationship teams to work on the luxury segment. We have retail. We have e-commerce. We have the association of resale with Etiqueta Única. Doing what is not expected is really part of our business. We go much beyond people's expectations. It is very different from when I started working, for example. I see that other players keep doing things as they had been doing many, many years ago, like traditional marketing. We have a daily, for example, platform with over 1 million followers that has been consistently growing. This is something that allows us to monetize also a platform. We've created Iguatemi One, which is probably the largest loyalty program in place today with about 1 million. There are active users. This allows us to interact with our users and consumers and propose new activities and start partnerships. We have conferences about fashion to promote this industry in Brazil. We have some upcoming events we will share with you. My point is we have these really different lines of business that are not just about the mall, different segments that add value to our business as a whole. This ability to look into the world, into possible transformations, and translate that into our business is probably one of the key features of Iguatemi. That allows us to outperform the market like we've had and continue on this growth avenue. We, as shareholders of the company, can continue believing in the company's success because of that. Thank you, Carlos, Pedro. We've talked about how unique our brand is, Iguatemi. It's always in the top 50 brands in Brazil, largest brand since the IPO in 2007. To wrap it up, I think that when we think about Iguatemi, we've been always recognized about the high quality, financial discipline. What can the market expect of Iguatemi for the upcoming years? What in terms of expansion, M&A, growth? Could you give us your take on that? I think we've had important strategies that took place. There is nothing extremely relevant to share right now, but our major driver is really to strengthen our portfolio while controlling our debt level. If there is any opportunity, we are always going to control our debt level and also to have the capital allocation in control. What we've been doing over these last years and this year, this rooftop project, retrofit of marketplace, they all consume capital, but they do move the needle in our portfolio. They do make a difference. They are quite relevant. Some of these projects are going to allow us to offer novelty to the market. We will also have office spaces in one of these projects. They are all well thought, like we've mentioned. They really follow our business strategy, our core business strategy. What I would say, though, is that when we think about different things that we do, of course, there's no free lunch, right? We really work hard for everything we have. Over these last 20 or 30 years, we've built a great reputation of being good partners. We have partners in probably all our undertakings. This has been key for us to continue growing. This is quite relevant in these conversations we have, conversations that are middle or long-term driven. People talk about how strong the brand is. Whenever someone is going to make a decision, a family that fully owns a mall, they are not worried about who is going to pay more, but who is going to be a great partner, who can I sit down with and discuss, who is going to appreciate this real estate that I have. In that sense, I think that we have positioned ourselves as a really strong and trustworthy brand. That for us is quite relevant. We pay attention to our business. We like to sit down with them. We are present. We like to listen to their demands. This is really important, and this allowed us to build this great reputation. It is not only about paying more. Excellent. We are coming to an end here of this first panel. Thank you so much, Carlos and Pedro. Do you have a final takeaway for our partners, analysts, investors, for our team that is here or that is also watching us through the platform? I just want to say thank you. Thank you for being here. I think that throughout this morning, you're going to learn further details on our strategy. Thank you so much, Ciro. I'd like to thank you and all our employees on the great job you've done on execution, rent, commercial sales, highly well managing this company. We entered into different markets. We had Rio Sul, Paulista, but we know the efforts you have to make for these things to happen. I know that different teams need to engage in these initiatives. Thank you so much. We knew you had a lot to take in and now probably a bit more because of these new assets that now we have, but we have an amazing and incredible team. Thank you so much for your great work. To add to that, we have a very experienced and competent team with us. We are really lucky. This team is composed of high-skilled people, employees, and talents. Sometimes it is really hard to bring people together and engage them into the same goals, into reaching the same goals. I think that when we look into our business, our people have been great assets throughout these years. Now we have a CFO here that became also a moderator. We are acquiring new skills. Jokes aside, yes, I think that our people have been key for us to reach our goals. We've had some opportunities to talk about the company, hearing from our employees what they needed. I want to thank you all for, again, gearing efforts into making this happen. Now I'm going to present to you this film that we have for you about our new rooftop. This is probably—I'm just joking with Ciro—that this was my last project as CEO. Now that they are going to actually put that into practice, right, and making it happen, we will learn a little bit more about this new project. I think that São Paulo is going to be proud of that. We, as Iguatemi São Paulo, will be blessed with the new space. I hope you enjoy it. That's a good question. This is Iguatemi. This is my spouse, yeah. This roof of Iguatemi is a classic. Iguatemi is a classic. Everything we do in Iguatemi is wild. To cinema. And there is no client like the Iguatemi client. We have the Brazilian DNA embedded in our story. We bring together what we have in Brazil with what the world has. When we talk about identity, our customers are part of the world. Today, I guess the team that will be serviced to the expected Iguatemi has been a São Paulo icon. Today, it is Brazil's first I guess the team that will be serviced to the expected Iguatemi has been a São Paulo icon. Today, it is Brazil's first shopping center, setting the stage for global luxury retail. We love. From fashion to gastronomy, entertainment to culture. They curated with remarkable know-how. Now, São Paulo's most fashionable fortress is about to add another chapter to its storied history. Iguatemi's rooftop is about to be transformed into a narrow boulevard where more of its magic will happen. A panoramic open space overlooking one of São Paulo's greenest neighborhoods, this 10,000 sq m Sky Piazza will come with seven shops, four restaurants, three cafés, a modular Kubo event space, and an exquisite apartment for events. It will be covered in greenery and level with the treetops, giving visitors the soothing feeling of being surrounded by nature. This is Eric, the architect transforming the Iguatemi roof into a suspended haven. How's that? It's an urban-scale project. It's equivalent to the size of the Place du Louvre in Paris, about 10,000 sq m overall, 40% of which is built space, 60% of which is outdoor area, green space, and parks. Meet Isabel, the rooftop's landscape architect, who will drape the space in lush greenery. You're going to be close to nature. You're going to be surrounded by nature in the rooftop. This is probably the magic behind it. Within the space, reflecting Iguatemi's distinctive style as we hear the mission. Project, which is the renovation of the entire rooftop. It's going to be the cool place to hang out. Jacopo will curate the art you'll find throughout the rooftop. I'm an art curator, and for many years, I've been the curator of the Iguatemi collection. Sometimes you're not expecting to find some art, but sometimes you're going to be wowed by the experience you find. It's the device that circulation, covers the buildings, as well as filters the sunlight for the buildings. The system of pergola is a key feature to create cool and comfortable exterior spaces without energy use. We are going to make it quite sophisticated. This project is going to be probably the most sophisticated project we have. All these features are going to increase the well-being of our visitors. I think this space will allow people to enjoy the view. That, for me, is probably the best thing you can have of this truly Brazilian icon. With this new project, we are going to offer São Paulo a new look into the city. Everyone, once again, thank you so much. This first panel was just wrapped up right now. Thank you for being here, Carlos and Pedro. Now I invite to the stage Ciro Neto, our CEO, for us to continue our event today. Hello, everyone. Good morning. Again, it is a pleasure to have you here with us in our theater, such a special place, quite spectacular and a gift for the city of São Paulo. Welcome to another edition of our Investor Day. Thank you, Carlos and Pedro, for being here in our panel for discussing our strategy, our discipline. In addition, thank you, Guido, Marcos, Victor, our investor relations team, and also our marketing team that, through Vivianne Simoes, organized this amazing event today. It is an honor to have this event here for the first time. Although I've been with the company for over 14 years, this is the first time we are having the event here. We will have strategic panels that will discuss our strategy, where we are, why we're here, where we are headed. We'll discuss some of the results we've produced. I'm quite happy to be here today. People always ask me in almost every meeting I'm in, and some of you have asked me about any shift in our strategy. Whenever we have a new CEO, people wonder what will happen with the business strategy. That happened seven or eight months ago, and sometimes people still ask me that. I think that today, after this panel, it's quite clear for us that the culture's organization is made of beliefs, recurrency, and key pillars. Iguatemi's pillars are quite consistent. We see the story translated in the great results produced. We always follow this discipline. We are going to try to put our customers first, trying to deliver great products and services for our market. Our marketing strategy reflects our history. I think we started this when the first international store came to Brazil, our money. I think that's when this journey of improvement started. I want to speak to that. In terms of value, Iguatemi really values, really appreciates focus on the customer. Iguatemi is able to reflect that on its daily activities, both in the products delivered and the teams it works with, in revitalization such as Marketplace or the one in Brasília. There's more. There are experiences that go beyond our work, go beyond our daily work. I'm talking about our support to art. We're partners in the Biennale, to MASP, the Museum of Modern Art of São Paulo, and so on. We always ask ourselves, is this a good decision? Is this something that was going to improve our customer experience? We have a rich portfolio. The client is at the center of our decisions, be it because we're thinking about how they can improve their lives. We talked about our spaces. Carlos was talking about the marketing. Iguatemi was able to create products that today we're able to monetize on. We just talked about the amazing success that[Giambattista Valli] product was. There has been a journey and transformation that has brought improvement both to our clients as well as the market. That is not all. We have a very strong approach. We just finished an auditing cycle. It goes all the way from the floor and how shiny it is to the most sophisticated equipment. People notice this. They come when they visit us, not only in our products as well as in our operations. People often like to ask me about the future, our future operations. I believe our shopping malls stand alone. This is both in terms of relationships, space, culture, and so on. We are in the big urban centers. We are neighbors with our main clients. We are able to deliver something where our neighbors can really improve their lives or that we are able to deliver close to where they live. We have grown Paulista, Sul, and Higienópolis. Looking at São Paulo, looking at the map of São Paulo, we see an increase in population density. We see a number of business towers, and that shows that Iguatemi is in the best place it could be. Iguatemi, [JK Iguatemi], Berrini Avenue, and so on. Higienópolis is also in a privileged neighborhood. We are the main company in terms of shopping malls for São Paulo, high-end shopping malls. We have the One program. We have around 1 million clients registered. I cannot recommend enough that for those that have not signed up yet, please do. They add services such as parking, opportunities to find hotels, like well-known hotels all over the world, such as The Market, one of the biggest hotels in the world. We really believe in creating opportunities through our platform. It is this very approach that brings new partners to us. I want to share another example. Many people know us in Brazil, but sometimes when people come, people think, you know what? Iguatemi that's turning 60 next year is a young man. It's incredibly modern. What impresses people is the value, the quality of the aesthetics. André is going to talk about the [JK] residencies. We have an exclusive portfolio. It has brought amazing gains for us. It has shown our ability to deliver both to our tenants as well as our partners. We just published our report, our earning report. 22% sales growth. Our per square sales at around 11%, rent income at 16%. André is going to show a graph that will show our occupancy rate. That shows the opportunity for growth that we have. I often like to say this. New tenants that come will probably want to pay for what we'll pay, will want to pay what we're asking for, pardon me. New tenants often pay 3x-4x the price per square meter. The question is, what do people want? Why do people want to come to Iguatemi if they have to pay 3x-4x more per square meter? It is our quality. It is what we offer. We're bringing new brands to Brazil. We're bringing brands such as Mão de Paz, Nimica. These brands work like magnets. I'd like to remind you that our management, Satomi will talk about mixed curatorship. I will talk about our top-tier partners. That is not it. We want to keep growing. We want to deliver better products. Our strategy is clear. We want to have our teams in place in order to deliver on our goals. The Paulista has been amazing to us. Rio Sul is an important place. It's in a very important neighborhood. We're bringing the CSC, our systems. We're able to deliver on these changes, both at Rio Sul as well as Pátio Paulista. The turnover had to be very short. We had 90 days, so our teams had to work day and night. Here we are. It's within our governance. We're delivering on our master plan. We're delivering on what's best out there. Wrapping up now. We have new expansions, both at Iguatemi São Paulo as well as in the video that I just shared with you. The one in Brasília as well. They reinforce our strategies, our investment strategies. That's what is going to make sure that we're always attractive, we're always sexy in the eyes of new investors, new partners. Before I leave, I'd like to request the video, and that will show a little bit of a recap of our history and where we stand alone today. Some things innovate. In 1966, Iguatemi São Paulo opened its doors, the first mall in Brazil. Along the decades, every Iguatemi was a new shop window to what was new, a unique experience, something that makes people want to come back, either to shop, to meet people, to find out what's new. Today, Iguatemi has 17 malls in Brazil with over 15 million visitors, over 3,200 shops. Its essence remains the same. Places where time stands still, it changes lives, and where culture and leisure come together. We go beyond stores. Space is recreated to impress. Iguatemi created a world of its own. The sunlight comes through the skylights, through its art, and even the smells impress. There's a lot to learn about these places. Art is part of the atmosphere. Works of art are displayed. Tulips, orchids, and Brazilian flowers form the garden. Iguatemi is always flowers. A morning in Iguatemi starts with movement, a moment of calm, coffee. The halls see people, curious, distracted. A chat for lunch may linger. The afternoons are for discoveries, a new designer, a fancy watch, something that goes beyond time, an art exhibition, a show of beauty and culture. What about a movie? The nights here. How about a drink? A table for two, a show at the theater. Where would you like to go for dinner? At Iguatemi, style and service have a soul. We go beyond retail, culture. Culture is part of our lives. New launches, brands, friends, places to celebrate and connect. Brazilian modern art, contemporary art, a place in constant evolution. Iguatemi is always growing, always transforming, and still not losing its values. We define how people come together, how they taste new tastes, and how they live with beauty. Welcome to Iguatemi. Before we finish, I'd like to thank the Iguatemi team. They're always transforming. They're always making the strategy possible. Without them, we can't present this product. If we can't do that, our clients won't recognize this job as a job well done. I would like to recognize the presence here of directors, managers, VPs, and all those that have executed on these. Mr. Moreno and Satomi, please come up. Thank you. Good morning. Good morning. Welcome. My name is Satomi. I look after mix, retail, and relationships in Iguatemi. I'm here with André to talk to you a little bit about what I've delivered in the last months. I've been with Iguatemi for over 15 years. This is my second investor day. I'm not as nervous as the last time. I have to say, I think I'll be able to deliver on more. Let me tell you a little bit about something. I'm not sure whether everyone knows that Iguatemi is unique in the shopping malls in Brazil. It's the only one that has an area in retail, something that can deliver for all the brands that work with us. How is that done? The curatorship is a technical advantage in comparison to the competition. We work on four pillars. The first is innovation. We show exclusivity, differentiation. We're always looking for an advantage. Always looking for a leg up. I'm talking about understanding the trends, understanding the customer behavior. Second pillar, planning. This is where the mix comes from, aside from medium and long-term planning. There's also a third pillar that's intelligence. It means analytics. We analyze the competition. We visit foreign markets such as New York, Paris, Milan, not to mention domestic markets. We really keep an eye on what's happening around us. The last pillar is relationships. Both my sector and André's work together. We are in touch with our tenants. Sometimes we work as a consultancy. We want to offer to them something that's unique to us. We may give a suggestion for a different architecture office. We may suggest a new service or even a new product or a new category. I want to say something else. Aside from relationship, we have a whole area dedicated to relationship in Iguatemi. The focus in this area is the high-end clients, often international brands. Why? We want to strengthen their ability. We want to focus on those clients that spend with us. There are a few examples. After all, there are lots of activities throughout the year. In fact, we have an event happening today at Tiffany. The one-day experience is an amazing example. What happens there? We bring other clients from other markets in Brazil to understand, to experience these international brands inside our malls. There are those opportunities that we bring those international brands to our malls. An example was the lounge in Porto Alegre, Iguatemi, [Bottega]. It was incredible. The client gets to experience the brand in their own space. We have other events that are the idea is to mark important days such as Mother's Day, Father's Day, and so on. We also have another exclusive service that's shopper-assisted. We offer it to our base one clients. Iguatemi Residence is another example, as well as Casa Figueira, Casa Higienópolis, and JK Apartments, [JK Apartments]. Here are some newly launched products. I'm not sure whether you've followed up on this. Carlos mentioned them. Alo was first launched at [JK Iguatemi], then the second one over here at Iguatemi. This is everything to do with wellness and well-being. Now, people in corporate tend to use more sportsy clothes, tend to veer away from the suit and tie that's more traditional. We also saw a change from Tiffany. It's the only of their kind in South America. They have a whole architecture model that includes art and green spaces. Tiffany has a strong relationship with art, so do we. We brought a pop-up from Blue Box Cafe to be part of their launching in here in Iguatemi. André is going to talk to you a little bit about that in terms of numbers. Basically, we're able to make space for them. We're able to add a Sephora and an H&M of over 1,000 sq m. We're able to move the food court. That opened an opportunity for Almanara, that's also another important brand for us. This gave us an opportunity to create a new service, which is delivery, delivery that we didn't have, we used to have. It's as if you're playing with Lego, right? You move a piece, and this opens new opportunities. as if you're playing with Lego, right? You move a piece, and this opens new opportunities. Why do we really work in this luxury market? Because Iguatemi malls are dedicated, or they target the upper classes, which we'll call A, B, and here. Also because we've seen growth in this industry, 3% globally and 12% domestically in Brazil. This Brazilian market growth is due to a new habit. Brazilians learned to consume local products here, but also from global brands. Here, we can pay installments, which is not a reality abroad, in addition to the Brazilian charm of the service. Iguatemi is an entry point for global brands when they want to tap into the Brazilian market. It is important to bear in mind that Iguatemi has a great relationship with LVMH, Richemont, and major global brands. Since 1998, we had Louis Vuitton coming to Brazil, and the first store was in Iguatemi. In addition to Emporio Armani that we already had here, we had Rimowa, Chanel, Burberry. Some of these global brands came directly to us, and others are managed by our retail teams like Goyard, Polo Ralph Lauren, Levi now. Of these brands that you see here, they total 131 stores here, brick and mortar, and we have about 60% of them in our Iguatemi malls. Talking about our retail front, we have different brands. I've talked about Polo. We have Missoni. We have Birkenstock, Cleanb uild. It's also a wellness trend. We also have Iguatemi 365. That That is our e-commerce platform. We have stores here that don't own their own stores, but that provide good products, a great mix of products that allow Brazilians to use global brands with Brazilian brands, for example, a Chanel, and then you can even have different global brands. You mix up a Birkenstock and you wear a GANNI, Double J. Iguatemi 365 is not only about fashion. We have Diptyque with candles and perfumes or even some home products. It's really fun if you don't know what they are about, and even stationery stores. We do have different brands here. Here, there is an interesting information to share with you. Fun fact, I don't know if every one of you have heard of List. Every three months, they announce or they publish the List Index that it's about the top 20 brands on the market. We are talking about 20 famous brands. Iguatemi has 12 of them, and 7 of these brands are basically exclusive of Iguatemi. It is quite interesting to see this recognition. In addition, I'd like to go through some success cases of Iguatemi. We have Comme des Garçons, which is a very, very modern project. We have the play collections of sneakers, the T-shirts where you have the heart signs, very common about the young generation. We've had the opening of H&M and 1,000 sq ft store in architectonic project that was quite exclusive. We will have collabs with international designers. Here, we have also the second Manioca restaurant that is of the chef Helena Rizzo, that is a quite renowned chef. We have the second Manioca in the JK Iguatemi mall. We do have some of the best sellers of the original restaurant, but also with a different menu according to a regional culinary menu that she's developed since she's from the southern region of Brazil. We have also recently opened an Enka store, brick and mortar. It's an amazing, beautiful project. In Campinas, we've opened Laces, that is a salon, but a more sustainable salon that works with organic ingredients and projects. It's not only about getting your hair cut, but also taking care of the health of your hair. In Iguatemi, Ribeirão Preto, we've opened Almanara, which has been a hit. In São José do Rio Preto, we've opened Sephora. That's it. That's what I had to share with you today. Now, I'm going to turn over to André. Thank you, Satomi. I'm sort of new in the company. I've only been here for 16 years. For those of you who are not here in person, I'm here in the front row. Many of you came here wearing a running shoe. Now you're going to be able to wear the full look in the JK store. We will have the tenants to provide sportswear for you. I will probably repeat some information you've heard today. I will pick back on what Guido, Carlos, and Satomi said, but I really want to deep dive on our commercial front. We will now look at what we did in practice and some of the results you've heard on our earnings release call. We've talked about restructuring our commercial department, and then we've split everything into four major pillars: people, KPI and processes, governance, and what we call quality and commercial speed. Whenever we want things to be fast, we will also prioritize the quality of those new stores. I'm going to deep dive in each one of them, and I'll show you a chart or some financial information to just show you our performance. Starting with our people, it's important to bear in mind that when we talk about our pillar made of people, that we have to continually train our people. We had to have experienced people, but that were also aligned with our culture of continued growing. Of course, define goals and set these goals for the company like everyone does. If we think at what we've done, considering this investment we've made in this pillar, we have an indicator. I'm just explaining the chart here of what we have of production split or broken down by people. The consultant that sells our product that basically are our stores, that work with tenants, 80% are at least achieving the target. Many are exceeding the target. I will have a last slide for you to understand why I'm telling you all that. When we talk about KPIs and processes, there were two things we mentioned last year. We have really clear and must have clear KPIs based on what our goal is in terms of production. In addition, we've mentioned that we are able to measure each and every step of the commercial process. We start talking to a tenant, we present an opportunity up to the point that we are going to conclude the sale of the store with a tenant. We discuss agreements, we negotiate, and then we end up signing with them. If we look at this chart, it shows the speed in each of these steps. Of course, it's really important for us to replace as fast as we can old tenants for new tenants or whenever we terminate an agreement. 75% of my team today is achieving the target or is doing things even faster than expected. This is quite an important pillar that has to do with the same pillar, the next pillar that is about governance. When we think about governance, there are two major aspects. We have in our governance committees people that are aligned with the decision-making process. We wanted these processes to be consistent, but we also discuss our commercial table that we call pretty much the pricing strategy that we have so that the committees could make accurate decisions on pricing. Everyone here knows about matrixes. We come from a financial background. Basically, what we created here on the top right quadrant, what we see is a more competitive price. If we think about that, we simply plot these malls we have within this matrix. We have one over the other. We are piling, and then we set out the pricing strategy. This is about the more profitable malls. We break down the GLA range category, and we price it to the square meter accuracy. We really consider everything. Going back to the committee's decision, we want them to be precise in terms of product speed and pricing. Why is it important? When we revisited all of that, of course, we need speed, but we need to keep a high-quality business. Before the Investor Day we had last year, we had an average of 350 agreements signed and, let's say, some resistance of new stores. If we cleared that hurdle, we know that we could come to 450, and that's what we did. Today is November 11. We are ending 2025, but what these figures show is that we are increasing our production, so we are up about 25%. Why am I sharing some of these figures? Because you always see the end result that is our occupancy rate. You have seen this major evolution, this progress we have made that is really the result of these efforts we have geared into commercial production and also the commercial front as a whole. What's most important here, and I'm going to tell you, [Simones], yes, a spoiler, but when we think about some of the stores or the tenants, we will have new contracts and agreements starting now. I think that there are five major stores for H&M we've announced. We will have that in Rio, Porto Alegre, and Sorocaba. Yesterday, what we've concluded was a deal that really showcases what I'm talking about. We've closed a large space in a mall, and due to our commercial team, we were able to replace that in Porto Alegre. We've signed an area of about 5,000 sq m for Zaffari, the supermarket. It wasn't vacant for even three months. These five major tenants, when we talk about the occupancy rate, they represent about 1.5 percentage points in our occupancy rate. Marcus and Guido just yell at me that I'm just outlining some guidance. It's not that, but they are quite relevant when we think about the speed and how important these brands are in the locations our operations are. If we consider a strategy and driver for each of these undertakings, we need to be fast in replacing tenants but maintaining the attractiveness of our business. This is all really important. Like we've said, and I'm repeating myself, Iguatemi, in addition as being an entry point for global brands to tap into the Brazilian market, not only the São Paulo market, we become a major partner of these global brands. Today, we are probably the greatest commercial partner of H&M. Five of these eight new stores in Brazil are with us. It really shows how powerful our units and our assets are. When we see what we've been doing, if you consider Bottega, Balenciaga, I account for about 50% of their presence in Brazil. If we talk about Hugo Boss, I account for about 40% of their representativity in Brazil. Zara, one of the major global retailers, we represent 30% of their portfolio in Brazil, considering our 17 units. This is what really gives us the edge. I've tried to point out to a few figures, to a few brands and assets, but like Satomi mentioned, we really need to understand what it means for us. When we look into a major fashion retailer, when they open in one of our malls, they are not opening a brick and mortar store, but they grow our same store sales. When we look into the bottom line in terms of profitability, it will change who is paying before and after it was open. It is not only true about fast fashion, but also for a new restaurant. If we open a new restaurant in a countryside city, then we are fulfilling a demand. What does that do to our business as a whole? We make progress with these operations that are really well done. When we think about female apparel, we can grow 6 percentage points in the quarter when they open the store. I have talked about leasing, about stores, but also in the commercial front, we have a line of business that we call temporary stores, their kiosks. In that front, we have a subgroup that is led by our Marketing Director, Renata Zitune, that is about events, media, and sponsorship. This high-value portfolio allows us to increase revenues, decrease vacancy, and have great results. When we talk about our media results, it has everything to do with what we do. It's fully connected to everything I've just said. When we use media to showcase our annual growth of 13%, and that has been a reality since 2018, except for the pandemic, the point is on Renata's team and on her work. This space is within this portfolio. Iguatemi was able to create these new spaces. We've heard about the JK Cube, the theater. Carlos mentioned the rooftop that we'll have, these residence spaces that account for 25% of our media revenue. About BRL 25 million in terms of revenue has to do with these spaces. This is one that we have the opportunity to share with you. Before we end our panel, and just to give you an example, I would like you to invite to watch a video, a movie about that. São Paulo. São Paulo, mosaic of the world. The city breathes history, lives the present, and builds the future in a frenetic pace. Three unique spaces. They capture the essence of the city. They pay homage to the spirit of the city. Created and preserved by Iguatemi. They celebrate Brazilian history through its design, through art, and cultural diversity. These are some of the faces of São Paulo. They're open to the world. For those that want to step in the pulsing heart of our dynamic city and create unforgettable moments. Discover Iguatemi residences. I know I'm a fast talker, but I know there's a Q&A, so you can ask us tricky questions, especially for Ciro. We wanted to share the strategy with you, intelligence product, commercial. We're going to take a 20-minute break. We'd like to invite you all to go back to the lounge where I'd like to share a coffee break with you. Thank you. When you were here before, can't look you in the eye. You're just like an angel. Your skin makes me cry. You float like a feather in a beautiful. Come then I go. Tell me all the ways you need me. I'm not here for long. Catch me or I go Houdini. I come then I go. Prove you got the right to please me. Everybody knows. Catch me or I go Houdini. If you're good enough to find a way, maybe you could cause a girl to change her ways. Do you think about it night and day? Maybe you could be the one to make me stay. See you watching and you blow me a kiss. It's your moment, baby, don't miss it. Come and closer, are you reading my lips? They say I come then I go. Tell me all the ways you need me. I'm not here for long. Catch me or I go Houdini. I come then I go. Prove you got the right to please me. Everybody knows. Catch me or I go Houdini. If you're good enough to find a way, maybe you could cause a girl to change her ways. Do you think about it night and day? Maybe you could be the one to make me stay. See you watching and you blow me a kiss. Maybe you could be the one to find a girl to make me stay. I come then I go. [Foreign language]. Good morning. Good morning, everyone. Once more, I want to say what a pleasure it is to be here at Investor Day. Caio Telles is Director of Development and Real Estate. I've been with Iguatemi since 2020. I'd like to say something before we start, just in case you haven't asked a question. Just scan the QR code, send in a question. Guido and Ciro will answer your questions. I'd like to talk to you about the importance of our assets. I also want to talk about retrofit and redevelopment for Marketplace, as well as [BioPresa] Ribeirão, one of our investments in Campinas. Here we are. Real estate development. This is strategic. This is strategic for the growth of our assets, our GLA, as well as our shopping malls. Land bank sales are very important to us. They have an impact on our occupancy rate, our rental prices, and this helps to value our brand. We have created new centers. We offer the best experiences for our clients, best services, including entertainment. That way, we create a recurring value by maximizing these land banks. You can see this in the graph here. We saw an average of BRL 28 million per year for the last five years. This is due to land bank sales. We have approximately BRL 281 million in revenues. This is over 330,000 sq m in private areas. We have a number of areas dedicated to both residential and commercial areas. Here are some of the examples. Projects from 2019 in São José do Rio Preto. This was delivered in November past. In 2020, Sorocaba, a corporate tower. It should be launched now in the first trimester of 2026. In 2021, another commercial tower in Ribeirão Preto. We have some legal obstacles that will hold us, and we'll have to wait for launch for the first trimester of 2026. Altogether, it has 334 units. In 2023, we saw two amazing buildings. We should see shovels on the ground now in December. Now we go to me, Ribeirão Preto. The multi-family residential for Ribeirão Preto. We have a whole sector dedicated to market intelligence. We analyze the market for every quarter. Our goal is to deliver on the needs of our customers and maximize our assets. We follow the whole cycle of the whole development cycle. We have a say in the architecture. After all, we want to have a consistency in our projects. I'm going to talk a little bit about the marketplace retrofit. This will be a watershed moment for the area. We're going to transform the marketplace in a multi-use area. We want to respond to the needs of the area. We want to create this amazing space that should create [Zaidan]. You can see here in the graph, the office boutique taking place here at number one. Retrofit for the whole facade here under number two. Number three, the residential tower, the multi-family residential tower. Number four, retrofit for the facade and the towers, the commercial towers. Lastly, number five, the food court. Here in the slide, I'll show you the different stages of the retrofit processes. First stage, we'll build the office boutique as well as the improvement of the facade for marketplace. We have started this work, and they're due by the end of 2027. Second stage will be the multi-family tower. Lastly, the full work on the facade for the food court. Let's get into the details. Office boutique will have around 5,600 sq m. Aside from that, we'll have a theater for around 200 people. A business center. We'll have around six meeting rooms. We noticed something on the profiles of our tenants. Companies said to have larger community areas. You know those large meeting rooms that traditionally are used just a few times a year? Yeah. We are going to repurpose them, and this is an important source of income. A whole wellness area. And a club near the rooftop. We'll have tennis courts, beach tennis courts, as well as pickleball. Aside from the office boutique, we'll have an open mall. Open mall that will have a convenience retail. Very unique area. It's an area to relax. An area to build community for our clients. You may not be able to see it here, but the door to our theater is also in this area. Here is the facade. We are going to remake the facade. We will have a very unique architecture profile. We want something that reflects our values in [Chucri Zaidan]. Let me share this video with you. Maybe what moves you is transforming dreams into reality. Being able to create and build something new and unique. Maybe what really matters is planning the future, something that impresses you. To put your whole force, your whole power, allowing new interactions that go beyond what you first envisioned. To know that everything counts. Every moment is a new beginning. Not the whole effort is enough to push you away from the path. A partnership that is present in every detail in this new work, this new undertaking. Now, we're going to reset a balance, finding a way to converge our values and yours. Every tree starts as a seed. It's not enough to plant. You need to give it your all. You need to look after it. Use the best of what's available in technology and talent. Take into account what we envision. Dreaming means to make life move forward. Casa Figueira neighborhood. Come. Come see what we've built. Amazing. Casa Figueira neighborhood, Bairro Casa Figueira, 1 million sq m. We created a whole neighborhood. We hired a very well-known, very well-respected architecture office. We created and preserved the green spaces around, created parks. We want to provide schools, healthcare, leisure, all those things in the same neighborhood. We're always keeping people in mind. This whole undertaking kept people in mind. We want people to be able to walk in their neighborhood. We want everything to be within walking distance. That includes the Iguatemi Mall, the bus terminal, everything. We want a living neighborhood. It is by having people out on the street that you change the neighborhood. It is a safe neighborhood. Having eyes on the street is what helps for a neighborhood to become safer. We also created an association that will ensure safety in the neighborhood. It is a healthy neighborhood. There are over 6 km in bike paths. This connects different areas of the city. There are parks where people are able to exercise during lunch or before work. It is also sustainable. We looked at the three pillars of sustainability, energy, water, and waste. We have the seal of water management in Brazil. This is a neighborhood that will bring people to live in the surrounding areas. Over 50,000 people. We started this last year. We started a new project for commercialization. Group one in blue, group two in red, and three in yellow. We will start by selling the plots nearest the mall. Of course, those are the most sought after and the pricier ones. Once the process starts, the ones that are further on will also gain value. Full distance of 300 m from the mall. We created a list. It includes over 80 incorporators, developers. We have a whole area dedicated to Casa Figueira. We saw interest from the developers. We came to Campinas. We went to the work sites. We went to Casa Figueira, as well as the street in question. We have 12 plots available for commercialization. We saw that there was interest. We made the information available. We have 64 roadshows that took place with our developers. Now we have seven offers. They're being analyzed. Once they take place, they should become eight towers in Campinas. Six are residential. One is a corporate tower, and one is an office tower. We're also launching the first place in Casa Figueira. We sold one of our plots in 2023. We should see shovels on the ground by the end of the year. I'm going to talk a little bit about Casa Figueira, but first, I'd like to share a video with you. Casa Figueira. A house, the beginning of a new future. Surrounded by a new neighborhood. New streets. The human element in the green surrounding. A city that is aware of its power. Where time, proximity, and convenience are urban values. In that house, this future is already a reality. Between light and projection, idea and matter, the space allows to live this life. An experience that brings tomorrow forward, where what is real and what is desired are brought together. A house that starts a neighborhood, which fosters a new city design. Welcome to Casa Figueira. Amazing. This house or this project has been delivered in May 2025. We have had European benchmarks. We have seen neighborhoods that had been planned. There was always a house to put forward this project for potential developers and potential customers of this neighborhood to really present all these attributes. We had commercial experiences, physical and digital prototypes of the project, how we have planned this neighborhood to work, in addition to this entire journey of Iguatemi Campinas that has been on the market for over 40 years. I invite you all to visit this house. Next year, this house will be exclusive for scheduled appointments. In 2027, it is going to be fully open to the public. I also wanted to talk about our prototype street. This is quite an innovation in terms of development for this neighborhood. The street will remain there. The idea here was to try to tangibilize all these urban features that we've decided to do. You have a central bike path with the protection around it. You have all this urban architecture. You see all the lighting structures. Pretty much the landscape is well designed. There is no obstruction along the way, allowing people to take walks. We want to foster a healthy lifestyle. We also have space for people to walk out, what we call the multi-use space for them to walk. You can have a bus stop. You can have a waste collection point or a parking spot for Ubers or drivers. This was also an innovation for this neighborhood. In some places, we have a 5-m sidewalk for us to walk on. We also have the technology installed to know where the shopping is, the terminal is, where we have our mall, and also service retail to make it more accessible. This street is a major innovation. When we think about what we are offering, developers visited this new street, and also government authorities since we put forward here innovation. We had to work closely with the government. Here, we have also a view of this neighborhood of stage one, where we are going to have 46 serviced lots. On the right side, you can see the courts well defined. We can see also sort of the foundation of this multi-use street. On the left side, you have Figueira Park. We will have Isabel Duprat in charge of the landscaping. It should be ready in 2028. You can see on the top right of this picture, the Iguatemi Mall. These were the first lots we started negotiating, where we'll see the first real estate developments. This first construction work should be delivered in May 2026. This is what I had to present for you today. Thank you so much for having me. Now, I'm going to turn over to Claudio. Thank you, Caio. Thank you, everyone. Good morning. It is a pleasure to be here and to discuss some of these topics that Ciro mentioned, Satomi and André. You've heard today that Iguatemi has been growing through M&A, through qualification of these assets and expansions. Within this context, me, on behalf of the engineering team, I'd like to say that we work to make all these things eligible. Everything really needs to work in reality and be well constructed, but also with the Iguatemi DNA embedded. We want to be leaders. We want to be modern, and we want to be in the forefront of this industry. Together with Caio's team, we have created a partnership to make it all possible. To give you an example of what we do in our strategy, we have talked about it, but we have two expansion projects that I would like to discuss. The first in Brasília, you can see the figures there, but we are talking about over 15,000 GLA, new 90 tenants, new stores, 60% of which are already marketed. We should deliver that in the second half of 2027. I am going to show you some images to showcase what this expansion is expected to be. We see in red the perimeter, and above this red line, we have the existing mall. It is a side connection that connects basically all the levels of the current building with this new project that we have. In this picture here, we show something that is quite different and unique about that. We see the facade and how modern it is, contemporary design, and really how we can see the sunlight within illuminating the project. Here is really the special part of this project, which is our open mall that is a showcase of gastronomy. On the left side, we see that we have a wide range of restaurants, and we are connecting that with an open mall to new restaurants. It is a unique culinary experience in an open space, unique architecture, amazing landscape. Basically, we are also offering here a connection with rolling stairs that are going to allow people to get to the movie theaters that are going to be brand new. Here is a drop-off that was exclusively designed for the global brand stores that we have. The global tenants here will have the opportunity here in this new space, and then we created a specific drop-off to fulfill this demand. Here, we already have a lounge in Iguatemi, Brasília, a residence lounge. We are creating a new residence here that we've called Commute that will increase the number of events of Iguatemi, Brasília. In addition, I have a video to really showcase everything I'd like you to know about that. Brasília. The Brazilian modern capital, a city of light, architecture, and infinite horizons. Iguatemi. A landmark mall in the heart of the city that allows people to be brought together around global brands, gastronomy, and entertainment. It is a really innovative project that will put forward new stores, restaurants, and cafés where we see architecture and nature combined. Sunlight inspires the project. Skylight and an open mall capture this vibrant light, creating spaces where shade and clarity have conversations with this beautiful nature and landscape. Ninety new stores, wellness place. A new venue for events and amazing experiences together with your favorite brands. Find out about fashion, culinary, and much more on the most charming mall in Brasília. Be part of Iguatemi, Brasília. Iguatemi. No doubt, this expansion project will make the Iguatemi, Brasília, the best mall in town. Now, I want to talk about the most iconic and challenging project, which is the rooftop in Iguatemi, São Paulo. I've mentioned about a side connection in Brasília, and now I am talking about a connection that is going to be on the top floor of Iguatemi, São Paulo. We're talking about 4,900 sq m of GLA, five restaurants, two bars, one café, eight new stores, eight new tenants, and two new venues for Iguatemi, São Paulo. You've seen the video, but I'd like to show you some pictures to explain some details on the project. It would be the fourth floor to be built on top of the current ceiling we have. Basically, we're not talking about too many restaurants and stores, but a really broad open mall. We'll have an amazing landscape project. We'll have gastronomy, landscape, fashion, restaurants, a unique space that is fully connected with the existing mall we have. Two new venues, like I've mentioned. When we talk about connection, it's important to point out that usually when you have a top floor, it is really hard to access. No, we have five points of connection in addition to rolling stairs. The mall is going to be fully integrated with this rooftop. It will really be really easy to get to this paradise that offers you this amazing view of São Paulo, this panoramic view of São Paulo. Like Eric the architect said, the idea is to be a suspended garden. The engineering challenge for us, as you can imagine, is really to build that on top of existing structure with no impact on the ongoing operation of the mall as it is. It is quite challenging since we need to provide a safe environment for those who are working, and this is probably the greatest challenge we're facing. I do see these two projects as great examples of how we, as a company, Iguatemi, define being a leader, differentiating ourselves from competitors, and being bold. Being bold is part of our DNA, is part of our engineering team. We want a different architecture, and we also look for sustainable solutions at the same time. Caio, to end this panel, I'd like to thank you so much for this opportunity to present this project. I'll turn over to Dilene and Guido to start their panel, but thank you so much. [Foreign language]. Hello, everyone. Good morning. I'm Dilene, in charge of the legal team and also for the ESG team here. Thank you so much for being here. This is an amazing opportunity to showcase our work. I've been in the company for many years. I started in the company in 1997, and by the time I came to the company, we already had a water and energy committee. Why am I saying that? I think it's quite impressive to think that about 30 years ago, much before ESG became a trending topic, we already had a committee since these topics were quite relevant for us. We were quite concerned about our natural resources back then. Sustainability is key. Sustainability in itself is really important since it helps us sustain all these assets, and they ensure that things actually happen in an accountable manner. I'd like to point out that since the moment I joined the company and where we are today, we've seen a great evolution. We've made progress, and there are some things I wanted to point out too. Since 2021 and 2023, we've published our first sustainability report. We have defined our materiality matrix. We've had our first greenhouse gases inventory, and we entered ECB3. Since 2023, especially between the end of 2024 and beginning of 2025, we've been able to develop a few initiatives and to create some projects. We're able to publish our second report. We revisited our materiality matrix, and we've audited our inventory, and we've been awarded with a gold seal. What does that mean? We've been able to be seen as a reference, so our information and our indexes have been seen as trustworthy so that we can set goals to reduce our carbon footprint. In terms of figures, I'd like to point out to a few. We are up 25 positions in ECB3, and we've migrated from a rating C to B, and we've had the best ESG performance in the sector. We pretty much outperformed the industry, and we've seen great, great progress in that sense. I'm going to talk about the three major pillars about environmental management. We also have some important figures. We've dropped 62% of our carbon emissions. We are reusing 94% of solid waste. We've been using 28% of our reusable water. In spite of our growth, we've saved 8% in terms of energy, and we do have in place some certifications that are important from a sustainability standpoint, like Casa Figueira. Talking about the second axe, people, Iguatemi has always been focused on the training of our employees. We've focused on training and education. This year, we've relaunched our Iguatemi Academy, which is our corporate university that we call. We've had people graduating in high school, and we've had partnerships like EZ with local schools, and we've really fostered an education evolution in addition to having supported some public schools here in Brazil. Another important pillar is of health and well-being. We promote for our employees a program to support their physical, mental health, and also financial health. We have a project that is quite interesting that gives our employees much more interesting rates with the possibility to pay in installments. We can have the retention of their wages. It all depends on their financial capacity. It really helps people to be stable. In terms of cities, Iguatemi stands out in urbanism. We invest in our surroundings, but also in the cities where we're located. We improve infrastructure. We offer amazing landscape projects. We always look into benefiting the city from a sustainable standpoint. City in 15 minutes, we had this seminar happening in Campinas with urbanists of all around the world to have a more sustainable city. In addition, we have also the social causes that are really important, like Childhood, América's Amigas, Red Cross, that is also our partner and has been for many years. In all these aspects, we see how broad our strategy is and how far we've come in that sense. Now, moving on to the third axis, governance. I want to highlight our integration program. We have a compliance officer today. She's part of the holding, and they're responsible for developing this program. We implement it in all our shopping malls for the whole company, and it's highly focused on training. I believe we trained around 4,000 people in the last two years, all done in person. These are mandatory training. We share information. We answer questions. We have a few interactive games. This is really important. Within this same path, I want to say that we have reached 100% diligence with our suppliers. It's important for us to follow up with our supply chain. We want to ensure that we're dealing with wholesome suppliers, like-minded folks. Up till 2021, before we did our partner reorganization, we used to have a chamber, pardon me, a council. Back then, we had up to 29% of independent members. After that, we changed and created four separate committees: Auditory, Finance, Culture, ESG, Risks, and Compliance. I want to highlight something. Every one of those committees has an independent member. The auditors are fully independent. All members are fully independent. This is according to the best practices in the market. I think this allowed us to be much more efficient in terms of governance. There are two other committees that I want to mention. They're known as statutory committees. The second one is a strategy committee. It has one independent member. Let me talk to you about the scope of these committees. The first one is more focused on the DNA, the DNA of the brand Iguatemi, on retail, on trends. The second one is more focused on long-term strategies in the sector, retail as well, consumer trend. Another point that I find important, we moved away from the 30% average in independent members to 62%. Our auditors, both intern and extern, report directly to the director board, to the board of directors, the audit committee. We have taken on a number of responsibilities, and we assure the main demands, the main demands from governance. Here is a whole list. There are two exceptions here. This is all according to Article 7 of the statute. It mentions mergers and corporations. It allows the minority vote to have weight in choosing new members as well as other actions. This is important to remember. Now, a little bit about our internal structure. Up till 2024, in terms of internal auditory, there was a risk and control sector. We brought new professionals from the market, and we created an office to look into these areas and bring the best practices. What does that mean? We brought those two areas together, and we created a virtuous cycle, something that repeats every two years. This is based on our strategy planning. We evaluate our processes, our controls. We implement new controls, and we evaluate. We have very robust governance. This strengthens our committees, our council, as well as the C teams and their support teams. I have a message for you today. The process today is mature. All this is based on strong pillars. We're able to innovate. We're able to grow. We're able to grow with a lot of responsibility. We're transparent. We're ethical. That way, we can ensure our reputation and the longevity of our business. Thank you very much. With you, Guido. It's important to talk about our governance. I always repeat this. We have the best governance in the sector. There's a share that's dedicated to independent members. We're a new market. We are in a new market. Yeah. We behave differently, right? We have broken the mold. I'm going to put on now my CFO hat. Yeah. So far, I've been behaving as a moderator. I have to talk about the boring part, the need for result. I'm going to focus on our current operations, growth avenues. We have talked a lot about the surroundings. I'm not going to get into it. A lot of people have said, "You know what? Now we're starting to explore the surroundings." Iguatemi has been doing this since 2007. We were the first company to use mixed use. We started this in 2005 with the commercial towers. There it is, over BRL 300 million in land swap, VFGV, faction lending. I am not going to talk about Greenfield. Greenfield is a type of investment that we currently don't prioritize. However, we recognize their importance and their impact for us. We have amazing shopping malls such as [JK], Brasília, Alphaville, Rio Preto, Ribeirão Preto, Sorocaba, and so on. They're all a result of those investments. We have already talked about the idleness in the industry today. Now I'm going to talk a little bit about M&A expansions. Our favorite indicator is sales. I learned this from Charles Krell. Yeah. Sales cure everything. This is our motto. If there's sales, there is no delinquency. There are positive results. There's growth. We're good. Of course, sales is not everything. There's marketing. There's a whole lot more. This shows our sales growth year by year. We're by far the largest in the market, the largest by square meters as well. This is mainly due to what we bring, to what's unique from us. We're usually the front door to many brands. This is also reflected here in the graph on the right. The black line represents 3.8 in GLA. Today, we have 11.7 of the total portfolio. Our share has grown 59% from 2009 to 2025, pardon me. These are solid numbers. They don't take into account the M&As from the second trimester. You can see here how those metrics have grown in the last trimester, quarter. Another interesting point is segmentation and how it leverages our sales. It shows how the international size pull-up, right, helps those sales grow. We see a growth here of 17%. The global brands are here in the middle, 11.2%. We're the largest player from all the big groups. This is reflected here in sales. I like to joke that I have to bring home the bacon. These are net numbers that are also very impressive. It shows diversification, and it shows the average growth by double digits for global brands. We've seen this growth in the third quarter. Our take rate was 8.9%, and now it's at 11.1%. Now let's talk about expansions and M&A. I'm going to be brief now. We have said a lot about the Brookfield portfolio. We focused our capital focus to M&A. There are 32 transactions. We're the main player in terms of M&A. We have BRL 3.5 billion in investment. We grew our share in portfolios. I believe this is important. There are studies that show that our choices are by far the most profitable. We started with Boulevard Rio Iguatemi in 2012. We had a 5% cap at the time. Back then, this was a time of prosperity for Brazil. We saw the cover of The Economist with Christ the Redeemer. Lastly, you see here the movement that we did to ground the Brookfield portfolio, the largest M&A in the sector. This is BRL 3.7 billion in sales. We asked ourselves, "Why did they let us get away with this? Why did they let us enter Rio de Janeiro like we did through the main door? This is probably due to the relationships that we had with the families that owned the mall. All of them, both in Rio Sul as well as Paulista, called us, invited us to be part of this sale. We have said a lot about leverage. We have BRL 3.7 billion in total investment. We brought the BBIG fund. We acquired BRL 1 billion between February and April. It was carte blanche. We leveraged that up to another BRL 520 million. We came to BRL 1.6 billion altogether. That is what we have today, BRL 1.6 billion. We knew this. We knew this would bring us great results. This is now part of our tier three. We have sold around 40% in the marketplace, 49% in the gallery. We also divested from San Carlos. We also gave away a little bit of the 78% that we had in Iguatemi. We're down to 18%. So BRL 355 million in gain for the company. Here's what's most important. All this was done looking at the growth that we'd have. There's been a change in terms of square meters. We moved from assets to 4,300 sq m - 9,900 sq m in an average of BRL 900 per square meter, which is very profitable for the company. CEO said something very important. Buying Pátio Paulista was very important for our portfolio. We are already the largest player in the city, in the state of São Paulo, which is the largest state in Brazil in terms of GDP, GDP per capita, growth, and so on. In São Paulo, we are now in the most important and in the place of the highest growth in the city. Over here, 72% of the upper class of the city are here. We have four of the five main assets in the area. This is a hub for AAA undertakings in the city. We started in Indianapolis with Pátio Indianapolis, then we are in Paulista with Pátio Paulista. We moved to Iguatemi, São Paulo, and Jardins. We move again along Faria Lima. Now we are at [JK], Elie Pelegrini, Faria Lima, and now Berrini, Sucursal Dan, and now Marketplace. Anyone that wants to be in São Paulo needs to talk to Iguatemi. It is no wonder H&M came to us. Now let's look at Rio Sul. Rio Sul is the main mall. At least it is the oldest. It is at the convergence of the main areas in Rio Ipanema, Copacabana, Botafogo, Flamengo, Leme. 83% of the upper class of the city is also in the area. The five-star hubs are also focused in the area, as well as the main tourist attractions in the city. Hence the importance of Rio Sul in the city. We've talked about projects, but it's important to show the money. We have BRL 640 million that we've invested in this expansion project, BRL 133 million Iguatemi, São Paulo. We have Casa Figueira here, totally BRL 75 million, Retrofit BRL 117 million, and Campinas BRL 111 million. They are broken down into 2027, 2028. We've just finished the construction works, and now we are going to start the developer's work, like Caio mentioned. We have negotiations in place with developers. The expansion of Iguatemi, São Paulo starts in Q1 2027, Brasília in Q2 2027, retrofit Brasília in 2027, and in Campinas, we're going to be in Q1 2028. Like we've mentioned, we've done the carryover work. Part of this construction work should have started in 2025, but then they were postponed to 2027 or 2028, but it's much more like a flow. If you remember about Gauss' curve, it is really about respecting detailed priority investments throughout these three years. Here we have our project portfolio and how much return we should have. We talked about the GLA, but we're talking about BRL 31 million Iguatemi, São Paulo. It's the fifth year of the project. Brasília expansion, BRL 41 million. Retrofit, an additional BRL 14 million. And Campinas, Tara Ray, BRL 76 million. Our stake here is 60% in São Paulo, 64, 51%. We invest 100% of the CapEx since we've sold 49% of the Genesis fund. They paid upfront this CapEx for the marketplace Retrofit. We have our stake here. We've announced the Campinas tower in 2023, and we decided to see how we were going to invest. So we are going to pay the remainder balance of a deal we've done in 2023, pretty much 70% of what was left. So we are deleveraging all above 10%. Iguatemi, Brasília, 11%. Retrofit marketplace, 10.7%, and Tower A, Brasília, 10.4%. Marketed, let's say, Iguatemi, São Paulo on 61%. Iguatemi, Brasília, 60%. Retrofit marketplace. Marketing is basically the boutique office. We've been waiting since we've seen a recovery in rent. We've seen a drop in vacancy. It was about 35% during the pandemic, but it's below 18%, about 15%. We've seen great improvement in that sense. Many players talked about the importance of this rent income recovery. We've been waiting to market the boutique office and also the office space, the store spaces we have for new tenants. The Campinas tower, we have Sky Galleria in Galleria in São Paulo. Their occupation rent is 100%. This tower is going to be even better than the Sky of Galleria. We have learned from our mistakes in terms of lobby, meeting rooms, and we are going to provide an even better experience in that project. Today, we have a huge demand on Sky Galleria. We have been increasing rent because of that. Nobody wants to leave. Everyone wants to renew their leases. That is why we are building another one. That is what I had for you today. Thank you, Dilene. Now I am going to turn over to our CEO, Ciro Neto, to start our Q&A session. Thank you so much, Dilene. Thank you. [Foreign language] Okay, I have the questions. I was wondering where they were. Okay. We have Ciro here. Let's start. Let's kick off the Q&A session. First question comes from our foreign investor. It's been translated, so I'm going to read for you. It looks like Iguatemi is integrating new brands faster than its competitors. Can you talk about your view on the tenant mix, infrastructure, the agreements, how you're positioned to capture this growth? What are the major aspects of the company that allow you to have the edge over the other players? Just repeating a little bit of what we said, I think that we differentiated ourselves from competition by having partnerships with our tenants, providing a solid ecosystem. This really makes a difference when we are negotiating. I think Iguatemi is really an entry point for global brands. I remember that when H&M came to Brazil, they wanted 2,500 sq m. That was the standard. We could not provide that, but we worked to provide them with 1,000 or at least a store that was as large as they wanted. When their leaders came to Brazil, their mission was to be at Iguatemi, São Paulo. They wanted the first H&M and the most iconic mall in Brazil. That really showed us our recognition. I think we have an extremely exclusive portfolio and quite diverse, and that really allowed us to attract interest from different tenants and brands. In addition, we have all this curation we provide to our customers. We have different events that we provide for brands. In addition to this mixed planning, we do have a team that is dedicated to improve the categories within our mall to add new potential categories, which brands we should have where. We really analyze thoroughly how things are organized. Our commercial team is really about placing each brand according to the four major pillars, summit to a plan, what makes sense to each mall. Again, strengthening our portfolio, what we did over the last decades, a portfolio that will fulfill the current demand, a sales performance per square meter quite impressive. Like Pedro mentioned, our malls are in the top, are the largest and most profitable malls in Brazil, and in total volume are also per square meter. I think this is really our ability to reinvent ourselves and to provide our tenants with great and innovative businesses. Okay. Are you listening to us? Okay. Okay. Continuing, talking about occupancy rate, André mentioned that there's a question. The increase of the occupancy rate since 2023 was driven by smaller spaces or satellite stores. Today, you talked about a demand for really large stores and spaces. How can this trend have an impact on the relationship with satellite stores or also the profitability of the assets or even the occupancy rate of the assets? I think there's a bit of everything. We have good opportunities for satellite stores, temporary stores. It is true. Global brands over the last years have concentrated their operations in having fewer stores but more concentrated on their target audience. What we see is that what we do, we continue to increase our profitability. Footfall, traffic, sales volume is something we've captured along the years. If you look into our earnings release, it is pretty clear how much we've grown in that sense. This really shows why we are different. What we've done has allowed us to outperform the market. Within this plan of looking into this percentage of Fixit and satellite stores, what we have in place has allowed us to outperform the market much more than we expected. Okay. Third question. You have talked about expansion projects. How do you see these projects in terms of additional margin? I can answer this one. We are going to have an increased margin. For example, we have these new malls, and we had the earnings release call when people asked that. When we showed the acquisition cap, it was 7.58, but the consolidated cap, considering the different revenues that we add to our business, added it to 10. In addition, there are other improvements that you probably do not see in terms of revenue, but come in terms of cost, cost reduction. We really centralize our efforts, our shared center. We have few people to manage the 17 malls. If you think about what we do, we have these malls, and then what we gain from our tenants, we pay our—I used to pay our services. Whenever our amount increases, we are going to have a larger number, and we are going to increase our indexes. Expansions are like that. Your revenue is going to be increased, more tenants, more GLA. You are going to improve profitability of, for example, Iguatemi, Brasília. We are going to have greater GLA, so we will have a greater collection. Based on our efficiency, and Dilene showed some KPIs, you see that our energy consumption today is smaller than when it was in 2019. Water, smaller than 2015. We have water use. We offer properties that, and that is reflected on our cash. We are improving our efficiency as a holding. We will not have extra G&A for the holding, but we are diluting our cost since we can improve all the collection that we have, the sources of revenue, and then we are dividing by smaller costs. I think it is really important to talk about what Guido said. When we consider our budget and what we predict for the year in terms of efficiency gains, we are constantly seeking to improve our results, but also prioritizing our quality. Carolina Medici, I was congratulating her because we were awarded an innovation prize since we implemented a robot that makes some important decisions. This really shows how we were able to increase efficiency without increasing costs as well. We were controlling costs. Continuing, when we talk about digital retail, it was a topic that was a trending buzzword during the pandemic. How do you look into that? What's your take into e-commerce and that? I think that after the pandemic, our sales growth was quite clear. The results that we've produced, we had a really strong Q2 and even stronger Q3 in terms of sales. If we compare same area sales, we've grown about two digits, so 9% growth. When we talked about it, people learned to consume luxury brands after the pandemic. It's important to say that the luxury market is worth BRL 100 billion, and Brazil plays a key role in Latin America. It accounts for about 30% of this luxury consumption. We have about 1 million customers in Brazil that are considered upper classes and who have a large spending power. We see a constant and potential growth. We have been able to combine all that to provide great experiences for our local and global brands, like with what we presented for you in terms of projects. Also, we have retail and the 365 as a way to really access different areas. For example, if you have a company that targets upper classes that has their malls in the key capitals of the certain region, we are able to go to Porto Alegre, Gucci, open the store there, in addition to other brands that have been growing with us in other markets. If we look into our retail unit and the 365, how can we exceed this market? We have always been really focused on the results that we can produce. The 365 retail as a whole, we are going to produce greater results than expected this year and much higher than what they were last year. Pretty much outperforming ourselves. The products that we are offering, we are offering to the entirety of Brazil. In addition, I do believe that we invest in products not only from a digital standpoint, but also we showcase these brands in our events. For example, we showcase a brand in Brasília. Last week, we have launched a new launch in Iguatemi, Porto Alegre. You know the standard, high-quality standard. We had Bottega Trend Show. It was quite a hit. This ability to really understand that we can reach new markets is something that we do believe in and we invest in. I think that we are probably one of the only players that can do that in the market. When I talk about retail, on top of that, building on what you said, what is the outlook of retail for the upcoming years? How do you adapt to the consumption trends? Based on what was already said, what I can say is that our ability to innovate and to put customers first, making decisions that are actually going to provide a better customer experience, allow us to continue growing. Like we've been saying, we have a great relationship with our global brands. Global brands have been constantly growing. They are up two digits in growth. Like Satomi said, we have a customer relationships team that also does the curation for our customers. Also, if we think about our Christmas decoration and events that we do, the parade, they allow us to really wow our customers. We have relational experiences with them. This does make a difference. I was participating in a panel the other day, and the photographer came and said, "Oh, I wanted to just say that my father was a security guard at Iguatemi maybe 20-30 years ago." These events really make people look at us, and sometimes they get emotional. We have invested in brands, in experiences, in trips, in art curation, culture curation, and that has made a difference. Brands look at us, and they see us as a safe place for us to do business with. They want a safe experience as a whole. I think it is really nice what you said. To add to that, Carlos talked about creativity. Pedro, we are really creative when it comes to capital allocation. We started a BBIG fund. Everybody tried to just copy that, but we did that first. We are creative in terms of engineering. Like Claudio said, nobody's looking at that, but if you are interested, I invite you to just check what's going on below this terrace. We are building a top floor and trying to expand the floor, creating a ceiling, a space between the ceiling and the roof. It is really like creating what we did with the skyline. We did one above the other, over the other, so that we could have Saint Laurent, Cartier, and Dolce & Gabbana. That goes beyond that. It's not only about mix. We have Satomi and her team on top of that, but it involves finance, technology. Caio last year was in an urban fair, trade show. Our IT director was in Gartner. We are on top of all major new trends to really be on the forefront. I think the last question is about Casa Figueira, how the project is, how is the evolution, and what do you expect in terms of results? Just like Caio said, Casa Figueira is the last touches before we can launch it. So Caio, we should be able to start our first sales. We've been working with our majority partner in the neighborhood, FEAC, FEAC that holds 70%. FEAC should have the first plots that should show in our last quarter for the year. Now, and this should improve our margins. There are other plots as well. They're in the process of negotiation, and they should be part of next year. 2026 is a year that should see this binary quality of the market. Everything we're selling now should be launched in 2027, 2028, and so on. We're expecting a bullish market by then. Having said that, this is the end of the Q&A. That is the end of the questions. I would like to thank everyone for their presence. With you, our CEO, I would like to thank you all for your trust and your presence, everyone that is both here in person as well as connected remotely. I am glad that you had the opportunity to see our theater. That is our gift to the city. I would like to do a quick summary of the meeting. We are a company that can really impact reality. We have a strong will. There is a lot that we want to do. We have a vision in terms of what a city means and how we can impact the city as well as art and culture. We do a lot in terms of product, but we go beyond that. We're able to transform our strategy in a final product that both answers to the needs of our shareholders, our clients, and keeping the client in the focus of our activity. Thank you so much. I hope you enjoyed your time here and know that you can count on us, the whole team at Iguatemi. Thank you very much. Till next.