Good morning, ladies and gentlemen. Good morning. Welcome to the earnings video conference of LOG Commercial Properties to discuss the results of the third quarter of 2025. Here with us today we have Mr. Sérgio Fischer, CEO, Mr. Rafael Saliba, CFO and Investor Relations Officer, and Mr. Henrique Schuffner, Finance and Investor Relations Director. We would like to inform you that the presentation is being recorded and translated simultaneously. The translation is available by clicking on the interpretation button. For those listening to the video conference in English, there's an option to mute the original audio in Portuguese. By clicking on mute original audio. During the company's presentation, all participants will have their microphone disabled then w e will start the Q&A session. To ask a question, click on the Q&A icon and enter your name and company. When being announced, a request to activate your microphone will appear on the screen and you must unmute your microphone to ask your questions. We would like to clarify that any forward-looking statements that may be made during this video conference regarding the business perspectives of LOG, its operating and financial targets, constitute projections by the company's management and these may or may not occur. Investors should understand that political and macroeconomic factors, as well as other operating factors, could affect the performance of the company and could lead to results that differ materially from those expressed in such forward-looking statements. To open the results video conference of the third quarter of 2025, I turn the call over to Mr. Sérgio Fischer. Good morning everyone and thank you for joining us f or LOG's Q3 2025 earnings conference call. T he market for logistics warehouses remains in a very positive moment. In the third quarter of this year, Brazil recorded a historic vacancy rate of 7%, record net absorption of 1 million sq m, a 20% growth in leasing activities, and a 33% increase in the average rental price over the last 36 months. Within this context, LOG continues to observe strong demand for its warehouse, a result of the quality of its assets and the strategic location of its portfolio. In the quarter, we recorded the gross absorption of 201,000 sq m, 73,000 sq m in contracts for assets still in the approval phase. We delivered 45,400 thousand sq m during the period and 96% pre-leased, a yield on cost of 12.5% and an average ticket of BRL 25.04 per square meter. We stabilized vacancy rate at 0.81%. The average price for the portfolio reached BRL 22.43 per sq m, a growth of 10.3% compared to the third quarter of 2024. Last quarter, we announced the first phase of the lease review process aimed at adjusting rents for a quarter of tenants whose rates were out of line with the market. In the third quarter of 2025, we completed the equivalent 33% of the total of 232,000 sq m of GLA from this first review phase. From this group of clients, the contracts have already been revised and we have obtained a significant increase in the average nominal ticket of 46% with a cash flow effect of 24% starting from the signing dates. It's important to highlight that the adjustments have not yet impacted the quarter's result and should be reflected gradually over the coming periods. We are therefore well positioned to capture the rental appreciation cycle by combining resilient demand, low vacancy rate and high-quality portfolio, factors that should sustain growth in the coming quarters and support further expansion phase. We recently announced the sale of three more assets located in two regions in the LOG Jundiaí, LOG Ribeirão Preto in t he state of São Paulo, LOG Natal i n Rio Grande do Norte, the transaction totaled BRL 364 million with a consolidated gross margin of 27.1%. This is the third sale announcement made in 2025, totaling approximately BRL 790 million recycled since the beginning of the year, with an average gross margin of 29.5%. These operations reinforce our strategy generating value through asset recycling. It's important to highlight that the sales were carried out at NAV, demonstrating that the company has been selling its assets at book value reflected in the balance sheet. This transaction reaffirmed the quality and attractiveness of our portfolio even in a more liquidity-constrained environment. LOG continues to execute its divestment plan with discipline and efficiency. With the liquidity generated by sales, we resumed our production pace in the second half of the year. In the third quarter of 2025, we produced 86,000 sq m, totaling 207,000 sq m to date. Consequently, the number of ongoing projects increased from 8 to 16, more than doubling the gross leasable area under construction. This acceleration keeps the LOG on track and w ith the LOG 2 Million programs. Thank you very much. In the second quarter, net lease value was BRL 66.7 million, an increase of 18% compared to the same period of last year. The average lease ticket was BRL 22.43 per sq m of GLA with a good growth prospect. Over the next few quarters, the same client rent indicators increased above inflation, marking the 13th consecutive quarter of positive real adjustments. This performance demonstrates our ability to capture rental appreciation in the market even in the long-term contracts. Net delinquency was only 0.45%, reflecting the quality of our client portfolio and disciplined credit risk management. We continue to rapidly advance our strategy of increasing revenue through a comprehensive service platform connected to the logistics warehouse ecosystem. LOG ADM, the unit responsible for asset management, reached 2.6 million sq m of GLA under management, a growth of 50.4% compared to the same quarter of the previous year. Out of this total, 464,000 sq m correspond to the administration of third-party assets not developed by LOG. This move reinforces market recognition of our expertise, efficiency, and customization capabilities while also significantly expanding our asset-light monetization avenues beyond the traditional leasing model. In the quarter, net revenue from services was BRL 6.1 million, a growth of 62% over the third quarter of 2024, with a gross margin of 70.4%. This revenue stream already accounts for 46% of general administrative expenses. Our expectation is that by the end o f LOG 2 Million Plan with the s tabilized portfolio services revenues will be sufficient to fully cover the company's SG&A. Operating expenses totaled BRL 15.5 million in Q3 2025, an increase of 13.5% compared to the same period of last year. The variation is mainly due to recognition of deferred expenses in 2024 and reclassification of expenses in the third quarter of 2024, generating an extraordinary reduction at the time. Lease EBITDA was BRL 57.1 million in the quarter, up 15.4% compared to the third quarter of 2024, with a margin of 85.6%. Development EBITDA was BRL 135.7 million, a 56.6% i ncrease compared to the third quarter of 2024. Consolidated EBITDA reached BRL 192.8 million in the quarter, a growth of 41.6% compared to the third quarter of 2022. Up to date, consolidated EBITDA was BRL 453.9 million, an increase of 29.3% compared to the first nine months of 2024. The financial result was negative by BRL 56.5 million, impacted by the 33.8% increase in the CDI rate during the period. Net income for the quarter was BRL 111.4 million, a growth of 14.7% compared to the third quarter of 2024. Year to date, it reached BRL 284.8 million, a 16.6% increase compared to the first nine months of 2024. Finally, earnings per share in the third quarter of 2025 was BRL 1.28, an increase of 15.7% compared to the third quarter of 2024. Year to date the total was BRL 3.27, an increase of 23.6% compared to the same period of 2024. LOG remains true to its philosophy of responsible growth, conducting conservative management of its liabilities, focusing on standardizing maturities, reducing financial costs, and mitigating refinancing risks. Considering the receivables from the asset sales announced in October, which totaled BRL 364 million, the adjusted performance at that would be BRL 427 million. Using this criteria, the leverage ratio would reach only 0.7 x the EBITDA, reflecting a solid, efficient balance sheet well positioned to support growth. In September, we completed the CRI issuance worth BRL 300 million with terms of three years and seven years at an average cost of 99% of the CDI. In October, as part of our cost optimization and term extension strategy, we carried out an early amortization of BRL 300 million from the 21st debenture issuance, reducing the debt spread from CDI + 1.72% to CDI + 1.10%. This operation strengthens the capital structure and generates recurring financial savings. We continue actively executing the debt restructuring program, taking advantage of favorable capital market windows through prepaying short-term higher cost debt while maintaining a lean, predictable, resilient balance sheet. This decision reinforced our commitment to financial, disciplined, and sustainable growth principles that will continue to guide our management in the coming cycles. In the third quarter of 2025, we received a total of BRL 512.1 million in cash from asset sales, with BRL 256.5 million relating to transactions from previous periods and BRL 255.6 million from sales made in this quarter. With this liquidity restored, we resumed the p ace of executing the expansion plan. The quarter's CapEx totaled BRL 197 million, a 23% increase compared to the previous quarter. The robustness of our capital structure enables us to continue investing while delivering consistent returns to our shareholders. We approved the distribution of BRL 26.4 million in dividends, equivalent to 25% of the adjusted net income for the quarter, with payments scheduled for November 28th. We therefore remain committed to a strategy that combines responsible growth, diligent management, and the sustainable generation of value for our shareholders. With that, we conclude the institutional presentation and begin our question and answer session. Thank you very much. Thank you. We are now going to start the Q&A session. We'd like to remind you that if you wish to ask a question, click on the Q&A icon and type your name and company. When announced, a request to unmute your microphone will pop up on screen. You must unmute your microphone and ask your question. Our first question comes from Herman Lee with Bradesco BBI. You may proceed, sir. Good morning, Sérgio Fischer. Thank you very much for the opportunity of asking questions. We just have one question on our side, I would like to understand t he CapEx expectations for the company. Since you sold more assets, does the c ompany expect an acceleration in the fourth quarter or is it likely to be m igrating to the next year? Thank you. Hi, Herman, thank you for the question. This is Sérgio speaking. Herman, this is what happened. We were expecting the completion of those sales in 3Q 2025. We received a lot of cash. BRL 512 million cash from asset sales. Recently we are announcing a possible t ransaction of BRL 364 million. We have strength, we have enough b alance to start new projects. Today we have 16 projects and they're way more than 500,000 m under construction. The third quarter was a CapEx higher than the average. The trend is to have a CapEx a bove the third quarter. This is what we expect for the fourth quarter. We are building 2026 in a very positive manner. There are a lot of projects in the way. There are many projects which have been a pproved, and as we complete those sales and as we receive all those proceeds from the sales and have a more robust cash, we are going to move along with those projects. 2026 has a great potential. Okay. Oh, that's very clear, Sérgio. Thank you very much. Our next question comes from Ygor Altero with XP. Your line is open. Oh, thank you very much. There are two questions on my side. First, I would like to understand how you see the opportunities in relation to recycling since and considering that the rates are high. If the gross margin that you received, are we to expect that this level is going to continue so that the company will continue deleveraging? I would like to talk about t he services revenues that had an acceleration for the quarter, could you tell us how you see these dynamics for the future? What are the growth avenues in those lines? Thank you. Hi, Ygor, this is Sérgio Fischer speaking. Thank you very much for the question. Let's talk about recycling first. We had 2024, which was very positive. You know, the sales volume was very high, gross margin of 40%. What we managed to deliver this year made us very happy, very confident because we got, we're getting close to the CapEx, nearly BRL 800 million of sales with a gross margin of 30%. There was a drop in the gross margin. The scenario was much more complex i n the first half of the year. The market didn't have enough liquidity. In the last four months, however, we saw some improvement in the scenario. I think we're getting close to maybe the beginning of the interest rate high. This is going to increase the liquidity, especially when we talk about real estate funds. We are ready, foresee a level of activity of sales and asset liquidity with improvements. I'm more optimistic from now on. I believe we can make transactions at the same level that we made so far this year. This provides us with the capacity to grow further, to have a robust balance sheet, and to continue with our growth plan. In relation to the service line, we're very enthusiastic and we're very optimistic with this business unit. This year we made a change, a more aggressive change. We tested new services. We saw that we had the opportunities to capture those possibilities and we are capturing those values. Those resources started to come in. Our dynamics started to generate good fruits. We saw that it has the p otential to grow and we are very e nthusiastic about that, and we are delivering a very good margin in this line. The margin was 70% of the gross margin of this service provided reaches this level. As we gain productivity, we continue to be very enthusiastic and we know t hat this is going to bring good r esults for the company in the medium term already. Thank you, that's very clear. Our next question comes from Carla Graça w ith Bank of America. Carla, your line is open. Go ahead. Good morning, everyone. Thank you very much for the opportunity of asking questions. I have two questions on my side. Last quarter you announced renegotiation contract plan, and you made some comments about it this quarter. How are you handling the negotiations so that you can transfer the increase? Can you provide information about the timeline and the tickets for the next quarter considering you're undergoing this renegotiation plan? My second question is about dividends. You said that the prospect for this year was 50% of payout. With the possible taxation of dividends, are you considering paying, paying, entering dividends or are you considering increasing this level? This is Sérgio Fischer speaking. I'll talk about the contracts and the half, Rafael will talk about the dividends. Thank you very much for the questions. Here we go. This is what we did. We saw for some time now that the sector has been facing a moment we've never seen before. There is a repricing of the lease pricing at the Brazilian level above the inflation rate. It was the 13th consecutive quarter w hen the same client rent was above inflation. It is a unique moment. We've never faced that moment before. This is the best moment in the history of the company considering this pricing a rea. We saw some discrepancies when comparing the tickets from different regions. First, we made the first trends about 250,000 m. Those were clients that were about to have the contract revised. We had very positive, very transparent conversation negotiations with those tenants, those clients. In the first round, we managed to increase the nominal ticket. The cash ticket is not at the same level because some tenants are facing some financial problems. We are working on a case-by-case moment. The surprises in the conversation have been very surprising. Conversations have been very positive. The other part is also receiving those information in a very positive way. Those tickets were not impacted yet in our results. This is something we are likely to see in the quarters to come. As we complete the negotiations a re underway, we are going to see a higher potential, of course, for the next round. The potential may not be as big as we saw things, w e saw the opportunity, the bigger opportunities. Now it's likely that the percentage will decrease, but the absolute value, the value of the average ticket is likely to increase for the next terms. Okay. Okay. T his is Saliba speaking. Good morning, Carla. In relation to the dividends, the company continues with intention of paying 50% payout for the current year. If we are going to have an interim payment, what I can say is that we are monitoring the taxation discussions underway and we are also evaluating, as Sérgio mentioned, we are considering that we are increasing the project. This may have an impact on t he cash of the company. We are very cautious because we have to follow the schedule of the growth of the plan of the company. We also have to consider the capital demand. We are closely monitoring all the discussion and we are evaluating the possibility of having entering payment of dividend. We haven't decided anything. We're still waiting for things to play out. Perfect. Everything was very clear. Thank you. Our next question comes from Piero Trotta with Citi. Your line is open, sir. Good morning, Sérgio. Rafael, thank you very much for the call. My first question is related to a follow-up on Igor's questions about services revenues. I would like to understand if the new services that you are adding to your portfolio, such as insurance and others, you're also insourcing some activities. Were activities that had already been planned when you considered that the SG&A would be covered, and if not, do you believe it's possible to reach 100% of SG&A before the 2 Million Plan? The other question is related to the reprofiling of the debt. You paid a debt of BRL 300 million with a higher spread, and the spread of the company dropped to 1.1%. We can see that you have been capturing debt based on the CDI. I would like to understand what's the timing for the average term of the debt to be converted in what you're doing as an end result. Pietro, this is Sérgio Fischer speaking in relation to services. When we announced the number that we expect along the LOG 2 Million Plan to be completed, we want to match the revenues of LOG [ADM], and this is the services project that we have internally. We had considered the business lines that we are capturing now, such as i nsurance is what we see. Now we are having a curve which is better than we had, and we have LOG administration, which has been very successful. To our surprise, we have been very welcome by the third-party gated community tenants, and we have some tenants. That ask a lot to administer their properties. This is something that is opening ways for us. The numbers are increasing faster than we expected. We may have good ramp up of service revenue faster than what we first planned. Good morning, this is Rafael Saliba speaking. In relation to the reprofiling of the debt and our capacity to convert more quickly to debt cost, which is similar to what we saw in the last two offers, the two issuances. In fact, the company has the need of financing projects, so we can do this by new CRIs of real estate receivable certificates. We have been making good discussions and we are considering how we are going to handle our debts, but that will depend on the speed that we can implement the resources in the new projects and also with the issuances and how we can issue all the CRIs for the project. It's difficult to specify when we're going. To get to that point, we believe that considering the trajectory that we described in the release, we can see that the spread keeps on falling along the time. We believe that this trajectory is likely to continue, but at a slower trend, at a slower pace, and that would depend on the acceleration of the CapEx. This is how we see it. Okay, clear. Thank you very much. Our next question comes from Igor Machado with Goldman Sachs. Your line is open, sir. Good morning, Sérgio, [Rafael, Henrique], thank you very much for the call. I would like to have a follow-up on the CapEx question. It's clear that you started to build resources after the recycling, but I would like to know if you have any estimate per square meter that would help us understand how much you intend to invest in those projects. I would also like to understand the details of the assets that are under construction, where they're located, and if there is any information in relation to the yield on cost or anything that would help us make our calculations. Thank you, Igor. This is Sérgio speaking. How are you? Let me start from the second question about assets. The amounts, the number of square meters that we have under construction, 40% of them are located in the northeastern part of the country. AC region. We focus a lot. We are very enthusiastic about investing in that region. We are considering all the capitals in the northeastern of Brazil, so our clients are asking for quality. We are focusing on the northeastern part of Brazil because the lease tickets are very close to what we see in the southeastern part of Brazil, and we are going to continue along those lines. We also have Midwest and the south and the northeastern of Brazil, north of Brazil. Other than that, it's very diluted. We have projects in the major capitals of the country, and we have projects underway, and LOG has a lot of capacity, and we know how to divide the absorption of each region according to the inventory level that we have. We have been able to allocate those assets according to the region, including what we have done in terms of pre-lease. In relation to the CapEx, this is how we see it. We have had the stability in the construction cost for some time now. We didn't see any discrepancy. The cost is below NCC. If you see the gross margin that we have delivered in the sales and if you look at the total CapEx of each project, of course, we have to include all the costs, including land cost. We can see that we are very stable, and we are very enthusiastic also in this dimension because we see a lot of instability in spite of the pressure from costs, from labor costs. Our projects are not so impacted because our construction works are much more industrialized, and the cost of construction is below the NCC. Okay, right, thank you. Our next question comes from Matheus Meloni with Santander. Matheus, please, your line is open. Hello everyone. Thank you very much for the opportunity. Just questions. I would like to understand the demand and I would like to know from the sectorial viewpoint, how do you see this evolution? The second question is related to another update on the amendment that you signed and the lease of some assets. These are our questions. Hello Matheus, this is Sérgio speaking in relation to the sales of BTG. Yes, we solved. All the proceedings are in cash and the assets are no longer in our balance sheet. This is something that was completed in the third quarter. You will see that those assets will no longer generate lease revenues for us. This has been completed in the third quarter. In relation to the sectorial demand, this is what I have to say. The beauty of our assets is that they are exposed to all different sectors of the economy. You see this is well diluted in our portfolio at present. We have a larger number of potential clients and tenants for 2025. This is what we feel, that mostly e-commerce is diversified at the geographical level. It's impressive how e-commerce is occupying the warehouses and sometimes we have project is already ready or we have project underway and we managed to capture this demand. The major sector is still e-commerce, but food, beverages, and pharma still is very strong. I would focus on those three sectors mainly. That's very clear. Thank you. Would like to remind you that if you wish to ask a question, click o n Q&A icon and inform y our name and company. Please wait while we collect the questions. The question and answer session is closed. We turn the call over to Mr. Sérgio Fischer for his final remarks. Thank you very much for attending the call. We are experiencing a positive moment in the sector. The sector as a whole has a vacancy rate of 7%, and at LOG it's below 1%. Demand is very strong. The ticket repricing is also very strong. We are in a moment where we're delivering products with very good yield on cost. This is the scenario that we s ee down the road and for the next year. As I said previously, we managed to make the transfer of the portfolio in a much faster way than we had planned. In addition, the strategy of increasing the service revenue is very successful and we a re very enthusiastic about this as well. We have seen that we are positive and enthusiastic about the sales of new businesses. We have been doing good negotiations, and for sure we are going to complete many deals. We'll be able to maintain a very strong balance sheet and maintain this momentum. I would like to thank everyone, and I'll see you in the next call. The earnings video conference blog is now closed. Should you have any questions, refer them to the investor relations team via ri@logcp.com.br We would like to thank you for your participation and have a nice day.