Good morning, ladies and gentlemen. Welcome to the earnings release call of LOG Commercial Properties, referring to the earnings release of the first quarter 2026. We have here with us Sérgio Fischer, CEO, Rafael Saliba, CFO and Investor Relations Officer, and Henrique Schuffner, Finance and Investor Relations Director. We would like to let you know that the presentation is being recorded and translated simultaneously. Translation is available by clicking Interpretation. For those listening to it in English, there is the option of silence mute the original audio. During the company's presentation, all participants will be in listen-only mode. We are going to start our Q&A session. To ask a question, please click on Q&A and type in your name and company's name. When your name is called, you are going to get a message to unmute your mic. We would like to clarify that statements that may be made during this conference call with respect to LOG business prospect, forecast, operational and financial goals are based on assumptions of the executive board, which may or may not occur. Investors should understand that general economic conditions, political conditions, and other operational factors may affect the future performance of the company and lead to results which may differ materially from those expressed in these forward-looking statements. To start our call today for the first quarter 2026, I would like to hand it over to Sérgio Fischer. Good morning, everyone. Thank you very much for joining us in the earnings release call of LOG's first quarter 2026 results. The Brazilian market for Class C logistic warehouse remains very strong, supported by solid structure fundamentals, the expansion of e-commerce, the expansion of existing logistic parks, and limitation of supply of modern well-located assets. These factors continue to provide positive occupancy rates and rental prices. In this context, LOG continues to move forward with its strategy of building a scalable logistic platform, combining geographic diversification, modular flexibility, verticalized operation, and strong operational performance. Robust demand enabled the company to deliver gross absorption of 106,000 sq m of GLA in the quarter. We have also completed two projects, LOG Campo Grande, 27,000 sq m, and the first phase of LOG Cariacica in Espírito Santo, approximately 38,000 sq m, totaling more than 65,000 sq m of GLA. It's worth noting that both assets were delivered with 100% pre-lease, showing the strong adherence of projects. This high level of pre-lease reduces vacancy risks, increase the predictability and revenue generation of assets, and reinforce the liquidity of projects developed. Our vacancy rate remained at minimal levels at about 1.1%, while the development pipeline remains concentrated in regions with proven liquidity and high consumption intensity. This strategy has allowed the company to operate with greater commercial efficiency and capture consistent price gains. As a result, the average ticket of the lease reached BRL 23.84 per sq m, representing significant growth of 13% year-over-year. The lease spread was 2.79%, 15th consecutive quarter of real growth above inflation. We continue with accelerated pace of construction with 16 active construction sites, equivalent to 780,000 sq m of GLA in all regions of the country. Throughout the year, we will reach a peak of 19 simultaneous construction sites, totaling about 1 million sq m under construction. It's distributed in 16 states, covering 18 capitals and their metropolitan regions. For this new group of projects, we have set relevant cost in line with LOG's latest deliveries. To sustain this growth, we have announced a transformation pact in the company's history. The completion of the signing of this transaction announced on February 11 is the largest sale ever carried out by LOG. The completion of the definite documents of the transaction announced on February 11, 2026 formalized the sale of a portfolio of 11 stabilized operating assets, totaling approximately 333,000 sq m of GLA for a total value of approximately BRL 1.02 billion. The total amount is close to the net asset value, the NAV, implying estimated gross margin of 33%, showing the company's ability to originate, develop, and monetize assets with discipline and generating value for shareholders. Transaction will be completed through the constitution of a new real estate investment fund, ILCE11, which has already been filed and has firm guarantee of placing the shares in distribution. In addition to being the largest transaction ever carried out by LOG, we highlight the structure of the operation, which allow us to capture relevant value already at time of sales with the potential to generate future results. Approximately 80% of the proceeds will be received in cash, strengthening the company's cash position and liability management. The remaining 20% will be converted into shares of the funds with the potential to capture inherent value, both from the revision of ongoing rental contracts and the possible compression of cap rates. LOG will act as a real estate advisor to the fund with a remuneration of 0.5% of AUM. This new level of compensation for the company, in addition to reflecting market recognition of the competitive differentials of LOG service platform, also shows the company's ability to extract revenues from service in asset management. Finally, the structure of the transaction reinforces the company's position as an integrated platform in the logistics industry, preserving the relationship with our customers and the accumulated commercial intelligence. The transaction is fully aligned with the company's strategy, showing the ability to generate value for shareholders through asset recycling operations with better capital yield between leasing and development activities. The anti-anticipation of the resources necessary to execute the investment plan for 2026 enables unlocking the potential value associated with new development projects. In a challenging macroeconomic environment sensitive to interest rate dynamics, LOG demonstrates discipline in capital allocation, consistency in execution, and resilience of its business model. Accelerated development activities combined with service platform expansion enhances the value from a capture from opportunities in the Brazilian logistic market, and will be an important lever of total return to our shareholders. The first quarter of 2026 was marked by financial records for the company. Net rental revenue totaled BRL 6.1 million, up 19.4% year-over-year, reflecting both the maturation of the portfolio and the consistency of our commercial strategy. In net revenue from services, we had even better performance. Growth of 94%, reaching BRL 8.3 million, with growth margin of more than 70%. It's worth mentioning that about 40% of this revenue comes from complementary services such as manage, insurance, and solutions offered via Log Shop. Log ADM closed the quarter with about 3 million sq m of GLA under management, of which 2 million sq m are third-party, showing that the open market has already proved to be a relevant vector of growth. For 2026, Log ADM has approximately BRL 36 million in gross revenue already contracted. With the creation of the new fund, we expect to generate approximately BRL 5 million in additional services revenue in the next twelve months. This shows the company's position as an increasing relevant player as a real estate consultant, expanding the base of recurring revenues. Moving on to profitability, rental EBITDA was BRL 56 million, with margin of 85%, increase of 18% year-over-year. In development, EBITDA was BRL 129 million, increase of 76%. As a result, consolidated EBITDA reached BRL 185.1 million, growing 50% year-over-year. In terms of final results, LOG reported the highest quarter net income in its history, BRL 134 million, increase of 55% compared to the first quarter of 2025. Net income per share followed the same pace, reaching BRL 1.63. In the capital structure, we entered the quarter with leverage 1.8 x net debt over EBITDA. It's essential to highlight that considering the expected receivables from the sale to the new fund, our pro forma leverage would fall to only 0.3 x. Finally, in line with our commitment to shareholders' return on investment, we approved the distribution of BRL 31.8 million in dividends, equivalent to 25% of adjusted net income, scheduled to be paid on June 30, 2026. It concludes our presentation, now we open for the question and answer session. Thank you all very much. Thank you. We are going to start now our question and answer session. Let me remind you that to ask a question, click on Q&A, type in your name and company name. Once your name is called, you are going to get a message to unmute your mic. Do it and ask your question. The first question comes from Herman Lee with Bradesco BBI. Good morning, everyone. Thank you very much for the opportunity. I have two questions. First, I would like to get more details about the sales of BRL 1 billion assets that you made to Itaú. If you could tell us about cap rate or yields, it would be great. I would like to understand that when you announced it in February, there were 12 assets. Now, when confirmed, there were 11. What has happened with the missing element? Finally, construction costs. You have been working at very low levels, showing your level of efficiency. Have you experienced an increase in cost of supplies, freight, or do you expect an increase? Thank you. Sérgio speaking. I'm going to start with the second question. It is a fact that we have been subject to some pressure with some specific items in construction costs. Paving, earth movement, concrete, it represents about one-fourth, and we've been seeing an increase in costs, some of them nearly 10% price increase. We don't know whether this is going to be maintained and how far it would go, but we have been subject to such pressure. At the same time, what have we been done to offset it? We've changed our commercial policy in the company. We can still have good lease prices. You've seen what we've delivered as being a very positive prices, and this is a trend-To our clients. Our pre-lease during the construction sites, we are bringing up prices and then IPCA index just after delivery of keys. We understand that we can share that with our customers. We are talking about BRL 1 more in terms of rental prices. We believe that we can maintain with that strategy our expected yields very close to our previous deliveries of 3% yield per year. Good morning, Herman. Rafael speaking. Concerning our transaction, it was BRL 1.04 billion, it went down to BRL 1.02 billion because there was an exercise of the preference orders of the Golgi asset. It follows the normal process of a of sales, and it's going to be concluded shortly. This is why there was a difference in value and number of assets. Now, concerning the economic elements of the transaction, as you told you in the release, the value is very close to our NAV. With the cap rate, as we are used to operating with 8%-9% on average, very much aligned with what we've always done. In addition, we are going to get a very important portion in cash. Thank you. Wonderful. Next question, Ygor Altero with XP. Hello, good morning. Few questions. First, recycling for 2026 with higher interest rates, is there still room for good recycling? What level of cap rate can we expect? Growth plan of the company. Now that we have more challenging costs, the pressure, are you going to revisit your numbers or are you going to sustain your strategy? Sérgio speaking. We are still following our pipeline of projects as is. We've had a record activity in the second half of the year, 1 million sq m under construction. We are not going to change that because commercially speaking, we've had a very high demand. We've never had such a high demand. We can see very good pricing capability for lease. We can see clients are willing to pay for quality. We don't want to miss the opportunity. Considering what we currently have in terms of pressures over lease prices, we still believe we are going to deliver the same yield levels. I think that the this is the best time ever in our history. Only wonderful projects, strong regions, high consumption levels in the regions, and it has been translated into very good lease levels. Concerning recycling of assets, yes, the interest rate has been going down. We're probably lower than initially expected, but we can see the market with some more liquidity. We've been making very good negotiations. We really want to have a record year in recycling of assets. Last year, it's BRL 800 million. This year, we've already exceeded that with the new transaction. There are new things coming, and we want to have a record year. We believe we can do that with very good negotiation. The first one was just amazing. What we've delivered in the deal announced yesterday, 80% cash payment when the transaction is closed and LOG will still have revenues and the capacity to have an appreciation in our additional funds. It's an amazing transaction, probably the best ever in our history. We are very optimistic with the possibility of having very good year ahead. Great. Thank you. Next question, Gustavo Fabris with BTG Pactual. Hello, good morning. I have two questions as well. You've been showing an increase on the average ticket, which is quite relevant. You showed in the chart that there is still a gap between what you've been using and what you have in new contracts, renewals, et cetera. My question is, how do you expect this convergence to happen? How do you expect to have an increase in average ticket in the next quarters and also think meter? A follow-up on the previous question of the LOG 2 Million. Even though we have some level of uncertainties in terms of interest rate, the transaction has brought some liquidity levels to the company, which is good. How do you expect to have that distribution of deliverables to really comply with your own plan, LOG 2 Million? Planning of constructions. This year, we are expecting to construct over 500,000 sq m per year. Next year it will be even stronger. We have a land bank, we have the approvals. We have confidence, commercially speaking. We really believe that LOG 2 Million will be delivered, maybe even with an upside. Now concerning our cap, we've been working in the past three to four quarters. The cap was 4. It was close to 20%, now it's close to 10%. I don't think we are going to close the cap because we've been increasing the lease prices on a monthly basis. The prices are going up, the movement is on. The cap seems to be harder to close, but for good reasons. We can see a market that has high demand, very strong market. We've been renegotiating quite well with all our clients. The LOG's business model has these complexes with 20, 30 clients in some of them. When there is price discrepancy, it's quite easy to renegotiate, present your rationale, because the modular shed and the volume of contract, the industry diversification, this is great because it's, it, to some extent, facilitates our negotiation. I don't think it's going to change in the midterm, and we're going to keep on working to bring prices up and close the gap. Thank you. Next question, Andre Mazini with Citi. Hello, good morning, everyone. Thank you very much for the opportunity. I have a question about the financing partnership, for example, retail funds. Do you see any capital partner, investment funds or other willing to join you in the risk of development? Not only purchasing ready stabilized assets with occupancy rate over 9% as funds normally do, but at, let's say, a more risk available, let's say, investments. If that would be the case, having an investor's partner, you could develop using less of your balance and maybe scale up faster. My second point is, how do you anticipate the receivables from your current sales? You have sold about BRL 300 million, are you going to keep on monetize that? How do you plan to use the receivables? Rafael speaking here. Thank you for your questions. Concerning your first question, what we've been trying to do is a very broad process of capital management and capital efficiency. We are going to observe a number of transactions, among them, the possibility of having development partners, especially considering that we have CapEx volumes, which are very significant associated with our LOG 2 Million plan. Yes, it does make sense to consider different possibilities of structures attracting investment funds, FII or others, provided that the process is favorable to us in terms of return on investment. In capital allocation, we really want to have everything very meaningful. Concerning receivables, we are always going to follow the financial perspective. If we see good opportunities of anticipation at compatible costs, at appropriate funding levels of the company, we'll anticipate them. We've been showing the liquidity of these receivables. In the past, there had been questions about the company's capacity to have liquidity of these receivables, but we have really reduced these numbers. The second quarter, we're going to have more operations, really showing the quality of our receivable and how well we can transform that into liquidity and improve our cash position. Great. Thank you. Next question by Igor Machado with Goldman Sachs. Good morning. Thank you for taking my question. I would like to have a follow-up on your transaction. You announced 11 assets being part of the contract, are you going to maintain the partnership with this fund? You said that you can see a challenging but still positive perspective of recycling for the rest of the year. Do you think that this fund can offer additional transactions in the near future? Hi Igor, Sérgio speaking. You see Igor, after completing this transaction, there are four partnering funds at LOG, each of them with different terms and conditions. We can do business with any of them. We are willing, open-minded, we understand it's something really positive. We'll be considering all possible transactions. It can be with this fund or any other. There are many new funds. We are open to really work on the best transaction to our company. Probably, what we are looking for are transactions in which we can retain this level of service post deal. It's something quite important to LOG. We have to maintain our commercial intelligence, proximity with our clients, really operation of the condominium, administration, and it helps us improve price margins. There is a whole scenario behind that. We are always going to focus on negotiations where we maintain management of assets. All those 4 funds offer that. We are probably going to do more of the same. Great. Thank you. Next question by Luis Wady with Santander. Good morning. I have two questions. One, concern the whole operation. Do you have enough money? Do you have the CapEx of LOG 2 Million plan? Do you intend to use the cash to speed up the construction sites because there is a whole pressure of some price increases? Any reason that would put you into delivering the constructions in a faster pace? Secondly, have you seen any specific or different industry with stronger demand for your warehouse leased? Sérgio speaking. E-commerce this year has taken most of the room. Last year, we saw food and beverage, pharmaceutical products, also e-commerce. This year so far, e-commerce, 90% of what we closed in the first quarter ends on e-commerce operations. The beauty of our business is a concentration in one industry. If you go deeply into data, you can see a number of marketplaces throughout the country, so dilution of risk. E-commerce ranks first. We have a lot of ongoing negotiations with major amounts, really, and this is why we are so optimistic with the near future. Now, concerning the constructions. On the one side, we know exactly the amount of GLA delivered in each region with strong pre-lease levels so that there is no vacancy. Our vacancy rate is about 1%, and that has been so for the past five years because of that. On the other hand, even if we can speed up construction sites, we are going to take the pace of each region so that we can maintain good occupancy rates once the assets are delivered. At the same time, we have to be conservative in terms of leverage. This operation has been great to our company. There are new things going on in terms of recycling assets, and it makes us really comfortable to go through this year of some uncertainty, but still with strong balance. Great. Thank you very much. Next question comes from Rafael Rehder with Safra. Good morning. I have one point to approach, to talk more about competition. It's a very good moment for the industry at large. Do you observe an increase in competition not only in the Southeast, but also in the other regions where we are located? In the company's perspective, what are the main barriers for new competitors to come into the market and start investing in the warehouse operations because you've been obtaining excellent numbers. Thank you, Rafael. Sérgio Fischer speaking. Entrance barriers. I'll say that the first one is cost of capital. Hi to everyone. Hadn't we had our strategy of recycling our assets, we would have difficulty to maintain our pipeline. With our own movements, we can develop our ROI, we can develop very positive results for different tiers. Cost of capital, number one barrier for any incumbent. We have a competitive differential. It's huge, right? Let's face it. We have a platform where we can build 50,000 sq m of shed per month, standardized. With very good supply chain partners who have been with us for years. Very good, solid internal team. Therefore, our construction is much more affordable than others, and we can deliver results, we can deliver yields. These are the two main barriers for competitors. It's quite a difficult to get to the level that we are. Now, talking further about competition. We've been observing development because of increased demand in the region of São Paulo, large projects. Competition is fiercer there, but this is not the reality in other very good regions in Brazil. Yes, there are projects being launched here and there, but once interest rates come down, real estate investments may go into development. We've been seeing that from one or two funds, but it is not something that is concerning us. We have 19 ongoing projects in large Brazilian cities, and most of them are not firstst project. They are second or third project, so it means we know a lot of the regions. I would say we are at a privileged situation, and we should benefit from it for a while. Thank you. Great. Next question comes from Marcelo Moura with JP Morgan. I have two quick questions. First, c an you please tell us more about the equity income? The line in Betim was much better. Is it what? The level of development of these projects so that we can anticipate what's coming. In terms of leverage, do you have any metrics such as the maximum leverage number that you want to work with in the short term? After this transaction of BRL 1 billion, you have a very comfortable position, right? I was wondering, is there any other metrics that we should take into consideration? Sérgio speaking. In Betim, we have reached this level of equivalence that you've observed in the third quarter. There is no more CapEx there. It's nearly closed. Sales are not as good as we expected. We wish we could have been selling more. The first quarter, we sold more than last year's. As there is no CapEx, we end up getting better results. The good news is, though, that we still have 1.8 million sq m to be sold, one third of the project. Which is a considerable amount of resources that are coming in in upcoming quarters in terms of equivalence. We've been putting in place some commercial initiatives, payment installments to increase the sales volume. We are excited, I have to say. We expect the numbers to grow in upcoming quarters. You see no CapEx further there, so it's all covered. In terms of leverage, after this transaction, we have the strongest balance for the past 5 years, right? There are new transactions to take place. As I told you, we have maintained a line of having a leverage 1.5x EBITDA. We don't want to grow any more than that. BRL 700 million or even a bit more in terms of adjusted net debt. This is what we are going to maintain throughout the course of 2026. If things change, we can always revisit the strategy. This is what we've been with, 1.5 x net debt over EBITDA. Thank you. Our Q&A session is closed now. We'd now like to hand it over to Sérgio so that he can make his closing remarks. Thank you all very much for the participation. I would like to highlight two points. First, about what I've said concerning the transaction, the best transaction ever in our history. It's going to improve our service levels. The service line is increasing significantly, getting close to our SG&A of the whole company much faster than we initially thought. We had 100% growth of revenue from services over the first quarter last year. We can see we can keep on growing. Very positive indeed. Speaking about the perspective of the second quarter, we already have very good construction operations being delivered, good yields, 100% pre-lease covered. We'll keep on increasing our revenues. We are highly excited with the pipeline of the second quarter 2026. Thank you all very much for joining us this morning. See you next time. Earnings release call of LOG is finished now. If you have any questions, send your questions to Investor Relations team using the email ri@logcp.com.br. Thank you very much for joining us. Have a great day.