Good morning, ladies and gentlemen. You are Welcome to the earnings release call for the second quarter of 2026. Here with us today we have Sérgio Fischer, CEO, Rafael Saliba, Investor Relations Director, and Henrique, CFO. We would like to let you know that we have simultaneous translation into English, which is available once you click on the English button. The option to silence the original can be used by clicking Mute Original during the company's presentation. All participants will have their microphones off. We will start the Q&A session. To ask a question, click on the Q&A icon and type the name of your company. Your microphone will be activated, and you ask questions. We clarify that eventual statements made during this conference regarding the business perspectives of LOG, operational and financial goals are projections of the company's board of directors, which may or not occur. Investors should understand that political, macroeconomic, and other operational factors may affect the future of the company, leading to results that differ materially from those expressed in future considerations. To open the video conference for the second quarter of 2026, I now turn over to Sérgio Fischer. Good morning, everyone, and thank you for participating in the call for the earnings release for the second quarter. The market has been heated based on solid fundamentals. The lack of class A assets and rentals continue leveraging the demand for high-quality logistic facilities. We have a confirmed capacity to capture opportunities in a competitive manner. We closed the first quarter of 2026, which reinforced the consistency of our results quarter-over-quarter. We remain demonstrating that our operational result with a very criteria selection of our assets and a close relationship with our clients, everything supported by robust support. In the second quarter, we had 81,500 sq m delivered of ABL. Pre-leased were delivered 100% average YOC. The accumulated for the quarter, we totaled 147,000 sq m delivered, all of them with 100% of rentals. Stabilized vacancy of 1%. The gross absorption was 108,000 sq m. We had a growth of 24.5% when compared quarter-over-quarter and year-over-year. The average ticket, we had an increase of 18% in 12 months. Same client rent was above inflation. In the development pipeline, we closed this period with 148,000 sq m and a distribution of constructions in 17 areas in 13 states in the main metropolitan regions of the country. We follow our construction schedule very strictly. The remaining of the pipeline is being built, but we can guarantee our growth. We have had the best expansion cycle in the company's history to continue generating sustainable value to our shareholders. We remain committed to high-quality assets, which are strategically located, consolidating LOG's position in one of the main logistic platforms in the country. Thank you for your attention. LOG remains disciplined with its capital management to generate value to our shareholders. In this last quarter, we had assets for ILCP11, and we sold assets in LOG Recife II in the order of BRL 210 million. When the transaction is concluded, we will have BRL 1.3 billion assets sold related to recycled ABLs in the order of 388,000 sq m. This reinforces the liquidity of our assets and the consistent recycling of assets in different market segments. We remain growing with accelerated growth and recurring revenue. LOG ADM closed the quarter with 3 million sq m in ABL, a growth of 24% year-over-year. In the accumulated for the year, we reached new records with BRL 15.8 million, a growth of 76% year-over-year. These figures still do not reflect additional revenue for ILCP11 of approximately BRL 5 million per year. Additionally, LOG has expanded its construction expansion. We obtained a preliminary approval for funding of eight of the 17 projects that are anticipated for the upcoming years. We estimate a total potential of about BRL 1 billion for the development of over 900,000 sq m. As this initiative is implemented, it will reduce the capital cost for our enterprises. Throughout 2026, the company has generated over BRL 1.49 billion in cash, in addition to anticipated monetization in the accounts receivable. This robust cash generation has allowed us to distribute BRL 282 million. In addition, we approved BRL 13.9 million, with payments planned for October. For LPM, on June 30, it was 35%. We have increased the total return to our shareholders. In the second quarter of 2026, we had solid financial results reflecting the consistency and quality of our operations. In the second quarter, the net revenue was BRL 66 million, a growth of 7.3%. In the half of the year, our net revenue totaled BRL 132 million, an increase of 13%, demonstrating the consistency of our business strategy. The net revenue of services in the second quarter had an increase of 60%, and in the accumulated, we had records of BRL 15.8 million, leveraged by the growth in our management. The rental EBITDA totaled BRL 56.6 million, a growth of 6.2% year-over-year. The margin was 85.8%. The rental EBITDA in the last six months increased, and the consolidated for the quarter was BRL 79.8 million, and for the half year, it was BRL 264 million, and that excludes the effects of the sales. If we exclude that effect, the results would have been BRL 410 million, a growth of 57%, results of a strict expense control. The financial result was 14% better when compared to the previous quarter. The cost of our debt closed the quarter with a CDI plus 15%, following a consistent reduction. The net profit was BRL 58.7 million, and in the accumulated for the year, it was BRL 192.7 million, a growth of 11.1% when we compare it to the past half of the year, and the profits per share is higher than in the previous period. The net profit for the half of the year would have been BRL 178.2 million if we exclude the effect of the transaction we had in the recent past. We had a growth of BRL 312 million. The adjusted net debt again has the least level since 2024, and if we consider the effects of the sales, it would have been only 0.48. This position reflects our discipline with our finance management, optimizing capital cost, and also with efficient resource allocation, generating value to our shareholders. With this, we conclude our presentation and open for Q&A. Thank you very much. Thank you. We are now going to start the Q&A. I would like to remind you that to ask a question, you should type your name and company, and then when requested, you will receive a request to open your microphone. Our first question comes from André Mazini from Citi. Hello, Sergio, Rafael, and Nikki. Thank you for the call. I have two questions. In face of the high volume of recycling you are carrying out this year, and with the recent sales of the LOG, what is the payout of dividends going to be for capital allocation with this stronger scenario of asset sales? This is the first question. Second question, recycling of assets, allocation, and so on and so forth. What do you consider to be the main bottleneck for you to reach the goal of 2 million? If there is an opportunity to anticipate this target when compared to the end of 2028. Which is the target that has been set for now. Hi, Mazini. This is Sergio. Thank you for the question. Starting with your second question, anticipating our goal, no. We have an opportunity to deliver a little bit more than we promised. It's important to mention that today we already have all of these plots allocated. We have a record volume of area allocated, and these assets will be delivered in the next 18 months. In addition to that, we have 500,000 sq m that are guaranteed for our plan. When we have a new plot available, we always map the absorption for that project. We want to continue delivering these assets with a very strong level. The 5,000 sq m that we delivered are already taken. We want to maintain efficient capital allocation, but we are very confident that these results are the best in the company's history. If these construction projects we have today are the best we've had. In addition to that, it's important to note that we can see, as you mentioned, the sector is growing really well. We are at the best moment of the company ever. The new constructions over a month have provided results much higher than anticipated. We can see a significant increase in our yields, and we anticipate profits of 15% or even greater than that. This is really interesting, and once again, I don't see any changes for the medium term. We will grow strongly with quality. Our figures are also going up. We see the scenario changing. In response to your first question on dividends, we have had a strong movement in the past quarters with our payout. We want to increase the return for shareholders. This is always a solution that we pay close attention to. Of course, it will depend on the CapEx versus our recycling speed. This is something that we are discussing, but the levels will depend on what happens in the future. Thank you, Sergio. Good morning. Our next question comes from Matheus Meloni from Santander. Good morning. Thank you for the opportunity to ask a question. I have two questions. First, I wanted to understand these sales and also understand how you see these opportunities for more sales this year. Do you think that it's still possible to have more sales? I also wanted to understand the quotas and if the negotiations require part of the payments in quotas and shares, and how you see their sales in the future. Also the ones that you're making now. This is my first question. The second question, I wanted to understand a little bit more about costs and some specific results. I wanted to understand how this has evolved for the third quarter and if there will be an impact or not in the projects. This is it. Hello, Matheus. Thank you for the questions. It's Sérgio once again. We have seen more pressure in the first quarter as opposed to the second quarter. What we can see are levels below, maybe because of a lower percentage or close to that. The positive thing is what I mentioned. We've seen increased rental prices much higher than that. The trend for the yield is to increase even further. Also, the average for these projects are all above 13, which is very interesting. Aspect, because we have allocated many projects in our construction cycle, is that we've been able to have an INCC hedge until the construction is delivered to our clients. We're very confident about the results we're going to have in the near future. Regarding the quotas, these are different things. The important sales we had in the second quarter, strategically speaking, we have these quotas to absorb all of the gains in the portfolio in the midterm, and we do not want to leave it in the hands of the market. They will have significant repricing in terms of rentals, and we wanted to be exposed to that. The way we found was to hold a part of them. We will capture them or a significant part of them. That's very important. Strategically speaking, we wanted to keep these quotas. These areas will capture all of the gains that we expect to have in the future years. This is one aspect. The second, sales, for example, that we have as payments are very relevant. These are sales with a gross margin of 41%, very good. We are receiving everything in the short term. Almost one year, we've been receiving the resources and a small part of quotas involved. We have the protection of these quotas, Matheus. We are looking case by case. We have different proposals depending on the payments, depending on the property. We are open to listening to all of them very carefully. Well, very nice. Thank you very much, Sérgio. Our next question is from Herman Lee, Bradesco BBI. Good morning, Sérgio, Rafa and team. I thank you for the opportunity. There's one thing I would like to mention, the concentration of the gross revenue from 12.5% to 17% in one year. Could you let us know what these clients are and where they work, and how we can decrease this exposure? I wanted to better understand that. Thank you very much. Well, thank you for the question, Herman. Yes, we can do that. This is a 3PL client. It represents 11 different operations in different regions of Brazil. Our geographic diversification is significant, and so are our operations. Once again, this property that we just sold is there. This is why we do recycling so that we can reallocate our client. We did this in the past with Amazon. We are now doing it with Shopee. It's part of our business model. The most interesting thing is that we have scattered operations with different clients, and we can reallocate everything very quickly. It's usually only one month. As I mentioned earlier, we are growing very significantly. We are concerned about having only one client, but the sales we had recently were very robust. Once again, this is why we have these recyclings. That was very clear. Thank you very much. Our next question is from Igor Machado from GS. Good morning, Sérgio, Rafa, and Henrique. Thank you for the opportunity to ask questions. I wanted to better explore the pipeline that you have now. 850,000 sq m, a historic level for the company, 17 construction sites. We know that LOG's construction cost is a little bit low, INCC. I wanted to better understand if there are any regions where you're under more pressure, what the mix of cost is among the different construction sites, and if you see the construction cost of the company increasing because of this higher volume in the pipeline and this regional distribution. Thank you for your clarifications. Hi, Igor. Thank you for your question. This is Sérgio. No, we do not see any area doing different from the other. The distribution is very linear. We have national providers for a large part of our projects, so everything is negotiated regardless of where it is delivered in Brazil. We are operating below INCC. I don't think this is going to change. This is the current scenario. The constructions we have now, when we start a construction, we already contract a large part of our costs. Metal materials have already been contracted, among others, so we're very confident about these deliveries. They will be running below INCC, as I said earlier today, we will have additional returns for these areas. That's very clear. Thank you very much. Our next question comes from João Rodrigues, XP. Good morning, everyone. Thank you for the opportunity. I have two questions. I wanted to understand if you imagine it as a recurring strategy to anticipate receivables as you did this quarter, and also, could you help us better understand what the cost of the operation was? This is the first question. The second one. Vacancy is very low. You're growing above inflation. Average ticket has grown. I wanted you to help us understand how these numbers will remain in the future. Do you think that the demands will continue growing and supporting these strong operational goals? Regarding the re-qualification of these areas. I just wanted to understand what you see for the future. Thank you very much. Hello, João Pedro. I will answer the second question and turn over to Rafael. Regarding this sector, yes, there is a significant merit on our part in terms of knowing where to choose for our constructions. We've been able to hold our clients. We have really become a one-stop shop platform for many of these clients. They know what to expect from deliveries, quality of services provided, and we are increasing revenue as well. LOG does have this merit. We are the only platform that have done this at a national level with relevant volume. It's worth mentioning that we can see the number of constructions increasing, when we compare to the rest of Brazil, we are delivering more and better. We have modular warehouses, multi-sectorial, and we are geographically diversified as well. Looking ahead, we expect to keep our vacancy level as it is now. The sector is under high demand. E-commerce has changed its bar, increased its bar in Brazil. We can see this year-over-year, this is what we see at the end. The demand has increased over 50%, thinking about the future, I don't think this is going to change. This is here to stay. What makes us very enthusiastic is the tax reform. These warehouses will be closer to the consumption centers, in many areas, we are the only company providing what we do. I will now turn over to Rafael. Good morning, João. Regarding receivables, actually, this is one initiative from the point of view of capital management that is very important. The company has worked at different fronts to optimize capital. We have initiatives from funding with regional development alliance, which is very important for the future of the company. The company is advancing very quickly. We have a lot of potential. Accelerating the recycling so that we can return investments. As we bring these receivables to reasonable costs, since December last year until now, we have anticipated over BRL 600 million in receivables. It's a significant amount, it has helped us with this strategy of high dividend payments, leverage control, support to our investment plan, which is very robust. Actually, we also have the quotas, the receivables. Looking ahead, our calculations are very careful. Expected returns, is it more passive, as in the case of the sales that we anticipated? We analyze opportunities, costs. These operations we performed were below the average cost of debt of the company. Receivables is not a LOG risk, is a third-party risk. The risk of the company is very low. The operations will remain being analyzed very carefully. We analyze liquidity, we have a liquidity of 50% of these receivables. Excellent. Thank you very much. Our next question is from Jonathan from JP Morgan. Thank you. Good morning. Thank you for the call. I had two questions. Going back to CapEx, the strong demand in the sector, the construction cost, which was mentioned, will accelerate CapEx in the year, BRL 170 million for the quarter. The second question has to do with the average ticket. When do you think you will be able to close this gap for the 2027, 2028, the mean duration of the contract after the most recent sales? Hi, Jonathan. Thank you for your questions. This is Sérgio. Regarding the CapEx, there is a trend towards increase, especially because of the amount of constructions we have. It's important to highlight that we're very enthusiastic with the funding perspectives from fomenting agencies for a large part of these constructions. This will remove some pressure from the CapEx, will considerably increase the return for these projects. This is very transformative for the company. We can increase up to 10%. That's very relevant. We also have very good opportunity to capture new fundings for these projects. A relevant part of our constructions will be funded by means of these lines. Regarding the ticket, the most interesting thing in these dynamics is if you follow the past quarters, quarter-over-quarter, we have had increased requests. We can't close the gap because we're going through a very special moment. It will remain in the future. The average contract period, which is of about four years, gives us a good idea of what we can anticipate in terms of closing this gap, because after three years, we can sit down and renegotiate. The average price of contract is four years. We can renegotiate about to 25% of them every year. Well, thank you, Sérgio. The Q&A session is now over. We now turn over to Sérgio for his final considerations. Well, I thank you all for your participation. I wanted to update some relevant aspects. I've talked a lot about our new development cycle, which will be delivered in the upcoming 18 months. They will be delivered with a good return, as we've done recently. The most important thing is the sales we announced this week. The gross margin is 41%. We have a new reality for our yields. Even in a very complicated scenario, we are able to sell with stable caps. We see a very positive scenario for future recycling. We have new things ongoing. We want to do more. We want to have a very large volume of recyclings. We understand that we have an opportunity to capture more gross margin. A second thing regarding services. LOG ADM, we've been able to grow 76% compared to last year. We are focused on growing the revenue of all of the services we provide, not only because of the quality and the client retention, but the capacity we have to improve our prices. They are paying well because of that. Also so that we can have a line related to assets. That's very important for our strategy. We're very enthusiastic about that. This is what we wanted to say. I thank you all for your attention. The results call for LOG is now over. If you have any questions, please submit your question to the investor relations team by email at ir@logcp.com.br. We thank you all for your participation and wish you a good day