Good morning. Good morning to everyone. forgive us for the late beginning. Going on to make the presentation results for the first quarter of 2025 of Moura Dubeux. I am Allan Aquino, and our presenters today will be Diego Villar, our CEO, Diego Wanderley, our CFO, and Diogo Barral, Director of Investor Relations. To make questions, we've changed the dynamic of our meeting, and if you would like to make a question, please use the Raise Hand function, and at the end of the presentation, as soon as we start the Q&A session, we will be liberating you. We'll be authorizing your microphone so that you can make your question in audio. However, if you would like to write, make a written question, just go ahead and use the Q&A function, which is also during the question and answer period, we will be reading your question. I'd like to also remind you that any declarations that may be made during this conference, the results conference, are based on premises of the management of Moura Dubeux. Your future consideration are not guarantees of performance as they involve risks, uncertainties. It depend on future facts which may or may not happen. Having made this disclaimer, Villar, please go ahead. Thank you, Allan. Good morning to everyone. One more presentation of results from Moura Dubeux. This one especially is our best first quarter since we opened our company in the history of the company, both from the operational side as well as in the financial side. We bring to you a presentation which was filed yesterday, robust numbers. Also, I'd like to be able to talk about for the rest of the year, as I'm certain that the next quarters, including this one in which we are currently operating, will be better yet than the current quarter. I'm gonna explain why as in a summary during the presentation, before Diogo talks about our operational facts and Wanderley after our results for the first quarter. Also to clarify for anyone in the question and answer session or in meetings, in individual meetings which you may care to mark with our team. Before talking about the status, we started the year being cautious. We always are. I think everybody, all of our builders are optimistic about our products and their authorization, but we always have a point of caution. We always begin a year in caution and focus more on selling and execution of our projects. Moura Dubeux, our mentality of execution has always been very strong. During many years, we thought more about an engineering company rather than a developer. The name of the company was Moura Dubeux Engenharia. We are very much concerned with execution. At the beginning of the year, we started that way, and we had also, during 2024, told you that with the success, we would have two other big projects to launch, which would be able to improve our results. One was here in Recife, the Neq Cais project, and also in Fortaleza, which is the Portiara. We started this quarter. We've been able to anticipate the development of these projects as we did also in the Athon complex in Salvador last year. As foreseen, these are being a huge success. This brings by itself with absolute certainty to help us to revisit any analysis which you are making about the company for 2025. We always try to surprise, and so if I had to talk about the numbers which will be looking at the best projections of analysts of not more than 20%. This to be conservative. We're gonna talk about the stats and then look at these projects. We launched BRL 402 million in the first quarter. For a while, we've seen that we have been talking about how much we hope to sell. Well, we sold BRL 500 million, and now it's the other way around. Now we launched BRL 400 million and sold BRL 550 million sales. It shows the strength of our brand and in our market and how much we even though we have been compromised, we're not focused on size, but on profitability, because we could even be selling more, but we're cautious in relation to leverage and our exposure for the company in execution and financial exposure. We'll make the same showing that I just mentioned year-over-year over the last 12 months. We're launching BRL 2.56 billion and sell BRL 2.5 billion, BRL 2.6 billion. In terms of launches, BRL 2.5 billion of this were, BRL 1.6 billion was in condominiums and BRL 1.1 billion in incorporation. With the Selic, we now will be positioned in the condominium market, exposing as much as possible in the large projects in the condominium to not be exposed to multiple job sites as we have been doing since last year. Another is to focus on Mood and we'll call the Mood the lower level Mood, with 60% of our units are put into the level four and Única that is 100% in level three. These are the two environments in which we navigate. In 2024, it was that. 2025 will also be that. We launched BRL 1.1 billion in the last twelve months in development, basically in the Mood brand market. Our sales were BRL 4.7 billion, BRL 1.7 billion. Condominium has a sales velocity which is faster, and of course, it also has the effect of the Infinity, which was done in the third quarter last year in this photo. Arrived at a revenue of BRL 439 million for the first quarter, with a gross margin, adjusted gross margin of 36%. We could have even worked with margins that are higher, but remembering also that the recent condominiums, we want them buying the land instead of doing a swap, which hurt us a little bit because of the methodology that we use as it comes in as a cost factor, which the margins are a little bit lower. In the photo of the year, BRL 1.7 billion of net revenue in the last twelve months, and 44% from condominiums and 56% from development. Naturally, we have BRL 2 billion in launches, but doesn't mean revenue of BRL 2 billion. It's important that this year, without a doubt, we will break the barrier of BRL 2 billion in revenue. We get to the first quarter of 2025, with BRL 70 million in net profit, with 16% net margin. This one quarter nominally will be the lowest profit for the quarter for the year. When we look at the twelve months, the 279 million of profit in the last twelve months. The best projection looks at 280 in twelve months for the year 2025. We're already delivering this at this rate. It was the best first quarter in the history of the company, but it will not be the best quarter for the year of 2025. BRL 36 million of cash generation in the last twelve months, not including dividends. We're now focused on recurring dividend payments. At the end of May, we're gonna pay BRL 50 million, and in the second half, we're gonna pay another BRL 50 million. What are the pillars of Moura Dubeux? 19% return on equity. We're gonna get close to 20%. 8% of net debt. We promise to make a low-leverage company with recurring dividend payments. Another pillar, which is something that I've never done here, but saying that you are not projecting the company. We're seeing what will be the year of 2025, because we're already seeing what's gonna happen. I have no doubt that this is the developer that's the cheapest developer on the market today. The results that we're delivering and what we're going to deliver in 2025. What gives me this certainty? Next slide, please. First project, we have been able to legalize and approve and close the development of its entire complex. The New Port, the biggest project in the Northeast. It should be among the three or four largest in Brazil. We have delivery of these three towers on the left, which are the New Port. We launched on Wednesday these two towers in the middle here, you know, as condominiums. The highest condominium price that we've ever practiced. Both projects will be a landmark, an architectural product, a project in Recife. We sold everything. We sold out, and then we had a huge success of sales, ran out of stock, which gave us the interest in opening also these Cais Avenida projects as condominiums. High demand. The project is also very well received. Probably, we'll be launching it in the third quarter. This by itself will also already bring us to have record sales for the year. The projections have to be re-looked at because of this performance. Beyond that, we also have these two buildings here on the right, which is a business building and also Beach Class building, which we're not foreseeing for this year. I'm not promising these, neither in the but in these projections, these are still probably that we will launch them. There's a probability that we'll launch them, but we're not promising. All of this complex can come up to BRL 3 billion in PSV. Following, just to understand how sophisticated we have, Lucena Plaza. Two towers on the left, one unit per floor, 400 meters per unit. We were planning with two per floor with separate entrances. No more. It's gonna be 100% sold out. No more units for sale. Next one. This is a project, a very iconic project called the Ceará project in Fortaleza. This is the dimension of the product in relation to the city. This is a photomontage. Beyond it, there will be another tower, also in Beira Mar, which we're gonna be launching in the second half of the year on the beach also with a huge demand. We're doing all the pre-reservations right now. Before passing over to Diogo Barral to talk about the operational stats, I'm gonna tell you that we have begun a first quarter strong. Sales have come along very well, and the second quarter is showing itself to be even better, much better. The projections for the year, due to these projects, which are anticipated and performing already very well in condominiums, which does not create any leverage for us. They are doing very well. Those which have been launched, such as the Colina, Monte Azul, are also very successful. We already have more Moods to sell. We're present in every capital in the Northeast. We have eight presentations of results where we talk about the results, the Mood results, but it's already reached more than BRL 1 billion. It's already present in every capital city in the Northeast from Salvador to Fortaleza, and in some we have more than three or four Moods under construction. Some we have more to deliver this year. This year, we're already launching at least two projects per year, which will make us the largest developer in the Northeast in every segment, one of the biggest in Brazil. Our main is to be set on being the most profitable, and we're heading towards the best results of any developer and more on the way, which will certainly be. Diogo Barral, please go ahead with the operational numbers, and I'll be back at the end for question and answer. Thank you, Villar. I'm gonna detail a little more our operational numbers. This year with the launches, we closed the first quarter with BRL 412 million, BRL 129 million in the condominium model, and BRL 293 million in two projects of the Mood line. This number of BRL 412 million was an advance of 15% compared to the first quarter of last year, and 12% compared to the fourth quarter of last year. Next to that, we show the vision of the last twelve months. We get to BRL 2.6 billion in launches, BRL 1 billion in condominiums, and BRL 1 billion in incorporation, with a lot of this being from our Mood company. This volume represents 2% more than in 2024 for the full year. On the graph in the upper left-hand corner. Only 50% sold, and the fourth quarter in 6%. On the right-hand side, we see the VSO of the accumulated for the last twelve months. We get to BRL 2.569 billion, showing a 7.5% increase in relation to the full year of 2024. Still on the screen, we have two more operational indicators that are important, which give us the certainty that our business will be doing very well during 2025. I'm talking about the PSV and the cancellations on the upper right-hand corner. We see that cancellations are below 10% of our gross sales. The red line reflects the real cancellations when we take out the exchange of one unit for another or the change in ownership in the name of owners in the same unit. There's only 3% of sales of the company below our PSV for the last twelve months, getting to 57.7%, our highest level of the last three years. In the quarter, we had 21.4%. On the right-hand side, we always bring the PSV of launches in the last twelve months, and we looked at 61% of everything that we offered. In the quarter, 37.5%. Looking at more relevant indicators, operational indicators, we bring our stock numbers to one more quarter in which we sold volume above what we launched. The stock goes from BRL 200 billion to BRL 225 billion. Two more relevant points, the indicator of coverage of stock goes from 11 months to 10 months, and only 6% for 2025 are finished units. In our land bank, we closed the quarter with 59 plots with relevance in the participation in the market, which has been developing very quickly. We closed the period with 59 plots, equivalent to BRL 9.6 billion. With this amount, we have secured 81% through swap and 19% in cash. Projects underway, 56 projects underway, 20 of which in the incorporation model and 54 projects in the condominium model. To close here with the operational data, the provision of delivery for the first quarter were five projects delivered, five in condominiums. When we look at the rest of the year, we still have 15 more projects to be delivered, five of them in incorporation development model and 10 in the condominium model. I'm gonna pass it over to Diego Wanderley, who's gonna give you the financial numbers and accounting numbers of the company. Good morning. Starting here with the net revenue, we delivered the first quarter, BRL 439 million in net revenue, 42% larger than the first quarter of 2024 and 20% higher than the fourth quarter of last year. We have a development revenue with BRL 284 million. In condominium with BRL 155 million, both growing in relation to the previous quarters. When I look at the last 12 months accumulated, we reach BRL 1.7 billion in revenue, 8% higher than what we had in the full year of 2023. We continue to grow our revenue. We start to participate more, Mood is participating more importantly in our revenue. As you mentioned, we just mentioned, we'll probably re-pass BRL 2 billion during the year, during the twelve months. For the full year, we will pass the BRL 2 billion for the year. Absolutely, the full year. Looking at the gross profit, we closed at BRL 156 million with capitalized interest 45% higher than in the first quarter of 2024 and 25% higher than the fourth quarter of 2024. Gross margin was in line with 26.7% and an improvement in relation to the fourth quarter, which was led by the condominium segment. The condominium which we recognized the land in this quarter had more swaps than cash. We have this volatility in relation to the condominium margin, which had a positive impact on our margin for the quarter. We looked at the accumulated for the 12 months, BRL 65 million, 8% above the full year of 2024. In the maintenance of our margin and in the development, it was 55% of results. In the condominium market with 50%, a margin of BRL 40.7 million. At the expenses line, it was an important quarter for us. We've been able to have dilution in every one of our major expense items. On the left-hand side are selling expenses, which came to BRL 28 million, the same level as in the previous quarter. However, this represented 5.9% below the 6.9% of the previous quarter. Our administrative expenses had a reduction of BRL 26 million compared to BRL 29 million in the final quarter. Also a dilution, both from the standpoint of revenue, 1.6% of revenue from the standpoint of sales, where it went down to 4.3% of sales. Here we always mention that our operational leverage that the company has, the size of the operation, it grows, revenue grows. As a consequence, we see this dilution over the quarters. We closed the quarter. EBITDA margin at 20.3% and for the accumulated 19% of EBITDA margin, higher than the margin closed for the full year of 2024, which is nominal growth of 20%, both the growth of revenue as well as the gains in the dilution of expenses, bringing here an improvement in our EBITDA. Looking at net profit, we're delivering BRL 70 million, as was mentioned previously, the best first quarter in the history of the company. When compared to the other quarters, we've been performing at this level and above BRL 70 million. We also delivered a net margin of 16%. In the accumulated for the last twelve months, we had BRL 280 million, a net margin of 16.4% higher than in the previous year. What was most important for us, a return on our equity, which is close to 19%. We always anticipated that we would arrive at this level, and in fact above 18%. With the entire operation running and what we're planning now and what we see in our model that we're gonna make this. We're gonna hit 20% as we have previously mentioned. That's what you can expect for the next quarters. Following the results, the appropriating the incorporation, which grew by 14%, closing at a level of BRL 314 million with the redemption of the margin. Here, the important thing is that we brought growth in revenue for the quarter and also brought growth of results appropriated for the development area. We are leveraging the size of the company. We're not stabilized, and we expect more results in every quarter. We expect that this revenue will continue to grow and will become part of our results in a higher proportionally. The condominium model in the middle, we have closed sales in the maintenance of the appropriated profit, BRL 42 million. The margin grew going up to 28% to appropriate. The administration fees, BRL 287 million of fees to recognize. Following to close the financial results, we bring our generation of cash and the level of indebtedness of the company. In the first quarter, we had a cash burn of approximately BRL 20 million. With that, we have a net debt of BRL 126 million. In the last twelve months, we had BRL 36 million in operating cash flow adjusted with the payment of dividends. We went and had a cash burn over the last 12 months, and we close with a level of 7.8% of net debt over equity, which is a very high level. We're very comfortable in continuing with this level of indebtedness. In our models, we always anticipated that we could run the company between 15%-20% of net debt over equity, which happened during the year, but it has not happened in practice because things have been happening well above what was foreseen in the model. Sales have been performing much better than in our model. The behavior of the portfolio, which we project in a table of 35%-65% between development and condominium. This has been much higher, due to the preferences of our clients. To remind, we announced the payment of dividends. In the end of this month, we'll pay BRL 50 million in dividends, and in the second half, we will pay another BRL 50 million in dividends. Those are the highlights, the financial highlights, and we continue now with the Q&A. I'll start our session of questions and answers. If you would like to make a question, please use the raise hand tool, which will be enabling your audio. If you would rather make a written question, please feel free to send it through the Q&A function. First question comes from Mateus Meloni from Santander. Mateus, please go ahead. Good morning, everyone. First of all, congratulations on the results, and thank you for taking our question here. On our side, we'd like to understand a little bit the operation of the Level 4 from the government, and how that will affect the growth of the sales, and what do you expect in benefits with these plans? If you are already seeing any type of origination of clients starting from this change in government policy. See how does this affect Mood, the Level 4? First of all, thank you for the question. I'm gonna split this with Wanderley When we look at all of the numbers that we've launched, and we look at the portfolio, 60% is in this new program. What we're seeing today, almost all the Mood that we launch, we contract with the Caixa Econômica understanding that we have two price lists, one that fits, and they pass through in the traditional, which is 35%-40% of the construction is repassed through the. The program costs are about 60%. It's still not so attractive. 10% is not so attractive. It's better than the levels of interest that are offering to pro-clients outside of the band three and now band four, but it's a stimulus. Prior to being offered, the Wanderley's team has been able to make the pass-through of these units, even when we arrived at solutions from the Caixa Econômica of Poupança Plus, we had rates that were close to this. If the program takes off, and in fact, it has a performance that is expected of a principal attractiveness, especially in this environment of 15% Selic interest rates, which will affect more outside the program, we're gonna certainly see an improvement in the level of indebtedness in the company and consequently in our leverage. This is expected because we're gonna mix quite a bit today going forward with five-three, band five with the Única brand, which is to take the Mood products and simplify it even more, so that both in the specifications of materials as well as in the recreation equipment and garage space, nothing huge to be able to offer these products. We get to another level of competitiveness. We look at the next. Look at the level of the minimum, like Mood, which benefits in this way. Imagine if this company, if it adds together condominiums, which is another level. We're talking about BRL 400 million and BRL 1.5 billion. No, we're talking about BRL 2 billion. We're talking about more than BRL 2 billion in condominium sales. Going very well with prices that we've never practiced previously, all with big products, with less risk and execution associated with Mood, which is 60% of which fits already a reality. It's not a promise, which fits right into band four and the Única band. It's much easier to realize it than the Mood projects in themselves because it takes the best from Mood, it simplifies it, and there's more demand, and we run this model for the company. That's why I'm telling you this year, we'll see different results. I'm not sure if I answered any of your question or if Wanderley wants to add anything. That's it. I think the fourth band four has this possibility of generating more demand for our products. However, we didn't plan Mood based on that, and it is still not dependent on this program. We're able to pass through our projects. Arboretto, we already delivered. It's already being passed through outside of the band four, and it's a product for the middle class in that income level. We have the Poupança Plus, which is very close to the level of interest rate of band four. What it does is the Caixa and Itaú. I think that it will have an impact, but we're not seeing that this could bring more than what we've already seen in terms of pass-throughs. What we can do is bring in some families who are right at the limit and now are able to be fitting into this with a few percentage points cheaper in the band four. So far, we have seen a good demand in line with what we had, which had been in practice. The band four has not really brought a big increase in sales. It could happen, but Mood does not depend on that. It's running very well even outside of the band four financing. Thank you very much. The next question is from Ruan Argento of XP. Juan, please ask your question. Good morning. Thank you for the presentation and for the results. I think that there are two things that I would like to mention. First, about the launches in general. Villar, I mentioned a great deal about potential, the size of the segment, of condominium segment, and I might exploit a little more what is the effective size that you expect of condominiums this year? Very close to BRL 2 billion. If we see this as a recurring number, this level of execution for condominiums, and effectively, what would be the upsides of projects that you see for condominiums this year, definitively in the new Novo Cais area, in the development in long terms. We also see that you are seeing the opportunities to anticipate some of these projects. Maybe you can tell us a little bit about these upsides for this and what do you think is the volume, what the company might reach. My second question is a little more regarding gross margins, especially in the development side. We've seen that margins have grown sequentially, and you even mentioned a little bit in your release that Mood has contributed to effectively with this margin, the development margins increase. With the margins that you see in Mood, how does this help in the growth of the margin going forward? What do you expect in the scenario of gross margin going forward, especially in 2025? Thank you. Juan, thank you. Thank you for your question. I'm gonna answer the first one and just give you a little bit of color for the second and let Wanderley answer the rest. Let's think a little about Moura Dubeux stabilized. We are now. We have to talk in no less than BRL 4 billion, BRL 2 billion in condominiums, BRL 1 billion in Mood and BRL 1 billion in Única. We shouldn't be less than this. This is a model that we can look at for the next five years without high leverage and without affecting dividends, not less than 20% growth. This year, we're gonna do more than BRL 2 billion in condominiums. We're gonna continue in the rhythm. We're gonna probably easily cross BRL 3.2 billion in launches. Largely in condominiums in this model, and obviously, I would like that we could accelerate this bit at the moment, but we're being very cautious instead of talking about numbers. It's not this year that we're gonna get to BRL 4 billion in this format. We could get close to BRL 4 billion. I'm not promising, I'm saying more than BRL 3.2 billion, BRL 3.4 billion, but with a strong presence of condominiums. For atypical projects such as the Novo Cais, this one of the Cais da, with Infinity right after it, and then our project in Salvador, which I cannot mention yet, which is also planned for the final quarter of the year, which is also a project financed in a closed condominium. The Moura Dubeux plan for the next five years, even though we believe that the Selic will not go below 10, it's definitely probably reached its maximum right now and should be on a trajectory of reducing going forward, but it shouldn't, it shouldn't be ever go, shouldn't go much below 10 for the next five years. This is the ideal model to maximize profitability. We've shown that there's a market for this. We've seen that Moura is able to do this plan. He asked, what's the next project? What's the upside for condominiums? Okay, we finish one and we start another one. In the Cais, you see the size of the PSV. We're not launching it all this year. There's still products to launch over all that all along next year to maintain the same level of this year of PSV. Beyond that, we have the other cities. Talked about beaches and condominiums. We've been more cautious this year, but we see that there is market. Next year, for sure we'll be representing other Beach Class products as condominiums. As far as your second question about margin, you see our gross margin improving. It hasn't been easy to make our gross margin in development in a high Selic in a high income segment, which we have not been launching. We've been cautious in looking at and prospecting these products for development in for high levels. We've been focusing this on condominiums and the luxury low market in condominiums. The development is only in Mood, where the margins are higher than what we're delivering today. Where, as you mentioned, the mix had to counterbalance the traditional products for incorporation, which is delivering lower margins. Because in fact, it is the family, it's a project which is more affected. Rate goes up close to 7% and their income, because of the high income, the high interest rates, it's not a healthy combination. If as a developer, look at the cost of interest and are focused on medium and above the level of Mood, we'll be reporting those lower margins. We had seen this in the past. We had already foreseen this, that this could happen, and you can see that over the last two years, we've not exposed to this market. We focused on Mood, where we saw growth in the condominium market as well. Because of that, our margins have improved and should improve even more. Wanderley now? Go ahead. Basically, that's it. The margin of development has been growing during 2024. At the beginning of the year, we signaled that by the end, it would reach 30%, and in fact, exactly what happened. We have been maintaining these margins of 30% in the first quarter, the margin for development. When we look at the year 2025, it should maintain in line with this 30% level, perhaps a little bit above that. When we look at the medium to long term, and also with the Única model becoming part of this gross margin in the future, have potential to add 2%, another 2% in this margin and the developer margin. For this year, we should navigate somewhere between 30% and 31%. In the medium to long term, this could surprise both in Mood as well as Única. Okay, thank you very much. Have a good day. Good morning. The next question comes from Pedro Lobato from Bradesco. Pedro, please go ahead. Good morning, everyone. Thank you for your space. I wanted to understand what would be the risk for these BRL 3 billion of launches during the year. What do you think? Are you more optimistic? I think that it makes sense. Demand is very strong, but we're talking about a scenario of this second half of the year. Want to make changes to this level of launches that you've been looking at. Secondly, I think you talked very clearly about what would be the principle that you're going to continue improving this data, which is certainly this change in the mix. These new projects are principally in the lower income line. We see that continuing and improving your margin. Is that correct? It could be in line with what we have been saying, but lower now. First, look at our. In the first quarter, about BRL 2 billion in launches. Two-thirds is already guaranteed, already done. What's more important is a strong PSV. The products which are ready to launch are already launched, and it's going to improve the PSV of the company. If we don't understand how well it's going. For the entire quarter, we don't see looking at that. Our commitment is not with size. Our commitment, we never promised you size. We're already surprised, actually surprised, but we've always promised profitability, and we've been delivering profitability. If the VSO, if the PSV falls without cancellations or anything, we're gonna hit the brakes and launches for sure. Nobody's gonna come do a BRL 4 billion launch plan if we have cancellations at 20%. There are people doing PSV. We're not gonna do that in Moura Dubeux. Our quality is sales quality, speed of sales, and profitability with low leverage. This is the company's commitment. From the standpoint of commitment to execution of the launches plan, I guarantee you, I'm not gonna come here and say in October and say, "Oh, we are gonna revisit our plan because some projects took longer than we thought." I may come back and say that we're gonna stop at three and look at BRL 2.5 billion or BRL 3 billion because the second quarter was a tragedy. I don't see that's gonna happen. In fact, it's the second quarter which is more challenging than that of today. Yes, probably it will be. Brazil will end the year of 2025 in a recession. Very, very highly improbable. This will affect the income and the unemployment this year. Very, very improbable. I don't believe that we're gonna go back to the level of unemployment this year, which is concerning. Not on the basis on which we are. While unemployment is low and the income is not being eroded, which is not what's happening, the inflation data are showing today below what we looked at several months ago. Having said that, the confidence of the company in the property continues. Here's the proof. In the condominium market, we suffer much less the influence of the loss of income and the cancellations in the other models. Because the high-income client who is benefiting from this moment of high interest rates in Brazil, he's taking the decision to migrate to a better home in Ceará, in the state of Ceará, because he has more money in this high interest rate environment in Brazil. This year, I'm not concerned about the execution of our launch plan, neither with sales. I'm very much convinced that it's going to happen in a way that I'm telling you right here. That's what I've always done. If I don't remember having ever said that. The point about margin is very simple. We're in a cycle of strong deliveries. Products which were launched in 2021 and 2022, developments which were not Mood. We still have Mood to deliver. We have one more, more to deliver this year. These products at the end of their life are not. They don't have the same margins of Mood, which will now be launched or initiated then. As we see the sales of Mood and the launches coming, the mix of margin improves compared to the traditional developments which are not Mood, which are at the final phase of delivery. It's as simple as that. Very good. Thank you, Diego. Next question comes from Olavo Fleming from Safra. Olavo, please go ahead. Olavo? Okay. Hi, everybody. Thank you for the opportunity to make my question and congratulations on results in relation to the generation of cash. You said there was an anticipation of these new launches. Will this change the perspective of the generation of cash? The second question in relation to sales in April and May, have you seen any changes in relation to recent months? By the way, can I answer the second question and answer the first one? Olavo, first of all, good morning. Thank you for the question. In April and May will be the two best months in our history of sales. This is the dynamic. There's no falloff. On the contrary, it increased. We're gonna close the month, May soon, with a number which if the quarter ended now, it'd be very strong. It'd be a historical. It would be a historically highest sales number in history. Man, we still have June to go in this quarter, but it'll be a quarter there which will throw us our sales way up. We'll also see this for you. Thank you, Olavo, about the cash. In relation to cash generation, nothing changes. This has been accelerating due to these launches, which we're anticipating even in just the condominium model, the Novo Cais projects. A lot of them is already based on swaps. One part is swaps, so it doesn't consume cash. We don't have relevant payments to make for these anticipations. What we said previously is that we gonna run a company between 15% and 20% of net debt, and today we're only at 8%. We should be getting closer to 15% in the next quarter, between the second and third quarter. We will run the company at this level or even still paying dividends. That's what you can expect. Nothing will change with this anticipation, especially because they were in the condominium model, which does not consume cash. Very clear. Thank you. Next question is from Mariangela Castro, Itaú BBA. Mariangela? Thank you for the call. I have two questions. I wanted to get a little more of the panorama of when the Única will start to operate, and what are the principal challenges to start to enter into the Minha Casa, Minha Vida market. From the operational standpoint, if you could share that with us. The second is how you see the evolution of sales in the condominium segment during the rest of this year. At least here in São Paulo, developers have passed their feedback that there with interest rates at 15%, it's been more difficult to sell because the people have been saving their money, and in the segment of condominiums, they see less cash in this, in sales. If you're being affected by the current interest rates, how are you being affected by the current interest rates? Well, Mariangela, it's good to talk to you. Say hi to Gasparete. Due to your question, the second question is about the dynamic of sales. It's very strong. Very strong sales dynamics. I have a big project in Brazil. Yes, interest rates are high. However, we don't have a lot of products on the shelf. We have luxury products, which here in Recife were very scarce. In Fortaleza, it's a super premium address, large apartments with high prices, selling very well. I'm sure that the excellent location and the good products in São Paulo are also selling. At this level of income, it's because either the price is wrong or the location isn't so premium. Here, the dynamic is working that way. If the location is premium and the project is well done, there is no high-income buyer who is losing money in this Brazil at 50% interest rates, because the migration of variable income to rent, to fixed income, and they're making a lot of money. The wealth, this wealthy standard is very high. Yes, there's a market. The market is performing well, and I'm telling you, our PSV has been very strong. The second quarter is very strong. I said this very, I have said this a few times. I'm gonna give you a preview, operational previews we've seen, and we see we've never had. We always try to be realistic. We never try to blow smoke. The first question was about the Única and the principal challenges to start to operate in that program. In the second half, we believe that by September, October, we'll be presenting the first project. It's very well underway already. It's the same strategy as Mood. We have no difficulties. We don't see any difficulties in launching this program. We have no problems in Mood. We do very well with Caixa Econômica. We do pass throughs on the projects under construction at lower interest rates. It's a dynamic of selling, which we already know well, a bank with whom we already operate. Outside of that, we are following all the other difficulties and risks which directing this, any other. It's the end of the year, the agency, all the difficulties and discussions which every year we have, and the governor is fixing them up and comes up with the money, and we close the plan, and it keeps growing year after year because it's a program, not only electoral problem, but it's also fundamental in Brazil because it does reach where there is huge need. We don't see any problem. Another interesting thing is that it's not a program. It's not a government program. It's a state program. Whether the government can change from left to right, it can change its name, but the program is there, it works. We think there's logic, a financial logic and social logic and the engineering logic, which is very efficient. We think there's market for it, and we think there's consistency. Very well. Thank you, Diego. We have another question from Victor Kidsman from Small Caps. He sends congratulations for the results. He asks if the year surprises in terms of the generation of cash, if you would consider an extraordinary dividend payment. BRL 100 million, Victor. First of all, good morning. Then, BRL 100 million is what we're promising, obviously. If things are way better than we project, but it would be better if we can pay extra dividends. I don't think anyone will complain. But we're gonna commit to BRL 100 million, which is already a lot. The cash is the last thing, and I have everything. We're gonna launch, we're gonna sell well, we're gonna execute well, we're gonna deliver well. Then as a result of that, with this cash, we'll make an improved distribution. The growth rate, I'm talking to them as well. One day they said, "It doesn't change anything in our level of cash. We'll be able to grow the company and maintain all of our obligations of cash effects if we have that." The normal would be to say, "Yeah, okay, look, let's say we're gonna reduce this distribution because we're growing." No, we're not gonna have any increase in debt nor a reduction of dividends. If we have better results than we expect, we could distribute more. There's always a question from Melissa Rocha. She asks about Mood Aurora, which sold only 20% by the first quarter. She wants to know, how was the strategy of sales? If you identified any error in the public or location of that project. Melissa, good morning. You're into the company's details. No, we use the same strategy that we use all the Mood products. There was no differentiation. We look at the entire, we have, Mood stores with the CS sales team, the models of the buildings, everything the same. What we see that we made a mistake, the sales VSO is not the same as the others, is 'cause we were not counting on two projects which are not ours from another developer, which probably operate with margins that are different from ours. When we try to get away from the fight of products against products with others, with smaller family-owned companies with lower margins because their numbers are different. It's 'cause we wanna put ourselves in that situation. The price of their products and their cannibalism in the same neighborhood as ours is lower. We sell more slowly. If you say, "But you, are you concerned about this?" No. These are projects which are not very large. It's a project which we are not practicing margins below our expected margins, and which we still have time to sell. It has very little positive or negative effect on the business of the company. These things happen. Who launches at the level at which we launch always has one or another project which does not follow along with the super performance of the others. I'm also attentive to that. It's a message that I can pass with the. Also, Colina was sold more or less. We've done research to understand what's happening, but I'm not gonna lower the price of my product to the price of the others to and burn our margin just because we're anxious about to have the same sales performance as the other. The other point happens. We've had more Mood sales performing above the margins. We put it all together. We're going to the fifteenth Mood project to be launched in this quarter, and we see that the gross margin of all of them together is very good. We don't have any engine, and there's this promise that we're gonna hit every project. No, we have the commitment and the obligation much more to hit it, to get things right, more than wrong. If we have any errors, it'll be in the smaller project. That's what we've done for the last five years. Next question is from Lucas Costa. He has two questions, and he says he wants to know in relation to the gross margin of condominiums, what generated the fall compared to the first quarter of 2024. I'd also like to know what is the ROAE for Mood, projected for Mood. Lucas, thank you for your question. Answering your first question in relation to the margins for condominiums, the dynamic is that we commented earlier. As you acquire properties for cash, you build revenue, and when it's a swap, you have only that what is net of revenue. So even though the profits are similar, the margin affects by the volume in the base of our revenue. The first quarter of last year, we had almost only swaps. The margins were well above the average of what we normally do. In this quarter, we had a margin that was closer to the average because of a mix with people buying with land purchased for cash with a lower percentage of swaps. In relation to Mood, you talked about the ROI. The ROI should run in a stabilized close to 18%, which is close to the same ROI which we see today. What pushes our numbers down a little bit on our results is the development of high-level developments we launched in 2022, which are at the end of their cycle. With this ROI lower, that comes out into our results. The higher level of Mood of 18%, depending on the price of as high as 20%, it can even be the 20%. Then the volume we're running above that, we've been able to improve our ROI in a quarter. We look pretty going forward. We see going forward this growth even more in our ROI, ROE. Another question from José Abello. He asked if he could update him on the Florata, 50% sold, 100% of the construction fund. Same thing. As I mentioned about our products, the development of products of high level, the product which we run from them today, we don't do those projects today. This is the real effect of this Selic at 15%. It's a class of families which pressures their income and pulls them outside of this market. It's the type of product that we no longer have on our shelf. If we hadn't done this three years ago and have been able to focus on Mood, we would be, we wouldn't be going through this problem. This is the type of project, as we've explained previously, we're talking about margins that when we leave one or two basis can improve our margins. We're gonna only deliver these Única and Mood. This is the type of product from Porto Alegre to Manaus. This type of project doesn't work at the current interest rates. In the Northeast, it's considered high income, but not a luxury. It's a Class A project but not a premium project. So it has this difficulty. It's a project we've done over the last 18 months. It sold well at the outset. It just doesn't feel. We haven't made sales when the credit is not approved. Again, it's a product which is not huge, and it's 50% sold, and we're gonna do the pass-through now. As the fifth is going to the business, and we're gonna adjust our stock accordingly. We have to have a little more patience on that project. With a product like that, we have no other projects like that today underway, I would say, compared to what are comparable to this product. We have one in Salvador, which is Flo Vivamon, on the other side, Vivant. A niche that was so good at that time. They were both launched at the same time. They're sold completely. We have none. The portfolio is very good. We have a lot of appreciation that's performing well, but we don't make this type of products at the moment, not in the Brazil of these interest rates. When we bought this project, Brazil was running around with interest rates of about 5%. We didn't expect to get to 15%. There was no provision. That was the effect of that. I have one more question from João Zotesso. João, you please go ahead. Good morning, Diego and everybody from Moura. Thank you. Congratulations for all you've done. I think it's super good to hear all of this optimism. I've never heard so much optimism over these recent years, and it's not for no reason. Diego, the reason that the route that you're going of a company which could reach BRL 3 billion, we know that Mood is less capital-intensive and less needs of capital and has a shorter cycle. Like, condominiums is even less capital-intensive. The question that I ask, and Wanderley also gave a little bit of the question that you see space for leverage of land going up a little bit. How much of the company's equity do you need to be able to exploit all of these opportunities that you see, especially now the level, the change of level, the size of the company? What's this. The question, the key question is this, Victor made earlier. The other side of this equation is that what size of P&L do you see this bigger company that you're seeing over the next period? I'm not going to look at the cash that interferes in this. If we're improving our profitability, this first quarter was very good, but it will be the lowest net profit of the next quarters in 2025. When I look at the cash, it's the last part of optimism that we have. It's all this perspective of the model. We don't have much optimism in the part of the way our model. We're talking about cash. It's the part that we have the least conservative premise. It's always very pessimistic. We'd have to increase the distribution of profits as this is growing. We're very, very, very cautious with that. We use a model with slow sales, with a portfolio below what we have. We go with a model where the correction is, like, below the correction of the portfolio. We make provisions for construction, future expenses. Very conservative modeling. We have to see as things start to deliver and the cash comes in above what was foreseen. If I see more cash, I'm gonna distribute more. This is not a speech that I adopted and tell you about, even knowing that many times that we're gonna perform better in terms of cash. I don't do that. When I bring an optimistic tone to you, it's good that it's like this. When the market is going up and everybody's optimistic and we're cautious, when everybody's afraid, we have a tone of optimism because we see that the data is more positive for us, and the fact that we have the belief and it is still going to go deeper into the positioning of Moura Dubeux in the Northeast. My optimism is not being with something that generates leverage. Having said that, which is a concept that we operate, I'm gonna let Diego Wanderley go in with the data. Thank you. The size of our P&L, you have to look at it in a stabilized way, launching BRL 4 billion every year for three-five years. We should have 70% of this PSV and P&L, about BRL 3 billion or maybe a little less. Next year, we could do BRL 4 billion, and we're not gonna be even close to this P&L, which will be a cost of two or three years of operation until we get to the stabilized level. However, the models today have a point that we would need in this mix to have the majority of condominium in Mood and BRL 1 billion in Única as well. Something in the important development which should also have this level of P&L. Very well. One last question. You guys are gonna be delivering development in 2025. How do you see the question of the pass-throughs from that, from those projects? It's going very well. We passed through about BRL 100 million in the first quarter. We have something close to that ready for the second quarter, and we have more than BRL 250 million or BRL 300 million in the second half. Going very well. The cancellations, as he mentioned, is very well under control. We're not having this movement we expected we might have with the recent increase in interest rates. We did a study of our portfolio, and our portfolio is very well. It fits very well. When we look at the average payment which the client pays, and he can still get financing on future financing. He's 130% above what he would have to have to qualify for this type of financing. So this gives us comfort. What could happen is that the new sales are being impacted. When we look at the sales, when we do a credit analysis, whether he's gonna finance or not, this could be impacted, but it's not. We launched in the first quarter, and the sales were also very strong. There's a lot of clients, Mood clients, who do direct plans, who don't take our financing, which also helps us, the portfolio of the project. We're very, very comfortable currently with the level of pass-throughs that we're having. We have to be accompanying this constantly and understand how this will happen going forward. By looking at a snapshot today, we're very comfortable. Okay, very good. I have no more questions, so I'm gonna pass it back over to you, to Diogo Barral, to make your final comments to everyone. We are very optimistic with the results. We're optimists by nature, but in the execution of our strategy, caution has always and continues to be our way of thinking and to commit. I guarantee that we are giving our best, and our commitment is higher and higher. We're reading what's happening and what we expect to happen, because part of what's happening today, we're already realizing at this current time. For us, when we look at the model in a more optimistic way, the numbers have come better than we thought. Due to this, that's why I'm telling you on the level three and level four, the band three and band four have a very high, and this program benefits quite a bit. Even though the Selic interest rates, leaving the financial market in panic and the fiscal deficit also continues very strong, especially here in the North, where the real economy, where there aren't many competitors in the real estate market, the stocks are not high. We have very low stock. This is what benefits us, and we strengthen the brand of the company. When you have projects, iconic ones, which is those which you presented recently to the market, it's natural that the margins come higher and the project is able to perform very well in terms of sales and its execution phase. These are, in fact, projects which are simpler than those which we mentioned of high class with lots of finishing materials and so forth. Many of these people are delivering shells of apartments where the purchaser has to do all the work later. With that, I'll see you in the second quarter. We have a roadshow set up for the end of the month. Diogo Barral and all his team is coordinating that. We'll be seeing you with the presentations in the second quarter. We come very well ahead of that which we're presenting right now. Thank you all very much. Have a great weekend. Remember what I was saying, even though the stock has been rising lately, it's still the cheapest stock on the market.