Good morning to everyone. We are now start our presentation of the results for the second quarter of 2025 from Moura Dubeux. I'm Allan Aquino, and presenting the results will be Diego Villar, our CEO, Diego Wanderley, CFO, Diogo Barral, Director of Relations with Investors. If you would like to make a question, utilize the Raise Hand tool, or if you'd rather write your question, use the function of Q&A. At the end of the presentation, we'll open the Q&A session. I'd like to remind you that any declarations made may be made during this conference are based on premises of the directory of Moura Dubeux. The future considerations are not guarantees of results as they involve risks and uncertainties, and depends on factors which may or may not happen. Having made this disclaimer, Villar, please go ahead. Thank you, Alan. Good morning, everyone. It's very good to be with you, talking with you again once again about our results, our earnings for Moura Dubeux. A year in which the company consolidates at a new level, not just a good year, now has become the basis of what we see as our next five years of Moura Dubeux. Principally in what is touching with operational data and over time, which will become financial data as well. Something that's important for you to mention to you here before our CFO and our IR director start to make the operational and financial results. I wanna comment on a few points that I think are important to in which you can base your idea of what's happening and what we do during the next months to close out our year of 2025. In the second quarter, we launched BRL 1.9 billion. Given the change in levels and the perspectives that you have been seeing. You are being guided to something close to BRL 3.5 billion in launches this year. In the last twelve months, we've already done BRL 3.8 billion. This data should be revisited for 2025. We will surpass easily the BRL 4 billion in launches, probably closer to BRL 4.5 billion in launches. that this does not bring any risk operationally or to the capital structure of the company, these launches have been concentrated in closed condominium projects and in larger projects. They're not projects that are so big that they're worrisome, but these are projects that change the level at which we operate. It's been that way since the beginning of the year. Let's open here in this first slide of this BRL 3.8 billion, confirming what I'm saying. BRL 2.7 billion have already been in condominiums, and BRL 1.1 billion in the incorporation or development model, completely concentrated in the Mood products. I'll in the future, we're gonna have a closer mix with Única, which is naturally perceived that we're gonna have a vehicle for BRL 1 billion in Mood and BRL 1 billion in Única products. In a minute, I'll be talking about our business plan for closed condominium Moura Dubeux. We're more and more migrating towards luxury projects, and we leave the middle class for Mood and Única, which tends to be a mix of about BRL 4 billion for our business plan. Occasionally this year, by chance, we're gonna come out ahead of BRL 4 billion. It's not normal to expect that every year, but looking forward, we will aim to do BRL 1.5 billion more than what you have seen for this year. For the second quarter, the adhesions to condominiums have become a market of BRL 1.2 billion, bringing us to a 12 month accumulator of BRL 3.2 billion, which puts us among the medium- to high-income developers that sell most in Brazil. Probably with these new numbers, we'll be positioned at a level of almost the fifteenth of August, and we're already at the same rate of what we did for the last quarter. We closed July with something that was close to April, and in August we'll close with something very similar to what was May. Probably we'll have a difference similar to what was in the second quarter. When we open these BRL 3.2 billion, we see that 65% from condominium models and 35% in the Mood market. Mood reaches a level relevant participation in our results, Moura Dubeux results. Immediately, we're starting to have a reflection in the increase of revenue. Just in the second quarter, we reached BRL 665 billion of net revenue with an adjusted gross margin of 34%, with a disclaimer that what we had in a slight reduction in margin is not tied to the behavior performance of the composition of the project. What happened was that there was a very significant return that was recognized in the second quarter, where a land plot which was purchased when it was not as physical swap, it becomes into cash. When it's purchased in cash, the return we have to reduce it, but this influences our margin. It does not change in any way the profitability of the company. I'm gonna bring you a point of how much we have in terms of returns. If we look at the same revenue for the last 12 months, we see BRL 2 billion. We said we were gonna do more than BRL 2 billion in revenue. We've already overcome that amount, and it will grow until the end of the year, that we believe that this number will be no longer a basis for analyzing the company. 51% of our revenue came from condominium and incorporation. Today, the company, it's what we expected, that in the future, we're gonna have a mix similar to this with a slight reduction in the condominium line, 'cause we cannot have the total revenue that we see there. We don't have a revenue for units. We have three sources of revenue which reduce our participation even in the business, it leaves the business plan more balanced. Here, the net revenue of the quarter, BRL 325 million. If we annualize that number, you'll see something that we have not offered as guidance, and we don't want you to take this as guidance. Please don't turn this into any type of normalization or guidance in the short term. However, we had spoken in the first quarter, for everybody that's reading 270 to 280 million was mistaken, and we shoot for at least 350 million. But again, we have always tried to be very conservative and want to have seen that the model when we delivered a better operational model. For guidance for 2025, we should be working with at least BRL 380 million. We have no longer as our floor, this BRL 350 million. Based on what we performed in these last six months and what we're seeing today in a conservative way, we think that BRL 380 million is the floor for our profitability. We get to 2025, at no moment do we no longer see this as an annualized number. The net margin passes 18%, and the average return reached 21%. We will certainly finish the year above that level. Our objective is not to have a company that comes surprising with more and more launches and more numbers. We don't have a commitment to grow. You see this new level of the company, but the growth above this level is marginal because we have a firm premise, very strong premise of not wanting to leverage the company. We close a quarter with only 11% of debt to PL, and we don't wanna open up any opportunity to become overleveraged to pay dividends. Brazil oscillates greatly with the index that reflect the operational data of the company and our structure of capital. Without being leveraged, the income is ours. From everything that we have under contract today in the company, there's some pass-throughs to be done of the projects, of the development projects underway without considering any other sales. We have BRL 1.4 billion, the value of our portfolio, with the remaining funds that we still have to receive. Just for land turnovers, the condominium projects launched, receivables are almost BRL 800 million. Of this, below that, we've never had a single non-payment. The number that I'm giving is net of any obligations for our land. It's an amount that's a significant amount. We don't wanna anticipate any of these amounts, but what gives us a great deal of security with the company deleveraged, the good sources of revenue after the end of our projects or the sale of property which is already consolidated, which permits strengthening of our cash position, leading to a new level for the company. First of all, it's very important to reposition all of you at this new level of the company and this new perspective. Again, there is not optimism. I'm not selling you something that any perspective, since we don't have a great deal of certainty of what we're able to do. A lot of people said in the first quarter thought that I put my optimism in the numbers, and now in the second quarter, I'm gonna say no. What I'm telling you is because we have a great deal already launched, ready to come back, which has not gone through our first financial statements yet, but will come in in the third by products with an excellent performance of sales. What types of products are these? Let's go to the next slide. The complex of the Novo Cais, 100% Normandie, a project for urban transformation. I can't say it's the biggest, but it's one of the biggest real estate projects in Brazil. A transformative project for Recife, project that changes the center of gravity in the development, and also at the same time creates a new source of desire, residential desire. We have launched in the last semester the Cena Plaza and the Casa Avenida, and we decided to anticipate this because we saw demand from our clients in Novo Beach Pass, Novo Cais, and in the Moura Dubeux Corporate. It's our compact line that you know well. Together, these two will be responsible for an excellent result in the third quarter, as well as this, as was the second quarter. Going forward, we also beyond the Mont Ceará, you can imagine this you see the beautiful view of Fortaleza, this beautiful northeastern capital. We're bringing these two projects, the Arthur Casas, our partnership, and insert it into the reality of the city. Going forward, we have the Mont Ceará, which is closest to the sea, and the Infinity on the right hand side, which was just released in the last two weeks. We had 200 sales paid for, 200 units were sold in two weeks. Today, we have another 100 units on the street, BRL 519 million only for the Infinity project, which talks a little bit about the proposition of the company. We wanna change the landscape, bring development, bring innovation, and bring for our shareholders successful project which brings good profitability. For our clients, something that we have the intention of realizing their dreams, which also help us to change this landscape. Following along, in Salvador on the left, we have the Eleve Horto. It's more the same as Moura Dubeux, Eleve Horto, but it has a very unique signature in a new bairro in Salvador. A neighborhood which already has 12 projects under development. One in Horto Florestal, a closed condominium project, BRL 119 million in PSV. In August, we were gonna go to the market, which has been going at a good rate of sales. Finally, to close our 1.9 B of launches for the second quarter, the Beach Class Natal, which is a Beach Class project. In the smaller cities like Natal, João Pessoa, and Aracaju, when compared to Salvador and Recife, we usually don't invest in big projects in those cities because of questions of absorption then. The Beach Class did very well. In the first month, it had BRL 35 million in adhesions in one week and BRL 78 million in PSV, net PSV. We're gonna remind you where we should guide the company in terms of launches and sales. We've already overcome certainly our GDV of the year, closer to BRL 4.5 billion than the BRL 3.5 billion that you're seeing now. With BRL 318 million for net profit will be our new base for the year. It's now no longer the ceiling or the floor, it's what we expect. We have believed that we'll follow along this year, surprising you, in spite of the macroeconomic discussions we have, we've taken a great deal of effort so that Moura Dubeux can differentiate itself and deliver value to our clients. We surprise them with projects that generate desire and demand. For our investors, so that they find the best allocation of profitability of its capital. Our commitment, as you are seeing, is to be able to sell projects even with interest rates of 15%. With this information, we're consolidating as one of the biggest developers in the country. We're absolutely absorbed by this desire to be the best company. I pass it over now to Diogo Barral, who's gonna give you some operational data. After that, we'll talk about the financial numbers, and I'll be back at the end for questions and answers. Thank you. Thank you, Villar. Good morning, everybody. I'm gonna get into some details of our operation. Starting with the launches, the company closes the second quarter relaunching BRL 1.9 billion, which presents a growth of 192% year-on-year, and 360% in relation to the first quarter. 363% compared to the first quarter. The balance of our volume of condominiums launched, which in this quarter was approximately 80% of our launched PSV, considering BRL 1.9 billion. On the right-hand side, we saw the accumulated number for the year. We reach BRL 2.3 billion in PSV launched, showing an advance of 130% in relation to the first half of last year. Looking at sales, we're closing the second quarter with BRL 1.2 billion commercialized sold, which represents 442% year-on-year and 116% in relation to the 16% we listed in the first quarter. Year to date, we reached BRL 1.7 billion with an increase of 101.9%, almost 102% of increase in relation to the first half of last year. On the right-hand side, our indicator of cancellations, we can see the trajectory, which continues to be at a very healthy level. We closed the second quarter with the 6.5% of our gross sales. We always bring to you this number adjusted, where we eliminate from this the changes in title and ownership, and the ones that represents. When we take that number out, it's only 2.9% of our gross sales are in cancellation below the PSV of the company. It's worth mentioning that if we look at the trajectory, this is the fourth consecutive quarter in which the company presents sales above 50% at the end of the second quarter. This indicator was 55.6%, which puts us as the medium to upper-level company which has the best indicator for sales speed in our segment. On the right-hand side, we bring the PSV as two launches. The dynamic was not different. It closed the second quarter with 57.4% of PSVs sold, which shows that we have been assertive in our strength of our brand in the region where we have operations concentrated. Going forward, look at our stock, which even though it has increased in relation to the first quarter, came to BRL 2.8 billion. We should point out that the indicator of coverage remained at ten months. Another point that's not on the screen, but it's worth mentioning, that our stock are ready to occupy represents only a very low amount in relation to the total value of our stock, 5%, actually down in relation to the first quarter. Our land bank company has been efficient through our strength, the strength of our brands and our relevance in the region. You see that we've launched BRL 1.8 billion very quickly. We practically didn't change anything in relation to the second quarter and the first quarter, BRL 1.5 billion distributed in 53 plots. The most important thing here is the way we acquire these properties. We acquired most of them through swaps. 70% of this BRL 1.9 billion, BRL 9.5 billion is in swaps and only 30% in cash, which contributes to the dynamic cash flow of the company. Analyzing the projects underway, we finalized the year with 61 projects, 20 and 39 in condominium. To close now, this operational part of the presentation always bring the evolution and how it will work, the deliveries of the company for the next year and for the coming years. In this first half of the year, the company delivered 6 projects, and over the next months, by the end of the year, we have 14 more projects to be delivered. I'm gonna leave us now with Wanderley, who's gonna go ahead with our financial highlights. Hi. Starting with net revenue, we delivered in the second quarter BRL 660 million, growth of 70% in relation to the second quarter last year, and approximately 50% above the first quarter of this year. We've been able to see a relevant growth in the revenue of the condominium area, which in this quarter we had the recognition of the Casa Avenida. Delivery of Casa Avenida, which contributed to the growth of our revenue in the condominium segment. In the accumulated year to date, we passed BRL 1 billion in revenue, strong growth of 68% in relation to 2024. Both segments have growth in revenue, incorporating more results for our DRE to our financial statement. Looking at gross revenue, we deliver BRL 230 million in the second quarter, growth of 35% and 38% both in relation to the same quarter last year, as well as the first quarter of this year. It's more important to maintain that the maintenance of the gross margin of the company, which we delivered in the quarter of 34.4%. Diego mentioned a little bit about how that was impacted by the operation of what didn't affect our profitability. Year to date, we've seen a delivery of BRL 338 million, a growth of approximately 50% in relation to last year, which is the consolidated margin of close to 38%. The participation is 55% coming from condominiums and 45% from development. The development was very stable for the last few quarters, hitting 33% in the adjusted margin and the condominium with 36.5%. Since last year when we launched the Ocon, we have been recognizing with the participation, cash participation was higher and with the PSV that is more relevant and it's a more iconic property, and we have a cash participation. It's what's been happening in the recent quarters. It's that margin that we saw 40% to 50%. When we have to make launches of condominiums which have cash participation in paying for the land, it's a margin that runs close to 35%. Looking at our expenses, we have diluted both in the commercial as well as administrative costs. On the left-hand side, on our commercial expenses, we delivered 33%, 33 million, which is 4% to 6% of our sales, 4.3%. The administrative expenses, we delivered BRL 31 million in the second quarter, a dilution also in relation to sales, which represented, I think, this only 2.4%, as well as in relation to revenue, which is 4.7%, which is a percentage well below what we've been delivering in recent quarters with important activities. Following our EBITDA, which is adjusted, we delivered BRL 333 million in the quarter and accumulated BRL 367 million. With With a margin over the last twelve months of approximately 19%. We look at what we've done year to date, BRL 222 million in operational profit growth of 55% in relation to last year. A very relevant growth in just one year, and a maintenance of operational margins above 50% for our results, for our profitability. Looking at net revenue, we're delivering BRL 325 million, the biggest quarterly profit in the history of the company, which shows the work that has been being done by the whole team and the delivery of these projects. Projects which we have been selling well above the average of recent quarters, which brought us an accumulation in the last twelve months of BRL 365 million in ROI, which is passing easily almost 21% when we look at the profit of the last twelve months. Looking at what we've done year to date, BRL 190 million in profit, 66% profit growth and expressive growth, which shows both the operational growth of the company as well as the alignment of the cycle of projects. It's natural that the results start to appear as we evolve with the construction. The net margin this year 19%, there is a 17.3% net margin. The results feel appropriate, which is to be recognized, have an important growth of a 14% of results to recognize, which is a great deal, which is the Mood project. We sold almost 1,000 units just this year. Very representative in our result, and we have a lot of results to be recognized and add to our finance. This is even coming on the margin in the recent months, in recent quarters. We look forward, we have more to bring onto our financial statements with a gain of 1% in our gross margin, which is with the big growth of Mood in our results. On the right-hand side, we see the results of closed condominium with administration fees, approximately, BRL 350. Gross margin of 28% in their administrative fees. When we launched these, this was recognized as an increase. We have BRL 355 million in growth of 23% in relation to the first quarter. To close here the financial highlights, we bring our cash position, how much we generate and burned in cash. We have an operational 100.6 million. We had BRL 180 million in net revenue, net debt, which represents 10.7% of our P&L. We've had BRL 10 million in cash. In these last twelve months, paying BRL 105 million in dividends. We now reset this level of BRL 180 million in net debt. Here we bring our expectation of how we'd like to handle our cash and how this is connected to our model. We still expect to run the company between 15% to 20%. We have a cycle of cash burn, which should begin in the first or second quarter of 2026. This considering the payment of dividends. Just to remember that we now have a forecast of paying another BRL 50 million in dividends at the end of this year. Next year, we're gonna see the possibility of even increasing that BRL 100 million, which you have been doing repeatedly, starting with the second half of the year where we have more cash, generating more cash. We're gonna be delivering BRL 1.7, and we'll stabilize the company. Starting in the second part of 2026, we have delivering a strong cash generation. These are our financial highlights, and I'm gonna pass it back over to Diego for, or to Allan for our questions and answers. Very well. Now start our questions and answer session. If you would like to make your question verbally, use the raise hand. If you would rather write your question, please send it to the Q&A. First question comes from Matheus Meloni of Santander. Mateus. You can go ahead. Hi, everybody. Good morning. First of all, congratulations for the results, and thank you very much for the opportunity to make a question. From our side, we have two questions here. The first, I think it is very clear in your speech, the growth of launches. Do you consider that this capital structure of the company today is prepared for this pipeline of growth? Also, do you understand what do you see as the maximum leverage level at which you would be comfortable to operate with the net debt to P&L? The P&L, we saw in the first half, you had non-recurring revenue from the liberation of land plots. I wanna understand a little bit what was that effect and understand the rationale that it caused you to do that. Understand a little bit more about the land plots which may go through this process. On our side, these are our questions. Hi Mateus, very well. Thank you for your questions. First, talking about our model of the launches. In the past, we've always made clear that our commitment was not with growth, but with profitability and low leverage, and the realization of our clients' dreams. Every time that we build, we always look for the next five years. We do not accept, even after the payment of dividends, that the company goes above 20% of leverage. This is our limit to tolerate the growth of the company. With all of the premises of conservatism that we utilize with our results. This year, we're gonna get to BRL 4.5 billion, strongly impacted by launches and sales in the condomínio fechado, closed condominium model, which permits us to not affect our structure, our capital structure, especially when we acquire land without swaps. It's very small compared to the size of our operation, and we have very little debt. We have had this growth this year. When we stabilize the company to look at the next 5 years, we consider very conservatively that the condominium will not have that same level, which is important to give you safety and security that our reading of our business plan is to reduce the size of the condominium operation, which is choosing projects that are more and more profitable. BRL 1 billion with Única and BRL 1 billion with Mood. Don't bring Única to be a cash generator. We know that in practice, in phases 1 to 3 has been, is being well run and has generated cash similar to the condominium, post condominium model. Mood is BRL 1 billion, and then we'll have a plan, a more traditional business plan, a portfolio of 80% and 60% at the launch and financing. Even though our reality is that half of our units are included in the fourth degree. It's obvious that we, it's operation that we work with to attend this level of participation. The second part of your question, which was, I think, was strong on the answer there on the first part. Everybody knows that our P&L, which we have had four areas with which were considered good for investment, marking above BRL 200 million with reports from independent estimators. We never did anything that wasn't right to do. It was more to focus on industrial units due to their location or the public in which they were inserted. At the end of the day, we sold half of that, exchanging areas for real estate products, part of which has already been launched, and part of which we have to receive as receivables to be recognized over the next 36 months. It reduced significantly because of this swap, and we believe that the other half will do the same. It will be adjustment of prices, but basically it's that. The accounting rule, when a report comes in above what was estimated, you make that adjustment. When it's smaller, then we have to also help us to do these adjustments. Since we didn't do it's not because we marked it down, it's marked up due to a question of conservatism. Being conservative. I judge it's quite high, BRL 100 million, BRL 112 million, but irrelevant compared to the size of our company. It's not because it's irrelevant that for us, we had a great deal of relevance compared to what we've just done, and we're gonna seek that with certainty. Very well. Thank you. The next question is from Bruno Mendonça from Bradesco BBI. Bruno, please go ahead. Hi, Diego, everybody. Thank you for the space. Diego, I wanted to examine a little bit more Única. In detail, you mentioned that about this new project, product line you spoke about in your presentation, where we should arrive at BRL 1 billion in sales, in launches in the Minha Casa, Minha Vida sector. If you could speak a little bit about the velocity of sales and the challenge, the principal challenge on this roadmap. When you look at the Land Bank, we see very little Land Bank dedicated to Única, a little bit less than BRL 500 million. I imagine that you're being very active in searching for properties that can be developed in that. How's that going, your process of purchasing properties? What's the model that you've been seeking, the model of purchase? Because I think Moura Dubeux do a lot of physical swaps. Do you think that in the regions for these MCMV properties will work the same way? What's the percentage of PSV that you have seen? And the internal changes, you're gonna have a different dedicated sales team. How's the evolution of all that? These are all several questions, but all on the same subject. How do you imagine will be the impact of this ramp up in this segment, in the capital structure, on the capital structure of the company? You said that it will probably consume some working capital at the outset, but if you can quantify that or give us an idea of what you expect in the way of capital demands for this specific segment. Thank you. Very high. Morning, Bruno. It's a very important question. Mood is in our balance sheet. You can already understand that. We've had launches for 13 projects already on the street and representing BRL 2 billion sales. The condominium, you know a lot, you know well, but I want to talk about Única. Internally, we're working like this, BRL 200 million for the next six months. Next year, we should consolidate BRL 600 million of PSV, and in 2027, it will reach a BRL 1 billion level. That's our business plan for Única. Yes, you're correct. Today, on the balance sheet as of the base date of June this year, we had this land bank. Since then, we have been adding almost every month, new properties for Única, bringing them in-house in all of our land. Our portfolio is Salvador, Recife. In fact, several projects which we had to launch in Mood, we were able to launch in Única just because of obvious reasons. We expect that in this world of 15% interest rates during the next 24 months, even with the prediction for some reduction, Única will reach a larger base, consumers cash than Única or Mood. We're gonna wind up doing this migration because when you look at Mood and reducing it, the recreational areas, some places, it's a model from one to another since they participate in the construction system. In terms of land, it is independent of the size, we're not very concerned about the demand because they have shown up a lot of properties in different places. This year we have ways to guarantee these numbers until 2027. However, the model can no longer be in permuta, in physical swaps, or it has to be a cash flow purchase, cash purchase or a cash flow which is rationale for the projects. It'd be roughly a down payment of 5% of the value of the property and/or sometimes with no down payment. We wait for the approval of the project to be able to pay the down payment, and then 36 monthly payments when purchased in cash. It doesn't really demand any consumption of capital. There is the physical swap, yes, for Única, but there is yes, purchasing some land because the land on its own does not have the same understanding of value when the Moura Dubeux brand comes in. It's easier to say than to do it. The point of view, because of structure, we have just hired a person who has already worked with Moura Dubeux, who worked with these guys. He just joined the company. He has two big challenges. One is our conception that Única will not just be a real estate development. Development has to be separate from Moura Dubeux and Mood. It's more engineering and less into the process of our company. I will add to in the engineering and in the directors of the development of the Única group, setting up the team needed for that. Also in parallel, to be able to run down, to diminish our dependence on that. The construction, Mood and Única have the same systems for construction. They already have 50% fit in the fourth band, which are clients who are in that, which is financed by the Caixa Econômica Federal. Even so, we have a lot to learn, and we can add with the knowledge of our region. We have evolved a partnership with a purchaser. Our region. These are some of the macro lines that I can mention to you right now to be able to understand. They will be working with Mood. I'm gonna ramp up. Last year, we. This year, we have a more timid. It reaches a natural level. It's big, more for Mood than for Única. In terms of capital structure, Wanderley can help me with this, but summarizing, we consider the next few months a cash burn in Moura Dubeux in the expectation, along the lines of Única. It has, it's running separately from the company every year at every angle. Execution of the project. We look at Moura Dubeux, and we had impact from Santander. We don't see Moura Dubeux in together with a debt more than 20%, even with this investment here. Starting May of next year, you can expect that even with these investments in Moura Dubeux. From Moura Dubeux, we have cash generation, consolidated cash generation. I think that if you have any questions about that, please, I'll be glad to explain. We're at your service. You have any other questions, technical questions? Great. No, that's great. Thank you very well. It was very clear. Thank you. Leave a little space for the other guys to make their questions. Thank you, Bruno. The next question is from Juliana Veiga from Itaú BBA. Juliana, please go ahead. Thank you, guys. Thank you for opening space for this question. On my side, there are two questions. In the presentation you mentioned about the launches in the third quarter. If you give me a little more details about these launches, sales performance, and also in relation to Mood and Única, if it will also enter into this third quarter or if this will only happen in the fourth quarter. Also my second question is about the expenses that you mentioned. You seem to have very controlled expenses in the quarter, doing a reduction in relation to gross sales. What are the major efforts right now to maintain your expenses under control, and if we should expect these same levels for the next quarters? Thank you for your question. In the third quarter, we have some launches in condominiums. Our closed condominium models, Infinity, we're already selling. We have another project, condominium project, very iconic here in Recife on Boa Viagem Avenue. The most noble address in Recife or in the Northeast. It's the type of product that normally would be to expect that it will have a very high level of profitability and also very strong demand because of its location. What we worked on, as you also saw in Natal, where we talked about that, it's going very well. We're not gonna launch anything in the new, in the Novo Cais. We're gonna wait for next year. Our expectation is to launch more next year. For the year, the third quarter is gonna be more concentrated in the last two months of the year. We're taking a lot of care with these questions of launches. We're gonna be showing some projects within the Única brands, and we shouldn't have any more launches for Mood this year. It's possible that we'll launch some Mood in November or December this year, but we'll only do that if it's really justified, but with the very strong sales, unit sales, because we operate with a very cautious approach. In the number of BRL 4.5 billion that we mentioned, it doesn't include any Moods. Which could bring us to even BRL 5 billion, but it doesn't seem the direction in which we're going. It's only not what we're offering guidance at this time. The second part of the question I spoke about expenses. Perfect. From the standpoint of commercial, we wind up in some way dilute a part of our investment in marketing structure due to the new volume. In terms of commissioning, no, it's the same level. We gain efficiency in which is the commissioning and the sales specialists or brokers, market brokers. The question of G&A, we always alerted you all the time since we opened our capital at the G&A compared to net revenue, stating that when we grew, we would have as austere as possible the hiring of new people or the information of new structures in the company, and continue to be. At the beginning of the year, myself and our people manager did a huge project sitting down with the leadership one by one with more than 100 meetings, understanding how much the proposal of the company and the strategy was built into their metrics and action plans for 2026. The teams they needed, where they understood that we could adjust and cut some fat, and we made those adjustments. The company grew so much, and in the end, there was a reduction in our number of employees. When you're leading any organization that grows very quickly, you have to have every once in a while stop and reduce the excesses which naturally happen with quick growth. We're very attentive to this in the company, and we look at the revenue level of the G&A compared to revenue. We have a structure which is more repetitive. What we expect from Moura Dubeux is a gain of efficiency between gross profit and net profit. The gross profit grows more than that, going forward. Thank you. Thank you very much. Thank you, Thank you, Stanley. The next question comes from Ygor Altero from XP. Thank you. Ygor, go ahead. Thank you, Allan. Thank you, Diego and Wanderley e Barral. Thank you for your space. Two questions that I wanted to make. The first one is a little bit how do you see the development of your condominium model between these markets. We see that Recife has been effectively one of the markets which has high levels of growth of condominiums because of the Novo Cais project, and Fortaleza is pulling a little bit of that growth. What do you expect in these two markets to bring the most important markets and dynamic of condominiums going forward? Or do you think there's still lots of space to exploit in these two markets? Do you see the condominium being more spread around among other markets or perhaps some other market which you're looking at? A second question. To understand a little bit about the new port project in Novo Cais, the most recent launch that you did, if I was mistaken, is the fifth lot in the new port project. I wanted to understand a little bit about BRL 500 million of PSV in this project, one of the iconic projects of the company. Does this project continue at the same rate? Is the same or what kind of launches do you have in mind for that project as well? Thank you. Okay, Ygor Altero, thank you for the question. It's not. Our condominium model is not just concentrated in Recife and Fortaleza. Perhaps this year, but when we go to last year, we'll see that we had almost BRL 1 billion in net sales during the year, strongly impacted by launches of our Infinity there, which carried forward the momentum of the condominium. What led our sales last year was Salvador. It's very consolidated. We have more than a dozen projects in condomínio fechado in the capital of Bahia. I would say that we have more than Fortaleza, actually. We have a great exposure of Mood projects in Fortaleza. Fortaleza has some condominiums, in fact, some large condominiums, but the number of projects right now, Salvador is ahead of it. Recife always has had that. Our first project on more than 270, which we've done along over the years, the first was in Recife, and we have more than 100 condominiums done this way in Recife. It passed ahead in terms of volume in the last 2 years, in 2023, 2024. If you look at the average of the last 5 years, you'll see that Recife has a big exposure. This year specifically, we have the privilege of having a huge success in the Cena Plaza, and then in the Novo Beach Pass. The Novo Beach Pass and Moura Dubeux Corporate is just one. There are two sub-condominiums in lot 5. We have two more projects to launch in the second part, answering the second part of your question, probably next year, which is Q3 and Q4, which are projects as big as the other projects. Projects which probably will have a high level of profitability, and we should, I expect that we have a country next year with a little more optimism in terms of macroeconomics and the important indicators such as employment and growth, better than this year, that we're gonna start getting pre-sales prices, 'cause we're gonna have more and more these things become a desire of the consumer. Then we see how much repressed demand there is. The fact is that we have a business plan which is robust for closed condominiums for this year and next year. We're looking at strategic projects to launch in the second half of 2027 in all of our cities. What we're very attentive to in business is the short term, these next few months is for Única. As you had asked, we have with a great clarity, but I'm very certain that if this number that I mentioned to you, we're gonna deliver that, and we're gonna be complying with the number that we passed to you. Thank you, Diego. Thank you, Ygor Altero. Next question is from Rafael Rehder. Rafael, please go ahead. Good morning, everybody. Thank you for this space. I wanted to touch on two points. First, more aimed at Mood. I just noticed the qualitative area of sales. We've seen some signs of the economy affecting creating a lower level of demand. Is it becoming more difficult to quote prices on the Mood products? Then understanding the band for many of these projects are with the consumer, the potential client of Mood, how much they're included in this BRL 2,000 of income. The second question, I wanna talk about the question of deliveries. I've seen in your pipeline you have 14 projects this year and 17 projects next year. Just then qualitatively, how is the evolution of these projects? If you're having some delays, if you're hitting up against any bottlenecks, how do you see the evolution or how do you see the evolution of these projects? These two questions. Hi, Rafael. Good day. Let's go by parts. What we project for Mood is less than what we've recently done. As you mentioned, that's been growing very quickly. We started to have a little bit more caution because that which is outside of the fourth, which is more than 50% outside of the part, in part of the fourth band in Brazil with interest rates at the current rate and without any growth of revenue, of income in this income level. We see more resilience in the profitability in the commitment of income. We project going forward, if Brazil reduce its interest rates in some way, this will reflect on the fourth band of purchasers, and we're gonna have a higher benefit. The speed of sales in the last 12 months has been very against what I'm saying. We're above 55% of PSV for Mood, even with two Moods that have had a closer to the viability than the other 11 Moods. We have more product than the demand. It's the localization, the location, and the price at which we're able to work have the best margins, which we have better margins with development and incorporation is above that. Yes, you're correct. We project this size of a smaller Mood than what we have been delivering, of approximately BRL 1 billion exactly because of this caution. On the other hand, Mood has shown us, adding two more projects, the level of this activity is much higher than in Moura Dubeux and tends to be higher in Única because of the industrialization and the repetitiveness of our projects, which smaller cities bring, simply similar, makes it easier for us to build, to hire people and bring more confidence. On the other hand, in Moura Debuex, we start with answering the other part of your question. If we have seen that some projects, principally in the closed condominium model, are coming into the period of the contract limit of our clients, especially the most distant projects from the urban centers. What happens is the question there is productivity of labor. We have a problem, serious problem in Brazil that all of the builders have a lot of transparency for you. That it's as simple as that. 5%, 5.7% unemployment, which is full employment. On the other side, you've never seen so many subsidies, social subsidies. It's a recognition over the last four years. Not only the number of people who receive Bolsa Família or any other social benefit, and again, the government aims at this. It seems it's like low employment and social subsidies. The minimum, we have nobody who works for us for base rates of minimum wage. Labor has become a bottleneck. We've done several initiatives, as I mentioned to you. Mood was an initiative for that. It's another sector for that, which is the industrialization. There are several steps in the process which use less labor, and also a program for the training of labor, which is another effort we're making. It's not a solution, but altogether, these are key factors to mitigate this structural problem for our country. Without looking at the long-term questions like education and productivity. What I can say, what I can guarantee to you is that this visibility and this transparency, and it's so clear that it is my involvement, direct involvement, not only of the team in general, various fronts of work, but the most important, and this is foreseen in a conservative way in all the numbers that we project to you. For example, if a project A, B, or C has a projection of 30-something and has to go to 40 months, and its cost is 5% higher than the base that we estimated, all of the projects that haven't suffered any variation similar to it, when we go with our model, we already consider them the similarity to that project to protect the company from the margins and the production of cash for the next five years. The caution that we utilize in our controllership, which is respected in our accounting, and to avoid any type of conversation or surprise in relation to the actual scenario of Moura Dubeux. Very good. Thank you, Diego. It's very clear. Thank you all very much. As we make this decision, I see the level of growth that we are delivering with the level of profitability that we're bringing to be able to tolerate the company over 20% net debt to PL. We're not gonna do that. We don't have this mentality. We only do this with a great deal of safety and absolute certainty of not leveraging Moura Dubeux. We believe that we've done the correct use of this capital. We will grow even more over the year. What we're doing today is I wanna be the company that delivers the best results and gives us confidence in the capital structure, which is even more robust to bring to a higher payout, something between 50% and 70% of the profit of the year. This is the mentality of my mentality and of all those who work in the company, and it's how we're going to act, and it's how we've always promised to have this behavior. We're not gonna change this in any event. We have space to do an anticipation of what clients are gonna see in the future, but a country with 15% interest rates, with a country which has a better level of that doesn't seem like a trade-off which justifies this anticipation. We're gonna try and stay at the same level of correction that we're at and operating at this new level, and more importantly, deleverage the company without leverage. I don't know any company which lives through these challenging moments in Brazil with this capital structure that we have, which does not take advantage of the biggest opportunities for land. After these storms, it comes out even better. If we look at the long term, we have to play in the long term. We have no more questions. I'm gonna pass it over to you, Diego, for your final comments. Okay. I wanna thank you especially. We thank you for your confidence of our investors in the company. I always start with the client, but with the client, this is a forum for our stockholders and those analysts who cover the company to reaffirm our compromise, our commitment to the quality of information that you have always due to what's been happening with the adjustments. We feel very certain to inform you, and we know very well the responsibility that it is to change the company of the level, increasing the. It's perhaps you said quickly. When we say we're at a new level, I know our responsibility of that which being we informed being having the new floor, not the new top, not the new ceiling. What we're gonna be doing in the next few quarters in the company, I repeat what I've been saying to the market, our stock, even with more than 100% growth this year, is still cheap, especially for anybody who has this privileged information about the number of the performance of our team, we believe even more in the Northeast and our client base and on the capacity of Moura Dubeux to make to monetize your participation. I thank you for your confidence, your trust, and Barroso e Vanderlei estão comigo are here with me today to answer any other questions in private. I hope you have a good vision of the vision of the company for the next 6 months, and for the next 1 to 2 years or the next 5 years. Thank you all very much, and have a great Thursday.