Okay. Let's get started. We have even more people attending. Of course, there's always traffic, especially on a rainy day in São Paulo. In respect to those who are here already, let's start. Good morning, everyone, and it's a pleasure to have you here for another MRV Day. Now for 2026, we're going to spend the morning with you. We plan to make presentations for two and a half hours, and then we'll have the Q&A session. We believe that around 12:30 P.M., we'll be done with the presentation and the questions. It's a pleasure to welcome you for the Investor Day 2026. Let me show you what we'll talk about. Rafael will make a recap of 2025, what we plan to achieve, what we met, and where we are in our plan. After that, he'll talk about 2026, 2028 that we now call the cycle of operational excellence, because we finished the operational and financial turnaround, and now it's time to aim for greater profit, optimization of implied capital, and greater returns. Rafinha will talk about real estate development, what he is doing to buy more land with the swaps and what are the opportunities to expand the margins. The operational manager will talk about the state checks, Minha Casa, Minha Vida market, and how we'll make the best of these opportunities to grow volume. Ronaldo, our production VP, will talk about linearity and product production sequencing. How can we increase the speed of production and what we can earn in terms of advantages with production and optimization of capital. Then I'll come back and talk about indebtedness and how all those initiatives combined of improved margins and improved capital employed will bear results. Then Matias Rotella from the Menin board, who is also part of the board of Resia, will talk about Resia a bit more, give you an important update where we are in the Resia strategy and what we think about for the future. Eduardo Fischer, CEO, will talk about the main takeaways. Now to start, I would like to call Rafael Menin. Let me have a sip of water here. Good morning, everyone. Thank you for coming to the event, for attending the event. It's a pleasure to be here, myself, Eduardo, our team, so we can be able to tell you what we are doing looking forward. You know, the first topic is the recap from 2025, but the most important is to show you in depth the number of innovative actions and differentiated steps that will certainly place MRV again as a unique company in the low-income segment of housing in Brazil. Or affordable housing in Brazil. We did not make the MRV event in person for 3 years, and now we're back. We have some commitments that we made to our shareholders because we want to, once again, be a company that generates cash. For many years in a row, we were a company that, after the IPO, had the best operation among all listed companies in our industry, our segment. That cycle, which started in 2016, 2017, then pre-COVID, we had a wonderful cycle with a lot of wonderful numbers, cash generation in the first three years of COVID, and then a lot was done. The company wants to, like, once again, be a major cash generator and geographic simplification in geographic terms, as well as in our portfolio of products. A greater sequence of products in every region we operate in. We're going to concentrate our production in a smaller geographic region that will allow us to optimize our manufacturing logic. We'll have a lighter balance sheet, you know, be asset-light. What has happened so far? Geographic simplification. We used to be present in 130 cities or towns, and today we are present in 80 cities. That may look like a lot, but we are in 28 regional core centers. For example, in the São Paulo metropolitan areas, we operate in 5 or 6 cities or towns, and the same applies to Belo Horizonte, and that applies to all metropolitan areas in Brazil. There are 28 regional centers. It's not easy in our segment to have a knowledgeable team with all this geographic dispersion. This is a major differentiation that only MRV has. This has been built for many years, matured, improved in terms of team, processes, and market knowledge. The last city we started to operate was Manaus 15 years ago, or rather in 2015, more than 10 years ago. We've been improving the gross margin for 26 quarters, and the good proxy for gross margin is the gross margin for new sales. We've been disclosing that figure for 2-3 years. We talk about the gross margin of new sales, and that continues to increase with a delay of 18 months, 12. So the accounting margin becomes the gross margin of new sales, which has closed the year at 35%. Cash generation in the fourth quarter was very good. That was the first quarter in the year in which we were able to balance the two main operational metrics that provide balance in cash, which is production and transfer of units to Caixa. During the year and the many conversations we had, we discussed that. Maybe the only or the main mistake of the company last year was not being able to balance these two metrics in the first three quarters of the year, production and transfers. In the first three quarters, there was a delta of 5,000 units causing us to postpone cash generation. In the fourth quarter, these two metrics came together, so we produced close to 10,000 units and transferred 10,000 units with a generation of cash of BRL 182 million, showing that the profitability of these production cycle is better and better. In terms of capital allocation, we've been managing to buy more and more land of high quality with swap agreements, very well located, and the net operating revenue and costs continues to drop. Naturally, with time, this capital allocated, which is very high currently, we still have BRL 2.3 billion of capital allocated in land, the land bank. Rafael will talk more about that in detail, but we'll release a lot of capital in coming years from land. Now I'll talk about what matters most. We are now calling it the excellence cycle. We are absolutely certain that this will be a wonderful cycle for MRV. First, that applies to all the companies that operate in this industry, is that external factors are wonderful now. The housing program, Minha Casa, Minha Vida, continues to be improved. Many important changes have taken place, recently, not only in this administration, but in the previous one, also important changes were made to the program and will continue to be made. A new change will be made, and we'll discuss it. It will be in March or April, and we'll talk about that also. Demographics, a willingness to buy a house, funding for these customers, with interest rates that start at 4% plus CR, so slightly above inflation. There's no credit facility for individuals in Brazil as cheap as credit for affordable housing. In addition, in the states, at the state level, state governments have announced a greater involvement in order to boost the MCMV program, providing state checks. Because customers from these low to middle income segments do not have a lot of savings, so these checks are a way to help people buy their own homes. The most recent aspect that we call the development of regulatory frameworks of the cities. São Paulo was the first city to really tackle this issue that we believe is the main pain point for families who live in the metropolitan areas, being able to live in an area that is safe, with utilities, relatively close to work or to public transportation. São Paulo started this movement 10 years ago with the approval of the new master plan that's been authorized. The concept of centrality. How do we bring the lower income populations to the central areas of the city that have better utilities and transportation services, public services in general? The city of São Paulo used to be a market of around 20,000 units per year. Last year, it amounted to 100,000 units. The market multiplied by five in approximately five years. That did not happen because the income of the population improved. Of course, the program and affordability improved, but that happened because people who live in São Paulo with a lower income have the capacity or are able to choose from a wide variety of products in excellent areas of the city, close to subway stations, close to work, areas with lots of schools, child care centers and hospitals. 100,000 apartments per year. Let's imagine an average family with three people. We're talking about 300,000 people from São Paulo that will be able to live in much better areas of the city that they currently live in. Within 5-10 years, 3 million people in São Paulo will be able to live in a better area of town, and that totally changes the market dynamics. Given this fact, what we see for the whole country is that more and more cities and towns are making the same movement. That has no fiscal cost for the local authorities, on the contrary, because that provides many benefits. It reduces costs, traffic, it improves management of public health services, education services. Utilities and, like, water, sewage, and electricity services are simplified. That's a good example of something that's happening now in Belo Horizonte, Recife, Rio de Janeiro. Many other local authorities have adopted the same agenda. There is an understanding of society that, about the lower to middle income segment, that when the federal, state, and local levels act together, that boosts the size of this market enormously. This is the housing deficit, which is impressive. Despite this mature program that has delivered 400,000 units since it's launched in 2019. The MCMV program has been around for 17 years. Unfortunately, the housing deficit in Brazil continues to grow. We have a pluriannual budget of 500,000 units per year, the new units per year. We need the money to fund customers and companies. There is a funding of BRL 568 billion, that's the largest in history by far. Young people want to have more flexibility, less assets and properties. However, having your own home still is the main dream of young people in Brazil. 93% of them want to have their own homes. State subsidies or allowances, 23, 1.3 billion has been allowed or awarded in benefits, subsidies by state checks. As we've seen discussions going on at the local level, the states that still don't have that support are discussing how to provide support, additional support to the MCMV housing program. We believe that from now on, other states would also start to have local subsidies. Okay. We have mentioned the change in cities milestones and the change that brings about to Brazilian cities, the impact on Brazilian families as a whole. Moving on. Even more important than the external context, of course, it goes for everyone. What sets us apart internally is that MRV is clearly the company which exposed to the largest market in Brazil. The 28 regional hubs accounting for 53% of the Brazilian market. We have a footprint in those markets, and have had that footprint for years. It's a very special asset, and we've talked about this with you over and over. Of course, that adds complexity to the operation, but we've been doing that for so many years. We have put together teams. We have amassed knowledge to conduct the operation in such large scale, 40,000 units a year, 28 regional hubs. MRV is the only company able to operate at that scale, with excellence. I'm gonna focus on the internal levers, which is the major topic of today's event. Two main mottos we follow here in the company. Two mantras, if you will. Our teams talk about it all the time, and they are, number one, we were able to have an important recovery of our margin the past few years. We moved from a very low margin. Our worst year ever was 2022, and we went up to an accounting margin of 31% and a new sales margin of 35%. What's ahead now? Can we grow even further? Our team is sure that the answer to that question is yes. As for capital employed, that was the focus of a lot of debate. The company has a huge balance sheet now, especially allocated across land, Pro Soluto, and some assets for construction. We're gonna be touching upon that in a moment. Also, a larger than desirable stock or land bank if you'll, if you will. Thiago will go into more detail about what we did last year and what we're gonna do this year with even more effort to get the company's VSO at a different level now. How do we go about that? We call that margin expansion. An equation, if you will, to go beyond those 35% I mentioned. We start with our land bank, of course. It's an important cost for us, land. Rafael will talk about the land that we have bought in 2024 and 2025, and the land we're gonna be buying this year. Those lands will be high quality pieces of land purchased in barter agreement, and cheaper land than we already have in our historical standard. A second topic is the product conception. Ronaldo and Rafael will be touching upon that as well. Product emerges from two main important levers. Number one is linked to what cities allows us to do today. Cities have been more flexible in terms of allowing us to have more efficient products, more affordable. In addition to changes in legislation, we also did our homework, have been doing so for the past few years, to have a more efficient engine. If you have cheap land and if you have a good conception of the product, that's no good if the execution is not top quality as well. I am confident that our production team is the best production and execution team in the market. The only team which is ready to execute over 40,000 units a year across 28 regional hubs, and do so very efficiently. Lastly, price. Thiago will be talking about all those levers in a moment. Our price, right, Thiago? Our price for the past four years had been going up above inflation, and this will be the same thing for 2026. The combination of all those four variables of that equation will lead us to an even higher profitability than what we saw in Q4. As for the balance sheet, optimizing our capital, have a huge opportunity here. Last year, we had the image of a water tank. We have a huge water tank. We have brought that level down a bit. Now, there is an opportunity to look at the half empty glass, that the water tank is still huge. The half full glass is that with the actions in place, we'll have a water tank of land throughout the years reduced in level. We'll have capital to be liberated, which is gonna be huge in the next few years. Also important to mention, which is linked to production, reduction of fixed assets also offers an opportunity. Number three has to do with VSO, and Thiago will touch upon that, and we'll show you a more adequate number. Challenging still, but more adequate. We plan to execute that throughout the year to deliver a different VSO from last year. Lastly, accounts receivable, rather. For the past few years, we've seen numbers that need to be brought down, and the Pro Soluto after delivering the units. The combination of those four variables throughout the quarters will lead us to a much more efficient balance sheet than we have today. Then at the end, Caca will show you a matrix comparing profitability and allocated capital. He will run some simulations for return on investments and return on equity. In addition to being in a market which is quite strong and which is improving across the three administrative levels, federal, state, and local. In addition to being a company that will certainly be one of the most efficient in the industry, we have some features that set us apart. Number one is that we have a strategic footprint. We have a footprint in a mature manner for many, many years across the country, with a very strong team in all those regions. People who know the market really well. Brand. If you are buying a house or an apartment or a home, it's the most expensive asset a family can acquire. If you have a brand which is well-known and appreciated by the industry, that takes a lot to build, takes a long time to build, and we do have the strongest brand in the industry. As for expertise, which links back to the first aspect I mentioned, we built 40,000 units in 2013. We're talking about 13 years executing at the same level, very large scale across the country. An accumulated know-how of many things we did right, a few mistakes, but a combination provides us with a know-how level that only MRV has. Of course, the team is ready, which is also linked to the other aspects. Given the past few years, which were quite challenging, I can say that the team is really engaged with a lot of appetite to show, to deliver a company which will be epic. Also a source of pride for us, it might sound like common sense, but it's not, is, to be able to build 40,000 homes a year to deliver a product which is so important for the people, and to operate in an industry which is highly transformative, that makes us a unique company. Unique company with the scale necessary, working with ethics. We do impact 120,000 Brazilians every year. We have the ability to change the lives of thousands of Brazilians every year. I have an interesting figure, which is the following, and that changes every year, actually. One out of every 100 Brazilians lives in an MRV unit. In the cities where we are present, one in every 50 Brazilians live in a unit built by MRV. In some cities where we have been operating for years, 1 in every 15 inhabitants in those cities lives in a product built by us. It is an incredible feat which makes us all very, very proud. Also important, reputation. This is a survey conducted by a well-known institute within the industry. We rank in the tier one reputation level. An interesting piece of data is that if you are an MRV client, you place reputation at the excellent level. If you are part of our ecosystem, you have bought a product. If you live in an MRV unit, you are likely to place our reputation at an excellent level. That's what the survey shows. To wrap up Brazil, we are now building. When I say we, I'm talking about myself, Fisher, our VPs, our managers, our team, our directors. We are absolutely sure that the company we are managing, that we're building every day, this company will, is and will be the best MRV in history and the best company in the industry. I'm not gonna be briefly going over Resia. Resia is a thesis we strongly believe in. The multi-family market is a huge one, very promising, with high demand. It's a market that went through a difficult cycle, where we had oversupply across many cities, interest rates through the roof for a long time. That clearly had an impact on Resia. We also had internal aspects. We didn't get the execution right when we had to. We've talked about this. We worked across different fronts. At the same time, we added complexity to the company, which was a problem, but that's water under the bridge. Even though we like Resia's thesis very much, the mandate from our management, the mandate from the CEOs, is for us to focus on Brazil. Given all that context, when we talk about Brazil, we talk about several difficulties, and specifically about our market, which is very good. The mandate from the management is for us to focus totally on Brazil. That's a strategic decision around this year, right? We're not gonna start new projects under the current corporate structure. That does not mean Resia is over. No, we like Resia. We are now studying alternatives to approach Resia. The company will live on, but within a new, corporate, structure. If you are a shareholder of MRV, you will see, Resia being separated, right? You will be... In the next two years, we have Matias, we'll show you a snapshot of where we are and where we'll be, so that in the coming quarters, both the assets and liabilities from Resia will be negligible within the MRV structure. This is what I had to start. We'll have time for Q&A at the end. Now I'd like to turn the floor over to Rafael Pires, who will be talking about the first phase of our engine of our industry. Right, Rafa, over to you. Thank you. Thank you. Well, good morning, everyone. It's a pleasure to be here with you this morning. You talk with Caca and Augusto in your everyday operations, but for us to have a chance to be here and chat with you, show what we do, it is truly very nice and very important for us. I will start by linking to Rafael's presentation. He just mentioned that this cycle 26, 28 will be the best cycle in MRV's history, and that we'll deliver the best MRV in history and the best company in the industry. I'll show you the first phase about that process. I have to tell you the following. The best MRV in history is already a reality here. We have a strategic footprint which is quite stable and in place. We already have businesses starting with great margins, with good capital allocation, something we never had. We have today installed capacity to transform land bank into products on the shelf, which is huge. We are well-positioned to be able to capture the opportunities in large cities. In the next 20 minutes, I'm gonna be moving across those four pillars, margin expansion, capital, people, and client. I'll prove to you that what I'm telling you is true. The best MRV in history is already present. It's already here. Talking about capital expansion and now margin. This is the conveyor belt of real estate. We split that in two major phases across that conveyor belt or that treadmill. That's when we buy land. We buy land in a very disciplined way. It's a very important asset, the main input for a company, a real estate company, and we have a footprint. We have defined its target. With that, with increasingly better costs and payment conditions, that cycle directly impacts margin expansion and in optimizing capital allocated. The second phase of that treadmill is land management. How do we take those inputs within the treadmill, that huge amount of land that we have, and make sure that we have a linear process so that we can allow the continuity for a new cycle to begin, especially operating in such a complex market? If we could focus on the first phase, which is the purchase of land and what we've done for the past two years on that front. What we call strategic footprint, Rafael has already mentioned something, and we cannot forget that not long ago, we were operating across 128 cities in Brazil. Quite complex in that respect for a company that wanted to be a company with a linear manufacturing process. We handpicked the 28 regional hubs I mentioned, and since then, we have been focusing on those hubs. When I talk about 28 hubs, as an executive of the company, I have the obligation, of course, of delivering results. I have two other obligations, which is to mitigate risk and to ensure the company's continuity. When we have 28 hubs, that mitigates risk in a very efficient manner, in a very concrete manner. We are here in São Paulo today. We see legalization in São Paulo is going through a difficult moment. If I were present only in São Paulo, I would be very much concerned. Of course, São Paulo is important. Of course, we are concerned. With 28 hubs, if that generates some delay, I have something or a way to offset that. In addition to that, when we have that smart dispersion across Brazil, I'm exposed to markets that have very high demand and low competition. Markets I look and I see better VSO, I can buy cheaper land, I can operate having very large margins. That dispersion makes a lot of sense. It was handpicked, as I said. It's not a coincidence. It's not by chance. What did we do last year? We're able to buy 71,000 fractions on those 28 hubs, 97% of those lands concentrated across layers 1, 2, and 3, which in addition to mitigate geographically, we also mitigate the funding risk. We are concentrated on the first layers of the program, 1 to 20, as I said, and we are confident that if we have some funding restrictions in the future, we are operating across the lower layers, and we are across Brazil. That, of course, helps us mitigate risk and assures our continuity. Does it make a difference to be stable? Of course, it does. It makes a world of difference. We have a team which is trained, knows the area. Rafael said the last city we joined was 10 years ago. I was there in Manaus to start operations in Manaus. It's a huge work. You need to learn the legislation. You need to learn a new culture. It is a level of complexity, right, Geraldo, to train a new supplier network, and we're doing the opposite now. We are reducing the operation in those 28 hubs. The operating risk at MRV, the risk equation, this is zero. If we were saying, "Oh, we're going to start operating a new state in a new town," but it's not our case. We're stable. We're doing what we know how to do in the same regions and for a long time. The consequence of this is, because we are knowledgeable, because we have a network of brokers, and we've been able to reduce the cost of land. This indicator of the cost of land, according to the net operating revenues, the best way to know if I'm paying too much. We're able to reduce from 11%-9.9%. At the same time, we're doing things that may seem antagonistic. Oh, you're paying less for the land, but you're decreasing your payment terms. Well, that means that you're probably buying land in cheaper areas. No, we paid less for the land. At the same time, we were increasing the concentration in capitals a lot. If we are concentrating 28 city centers, now we are concentrated in capitals of the capital cities without paying more for it. This has a direct impact in the same variable of the margin equation. Land is bought at a lower price in areas that allow for higher prices of units. We paid less for land, we bought more, but we increased the percentage of land swaps. That's. We reach 93% of everything we purchase, we purchase with a swap condition and otherwise we're going to pay after launches. That has a huge impact in the first variable of the equation of our capital optimization equation. We remain very confident that operating in the areas we know with the brokers we have and our team, there's no reason for 2026 to be any different from this. Since I'm talking about employed capital, last year I made a commitment in front of all of you at the same stage. Let me talk about that promise. I said that something that I was worried last year was the size of capital invested in land. It was BRL 2.4 billion, and we reduced it by BRL 300 million last year. We are absolutely sure that we are on the right track. We'll continue to reduce that figure. Our expectation is to reduce to 1.9 in 2026, and I'll be here in 2027, 2028 and 2029 to make sure that I deliver on my promise to reach BRL 1 billion in 2029. This water tank will continue to lower the level because this water tank of amount of money paid, only there's one incoming source which is land bought. Today we are buying with high levels of swap. There are two exit ways for this water, which is acting on the land bank, and the second tap that we created last year, which is recycle the land bank. That shows the quality and power of land bank, the land bank of MRV. We're able to sell BRL 258 million in assets by recycling assets without the need to report any loss in these assets. They are good assets. There's a market for them. We'll keep that tap open because we want to make the balance sheet asset light. As you've seen, a lot has been done last year, but there's more. The second part with this land bank management, we remain highly focused in two important things. First is the early legalization of the land bank. This is extremely important and strategic and linearity. Having a land bank as big as ours in an operation as big as ours, we have to think in as a factory, how can we translate that to our operation? This is an example some of you may know. This is a typical townhouse of us, 26, 27, 28. The best MRV in history is here. Today, I'm buying the land that is for 2029. The land for 2026, 2027, 2028 has been bought, is legal already or regularized. When we look at the model production lines, Thiago knows when the products will be launched, when the models have to be produced, and I'm buying land in a certain town. When we say this is the purchase plan for a certain town, this is my basis. I look at the year 2029 and it says, "Oh, there's a lack of a product in the downtown area of the center." I enable the purchase plan for a certain part of that town. We decide that with three people. Ricardo helps me. Ronaldo looking decides what I'm going to buy according to the need of the product, and we decide on a strategic way market by market. At the DI, we say the stores never close, a plant never stops producing. We know that in order to be a linear and manufacturing company, we cannot lack products because the commercial team suffers when that happens, because then our team will be less efficient and VSO will decrease. If I ensure the supply of land, that will have a good impact on the equation. The impact of hiring someone, training and then closing the construction area. A plant will never be efficient like that. When we have this sequence of construction works, most better optimization of our assets, of our equipment and better use of capital, with a lower unit cost that goes directly to the margin equation. It's a huge impact. Doing this in 28 micro regions, ensuring the supply of products in a country where we know that the public authorities and agencies are not the most efficient, you know, the only way to do that is to have the permits earlier, have everything that we depend on the government earlier. We built a knowledge of the registers of the local city halls. Last year we issued 52,000 in construction permits and in 2025 and 55,000 in 2026. We are committed to mitigating risk and ensuring permanency. When I have the product, it's good because if the product is sold earlier than expected, good. I have a ready to build land bank. If there's any problem, I have another land that can replace that product. This cushion of legalized products ensures the linearity of our production line. Nobody in the market is able to issue 55,000 permits in a year. I've said a lot. We have the largest team able to buy land bank. We have the highest percentage of land swaps. We are buying land by net operating income at a 9.9 rate. What does that tell about the company? We have to deliver the best company in the industry. Will that do it? The numbers say yes. This is an average of the three main players that are competing with us in the market. While we purchased 71,000, on average, the competitors are buying 45,000. The percentage of swap 93% compared to 66%. Our land is purchased at lower prices. Our capacity of launches based on our land bank is unparalleled in Brazil. Is that enough? No. We'll continue to work to do even more. What makes me sure that we can and we will build an even better MRV is that we have a very differentiated team, a very special team. We have seven officers that work with me, spread at the 28 regions, and 28 managers that have been with us on average for seven years. So at least two real estate development cycles. It's no coincidence. 28 regional managers for 28 micro regions. Each region has its owner accountability. The person lives there in the town. They are there every day during the weekends. Their children go to school there. They know the market, the real estate register, the environmental authorities, the mayor, you know. The local team is what we call people with a capital P, you know? Nobody does anything alone. We have the largest team, and we have to deliver to them the capacity to operate with the highest technology available in the market. The MRV land, MRV Terrenos, continues to evolve. It's a very powerful tool. Instead of just showing a picture, I'll play a video of the software operating. This is the city of Aracaju. It's a simple city. There's a screen that works on iPad, on the palm of our hand. We're able to overlap items. This is the micro regions of the city. I can click on the micro region and see all the information about it. What's the minimum inventory I have to have? Current inventory, how many land plots of land I have enrolled there. What's the cost? If I want to assess the land, I can have a map of competitors on the palm of my hand and have an accurate information about the competitor. When I click on it, I can see everything. What's the price, inventory, how many units they used to have? What's the type of apartment that's being provided? There's a parking spot or not. I can have an assessment of the market. When I want to buy a certain land, I want to know about the income of people who live there. I click on income, and I know what's the average income with the brackets next. For the people who buy there. What about the demographic density or inhabitants per square kilometer? I know how many people live there. Quickly, on the palm of my hand, I'm able to understand the market, the region of the city, and obviously, there are more details. I can see all the land that we own, plots of land that we owned, whether it's purchased, being prospected, or being legalized already. We have traceability. Who has signed, when the purchase was made, who approved it, who signed it, what is the purchase terms. We have the feasibility of that purchase, which is the commitment we made to the company in terms of margin and employed capital. And we're able to compare that throughout the life of that land. The most advanced software for land management in Brazil is the one we have. And it must be because what we do is so important. Real estate development is a form of art. It's being able to look at a land and to build a dream that someone will dream of later on. What we do demands a huge focus on the customer. All of us have that feature. In addition to being a team that works very hard, we also have a very keen perception of our importance in the life of our customers. That's why we work hard and deliver. I'm absolutely sure that we deliver the best value proposition for Minha Casa, Minha Vida program. Well, what we do, you know, it's real estate. If I make the wrong assessment and place the swimming pool at the wrong place on the land, there's no way to change that later. If I decide to build entertainment facilities or sports facilities for 100 people, and there are 1,000 people living there, that's useless. In the very early stages of the project, we have to use our knowledge and use the technology to make the best possible product. We develop real estate projects with 3 people, you know, 3 areas together. We sit down together. Ronaldo delivers me parts that are already measured. If I'm building a condominium for 100 people, I know what's the size of the swimming pool I have to have, you know. Our floor plans are developed with technology. We have a five-star checklist with several rules, how far the parking spots will be from the building, the sun insulation, you know, or how much sun the apartments have. This experience of living, Alexa, is what feeds our brand and generates that perception of value that Rafael showed to you in our NPS. We are very sure that what we do within our projects' walls is the best living experience in the market. There's also another area, another factor that's closely related to that, which is location. There is a movement of going downtown that's happening in Brazil, São Paulo, Recife, Rio de Janeiro, Belo Horizonte. This project is now being discussed at the local level. We have people that, due to previous laws, had no other option but to live in the outskirts of the city. By doing so, they ended up generating for the local authorities very high expenses with infrastructure of hospitals, schools, commuting time that generates costs for local transportation lines. People end up living very far away. Now, the country is now bringing those people to live closer to the center of the cities. Cities that lost their magic, lost their life. As you bring people back to the center, you unlock new markets. You have amazing VSOs without a sense of public spending. That dynamics is only based on legislative actions. You change the working codes or norm, you are able to transform whole cities. São Paulo, in ten years, will be a different city. The number of people moving back to the city will generate a very positive impact. We are quite sure that this is a nice thing happening. We are ready to tap on that. We are present across all those capitals. We do have products to meet that demand, and we are ready to capture that opportunity and be a very relevant player in this new market, which is now emerging. Belo Horizonte is an example of that. In the last census, saw a drop in the number of inhabitants. It's a very atypical fact, a capital losing population because their zoning code was not efficient. Now we are approving a new plan to incentivize social construction. Now we have 120 units in a place where we have 320. We're able to triple the PSV in the same land bank, given that centrally located land plots are more scarce. That's exactly what Rafael mentioned. It's not about people moving or changing addresses, but it's about changing people's lives. I finish here, this is something I want to be recorded. I'm going to be available throughout the week for you to be sure of what I'm saying. The best MRV in history is already here, and the best VI in history is also here. Thank you. Thiago, over to you. Well, good morning, everyone. It is a great pleasure to be here once again, to talk about what we are now building in the commercial front to support everything Rafa has just shared. We have a wonderful land bank, have been working well with our products, and to transform all that into reality, we need a strong commercial team, a very active, very engaged commercial team to make things happen. Well, it's nice to go back to our mission. Our mission within the commercial team is to sell more and link to the two main strategic pillars we saw before, but with a huge responsibility to expand margin and with an eye on reducing our Pro Soluto. More important than that, we have this important mission around this excellence cycle to bring our VSO to a more robust level, as explained by Rafa just now. In the past few years, we have been getting ready for that. For the past 3 years, we have talked about that 40,000 net sales that had to be materialized and that allowed us internally to be ready to start a new expansion cycle, a growth cycle. How will this unfold? It will unfold with potent launches, so that we can gain traction at the launch moment and that helps the commercial team. Rafael mentioned that our store never closes. It's important for us across the 28 hubs to have recurring launches to maintain our commercial team engaged. That allows us to ensure a balance between produced and transferred units, and that allows us to generate cash in a consistent manner. Rafael also mentioned our discipline for the past four years, and that will continue to be so. We continue to be disciplined, and I'll show you the size. We are managing over 350 construction sites. It's difficult to maintain those prices above inflation. I will show how we do that, and a strong focus on reducing our Pro Soluto. It's important to recap. We have been building that journey for the past few years. We almost doubled the size of the company in the last four years, but we're not happy with that only. It's nice to see that an increase in sales, it's nice to see the increase in prices, how we recovered margins, how we have diluted expenses, as we mentioned yesterday in our earnings call. A criticism we have internally, that gap that we had in sales in 2025, we were below expected. We planned 5,000 net sales in addition to what we had, and we fell short. We had a gap, especially in the first quarters, but then we gained traction and recovered some of that in the fourth quarter. We also improved our efficiency in the end of the year. We're able to sell a lot at the end. We were not able to transfer everything, but that led to some level of inefficiency, which has been addressed. We have been making the most of our state subsidies to offset that. The states where we had a higher impact, we have one going full steam. Rio Grande do Sul and Amazonas and Ceará, we are now working with the administration to improve the operations. That is reassuring for us that in 2026 we are planning to reap new results. Why am I so confident? I am confident because that internal structure includes a few things. Our footprint, we concentrate our launches in certain areas. We're having smart launches which are complementary to our available portfolio, generating team engagement with desired products. Products which are quite well-designed, including all the pillars of the company, and with a quality that generates power during launch. We have to sell three times, as I say. The first one is more complex, is the sale for the real estate market. When the real estate market buys that idea, that's halfway to success. We have no doubt things will happen. Supported by an MRV brand strategy. A preferred brand, a desired brand that lends credibility to clients. Ronaldo will reinforce this. We talked about how much the brand provides credibility when you make a decision to purchase a home. Investments and intelligence supported by a lot of people to connect clients with brokers. We work hard with our sales effort, sales force that we have put together throughout time. Internally, we are well-prepared, well-positioned. Looking out, as Rafa said, we're now seeing the best moment in the real estate market for the Minha Casa, Minha Vida program. Now, it's also nice to remember, and Rafa mentioned that a little bit, the changes in 2026 really helped MRV. They are quite relevant for MRV more than any player in the market, I dare say. Out of the 28 hubs that were mentioned here, we are present across several capitals. There are cities where it had a low ceiling, and the evolution we saw earlier in the year allows us to find or have products that are more affordable for those cities, allows us to have a dilution of Pro Soluto and a gain in margin. It's a perfect combination of the three pillars that help foster VSO and also our margin ambitions. Also supported by a new subsidy curve. Just to recap, this has already been executed. MRV has already captured part of that or most of those opportunities, and we continue to do so throughout the year based on the launching plan we have for 2026. Today, we have something even more important, which is the change in the income ceiling. 12% of growth is quite relevant, and I'll show you that in the next slide. The impact that has on the company's stock, slightly lower in group two, but quite relevant in group three. We will have people of up to 9,600 with a much better interest rate, much lower interest rate, making it easier for that income bracket to access the portfolio. Then group four, which is less concentrated in our case, but which is also important. Lastly, a change in the ceiling, as I said, BRL 400,000, from BRL 350,000 to BRL 400,000. That also allows for a better approach to our stock. We still have 5% of our stock linked to layer four SBPE, and now we start to accommodate group four as well. Only good news. That, of course, translates into more clients having access to the company's portfolio. You have a curve here where we show the changes and the opportunities provided by Minha Casa, Minha Vida and the affordability issue. We like to split that, a part where I can capture on the same price a reduction in Pro Soluto. Then as I increase funding, I'll give you an example. I have a funding of BRL 183 thousand, and that increases by BRL 17 thousand in this case, or a price increase or an opportunity to capture some kind of loss here that allows us to expand margin for our products. We have a very broad scenario where we can see an increase in margin. The most important point is down here. That move in our stock, which it starts to accommodate group three, group two, and group one. To give an example, last year, we had about 15%-18% of our sales in group one, and we can see that we're moving closer to 25% for group one. It's a lot of opportunities. That's for the current stock. I'm not talking about what we have in terms of launches in the pipeline for the year. This is a huge opportunity for us to be able to deliver what Rafa says, our ambition to increase VSO. Is that all, Thiago, you may ask? No. Rafa has already mentioned the opportunities of the state checks, the current ones. It is an important point around operational discipline to use the checks only where we can transfer that at the same speed where we do not have or place where we do not have the check possibility. That's strategic for us. Even better, as Rafa mentioned, the 28 centers account for more than 50% of the market. That's quite relevant. We're not talking about growth. Those 28 centers grow twice as fast as the other 49% of the market. In other words, the market will continue to grow where MRV is located. That is very relevant. In addition to that, though, in those centers, we have 50% share on average. We look at a state-by-state basis, we are either top one or top two in the states where we are. A very relevant footprint at the right place, with a huge opportunity to grow from 2026 onwards. That reflects the strength of our brand. Every year we ask a question, we send out a survey asking, "What's the number one brand in your memory when you talk about credibility?" Every year, we've seen MRV grow. 35% of people who are asked say that MRV is the number one in their memory, in their minds. Rafa mentioned the largest company, and it's the same thing for the brand. As a brand, we need to lead and boost and drive the industry, and that's what we do to show to an increasing number of Brazilians that it is possible to buy a home and that MRV is the best option. It's the best known, the most recommended brand and the preferred brand. In other words, with the development strategy that we have, with a strong brand to support it, we have no doubt that we will have more clients coming to our base. As a reference, 14 million people, single users logged into our site to search for a home or house. Of course, many people are just curious, but they were there. We have their login information, we have an ID for them, and we will work on that for many years to try to get the right moment for that client to buy a unit. I talked about the market. It's a strong market, promising market. On the other hand, we have a well-structured brand which conveys credibility. What are we missing here? Our excellence cycle and how we are going to execute all of that to make things happen and translate into the company's results throughout the next three-year cycle, which is starting today. Beginning with the margin expansion, I think the main lever for margins linked to the team is on increasing prices. We are glad to say that we have been growing relevant and around the demand for the past four years, not only in MRV. When you look at 93% of our portfolio, Minha Casa, Minha Vida, which is our core, that has also been growing solidly for the past four years. Is it easy? It's no easy task. It doesn't happen by chance. Several variables come into play. The point is, how can we grow prices expanding margins and at the same time ensuring affordability? Two pillars are important to support that. Technology is number one. We manage more than 350 price tables every month. Every month, we have over 1,000 warnings for prices. Every day, an opportunity here or there for a specific unit or a product. To manage that every day, the system needs to be on every day, 24/7, sending signs and warnings for our teams and saying, "There's a chance to increase 1,000, 2,000," to try and find a fine-tuning approach. We have been doing that in a very disciplined manner every day, every month. 350 tables, as I said, in a day, 350, with a lot of intelligence, a lot of specificity to be sure it can capture opportunities without losing touch with the affordability concerns of clients. Of course, with all of that, we need to have a simulator in that. You are talking about over 1,000 brokers selling MRV, over 800 brokerage houses. That has to reach brokers in a simple manner. For each unit, what are the ideal conditions, the ideal units for that client? That client sitting at your table at that moment. Speed, connection to ensure conversion at the end of the day. Also in execution, discipline is important. Everything that Rafa said in terms of visibility links to this point. We need to be able to execute in a viable way. That's key. Supported by evolution. In our partnership with Caixa, we have been showing a series of opportunities based on robust data from the market, how we can improve our assessment methodology, our appraisal methodology. We have also been doing that with Caixa, also diluting costs, expenses, so we are on the right track to expand margins, and this will go on moving forward. More importantly, a 35% margin was mentioned in Q4, and the question that remains, have we gotten to the ceiling? The answer is no. Why am I so sure we haven't reached the cap? Because we're entering a new season. Rafinha was talking about the lower cost of land. This continues to appear in 2025 and 2026. This will come from land of inventory launched in 2025 and 2026. That reflects a series of efficiencies we have captured of things we have learned and start to operate in our balance sheet. Of course, this will happen in the next few years, but will become a reality in MRV sales. New season, increased speed of sales. When we look at our strategy, we have a great ambition for growth. The next double-digit for 2025 to 2026, but it's less than what we're going to launch or not. It's an intelligent launch distributing in Brazil. What we're capturing about the list of permits we have, but forty-five percent of MRV launches will be in 10 cities. That's the power of concentration, and we have a great repercussion in the commercial strength we're building. Optimization of capital. There's only one variable here, which is to sell more. We're going to accelerate sales. Our team is very ambitious and wants to build that in all the 28 centers. Better than that, when we look at discrepancies, it's not easy to manage these 28 centers. It's a risk protection, but it's not easy to ensure the same speed of sales in all of them. I have 48% running at close to 28%, but there's an important part running from 24% to 28%. How can we reduce discrepancies through sales power? Through launches, we're able to boost the real estate market using the products in the right way, and how margins will play an important role to support the growth of sales oversupply and to especially how we're going to engage the team for recurring sales, recurring launches, recurring success, and recurring sales team on site. I'm sure that our sales oversupply will be close to 28%. Well, there's a major attention point here in the portfolio. I'm very pleased with what we're doing. We haven't reached the state-of-the-art yet. There are many opportunities, but we have dropped in the last few years in a very disciplined way in the size of a Pro Soluto that has impacted our average term for receivables, so how long it takes us to receive those funds, and we are decreasing those terms. The major opportunity is in balancing the Pro Soluto after we deliver the keys. We did close to 60% in the Pro Soluto after delivery of keys, and we want to reduce that significantly. Launches will help us undoubtedly. A new dynamics of payment terms, we are thinking about and we'll detail soon. There's also technology. Technology, we're using Robin Hood methodology. How can we give more credit for those who need more to ensure affordability, being able to capture more opportunities from this customer that has a greater financial means by charging a little bit more or receiving earlier, getting paid earlier? We are using the technology we have in-house and also external benchmarks. What we'll collect is a closer or faster cycle of receivables. I've spoken about growth, margin growth, how confident we have to be to continue to grow, the increase of VSO or sales oversupply, and how this will play an important role in the deleveraging and to optimize invested capital. People are essential for all of that to happen. We have senior leaders who are heavily engaged in the business, as Rafinha said, but I want to talk about our strategy. Recapping our strategy for sales channels. In the pandemic or before that, we had a major strength of our in-house team. 65% of our sales were made by in-house team. Our managers were like green blood, as we used to say, as we say, you know. Our employees. After that, we had to rethink our sales model, how to reduce some costs. We developed a channel that we did not use so much, which was the real estate brokerage houses. Now we have more than 800 real estate brokers selling MRV products. That's in place already. Now we want to grow our in-house sales team. We had to reduce it, and now we're building it back, but it takes some time. We are working on that. We have started March last year. We discussed this last year. In the fourth quarter, we already captured improvements from that strategy. For the first time in three years, in-house sales team has sold more than the brokers and external brokers. Our commitment is to have a 60/40 ratio. February, we have more than 4,200 brokers, and we continue to grow, capturing and hiring very talented people. MRV is now attractive to the real estate market, and lots of people are coming to us to join this movement. How can we maintain and ensure the success of this new cycle? I think this image explains it. We have to have an efficient portfolio, many launches concentrated on those 28 centers. In fact, to mesmerize customers, you know. We didn't have decorated units at our shops. Now we open more shops, more stores. They are more better located in the central areas. We are, you know, enchanting this customer, bringing them to visit a decorated unit, you know, that mimics a real apartment, and people really love that. Fourteen million people have accessed our websites, but the database of people who talk to our team, 11 million. Eleven million people have entered the purchase process. Brokers cannot keep track of such a huge database. Myself and my marketing and technology team, we are segmenting the databases to get in touch with that customer at the right moment in order to close the sale. We have a huge team that's engaged, trained, and with a good compensation. This is a cycle that grows and builds, and we are able to deliver a growth of sales over supply with that. To wrap up, nothing more important than saying that our customer is an important part. We look from the sales team and the marketing team. Every day, we worry about how can we improve this connection between customer, company, and the broker. These are three important players. We have to ensure that this is a fluid, a good journey because making the dream come true of buying a home is very important. People believe they can, and 93% of people believe they do. We want to make that journey easy, uncomplicated. I have a video to show how we are building that already in execution that will bring great results in this new cycle of MRV. I'm sorry we're not able to see the video here. The journey to buy an apartment. We have to learn to meet every visitor and map the customer profile. In an ideal world, we have to provide the right apartment to the right customer and find the best approach for that customer. I'm sorry, but we're not getting the original audio from the audience. Okay, just to give you a good example, it seems complicated, but we're able to connect the brand, the broker, and customers. Our commitment is to boost the VSO, sales over supply, and to deliver more and more units, and to improve the earnings of MRV. Now, Ronaldo, the floor is yours. Thank you. Good morning. Can you hear me? Okay. Well, it's a pleasure to be here for a second year in a row, and I represent a team I'm very proud of, which is the engineering and production team of MRV. I'm a spokesman for that team that along with other teams of MRV, does a wonderful job. My name is Ronaldo Marta, and let's start. First, I would like to say that our role in the company is to produce. Produce with quality, with in a safe way, in the least as fast as possible, and naturally, at a low cost. I want you to leave here today with the four main messages from the area of production. The first message is that we already are the best and largest engineering team that is able to industrialize construction in Brazil with efficiency and increase in productivity. Currently, there are 22,000 people working every day at the construction sites of MRV producing. This is our workforce, you know, the blue-collar workers, they're there. This is why Rafael mentioned in the beginning that we are the power that builds Brazil. Number two, standardization has allowed us to obtain gains of scale and operational simplification. While without any trade-off, we increase safety, quality, and speed, and lower costs. Today, we produce between 180-200 apartments per day at MRV. This shows clearly our scale and our power. That reaffirms the statement that we are the strength or the power that builds Brazil. We're doing this with a massive investment in industrialization processes, combined with high-performance platforms and people. All that combined makes us absolutely sure that we are a unique company in the industry. Only in engineering, we have invested in the last three years, including 2026, BRL 100 million. Last but not least, it's important to highlight that all of that is connected from strategy to execution. The costs have a direct impact on the business margin. The speed of production is closely related to the optimization of the balance sheet. The NPS that our customers assess us has a lot to do with us and our customers, and we treat safety as an essential feature of our process. Because we need to do all that, protecting people who work at our construction sites every day. We reduce costs to increase the production speed to 4%-5% per month, which on a quarterly basis would be 12%-15% per quarter. Construction that lasts 20-25 months. The NPS, 85, and 0 accidents with leave. When we think about the cycle of excellence, we are also based on that cycle in production. We interpret it in a slightly different way because we need to understand how those pillars connect to all the stages of engineering process. We'll look at these four dimensions that are the pillars of the excellence cycle connected to the stages of pre-construction, construction, and post-construction stages. We're going to concentrate on the margin growth before and during construction, labor, and customer in all the three stages of production cycle. Before construction, during construction, and after construction. I would just like to give you some details before we start. 100% of the actions we committed to deliver on MRV Day last year related to the beginning up to the beginning of the construction have been fulfilled. Many things have been discussed last year here, and so those things have been delivered. Currently, we are focused on our supply of labor and materials at the construction sites, along with the management of assets and inventories. Starting with margin expansion, looking at those two phases of the engineering process, I'd like to recover or recap the margin equation presented by Rafael as we started the day today. As per that margin equation, we have in engineering, as he said, two of the main drivers that are within engineering, product optimization and efficient execution of the works. That falls under the engineering umbrella. How do we approach that? That's what I wanna show you in the next slide. Number one, engineering does not start at the construction site. Of course, it works before. It starts before. This is an example of how engineering starts by supporting the real estate development team led by Rafael Bukarchis, starting at the purchase of the land, ensuring that all the implementations are viable, linked to the BIM, our technology for projects that we use, reducing future technical risks. Instead of talking about it, let me quickly show you how we do it. Let's see the first video clip, please. Yeah, we apologize from the translation booth. We do not get the sound from the video clips. You only have the images. We apologize for that. Even before we apply all those elements, all the items from our parts catalog, we have already made available to all our engineering teams, which is a primary consumer of that information, if you will. With the support of the DI, which buys the land, led by Tiago, and with the engineering and production team led by me, today we have a catalog of parts which is robust, coming from a single source of information, which ensures an standardization in the process. We have tools to simulate costs and deadlines in line with our analysis, our budget, and our timeline. Just to give you a grasp of the time, construction work lasts about 25 months and involves, throughout the execution, 150, 200 people working at the same time. We buy from 7,000-8,000 items to build a site. That needs to have standards, of course. To support all the decisions, we have options so that the choices around leisure, recreational areas, and private areas are able to really deliver something which is in line with the expectations of those clients in that region, as Rafael showed, based on the income, based on the demographic density, the competition in the region. How to combine all that so that we can better develop and sell. We have to be able to estimate prices and timelines. Take a look at how this works. Once again, we apologize from the translation booth. We do not get the sound from the videos. Those products, those parts that we use and implement as we develop those projects, they went through an important process. Last year, I showed you the Lego project, which was linked to Lego, the toy, which uses standardized parts. That project brought about important results. Portfolio simplification, because we managed to get reductions of 80% in variability for the types of apartments sold under the Minha Casa, Minha Vida program to be able to meet demand from the 28 regional hubs. A drop to only two types of units to meet our SBPE line. In addition to revitalizing 50 leisure items and the creation of another 28 leisure items. All of that reducing unit costs by 5,000 BRL per unit. With the perspective of an impact on results down the road. That's in addition to what Rafael mentioned just now or last year's launches. This year's launches, we see already a better efficiency from the products. That does not include this, right? This is looking to the future, so it's an additional efficiency level to be added down the road. That has been made possible because we have adopted within MRV a concept called simultaneous engineering, where we work in a multidisciplinary manner to ensure construction and also decisions being made at the right moment. Of course, making decisions as you execute the works, that costs a lot more. The chance of making relevant changes is significantly lower. From the engineering point of view, good decisions need to be made before and not after, or as soon as possible. We work with this concept, have been working with it for two years now. Today we have a great team around products and projects with 250 engineers and architects. A multidisciplinary team which has been able to make all of that possible. I have a video to illustrate that once again. Once again, the translation booth is not getting the sound from the video. We apologize. We have been connecting all the disciplines I mentioned. We moved from 18 to 33 disciplines today being executed within the BIM technology. All those disciplines impact our executive projects around execution, as the name says, that will guide the execution down the road. Of course, that impacts another concept, which is the BIM compiler. The beauty of the process is that with the BIM, the BIM is a piece of data models, not a blueprint. We're able to extract from that model quantitative data that will guide the execution of the subsequent processes. Namely, executive budgets, which are done within the SAP environment, and all our execution planning, which happens under the project environment, our budget tool and our planning tool. Also feeding a live process of capacity planning so that we can have works starting with the most resources available possible, thus reducing the need for our engineers to work miracles, if you will, at the construction site. Let's see how that works. The BIM compiler. Once again, no sound from the video and the translation booth. Now everything is connected across data, budget, and planning. Less manual work, more accuracy in budgeting, a more reliable database to plan for resources, thus raising the standard of production. That's how we raise the standard between engineering and execution. Being ready to scale with efficiency. Okay. All that effort is not concentrated only on the construction planning phase. It starts before in the pre-work or pre-construction phase. As it was said before by my colleagues, we place an effort on simplifying and optimizing our production chains through sequencing. What Rafael of Albuquerque showed when he talked about launches across five regions in a city can be translated into a digital product, which is called Synchroniza, where we are able to simulate. The yellow dot, I'm not really sure you can see it. The yellow dot is the launch, the orange dot is the foundation work, and the green dot is where you build what we call the superstructure. Today, we're able to simulate for the next three years variations across those three dots, what happened at the launch and the remaining of the chain, and how we can better optimize the start of the construction. If we can push it back, if sales go really well, or if we need to delay it if we have problems with permits or whatever. We can do that in a better way possible, so that we can improve the company's productivity to synchronize the sales of speed of production or VSO, and at the end of the day, boosting margins, cash, and diminishing the need to have CapEx in place to buy molds where there's no need for that. That is linked to something our CEO has mentioned, which is the possibility of, with that yellow curve, to sequence teams and gain productivity in a much better way than we did before. If you do not have the sequencing of events, then we need to go to hire and then train and so on and so forth. That's a bad rationale when you do not have a sequencing ability. Of course, when you do, you have a better ability to improve margins. If we go to the construction site, we have the three sixty platform, which is our cockpit. The cockpit for our engineers at the work site. It is through that, the Works three sixty, that they are able to monitor the construction work. Instead of talking about the concept, I'll show you how that works, the platform, the three sixty platform. We present to you the new three sixty journey. A new app and a new portal to monitor the execution of services at the construction site. The three sixty portal is where you'll have all the planning available. In a few clicks, all services can be monitored by this platform, by the portal, and it will be automatically shown as a production order on your smartphone. This will make organization a lot easier. Within HOP production order or PO, you'll be able to monitor labor allocation, quality services, and the execution of services. Labor allocation will allow you to monitor all available workers from the moment they arrive at the work site, including outsourced employees. The digital FVS are totally integrated to the service journey. You can make approvals, non-conformities with a few clicks. To finalize production measurement or assessment, the three sixty journey will bring a lot of functionalities to make work at the site a lot more dynamic. The future of monitoring is in the palm of your hand with the three sixty journey. All of that leads us to maintain our ambition to reach 4%-5% a month increase, reducing our number of people that we have for each unit produced. This is a very critical topic in the civil construction industry today. We have been able to reduce that number in the past four years, moving from 5.5% to 4.5% last year. We continue to have the ambition of reaching the level of 4% when we have our current production model in place. The ambition of taking our VP to something close to 4%-5% production speed. That means an increase in the speed of production 0.8 on top of 3.7. Of 25% in productivity, which is feasible, we believe to be feasible, which in practice will translate into better deadlines and lower costs, and thus more efficiency. That's not only a promise that I make. In the past few years, we have been monitoring the variation of our unit costs from a cash view, comparing that with our INCC from the pre-pandemic period. Today, we can safely say that 2025 was the year where our variation curve for cost of produced unit was below the INCC curve in the same period. We believe that for the coming three years, we will be able to operate our process, our engineering process, with all the drivers I have mentioned, some of them at least today, so that the production costs will vary at a lower level when compared to inflation. That will leave those curves green, INCC, and orange, cost variation. They tend to disconnect or uncouple, with the green above the orange, which is what we want. To wrap up this process and to show you that what we've been doing is a very serious work with good people involved, I would play a video that shows the importance of this concept of an integrated technology of engineering process at MRV, and how this is recognized by the specialist. This journey has started more than 10 years ago. We've implemented BIM as a corporate strategy, and today we operate with more than 1,200 active projects and more than 2,000 users connected. In 2019, we were awarded a SindusCon award, consolidating our leadership in the use of BIM. In 2022, we presented a case in the United States about our scale, automation and transformation capacity. 2025 in Holland, we took two international cases, how we use data of BIM models to optimize CapEx, and how we save thousands of hours by using APIs of Autodesk. In 2026, we are the final in the BIM Forum Brasil to, along with Vale, by showing this work that use BIM in all stages. Design, conceptualization, 4D, 5D, attaining expressive strategy gains. BIM is not a tool, it's a strategy, and that supports our operational efficiency, our excellence, and our consistent capacity to generate value. Okay, now moving on to the next chapter of our pillars, which is optimization of capital employed. I would like to show you this equation, and we're going to talk quickly about actions to reduce fixed assets. Our aluminum form molds are used to make the concrete walls. What we're doing to reduce the inventory of materials. We believe in a potential to reduce BRL 300 million in addition with these two variables added. BRL 200 million is related to assets and equipment. When we standardize the SKU, and I'm able to use it for longer, I have to adapt modes less. We're also able to sequence our projects more, reducing idle equipment. We believe we can build more apartments with even fewer assets. In terms of materials, we also believe that the implementation of a push model with the supply of materials and with the material requirement planning concept added to the cleanup of master data. We have 8,000 items used in the construction, 8,000 cost compositions. That's when we join materials and services that deliver a component, which is a step in the performance of the construction. The construction has to be planned with these compositions, with this level of losses and usage. All of that has to be calculated so that we have consistent data, integrated PAN, P-A-N, integration of BIM, B-I-M, and SAP, so we can implement distribution centers that will help us to consolidate inventory at these regional centers so that we don't have to have inventories in every construction site, especially A curve items. When we integrate all that, there's an opportunity to have gains. In terms of aluminum molds, we did a very interesting work, a beautiful work defining three operational nodes. For node one, that's the hub of molds of MRV. That takes care of the storage of parts that are not being used. We today have industrial warehouses with shelves for storage, with the control of incoming and outgoing units and distribution. It's a beautiful work that helps us to enable an important reduction of 52% in operational costs, as well as to, in our ambition to capture the reduction of assets. In terms of material supply, everything we're doing related to the general management of data, estimates of construction work, BIM, and cloud, all of that enables us to produce more with less inventory, with fewer ruptures in the production lines at lower costs. All of that is done at the same time. Our challenge now is within the construction site limits in a detailed work to identify opportunities for better supply, better logistics, floor by floor, room by room in the apartment, in all the steps of the production microflow to make sure we increase productivity to reduce terms and costs. And obviously, we don't do this alone. There's a huge team that works with us, our people. And from our people, we want to reinforce that we have a high-performance team that are senior leaders. We today have 350 engineers, work engineers, safety work, construction engineers and working on the land. They've been with us on average for 7 years to 14 years. The leadership is very mature and committed. Our work with people doesn't stop here. We are also working with the intermediate or middle management. These are people we don't talk too much about, which are the people in charge of warehouses and also the construction on the work site. We are working with the human development team to train them on leadership skills, soft skills, so that they can be better leaders on the workforce that's working directly on the construction sites. That our labor, our workforce is the greatest opportunity and at the same time, the greatest challenge of the construction industry in Brazil. We are doing a huge work to manage the entire journey of the workforce within MRV. There are three major steps, balance between demand and supply for these labor in each of these 28 centers with actions to hire and have an active management of turnover of labor, and also making partnerships with several institutes for benefits, being a green blood, as we say, and naturally, all of that supported by an efficiency layer that works on training and productivity. We are strengthening all the links related to people. We have a high-performance team, and we are ready. It's important that you understand that we are ready to grow the production of MRV by increased productivity, therefore with lower operational risks and increase our capacity. As transfers come with increase in the sales of a supply with more transfers, we should be able to answer to that adequately. To wrap up our customers, that's the reason why. That's why we operate. In terms of customers, we monitor with NPS several points of the journey, relationship journey of customers with MRV. We're very proud to say that it has advanced more than 60% going from a global NPS rank of 43 in 2009, 2019 to 69 in 2025, which is outstanding. We want to make sure we deliver the best product and the best service to our customers. We are not saying that. Several institutes in Brazil reaffirm that what we do at MRV is a benchmark. Just to highlight Consumidor Moderno, modern consumer, we have been awarded four times at Mesqui, four times been awarded. Reclame Aqui, which is a place you can record your complaints, we do very well there. Just to reaffirm our commitment to our customers, because this year we'll attain the figure of 550,000 keys delivered with another 100,000 to be delivered. Want to show you proudly what we deliver at the end of the construction. Then Ricardo Paixão will take over. It's a lot, isn't it? Well, my role now is to try to summarize what we've seen so far and talk more about the financials, all this improvement in operations, capacity, marketing capacity increased, and all these operational initiatives we've seen. First, I'll go through the guidance of 2025, what we attained, and then give you an update on our strategic plan. Then I'll talk about that, about the development of our assignment liabilities. Regarding the guidance, we had a net operating revenue between BRL 9.5 billion and BRL 10.5 billion. We attained 10, so slightly above the midpoint. Gross margin we had promised between 29%-30%. We're above guidance with 30.9%, 30.4%. Net income from 650 to 750, we delivered 611. We are below, slightly below the lower part of the guidance. Cash generation, we promised from BRL 500 million to BRL 700 million. We delivered BRL 58 million, severely below what we planned. The main reason is the mismatch in the production and transfer. We produced 5,000 more units than we transferred in 2025, with a gap of BRL 600 million that will be captured in future years. In terms of our vision, the vision of MRV real estate development, 40, 35, 15. 40,000 units, with an operation with a volume of 40,000 units, 35% of gross margin, 15% of net margin, and 15% cash generation. In the first metric of 40,000 units per year, we sold 37,500 units sold. We produced slightly above 40,000. We used to say 40,000 at an average price of 550,000, BRL 10 billion. It's the second consecutive year that we exceed BRL 10 billion in net sales. That has been attained. With BRL 10 billion of net sales for two consecutive years in high production, we delivered BRL 10 billion in net operating revenue, so that metric was attained. The gross margin out of 35%. The gross margin of new sales has closed the year at 35%. That's for the fourth quarter of 2025. The accounting gross margin is developing 4 percentage points better from 2024 to 2025. Seven percentage points from 2023 to 2025. 31% the gross margin for the fourth quarter in a clearly improved upward trend. We'll continue to improve so that the gap is lower and lower. When we made this plan 40-35-15-15, we estimated a certain dilution of SG&A and financial expenses in order to reach the 35% of gross margin to 15% of net margin. We are below what we had envisaged for SG&A. We have more efficient expenses regarding revenue, and our gap today is at financial expenses. Our cash generation has not yet attained what we planned, and I just told you why. From now on, what we envisage is a greater alignment between the number of units sold and transferred and produced. This with a healthy gross margin allows us to bridge that gap. Several initiatives were mentioned here. Purchase of land and majorly with land swaps, and that there are other leverages that allow us the conversion from net income to cash to increase in coming periods. It's very likely that in the future we'll have more generation than profits during certain periods. This is the update to our plan, and we remain confident that we'll deliver all the other metrics. Talking about that, our operational improvement has reduced the leveraging. Without any adjustment, last year we are close to breakeven. This improvement is much more based on the improvement of EBITDA rather than the reduction of the net debt. EBITDA will continue to improve, and so the denominator improves this indicator. We'll see a more consistent cash generation with a reduction of net debt. We'll attain even more comfortable levels than we have today. Another important point about that is the breakdown of debt. This is the schedule for maturity of MRV debt. The orange bars are funding for construction, and the green bars are the corporate debt. The main takeaway of this slide, those who talk to us often know that we try to pay in advance as much as possible. We start the year 2026 with no need for funding for the next two years. We have BRL 300 million corporate debt to mature in the next two years. That will be paid with cash generation that will be much higher than we have in terms of debt maturing. Construction funding debt is amortized with the receipt of credit. We have this schedule we can do more liability managing. We'll keep an eye on opportunities, but now with a different scenario. We'll raise funds when it's a better moment and not when we need to. Within this topic, we've talked about the assignment of portfolio, the Pro Soluto and the Flex portfolio. Assignment of receivables is part of our asset light strategy. The first is about the Flex. This is the funding of direct portfolio. All the credit that I provide today is a direct credit line. I assign that. We have been able to do this right away, so I assign for the same value. The end customers pay interest directly to the investor of the receivables. We are assigning receivables to institutional groups, institutional investors and individuals. When the person receives the key, it's a true sale, so it's off the balance sheet, which makes it easier to show the financial statements. Now the Pro Soluto assigned. We pay for financial expenses of this portfolio that is above what we receive from customers. I have accrued expenses. This Pro Soluto that stayed in our liabilities went from BRL 1.85 billion in the fourth Q of 2024. During 2025, we are assigning trade receivables off the balance sheet consistently. That simplifies financial projections and allow for greater, more predictable results. We're able to reduce the Pro Soluto liability by 26%. We ended the fourth quarter with BRL 1.364 billion. In the future, we'll continue to assign trade receivables off balance sheet, and we'll see this losing relevance in the company. This 1.364 will continue to drop in the next two years until it's zeroed. There will be nothing to discuss about that anymore. Throughout the presentations, you've seen several initiatives to grow margin. What I allow you is a summary to improve operational efficiency. The new typologies that helps to improve margin. We have increased the productivity. The part of capital employed, we have a reduction of inventory. We also have a reduction of the fixed assets impairment. There are accounts receivable that I cannot promise it will fall. It won't, but it will grow slower than our sales. We have price going up in the future, volume going up in the future, so our accounts receivable will go up less than our sales. Focus on a shorter term and our Pro Soluto after delivery, which is also important going forward. This is a sensitivity analysis for returns. On the left-hand side of the slide, I have a simulation of the return on equity. On that plan, 40, 35, 15, BRL 1.5 billion of net profit with an equity of BRL 4.9 billion. When we have between BRL 6 billion and BRL 7 billion in equity, we're talking about a company between 22%-25% return on equity. Much stronger number than we presented today, and when we get there, it'll be the best return the company will have given since the IPO cycle. As for the other simulation bid of ROIC return on investment, BRL 1.5 billion net profit. On the NOPAT of BRL 2 billion of the invested capital, we have a chance, without affirming, to have an important reduction in employed capital. When we reach that number, BRL 1.5 billion and BRL 2 billion of NOPAT, we'll be talking about a return of 30%. 30% return ROIC of about 30%, also the best return indicator in our history since the IPO. That's what I had. I'd like to invite Mathias now to talk about the Aurea. Thank you. Over to you, Mathias. Good morning. We do not know each other, so I introduce myself first. As you notice, I'm not from Minas. I'm not Brazilian. I'm from Argentina. I've lived in New York for 20 years now. I'm the CEO of Mantiq, for family and strategy, and a board member of Aurea. I've been working with the Menin family for one year and a half. Mantiq is a family holding from the Menin family based in the US, which has as an objective to look at the company's capital outside the operations and inside the operations. The idea is to complement the entrepreneurship business of the family with some more sophisticated analysis in terms of capital allocation, risk-adjusted returns for the Menin family businesses. In addition, I have some involvement in some of the family's businesses. I'm a board member of Luggo, MRV, a board member of Aurea, and an operating committee and also an advisor for Aurea. The MRV team has invited me to explain what we have been doing before this year and a half. I was investment banker for 20 years. The past 10 years at Goldman Sachs, where I worked first in the American market, working with financial institutions in the U.S. during the global financial crisis. Then for 10 years, I had different leading positions in Latin America. In the past 10 years, I led financial banks in America, in Latin America and Argentina. Then I worked for Goldman, also covering Latin America. The idea here is to, with only 6 slides, to briefly go over the industry very briefly, what we talk in terms of MRV's strategy, what we did well, what we have to improve, and what we are doing. That's an important word for you, the word de-risking. That's the main takeaway. De-risking. Risk is de-risking. The sector industry contracts. We cannot control that data. Rafa mentioned it's a good market, but in the short run, the business has been facing difficulties. Also, we captured that information to make decisions involving Resia. High interest rates, soft rents, a lot of excessive supply. What do we talk with the market? Five things, mainly. Streamlining our operation and organization, reduction of the land bank, limit new launches, and have an asset-light structure using third-party equity to conclude the sale of ready projects and also to reduce leveraging and generate cash. That's all good. The first three points I think we did well. The last two points, I think we need to improve. I'll be talking about each of those points. G&A, a lot of information on the release, you know about that. This is a difficult type of work. Not easy to make decisions. Headcount from 160 to 50. We were confident that that was needed for the de-risking and to decrease the expense flow that the company had. That has already happened, okay? This is past, this is done and over with. We'll continue to do, but what you see here is done. We have addressed the expense flow issue. Land bank. Land bank. We had $1 billion in assets in 2024. A third of that was under the land bank. With the land bank, we can do three things, you can develop, you can sell, or you can wait to one of those two things later. We decide what to do. Let's place land bank and sales because we won't develop. We have a lot of land bank. The market is difficult and so on and so forth. I think we did some of that. We reduced by a third our total land bank, and the land bank we had in June that we're gonna sell, we sold or either moved to impairment. That's something we did. 17 to 11 land at the end of December. If you include those two lands sold in January, that number goes on to nine. This is happening, okay? Also important, the land bank has two problems, two issues. One, the amount of the assets. There is no income, but there is a carrying cost. Number two, we need to do something. If we develop that land bank, the land bank moves to projects under construction, but a lot of risk going forward. Land bank, 10, 15% of the risk, which will increase. Not developing means to not increase the future risk of ratio. We continue to reduce the land bank. Projects under construction. That has really decreased because the projects we had in construction now are rented and do not have new projects, only one new project which had started before December 2024, which is North City, where we have a third-party structure. It's not part of the balance sheet. We thought that the future risk of Resia is much lower now. We have a smaller land bank. That land bank will only diminish, decrease, okay? No risk associated with new projects. As for new projects, we only have the North City in place, okay? Well, that's where the problem is today. We said that we're going to sell the assets in two years. We said that last year, and last year, and we didn't do that. It had to be done, but it was not. Why not? Two reasons. We need to have the projects leased to then sell. What we did was the following. The lease values improved. It improved where it had to improve? No. It has evolved from December 2024 to December 2025. Today, February, those numbers are even higher, okay? This is evolving. We have not been able to do it in the time we wanted and in the time we told investors we would. We didn't have those higher sales, we were not able to deleverage the business. We were not able to generate the cash we were expecting to generate. The cash burn still comes down because we're doing new developments. We are quite focused on this, okay? Expenses. Not that, $456 million, that's a negative carry, which is quite important because you're focused on selling or leasing assets. Operating expenses, which is something we control, we have really decreased. Those are the main expenses we have today. How are we going to solve that? What are we gonna do? What are we doing? We are continuing to reduce our corporate structure and operations. We continue to sell lands which are earmarked for sales, and we continue to do what we think is right. We need to improve allocations and the sales process of concluded projects this year. How are we going to do this? There are things we cannot control. The market. Consumers or clients who are more indebted now, we cannot control. Trump's actions, we cannot control. We simulated. The RPM Living providing consultancy helped us work on that. We're trying to change that to be able to speed up the speed of leasing. As we were selling land in the past years, which was an easier market. We would lease stable for some lands. We'd remove the concessions. We'd call in a broker. The broker would take over the process. In a month, we'd find a buyer, and then the buyer would come in or get out. If the market is good, all is good. Today, there is more uncertainty as we want to improve the certainty of being able to sell those projects this year. We are having a direct, proactive relationship with the main buyers of multifamily in the past, to be able to have a direct relationship with them now with all the properties involved. We're not going to wait for that to happen. We want to have that relationship in place now, understand the price or the cost of the property now, so that we can have, within what we control, more certainty when we can do the sale of those assets, which is quite important for us, yeah. What we have in our balance sheet today. In the future, I've mentioned land bank going down, projects under construction, 0. The main issue was to solve the existing balance sheet, $880 million. 508, 5 projects, 4 in pre-projects, and Golden Glades. $60 million land bank, which has already been impaired by 50%. Only the first phase. This is two-thirds of Resia's balance sheet. Making those sales improves significantly. We are quite focused on doing that within the timeline that we mentioned, which is at the end of 2026. We have another land areas. Those are better lands that could be developed, but what happened? Yesterday, we talked about Resia will not start a new project under this new structure. We made a difficult decision of not developing those land banks to simplify MRV as the holding company. Because the market is difficult, we continue to look at our bar a lot higher today to make new developments today. It's taking a bit more time. $108 million, including the minority stakes, manufacturing facility, 10%-13% of minority holdings, and then cash, $47. This is what the balance sheet is. This is a de-risking for Resia. What we need to do, we need to make the sales, and we're working on it, and we're moving forward to make those sales. We're going to simplify the structure. We're going to have new ways to operate the company, releasing projects, and maximize value for MRV shareholders. The de-risking Resia. I'm gonna speak in English now because it's important, and to be precise. Okay to focus on sales and prudent management of remaining assets in the balance sheet. The last message, we are highly focused and looking at the shareholders of MRV to reduce materially the risk of Resia in the business of MRV&Co. Thank you very much. I'm sorry for my Portuñol. Good afternoon. Good morning still. How are you? I think it's very clear. Wrapping up, we are running a bit late, and I'll be very brief because there are some important messages that were given today. I would like you to take this opportunity to remember the main topics, 'cause a lot was said today. I was watching each of our executives speak, and then a very important topic mentioned was people. We talked about people all the time. Our industry is highly dependent on management of people and at the work site, you know, on the field. This is one of the main differentiators of the company throughout its 46 years and remains so. I was calculating, you know, in total, something close to 110 years of experience in the real estate market have gone through this stage with the people that talked today. That's a major differentiation point for MRV. People who know their business, they master this industry that used to be very, craft work, but now it's highly sophisticated. Some messages are important, and I'll close by talking about the state of mind of MRV today. Today, it was said that the market has never been so favorable. A lot was said about My House, My Life housing program in the past. This program has been through five different presidents' administrations, and it remains the same, and it has only improved with the new sources of funding in 2025, and this social fund has even improved for 2026. What's being done in Brazil has a total focus on improving housing and reducing the housing deficit in Brazil. We have a huge market out there that is beneficial for everyone. We have the strongest brand in the market, and that makes a huge difference, especially at times when the economy is relatively confused and the strength of the brand is key. Sometimes it's a subjective thing, but it makes a huge difference in the decision of consumers. The increase of the SO or sales over supply, when we look forward, what would be the question to be answered? Yesterday I said at the earnings conference call, the first quarter of 2026 was considerably better than the same period of 2025, right, Thiago? We remain with our goal to accelerate the sales over supply. That's important to accelerate the balance of units produced and sales. There's something else important that you saw here. As Thiago mentioned, every sale we make now enters an efficiency funnel of MRV that's never been so good. Each unit sold enters this efficiency, operational efficiency funnel, that's never been so good. I've been with the company for 33 years, and it's never been so sophisticated in its processes. These last four years have been very important in terms of operational efficiency. We tried to show you in these three hours what was done in this last year that will improve our pipeline. Our challenge to grow the sales over supply this year will increase sales. A company that is now at BRL 10 billion in revenue is reaping the benefits of this dilution, and this will continue to happen because the operational efficiency of MRV is at this great level. I know the industry very well, so there's no other company with this level of operational efficiency and maturity as we have. We're talking about 35% margin for new sales in which we ended 2025 in a scenario that's relatively conservative. That's what we learned to calculate after the pandemic. That's not what we see, moving forward as everything we're developing becomes operational. That's a strong message. Everything that will be sold this year and will sell more at higher speed will enter an efficiency level that's much higher. This is an exceptional prospect for the company. I see a company that's never been so efficient in terms of return and margin and efficiency. Return and efficiency are in the base of the company and the company's fundamentals. The company is more profitable, not only because of the margin that's growing, but we have a lighter balance sheet. We are in the beginning of this journey, but we're taking consistent steps, as Kaká proved. The strategic footprint is strategic, as the name says. What is happening in São Paulo, unfortunately, is a reality of Brazil. This will happen, and it takes place in São Paulo and other cities. For us, that becomes an important strategic protection. The company produces in an efficient way in 22 states of Brazil. The last state we've entered, that was 10 years ago. We talked a lot about complexity and how this can be a problem, but this is our strength. There is an operational efficiency spread throughout the country that's an important protection cushion for MRV. Among the mantras brought by Rafa at the beginning, they're all consolidated in the company. If you talk to each of our executives, all of them will say the same. All the incentives we have designed for the top management of the company consider this as a mantra that Rafa mentioned at the beginning. Matias talked about tough decisions. Yes, they are tough. They are difficult, especially when we believe in what we were doing. Right, Matias? We made it, those decisions. We talked about that in the call yesterday, and we reaffirmed that. The decision not to have any new projects in Resia under the structure of MRV&Co. That was mentioned as a de-risking decision by Matias, and that's important. It's a very mature decision that will have important impacts for us in the future. Bringing all that together, I've mentioned that for more than once, and yesterday also. MRV is a company that runs at a level of production, delivery of units, sales, transfers that you know so well. You know our industry very well. That's a very long cycle that only ends at the key's delivery. Until that happens, there is risk because costs happen, increase with some frequency in our industry. Everything that Ronaldo Rafinha mentioned in terms of efficiency decreases this risk for MRV. The most important is the fact that we are already running at that level. I've been delivering 40,000 units per year for many years. We launch, we sell, we produce, we deliver, we transfer. The cycle is round and closed for many years. MRV has a revenue that's very close to sales. All the metrics are the same. That means also that is a differentiation point. MRV has the lowest execution risk in the market. The market is strong. There is a huge demand. That's the best industry to be because constantly demand is higher than supply. That's good for all the companies, but many companies still face the challenge of closing the cycle at a level of growth. That takes time and there's risk involved. At MRV, we've been running at that level for many years. In cities where we decided to stay, we've been there for at least 10 years. We deliver stability, efficiency, which is a great differentiation for us. When we add together everything we've seen here, the operational pipeline of the company, the lower risk of execution in the market, I can only see 2026, 2027, 2028 with growing results for the company. I honestly think that MRV is at the position to capture more from this market with higher efficiency and faster than any other company, with lower risks given our strategic footprint, because there is no catch up in sales, and transference trails to be made. We have reached that. Now we have to go to the Q&A session. What's the state of mind of the company today? That's key and hard to capture. The state of mind of MRV is the following: We are the leader company. We believe in what we do. We've been through a turnaround that's now in the past, and now our ambitions have been reset. Thiago talked about growth. We have a very clear view, that everything we need to do to move faster is in-house already. That's been built for many years. We're just refeeding the pipeline with greater efficiency. The state of mind of the company is the highest possible. We have the ambition to do more and to wrap up, as Rafa said in the beginning, to make MRV the best in history, the best and the greatest. This is our ambition of all of us. It's also the ambition of the entire company. If you sit down with any executive of the company, this is the state of mind of MRV. The company is definitely at a higher level with a different set of ambitions, and it has all the conditions to deliver the best MRV ever. Okay, let's move on to the Q&A. Thank you all for attending. Let's have the chairs up on stage for the Q&A session. Hello? This mic is not on. Is it on? Okay, I'll start here. Bruno Mendonça from Bradesco BBI. Thank you for the presentation. I have two questions. One, about the investment vehicle, MRV. You're talking a lot about a prospect of turnaround in cash generation and acceleration of this process. Maybe the end marker of this turnaround for shareholders is the payment of dividends. When you look at the company in those projections. What do you envisage as the timing for MRV to go back to paying dividends, and what are the main indicators that you look into to make that decision with the board or as an executive board to pay dividends to shareholders? The second question about Resia. It's a strong decision not to start any new projects under the MRV umbrella. However, that also means that removing Resia from MRV in order to grow is different from what we envisioned in the past, maybe unlocking value or investing capital. When you say that Resia doesn't have any new projects, it's officially in the wind-up mode or liquidation mode. What will you do to remove it from MRV while you still believe that. You still say that you believe in the model. Okay, Bruno, good morning. Thank you for the questions. Regarding dividends, a super important point is the cash dynamic of this industry, especially in the low to middle income segment. When we follow with discipline, the project generates cash during execution. In the past, in the recent past, this was not true for us. In the not so recent past, that was true for many, many years. So much so that MRV, in terms of dividends in the previous cycle, we generated BRL 3 billion in value for our shareholders. The current model is even more efficient than it was in the past. It will allow us, as Kaká said, the cash generation dynamics can be even more positive than the net income one. As we increase profitability, as we ensure stability between transfer and production with growing margins, the company naturally, the company will generate a lot of cash. Looking at the cash surplus, the main focus is to deleverage the company. The company, since the IPO, I mean, perhaps even before the IPO, we've always had a mindset which is more conservative in terms of looking at the balance sheet. For decades, we were a company where we had no leverage at all. From 2020 to 2023, we allocated capital across different initiatives, in addition to not generating any cash from our cash cow, right? We already have a surplus of cash. We have generated cash in Q4. We do have a robust cash generation now. This will be used first to deleverage the company, take the company to a leverage level which is low, and then from then on, we'll resume a position where we can also resume dividend payouts. I cannot give you guidance for the timing, right? We've talked about operating metrics to increase profitability, to improve return on invested capital. Through them, we expect to have growing net profit and growing cash generation. Dividend payout will be a consequence. We first deleverage, and then we'll move on to paying out dividends. Dividend payout or a buyback or whatever, that's an easy decision to make. More difficult is to have an operation of high quality, operationally speaking, in terms of profitability and return on invested capital. I am sure that we are on the right track to deliver those two items at a very high level. As for Resia, Matheus shared the company's balance sheet with us. It was a decision that we made which was difficult because we believe that the cycle starting now is a very positive one for the multifamily market. At the same time, we need to manage a company delivering 40,000+ units a year in Brazil and 28 regional centers. That's no trivial, easy task. We have teams, processes in place. We do have the know-how, of course, but still, we understand that the current moment requires us to focus on Brazil to make sure that the next three years is starting now, in 2026, will be a three-year cycle, which will be spectacular for MRV Brazil. We made that decision. From now on, we need to deleverage Resia, reduce Resia's balance sheet in a way to generate value. Matheus showed you the number. It's an important number, $800 billion in assets. It's a lot of money, and it will make a huge difference for MRV in terms of balance sheet. We could do that fast. It's a trade-off. Do it fast means bring cash in to deleverage quickly, but at the same time, we would destroy some value, right? If we sell too fast. What we try to do is to have the option of making the sale of those assets at the best possible pace. We didn't get the question in the booth. Well, to have a spin-off of an operation of $800 million is complex. In a year, a year and a half, two years, Resia or whatever is left of Resia under MRV is very little. Whatever the design is going forward, it'll be a simple movement as we see it. Again, that's a choice which is even simpler, but we are sure that we'll be de-leveraging or recycling those $800 million throughout the next periods, quarters. Okay. As a complement, until 90% of the way, it's the same thing, de-leverage and sell assets. Down the road, spin-off or sale, whatever, that will be decided when we come to that bridge. In addition to the split, it's important to highlight, when we announce we have no developments under MRV from Resia. I have to look at, before, what we said was we're going to sell and have few developments and to slowly de-leverage, selling more than what we do. We announced we're gonna have fewer projects and we would retain some land. To do that, you have to model what kind of developments, good or bad, five years in the process, a new risk for five years. That's out of the table now. That's an important change in terms of the risk profile of the company, right? No more projects on the table. Good afternoon. This is Elvis from Itaú BBA. Two questions. MRV Brazil, Minha Casa, Minha Vida, you've mentioned that the operation wants to achieve higher margins. You said that the VSO will help on both fronts. I'd like to understand how you see, how will this VSO expand as you reduce Pro Soluto, and what are the assumptions behind those moves? Changes in Minha Casa, Minha Vida that might come to happen going forward, will they account for that increase in VSO or can you do it in a more relevant way through your internal mechanisms that you mentioned during the presentation? A second question about Resia. Matias did mention the projects and mentioned also the phases, rent. I understood that you are doing the sale before the lease up, but as this challenge came up mid-course, this may impact the rhythm of sales of the projects. Is that plan still valid of selling all project in 2026? What would be the risks if that doesn't happen? Fisher and Thiago will address VSO, Minha Casa Minha Vida Brazil, and then Matias will address the second question about Resia. The de-risking work we're doing, lease up and sale, which has the specific dynamics for each market. Also talk a bit about the cycle, which is now coming to a close and looking forward, looking at the margin. It's not something fast, but for the margins, we expect a recovery in the multi-family market. Okay. Good afternoon. I talked about that in my closing remarks. VSO is the main driver for us to bring those numbers in. That's our obsession, if you will. Two things there to mention. What you said about Minha Casa Minha Vida, there is a change coming up late in the month. Of course, that helps us. It's a positive impact for us to be able to reduce our portfolio so that we can support the increase in prices above inflation, as we mentioned, that's key. If I were to allocate weight to those things, I would allocate a higher weight to whatever is inside, in-house. Thiago mentioned the need for us to grow our team, our growing teams of brokers and managers, investments in technology and training that we're making for those people. The external market has never been so favorable, and it does support what we wanna do. It might sound contradictory, but it's not. With everything that's happening in terms of external winds providing support, a tailwind, we are able to reach overinflation prices, a reduction in portfolio, and an increase in speed. That's all viable. We can already taste that when we're able to see those internal efficiency levers are moving. Thiago will say that in a moment, but I am quite confident that that's happening in-house or most of it happening in-house, and being in-house, our ability to make a difference is much higher than if we were to depend on our external sources. As a complement, the main thing here is balance. Balance. We're looking at the improvements in the program with a view from the different centers and how that improvement impacts each of those regions where we operate. In some, we will capture more VSO. In others, we'll capture a reduction of Pro Soluto, and in most of it, we'll capture margin. With all that internal support mentioned by Fischer in terms of technology, speed, and people. As I mentioned, the reduction of discrepancies or gap, we still have a huge reduction in discrepancies across those centers, and they're being captured through the expansion of our sales team, new launches. As we mentioned, having a more efficient portfolio, more connected with the needs of the respective centers and respecting the new ceilings of income and of pricing. This new portfolio, combined with what we launched last year, will be an important driver for our VSO, along with the expansion of margin and reduction of Pro Soluto. I'm not going to give forward-looking guidance. I've talked about the land bank. We're trying to sell the land bank. When we get a buyer, we have a due diligence, and we sell it. The five projects, $500 million, we have four in pre-projects in Golden Glades. Golden Glades is a newer project in an area which good industry trends. We have equity partners, a different capital structure. That project specifically is not delayed, if you will. We just built it recently. It has to evolve. We need to reach the lease-up period, so it's a more traditional. The impaired projects, those projects are in different stages of stabilization. One of them is already stabilized. That's the most obvious one for us to find a buyer, have the appropriate contract and sell the asset. Rayzor Ranch is a smaller, fewer units project. This is moving forward. Then we have two others which are of lower stability, more units, and we are working hard to improve lease-up and stabilization. The math that Rafa mentioned is the following. We are engaging investors and potential buyers to try to understand the value of the market value. Today is a stable moment, so the math we need to do, it needs to be very disciplined to sell and generate cash and not have additional losses. I'll give you an extreme example. If I think that Resia Willows or Resia Memorial will have the same stabilization today as in one year, I need to sell. If we're doing a good job to stabilize it, and each month we move forward, stabilization increases, it makes sense to wait for a few months to make the sale. That's what we're doing right now. I think the important difference to note compared to the past is that we are monitoring closer, lease and sale. Not only lease up and then sale. We are working closely monitoring those two items closer now. Mathias, just please. I also did mention something. We created a funnel to have a more fluid sales process with more potential buyers coming in. Please, over to you. I'm already answering for you, so. I think, well, again, personal disclaimer, I do not know much, rent and lease. I know M&As, right? What we discussed at the board level at Resia and MRV is to provide certainty or reduce risks, execution risks, and not risk in process. Our way to do that is to improve lease, but there's a competition. We are the only developer that have a lease problem because the market is soft. The sales process. We cannot define the sale price. That depends on the buyer. What we can improve is the control, the process, the sales process. Not the price, but the process. We are in very proactive negotiation with the main buyers and getting feedback from them. What the value is, what the value is not, what we could do to improve the value. We're doing that with buyers, potential buyers. Then, the boards, the respective boards, we need to define, when we have a buyer, the right buyer for the right price to make the sale when. Without giving forward-looking statements, we're talking about BRL 800 million in 2024 in last July last year. We're gonna sell those projects in 2025. This is March 2026, right? It is clear for us that time has a value. Time is of the essence, so we are working diligently to make those sales within the timeline. Good morning, everyone. Two questions from UBS. The Resia issue of your lease performance in 2024 caught my attention. If you maintain the same performance you had in 2024, in 2025 it would easily reach the level of 99 to 100, which would be considered stabilized. For the other two projects, Memorial and Rayzor Ranch, you may be falling slightly short. Within that context, I'd like to hear from the operational part of leasing. What strategy have you been adopting for this year to try and speed up the lease? Have you been providing discounts? The final quartile is probably the most difficult. Fewer units, the commercial effort was put in the beginning. What are the strategies for lease? My second question for MRV Brazil. In 2027, we're changing gears now to talk about the tax reform. We're now in a transition moment to the new tax law. So where are the discussions, right? Are you ready to 2027 to work under the new tax law? The conversation with brokers and suppliers, where do they stand in terms of price adjustments and so on? Okay. I'll answer and then Matias will talk about the present. That's very uncertain, the tax reform. We are going, you know, studying that in depth now. Today, when we look, the main scenario is a migration from RET to the new model as of 2027 from RET, because the special tax regime and this migration will have a lower tax impact, especially when you have for MRV, there's 100,000 that is important for us. At first, there is, in principle, the migration. As I said yesterday, we do not have the sensitivity in our supply chain, what would be an impact for them. Especially, we're talking to them, especially on the ones that work more heavily with us. But even they do not know for sure the impact, what would be. We're thinking that it will be neutral, the impact, if it changes. If it's not, that can then change. That's the main decision, but it's subject to some variation because there are so many details that the market is not aware of. That's the answer regarding the value-added tax. Well, Rayzor Ranch is a property with fewer units, so increasing the lease-up is less difficult because there are fewer units to rent. We have to do the job of renting the property. We can improve better insurance and make expenses more efficient. We have to get the price to generate NOI. Once we are stable, there are people living in the apartments. When the buyer looks at the property, there is a base price, which is the replacement cost. We made an impairment, so we have an impairment replacement cost. This is a new property built with amenities and people living there that will continue to live because it's a town, it's a city that has lots of people and demand. There is an oversupply issue and there is some time. We don't know when this will end. First, we have to get stable and then how much I can improve rent to improve the NOI. We don't have the answer. We have to go through the process. If in the process we change the company that did the lease-up, RPM is a very well-known company. But this is something that many. It's a service that many companies provide. It's, we change the company. If we continue to increase the lease-up speed and improving rent, increasing rent, that generates an improvement. When we did the cost of renting, the cost of the property, how can we compare that to the sales price? Having said that, we increase and sell. If we're not, we cannot increase, we would have a higher loss. In order to generate cash and pay the debt and continue with the strategy we have. Did I answer your question? Okay, thank you, team. Thank you for the presentation. This. I'm from Citi. First to Ronaldo. What is your main concern in production? Labor, material? This gain in productivity that you need in order to be able to deliver on your budget. What is your main concern currently, and what has the company done to mitigate that problem? The second question is a follow-up on Elvis' question, as well as Thiago's part that would be more related to transfers above INCC regarding projects that have been launched and inventory units. This transfer is very important for the gross margin of new sales and also on sales margin at deliveries. In this equation of improving sales over supply, improving transfers of prices above inflation and reducing Pro Soluto, how do you think about this spread to INCC? Because there are so many avenues that you're trying to improve in terms of sales, and I would like to understand how transfers of prices above INCC go. Okay. As everything in our industry is hard to say, we have a silver bullet to concentrate on to say, "Well, this is where we're going to press the button or make this leap that will solve the problem." Undoubtedly, when we look at all the elements within the point of view of engineering, we are sure that the labor, blue-collar labor is the main challenge, not only of MRV, but of the industry. There is a long-term challenge in replacing that manpower because young Brazilians that are born today, the number of people willing to work in construction is smaller than 20 years ago. Naturally, the blue-collar labor number of people willing, you know, entering the market is smaller, and we'll have to make the changes that are possible given the labor issue, 'cause that's a given. Working on labor, and there are several points. If you remember the slide I show you, this is a journey that's connected to 8 or 9 initiatives to build the skills of this labor so that we can be the most attractive company of the industry. We'll be attractive. These people, we say labor, but these people say, and we've seen statement in their surveys, they value their job at MRV because of how they're taken care of, the recognition programs in terms of safety and health for these people. Labor, for sure, answering your question, and within those nine items, doing all those things in an orchestrated way will be the main action to be taken to ensure that this labor becomes more skilled, that we can train them, retain them, and therefore increase productivity at the construction sites to deliver what we kind of promise here. Good afternoon, Pedro. I think we've been increasing prices for four years now. In the last two years, we made more, higher increases in prices that had significant impact on the recovery of margins. In 2024 and 2025, the price adjustments were closer to the correction of prices, but always above INCC. I believe that in 2026, it will fluctuate slightly above INCC. The most important thing is that in the 28 centers we operate in, most of them, because we are larger and have a leadership position in top one and top two, we are the benchmark for prices. Making prices go up and having this role in the market is important. Some markets are more competitive, more challenging, and you have to do the adjustments, seeking to adjust margins and optimize margins always. We have to do this in a balanced way with VSO. It is important to build steps through assessments. This work with projects that is done in engineering allows us to work with cash to show the value of our properties and therefore be able to raise prices. This is Fanny from Santander. Thank you for the presentation. I have a question for Mathias. We talked about the development of rental prices, which is slower than historically seen at Resia. Well, my concern is you did the valuation based on a certain moment in time when you made the impairment with an expected NOI and the cap rate at which projects were being sold back then. How comfortable are you now with the level of the properties were marked at? How do you see those rental prices comparatively today at the prices you had estimated? I know that you based your assessment on a serious institution, CoStar. Nobody expected the migration policy of Trump. There are a lot going on. There's a lot going on. The second point is, also there's a discussion in the U.S. about single-family investors not being able to invest in single-family properties anymore. How does that increase or decrease demand for multifamily projects? Thank you for the question. When we made the impairment in July, that was based on the BOVs, brokers. We had to assume untrended NOI and stabilize. They had the premise that the assumption was NOI, the same cap plus all the costs, everybody living. That's a value, a BOV. That's very simplified. We had several brokers and so. Everybody living with an NOI at that time. How do you compare that to today? In order to reach that NOI, we have to have the properties stabilized. If we sell, that's not stabilized or less equal, should be a value should be slightly smaller because the buyer has to finalize that it's a BOV that he has to calculate. The second topic is rent. It's hard to give a general answer because it changes from property to property. Sometimes the rent increases, decreases 5%, is less, or if it's higher, it's higher. The main difference is stabilization. If we're able to stabilize the properties and make the sale with a stable property. The market also changes. We can't control the cap rate. Each market has a different cap rate. The cap rate has not changed too much since July. I think the key to attain the impairment value is to have a good stabilization performance at a similar level of rents of apartments. The second question about single-family properties. There are policies that are changing in the United States, like I said, for single-family investments. Buyers that look at Resia's properties are usually institutional market that are bigger institutions and other smaller multifamily experts. It's a highly developed market, so I believe that this change has little impact on the timing or sales price of Resia. What most affects is what we can control, our performance, and things that we don't control, such as interest rates, because it determines the cap rate. If it's a value-add fund that has more return than capped A-plus that will provide less return. This will provide different returns. Our buyers are very active. Buyers who have made developments in 2020, 2021, 2022 are facing similar problems that we are. Those that made many sales in 2021, 2022 and have liquidity are being more aggressive. They are willing to increase their exposure in the industry. I believe that this is more relevant than a policy A, B or C from the administration. This is João Pedro from XP. Good afternoon. Thank you for the presentation. I'd like to touch on the tax reform on the income statement, income tax. There will be a significant portion of the population that will no longer pay income tax and will be encouraged to report their income. I would like to understand on your side, what do you expect to change in terms of everyday sales? I believe Caixa will have a new task of assessing credit risk for these new buyers. Maybe those buyers will come to your sales stand. What are the customers with informal income that buy from MRV and how that increases your addressable market or it may cause you to change the management of Pro Soluto and direct sales portfolio. Okay, Juan. 30% of our buyers, as he just told me, are people with informal sources of income. This answer has to be divided in two blocks. We have the amount of informal buyers that will become formal buyers, so they are no longer people that could pay tax and they will report their income, so Caixa can have a better assessment. The Caixa risk assessment team is sitting next to you, but you know, so you can talk to them. The propensity of Caixa to give more credit increases. Someone who used to be an informal income buyer then will become a formal income buyer. There's also the people who already have an informal source of income and will have additional income. In the future, the amount of available income will increase and therefore the credit facilities should increase. First, people change their consumption habits and Caixa is able to measure those changes. Once those consumption habits have changed, Caixa has a proof that they have a greater capacity to obtain credit. They're both nodding, so I believe that that's what will happen. Okay, great. This ends the Q&A session. Thank you very much for attending our event. If you have any questions that are unanswered, please send those to us and Augusto. We'll be pleased to answer them. Thank you very much.