Good morning, everyone. It's a pleasure to have you all here at Multiplan Empreendimentos in São Paulo. Much better than the call that we're just talking to a machine. It's great to see you. It makes all the difference. And exchange ideas, to have a conversation. I believe that this is the idea of the public meeting. I prepared a few notes. Quick notes. I don't want to take too much time because the presentation is self-explanatory, and you're going to hear a lot about what we have developed over the last three years. As soon as I started as the President of Multiplan, I started with a plan on how to take this company to another level of efficiency and attractiveness to its assets. We thought and discussed internally what would be the best application of these resources for the next five years of development. We've got to the conclusion that the best return on investment for the shareholders would be to expand the shopping malls that had the capacity of receiving expansions, revamping the assets, and developing the real estate of terrains where we had the best return. Two and a half years after this moment, we have 70% of this plan concluded. We've developed the expansions of Diamond Mall and Park Shopping Barigui last year. We are concluding another three: Morumbi, Maceió, and Brasilia. This year, we will also complete the cycle of revamping of our internal full portfolio. We have advanced in the building and development of Golden Lake in Porto Alegre. Until the end of 2026, what we plan to do in five years will be done in just three. We will continue working with efficiency and transparency at all levels in this company. As I say, it does not matter that we are the biggest. We have to be the most profitable. With this spirit, we have done the biggest M&A after the listing of the company last year, when we purchased 50% of the participation of a partner, and all shareholders benefited from this acquisition. For the future, we will continue to be trusting that there is still much to be done in the company so that we reach other levels of efficiency and profitability. Without forgetting that there are still many cities that have the capacity to develop multi-use complexes that mark our history. I would like to leave you a message to everyone that is watching. Our mandate is to protect the company and to remove it from any risk that might appear in the future. Thank you very much to our collaborators, shareholders, investors, market analysts, journalists for your trust. Thank you, and have a nice day. Good morning, everyone. It is difficult to see everyone here from here. Yeah. I thought that I was going to be able to see you all, but I know that you are all there. It is a great pleasure to be with all of you at Morumbi Shopping. Once again, good morning. It is with great satisfaction that I share the solid results of Multiplan that reflect our performance, operational performance that was robust, and growth that is expressive in the sales of tenants that overcome the retail and retail. They go over the threshold in sales of the other stores in Brazil. We are investing on the long term in capitals, in big developments through the multi-use complexes that integrate the shopping malls, the corporate towers, the residential towers. We increase the synergy between the assets. We have an experienced management of integrated systems that guarantee efficiency and predictability. We keep high margins and low delinquency and indebtedness that is aligned to the average rate and a competitive cost that ensures the solidity, financial solidity for future investments. Looking up ahead, we see a lot of opportunities for growth, the increase of opportunities and profitability, and also expansions that were launched in other things that we already showed. Besides the valuation, increase of value in the regions that we work. We also invest in innovation with the app, Multi app, and we are reinforcing our commitment to providing differentiated experiences for our clients. That is in that way that Multiplan is structured to generate a sustainable growth and consolidate itself as a reference in the real estate sector and shopping mall sectors in Brazil. I wanted to summarize this presentation. Traditionally, it has a lot of people that are watching it for the first time. The first slide, you can just see our properties. We have a portfolio with 22, 20 shopping malls. Eighteen of those were developed by ourselves since its inception and two towers, commercial towers. The two commercial towers. Besides the development of a real estate multi-use, big 250,000 sq m of private area, which is a Golden Lake that we're going to mention a lot throughout the presentation. It's almost Brazil here, 200 million people that go to our malls every year. We have a DNA, as I told you, for developers. Our company has celebrated 50 years, so we have a track record, a performance that is proven all throughout this half century of experience. We have a team that is very much focused and more so. We manage our malls every day, 24/7. We are managers hands-on, and Marcelo is going to tell you a lot about this. This result very quickly. Let's talk about the stability of results. In one of these conferences some time ago, I found an investor of a long, long time ago, and I said, "You're not going to come?" He said, "No, I don't need you. You're like a Swiss watch. I see the results. I know that you're getting with my projections. I'm very happy. I don't need to bother you." I continue to be a happy investor, so that's great. Recently, I was reading an article that said, "Pay for stability." I said, "How much do they pay for stability? How much is embedded in the valuation of our company, this predictability of results that they can present?" Many times I see the analysts saying, "This is a great result. Congratulations. How do you do it?" We do it with this, with focus, having a structure of people, having a long-term vision, having the consumer as our main target, over 6,000 stores that we try to add value. Once again, as Marcelo has said with his experience with the Multi app and more so. Let us go to the slide and focus on the right. We are going to compare the slides with the data of the Shopping Mall Association of Brazil, Abrasce. What I want to call your attention to is the slide. We have shown it many times because it is very relevant. It is the participation in the shopping mall industry that has grown year- on- year. You can see a shopping mall is opening here, here and there. You grow the GLA, you grow sales, you grow. Those of you that hear me for many years, I say retail grows inside of the shopping malls. We have the development of the cities. We have the development of the real estate, and we lack space on the street. Can you imagine that you decide to do a new investment and you open 200 stores? Where do you have a space? Retail grows in the shopping mall, and we have a slice of the pie that is ever bigger of the sales of the shopping malls. Our shopping malls are selling more. When we see another data, which is how much we have of the GLA of the shopping mall sector, you can see that it decreases even a little bit. This is what we're trying to have with our intense active management and the quality of our malls. On this slide, we try to show you in a post-pandemic period and also comparing with the data of the Brazilian Association of Shopping Centers, how much we've grown the shoppings in Brazil, the street stores, restricted retail, and shoppings Multiplan, 64% in Multiplan. You can see that the street retail grows only 19%. It proves that our strategy, our intensive work has provided results. We have here for the first time our festive data, the most frequent ones, more famous that gives you better results. We're comparing them. I'm not going to mention everyone, but Mother's Day, Valentine's, or Father's Day. You can see how the performance of sales at the shopping malls, they compare again with the shopping industry in Brazil and retail in general. Here we continue. Still with the festive dates, the Children's Day, Black Friday, and Christmas. A date traditionally where retail online predominates on Black Friday. Online retail is the question that I hear the most in 2020. As Eduardo said, the retail is going to be online, yeah, for six months. What happened afterwards? You've just seen the strong recovery of sales. Once again, we compare the growth of the sales of the shopping malls of Multiplan, they're growing with a CAGR of almost 18%. Once you compare it to the sales of the e-commerce, 10.6%. We can see that we're growing faster. How do we grow faster within the markets itself? We have a penetration rate, the slide that we just shown here, growing 291 basis points, almost 3% against the e-commerce within traditional retail that just grows 82 basis points. Once again, our strategy to promote last year, we had 1,300 events in our shopping malls. This management of the mix, that curatorship of mix generates results that are strong for the tenants and for our shareholders. I'm not going to go over this slide, but for those of you that do not know a lot of the details, top is Ribeirão Shopping in 1981, which was a farm of sugarcane, and it became a big city. This shopping mall has over 10 expansions that were done, right, Marcelo? 10 expansions that were done to get to this size. Recently, we've done sales of terrains that are adjacent to the shopping mall that will provide a new push, a new growth of the real estate itself. We are planting the seeds with the sales, the growth, and the opportunities to continue to grow in the future. This is just so you can see in another way. One of the ways that you can present results all throughout time in an ever-growing fashion, when you do a wise investment in the past, you choose where you're going to grow. What seemed that didn't have any growth in the future, in the middle of the farm, it became a big city, and we see the fruits of our labor. This is just one example of many that we could give you right now. This is reflected in data. We can see it with the census in Brazil. We are taking the population in the city, the area that we are, where the shopping mall is, or the income, or the IDH, or the Human Development Index. We can see how it's comparing to the rest of the country. We're growing faster. We've made the correct investment in the growth. Talking about growth, we were just discussing the real plan of the monetary real plan. We take that time, and then we stabilize it, and we can show you the crises. Crisis is good because the other ones believe, and then you invest, or the crisis is good because there is a great opportunity for investment, or worse, waiting for the crisis to go over so you can grow. You're going to be sitting down because we try to always bring one of the most famous crises. There were many others. There was a lot more information in this slide. We simplified it in this slide in the middle, which is the GLA of the company that grows throughout time. That vision of the future allows us to do this. How many times are we in a meeting with investors? How do you think it's going to be the GDP? I have no idea. What about real estate? What about retail? I don't know. What I can talk to you right now is what are we doing to grow regardless of the scenario? This is what we're trying to seek every single time. We're focused on a consumer generating value, seizing the opportunity, and making our shopping malls better every day. You can see on the next slide, what have we done all throughout time? These are the projects that were delivered all throughout this time, and also the variation of the Ibovespa Index. Oh, it goes up and down. That is the shareholding. That is the stock exchange in São Paulo Index, Ibovespa. We are working with caution, with the correct use of the capital allocation, trying to get the best returns to grow and generate value for our shareholders. In this slide we can show you, since the listing of the company, we changed the date to July 2007. Eighteen years ago, we were listed in the stock exchange of São Paulo. You can see the variation of our share, 371% valuation, when Ibovespa is keeping 154%. That 371%, we can subdivide it between the valuation, which was 223%, the valuation of the share, and the other one is payment of dividends and interest over capital, 148%. The most impressive numbers are not here, are on the top. We raised BRL 2.7 billion with the primary offering and three secondary offerings that we've done. We have returned to the shareholder BRL 7.1 billion through dividends or interest over capital and repurchasing of shares and the 544,000 sq m that we developed all throughout this period. Let's change and talk about results. This is a slide to show in a very summarized way what we have done in 2024. I'm not going to go over numbers by numbers, but just to give you one number, 47,000 sq m of turnover. It's bigger than Motobe shopping in one year. Besides the expansions, another 110 stores in the Diamond Mall and Park Shopping Barigui. You can see the work that was done just last year to generate the results that we generate. Here is a slide that the analysts are going to start taking notes, trying to show the sales in April and May. During the call, Eduardo mentioned that our estimation for April was growing 16.3%. In those few days that were the end of April, there was still one additional percent with 17.3% in sales. May, a growth of double digits in 14.6%. This makes this occupancy rate grow and the delinquency drop throughout time. This gives sustainability. How do we do this? With everything that we identified before, with hard work, improving the mix of making better malls every day, of promoting events, of the curatorship of the mix. This is an old graph for those of you that have been following us for many years. We can see that we're bringing this graph. This is the very well-known graph, which is the difference between the income of rent and then the cost of occupancy. A question that was asked over the last, mainly last year, of the cost of occupancy. The cost of occupancy of Multiplan, is it sustainable? Do you think that you're going to keep growing? Many times when you see this on the short term, look at the long term, actually. You can see how we're growing. We took, once again, since the listing in 2007, base 100 to show the sales and the revenue of allocation. While we do, we are going to multiply by the inflation, the GLA. You can see that our rent grew more, the valuation of the points within our malls, our enterprises brought value, and it made that growth of revenue over allocation, overcoming sales and overcoming the own GLA. The cost of occupancy, it dropped from 14.9% to 12.8%. It grew, it's an opportunity to grow more, to charge more. How did it drop? It dropped because the sales came up? No, not just that. It dropped because of efficiency. Equipment was changed. We can be more efficient using energy, the model of management, all the areas in the shopping malls, they adapted for the use of technology. This is what Eduardo said. This is what we're seeking at all times, every day, 24/7. Let's talk about towards the end of the presentation. Very quickly, debt, the presentation. Tomorrow we have Super Wednesday. Let's see what will come from Coupon or the Fed, but anyway. The average cost of the debt is 14.81. Today, the credit grade 14.75. The net debt 2.28x aligned with our records. That was 3x. It was 1x in the recent past. With the schedule of amortization of debt that is absolutely handwritten. It is handwritten in the sense that we do not want to have any risk of refinancing. We do not like to have a big debt that is due that would compromise our freedom to invest, freedom to take opportunities, and to use the best capital allocation that we can do is our differential. Once again, results of 12 months, not the result of last year, even though there is an influence. You can see these gold medals are records, records of a company that is 50 years that was listed 18 years ago. It's not simple to beat your own best record. We have to beat our records and present expressive numbers and margins that are very high. An operational margin or NOI of 92.7% or a margin of net income, 151.4%. This is really good. I wanted to mention an idea. Something that happened to me. We were on a plane and I was talking to an investor. He told me, "Look, a business with a net margin of 70% is for very few." I said, "Thank you. Ours is higher. How much is yours?" The last one was 74%,75%. It's very nice to see these numbers. This is a number that I like the most because it is not a quarter, it is not the last 12 months. It is the record. This is since 2007. Here is the size track record that is enormous that we are delivering and showing to you and that we are growing year- on -year. We have had a period on the pandemic that made that trough, that hole. Otherwise, this graph would have been more harmonic, more balanced, and upwards, reflecting the great work of the company, reflecting the capital allocation of the company and what it does. It generates value in our shareholders. Talking about capital allocation, last year, we had the record capital allocation, BRL 3.6 billion allocated in a single year. This first quarter, we saw a small reduction, and we hope to have a reduction in the capital allocation, of course, comparing to last year, but we are preparing the company for a new cycle, new opportunities of investment up ahead. Where the key picks of revamp, this is a very frequent question over the last 15, 18 months. You are investing a lot in improvement of the shopping malls, and we are going to talk about this. People will comment with you and will show you in practice the effects of these revamps, showing that in this first quarter, we reduced a lot what was last year. And last but not least, the last slide is to show you. Do you remember the first slide that I just showed you, our portfolio? The opportunity is unique that we just had in capital allocation. For those of you that think that things are luck, there is no luck. There is a bit of luck, but there is preparation. We prepared ourselves. We were deleveraging the company. We were preparing for an opportunity of investment that could be an X opportunities. M&A market is very strong. You saw opportunities of developing. We could have done an X amount of capital allocations, but we managed. There is a saying that says, "Time is essential." The time worked out, and we did the allocation that brought us a bigger return. It brought to our shareholders a better return. So we can purchase a part of every shopping mall at a cap rate that is 11.9%. In May, when we closed the presentation, it was 10.6% and still was a potential that is tremendous once you compare it to the average record of the discount rates since the listing of the company of 7.8%. Another way of seeing this is to do the math. Okay, this way is great. You have BRL 2 billion of working, but the interest went up. Where you were was 10.5%. It went to 14.75%. We did the math and a share until May valued 21% gains, a great valuation, and generated for our shareholders after the carryover a return of BRL 361,400,000, showing the opportunity that we had this big investment, this big repurchasing in terms of return. Consequently, you see in the cash flow K group per share, a very important positive impact through the canceling of the shares, generating a strong generating value for our shareholders, which is the objective of the repurchasing. To finish, regardless of the growth of 21% that we've just seen and the price of the share over this year, I am still shocked when I see this type of slide. We do this every day. We see every day. We follow every day to understand, understand where we're going, what is happening. What have we done? Here is another story that people are tired of hearing me out, but the sector is called is a good proxy. It's an equivalent of a real of a, well, I don't feel like a proxy at all. We are not a bond. We are not compared to a debt instrument or maybe even a convertible with an equity or kicker, something that generates more value because the fixed income is to rescue, but we continue to grow and generate value. When we see throughout the recent history, 10 years, the NTNB, longest one, and we compare it with the yield of the operational cash flow, we have seen that we got periods that we were less profitable by the NTNB. This is explained by the growth that we are delivering, that we are announcing, that we are building, that we are doing. Even so, it is still negotiating the share with the biggest spread, the biggest spread that we have already negotiated. I stop here. I am going to call my colleague, Marcelo Martins, to continue the presentation for you. Thank you very much. Good morning, everyone. It's a pleasure to be here this morning to discuss a bit of our strategies and our day-to-day. The great data that Armando has just presented to us are the results of a very close management and very present in our shopping malls. In all the chain of collaborators, of the operational base of the shopping malls until going up to the presidency of the company with an objective, with a direction that is very clear and permeated by the chain of the company of doing the best every day. This nobody can, well, it only depends on us to try and improve what we're doing. This is our mission, depends on us, and this is a bit of what we're going to see here. We have four points. Four points of this management that we're going to explore. We're going to discuss our reworks, the events that were done in the shopping malls, the importance of the mixed management, and of course, the Multi app. Before we talk about the revamp or the rework, we have to consolidate the understanding that while the maintenance is part of the day-to-day operational day-to-day of the shopping malls with resources of the condominium that is charge of the tenants and that are for keeping the appearance of the shopping mall and keeping the operational safety and surety, the revamp, the rework are resources of Multiplan that are trying to update the assets with the trends and technologies that are more modern to make them more attractive for the tenants, consumers, and consequently increasing its valuations. In 2023, we started a plan that was more robust, more intense of revamps that should take three years, and practically all of our assets were revamped. Nineteen of our shopping malls went through an intervention of rework. Nothing that I can tell you here can represent better, and we'll be able to better transmit what were the transformation of these places than the video that we're going to show you all to, and I invite you to watch. [audio distortion] It's impressive because much more than reworks, we did the transformation of these malls. Even though there is experience and our experience in identifying the unmet needs under implementation, we also try to hear our clients spontaneously when they talk to us, when they bring suggestions, or going towards them and hearing them so we can implement our actions. An example of that is we've heard at the end of February, beginning of March this year, we've heard 3,000 consumers of five of our malls that went, are still some of them going through rework, and the results were excellent. 90% agree that the changes that we're doing with the reworks are, you can really notice them. More than 75%, 70% evaluated in a positive way the change in the mix, and 60% said that they want to visit the malls more often. Also in this research, and this is data that is very gratifying to us, nine in 10 clients have demonstrated satisfaction or are happy to visit our malls. Regardless, the number that calls our attention is not this. We are obsessed by excellency in our installations and service in providing services. The number that provokes us is the 11% that are still not satisfied, but they will be satisfied. Our work is exactly that, to identify and correct and improve what is necessary to try and get the 100% satisfaction. Multiplan has always invested in the rework, revamping of its assets in the 10 years that were before this very robust plan that we implemented in 2023. From 2013 to 2022, Multiplan invested 4.5% of its NOI in the rework of the malls. Of course, from this beginning of the plan that was more intense, the values have increased. This year of 2025, the number will be much lower than 2024. When we conclude this plan, that should be done in three years. We're going to have all of our portfolio reworked, renovated, ready for the next decades, and mainly more attractive and more up to par to capture more results. Now, talking about better results, we have to bring a good example, a great example. Let's see Barra Shopping. It's a shopping mall that is mature, consolidated with a record of number and results that are very strong. Still, with the reworks, it delivers 40% growth in the sales, a growth that we recorded in the first quarter of 2025 when we compared it to the first quarter of 2022 before we start the rework. These reworks are not only important for the clients, where the clients are moving through the external environment. It also has we're modernizing the equipment. We're bringing more safety, more efficiency with less operational costs. Here's the example of the modernization of the cooling system of Diamond Mall. Not in the first quarter, delivered an economy of energy of 40%. Less operational costs, less condominium costs that will be passed on to the tenants. Consequently, more space for capturing better rents. Not just this, many initiatives of trying to find this efficiency. For example, the utilization of intelligent sensors in environments and equipment that seek energetic efficiency and anticipate the necessity of maintenance so we do not have operational stoppages so often. Going through process reviews, self-generation of energy, many ways that we can operate better at a lower cost. Here, once again, we see on the timeline, and even though we have the climate issues that are ever more aggressive, we see an economy in the consumption of electricity in our shopping malls from 2017 to 2023. Events. This is not a new theme. This is not a new strategy of Multiplan since its inception of the shopping malls 47 years ago. The company brought attractions that would be marked throughout history. The most experienced here maybe remember a few of the 1980s and 1990s, Walt Disney, the Miami Dolphins, things that were landmarks. Our challenge is to fill out as best as we can the yearly calendar with activities. We can have better events every year. In 2024, as Armando mentioned, we had almost 1,300 events. It is an impressive number. We have here a few examples of events that were done throughout 2024. We have an example of every quarter, different malls and events that are smaller, shorter term, but still they are important to see the impact that we have in the results of the shopping mall when we are doing them. We've had events that grow the sales of the shopping mall in over 40%. This result are consequences. The events also have a fundamental role with the relationship of the community where the shopping malls are inserted. They create memories and they strengthen the economic and the connection with our clients, emotional connection with our clients. We have a compilation of the events that we've done over the, recently in the shopping malls. Please watch. [audio distortion] It's very nice to be able to provide opportunities of meeting places in our shopping malls. This is great for the community and the families where we are. More than reworks of the environment, it's a continuous management of the mix of the shopping malls. We try to anticipate the new trends of retail and the changes of behaviors in the consumers, and we work to offer the best options for our shopping malls. In 12 months, Armando commented this number. We've gotten to 12 months considering March of 2025, 12 months year- on- year. We substituted over 470 stores in one mall. We have a great example of this. You can see on the slide, maybe the best example, which is the expansion seven of Barra Shopping that was launched in 2014. Since the beginning, the launch, over 50% of its area was occupied by the closing activities. After 10 years, that occupancy is 16.5%. Now we have space for new activities such as food courts that went from 10% at the beginning and now occupies 40% of the area. Today, at the expansion seven, Barra Shopping, 70% of the area is occupied by segments that are for experiences. Here we can see the distribution of these food courts that were added and restaurants. Besides the amount, it is distribution. It is important not just the amount, but the localization and the placement of these food operations in the correct place so we can have a balanced flow and we do not have a concentrated flow in any region. This work that was done, this activated this area more. Could we activate more, bring more people, more foot traffic? Here is the heat map of the foot traffic of the clients in 2021. We can see very few areas with an intense flow, a great deal of the area with a smaller foot traffic, cold areas, and it was a place that we needed a correction to improve the mix and bringing more clients here. This is the same graph in 2024. After all of these additions, all of that modification that we've done of mixes in the area, today we see the full area with an intense flow and it's balanced, an intense foot traffic distributed throughout its area. The more foot traffic, the bigger the sales, and consequently, better results in rent. From 2019 to 2024, the expansion seven of Barra Shopping grew almost double the growth of sales of Barra Shopping, where the portfolio of Multiplan grew 47%. Also, not in the numbers of Barra Shopping is less, but the expansion was very high, very robust. The revenue of rent growing above the average, growing above the portfolio of Multiplan grew 66% in this period. Last but not least, let's talk about Multi, our super app, which is the main gear of our digital strategy here at the company. With a clear objective of improving the experience and the journey of the clients, we accumulate impressive numbers: 8.5 million downloads accumulated, 20 million visits to the app in 2024 alone. Multi grows, strengthens, and consolidates as a platform of services, convenience, relationship, and a repository of data that is important for the decision-making process, ours and our tenants. We will see later why we have our tenants here. What was before the strategies of value creation of Multi, today we have the fifth, which are the possibilities of generation of revenues. With frequency, they ask us about the monetization of Multi, but it delivers already a revenue in the development of the access of Multi, which was a project of removing the automating the entry of the parking lot of the shopping malls. We have integrated the tags to the project and they are payment methods for the parking. In 12 months, we stopped printing 30 million tickets of parking. The data that go through Multi, how much are they valued? That data. In 2020, we have taken a next step where we migrated the registering of the invoices for Multi. By itself, this measure brought more, it is easier to manage by the clients. Also, the shopping malls are going to have a new channel that has the new program with Multi Vocé. We have over 4 million users registered and over 20% of the sales that are done in our shopping malls go through the program that offers 2,300 benefits in over 600 stores. We have a new functionality that was released to our tenants freely as the loyalty program. The demographic profile of, well, it is a dashboard that is being built, heat map, convergence of different brands, consumer behavior inside of the mall. We are going to briefly make this available for the tenants. The product is a success. Thirty days after its launch, 40% of the tenants of Multiplan have accessed and used this product. Here, a great example of monetization. There is no better example than this. This is a powerful tool for the tenants to improve and increase their sales. The best monetization of Multi is the shopping malls growing its sales. Growing the sales in the shopping mall is the best way to monetize our app. The bigger are the sales, the better are the conditions to improve the rent and improve the results for our shareholders. This is what I wanted to share with you. Thank you for your attention. I give the floor to my colleague, Marcello, the VP of Development of the company. Good morning. It's a pleasure to have you here. Let's talk about what we've done last year in regards to the development of real estate shopping malls. Going back to our history, what are the three main vectors of growth of the company since the IPO, since the launch of the company? What are the three main vectors? Through acquisition of participation. When we listed the company, our average participation was 30% in our shopping malls. Today, we get to 80% of average participation in our shopping malls. Greenfields, 18 of our 20 malls we've developed ourselves and expansions. In our story, over 50 expansions that were developed and over 20 since the IPO. Why do we focus on expansion in 2024 was an example of this. Many factors that I will explain to you since increasing the, well, creating the fortress, right? We want to create fortresses in our shopping malls and have to inhibit the competition and attract more people, increase sales, decrease the condominium costs. We can see the pictures of what we have done over the years. For example, we launched at the end of last year, Diamond Mall and Park Shopping Barigui, two expansions that are extremely profitable and fruitful. The variation in sale in Diamond Mall, 30% of one year against the other. Barigui, Curitiba, 20%. Not only that, parking has grown, parking growing 30% in both malls, the flow of people growing in both malls. The expansions are very important because they dilute the condominium costs. You can see that our revenue, our expense per square meter, dropped 22% real since the IPO. Why? Because you get more fractions, you get more stores, you decrease that condominium cost. As Marcelo said, bringing new equipment, new efficiencies to the shopping mall. Still, the unite areas. A very typical example is Barra Shopping in 2003, 2004, that we connected New York City Center to Barra Shopping. After this connection, the sales of New York grew 67%. We unite synergistic areas. Another example is what we're doing now in Maceió. Maceió, there is a multi-use project on the left. We sold several lots for developers of commercial and residential towers. We're going to have several towers and also a hospital residential. We have three or four ready. The blue part is the expansion that we're doing now with a connection of this expansion, 35 stores that are going to be launched, 6,000 sq m are going to be launched at the end of the year, 6,000 sq m of GLA. Here at Morumbi, another case of integrating areas. That expansion, you can see it was in the old deck park. We broke down the deck park. It's in blue. We're going to have the combination of Morumbi Corporate to Morumbi Shopping. We will launch on Mother's Day next year. We're going to have it launched and it's 90% located. We have the rooftop also that we're going to mention. Another integration is Park Shopping Brasilia. On the left, there was Park Shopping Corporate to a deck park. On the right is Park Shopping. That expansion in blue will connect these two areas. It is an expansion in two levels with 65 stores. Besides, they improve the mix and they bring new experiences to the consumer. It is not doing the same of, but we have to do different medical centers, restaurants, children's park at Morumbi. The issue of experience of the consumer left from 50% and went to 60% with our expansion. A bit more of this expansion of Barigui that was in November of last year. Fun with a hot zone. We did an external park, an internal park, new ceiling, the new ceiling, a lot of food opportunities with courts, new lighting, Diamond Mall, another expansion that was here. We changed the characteristic of the mix. We got high-quality brands. The floor in wood and these expansions, they come with reworks. As Marcelo mentioned, we did the rework of the shopping mall as a whole, a new entry, new restaurants, and we culminated with the increase of sales that we just mentioned. Today, we have three expansions, 27,000 sq m of GLA, but not always GLA reflects the construction, full construction. Today, full construction that we have is over 130,000 sq m of intervention areas in the shopping malls. It's a lot because it includes reworks, expansions. All of this gets to 130,000 sq m ongoing. Maceió, 5,500 sq m at the end of last this year. In August, some pictures. In August, we delivered the spaces for the tenants so they can start their work so we can launch at the end of the year. There's going to be a Coco Bambu, the first one in Maceió, very well located. Morumbi Shopping, this is where we are today. We have the rooftop that will be seven operations of restaurants and high-end food court launching in the first quarter of next year, 13,000 sq m of GLA and 35 stores. Some pictures of the current state of the works, the rooftop on the right, and in Brasilia, a next expansion that is connecting the corporate to Park Shopping to the shopping mall. We are launching in the second semester of next year, 8,600 sq m, 65 stores, and we started the construction two months ago. Let's talk about the other arm of growth, which is Golden Lake, the enterprise in Porto Alegre, 20 residential towers. It is 600 m to Barra Shopping Sul, where we've done Barra Shopping Sul, three buildings on the left, two commercial and one residential. Now we're going to do 20 residential at the Golden Lake. We started a great deal of the infrastructure of the neighborhood, the tennis courts, and until the end of the year, we are going to finish this part of infrastructure of the neighborhood. This is a time lapse of the construction that Multiplan is doing of the four towers of Lake Victoria that we are going to deliver the units in July. This is a construction from Multiplan. We have 72% of the units sold. These are 300 sq m-550 sq m, big average value of BRL 6 million. We launched at the end of last year, Lake Erie, smaller units. The left is 180 sq m, two per floor, and on the right, four units per floor with 120 sq m-130 sq m. Very well accepted. This tower on the left is 70% sold. In total, we have 55% sold of these units. Let's call Vander to finish and talk about governance. Thank you very much. Yes. Let's show you the video of Golden Lake and the expansions, complementing what Marcello just showed us. [Foreign Language] Cotidiano iluminado pelo sol do Guaíba. É mundo à parte chamado Golden Lake, a poucos metros do complexo Barra Shopping Sul. Bem-estar no dia a dia, energia em cada esquina, vida em movimento. Uma rotina para quem ama experiências únicas. Aqui, o ar é mais fresco, a paisagem é mais bela e o espírito é mais leve. Com vista deslumbrante para a Orla do Guaíba, o primeiro bairro privativo de Porto Alegre, resgata os prazeres da vida de bairro. Uma estrutura completa de lazer, esportes e bem-estar, formada pelo Main Lake, o maior lago balneável da América Latina. Wellness Center para cuidado mental e físico no seu dia a dia. Beach Club, onde a praia vem até você, e o Golden Park, com quadras de tênis, bangalô e Golden Kids para todo mundo curtir. E tudo isso, ainda nesse ano, é o local perfeito para as famílias viverem de jeito extraordinário. Para iniciar a vida no bairro, é no Lake Victoria, o primeiro condomínio do Golden Lake, onde o tempo passa diferente, permitindo que se viva tudo que a vida pode ser. Composto por quatro torres e com apartamentos de 299 a 543 metros quadrados, as obras já estão em fase final. Aqui, cada cômodo é convite para viver momentos inesquecíveis. E seguindo a expansão do bairro, já lançamos o segundo condomínio. O Lake Erie é verdadeiro convite para viver o exclusivo, com apartamentos de 127 a 186 metros quadrados, com três e quatro suítes e elevadores panorâmicos inéditos, com vista de tirar o fôlego. Sinta-se em casa pelo bairro todo. É novo jeito do porto-alegrense morar. Bem-vindos a Porto seguro e alegre. Good morning, everyone. To me, it's an immense pride and joy to be here with you. I'm looking, I kind of want to live there. It's an incredible project. I went there the other day to visit, and I went to one of the apartments. You know, with the view that you have to Guaíba, it was a beautiful day. I invite you to go there and visit because it's worth it, mainly for the people from the southern region of Porto Alegre. Here, a good morning to all of you, almost good afternoon, but we have hundreds of people following us, not only the people that are here at the Multiplan Theater here at Morumbi Shopping, but everyone that is watching live. For many, it's a good evening because we have investors in many places of the world. People from Asia, good evening, and people that are in the good afternoon, good afternoon. I salute all of you, to our board, board members that are here, to our President, Chairman of the Board, all the team of Multiplan, and in the name of women, our, well, we have Livia, the Superintendent of the shopping mall, that kindly prepared this very special theater so we can talk to all of you. I like to say, first, I love doing what I do. For every company professional, it's a privilege to really like what you do. I think that everyone that works here at this company really has an additional dose of emotion, of happiness, joy. That is why you see, as Armando has demonstrated, solid numbers and consistent growth with the equipment here, as Marcello has shown, the amount of events, the working with our clients, and Marcello Barnes brings everything that we are doing in terms of development of our projects. I do an analysis, and this is a great orchestra, and we are working with our maestro, Eduardo. Every day, he tells us that we should do everything with quality, with safety for those that come to the shopping malls, for the collaborators, for the investors, for the entirety of the ecosystem. When you see, you see these images and these pictures, there is a series of other actions that do not appear in our balance sheet and the number in the fine print of a text or the numbers themselves. When you see an evolution around the shopping mall, sometimes people ask, how do you do this? I'd like to give you an example, which is the most recent, which is ParkJacarepaguá, which is a shopping mall that we launched in November of 2021 that was built during the pandemic. During the pandemic, you heard that, you know, the shopping mall segment, it's not going to prosper, e-commerce is going to advance. Armando brought you the numbers of how, comparatively speaking, the numbers of the company and they evolved mainly in the post-pandemic period. Even though the curve of evolution is historical, the business is under development. This shopping mall was built throughout the pandemic, and it was launched in 2021. What happens in a philosophical matter? When you launch an equipment, you have in Jacarepaguá, 5,800 direct jobs. In a 5-km radius is where you're going to have most of these jobs being generated. 80% of them are going to be in a 5-km radius. You start to, in a way, allowing people to have their health plan, they can pay for private school, and there is the effect of the broken window theory that was a program that was developed in New York a long time ago when there was a reorganization of the city. This effect ends up happening around the shopping mall because what is that theory? Since it's a controlled, clean environment, you start to export concepts of citizenship for the surrounding area. You have an increase of income around because you inject a lot of jobs. You have an interference because we have a dialogue with the communities where we are present because many times industry builds a wall with the safety and does not dialogue with the surroundings. It is a prerogative of our equipment, of the company, of dialoguing with the surrounding. Usually you have an art exposure. You start to export the citizenship concepts to the surroundings. You interfere in your surroundings. Jacarepaguá, for example, the municipal school Canhober that was reworked by the company, or we have all those equipments, public connectivity with the surroundings, the company interfered directly in the improvement. They continue to dialogue with these institutions that are belonging to its surroundings. With this, you see the development of the surrounding improving. This is a big social program, and this is a big program that is real and that is part of the culture of the company. For the programs to be real, they have to be incorporated in the culture of the company. This is what this company does in its history for half a century, which is incorporating these values that really make sense and interfere always in its surrounding, seeking improvement. These are social projects that are truthful and dignifying. That is why you see these transformations in real estate. Of course, the mix, the income that you inject, it develops throughout time. If it was a company that did not have any legitimate concern, this would not happen. It happens because it is incorporated in our culture. We need to preserve and develop this constantly. All of this, with this improvement of the surroundings, you have to do more and more giving the conditions for the preservation or being a big ally of the environmental preservation. Here are some numbers of the increase of technology in regards to realization of water, the lighting, the changing through LED, the solar panels, Village Mall, and the headquarters of Multiplan, which are serviced by photovoltaic power. All the energy of the company, it comes from renewable sources. This is a concern, constant concern that the equipment is evolving throughout time. Of course, the most recent, such as Park Shopping Canoas, where we could, and Park Shopping Jacarepaguá, where it was possible to install these solar panels in the structure of the roof because there are more recent constructions, they made it more viable. Even in São Caetano, in an area of the parking, you know, the company has this concern of preserving constantly not only its surrounding, but also its equipment. This generates efficiency. As Armando has said in its presentation, the efficiency that the company will have will impact in the occupancy cost. Besides preserving nature, it brings benefit for the equipment. Here I'm just going to illustrate a few data of the company, and I'm going to tell you. The company, it was the pioneer in the creation of the first women's space that is in New York City Center with an association with the courts. It's a program that is associated to the Ministry of Justice because in the post-pandemic, there are more domestic violence cases. We realized that women were concerned of reporting this and exposing that situation at a forum which are more hostile environments. With the creation of a space such as this in the shopping mall, with the help of lawyers and police officers and social assistants, it was possible to create this environment. Today, women have an opportunity of being at a place that they feel more at ease. At the last election, the regional elections court was low in the registering, biometric registering, and that could interfere in the electoral system, counting of the votes of the country. It was from a point that we assembled at Barra Shopping that we could accelerate the recollection of the fingerprints so that we would be at acceptable levels for the program as a whole in the country. The blood banks, when the blood banks many times they drop their stocks, they look for our shopping malls. Here at Morumbi Shopping, there is a truck that comes and stays so they can replenish many times the levels that are lower. A case that is very good of what the company does and always looking for the social aspect was what happened, unfortunately, at Rio Grande do Sul last year, which was the floods. They hit harshly the surroundings, not our equipment, because engineering of the building of the equipment of the company was thought out while going back 100 years ago because they would predict situations of public calamity or climate effects. Here, besides the donations that require a process, there is a sequence, the non-perishable foods. Many people sometimes they donate a bag of rice, but the individual lost the house and the stove. There is no logical sequence. We understand many times how to help and in which way we can help the surrounding affected. The hospitals and the public schools of the city of Canoas were servicing potable water from the artesian wells of Park Shopping Canoas because the public system of water had collapsed. In the sense of help, what the equipment, the shopping malls, they interfere and they contribute to its surrounding were that the airport, Salgado Filho, in Porto Alegre was non-operable and it was for months non-operable. Besides the issue of tourism, aviation transports a lot of products that are extremely needed, human, I mean, organs for transplant and medications. In that model, if we did not get the planes landing, it would affect the population of Porto Alegre. It was from Park Shopping Canoas that we transformed it into an airport. It was a pioneering case in the world because it received a three-letter, the IIA three-letter, which is KNS. If the individual would fly from Narita, Japan, NRT, they would fly to KNS, Park Shopping, of course. It was just the handling of the operation. The track we use, the military base of Canoas, that would not have any conditions of providing logistics, the arrival and exit of the passengers. These are examples, small examples, and several ones. We could stay here hours and hours and hours talking about the contributions of the company that are legitimate and they are in our timeline. If we see throughout these 50 years since the inception, we have many contributions that are legitimate and that are incorporated in our day-to-day. All of that, we have to do it with safety, with governance programs that are robust. We have a team of internal auditors, and this Eduardo highlights a lot over the last years. Our concern, the zeal per assets by governance, by administration, so that we are not uncertain about our actions. If we have doubts, we have to create redundancy in the process, a process that is additional so that we have all of this type of, we have an independent board, we have the auditing committee, the ethics channel, the HR channel, so that the collaborator, the one that is working, can expose their ideas and also the external channels. It is of no use if we have all these concerns with the social, if we are presenting all these wonderful projects, all of this issue, if we did not have a solid governance and robust governance, it would be of no use. We have little time. We are short on time. We are close to lunchtime. To finalize, let's show you a video now that summarizes some of these initiatives of the company. Then we're going to have some time just to reorganize our space. We're going to do the Q&A session for those that have any questions. I apologize for any failure. I have a flu and even the mix of Morumbi Shopping. It's complete. I'm going to go to the drugstore and I'm still going to have lunch, but we will see us, we will see you shortly. [audio distortion] No questions for us? Let's start the Q&A session. I'd like to remind you that we're receiving questions online by the RI email of Multiplan. I've received a few. Also, we're going to have questions from the audience. I invite the analysts, inside, outside, journalists, and to raise, to ask a question, just raise your hand, present yourself, comment what is your company, and I'll limit you to two questions. Here is the first question. I give you the floor. André Mazini, Citibank. Thank you for the presentation. First question about that data that you had on the performance, your performance and the rest of the sector was always above the sector. The share of sales is higher than the shares of GLA, a few versus the sector, but until the pandemic, it was flat. You had 8% of sales and 5% of GLA. Post-pandemic, there is a new graph, and it goes to 12% of the sales with 5% of GLA. So what do you think that happened in the post-pandemic for you to gain shares of sales and you didn't have an increase of GLA? Maybe commerce that aid more of the sales of the world's shopping malls, or is there anything else? That is the first question. The second one, greenfields. I know that you still have the greenfields, but talking about the demographics, which is something that you enjoy. In the last census, the Brazilian population grew less. The CAGR grew at 50 basis points, so 0.5% of growth over the last 12 years until 2022, when it was the last census. It seems very little. Can you do greenfield even with a population that is almost not growing? Thank you. What is your name? André Mazini. Thank you for the question. Let's start by the last one. Sure that we can grow. We can do greenfields. I think that there are several cities in Brazil that deserve a complex as the one that we are used to doing. I'm going to give you the example of Maceió, where we purchased a terrain of 200,000 square meters. We did a lot that is very big with success, shopping mall. I would like to be able to repeat that in different cities. I think that you do not do greenfield. This is more connected to the performance of the economy of the country than the growth of the population. When you do a shopping mall, for you to be successful with a greenfield, you need to have a growth perspective of the economy and an optimism of the entrepreneurs. It's not the moment that we live right now, not that there is pessimism, but there is a lot of doubt, a lot of uncertainties. That makes it difficult for the development of the greenfields. The first question that you asked about our participation on the total sales, I can only imagine that after the pandemic, as everyone that works with the mall could survive the pandemic, we learned to operate better. You see that there is an intensification of the events. We changed the mix as well of the shopping malls very strongly. We see the curve of the mix that is very different. Today, a third of our GLA is destined to clothing. In the past, it was over half. It is a different way of doing shopping malls. You do not see this very often, but I believe in that. To complement what Eduardo said, and André, since you have been in real estate for so long, you remember 2015, 2016, 2017, there were a lot of questions changing the big stores, for example, electronics with buy experience in the shopping malls, restaurants, more services. There was a question if the revenue of rent would continue, would follow up the clothing stores leaving. This proves the historical records, the revenue growing very strongly. I believe that we were substituting operations that ended up selling products that online was easy to replicate. You research television, a more commoditized product, buy things that are non-replicable, such as experience, being here at a theater live with you, having good restaurants. I believe that that was a factor that started way before the pandemic, but that maybe intensified a lot in the post-pandemic because people saw that they needed to live, that we needed to intensify their experiences. I do not want to complete. There was a movement also of the company that during the pandemic, the company was the pioneer in the help that they gave to the tenants and the inception. It was the exempt that it was a way of helping within the productive chain so that they would go back very quickly. This gesture in the post-pandemic was recognition by the retail with the pioneering attitude of the company at that time. Yes. I believe that the success that the company has in the improvement of the experience of the consumer of the shopping mall. This is something that we are and it's essential to do this. Can you hear me? I want to understand how is, what do you think about the capital allocation in this scenario of high interest rates? You explained the avenues of growth. What is your mind in terms of M&A, expansions? This is the first point. Secondly, to talk about the firepower, to seize the acquisitions and understand the level of leverage that you would like the company to run. What is your name, Ivan? Igor? Okay. Thank you. 50% interest rate is not the ideal environment for you to buy a lot of stuff. I don't feel very at ease to do this. We did investments that were aggressive last year. There was BRL 3.6 billion. We purchased a participation that is expressive of the company. Armando was mentioning just a piece of the shopping mall. Fifteen percent of our participation in Morumbi is 9% of the shopping mall. It is not a small part. We purchased a lot. I am not enchanted by the idea of being daring in an environment that we are living today. I saw a lot of entrepreneurs in Brazil being daring and losing it all. What we have done, what we are proposing ourselves to do, and here with the capital allocation, to finish building what we built last year, it is not little. We have today 240,000 sq m of building. Just at Golden Lake, 100,000 sq m that we built. I did not hire a company to do this. It is our employees that are building. This demands from the company a bigger effort. We have a better margin because we are doing it this way. The capital allocation is focused on this. Is there any space to purchase participation in another company? We always look at the whole. There was not any opportunity that went by that we were not paying attention, that we did not study. We have done the ones that make sense. I think that the best opportunities are in-house. We have discovered and we looked at many things far away, but we developed what was close, what was in-house, which is safer and better for the company. A question from the internet and joining a few. There was, could you comment on how do you do the turnover of stores? How much of this happens actively or passively? Another one with Pedro. How does it work, the decision-making process in regards to the mix of tenants? it something top-down that comes from the headquarters or is it shopping by shopping decided locally? Thank you for the question. I think that this is a process that is done four hands. The shopping malls have an important role. They have the contact with the consumers. The shopping malls have a role of identifying the tenants, local brands. The company as well has an area of planning of mix, of intelligence of mix, along with its commercial area that is seeking brands not only in Brazil, but also outside. Connecting to the second question, I'm going to understand that the tenants are looking for us, for movement happens in both directions. It's fluid. We talk about mix management, and many times it's not a substitution. Sometimes the tenant is in an adequate place. It's the inadequate size of the shopping mall. They need to have a different position. They need to increase or increase their size. It works both ways in a fluid way, and all take part in this movement. Good morning. This is Mariangela from Itaú. Thank you for the opportunity of asking a question. I cannot see you right here. My side two questions. We had a series of deals last year. Eduardo commented 500%. With 50%, you do not feel comfortable to buy, but you were in the selling part even with some shopping malls. Do you see space for this type of movement, selling part of the assets happening again this year? Also in regards to the expansions, how much the investors can expect of new expansions besides the ones that are announced? What do you see in the space of the assets to continue to expand in 2025 or the years ahead? Sorry, Mariangela. I mean, selling is not scheduled. It is not something that we have in a cash flow or let's do X sales per year. It can happen. There are several provocations because now you have a big interest rate, so people are less excited. And the value that we are seeking that I attribute to my assets, mainly the premium assets such as Barra, Morumbi, it is not exactly what the market is ready to pay. That thing that you do of selling is something that happens sporadically, an opportunity to have better capital. You are going to miss out on the revenue in the future. When I look at the assets, it is so difficult to build a shopping mall, to mature the shopping mall, to sell them. It does not make sense. It is not something that we are looking at, we have in the pipeline, and it is going to happen. No. If it happens, it is by accident. Another one is in regards to the expansions. Yes, we have several expansions. If we still have São Caetano, Jacarepaguá to expand, and they have the cycle of seven expansions that we would like to do, we are not going to do these now. I want to see the result of the election to be able to advance, to see how Brazil is going. Maybe Brazil is not going to change a lot, but this is going to change. We are not going to stop with these two assets. The capacity to expand, I can double the size of Barra Shopping. We have that potential. The shoppings of Belo Horizonte, all of them, I can double the size. Village, we have the expansion to do. You need to do this step by step. Otherwise, you get too many stores in the market and then the price drops. There is a lot of stores in the market. It's a big bargain in the hand of the tenant. I'd rather complete and increase the shopping malls as we consolidate. It seems that I am inventing the strategy. No. This is growing and consolidation. Going back to the beginning of the company in five malls, my father could have had 15 malls, but he preferred not to do it because I'd rather have 15 malls that are doing so and so or five that are doing great. Here, it was always that choice. Let's do this management that is good and deliver the best experience possible for the consumer. Mariangela, to give you a number on the several expansions. We've identified 200,000 sq m of expansions in the portfolio with projects that are well-defined. From there, we have more expansions, Brasília, Barra Shopping. We had an opportunity that was identified by Eduardo. The 200 sq m, we've seen 20,000 sq m, another 30,000 coming up. Ten were not there. We have roughly 150,000 sq m identified in-house of possible expansions of our portfolio. To complete all the names that Eduardo has given you. Good morning. Thank you for the presentation. I'm Fanny from Santander. Two questions. First, in regards to the new functionality of Multi. It really brought my attention to the possibility of you publicizing in a macro way more details of those that are going on the shopping mall with the tenants. What is the monetization? It would be an additional charge or a service provision for the retail for the tenant that is along with Multiplan. That's the first question. Second question. It really brought my attention to that change of the mix, the positive impact that you had in Barra Shopping. Terms of increase of flow and traffic, but I wanted to understand in negotiation with the tenant, is it different to bring a tenant, a store that is more focused on experience versus a store that is somebody that is selling merchandise and not closing? What changes in this negotiation? Thank you for the question. It is a different approach. When you bring restaurants, in the case of Barra Shopping, and the expansion had a lot of retail and less food courts. Today, we understand that food restaurants is anchoring. Purchasing clothing is not always, but you need to get three meals a day. It is mandatory to do these changes. Otherwise, we are not going to get results. You need to have space to do this type of investment. You get a restaurant. Sometimes you are talking about BRL 2 million-BRL 3 million for them to be part of the investment. You do a part, they do another. They pay you with a percentage of their sales. Is that profitable? Very. If it was not profitable, we would not have the income that we would have. It is sustainable and it is good for the shopping mall. To do this intervention, you fix the mix of the shopping mall. If in the expansion and in the mix of a shopping mall that is not doing well, you cannot do this movement due to lack of resources or impossibility in the shopping mall is not doing well if you do not do this. The first question about Multi. We thought about this. We thought about ways of monetizing Multi. I believe that the best way is what Marcelo has shown. Today, 20% of our sales go through the loyalty program. I want to believe that tomorrow we are going to grow above everyone because of loyalty. Multi is not just when we created Multi. Let's go back to the idea of creating Multi was to take Multiplan inside of people's home. What year was? 2018. We did a marketing trend and we called and how it would be the shopping mall in the future for Asia, Dubai, whatever. Multi plan has to be everywhere. Then we had a lot of examples of it was a part of the shopping mall that would go through the city. This is not going to work. I thought that the best translation of Multi plan being everywhere is through Multi. It decreases the amount of people that works in the shopping mall. It facilitates your entry in the shopping mall. We've been making these data available for the tenants. I don't want to charge this. I believe that if they sell better, they're going to value their positions. This is where we're going to win. We are here. Everybody remembers that my father was still the president of the company, and I was the one that gave the idea. Oh, let's remove, let's do the automatic parking lot. I almost got hit. He said, "You're crazy. You're going to bankrupt the company." No, no, no. There is a way of doing it. We did it in a way where it's not mandatory to use Multi to take the shopping mall. If you want to pay physically, great. The whole world does it differently. You go to Disney, you cannot do anything inside of the Disney if you don't have their app. That is not the path that we wanted to trail. I want to let the consumer decide, not impose. Richard is our Director of Innovation. This is data of May of 20%, where the data is a growing curve. Correct me, 58% growth. First five months of this year, we captured 58% more sales than were captured in the five months of 2024. The trend is to grow and expand. One of the things that I realized, and one of the things that really helps me as an operator and administrator of the shopping mall, is living close to the mall. I live at Barra da Tijuca and I go to Barra Shopping and Village Mall. I see people around me. Oh. Sometimes at lunch, people are fighting, my wife included. She's taking part of the loyalty plan. This is very good because this journey did not exist before. When we started way back when, we bought the company, we lost money, and then everything was wrong. It was selling products. No. We restarted. We reassembled the ecosystem that is different. Today, we have Multiplan being a champion of growth. Last year, it was amongst, it was the eighth most downloaded in the Apple Store in its category. I think that the strategy is correct. Question from the audience and then one online. Good morning. Sérgio Vieira, journalist. I wanted to ask you, Eduardo, and following up on a comment, if you can comment on the interest rate. While you did not feel comfortable following this line, purchasing an acquisition, does this mean that this year can be different than last year? You said BRL 3.6 billion. What is the perspective? We have the announcement of the decision of Copom. What is your evaluation? I wanted to hear you about the 14.75%. You defend, you think that it is going to drop, that we get to the peak. The second one is, do you complete the strategies that you designed for five years in three? I wanted you to explain this plan. Okay, Sergio. I'm not an economist. I am the son of an economist. I studied administration. We should have Gustavo here. Predicting the interest rate is not where it is by chance. It had to go to this threshold because of the level of expenses and the size of the public machinery in the country. It bothers me and everyone. Me as an entrepreneur, every Brazilian should be bothered by this. The country has to do its homework of decreasing the size of the state so that we have more for investment. I think that technically, the interest rate is where it is because it has to be at this threshold. I'm not rooting against or for it. It's technical. Declining and the decrease of the interest rate is purely technical. What I want is that the public machinery of Brazil is much lower than it is right now. We cannot guesstimate what Galipolo is going to do. I hope that they do the homework as their predecessor did, and we are going to live in an easier going time. To realize three years what was projected in five, three what we were doing in five, this is the DNA of the company. We are dissatisfied by nature. We are always looking for excellence in everything. Recently, I was reading a biography that really influenced me. We have to find the best way of doing and the most efficient way, most efficacious way. We have been perfecting in this. I think that this is what allowed us to do what we had scheduled to do in five years in three. If you're going to have the opportunity of seeing the expansion of the shopping mall, we started two years ago, but the project is 20, 20 years. While it's on paper, you can tear it down a thousand times. When it becomes concrete, you have to know what you're doing. It might seem, oh, it's easy. Pay attention to what we're doing. It's very complex. We use carbon fiber calculations. If we are transforming the areas that were parking lot in areas of store. It's an engineering that is very complex. We have Marcelo, we have Julio, and they can confirm what I'm saying. We've advanced a lot. Sometimes I look at Multiplan and I look at it as an engineering company. In the end, we are a company that is a company that is selling an experience at the shopping mall. This is what I'm selling. And this is our specialization. There was a third question. Interest rate, you talked about BRL 3.6 billion last year. If the rate and this percentage, you said, would that not allow you to follow up on this line in this year? And this interest rate, does it affect the end consumer here at the shopping mall? It's difficult. In In a country that I started to work in 1988, I've been for 37 years at Multiplan. 1988 to here, we've seen everything. Inflation, 50% a month, and people continue to consume. I don't think that it affects. And we've had, the consumption grows. I think that it affects the real estate. It could be doing better than what it's doing. Even though we're doing well with Porto Alegre, other projects that we have of real estate in the country would be leaving the paper, but I don't feel encouraged. What I think is the interest rate that is influencing is in this long-term investment. This year, we're going to invest less because of what we invested extra last year. We got BRL 2 billion more in the purchasing of the 15% of the Canadian partner that wasn't in the plan. I'm going to have to decrease in the rhythm of investment. Still, it's going to be high. Just so you know, today, we are developing and building 240,000 sq m of area. Expansion, buildings, the whole. I've tried. There was a lot of questions online. Here is a question of Enrique. Still aligned with the question that we've discussed. There is a target threshold for the leverage of net debt and a bit on the medium term, the repurchasing of shares generated returns above the CDI. If there is space in the balance sheet, is there new space for repurchasing in 2025? Yes. We are always observing the market, observing the opportunities, and seeing what is the best capital allocation. If we understand that repurchasing is a good allocation to bring the return that we want for our shareholders, why not? Regardless of where the interest rates are, the leverage is, we're always going to evaluate. In the first quarter, we repurchased more shares, regardless of the fact that we've done another BRL 2 billion in the fourth quarter of last year or throughout this last year. Good morning, everyone. Tainan from UBS. I wanted to go back to the issue of acquisitions and in the context of capital allocation. I think that the answer to the second question of Eduardo brought my attention in two points. First, is a scenario of 15% of interest rate is not ideal to buy anything. I wanted to understand how these two talks, they talk to the selling of stakes and the two assets, which is Barra Morumbi. There is news. How these two talks, they talk amongst themselves. In this context, how would you have the analysis measured? It would be price, quality. Do they talk to each other? No, they do not. It is not because the partner A, B, and C. We have Barra Morumbi. If we participate, it is nominally. There is no big outcome from that. When I say that the best opportunities are in-house, they are in-house. I have no doubt that if I say you invest BRL 200 million and do an expansion, then building the shopping mall from scratch, the return on the expansion is much better because the terrain is already paid for, and the effect on the existing shopping mall is much higher. There is no doubt. It is intuitive. You can look at the portfolio. Give me the best terrain numbers because, as I told you, doing the greenfield is connected to expectancy. You look at the last phase of big development of shopping malls in Brazil, it was pre-Olympics, the World Cup. The expectation was very high. We have done three. We have launched three in one year. Good morning. Marcelo Motta, JP Morgan. You can comment on the expansion of Morumbi. How are the contract conditions? You commented 90% pre-allocated. I wanted to understand if you have the average of the rent vis-à-vis the average of the shopping mall. What are the clauses and what can you open? Amongst all these expansions, how do you see the average of the rent of the expansion with the shopping mall when it is open? How does that evolve throughout time? Your name? Marcelo. Thank you. We have managed the rents with what we predicted in the viability study for the expansion. Morumbi Shopping is the equipment that is very strong that sells itself. The expansion, not only in terms of percentage of what was occupied, but in the quality of what we are bringing to it, indicates that it will be an expansion that is well successful and answering. I do not have the numbers, but we are allocating it in the thresholds that we have predicted in the viability study for the evaluation of the investment. To complement what Marcelo said, within the threshold of prices and return that we want to have and the quality that we want to have, which is also important, it is not that it is 100% allocated. No, it is not that. It is with the return and the quality that we want to deliver to the consumers and the shopping mall. There is a point, and it explains what Villa Olimpia suffers today. Villa Olimpia was done way back when. It was a partnership. It was us, Brookfield, and then a family that was the owner of the terrain. Everything was rented in the biggest value of rent, and it was a mix. You have a point. This is a point for Morumbi. I could have had a profitability much better, but a horrible mix. That has a short flight. This is not a 100-meter dash. This is an ultra marathon. We are looking to the future. Quality of what is getting in really weighs in a lot. Because of the time, last question from the audience, and then we can close. From Morgan Stanley Moto, a question about the selling of terrains. This was very common last year. I wanted to understand if this is a strategy of the company to maybe it will happen in the future. I just wanted to understand because the other players are doing this. We decided to sell the terrains that we're not going to develop. I cannot be my own enemy because I purchased everything around the shopping mall. In the case of Ribeirão, it ends up that we are enemy of the shopping mall because that is not developed. We had projects. Ribeirão Preto is not a city that we have a margin to do the real estate that we think is reasonable. We have hospitals, offices. We're going to continue to look at it in this way, yes. What I cannot develop, I will sell and bring more money to the company. Thank you very much for your presence. Also, at the IR website, you can see all the questions. We will answer all the questions that were unanswered. As we have said, we are at 1:00 P.M., and now I give the floor to Eduardo. Thank you to all of you that have come to our house in Multiplan, São Paulo. This shopping mall, I had the pleasure of being at the launch in 1982. 1982. I was 12. To do a meeting with your participation and being close to you and talking to you is different than you seeing the people in a monitor. This meeting would not last half an hour. This explains the success that we have in the shopping center, that the people are meeting versus the online purchasing. Both have their spaces. I believe, and I am certain that human beings do not live without each other. People need each other. We need everything that is happening to meet, to see each other, to exchange experiences and synergies. I would like to thank you all. It was a wonderful afternoon. The company is ready to grow another 50 years. Homework is done. Thank you very much.