Good morning. Welcome, everyone, to Multiplan's First Quarter 2025 Earnings Conference Call. Today with us, we have the company's executive directors. Our presentation today may be accessed through Multiplan's website at ri.multiplan.com.br/en. Before proceeding, let us mention that forward-looking statements are based on the beliefs and assumptions of Multiplan Management and on information currently available to the company. We have to mention that they involve risks and uncertainties because they relate to future events and therefore depend on circumstances that may or may not occur. Having said that, investors should understand that conditions related to the macroeconomic scenario, industry, and other factors could also cause results to differ materially from those expressed in such forward-looking statements. Now, I am going to turn the floor over to Mr. Eduardo Peres, our CEO, who will begin the presentation. Mr. Perez, you may begin. Ladies and gentlemen, good morning. It is with great pleasure that we begin our financial results conference call for the first quarter of 2025. Thank you all for joining us today. Once again, we have had a quarter of strong performance, growing steadily. We have to highlight the rental income or revenue, which is starting to be affected by inflation. Also, services, parking lots, and rights. Our management model, once again, has proven to be effective, bringing even better results and new operating records. Tenant sales have reached BRL 5.5 billion, with emphasis to the developments that have undergone recent expansions, such as Park Shopping Barigüi, and Diamond Mall, and those that have been revamped, such as Barra Shopping. I would also draw your attention to the consolidation process at Park Jacarepaguá, the second shopping mall that's grown the most in sales this quarter. Another very positive aspect is the occupancy rate that has risen to 96.3% and a lower turnover. The combination of these two factors shows a greater retail stability and continued demand for space and shopping malls. We have seen greater demand from both national and international brands. This good operational momentum and the strong growth in revenue have positively leveraged our results, mitigating the impact on profit of the sharp buyback that we had last year. As a result, we have managed to grow earnings per share by 44% in the last 12 months. For 2025, we will continue to invest in Multiplan's growth through these expansions: Parque Shopping Maceió, and Morumbi Shopping. They already have 90% of their GLA leased and Park Shopping in Brasília, with 40% of its area leased. In total, we will have 27,000 square meters of additional area. This year, we will also conclude the cycle of revitalizations of our shopping malls. They include Barra Shopping, Morumbi Shopping, and Pátio Savassi. We expect the allocation of capital to be lower than last year. By the end of 2026, we will have expanded and modernized all of the company's first five shopping malls, preparing them for the next 20 years to come. Now, talking about real estate, we know that the heavy rains that hit Rio Grande do Sul have forced us to revisit the costs of Lake Victoria in order to meet the construction schedule. The good news is that now, this year, we will deliver the first phase of our private neighborhood in Porto Alegre. Another positive thing is that the second phase of Golden Lake, the second phase of the project, has already sold around half of the 127 units. In June, we will begin the construction, which shows our commitment, seriousness, and long-term vision as well in Porto Alegre. When it comes to digital innovation, the Multi App is now consolidating its position as our main channel of contact with our clients. In the first quarter, we have surpassed the mark of 8.5 million cumulative downloads. The Multi-U relationship program, which is hosted within the app, has seen an increase of 73% in the value of invoices that have been registered. To conclude, I would like to highlight the improvement in the company's corporate governance with the election of a third independent member in the board of directors. Now we have a total of four external consultants. We will continue to work to build our next decades at Multiplan, focusing on improving our portfolio and increasingly efficient management. I would like to thank all of our employees for their tireless commitment and the trust of investors, analysts, and journalists that have joined us. Thank you very much. Thank you. We will now begin with our Q&A for investors and analysts. If you have any questions, please press the Q&A button on your screen and write your name. Questions will be taken in the order they are received. Let's start with our first question from Juan Luca from XP Investimentos. Juan, we will turn your microphone on. Please go ahead. Hello, everyone. Thank you for taking my question. I have two questions, basically. First of all, I wanted to know about expenses for properties. We've seen a reduction in that in the first quarter, so I wanted to understand what has been the most relevant topic in that regard. If you could tell us more about what you're expecting from now on in the future, what can we expect of those margins, which is different from what we've seen historically? Also about failure to pay, we've seen that that is lower nowadays. Have you noticed that effect as well in terms of growth and not just net failure to pay, or is it still an effect on recovery of rentals? Thank you, Juan. Thank you for that question. This is Eduardo Perez. That's a great question. We have been very focused on improving the results of our company, our operational results in every way that is possible, especially when it comes to recovering any lost credit, and that includes as well what you have mentioned. Costs, basically. Whenever we have an issue with a tenant and the tenant is no longer paying, you also have to recover those charges that are not paid. This is something that we're constantly looking at. We are trying to recover that credit. Many times, it is difficult. We know how complex it is here in Brazil, especially. It is very difficult. It takes a while, but you know it's something that we have been looking at, and hopefully, we're going to have better, even better results in the future. Hello, Juan. Just to complement, to add to what Eduardo was saying, this is something that we're doing on a daily basis. It's part of our activity, trying to recover all those costs, all those charges. Now, as for gross non-payment, it's true that it has fallen so many points versus last year, and it's impossible to have that without an active, a proactive action, basically. As for expenses at the shopping malls, we've been more efficient for many reasons. First of all, an improvement in the occupancy rate. Also, we've just mentioned very low non-payment rates, and we've also been recovering all those charges, as Eduardo has mentioned. The margin, yes, we have seen a record in that direction, but if you look at the fourth quarter of 2024, that was also an important margin. It was also a record. That means that we have been very proactively trying to have more efficiency in our operation. As Eduardo was saying, it's something we do on a daily basis. We really want to deliver excellent results. The only thing that I just wanted to mention is that we had non-recurring expenses last year in the fourth quarter, even though we had good results, but we're not having those expenses now. Very good. Thank you, Armando, and thank you, Eduardo. Thanks for taking my question. Let's continue with our second question from Fanny Oreng from Santander. Fanny, you have the floor. Hello. Good morning, Eduardo, Armando, everyone. I have a couple of questions. First of all, about services. We've seen a great revenue in services in this first quarter, and I wanted to understand the main reasons for that. I know you've been collecting the administration revenues as well, but I wanted to know if there's anything else to that. That's my first question. The second one is the following. What do you think we can expect for the next few quarters? We've seen a growth against the fourth quarter. What is the expectation for the next few quarters? Hello, Fanny. Good morning. Thank you for the question. When it comes to services, yes, there are many factors here. It grows because we've seen a great NOI growth that affects, of course, our results. Also, there was a growth ever since last year, a growth in services. We have many reasons, you know, to grow the services revenue. As for provisioning, I think it's part of the way we account for these financial expenses, and it's usually on the total value of the project. It's cumulative. That's why we've seen a more important, more significant change in terms of CapEx. Is that your question, Fanny? Yes, yes, Armando. Also about services and about what we can expect for the future. Do you think this recovery has been relevant? Fanny, I would say so, yes. I think it's important because it contributes with the results. I think there wasn't just one event with good results. There are many factors, and it's continuous effort, really, that leads to that higher productivity. As for the provisioning for interests, we also had constructions, and we also had some other projects that concluded last year. From now on, in value, in terms of CapEx values, it's going to be lower. If you see the expectation for investment in these expansions, they are lower than what was invested last year. Our expectation is that it's going to be reduced over the next few quarters. Excellent. Thank you, Armando. Thanks for taking my question. We'll now continue with Elvis Credendio from BTG. Mr. Credendio, you have the floor. Good morning. I have a couple of questions. First of all, about sales. I wanted to understand what the performance was. Do you think Easter has had any impact in sales this last quarter? Do you think it's going to continue like that in April? Also, the second question has to do with the real growth in rent. I mean, thinking about sales going up, I would like to understand if that will continue, if you think it's plausible to still have that growth in rentals. You mentioned 3%, if I'm not wrong, and GDPI is not going in that same direction. Therefore, my question. Thank you for that question, Elvis. We started with very strong sales in January and in February as well, not so much in March. I believe, I'm pretty certain that part of what we had here in the Southeastern region had a very important impact of tourism, especially coming from Argentina. It's a group of tourists that wouldn't travel to Brazil. They hadn't traveled to Brazil in ages. With a currency exchange favorable to them, they came to Brazil, especially to the south of Brazil. We noticed that in other regions of the country as well. I went to Maceió, and we noticed the same. We noticed that Argentinian tourists were also there. That was a strong presence at the malls. That brought us a relevant improvement. Now, for this month, we've seen a growth of 16.3% in total sales. That means it's also very strong. We're very optimistic. I think the year has started in a very strong trend, and I don't see why we won't have also GDPI going on the contracts. Why not? I think that's very clear. The sales gap is very high. I don't see any difficulties. The numbers of GDPI are not absolute numbers, so I think that's fine. If I may, about the real growth of rental, if you see from June 2017 until now, if you see capital, we've seen a similar growth as well this quarter. It was 3.4 this quarter. Basically, we're trying to have improvements and investments, and we're very optimistic for the future. When it comes to tourism, we have a stronger tourism. For instance, in Barra Shopping in Rio de Janeiro, it grew 23% in February, which is very surprising for a mall such as Barra Shopping of that size. Same thing for the New York Shopping Mall, the ones where we expanded, same thing. They had that impact as well, very positive impact in sales. Excellent, Eduardo, Armando, thank you. We'll now have a question from Pedro Lobato from Bradesco BBI. Mr. Lobato, you have the floor. Hello, good morning. Eduardo, Armando, Hans, thanks for taking my question. First question is about CapEx, which is lower as well this quarter. I wanted to understand why we've seen that evolution, thinking about the future as well. If you can tell us more about expansions, revitalizations, IT, what do you think is going to happen in 2025? Also about Golden Lake. The first phase has 50% sold, right? Now you're reaching the time for delivery of the rest. What do you think the sales are going to be given the fact that the timeline, the moment for delivering all that is almost up? Do you think you're comfortable with the rhythm, the sales? Hello, Pedro. It's a great question. On CapEx, I think I made it clear that it is the most important investment of the company in revitalization is in the past. Now we're going to have to invest less. I don't have exact numbers, but it's going to be less than last year. I don't want to give you exact numbers again because I don't know the exact numbers, but it's probably less than a third of what we had last year. We're still investing. We have just finished the expansion of Park Shopping. You still won't see that, but it's going to be growing from now on. You will probably notice an improvement, an increase actually in CapEx for expansions or for maintenance of CapEx in expansions and a decrease in revitalizations because indeed we have done what we had to do. It is not something where we are going to continue to spend a lot of money because we want something completely different. No, actually we have to be effective, and we want to have our shopping malls with a certain standard, and we are very close to that standard that we want to achieve. As for Golden Lake, you were asking about sales, right? I think it is important that we have seen a moment of difficulty with so much rain last year. It basically destroyed Porto Alegre and many other cities in the region. We had some issues with local suppliers as well, but we have been able to overcome that. The thing is we will deliver what was our commitment. Of course, we could use the fact that we had public calamity in the city. We could use that as an excuse. The thing is we had a reduction in costs, but we had to make sure that we would deliver what we had committed to deliver with the quality that we deliver at Multiplan. I think for sales from now on, we're going to have much better performance. It was very strong, by the way, at Lake this first quarter, but it's still not in the DE because we haven't started the construction. I am very positive about it, very optimistic. I think this is really a neighborhood that we're creating in the city. I think we've been trying to approve that project for over 10 years, and now we're finally developing that, and we have Golden Lake in Porto Alegre. Again, I am very optimistic for future sales like Victoria and Area as well. It's going to be ready now in June. We will deliver all that, and we will also have more expansion after that. We will have people being able to use those facilities, and it's going to also leverage our sales. Excellent, thank you. We now have a question from Jorel Guilloty from Goldman Sachs. Mr. Guilloty, we're going to turn it over to you. You may go ahead. Hello, good morning. I have a couple of questions here. First of all, I wanted to ask you about the following. You had a historical turnover, 9% of the GLA, so of the gross leasable area. Theoretically, people should be paying for that real step-up in 2025, I would say. What I wanted to know is the following. We're starting to see that trend now, or is that going to happen in 2026? When is the step-up going to happen? Also, about Morumbi Corporate. We've seen a decrease in occupancy. I think rental went down 15%. I wanted to understand what happened there. Besides, I would like to understand how you see that within Multiplan. Is your revenue coming from malls? Have you monetized another tower in Morumbi? I mean, do you see Morumbi Corporate as part of Multiplan in the long run? That's my question. Thank you. Hello, Jorel. Thank you for the question. I am going to answer about Morumbi. We are not immune to a global issue that we're all dealing with in terms of offices, office spaces. People can now work from any places. So offices, you know, office spaces have lost part of their value around the world. That place where Morumbi Corporate is, that area of the city has a huge offer right now. I would say that for the amount of offer that we have in that region, that part of the city, we've had quite a good performance still. I believe that for Multiplan, it is strategic to maintain Morumbi Corporate because we also have Morumbi Shopping across from that street, across the street. You know, we can use, I don't know, the parking lot and one to compensate for the other. I mean, the coexistence of both projects is very good for both. We sold, as you've mentioned, we sold during the pandemic. We sold part of it. There was no other way. We had to sell. The company was going through its most critical moment. I don't see that happening in the future. About the turnover, Jorel, that's a great question. When we see that decrease in turnover, and we see that in an isolated way, we can interpret the numbers in different ways. When you start to see the occupancy rate side by side with a lower turnover and very low non-payment rates, you see great stability in retail. It has started to have good performance over the last few years. Inflation is under control as well, close to zero in many cases. It is very positive. You can see many different types of contracts. About that question about real growth, we have delivered 3.5% ever since we were listed until now. I think that really shows what our commitment is and what we expect from now on. We want to continue to grow and to have the best mall possible for our customers, and we want to monetize that in rental as well. Thank you. We now have a question from Mario Simplicio from Morgan Stanley. Mr. Simplicio, you have the floor. Hello, good morning, Eduardo, Armando. Thanks for taking my question and congrats on the results. You've talked about April a little bit, but I wanted to see how you're feeling in terms of the interest rates going up in Brazil lately, especially for tenants and customers. Also, if you could tell us how the blends have changed, do you see more or higher interest rates in the future? Hello, Mario. We're talking about high interest rates, like 14.25 is indeed high enough, but I've seen much higher rates. I am 54. I started working in the 1990s, and I've seen much, much higher interest rates in my life, as you can imagine. My feeling nowadays for sales, for rental, for leasable area is very good. We've just seen a very good, very strong Easter time with relevant growth. There are people trying to find spaces for international and national brands. So many tenants. I think with the tariffs now in the U.S., a lot of people will stop trying to grow in the U.S. and will try to grow in other parts of the world. We may benefit from this situation. Right? This is a very good feeling, I would say. I'm very optimistic. About the indebtedness of the company and the cost of that, of course, with the movement that we had last year, 15%. By the way, I do not regret that. We had. The growth was lower because of the financial cost. The attitude is, of course, being more selective about what we're going to invest. We are, of course. I'm not. I'm very happy about what we've done so far and will continue to grow and to follow these trends for sure. Excellent. Thank you. We now have a question from Tainan Costa from UBS. Mr. Costa, you have the floor. Given all the scenario in Rio Grande do Sul and the floods, I wanted to know what is going to happen for the next few quarters. Are we expecting something similar? Is it going to also impact the consolidated margins of the project as a whole? Is there going to be a change in the final numbers? Thank you for the question. In Lake Victoria, we do not think there is going to be any further consequence in terms of expenses and costs. Also with the end of this project and this first semester, as for Lake Eyre, I think Eduardo has talked about the sales that we have. We are going to start very soon, and we are going to also recognize the results for Lake Eyre. Now, in June, to be more precise, we will continue with some of the foundations, and from then on, we will also see everything that has been sold. The quarter was not as great as we wanted for Lake Victoria. I think there was an impact due to that delay, the quality of what we were receiving in the construction, but we've been able to fix that. From now on, I think the future is very positive. I don't see any costs rising. I do believe that we're going to have good results from Lake Eyre, and that had a sales performance that has been higher over the last few quarters, higher than Lake Victoria. Yes, we have to keep in mind that it's because of, it's due to the floods. It's due to what we had last year, of course. We wanted to make sure that we would have the construction being delivered within the timeline. I don't see any changes in margins right now. Excellent. That was clear. Thank you. We now have our next question from Diego Almeida from Citi. Mr. Almeida, you have the floor. Hello everyone. Good morning. Thank you for the opportunity to ask my questions. I have a couple of questions. First one is a follow-up of that first question about property costs. It was much lower, as you mentioned before, but I just wanted to understand if you can give us more details about changes in provisioning or supply. I think that would be good for us to have an idea. Also about expenses with earnings, with shares, actually. I wanted to understand what might happen from now on, what your projection is. Of course. Diego, to answer the questions, we did not have any changes in the matrix for provisioning this year. Of course, because of what we have seen historically, that had an impact on the matrix. About the shares, we put that on the report. We had the approval of a new program in April. That is still going to impact this line, but we did not have any further expenses due to that in this quarter. It was approved in the second quarter, so we had good stability. Okay, thank you. Now we have a question from Marcelo Motta from JP Morgan. Mr. Malta, you have the floor. Hello, good morning. If you could tell us what the M&A scenario is now in the sector, we have seen this expectation of sale of an asset very close to you with relevant numbers in the market. It is not excellent. We know that you had also a sale last year. What do you see in terms of opportunities, even though the macro scenario is changing right now? I wanted to know if you are looking at any possible assets or any M&As in mind. Hello, Marcelo. What asset are you referring to? I am not sure. I think it's Iguatemi that signed they're going to sell their stakes at Marketplace. I think that was the asset I was referring to. Look, we see the figures here, the opportunities, and it's very far from what we had last year. It's very important to remember here that the company had an important movement, I would say, an important move, actually. We purchased 15% of the company, and we're very happy with what we've done. I think everyone here is very happy about it. It was difficult. It was a tough negotiation. It was in parallel with everything else that Multiplan does, all the developments that we had last year. I've seen conversations about participations and malls that are in places that are much worse than ours, and we're talking about very low caps. You know, I don't see myself buying at those prices. As for selling, we do not need that. We are very balanced. I think it could happen if we have an offer, anything that is not relevant for us, it could happen, but future will tell. You know, time will tell. I just wanted to remind you that we are coming from an acquisition of 15%, as I mentioned, of all of the assets of the company, the cap of 12. For us, it is a lot. Excellent. Thank you. Thank you very much. This concludes our earnings conference call Q&A. We would like to invite anyone that still has questions to contact the Investor Relations Department. I will turn it over to Mr. Eduardo Peres for final considerations. Mr. Eduardo Peres, you have the floor. Thank you very much. I would like to thank everyone joining us today. I am still very optimistic despite all the turbulence that we've seen with tariffs around the world. I do not believe that's going to affect Brazil. I believe we're going to continue to prosper, as has been the case in the last two years, and I see very solid growth for the company from now on. Once again, I would like to thank everyone for joining us, all the investors, consultants, the press. Thank you to each and every one of you, and see you next time. Thank you very much. This concludes Multiplan's first quarter 2025 earnings conference call.