Good morning, ladies and gentlemen. Welcome to the earnings call regarding the first quarter of 2026 of Multiplan. We have here today the executive directors of the company. We'd like to inform you that the presentation of the results is available for download at the IR website. Multiplan, you can find it on the Multiplan site. Before starting, we would like to say that any forward-looking statements that are done during the earnings call regarding the business perspectives of the company, projections and operational goals are based on beliefs of Multiplan, as well as information that is made available now to the company. Forward-looking statements are not a guarantee of performance. They involve risks, uncertainties based on premises. These are regarding the forward-looking statements. That's why they depend on circumstances that may or may not take place. Investors should understand that macroeconomic conditions, industry conditions, and other operational factors might affect the results of the company and lead to results that are materially different from those of the forward-looking statements. Let's give the floor to Mr. Eduardo Peres, the CEO. He's gonna start the presentation. Please continue. Good morning, everyone. It's a pleasure to be with you and discuss the results of the first quarter of 2026 of Multiplan. I'm gonna start by reinforcing the consistency of our strategy throughout the years. This disciplined execution is translated into cash generation and value creation for our shareholders. We are doing an investment cycle focusing improvement of our malls through expansions, revamps, and changing of the mix. Always focusing on the demands of the consumers. We also intensify the promotion of events and experiences that connect the people and bring new things. The results of this first quarter show clearly the effect of this strategy. Record of sales, EBITDA, the highest records of FFO, and all of that was achieved through a long period of high interest rates, and it shows the resilience of our business model. We just launched the expansion with a lot of success in growing 23% over last month in said mall. Our focus is on three new launches still this year. Expansion of Barra Shopping, Braga. Expansion of Park Shopping Barra da Tijuca. They increase the potential for the generation of revenue and value creation. The results of the first quarter are bearing the fruits of our digital ecosystem. Multi is an important tool for the decision-making process of the company. With over 10 million downloads, we are guided by the big amount of data that allow us to know our clients very well. With that, we offer relevant services, personalized services, and help our tenants to improve the results. This investment cycle doesn't finish in 2026. A robust new projects of expansions and entrepreneurial real estate projects, BarraShopping, Park Shopping Tocantino and Jundiaí, and the third phase of Botafogo and Lake Baikal, and residential projects beside Village Mall and BarraShoppingSul. To accelerate the growth of other enterprises, we launched contracts for the residential and commercial projects in three malls: Park Shopping Barra Clara, Park Shopping Rio Grande and Park Shopping Pernambucois. We are motivated in improving and have a commitment in improving the client and making the company... Well, we would like to thank you for your investment in the company and your trust in the company that is fundamental for our journey. Thank you very much. Thank you. Let's start the Q&A session for investors and analysts. Should you have any questions, please click in the icon Q&A on the screen and write down your name. The questions will be answered in the order that they are received. First question, Ygor Altero, XP. You can open your microphone. Hello. Thank you for the presentation. Two points, bit of the NOI. Well, we fell on the 89%. I understand where pressure is more was the delinquency now recurrent. What can we expect in this NOI and the dynamic of you could control very well this movement in terms of occupation, what can we expect throughout the year? There is a trend, there is more positive in the occupancy throughout the year. Thank you. Hi, Ygor. Thank you for the question. The NOI margin is normal. We've had a few delinquency that was not expected, and we have three actions that were not paid, and you had an increase of the cost, but this is from the day to day. If you imagine the amount of GLA that we produce in the next 24 months, and we're still gonna produce this year, this happens with those of us that work with it. I think that this is a pinpoint situation. We are focusing in keeping the level of allocation and vacancy as low as possible, still with a higher number of stores. We are growing 50,000 meters over the last three years. It's a progressive challenge. I think that just in this phase, the first quarter of last year to this one, 80 stores and 18,000 sq m. If you look at this graph of the five years, you clearly see this evolution, and it's just what we commented. It's important to measure what we are doing. We are always trying to deliver the best experience. To not do anything is not an option. If you don't do anything, you're not going to innovate, you're not going to improve the condition of the store. In that sense, you end up running more risks. I'm very satisfied, as I told you, with the result of the company. Thank you, Eduardo and Armando. Our next question is Pedro Lobato. Bradesco BBI. You may open your microphone. Good morning. Thank you. two questions. Eduardo commented on the CapEx, I wanted to understand what do you understand since this is a threshold that is imagined, it was gonna fall, I want to understand if it makes sense. Second, related to that, I wanted to understand how is your mindset. You comment that the focus on the year is deleverage. We're having a good deleveraging. I wanted to understand what is the target of net debt over EBITDA, and how do you relate to that, and how can generate the interest of our capital payment? Can you repeat the first question? You talked about CapEx and the second part, we didn't get it. Can you hear me well? Yes. The first question was to understand the threshold of CapEx for the year. We imagine the drop of this 116 can be a number that we are gonna have over the next quarters. The second one is to relate how do you work this CapEx with the threshold of the leveraging for the year. Is there any target? Should the focus be any target for net debt ovr EBITDA for the size of the, of the debt so you can feel more comfortable to distribute the interest of our capital and dividends? Well, thank you, Pedro. Both. Let me start by the last. We don't have a target for this deleveraging. Of course, we wanna be as light as possible. Either to seize an opportunity or do what we just discussed, our interest over capital. Then, obviously, the environment of interest rates are gonna fall. It's gonna help the economy in a good perspective. We are always looking at the opportunities in-house or outside. It's a constant, we don't wanna stop growing. As I told you, the best way of you perfecting is growing, is not just managing what you have. CapEx, we are investing a lot. We've just delivered a new mall. It's a project that is BRL 700 million in expansion. We have another three expansions for this year. The Golden Lake, we are still using a lot of resources, as you see. Eduardo Peres, you were commenting. This is concrete. The CapEx related to the revamp had a drop, enormous drop in regards to last year. 14% of the NOI below than the record margins. You have a CapEx that is being used as Eduardo commented, and our plan of delivering these expansions and looking to the future, new opportunities. Thank you. Next question, Tainá Costa. I wanted to approach two points based on delinquency. Well, first of all, delinquency. I think that Eduardo already discussed this. There were a few contestations in the first quarter. If you can give us more opening, was there anything regarding the client or something more generalized? If it's somehow, could you open the size of the delinquency and what was the impact of that value that was discussed and how much it would be that non-recurring. On the sales, can you give us some color on the dynamic of April? Do you have any indices that you can share? Is it accelerating vis-a-vis the first quarter? Any sector services that has outperformed? A bit of color in the April sales. That would be great. I know, Armando. Thank you for the question. Let me start by delinquency. We already commented. There is a great part of this delinquency, we're now gonna give more details, that is related to a few discussions that are legal frameworks. I see that it's a specific pinpoint. We see health very well. Thank you very much. When you compare to the previous year, and you have to look at the picture and comparing to the before, now this one is not so pretty. Well, last year, we could have a lot of recoveries of expenses and delinquency that was really good for the first quarter. Less expenses in the shopping mall last year. Of course, the base of comparison seems worse. Well, in regards to sales, we don't see anything a lot different from what we've seen this year. To close this month, we've seen Eduardo Peres commented the number, Morumbi Shopping very well. The sales are growing 24% in this month of April. This is a good trend. We are very confident in the change of mix, revamping, expansion. There is a slide that we show in this call on page five, where we compare the portfolio over the last five years. Can I give you the example? We compare the shopping malls that were expanded. The portfolio grew 50%. The New York City Center doubled the sales. What was the area in New York City Center? It was the first shopping mall reworked, that we had a change of mix and the revamping that was stronger. At the beginning of the cycle that Eduardo commented in the beginning. Well, there are freaking days that we just had the closing of the quarter. Imagine this looking into the future. You have that expansion that was so transformational, how it will impact so positively. Complementing, we've done and we are still doing. There is one whole year for development. There is an expansion in Brasília that will be very impactful for Brasília as Morumbi was for São Paulo. Morumbi, the impact that we had in São Paulo helps us a lot in Brazil, that helps the company advance. I really like to look at the experience of the people that go to the mall, and they consume or not. Everybody is welcome. That experience improved over the last years with everything that we've done. I'm always optimistic because I believe in the capacity of the company to generate this positive expectation for those that go to the mall. This is what we've done over the last 50 years, and this is what we're doing well. In the public meeting, you can see Eduardo went over the connection as someone that goes over the mall. We are always with this communication and alignment. This explains the strategy and the healthcare. Thank you very much, Tainá. Thank you. Very clear. Have a nice vacation. Next question, Jonathan Koutras, JP Morgan. You may ask your question. Good morning. Congratulations on the quarter. I have a few questions. This investment in the last quarter, 10% of Belo Horizonte, 10% of our shopping São Caetano. Is there any appetite for selling of the partnerships or the focus goes back to the organic growth at the opening and the Golden Lake? The second question, from now on, in real terms in the quarter. We're gonna keep this three-point level. Is it real and a sequential improvement, do you attribute it to the revamping and expansion? Was it something more specific on the contracts? Thank you. Jonathan, this investment. It was very clear our strategy of communicating this frequently on the generation of value for the investor, the shareholder. This is our focus. Generating the best opportunities, selling or buying. What we start to have is an activity that is higher in the value creation. We repurchased the sale, the shares with a lower cap, generating value for the shareholder, trying to have a more quicker, the deleveraging, seizing opportunities. We're very consistent to what we announced last year. Within the strategy, the terrains that we are developing, we are going to try and find partners that can create this in the shopping mall quicker and creating opportunities for future expansions. We've done several improvements in Ribeirão Preto. Eduardo announced three new, and it's going to be a positive impact. This is very important because it's a different dynamic for the company. Since I took over, we had an expectation of developing everything. I did. Well, we are only going to develop what we have in-house. What we don't have, we're going to unlock value. As it was done in Ribeirão Preto, Campo Grande, and Maceió, and here, Jacarepaguá now. The idea is not to become a bank of terrains. We are going to continue to do business and generate more traffic of recurrence for the shopping mall. Let me give an example. We are discussing 1,500 people going over the shopping mall that we've just done a business with. Just on the project, it's 300 rooms. You're bringing traffic to the shopping mall, and you're unlocking value for the terrain. What we develop in the sales of Golden Lake and a project on the side of the village mall. We have to have hands to do it. We have to have a margin to build. What we cannot do, well, let someone else do it. I don't wanna do everything. In regards to the things for rent, it's very clear, your question. I'm gonna break it down. You asked about the quarter, 3%. When you look at this long series since listing, 13.5, more than 3%. We've had the records that were consistent of real growth regardless of the index of inflation that is before. It became positive, and I'm talking about 12 months. It's pushing the revenue of rent. I hope I answered your question. Thank you. Next question from Santander. You can ask your question. Matheus, the floor is yours. Good morning, everyone. Thank you for the opportunity. I wanted to talk about the cost of construction. First of all, it would be on the Golden Lake. You are recovering the margin of the project. Do you feel any impact of this increase of the INCC and how that would impact its trajectory of improving the margin and would it impact the plans for the next phases of the project. The second one, for the cost of construction, thinking about the expansion, the projects, understanding if this increase would impact relevant, in a relevant way, and would that make or not make sense, maybe delaying more. I wanted to understand your mindset given the expansions and the increase of cost of the INCC. Okay, Matheus. Starting by Golden Lake. Good news. We will launch Baikal, which is 29 floors and a very high level, threshold. The other limit was 18 floors, and we're gonna have more efficiency. The increase in the INCC is marginal for us. Even though we're building, the margin is ours. I didn't feel a significant. There is nothing for the next phases of the Golden Lake or for the expansions. We are finishing to build some expansions, most of them in Brasília. I don't believe that there's gonna be a big impact in tier. It's not gonna change the mindset, which is São Caetano, Jundiaí, Braga Shopping. These are big expansions. They're not mature. We're still in a phase of projects, developing. Building is not gonna be very big. Eduardo Peres, the beauty of our business is that we are not mandated to do anything. I mean, we are not here riding a bike. We cannot stop. On the contrary, we take stops. We can do expansions if the return is good. If the cost of construction doesn't have a good return, we don't have to do it. A great example that you're doing, we went through this when we produced the expansion of Uncertain. It didn't have viability. Now it's viable 12 years later. The cost of expansion is the least of our problems. Really, I don't see it impacting neither the expansion nor the last point. We have a natural hedge when we talk about expansion. Thank you, Armando, Eduardo. Next question, André Mazini, Citibank. You may open your microphone. The floor is yours. Good morning, Eduardo, Armando, and the team. My question is about the portfolio that is more satellite, 58% of satellite, even though your cost of occupancy is dropping. I wanted to understand your confirm that I understand that the strategies they pay, they support a cost of occupancy than the big stores, they pay more per sq m, so you can make it satellite and still reduce the cost of occupancy. Does that mean that it's opening more space for the increase of rent? This is the first one. The second one about the recurring of the expenses. Well, one-off below, we imagine that. That threshold, 50 below, would be the recurrence that we can imagine up ahead or maybe below that, given your discussion of provisions. Thank you. Talking about the cost of occupancy, we always try to get the best efficiency of the company. Having the best indices, of course, is better. We specifically, a few actions that have impacted this quarter, but I don't think that this is going to repeat. I don't believe, and neither I'm going to let the team accommodate in that sense. We are going to try and find better margins. Do we always manage to do it? No, not ever. There are factors that we cannot control, as we had in this quarter, that led to this. Well, I think that you called our attention, Mazini, to a very important point, which is true. Historically, we get 10 years. That satellization of the portfolio even stronger, allowing you to get space in smaller stores, bigger stores, and having more satellite. The cost of occupancy in the quarter is much more of a result with the low inflation that we think that is great. We don't pass on the inflation. No. It's good to see this gives a more long-term overview, as we said, and selling that do well. We are working strongly in the events and the management of the shopping mall and the improvement of the mix, Multi, to create an environment of sales, making the shopping mall more attractive, creating a virtuous cycle. Well, you can only have an increase if the sales increase. You can have the best contract in the world, but if the shopping mall doesn't give you form, you cannot grow rent, you don't improve the frequency of the shopping mall. Everything that we've done over the last years, and this is not little, we expanded. We're talking about four expansions. It's to deliver an experience that is much better for those that come here. This is our biggest legacy, to make the entirety of the company think that we need to have this mantra to be close to those that consume the brand. All the company goes well when you think about that. When you start getting distracted, and it's not easy to get distracted, there are so many things to think, you lose focus of what is the heart of the company. My consumer is satisfied. Okay, let's fight with the other lines of efficiency. This is the best guidance. You said a word that is very relevant, which is efficiency. One of the reasons that lead us not only from a quarter, but in a longer period to an experience of lower occupancy, lower expenses with investments in efficiency, technology, and Multi is a clear example of that. You've seen, you can pay for the app, the cost, parking, manual, all the reduction that we've had. We are always thinking, as Eduardo said, to be more productive, to be more efficient. Indirectly, Well, Multi was created to be a toolbox to extract data and then this is a subproduct. The intention, as everything that we do, is to improve the experience of those that work with it. Since I've been to the shopping malls all my life, and I live close to BarraShopping and Village Mall. You wanna access the shopping mall, if you don't have electric energy, we're gonna have issues. Let's develop some independent system, and this is the way that we've done it. We were pioneers in that technology. It works very well, and it brought us things that we never imagined. Where are they going and the amount of tenants that are accessing the data. It's all the ecosystem. It's a virtuous cycle that gets feedback. The tenant seeing that there is value, all of that conspiring with the correct direction. We always want to improve the experience of those that go there. The pain of the consumer getting to the shopping mall. Okay? Thank you. Our next question is Elvis Credendio from Itaú BBA. We will open your audio. Good morning, Eduardo. First of all, about the same-store sales. Could you comment on the performance of the quarter? We've seen the big stores. If you can comment on how you're feeling the rhythm of sales at the beginning of the second quarter. The second topic would be the taxes. Correct me if I'm wrong, but I believe that there is a one-off effect once you pay the taxes at the conclusion of the other shopping. There is another quarter that is very efficient. I wanted to understand from your side, do you face this as recurrent? Elvis, could you repeat the end? Well, you're talking about the recurrent. Yes. If you can exclude this as a sale BH, and is it something recurrent or not? Well, let me start by the second part. We had the sales of Belo Horizonte that you mentioned. It contributes to have a smaller adequate. Even excluding that, I think that one of the factors is the best distribution that we have with the best structure of the company and the real income, and we increased, and we have the nominal. We distributed BRL 150 million of interest over capital, that helped with the efficiency. Historically, we had a good performance and with the efficiency. In regards to with the same-store sales. Well, the performance you cannot attribute or have difficulty attributing one segment that didn't do well because many times there is a change of mix. They did very well because there is a new store and another one that closed. Even the article. Well, traditionally, you sell more, more electronic products during the World Cup, it's dynamic. If you pay attention, it's difficult to translate what is going on, but we can explain. There are segments that are not being sold as they sold traditionally. Electronics. Just in Brazil, it was sold in the way that we had with the big stores that changed. It's not this way. It's important, Elvis, that the company is always adapting, bringing other activities. Our mix of what is being sold and what we provide as services to the shopping mall is always in movement. It's always modifying. With the public, meeting that we had, what did we think? The important thing is to be ready for the change, to receive what didn't sell, and now there's something else that is selling better. Thank you. The next question is Jorel Guilloty. Goldman Sachs. You may open your microphone. Good morning, everyone. two questions. First, about the inflation, the impact of the acceleration of the inflation over the condominium cost. I wanted you to understand the impact and how can you mitigate the impact. Do you think if that part is growing within the occupancy cost because as you said, the occupancy cost is at a lower threshold than the records. Second, the turnover of logistics, and you mentioned that, you know, clothing was the leader of turnover in this quarter. I wanted to understand about the type of tenant that got in. This is national companies, mom and pop. Just to understand what type of tenants got in and was the leader here. Thank you. You were talking about the increase of the condominium cost because of inflation. If you pay attention to the condominium cost for our properties, you will realize that it's not automatic. It didn't increase. We have some because there is a contract with the provider. We try to do the best management of everything that is within the shopping mall to try and increase as little as possible. We see that the tenant has a total cost. The management, and I remember here for many years, Morumbi Shopping was static, that we just launched the expansion. For many years, even with the variation of inflation being very generous, it changed the rent. We always try to do the best management possible. That doesn't have any impact or even decrease. What we are delivering, if you look at the listing, and sometimes we do exercises. Well, the cost of occupancy. It decreases also over time. If you look at the base 100, it decreases because of what you mentioned, the efficiency. It's more difficult because we always want to deliver a better shopping malls experience. It's not just stopping with the security or stop the information. No. Well, if somebody, you know, doesn't feel well in a shopping mall, they're gonna receive good care. I try also to be as efficient as possible in the other lines. It's about the turnover of clothing. Here, in terms of GLA, the net that got in and got out was in the clothing. Jorel, this changes. Every quarter I get a new. Well, it's very pinpoint. Sometimes you go with a larger score, it changes the game. Let's look at these numbers in 12 months. Jorel, a big point that we can talk about in terms of makes, is that you have international brands with a lot of appetite. It's a country that has 200 million inhabitants that talk about the same language or use the same currency. It's a market that is important for all the brands. With or with taxation or contracts. Today you have good international players here, and they're all looking at Brazil with a lot of appetite. This is very positive for everyone. Looking ahead, we expect to continue to see these movements and these improvements intensify. Thank you. We're gonna close the Q&A session. Now I'd like to give the floor to Mr. Eduardo Peres to close the session. Thank you very much to everyone that is following us in this call. As I told you at the meeting yesterday, this is a listed company, we thank you for your participation, analysts, partners, because you always contribute for the company to be better. The challenge of a company is to understand all of these questions and translate it to improvements in the business. We are very engaged to do this approximation between what the consumer desires and what we deliver. This is the main vision of the company and the mantra of Multiplan. Thank you for this call and everyone, we'll see you in three months. The conference call of the first quarter of 2026 of Multiplan is closed. Have a nice afternoon.