Good morning, ladies and gentlemen, and welcome to Plano&Plano's Second Quarter of 2025 Earnings Call. This conference is being recorded, and the replay can be accessed on the company's investor relations website, where you can also find the slide deck for download. During the company's presentation, all participants will be in a listen-only mode. After the presentation, we will hold a question and answer session when further instructions will be provided. We would like to inform you that any statements that may be made during the call related to Plano&Plano's business perspectives, operating and financial targets are based on beliefs and assumptions made by the company's management and on information currently available to Plano&Plano. Forward-looking statements do not guarantee performance as they involve risks, uncertainties and assumptions as they refer to future events and therefore depend on circumstances that may or may not occur. Investors and analysts should understand that political, macroeconomic, and other operating factors may affect the future of the company and lead to results that differ materially from those expressed in such forward-looking statements. Today with us, we have Mr. Rodrigo Luna, João Hopp and Anselmo Soares, respectively, the VP, the Executive VP and CFO of Plano&Plano. Now, I'd like to turn it over to Mr. Rodrigo Luna to begin the presentation. Please, Mr. Luna, go ahead. Good afternoon, and welcome to the Second Quarter of 2025 Earnings Results of Plano&Plano. We are happy to present to you our Second Quarter 2025 Earnings Results, the fruit of a sustainable, solid growth path that was paved by strategic decisions, operating excellence, and commitment to our values. During this period, we celebrated the launch of Nid Alphaville, marking our return to the Barueri region, where we had some of the most successful projects in our history. This mid-market development is a unique opportunity that sits on a highly strategic site. The product was meticulously designed and priced to stand out as a differentiated offering in the local market. Following the strong sales performance of the first tower in the first month of launch, we are moving forward with the release of the second tower still in August. In the last 12 months, in the period ended June 2025, we achieved a record-breaking PSV on a 100% basis of BRL 4.9 billion. We currently have 62 active construction sites with over 35,000 units under development. This accelerated pipeline of launches and production is a robust indicator of future profitability, as both revenue recognition and cash inflows depend on the combined factors of construction progress and percentage of sold floor area. Our commitment with financial and operational discipline remains solid. Our 12-month accumulated construction cost index remains below the construction inflation index benchmark, the INCC. All of our projects are on schedule, and we strive to maintain a capital-light asset structure enabling high returns on equity, 44% as of the end of June. Our selling expenses allows us to continue to reap the benefits of operational improvements and deeper insight into our customer profile. Historical trend analysis shows a clear pattern of optimizing the ratio of selling expenses to revenue. As for administrative expenses, we have reinforced investments in continuously developing our team's capabilities, including by hiring new professionals. The development and acquisition of technological resources and projects, along with personnel skill building, we are embedding in our growth strategy, all of these strategies, all of these projects, and they are all essential to ensuring the feasibility and success of our accelerated launch pace, mitigating risks and enhancing the company's resilience. It is important to remember that while the financial revenues from these launches will be recognized progressively over the time under the percentage of completion method, administrative expenses are booked immediately each quarter. We are proud to announce that we were recognized by the 2025 Top Imobiliário Awards, one of the most prestigious awards in the sector, as one of the leading companies in São Paulo, Brazil's top real estate market. We secured top positions in three main categories. First place as the largest developer in the São Paulo Metropolitan region. Second place as developer. Third place as sales operation. This recognition reflects our unwavering commitment to excellence in project execution, innovation and real estate development, and efficiency in sales operations. We also celebrated the first anniversary of the Plano&Plano Institute, reinforcing our commitment to social transformation. On the sustainability front, we received the Gold Seal from the GHG Protocol for our greenhouse gas emissions inventory. This is the highest distinction in the program, and it validates the robustness of our processes and our alignment with the best international practices in climate responsibility. We closed this cycle with another achievement. The ISO 9001 certification and PBQP-H level A, both obtained with zero non-conformities. ISO 9001 confirms our solid structure processes focused on quality and continuous improvement. The PBQP-H level A, which is the highest certification in Brazil's construction sector, recognizes that we build with responsibility, safety, and excellence. These milestones strengthen our brand in the marketplace, open new opportunities, and reaffirm that every delivery reflects quality in every single detail. We are confident and optimistic as we look ahead to 2025 and 2026 because of our strong market positioning in Brazil's prime real estate market and our robust pipeline of approved and pending approval projects. Now, I'd like to turn it over to João Hopp, who will present the operating and financial highlights of the quarter. Thank you. Thank you, Luna, and good afternoon, everybody. Again, thank you very much for joining us. In the second quarter of 2025, the company launched three products totaling an overall sales volume on a 100% basis of BRL 1.4 billion, a 31.7% rise year-on-year. In the quarter-on-quarter comparison, there was an 18.9% increase. Comparing the first half of 2025 against 2024, the growth came to 68.6%, going from BRL 1.5 billion to BRL 2.6 billion in the first half of 2025. When we analyze the launches in Plano&Plano's share in the second quarter of 2025, the PSV was BRL 1.2 billion, a 13.9% increase compared to the BRL 1.04 billion launched in 2024. In the first half of the year, the company launched BRL 2.04 billion, 40% higher year-on-year. In recent periods, the company has shown sustainable growth in its launches. Considering the total launches in the last 12 months, including the private market and the Pode Entrar program since December 31, 2022, the company grew at a compound rate of 49.3% per year. We highlight that the PSV of launches is a good proxy for future revenue since it is a matter of time for the sales to be completed and the works to evolve, generating revenue at this new level of almost BRL 5 billion. We should remember that Plano&Plano usually delivers its projects virtually 100% sold out, and that our constructions are all on schedule. Total sales on a 100% basis into Q1 2025 reached BRL 894 million, a 12.2% increase year-on-year. Quarter-on-quarter, the growth was 4.6%. Now comparing the first half of 2025 against 2024, the growth came to 25.8%, going from BRL 1.4 billion- BRL 1.8 billion. Now, when we look at the 12 months sales track record, the company also shows constant growth. Considering total pre-sales, including private market and Pode Entrar since December 31, 2022, the company grew at a compound rate of 37.3% per year, a performance that reflects the solid evolution of the business. The company finished the second quarter of 2025 with inventory available for sales equivalent to 1.13 years for sales based on the last 12 months volume. In Q2, we launched Nid Alphaville with a PSV of BRL 855 million. Given its late June release, it contribute to inventory but had limited in period sales impact. Our consistent historical performance has reinforced a virtuous cycle, concentrating commercial efforts on new launches, accelerating sales velocity at launch, and steadily reducing under construction inventory. This cycle optimizes each project's cash exposure, improving the project's IRR. We should remember that this inventory is almost entirely made up of units under construction. The company delivers the vast majority of its projects sold out. The company's net revenue reached a total of BRL 784 million in the quarter, 28.9% higher quarter-on-quarter, and 12.4% higher year-on-year. Comparing the first half of 2025 against 2024, revenue grew by 16.2%. Plano&Plano has shown growth in financial results year after year. At the end of Q2, net revenues for the last twelve months reached BRL 2.8 billion. Since 2020, net revenue in the last twelve months grew by virtually 200%, demonstrating the consistency and effectiveness of our growth strategy in line with the constant evolution of our launches. We highlight again that the BRL 4.9 billion launched over the past 12 months is a strong leading indicator of future performance under the percentage of completion method, with sales velocity remaining healthy and construction progress in full swing. We ended Q2 2025 with BRL 2.7 billion in backlog revenue, including BRL 1 billion in backlog gross profit. This performance reflects a growth of 25% in comparison with, in relation to, the gross profit from future fiscal year results presented in 2024 and confirming our solid future results. As we recognize these revenues over time, we are confident that the economies of scale resulting from the expansion of our operations will be reflected on our financial results. At the end of Q2, the private market backlog margin reached 39%. The company has managed to maintain its backlog margin at healthy levels with small fluctuations resulting from the mix of products sold. In Q2, adjusted gross profit reached BRL 270 million, a year-on-year growth of BRL 67 million. Adjusted gross margin in the private market that is excluding the Pode Entrar program sales was thirty-six point seven percent rather. Considering the company's total results, the adjusted gross margin increased slightly from 34% to 34.5% quarter-on-quarter. Therefore, we continue to present healthy margin levels which reflect the company's operational efficiency. Our selling expenses to revenue ratio increased slightly by 0.1 percentage point quarter-on-quarter. When analyzing the same indicator for the first half of 2025, there was a significant improvement of 0.8 percentage points, decreasing from 9.6% in the first half of 2024 to 8.8% in the same period of 2025, reflecting scale gains and greater efficiency in the customer acquisition journey. In administrative expenses, there was also a year-on-year increase in its share of our revenue, going from 5.5% of revenue to 6.5% of revenue. In the first half of the year, the indicator went from 6.2%- 6.6% year-on-year. The nominal increase in administrative expenses compared to recent quarters comes from the growth of the internal structure to respond to the growing demands of an operation that already reached almost BRL 5 billion in launches in the last twelve months. We would like to remind you that administrative expenses are largely linked to the launch pipeline, which will only have an effect on revenue over time. When comparing administrative expenses relative to launches, this trend becomes very evident, reflecting a deliberate strategy to strengthen our operational structure. We remain committed to responsible management that balances growth with efficiency. We believe that maintaining this virtual cycle of investment and capability building is essential to sustaining the company's performance over the medium and long term. Net profit on a 100% basis in Q2 showed a year-on-year drop of 1%. In the first half of the year, there was an increase of 19.6% year-on-year. In the second quarter, the net margin came to 13.1%, a 1.8 percentage point drop year-on-year. In the six months of 2025, there was an increase of 0.4 percentage points in comparison with the first half of 2024. Net income on a 100% basis for the twelve months ended in Q2 2025 was essentially in line with the same period in 2025. Almost the same as the first quarter in 2025 rather, totaling BRL 421 million. The net margin stood at 15.1%, down by 0.5 percentage points. Adjusted EBITDA reached BRL 143 million, a year-on-year increase of BRL 9 million. For the first six months of 2025, there was an increase of BRL 49 million year-on-year. The Adjusted EBITDA margin was 18.2%, a decrease of one percentage point compared to 2024. On a year-to-date basis, the Adjusted EBITDA margin increased by 1.2 percentage points year-on-year. The company reported a cash burn of BRL 42.3 million in Q2, directly associated with the intensification of new project developments, reflecting the accelerated production pace and targeted investments in the execution of recently launched projects. As of June 30, 2025, the company's gross debt totaled BRL 753 million, and the cash and cash equivalents stood at BRL 554 million. As a result, our net debt was BRL 199 million at the end of the second quarter, and the net debt over equity ratio was 20.2%. This concludes the presentation. We can now take your questions. We are now going to start the Q&A session for investors and analysts. In case you want to ask a question, please click the Raise Hand icon. If you wish to submit your question in writing, please type in your question, your name, and company in the Q&A field. The first question comes from Mr. Ruan Argenton with XP. Hello, good afternoon. Thank you for taking my question. I'd like to cover two topics. The first one is about launches. I'd like to know what you are expecting in terms of pipeline for the second half of the year. You've been talking a great deal about the potential of launches growth, but also I'd like to know more about approvals. If you can give us a little bit more color on your confidence level in terms of approvals in the second half of the year, and if you want to keep the same pace of growth in launches in the same way that you did in the first half of the year, that would be great. About the third quarter of 2025, one of the main points in your second quarter was the launch of Nid, but it came later in the period, and that might have hurt your VSO. I'd like to know your expectations for your VSO in the third quarter. Do you expect to see an increase in your VSO quarter-over-quarter now that you're going to start selling the Nid Alphaville development? Hello, Ruan. This is João. Well, when it comes to launches, we said since the beginning of the year that one of our concerns was the pipeline of approvals. Now we are much more optimistic about the approvals for the rest of 2025. We have been able to make things move forward very well, and we are very close to reaching our goals. As you all know, we do not provide official guidance, but we have been working to increase our Plano&Plano percentage, reaching more than BRL 4 billion. We reached BRL 2 billion in the first half of the year, and we intend to accelerate things in the second half of the year. Yes, we want to exceed BRL 4 billion in the Plano&Plano share in 2025. Of course, we need the approvals to happen according to plan and the launches to happen also according to plan. We are more confident now than we were in the beginning of the year, thanks to the hard work of our team on the approvals pipeline. When it comes to sales, we have many projects to launch in the second half of the year with different products, and Nid had a very good start. Each tower has about 210 units. We have four towers totaling a PSV of BRL 855 million. We are reaching now 180 sold units in the first 40 days of launch, and we are already selling the second tower, but we are only going to officially launch it in August. As sales progress, we believe that we are going to finish the year with a good VSO. It is a more expensive product. It is a very differentiated one, but things are going better than we expected, actually, in the first 45 days. You wanted to know more about this project, so we are very happy about it. Of course, the macro scenario is shaking a little bit, but we are very optimistic. The company's overall VSO shouldn't change too much. It really depends on the weeks of where we are going to have launches from now until the end of the year. But I don't envision many changes in our VSO. It has been very healthy, and we believe it is going to continue to be healthy until the end of the year. Thank you, João. Now, the next question comes from Miss Ana Júlia Zerkowski with UBS. Please go ahead. Hello, everybody. Good afternoon. I have a follow-up question about launches, and I have another question about the product mix going forward. You just talked about Nid. It seems that it's selling very well. Can you share with us your perspectives about the product mix? Should we expect to see new projects with the same price point as Nid? What about the launches in the other tiers of the Minha Casa, Minha Vida programs? I have a question about the backlog margin. You reached 39% this quarter. Can you share with us what's behind that increase, and can we expect it to continue to increase going forward? Thank you. Hello, this is João. Well, when it comes to the product mix, well, first of all, Nid has an average ticket above BRL 900,000, which is uncommon in our pipeline. When we found that plot of land that is in a very good location in Alphaville, we believed that the place had a vocation for this type of product because there aren't many similar products in the region. It is a very unique product. You shouldn't expect to see the same types of product coming from Plano&Plano in the near future. An opportunity like that may come up in the future, but you shouldn't count on it. We have tiers one, two, three, and four at Plano&Plano, and they are very even in terms of the number of launches across them. We have a focus on tiers one and two, where we have an engineering department that is unparalleled in the Brazilian market. It is like a blue ocean for us in the city of São Paulo to launch products in tiers one and two. In the next 12 months, if we can choose where to launch, it's going to be tiers one and two, but we should have an even distribution across the four tiers. When it comes to backlog, margin. Gross margin, rather, our construction cost has been under the INCC index. The labor salary adjustments have already been included in our costs. We are repricing the products that are selling well. The most recent products now have a better margin than in the past. We are launching new products with better margins. If we are to be conservative here, we want to have an adjusted backlog margin between 34%-36%, but we are delivering a little bit north of that, and we are going to continue to work hard to deliver more than 36% in the private market. The Pode Entrar program is a different story. Yes, we are going to work hard to keep the same level as we are right now in terms of margins. Thank you. The next question comes from Ms. Carla Graça with Bank of America. Good afternoon. Thank you for taking my question. I have two. First, I'd like to talk about land bank. What is land bank like right now in São Paulo? Do you see many opportunities, especially in central regions? And are you considering buying plots of land in other towns like Barueri? I'd like to know more about your internal inflation in comparison to the INCC index. What is the impact of that on your margins? Thank you, Carla, for your question. This is Luna. When it comes to land bank, well, we still believe that there's a very interesting offer, a very interesting supply of land bank in the region of São Paulo. Because of that, since it is such a large area, there are plenty of options. We don't have a competition for land bank that is standing out. It continues to be stable. Of course, we need to choose the best plots of land, the ones that align best with our proposition. We probably have the biggest land bank in the city of São Paulo. We continue to purchase land according to the characteristics that we like and the characteristics that we believe to be the healthiest to allow the company to continue to grow sustainably. Hello, Carla. This is João. When it comes to construction inflation, I'm going to give you a few figures as of June. In the last twelve months, our internal inflation was 6.38%. The INCC is at 7.21%, and the São Paulo index in the low income segment is 8.31% rather. Our internal index is below the national and the São Paulo indices. Looking forward, considering the data that we have available, we believe that until September, our internal inflation will be about 5%. We expected to have 5.5%. That was the number that we used in our budget for 2025. By September, it should be 5.3%. Why is it at this level? Well, it's basically because of the price adjustments with our suppliers. Because we had a collective bargaining agreement in May. Of course, there are market demands that cause some exceptions. In May, there was this adjustment, and the next adjustment should come in May next year. That's why there is a decrease in the accumulated inflation in the next months. We believe that we are going to keep the same level that we had forecast when we designed our budget for 2025, which was 5.5%. The next question comes from Mr. Herman Lee with Bradesco BBI. Hello, good afternoon, Rodrigo and João. Thank you for taking my question. I have two questions, actually. First, about net margin. G&A really caught my attention. If you can give us a little more color on the causes for that and what can we expect going forward, that would be great. The second question is about production. The revenue increased a little bit slowlier than the previous periods, so I'd like to know your expectations for the next quarters. Hello, this is Anselmo Soares. Thank you for your question. Well, the G&A expenses, and in the presentation, we compared the expenses against launches. Our administrative structure is sized to support our pipeline. In this period, we went from a margin of about 6.2% in 1Q 2024 against 6.6% in 1Q 2025. We had an increase in the personnel expenses because we hired more staff. You can also see a fluctuation in the services line in the special purpose enterprises. Those services are aimed at supporting the operations in the front line, and it also grows according to our pipeline. We are reporting the expenses related to personnel in that line. Herman, now let me answer your question about production. We should remember that in January 2024, the company changed the cycles from 24- 36 months with a focus on customers, allowing customers to better find products according to their income. That adjustment from 24 - 36 months creates a delay of about 7-9 months in the recognition of revenues. That effect can be felt in the beginning, right after this change. Since it's been 1.5 years since this change, we believe that we are at the end of this cycle where there is a delay between revenues and launches. From now on, the revenue curve should increase at the same speed as we launch. That buffer is now coming to an end. Having said that, we can see an increase in selling expenses or rather administrative expenses because we need to support the stronger launch pipeline. We are going to have a dilution of those expenses as we recognize more revenues, and that is going to allow us to have a better margin. You also asked a question about production. As of June, in the last 12 months compared to the last 12 months ended in June 2024, we had 40% more square meters built year- on- year. After this delay finishes, we are going to see acceleration in that as well. Of course, we are going to see the results of that on the company's earnings from now on. Okay. Thank you. Have a good weekend. You too. Thank you. The next question comes from Mr. Matheus Meloni with Santander. Please go ahead. Hello. Good afternoon. Thank you for taking my question. Well, first, I'd like to talk about the gross margin in the Pode Entrar program. We had an increase of 220 basis points quarter-on-quarter. I'd like to know where that came from and what can we expect going forward. Are we going to see more savings in the Pode Entrar program? And the second question, still about G&A expenses, I do understand why there was an increase. You are expanding the company for more launches. The level where we are right now, BRL 50 million, if I'm not mistaken, is it the ideal level that we want to keep to sustain the launches in the next two years? Or should we expect an additional increase in the coming quarters that you believe to be necessary for the company to support the launch pace? Thank you. Good afternoon, Matheus. This is Anselmo. About the Pode Entrar program, indeed, we had an increase in profitability. We can see some fluctuations in the progress of the projects. We had some one-off adjustments in terms of revenue, which caused the margin to go up in some moments. In the first group of projects that we are going to deliver at the end of 2025, we are going to see that the costs are closer to the total costs of the development, and we are capturing gains. We have been decreasing costs, so that, of course, has an impact on margins. That usually happens when we are at the final phases of the construction. In the Pode Entrar, we have another project that has been performing with very positive margins. The Pode Entrar program has a positive margin component. In gross margin, it is a little bit lower than the private market, but in the net margin, the contribution is almost the same since we don't have selling expenses and it's 100% sold out since the beginning. When it comes to cash, the performance has been very positive. We have a predetermined curve with advanced payments. This is a project where we have an accumulated positive balance. We had a cash burn in the beginning, but now we are already generating cash in this quarter, and the balance is healthy right now, and it will be healthy until the end of the project. About G&A expenses going forward, well, our expectation is for the revenue growth to exceed the G&A expenses growth. The company is looking into the future, and of course, we need to strengthen our structure. We want to grow by 40% per year. We won't be able to grow if we do not increase our G&A expenses, but it is not going to grow at the same level as the revenue growth. We are going to have some basis points in efficiency gains going forward, especially because when a company grows normally, that growth is closer to the growth of the economy. That is going to happen in a few years' time. Since we are advancing administrative expenses in relation to revenues because of the percent of completion method, it takes a while for that to kick in. To summarize, in a nutshell, the G&A expenses are not going to grow at the same pace as revenue. It's going to be slower. The next question comes from Mr. Mario Simplicio with Morgan Stanley. Hello. Thank you. I have a question about Pode Entrar too. I'd like to know if we should expect the revenue to be the peak of the program, or if you believe that towards the end of the year, you are going to see another strong period of revenues coming in. Also, if you can give us more color about your expectations for cash generation towards the end of the year, that would be helpful. Hello, Mario. This is Anselmo. About Pode Entrar, as I mentioned earlier, we have two phases. First phase is already reaching the end of the cycle. We have another six months, and we are going to finish the deliveries at the end of 2025. We are at the peak of revenues in this project. Now, for the second project that started in September, we are halfway through the project and we are going to see a revenue peak in the second half of 2025 and first half of 2026. That's the expected behavior for the Pode Entrar program projects. About cash generation and cash burn. We burned cash in the first quarter and the second quarter as well with BRL 42 million. The expectation to generate cash from now until the end of the year is positive. We should finish the year with zero net debt. That's our current expectation. Of course, every week we need to update our cash projections for the rest of the year. Of course, cash is king, so we keep a close eye on it, and we envision a positive cash generation finishing the year with a zero net debt. That's our expectation for the rest of the year. Thank you. The next question comes from Mr. Rafael Rehder with Safra. Hello. Good afternoon. I have two topics that I'd like to cover. The first one is prices. First, in the tiers where you operate in the program, how much room do you have to increase prices, especially in tier one here in São Paulo? Do you have any room to increase prices and still be able to cater to the families that you have in your target audience? And also, I like to know more about this moment where we have a higher interest rate and expectations for an economic slowdown and maybe unemployment can increase. So I like to know how much you can increase your prices in a healthy way still. And I'd like to ask another question about Casa Paulista. There are some companies complaining about the programs because of there's so much red tape, and it takes a long time to get the transfers. The government doesn't have any money. I'd like to know what it is like here in São Paulo in this program. Is everything on schedule, or are you finding any issues with the processes? Hello, Rafael. Good afternoon. This is Rodrigo Luna. About prices. Well, every single day we need to align VSO and margins. That is the price to consumers. Since we're not under pressure at this moment, we have been adjusting our prices according to the demand for our units and also according to the margins that we want to keep so that we can accelerate the VSO without losing margin. Of course, each project is unique. The more you go down the tiers of the program, for example, tiers one and two, there's higher price sensitivity. It's always a very delicate situation because consumers have their income, and they need to find products that fit their income, and also because if you adjust prices upwards too much, you are going to lose your customers to the competition. Of course, we keep a close eye on it, and as we can, we adjust our prices. These increases or adjustments are happening every single week. We have meetings to assess the products that are selling more than the others and understand whether or not we can increase prices. Also trying to balance VSO and margins. We don't have much room to increase prices right now. Each product is unique, as I said. We try to be as sensitive as possible in this analysis and try to increase prices when we can do it. Now, about Casa Paulista. This is a state program. It is an subsidy that is complementary to the federal subsidy. The state government has to renew the program. The housing department and the Secretary Marcelo Cardinale, they have been bringing updates when it comes to budget. In the first half of the year, we've seen checks being granted to the entire state of São Paulo. In the second half of the year, we are going to continue to see those checks coming in, and of course, they will be distributed across a number of cities and towns that the state government deem necessary to receive the subsidies for the acquisition of real estate. Families that make up to three minimum wages are entitled or eligible to receive the checks. The families that use the FGTS to pay the upfront payment to buy a unit, an apartment or a house, that is not happening as much as it did in the past. Therefore, because of that, Casa Paulista is a very strong, very good option for those families. The program is changing the family's affordability. It is a great ally for us, but of course, there's a budget issue and from time to time, the housing department provides those checks according to their ability, to the best of their ability. Okay. Thank you. The next question comes from Mariangela Castro with Itaú BBA. Hello. Thank you for the presentation. I have two questions. First, we've seen news about a potential new Minha Casa, Minha Vida program or a new credit line for the mid-market that is close to the tier four. Probably a good target audience for the Alphaville project. Do you have any news about it? What updates can you give us about this potential new program? Also, I'd like to know about your plans for geographical diversification. Are there new locations that you are going to consider in your strategy in terms of diversification? Thank you, Mariangela, for your question. Well, this discussion about a new program or a new funding format. Well, we believe it is going to be complementary to the SBPE and the savings accounts funds. Of course, new opportunities are welcome. New funding opportunities are always welcome. The size of this market is almost the same size as the funding. Savings accounts provide a lot of security for banks and buyers as well. The savings account has been around for 70 years, and it has been a great instrument for middle class throughout those decades. Right now, where we have a 15% interest rate, savings accounts are not so competitive in terms of fundraising. Therefore, over the past years, the balance has been negative in terms of raising funds from savings accounts. It is an instrument that is very much in line with customers' needs since it has a long-term characteristic and it has costs aligned to the pockets of the middle class families. It can be complementary. This new program can be complementary to the savings accounts. We don't believe that things are going to turn around sharply. We don't think that the savings account will cease to be an important instrument to the sector and society at large. It is still a very good, very important instrument, although pricing is challenging right now when it comes to increasing your net worth. Savings accounts had a net worth of BRL 310 billion. It almost reached BRL 800 billion at some point when we had lower interest rates here in Brazil, when we were at 2%, for example, or 2%-6% or 7%. Savings account grew a lot during that period, proving that this is a winning instrument. What's happening is that there is a pricing issue. The issue is not fundamentally related to the instrument itself. This discussion that was brought up by the government is being debated in the sector and also with the central bank. There are good ideas on the table. It is important for the savings account to be complementary and not a replacement. The program should be complementary and not a replacement to savings account. We want to recover 5% of the 20% of the savings account mandatory share to test this program. If it is successful, we can expand it as a complement to the funds coming from savings account. Overall, this is what's going on in this debate about this new program, this new model. Now, about diversification. Well, Plano&Plano is always paying close attention to new opportunities. We have expanded geographically before to the north and northeast regions in 2016. In 2016, we had the fiscal crisis. Because of that, which culminated in a very intense economic crisis, we decided to come back to our hometown, São Paulo, the metropolitan region of São Paulo. We keep paying attention to opportunities. The metropolitan region of São Paulo still has to update its master plans, just like São Paulo did in 2014. Of course, we're paying attention to other regions of Brazil. If at some point we find opportunities to make progress in other markets, and if those places are in line with our business model, we might do it. For now, our focus is on the state of São Paulo. Thank you for your question, Mariangela. Well, thank you, and enjoy the weekend. The next question comes from Mr. Gustavo Cambauva with BTG Pactual. Gustavo, go ahead. Hello, good afternoon. I also have two questions. João was talking about the cash generation expectations. It should be close to zero net debt towards the end of the year. I have a question about Nid. Since it is a mid-market project, not all units were sold and transferred. I'd like to know about what the process has been like in terms of persuading the buyers and converting the transfers, and maybe that could change your cash generation perspective for the rest of the year. The second question is about leverage and dividend. You have paid dividends in a large amount in the beginning of the year. Since the leverage is going to go down in the second half of the year, what do you think the payout is going to be? Should we expect a higher payout? What is your expectation for dividend payout for the rest of the year? Thank you. Thank you for your questions. First, about Nid. The budget for this project was like this. We would have 30% of the sales volume in pre-sales, and the transfer is going to start in the next 30-60 days, where we are going to offer incentives for the consumers to conclude the transfer before we finish the construction. We believe that 30% of the customers will do that. But we have not started this yet. It is going to start in 30-60 days. Now, about leverage and dividend payout. Our expectation is to make a decision about that at the end of the year. A base of revenue generation and cash generation will come towards the end of the year because of the cycle that I mentioned that changed from 24 to 36 months. In 2026, we are going to look at the macro situation, our cash and results, including the results of Nid. Based on all that, we are going to make a decision about payouts. Last year, we had a payout a little bit north of 50% of our profit. If things go according to plan, a 50% payout ratio could be feasible. Right now, I don't think that ratio can increase. It cannot be more than what we had in 2024-2025. We believe it's going to be around 50%. It can be feasible, but it all depends on those factors that I mentioned. We are optimistic about the acceleration of revenue and cash inflow because of that buffer that is coming to an end now. This decision will be made towards the end of the year. The expectation is about 50%. Okay, thank you. The next question was submitted in writing by Saulo Santana. The question is: Due to current stock prices, do you consider having a buyback program? Thank you, Solo. At this moment, we don't have any buyback program, as you know, and at this time we are not considering opening a buyback program. It's always a good option for you to give more value to the shareholders. We had buyback programs in the past so that we could have treasury stocks. We bought 6 million shares in 2021, 2022. The average price was BRL 3.2. It was a very good buyback plan, but it is not out of question. A company like ours, it has a free float to 27% and the buyback program brings down liquidity of the stock, so we have to consider that as well. Also an appreciation in the stock price that is closer to the fair price depends on other factors. We are keeping an eye on all of that, but we're not considering it right now. Thank you. This concludes the Q&A session for today. I'd like to turn it over to Mr. Rodrigo Luna for his closing remarks. Thank you once again for joining us in our 2Q 2025 earnings call. We continue to be focused and committed to the robustness and solidity of our business. We are optimistic about the second half of the year, despite all challenges in the political and economic scenario. The market and the company have shown resilience, weathering a number of other crises that we had in the past. The first half of the year was challenging for sure. As I said, we expect to have a strong second half with good results in line with our strategy, the same strategy that we've kept for a few years now. Thank you once again for joining us. Enjoy the weekend and Father's Day here in Brazil. Have a good one. This concludes Plano&Plano's earnings call for today. Thank you for your participation. Have a good day.