Good afternoon, ladies and gentlemen. Welcome to Plano & Plano conference call to discuss the results of the third quarter of 2025. This video conference is being recorded, and the recording can be accessed at the company's investor relations website. The PowerPoint presentation is also available for download. We'd like to inform you that all participants will be in a listen-only mode during the presentation, and afterwards we will begin the Q&A session when further instructions will be provided. Before we proceed, we would like to clarify that any forward-looking statements made during this conference regarding Plano & Plano's business outlook, projections, and operational or financial targets are based on the beliefs and assumptions of the company's management, as well as in information currently available to Plano & Plano. Forward-looking statements are no guarantee of performance and 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 general conditions, industry conditions, and other operational factors may affect Plano & Plano's future results and may lead to results that differ materially from those expressed in such forward-looking statements. Joining us today are Mr. Rodrigo Fon, Mr. Rodrigo Luna, Mr. João Hopp, and Mr. Anselmo Soares, respectively, our Chief Executive Officer, Vice President, Executive Vice President, and Chief Financial Officer. I would now like to turn the floor over to Mr. Rodrigo Luna, our Vice President, who will begin the presentation. Mr. Rodrigo, please go ahead, sir. Hello. Good afternoon, everyone. Welcome to our third quarter 2025 earnings conference call. We're very happy to present the results for this quarter. They don't represent only a new chapter in our history, but they're part of a new trajectory that is reshaping the company's future. Our determination is to grow solidly and consistently, and we're also going through transformation, reinforcing our infrastructure and paving the way for new cycles of profitable growth, focusing on efficiency, risk mitigation, and value generation for the shareholders. The change in operations that we started in January 2024 is an important milestone. Going from 24- 36 months in the entrepreneur's curve, on the project's curve. This is the curve between the launch and the constructions. We increased a few months in the start of the construction works, but this has a positive impact on the cash flow and the profile of the loans for customers and mortgages and the main indicators for the project. When we look at the third quarter 2025 performance, we had BRL 2.1 billion in launches. That is a 99% increase year-over-year. Net sales in the private market total BRL 1 billion. That is a 12.6% increase compared to the first quarter in the previous year. These are record results for our quarter and really show the strength of our brand, the trust the market places on us, and the recognition of the quality and solidity of our projects. We're going to deliver the best year in history when it comes to launches and sales. At the end of 2025, we'll deliver 3,640 units of the Pode Entrar program. The project is very important to the company. It really confirms our high engineering capacity. We deliver on time and with Plano & Plano quality, certifying us for new challenges and showing that we're in line to create housing for the low income population. We're building a stronger, more efficient Plano & Plano that is even better prepared for future challenges and opportunities. Our records in net sales are just the beginning. As the construction works for the projects go ahead, we'll see that the financial results will go hand in hand with them and will consolidate our strategy. We continue motivated. We are certain that the future still holds even bigger achievements in store for us. We're ready to transform opportunities into feats, and we're ready to continue to grow consistently and with a focus on the long term. I'll now turn the floor over to João Hopp. He will now present the financial and operational results for the quarter. Over to you, João. Thank you, Luna. Good afternoon, everyone. It's a pleasure to be with you. In the third quarter 2025, Plano & Plano reached a new historical quarterly record for launches with nine projects totaling 100% PSV amount of BRL 2.142 million. It is a 99% rise year-on-year. Quarter-on-quarter, we had a 53% increase. When we compare the first 9 months of 2025, we see an 81% rise going from BRL 2.6 billion to BRL 4.7 billion year-to-date. When we look at the Plano & Plano shares of launches in the third quarter of 2025, our PSV was BRL 2.1 billion, a 124% increase compared to the BRL 957 million in the same quarter last year. For the nine-month period, the company launched BRL 4.2 billion. It's a 73% increase year-on-year. In recent periods, the company has shown consistent and sustainable growth in its launches. Considering total launches over the last 12 months, including the private market and Pode Entrar, since December 31st, 2022, the company has grown at a compound annual rate of 54.6%. We highlight the PSV from launch proxies as a strong proxy for future revenue and profitability since it's only a matter of time for the sales to take place and for construction works to progress, generating new revenue at the level of almost BRL 6 billion. It's important to note that Plano & Plano typically deliver their projects nearly 100% sold, and currently all of our construction sites are on schedule. Total 100% sales reached BRL 1 billion in the third quarter 2025. It's a 20.3% drop year-on-year. In the third quarter 2024, we had BRL 274 million sales in the Pode Entrar program. Excluding this effect, the private market sales in the third quarter 2025 would have been 12.6% higher than in the same period last year. Compared to the previous quarter, total sales grew 14.1%. Looking at the first nine months of each year, sales grew 3.7%, going from BRL 2.7 billion to BRL 2.8 billion in 2025. Considering only the private market, growth in the first nine months was 20.6%. When we look at total sales over the last twelve months, the company also shows consistent growth. Considering contracted total sales, including private market and Pode Entrar since December 31st, 2022, the company grew at a compound annual rate of 30%. The company's net revenue totaled BRL 814 million in the third quarter 2025. That is 13% higher year-over-year, and it is 3.9% higher quarter-over-quarter. In the first nine months of 2025, revenue was 15% higher year-over-year. Once again, we highlight that the BRL 6 billion launched over the last twelve months is a strong leading indicator of future financial results given the POC methodology and that sales speed remain healthy and construction works are progressing strongly. At the end of the third quarter 2025, we had BRL 2.9 billion in unrecognized revenue, including BRL 1 billion in unrecognized gross profit. This performance reflects a 28% increase over the gross profit in deferred results recorded at the end of 2024, pointing to solid future results for Plano & Plano. As these revenues are recognized over time, we remain confident that the scale gains resulting from the expansion of our operations will be reflected in our financial results. In the third quarter 2025, adjusted gross profit reached BRL 154 million, 26% higher year-on-year. Adjusted gross margin in the private market, that is excluding Pode Entrar, was 32.5%, and the adjusted gross margin for the social was 21.3%. Considering the company's total results, adjusted gross margin decreased from 34.5% in the second quarter 2025 to 31.1% in the third quarter. This quarterly performance was mainly impacted by non-recurring adjustments related to the monetary update of land payable balances, financial swap arrangements for certain plots, resulting in a negative adjustment of approximately BRL 25 million. Excluding non-recurring effects, adjusted gross margin would have been 34.2%, and the adjusted gross margin for Pode Entrar would have been 25.8%. At the end of the third quarter 2025, the REF margin, the R-E-F margin in the private market reached 38.7%. The company has been able to maintain the REF margin at healthy levels with small fluctuations due to the product mix. It can be observed that the non-recurring effect in the third quarter 2025 did not affect the REF margin level. When we analyze the ratio of commercial expenses to revenue from the second to the third quarter of the year, we see a 0.4 percentage point increase, partly influenced by the commercial expenses related to the high middle income products, which requires a higher customer acquisition cost, but is offset by a higher gross margin of the project. When we analyze the same indicator over the first nine months of 2025, we see a 0.4 percentage point improvement decreasing from 9.8%-9.4% in the first nine months of the year, comparing 2024 to 2025, reflecting the scale gains and efficiency in the customer acquisition journey. Still regarding commercial expenses, we highlight scale gains that have been consistent over the quarters. A historical analysis reveals a clear trend of optimization in the ratio of commercial expenses to net sales in the private market, showing the positive impact of measures implemented to improve our operational performance and keep customer acquisition costs under control. Regarding SG&A, the ratio increased compared to the third quarter of 2024. It went from 5.3%- 5.6% of the revenue of the third quarter 2025. Analyzing the first nine months of the year, the indicator increased from 5.9%- 6.2%. The nominal increase in SG&A compared to. G&A compared to recent quarters comes from the growth of our internal structure to meet the rising demands of an operation that has already reached nearly BRL 6 billion in launches over the last 12 months. It's important to remember that administrative expenses are largely linked to the launch pipeline, which will generate revenue impacts only in due course of time. When comparing administrative expenses to launches, this movement becomes quite clear, and it reflects a deliberate strategy of strengthening our operational structure. The ratio of admin expenses to launches is at the lowest level in recent years. We remain committed to responsible management that balances growth and efficiency. We believe that maintaining this virtuous cycle of investments and capacity building is essential to supporting the company's performance in the medium to long term. The 100% net income in the third quarter decreased by 7.4% quarter-on-quarter. In the first nine months of 2025, there was a 2.9% decline compared to the same period in 2024. The 100% net margin in the quarter was 11.7%, a 1.4 percentage point decrease quarter-on-quarter. In the first nine months of 2025, the 100% net margin fell by 2.4 percentage points year-on-year. 100% net income over the last twelve months ended the third quarter 2025 with a decrease falling from BRL 421 million to BRL 382 million year-on-year. The 100% net margin came to 13.3%, a decrease of 1.8 percentage points compared to the previous quarter. The company generated BRL 108.3 million in operating cash flow in the third quarter. In this period, the company carried out a receivables assignments transaction totaling a net amount of BRL 137.9 million, with the objective of anticipating funds and optimizing working capital management. Excluding this inflow that was brought forward, the company consumed BRL 29.6 million in the quarter. This initiative strengthened liquidity, providing the greater financial flexibility to support the company's operational activities and strategic investments. It's important to highlight the cash generation trajectory in 2025. The cash consumption decreased each quarter, fully in line with the end of the transition of projects from the 24- to 36-month cycle. As well as we'll see next, we'll already have passed the inflection point of the deferred construction measurement curve, which is impacting possibly cash generation. At September 30th, 2025, the company's gross debt totaled slightly above BRL 1 billion, while cash and cash equivalents amounted to BRL 997.6 million. The net debt was BRL 91 million at the end of the third quarter, and the net debt to equity ratio stood at 8.4%. Before we conclude the presentation, it's important to highlight an operational change implemented in January 2024. It really underpins the results we are presenting, the transition from 24-36 months in project cycles. We call it the project curve, and we're referring to the schedule that defines the total period between the launch and the unit delivery. This new curve positively influences the commercial model, cash flow, customer financing profile, and the main financial indicators of the projects. Till December 2023, our projects predominantly followed the 24-month curve. As of January 2024, we adopted a 36-month curve as the new standard. This change brought significant benefits such as better qualifications for customers and lower construction interest pressure and increased demand for our products. It's important to emphasize that the construction period has now been increased. Construction deadlines remain between 18-21 months, maintaining the productivity on site. In practice, the accelerated pace of construction now begins 7-9 months after launch. Previously, this acceleration occurred 2-3 months after launch. This transition generated several concrete benefits. A higher volume of units sold before construction starts, more robust accounting revenue and cash generation, given the dynamics of the Minha Casa, Minha Vida program. Reduced cash exposure for the company with improved project cash flow. Increased profitability with indicators such as the IRR and the NPV at more attractive levels. Higher concentration of the down payment in the pre-handover phase, a period historically associated with lower delinquency rates, strengthening receivables, predictability and product financial health. During 2024 and 2025, we operated in the two simultaneous cycle. Projects launched until December 2023 follow the 24-month curve and are nearing completion. New projects already under the 36-month curve, whose construction start had been postponed, are now accelerating. This transition generated a temporary reduction in monthly construction costs, which forms the basis for our POC, with an inflection point at the end of the first quarter 2025. From this inflection point onward, construction costs resume growth and are projected to accelerate in the fourth quarter 2025, with corresponding positive effects on financial results and cash generation. We conclude our presentation, and we're available for any questions you may have. Thank you. We'll now start the Q&A session for investors and analysts. Should you wish to ask a question, please click the Raise Hand button. If your question has already been answered, you can click the button again to lower your hand. If you send your question in writing, please write your name and company name in the Q&A box. Herman from Bradesco BBI has his first question. We've got two questions. Thank you for taking our questions. Can you give us more color on what has put some pressure on the gross margin, if this should be stable in the medium to long term, or if we should see the improvements that we have seen in the previous quarters? As for the 36-month cycle, and you showed a couple of charts that were very detailed, the P&L should have a substantial increase in the fourth quarter, right? How confident is the company that this improvement will be seen in the fourth quarter or if it should be seen only in 2026? Hi, Herman. As for the gross margin, we would like to stress the point that it's a one-off effect. We adjusted a process. This adjustment has been carried out. It was carried out in the third quarter, so we don't expect this effect to be seen in the gross margin in the future. The adjusted gross margin for the private market should be 34%-36% in the coming quarters, and we stand by it for the coming quarters. Again, this impact was a one-off, and the gross margin should stay strong in the coming months. As for the change from 24-36 months, we are comfortable with that. The inflection point has gone by of the weight we needed for the new process, and we want to show that there is an acceleration of the POC methodology. POC depends on the launches, land bank, and other factors. The construction indicators is one of the main factors for POC. We're quite confident that in the fourth quarter we will see the result more clearly, considering that the effect of postponing the construction works is behind us now, and we will accelerate them as we did the launches in the past. Thank you, Herman. Thank you. Have a good afternoon. Elvis Credendio from Itaú BBA. Mr. Credendio, you may ask your question. I've got two questions. The first has to do with the speed of sales in the fourth quarter. You had a number of launches at the end of the third quarter, so what is the SOS like in the fourth quarter? Do we have volumes that go beyond what we had in the third quarter? If you could also update us on what you're expecting for strategies and if they could be done to improve the sales speed. The cash flow, you mentioned it depends on the construction works pace. Can you let us know a little bit more about the expectations you have to what levels the company's leverage could go. Once you've finished the transition from 24- 36 months in your cycle. As for sales in the fourth quarter, well, it started off really well. We can't give you any details, of course, but we are quite confident that we will deliver a record in sales in the fourth quarter. We had BRL 1 billion in net sales in the third quarter, and our expectation is to surpass it in the fourth quarter, considering that the October sales and the start of November have been very strong in terms of sales. We're really quite confident it will be a new record. As for some of the things that are being done to accelerate sales, considering that the launches are on the rise, I can name a few things. We are regionalizing and increasing our teams in the commercial area. We want to have more people focused on their products and their segments in São Paulo. This will increase the performance in the front line. We're working with a project for real estate brokers to have more access to digital resources. There's an app that we want to deliver in the first half of 2026. We have some other marketing initiatives that I don't want to mention because of some, well, competition issues. We're also working on our customer retention, so customers that are under more stress when it comes to your credit so that we can find an in-house solution, so using the Plano & Plano products. There is a number of initiatives to keep SOS in a growing cycle. As for cash flow, we had BRL 143 cash consumption in the first quarter. We had pardon me, BRL 142 million, and then BRL 43 million in the second quarter, BRL 29 million in the third quarter, and the fourth quarter should have a positive cash generation in the fourth quarter, that's what we should have. That is our hypothesis for the year of 2026 as well, considering that the construction where its rhythm has picked up. Again, the inflection point is past us now, and we see that quarter after quarter generation is going up, so that is the hypothesis we entertain for 2026. Thank you. Carla Garza from Bank of America. You may unmute your microphone. Hey, everyone. Good afternoon, and thank you for taking my questions. I've got two questions. The first has to do with taxes. We see that the tax bracket has gone up. That is due to SPE investments. What could you tell us about your expectations for the coming quarters? The next question has to do with the operations, or rather the portfolio sales, and if you aim to continue to do something like that or do it again in the future. Hello, Carla, this is Anselmo. As for taxes, we know that we have a special tax scheme and income tax and IR. This is a higher value that we have because the SPE revenues are not within the same type of profile for taxes. It's the so-called Lucro Presumido style, and then this has a different impact. Hi, this is João. Speaking about the portfolio sale. You saw that we launched more than the market expected this year, and we're optimistic about future launches too. The land bank payable that comes with each launch is a part of a covenant of our CRIs. There are covenants connected to the corporate financial debt and land banks payable. We need to strengthen our equity to be able to manage cash and sell a portfolio, considering that the accounting will not account it as a financial debt. That's why we had that sale to adjust the covenant. It's possible that we bring other forward as well in the future to deal with the covenant and the growth appetite that we have to bring in more land plots, pardon me, to our land bank. That's clear. Thank you. Tainá Costa from UBS, you may ask your question. Good morning. I'd like to talk about dividends. With the new dividend scenario starting in 2026, are you planning any special dividend payout, and how will that work in 2026? In Minha Casa, Minha Vida, we see that there have been some approvals. From these approvals, what could have more impact on the business and your customer? Thank you, Tainá. This is João. As for the dividends, we will need to juggle some balance, some factors. The changes in taxes will of course make us want to pay as much dividend as possible to the shareholders without taxes. But there are legal matters, right? For the corporation laws and whatever you can actually pay and what you have to declare. There's this legal point, but when I think about it, that there is the covenant matter and our growth appetite. This is the key point. We have a very robust land bank in São Paulo. We have projects and approvals. We've got funding. We've got customers. We have the ability to grow. As I said, the land bank payable is an important point. We need to work with our equity. When you have a dividend payout, you change the dynamics there. The main driver for this decision is to continue to grow. The payout ratio, if we were to take a decision independently at this point, looking at equity, we see that it could go down. When we look at the long term for the company, we see higher payout ratios. We do not need any surplus cash in the company, so we distribute any that is in the company. We don't have definitions yet to let you know, but these are the variables that we have at hand. We need to see what will be happening in 2026 as well. As to Minha Casa, Minha Vida and the changes, they are quite positive for us, especially considering that Plano & Plano is really focused on the second tier. The increase goes to 275,000. That is a very interesting point for us, and the subsidy curve is also very important, and that covers the first segment. The subsidy and the change and cap, these two points are definitely good for our SOS. Again, we're waiting for changes in the income brackets that haven't changed yet, but may in the new year. Thank you, everyone. Rafael Rehder from Safra, you may ask your question. There are two points I'd like to cover. I'd like to understand the scenario for the price increase. Are you working with the HIS cap? Would you need an increase there? The second has to do with labor, especially now that the pay should go up. Can we have more vertical operations and depend less on third-party providers? What is it that you can say about that? This is Rodrigo Luna, IFO. About the price increase, well, that's a daily struggle, eh? When you think about VSO price and margin. This is always limited by the affordability of our customers. As João said, the caps for each segment haven't been presented yet or haven't been approved yet. That would improve the affordability. Our perspective is that prices will continue stable in line with our recent operations. Families are always operating at the end of their tether when it comes to mortgages and their financial resources. For more space to be open, we'll need to absorb the inflation from the recent times. Hi, this is Rodrigo Fon, IFO. Let me talk about labor. Well, let's start talking about the culture of Plano & Plano. We have a culture of strong partnerships that have really been developed in all the years of operations. We've got really loyal partners with us. Of course, the growth curve is not the same as the growth curve of these partners. We have been creating offspring from these third parties based on the same idea. This has helped us not have problems that other peers in the market have had with the third-party contractors. What services would need to be verticalized at least partially? This is something that we've been studying. We have been doing 30%-40% of hydraulics of our construction works and also the façade. This has also been done with our own labor. When you combine these actions in the past 3-4 years, we can see that 2025 is a very successful year. We have 22 deliveries planned for this year. 17 have been finished and meeting the schedule and the budget. The remainder is to be delivered in December, and we do not foresee any issue. Of course, we worked in a stressed segment, right? Labor has been stressed, but far from collapsing, we believe. Very clear. Thank you. Ruan Argenton from XP, you may ask your question. Hello, everyone. Thank you for taking my questions. The first has to do with the launch pipeline for 2026. Well, you've talked about this, but you see potential for growth in 2026, and we see that 2025 did show a lot of the growth potential coming true. What challenges do you foresee in the coming year for this growth? In 2025, one challenge that was mentioned was the approval challenge. So how has that progressed? Are you more comfortable with this type of approval now? And could we expect an increase in sales in 2026 similar to that of 2025? And what are you planning on tapping into or exploring other regions in the city of São Paulo or different types of projects? What are your concerns or expectations there? My second question has to do with G&A. The company has grown substantially with more people on the team, and do you already find the company is balanced when it comes to G&A expenses? With the revenue that you expect, do you think this could be reduced in the coming quarters? Hi, this is João again. Obrigado. Thank you, Ruan, for your question. In 2023, 2024 and 2025, we had a look forward. Again, this is not official guidance, but the expectation was to grow BRL 500 million in PSV in the Plano & Plano share. We delivered more than that in every year. One was over BRL 600 million, the other was over BRL 900 million. This year, as we have launches planned for the fourth quarter, we can't give you a number, but we should surpass BRL 1 billion in the year in 2025. As we look forward, we are confident that the company is prepared considering our land bank and our approvals pipeline. We really believe we can continue to grow BRL 500 to BRL 1 billion a year in the Plano & Plano share. As part of these challenges, we've basically gone past the phase from Pode Entrar where we remove BRL 1 billion from our land bank for Pode Entrar. Then there was an approvals pipeline that was stressed as well, just to use the same word as Rodrigo Fon used for engineering, for us to have products ready to be launched. The fourth quarter as well as the start of next year, we understand are going to be much more organized for the launches pipeline. The challenges in legal aspects are behind us. Of course, there's a lot of work to be done, but the pipeline is going to be more consistent, which is great for the commercial department to plan for the launches. There is a positive adverse effect here, so to speak. As engineering is able to cover it, and so is the commercial department, we see that we could take these steps forward in sales. There are initiatives taking place for this to happen, and we'll continue to work to grow very fast in sales as we're growing fast in launches. As for G&A, we have about 5.86%, right? That is the standard level for low-income developers. While we continue to grow quickly, we'll continue to reinforce the team to make sure the future will continue. I'd say that 5.8%-6% is a level that we could expect for a while still, as we're optimistic about our continued growth. As for sales, that wasn't exactly your question, but the sales expenses, or the selling expenses rather, they are in 8%, 9% or up to 10%. Pode Entrar doesn't have selling expenses, but we also believe it's going to be a sustainable level for the market. G&A shouldn't be too different from what I've said, considering the strong growth we expect in the coming years. Thank you, João. The next question comes from Gustavo Fabris from BTG Pactual. Hi, everyone. Thank you for taking my questions. I'd like to go back to a point that was already discussed, the recent changes in Minha Casa, Minha Vida program. Do you understand already how the subsidy could impact margin and prices in your products? Thinking especially of the trade-off in price increases and how that could impact SOS. Luna even mentioned this in a previous question, so that's my one question, actually. Hi, this is Rodrigo Luna. This new model in Minha Casa, Minha Vida gives a 20% affordability potential for the down payment in lower income families. That can address a substantial part of the issue. With that, more people would have the chance of acquiring their house, their home. The SOS is always connected to or the appetite for SOS, so it's connected to margin. It's going to improve sales in the fourth quarter. If you'd like to ask a question, please click Raise Hand. If you want to send your question in writing, just click the Q&A icon and send the question with your name and your company name. This is the end of the Q&A session. I now turn the conference over to Mr. Rodrigo Luna for his final remarks. Good afternoon, everyone. Thank you very much for joining our conference call to talk about the third quarter 2025. As we've been saying, we're very optimistic for the results of 2025. It's really on its way to be a record year in sales. The demand has really been high. The journey to reduce the lack of housing is continuing. Plano & Plano is prepared to take on a substantial part of this opportunity, and we can see that in our numbers. As João Hopp said, the fourth quarter is expected to be strong when it comes to sales. Some launches are still pending, and we're optimistic to carry out the plan that we had for 2025. Thank you very much for joining, and have a good one. This is the end of Plano & Plano's video conference call. Thank you everyone for joining, and we wish you a beautiful day.