Good afternoon, ladies and gentlemen, and welcome to Plano&Plano's second quarter of 2026 earnings call. This call is being recorded, and the replay will be available at the company's investor relations website. The slide presentation can also be found there for download. We would like to inform you that during the company's presentation, all participants will be in a listen-only mode. After the presentation, we will have a Q&A session and more 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, as well as on information currently available to the company. Forward-looking statements do not guarantee performance, and 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 overall conditions, sector conditions, and other operating factors may affect the future results of Plano&Plano and may lead to results that differ materially from those expressed in such forward-looking statements. Mr. Rodrigo von Uhlendorff, Rodrigo Luna, João Hopp, and Anselmo Soares are present today. CEO, VP, Executive VP, and CFO of Plano&Plano, respectively. I'd like to turn the conference over now to Mr. Rodrigo Luna, VP, to begin the presentation. Please, Mr. Luna, you may proceed. Good afternoon, everybody, and welcome to our second quarter 2026 earnings conference call. Plano&Plano continues to make consistent progress in its mission to expand access to housing, offering products that are in line with the needs and desires of its customers. Our track record, which was built over nearly three decades of operations, combines extensive market knowledge, execution capabilities, and operational discipline. Those are all attributes that continue to sustain and support the company's growth. During the quarter, we launched over BRL 800 million in PSV, comprising over 3,000 units. Our sales exceeded BRL 900 million, 9% more quarter-on-quarter. Our sales over the last 12 months are at the highest level they've ever been in our history. Our operations continue to grow, reaching 66 active construction sites. The number of units under construction exceeds 44,000, up by 26% year-on-year. This quarter, we delivered two projects on time, and we expect that once again, all deliveries this year will take place strictly within the contractual deadlines. This production structure is highly valuable. It also challenges the industry and provides an important foundation for future plans. The business environment in the city of São Paulo has become more challenging. Launches of products aimed at social housing are at the highest level in recent years. Nevertheless, the demand for housing remains extremely high in the city of São Paulo, but the greater supply of products gives consumers more choice. The strong pace of launches of social housing products is also putting pressure on construction costs in the city. We have also faced additional cost pressures in recent months due to the war in Iran. Despite this challenging scenario, our costs remain well -controlled and in line with our ability to adjust prices for our products. Additionally, we have mitigated these effects by enhancing the customer experience, developing projects with greater added value, and strengthening our competitive advantages through scale, operating efficiency, innovation, and long-term relationships with partners and suppliers. In the first half of 2026, we prioritized profitability across the board in our entire product portfolio and SOS at launches while continuing to take action to increase our sales capacity, given the business opportunity that we have ahead of us. Part of that journey is strengthening our team and improving our processes. I'd like to highlight the arrival of Thiago Castro as our Vice President of Business, bringing years of experience in the real estate market. I would also like to highlight that the company continues to make progress on its ESG agenda, and I'd like to invite all of you to learn more about these initiatives in our sixth Sustainability Report, available on our institutional website. Go take a look. Looking ahead, we have a land bank of over BRL 34 billion in PSV. Our approval pipeline is well organized, and it provides yet another solid foundation for the company's future growth, allowing us to tailor our launch strategy to the supply and demand conditions in each region where we are present. We offer a diverse range of housing solutions for our customers. We continue to advance our expansion strategy, and we have announced the opening of our operations in Goiânia, expanding our geographic footprint and creating new growth opportunities. Starting this month, we will have a local office and team in charge of advancing the projects that are currently under study, with a goal of making our first launch in the city from which we will validate our business assumptions for the region. We are confident that we are on the path toward a new avenue of growth and value creation for the shareholders. We remain fully committed to the sustainable creation of value, maintaining our focus on operating efficiency, financial discipline, innovation, and execution excellence. Now I'll turn it over to João Hopp, who will present the operational and financial results for the period. Hello. Good afternoon. Thank you, Luna. In Q2, Plano&Plano launched five projects totaling a PSV of BRL 826 million. This result represents a 16% decrease quarter-on-quarter and 41% year-on-year. Year- to- date, the company launched just over BRL 1.8 billion in PSV. On a Plano&Plano share basis, PSV decreased by 5.9% when comparing the BRL 830 million in the first quarter of 2026 with the BRL 783 million launched in the second quarter of 2026. Year- to- date, we totaled BRL 1.6 billion on a Plano&Plano share basis, 21% below last year. Total 100% Plano&Plano share sales in Q2 reached BRL 917 million, 8.9% higher quarter-on-quarter, and 2.5% more year-on-year. Year- to- date, net sales reached virtually the same level as last year, totaling BRL 1,758 million. Considering total contracted sales over 12-month periods, including the private and public markets, as of December 31st, 2022, the company has grown at a compound annual rate of 30.8%. We are at the highest level of sales in our history, virtually in line with the last 12 months of sales as of December 2025. These past six months of sales have focused on seeking greater profitability in sales and better commercial preparation for launches, with the goal of achieving higher SOS at the start of each project. The company's net revenue increased, and we produced 173,000 sq m, 19.3% higher quarter-on-quarter and 36.2% higher year-on-year. In the first six months of 2026, production totaled 318 sq m, 32.5% higher year-on-year because there was an increase in the pace of the execution of the projects and a consistent evolution in our operating activity. We should highlight that 100% of the works underway are within the schedule, reinforcing our operating efficiency and our commitment to predictability in our deliveries. The net revenue of the company reached BRL 915 million in Q2, 16.7% higher year-on-year, and 23.9% higher quarter-on-quarter. Year- to- date, net revenue increased by 18.7%, reaching BRL 1, 653 million. We ended Q2 with BRL 3.5 billion in revenues to be recognized. Given that our production is on schedule, it is only a matter of time for this revenue to be recognized in our results. We would like, once again, to highlight that despite the heated construction environment in the city of São Paulo, Plano&Plano expects to deliver all projects on time this year. In Q2, adjusted gross profit reached BRL 272 million, up by 25% quarter-on-quarter and 0.5% year-on-year. Adjusted gross margin in the private market came to 30.2%, a decrease of 1.2 percentage points quarter-on-quarter, mainly reflecting construction cost inflation incorporated into the total cost of the constructions. When we look at our adjusted gross margin recognized in 2026 by period of launches, we can see that the most recent years have higher results. We highlight 2025 and 2026 with more results to be recognized. They have 35.7% in adjusted gross margin and 37.1% respectively. At the end of Q2, the private market backlog margin reached 37.5%, a decrease of 1.3 percentage points quarter-on-quarter. The company has been able to maintain its backlog margin at healthy levels with minor fluctuations resulting from the product mix, and more recently, because of higher construction cost inflation. If we look at the backlog margin per year of launches, we can see that the most recent ones have higher margins. Due to the operating cycle of our business, there's a 36-month period between the launch and delivery, and we deliver all projects with 100% of units sold. The 2023 and 2024 periods account for a smaller part of our results. Selling expenses stood at BRL 98 million, compared to BRL 73.5 million in 1Q 2026 and BRL 68.8 million in 2Q 2025. To better assess the performance of selling expenses, it's important to compare the expenses against revenue, excluding Pode Entrar, because we don't need any selling expenses in that program. Expenses then represented 11.2% of net revenue in Q2 2026, compared to 10.1% in 1Q 2026 and 10.9% in 2Q 2025. The increase actually in this number is mainly related to broker expenses and also we had some one-off expenses related to notaries' offices. We had a 39% increase this quarter in the number of units. If we look at our selling expenses over net sales in the private market, we can see that the level has been very healthy, reflecting a positive result of our measures to improve operating efficiency and keep the customer acquisition cost under control. Administrative expenses came to BRL 50.6 million in Q2, compared to BRL 46.1 million in the first quarter and BRL 50.6 million in the second quarter 2025. As a percentage of the net revenue, they accounted for 5.5% in 2Q, in comparison with 6.2% in Q1 and 6.5% in the second quarter of 2025, with a reduction of 0.7 percentage points quarter-on-quarter and 1 percentage point year-on-year. This chart shows the evolution of administrative expenses and the launches over the periods. We can see that the administrative expenses are in line with the launches, but they are recognized later due to the percentage of completion methodology. The administrative expenses have been in healthy levels over the past years. In Q2, our net profit came to BRL 67 million in a 100% Plano & Plano share basis. Our expectation for 2026 is for a seasonality of results to be similar to 2025, with net profit results growing quarter by quarter until the end of the year. The company ended the period with a cash burn of BRL 94 million. The cash consumption, cash burn in the year came to BRL 110 million, including the effects of receivables. The net balance of these transactions resulted from the amortization of BRL 38.6 million in receivables and the execution of a new transaction during the period in the amount of BRL 54.6 million. Among the main factors impacting the period was the Pode Entrar program, with approximately BRL 50 million in receipts still pending. In addition, approximately BRL 35 million in receivables from customers in the informal income segment expected in the second quarter of 2026 should be converted into cash in the following quarter, reflecting the operating time frame between the completion of the transfer with Caixa Econômica Federal and the completion of the registrations. As of June 30th, 2026, gross debt totaled BRL 1 billion. Considering cash and cash equivalents of BRL 884 million, the company had a net debt of BRL 163 million at the end of Q2. As a result, the net debt over equity ratio stood at 13.4%. These indebtedness figures do not include these liabilities. With that, we conclude the presentation and we are now available to take your questions. Thank you. We will now begin the Q&A session for investors and analysts. If you wish to ask a question, please type in your name and organization in the Q&A field. The first question comes from Herman Lee with Bradesco BBI. Hello, Luna, João, Ans elmo. Thank you for taking my questions. The first question is about Goiânia, the new market. This is probably the biggest news in the quarter, so I'd like to know your strategy behind that. Also, I'd like to know more about the profile of the projects in the region and the potential size of the market. We can see also a growth of 23% in the funding. I'd like to know about how comfortable you are about this size. I would like to know if you have any color to give us about delinquency. Hello, this is Luna. I am going to answer the question about Goiânia. This movement is part of the geographic strategy of the company. We have been looking into those possibilities, considering our portfolio, especially Minha Casa, Minha Vida in Tiers 1, 2, and 3. That is what we aim to do in the Goiânia region. It is a thriving city that has similar characteristics as São Paulo. Our business model has a very good fit with the region. We had studied that for a long time, and now we are just executing another stage with the opening of our office there. We are still to decide the type of profile that we are going to have there, but the region is pretty similar to São Paulo. Okay. Now I am going to address the second question. Over the past years, the types of payment are very important for us and in the market, the use of the Guarantee Fund for Length of Service has been decreasing. There are few customers that can use FGTS to fund the purchase of their apartment, so they usually use the pro-s oluto payment. It accounted for 7%-8% of our PSV in 2023, 2024, and 2025, and this year, the number has been higher. It is 11.7% of the price of sale. Out of that number, 1.15% is the payment that comes after the delivery. So we have a portfolio of BRL 700 million of pro-s oluto down payment. The payment after the delivery of the unit stands at 40%. By doing that, we are ensuring better health in this profile of funding. It is growing just like the company is growing. So this year, we could consider that it is going to account for 12% of the PSV. Delinquency decreased. Actually, it increased and the situation worsened here in Brazil. It is indeed an issue that we have seen over the past three years. Delinquency is getting worse. When we look at our portfolio, we estimate that the actual loss is about 1% of our PSV. In our provision for doubtful accounts, we have BRL 71 million out of a total of BRL 700 million in receivables, pro-s oluto receivables. We should also remember that the receivables are adjusted by the construction cost inflation index, and after the delivery of the unit, the inflation index that is used is IPCA + 1%. Okay. Thank you. The next question comes from Gustavo Cambauva with BTG Pactual. Hello. Good afternoon. I have two questions, too. The first one is about your gross margin. In your release, you broke down the gross margin per period of launches, and the older ones have a smaller margin than the most recent ones. I would like to know more about what is behind that. You mentioned the impact of cost due to the war, but the older periods, since they had lower costs, maybe they should suffer less because a good part of the cost was already incurred way back when they were launched. Maybe that impact should be higher for the recent periods and not the older ones. So I do not know, maybe it is related to cost or price. I would also like to know what you have been doing to avoid that difference between the periods to come. For example, what makes us comfortable that the 2025 margin is not going to deteriorate in the next periods? The second question is about the launches. You launched fewer projects in the second quarter. I'd like to know why. Was that a strategy? Are you trying to prepare the company for an acceleration in the second half of the year? Or is that related to a lower volume of launches this year than last year? So I'd like to know your perspective when it comes to launches in the second half of the year. Thank you. Thank you, Cambauva, for your questions. About the gross margin, there's an effect related to the older periods in which you have a different fit. There is a fixed receivables component that we have to transfer to Caixa Econômica Federal, and the inflation that we use is at 6% in the three-year cycle. We increased the inflation rate in our feasibility study to better price the recent periods. The older periods, the INCC, the construction cost inflation index, was lower. It used to be 4.5%, but there was a major impact because the works still continue, so they put pressure on the quarter results. We should remember that the cost to be recognized includes all the remaining cost. Probably in Q3, the 2024 projects will have a better margin because the adjustment is done on top of the quarter margin when we increase the construction cost. We are also favoring the margin during sales in the last months, and that is much more concentrated on the inventory of the most recent launches since the second half of 2025. We did not provide that many discounts, so the financial quality and the profitability of the new sales are also higher. It is important to bear in mind that there are one-off adjustments to be made in the second half of the year, and also, the margins in the new sales will be higher. We are also going to mitigate inflation effects related to the war. We are doing a lot of things in terms of mitigating those costs, working with the suppliers in June and July. Initially, it was a 2% additional inflation that impacted the second quarter results, but now the additional inflation is 0.7%, so that additional effect is already going down. That's another point that we have been working on with the suppliers. The gross margins then, and it is important to highlight that point. The gross margin includes the cost of construction, which carries part of the future inflation, including labor. 42% of our construction cost already includes future inflation. The materials that we work with follow the current prices every month. When you see price increases, like in the second quarter because of the war, you see that immediate effect on our margin. You asked if in the future, we expect to see pressures in the projects that are being launched right now. Well, the answer is yes. We might see additional costs, but we should remember that we are including a 6% inflation for future constructions. Now Luna is going to answer your other questions about the launches. Well, Cambauva, about the launches, the business areas of the company are ready to absorb demand and grow. We are only going to do that if the SOS matches our business plan. We are following our launches closely, thinking about our sales growth as well. We are going to pay attention to the competition in the second half of the year here in the city of São Paulo. The whole state of São Paulo has been growing in terms of launches. Three years ago, the numbers showed 30,000 - 35,000 units in the Minha Casa, Minha Vida program being launched, and now, in the latest survey, the number went up to 95,000. It's an exponential growth, and therefore, the competition is tougher. We have more competitors, and that has an impact on our SOS. So we are ready to grow, but we are only going to do that if the SOS grows accordingly. Thank you. Thank you for taking my question. Next question comes from Matheus Meloni with Santander. Hello. Good afternoon, everybody. Thank you for taking my question. I'd like to know your perspective about the competitive landscape here in the city of São Paulo and if you have any specific region where competition is tougher, if there's any specific region in the city of São Paulo, and also your perspective about land bank acquisition. The second question is about Cyrela. What changes from now on? What's your relationship now like with Cyrela now that Miguel and [Efraim] are leaving the Board? Thank you. Hello, Matheus. This is Luna. As I said on other occasions, the competition here in São Paulo is very tough. The number of launches increased by 3,000% over the past years, and that obviously adds to the challenge in terms of SOS and pricing. On the other hand, the demand in São Paulo is very high. The market here is very resilient economy-wise. These things are cyclical, but since our company is one of the leaders of the market, we are well-positioned, and we will try to leverage our experience to get the best results possible. Our land bank, as we said, is very robust. We're talking about BRL 34 billion in land bank. It is stable and ready to cater to the growing demand, although there's more competition now. That's part of the game. It is cyclical. We saw that happen before. For us, it's great to be in the biggest region of Brazil, the most economically solid region with a very strong demand. There's actually workforce shortage in São Paulo in comparison with other regions in Brazil. So we believe that although the market is very competitive, we are well-positioned. When it comes to the board, it was Cyrela's Board's decision. We saw that happening with the other two companies, Cury and Lavvi. After our shareholders' agreement was extended for four years, they now decided to not be part of the Board of the company anymore. They are partners that are an integral part of our history. Of course, we are replacing them with talented people that can contribute to the growth of the company. Although they're not going to be in the Board anymore, we are confident that the new members will continue to help us and contribute to our growth. Thank you. The next question comes from Ana Júlia with UBS. Hello, everybody. Good afternoon. Thank you for taking my questions. I'd like to talk more about Goiânia. I'd like to understand more how much cash you're going to spend in the beginning of the operations, especially to establish the operation in Goiânia. Is it going to have an impact on your G&A expenses that we can expect going forward? What is the journey going to be in terms of generation of cash and cash burn as well? Considering that dynamic of generating cash versus growing. About selling expenses, they were higher than we expected. If you can please give us more color on why that happened, that would be helpful. You said that there was an impact related to the informal income customers, but if we exclude that, do you think that there was a need for more selling efforts? You also talked about the sales in July. You are not using price discounts to boost sales, right? What are the additional efforts on the sales front that you are using to leverage sales? Well, about Goiânia, you should know that Plano&Plano operations over the past years reached a maturity level and such a structure here in São Paulo that allows us to first take a very specialized low-income product to other places outside São Paulo. That is our cash cow here in São Paulo. There is an evolution of the product that we saw over the past years. It is a differentiated product for the region, and we will be able to offer those high-quality products in this new region. The structure of São Paulo allows us to expand to other places with little investment. We're talking about an office opening now in August with a team of 7- 10 people. We're going to lease a place. At the office, we are going to have customers coming over with a very low cost. The CapEx involved in putting together an office with a point of sales that is permanent, is low. Since our Minha Casa, Minha Vida structure includes transfer at the end of the process, the investments are low as well. The marginal investment is very low because we're going to lease the office. We are going to have a very lean team in the beginning, so it is not a concern for us. The G&A expenses are not going to change dramatically due to this movement going to Goiânia. Someone asked us about the size of this operation, and according to our studies about expanding geographically, we expect to have PSVs in excess of BRL 1 billion per year. So it's a low level of investment considering great returns for these shareholders. Yes, we're going to invest, but very little. Now, about selling expenses and customer acquisition cost, you said that we are not going to give discounts, right? We are not going to use the price as a sales tool. So what we're looking for is to have a good fit with the customers, considering the profile of the unit and the income as well, how much we are going to take as a down payment, how much after the delivery. So we try to maximize our margins in our sales efforts. Of course, the customer acquisition cost over the past 12 months has been lower than 2025. So we are very much in line with our expectations on that front, with no additional costs. This quarter, we had higher selling expenses because there's a mismatch with the revenue that is recognized. There are some expenses that are recognized in the quarter. In this specific quarter, we had to pay commissions to the brokers, and we only pay them until we get the transfer. That is why there was a concentration of those amounts in the second quarter. Thank you. The next question comes from Gabriel Moreira with XP. Hello, good afternoon. Thank you for taking my question. I have two questions. The first one is about Pode Entrar. When is the city hall going to make the payments? Maybe by the end of the year? Do you have the answer for that? Also about Minha Casa, Minha Vida, especially Tiers 3 and 4. Do you think you are going to see improvements, and if so, what would be the company's position? Those are my questions. Thank you. Well, we should remember that we have two contracts, one for 3,600 units that were fully delivered at the turn of the year. One of the four projects finished and was delivered on time, but there was a delay with the energy utility company. That is why it was considered that May was the moment where the project was delivered. According to our contract, the payment from the city hall should come six months after the delivery of the project. So there is still a chance that the BRL 40 million will come in the third quarter. If not, they will come until October, which is the end of the time frame. About Minha Casa, Minha Vida, the association of the companies in the real estate market is working to change the income brackets in each tier of the Minha Casa, Minha Vida program, but we do not have anything concrete in terms of a change. Since Plano&Plano works with an operating cycle that is a little bit longer, we already know what we are going to do in the next launches, and 72% of the launches should fall within the Tier 2 of the Minha Casa, Minha Vida program. So, no change that comes in those brackets will affect our plans for the Minha Casa, Minha Vida launches. Most of the units will be in the Tier 2 of the program. The next question comes from Olavo Fleming with Safra. Hello, good afternoon. Thank you for taking my question. I have two. The first one is about competition in São Paulo. You talked about the higher supply in the city, but are those units concentrated in any specific tier, maybe Tier 3? How does that impact your launch mix? The second question is also about Goiânia. I would like to understand your competition rationale there. Is there a concentration of players in a specific tier? Are you going to focus on any specific tier at all? Hello, Olavo, this is Luna. As I said, the competition here in São Paulo is fiercer, especially in Tiers 2 and 3, and a little bit in the fourth one, but credit is more expensive. So the concentration is mainly in Tiers 2 and 3. Tier 1 is very little in São Paulo due to the increasing costs. So the concentration is really in Tiers 2 and 3. That has an impact on the market's SOS in general. In Goiânia, just like everywhere around Brazil, there is a competition for Minha Casa, Minha Vida program. It is the main real estate product in the country. Over 60% of units launched in the country are within the Minha Casa, Minha Vida program. But differently from São Paulo, the competition there is not as fierce. Studies show that we have a very good room to grow and to work in the region. The next question comes from Elvis Credendio with Itaú BBA. Hello, João and Luna. I have a question about sales and the size of the company. Your SOS was impacted, I believe. I would like to know your expectations for the SOS going forward, and if growth depends on your SOS. If you can give us more color on your SOS run rate, that would be helpful. Also, I would like to know more about your launch strategy. Do you have the plan of continue to grow or maybe you can reduce the size of the company? The second question is about cash generation and leverage. You talked about the Pode Entrar payment that should come in until October. I would like to know how much you still have to receive and when the projects will be delivered so that we can calculate by when you expect to receive the payments. I would also like to know the expected leverage by the end of the year, not only considering your net debt, but also your liabilities, if you are going to sell more of your portfolio or not. Hello, this is Luna. I am going to address your question about sales. The company is ready to grow because the demand for housing is very strong, especially in the Minha Casa, Minha Vida market, where we have most of the country's housing deficit. But we are only going to grow if the numbers are consistent and if there is profitability. We are ready to grow, yes. Although there is competition in São Paulo, we are making sure that the results are in line with the business model. Those things are cyclical, and we are ready to grow, obviously. Especially considering that there is a housing deficit and the market is not producing according to the potential that we have each year. We are doing whatever we can to absorb that growth as much as possible. Hello, Elvis. This is João. In terms of cash and leverage, we should remember that the second contract for Pode Entrar is for BRL 370 million, and the units will be delivered by the end of the year. It is challenging to deliver thousands of units in 24 months, going all the way from scratch to a fully finished unit. It is a challenge, and we have to work very hard to make it happen, as we did in the first range, and now with the second one. There is a payment schedule. 10% is paid right in the beginning, and part of that, 25%, is paid in four installments every six months. The rest is paid every month according to the schedule of the works, and 10% is paid after delivery in up to six months. So BRL 37 million is the balance to be paid after the delivery, after October 2026. The payment schedule of the second contract is going well. There are a few delays, minor delays here and there of a few days, but the expectation is to have BRL 37 million as a balance to be paid in up to six months. I believe it is going to be paid in early 2027. No major concern here in the second quarter, in the second contract rather. Our cost of capital here in Brazil is very high, so it is important to keep leverage under control. In the second half of the year, we should have an operating cash generation. In the third quarter, we are going to generate cash. Actually, it is going to stand at zero because we had a BRL 110 million cash burn in the second quarter. The cash generation can be positive if we receive the Pode Entrar payment. Without considering the Pode Entrar payment, cash generation will be zero. We should have a positive cash generation in the fourth quarter, but of course, that depends on sales and the production cycle. It needs to be on time. Now, in the medium term, looking into 2027, I believe it is perfectly possible to decrease our leverage level. Lastly, to address your question about using and anticipating receivables, that is an interesting tool for growing and covenants-wise, because we have to make payments for land bank, so we can use that as a tool once again. That may be the case for the third quarter. I do not know for the end of the year. It all depends on sales at the end of the year. Okay. Thank you. That concludes the Q&A session for today. I would like to turn it over now to Mr. Rodrigo Luna for his closing remarks. Okay, thank you very much for participating in our second quarter earnings call. We are working hard to cater to this growing housing demand in the country. Precisely because of that demand, competition is getting fiercer, especially in São Paulo, where the market is more welcoming to new entrants. The monetary policy austerity in Brazil with high interest rates put pressure on the middle class. Many companies that cater to the middle class were forced to step into other markets, including the Minha Casa, Minha Vida market, and that happened before. Some of those companies stay as part of the business. But as I said, the demand is very high, and the company is highly specialized in this segment. We will continue to operate, delivering appropriate profitability as we have always pursued in the course of our history. We are ready to grow. Obviously, it has to come accompanied by profitability levels as we expect them to be. There is a political issue as well that affects the consumer confidence. There is an expectation for inflationary pressure to cool off a little bit. So we are confident. We are making our adjustments, adjusting our profitability, trying to go back to the past levels that we enjoyed before. Thank you once again. We are here to answer any questions that you still may have, and thank you very much. Have a good day. This concludes Plano & Plano's earnings call for today. Thank you very much for your participation. Have a good day.