Good morning, ladies and gentlemen. Welcome to the earnings call regarding the second quarter of 2025 of Multiplan. We have here with us the Executive Directors of the company. The presentation of this conference call is available for download at the IR website of Multiplan. Before continuing, any forward-looking statements that are disclosed in this earnings call regarding the projections, economic and financial, are based on premises and beliefs of the Board of Directors of Multiplan. It's based on information available to the company now. They're not a guarantee of performance. They involve uncertainties and premises. They regard your forward-looking statements, so they depend on circumstances that may or may not occur. Investors should know that general economic conditions, industry conditions, and other operational factors might affect the results of the company and might lead to results that are materially different in the forward-looking statements. Now I'd like to given the floor to Eduardo Peres, the CEO of the company. He will start the presentation. Please, the floor is yours. Good morning, everyone. It's with great pleasure that I share with you the second quarter of 2025 results of Multiplan. We've had one of the strongest quarters of the last decades. In the operational side, with almost 13% growth in flat steel products sales and NOI that is a record 95% and the high occupancy rate getting to 96.1%. We continue to deliver solid results. Even after the repurchase of shares last year, earnings per share has increased 37% year-on-year on 2024. Results are driven by the renovations and expansions of our portfolio, expansions of equipment manufacturing and installation and highway cargo terminals, but we once again demonstrate the success of our strategy of valuing assets. Together, the terminals had an average sales growth of approximately 30% in regards to the same period of last year. This month, we also delivered the keys to the tenants on the railway cargo terminals expansion, 45 new operations there. The expansion will be launched in November of this year. Storage and handling of steel products and storage and handling of iron ore in Brasília continue with their construction and expansions that should be launched in April and November of 2026, respectively. Storage and handling of steel products has 90% of their GLA already leased. Brasília, 50% of the GLA leased. Another important point that we should highlight in this quarter is granulated iron ore. It's evolving in its two phases. We started the commercialization of the apartments with a value of BRL 13,000 per square meter on average, and today we're selling at BRL 23,000 from the inception of BRL 13,000, which shows the success of the project. Lake Victória is 73% sold and will be delivered next month. Lake Erie, which we started the construction two months ago, has 63% of its apartments already commercialized. Golden Lake is an important source of revenue for Multiplan. and it reinforces our plan to develop multi-use projects, creating synergy between residential developments and our operations. Barra Shopping Sul will be benefiting after the opening of the neighborhood, with an increase of the cash flow and increase in sales. Our digital journey continues to grow with the MultiApp. Today we have 4.5 million users within the platform, with which we can connect in a more recurrent and personalized way. 20% of the sales are captured through our relationship program. This is a significant number, and we want to expand rapidly with the implementation of other functionalities. I'd like to bring your attention to a very important number, a relevant number for us. Once we add the dividends, interest on capital, and share repurchases, we've already turned back to the shareholders over BRL 7 billion over the period of time analyzed. We remain committed to the creation of value for all the groups guided by our long-term vision and the confidence in the Brazilian market. I thank all the employees for their tireless work and their dedication for this company, and to the investors, analysts, and journalists that follow us. Thank you. Thank you. We will start a Q&A session for investors and analysts. If you have any questions, you can raise your hand. Our first question is from Tainan Costa from UBS. You can open your audio. Good morning, everyone. Thank you for the opportunity. I wanted to explore the behavior of sales. You commented on the April and May performance, 17% in May, April, and the consolidated of the quarter, which is 12%, 12.8%. In June, there was a bit of a deceleration, probably close to 7%- 8%. Of course, there is a seasonality in Rio Grande do Sul, but I wanted to understand if my reading is correct. Was there this order of magnitude? Looking up ahead, what can you tell us about the performance of sales in July? Is it going to be the same thing in June? Is there any worsening, any improvement? What are the segments that have a deceleration or have performed above average? Thank you. Tainan, this is Eduardo. You're correct. In June, we had a deceleration. In In May, we have to take into consideration that June is a month that you have a lot of things that happen outside of the malls. The June parties that happen throughout the country, you had, including at the beginning of the World Championship of Soccer, which removes a lot of attention from the shopping malls. Every event that is very strong in television is not good for the shopping malls. It was very strong. The attention of the spectator for this event, for the public for this event, and it generated less attraction in the shopping malls. I can tell you of June, July actually is performing aligned with what happened in June. We continue to grow, but not at the levels of May, which I didn't think it was sustainable to grow for this throughout the year. Do you want to continue? Tainan, Armando. Let me go over what Eduardo said. Exceptional is April and May, not only June. It was a very positive surprise. In regards to the segments of the quarter, it was a balanced performance. All the segments have had a growth in a positive way. The restaurant sector is very good, all of them performing very good. Here, with the turnover, the biggest increase of GLA was in clothing in this quarter. We've had a positive turnover. There is a variation of the segments and a performance that is very balanced. We've answered. Thank you. Our next question is Gustavo Cambaúva BTG. You can continue. Hello, everyone. I want to ask two questions. First, can you comment a bit on the parking lot revenue, which was a big growth year-on-year? You get it on the release that the flow was 3%- 4% of growth, but the revenue grew more. I wanted to understand if it's in fact the rest is just the increase of the ticket of the parking lot. I also wanted to understand if you can measure maybe some sort of impact of use of the MultiApp, the Free Flow app, how these initiatives change something in the profile of revenue or even of time at the mall. How do you see this? Second question is in regards to the reworks that you've done. Some were already delivered. I wanted to understand how that's reflected in the sales performance. If you can somehow measure some impact that these revamps have, reworks have done, or this is very dissipated through rent. Should we see any spikes in these specific malls as the reworks are being delivered? Thank you. Hello, Gustavo. The way that I see it, let me start by the last one. You can see with the performance of the shopping malls that is already complete, as New York, the growth in sales and the rents. Diamond, Barigüi. You will feel from now on as we finish, and if there is any residue, it's going to be residual. It's going to be the last year of our renovations. This effect is going to be multiplied in other assets. You can see this at Barra Shopping. We also had a lot of renovations there. You realize in the sales performance a growth that is very robust. The first part of your question, which is in regards to the increase of revenue in the parking lot, last year we had the discounts of the Free Flow that we gave to people that got into the program. These discounts are done. The 17% is impacted by this. Speaking of Multi, which is an ecosystem that we could manage to work, I see in a very positive way they're contributing for all the sales of the shopping malls. We're increasing. As we increase and implement, we're going to get more information. Today we communicate with 4.5 million people. I think, and I am certain, it was very courageous of the company to continue down this path and to develop this technology of reading the car plates because we didn't know who were getting into the shopping mall, if there were clients or not. Now when we bring a new technology that will bring more convenience and more knowledge on who goes to the shopping malls, it's a courageous step that the company has given. Now we will extract results, better results of the data knowledge that we have. I think that your response is very complete, but I want to show what we bring in the earnings and the reports of last quarter. Even if it's premature, we have the growth in rent in a real way. In this quarter, we have page six. We have a growth in the same stores and some shopping malls that have done their reworks. It's the practical examples that Eduardo has already displayed. Good morning. Thank you. Our next question is Pedro Lobato Bradesco. You can open your audio. Thank you. Good morning. Thank you for the opportunity. Two questions. We've seen that at Jacarepaguá, you've had a growth that is very expressive in rent. What would be the main efforts that you've done to do this improvement in the performance of the shopping malls? Now thinking about the expenses and getting into the NOI margin, you had that impact in the recovery of expenses. It's always common that this is a recurrent effort. It has to be seen as a non-recurrent effort. What is the impact in this quarter? What is the threshold of NOI that has to be normalized? There is going to be the occupancy in this high threshold that can improve, but what is the threshold of NOI that you imagine that are more stabilized? P edro, this is Armando. The first question about Jacarepaguá. One of the factors, the first one is consolidation. We are consolidating the shopping mall, and we have brought the real increases in the second year. You start to have an impact on this growth of higher rent. Another point is that last year we had an acquisition of 9% of Jacarepaguá with a minority participation of the shopping mall that also contributed for the growth of the rent. To summarize, three factors: the consolidation process, the increase in participation, and the real increases in rent. In regards to the expenses, I've had efficiency is running. 95% of NOI margin is very strong. We cannot be a victim of success. Thinking that we're going to keep 96% for a long period would be a desire, but it's not a reality. We've presented throughout the quarter very high margins, 90%. I think that this is what we imagine that we should have. Now, remember that there are new areas, expansions. Usually, we have a higher expense with vacancy and turnover of stores. We see two big expansions being delivered last year, and there are another three being delivered in Maceió, the other two, Morumbi in the first quarter, and the fourth quarter in ParkShopping Brasília. Thank you. Our next question is André Mazini, Citibank. You may open your microphone. Good morning. Good morning to all the team. Two questions. First, what would be the threshold stabilized for the expenses of properties, the recoverables that you've had in the quarter that allowed for an important drop in the property expenses? It was 26% in this one. What can we expect in nominal and also the percentage of revenue up ahead? If you can show us specifically what was recovered for this gain, it would be interesting. That's the first one. The second one is the 15% stake on Baja and 4% that is being sold by the pension fund. Can you tell us in capital allocation in your, what is your train of thought? We still look at 15% and Multi more leveraged after having repurchased the Canadian partner last year, but you know, a higher leverage than last year and has taken two trophy assets that are coming to the market. How do you see this? Thank you. André, this is Eduardo. By the end of the question, in regards to the sale, it's normal. For many years, it was the great investment that FOBS did in their pension fund. We've talked about this. They want to monetize and change the position. It doesn't change a lot of things here because we produce the shopping mall. I'm always looking ahead to seeing what we're going to produce. I'm focused on the things that we want to do, which is the expansion of Brasília, Morumbi, and the expansion of Maceió, the improvement of the entirety of the portfolio. This will generate other Morumbis and other malls in the future. Second part of the question in regards to the properties. I would like us to improve even more because if we can get every quarter, get news to you guys and get more efficiency, it will be better. Is it possible to do this always? No. We always try to get through agreements and a lot of things that were in the legal, getting these credits back, but we are not always that successful. Our department has worked a lot. We managed to get a lot of things back. This is what I can tell you in regards to what you asked. Thank you. Our next question, Fanny Oreng Santander. You may open your microphone. Congratulations on the results. I have a question regarding the Golden Lake. It really called our attention, the selling of both phases. You have in your pipeline the launch of the third phase of the project. If you can give us the vision, what is improving and accelerating the price of sales in the project? Is it going to be ready soon? People like it more. I just wanted to get your two cents on that. Thank you, Fanny. As you implement this, it has more attractiveness. What we have announced that we are going to do later is a reality. Before is a reality. The proximity to what we announced is an important factor. The proximity of the delivery of Lake Victoria is also important. Golden Lake is going to be ready in six months. We're going to get it done in 30 days. All of this helps with Lake Erie, which are smaller apartments. It's a smaller ticket. Here, there was a part that there are a lot of people trying to get more apartments in a safer part of town. Porto Alegre lived the disaster a year ago. Our condominium has all the conditions that if anything happens or another climate event, we are safe there. All of this has a big weight. We are selling a concept of a planned neighborhood. Those that visit realize what is being implemented. All of this helps a lot. The next phase, as you commented, we are still designing it. We are still discussing what are the products that we will repeat or not, but everything is okay. We've had a lot of difficulties. We've continued to the next phase, trusting that what we are doing in Porto Alegre is being delivered. In the next phases, you're going to improve the project? Saying yes. As I told you in the beginning, we've opened this at BRL 13,000. BRL 13, BRL 24, maybe BRL 30. Since this is a concept, a new concept for Porto Alegre, Rio de Janeiro is very, I'm used to it. It takes some time to realize that you're in a planned neighborhood. Thank you. Next question, Carla Garza, Bank of America. Good morning, everyone. Thank you for the opportunity. I have two questions. I want to do a deep dive on how do you see the next drivers of growth of the company now that the renovations are being finalized? Do you see a new wave of expansion that might be in the future? If you can comment on the delinquency and occupation, do you think that is sustainable? What can we expect in the next quarters? Hi, Carla. It's difficult to talk about the future in Brazil. We trust in the path that we have taken of reinforcing the shopping malls that we have. Once again, there's a lot of potential for the expansion, for the renovations. I can, but I don't, I cannot get all of those expansions done at the same time. Otherwise, you dilute the value. We could deliver two, and we're going to deliver another three that are being built. There is another two with a project, which is Jundiaí and São Caetano. It would be the next ones, but there is a lot being developed by the company. It's recurrent with the public, the public meeting. I explained that you need to have an expectation that is optimistic. I'm not saying that this doesn't exist, but I'm saying that this is not as obvious as it was in the past. As we had the driver of growth that is very big for the country, I believe that we are going to continue to grow. We continue to pay attention. Greenfield and possible acquisitions, everything is on the table. We did want to do renovations, do expansions because it's more adequate for the moment that we're living right now. About delinquency and occupation. Carla, I wanted to add something. There is a fundamental ingredient here of a lot of importance, which is capital allocation. You can have the opportunity of growing, and this is what we ponder when we make a decision of investment. Another thesis, which is centenary, which is the retail that grows in the shopping mall. Going over the next question on occupancy, you have occupancy 96.1%. It's been kept high and it's been growing. There are some factors which sales are growing to 12.8%, delinquency very low. You have the occupancy 96.1%, and you have the turnover 1.1%. If you look at it in a quarter, you see a high stability. The lower one, it has an increase in the, so it's a factor of stability that shows that the upside risk where there is the rent and it doesn't give you demand by space. For you to expand the shopping mall, it's natural in this environment. Our desire, as Eduardo has mentioned, it's very difficult to do predictions, but it's to get all the investments for you to have an occupancy rate that can be kept growing and generating good sales. Keeping delinquency low as we've seen, very much low than the records, which is the delinquency pre-2020, 1%, 1.10%, and we had last year very low, 0.20%. Thank you very much. Next question, Jorge Aguilar, Goldman Sachs. You may open your microphone. Thank you for the opportunity. Two questions on the capital allocation. First of all, I wanted to understand how much CapEx are we missing to finish the renovations? The second question is, you have the works going and this with the expansions, the CapEx, most of the CapEx that you have. I wanted to understand, do you, have you delivered those expansions? Would it change the way that you think about the payout of the dividend? Would you think that there is a possibility of increasing the payout? How do you think about the payout? What is the framework going up? Thank you. I think that I understand your points correctly. If I don't answer exactly, please let me know. First, the second part, the payout. When we've done the exercise of repurchasing the shares last year, we had a commitment that this big repurchase would not affect our capacity of investing or continuing to invest and returning capital to the shareholders. If you see how much we have distributed in the last months, BRL 1.12 per share, the biggest value distributed to the shareholders until now, thanks to this repurchasing of shares that we've done and the great results of the company. Even though we have the minimum dividends according to the laws, we are going towards the 50%, and this is our mindset. We continue to distribute in this threshold, but we will always evaluate higher or lower in accordance to the investment opportunities that we have. At this moment, nothing changes. In regards to your question, CapEx, we have the numbers that we've already discussed. We have three expansions. These expansions, if you get BRL 510, BRL 512 million in historical numbers. In this quarter, we've done BRL 557 million CapEx of expansion. We would have BRL 352 million left, but we already used some of that last year. About BRL 300 million could be the math that is simple for getting to what we need up ahead in CapEx in these three expansions. Another important thing with the CapEx, Eduardo commented several times, and we are at the final phase of this process of reworking and renovations. They were less than last year, which was the height. You still see in our reports these numbers decreasing a lot. To help you with an indication of CapEx that is missing for the year of 2025 up ahead. I hope that I helped with the numbers. Thank you. Next question. Olavo Fleming from Safra. You can open your microphone. Hello Fu, can you open your microphone? We're going to continue to the next one. When you can reestablish the connection, we can go back to your question. We're going to have the question of Jonathan Coutras, JP Morgan. Go ahead. Thank you, Eduardo, Armando. Congratulations on the quarter. I have two questions on my side. First, about the 3.5% that we have in a quarter. Do you want to keep these thresholds and certain segments and regions that you can share? The second question in the revenue of services, 16%. If you can give us more detail, is there anything beyond the administration? Thank you very much. Jonathan. The 3.5% is very much aligned with the, we have a fundamental spreadsheet in our website. It is aligned and we show the strong capacity to continue to grow with the inflation. This has helped us with the recovery that we've had against the deflation that was presented. In regards to service, there were several factors that had a growth in the revenue above 16%. First, we have more area, more ABL because of the expansions that we're opening. Secondly, we have a growth that is very strong. These are the revenues of service. Third, we have had rates, several rates of transference of stores and recoveries. We had a condition regarding this with the owners. This has pushed for the revenue of services in this quarter. Let me go back to the question of Safra. Good morning. Yes, we can hear you. Good morning, Eduardo, Armando, everyone. I wanted to do a follow-up with the Golden Lake. How do you see the performance of sales in the sense of the difference in type? You have Lake Victória, the higher units, VGV, higher. Do you see any difference in that sense? Looking to the other six phases, would they be more concentrated in lower, in smaller or larger units? Hi, Eduardo. The first phase, high, bigger apartments, more expensive. More difficult sale, it takes longer. It's a buyer that is more susceptible to the changes in the market. Here, there are people that have a lot of investment options. They think a lot to move. It's different from this phase that we're in now, which is Lake Erie selling, which is a smaller apartment. You don't have the investor. Oh, I'm in Brazil. I'm not in Brazil. You don't have this type of distraction for the level of sales for this phase that we are focused. These first months of the year, we saw sales in both, in Victória and Lake Erie. We've grown stronger with Lake Erie because it has expansion. Victoria has very few units to commercialize, and I think that in 30 days, we're going to have a position that is ever more advantageous. Golden Lake is going to be ready. Today, there's still work, and it's difficult for people to understand how this will work. The next phases that you mentioned, we don't have it defined. You have a pre-approved project, but it doesn't mean that we will execute as it is in a pre-project. The trend is that we repeat more apartments with a size of 200, 210, and maybe smaller than that for the next phases. With an apartment building such as this, you start by the, if we start by the more luxury one, the one that will give the best image for the condominium, and then you decrease the size of the units. There is a trend in the world of a lot of people that don't want to live in such a big apartment. People don't want to have, you know, employees. They want to do everything by themselves. We will study the next phases so we can implement what the market will absorb better. Thank you for all the questions. We will now close the Q&A session, and we invite the participants that still have questions to get in contact with the IR department. I'd like to give the floor to Eduardo Peres for the closing statements. Thank you. I would like to thank everyone. It was a quarter that was very intense, as it has been since I've taken the presidency of the company. I am very assured of the strategy that we've chosen. We're going to deliver another three expansions, and we will fulfill with what we have as objectives: improve the assets, bring more sales, and improving the experience of those that come to the company. Because our public is the one that runs our company. Thank you very much. The earnings call of the second quarter of 2025 of Multiplan. is closed. Have a nice day.