JHSF Participações S.A. ($JHSF3)

Welcome to the webcast to discuss the results of 2025 of JHSF. Here with us is Mr. [indiscernible], our CFO. I would like to turn the call to Augusto. I would like to give some information. [Operator Instructions]

Good afternoon, everyone. Welcome to our earnings conference call to discuss the results of 2025. It's a pleasure to be here together with Breno and Mara, representing all the team of HSF this time, we decided to give the presentation at a different place. It's the first time we leave the office for the life. We are at the [indiscernible] it's a project that reflects where the company is today. It shows our innovation or execution capacity and also our attempt to transform the impossible into reality with a lot of discipline with a lot of study to provide brands for all this. So we are in Capital of Sao Paulo in a club [indiscernible] from [indiscernible] so we are live giving this presentation. This is a very special balance because it brings the special transformation of the company. It's an IPO relevant that we completed. So we thought it would be very important to have something at the same level of this historical moment. Before delving into the presentation, I would like to tell you what's behind the results. What's behind the new structure that the company will find after the IPO. And it's a new way of presenting results as well. before getting down into numbers, I would like to talk about the spirit behind everything we do in its concept. Before anything else, JHSF has a team that works with a lot of energy, with a lot of enthusiasm so that we can continue innovating our structure, our businesses so that every year, JHSF can be the successor of its own business. So this added to this innovative attitude in search of a transformational model that brought us this far that keeps us this balance and allows us to give share the result that we bring today. There is an incredible team behind all this that allowed us to be thus far. And that this result was only possible because it's a result of 55 years of work at JHSF with a lot of pioneering with a lot of leadership of [indiscernible] family and our founder, [indiscernible] and [indiscernible], who is our chairperson at the Board. So he has the vision behind all this all the big business. So this result is a result of all those 5-year work. Without this indication, it wouldn't be possible to bring this record balance, this historic balance that we are going to share with you today. And we would like to thank all the employees and all those officers that allowed us to reach this level. And share this balance with you. And it's a joy for us to share those results. And a reminder, it was only possible after nearly years of work, this company that allowed us to reach this fantastic level, the unique IPO in the Real Estate segment in Brazil and also with historic numbers. So we are going to provide the details in a consolidated way and then business by business. To start the presentation, 2025 [indiscernible] is marketed by the best results of our company. So the initial message is the following. This record is going to be seen in all the business we operate. You're going to notice that in all verticals, we have a unique balance whose performance is record in all our businesses. We also bring details about the IPO that we completed in December last year, the largest IPO in the real estate segment in Brazil of BRL 5.2 billion. And as I said, we are going to discuss the historic purpose of our business. Getting down into numbers straight away, first in a consolidated manner. So it was the highest and the best result in our history. Our gross revenue reached BRL 3.7 billion with a growth of 112%. Adjusted EBITDA reached BRL 1.8 billion a growth of 145%. Net profit of the company reached BRL 1.9 billion 17% of growth. And real estate development, so there's ready inventories at the value of BRL 5.2 billion the largest IPO in Brazil's real estate sector. And recurrent income also reached record levels. BRL 1.4 billion, a growth of 28% in gross revenue. Adjusted EBITDA notated reached BRL 969 million, a growth of 45%. We are going to discuss all recurring income, and they reached the peak performance since they were first created. Now getting into our IPO, the fund that we created. So a transaction of BRL 5.2 billion. And this transaction involved all the ready inventories and all the developed the stocks in development. All those inventories were sold to the fund, a very robust portfolio for a very important transaction. After the transaction was completed, what is left for us. After the -- so those sale of the inventory, we bring BRL 30 billion future developments in the years to come. the decades to come, which may follow the same pathway by means of investment vehicles using a more modern way after we sold all those inventories. And the company also had 78 units of residential properties. They remain for us, and those units are focused on the growth of our business of residences and rental 2 units of Reserva [indiscernible] host GDV, [indiscernible] billion and whose growth will be very significant when they are ready. And the NOI for us reaches BRL 150 million for HSS residents. And as to accounts receivables, we stand at BRL 2.6 billion. And these all remain with the company. So it's a very important transaction of BRL 4.2 billion in addition to all the inventories that are going to be in the fund. The company continues with BRL 30 billion, which will also reinforce our results in the future. in addition to the reinforcement that we received and also the accounts receivables that remain with the company. So we see a lot of strength after this transaction, and we have this potential for the future and also new residential units for lease. Here is a clearer vision of how the transaction happened. So it's the sales of assets in other world for in the. So the properties are sold their leave JHSF and they were sold to the fund. And this was done in its entirety. So first, there was a tranche that happened in December; 25 of BRL 3.591 billion and a second tranche of BRL 1.734 billion. So those 2 tranches amount to the BRL 5.2 billion that I mentioned beforehand. There is a cost incurred. So we are selling ready products in development. So the costs in development has a cost to be incurred of BRL 880 million. And after that, the total balance will be BRL 4.47 billion, showing the relevance of this transformational transaction in the capital market in Brazil and also for the company. Here, we show a same shot of what the company was and is after the transaction. Our capital structure before and after the transaction, we make a comparison of what happened before the IPO and after the IPO. Before the IPO of the company had BRL 5.6 billion as gross debt. It maintains a stable after the IPO transaction at BRL 5.7 billion. Before the transaction, our cash was equivalent at BRL 2.3 billion. After the IPO transaction, this cash moves to BRL 5.4 billion. Accounts receivable before the sale was BRL 1.1 billion. And the accounts receivable now stands at BRL 2.6 billion. So the company has undergone an important transformational event in its capital structure. Usually, the company is operated at a leverage of 1.9x inversion to adjusted EBITDA after this transformational transaction, we reached BRL 2.3 billion, and the company stands with a net cash positive. So from negative BRL 2.2 billion negative, the company moves to a positive net cash of BRL 2.3 billion. So it's a capital structure, which is very strong, that take JHSF to a positive net cash -- and so we stand at a large position in comparison to our indebtedness. So the capital structure of the company is very strong. It's very important that will allow us to move forward and move forward making our investments. We are going to provide more details about our project pipeline down the road. Following the presentation, now we would like to talk about the consolidated results of the company coverage, which is longer of the term, as I mentioned before, with a record performance of recurring income and also with the transformational sale that we made to the fund those 2 forces put together gives the historic results and the largest result ever reached since it was first founded in 55 years of operation. So the balance sheet is very strengthened. So we grew the gross revenue of about 200%, reaching BRL 3.7 billion, 112% growth in relation to 2024. The adjusted EBITDA grew by 17%, 15% in relation to last year, reaching an EBITDA of BRL 1.84 million and our gross -- our adjusted EBITDA shows a growth of 17% in relation to our net profit. First, historic balance. And as important as this ballast also considering the reinforcement that we received after the sale was the proposal of our recurring income businesses. Recurring income reached a record result and more important of always that in addition to the consolidated results of the company, all our businesses reach historic home marks, all units that we're going to disc individually have reach their peak in terms of revenue peaks of results individually, showing the equity system of high end with unique in Brazil. When we talk about the gross revenue, it grew by 5x, a growth relation to last year, reaching the historical level of BRL 1.2 billion. So adjusted EBITDA grew by 14%, reaching BRL 658 million and a growth of 33% when compared to 2024. And when we look at the second level of quality of the result, when we talk about the diversification of risk and how the gross revenue is broken down. When we started this diversification, we moved from a real estate developer, we maintained our DNA along the history. But when we start to diversify 25 years ago bringing the shopping malls to our businesses. At that time, the diversification was between recurring income and shopping malls. Along the time, we expanded the portfolio. In 2007, we assume the control of Fasano Group with hospitality and hotels. And then we included airports with Catarina and then our businesses of residents and clubs for rent, which is one of our projects. And then with JHSF Capital so the portfolio was expanding along the years and the successful brought diversification of risk, which was very strong to the point where we get to the results of 2025 and the relevant to vision able businesses an important share showing the solidity and the strength of this ecosystem composed the recurring income. So at 2025, it stands at 35%, airport at 24%, hospitality and [indiscernible] at 15% clubs and residences at 26%. And the capital providing a good balance in terms of diversification. Now that we have sold and being part of our balance. And it's a company that provides clarity to the market in terms of the fair perception of value of the JHSF before getting into businesses, specifically 2025 brought important deliveries to our block of recurring income operations, robust new operations, deliveries that reinforced our results of 2025 and we'll continue bringing an important flow to the future results of the company. First, we opened in the first quarter of last year. We inaugurated the second phase of [indiscernible] Sao Paulo, which is a product that was developed by our company. The first phase was when we inaugurated [indiscernible] this is a good nation for the main event of Sao Paulo. And then we have the office in media, where we have the headquarters of the and this was inaugurated last year. And we are going to move on with the third phase that will be the value of the [indiscernible]. In 2025, we inaugurated 2 important clubs as Dennis Club and Fasano Club, where we are today. And we also integrate a relevant project of Fasano [indiscernible] and we also -- we had the fourth expansion of our airport, reaching 4 new hangers bringing even more important magnitude that I'm going to provide more details when I will talk about airports. And we keep on with relevant expansions with deliveries that are going to bring ever more strength to the balance more energy to the growth of the result. And so for this year, we have an important expansion of are I'm going to provide more details later on. If we inaugurated a new shopping mall with Vista Village. We have a new expansion of Catarina [indiscernible] airport. Okay, I'm going to talk about it and the part of airport. And we also have a new unit for rent. We have a new phase of and there's a new phase of [indiscernible] Sao Paulo. So 2026 continues in a very strong way for this business vertical. This strategy, this business segment that will bring more force to our future. As I mentioned, in addition to that, we have to have been just inaugurated that will integrate the results. Looking down the road, the company continues with good expansion for recurring income. We have new shopping mall of Freeline, which will be the main shopping mall of [indiscernible] in the crossing of [indiscernible]. And our company's bringing this project. We continue with the new expansions in our airport. There will be a new hotel in Vista Village a very important international expansion related to the units which are being developed [indiscernible], London, Milan, [indiscernible] the new phase of all those, [indiscernible] and Fasano [indiscernible] and we will reinforce this business segment of recurring income of the company, which is JHSF residents with new residences. So the growth back line of the company is very relevant, very important for the future, and it will reinforce the growth of the results of our company. And here we bring important clear and important view. The long term of the company in a logic way of looking at the interesting value of our company. For a time, we have been explaining that the company in a separate way, the real state development and the recurring income. And now with the transaction, it's even clearer for us how the company must be seen for the future how the company must be perceived for the future. So it's a transaction where we sell all the inventories ready and the inventory is in development to the fund. So considering all the details, we will see the perception of value. So when we look at the medium- and long-term views, if you look from left to right, the company has EBITDA ratio of 658 adjusted EBITDA. This group of businesses today. So when we look at the results of 2025 and we look at this in a stabilized way in this portfolio, we can expect pipeline, which is very bus, including all the businesses, all the shopping malls expansions, and all of them will start to be part of our portfolio. The expansion of our hospitality and gastronomy airport expansions, Catarina and our clubs, which are going to start being part of the JHSF portfolio and the residences and the new captures of JHSF Capital. It shows that in the medium and long term, they will go -- they will lead to BRL 1.8 billion in EBITDA generation. So this has NOI adjusted in the current portfolio, it already has [indiscernible] level, which is stabilized. And we have the estimate of reaching BRL 1.8 billion with those expansions in addition to the expansions that we are likely to complement this unit of recurrent income. On the right, when we talk about value perception and as I said, in the medium-term horizon, I'm not even going to consider the BRL 1.8 billion for this rationale. So coming from the stabilized NOI and stabilized EBITDA of bill. So we come from this amount of BRL 1 billion. And as I said, after the transaction, which is very relevant, the company continues with a large richness of BRL 30 billion. So in the balance sheet, we have a property in the value of BRL 30 billion that can continue with the light balance and new funds that may happen in the future so that this portfolio can be developed. So the company has this richness in its balance sheet. Today, the company has a positive cash of BRL 2.3 billion. So it's a deep leveraged company. So the company should be perceived in the medium term looking at the recurrent income block and only you're looking at adjusted EBITDA of BRL 1 billion, not considering the future expectations of reaching BRL 1.8 billion in EBITDA. So when we look at the multiple companies with multiple of 18 companies and also considering with comparable companies, but also considering that this is a unique company. We've come to the conclusion that we are not just a company managing shopping malls. We are not just a company that has a segment of hospitality and gastronomy. We're not just a manager. When we compare to international players at the multiple of 20x and also considering the internetization of the company. So the market capital of the company for the future horizon of average horizon, it would be a market cap of BRL 15 billion or BRL 20 billion, different from the market cap of BRL 7 billion of the company. So in the medium and long term, the potential of valuation of the company for the future is very important for our future. now I'm going to discuss each of the activities individually beginning with shopping malls. Shopping malls showed the best results of the history. So sales growing to [indiscernible], much above the market average growing the consolidated sales. Brands reach our market leaders. Shopping Sedan reaches a growth of 19%. We announced an expansion of our shopping malls [indiscernible] with an important concentration of flagship, [indiscernible] and others that I'm going to talk in details in the future. Our results reached a growth of 12%, reaching BRL 395 million to BRL 248 million, adjusted EBITDA grows 34%, reaching to EUR 229 million in their results. It's a larger result ever of the company for 9 quarters consecutive, much above the market average. And now we bring a little bit about this international expansion. New brands, international brands have arrived in [indiscernible] [indiscernible] brands are exclusive for us. And in addition to that, we also bring an import expansion of international brands in the expansion of [indiscernible] [indiscernible] will have the flagship in 1,000 square meters were recent nearly 500 square meters is the first Tiffany with an apartment inside of shopping mall will reach nearly 900 square meters. Prada will have a store of nearly 700 square meters with its flagship in, which was the main destination in Latin America for high-end operation with expansion presence will be ever more consolidated. In addition to that, we will bring in new gastronomic operations, [indiscernible] will be part of this shopping all bring for the destination and [indiscernible] as well reinforcing this operation. It's the largest transformation in history in a [indiscernible]. So 3,500 square meters of GLA. And it will -- once again, will become the [indiscernible] the main destination of high end in Latin America. In addition, we bring to Cidade Jardim Shopping Mall department store, the new CJ fashion will provide more details about this new innovative space as a composition of bringing together all those operations, iconic exclusive operations that would make a unique operation in Latin America, making Cidade to be international benchmark in the real estate sector in the high-end sector. [indiscernible] brought into our [indiscernible] our [indiscernible] to have its flagship. It's going to offer exclusive service by the artisans with the customization work for the clients. So it's a very important transformation that will bring us growth, which is continuous. In addition, the new shopping malls should reinforce this business operations along the time. We are going to open the [indiscernible] Village. So we are going to have the new shopping mall next year, which will be shopping in [indiscernible]. When we look at the astronomy and hospitability we reached the highest historical results. For the first time, we exceed BRL 1 billion in this unit. This unit has reached its peak in all its indicators, daily rate reached for [indiscernible] with a growth of 11%, it's the biggest of the sector in Brazil. Our average covert reaches the growth of 8% is the largest average cover in the area of hospitality and our result and [indiscernible] grew 70% and EBITDA reach is nearly BRL 100 million with a growth of 35% in relation to the previous quarter last year. Now talking about our airport, the best result of history that was driven by the growing demand and by the operating rating parameters, we grew 38% in terms of the number of vehicles field. It's record in gross result and the head of this business reached nearly BRL 106 million with a growth of nearly 40% when compared to 2024. In only 5 years, with a lot of after only 5 years of operation, it's the largest operation of executive aviation in the world, more than 200 aircraft in the hangers. We have a waiting list for craft to be in the hanger so that we can meet the demand -- the unmet demand and then in the future, we have planned for expansions. This is a business that's likely to grow. So considering that we have this business has the capacity to more than double. So the net has good prospects for us. In addition to that, in terms of quality, we receive another level of recognition [indiscernible] Award, recognizing the operational excellence and safety. And for our clients is the best experience to be received in Executive Aviation. Looking at our next business of current income and residence is the record result. So we reached the record number of memberships. We have an occupancy rate of 100% all our residents are occupied. We have a waiting list of clients that willing to rent those units. So we have the largest number of are implemented for this business and we look at the revenue of this record reaching 117%. So we posted a 100% growth in relation to the previous year. So another business reaching its highest result in history and with important prospects of growth for the future. And our last business of recurrent income which is JHSF capital, which is the best result of its history since its foundation. It has been an important part in the capital structure driving the growth and capital contributes in terms of the sophistication of the financial operations together with OI and our financial team. So the manager continues monitoring the company with a more dynamic structure with capital of third parties. So it's the manager of this fund and the capital reached nearly BRL 10.5 billion of assets under management, and it's in the top 10 of the largest managers of assets and it's growing fast. And more than that, it has a robust pipeline because it's likely to be present in our new investments, be them for the new launches, by means of this new model that we have implemented selling with the GDV considering the robust [indiscernible] that the company has and the capital always provides support with those investment vehicles. And now talking about the real estate development. It's the best result in history. So it makes the sale of BRL 5.2 billion, the largest IPO in Brazil. And where the inventories are sold, both completed and also in development. So they bring the strength and they bring this new design and business structure where we developed this business unit out of the balance sheet of the company after selling the inventories to the fund and the future, the new launches, the new projects will be made through this new structure out of our balance with -- in a light way, so that we can continue with this relevant activity, which is part of our DNA and it's also part of the [indiscernible] ecosystem. When we look at all the projects and all the ecosystems, real estate development is an important part of the projects. But now we're going to continue doing this by means of investment vehicles. On the left, this first tranche, we bring the BRL 2.4 billion that we have in relation to the first tranche. When we look at the mix of products, these are real estate products and the second tranche in December, 44% in lots and the others in real estate products. And here, we bring a very important perception of the revenue to be appropriated as a result of the model of the POC in the future balance sheet. Considering this BRL 5.2 billion transaction to our balance, we appropriated BRL 1 billion. So this is the value that's appropriate in our balance. The first tranche -- we have the amount appropriated BRL 830 million to be appropriated. And we continue with 42 million to be appropriated related to the second tranche provides the company a very positive prospect for the future in a total of 4.26 billion of revenues to be appropriated in the next call. So in addition to this very robust important results that we bring with in this call, the company has an important level of total revenue above BRL 4 billion. So this insertion already brings to our balance sheet growth, very expressed growth. We grew nearly 280% in relation to 2024 and the gross result grows nearly 300% and adjusted EBITDA grows 278%, reaching BRL 1 billion. So as important as this transaction, this IPO, what was going to see in the balance is that what we have to consider what will be appropriated in the future? And transformation that we had with the sale, and we also have a clear view of the recurring income. We are going to develop real estate by means of investment vehicles so that we can have a clear clearer view of the intrinsic value of the company. And now before moving on to talk about capital structure. I'll pass the floor to Breno so that he can explain how we are going to evolve with our capital structure.

Thank you. Augusto at the end of December 2025, we get to a more efficient capital structure. And with the largest cash coverage. As we can see on the left side of the slide, 92% of our debt is in the capital market. It shows the high capacity of the market to reach the market as a result of the solid balance of the company. And we get to 2025 with 5.2% as a duration. And when we look at the right of the slide, we can see how this net debt is broken down. we end the year at BRL 5.8 billion. And with the mandatory convertible debt of BRL 121 million, as we have already explained in some previous calls and a robust cash of BRL 5.2 billion, and accounts receivable of high quality of BRL 2.6 billion. Adding all together, we get the net cash. So as Augusto mentioned, we -- the company deleveraged this IPO made us have a very solid net cash position and reached total assets of BRL 18.6 billion with equity of BRL 7.2 billion. Moving on to next slide, we can see that we increased the cash coverage of the company. So along last year, we come from 2.2 years to a coverage of 7.2 years. So more than 3x of cash coverage. So the company will always do the right moment, we'll be very cautious before any movement is made. Now I would like to talk about the ESG movement. ESG is very -- is taken very seriously. So we complete the first cycle of structuring the company. And we come into a scale of sustainable value. So we're going to mention some initiatives last year. 100% of our leadership has ESG-linked target. And we also had an early adoption of IFRS on [indiscernible] showing that we are going to have a very strong governance in relation to this. In terms of concrete results, we always mentioned catering our airport carbon-free, for Scopes 1, 2 and 3. The company has the CEO of [indiscernible], which is very important. We also have the recognition with the Echo award of 2025 and 50% of our Board members are independent. And we also posted 13,000 tons of waste recovered. So we take ESG there seriously at all levels at all spheres of the company. As we usually like to do, we like to put together all the main results of the company. both in terms of consolidated results and recurring income so that this can facilitate the access of the information. So I'll turn the floor back to Augusta for us to start the Q&A session.

Before we open for questions and answers, I would like to end the call once again saying that for us, it's a great to present this record historic results, not only considering the numbers. But also considering what the transaction brings to the company. All this movement after the leads us to a clear company clear perception of the results of the company so that the recurrent income can be ever clearer and also pave the way for new funds to be created. So that all real estate can be developed in using a very solid structure. So it's historic IPO. So we present this result with a lot of joy. And more than that, we consider the prospect that this balance sheet brings to us in terms of growth for the company down the road. Before opening the Q&A session, I would like to thank JHSF incredible team without this unwavering team with a lot of technique with a lot of capacity, works incentive for the results to happen. So I would like to give a special thank to the special team. I would like to thank all our investors and our business partners. Without you, we couldn't have reached those results and we wouldn't have completed this important IPO. We would like to thank our clients who are at the center of everything we do. without whom we would be here trying to transform searching for development in our businesses. We'll continue developing with excellence and quality. And I would also like to thank [indiscernible] family, who continues providing support to this activity and this operation and all officers who are part of the story, so that the company could reach this new level, making the company able to deliver those results. And so that we can have an ever clear vision of what will happen to the company after the IPO. So on behalf of JHSF, I thank you all.

[Operator Instructions] So we have Herman with Bradesco BBI. Herman.

Two questions on our side. First, the company has a net cash amount, which is very relevant. So what would be the plan for the allocation of capital. CapEx payment of investments or maybe return to the shareholders. And the second question is more related to recurring adjusted EBITDA. You showed that 2025 was [indiscernible] and you want to reach BRL 1 billion. So in terms of timing, when do you expect to reach to BRL 1 billion? And when is this likely to be converted into cash I'm going to answer the first question in terms of the allocation of the cash, and then you can talk about EBITDA.

Herman thank you very much for the question. Thank you for attending our call. this cash structure so the magnitude of the balance reaches after the new structure. So the cash reinforces our position. So this cash provides comfort that we can continue expanding the has been spending more than EUR 0.5 billion in recurring income. We are going to continue invest in all the businesses. We are going to continue expanding all. This is the investment that will allow the company to reach in the years to come, the number of EUR BRL.8 billion or BRL 2 billion in recurring income. So this this position that we've reached today provides us with a lot of confidence. So we have more diligence we have risk makers, even more reinforced so that the CapEx can be implemented in more reinforce structures even after the movement that the company has made related to the IPO and also with the cash generation that we have. The company will continue with the recurring income initiatives, and we have the BRL 30 billion that will remain at the company. And this will reinforce the cash even more for the next years and for the next decade. In relation to the cash generation, when we talk about recurring income. In 2025, we closed at about BRL 650 million and if you analyze the fourth quarter of 2025, we exceed 800 million. So we have some assets that were opened at the end of last year. So there are some projects we're still in the ramp-up moment. If we do not do anything, those recurrent income businesses will reach BRL 1 billion. So [indiscernible] with the ramp-up of those operations and also with the growth of the current project we expect to reach BRL 1 billion up to the end of the year. The BRL 1.8 billion comes from all the possibilities that were mentioned by August in 2027, 2028. We have a main asset, which is [indiscernible], which we refer to as the main CapEx. So on the slide, we depicted a horizon of medium term of 20 years, considering everything that we mentioned on the slide. So it's likely to reach 1.8 billion, Herman.

Good afternoon, everyone. I would like to thank you for the space to ask questions. On our side, we would like to know about the airport -- is there the possibility of opening a new terminal at Catarina. And we also would like to know some about the commercial airport and how would they relate to the international airport of [indiscernible] Airport.

Thank you for the question. Thank you for taking part in this call. So we are moving towards the sixth expansion of the airport. So it has 80,000 square meters of hangers and 160,000 meters of yards. So this structure today with nearly 200 aircraft the hunger makes this Catarina airport to be the largest in the world. So in the portfolio, we have the largest operation of [indiscernible] in executive aviation. We have future expansions. We are moving towards the sixth expansion with new hangars and also extending the tax way of Sao Paulo Catarina, Executive Airport that will provide or meet the demand of those who are in the waiting list. The airport has a focus on executive aviation. So we continue with those expansions. They are planned to meet part of this weighting most demand associated with the aircraft that would like to use our hangers, we have -- there's a very strong perception of the quality of those airports at the international and international levels. So we have been hearing that those users have good experiences. So we have a very good perspective for this business. And more important than anything else is the area that we have available to us, which is a very important entry barrier in the sector. We have available area that had been purchased and is already our property, and we can double the installed area nowadays. So it's a business unit who's growth potential is very relevant considering our strategy for recurring income. So we are going to continue monitoring this unmet demand and obviously, the possible flow from other airports, as you mentioned that we have no space in those airports may there be difficulty that they face. So there is an important plan to grow the airport with future expansions.

Our next question comes from Luis with Santander.

I have 2 questions on my side as well. The first is to understand the cash disbursement that you're going to have for the future associated with the projects under construction, those that have been sold. I see that there is a current liabilities related to the sales of projects. I would like to understand if you are going to make this reimbursement the end of 2027 beginning of 2027 for [indiscernible] project. And my second question is related to the commercial expenses in the real estate development. Why did we see this a large increase and what do you expect this to play out in the future after you sell all the units? How do you expect this line to behave for the future?

The first question was 100% clear. The second question was not so clear because the sound was not so clear. So you're asking about how is going to be the evolution of the cost for the units we sold to the fund. Each one has a different stage in the release on Page 57, we show the park, the the schedule planned for each project. You mentioned Reserva and his service again, we have the expectation to deliver the first tower between 2028 and 2029. So there is a turf to be followed. There are some projects in the fund that we sold to the fund which are still in the moment of prelaunch or launch. And the curve is going to be longer. For example, there is 1 project in [indiscernible] called has real estate towers which is in the first phase of Sao Paulo [indiscernible]. So this curve will vary according to the project. So there are some that are already being delivered by the client. So we mentioned an average cost of how we are going to consider the revenue. And in other words, how this is going to impact in our income statement. We mentioned some details during the presentation, but the cost we estimate to be BRL 800 million or BRL 900 million, and that would be the cost at present value of all the units that we sold to the fund. And the curve is going to change a little. There are some units that, for example, Reserva, where the construction is almost finished and there are some that had not been delivered. I estimate something between 5 to 8 years. So if you could repeat your [indiscernible] second question you asked can you hear us better now? Is it better now? The second question is related to commercial expenses that you had in the real estate development. I would like to understand why did the number jump up in this quarter? And how do you expect this line to behave considering that you sold all the development portfolio -- the commercial expense -- you asked there's a question. Was there an expense that will be received by the fund. The resales related to the fund started in January. So those expenses were related to marketing events, launch events. We did some commercial and marketing events which is related to [indiscernible] and other projects in different phases. So fourth fourth quarter was very important in terms of how the project evolved. We worked very hard on them. And the commercial expenses after that will depend on the launch, if there will be a longer [indiscernible] it's likely to be reduced a little. But if the launch happens in quarter, so we might have a one-off expense. Going to have a look at the Q&A. I received some questions from some people since we are almost reaching 1 hour of webcast. There's a question here, but I think post has already answered. -- related to the positive net cash. What would be your strategy? I think August has already answered this question. This -- and -- we also received a question about the leverage target. So Breno, would you like to talk about this leverage target in the medium term. Well, in fact, we don't have one. We look at the opportunities out there. So we are at your service together with the IR team. Should you have any questions, should you have any comments to make, and we'll be together next time so that we are going to share important and relevant results for the company. Thank you very much.