JHSF Participações S.A. (JHSF3) Earnings Call Transcript & Summary

Hello. Good afternoon, and welcome to the earnings results conference call for JHSF for the first quarter '26. Joining us today are Augusto Martins, CEO; and Breno Vicente, CFO; besides myself, Mara Dias, the IR Director. The presentation is being broadcast simultaneously through YouTube. [Operator Instructions] Any forward-looking statements made during this presentation referring to business projects are based on the management assumptions and based on the information currently available. They involve risks and uncertainties as they relate to future events and macroeconomic situations and legislation could alter these assumptions. I will now turn the floor over to our CEO, Augusto Martins.

Hello, everybody. Good afternoon to all of you. Thank you for attending our earnings conference today. We're doing this from a unit of JHSF in the Fasano Residences created to give trust to our business and to fulfill a significant demand of our customers who have a finished product, where the customer can come in with their suitcase and make the most of the residence with the Fasano hospitality. This unit will be delivered next week, and it is a pleasure to hold our live here to present the earnings for the first quarter '26. The first quarter '26 is an important quarter for JHSF. It shows a consistent progress in the expansion of recurring income business and results. This is a good beginning for the year with solid performance, resiliency and all of our units have a good financial and operational performance. We will discuss our businesses with you and speak about our strategic plan with projects that are underway and projects that will come in the future. So this is a quarter with a very sound and consistent message, highly aligned with our mandate that the company executes and presents to you today. Let's go through our main figures. For our recurrent businesses and our real estate business, our consolidated gross revenue reaches almost BRL 590 million with a growth of 34%. Adjusted EBITDA, BRL 250 million with 27% growth. Net profit, BRL 371 million with a growth of 9% and net cash, BRL 1.8 billion due to what we did in the past. During the presentation of 2025, we had a very robust cash in recurring revenue, gross revenue reaching BRL 389.8 million with a growth of 17% gross profit, BRL 205 million with a growth of 18%. Net profit, BRL 176 million with a growth of 20%. All of our operational indicators, therefore, with expressive progress. Here, a slightly longer time line to show you that consistency and resiliency with which we obtain our results. In the first quarter, gross revenue is BRL 590 million with 34% growth. We have significant evolution through time. Our gross result is BRL 327 million with a 31% growth with significant progress through time. Adjusted EBITDA with a growth of 27% and net profit reaching BRL 372 million, a very strong first quarter with a significant outlook for the year 2026. Here, you see an evolution referring to recurring income in line with what we have been commenting quarter-on-quarter, we have relevant growth. When we look at the beginning of the last 6 years, we reached the highest level with a growth of 17% in gross revenue, adjusted EBITDA with a growth of 20%, reaching BRL 177 million. When we look at the makeup of these results is what we underscore with you quarter-on-quarter, the quality of these results. The company 25 years ago, evolved from being a developer of real estate to working with recurring income. This is something that began with our malls. Through time, we expanded to hospitality, gastronomy, the residences, the clubs and the capital, and all of these businesses with very good performance, which brings us a very important distribution in our business, important soundness, diversification of risk of our businesses. This is a very healthy positive vision as well as in adjusted EBITDA. And it shows you the strength of our integrated ecosystem that reflects the perception of our customers, has an impact on the life of the customers as this adds to their lifestyle. And this is reflected in the balance and the size of our businesses. Quarter-on-quarter, we perceive the business as a recurring income with significant availability. And this is another quarter showing this distribution. Now as part of this advance and distribution in the period, we also disclosed important movements, our new operations, strategic assets that will reinforce our portfolio and future results. These are iconic assets, and they allow for diversification of our operation. In this quarter, we have a project that will be done in Milan, the JHSF Hotel Fasano Milano, an operation in the Quadrilatero della Moda, a very special neighborhood. We will operate our hotel, restaurant as well as a club, a significant operation that reinforces our ecosystem in a new location that will become an important destination for high-end international travelers. We also announced an operation that will happen in JHSF Peninsula Complex. It used to be the Conrad Hotel, a very important point in the Peninsula in Punta del Este, we will have a high-end mixed-use complex with the hotel Fasano Peninsula. We will also take there the CJ mall, Punta del Este with more than 10,000 meters of GLA with possible expansions to 20,000 meters, confirmed international brands for that destination like Gucci and Spinelli besides the gastronomical operations we will take there. And as part of this process, we have a casino and in the future, residential units that will be developed, a new and important operation in our portfolio in a destination that is the birth of our operation with our project, Las Piedras. So this will reinforce our portfolio and footprint in Punta that ever more is an international destination. And finally, we recently announced the acquisition of an operation of a fixed base operator in Miami, Embassair in the main airport of Miami, Opa-Locka. This is an important terminal with an important connection with the executive airport in Santa Catarina. This is the main destination of our clients when they leave from the Santa Catarina Airport to land in Miami. There's a possibility of boarding the operation with our operations at the Sao Paulo Catarina Airport and to land in a JSF operation in Miami as well. Opa-Locka is an important international destination. And in this mandate of international expansion, we ever more want to have our operations in the main international points of the world. And this is one of the main destinations for executive traveling. And we will be exporting our vertical of airports to Miami, where we also have a hotel under development. This is an important strategy for a company presenting important results. And this is a highlight, the acquisition of this terminal. As I mentioned at the beginning, Here, we see the evolution of our projects. It's important to underscore that it gives us an outlook of the mid and long term and what we project in terms of results. We have significant deliveries that will give trust to our portfolio. In 2026, we're planting to harvest future results. So quarter-on-quarter, we show you good quarters, positive results and historical marks. We're also very careful with the resilience and consistency of our results going forward. And this will reinforce that scenario for continuous evolution. Deliveries in 2026, CJ Boa Vista Village, I'll cover this when we speak about malls. We have a delivery on May 30, the beginning of the inauguration, a new mall operation, 3 new hangars and expansion of our airport. The expansion we delivered last year totally taken up. We have airplanes on a waiting line. So we're developing 3 new hangars, expansion of Cidade Jardim Mall, the last phase of Usina Sao Paulo to conclude that project, the new JHSF Residences as the one that will be delivered for lease the coming week. And once again, a soft opening for the Fasano Sardegna Hotel in the summer in Europe, reinforcing our international presence in a well-renowned destination. We continue with relevant expansions. We're foreseeing new operations for 2027. We will continue to expand our group for 2027, an important project of CJ and Faria Lima in the main point of CJ, a high-end point in Sao Paulo. We have new operations for hotels, the Fasano Hotels and gastronomy, 7 international ones, 2 national ones to reinforce our results, new hangars and aprons in the expansion of our airport. As I mentioned, our airport can double its present area, and this is what we will do in the future. The new Boa Vista Village. We had the Hotel Fasano, Boa Vista, the Surf Lodge, which is a hotel in the Boa Vista complex and the Lodge Hotel, the Grand Lodge Hotel to reinforce our gastronomy besides new JHSF residencies that will, of course, increase their availability going forward. All of the deliveries of 2026 and 2027 show the company has a good outlook of recurring income businesses. And we speak about expansion to allow you to see how we look upon this company in the mid and long term in 3 or 5 years with growth already contracted. It's important to highlight this. The growth is contracted and under development, as you saw in the previous slide. And it shows you the growth potential and the intrinsic value of the company, the value generation. So here, you see how we will manage the company going forward. Last year, the result of recurring income, BRL 700 million. And with all of the expansions, both local and international of our malls, Boa Vista, Cidade Jardim, and Cidade Faria Lima, new operations, hospitality, gastronomy, the new restaurants, the new hotels to reinforce that unit in the airport, the new expansions, not only the one of this year, but the others foreseen for future years, the expansion of Patio and the new FBO in Miami in Opa-Locka, the residency clubs, the new residences that will reinforce this portfolio and in capital, our new funding and new investment funds, when we project this to 3 or 5 years, we have a new expansion that has been mapped and contracted going forward. And in 3 to 5 years, this company will be generated BRL 2 billion in EBITDA. And we also have a midterm horizon for you as part of this perspective, our volume, well, is what we have just mentioned. This is the work we're doing. And if we look at the generation of this amount, if we add a significant capital structure after the movement that we did the IPO at the end of 2025 and in significant work in the company's capital structure, lengthening terms have left us with a very sound structure going forward, an important land bank of more than BRL 30 billion that we have in our balance as wealth in our balance for possible launches in the future decades. And this will happen through investment funds. like with a structure like the one we just carried out, reinforcing this forecast and the wealth added will be another potential above the BRL 2 billion that recurring income generates. And of course, we will have significant market cap with multiples 10 or 15x greater in the domestic and international market. So this will show us the upside that we're working with, with a great deal of energy in the company so that in 3 to 5 years, the company can follow that path. Not only an important quarter of results, our past record and the quarter we're presenting now and the expectation that we have of contracted projects for deliveries in 2026 and the next 3 to 5 years, bring about a positive outlook for growth in our market value. Now to go into details of our business units in malls, another important quarter. We have consecutive quarters with important results. We're a leader in occupancy in the sector. And we have the highest concentration of flagships in Latin America in our malls. We're a leader in that sector and another quarter with important results. We go beyond BRL 1 billion of consolidated sales of our tenants with a growth of 8%. Our indicator of rents, very important, same-store rent with a growth of 12%. The occupancy rent close to 100%. So from the operational viewpoint, our malls present another quarter with excellent performance. In terms of results, revenue growing 13%, reaching BRL 106 million results, gross profit, BRL 65 million with a growth of 9%, adjusted EBITDA growing 26%, reaching BRL 59 million. Now when we speak about leadership, the leadership we have in the Cidade Jardim Mall, not only in the Brazilian market, but in Latin America, a very important movement that shows the outlook of the future for that business unit. The main brands of Brazil with its main flagships, Loro Piana exclusively for JHSF and Cidade Jardim, ALAIA, an important brand for the consumption of Brazilian women. They're the main customers of the ALAIA brand throughout the world. They will now be able to acquire the products with us. James Perse, the first store in Latin America, our exclusivity. We have Fusalp, a brand linked to winter fashion, a very important modern brand. Chanel, one of the main international brands has chosen Cidade Jardim and JHSF for its flagship in Latin America. The third largest store they have will be with us with experiences related to that and the expansion of international brand flagships that will transform their stores into flagships in Brazil. Dior, Tiffany Hermes and Prada, with that, we bring together the main international brands in our operations, some of them with exclusivity, very important for the future of our company. When we look about gastronomy that is very strong in our malls, we have food courts, and the gastronomy is part of Jardim's in the gardens and in the best sides of our shopping malls. Customers have unique gastronomical experiences. We have Carbone, for example, a highly desirable brand in our mall, Lulu also in our mall. And besides that, a new CJ Fashion, a department store that we will inaugurate in the second half of the year, full of stores, a unique department store as happens in the main malls worldwide, reaching our Cidade Jardim Mall. With this, we expand Cidade Jardim by an additional 3,500 GLA, and we consolidate our position for high-end malls, not only in Brazil, but also in Latin America. Now for this quarter still, we have the inauguration of the Boa Vista Village at the end of May, an operation with 15,000 meters of GLA with domestic international fashion, gastronomy. We have Louis Vuitton, Gucci, Chloe, that is to say important brands that are coming to our malls. And very soon, we will print materials to detail the inauguration on May 30. It will make our mall portfolio more important going forward. And for 2027, the CJ on Faria Lima. Now along with exclusive events, this is part of the movement that is happening at our malls and special retail, exclusive events that these brands are attempting to develop with JHSF because we have that unique ecosystem. International brands can create relationships with high-income customers. Tiffany did that with us in Boa Vista. Now this is happening with Chanel, a very important event. Now Chanel normally chooses important places to show their beach whereas they did in -- can and they have selected Boa Vista Surf Lodge Hotel to carry out this important event. This is one of the pillars, the reason why international brands have selected JHSF to be their partner, their operation in Brazil. So we have that flagship of Chanel at Cidade Jardim Mall, one of the many that will come down, reinforcing that unique ecosystem in partnership with us to be able to land in Brazil. In hospitality and gastronomy, another important quarter, 2 new international hotels to operate in our operation, Milan and Punta del Este. Regarding our results, the average daily rate, one more quarter where we have reached BRL 5,000, which is the highest average daily rate, BRL 5,038 occupancy rate also growing, reaching 56%, RevPAR increasing to BRL 2,825. And with these advances with this progress, we have not lost sight of the occupancy and number of covers with an increase of 4%, reaching 364,000 covers in the first quarter of '26 with an average covers of BRL 327 besides, of course, an increase in the volume. When we look at the results, another quarter with growth, a growth of 3% in results, reaching BRL 117 million in revenue. Now for gross profit, we had an adjustment in the column to the left, without taking into effect the PERSE, the end of the benefit that we were measuring to the right, you see an adjustment. You have 2 basis without the PERSE impact in the first quarter '25 compared to the first quarter '26, -- we have a growth of 21% in the gross result with a growth of 21% to 27% in adjusted EBITDA in our airport unit. In only 5 years, we are the largest FBO airport in the world in executive aviation with the highest number of hangar aircraft. As I mentioned, we're moving ahead with this expansion. We have all of the hangar occupied. So we're going on to new work so that we can absorb the demand of our customers. that are in a waiting line. And this means we -- this business unit will continue to grow. Operationally, a growth of 18% in movements, 6,087 movements, fuel volume, 5,198 liters that have been used, more than 170 based aircrafts. The present day capacity is fully occupied, which pushes us towards an expansion. Revenues growing 29%, reaching BRL 78 million, gross profit with a growth of 10%, reaching BRL 29 million and adjusted EBITDA with a growth of 15%, reaching BRL 38 million. We not only have the expansion of the airport we have an important fact, a material fact that we communicated in this quarter, the acquisition of the Opa-Locka Executive Airport, the Embassair terminal, an important terminal. It's different from when we developed the FBO in Sao Paulo, Santa Catarina, where we had a construction in the long term. Here, we have an operational FBO to reinforce the cash generation of this business in the coming months and years. It's not only about the results, it's about the strategic international expansion and the connection between the U.S. and Brazil in executive aviation. To speak about JHSF residences and clubs, high occupancy and growth of sales in our clubs. In residencies, the occupation is very close to 100%. We have 72 units besides the 56 units under development. When we disclosed the IPO and the results recently, we said that new units would be coming. The units that have not been sold will reinforce this business unit. Our clubs under operation with very good progress in their operation. We have the Sao Paulo Surf Club, the Boa Vista Surf Club and important outlook for the new clubs that will come, such as the one on Faria Lima, pointing to growth for this unit. This is a large and relevant portfolio for the company. It has 140,000 square meters in terms of property. Now when we speak about results, another quarter with significant progress, a growth of 43%, BRL 79 million gross profit with a growth of 45%, representing BRL 71 million and adjusted EBITDA, BRL 59 million with a growth of 28%. Finally, JHSF Capital, our last recurring revenue business, strong execution of the fundraising strategy. Capital has been complying with its mandate. It offers exclusive consultancy for the terminal in Miami for the acquisition, for example. We also received consultancy of our fund for the IPO. So it continues to progress. It goes beyond BRL 11.2 billion in assets under management, 9 M&As carried out. And this is important to raise funds, both in Brazil and above. And it is among the top 10 alternative investment managers in Brazil in terms of its creation at the end of 2023, it has made significant strides, not only because of the figures, but it is complying with its mandate in this new moment of mandate for the company. In the makeup of the funds, we have both national and international funds, and this supports our international movements. Finally, the real estate development. Once again, we disclosed at the end of last year and at the close of results on March 30, an explanation of the total sale of inventories of JHSF ready-made and under development products, all of them were sold to the fund, except for the units that will be put up for the residences. This was an important movement. And besides this, as you see in the presentation, we have BRL 30 million in potential sales volume as part of our balance with the possibility of extending this. We show you the 2 tranches, how the IPO was carried out for the sale of our inventories, 2 tranches, the first tranche, BRL 3.6 billion and the second BRL 1.7 billion and the compositions between real estate products and lots. Now the IPO we carried out as well as the previous sales carried out besides the sales to the fund. Now because of the accounting model, they will continue to be presented in our quarters, the revenues that will be appropriated going forward that you can see to the right. This is to give you a perspective of what is left for appropriation going forward. 4.2 billion approximately for appropriation according to the POC model. And this will be part of our results in coming quarters. For this quarter, specifically, gross revenue, BRL 235 million with a growth of 141% gross profit reaching BRL 165 million; adjusted EBITDA, BRL 135 million, showing the significant margins that our real estate products have because of this career model, our development model, our unique products. We maintain the value of our inventory and our sales values for inventories. And quarter-on-quarter, we see significant margins through which we operate this type of business. Now before going to the Q&A, I would like to give the floor to Breno to speak about our capital structure.

We end the quarter with a very efficient and robust capital structure with the lowest cost of debt and strongest cash coverage in the company. 94% of the company debt is in the capital market. It shows the ability of the company to raise funds and the importance of the balance for stakeholders. The average cost, we have the lowest cost, CDI plus 90 in terms of net cash, BRL 1.8 billion in cash. So this is a delevered company with a leverage of less than 1x. And in terms of the balance sheet, total assets of BRL 18 billion with equity of BRL 7.5 billion. In the next slide, we observed that cash coverage in the last quarter '25, we had a high coverage of 4.2 years, and we closed this first quarter with a 7-year coverage, which means that we constantly observe our access to the market for debt and equity equally. In the next slide, I think we have gone through all of these points. We have shown you the consolidated results of the company in all of its verticals and in recurring income. So this is a wrap-up of the main indicators in the presentation to facilitate the life of analysts. Therefore, I will return the floor to Augusto to conclude the presentation for the first quarter 2023 before we go into the Q&A session.

Thank you all for your attendance. Before giving the floor to Mara, I reinforce the message that we had another consistent quarter aligned with our discipline for capital allocation and discipline with our verticals where we have growth of our execution in recurring revenue and in the real estate development unit. This proves the soundness, the resiliency of our work, and this is another quarter aligned with our past history. The company will continue to move forward with this great discipline in the allocation of its businesses with discipline for the rest of 2026. Very well, Mara will now moderate the Q&A session.

[Operator Instructions] Because of our time constraints, I will bring together some topics. Joao, an XP analyst has asked about the acquisition of the FBO in Miami. He would understand the synergy, how this will operate to understand the Miami Executive Airport business there. What would lead the customer to selecting that terminal, that FBO? Thank you.

Thank you for the question, and thank you for joining us today. This international expansion takes place looking at the main destinations of the high-end customers, not only the Brazilian ones, but also the international customers broadly. When we look at executive aviation, Miami is an important airport among the main airports worldwide in executive aviation. And Opa-Locka is one of the main airports. It is well located 25 to 30 minutes away from our future Fasano Miami, very close to the main destinations in Miami, and it is broadly used by international customers of executive aviation. That was the first point, but it also has a connection with Sao Paulo, Santa Catarina Airport. This is an airport that is broadly used to enter Miami in the United States. And by looking at this connection, we carried out this movement besides our interest of expanding our FBO business that has been presenting significant growth for the company. I think it is important for the business strategy. So we move forward with this acquisition, and it will reinforce our portfolio. It's important to acquire an operational asset. Now this asset through the acquisition will reinforce our generation going forward, which points to significant growth going forward. And it's the first step we carry out in the airport unit outside of Brazil.

If we continue with this topic, Joao asked another question, and we have the question of Reynaldo once again asking about new destinations, obviously, new segments as well. Europe, perhaps for the FBOs, if we see synergy with other Fasanos that we have announced when it comes to terminals, always focused on internationalization.

Thank you for your attendance and for the question. We do have an important pipeline for new destinations or new operations, both local and international. In the operation, we have Miami, Fasano Miami on Collins with 24th Avenue. We have in London, a future operation in Mayfair, a very special location close to Mayfair Square for high-end customers. In Cascais, we have operations in Quinta da Marinha, a new destination in Portugal. We have Sardegna. We had the soft opening of the operation last year, the opening of Al Mare Beach Club with a restaurant that continues with significant strike, a new destination, which is Milan that we announced this year in the Quadrilatero della Moda, a significant destination for international tourism and a new operation in Punta del Este in the Peninsula. So our pipeline is very important going forward. We're looking at important destinations for our Fasano operation in the main destinations of international customers. For this, we not only look at the city, the destination, but also the location. We don't look only at the city, the neighborhood or the street, but also the number of the street where we will place an operation. This demands important movements to work in a curated way. But this will allow for the expansion of our group. Another part of the question on other operations regarding other businesses. First of all, we have a very clear mandate and a clear focus on centering our operation on high-end customers. All of our movements are focused on that customer, and that is why we are leaders in that sector in Latin America. We're going to continue to focus on that sector. among new businesses, we're expanding in that ecosystem to new locations, taking other operations to those new locations. In the expansion to the United States, we took the Fasano Hotel in New York, the restaurant and now a new business in Miami, which is the airport. This is an enormous avenue for growth where we can take the businesses we already have as well as new businesses to expand within our businesses.

We have a large number of questions. I will try to optimize them because of our time. Perhaps, Breno and Augusto could speak about the slide that we show you on the trends of results for revenues. We spoke about deliveries, and we could further explore works and investments in malls. The question is from Juliana, the expectation for the opening of Faria Lima. What is happening with the work and other people asking about if there is a schedule for the other work.

I will speak about new business, and you can speak about generation in new businesses to reinforce our portfolio and new operation for the end of May, the CJ and Boa Vista Village, an operation with 15,000 meters GLA, gastronomical operations, both domestic and international. There are other experiences as well. In that mall, there is a Catholic church. And within the mall as if it were a small village, concluding that destination, that will be a very special destination in that region and will be open to the public in general. This operation will open in May and reinforce our cash generation throughout its evolution until it reaches maturity. Another important business is the expansion of the Cidade Jardim Mall with the arrival of these new brands, brands that are creating flagships of more than 1,000 square meters. We have inauguration in September, the flagship of the more than 1,000 meters with inauguration foreseen for July. and the department store with inauguration foreseen for the end of the year. All of this will be happening during the year to reinforce our mall business. On Faria Lima, another mall, high-end mall at the main crossings of Faria Lima with Leopoldo, a mall with 15,000 meters of GLA, more than 100 operations of domestic international fashion, gastronomical experiences and international brands. One more venture to reinforce our business unit going forward. Good operations coming into our portfolio, new malls in truth. It's not simply an expansion. These are new malls that will become part of this flow giving us that outlook of growth and cash generation going forward. When we speak about this and to answer the question on Faria Lima, the expectation is inauguration in mid-2027. In terms of cash generation in the midterm on Slides 7 and 8, we use the metric of adjusted EBITDA. It's very similar to the true generation of cash in the company. We use the CPC 28. We don't consider effects of the PPI or assets for investment in the balance, we don't consider that effect. Adjusted EBITDA and recurring revenue are important and that effect of mark-to-market is not taken into account when we calculate the eventual dividends paid out by the company. It's important to clarify this. The deliveries, I think, are very well mapped out. We're speaking about the mid- and long-term period of 3 to 5 years, but everything has been clearly detailed and sedimented in the company. And we're working arduously to deliver results and to deliver the assets that are under development. We have Herman from BBI and Luiz from Santander asking questions about the development sector, real estate development. They want a better understanding of the drop in the results of hospitality and gastronomy on Slide 12, where we speak about PERSE. PERSE is a tax-based offer during the pandemic. We work with 2 graphs. There's a graph to the right, comparing oranges with oranges. We showed the past to be able to speak about the present. And there, you can observe that there was a growth in the results that is according to the operational indicators for the hotels and restaurants.

Herman and Luis would like to understand life after the IPO. Life after the fund which is the demand for our products, the issue of price, the sales dynamic and demand for our products. Herman specifically asked about the appropriation of the results of the development vis-a-vis sales, and I will answer this.

We have projects. We disclosed the percentage of completion. This is disclosed in our projects. And you will see that the percentages vary. We have projects that are almost finished, others that are at an initial stage. This represents more than BRL 4 billion, and gradually, it will be incorporated into our results. the second tranche specifically, we have the expectation of having recognition in the second quarter, and we have a mix of lots that are part of this result. If you could answer in terms of the product dynamic and the demand. Thank you for the question, of course. As I mentioned in the presentation, the company very clearly continues to have that concern with the value of our inventories, the value of our products. This is a very strong assumption in the company. Therefore, we attempt to control the availability of the products so that we can, first of all, develop them with a level of finishing and details. And secondly, we also control the supply and demand part. In general, our products obtained significant results, significant margins. After the movement of the fund, we sold 100% of the ready-made products to the fund, and we continue to focus on maintenance and the positive margins for these products going forward. We still have BRL 30 billion of potential sales value in the company. We're going to look at this movement in the mid and long term. Now in the sales for the fund and with the IPO, this is part of our obligation as part as with any sale to deliver ready-made products. So we continue to develop these real estate products. We're concluding them as we always do. And as there is an evolution in our inventories, we will look at possible new movements, new launches and perhaps new funds for the new developments, new real estate. This is a significant source of growth. But first, we will comply with our responsibility of concluding the stocks, the inventory sold to the funds and in parallel with this, looking at opportunities to very calmly and responsibly think about new launches without leaving aside the value of our brands to obtain good results in the future.

Thank you, Augusto. Dante has some questions. I think we have included all of them, but there is a question that I would like to clarify. On the slide, we show the opening to get to the cash generation. It includes new projects, new real estate, but also the ramp-up of the present day ones.

A short time ago, we opened 2 clubs, the Surf and tennis clubs. They're under operation. We have the residences. We will have and other indicators. So the operation of the present day assets are growing. They don't have CapEx, but they are contributing to that figure on the slide. There is a question here from [ Elio ]. How we define -- we had an FBO through the airport and in international destination, we had destinations for hospitality under the Fasano banner. How do we define this in the company? Why Fasano? And how do we define investments, whether they are in a hotel or in the airport? We have operations at our properties of JHSF and third-party properties. When we look at the airport, the airport was an acquisition carried out by JHSF carried out in Brazil, and it is under the vertical airports. It's our property and our operation. In Brazil, we have our properties under operation by third parties. Fasano Belo Horizonte, for example, there's a Fasano operation in terms of the contract and management, but under the property of third parties as in Trancoso, where the property is that of third parties, very common in international groups. We also have hospitality operations in our own properties. Hotel Fasano Boa Vista is a property of JHSF and the Lodge as well. Internationally, the same happens in Milan. This is not our property, but it is an operation contract that will be part of Fasano. This happens in Cascais as well, where we have an operation carried out by Fasano on an asset of a third party, a fund that has that share managed by third-party capital that was selected to be the operator or manager of that property. So we're focused on that. Internationally, whenever possible, we try to work in an asset-light fashion. the operation of Fasano Miami is asset-light in New York and London as well. So we look at these movements, but always thinking about allocating capital or not to execute the business to have another operation.

Thank you, Augusto. We have almost 1 hour of live webcast and the questions we were not able to address, well, my team and myself, of course, are at your disposal. I would like to thank Augusto, our CEO; and Breno, our CFO, for their attendance. Thank you all for your attendance. Thank you for your participation, your attendance. [Statements in English on this transcript were spoken by an interpreter present on the live call.]