LPS Brasil - Consultoria de Imóveis S.A. ($LPSB3)

Good afternoon, ladies and gentlemen, and thank you for waiting. Welcome to the earnings webinar of LPS Brasil to discuss the results for the year of 2025. We inform that this event is being recorded. [Operator Instructions] Before proceeding, we would like to clarify that any statements that may be made during this webinar regarding the business prospects of LPS, projections, operating and financial goals constitute the beliefs and assumptions of the company's management. Forward-looking statements are not a guarantee of performance and involve risks, uncertainties and assumptions as they refer to future circumstances and therefore, may or may not occur. Investors and analysts should understand that general conditions, industry conditions and other operating factors may affect the future results of the company and lead to results that differ materially from those expressed in such forward-looking statements. Now I'll give the floor to our Investor Relations Officer to start the webinar. Mr. Naufel, the floor is yours.

Good morning, everyone. Welcome to the conference call of LPS Brasil. Today, with us, we have Francisco Lopes Neto, Vice President; and Robson Paim, CFO. In order to start, I would like to send a message from our CEO, Marcos Lopes.

Good morning or good afternoon, everyone. Thank you for your presence and yet another LPS Brasil teleconference. In 2025, Lopes faced a challenging scenario marked by high interest rates and restrictions on real estate funding, factors that influenced the pace of credit granting throughout the year. Despite market conditions, the company maintained its strategic discipline, preserving profitability, strengthening its cash position and moving forward in efficiency and operational excellence initiatives. In the real estate market, two trends sustained activities. The continued strong pace of the ultra-high-end segment, mainly in Sao Paulo and Rio de Janeiro and the growth of the affordable housing segment, driven by the evolution of Minha Casa Minha Vida program and the creation of [ bracket 4. ] These factors expanded Lopes business opportunities and the company ended the year with 163 stores, of which 148 are franchises, reinforcing its network model and competitive positioning in the domestic real estate market. In operational terms, the company accompanied the launch of 144 projects, totaling BRL 23.4 billion in general launch value and BRL 12.9 billion in general sales value. At CrediPronto, the operation maintained its focus on the quality of origination and profitability. The joint venture achieved BRL 4.5 billion in origination and generated BRL 88.1 million in gross revenue for Lopes. In its financial results, Lopes recorded EBITDA of BRL 69.6 million with a margin of 34.2% and IFRS profit of BRL 52.1 million, a 51% increase compared to the previous year. The company ended the year with BRL 46.7 million in cash, having distributed BRL 30 million in dividends to shareholders in the capital market. Looking ahead to 2026, we maintain a positive outlook for the affordable housing segment, which should continue to support a significant portion of housing demand, especially among middle-class families whose sensitivity to credit conditions remain an important factor to monitor. In this context, we will closely monitor the level of interest rates and the consequences of the external scenario, assessing their impact on the pace of agreements signed. We will continue advancing in the qualified expansion of Lopes network, strengthening our performance in the high-end market and achieving sustainable growth for CrediPronto, expanding our reach and generating business, reinforce our commitment to efficiency, operational excellence and creating value for our stakeholders. I now hand the floor over to Cyro Naufel, Investor Relations Officer; and Francisco Lopes Neto, Vice President, to detail the operational and financial results for 2025. Thank you.

Thank you, Marcos. So now start the presentation of the earnings release of the company, starting on highlights with Slide 4. For the financial results, the net revenue of the company of BRL 203.1 million in 2025, 6% above 2024. The EBITDA reached BRL 69.6 million, 8% above the previous years. The net income controlling IFRS of the holding company increased by 138% in 2025 when compared to 2024, totaling BRL 44.2 million. CrediPronto has closed the year with BRL 18.9 billion portfolio balance, which is 20% above 2024. The profit sharing was BRL 46.1 million, 57% above the previous year. And the total transactions closed was BRL 12.9 billion, 6% less than 2024. On Slide #5, we have the information about Lopes launches in 2025. In the period, Lopes participated in 144 launches totaling BRL 23.4 billion, which is 15% less than in 2024. Sao Paulo had the highest volume of launches, 54% of the total, while Rio de Janeiro state launched 26%. On the map, we show the states in which we had launches in 2025. On Slide #6, we see the results of Lopes intermediation. Lopes brokered BRL 12.9 billion in 2025. And currently, the company is present in 19 states with 163 stores. On Slide #7, we see Lopes intermediation by geographic region in Brazil. The state of Sao Paulo intermediated 41% of the total volume, totaling BRL 5.3 billion, followed by Rio de Janeiro with 35%, BRL 4.6 billion. The other regions together added to 23% of the total, reaching BRL 3 billion. On the following Slide, #8, we see Lopes intermediation broken down by primary and secondary market in 2025. The primary market accounts for most of the intermediations of the company, 74% of the amount intermediated and 75% of the units or 72% of the units sold. On Slide #9, we see Lopes Labs figures. We see 10.8 million organic visits in the last 12 months vision for 2025. Leads coming from organic searches generated by Lopes Portal totaled [ 172,000 ] leads. The Slide 10 shows the main highlights of CrediPronto, and I turn the floor over to our Vice President, Francisco Lopes Neto.

Thank you, Cyro. Good morning, everyone. It's a pleasure to be once more presenting the results for CrediPronto, an operation we're very proud of because it's growing and it has an ever more consolidated presence in the market, seeking more growth and its positioning as a true credit house that has differentiation and business recurrence that is very pleasing. On Slide #10, it's interesting to notice the performance of CrediPronto when compared to other private banks. We had a growth from 11% in origination and from BRL 4 billion to BRL 4.5 billion, and the private banks remain stable in terms of origination. So we had a growing presence penetrating in the segments of the real estate market that we have a good reach. Those are segments we have presence and that allowed us to grow above the average growth of private banks in 2025. With this, we had a net growth in the portfolio and this growth has been very consistent around 10% per year. So for 3 years, we have grown by 10%. And this level of growth, when we talk about net growth, it's very interesting because it adds all originations and amortizations or payments that are made within the portfolio. So this is very efficient. I don't want to give guidance, but we envisage to exceed the portfolio by more than BRL 20 billion in 2026, having a very attractive operation. And the default rates are very low. Our customers have a very good profile and which allows us to have a very attractive market positioning. On #11 -- on Slide 11, we can see the numbers. And we are able to notice that our efficiency in results has been growing. We are above 2024 and when we see the growth of origination, which is also reflected in the growth of portfolio and the growth of the profit and revenue of the operation. On the lower left, we see a total revenue of BRL 88 million in the year of 2025. On the next slide, #12, we have a net result -- a net profit in 2025 of almost BRL 47 million. We had in the fourth quarter of '25, 12.5x 4. That is a very good figure for the last 3 months. So we exceeded BRL 50 million for run rate in 12 months in 2025. And as I said, we're trying to grow the company, and we're very pleased with our positioning; however, we want to increase penetration and growth even further. So we want to lead the market. We have grown more than 10% in recent years. Now let's talk about the next net revenue, the financial aspects. And now I'll turn the floor over to Cyro Naufel to make the presentation of the financial aspects. Thank you, and see you next time.

Thank you, Francisco. Let's now start the financial results presentation. Slide #13. We can see that the net revenue in 2025 reached the amount of BRL 203 million, 6% above 2024. On Slide 14, we see that operating expenses improved -- increased by 4% when compared to 2024, reaching BRL 133.6 million in the period, and such increase was mostly caused by the increased transfers to bank correspondents because of the growth of volume financed by CrediPronto in the period. On Slide 15, we can see EBITDA and EBITDA margin, which have attained BRL 69.6 million and 34.2% in 2025, keeping the company's focus on operational efficiency. On Slide 16, we see the results for the fourth quarter of 2025 by segment before IFRS. In the consolidated column, the net income before IFRS was BRL 9.3 million in the fourth quarter and attributed to controlling shareholders, BRL 6.8 million. On Slide 17, we have the consolidated figure for the year of 2025, where net income before IFRS was BRL 47.1 million and net income attributable to controlling shareholders, BRL 39.4 million. On Slide #18, we see the IFRS impacts on the company as they refer to amortization of intangible assets, gains and losses with net effects and income tax from intangible assets of [ LPS Brasil. ] We would suggest not to consider such effects in your analysis. Finally, on Slide #19, we can see the evolution of cash flow and equivalents. In the fourth quarter of 2025, operating cash was BRL 13 million, reaching BRL 46.6 million, which added to financial investments amounted to BRL 71.5 million. These were my comments, and we remain available for any questions you may have. Thank you.

[Operator Instructions] This ends the Q&A session. I would like to turn the floor over to Cyro Naufel, IRO, for his final remarks.

I would like to thank you all for attending the conference call of LPS Brasil earnings or the earnings of 2025 and the fourth quarter of 2025. We thank you all for attending. Have a good afternoon.

The webinar of LPS Brasil has ended. We thank you all for attending, and have a good day. [Statements in English on this transcript were spoken by an interpreter present on the live call.]