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 of the First Quarter of 2026. This event is being recorded. [Operator Instructions] Before proceeding, I 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 as they involve risks, uncertainties and assumptions and refer to future events and therefore, depend on circumstances that may or may not occur. Investors and analysts should understand that general conditions, industry conditions and other operating factors may affect the future performance of the company and could lead to results that differ materially from those expressed in such forward-looking statements. I will now give the floor to our Investor Relations Officer, Mr. Cyro Naufel, who will start the webinar.

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

Good afternoon, everyone. Thank you for your presence at another LPS teleconference. The year of 2026 began with greater caution. Despite the start in the downward trend in interest rates, the level of rates remained high and the pace of easing has been slower than initially expected, largely reflecting uncertainties in the international scenario, especially those related to geopolitical tensions, which continue to impact the macroeconomic environment. This context still imposes significant restrictions on credit conditions postponing purchasing decisions for the middle class. The affordable segment continues to play a central role in market dynamics alongside the high-end segment, which remain the main drivers of activity. The company currently has 159 stores in Brazil and opened 2 corporate-owned stores in Rio de Janeiro. In the first quarter, Lopes participated in the launch of 26 projects totaling BRL 4.6 billion and generating an intermediated volume of BRL 2.5 billion. The amount financed through CrediPronto was BRL 1.4 billion, increasing the portfolio of the joint venture, which ended the quarter at BRL 19.3 billion. I would like to highlight that the operation gained market share among private banks, having financed 8.5% of these operations according to ABECIP data. We are committed to maintaining our efficiency and operational excellence, always focusing on creating value for our stakeholders. Now I hand the floor over to Cyro Naufel, our Investor Relations Officer; and Francisco Lopes Neto, Vice President, to detail the operational financial results of the first quarter of 2026. Thank you all.

Thank you, Marcos. Let's start the presentation of the company. We'll present the consolidated results, identifying franchises and our own operations in order to simplify the earnings release presentation. Starting on Slide 4. Regarding operational results, as Marcos mentioned, Lopes launched BRL 4.6 billion in the first quarter of 2026, 11% higher than in 2025. And I highlight the operations of São Paulo, BRL 2.9 billion. CrediPronto originated BRL 1.4 billion in first quarter, incrementing the portfolio with an average portfolio of BRL 19.3 billion. The profit sharing was BRL 11.8 million, which is 48% higher than the same period of the previous year. The EBITDA of the company reached BRL 13.7 million in the first quarter of '26, 6% higher than the first quarter of '25. The EBITDA margin was 27.9%. The net income consolidated before IFRS was BRL 8.1 million, 16% than in the first quarter of '25. Continuing with Slide 5, we have the information of Lopes in the first quarter of '26. In this period, Lopes participated in 26 launches, BRL 4.6 billion in the period, and the operations of São Paulo had the largest volume of launches, 64% of the total volume. On the map, we see the states in which we had launches in the first quarter of this year. On Slide 6, we see the results from intermediation. Lopes has intermediated BRL 2.5 billion in the first quarter, 10% lower than the same period of 2025. Currently, the company is present at 19 states and 159 stores. On Slide 7, we see Lopes intermediation by geographic region of Brazil. The state of São Paulo intermediated 44% of the quarterly volume with a total of BRL 1.1 billion, followed by Rio de Janeiro with BRL 590 million. The other regions added accounted for BRL 803 million of the total intermediated volume. On the following Slide 8, we see the split between the primary and secondary market of intermediations. The primary market accounts for most of the company's intermediation in the first quarter of 2026, accounting for 71% of GSV and also of units sold in the first quarter of 2026. On Slide 9, we see the indicators related to the Lopes portal. On the upper chart, we see the organic visits, which totaled 10.1 million in the last 12 months. And the leads coming from organic searches totaled 165,000 in the last 12 months view. Now turning the floor over to Francisco Lopes Neto, our Vice President, who will talk about the results of CrediPronto.

Thank you, Cyro. Good morning, everyone. It's a pleasure to be here again to present the results of CrediPronto. CrediPronto has grown and generated a lot of value for the shareholders, Lopes and Itaú, and its positioning is stronger due to our relentless work. We can see on Slide 10 the result of that work. Our growth has been higher than the average growth of private banks. On the top of the slide, we see that we had a chance of growing 12% quarter-on-quarter. While the average of private bank's growth and according to ABECIP was a decrease of 22%. The total market of Brazil remained stable, comparing the first quarter of 2026 (sic) [ 2025 ] and '26, BRL 32 billion in '25 and BRL 38 billion in '26. So Caixa plays a significant role. So on relative terms, we're happy with our growth of 12% quarter-on-quarter. In the portfolio composition, it's interesting to mention that on the snapshot of 12 months ago, the portfolio amounted to BRL 17.3 billion. And now we are at -- in the first quarter of 2026, BRL 19.25 billion. So it's a growth of almost BRL 2 billion in the last 12 months if you look at the LTM snapshot. So this is a result of what we're doing. There have been -- amortizations have been made and settlements of agreements, and we are originating BRL 1.4 billion per quarter that replaces the contracts that leave our portfolio due to settlement. And on Slide 11, if you multiply BRL 1.436 billion by 4, we would -- that would give us an annual rate of BRL 5.75 billion in the year, which would mean a growth of more than 25% compared to last year. We're not giving a guidance, but that's a run rate calculation of the company for 12 months. Considering the past quarter of BRL 1.436 billion originated in the first quarter. In terms of profit sharing, we can see on Slide 12, that the result of this growth is reflected on the net income of the company. We had reported in the first quarter of '25 an accumulated result of BRL 17.6 million in the quarter. And this quarter, it amounts to BRL 24.6 million. So the growth of quarter-on-quarter would be 40% on the net result. And for the balance sheet, the months of December, January and February, BRL 3.6 million and BRL 4.6 million in February and March is not calculated in the results for this quarter. But for March, we have BRL 4.1 million, which is higher than the same period of '25. So we're trying to grow more and more. That is a relentless work. And we've been able to position CrediPronto in a very customer-centric approach with partnerships and channels, and CrediPronto has always positioned itself in partnership with other players and being present where transactions are happening. So these are my comments. Thank you all for attending the call, and see you in the next quarter conference. Good afternoon. And I turn the floor over to Cyro Naufel, who will talk about the financial results. Thank you.

Thank you, Francisco. Now let's talk about the financial results of the company on Slide 13. You can see the composition of the company's revenue. The net revenue amounted to BRL 49.2 million in the first quarter of '26, 2% higher than the same period of '25. On Slide 14, you see that expense -- operating expenses remained stable quarter-on-quarter reaching BRL 35.3 million in the period. On Slide 15, you can see the EBITDA and EBITDA margin, which accounted -- amounted about to BRL 70.3 million and 34.3% (sic) [ 34.5% ] in the last 12 months' vision, maintaining the company's focus on its operating efficiency. On Slide 16, we see the results for the first quarter of '26 by segment, ex IFRS or before IFRS effect. On the consolidated column, you see the net income before IFRS amounted to BRL 8.1 million, while the amount attributed to controlling shareholders amounted to BRL 5.5 million. And consolidated results on Slide 17 are after IFRS. You can see that the total net income amounted to BRL 4.4 million and the one attributed to shareholders, BRL 1.7 million. On Slide 18, we can see the impacts of IFRS on the company's results. And they refer to the amortization of intangible assets, profit and losses from call and put options of controlled companies. Since these are noncash effects, in order to better understand the performance of the company, we suggest the analysis to be made without taking into account these effects. On Slide 19, we can see cash flow of the company and cash from operating activities. On the first quarter, we generated BRL 10.3 million in cash and the account -- and the balance of cash from cash equivalents reached BRL 48.2 million, which added to financial investments results in BRL 13.7 million. These were our comments. We thank you all for attending. And now we are available for the Q&A session.

[Operator Instructions] We have received some questions. We selected some. The first one comments on the year of 2025. 2025 was a strong year in sales, but now the financing cost has kept up more along with Selic interest rate. Do you feel any difference in the first quarter of '26 compared to first quarter '25? I'll hand it over to Francisco to answer. And the second question, I think he will answer both. If you could attribute reasons for CrediPronto to continue growing against the industry according to ABECIP, what would they be?

Thank you, Gabriel. I believe that we see opportunities for buyers since the effective financing rate is stable. And in some segments, there has been a small drop even and some basis points, 10 basis points. But in the industry, we are -- or in the sector that we're best positioned, it is stable. Something that we noticed that is favorable for buyers that when you finance for 30 years fixed rate with no penalties until into prepayment, when you're at a rate of 12.10%, 12.20%, 12.30%, according to the segment that you are part of, where Selic is at 14.5%. So it's 200 bps below the cost of money. So this is one of the few economies in which you can have a credit below the Selic, the interest rate. So depending on the industry, you are financing at a competitive rate compared to the cost of money. I don't envisage any increase in that. The major banks will actually encourage housing loans because this is a very healthy credit. It works very well. It has the constant amortization system, which helps buyers to have small decreases in the installments paid. So the second part of the question, why have we grown? Because there is room for growth. We're improving the way we operate our capillarity, the fact that we are present where transactions happen. So we are in line with players looking at everything that is happening in the market. And we're working with our sales force in providing a good service, and that results in good results. And we try to grow more and more every quarter, generating more value for shareholders, Lopes, Itaú. And so we're pleased with this path, and we're aiming to grow even further in the future.

This ends the Q&A session. I would now like to turn the floor back to Mr. Cyro Naufel, IRO, for his final comments.

I would like to thank you all for attending one more conference call for the earnings of LPS Brasil. I wish you all a great Friday, and I hope to see you all again in the next conference. Thank you.

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