Moura Dubeux Engenharia S.A. ($MDNE3)

Good morning, everyone. We're now starting our presentation of our results for the fourth quarter of 2025 of MDNE. I am Alan Aquino, and presenting the results today will be Diego Villar, CEO of the company; Diego Wanderley, our CFO; and Diogo Barral, our Director of Investor Relations. To make questions, the system is the same. [Operator Instructions] I would like to remind everyone that any declarations that may be made during the conference are based on premises of the management of MDNE. The future considerations are not guarantees of results as they involve risks and uncertainties and depend on factors which may or may not happen. Having made this disclaimer, I will now pass it over to Villar.

Good morning, everyone. It's a pleasure to be here with you to be speaking with you about the results of our full year 2025 which less than a year ago, I had commented in one of our presentation of results like this one that we were going to change the level of the company. We're going to move up both the operational indicators as well as the financial indicators to a new reality, and certainly, we would bring us to a reclassification of the company, and everything that we said has happened. And we have with us today the proof what we signaled and addressed at that time. It's a pleasure and a great deal of pride that I have in our team and the clients who trust in us and also you, especially you have deposited your trust in our presentation at that time, indicating what was a major jump forward, a major leap forward. Without going on too much, I would like to take you straight to the numbers, which is important. And I'm going to ask our IR team to bring a summary of what we have done in the last 5 years as Moura Dubeux. And in terms of indicators, both operational as well as financial and then speak a little bit about each one of these items. Starting with launches. First, the sequence of -- in the bar graph on the left-hand side, where we see the company going from 2021 with more than BRL 1 billion in launches to almost BRL 4.5 billion or BRL 4.6 billion, an increase of 43% per year, a CAGR of 43%. If we just look at '24 to '25, we practically doubled the value of our launches. There are various explanations for that. First of all, starting at the moment that we felt comfortable in terms of operational execution, and taking this jump in growth and the capital structure of the company. Since '24, we've been having a recurring payment of dividends, and we felt comfortable to go forward. And so we signaled that the market had space for Moura Dubeux to expand in an area where we were very strong compared to the other companies in the same level. And we also understood that we were able to -- capable of now operating, delivering good results at this new level. So, presenting our projects, and sales reacted which -- moving forward. Net sales have gone over BRL 3.5 billion, average growth of 28% in sales, obviously, which accompany as well the real estate market, as you know. These launches in the first day of our launches -- they don't happen on the first day of the year. They happen all year long as we get our approvals and our developments and our commercial strategies. And we still haven't reached the level of selling and launching in the same year in which we have stabilized. A proof of that underwriting was our VSO, always very strong. PSV was 52% of PSV, a small fall in relation to '24, almost irrelevant, 2 percentage points -- only 2 percentage points. This also reflects the timing of our launches. We did big launches at the end of the year, which brings us to start well the first quarter of '26. Just giving you a little hint. We've already done at this moment in the first quarter of last year and more than last year's first quarter, looking more -- and we had to expect that because we've changed the level of our operation in some of the last quarters in relation to the first quarter of '25. So, the PSV continues strong, the same amount. In the short term, there's nothing that signals to us that we should change anything about our plan to continue launching and selling as we see for 2025 or even more. The stock grew nominally. We have almost BRL 3.5 million in stock. It's a very healthy level. With the current velocity of sales, it's been performing for 10 months. It's the second best level in this series compared to '21 when the size of the company is another one, showing how healthy this is. And the most healthy indicator that we have is how much of this stock is ready to live in, which is almost irrelevant. We have a very -- the stock is all very new, still under development. And something that's very important that I'd like to mention to you the details of is that we have transformed all of our construction projects underway. It would be a little more than 50%, almost 50% are done. The physical advance of these projects or these construction jobs is only half. It was already half done. When we show these projects to the market, 80% of them are already sold. So, we're much faster in the selling of these projects than our premises -- initial premises, and this is being reflected here in the execution plan. So, it's -- we have above 50% of stock that's ready to go, and it's very recent. We're not concerned about this because we changed our level of operation. And going from the operational indicators and migrating to the financial indicators is going to follow the same logic. On the lower left-hand side, net revenue. We closed the year '25 with more than BRL 2,300 million in net revenue, average annual growth of 40%, 40% CAGR, leaving way behind that company of '21 which was BRL 620 million. I remember when we commemorated breaking BRL 1 billion. Now we're breaking BRL 2 billion, and now we're going for much more than that this year. So, we're very comfortable with this level of -- operation level of the company. And what's more important is that even growing significantly the revenue, we've been able to maintain the gross margin of the company at levels that are, as we have promised. We compare ourselves to the levels -- companies at the same level. We have a high margin at 34%, better than '24, better than '23, '22, only losing for 2021 where the level of -- our results was much lower. Then in Moura Dubeux, we have 2 propositions, very clear propositions; one, and now which is more important and just as important as the second, is to deliver a product that delivers the dreams of our clients, and the real estate market has a very unique opportunity to sell dreams to people. People owning their own home is a dream of every family in Brazil and in the world, and it's our obligation to do that with confidence and enchantment and quality and excellence, which is what moves us forward. However we cannot be naive. If we're not able to do that and make it profitable in the best possible way for our investors, the harvest of products -- enchanting products will not have a second or third or fourth harvest. It's going to stop in the first year. So, we need to do this also in a way that is efficient and with the best capital allocation. We have robust engineering, a capacity to purchase property, asserting the properties so we can price correctly these properties, analyze the demand and see where the scarcity of products you can get better prices and the price has -- the property has to gain value during the execution, properties with good locations and that which puts in the investor that we come out of a net profit of BRL 85 million to BRL 250 million in '24 to BRL 420 million in '25. We started the year of '25 with a market that was informing us, look there was very -- it was looking at less than BRL 300 million. I think it was BRL 280 million or BRL 270 million for 2025, what the market was predicting. In a conference like this, it may have been in the first quarter of last year, I commented that the market is wrong. We're guiding the company for at least BRL 350 million. That was the number I gave you last year. Then we gave another renewal further along in the year, closer to BRL 400 million. BRL 350 million was the floor, and we closed at BRL 420 million. And we recently did a follow-on where we guided to another level of profitability, but the most important level of growth was about 50%. And here, naturally, this translates into what's important where we're competitive and where we help the capital to flow into our company and we continue this cycle of promises, which is the average profitability, which is 27.5%. The best -- there are very few companies and we can also be working in that area as well, the popular housing program of MCMV. And this is an indicator which we're guiding for lower than 20%, but now we're in the high 20s. In the low 20s, now it's in the high 20s as a percentage of ROAE. So, we're proud to be able to comply with that which we agreed with the market to -- which we promised the market that we would deliver. Moving forward, in the beginning of this year, we opened the market of equity heading towards 2026 with a capture of BRL 483 million in the market. With the price of the stock at BRL 25, all the investors who exercised their priority rights and became our new stockholders must be very happy because they bought the shares at BRL 25 and yesterday closed at above BRL 32, an expressive gain in its profitability. This confidence in this valuation at the price of our stock, we had a record demand in all the -- all the recent projects and we had more than 6x overprescribed this offering, and it could have been more than 10x. We had the pleasure and the privilege of being able to bring good names, good funds, we've very proud to have in our base. They have deposit their confidence in with more than 90% are long -- 30%, which have the daily liquidity of our hedge fund and also a composition of -- with a certain amount of pressure. The people from the fund have asked for allocations, 63% and 37% foreign who look to see the quality of the -- investors of quality and national investor of quality as well. So, it's an operation that was very well coordinated by the banks in our syndicate and at the same time, by the results of the company, most recently. Going forward, if we -- many of you may have -- may be aware that we have a relevant -- we published a relevant fact about this. The Moura Dubeux that you know well is now a company focused on the luxury segment and have Mood, which you also know well, is a company which is aimed at the middle-class market. And now we've done a capture of resources with part used for expansion of Unica. And we consolidate now a company with 3 clear verticals to seek the absolute leadership in the Northeast market and a national relevance, not just in the Northeast, but all over Brazil. And we felt missing in the communication with our clients, also the involvement of all as 1 company, we no longer a communication like I'm having with you, only Moura Dubeux. And we start -- we have now become 3 companies, and these 3 companies are below a bigger company called MDNE, which has -- the first are obviously Moura Dubeux, [indiscernible] which also starts [ MND ] and NE Northeast, which we're very proud of. And that's what we always want to be remembered as leaders and reference in the real estate market in the Northeast working in the Northeast and also with excellent business. The [indiscernible] that is NE, which would be excellent business, excitement of our clients, the best profitability for our shareholders. And we have to do both of these principal activities in an excellent way. So, in Moura Dubeux excellence is everything. MDNE is now the official communication of the 3 companies. In this market, I'm going to talk a little bit about this. We've given guidance recently. Our target is not for this year, obviously, because there could be various bands of variation, but at this company, it's consolidated with BRL 2.5 billion in Moura Dubeux, BRL 1 billion in Mood and BRL 1.5 billion in Unica. And we believe that for next year, BRL 1.5 billion for Unica, we make a commitment to that. Mood, we hit BRL 1 billion, not because of demand, but because of 15% interest rates, the challenge for the middle class is still significant, both for the real estate financing, both also for the production financing and as well as for the approval of income levels. But even with all of these winds blowing against us, we've always sailed in contrary wins. We have more than BRL 1 billion in sales. And all these projects being executed and Mood is now 60% and we're now able to have a profitability which is very attractive in line with what you see in the Moura Dubeux line. Going forward, an overview of that we have -- what we have launched, not what we're going to launch, but what we've already launched. It's a photo that I'd like to show. This whole region that you're seeing, all these buildings in the center, the shopping center is an area of development. It started with Moura Dubeux and migrated to Mood, and we have these orange points at the end with 3 projects from the past and are totally developed by the company, all of the road systems, the shopping center was all the development of Moura. And now we're going to the third Mood, the fourth Mood in this line, which is called Mod Shopping. We have the Miraflor launch, that was a successful launch. We've got excellent sales performance for Moura Dubeux in this quarter. And now this is in Fortaleza. We have one more product in the beach class line. This is the coast of Alagoas, which is called Coral Coast. It's one of the most beautiful beach areas in the world. And that's where we're launching our second beach class in that same region of Alagoas. I was going to give Beach Class Milagres, one of the most famous beaches in Brazil, and it has been also a tremendous success in the sales area. In Salvador, in partnership with Allos, we acquired a plot of land from them called Shopping iguatemi in Bahia, and we developed a project together with the shopping, together with Beach Class Milagres which will be an incorporation. This has been a fight. We have more than 300 contracts, 20 contracts already paid for in a project, which has actually surprised me the demand and it inspired us great that we have 2 more properties in the same local in location. So soon, we should have more projects coming up in that area. So, up until the year-to-date, as Barral would like to tell you, these are the 3 launches that we've had, and we have more coming this quarter. And with this, when we go to talk about the operational data and financial data for the first quarter of '26, we also hope to bring good surprises to you. So, I'm going to close my part of the presentation here. I'm going to pass it over to Diogo Barral, our IR Director, and at the end of the meeting, we'll come back to answer any questions you might have. Thank you, and have a good presentation.

Good morning, everybody. Thank you, Villar. Let's go a little more detail, a little more color of our operational data. Starting the year with the launches in the fourth quarter, where we had BRL 989 million in launches. We grew 115% compared to the same period of '24, and we presented a reduction of 26% in relation to the third quarter, a quarter in which the company had a very robust volume of launches already programmed and foreseen in the condominium area. When we go to an annual vision, we launched BRL 3.7 billion in condominiums, BRL 900 million in corporation, which are projects in our -- of our medium income group called Mood, and we had almost 81% of growth in relation to the year '24. Looking at sales, same vision. I'm going to detail it quarter-by-quarter. We sold almost BRL 700 million in the third quarter. We grew by 34% compared to the third quarter of '24 and a reduction compared to the third quarter. In the annualized vision, we reached a level of BRL 3.5 billion sold, growing by 50% in relation to the year of 2024. On the right-hand side, you can see a few more indicators that are important. Operational numbers, we talk about cancellations and PSV. Here, we talk about -- it represents 8% of our gross sales. And when we eliminate from this number migration to other projects or change of names, this number becomes only 2% of our gross sales. And the best indicator in the history of the company, a very, very healthy level, in line with what we're going to say going forward in relation to the velocity of sales, our PSV is -- I see, as Diego mentioned in the beginning of the presentation, we had a VSO of 52% in the last 12 months and a velocity of sales of 55%. We sold 55% of everything that has been offered and new projects launched during 2025. Going to the end of our operational data. We've done the stocks. We've done -- Diego went over these numbers well, but I'm going to reinforce a bit the company grew in launches. But our PSV is -- our sales velocity reflects the stock at a level -- a very healthy level of BRL 3.5 billion at the end of the year. And 2 important points, we presented a reduction in the -- of coverage of stock going from 11 to 10 months of coverage of stock, very much in line with the Northeast region. Another important data are units that are finished, stock that is ready to leave is only 4% of our total volume. When we look at the land bank, we closed the year with 60 lots, BRL 11 billion in potential projects, 62% were through swaps and 25% in cash. Projects underway. We go through the 61 projects underway, 40 in the condominium model and 21 in the incorporation model, development model. To close, we already did bring our programs and our predictions for deliveries over the next 5 years. In 2026, we delivered 14. For '26, we have 16 projects to be concluded, 11 in the incorporation, in the development model -- 11 in the condominium model and 5 in the development model. At the beginning of the year, we begin delivering projects to condominiums here in Recife. And during the month of March, we have 2 more projects to be delivered in Salvador; a condominium and a development. And so, I'm going to pass it over to Wanderley who's going to show you the reflects of these operational numbers on our financial indicators.

Good morning, everybody. Thank you, Barral. Starting here with the financial highlights with the net revenue. We closed the fourth quarter with BRL 700 million in revenue, 90% above the fourth quarter of '24 and 58% above the third quarter of '25. We accumulated BRL 230 million of revenue in '26, 50% higher than in the year of 2024, both on the development as well as the condominium grew; and importantly, a highlight for the revenue of condominium, which grew -- which practically doubled, which more than doubled these numbers due to the volume of launches that were done in the period. And it's natural that this growth has come and the part of the revenue of the condominium, which is deferred during the execution of the project, especially the administration fees and at this level of operation, which we're running here between BRL 4 billion and BRL 5 billion, we're still with a revenue, which has a huge volume to grow to the level of BRL 5 billion company coming we hope to run -- because of the revenue from the condominiums, we have a huge volume of results to bring in the next few years. And then looking at the gross profit, we closed the fourth quarter with BRL 230 million, in line with what was the third quarter of '25. However, 90% above what was the fourth quarter of '24. The detail of our margins, which we closed the year with 33.7% very much in line with the fourth quarter of '24. However, below the margin of the third quarter of '25. We already remind us that the volatility of the condominium margin, which comes from how we purchase the land, the land which we recognized in the third quarter. And in this quarter, specifically, we recognized properties which had a lot of cash involved in the sale with the Infinity and receivables, it's a 100% cash and others, which required a relevant infusion of cash. So, the net profit was very much in line with what happened with the quarter, which causes naturally the revenue to increase and what we caused -- what we paid in cash will go into our results here. When we look at the close the year -- full year, we closed with BRL 880 million of net profit, 74% above '24 and a margin which is not so volatile. When we look at a higher horizon, we look at -- with interest rate, which has been capitalized interest higher than 2024. Our participation of the gross profit, 60% from condominiums and 40% from development and the margin at 33.8%; and for the condominium, 38.4%. Looking at the commercial expenses -- administrative expenses was very much in line with 2024, 5.6%, a level which is coherent with what we look at our viability studies. The administrative costs, we went to BRL 126 million. We had a percentage gain, both in relation of sales as well as in relation to revenue. Naturally, the company growing top line does not necessarily mean we have to have expenses -- administrative expenses grow in the same proportion. So, as we wind up presenting here, it's an important number, which contributes to our operational gains. The EBITDA, we closed the fourth quarter with BRL 138 million, the best EBITDA for the quarters of that year. We had BRL 490 million in EBITDA with a margin of 20.8%. This represents growth of 70% in relation to the EBITDA of 2024 and a gain of more than 2 percentage points in our margin and 1 point of gross profit and 1 point from dilution of expenses, which is important for the company because we know we're the only -- we have capacity to even improve this number, at least that's what our models are showing us. The net profit, we had -- we closed the fourth quarter with BRL 118 million, up 16%. For the year, we accumulated BRL 420 million of net profit, with [indiscernible] with a net margin -- consolidated margin for the year, and almost 2 percentage points above the 2024 number. And most importantly, our return closing the year, as Diego mentioned, 27.5% of ROAE, which is 10 percentage points higher than in 2024. And we know that in this quarter, we had the event of the dividends which were published but not yet paid. So, we have these dividends leaving our liabilities, and so our results went up by 2 percentage points. If we made an adjustment, it would be 25%, which is still a very high ROAE and which we had mentioned to you. Results to appropriate in incorporation, a BRL 394 million, growth of 36% in relation to '24, how much we have been growing and how much we have contracted to bring to the future. And the margin has been growing, which is a very important point, our margin reaching 36%. In the appropriated condominium, for condominiums we closed sales very much in line with BRL 40 million of profit to recognize and a margin which is close to 30%. And the administration fees growth of 41%, BRL 409 million of fees to recognize from the 20 condominiums during the year and which increased a great deal, the backlog of fees that we have to receive as these projects move forward physically. And to close the financial, we bring cash and indebtedness, with variation of net debt of BRL 58 million, which is BRL 50 million came from the distribution of dividends we paid effectively in November and BRL 27 million which were from the operation itself. And with that, we closed the year with BRL 324 million net debt, which represents at that time, 21.4% of our net -- we did a distribution of dividends of BRL 50 million, which we have not yet paid, and this will leave our P&L. This will be -- the net debt to PL would be approximately 17% if we did an adjustment here. Also important to remember that in January, as we commented, we did an operation -- a follow-on operation. We received about BRL 460 million net cash in running the company, which made us become a net cash positive at the beginning of the year. This meant, again, for us to run the Unica operation and other important businesses in the company. So, we look at a scenario of growth, but not passing that target of net debt of 20%, which we've already mentioned. And we look at the year of 2026, since we have dividends to pay, we still won't pay 15%. We should be running between 10% to 15% of net debt considering the payment of dividends or [ excluding ] the dividends. So, I'm going to close this financial for Alan to go ahead with the questions and answers.

Thank you, Wanderley. We'll now start with the question-and-answer session. [Operator Instructions] The first question comes from Herman Lee from the Bradesco BBI.

In relation to the price per square meter, looking at the high-class projects, we see an evolution over the years, but things that were never practiced in Sea Park, which is the product in themselves, which are also lacking in the region. I wanted to understand how do you see this evolution of prices, if it will continue to go up? Or do you think that has reached a more stable level? And secondly, the return, which is a little more difficult to predict. But I wanted to ask a little bit the relevance of that in the composition of your revenue for 2026, if you have any expectations?

Herman, thank you for your question. We're going to address, first of all, and I'll let Wanderley explain the second part. The first, the dynamic of prices had an important gain, but we also changed the level of our products. All of the products of Moura Dubeux, which are going to launch or which have already been launched are corrected minimally by the index. Every month, we have a new price list corrected for inflation, not including with the Mood, which has more traction. We do a little bit more of an increase in those prices to guarantee our margins, but also remembering the clients because it's fundamental to recycle this positive effect and that the client doesn't get to the end of the cycle, I think that his price is paying less than he paid. The change in level is explained by better properties, better locations and the development of new buyers like the Novo Cais, which we did in the past, not very long ago, we've looked at BRL 18,000. It's a product we're just selling for BRL 21,000. And then in the next launches will be at BRL 23,500 per square meter. These are real gains. We have not yet seen a cooling of the price or the demand so much so that I'm not sure how it is in Sao Paulo for prices and demand. But one of the reasons is that the scale-up of prices in our region wasn't even close to what happened in Sao Paulo. So, I would say that it was in a way that was more sustainable, the growth of our prices here. The other point is that the -- it has a great deal of relevance in our balance principally because of the size of the mix of the condominiums. In 2026, it should repeat in the same way. However, going forward, as I believe having -- I project the company with a condominium level that's a little bit lower. That's why I think it's risky to say that going forward, we're going to do what we did in '24 and '25, and we'll be doing in '26. However, of course, if we have a market, we're going to go there. But the rebalancing of our mix for a migration of prices -- products towards the Unica project, and he'll give you some more data about this.

Thank you, Herman, for your question. Just commenting here, the volume of turnover in 2025, we closed about 40% of the company's net was relative to this. In '26, we'll get very close to that. What's going to happen is that the revenue is going to grow. We're going to talk about a revenue closer to BRL 3 billion. So, it's natural that the revenue from this source also grows in the same proportion in relation to the percentage. However, when we look at the margin of condominiums, we see a margin that's a little bit better in '26 than what we saw in '25, basically because of the composition of the properties, which we're going to launch this year, which proportionately have less cash than in '25. And when we look at '27 and going forward, naturally, it will depend a great deal on the planning of our business. We took about BRL 2.5 billion in condominium. If we're able to launch more than that and having a market for it and demand and having labor, we're going to launch more. But considering this level of BRL 2.5 billion, we understand that the revenue will also grow from the development side. And at the end of the year, you'll see a balancing with condominium representing a little less and the development representing a little bit more.

Next question comes from -- also come from...

Matheus Meloni from Santander. On our side, I'd like to ask about Unica. I want to understand a little bit more how you are seeing the PSV of these first projects? And how do you expect this evolution over the quarters of this year? And also understand a little bit more the dynamic of these projects of volume and cancellation on payment. Also, about Unica is if you understand this program is in the exemption of income tax, what are the conditions for this program that I want to understand a little bit more if you think the space to anticipate more launches in the Unica brand. So, from our side, those are the questions we have.

Okay, Matheus, I'm going to address your questions. There are 2 parts of your question. First of all, there's nothing relevant to give you in terms of PSV or price because Unica is just -- is getting approval of credits in the Caixa Economica, which are under our management. And the direction is also awaiting the approval of the Caixa so they can come in and too from the Direcional, which under our previous management, so we go in there under our management so we can go there. What we also expect is a follow from the first and second quarter of the year to give you that which is significant to say that the product has 40 files and 30 approvals. It's still very early. It's only a week that we've been working with this project. It hasn't been launched. It's in prelaunch. We haven't even opened up the sales stand that's opening up next week. We just saw the volume. And I still need to change my plan which we mentioned, the tender follow-on is being complied with. It remains the same. We're working, and we will deliver the expected PSV and the percentage of sales in the first days of March. And I said -- I talked today with the Unica team to do this offering and make it effective. It's not enough to give you the data or final prices or credit approvals and so forth. But once everything is connected with the Caixa, it's all according to standards. In relation -- can you repeat the second part of your question?

The second part is in relation to the -- if this program would be improving a great deal.

Okay. That's clear. I'm going to -- I think I answered part of your other question. We're very excited. I just want to give you a little touch. In our region, when we do region, I'm talking about the 3 major capitals; Salvador, Recife and Fortaleza. We have a market for MCMV, which is very important in Brazil, with the second level is attended by 60%, but the third level is about 20%. This by itself, independent of the question of income tax, which will give us more space for people to -- and brings informal people to start to declare so that they can get involved. It's important with the change in the levels, which has not yet been announced, but will be announced and the changes in the level of income. But we have a significant part of the market already locked -- mapped out independent of those things. But more and more that those to bring optimism to these products so that products that are well located and well-priced will have a sales performance superior to the normal average. I think Ricardo himself in his conference said that the first quarter started very well in sales for the directional products in the Northeast, in which we're expecting to grow. This news, this most recent news comes still more to impress with the reality of our market. But I think if you have any more question, please go ahead.

Next question comes from Gustavo from BTG.

Two questions from my side. The first is more specifically about Mood. If we look at the level of financial interest rates and the behavior of other markets such as Sao Paulo, we see the level of stocks getting a little worse. But I see in the data that you published that this is not the reality of Mood. So, we're seeing it running in the 28%, 29%. In the last quarter, it's been a little bit lower. Having said that, can you give us a little more your vision of how you see this market today of the medium income market in the Northeast where you operate? And what did that mean in terms of expectation for sales velocity for Mood in 2026? That's the first question. And the second one very quickly, Wanderley, even adjusted a little bit, if you have any prioritized any type of acquisition of land for the condominiums with the dynamic margin in the sequence of the [ turnover ].

I'm going to try not to forget the second part of your question. Help me and I'll answer. Mood, our velocity of sales, the sales velocity is a little stronger than Moura Dubeux, about 60%, which is explained -- what can I explain about Mood is a little bit what I said. It has sailed only against unfavorable wins and the motor for its success is based on 2 pillars. One is the low amount of competition, which generates a low offering. And the second is the strategy of our company, which is a high-level brand, which is consolidated, which is an objective of desire like in Recife and going to a segment which is a little bit lower and associating these brands. This ocean of demand, the sea goes up and down, but -- the tide goes up and down, but it never goes dry. Even though the middle class is squeezed, which is the word you used, they wouldn't go to 0. And this demand, even though it's lower than what it'd have be naturally due to the impact of interest rates and the inflation without the accompaniment of income and the people having a high level of indebtedness in this level of income, has such little offering of products that there's still strong demand in this segment. And then I answer your question, you can imagine that in a guidance of BRL 1 billion of Mood per year, if the interest rates go down to 10% or even, in a dream, to a single digit, high 9%, low 9% imagine the amount of repressed demand that will fit into the income class for Mood. That's what we look at in the long term. This could come in the long term, some good news regarding that. And with that, we can then surprise in a certain way. The second question -- the second part was the acquisition of land in Moura Dubeux is principally through swaps. However, we've had opportunities with conditions and which swaps do not work either because we're acquiring a company -- a land from a bankruptcy or asset that was taken over by a bank or with a -- with new clients or with a hotel as in Boa Viagem, which was from a hotel group and investors who had an operation, a current operation with a bank which involved cash. Most recently, several good projects with high margins were acquired in cash, but with payment plans. If it had all been in a short-term cash, the cash burn would have been too high, and we wouldn't have -- our prospection would not have been able to do that. However, we were able to fit this into our policy of low leverage and doing businesses pay for itself. Looking forward, I would say that in the forward, it will be a mix of this type of situation and of swaps. The objective, in fact, is always the physical swap. When we came to a financial swap or either by payments in Mood and in Unica, the vehicles are almost totally swaps. They don't want to stay with those apartments in the economic segment, but we also have this type of situation. I hope I answered your question. If you need anything else, please feel free.

Next question is coming from Elvis from Itau BBA.

Good day, Diego Wanderley...

I think he seems to have fallen. His connection seems to be -- Elvis, go ahead.

Can you hear me now?

He seems to have a connection problem there.

Two questions from my side. First, the possible impacts at the end of the scale, 6/1 - 6 days working, 1 day off, if you see any impact on your -- and how this could affect you in the profitability of your projects? And the second item is, how your sales been of the condominium projects. We understand, as you mentioned in the presentation, these are the size of this business going forward, but it's still very relevant this year. If you're sure -- if you're comfortable with the pipeline that you see going forward.

Thank you for your question. It's a little bit from a different direction. The 6-day work week in the real estate market, as in general, works. We've always worked with the 5-day work week, which generates the biggest concern is the -- we have 44 hours with a possible reduction to 42 or 40 hours or even less than that. I don't even have to make a comment about that how in the opinion of anybody who wants to be transparent about this. This is a big irrationality. We have a problem of low productivity for decades. And an excess of social subsidies, which leads -- has taken us to this informality to many people that are -- more people are working informally than with their contracts. The work contracts will wind up becoming no longer desired by the worker because of the combination of these 2 previous effects. However, looking at this revision, one thing that we have to try to mitigate this, we cannot calculate exactly what's the size of this problem because we've been suffering with this already to be very transparent, the question of labor. We've been going for more than 2 years talking about these questions of, what could be a yellow flag, and we always talk about labor, labor, labor, labor because demand has not been our problem. But having said that, all of the verticals, the initiatives of Moura Dubeux to combat this have been said, would be possible -- if it is approved, if this law is approved and the changes in the work week, remembering that the traditional worker in Moura Dubeux works with a base salary of 44 hours plus productivity, which is his goal. No mason comes to work to earn BRL 2,000 at the end the month. He wants BRL 3,800, BRL 4,500, which is a base of his productivity. And part of this productivity goes above the work week within the limits of legal hours. So, obviously, they're going to go -- we're going to pay more if they produce less. The proportion will be the same. What's going to change is the time that he's going to have to work to reach that production. we can't be naive. If it depends on the way in which this operation goes the whole chain of industry in Brazil, not only in civil construction, but everyone is going to suffer from that. If we had a real falloff in productivity, the inflationary effect is very bad. We hope there will be good sense in these discussions, which is that we will move forward toward a rationality, not the moment to discuss is that we had real gains in productivity year after year. We could talk about this, but it's not what's been happening. And once again, the bill arrives, which is always a cold water for all of us. There's no magic. I can look at this -- the numbers that you know from having -- what's important is the real impact. We're not clear yet about what the impact will be. However, it is not -- I can just say that it's not the best way forward. And about the condominium, I'm sorry, forgive me, I get lost. I've been speaking too much, trying to give you much clarity. I've been -- I get a little bit lost. As far as the condominium sales, it's going very well. It will have representativeness in the business plan and the sales plan of the company, especially because we have projects in the Novo Cais to present. In 2 or 3 weeks, we'll be looking at the Moura Dubeux Plaza, which as the name already says what it's going to be. We have news in Salvador, but these we're not going to talk when they're launched. I think there will be some really good news as a good news for you in the sales. And talking about the beach class in Bahia, successful sales. The year of 2026 should have a repeat of the performance of the sales as well as performance in our results this year.

Next question comes from Joao Pedro from XP.

Congratulations on your results. On our side -- okay, I'll make one question at a time, please. First, I would like to understand, you've mapped out internally of what are the possible positive impacts of the income tax reform. You mentioned that previously, there are 2 effects. One is the gain of power of -- purchasing power and also an addressable market, which will be bigger for the launches of the Caixa Economica with the lower income. There are numbers that of Moura Dubeux, which should be brought additionally to -- for the question of financing, how do you expect this to be improved, either improving that, profitability or your margins? How do you expect that to be?

The focus of Unica at the beginning is the segment of the third band, which is the biggest confluence of demand and offering of this conjunction of the change of the rule of the income tax, increasing the minimum payment to strip that already exists. This is from '20 to 2025. It's obvious that when there was this change, we have a first effect favorable, which is that the informality of income giving us the opportunity for those who are outside of the formal market of income go to the formal market. Remembering that the combination of 38 million or 39 million and 39 million or 40 million of people contributing economically but informally. However, these didn't declare what they were gaining in income tax and there was a margin of the real economy and had difficulties getting their credit approved in their banks, had to look at the behaviors and so forth. But there was always -- has going to a -- the first effect -- positive effect that we saw is that these people who do their -- make their declarations, they don't have income tax to pay, but they make a declaration or a real declaration to prove their credit. And within the composition of the family, BRL 10,000, they can go directly into what I'm talking about. If this opens space for including more people in the income, I don't have any data because we haven't yet started to live this reality, and we don't have any income going back to see how much this will make. We say that the data of Direcional and Ricardo spoke about this, but in our stock, we don't have it because Minha Casa, Minha Vida is a new reality for us. So, this -- I can't answer your first. And the second question?

And the second question was a partnership with Direcional and the gain of share of this lower income segment. I wanted to ask what do you imagine will be the consolidated gross margin will behave in the next -- including this low-income classes. Do you expect improvements, maintenance or a little bit of change in your gross margins?

Very well Joao. We -- Wanderley do you want to answer that one?

Okay. Thank you for your question. The margins of viability for Unica run above the margins that we've been presenting for development, also the Mood margin, viability margin. We commented this in some interactions with the market. We see this viability running 35%, 36% -- 36%, 37%, which is above the Mood margin, which is closer to 33% and that's above what we've been presenting. It's natural that as Mood participates more in our results, this margin for development will increase. This should not happen this year in 2026 and the impact on the revenue from Unica will be very small. We expect to launch between BRL 400 million and BRL 500 million and we still have the advances in how much we're going to sell, how much we're going to launch. So, the impact will still be marginal in 2026. However, starting in '27, Unica will start to contribute with the development margin, which should increase the margins in that area and get closer to 33%, 34%. And as this starts to run at a more stabilized level, this margin should continue to grow until it gets proportionally between Mood and Unica.

We have a question here from [ Melissa Cauja ], who speaks about in the fourth quarter, you presented a large volume of sales from stock. Is this a seasonal recurring effect in recent quarters every year? Or is it a strategy of sales -- specific sales to diminish your stocks? And if so, which?

Let me address this question. And I think this is also from Daniel Mora as well. Melissa, in fact, when the products are close to being ready to delivery, we -- not only the policy of sales, commercialization, we give more attention to the commercial team about these subjects, of these projects as we have campaigns also, more aggressive campaigns. And since we had a volume of deliveries during 2025, which was significant, it's natural that the sale from stock will be -- because it's good for the generation of cash, it's good for -- to have a healthy account because we don't make any policy of discounts above that which we already practice. In fact, it is to push our product through campaigns, motivate the salespeople. Remember that the product is still on the shelf, but we don't go after the launches or the easy sales. So, we look with our exclusive teams for this. It's natural that in the fourth quarter, we have a delivery. I think we delivered [ Arbore ], Miraflor, Platz in Natal, [ Hokoi ] and Recife, and we had deliveries that we focused also had focuses in Salvador to maintain a low stock or zero the stock. We're going to zero out the deliveries and it will materialize itself in this way. The second question from Daniel is a 2-part question. He has it in English, and I'm going to try and answer in Portuguese. The first part of the question is -- asked about these questions -- of these questions about income and ceilings, how much of an income -- of an impact this could have on your position of Unica. I think that there could be any change in the guidance that we mentioned. We're not -- at this first moment, we're not going to reexamine our guidance. Of course, we see this as an excellent bit of news and also has a great deal of positive impact to Mood. And with the -- for BRL 600,000 of the income -- of the price level, this growth also has limits in Moura Dubeux, which are very clear. The first is the capacity of execution. We don't want to grow above what we can produce. And then up ahead, we had to explain the falloff in margins, which we expect for the next 5 or 6 years as well. This could help us to have the quality of our sales velocity, bring us a little more margin. And also, I wouldn't say that we're going to reexamine our position. The other part of your question is about the expectation that or time of being so expected of the lowering of interest rates during 2026 and how much this could affect or improve the velocity of sales, financial conditions of our clients and the financing for them and our pipeline of launches. Daniel, I would say we're anxious for a lowering of interest rates. Naturally, in the long term, this will bring a greater level of optimism for the company. It will be a more dynamic economic activity, but it won't have an immediate effect. The first immediate effect is that during the year that we see a lowering of interest rates is more optimism in the variable income markets, especially in the prices of our stocks and developers in the stock market, especially it takes about 18 months to see an effect of more demand or approvals. It's a change in the machine -- in the real economy, which is what's expected. So, I expect so, yes. Brazil lives with a high level of interest rates incompatible with the economic reality of the country. Even with the question of lack of fiscal control, it's not compatible with the low inflation, persistently low for a long time. So I think that this opens the horizon, a more positive horizon for that plan, which we presented to you to stabilize the company in BRL 5 billion and with a profitability that goes to more than BRL 800 million in net profit, a reduction of income -- of interest rates for a company that's growing in the last 15 years, we grew by 3 or 4 moments of non-growth. So the dynamic of the Brazilian economy is different. And with that reduces even though we grew with high interest rates when we look at this reduction.

Okay. We have no more questions at the moment. So, Villar, if you'd like to make your final comments.

Thank you, Alan, Diogo, Diego, for having shared this call with me, this results call. I want to thank you all who participated, not only for being with us for a long time, but for all of the -- what's most important to trusting our company. We know clearly the level of responsibility that we assume principally when you renew this confidence in the follow-on, as we mentioned at the beginning of this presentation. We know the level of our responsibility. We are committed to the last cell of our bodies to comply with what we agreed to, not just this year, but for the next cycle of the company. The data, the operational data still reflect a positive scenario, an optimistic scenario, and I hope it continues that way. We're very confident that the country will present growth this year. The Northeast is growing more than the rest of Brazil. We trust a great deal in our region, and we hope to be able to continue surprising our clients with good products and also hope that in a year, we'll be surprising you with results. That's why we work hard to be more and more involved with what we've committed to and starting with today. It's not no longer just Moura Dubeux, but now it's MDNE, this platform of products, our real estate products for the Northeast. Have a good weekend, even though it's still Thursday, we're going to -- we still have a quarter to close here. So, thank you very much. [Statements in English on this transcript were spoken by an interpreter present on the live call.]