Q2 2026 Allos SA Earnings Call

August 7, 2026

Speaker #1: Bom dia e obrigada por aguardarem.

Speaker #2: Good morning, and thank you for waiting.

Speaker #1: Sejam bem-vindos à teleconferência da Allos Q1.

Operator: Good morning, and thank you for waiting. Welcome to the earnings call of Allos for the Q2 of 2026. We have here with us Mr. Rafael Sales, President, Vicente Avellar, VP of Operations, and Ms. Daniela Guanabara, Financial Director and IR Director. This event is being recorded. Our participants will only listen the presentation of the company. We will start with a Q&A just for analysts and investors. When we will provide you with additional instructions. This event is being webcasted, can be accessed at the IR webpage. You can find also the presentation. The replay will be available for one week. Questions can only be asked through the Zoom app. If you're connected via webcast, your questions should be delivered directly to the IR team on the email provided by the company.

Speaker #2: Welcome to the earnings call of Allos. For the second quarter of 2026. We have here with us Mr. Rafael Sales, president, Vicente Avelar, VP of Operations, and Ms. Daniela Guanabara, Financial Director and IR Director.

Speaker #2: This event is being recorded. All participants will only listen; the presentation of the company. Then we will start with the Q&A, just for analysts and investors.

Speaker #2: When we will provide you with additional instructions. This event is being webcasted. Can be accessed at the IR webpage. And then you can find also the presentation.

Speaker #2: The replay will be available for one week. Questions can only be asked through the Zoom app. If you're connected via webcast, your question should be delivered directly to the IR team.

Speaker #2: On the email, provided. The company. Before continuing, any forward-looking statements that are done during the earnings call regarding the business perspectives of the company, operational goals, are based on beliefs and premises of the company.

Operator: Before continuing, any forward-looking statements that are done during the earnings call regarding the business perspectives of the company, operational goals, are based on beliefs and premises of the company, as well as based on information that is currently available. These are not guarantees of performance. They involve risk, uncertainties, and premises. They depend on circumstances that may or may not occur. General economic conditions and other factors can affect the performance of the company and can lead to results that are differently from those forward-looking statements. I'd like to give the floor to Rafael Sales. The floor is yours. Good morning. Thank you for your interest. We had a quarter of great results with the acceleration of the revenue, gains of profitability, even though we had uncertainties and the interest rates are high, which certainly affects the demand and the capacity of financing of the economy.

Speaker #2: As well as based on information that is currently available. These are not guarantees of performance; they involve risks, uncertainties, and premises, and they depend on circumstances.

Speaker #2: That may or may not occur. General economic conditions and other factors can affect the performance of the company. It can lead to results that are differently from those forward-looking statements.

Speaker #2: I'd like to give the floor to Rafael Sales. The floor is yours. Good morning. Thank you for your interest. We had a quarter of great results, with the acceleration of the revenue, gains of profitability, even though we had uncertainties and the interest rates are high.

Rafael Sales: Good morning. Thank you for your interest. We had a quarter of great results with the acceleration of the revenue, gains of profitability, even though we had uncertainties and the interest rates are high, which certainly affects the demand and the capacity of financing of the economy.

Speaker #2: Which certainly affects the demand and the capacity of financing of the economy. The growth of the revenue, the discipline of expenses, and the maturation of the new verticals showed once again the benefits of our scalability and the fluidity of our operational model.

Rafael Sales: The growth of the revenue, the discipline of expenses, and the maturation of the new verticals showed once again the benefits of our scalability and the fluidity of our operational model. Q2, the sales grew 5%, getting to BRL 10.5 billion in a quarter. Same store sales, 2.6%. The sales were affected by factors such as the World Cup and Easter, which will be in April. The effect is more in March. That's why the sales results of Easter were concentrated in the Q1. Even though we grew above retail, which reinforces the leadership of our assets, and with stimulus of purchases and the experience in the regions. Talking about the result. The revenue, BRL 720 million, the growth of 12%. We have the media verticals and the real estate development. The same store rent grew 6.4% with a real gain regardless of the IGPM rate that is negative.

Speaker #2: Second quarter, the sales grew 5%, getting to 10.5 billion reais in a quarter. Same-store sale, 2.36%. The sales were affected by factors such as the World Cup and Easter.

Speaker #2: Which will be in April. The effect is more in March. That's why the sales results of Easter were concentrated in the first quarter. Even though we grew above retail, which reinforces the leadership of our assets, and with stimulus of purchases and the experience in the regions.

Speaker #2: Talking about the result, revenue 720 million that grew growth of 12%. We have the media verticals and the real estate development. The same-store rent grew 6.4%, with a real gain regardless of the IGPM tax IGPM rate that is negative.

Speaker #2: And our shopping malls have performed in a very strong way so there should be space for rent. Now, adding to the. Revenues and the discipline of expenses, the EBITDA is 255 million.

Rafael Sales: Now, adding to the revenues and the discipline of expenses, the EBITDA is BRL 355 million. A growth in regards to the Q2 of last year, and the FFO grew BRL 330 million, advancing in regards to the previous quarter. Except the effect of Shopping Tijuca, the growth of EBITDA and FFO is 5%. That result makes us very happy because we're going through a very difficult moment in the Brazilian economy, with the consumer levered at very high levels. We've taken provisions so we can attract our consumers and get close to our tenants, creating new opportunities of events and to ensure growth that will be challenging for the retail in Brazil.

Speaker #2: A growth in regards to the second quarter of last year and the FFO grew 330 million. Advancing in regards to the previous quarter. Except the effect of shopping Tijuca the growth of EBITDA and FFO is 5%.

Speaker #2: That result makes us very happy because we're going through a very difficult moment in the Brazilian economy. With the consumer-levered at very high levels.

Speaker #2: We've taken provisions so we can attract our consumers and get close to our tenants. Creating new opportunities of events and to ensure growth that will be challenging for the real estate.

Speaker #2: The retail in Brazil—growing the FFO in such a year—is a reflection of such work and the preparation of our company for navigating the diverse scenarios that the country can provide, with many challenges as well.

Rafael Sales: Growing the FFO in such a year is a reflection of such a work and the preparation of our company for navigating in the diverse scenarios that a country can provide, with many challenges for the sustainability of the company. That's why I wanted to thank our team for the spectacular work that they've developed since the creation of Allos. I also wanted to comment the digital. Our platform has gained relevance, and we have a growth of 17% in regards to the previous year. The GMV is known by the company, which is BRL 1.6 billion, an advance of 31% in regards to the previous year, which is equivalent to a penetration of 21% in the mature malls and 17% of the total base. The benefit program is working in recurrence.

Speaker #2: Sustainability of the company. That's why I wanted to thank our team for the spectacular work that they've developed since the creation of Alos. I also wanted to comment the digital.

Speaker #2: Our platform has gained relevance, and we have seen growth of 17% compared to the previous year. The GMV is known by the company, which is R$1.6 billion, an advance of 31% compared to the previous year.

Speaker #2: Which is equivalent to a penetration of 21% in the mature malls and 17% of the total base. The benefit program is working in recurrence.

Speaker #2: So, comparing the behavior of the customers, we see an increase of 15% in the frequency of visitation to the shopping mall, and the number is 31% in the enterprises.

Rafael Sales: Comparing the behavior of the customers, we see an increase of 15% in the frequency of visitation to the shopping mall, and the number is 31% in the enterprises of biggest maturity and engagement. Going to slide five. I wanted to comment that on this quarter, we're doing important launches for our mall. The project there has generated a result of BRL 50 million. In Campinas, we have the master plan of Parque Dom Pedro, which is services in general. For 330,000 square meters, the VGV potential is BRL 4.4 billion, and this has been guaranteed. It will be a hotel, and it will be the first one to get into implementation in this year. The fifth tower of the residential complex of Parque Shopping Maceió, which consolidates this region of Shopping Maceió as one of the biggest areas of the residential launches in the city.

Speaker #2: Of biggest maturity and engagement. Now going to slide five. I wanted to comment that on this quarter, we're doing important launches for our mall.

Speaker #2: So the project. Has generated a result of 50 million. Reais. In Campinas, we have the master plan of Parque Dom Pedro which is services in general.

Speaker #2: For 330,000 square meters, the VGV potential is R$4.4 billion. And this has been guaranteed—it will be a hotel, and it will be the first one to get into implementation this year.

Speaker #2: The fifth tower of the residential complex of Park Shopping Maceió which consolidates this region of shopping Maceió as one of the biggest areas of the residential launches in the city.

Speaker #2: We have contracts for 63 towers that will be added all throughout the next years. In this expansion, we have shopping Tijuca which is pace our gastronomic space.

Rafael Sales: We have contracts for 63 towers that will be added all throughout the next years. In this expansion, we have Shopping Chez Nunca, which is Taste, our gastronomic space. The project has transformed a parking lot into a rooftop with leisure and high-quality experiences. 22 operations of bars that some 44 meters of ABL. Last but not least, I wanted to comment on the updates of portfolio that we are conducting this year. We concluded the sale of Shopping Curitiba and our participation in Village das Acácias in 5% in Shopping Taboão. We signed 1.6% additional Shopping Recife at a cap rate of 9%, and these transactions gave continuity to the process of strengthening of the portfolio and a reallocation of higher performance that is more dominant. I give the floor to Daniela, and I'll come back to the Q&A. Thank you very much.

Speaker #2: The project has transformed a parking lot into a rooftop of. With leisure and high-quality experiences. 22 operations of bars, that some 44 meters of ABL.

Speaker #2: And last but not least, I wanted to comment on the portfolio updates that we are conducting this year. We concluded the sale of Shopping Curitiba and our participation in Village Caxias, reducing our stake by 5%.

Speaker #2: In Shopping Taboa, we signed a 1.6% additional shopping receipt at a cap rate of 9%, and these transactions gave continuity to the process of strengthening the portfolio and reallocating to higher performance that is more dominant.

Speaker #2: Now I give the floor to Daniela and I'll come back to the Q&A. Thank you very much. Thank you, Rafael, and have a nice day today.

Speaker #2: So, the commercial and operational highlights: the malls are well-occupied, taking care of the quality of the mix and offering the best experiences for the visitors.

Daniella Guanabara: Thank you, Rafael, and have a nice day today. The commercial and operational highlights. The malls are well occupied, taking care of the quality of the mix and offering the best experiences for the visitors. We have an occupancy rate of over, and we have 20,000 square meters signed. The highlight is On Rating for Shopping Leblon, first store of Rio de Janeiro, and the second unit now in Shopping Tamará. The occupancy is for the net delinquency, 1.4%, 50 basis points below the last year. A great improvement in regards to the previous year. The media segment kept an accelerated rhythm of expansion. We have a project that is multi-platform, that is dedicated to the World Cup and C6 Bank, Coca-Cola, Hyundai, amongst others. We are advancing in media and the airports with the new launches in 2026, the new terminal of Uberlândia.

Speaker #2: We have an occupancy rate of over—and we have 20,000 square meters signed. The highlight is on Raízen for Shopping Leblon, the first store in Rio de Janeiro.

Speaker #2: And the second unit now in shopping Tabaré. And the occupancy is for the net delinquency 1.4%. 50 bips below the last year. A great improvement in regards to the previous year.

Speaker #2: The media segment kept an accelerated rhythm of expansion. We have a project that's multi-platform that is dedicated to the. World Cup and CC6 Bank, Coca-Cola, Hyundai, amongst others.

Speaker #2: And we are advancing in media and the airports. With new launches in 2026, the new terminal of Uberlandia, the consortium will consolidate in two airports this year.

Speaker #2: In the revenue of media has grown in regards to the second quarter of '25 and has represented 10.6% of the gross revenue of the company.

Daniella Guanabara: The consortium will consolidate in 2 airports this year. The revenue of media has grown in regards to Q2 2025 and has represented 10.6% of the gross revenue of the company, an advance of 420 bps year-on-year. This development has been a higher volume of business with the strengthening of all the verticals of working. We're advancing in efficiency, simplification. In Q2, the expenses of SGA have gone back in nominal terms, facing Q2 2025, even with the effects, which reflects the simplification program. It's a continuous discipline program aligned with the culture of Allos, always preserving the excellence in execution. The average rate of the finances of the company has been dropping. In the quarter, we got to a spread of CDI +10.5%, a result of the management of the liabilities that we've done.

Speaker #2: And advances of 420 bps year on year. This development has been due to higher volume of business with the strengthening of all the verticals of working.

Speaker #2: We're advancing in efficiency, simplification, and the second quarter the expenses of SG&A have gone back in nominal terms facing the second quarter of '25 even with the effects.

Speaker #2: Which reflects the simplification program. It's a continuous discipline program aligned with the culture of Alos always preserving the excellence in execution. The average rate of the finances of the company has been dropping.

Speaker #2: In the quarter, we've got a spread of CDI plus 10.5%, and as a result of the management of the liabilities, we have R$1 billion below the CDI, with distributions in 10, 15 years reinforcing the indebtedness.

Speaker #2: The profile of the debt is 98.6% indexed to the CDI rate and 1.4% prefixed with a leverage that is stable and controlled in 1.7 times the net debt over EBITDA even with a payout of 1.2 billion reais in dividends of in 2026.

Daniella Guanabara: We have a CRI of BRL 1 billion below the CDI with distributions in 10, 15 years, reinforcing the indebtedness. The profile of the debt is 98.6% indexed to the CDI rate and 1.4% prefix with a leverage that is stable and controlled in 1.7x the net debt over EBITDA, even with a payout of BRL 1.2 billion in dividends in 2026. Thank you for your interest, for Allos, and now we're going to open for Q&A. We're going to start the Q&A just for investors and analysts. Should there be any questions, please click on the button. To remove the question from the line, drop the line. Our first question is Igor Altero, XP. Media understand what motivated this movement, what is the end game that we have up ahead, the level of growth that we can see, and how is the evolution?

Speaker #2: Thank you for your interest. For Alos, and now they're going to open for Q&A. We're going to start the Q&A. Just for investors and analysts.

Speaker #2: Should there be any questions, please click on the button. To remove the question from the line, drop the line. Our first question is from Igor at Altero XP.

Daniella Guanabara: We're going to start the Q&A just for investors and analysts. Should there be any questions, please click on the button. To remove the question from the line, drop the line. Our first question is Igor Altero, XP. Media understand what motivated this movement, what is the end game that we have up ahead, the level of growth that we can see, and how is the evolution?

Speaker #2: So media understand what motivated this movement. What is the endgame that we have up ahead, the level of growth that we can see, and how is the evolution apparent? What can we expect in terms of growth, and if you can comment, what is the metric of profitability? If you can, share the level of margin.

Rafael Sales: Airport, what can we expect of growth? If you can comment, what is the metric of profitability? If you can share the level of margin. Thank you. Hi, Igor. Good morning. Thank you for the question. Well, we expected a growth that is very relevant in this quarter because of the fact that we didn't have the airports in the previous year. It's natural that there is a bigger growth. The operation of the airports is doing well, as expected. We've managed to use all the areas, just one operator. Our partners are doing the sales of the media spaces in the shopping mall, and it's natural that we have an improvement in the results. Besides, we have new airports. I'm going to let Vicente give more details as to what we want for the end of the year. Well, helloo.

Speaker #2: Thank you. How are you going? Good morning. Thank you for the question. Well, we expected a growth that is very relevant in this quarter because of the fact that we didn't have the airports in the previous year.

Speaker #2: So it's natural that there is a bigger growth. And the operation of the airports is doing well as expected. We've managed to use all the areas just one operator and our partners are doing the sales of the media spaces in the shopping mall and it's natural that we have an improvement in the results.

Speaker #2: Besides, we have new airports I'm going to let Vicente give more details as to what we want for the end of the year. Well, hello.

Speaker #2: In fact, it was a quarter very positive. The semester as a whole the semester as we commented the World Cup has an impact that is very positive.

Vicente Avellar: In fact, it was a quarter very positive, the semester as a whole. The semester, as we commented, the Copa do Mundo has an impact that is very positive because of the packages that we've created along with the partners within the shopping malls and also our digital platforms. As Rafael commented, the vertical of airports in the comparison also helps. The positive point is that we grew 20% in the lines of media in shopping malls and residential buildings. The business as a whole has evolved a lot besides these new verticals and these new fronts. I'm very optimistic with the year, and as we commented, now in August, we have the other 6 airports. These are regional airports. The metric of profitability, can you share some? We are not opening the results of helloo separate. We are cautious when we open.

Speaker #2: Because of the packages that we've created along with the partners within the shopping malls and also our digital platforms and as Rafael commented the vertical of airports in the comparison also helps.

Speaker #2: The positive point is that we grew grew 20% in the lines of media and shopping. Most in residential buildings. So the business as a whole has evolved a lot besides these new verticals and these new fronts.

Speaker #2: I'm very optimistic with the year and as we commented now in August we have the other six airports these are regional airports so the metric of profitability can you share some?

Speaker #2: We're not opening the results of Hello separate. We are cautious. We open? We're going to analyze. Throughout the year the ramp up of the airports so we can make a decision when we open profitability and return on investment.

Speaker #2: Thank you, Rafael. Our next question, Ana Julia Zarkowski from UBS. Ana Julia, the floor is yours. Hi, thank you for the opportunity. On our side, a point that really calls our attention is the same store sales.

Ana Julia Azaria Sarkowski: We're going to analyze through the year the ramp-up of the airport so we can make a decision when we open profitability and return on investment. Thank you, Rafael. Our next question, Ana Julia Sarkowski, UBS. Ana Julia, the floor is yours. Hi. Thank you for the opportunity. On our side, a point that really calls our attention is the same-store sales. It's positive besides the deceleration of the growth, but it called our attention very positively with the impact of Título de Capitalização/Páscoa and the calendar. We just want to get a reading, how is Q3? Any trends are changing, any acceleration, deceleration? Whatever you can give us on June in regards to the sales. The second question is in these lines of revenues, it is what we anticipated.

Ana Zerkowski: We're going to analyze through the year the ramp-up of the airport so we can make a decision when we open profitability and return on investment. Thank you, Rafael. Our next question, Ana Julia Sarkowski, UBS. Ana Julia, the floor is yours.

Speaker #2: And it's positive besides the deceleration of the growth but it calls attention very positively with the impact of tissue capacity and the calendar so we just wanted to get a reading how is the third quarter.

Ana Zerkowski: Hi. Thank you for the opportunity. On our side, a point that really calls our attention is the same-store sales. It's positive besides the deceleration of the growth, but it called our attention very positively with the impact of Título de Capitalização/Páscoa and the calendar. We just want to get a reading, how is Q3? Any trends are changing, any acceleration, deceleration? Whatever you can give us on June in regards to the sales. The second question is in these lines of revenues, it is what we anticipated.

Speaker #2: Are there any trends or changes—acceleration, deceleration, or whatever you can share with us about June regarding sales? And the second question is, in these lines of revenues, is it what we anticipated? If you can give some details, and what can we expect in terms of the behavior of this line going forward?

Speaker #2: These are the two. Thank you. Hi, Ana Julia, thank you for your question. The same-store sales were affected, obviously, because of Easter and the World Cup, and in July, and this is similar to what we've seen before.

Rafael Sales: If you can give some details, what can we expect on the behavior of this line up ahead? These are the two. Thank you. Hi, Julia. Thank you for your question. The same-store sales was affected, obviously, because of Easter and the World Cup and in July. This is similar to what we've seen before. The quarter should close more normalized. We cannot wait just one year of a lot of growth, and the families are in debt. This generated the results. We captured market share in the markets that we are in. In regards to the revenues, let's talk about the reasons for this effect. Well, Julia, we had two main effects here. The first one is a receivable in regards to Tijuca, and we registered the revenue for the real estate. We have a tower in Nova Landia.

Ana Zerkowski: If you can give some details, what can we expect on the behavior of this line up ahead? These are the two. Thank you.

Rafael Sales: Hi, Julia. Thank you for your question. The same-store sales was affected, obviously, because of Easter and the World Cup and in July. This is similar to what we've seen before. The quarter should close more normalized. We cannot wait just one year of a lot of growth, and the families are in debt. This generated the results. We captured market share in the markets that we are in. In regards to the revenues, let's talk about the reasons for this effect. Well, Julia, we had two main effects here. The first one is a receivable in regards to Tijuca, and we registered the revenue for the real estate. We have a tower in Nova Landia.

Speaker #2: So the quarter should close more normalized. And we cannot weight just one year of a lot of growth, and the families are in debt. This generated the results, so we captured market share in the market that we are in.

Speaker #2: In regards to the revenues let's talk about the reasons for this effect. Well, Julia, we had two main effects here. The first one is a receivable in regards to this in Tijuca and we registered the revenue for the real estate.

Speaker #2: We have a tower in Uberlândia. We have 15 million, baseline. So these are the two main effects. Thank you. Our next question is Mateus Meloni.

Daniella Guanabara: We have BRL 50 million in this line. These are the two main effects. Thank you. Our next question is Mateus Meloni. Hi, good morning. Well, on my side, two things. Well, first, wanted to talk about if you can give us an update is on the schedule. If you can give us some more color on what are the changes on the assets for sales to understand what is this, if everything has to be done, if this expense is related to this transaction, did you do any type of transaction that you have to do something similar. This is the first theme. The second theme is Tijuca, to understand how is the schedule to normalize the operation of the shopping mall in regards to the revenue of the insurance, what can we expect in the next Qs.

Daniella Guanabara: We have BRL 50 million in this line. These are the two main effects. Thank you.

Speaker #2: Hi, good morning. Well, on my side, two themes. Well, first, we need to talk about if you can give us an update is on the schedule.

Operator: Our next question is Mateus Meloni.

Matheus Meloni: Hi, good morning. Well, on my side, two things. Well, first, wanted to talk about if you can give us an update is on the schedule. If you can give us some more color on what are the changes on the assets for sales to understand what is this, if everything has to be done, if this expense is related to this transaction, did you do any type of transaction that you have to do something similar. This is the first theme. The second theme is Tijuca, to understand how is the schedule to normalize the operation of the shopping mall in regards to the revenue of the insurance, what can we expect in the next Qs.

Speaker #2: And if you can give us some more color on what are the changes on the assets for sale, to understand what this is and if everything has to be done, and if this expense is related to this transaction. And did you do any type of transaction where you had to do something similar? This is the first theme. And the second theme is Tijuca.

Speaker #2: To understand how is the schedule to normalize the operation of the shopping mall in regards to the revenue of the insurance and what can we expect in the next quarters.

Speaker #2: If there is anything else in this threshold a little bit more color on this theme. Good morning, Mateus. And the first question in regards to what we are registering this fund.

Mateus Meloni: If there is anything else in that threshold, a little bit more color on this theme. Good morning, Mateus. On the first question in regards to, well, we are registering this fund, really we cannot comment anything in regards to schedule. We cannot go deep on this one. In regards to other expenses, these are the results of a restructuring that we've done in April, this is the objective of simplifying our company to gain more efficiency, this is connected to our process of portfolio management. This incorporation reverts parts of the accounting effects with a fusion that is connected to these assets. As you can see, it's with the deferred tax that we also received. It has a normal procedure, we are negotiating the insurance as we are proving the expenses in general.

Matheus Meloni: If there is anything else in that threshold, a little bit more color on this theme.

Speaker #2: So really we cannot comment anything in regards to schedule. And we cannot go deep on this one. In regards to other expenses. These are the results of restructuring that we've done in April and this is the objective of simplifying our.

Rafael Sales: Good morning, Matheus. On the first question in regards to, well, we are registering this fund, really we cannot comment anything in regards to schedule. We cannot go deep on this one. In regards to other expenses, these are the results of a restructuring that we've done in April, this is the objective of simplifying our company to gain more efficiency, this is connected to our process of portfolio management. This incorporation reverts parts of the accounting effects with a fusion that is connected to these assets. As you can see, it's with the deferred tax that we also received. It has a normal procedure, we are negotiating the insurance as we are proving the expenses in general.

Speaker #2: Company to gain more efficiency, and this is connected to our process of portfolio management and this incorporation. Preferred parts of the accounting effects with the fusion that is connected to these assets, and as you can see, it's with the deferred tax that we also received.

Speaker #2: So it has a normal procedure and we are negotiating the get as we are proving the expenses in general. Our next question is. Pedro Peroni.

Speaker #2: Bank of America. So Rafael Daniela, so we've seen a market that is well, we see the selling of the assets two movements and the real estate and facing this I wanted to see if we can see this kind of for the context of appetite for the capture of the fund if you can explore that that will help.

Rafael Sales: Our next question is Pedro Peroni, Bank of America. Rafael, Daniela. Well, we see the selling of the assets, two movements in the real estate. Facing this, I wanted to see if we can see this dynamic for the context of Allos. Thinking about appetite for the capture of the fund, if you can explore that will help. Thank you, Pedro. We are following the real estate fund, we're seeing the windows of opportunity. We are concluding the reduction of Taboão, investment in Campo Grande, and Village Caxias. We also concluded the disinvestment of Curitiba and Shopping Amazônia, announcing the Shopping Recife. We're always looking at the opportunities for the future. Thank you very much, Dani. Our next question is from Elvis Credendio, Itaú BBA. Elvis, you may proceed. Good morning, Raph.

Operator: Our next question is Pedro Perone, Bank of America.

Pedro Perone: Rafael, Daniela. Well, we see the selling of the assets, two movements in the real estate. Facing this, I wanted to see if we can see this dynamic for the context of Allos. Thinking about appetite for the capture of the fund, if you can explore that will help.

Speaker #2: Thank you, Pedro. We are following the real estate fund and we're seeing the windows of opportunity. And we are concluding the production of double and investment income and village cashes and we also concluded the disinvestment of Curitiba and shopping Amazonia.

Rafael Sales: Thank you, Pedro. We are following the real estate fund, we're seeing the windows of opportunity. We are concluding the reduction of Taboão, investment in Campo Grande, and Village Caxias. We also concluded the disinvestment of Curitiba and Shopping Amazônia, announcing the Shopping Recife. We're always looking at the opportunities for the future. Thank you very much, Dani.

Speaker #2: And announcing the shopping Recife. And we're always looking at the opportunities for the future. Thank you very much, Dani. Our next question is from Elvis Credentio.

Speaker #2: Itaú BBA. Elvis, you may proceed. Good morning, Rafa. Talking about the operational cost. I wanted to understand what do you think about perspectives in this along these lines.

Operator: Our next question is from Elvis Credendio, Itaú BBA. Elvis, you may proceed.

Speaker #2: I imagine that this quarter there should be a problem in regards to shopping Tijuca one-off but since the service line has gained relevance and given the profitability that is different from the other lines of revenue I wanted to explore that line where it should move ahead.

Elvis Credendio: Good morning, Raph.

Elvis Credendio: Talking about the operational costs, I wanted to understand what do you think about perspectives along these lines. I imagine that this quarter there should be a problem in regards to Shopping Tijuca, a one-off. Since the service line has gained relevance, given the profitability that is different from the other lines of revenue, I wanted to explore that line, where it should move ahead. Second topic is about leverage and the distribution of dividends. When you announced the guidance of leverage at the end of last year, the macro was very different. Well, to continue with the train of thought, the interest rates are worse. Are you a bit more cautious about this target leverage in the next 2 years? In fact, continuing to give the strategy of return of capital in this same level that you have presented. Hi, Elvis.

Speaker #2: Second topic is about leverage in the distribution of dividends. When you announce the guidance of leverage at the end of last year the macro was very different.

Speaker #2: And well, to continue with the train of thought, the interest rates are worse. So do you are you are you a bit more cautious about this target leverage in the next two years and in fact continuing to give this strategy of return of capital in this same level that you have presented?

Speaker #2: Hi. Thank you for the question. First, regarding operational costs, there was variation quarterly that we cannot annualize. We have pinpointed the issues.

Speaker #2: Certainly there is the effect of Tijuca both in the expenses and if you look without this effect we would have a drop of 7.5% in regards to 2025.

Elvis Credendio: Hi, Elvis.Thank you for the question. First, the issue of costs, operational costs. There was a variation quarterly that we cannot annualize. We have pinpoint issues. Certainly, there is the effect of Tijuca, both in the expenses. If you look, without this effect, we would have a drop of 7.5% in regards to 2025. The delinquency is 1.2. The health of the business is preserved, the growth of profitability. It's not an easy scenario to do business in Brazil, at the same time, we've seen that we are well protected. We extract good results regardless of this difficult scenario. In terms of connecting to the second question, our capacity to continue to pay dividends. Our guidance for this year, it's not for all years. We need to approve it for every cycle of results.

Rafael Sales: Thank you for the question. First, the issue of costs, operational costs. There was a variation quarterly that we cannot annualize. We have pinpoint issues. Certainly, there is the effect of Tijuca, both in the expenses. If you look, without this effect, we would have a drop of 7.5% in regards to 2025. The delinquency is 1.2. The health of the business is preserved, the growth of profitability. It's not an easy scenario to do business in Brazil, at the same time, we've seen that we are well protected. We extract good results regardless of this difficult scenario. In terms of connecting to the second question, our capacity to continue to pay dividends. Our guidance for this year, it's not for all years. We need to approve it for every cycle of results.

Speaker #2: The delinquency is 1.2. The health of the business is well is preserved and the growth of profitability. And it's not an easy scenario to do business in Brazil but at the same time we've seen that we are well protected.

Speaker #2: We extract good results regardless of this difficult scenario. In terms of connecting to the second question, there is capacity to continue to pay dividends.

Speaker #2: Our guidance for this year it's not for all years. We need to approve it for every cycle of results. So the official guidance for one year is for one year and in fact we are still having a balance that is deleveraged and as a scenario of cost cap cost of capital is in this level the opportunities of investment are less.

Speaker #2: So one thing leads to another and we end up deleveraging the company more and more. So we can pay more dividends. So it's natural that we keep a level of leverage that we are committed to because it wouldn't make sense to have a capital structure in the balance of the company.

Rafael Sales: The official guidance for one year is for one year. In fact, we are still having a balance that is deleveraged. As the scenario of cost of capital is in this level, the opportunities of investment are less. One thing leads to another, we end up deleveraging the company more and more so we can pay more dividends. It's natural that we keep a level of leverage that we are committed to because it wouldn't make sense to have a capital structure in the balance of the company. Thank you. Our next question is Herman, Bradesco BBI. Herman, the floor is yours. Good morning, Raph, Dani. The guidance was reaffirmed. Considering the performance of the contribution of the new verticals, I wanted to understand if it's reasonable to see if there is an upside risk for the guidance, if that makes sense.

Speaker #2: Thank you. Our next question is Herman Lee Bradesco BBI. Herman, the floor is yours. Good morning, Rafa. Dani, so the guidance was reaffirmed and considering the performance of the contribution of the new verticals I wanted to understand if it's reasonable to see if there is an upset risk for the guidance if that makes sense and the second point about the digital.

Operator: Our next question is Herman, Bradesco BBI. Herman, the floor is yours.

Herman Lee: Good morning, Raph, Dani. The guidance was reaffirmed. Considering the performance of the contribution of the new verticals, I wanted to understand if it's reasonable to see if there is an upside risk for the guidance, if that makes sense.

Speaker #2: As you mentioned, it's growing and we see an increase in visitation, more sales from the tenants, so I just wanted to understand if you felt an improvement in the price of the rents or the average ticket. So I just wanted to understand a bit of the benefits that you felt with the increase in digital engagement.

[Analyst] (Bradesco BBI): The second point about the digital. As you mentioned, it's growing, and we see an increase of visitation, the more sales of the tenants. I just wanted to understand if you felt an improvement in the price of the rents, the average ticket. I just wanted to understand a bit of the benefits that you felt with the increase of the digital engagement. I'm going to answer about the guidance, and then I'll give the floor to Vicente so he can talk about the program of benefits. The guidance, we keep it because in the second semester, we still don't have a perspective, and we understand that this is aligned with what we were expecting. The effect of Shopping Tijuca in the results that we have already published, we are reaffirming the guidance.

Herman Lee: The second point about the digital. As you mentioned, it's growing, and we see an increase of visitation, the more sales of the tenants. I just wanted to understand if you felt an improvement in the price of the rents, the average ticket. I just wanted to understand a bit of the benefits that you felt with the increase of the digital engagement.

Speaker #2: So I'm going to answer about the guidance and then I'll give the floor to Vicente. So he can talk about the program of benefits.

Speaker #2: The guidance we keep it because in the second semester we still don't have a perspective and we understand that this is aligned with what we were expecting the effect of shopping Tijuca in the results that we've already published we are reaffirming the guidance.

Rafael Sales: I'm going to answer about the guidance, and then I'll give the floor to Vicente so he can talk about the program of benefits. The guidance, we keep it because in the second semester, we still don't have a perspective, and we understand that this is aligned with what we were expecting. The effect of Shopping Tijuca in the results that we have already published, we are reaffirming the guidance.

Speaker #2: So we don't see we don't have any idea of using guidance or changing the expectations for the year. So to talk about the effects here Vicente.

Speaker #2: Hi Herman. We've measured yes the growth of the spending of the of our clients engaged in the program last year we managed to measure it because of the consumers that are participating in the programs and this year it got into the KPIs that we follow and we give incentives to the team so we can develop more and more benefits and proposal for the consumers that increase the spending of these consumers in the shopping mall.

Rafael Sales: We don't have any idea of using guidance or changing the expectations for the year. To talk about the effects here, Vicente. Hi, Herman. We've measured, yes, the growth of the spending of our clients engaged in the program. Last year, we managed to measure it because of the consumers that are participating in the programs. This year, it got into the KPIs that we follow, and we give incentives to the team so we can develop more and more benefits and proposals for the consumers that increase the spending of these consumers in the shopping mall. We still haven't given disclosure in these numbers, but we're growing over two digits, the spending of the clients engaged in the programs. Which reinforces the indicator that we've shown of the increase of frequency and justifies within our vision.

Rafael Sales: We don't have any idea of using guidance or changing the expectations for the year. To talk about the effects here, Vicente.

Vicente Avellar: Hi, Herman. We've measured, yes, the growth of the spending of our clients engaged in the program. Last year, we managed to measure it because of the consumers that are participating in the programs. This year, it got into the KPIs that we follow, and we give incentives to the team so we can develop more and more benefits and proposals for the consumers that increase the spending of these consumers in the shopping mall. We still haven't given disclosure in these numbers, but we're growing over two digits, the spending of the clients engaged in the programs. Which reinforces the indicator that we've shown of the increase of frequency and justifies within our vision.

Speaker #2: We still haven't given disclosure in this numbers but we're growing over two digits the spending of the clients engaged in the programs. Which reinforces the indicator that we shown of the increase of frequency and justifies within our vision and we can do we can have the consumer more engaged in and we are very excited with these signals so we're trying to make this increase throughout time.

Speaker #2: Very clear Vicente Halfon. Thank you very much. Our next question is Andre Mazini. City Bank. The floor is yours. Good morning everyone. So two the first one about development and multi-use use you're accelerating so if you can remind us of the economics of these projects for Alos if there is a financial find the percentage of DGV and what is the percentage on average of this DGV in these projects.

Vicente Avellar: We can have the consumer more engaged. We are very excited with these signals. We're trying to make this increase throughout time. Very clear, Vicente Halffter. Thank you very much. Our next question is André Mazini, Citibank. The floor is yours. Good morning, everyone. Two, the first one about development and multi-use, you're accelerating. If you can remind us of the economics of these projects for Allos, if there is a financial, find the percentage of VGV, and what is the percentage on average of this VGV in these projects? That's the first one. I imagine that you're using AI and automation in the program and also the CRMs legacy. What can we still do with the program up ahead?

Operator: Our next question is André Mazini, Citibank. The floor is yours.

André Mazini: Good morning, everyone. Two, the first one about development and multi-use, you're accelerating. If you can remind us of the economics of these projects for Allos, if there is a financial, find the percentage of VGV, and what is the percentage on average of this VGV in these projects? That's the first one. I imagine that you're using AI and automation in the program and also the CRMs legacy. What can we still do with the program up ahead? Can we expect an impact that is positive in margins with the simplification, it's more agility, et cetera, and not so much in margins?

Speaker #2: That's the first one and I imagine that you're using AI and automation in the program and also the CRMs legacy so what can we still do with the program up ahead can we expect an impact that is positive in margins with the simplification it's more agility etc and not so much in margins.

Speaker #2: Andrea, thank you very much for the question. The development of real estate multi-use around the malls is a very important strategy for us. We manage to create the master plans, get the approvals, and sell the projects. This is a company that already works with a lot of real estate assets. Our idea is not to add the risk of incorporation, besides having the real estate and an effect on the balance sheet, and bringing specialists and partners to develop the projects.

Rafael Sales: Can we expect an impact that is positive in margins with the simplification, it's more agility, et cetera, and not so much in margins? André, thank you very much for the question. The development of real estate multi-use around the malls, it's very important strategy for us, that we managed to create the master plans and the approvals in selling the projects. This is a company that already works with a lot of real estate assets. Our idea is not adding risk of incorporation, besides having the real estate and having an effect on the balance, and bringing specialists and partners to develop the projects. This is our main strategy to date with real estate development, remembering that it's not just the percentage of exchange, which varies from region to region.

Rafael Sales: André, thank you very much for the question. The development of real estate multi-use around the malls, it's very important strategy for us, that we managed to create the master plans and the approvals in selling the projects. This is a company that already works with a lot of real estate assets. Our idea is not adding risk of incorporation, besides having the real estate and having an effect on the balance, and bringing specialists and partners to develop the projects. This is our main strategy to date with real estate development, remembering that it's not just the percentage of exchange, which varies from region to region.

Speaker #2: So this is our main strategy today with real estate development, remembering that it's not just the percentage of exchange which varies from region to region, so it's a case-by-case scenario. It's a question of the specificities of every market and also the type of product that we're launching. But the important thing is adding quality and density of revenue and potential of consumption for the neighborhood of the shopping mall.

Rafael Sales: It's a case-by-case scenario and a question of the specificities of every market and also the type of product that we're launching. The important thing is adding quality and density of revenue and potential of consumption for the neighborhood of the shopping mall. This is a driver that is also very important for the decision on what we're going to launch as multi-use. In Simplifica Allos, we don't have data of guidance, because at the same time that we have a drop in expenses because of these factors that you've mentioned, automation, gains of efficiency, and all those factors that are impacting our capacity to get gains of efficiency. We've had a review of structures that were done after the integration. Obviously, this nominal drop that we expect to have is a factor that will be certainly more strong this year.

Speaker #2: So this is a driver that is also very important for the decision on what we're going to launch as multi-use. In simplificar Alos we don't have data of guidance because at the same time that we have drop in expenses because of these factors that you've mentioned automation gains of efficiency and all those factors that are impacting this capacity our capacity to gain to get gains of efficiency nonetheless we've had a review of structures that were done after the integration.

Speaker #2: So obviously this nominal drop that we expect to have is a factor that will be certainly. More strong this year. But at the same we're growing in other businesses.

Speaker #2: So, growing in other businesses, we end up growing expenses. So it's not that the company is not growing. We are—when we grow, we also need structure.

Speaker #2: So the question is should continue this year and we are getting gains of efficiency because of several factors due to this simplification program being something perennial.

Rafael Sales: At the same, we're growing in other businesses. Growing in other businesses, we end up growing expenses. It's not that the company is not growing. When we grow, we also need structure. The drop of SG&A should continue this year. We are getting gains of efficiency because of several factors due to this simplification program being something perennial. We will continue to reevaluate processes, doing initiatives of reduction of expenses with systems and technology, which impact our result. Margin, difficult to project or giving a guidance, because we had a drop of expenses. A few of our businesses, they have different margins than the rent, real estate. There is a difference in margin that is not necessarily talking to the gains of efficiency, which is a nominal drop and gains of scalability and lower growth than inflation, which is what we expect.

Speaker #2: We will continue to reevaluate processes, doing initiatives of reduction of expenses with systems and technology, which impact our result. Margin is difficult to project or provide guidance because we had a drop in expenses, but a few of our businesses have different margins than the rental real estate, so there's a difference in margin that is not necessarily tied to the gains of efficiency. It's a drop, not a gain, and there are gains of scalability and lower growth than the inflation, which is what we expect.

Speaker #2: Thank you Rafa. Our next question is Mario Morgan Stanley. Please Mario the floor is yours. Thank you for accepting my question. My question is how do you see the spreads with the context of renewal in this period and also I wanted to understand how you see the occupancy rate for the next quarters and if you can give us some color on the performance of the regions we see the northern region performing better than the others so I wanted to understand how is this for the next for the rest of the year.

Mario Cipriano: Thank you, Rafa. Our next question is Mario Cipriano, Morgan Stanley. Please, Mario, the floor is yours. Thank you for accepting my question. My question is, how do you see the spreads with the contracts of renewal in this period? I wanted to understand how you see the occupancy rate for the next quarters, and if you can give us some color on the performance of the regions. We see the northern region performing better than the others. I wanted to understand how is this for the rest of the year. Hi, Mario. Dani. In regards to the spread, we are still at thresholds that are very healthy. 2 digits with the renewals and invoiced. We have the health of the tenants in general, and we have a delinquency rate that is very low. Removing the effects of Tijuca, which is PDD year-on-year.

André Mazini: Thank you, Rafa.

Operator: Our next question is Mario Cipriano, Morgan Stanley. Please, Mario, the floor is yours.

Mario Cipriano: Thank you for accepting my question. My question is, how do you see the spreads with the contracts of renewal in this period? I wanted to understand how you see the occupancy rate for the next quarters, and if you can give us some color on the performance of the regions. We see the northern region performing better than the others. I wanted to understand how is this for the rest of the year.

Speaker #2: Hi, Mario Donnie. So, in regards to the spread, we are still at thresholds that are very healthy—two digits—with the renewals and invoiced. We have the health of tenants in general, and we have a delinquency rate that is very low.

Speaker #2: Removing the effects of Tijuca, which is PDD year on year, we have a commercial produced reducing our occupancy rate. So, this is a reflection and supports our capacity of having this ease and spread in these thresholds.

Daniella Guanabara: Hi, Mario. Dani. In regards to the spread, we are still at thresholds that are very healthy. 2 digits with the renewals and invoiced. We have the health of the tenants in general, and we have a delinquency rate that is very low. Removing the effects of Tijuca, which is PDD year-on-year.

Speaker #2: And when we look at the performance of the regions we see a performance that is very re very strong in the northern region but we see the performance that is uniform but anyway Rafa commented when we see quarter on quarter you can have very big variations.

Daniella Guanabara: We have a commercial demand that has reduced our occupancy rate. This is a reflection and supports our capacity of having leasings and spread in these thresholds. When we look at the performance of the regions, we see a performance that is very strong in the northern region. We see the performance that is uniform. Anyway, Rafa commented, when we see quarter-on-quarter, you can have very big variations. You have a constancy of growth and total sales that is very positive, about 5% to 10% through several quarters, not just this year, regardless of the challenges that we have in the scenario. This stems from our capacity of qualifying the mix of the malls, promoting the events in the mall, bringing publics to different times, enchanting the clients every day. Thank you, Dani. Congratulations on the result.

Speaker #2: You have a consistency of growth and total sales that is very positive—5 to 10% through several quarters, not just this year—regardless of the challenges that we have in the scenario.

Speaker #2: And this stems from our capacity of qualifying the mix of the malls promoting the the events in the mall bringing public to different times enchanting the clients every day.

Speaker #2: Thank you, Donnie. Congratulations on the result. Our next question is from Jorel Gilotti at Goldman Sachs. Jorel, the floor is yours. Thank you. Well, thank you for the opportunity to ask a question.

Speaker #2: The first one is about Hello. If you can remember, where are the biggest opportunities for Hello? Is it airport residential, condominiums, or other malls? Also, I wanted to understand how we should think about the Capex and the expansion for Hello. Is this 5% of the total Capex? Second question is about the parking lot. We see that the revenue grew year on year, so I wanted to understand how much of this growth is from the tariff, the increase of the flow of vehicles, and do you see readjustments for the price here? Jorel, first one about Hello.

Mario Cipriano: Thank you, Dani. Congratulations on the result.

Jorel Guilloty: Our next question is Jorel Guilloty, Goldman Sachs. Jorel, the floor is yours. Well, thank you for the opportunity to ask a question. The first one about helloo. If you can remember, where are the biggest opportunities for helloo? Is it airports, residential, condominiums, other malls? I wanted to understand, how should we think about the CapEx and the expansion for helloo? This is 5% of the total CapEx. Second question is about parking lot. We see that the revenue grew year-on-year. I wanted to understand how much of this growth is the tariff, the increase of the flow of vehicles. Do you see readjustments for the price here? Jarel. First one about helloo. We expected a growth strong this year.

Operator: Our next question is Jorel Guilloty, Goldman Sachs. Jorel, the floor is yours.

Jorel Guilloty: Well, thank you for the opportunity to ask a question. The first one about helloo. If you can remember, where are the biggest opportunities for helloo? Is it airports, residential, condominiums, other malls? I wanted to understand, how should we think about the CapEx and the expansion for helloo? This is 5% of the total CapEx. Second question is about parking lot. We see that the revenue grew year-on-year. I wanted to understand how much of this growth is the tariff, the increase of the flow of vehicles. Do you see readjustments for the price here?

Speaker #2: We expected strong growth this year, but I would like to highlight that we see—and we are bringing—announcers, so we don't have the habit and knowledge of the potential of media at home, which is a public that is very qualified.

Rafael Sales: Jorel. First one about helloo. We expected a growth strong this year. I would like to highlight. We see. We are bringing announcers, so we don't have the habit and knowledge of the potential of media out of home, which is a public that is very qualified. We are in the airport, and we can contact with this base of announcers and improving the knowledge. We have a lot to do. In the shopping malls, we have new medias. On the side of parking lot, we still have a flow that is. The main driver is the tariff because of the dominance of our shopping mall. Very specific for every market.

Rafael Sales: I would like to highlight. We see. We are bringing announcers, so we don't have the habit and knowledge of the potential of media out of home, which is a public that is very qualified. We are in the airport, and we can contact with this base of announcers and improving the knowledge. We have a lot to do. In the shopping malls, we have new medias. On the side of parking lot, we still have a flow that is. The main driver is the tariff because of the dominance of our shopping mall. Very specific for every market. Our next question is Rafael Rehder, Safra. Well, the first one is M&A. Well, with this macro that is more challenging, the increase of participation in the cap rates that is more attractive. The second point is talking about the tax reform.

Speaker #2: We are in the airport, and we can contact with this base of announcers and improving the knowledge, and we have a lot to do. And in the shopping malls, we have new media. On the side of the parking lot, we still have a flow, and the main driver is the tariff because of the dominance of our shopping mall and it is very specific for every market.

Speaker #2: Our next question is from Rafael Riders Safra. Well, the first one is M&A. With this macro that is more challenging, the increase of participation in the caps—that is more attractive. And the second point is talking about the tax reform for the tenants, on the reform. Do you have any updates? So, the strategy on the acquisition of new malls, it depends on the price, but it also depends on the strategic position of the assets.

Operator: Our next question is Rafael Rehder, Safra.

Rafael Rehder: Well, the first one is M&A. Well, with this macro that is more challenging, the increase of participation in the cap rates that is more attractive. The second point is talking about the tax reform. For the tenants on the reform, do you have any updates?

Rafael Rehder: For the tenants on the reform, do you have any updates? The strategy on the acquisition of new malls, it depends on the price, but it also depends on the strategic position of the assets. We are doing a small acquisition. This is a cap rate that is very good. We are growing projects in an agile way. We have a lot of discipline and a cost of capital that is very high with the activity of the future. If everything is taken into consideration, this is not a year that we're doing a lot of transformation, but we expect that by the end of the election, the uncertainty will decrease regardless of the result. The end of last year. Rafael, in regards to the tax reform, our focus is ready from the standpoint of systems for the issuance of the documents.

Speaker #2: We are doing a a small acquisition this is a cap that is very good so we're growing projects in an agile way we have the different we have a lot of discipline and the cost of capital that is very high with the activity of the future.

Daniella Guanabara: The strategy on the acquisition of new malls, it depends on the price, but it also depends on the strategic position of the assets. We are doing a small acquisition. This is a cap rate that is very good. We are growing projects in an agile way. We have a lot of discipline and a cost of capital that is very high with the activity of the future. If everything is taken into consideration, this is not a year that we're doing a lot of transformation, but we expect that by the end of the election, the uncertainty will decrease regardless of the result. The end of last year. Rafael, in regards to the tax reform, our focus is ready from the standpoint of systems for the issuance of the documents.

Speaker #2: So, if everything is taken into consideration, this is not a year that we're doing a lot of transformation, but we expect that with the end of the election, the uncertainty will decrease regardless of the result. And the end of last year.

Speaker #2: Rafael, in regards to the tax reform, our focus is ready from the standpoint of systems for the of the documents we've worked with this theme very well structured and in regards to the schedule in the same way that we're preparing the tenants are also preparing so from the standpoint of technicalities we are within the deadline with everything that is aligned.

Speaker #2: Well, thank you very much. Next question is from Jonathan Otras at JP Morgan. The floor is yours. Good morning. Just one question here, still regarding the guidance, but about the Capex.

Daniella Guanabara: We've worked with this theme, very well-structured. In regards to the schedule, in the same way that we're preparing, the tenants are also preparing. From the standpoint of technicalities, we are within the deadline with everything that is in mind. Well, thank you very much. Next question is Jonathan Ultras from JP Morgan. The floor is yours. Good morning. Well, just one question here. Still with the guidance, but about the CapEx. If we analyze Q1, the company should be close to the low BRL 350 million to BRL 450 million because of the worse macro and investment. Do we have an expansion that is higher specific for Q3 and Q4? Jonathan, Danny as well. With regards to the guidance of CapEx, we have seasonality. It's natural that we also have an investment that is smaller in Q1, and it's decelerating in Q2.

Speaker #2: If we analyze the first quarter, the company should be close to the low $350 to $450 because of the worse macro and investment. Do we have to—we have an expansion that is higher, specific for the third and fourth quarters. So, Jonathan, Daniel.

Operator: Next question is Jonathan Ultras from JP Morgan. The floor is yours.

Speaker #2: As well in regards to the guidance of Capex we have seasonality it's natural that we also have an investment that is smaller in the first quarter and it's decelerating in the second quarter we are finishing the third quarter but we are going to have a better idea the range of the guidance the guidance is 450 million if we don't have any more questions I would like to give the floor to Rafael Sales.

Jonathan Elvers: Good morning. Well, just one question here. Still with the guidance, but about the CapEx. If we analyze Q1, the company should be close to the low BRL 350 million to BRL 450 million because of the worse macro and investment. Do we have an expansion that is higher specific for Q3 and Q4?

Daniella Guanabara: Jonathan, Danny as well. With regards to the guidance of CapEx, we have seasonality. It's natural that we also have an investment that is smaller in Q1, and it's decelerating in Q2.

Speaker #2: Well, thank you very much for your interest in our results. I wanted to highlight that this was a quarter that was good for us, regardless of this challenging scenario that we're going through. But the company is ready for any scenario, and I think that this is very important in this moment that we're going through as a country, with the economy not only in Brazil but throughout the world. So, the team is at your service to answer any questions, and thank you very much.

Daniella Guanabara: We are finishing Q3, we are going to have a better idea. The range of the guidance is BRL 450 million. If we don't have any more questions, I would like to give the floor to Rafael Sales. Please continue. Well, thank you very much for your interest in our results. I wanted to highlight that this was a quarter that was good for us, regardless of this challenging scenario that we are going through. The company is ready for any scenario, I think that this is very important in this moment that we are going through as a country, with the economy, not only in Brazil, but throughout the world. The team is at your service to answer any questions, thank you very much. Have a nice weekend. Thank you. The earnings call of Q2 2026 of Allos is closed.

Rafael Sales: Well, thank you very much for your interest in our results. I wanted to highlight that this was a quarter that was good for us, regardless of this challenging scenario that we are going through. The company is ready for any scenario, I think that this is very important in this moment that we are going through as a country, with the economy, not only in Brazil, but throughout the world. The team is at your service to answer any questions, thank you very much. Have a nice weekend.

Speaker #2: Have a nice weekend. Thank you. The earnings call of the second quarter of 2026 of Alos is closed. Thank you for your participation. Have a nice day.

Operator: Thank you. The earnings call of Q2 2026 of Allos is closed. Thank you for your participation. Have a nice day.

Operator: Thank you for your participation. Have a nice day.

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