For the discussion of the results of the third quarter of 2024. We are here present with us, Mr. Rafael Sales, President, Leandro Lo pes, VP of Business, Vicente Avellar, Director of Operations, and Ms. Daniela Guanabara, Financial Director and of Investor Relations. This event is being recorded, and all the participants will just hear the earnings call during the presentation. Thereafter, we're going to start the Q&A session just for analysts and investors when further instructions will be provided. This event is also being simultaneously transmitted via webcast, and it can be accessed in the ri.allos.co website where you have the presentation available. The replay will be available in the post-closure for one week. We would like to say that the questions can be asked through the Zoom app.
Should you be connected via the webcast, your question has to be submitted directly to the IR team on the specific provided email. Before we continue, we'd like to clarify that any forward-looking statements that are done regarding the perspectives of business of the company, projections and operational goals, and financial goals are based on premises and beliefs of the company, as well as based on information that is currently available. Forward-looking statements are not guarantees of performance. They involve risks and uncertainties and are based on premises. They're based on future events, and they're based on circumstances that may or may not occur. Investors should understand that general economic conditions, conditions of industry, and other operational factors might affect the future performance of the company and may lead to results that are materially different from those described in the forward-looking statements. I'd like to give the floor to Mr.
Rafael Sales. He will start the presentation. Please, Mr. Rafael, the floor is yours.
Good afternoon. Thank you for the interest in the results of Allos. I would like to start our call by telling you about the investments that we're doing in some of our malls. As we've announced, the second expansion of Campo Grande Mall will add another 12,000 meters of GLA at the shopping mall, and then we're going to develop another 11,000 meters on the current model, improving the experience of the consumer. With this expansion, the mall will gain 150 new stores, qualifying the mix and reinforcing its leadership position in the region. Since we launched Tijuca this year, we are going to continue to find investments that generate value, and we will continue to make investments, allocating the capital for the company so that we have our business growing sustainably.
Let's comment on the results of the third quarter. Slide two. We can see in this quarter that we are gathering the fruit in the active management of our portfolio, and the indicator of sales per square meter has a growth of 9.2%, reaching 1,862 Reais per square meter. To illustrate this on the graph below, we have the history of sales per square meter since 2019. You can see that we had an average growth of 8% per year, which is much higher than the inflation. The sales of our tenants got to 9.5 billion BRL, and it's an advance of 8% facing the previous years, pushed by the shopping malls in the north and the southern region that grew between 11% and 9.7%, respectively. Up ahead, Daniela will talk about the operational indicators of the quarter. Slide three, we talk about the results of the company.
We delivered in the third quarter the net revenue of BRL 643 million, which is a growth of 8.5% impacted by the increase of media and 3% in parking lot. The rental revenue got to a variation that is positive of 3% in regards to the third quarter of 2023. Same-store rent also grew consistently, about 4.2%, and the same-year rent grew 4.9%. The EBITDA grew over the last quarter, 7.7%, due to the operational positive performance that was increased by the continuous improvement in the revenues in services, media, and parking lot. As we commented before, the operational results have led us to trends that are closer to what we had in the first quarter of the year. Now, the FFO per operation continues to have a consistent growth quarter on quarter, with the advance of 37% in the quarter of this year.
This performance was pushed by the good performance management of our liabilities, an advance of 7.2% in the percentages, and FFO margins closing the quarter in 42%. This result was leveraged by the execution of the repurchasing of shares that reduced the capital base of the company. Before giving the floor to Dani, I'd like to state that we kept our commitment of remunerating our shareholders with consistency and predictability. We implemented the practice of monthly payment of dividends following the schemes of submitting for every quarter the approval by the board of directors, the distributions for these events. In October, we approved millions of BRL in dividends that are distributed to the shareholders through the fourth quarter in three same tranches. And also, we repurchased millions of BRL in shares of the company in the year, representing 6% of the total capital of the company.
There's still the possibility of repurchasing of 12.8 million shares. In November, we announced a new round of this investment, along with a plan published in May of 2024. Two transactions, one involving the participation in Carioca Shopping, Shopping Tijuca and Plaza Sul, totaling BRL 393 million, cap rate of 7%, and the other one involving total disinvestments, a cap rate of 8.5%. These premiums are very big comparing to the multiples that we negotiated in the stock exchange, which is very disputed regarding the metrics and the capacities of our company of generating results for new shareholders.
I would also like to share with you that I am very happy that Allos, in less than two years since its creation, was elected in the fifth edition as the Company of the Year by the magazine Exame, and it's the best company in the category elected by Exame and Valor Econômico. These recognitions celebrate the commitment of the company in transforming the future of retail, and more so today. We are committed to delivering results that are more solid, with the purpose of offering exceptional experiences and to continue to enchant our clients day to day. Now, I will give the floor to Dani, and I will continue on the Q&A session. Thank you. Have a nice afternoon.
Now, continuing to slide five, we observed that the occupancy rate has regrown on the growth of 2024, closing the period in 96.4%, an increase of 70 basis points in regards to the third quarter of 2023. This improvement was given by the reduction of the rhythm of return of big areas and a bigger volume of commercial signatures, totaling hundreds of contracts being signed in this period. We have to highlight that the GLA additional is 40,000 square meters. Considering the subcontracted shopping malls, it was 350 new contracts, which are equivalent to 50,000 GLA, 50,000 square meters additional GLA. This is the expression in big brands. We launched another Sephora in Center Shopping Uberlândia, which was a great success, and Coco Bambu that closed another two contracts and launched a new store in our shopping malls.
Now, slide six, we have the occupancy cost that closed in 10.4% in the third quarter of the year, a bit below what was in the same quarter of 2023 due to the strong performance in sales. Delinquency in the period was negative 0.5%, showing a drop in regards to the third quarter of 2023, also pushed by the strong performance in sales that impacts directly the financial health of the tenants. Continuing to slide seven, we see that in the second quarter of 2024, our average debt was at a threshold that stems from the liability management that we've done over the last quarters. On the profile of our debt, we closed this quarter with 90% indexed to the CDI, 9.2% prefixed, 10.2% according to the inflation, and our leverage is still low in 1.7 times of net debt in EBITDA.
In August, we did the emission of debentures at the institutional market, capturing BRL 2.5 billion in two series with deadlines predicted for 2031 and 2034. With the excess of demands of investors and the total exercise of the options, we managed to reduce the total cost expected, and we closed the issuance with an average weighted cost of 0.87% per year. Slide eight, we're talking about our business media that has a highlight quarter on quarter and an invoicing of BRL 46 million in 2024, a growth of 30% in regards to the same period of last year. With the percentage of the gross revenue of Allos, the media grew 110 basis points in regards to the third quarter of 2023, reaching 6.2%, 6.7%. Helloo advanced with the expansion of coverage. In the third quarter, 11 malls that had the static media, they were digitalized.
This initiative allows the advertisers greater flexibility and autonomy in the communication, and this allows for better production. In the residential buildings, we have another 800 screens with the opening of a new city receiver, which increases the coverage of Helloo for the vertical sales of shopping malls. We also had an e-commerce of media, the Helloo Retail, and this is highly effective so that the advertisers, the platform allows that entrepreneurs adjust their investments with precision, personalizing their campaigns according to their objectives and different budgets. Until the month of September 2024, this line of business had grown in regards to 2023, validating the effectiveness of the digital strategy and highlighting the great potential for the future growth. Slide nine.
In the third quarter of 2024, we continue to evolve in our programs, and we reached a growth of 85% in the rescue of benefits and a growth of absolute GMV of BRL 538 million in the third quarter to BRL 586 million in the third quarter of 2024. This results reinforces the thesis that the engagement of the tenants that offers relevant benefits can also guarantee a better engagement of the consumers. We continue the expansion of the loyalty program with the launch of Campo Grande and Parque D. Pedro shopping malls in October. Those shopping malls were born with 20% benefits for the tenants, and all the prediction is that all the malls of the company have their own loyalty programs all throughout the year of 2025. Following on the presentation, we bring you a few recent slides of our sustainability journey.
The commitment of Allos with sustainability permeates a series of initiatives and projects supporting social causes and local development. As the objective of acting is strategically, we announced a new goal of having 48% of people self-declared Black and in leadership positions until 2030. The goal was defined based on the data of the last census of the DEI, and it was validated by the movement of racial equity. This is another commitment of Allos that strengthens us and that pushes us to create ever more inclusive experiences with positive impacts in the society. Besides, we got the golden seal for the Brazilian program for 2024. The certification reaffirms our continuous commitment with transparency and environmental responsibility. This recognition reinforces the position of Allos as a leader in the sector, making evident the continuous effort to mitigate the environmental impacts and promote sustainable practices in all operations.
Also, in this quarter, we supported the third season of Challenge at the Schools program that is in the TV. This is an engagement of four schools in Rio de Janeiro that proposes new solutions for the teaching institutions, and through the involvement of the school community, the project promotes improvements that are concrete in the schools, and education and culture are fundamental pillars of our strategy of sustainability, reflected in almost 3,000 projects that benefited over 500,000 people over the last year. I would like to thank you all. Let's start now the Q&A session.
Thank you, so ladies and gentlemen, we will start the Q&A session just for investors. Should you have any questions, please click on the raise hand button. To remove your question, please click on the lower your hand button. Our first question comes from Ruan Argenton from XP. Please continue.
Hi, everyone. Thank you for the questions and the presentation. I think that we have two issues that I wanted to discuss with you. First is getting your opinion on recycling of the portfolio. You were successful in those two movements that recently have collaborated for the plan that you had proposed for recycling. Well, we've seen the real estate funds, but the pressure on negotiating the below the patrimonial quota, and that has made difficult the scenario for new emissions in the future, which makes the funding difficult. So my question is, how do you see this scenario of demand for the new recycling up ahead? And do you have any new options of payment within these deals, quotas, payments that have a longer deadline? Has that kept the stability of demand for this recycling of the portfolio, or do you think that in general, the demands are colder?
And my second question is about dividends. It calls our attention the low leverage that you have in the return on capital. So my point is, what I want to understand is, are you with these new recyclings? Do you see any space to do any significant payment of 50% of FFO? And how is the preference of yours looking at repurchasing and dividend? That you announced the payment of dividends, monthly dividends. So I wanted to know if that generates more preference by the dividends.
Thank you. Ruan, good morning, good afternoon. Thank you for the questions. Well, first of all, the market of real estate funds has become a very big and relevant market when you compare any transaction that we've done in a real estate fund at the end of 2027. It's a market that doubled in size.
It's a market that is deeper and has liquidity. When we received the quotas that we started in 2022, and we transformed the quotas and cash flow very quickly, including with a gain. That is a positive moment. I think that receive parts and quotas is a form of generating liquidity for the shopping malls that we eventually wouldn't continue on the portfolio or to generate an additional capital that is available so we can reallocate it in a company with the conditions and the projects that we've been doing. And eventually for another acquisitions or even to return to the shareholders, keeping the return on the with a high yield. Another thing about the real estate funds. This is a volatile market with the interest rates of Brazil are also volatile.
So a natural person, which is the big investor in this type of asset, I don't know, well, there is the fluctuations of the interest rate. Since we are at a scenario of high interest rates and it's priced, so it's high, the curve is high. So we will, from now on, we're going to see the processing of this information in the market. And we had those windows of liquidity of the funds that we can still seize. Probably as it happened in the past, the beginning was very volatile. So maybe there is the we can use the market as this investment. This year, it was the most difficult year, the scenario of interest rates. So consequently, the windows were lower. So as you've said, we are very deleveraged. So it doesn't make sense that we make the transaction or disinvest in an interesting way for the shareholder.
The repurchasing and the dividends are interesting. We are going to continue to use the two mechanisms. They generate the capital base and the perpetuation of earnings per share growth of long term, which is the repurchasing or even the dividend. But also the other option, they need to bring a profile of investor that is complementary to the profile that we have in the shareholders of the company, which is very institutional. So to bring natural persons investors is a challenge, and it's one of our objectives. So the two alternatives that are here and our board has guided us in the sense of keeping it active so that we have that possibility. The balance allows for this, and as we are generating revenue, we can generate more dividends, which is very positive indeed.
The market, and just to make it clear about the volatility of the FII market, this doesn't scare us because we don't need to deleverage. On the contrary, we need to seize the good moments. As always in Brazil, there's going to be volatility. And now when the central bank changes the speech, there is going to be an opening for capturing the real estate funds, and we're going to analyze if it makes sense to make that disinvestment or not. We also want to invest. So we can see that we can do better investments in the future.
Both things are the company is reserving still the possibility of continuing with strategic paths with an investment that is higher quality and also the strategy of capital allocation for the expansion of the shopping malls, which have had a great demand by the tenants and without losing the discipline of investing as a criteria and also disinvestment in the sense of getting the best return for our shareholders. Thank you very much.
Next question comes from Herman Lee from Bradesco BBI.
Good afternoon. Thank you for the opportunity. On our side, we have two questions. The first one has to do with the recycling of assets. Looking at the operations and negotiations that you've done, the company has participation in assets that the percentage of revenue per square meter is higher to be able to sell assets that are lower, smaller in the portfolio.
For example, the participation of Tijuca being sold. So I wanted to know how you're seeing these strategies for future sales and rent. It's been slower this year, but this at the end of the year, we have a trend of an increase. How do you see this perspective of growth of allocation for 2025? Those are my questions.
Thank you. Thank you for the question. First, the selling of Tijuca, it has an index of sale per high square meter, but also it's a shopping mall that is very mature. So it's aligned with our strategy of reallocating the capital in assets that have good avenues of growth. Since we have 100% of the shopping malls, some shopping malls that we are 100%, all are eligible to have a smaller participation, specifically when we capture a premium in regards to our market value.
When you look at the transaction, it's a transaction that the other shopping malls also have great performances, and they are occupied, but all of them have the characteristics of the package of being shopping malls that we don't have a big demand per capita for growth, for expansion. The expansion of Tijuca that was launched this year is self-funded as the cash flow of the shopping mall, so this is the type of asset that is good for real estate funds, so it has that profile. I think it's natural that we see this happening in that sense where the opportunities that we have of purchasing shares in the or investing in the participation of other shopping malls with the shopping malls that are more mature. Historically, we've had a great track record of the shopping malls growing a lot when we get in.
When we have the example of since the real estate merger and a great deal of the shopping malls that we acquired had a high growth in regards to the acquisition, so it's important to have a balance, structured balance, so we can seize the opportunity, and so it's important that we can leave this flexibility for the balance. In the case of the rent, we have this moment already starting at 5%, which is an acceleration in regards to the last quarters, and we have the occupancy that is high with the contracts ramping up and with IGPM going back to normalcy. It's normal, natural that the rent is being highlighted, and if you think about the same-store rent of 5.9%, the accumulated inflation is 4% in the period, so we are at an indicator that is a positive indicator in regards to the real inflation.
So here in regards to IPCA, the basis inflation. So looking to the next year, we have this acceleration and we are projecting this for next year. Probably when we're going to give the guidance for growth of EBITDA at the end of the year, at the beginning of next year, the results of the fourth quarter, we're going to give you an indication in that sense. Okay.
Next question, André Mazini, Citibank.
Thank you for the call. Two quick questions. The first one about the new policy of distribution of dividends. So I think that the rationale of payment monthly is to attract another basis of shareholders that invest in real estate. They pay the monthly dividend. So have you seen an enlargement of the base of investors?
If we are doing that comparison with the FII, just the dividend of Allos gives a lower yield, but the repurchasing gives a yield that is potentially better than most of the FII. Have you seen that rationale or is the base more diverse? That's the first question. The second follow-up of the sales of Tijuca, Plaza Sul, Carioca, that there is a part that is going to be in quotas. I want to confirm the understanding that the quotas are going to be valued on patrimony level. So it would be 10-15% above the screen value. If we're going to use the quota for payments, or would it be patrimony? Thank you.
Hello, Mazini. This is Daniela. In regards to this new practice of dividends, that you are correct. We want to attract more natural persons.
I think it's going to be, when I talk about dividends, we have a yield of repurchasing that is higher. And the good thing is that you can offer to the investor natural person the chance of getting into a share that now is high in regards to the FIIs where you have the potential gain of capital in action and you have a carryover cost that is positive with the dividend. And the idea that we have is to pay in the first days of the month so that you can recognize this as a salary complement. We see a difference at the base growing, but I think that there is our effort of publishing that from now on, we're going to do a bigger effort of publishing. And liquidity is very good. So I think that these are two points.
You attract a different type of public for our share and you help with the issue of liquidity that has demonstrated a difference that is very positive. In regards to the other deals, as you said, Tijuca, the Carioca, and recently, well, it's a bit of what Rafael said. The market is very volatile. There are times that you have the windows of capture that the FIIs can capture quicker, and we got at a good window going back to doing these deals and doing these negotiations. The fact that we receive the quotas, we're still negotiating how much it will be the value in quotas. It makes it viable for us to work at the moment that we are doing now, and the company now has a position of balance and cash flow that is comfortable.
We are not in a rush of transforming these in liquidity, and they bring the comfort of having the carryover. So as we said, when we sell an asset up back then, there was 100% in quotas, we rapidly could convert them in liquidity. So it is an issue of balancing and waiting for a better moment of the market. Thank you.
Next question, Diane Costa from UBS.
Good afternoon, Dani and Rafa. Most of my questions were answered. I had a point here, which was CapEx. This quarter, you reported something about BRL 160 million. Almost half of what was reported in the year. And I wanted to understand what made this level, this threshold of CapEx that is above. Was it a revamp or was it a mix of the other ones?
Do you foresee in the short term that there is a possibility of the strategy of the company of getting into a revitalization or keeping the CapEx at a higher threshold as we've seen for other players? And looking up ahead, what would be the recurrent CapEx threshold that the company should be running? Do you have any order of magnitude with a percentage of NOI or revenue that you're working? Could you share with us? Thank you.
Thank you for the question. The point of CapEx is more of an issue of the schedule of the work. At the beginning of the year, we had the works that were started this year.
When the works were started at the beginning of the year, we have a higher speed, but all of that within the guidance of with the revamp, the new access, the improvements on the shopping malls, and these have generated these are projects that generate and keep our shopping malls updated or generate news. The redevelopment of areas that become restaurants, et cetera, that happens every day. And it's within this guidance. We should reach the guidance of 550, but it's very difficult that we're going to get to the top of the guidance because the works are going, but they're not because there were some that the approval took some time. And in December, we usually the works are not so accelerated because of Christmas. These are the several reasons why we're going to have a fourth quarter that is still close to the level of the third quarter.
For the future, our vision is what we give in the guidance of this year with the CapEx and the rest of the company, BRL 450-500 million every year. This is our expectation. Okay? Thank you. Thank you.
Next question, Jonathan Koutras, JP Morgan. Jonathan, you can ask your question.
Can you hear me?
Yes.
Thank you for the opportunity. I wanted to ask a question about Treasury. The company has a deal of 17,000, 17 million shares, and I wanted to understand, are you going to cancel this or use for an M&A? Do you have any planned end for these shares?
Hi, Jonathan, this is Dani. Well, as we said over the last publications to the market, the objective of these shares of Treasury are to be canceled.
So even though they are not immediately accounted, they depend on future accounting revenues, then you don't pay dividend for the shares in Treasury. So for the return on for the shareholders, you still have a dividend per share that is higher because you do not pay for these revenues in Treasury. And that's why our objective is to cancel. Thank you.
Next question comes from Elvis Credendio, BTG.
I have two questions. First, about media. In the previous moments, you were commenting that this line of revenue would reach 10% of the top line. They've grown over the last quarter, so I wanted to understand if you have any expectations for this to happen. And the second question is on the side of liability management.
You did an attractive emission, but I wanted to understand if there is any space to do similar emissions with cheaper costs given the credit market.
Hi, Elvis, Dani. So our media business has been reporting quarter per quarter the results that are very strong and robust. So it gets on that issue of the synergies of revenue that we concluded between the two companies and we managed to deliver. So we have all the growth of the shopping malls that were not 100% digital of our portfolio. Also, all the effort that we are doing to attract these third-party shopping malls. So today, when we are talking about the media offer, we're in 100 shopping malls, even though we administer a little bit less than half of this number. So when we talk about the media of media revenue, so we still have a robust growth.
But when we talk about representativeness, we see that the representativeness is relevant. It was BRL 46 million in this quarter. When we look about the gross revenue of the company, it was higher in comparison to the previous quarter, so quarter on quarter, we see that growth, and we still expect to have a robust growth in this line. It's part of the guidance of synergies that we have for the market, and we've managed to see a delivery that is higher than what we estimated. When I look at liability management, we managed to do BRL 3.7 billion of emissions in 2024, and it was an opportunity that we had to reduce the cost of the company with higher costs and to increase the deadline, so we had deadlines that were shorter and now are delayed.
Today, we feel very comfortable not only with the cash position of the company, but also with the schedule of amortization. We still see some space for more liability management. We've monitored the moment when the lockups drop of the older debt. There are still some lines with a higher cost. And really, the credit market has shown itself attractive this year. So we believe that there is still a space to explore another opportunity.
Thank you, Dani.
Our next question comes from Igor Machado, Goldman Sachs.
Good afternoon, Rafa. Good afternoon, Dani. One more question in regards to the recycling of assets. With these last two transactions, you are closer to the goal of this investment of a billion. So I wanted to understand if the time to reach this goal can be visualized, or do you have the usual proceeds that you're achieving? Thank you.
Igor, thank you for the question. Good afternoon. Actually, the objective is eight months for the capture of the sales. In fact, we are going to need, depending on the appetite of the investors and maybe other operators, strategic operators that are looking at our assets. We hope to have this investment still announced over the last months, but we are under negotiation. A great deal of these resources, they've told us to keep with the repurchasing program, decreasing the capital base of the company with this valuation that is completely disconnected with the earnings power of the company. When you look at the growth of revenue of 37% doing a connection with the question that Meloni did, plus the repurchasing, plus the earnings growth, we have a case of investment that is very powerful.
As we know the case, we're going to continue to allocate the capital here. It's a way of generating capital for the company. All of that without stopping to invest. We continue to invest in our assets. We continue to do CapEx. None of that is something that will not allow us to have a growth in the company because we manage to reduce the capital base and growing operationally. With the return of the growth at the top line, which is 8%. Obviously, I think this is something important to highlight. We have to look at the pro forma is very important because if we sell a bit the NOI in the previous year, it's natural that the comparison base is different. The growth, in fact, is a growth that needs to be looked at in a percentage on comparable numbers.
And since we sold shopping malls, the number is less. Otherwise, we wouldn't be able to repurchase or increase the payout of the company of the dividend and the repurchase. So looking at the pro forma of the correct basis, it's correct. So we can see the growth. If the revenue is growing 8% and we are having dilutions of the cost of expenses from the fourth quarter, we're going to accelerate more and more this dilution of expenses and costs with the increase of revenue. We're going to see an increase of results plus the dividends plus the buyback. So this is a return that we continue to be optimistic.
So we're not going to review the metrics for the BRL 1 billion because we really think that we can deliver this and reallocate this for reallocating the capital for the shareholder because the company generates the CapEx and see the debt that we have in the company.
Thank you.
Should there be any additional questions, please let us know. Next question comes from Matheus Meloni from Santander.
Thank you for taking my question. I think that most of the issues were discussed, but on our side, I wanted to understand as an update for the timeline of the rollout for the portfolio. In this quarter, you mentioned that you launched in D. Pedro in Campo Grande. I wanted to understand how is this timeline to get to the portfolio and also what have you observed with the implementation of the shopping mall programs that were implemented. Thank you. That's it.
Good afternoon, Matheus. Here is Leandro. Thank you for the question. From what I understand of the question, you want to understand how were the programs that were implemented today, the ones in the past, and what is the timing of the rollout? The rollout timing, we did this year Shopping Leblon, which has great results, and it's there in the report. We did that implementation in March. And now, two, three weeks ago, we implemented Parque D. Pedro and Campo Grande. Both are doing very well. Parque D. Pedro, obviously, it's a big shopping mall. So it's there with 5,000 openings, daily openings of the app within the shopping mall. So that's a few hundreds more than the first shopping mall that we implemented. Of course, we've learned in this process.
But I think that the biggest news of these implementations is the amount of tenants that want to take part in the program. Since they talk to each other a lot and they know our program in the shopping malls, now nine with Leblon that have the program, since they know it, they ask us to be there. So there are two malls that were launched with 25% of the base of tenants within the program. Just so you know, when we did this way back when, when we launched the program, it was below 5% when we launched it. So now it gains a lot of traction with the tenants. And the number of benefits that you see that are being rescued for the tenants, it's increased significantly this year.
This has been the focus, our focus, to bring the tenants to the program and obviously make them more profitable for the company and the consumer. That's it on my side. If you have any more questions, you can ask them. Just to understand the issue of the rollout for the portfolio.
Correct.
This year, we are not going to do any more rollouts because of Christmas. We do not hinder the end of the year. What we want is to get all the shopping malls of the company until the end of March of next year, the first quarter. Thank you.
Ladies and gentlemen, if you want to ask a question, please let us know. Since we do not have any more questions, I'd like to give the floor to Mr. Rafael Sales for the final closing arguments.
Thank you very much for the interest once again in the results of Allos. We continue here should you have any additional questions and provide you with more information after the call, and the IR team is at your disposal. Thank you very much. Thank you. The earnings call of the third quarter of Allos in 2024 is closed. Thank you for your participation. Have a nice afternoon.