Morning to everyone. I'll start our presentation of the results of the Q1 of 2026 of MDNE. I'm Alan Aquino. Presenting the results is Diego Villar, CEO of the company, Diego Wanderley, CFO, and Diogo Barral, our Director of Investor Relations. To make any questions you might have, we use the same dynamic, and if you'd like to make your question, please use the raise hand function. If you'd like to write your question, please send it using the Q&A tool, which at the end of this presentation, we will start the question and answer session. I'd like to also mention you that any declarations that may be made during this conference are based on the premises of the directors and management of MDNE.
Future considerations are not guarantees of performance as they involve risks, uncertainties, and depend on factors which may or may not happen. Having made this disclaimer, now Diego Villar, please go ahead.
Good morning, Alan. Good morning to everyone. Once again, it's a pleasure to be here with you, presenting a little bit of our results. Also have Diego Wanderley, Diogo Barral, our CFO and RI director. The numbers from the Q1 already indicate that which we mentioned during the follow-on and the conferences to which we've been invited and the interactions that we've had with our investors and through our site. We've shown what would be 2026 within our expectations. I think that one quarter of this year has already been very well reflected in the Q1.
I'm going to talk a little bit about that, talk a little bit about each one of these operational indicators and financial indicators, and give a little bit of visibility to you all. At the end of this presentation, I'll come back for Q&A, and we can go deeper into any questions or doubts that you might have. The Q1, we closed BRL 1.3 billion in launches. Most important is to point out that we have accumulated in the last 12 months with BRL 5.5 billion. More recently, we talk about BRL 5.5 billion, and now we've already completed that set goal.
That's some data that I wanted to bring to you as a highlight of our capacity to develop products and deliver them with excellent performance, sales performance very quickly. Every time I bring, they bring me questions or doubts about demand, with capacity to buy land and develop product, they said that you're looking at the wrong way, which has never been a problem.
It's I don't believe it will be demand for the MDNE group, basically because of everything that since 2009, we have been educating the market and passing information and been showing that there's a positioning of MD, the strength of its brand, the strength of its the quality of its, of its land and of its team and of its products, and to develop the market in the Northeast, especially over the last five years of growth that we've seen here, growing above average over the last five years. BRL 5.5 billion, we reached this level. What we now have to do is to rebalance this. We're very much more exposed in the closed condominium market, which is positive. BRL 4.4 billion done with condominium market. It risks lower risk of execution, financing, and leverage.
We've opted for that model. Always the ideal to be exposed to all of these options. BRL 1.1 billion was through incorporation or the normal development model. They were looking at Mood, our Mood product and the level of BRL 1 billion. We made a little bit more than BRL 1 billion with the number of sales Única. We've already had that. Over each quarter, it will be gaining strength and highs and mix of products in the MDNE group, close to BRL 5.5 billion, which we've already had. Balancing the different balance of products, not because we don't wanna be exposed in the condominium market, because I think that it's more prudent and more cautious to have two strategies to follow more in this balancing of our portfolio.
Because I believe that the condominium market will not be doing BRL 4.4 billion consistently forward. We have caution in that area. Of course, if we can do it, we'll do it. The second point is, it's a business model which depends greatly on labor, specialized labor. M ore and more we're seeing and having difficulty in training people, hiring people that are able to maintain this growth, which we have been delivering. Here the level of growth and operational capacity of the company to develop business. The other end is selling BRL 1.1 billion in the Q1 is a huge jump compared to the Q1 of last year. The company is at another level. As I mentioned, a year ago, I said that, and you can see the results.
Now we're gonna go to the next level, and we're gonna be delivering what we've promised, and we reached a level of BRL 4 billion of net sales in the last 12 months. 71%, almost BRL 3 billion in condominium, and 29% or BRL 1.1 billion in development. That's smooth. That's what Mood is. If we launch it, we sell it. We launch it, we sell it. On average, you can see everything that's been sold in that market has been sold. In the condominium market, as much as we're used to, it's been a basic sales cycle that's a little bit longer. We've launched Morumbi Plaza, Sena Plaza, Morumbi Corporate, Morumbi Fiada. Several projects with very high price levels or high tickets, BRL 10 million, BRL 12 million, BRL 14 million per unit.
Believe that this is sold 100% in a few months. We don't say it's not viable, even so, we think that it has to be cautious, which is what brought us to Morumbi, to a velocity of sales above 50%. The best VSO and the rest, the sales velocity, VSO, is among the three best, losing only to the Minha Casa, Minha Vida companies, which have another dynamic, which we're also looking at now through our Única brand. We've reached a level of BRL 680 million built in the Q1. I think what's most important is not just growth. Growing just to grow is not anything that we should seek, that's something that Morumbi is looking. We've grown efficiently. We reached a gross margin of 40%.
It's what we expected, it's not normal in the market, not what we see in the market. The growth of the sales with the growth of margin. It's not just in the real estate market, in the market in general. See, people have grown. They said that they're opening, they're working with smaller margins so that afterwards they can start and grow, and afterwards we improve their margins. With our case, we've been able to do both. BRL 2.5 billion was in last 12 months revenue. BRL 1.6 billion came from the condominium market, 62%, 38% from the development.
Almost BRL 1 billion, 971 million, almost BRL 1 billion over time, which is the we're not going to lose its relevance, but we reduce the relevancy, develop the condominium, and the grow will development. As the MD group with the Única brand will grow. I think what's most important during the follow-on, most recent follow-on, we commented with you that if we exercise almost the totality of the offer, if we're looking at, which is close to BRL 500 million, we have the capacity to deliver this year a number close to BRL 600 million of net profit. If we had the basic, the basic offering, which half that we could still have BRL 500 million in profit.
Here, deliver at least one quarter of this number already in the Q1, BRL 156 million of net profit. It's the biggest net profit for one quarter in the history of the company. It hasn't been very long ago. The results talked about BRL 150 million in profit for the year. That was the number that those of you who have been covering the company since the IPO, that's the number that we spoke about, which will be the stabilized return on the company of profitability per year, looking and when we reach cruising level. More than 6 years since our public offering, we've already delivering a profit, annual profit per quarter, which is more important than the number is the net margin, 25%.
A return on assets of 27%. It's the biggest, highest level of any listed company. It's hard to compete with the Minha Casa, Minha Vida in terms of profitability. In the game that we've been playing, with the biggest return on profit 25%, 27%. BRL 505 million in profit, net profit in the last 12 months delivered. A point which I always have called attention to, which is not something, it's not something that we're worried about, but it's a question of caution. We don't want to leverage the company, have a company with very low leverage, 4% of net debt to equity. It's almost zero.
In the medium term, I'm very conscious of this, to match our net growth as we've been growing with generation of cash. My major job today, from the standpoint of financial indicator, is to revert the cash burn to cash generation. It's not gonna happen in the short term. I have a lot of business plans, but it's not gonna happen in the short term. The growth of Única in the short term will consume cash. Minha Casa has become a directive generation of cash with equity and so forth. We see if we need to do a follow-on or an IPO, to be able to finance its growth. BRL 122 million of cash consumption, not including dividends, and had a close last year of BRL 200 million in dividends this year.
We've already delivered half. The second half of dividends will be coming the second half of 2026. These are the principal numbers that I wanted to point out to you, that I wanted to highlight from the standpoint of operational and financial. I have one more slide I'd like to mention to you before going on, passing it over to Diogo Barral, which is Única. We have four projects that are already underway. Two in the Q1, which is the Wave Boa Viagem in Pernambuco, and our Estilo Boa Viagem in Pernambuco, also in Pernambuco. Projects in which we are 50/50 partners with Direcional, even though they're doing the operation. Única Veredas, which is already heading for the issuance of its RI. We have more than 50 strong reserves in this project, strong reservations.
The only Única Benfica in Fortaleza recently launched and already with several pass-throughs from, with the Caixa Econômica Federal. We have in a very short period of time, four projects. We're gonna deliver the guidance that we have. We're gonna deliver the guidance that we talked to you about during the follow-on. This is a reality. In case you had any doubts about the capacity to quickly develop projects and pass along the results. I'm gonna pass it over to Diogo Barral. He's gonna talk to you about our operational highlights, and then we'll go on to lay with our finances. At the end, I'll be back to come back and talk to you about any questions you may have. Have a good results call to you all.
Thank you, Villar. Good morning to everyone.
I'm gonna pass through a few more details of our operation. Looking at the launches, in the Q1 we launched BRL 1.3 billion, more than tripling the volume in the Q1 of last year. We also advanced 32% in comparison to the Q1 of 2020. The graph on the side, we see BRL 5.5 billion launched. As Villar mentioned, this breakdown in relation to the condominium and development and in the operation, we're doing very well. We advanced 20% in relation to the full year of 2025. Following to sales, the company has sold a little more than BRL 1 billion in the Q1. We grew by 88% compared to the Q1 of last year, and 48% in relation to the Q4 of 2025.
The division of the last twelve months, we reached the level of 4 billion, we grew by 14% in relation to the year of 2025. On the right-hand side, we always bring what we believe are the two operational indicators which are most relevant and which pass a sense, a sensation of security to the management team that we're following the right strategy. During the year, we see both numbers continue at very high levels, very healthy levels. The cancellations, even though we've handled our volume of launches, have increased the number of launches. A year ago, we had 9% cancellations, we're now down to 4% of our gross sales are cancellations. We look at our sales velocity, it continues above 50%, the consolidated for the last twelve months at a level of 52%.
Our VSO of launches, the VSO of launches is performing very well in the last 12 months and closing the Q1 with 56.8%. Looking at our stock, we closed the period with BRL 3,850,000. Two very strong questions about our volume of stock. We have a quantity of stock, very low quantity of stock compared to our total volume. Today represents only 3.3%. It looks at the last quarter, dominantly we have been able to lower even delivering four projects during the Q1, going from BRL 136 to BRL 128 million in which is to occupy properties. Also our land bank is in a very interesting level. We closed the quarter with 12 months of stock coverage.
We also closed the quarter with 57 properties and BRL 0.4 billion in potential sales volume. The most important is we're continuing in the acquisition of lands through swaps. The 65% acquired during by swaps and 57% of swap and cash up to the 24 on our development model and 41 in the condominium model. We also delivered four projects now in the Q1. It's very important to mention that the stock are ready to sell. These four projects are very well sold already. Three of them are 100% sold, and the other one above 90% sold. During the year, we're planning to have 12 more buildings reviewed for delivery, four in the corporate development model and eight in the condominium model.
We also bring the projection with our bears, bring the number, the projection for the next years. We've been able to look at these numbers in 28, 8 for 29 and 10 for 2030. 17, 18, 8 and 10. I'm gonna leave it and close with the operational numbers, and I'm gonna pass it over to our CFO to talk about some of our financial numbers.
Good afternoon, good morning, everyone. I'm gonna look at the highlights, the financial highlights, beginning at the net revenue. We delivered BRL 650 million in the Q1. A growth of 43% for Q1 2025. A small fall in relation to the Q4 of last year.
It is important to mention that two points. First, in relation to incorporation, the development model, which had a small fall in relation to that quarter, BRL 240 in this quarter compared to BRL 240 in 2026, 2027 and 2025. In 2026, Mood has begun to participate more in the net profit, in the gross profit rather than the incorporation high-level, high-class developments, which we until 2024. Starting now, we are beginning to see a change in the participation in profits. Mood is not as important as these high-level incorporation development projects that we had in which we had participation. We've been increasing our results to re-recognize. On the next slide, we've grown quite a bit this profit to recognize.
We sold more, the profit still not as evolved because the revenue of the company has come in a little bit lower. In the case of condominiums, it's the dynamic of the profits of the properties that we recognized. Three projects, we had the return of the Infinity in Fortaleza and the turnover of the two Beach Class Bahia and the Beach Class Milagres. These two beach classes were 100% sold. The margin's almost 100%. Infinity had a partial cash, not as much cash income since the revenue was lower, contributing to a better gross margin as we'll see looking forward. When we look at the accumulated for the last 12 months, we delivered approximately BRL 2.5 billion in revenue, a growth of 8% looking at the quarter.
With the revenue from incorporation running around BRL 1 billion. Diego mentioned as Única has brought results to our financial statements and our balance sheet. This revenue shift coming over the next few years, whereas the condominium market has a revenue of BRL 1.5 billion. Look at gross profit. We delivered BRL 260 million growth compared to the last quarter of 2025, and a growth of 11% looking at the last quarter of 2025. It's most important, the gains in gross margin, which we already include with interest rates, capitalized interest. We look at the last 12 months, growth of 12% in profitability. In margin, which is very stable when you look at several quarters consolidated.
We've delivered 38% of margin closer to the standard of margin of the company, but also a growth, an important growth of 1.5% in relation to the full year of 2025. The partition of 200 is 35% incorporation. The development margin is linear as it was in the last quarters, and the condominium income has a relevant impact as we recognize. It's important to remember that even though we have recognized three receipts, we have some more coming through in the next recent quarters with the installation in the Q2 , which is natural in our dynamic. We always launch in one quarter and recognize it in the following quarter, which is the ideal time to form a group, to call an assembly, and do the installation of that condominium.
Now looking at the expenses on the left-hand side, the commercial expenses, we had a volume which was very close to the Q4 with BRL 57 million. However, we sold much more, so we were able to dilute greatly that the fixed costs of that and part of the commercial expenses marketing and the team commercial is more fixed, it's fixed costs. That's important. We delivered 5.3% in the quarter. This also happens when we look at the administrative expenses. There's also a reduction, nominal reduction when we consider the relation with the Q4 of 2025. We delivered a compared revenue almost it's well below 2.7%.
That was well below what we've had in our model and viability, which shows a little bit how much the company has been able to grow the operation, at the same time bringing efficiency. We've been able to be very smart with our expenses. We have a budget which is very tight. When you look around the market, you'll see that the level of expense, representation of our SG&A compared to revenue is very low. Remembering that we do not call revenue everything that we see because of the dynamic of a condominium. When we look at the condominium model, it's even lower. We get to the level of 2.7% when we look at the Q1 of 2026.
Looking at the adjusted EBITDA with interest, capitalized interest, we look at BRL 160 million in the quarter. We've accumulated BRL 770 in the last 12 months, which is a 17% increase compared to 2025, which is an important increase with the addition of only one quarter and a gain of almost 2 percentage points in our operating margin, which is very relevant. Everything that we mentioned with relation to dilution of expenses contributes here to the gains of the company. We still haven't reached a stable level of the profitability margin up and running. We still see space to improve.
We're gonna have to continue to do what we've been doing and be as smart with expenses and have an increase in margins when we look going forward. Following the net profit, as Villar mentioned, it was the best net profit per quarter, BRL 156 million. We had a very important margin of 38%. If you look at the last 12 months, we delivered BRL 505 million in net profit, which is 27% higher than in the 2026 profits who have changed our level of profitability. We're still not generating the profitability that we are already showing as we can with the size of the company we have, with a dynamic of profitability to recognize when we get to a stabilized level. The most important for us is to have a return for our investors.
The cost of capital has been very high here in Brazil. For us, it's very important to have a return, a differential return. We've been able to do that at 27% over the last 12 months, very much in line with what we had in 2025 and a little bit above what we have shared with you. We passed the expectation. In fact, the operation has been actually doing much better than we had planned. The margins have been better. The size of the margin has been in line with what we have been saying. We close our results, and we talk about the results to appropriate on the next slide. Alan? The Q1, we closed with BRL 23.6 million.
Talking about incorporation, even though we sold more, the revenues doesn't really all come to the results. There's a lot of work to develop. With that, we've grown by 11% with these results to recognize. Here's the gain in margin. The Mood has a little bit better margin than the high level development that we have been running. We've been able to add 0.4% of margin, reporting, re-recognizing in our results. In the condominium and closed selling, we had BRL 41 million of profit to recognize, much in line. In the administration fees remains in line, 25.6%, with BRL 436 million, with the results to recognize.
To close the financial results and look at the Q&A, we bring our cash and our level of debt, remembering that we did the following in January. Had free of fees and taxes, BRL 102.6 million in the cash in the company. We paid BRL 100 million in dividends that we had mentioned in December of 2025. The operation earned BRL 150 million in cash. Altogether, we had a variation of BRL 240 million in our net debt, which closed the year at BRL 324 million. Now we close the Q1 with only BRL 84 million in debt, which is only 4% compared to our net equity, which we consider a very healthy level.
We always talk that we want to run the company between 15% and 20% of net debt to equity. This, we don't bring any unnecessary risks to our investors, our shareholders. We should still burn some cash because we've grown quite a bit. We have lots of land, which we have been paying for, projects which we have already launched, and we still have the payments to make on this land. The things that we're, this year, we paid 2x land payments what we paid in the Q4, which is natural due to the growth, this volume of land. The Única, as Villar mentioned, is gonna need a little more capital, and also the follow-on came to capitalize that.
We expect as expected, having cash burn in the Q4 when we should generate cash. We should close the year close to 15%, as we had commented with you. Just to give you some important data, we are accompanying the cash flow here every month, every week, together with Diego. We have a weekly meeting about that. The model shows that we are as close to 2% ahead in reality of the model itself. We're still confident that the cash situation is at a healthy level or even a little bit better than was foreseen. Just to remind you, we have BRL 150 million in dividends. We'll pay BRL 100 million in the second half.
We have space, if this net debt remains low, to pay even a little more than BRL 150 next year, announcing more dividends. We were anticipated that the model, the model has BRL 150 million in the model, and we're closing the year with BRL 300 million in dividends. We have to look at the operations, how we're going to arrive at that level, leaving space. As the model shows, we have space to continue in that direction. I'm going to close now our financial points, and we'll go on with our Q&A. Thank you very much.
Okay. We'll now start the session of Q&A. If you want to make a question, use the raise hand question. If you want to write, use the function of Q&A. The first question comes from Ygor Otero from XP.
XP. Ygor, your line, your microphone is open. Please go ahead. Please go ahead.
Thank you. Two from my side. Want to understand how do you see the cost of materials pressure on materials cost, and if you have space to pass through these increase, both in the condominium model and in the lower income market. This scenario can bring the company to revise its mix of launches. We've seen you talking a great deal about growing the low income area. Does this change your mentality or is this still continue your thinking? On the other side, I wanted to mention is if you see any impact on sales velocity in the condominium looking forward, since this is a segment which has done very well, and you've been running this very well in recent years.
Anyhow, if you think that in any way that this can have an impact to your company to be impacted by this.
Ygor, we had a little technical problem. Can you repeat the first question, please?
As I mentioned, the first question, how do you see your pressure of cost of materials cost, if you keep space to pass through these costs on your condominium and in low income, maintaining your margins?
Yes, very clear, Ygor. Okay. Hi. Thank you for your question and for opening our Q&A. We have to mark a new roadshow with you. It's been a while since Barral brings me an agenda with you guys, so we need to do this strategically. First part of the question about our costs with the variation of the INCC. For now, so far, in the Acumen, there was nothing significant.
I have been accompanying very closely negotiations and various presses for materials due to the shock, the petroleum shock and momentary shock. I do not believe that this is a long lasting, it's a very much a momentary thing, and we're gonna be updating, no matter the opportunity to try to show me your composition of costs and how much the fuel costs of your materials are between derivative, and we'll talk. So far, no one has brought me any breakdown of why they should be raising their prices. So far, we have no prices to negotiate. Irrelevant to the market. A sack of cement, nobody has any relevance in that account. It's just a commodity because nobody buys it. It's more the retailers that buy it. I'll give you an overview.
Impact of this above the INCC is irrelevant so far in our medium and high level construction. Just give an idea. Approximately 1%, the margin of the INCC. That's compared to the basket of prices and that which has been brought forward and that which already been included. Closed condominium model, this is about the cost. This is cost, not margin. The condominium, the closed condominium model, we always have space to raise an additional fee on the amounts of the quotas. One of the reasons for an increase of an extra fee would be situations like this. The condominium is protected against this type of increase.
The Mood model we've had in our viability studies, 5% of contingency of which is only removed at the end of the project when the project is delivered, and we have a process of changing that number. Up until this moment, we're very well protected in both segments. As far as your question, in the first part of your question, which is about the pooling of sales due to the correction of these costs, we do not put all of in the model, the corrections of the costs, which is equal to the portfolio and the stock. We're very conservative. Sometimes we only include half. If it goes up by six, the cost goes up by eight, and our viability of correction in the portfolio only goes up by four.
That's how we structure the viability studies for Moura Dubeux to protect our results. In fact, if you look at a historic series from 2,000 till now, looking at the gross margin of Moura Dubeux, the correlation exists. Variation, the level of variation is many times higher how much than the index has increased. This variation. As far as the dynamic of demand, we've never, and I know I've mentioned this to you, in fact, to you personally, in our, in our numbers, we always make the decision. If the price of a sales price brings margin within what we desire, and more and more we've been re-demanding in terms of margin. Just to help in the visualization. I would say that we've always accepted this margin.
We've always left part of the price gains for the client. We've always judged this as to be important because over the cycle of development and delivery, our new client, if he sees that it was worth it to invest in a product of MDNE and it went up in value, it was a win-win. We've never taken the prices to the maximum limit, so that all the results goes to us and nothing goes to the client who believed in the beginning of the project. Our VSO is very strong. It continues strong. The fallout is very irrelevant, from 55%-52%. The base increased greatly and we raised our prices. Lucena Plaza, which was launched last year, which was approximately at BRL 20 million, BRL 21 million, and it came in at BRL 23 million.
The same product with the same areas, we've had a real gain in prices. Even so, the VSO has continued to break good. I have no concern, not looking at the current situation will have any impact on demand. In fact, going into the second part of your question, which I answered was this, is also the fact that many times the question come about our concern regarding demand, land bank, and it should be much more tied to the construction itself. I would say, not just from the view of the impact of the petroleum shock that we've seen recently with this, with this war between the US and Iran.
I would say it's much more looking at the perverse logic that we live in our country, which does not impact only the real estate market, but in all industries, that we're always tied with every time we grow, and we grow for long periods of time, we then hit a ceiling of availability of productivity. Not just offering of labor, but labor that's able to grow above proposed growth productivity. In fact, the logic is perverse, and this hurts the Brazilian industry. Everyone is suffering with it. For example, at least anybody who's being transparent, every day it has been more complex to find productive labor costs, labor. Not because we have full employment and in this concern, there's no concern in losing their job.
When they lose this job, the public policies in our country favor this desire to be unemployed for a certain period of time. The informality also permits that. I'm not optimistic about that unless, as I heard recently a proposal which I thought was very reasonable, if CLT more than 80 years in existence, the labor laws, it's extremely out of date. The other option is that if you don't wanna have a CLT, have contract, then lower the number of social benefits. At least anybody who's receiving social benefits should work as a volunteer in the public environment, schools or health or whatever, so that we can remove this perverse logic of not incentivizing people to go to their first jobs or jobs at the bottom of the pyramid.
I think these questions should come more along the line of the other logic, which is not we are seeing any problems at all.
Thank you, Diego. Very clear.
Thank you.
Next question comes from Herman Lee of Bradesco BBI. Herman, your microphone's open. Please go ahead.
Thank you, Abdalar, Diego, Abdalar, Diego, for giving me space here. One question from our side. I wanna know about your expectation of launches for the year. You've been this very transparent about this. I wanna see if we have any possibility of an increase due to strong demand. Also during the effect of Única, where you have an increase in the participation in the company. The more you raise stake has an effect of launches which is much higher. Just wanted to understand a little bit more about your current expectations for the rest of the year.
Herman, good day to you. Thank you for the question. Yes. In fact, I've communicated this, that starting at the moment that we've changed share of the shareholder makeup with the Única, we have not changed quantity of projects. There is a project as agreed.
In these joint ventures of the Única projects. In spite of that, we have no major expectation of growing above that which we've announced. Possibly a little, small irrelevant, growth above that. It's not lack of financial capacity. You see, the company is completely de-leveraged. It's not due to lack of market or land bank. We're never concerned about sales velocity compared to the biggest ready to occupy stock. We have stock. Many of them are in the phase of construction or launches of more than 80 projects that we have underway. If I can count on 1 hand those which have this performance, sales performance is below our viability studies. It's natural, we can't hit every one.
On the Mood that we haven't hit, I also can count on 1 hand all those that are below our expectations. These are below the curve, well below the level of the rest of the market. What we're delivering is very reasonable. What limits this growth is a question, a genuine question of myself and all of the management of the company, and the quality of the product, and its capacity of execution within our parameters of viability. It's not just cost. We're talking about time period, quality, perceived quality of client quality. We're not going to be unresponsible as we did over the last five years, just like we've done the last five years, and very consciously and responsibly acting. There's no way to change.
There's no ways to be not be responsible with this new level due to productive limits. I even mentioned in the highlights, operational highlights that the rebalancing of the condominium is not due to demand. I have a concern. The demand is still strong. I have a concern for productive reduction. We have to be cautious. Try to put together optimism and caution. We always make decisions with this premise, I think that more than ever, we have to be very cautious with the production at levels greatly above that, which we've been delivering here at Morro do Banco.
Okay, very clear. Thank you very much.
Next question comes from Luis Assisto on Santander. Your microphone is open. Please make your question. Go ahead.
Hi. Good morning. I wanted to talk a little bit more about the Única sales.
I see these launches in the same city, but the level of sales of each one was quite different. They were both launched in the same city at the same month, and I want to understand what justifies this difference in these two products, in these two launches, and also understand along the same lines, how do you see. Now they have four launches in the second semester. How do you see the competition in each city? I know it's perhaps too early to talk about the competition in the second half, second quarter, how do you see that so far?
I'm gonna let Paulo answer, but I'm gonna answer the second part of your question. Paulo can answer the first part of your question. We spoke. First of all, good morning. Forgive me for not greeting you.
Excuse me for not greeting you. What we see here in the market of Minha Casa, Minha Vida, lower income market, it's the second-largest market in Brazil. It's a demand, a gigantic demand. As a percentage, it's percentage, as a percentage, it's the biggest demand. The less competitive market, especially in the third category, level 3 market. In the lower level, there's a lot of developers of very small levels operating in that program. In any event, big houses or apartments and every type of with concrete walls, every structural walls, everything, every type of construction method. In 2020-2025, the 3rd level market, which is where we're most where Única is busy, in terms of income and capacity of indebtedness of non-compromised income to acquire a property.
In São Paulo, it was 78% attended due to this SL 3. In our region, only 20% of that demand has been reached. Apartments up to BRL 400,000 in the third category, in which you see the Minha Casa, Minha Vida in São Paulo, in the city, reaching a product which is not a low-income product, it's a middle-class product because it's a very huge demand, with the price, the interest rates for the individuals where you have interest rates at 4.5% as we have currently. It's where there's more space for us to grow and exploit. What I see at this current moment attends, expands certain capitals in a way that is significant. It's not a product that competes directly with us.
It has a line of products up until the moment was a more compact. Apartments of 38 sq m and with less attributes, less relaxing. For instance, none have almost no garage space. It's a different public than the public in which we're positioning ourselves. I personally feel that in our region, the dynamic does not work in the same way as in São Paulo because my limitations of garage spaces is important. In São Paulo, it's a phenomenon. One of the best capitals where you have the infrastructure of public transportation. Here, it's still a very big difference considering to have parking spaces. It's important that apartments like 58, 59 people approve. They have motorcycles. We're still not in this segment. Specifically, our product attends 40 to 44 meters.
We have with one suite, apartments with one suite. It competes importantly in a strong brand which hits the penetration in our region. Again, our market share has space for both. We're here disputing with different types of products. That's the first part. In the first part of the sales performance in the Boa Viagem and Wave, I'm gonna let Eduardo Moura talk a little bit about. He's been following these more closely. Two products with Direcional. I'm gonna share with him a little bit.
Luis Assisto, thank you. The two projects, the Estilo Boa Viagem is approximately 50%-55% sold, and the Wave is close to 20%. What's the difference in relation to these two projects? When we look at the operational side of the company, we give this disclaimer.
The Stilo was launched about one year ago, and that's one reason why it has had a much higher level of sales than Wave. Wave was only launched in the 1st quarter of this year. The difference in the volume of commerce of these two projects is basically both are consolidated Direcional, and we are giving equivalency with the company. It's basically that the Stilo has had a longer period since its launch, and Wave was launched now during the 1st quarter. Since we joined in these 2 projects now, just now during the 1st quarter, we have been very careful to add them to our table of launches.
We have eight projects launched in the quarter, but we gave a disclaimer showing that Stilo Boa Viagem has more than, a little more than one year since its initial launch.
Okay. Very clear. Thank you very much. Have a good day.
The next question comes from Gustavo Fabius from BTG. Gustavo, your microphone is open. Please go ahead.
Hi. Two questions from my side. The 1st one is regarding Única. What you feel in the way of synergies in this 1st quarter of operations together with Direcional, how has that been going and vice versa? Also to see if you've been able to discuss the level of launches for 2027. That's my first question. The second one is a follow-up regarding what Wanderley in his presentation. In what phase do you see the company is today in this process of growth of landbank?
Do you see the current level in both in size and composition as the ideal level, looking at what you have in the way of a pipeline over the next few years of launches? Or has it been growing above in few years of launches, looking at the next few quarters? Are you gonna see a lot more cash going out to reinforce that landbank in the next periods?
Hi, Gustavo. Hi to everybody at BTG. In a joint venture with Ricardo at the Direcional, it's excellent. It's going very well. They are the partners that everybody wants to have, a serious company, very competent, with a level of humility, an incredible level of humility, I can just say. Here we have a great deal. We're very proud, and we're much more really surprised in the way they conduct their business.
We're very happy with them. The decision has several different routes. In the decision-making and the purchase of land, what is, what's the problem with the certain lands, decisions done together. They're complementary, different. Very difficult to have overlapping work. There's a wide vein. We make some final adjustments. There should be 20 or 30 days, and I haven't even spoken to him because there's been nothing. There's no type of disagreement. The team is quite well-oiled, and it's flowing very well. I have absolutely nothing to talk about. I'm not saying that because I'm in public, but I also say this privately, is to I have nothing to worry about in our relation. No points of attention or adjustment that I should make.
I'm certain that our joint venture will be a long-living one, and the initial result is exactly what we expected. For next year, we already have given the guidance of what we expect to do next year. We already spoke that where we wanna go. His team is motivated. Ricardo is very, even more conservative. He doesn't give guidance. He's very cautious. Every time I say, he always, "What. We're giving guidance." Let's be cautious. Let's not give guidance. We give the information. In the last six years, we've complied completely with everything that we have promised. The pipeline is already out there. No doubt. There's no doubt at all that this will happen unless there's some huge macro change in the program, which I do not believe. No matter who comes in as a president next year, it's a program that will continue.
It's a program, it's a government program, not a program of the current government. This is already established. I'll let Wanderley make his question and let answer the third part of your question.
Hi, Fabio. Thank you for the question. Yes, of course, we have a level of landbank which is quite interesting. As you mentioned, it already guarantees two years of business plans. We have been able to connect very well the beginning of the payment of these of these landbank plots of land with the launches of the program. We leave a small cash payment up front to close the deal. The principal amount of payments paid after the first year of the launch.
We burn little, very little cash, and we'll have a return during the construction of the condominium when it's a high-level property. This also helps us in the question of the management, capital management. I think we're very comfortable in relation to the size of this land. Everything that we would launch in these projects, we add to our end landbank so that we're able to go up to this BRL 10 billion, which is very comfortable to be able to make BRL 5 billion per year. There may be one quarter when we close with 11 or 12 or nine, but we always can be running in approximately BRL 10 billion in landbank.
Thank you.
Fabio. Fabio, okay. That's very good. Thank you. Next question comes from Elvis from Itaú BBA. Elvis, your microphone is open. Please go ahead. Thank you. Thank you to all of you.
Two topics here about the condominium market. I want to understand from your side, from your point of view, what is the potential increase very much at the beginning of this. We still don't have certainty, but the tendency that you see any risk, commercial risk, if in fact, there's a great increase, these extra fees and winds up making the client adhere to the condominium model. Do you think there's any risk in that sense or not? The second question is cash flow. I wanted to understand from your point of view, since Única is already part of that now attached to Única, it's a model, needs capital, needs working capital going forward.
I want to understand how do you imagine the need of the dynamic of cash generation for the next few years, and if in any sense, you think this will change what you have in the way of expectation for the payment of dividends. Thank you.
Okay, Elvis, let's good morning. First, it's very difficult to respond to this first part. That's with total certainty, if we look for going forward and put significant variations in the INCC costs, and I answer in your construction cost index, what has been happening and the level at which it's happening, you know, remove demand, I would say no. I gave an overview of why that was. I wanted to remind you that in 2022, we accumulated a 12-month more than 20% correction in the index of construction costs.
In that year and in the following year, we had growth in sales at Moura Dubeux in spite of that, because people started to purchase more real estate. The demand in our region is still very much under supplied. From 2020 until now, the market in São Paulo. São Paulo, the quantity of products accompanied the growth of demand. If you look at the number of stock on the shelf, except for the second Dilma government, it was the same. We're selling a lot more because the market changed. The market does that. In our region, it also doubled in size, but the number of products offered has not accompanied the same level of growth, so much so that Moura Dubeux is closer, is stronger, and the ready-to-sell stock is on hand.
Nobody no listed company has such a low amount of stock on the shelf as except for these very small businesses might have a number as low as ours. This dynamic of the real estate in the northeast, we have demand. This helps in the absorption of cost increase. Even with extra fees, the real estate arrives at the end to the client who wants to sell it more expensive than what he paid with the correction. Exactly, the client has a real gain, that's what's important. If this dynamic becomes the inflation could be 5% a year, there's no loss of traction. You buy an apartment, four years later, the market is lower with inflation than what you paid. It works.
That's what removes demand at the end of the line. In our region, that's not the case. There was a huge volume shock and index close to 30%, and it's irrational. It's so irrational that there's no way to give an answer to you what would happen unless you can suppose that for obvious reasons that this is going to create a problem. You're not going to be concerned about the problem of the developers. The country is going to be passing through a dynamic problem that is much higher. I've always said, and I reinforce here, and it's important to mention, that we work extreme scenarios here in Moura Dubeux, which is why we would not leverage the company. That's why we have much more exposure in the condominium market.
That's why in Única we're going to grow, which has not grown as fast as demand in our area. We're in a shorter cycle. That's why we looked at to partner with Direcional because of this caution. If there's a more extreme or recessive period in the country, our company is very well protected. Wanderley mentioned that what we have in the way of amount contracted, we have BRL 400 million in fees. In launches, we have BRL 100 billion. We have 0 on payment in Moura Dubeux. We have very rich results by the contract and set the focus on a company which is very healthy and which would very quickly turn into free cash. We're gonna diminish our business plan with greatly our performance already.
In relation to our portfolio, it's very small. Let me mention something. We did an analysis, an extreme analysis considering the debt which is sold is not able to be corrected above the INCC index and that the stock which is corrected by the index which is and, you know, we've run out of labor. The impact, as you saw in the Rio Vargas, would bring to the maximum of a difference in value of BRL 40 billion in our, in our value, which is both in cash and in results for a company like ours. The decisions which are so taken here are always taken based on extreme possibilities against which we protect the company.
However, to say that we're gonna reduce 5 percentage points of sales velocity if the index arise in the end of the year. It's difficult to say. That's not what happened in the past. When we say that, to improve an important number like the one which you mentioned, the possibility. Everybody says, "Where is the interest rates and the dollar are going?" Most people makes a mistake and I think I missed part of your question. The level of leverage. Did not change. The strategy is the same. We did the follow-on. We mentioned the need for capital to leverage Única to leverage Única. We see our model in parallel with what that in growing the company. There was demand for capital. What we see today is that 2026 is a year which we're gonna burn cash.
2027 is a year where we're gonna generate very little cash. We're always talking half the dividends. In 2028 and 2029, we will generate a volume, a relevant cash model, which will help us get to a payout of 50% without increasing our net debt. In 2030, we reach a stabilized level of generating cash, which is equal to our profit. At this moment, that's how you should see the company right now. This year we'll burn a little cash. We're gonna close the year between 10%-15% of leverage, already paying the announced dividend. Next year is considering 150 that we've already mentioned, as well as the, along with the 150 that we see in the model. We're gonna wind up with this 15%.
We have cash generation close to BRL 300 million to pay. About BRL 200 million to pay this debt, pay this dividend. In 2027 and 2028, we'll have a strong cash generation. We're gonna be generating a lot of cash in 2027 through 2029. That's our dynamic going forward.
Okay, thank you very much, Wanderley. Very good.
Next question is from Rafael Eder from Banco Safra. Rafael, your mic is open. Please go ahead.
Thank you, people. I have two questions that I wanted to hit. First, you've already spoken a lot about this, about Única. I wanted to understand, how do you see at this current moment, is the administrative structure of Única will handle the amount of launches that you have in structures in aluminum? In what stage you are in that business plan?
Secondly, I wanted to talk a little bit about Mood and understand a little bit more of these recent changes in the board, where you brought the level to BRL 600 million and the income to BRL 13,000. Do you see more clients in Mood? If you're able to increase your share of Mood in the associative credit, as you mentioned, which is a volume still very small. It's a very low volume of credit for that.
Rafael, very good morning. I like your To change the course. It allows us to think about to give visibility to what's happening. As far as the structure of SG&A at Única, we have the base already resolved with the headquarters here. Our headquarters already set up here in our headquarters.
The operational directors, our team of product development, of launches, all already set up, segregated from the MDNE structure. A lot of things using the structure of MDNE itself. In Moura Dubeux and Mood, as we do work. All the teams that are sit down here in the room, and they work for the three companies of the group in several other areas as well with no problem. That which is only Única or a product or an operation or engineering area of development. Land bank, prospect, and legalization is the same route. We get our projects approved in the city government. It's the same direction. There's also a synergy, and we have in Mood.
Mood is a concrete wall for a long time, we have several already molds, we have molds already purchased from Moura Dubeux as well. Both for Direcional and for the Direcional. Mood Fortaleza, we acquired a mold. It's not from the project. It's the only one which we've combined with Ricardo and with amounts deducted for these molds within the project. This is working well. We have no type of problem with that. The second part of your question was about? Credit, associative credit, and if this increase. Yeah. Okay. In relation to the fourth level of the Program.
In the beginning, in fact, first projects of Mood, the Valborgium and Methlor, and it was not passed through totally, but I would say 50% was passed through, had no exposition of cash, and there was no generation of cash. It was very good for us. There's a certain moment when some projects at Mood, which are above level 4, such as the Candese Mood shopping, financed by Itaú. Banco Santander. There's no passthrough 'cause this is trying to not go through a passthrough. No subsidy of the interest rate for this type of product. Mood GetUp, BRL 1 million is the price of a Mood apartment. It doesn't work, and it doesn't exist, it doesn't work. Since we got to this Q1, we launched in Maceió, the Mood Jacarecica, the second Mood in that city.
We decided that we're only gonna offer one price, the smaller apartment. Mood Kennedy, Mood Shopping, and Mood Costa Azul, very similar to the Arborê in Vila Flor. The first 80 clients are 100% higher than passthrough to the Caixa Econômica. We've already seen what you're seeing with this change in policy, with this change in increased maximum prices, the changes in incentives made by the government and the biggest passthrough, in the under construction through Caixa Econômica and the stimulation of the Caixa for this. I would say that we have here a card up our sleeve, so there's other projects in Mood in this level, in this segment do not have the same performance.
I still say we're gonna have a positive surprise, a Mood exposing less traction in Morumbi, possibly less than the entire second project in the second already be generating cash.
Okay, very good. Thank you very much.
I have one more question, one last question from João Torat. He asks about dividend. What is the possibility of the implementation of monthly payments due to the taxation for payments above BRL 50,000?
João, we have not studied this. It wasn't in our plan. We prefer to do this in lots as we've been doing. For now, I would say there's not this probability. I'm gonna give this homework for Wanderley and Diogo Barral to look at this going forward to see how this will interfere with it. We will come back to you guys. We'll get back to you then.
It was announced in this way. There will be more for next year. For this year, there's nothing else that can be changed because these plans have already been announced. Having no more questions, Villar, your final consideration.
Thank you, Alan. Thank you, and congratulate everybody in the Morumbi team for these results. We've accompanied our commitment, and we're very, very thankful for each one during this. Our shareholders like you here on the call. We don't like the word retire. We like to do it, work hard. Don't wanna retire to re-generate results for you. Not just me or Diogo Barral or Diego Wanderley who do any of this happen.
It's a team of almost 8,000 workers all in love with what they do in a business, when you see which is capital intensive, but of many also, intensive in hourly work. Work hard here. We like this. That's why we value people who have a lot of discipline, a lot of resistance, a lot of creativity and commitment with that which is our pro-proposition and our project. To tell all this team, thank you very much for all you're doing, and also thank each one of you for your confidence that you have deposited in our Everybody, both on the buy side, on the sell side, every report that you release giving, recommending the company. We wanna thank you all very, very much.
All of us here wanna thank you 'cause it's not easy to conquer your confidence. It's very easy to lose it, and we give a great deal of value to that. We're very, very committed to that. I wanted to thank you all. Have a great day. I wanna end the results, finish the results presentation. Have a good next quarters, next calls and presentations. Hug to all and have a great day. Goodbye.