No sex. There are some romantic themes and brief rear nudity.
In a brief wide-angle shot, Jorgito's backside is visible as he is naked in the shower. In some scenes, he can be seen wearing nothing but tight briefs, with or without socks. In one of these, shown from his side, he is effectively nude while he is sitting on a commode, his underwear pulled down around his legs.
Malú can be seen wearing nothing but a shirt and panties, in some scenes. One of them is a rear closeup of her adjusting the panties. In another scene, she wears a sort of makeshift two-piece bathing outfit on the beach, stripping down in the presence of a male peer at that. Much later, her backside can also be seen as she pulls up her shorts after relieving herself in the woods, a very small portion of below the waist being briefly visible.
Disguised as a girl, a young boy is awkwardly but nicely stared upon and smiled at by another young boy, as if to be attractive on account of being perceived as a girl. This is borderline sexual, but not much can be read into, given the boys' ages. The disguised child is embarrassed and has loosely "phobic" grimace on his face.
There is a scene in which two children are laying down, facing up, in such a way that the girl's head is resting on the boy's bicep and shoulder, and they are alone. It's not sexual, but the imagery may present an "intimate" vibe.