Ez Tec Empreendimentos E Participacoes SaBMFBOVESPA: EZTC3

Earnings Release 1Q25

May 15, 2025 at 10:04 PM UTC · Issued by Ez Tec Empreendimentos E Participacoes Sa

EARNINGS RELEASE 1Q25

CONFERENCE CALL

With simultaneous translation

May 16, 2025

10h (Brasilia Time) / 09h (US EST)

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Click here or acess via QR Code 936 2277 4987

A. Emílio C. Fugazza
Pedro Tadeu T. Lourenço
Christian de Melo
Giovanna Bittencourt
Thiago Burgese
Vinicius Martinelli

Tel.: +55 (11) 5056-8313

ri@eztec.com.br https://ri.eztec.com.br/en

Launch 1Q25 Delivery (Est.) 1Q29

SUMÁRIO

HIGHLIGHTS 1Q25 4

MANAGMENT´S COMMENTS 5

BALANCE SHEET 6

INCOME STATEMENT 7

FINANCIAL INDICATORS 8

REVENUE, COSTS AND GROSS PROFIT 8

SELLING EXPENSES 10

ADMINISTRATIVE EXPENSES 11

EQUITY INCOME 12

RESULTS TO BE RECOGNIZED 13

FINANCIAL RESULT 14

CASH AND DEBTS 15

OPERATIONAL INDICATORS 16

LAUNCHES 16

OPERATIONS INFORMATIONS 17

SALES & CANCELLATIONS 17

DIRECT RECEIVABLE PORTIFOLIO 20

INVENTORY 21

LANDBANK 22

EZ INC 24

CAPITAL MARKETS 25

ADDITIONAL VALUE 25

INTERNAL CONSENSUS 26

ANNEXES 28

PoC EVOLUTION 28

INVENTORY BY PROJECT 29

REVENUE BY PROJECT 31

CASH FLOW 33

RESULT FOR SHARED CONTROL PROJECTS 34

‌Financial Highlights	1Q25	4Q24	%Var	1Q24	%Var
Net Revenue (R$ k) 311,247		426,562 -27.0%		239,186	30.1%
Gross Profit (R$ k) 123,329		160,093 -23.0%		81,709	50.9%
Gross Margin 39.6%		37.5% 2.1 p,p		34.2%	5.5 p,p
Net Income (R$ k) 94,099		126,648 -25.7%		56,706	65.9%
Net Margin 30.2%		29.7% 0.5 p,p		23.7%	6.5 p,p
Earnings Per Share (R$) 0.43		0.56 -23.2%		0.26	65.4%
Net Debt (Cash) (R$ k) 397,674		365,950 8.7%		84,579	370.2%
Cash Generation (Burn) (R$ k) (31,724)		(185,429) -82.9%		1,758	-1,904.6%

Operational Highlights	1Q25	4Q24	%Var	1Q24	%Var
# of Projects/ Phases Launched 2		2 0.0%		3	-33.3%
PSV Launches (%EZTEC) 616,000		262,000 135.1%		467,000	31.9%
Gross Sales 414,622		460,796 -10.0%		322,978	28.4%
Net Sales 377,806		394,230 -4.2%		292,202	29.3%
Total Inventory 2,749,737		2,685,923 2.4%		2,997,011	-8.3%
Net SoS 12.1%		12.8% -0.7 p,p		8.9%	3.2 p,p
# of Active Construction Sites 16		16 0.0%		17	-5.9%
Total Landbank 10,639,881		11,046,493 -3,7%		9,142,088	16.4%

The Company begins 2025 with robust profitability, recording a net margin of 30.2% and net income of R$94 million (+65.9% y/y).

In addition to progressing in new launches, the Company recorded R$616 million in Gross Sales Value (VGV) and a gross margin of 39.6% in 1Q25.

HIGHLIGHTS 1Q25

52% sold*

SP 360°

20% sold*

Agami Park Residences

**Until the date of this disclosure

São Paulo, March 15th, 2025 - EZTEC S.A. (B3: EZTC3), with 46 years of existence, stands out as one of the most profitable companies in the construction and real estate development sector in Brazil. The company announces its results for the first quarter of 2025 (1Q25). The operational and financial information of EZTEC, except where otherwise stated, is presented based on consolidated figu res in thousands of Brazilian Reais (R$), prepared in accordance with the Accounting Practices Adopted in Brazil ("BR GAAP") and the international financial reporting standards (IFRS) applicable to real estate development entities in Brazil, as approved by the Accounting Pronouncements Committee (CPC), the Securities and Exchange Commission (CVM), and the Federal Accounting Council (CFC). Non-accounting and non-financial data have not been reviewed/audited by the Independent Auditors.

‌MANAGMENT´S COMMENTS

2025

EZTEC's management discloses the results for the first quarter of 2025, marking the beginning of an important period of operational and financial performance. The quarter recorded R$616 million in launches, a gross margin of 39.6%, and a net margin of 30.2%, resulting in net income of R$ 94 million. This year, the Company is focused on delivering the largest volume of units in its 46-year history and on increasing its launch volume compared to the previous year, with the goal of sustaining higher levels of profitability.

The year began with promising performance in launches, reaching the highest PSV ever recorded for a first quarter in EZTEC's trajectory. Two developments were responsible for this milestone: Agami Park Residences, located in Moema and launched in February, featuring 215 m² and 290 m² apartments and contributing R$318 million in PSV with 20% already sold; and SP_360º, targeting investor clients, launched in March with 780 studio units and R$298 million in PSV, currently 52% sold. Both projects are 100% EZTEC, with no joint venture partners.

In parallel with its launch activity, the Company is also progressing with its delivery schedule. This quarter, Dream View Sky Resort and PIN Osasco stood out, together representing R$296 million in deliveries. Over the course of the year, seven additional deliveries are expected, most of them concentrated in the second half. It is worth noting that 75% of the units scheduled for delivery in 2025 have already been sold.

From a financial standpoint, EZTEC achieved important records:

Net revenue grew 30.1% compared to 1Q24, the highest for a first quarter without one-off effects;
Gross profit increased 50.9% YoY, with a gross margin of 39.6% - the highest in the past five years;
Net income rose 65.9% over 1Q24, with a net margin of 30.2%.

The Return on Average Equity (ROAE) for the last 12 months continues its upward trajectory, reaching 9.2% in March 2025, compared to 5.5% in the same period of the previous year - a 3.7 p.p. increase. This improvement reflects management's actions focused on profitability, while maintaining financial soundness and acknowledging the cyclical nature of the real estate sector.

Among these strategic actions, a highlight was the issuance of a new Real Estate Receivables Certificate (CRI) on February 12, 2025, in the amount of R$375 million. The operation was structured in two series, bearing interest of 98% of the CDI and maturing in February 2029. The goal is to reinforce the Company's cash position and fund new real estate projects, with special attention to the potential acquisition of the Extra Marginal Pinheiros land plot, which is currently subject to conditional clauses and expected to be decided mid-year.

Finally, the Board of Directors approved the payment of dividends related to the quarter's profits, totaling R$22 million -

approximately R$0.10 per share - to be distributed on May 30, 2025.

EZTEC remains committed to excellence in management, financial discipline, and the execution of high-quality projects, maintaining resilience amid sector cycles and focused on delivering consistent results to its shareholders.

Happy reading,

THE MANAGMENT

Arbitration Chamber. In accordance with Article 37 of EZTEC's Bylaws, the Company, its shareholders, Officers, and members of the Fiscal Council undertake to resolve, through arbitration before the Market Arbitration Chamber, any and all disputes or controversies that may arise among them, related to or arising, in particular, from the application, validity, effectiveness, interpretation, violation, and their effects, of the provisions contained in the Brazilian Corporation Law, in these Bylaws, in the rules issued by the National Monetary Council, the Central Bank of Brazil or the Brazilian Securities and Exchange Commission (CVM), as well as other applicable rules governing the capital markets in general, in addition to those set forth in the Novo Mercado Rules, the Arbitration Rules, the Sanctions Rules, and the Novo Mercado Participation Agreement.

Relationship with Independent Auditors. In accordance with CVM Resolution No. 162/22, we inform that the independent auditors Deloitte Touche Tohmatsu did not provide in 2025 any services other than those

related to external auditing. The Company's policy on the engagement of independent auditors ensures that there is no conflict of interest, loss of independence, or objectivity.

‌BALANCE SHEET

Click and acess Data in Excel

Period ended March 31st, 2025 In Thousands of Brazilian Reais (R$)	1Q25	4Q24	%Var	1Q24	%Var
ASSETS	6,960,771	6,466,534	7.6%	5,880,726	18.4%
CURRENT ASSETS	3,042,390	2,616,102	16.3%	2,482,114	22.6%
Cash and Cash Equivalents	62,119	71,381	-13.0%	38,368	61.9%
Financial Investments	1,114,919	699,051	59.5%	725,666	53.6%
Trade Accounts Receivable	474,408	446,011	6.4%	289,524	63.9%
Provision for Doubtful Accounts	(11,062)	(11,062)	0.0%	(19,500)	-43.3%
Real Estate Held for Sale	1,370,338	1,378,328	-0.6%	1,416,596	-3.3%
Recoverable Taxes	9,140	8,930	2.4%	9,145	-0.1%
Other Receivables	22,528	23,463	-4.0%	22,315	1.0%
NON-CURRENT ASSETS	3,918,381	3,850,432	1.8%	3,398,612	15.3%
Trade Accounts Receivable	1,373,272	1,318,621	4.1%	906,532	51.5%
Real Estate Held for Sale	1,781,507	1,750,556	1.8%	1,742,499	2.2%
Recoverable Taxes	45,755	44,336	3.2%	41,658	9.8%
Due To Related Parties	104,387	119,479	-12.6%	82,277	26.9%
Notes Receivable	-	-	n.a	5	-100.0%
Other Receivables	50,463	64,193	-21.4%	102,429	-50.7%
Goodwill over Investments	118,187	65,604	80.2%	68,480	72.6%
Investments	407,142	448,532	-9.2%	421,788	-3.5%
Property and Equipment	34,436	36,152	-4.7%	30,099	14.4%
Intangible	3,232	2,959	9.2%	2,845	13.6%
LIABILITIES	1,977,886	1,583,408	24.9%	1,118,981	76.8%
CURRENT LIABILITIES	394,743	382,378	3.2%	271,950	45.2%
Suppliers	53,102	55,179	-3.8%	55,131	-3.7%
Payroll Obligations	12,865	9,796	31.3%	9,048	42.2%
Tax Obligations	12,016	22,693	-47.0%	22,897	-47.5%
Loand and Financing	102,015	84,677	20.5%	41,558	145.5%
Debentures	12,507	1,281	876.3%	13,206	-5.3%
Trade Accounts Payable	14,535	11,511	26.3%	15,571	-6.7%
Reserve for Guarantee	12,767	12,294	3.8%	11,796	8.2%
Advances from Customers	90,729	80,670	12.5%	87,875	3.2%
Land Payable	61,733	52,586	17.4%	616	9,921.6%
Dividends Payable	-	30,079	-100.0%	-	n.a
Due to Related Parties	850	872	-2.5%	850	0.0%
Deferrend Taxes	17,946	16,983	5.7%	10,653	68.5%
Use Rights Payable	3,678	3,757	-2.1%	2,749	33.8%
NON-CURRENT LIABILITIES	1,583,143	1,201,030	31.8%	847,031	86.9%
Loans and Financing	791,900	751,632	5.4%	493,901	60.3%
Debenture	668,290	298,792	123.7%	299,948	122.8%
Land Payable	30,571	59,494	-48.6%	-	n.a
Reserve for Guarantee	9,154	9,082	0.8%	5,640	62.3%
Reserve for Contigencies	8,849	8,849	0.0%	5,676	55.9%
Deferred Taxes	55,638	53,558	3.9%	36,210	53.7%
Other Debts to Third Parties	-	388	-100.0%	388	-100.0%
Use Rights Payable	18,741	19,235	-2.6%	5,268	255.8%
SHAREHOLDERS´S EQUITY	4,982,885	4,883,126	2.0%	4,761,744	4.6%
CONTROLLING SHAREHOLDERS´EQUITY	4,898,437	4,804,338	2.0%	4,702,532	4.2%
Social Capital	2,888,997	2,888,997	0.0%	2,888,997	0.0%
Capital Reserve	38,297	38,297	0.0%	38,297	0.0%
Cost of Shares Emission	(40,754)	(40,754)	0.0%	(40,754)	0.0%
Treasury Stock	(45,181)	(45,181)	0.0%	(45,181)	0.0%
Earnings Reserves	2,018,806	1,614,201	25.1%	1,860,294	8.5%
Accumulated Profits	94,099	404,605	-76.7%	56,706	65.9%
Goodwill on Transactions with Partners	(55,827)	(55,827)	0.0%	(55,827)	0.0%
NON-CONTROLLING SHAREHOLDERS´EQUITY	84,448	78,788	7.2%	59,212	42.6%

‌INCOME STATEMENT

Click and acess Data in excel

Period ended March 31st, 2025 In Thousands of Brazilian Reais (R$)	IFRS 10
	1Q25	4Q24 475,813	%Var -27.8%	1Q24 268,567	%Var 28.0%
GROSS REVENUE (+) Revenue from Sale of Real Estate	343,771 337,388	4Q24 475,813	%Var -27.8%	1Q24 268,567	%Var 28.0%
GROSS REVENUE (+) Revenue from Sale of Real Estate	343,771 337,388	469,535	-28.1%	262,859	28.4%
(+) Revenue from Services and Rental	6,383	6,279	1.7%	5,709	11.8%
DEDUCTIONS FROM GROSS REVENUE	(32,523)	(49,251)	-34.0%	(29,381)	10.7%
(-) Cancelled Sales	(26,278)	(39,652)	-33.7%	(23,771)	10.5%
(-) Taxes on Sales	(6,245)	(9,599)	-34.9%	(5,610)	11.3%
NET REVENUE	311,247	426,562	-27.0%	239,186	30.1%
COST OF REAL ESTATE SOLD, RENTALS AND SERVICES	(187,918)	(266,469)	-29.5%	(157,477)	19.3%
(-) Site/Land Costs	(171,638)	(252,415)	-32.0%	(152,844)	12.3%
(-) Capitalized Financial Changes	(11,476)	(9,183)	25.0%	(2,281)	403.1%
(-) Inventory Maintenance and Collateral	(4,804)	(4,871)	-1.4%	(2,352)	104.3%
GROSS PROFIT	123,329	160,093	-23.0%	81,709	50.9%
(%) Gross Margin	39.6%	37.5%	2.1 p.p	34.2%	5.5 p.p
(%) Adjusted Gross Margin (Ex-Financial Changes)	43.3%	39.7%	3.6 p.p	35.1%	8.2 p.p
OPERATIONAL (EXPENSES) / REVENUES	(54,571)	(53,963)	1.1%	(49,742)	9.7%
(-) Selling Expenses	(25,044)	(35,744)	-29.9%	(21,251)	17.8%
(-) Administrative Expenses	(33,754)	(34,932)	-3.4%	(34,443)	-2.0%
(-) Tax Expenses	(3,745)	(992)	277.5%	(2,845)	31.6%
(+) Equity Income	11,125	15,999	-30.5%	11,110	0.1%
(+) Other Operational (Expenses) Revenue	(3,153)	1,706	-284.8%	(2,313)	36.3%
EBIT	68,758	106,130	-35.2%	31,967	115.1%
FINANCIAL RESULT	36,395	35,442	2.7%	30,864	17.9%
(+) Financial Revenue	50,930	45,915	10.9%	42,805	19.0%
(-) Financial Expense	(14,535)	(10,473)	38.8%	(11,941)	21.7%
EARNINGS BEFORE INCOME TAX AND SOCIAL CONTRIBUTION	105,153	141,572	-25.7%	62,831	67.4%
INCOME TAX AND SOCIAL CONTRIBUTION	(8,232)	(10,400)	-20.8%	(6,584)	25.0%
(-) Current	(6,122)	(6,826)	-10.3%	(6,786)	-9.8%
(-) Deferred	(2,110)	(3,574)	-41.0%	202	-1144.6%
ATTRIBUTABLE TO NON-CONTROLLING	(2,822)	(4,524)	-37.6%	459	-714.8%
NET INCOME (Atributable to controlling shareholders)	94,099	126,648	-25.7%	56,706	65.9%
(%) Net Margin	30.2%	29.7%	0.5 p.p	23.7%	6.5 p.p

‌FINANCIAL INDICATORS

‌REVENUE, COSTS AND GROSS PROFIT

39.6%

1st Quarter

↑ 2.1 p.p. vs 4Q24

↑ 5.4 p.p. vs 1Q24

39.6%

Year-to-date

Quarterly net revenue grew 30% year-over-year, driven by higher sales and construction progress. The annual growth was supported by a 30% increase in sales in 2024 compared to 2023, which expanded the revenue base and, combined with construction site progress, resulted in greater accounting recognition. Compared to 4Q24, there was a reduction of approximately R$115 million in revenue, mainly explained by three factors: (i) a lower volume of ready-to-deliver units sold (R$58 million in 1Q25 vs. R$99 million in 4Q24);

(ii) a one-off recognition of R$34.8 million in the previous quarter, due to the fulfillment of a suspensive clause in the DOT.230 project; and

(iii) slower construction progress, a typical seasonal effect of the first quarter, marked by holidays, festivities, and adverse weather conditions such as rain.

The Company reports a 2.1 p.p. increase in Gross Margin, maintaining the expansion trend observed in recent quarters. 1Q25 was a quarter without any one-off effects, particularly due to the absence of any recent project surpassing a suspensive clause. As shown in the chart at the bottom of the page, the present value adjustment applied to revenue from the project-specific entities (SPEs), uses the average NTN-B rate of the month in which the sale occurs. As a result, it initially reduces the accounting margin recognized at launch. This effect tends to be reversed in the later years of construction, close to delivery, allowing for a relevant recovery of the gross margin accounted for on these units - as can be observed in the year-over-year comparison of gross margins for the 2021 and 2022 project cycles, which are now nearing completion.

Without one-off effects, revenue declines but remains above 1Q24 levels, and margin approaches 40%

Quarterly evolution of profit and gross margin

128

123

34%

31%

34%

163

160

R$ million and percentage

38% 40%

1Q24 2Q24 3Q24 4Q24 1Q25

Margins of projects nearing completion have been recovering due to reversal of the present value adjustment (PVA)

Net Revenue and Gross Margin by Year of launch

2025

2024

2023

2022

2021

<= 2020

EZ INC

FIT CASA

R$ 25 MM

28% GM

R$ 67 MM

39% GM

R$ 64 MM

40% GM

R$ 99 MM

40% GM

R$ 43 MM

40% GM

R$ 20 MM

38% GM

R$ 54 MM

34% GM

R$ 110 MM

33% GM

R$ 35 MM

31% GM

R$ 8 MM

75% GM

R$ 4 MM

40% GM

1Q25

R$ 4 MM

88% GM

R$ 17 MM

32% GM

1Q24

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

The Company's costs decreased by 3 p.p. more than revenue, allowing for margin expansion

316

288

266

188

157

Quarterly Costs Evolution

R$ million

1Q24 2Q24 3Q24 4Q24 1Q25

Construction & Land Cost

55.1%

Of quarter's

Revenue

Capitalized Financial Charges

3.7%

Of quarter's

Revenue

Maintenance & Collateral

1.5%

Of quarter's

Revenue

An average project by EZTEC is much larger in scale compared to the average project built in Brazil. As expected, the larger the project, the greater the weight of materials such as steel, cement, aluminum, among other inputs, in its cost basket. Such projects may be common in the São Paulo market, but they do not reflect the national average. The INCC, the benchmark index for inflation in the Brazilian construction sector, recently had its calculation model reviewed by FGV, and from July 2023, new parameters began to be adopted.

The Company has been increasing its volume of debt linked to the SFH. In the real estate market, for accounting purposes, the interest on construction financing is capitalized into the product cost, rather than being treated as a financial expense, as they arise from the production process. However, this interest becomes an expense under the line "Interest and Passive Monetary Variations" once the development is completed.

The Company includes maintenance and warranty clauses in its contracts for its development for up to 5 years after the delivery of the keys. The provisions aim to anticipate the financial effects of the warranties provided by the Company on its development. After the 5-year period, the unutilized portion of this provision will be reversed.

‌SELLING EXPENSES

Selling expenses totaled R$ 25 million in 1Q25, showing a 29.9% decrease compared to the previous quarter. This decline is mainly explained by the recognition and anticipation of expenses in 4Q24 for certain projects, including future launches - a movement that did not repeat this quarter. Still, on a year-over-year basis, selling expenses increased by 17.8%, reflecting greater marketing efforts and sales structure adjustments in response to the higher volume of launches.

Advertising and Commissions Expenses

Advertising, marketing, and commission expenses fluctuate based on campaigns focused on project launches and the sale of completed and under-construction inventory.

Expenses with sales stands and models

In addition to the regular expenses with sales stands/model units, this line also includes depreciation and maintenance costs for the megastores.

Maintenance and Inventory

The volume of inventory and the number of projects delivered, still under warranty, influence this line.

Period ended March 31st, 2025 In Thousands of Brazilian Reais (R$) SEELING EXPENSES Advertising and others	1Q25 25,044 9,033	4Q24 35,744	%Var -29.9%	1Q24 21,251	%Var 17.8%
	1Q25 25,044 9,033	17,985	-49.8%	5,140	75.7%
Sales Stands and models	9,515	10,502	-9.4%	7,718	23.3%
Sales Comission	2,728	3,541	-23.0%	4,412	-38.2%
Expenses with units in inventory	3,768	3,716	1.4%	3,981	-5.4%

Lower advertising and marketing expenses eased selling expenses

Quarterly composition by category - 12 months

Selling expenses increased year-over-year compared to 1Q24, driven by the growth in launches

Annual comparision by category

R$ million

- 10 20 30 40 50

R$ million

- 5 10

Advertising and others

Sales stand and models

Sales Commission

Advertising and others

1Q25

1Q24

Sales stand and models

Sales Commission

Expenses with units in

inventory

2Q24

19 7 11 10

5 4 4 4

5 5 4 3

3Q24

4Q24

1Q25

Expenses with units in inventory

‌ADMINISTRATIVE EXPENSES

Administrative expenses in 1Q25 remained stable, reflecting the Company's strategic decision to maintain its operational size and control general and administrative costs. The 16.2% reduction in salaries and charges compared to 1Q24 is related to personnel changes within the Company during the period.

Period ended March 31st, 2025 In Thousands of Brazilian Reais (R$)	1Q25	4Q24 34,932	%Var -3.4%	1Q24 34,443	%Var -2.0%
ADMINISTRATIVE EXPENSES	33,754	4Q24 34,932	%Var -3.4%	1Q24 34,443	%Var -2.0%
Payroll and related taxes	10,706	10,344	3.5%	12,777	-16.2%
Management´s Fees	4,840	4,692	3.2%	4,477	8.1%
Employee Benefits	3,357	3,959	-15.2%	3,234	3.8%
Depreciation and Amortization	1,161	1,311	-11.4%	1,160	0.1%
Services Expenses	8,489	9,251	-8.2%	7,695	10.3%
Maintenance of Properties	193	172	12.2%	190	1.6%
Taxes and Fees	855	475	80.0%	1,250	-31.6%
Software and Licences Expenses	1,575	1,921	-18.0%	1,294	21.7%
Other Expenses	2,578	2,807	-8.2%	2,366	9.0%

Without expressive variations, administrative expenses

remain similar to the previous quarter

Administrative Expenses by quarter and category - 12 months

On a year-over-year comparison, the reduction in salaries and charges was driven by changes in the workforce.

Year-on-year comparison of Administrative Expenses by category

R$ million

- 10 20 30 40 50

1Q25

1Q24

R$ million

- 4 8 12

Payroll and related taxes

11 12

10 11

Payroll and related taxes

Services Expenses

10 9 9 8

Services Expenses

Management's Fees

5 5 5 5

Management's Fees

Employee Benefits

6 4 4 3

Employee Benefits

Other Expenses 3

3 3 3

Other Expenses

Software and Licences Expenses

Depreciation and Amortization

Taxes and Fees Maintenance of Properties

222

2Q24

3Q24

4Q24

1Q25

Software and Licences Expenses

Depreciation and Amortization

Taxes and Fees Maintenance of Properties

‌EQUITY INCOME

More details on the annexe: Result for Shared Control Projects

11.8%

Of quarter´s Net Income

In 1Q25, equity income decreased by 30.5% compared to the previous quarter, mainly impacted by the transfer of EZCAL's results to CAL following the capital subscription. As of February 2025, EZCAL's results have been consolidated by CAL, reflecting the new corporate structure. In this context, the R$2,421 thousand attributed to EZCAL refer to the period prior to the corporate transfer, while the R$616 thousand correspond to EZTEC's 46.75% stake in CAL's results during 1Q25.

The reduction reflects well-sold project deliveries and the temporary absence of new projects in revenue recognition

Quarterly evolution of Equity Equivalence and its percentage in Net Income

EQUITY PROJECT´S INFORMATION

%EZTEC

SPE

Launch Quarter

Partner

Region Standard

MAIN PROJECTS

11,217

20%

26%

22%

13%

12%

R$ million and percentage

1Q24 2Q24 3Q24 4Q24 1Q25

Priv. Area (s.q	Total PSV	PSV %EZ	Equity
m)	(R$ million)	(R$ million)	Result

Park Avenue 50% Harisa 4Q22 Fraiha South Zone High-end 12,355 500.5 250.2 3,085

Jardins do Brasil - Reserva JB

76%

Phaser

4Q12

LPI &

Brasílimo

Osasco

Middle High-end

46,328

285.2

217.4

2,685

EZCAL 0% n.a. n.a. CAL n.a. n.a. n.a. n.a. n.a. 2,421

Signature 50% Itatiaia 4Q20 Imoleve South Zone High end 15,419 248.6 124.3 1,538

Mooca Città 50% Participações

Imob. Mooca

1Q24 Aguassanta DI

East Zone Middle High

end

14,820 259.5 129.7 872

Construtora Adolpho Lindenberg	46.75%	616
Others	(92)
TOTAL YEAR EQUITY	11,125

‌RESULTS TO BE RECOGNIZED

40.6%

Margin to be recognized

With the completion of all projects launched before 2021, the backlog margins now more accurately reflect the most recent project cycles. Since 2023, the Company had been delivering a significant volume of developments launched between 2019 and 2020. With the completion of these projects, whose margins were more pressured by the supply shortages during the pandemic, a growing share of the backlog results started to come from sales of more recent projects. As a result, it is natural for these new cycles to have a greater impact on the backlog margins. Given the more concentrated product mix, this trend translates into margins exceeding 40%.

Launch sales are under suspensive clauses and are not yet included in the results to be recognized

Evolution of Results to be Recognized and consolidated margin to be recognized

R$ million and percentage

39% 40% 40% 40% 41%

433

410

395

465

464

1Q24 2Q24 3Q24 4Q24 1Q25

Period ended March 31st, 2025

In Thousands of Brazilian Reais (R$)

1Q25

4Q24

%Var

1Q24

%Var

Total Results to be Recognized (Consolidated + Equity)

610,276

648,842

-5.9%

548,892

11.2%

Margin to be Recognized (%)

41.8%

41.6%

0.3 p.p

40.2%

1.6 p.p

Period ended March 31st, 2025 1Q25 In Thousands of Brazilian Reais (R$) CONSOLIDATED PROJECTS 432,634 Margin to be Recognized (%) 40.6%	4Q24 %Var 1Q24 %Var 464,031 -6.8% 395,132 9.5%
	40.4% 0.2 p.p 38.9% 1.7 p.p
Revenues to be Recognized - Units Sold 1,025,992	1,104,774 -7.1% 986,233 4.0%
Adjusted Present Value- Consolidated 40,494	44,920 -9.9% 29,888 35.5%
Cost of Units Sold to be Recognized (633,852)	(685,663) -7.6% (620,989) 2.1%

Period ended March 31st, 2025 1Q25 In Thousands of Brazilian Reais (R$) EQUITY PROJECTS 177,642 Margin to be Recognized (%) 45.3%	4Q24 %Var 1Q24 %Var 184,811 -3.9% 153,760 15.5%
	44.9% 0.4 p.p 44.2% 1.1 p.p
Revnues to be Recognized - Units Sold. 391,247	410,313 -4.6% 344,783 13.5%
Adjusted Present Value- Equity 1,193	1,363 -12.5% 3,458 -65.5%
Costs of Units Sold to be Recognized (214,798)	(226,865) -5.3% (194,481) 10.4%

‌FINANCIAL RESULT

The fundraising through CRI contributed to a 27.8% increase in financial income, while also driving a 46.5% increase in interest and monetary variation expenses, offsetting the positive effects on net financial results. The Company's Direct Receivable Portfolio (AF) continued its growth trajectory, reaching R$523 million financed (%Eztec). Of this total, 51% is indexed to the IGP-DI. For this quarter, the index recorded an annualized variation of 2.18%, compared to 2.70% in the previous quarter.

Investment Income

Financial investments are tied to CDBs and LFs, with remuneration rates ranging from 97% to 103% of the CDI.

Juros sobre Contas a Receber

IGP-DI* and IPCA recorded annualized variations of 2.18% and 1.07%, respectively, in 1Q25, compared to 2.70% and 0.98% in 4Q24. There are also specific effects such as the interest accrued between the key handover and the actual transfer of the unit to the financing bank

*IGP-DI accumulated in the quarter considering the 2-month lag

Period ended March 31st, 2025 In Thousands of Brazilian Reais (R$)	1Q25	4Q24	%Var	1Q24	%Var
NET FINANCIAL RESULT	36,395	35,442	2.7%	30,864	17.9%
FINANCIAL REVENUES	50,930	45,915	10.9%	42,805	19.0%
Income from Financial Applications	25,199	19,711	27.8%	17,871	41.0%
Interest Income on Trade Accounts Receivable	20,385	21,065	-3.2%	20,182	1.0%
Others (including active interest on overdue receivables)	5,346	5,139	4.0%	4,752	12.5%
FINANCIAL EXPENSES	(14,535)	(10,473)	38.8%	(11,941)	21.7%
Interest and Passive Monetary Variations	(13,899)	(9,485)	46.5%	(10,682)	30.1%
Discounts on Trade Accounts Receivable	(582)	(886)	-34.3%	(1,163)	-50.0%
Others	(54)	(102)	-47.1%	(96)	-43.8%

Stable Financial Result, with offsetting effects between investment income and interest expenses from the CRI

Quarterly Evolution of Financial Revenue and Expenses

Revenue

R$ million

12 12

10 10

Expense

1Q24 2Q24 3Q24 4Q24 1Q25

‌CASH AND DEBTS

R$ -31.7million

Net Cash Variation in the quarter

The increase in cash position and debt is mainly due to the R$375 million CRI issuance completed in February 2025. Additionally, the Company secured R$ 58 million in SFH debt, while R$44 million were originated as new Direct Receivable Portfolio contracts. The Company has been using the balances from bank financing to fund construction activities, avoiding the use of its own capital. Finally, R$22 million were paid in quarterly dividends related to 1Q25 results; excluding this payment, the net debt/cash variation was only R$ 1.6 million.

29.4% of the cash holdings are under

the Affected Equity

Annual comparison of Net Debt/Cash position

R$ million

Net Debt 398

SPEs

227

EZTEC

544

1,575

849

1,177

Cash and Equivalents

Debt

Cash and Equivalents

Debt

1Q25 - 1Q24

764

Net Debt 85

R$ million

Period ended March 31st, 2025 In Thousands of Brazilian Reais (R$) NET CASH (DEBT)	1Q25 (397,674)	4Q24	%Var	1Q24	%Var
	1Q25 (397,674)	(365,950)	8.7%	(84,579)	370.2%
NET CASH (BURN) GENERATION	(31,724)	(185,429)	-82.9%	9,316	-440.5%
Short-term-Debt	(114,522)	(85,958)	33.2%	(54,764)	109.1%
Long-term Debt	(1,460,190)	(1,050,424)	39.0%	(793,849)	83.9%
Cash and Cash Equivalents	62,119	71,381	-13,0%	38,368	61,9%
Financial Investments	1,114,919	699,051	59,5%	725,666	53,6%

NET CASH (BURN) GENERATION EX-DIVIDEND AND BUYBACK	(1,645)	(3,942)	-58.3%	28,982	-105.7%
Net Cash (Burn) Generation	(31,724)	(185,429)	-82.9%	9,316	-440.5%
Dividends Paid	30,079	181,487	-83.4%	19,666	52.9%
Buyback Program	-	-	n.a.	-	n.a.

‌OPERATIONAL INDICATORS

‌LAUNCHES

52% sold*

SP 360º

R$ 616 million

%EZ Quarter´s Launches

20% sold* Agami Park Residences

*Considering the % of the private area sold from the total project

LAUNCHES INFORMATION

%EZTEC

SPE

Income

Under Suspensive Clause

Location

Standard

Expected Delivery

# Units Launch

Private Area (s.q m)

Sold Private Area (%)

PSV % EZ

(R$ million)

Total PSV (R$ million)

825

34,600

29.8%

616,0

Agami Park Residences

100%

Serra Branca

Consolidated

Yes

South Zone

High-end

1Q29

12,084

20.5%

318,0

High-end

SP 360 100% Juquei Consolidated Yes South Zone Middle-

1Q28 780 22,516 34,8% 298,0 298,0

YEAR-TO-DATE 825 34,600 29.8% 616,0 616,0

The company begins 2025 with the highest VGV launched in a first quarter in its history

Yearly evolution of the PSV of launches %EZ

The diversification strategy remains strong, with a highlight on the High-end and Middle High-end segments in 1Q25

Comparison of launch profiles

616

467

189

+32%

694

262

Middle High-end 298

Low-end

High-end 192

High-end 318

+135%

R$ million

1Q24 2Q24 3Q24 4Q24 1Q25 4Q24 1Q25

‌OPERATIONS INFORMATIONS

R$ 7.6 billion

In PSV distributed among 16 active construction sites

Including Esther Towers and Air Brooklin Commercial

Of private área of units sold

58%

Dream View Sky Resort (2021)

The Company plans to deliver R$2,603 million in 2025, with deliveries scheduled for 1Q24, 2Q24, and 3Q24, of which 75% of the units have already been sold. In 1Q25, the second phase of Pin Osasco and the Dream View Sky Resort were delivered.

INFORMATION ON DELIVERIES

% EZTEC

SPE

Income

Standard

Private

Area Sold (%)

PSV

%EZ (R$ MM)

1Q25

67.8%

296.2

Pin Osasco - 2ª Phase

60%

Criciúma

Equity

Low end

91.0%

43.5

Dream View Sky Resort	100%	Santa Laura	Consolidated	Middle end	58.3%	252.7
2H25					76.9%	2,306.9
Haute Brooklin	100%	Cannes	Consolidated	High end	78.6%	232.2
Hub Brooklin	100%	Cannes	Consolidated	Smart-Living	63.5%	182.2
Expression	100%	Islandia	Consolidated	High end	90.8%	176.9
Unique Green - Emerald e Tourmaline	100%	Gol	Consolidated	Middle High	88.8%	777.3
Arkadio	100%	Guara	Consolidated	High-end	60.2%	459.9
Exalt	100%	Islandia	Consolidated	Smart-Living	80.2%	228.4
Park Avenue	50%	Harisa	Equity	High end	37.2%	250.0
YEAR-TO-DATE (E)					75.2%	2,603.1

end

Of the deliveries made in 2025, 75% of the units have already been sold

‌Annual evolution of delivered PSV and its sold percentage as a percentage of the usable area

% Sold

PSV in Inventory

Expected

1,828

94%

75%

1,163

1,031

748

768

809

98%

468

74%

318

89%

64%

48%

21%

2,603

R$ million

2021 2022 2023 2024 2025 2026 2027 2028 2029

SALES &

CANCELLATIONS

R$ 415 million

Gross Sales in % EZTEC

Net sales grew 28.4% year-over-year, and 1Q25 stands as the second-best start of the year in the Company's history. The Company recorded R$415 million in gross sales in 1Q25, a result 28.4% higher than in 1Q24, despite a 10.0% decline compared to 4Q24 - a movement expected for the period due to the sector's sales seasonality. The net SoS for the quarter was 12.1%, a drop of 0.7 p.p. compared to the previous quarter, but 3.3 p.p. above 1Q24. The net SoS over the last 12 months continued its upward trend, increasing 0.6 p.p. in the quarter and reaching 39.3% at the end of March, an increase of 10.9 p.p. compared to the same period in 2024.

With 265 units sold totaling R$101 million, the performance of SP 360º boosted sales in the quarter

556

558

415 2025

461

Comparative quarterly evolution of gross sales

R$ million

323

1Q 2Q 3Q 4Q

Period ended March 31st, 2025

In Thousands of Brazilian Reais (R$)

1Q25

4Q24

460,796

%Var

-10,0%

1Q24

322,978

%Var

28.4%

GROSS SALES BY SEGMENT

414,622

Launch

196,986

130,005

51,5%

130,005

88.4%

Performed 66,896 114,890 -41,8% 114,890 5.0%

Under Construction 150,741 215,901 -30,2% 215,901 -2.6%

Launch sales remained the main driver of commercial performance in 1Q25, accounting for 51% of the net sales in the period. Highlights include SP 360º and Agami Park Residences, which together reached R$160 million in sales. Other projects with deliveries scheduled for 2025 and solid performance in the quarter were Unique Green, Arkadio, Expression, and Exalt, totaling R$34 million in net sales. Also worth mentioning are recently launched projects already under construction, such as Lindenberg Ibirapuera and Lindenberg Alto das Nações, which contributed an additional R$66 million. Cancellations totaled R$37 million in the quarter, a 44.7% decrease compared to 4Q24, reinforcing the resilience of sales in a still challenging macroeconomic environment. 1Q25 consolidated itself as the second-best first quarter in the Company's history in terms of

net sales, reflecting the consistency of its commercial strategy

Consolidated x Equity (1Q25)

0% 20% 40% 60% 80% 100%

88% of 1Q25 Gross Sales are consolidated

Gross Sales Description (1Q25)

R$ million

High end

112

6 40

Middle-high end

Medium end

and the strong alignment of its products with customer profiles.

Smart-living

Low end Commercial

117

Performed

Under construction

Launches

Cancellations down: 44.7% reduction in 1Q25 reflects the quality of sales

Quarterly evolution of cancellations

58 37 Cancellations

Adjusted

Cancellations*

1Q24

2Q24

3Q24

4Q24

1Q25

* Cancellations excluding Downgrades, Upgrades, and Transfers

Period ended March 31st, 2025 In Thousands of Brazilian Reais (R$)	1Q25	4Q24 460,796	%Var -10.0%	1Q24 322,978	%Var 28.4%
GROSS SALES	414,622	4Q24 460,796	%Var -10.0%	1Q24 322,978	%Var 28.4%
(-) CANCELLATIONS	36,816	66,566	-44.7%	30,773	19.6%
Downgrade	3,931	-	n.a	-	n.a

Upgrade	303	8,316	-96.4%	-	n.a
Transfer	-	-	n.a	-	n.a
Adjusted Cancellations	32,583	58,251	-44.1%	30,773	5.9%
(=) VENDAS LÍQUIDAS	377,806	394,230	-4.2%	292,205	29.3%

Period ended March 31st, 2025 Valores expressos em milhões de reais - R$	1Q25	4Q24 460,796	%Var -10.0%	1Q24 322,978	%Var 28.4%
Gross Sales (R$ million PSV)	414,622	4Q24 460,796	%Var -10.0%	1Q24 322,978	%Var 28.4%
Average Price Per Unit (R$ thousand)	714,865	839,337	-14.8%	651,165	9.8%
Gross SoS (%)	13.1%	14.6%	-1.5 p.p.	9.6%	3.5 p.p.
Gross SoS- Launch(%)	23.9%	26.3%	-2.3 p.p.	18.7%	5.3 p.p.
Gross SoS Inventory(%)	9.3%	12.5%	-3.2 p.p.	7.8%	1.5 p.p.
Cancellations (R$ thousands)	36,816	66,566	-44.7%	30,773	19.6%
Net Sales (R$ million PSV)	377,806	394,230	-4.2%	292,205	29.3%
Launch	194,458	118,596	64.0%	104,150	86.7%
Performed	58,181	99,321	-41.4%	49,678	17.1%
Under Construction	125,166	176,312	-29.0%	138,376	-9.5%
# units sold	553	540	2.4%	490	12.9%
Cancellations/ Gross Sales	8.9%	14.4%	-5.6 p.p.	9.5%	-0.6 p.p.
Net SoS (%)	12.1%	12.8%	-0.7 p.p.	8.8%	3.3 p.p.
Net SoS LTM (last12 months) %	39.3%	38.7%	0.6 p.p.	28.4%	10.9 p.p.

Net Sales Speed (SoS) Evolution - LTM (last 12 months)

35%

39%

29%

33%

In percentage (%)

1Q24 2Q24 3Q24 4Q24 1Q25

‌DIRECT RECEIVABLE PORTIFOLIO

R$ 523 million (%EZ)

1,382 units, totaling R$561 million

In 1Q25, the volume financed directly by the Company grew 5.5% compared to 4Q24, reflecting the ongoing commercial efforts focused on selling completed inventory in a macroeconomic environment still marked by high interest rates and tighter credit issuance by banks. As an alternative, the Company continues to offer in-house financing with rates ranging from 8.0% to 12.0% per year, indexed to the IPCA or IGP-DI, and terms of up to 360 months. Despite the growth in the receivables portfolio, delinquency continued to show a consistent decline, ending the quarter with a 0.9 p.p. reduction year-over-year versus 1Q24.

9.9%

+ IGP-DI

Average interest rate composition

Adjustm

ent Indexes

265

258

IGPDI

IPCA

Interest Rates

153
160
72
137

12,0%

10,0%

9,0%

8,0%

Currently, 1,382 units are financed directly by EZTEC

Evolution of the Fiduciary Alienation portfolio

44 19

523

509

496

384

387

363

(36)

R$ million

2020 2021 2022 2023 2024 Origination Yield Payments Foreclosure 1Q25

63% of the portfolio will be amortized over the next 5 years, with the current default rate at 2.2%*

Annual payment flow of installments

R$ million

Past due*

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2041+

‌INVENTORY

More details in the appendix: Inventory by Project

R$ 2,750 million

PSV Of Company´Total Inventory (%EZ)

2.7% leased

Percentage related to R$ 74 million of leased PSV

Due to the change in EZTEC's ownership percentage in projects launched jointly with EZCAL, inventory was

reduced by R$184 million, approximately 6%

Variation in Total Inventory

616

(415)

37 9

2,750

2,664

2,686

(184)

R$ million

2023 2024 Launches Gross Sales Cancellations EZCAL

Assignment

Prices Variation 1Q25

Inventory under construction now Accounts for 52% of Total Inventory

Inventory by Project Status

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Launches R$ 627

Under Construction R$ 1,426

Performed R$ 697

58% of the invetory is high-end residential

PSV of Inventory by Standard - %EZTEC

1,505

563

255

225

R$ million

High-End Middle High-End Smart Living Middle-End

Commercial 113

Low-End 89

83% of inventory under construction is in the South Zone

PSV of inventory by Region- %EZTEC

401	1,182	583

173	135

1910	6 43
	82
		Unde
10		Cons Launc
11

R$ million

South Zone East Zone West Zone Guarulhos

Osasco Others

ormed

r truction hes

The company's total inventory amounts to R$ 2,637 million

Total Inventory PSV Classification - %EZTEC

R$ 2,637

Esther Towers R$ 1,900

Air Brooklin Commercial R$135

R$ million

R$ 113

Residential Commercial Other assets under

The Company has approximately R$2 billion in VGV from commercial projects currently under construction. A commercial office tower project has its own particularities, including the possibility of being sold or leased, either fully or partially. These movements are more likely to occur closer to the delivery date of the developments.

‌LANDBANK

R$ 10.6 billion

In PSV for FUTURE PROJECTS

% EZTEC

Landbank down 3.7% after quarterly launches and inclusion of a plot in Mogi das Cruzes. In 1Q25, the Company's landbank totaled R$10.6 billion, reflecting a 3.7% reduction (R$406 million) compared to the previous quarter. The variation was mainly driven by two launches in the period, which consumed R$616 million in VGV, as well as feasibility reviews of projects aligned with the Strategic Master Plan guidelines. Partially offsetting this movement was the addition of an entry-level plot with a VGV of R$165 million, located in Mogi das Cruzes, in the São Paulo metropolitan area, through participation in a SPE as amortization of a loan with a partner from the low-end segment.

The increase in the landbank is due to the acquisition of land in São Caetano

Evolution of the Landbank and future projects

13,850

11,046

10,640

3,210

165 44

(616)

R$ million

4Q24 Launches Acquisitions Changes in prices 1Q25 Resolutive Clauses¹ 2025E

Future launches are divided between EZTEC (65%), FIT CASA (32%) & EZ INC (2%)

Landbank by operating segment

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

EZTEC R$6,950

Fit Casa R$3,450

EZ Inc R$241

R$ million

GREAT SÃO PAULO High-end	Middle High-end	Middle-end	Low-end	Commercial	TOTAL
EAST ZONE -	-	542	1,286	-	1,828

Resolutive Clauses	3,210
2025E	7,368	2,791	3,450	241	13,850

R$ million

WEST ZONE	-	-	1,326	-	-	1,326
NORTH ZONE	-	-	-	-	-	-
SOUTH ZONE	-	1,896	453	1,408	241	3,998
MOGI DAS CRUZES	-	-	-	165	-	165
OSASCO	-	368	470	590	-	1,429
SÃO CAETANO	-	1,894	-	-	-	1,894
2025		4,158	2,791	3,450	241	10,640

With Partner R$ 1.9 bi

18%

Own R$ 8.7 bi

82%

71% of the land plots have a PSV greater than R$200 milion

Quantity of Land Plots by PSV

		7

			8

	4

1

1

				9

> R$500 million R$200 - R$500 million R$100 - R$200 million R$50 - R$100 million

< R$50 million

Under development (No PSV)

The weighted average duration by PSV of the land is 8.2 years

Number of Land Plots by Year of Acquisition

0 0 0 0 0 0

Qunatity

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

São Paulo Metropolitan Region

4 plots

R$ 1.8 Bi

North

Osasco

West

Downtown

East

5 plots

R$ 1.4 Bi

São Caetano

1 plot

R$ 1.3 Bi

South

1 plot

R$ 1.9 Bi

11 plots

R$ 4.6 Bi

East of the City of São Paulo

Mogi das Cruzes

1 plot

R$ 165 Mi

‌EZ INC

More details in the appendix: EZ INC

R$ 2,146 million

In Corporate Assets that are ready or under construction

EZ INC is the arm focused on the development and long-term monetization of corporate assets. Currently, EZ INC holds four income-generating assets, two of which were developed in-house by the Company (EZ Mark and Neo Corporate Offices), one is fully leased (Verbo Divino Building), and one is a plot of land currently under lease. In addition to these assets, the Company has two projects under development: Esther Towers and the commercial tower of Air Brooklin.

Assets Portifolio

Assets under development resume

67%

ESTHER TOWERS

(Under Construction)

R$ 1.9 billion

Estimated Sales Value

Total GLA: 94,000 s.q m

67%

% Building (Ex-land): 67% Completion Forecast: 1st tower: 2H25

2nd tower: 2H26 Rating: Corp. Tower AAA

SPE: Mairiporã

91%

AIR BROOKLIN CORPORATE

(Under Construction)

R$ 135 million

Estimated Sales Value

Total GLA: 7,503 s.q m

% Estimated Completed: 91%

Completion Forecast: 2S25

Rating: Single-tenant SPE: Itajubá

‌CAPITAL MARKETS

‌ADDITIONAL VALUE

R$ 22.46

Company´s Book Value per share

This section aims to highlight, through a summary of reviewed accounting and managerial information, the intrinsic book value of the Company and its subsidiary, EZ INC, which is not yet fully reflected in the financial statements.

It is important to emphasize that the figures presented, related to EZTEC's business outlook, operational and financial projections and targets, represent the beliefs and assumptions of the Company's management, as well as currently available information. Forward-looking statements are not performance guarantees. They involve risks, uncertainties, and assumptions, as they relate to future events and therefore depend on circumstances that may or may not occur.

Period ended March 31st, 2025 In Thousands of Brazilian Reais (R$)	EZTEC 1Q25	EZTEC 4Q24	%Var	EZ INC 1Q25	EZTEC Ex-EZ INC
Controlling Shareholder's Equity	4,898,437	4,804,338	2.0%	1,204,044	3,694,393
Net Worth per share (a)	R$ 22.46	R$ 22.03	2.0%	R$ 5.52	R$ 16.94

Adding OFF-BALANCE Values	610,276	648,842	-5.9%	0	610,276
(+) Revenue to be Recognized (Consolidated)	432,634	464,031	-6.8%	0	432,634
(+) Revenue to be Recognized (Equity)	177,642	184,811	-3.9%	0	177,642
OFF-BALANCE values per share (b)	R$ 2.80	R$ 2.97	-5.9%	R$ 0.00	R$ 2.80

*Subtotal with added values" per share (c = a + b)	R$ 25.25	R$ 25.00	1.0%	R$ 5.52	R$ 19.73

Projection of the possible addition given the execution of the strategy*	2,014,782	1,961,800	2.7%	814,000	1,200,782
(+) Expected future value by selling the inventory at the current expected price	1,200,782	1,147,800	4.6%	0	1,200,782
(+) Corporate Assets under construction Esther Towers + Air Brooklyn*	814,000	814,000	0.0%	814,000	0
Expected addition of inventory liquidation to current values and sale of corporate projects (d)	R$ 9.24	R$ 8.99	2.7%	R$ 3.73	R$ 5.51

"Subtotal with added values" per share (e = c + d)	R$ 34.49	R$ 33.99	1.5%	R$ 9.25	R$ 25.24

(+) Expected future value by the preparation of the landbank and sale of its units	3,472,954	3,798,613	-8.6%	0	3,472,954
Expected addition of Execution and future settlement of landbank projects (f)	R$ 15.92	R$ 17.41	-8.6%	R$ 0.00	R$ 15.92

Equity value with the addition of the values and projections	R$ 10,996,449	R$ 11,213,593	-1.9%	R$ 2,018,044	R$ 8,978,405
"Equity value with addition and projections" per share (g = e + f)	R$ 50.41	R$ 51.41	-1.9%	R$ 9.25	R$ 41.16

Quantity of Shares (ex-Treasury)	218,125,703	218,125,703	0.0%	218,125,703	218,125,703
(+) Total Shares	220,989,103	220,989,103	0.0%	220,989,103	220,989,103
(-) Shares held Treasury	(2,863,400)	(2,863,400)	0.0%	(2,863,400)	(2,863,400)

*Due to the new approach for classifying the assets under construction of EZ INC, we have chosen to open a new line, leaving the expected contribution of these projects open.

‌INTERNAL CONSENSUS

EARNINGS RELEASE 1Q25

To provide greater transparency to investors regarding the Company's expected results, we have created this section with information on the key financial metrics gathered from sell-side analysts covering the Company,

It is important to highlight that the values presented below, related to EZTEC's business outlook, were generated exclusively by the analysts and collected by the IR team through consultations made.

Financial Indicators 1Q25	Consensus	Mín	Máx	EZTEC 1Q25	Bank 1	Bank 2	Bank 3	Bank 4	Bank 5	Bank 6	Bank 7	Bank 8	Bank 9	Bank 10	Bank 11
Net Revenue	355.0	293.4	417.0	311.2	415.2	385.0	304.0	293.4	417.0	326.0	398.0	318.7	305.0	355.0	385.9
Gross Margin	36.2%	32.0%	37.7%	39.6%	36.0%	34.5%	37.7%	37.7%	35.4%	32.0%	36.5%	36.4%	37.4%	35.4%	36.1%
EBIT	69.0	20.0	106.0	68.8	83.2	106.0	39.9	32.9	81.0	20.0	84.0	37.2	53.0	69.0	87.6
Net Profit	90.0	47.1	102.0	94.1	98.2	90.0	61.7	47.1	102.0	83.0	101.0	61.0	90.0	91.0	80.6
Net Margin	23.5%	16.0%	25.7%	30.2%	23.7%	23.5%	20.3%	16.0%	24.0%	21.0%	25.3%	19.1%	24.0%	25.7%	20.9%
Cash (Burn) Generation	(50.0)	(331.0)	21.0	(31.7)	(226.0)	(331.0)	(26.7)	(25.4)	(53.0)	(50.0)	n.a.	(1.1)	(65.0)	21.0	n.a.

Financial Indicators 2025	Consensus	Average	Mín	Máx	Bank 1	Bank 2	Bank 3	Bank 4	Bank 5	Bank 6	Bank 7	Bank 8	Bank 9	Bank 10	Bank 11
Net Revenue	1,539.0	1,549.1	1,390.5	1,687.0	1,680.7	1,539.0	1,490.1	1,465.7	1,629.0	1,471.0	1,608.0	1,390.5	1,687.0	1,513.0	1,565.7
Gross Margin	35.8%	35.7%	33.0%	37.1%	36.0%	34.5%	36.6%	37.1%	35.8%	33.0%	35.7%	36.4%	36.6%	35.7%	35.8%
EBIT	328.0	303.7	203.0	364.0	336.3	266.0	334.2	281.7	328.0	203.0	329.0	230.9	364.0	309.0	358.9
Net Income	390.1	378.5	293.9	450.0	409.0	348.0	390.1	350.0	396.0	368.0	439.0	293.9	450.0	401.0	318.2
Net Margin	24.3%	24.4%	20.3%	27.5%	24.3%	22.6%	26.2%	23.9%	24.0%	25.1%	27.3%	21.1%	27.5%	26.5%	20.3%
Cash (Burn) Generation	102.3	183.0	(50.0)	751.0	214.0	751.0	155.6	412.1	(19.0)	n.a.	n.a.	(49.0)	(50.0)	49.0	n.a.

Footnotes:

Note 1 - Consensus is calculated using the median of analysts' estimates,

Note 2 - The values shown are the most recent collected by EZTEC from analysts, Estimates may have been changed since the last consultation,

Note 3 - The values left blank were not provided or confirmed by the analysts and, therefore, were excluded from the table and the median calculation,

4T23

1Q25

INVESTOR RELATIONS

A. EMÍLIO C. FUGAZZA

Chief Financial Officer and IR Officer

PEDRO TADEU T. LOURENÇO

IR Manager

CHRISTIAN DE MELO

IR Specialist

GIOVANNA BITTENCOURT

IR Analyst

THIAGO BURGESE

IR Intern

VINICIUS MARTINELLI

IR Intern

ANNEXES >>

All the data in this Earnings Release, including the data in the annexes, is available for consultation in the supporting spreadsheets on our investor

relations website: ri.eztec.com.br/en/valuation-data/

‌ANNEXES

Lindenberg Alto de Pinheiros	38%	39%	46%	54%	57%
2024
Mooca Città - Firenze	0%	12%	13%	12%	14%

‌PoC EVOLUTION

Project	03/2024	06/2024	09/2024	12/2024	03/2025
2020
Air Brooklin	100%	100%	100%	100%	100%
Fit Casa Alto do Ipiranga	100%	100%	100%	100%	100%

Piazza Gran Maia	100%	100%	100%	100%	100%

Signature	86%	92%	100%	100%	100%

Fit Casa Estação José Bonifácio	95%	100%	100%	100%	100%

Meu Mundo Estação Mooca	100%	100%	100%	100%	100%
2021
Dream View Sky Resort e Fit Estação Oratório	79%	84%	89%	94%	100%
Arkadio	59%	67%	73%	79%	84%

Unique Green	54%	66%	75%	84%	89%

Pin Osasco	58%	65%	72%	98%	100%
2022
Vila Nova Fazendinha	69%	79%	95%	100%	100%
Expression e Exalt	52%	61%	70%	77%	83%

Chanés Street	37%	40%	47%	55%	62%
Park Avenue	58%	65%	72%	79%	83%
2023
Jota by Lindenberg	35%	39%	51%	59%	66%

Lindenberg Ibirapuera	64%	68%	73%	77%	81%



Mooca Città - Milano	0%	13%	13%	13%	14%

Villares Parada Inglesa	0%	0%	0%	21%	23%

Dot.230	0%	0%	0%	35%	35%

Connect João Dias 0% 0% 0% 23% 23%

2010 896,440,000 2,309 - - 0.0% 83,600

Massimo Residence 28,800,000 108 - - 0.0% -

2014 784,123,000 1,850 20 4,269,746 1.1% 19,852,468

Cidade Maia - Botânica 182,770,000 566 - 1,299,537 2.6% -

2019 1,897,772,490 3,671 55 - 3.1% 122,448,906

Le Jardin Ibirapuera 71,600,000 22 - - 7.9% -

‌INVENTORY BY PROJECT

Inventory by Year of Launch		PSV Launch	# Units Launch	# Units in Inventory	PSV Returned from direct receivable portifolio	Private Area in Inventory	TOTAL INVENTORY
Total		17,498,097,243	39,462	2,904	45,771,063		2,749,737,459
1999		16,982,000	216	-	-	0.0%	40,000
	Prime House Ipiranga	16,982,000	216	-	-	0%	-
2008		432,250,000	1,472	1	-	0.0%	693,412
	Bell'Acqua	33,400,000	152	-	-	0.7%	-
2009		511,840,700	1,626	-	1,911,703	0.0%	2,521,703
	Supéria Moema	54,400,000	153	-	-	0.0%	-

Capital Corporate Office		235,400,000	450	- 1,911,703		0.0%	-

Quality House Jd. Prudência		56,600,000	166	- -		0.0%	-


Up Home		63,700,000	156	- -		0.0%	-
	Sky	136,620,000	314	-	-	0.0%	-
2011		1,157,450,000	3,060	10	5,838,206	0.5%	20,418,566
	NeoCorporate Offices	182,000,000	297	-	-	6.7%	-
Trend Paulista Offices		89,250,000	252	- 669,193		0.0%	-

Still Vila Mascote		37,150,000	150	- -		0.0%	-

Royale Merit		50,920,000	160	- 1,285,143		0.0%	-
	Gran Village São Bernardo	167,100,000	474	-	625,509	0.0%	-
2012		1,166,237,500	4,386	8	2,999,673	0.2%	8,833,686
	Neo Offices	40,800,000	96	-	-	1.2%	-
Bosque Ventura		103,460,000	450	- 971,395		0.2%	-

In Design		108,900,000	422	- -		0.0%	-

Green Work		140,200,000	378	- 271,994		2.4%	-

Brasiliano		33,705,000	162	- -		0.0%	-

Premiatto Sacomã		50,300,000	138	- -		0.0%	-

Centro Empresarial Jardins do Brasil		67,210,000	848	- -		0.6%	-

Cidade Maia - Alameda		89,040,000	448	- 1,204,639		0.5%	-

Cidade Maia - Jardim		115,850,000	280	- 2,422,108		1.5%	-


Cidade Maia - Reserva		128,450,000	224	- 2,580,814		1.3%	-

Prime House Parque Bussocaba		119,860,000	568	- 389,394		0.2%	-
	Legítimo Santana	49,800,000	70	-	-	0.0%	-
2016		204,650,000	209	1	-	0.3%	621,170
	Up Home Vila Mascote	61,300,000	129	-	-	0.8%	-
2017		343,300,000	322	2	-	2.2%	8,493,263
	In Design Liberdade	67,800,000	114	-	-	4.7%	-
Verace Brooklin		82,300,000	48	- -		0.0%	-
	Clima São Francisco	68,700,000	106	-	-	3.4%	-
2018		753,450,053	2,015	35	-	1.9%	23,232,382
	Z.Cotovia	105,500,000	199	-	-	0.9%	-
Vertiz Tatuapé		106,120,053	200	- -		0.0%	-

Sky House		68,300,000	115	- -		16.3%	-

Z.Pinheiros		188,200,000	386	- -		1.7%	-


Fit Casa Rio Bonito		141,600,000	560	- -		0.2%	-

Pátrio Ibirapuera		198,711,240	54	- -		0.0%	-

ID Lisboa		28,700,000	105	-	-	8.0%	-
PIN Internacional		162,500,000	1,416	-	-	0.7%	-

EZ Parque da Cidade		576,400,000	244	-	-	11.7%	-
	Jardins do Brasil - Reserva JB - 2ª Fase	130,200,000	352	-	-	0.7%	-
2020		1,150,700,000	3,627	264	-	10.9%	184,911,609
	Fit Casa Alto do Ipiranga	80,900,000	370	-	-	1.5%	-
Air Brooklin		364,600,000	663	-	-	10.3%	-

Giardino Gran Maia		101,600,000	322	-	-	19.3%	-

Fit Casa Estação José Bonifácio		135,100,000	894	-	-	8.3%	-

Eredità		70,900,000	136	-	-	9.9%	-
	Meu Mundo Estação Mooca	77,550,000	774	-	-	4.4%	-
2021		1,231,200,000	1,950	525	-	29.5%	484,188,217
	ID Paraíso	28,100,000	231	-	-	21.7%	-
Dream View Sky Resort		252,700,000	420	-	-	41.7%	-

Fit Casa Estação Oratório		15,600,000	80	-	-	35.2%	-

Pin Osasco - 1ª Fase		41,300,000	351	-	-	3.0%	-
	Unique Green - 1ª Fase	367,100,000	442	-	-	14.4%	-
2022		1,783,400,000	2,993	434	-	18.3%	489,794,936
	Exalt	228,400,000	433	-	-	20.7%	-
Expression		176,900,000	80	-	-	9.2%	-

Hub Brooklin		182,200,000	412	-	-	38.5%	-

Unique Green - 2ª Fase		410,200,000	443	-	-	8.1%	-

Park Avenue		250,000,000	90	-	-	59.5%	-
	Chanés Street	175,900,000	250	-	-	31.4%	-
2023		987,000,000	388	112	-	26.9%	244,138,019
	Jota Vila Mariana	127,000,000	136	-	-	19.7%	-
East Blue		175,000,000	123	-	-	22.3%	-

Lindenberg Alto de Pinheiros		85,000,000	41	-	-	20.2%	-
	Lindenberg Ibirapuera - Design Tower	300,000,000	44	-	-	21.8%	-
2024		1,611,625,000	2,119	796	-	43.6%	585,982,392
	Mooca Città - Firenze	90,000,000	186	-	-	23.7%	-
Mooca Città - Milano		134,000,000	168	-	-	59.1%	-

Villares Parada Inglesa		138,000,000	373	-	-	2.0%	-

Lindenberg Alto das Nações		541,000,000	216	-	-	41.7%	-

Connect João Dias		70,000,000	476	-	-	73.5%	-
	Lindenberg Reserva Paraíso	192,000,000	148	-	-	68.7%	-
2025		616,000,000	825	549	-	70.6%	447,223,909
	Agami Park Residences	318,000,000	45	-	-	79.6%	-
SP 360		298,000,000	780	-	-	65.8%	-

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