1Q26
CONFERENCE CALL
Simultaneous Translation (Portuguese -
English)
May 8th, 2026
10h (Brasilia Time) / 09h (US EST)
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A. Emílio C. Fugazza
Pedro Tadeu T. Lourenço
Christian L. de Melo
Marina Ferreira
Gustavo Pereira
Ricardo Pena
Tel.: +55 (11) 5056-8313
ri@Eztec.com.br https://www.Eztec.com.br/ri
Launch 1Q26 Delivery (Est.) 2Q29
SUMMARY
1Q26 HIGHLIGHTS 4
MANAGEMENT'S COMMENTS 5
BALANCE SHEET 6
INCOME STATEMENT 7
FINANCIAL INDICATORS 8
REVENUE, COST & GROSS PROFIT 8
SELLING EXPENSES 10
ADMINISTRATIVE EXPENSES 11
EQUITY INCOME 12
RESULTS TO RECOGNIZE 13
RESULTS OF SPECIFIC EVENTS 14
FINANCIAL RESULTS 15
CASH & DEBTS 16
OPERATIONAL INDICATORS 17
LAUNCHES 17
PROJECTS DELIVERIES 18
SALES & CANCELLATIONS 18
DIRECT RECEIVABLE PORTFOLIO 21
INVENTORY 22
LANDBANK 23
EZ INC 25
CAPITAL MARKET 26
ADDITIONAL VALUE 26
INTERNAL CONSENSUS 27
ANNEXES 29
PoC EVOLUTION 29
INVENTORY BY PROJECT 30
REVENUE BY PROJECT 32
CASH FLOW 34
1Q26 HIGHLIGHTS86% Sold*
Metropolitan by Lindenberg
Net income grew 27% vs. 1Q25, reaching R$120 million in the quarter, the strongest start to a year in the last decade. Operationally, the Company achieved the highest quarterly launch volume in its history, with R$1.2 billion in 100% PSV.
*Until the date of this disclosure
100% Sold*
Cidade Parque Guarapiranga
- Condomínio Rio Bonito
Financial Highlights Net Revenue (R$ k) | 1Q26 322,518 | 4Q25 | %Var | 1Q25 | %Var |
268,965 | 19.9% | 311,247 | 3.6% | ||
Gross Profit (R$ k) | 124,959 | 109,167 | 14.5% | 123,329 | 1.3% |
Gross Margin | 38.7% | 40.6% | -1.9 p.p | 39.6% | -0.9 p.p |
Net Income (R$ k) | 119,699 | 117,552 | 1.8% | 94,099 | 27.2% |
Net Margin | 37.1% | 43.7% | -6.6 p.p | 30.2% | 6.9 p.p |
Earnings per Share (R$) | 0.43 | 0.50 | -14.0% | 0.43 | 0.0% |
Net Debt (Cash) (R$ k) | (6,863) | 147,443 | -104.7% | 39,.674 | -101.7% |
Cash Generation (Burn) (R$ k) | 154,306 | 17,512 | 781.1% | (31,724) | -586.4% |
Operational Highlights # of Projects Launched | |||||
1Q26 4 | 4Q25 | %Var | 1Q25 | %Var | |
3 | 33.3% | 2 | 100.0% | ||
PSV %EZTEC | 924,700 | 783,000 | 18.1% | 616,000 | 50.1% |
Gross Sales | 759,759 | 649,451 | 17.0% | 413,750 | 83.6% |
Net Sales | 696,756 | 556,384 | 25.2% | 376,934 | 84.8% |
Total Inventory | 3,137,614 | 2,875,658 | 9.1% | 2,749,737 | 14.1% |
Net SoS | 18.2% | 16.2% | 2 p.p | 12.1% | 6.1 p.p |
# of Active Construction Sites | 19 | 16 | 18.8% | 16 | 18.8% |
Landbank | 8,708,457 | 9,301,888 | -6.4% | 10,639,881 | -18.2% |
São Paulo, May 7th, 2026 - Eztec S.A. (B3: EZTC3), with 47 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 2026 (1Q26). Eztec's operational and financial information, except where otherwise indicated, is presented on a consolidated basis and in thousands of 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 Brazilian Securities and Exchange Commission (CVM), and the Federal Accounting Council (CFC). The non-accounting and non-financial data have not been revised/audited by Independent Auditors.
MANAGEMENT'S COMMENTS 2026The Management of Eztec hereby presents its results for the first quarter of 2026. The period marked two simultaneous all-time records for the Company: the highest quarterly launch volume in its history, with R$1.2 billion in 100% PSV and R$925 million in EZ share PSV, and the highest quarterly sales volume ever recorded, totaling R$760 million in gross sales and R$697 million in net sales. On the financial side, net revenue reached R$322.5 million, with a gross margin of 38.7% and net income of R$119.7 million, resulting in a net margin of 37.1%.
In January 2026, the Company announced its Launch Guidance for the year, setting a range between R$2.5 billion and R$3.5 billion in PSV. With R$925 million launched in 1Q26, EZTEC has already achieved between 26% and 37% of its annual guidance in the first quarter. The four developments launched during the period were Reserva São Caetano Bosque Phase II (R$155 million, 50% sold), Metropolitan by Lindenberg (R$227 million, 70% sold), Cidade Parque Guarapiranga - Rio Bonito (R$146 million, 100% sold), and Casa Nacional (R$397 million, 8% sold). Altogether, these projects ended the quarter with 62% of launched units already sold, demonstrating the strong absorption pace of new developments.
Launch sales totaled R$530 million, representing a 173% increase compared to 1Q25, while sales of completed inventory reached R$102 million, up 78% year-over-year. Cancellations totaled R$63 million, a decrease of 32% compared to 4Q25, with the cancellations-to-gross sales ratio declining to 8.3%, down 0.6 p.p. year-over-year. Quarterly net sales speed (net VSO) reached 18.2%, and the trailing 12-month net VSO reached 42.0%, reflecting both strong absorption of launches and consistent progress in sales of units under construction and completed inventory. Total inventory ended at R$3.1 billion in EZ share PSV, with 19 active construction sites, three more than in the previous quarter. The projects Agami, Alt Studios, Lume House, and SP 360° moved from launch phase to construction, strengthening the operational pipeline and revenue recognition for the coming quarters.
In terms of deliveries, the quarter was marked by the completion of Chanés Street, a development launched in 4Q22 with EZ share PSV of R$176 million, currently 75% sold. This delivery reinforces the Company's ability to meet deadlines and maintain execution quality throughout the construction cycle. On the governance front, the Annual and Extraordinary Shareholders' Meeting held on April 24, 2026 approved, among other matters, amendments to the Company's Bylaws aimed at improving governance practices and aligning the organizational structure.
On this date, the Board of Directors approved the distribution of interim dividends based on quarterly profit, totaling approximately R$28 million, equivalent to approximately R$0.10 per share, with payment scheduled for May 29, 2026.
We begin 2026 with results that validate the acceleration strategy adopted by Management. The combination of operational records, strong commercial absorption, financial strength, and a growing pipeline of projects under construction demonstrates the Company's ability to grow consistently regardless of the cycle and positions us confidently to achieve our annual guidance while continuing to generate value for our shareholders, clients, and employees.
Enjoy your reading,
THE MANAGEMENT
Arbitration Chamber. In accordance with Article 37 of Eztec's Bylaws, the Company, its shareholders and Administrators are obligated to resolve any and all disputes or controversies that may arise between them through arbitration, before the Market Arbitration Chamber, related to or arising from, in particular, the application, validity, effectiveness, interpretation, violation, and effects of the provisions contained in the Brazilian Corporate Law, in these Bylaws, in the regulations issued by the National Monetary Council, the Central Bank of Brazil, or the CVM, as well as in other applicable regulations governing the functioning of the capital markets in general, in addition to those contained in the Novo Mercado Regulations, the Arbitration Regulations, the Sanctions Regulations, and the Novo Mercado Participation Agreement.
Relationship with Independent Auditors. In compliance with CVM Resolution No. 162/22, we inform that the independent auditors Deloitte Touche Tohmatsu did not provide, in 2026, any services other than those related to external auditing. The Company's policy regarding the engagement of independent auditors ensures that there is no conflict of interest, loss of independence, or lack of objectivity.
BALANCE SHEETClick and access data in Excel
Period ended in march 31st, 2026 In thousands of Brazilian Reais - R$ | 1Q26 | 4Q25 | %Var | 1Q25 | %Var |
ASSETS | 7,339,974 | 7,196,637 | 2.0% | 6,960,771 | 5.4% |
CURRENT ASSETS | 3,351,744 | 3,303,420 | 1.5% | 3,042,390 | 10.2% |
Cash and Cash equivalents | 42,563 | 66,575 | -36.1% | 62,119 | -31.5% |
Financial Investments | 1,678,667 | 1,491,967 | 12.5% | 1,114,919 | 50.6% |
Trade Accounts Receivable | 386,673 | 463,379 | -16.6% | 474,408 | -18.5% |
Provision for Doubtful Accounts | (24,125) | (24,125) | 0.0% | (11,062) | 118.1% |
Real Estate Held for Sale | 1,238,045 | 1,282,510 | -3.5% | 1,370,338 | -9.7% |
Recoverable Taxes | 10,089 | 9,624 | 4.8% | 9,140 | 10.4% |
Other Receivables | 19,832 | 13,490 | 47.0% | 22,528 | -12.0% |
NON-CURRENT ASSETS | 3,988,230 | 3,893,217 | 2.4% | 3,918,381 | 1.8% |
Trade Accounts Receivable | 1,264,001 | 1,288,193 | -1.9% | 1,373,272 | -8.0% |
Real Estate Held for Sale | 1,908,776 | 1,843,324 | 3.6% | 1,781,507 | 7.1% |
Recoverable Taxes | 58,022 | 60,800 | -4.6% | 45,755 | 26.8% |
Due to Related Parties | 78,393 | 77,302 | 1.4% | 104,387 | -24.9% |
Notes Receivable | 27,522 | 28,530 | -3.5% | - | n.a |
Other Receivables | 48,135 | 34,279 | 40.4% | 50,463 | -4.6% |
Goodwill over Investments | 103,956 | 106,425 | -2.3% | 118,187 | -12.0% |
Investments | 439,226 | 405,520 | 8.3% | 407,142 | 7.9% |
Property and Equipment | 57,233 | 45,743 | 25.1% | 34,436 | 66.2% |
Intangible | 2,966 | 3,101 | -4.4% | 3,232 | -8.2% |
LIABILITIES | 2,100,522 | 2,076,740 | 1.1% | 1,977,886 | 6.2% |
CURRENT LIABILITIES | 393,544 | 396,609 | -0.8% | 394,743 | -0.3% |
Suppliers | 57,235 | 50,909 | 12.4% | 53,102 | 7.8% |
Payroll Obligations | 12,777 | 10,278 | 24.3% | 12,865 | -0.7% |
Tax Obligations | 14,864 | 17,497 | -15.0% | 12,016 | 23.7% |
Loans and Financing | 69,261 | 113,237 | -38.8% | 102,015 | -32.1% |
Debentures | 52,075 | 35,558 | 46.5% | 12,507 | 316.4% |
Trade Accounts Payable | 23,747 | 26,314 | -9.8% | 14,535 | 63.4% |
Reserve for Guarantee | 15,824 | 16,210 | -2.4% | 12,767 | 23.9% |
Advances from Customers | 82,380 | 68,494 | 20.3% | 90,729 | -9.2% |
Land Payable | 46,999 | 36,421 | 29.0% | 61,733 | -23.9% |
Dividends Payable | - | - n.a | - | n.a | |
Due to Related Parties | 336 | 141 | 138.3% | 850 | -60.5% |
Deferred Taxes | 14,665 | 18,097 | -19.0% | 17,946 | -18.3% |
Use Rights Payable | 3,381 | 3,453 | -2.1% | 3,678 | -8.1% |
NON-CURRENT LIABILITIES | 1,706,978 | 1,680,131 | 1.6% | 1,583,143 | 7.8% |
Loans and Financing | 530,501 | 495,540 | 7.1% | 791,900 | -33.0% |
Debenture | 1,062,530 | 1,061,650 | 0.1% | 668,290 | 59.0% |
Land Payable | 21,587 | 28,027 | -23.0% | 30,571 | -29.4% |
Reserve for Guarantee | 4,047 | 3,830 | 5.7% | 9,154 | -55.8% |
Reserve for contingencies | 6,469 | 6,469 | 0.0% | 8,849 | -26.9% |
Deferred Taxes | 65,072 | 67,328 | -3.4% | 55,638 | 17.0% |
Other Debts to Third Parties | - | - n.a | - | n.a | |
Use Rights Payable | 16,772 | 17,287 | -3.0% | 18,741 | -10.5% |
SHAREHOLDER'S EQUITY | 5,239,452 | 5,119,897 | 2.3% | 4,982,885 | 5.1% |
CONTROLLING SHAREHOLDER'S EQUITY | 5,150,245 | 5,030,546 | 2.4% | 4,898,437 | 5.1% |
Social Capital | 4,301,053 | 4,301,053 | 0.0% | 2,888,997 | 48.9% |
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 | 832,958 | 297,946 | 179.6% | 2,018,806 | -58.7% |
Accumulated Profits | 119,699 | 535,012 | -77.6% | 94,099 | 27.2% |
Goodwill on Transactions with Partners | (55,827) | (55,827) | 0.0% | (55,827) | 0.0% |
NON-CONTROLLING SHAREHOLDER'S EQUITY | 89,207 | 89,351 | -0.2% | 84,448 | 5.6% |
Clique e acesse os dados em Excel
Period ended in march 31st, 2026 In thousands of Brazilian Reais - R$ | 1Q26 | 4Q25 | %Var | 1Q25 | %Var |
GROSS REVENUE | 368,957 | 337,091 | 9.5% | 343,771 | 7.3% |
(+) Revenue from Sale of Real Estate | 361,970 | 330,070 | 9.7% | 337,388 | 7.3% |
(+) Revenue from Services and Rental | 6,987 | 7,021 | -0.5% | 6,383 | 9.5% |
DEDUCTIONS FROM GROSS REVENUE | (46,438) | (68,125) | -31.8% | (32,523) | 42.8% |
(-) Cancelled Sales | (39,588) | (61,610) | -35.7% | (26,278) | 50.6% |
(-) Taxes on Sales | (6,850) | (6,515) | 5.1% | (6,245) | 9.7% |
NET REVENUE | 322,518 | 268,965 | 19.9% | 311,247 | 3.6% |
COSTS OF REAL ESTATE SOLD, RENTALS AND SERVICES | (197,559) | (159,798) | 23.6% | (187,918) | 5.1% |
(-) Site/Land Cost | (188,507) | (149,525) | 26.1% | (171,638) | 9.8% |
(-) Capitalized Financial Charges | (6,496) | (5,938) | 9.4% | (11,476) | -43.4% |
(-) Inventory Maintenance and Collateral | (2,556) | (4,335) | -41.0% | (4,804) | -46.8% |
GROSS PROFIT | 124,959 | 109,167 | 14.5% | 123,329 | 1.3% |
(%) Gross Margin | 38,7% | 40,6% | -1.9 p.p | 39,6% | -0.9 p.p |
(%) Adjusted Gross Margin (Ex-Capitalized Financial Charges) | 40,8% | 42,8% | -2 p.p | 43,3% | -2.6 p.p |
OPERATIONAL REVENUES / (EXPENSES) | (41,852) | (22,232) | 88.3% | (54,571) | -23.3% |
(-) Selling Expenses | (33,268) | (30,424) | 9.3% | (25,044) | 32.8% |
(-) Administrative Expenses | (45,243) | (40,055) | 13.0% | (33,754) | 34.0% |
(-) Tax Expenses | (1,481) | (1,686) | -12.2% | (3,745) | -60.5% |
(+) Equity Income | 34,302 | 21,431 | 60.1% | 11,125 | 208.3% |
(+) Other Expenses / Operational Revenues | 3,838 | 28,502 | -86.5% | (3,153) | -221.7% |
EBIT | 83,107 | 86,935 | -4.4% | 68,758 | 20.9% |
FINANCIAL RESULT | 51,363 | 50,842 | 1.0% | 36,395 | 41.1% |
(+) Financial Revenue | 79,861 | 75,238 | 6.1% | 50,930 | 56.8% |
(-) Financial Expense | (28,498) | (24,396) | 16.8% | (14,535) | 96.1% |
EARNINGS BEFORE INCOME TAX AND SOCIAL CONTRIBUTION | 134,470 | 137,777 | -2.4% | 105,153 | 27.9% |
INCOME TAX AND SOCIAL CONTRIBUTION | (8,276) | (17,676) | -53.2% | (8,232) | 0.5% |
(-) Current | (11,340) | (11,241) | 0.9% | (6,122) | 85.2% |
(-) Deferred | 3,064 | (6,435) | -147.6% | (2,110) | -245.2% |
ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | (6,495) | (2,549) | 154.8% | (2,822) | 130.2% |
NET INCOME (ATTRIBUTABLE TO CONTROLLING INTERESTS) | 119,699 | 117,552 | 1.8% | 94,099 | 27.2% |
(%) Net Margin | 37.1% | 43.7% | -6.6 p.p | 30,2% | 6.9 p.p |
FINANCIAL INDICATORS
REVENUE, COST & GROSS PROFIT38.7% 1st Quarter ↓ - 1.9 p.p. vs 4Q25 ↓ 0.9 p.p. vs 1Q25 | Net revenue increased, driven by the completion of suspensive clauses related to launches, due to their strong sales performance, the expansion in sales of completed units, and the recognition of a land reimbursement. The completion of the suspensive clause for Metropolitan by Lindenberg, which had more than 70% of its units sold in its launch quarter, contributed R$56 million to quarterly revenue. Additionally, the Company increased sales of completed units by 51%, reaching R$102 million in the quarter, and recognized the reimbursement/compensation regarding the acquisition of a land plot in SPE Ypê for R$23 million (further details in the specific events section). |
38.7% Year-to-date |
Gross margin reached 39%, in line with the REF margin, highlighting consistency between recognized results and results yet to be recognized. In the quarter, the margin reflected offsetting effects between the higher volume of launch sales, which due to the present value adjustment (PVA), tends to pressure margins in the short term, and the increased share of sales from completed developments, which naturally carry higher margins. Unlike previous quarters, there was no significant volume of completed projects, and no material construction cost savings were observed during the period, factors that had contributed positively to margins in recent quarters.
Revenue boosted by the completion of clauses from new projects
Quarterly evolution of gross profit and gross margin
45%
210
40%
123
183
41%
41%
109
125
39%
R$ million and %
1Q25 2Q25 3Q25 4Q25 1Q26
Margins of projects under construction have been recovering due to the recomposition of the executed PVA
Net Revenue and Gross Margin by Year of launch
2026 2025 2024 2023 2022 <= 2021 EZ INC FIT CASAR$ 56 mi
32% GM
R$ 49 mi
33% GM
R$ 61 mi
33% GM
R$ 41 mi R$ 20 mi
44% GM 49% GM
R$ 91 mi
42% GM
R$ 22 mi
26% GM
R$ 67 mi
39% GM
R$ 64 mi
40% GM
R$ 142 mi
40% GM
R$ 5 mi
95% GM
R$ 1 mi
79% GM
1Q26
R$ 8 mi
75% GM
R$ 7 mi
40% GM
1Q25
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Costs increased in line with the growth in revenue
Quarterly Costs Evolution
266
260
198
188
160
R$ million
1Q25 2Q25 3Q25 4Q25 1Q26
Construction & Land cost
58.4%
A typical Eztec project is significantly larger than the average project built in Brazil. As expected, the larger the project, the greater the share of steel, cement, aluminum, and other inputs in its cost structure. Such projects may be common in the São Paulo market,
Of the quarter´s
revenue
but they do not reflect the national average. The INCC, the benchmark index for construction cost inflation in Brazil, recently had its calculation methodology revised by FGV, and as of July 2023, new parameters have been adopted.
Capitalized Financial Charges
2.0%
The Company has been increasing its volume of debts linked to the SFH. In the real estate market, from an accounting perspective, construction financing interest is
capitalized into the product cost rather than recorded as a financial expense, since it
Of the quarter´s
revenue
arises from the production process. However, once the project is delivered, this interest is reclassified as an expense under the line item 'Interest and Passive Monetary Variations'
Maintenace & Collateral
0.8%
The Company includes maintenance and warranty clauses in its contracts for projects for up to 5 years after key delivery. Provisions are intended to anticipate the financial
effects of the guarantees provided by the Company on its development. After the 5-year
Of the quarter's
Revenue
period has elapsed, the unused portion of these provisions will be reversed.
SELLING EXPENSESSelling expenses totaled R$33 million in 1Q26, up 32.8% year-over-year, reflecting the Company's higher level of commercial activity during the period, in a context of record launches and sales. The increase in the quarter was mainly driven by higher expenses with sales stands and model units, due to the preparation for new launches, as well as higher expenses related to inventory units, particularly property tax (IPTU) on delivered units that remain unsold.The commissions line showed moderate growth, following the dynamics of revenue recognition under the PoC method, while advertising expenses declined in the period, reflecting the typical non-linearity of this line, as cash outflows do not necessarily occur in the same period as their execution. Nevertheless, the Company maintains an adequate commercial structure to support its launch cycle and the sale of completed inventory.
Advertising and Commissions Expenses
Expenses with advertising, marketing, and commissions fluctuate due to campaigns focused on launches and the sale of completed and under-construction inventory.
Expenses with sales stands and models
In addition to expenses with regular sales stands/decorated units, this line also includes depreciation and maintenance costs of megastores.
Maintenance and Inventory
Inventory volume and the number of projects delivered, still under warranty, influence this line.
Period ended in March 31st, 2026 In thousands of Brazilian Reais - R$ | 1Q26 | 4Q25 | %Var | 1Q25 | %Var |
SELLING EXPENSES | 33,268 | 30,424 | 9.3% | 25,044 | 32.8% |
Advertising and others | 14,798 | 16,899 | -12.4% | 9,033 | 63.8% |
Sales stand and models | 10,839 | 7,794 | 39.1% | 9,515 | 13.9% |
Sales Commission | 1,923 | 1,700 | 13.1% | 2,728 | -29.5% |
Expenses with units in inventory | 5,708 | 4,031 | 41.6% | 3,768 | 51.5% |
Increase in expenses reflects the level of commercial activity
Quarterly composition by category - 12 months
R$ million
18 16 17
15
14 10 8 11
6 4 4 6
2322
- 20 40 60
Advertising and others
Sales stand and models
Expenses with units in inventory
Higher launch volume in 1Q26 maintained elevated advertising and sales stand expenses Annual comparision by category
R$ million
1Q26
1Q25
- 5 10 15 20
Advertising and others
Sales stand and models
Expenses with units in inventory
Sales Commission
2Q25
3Q25
4Q25
1Q26
Sales Commission
ADMINISTRATIVE EXPENSESAdministrative expenses totaled R$45 million in 1Q26, increasing 13% compared to 4Q25 and 34% year-over-year, reflecting the expansion of the support structure for operations in a context of higher Company activity. The increase in the quarter was mainly driven by higher salaries and related charges, due to the expansion of the workforce, as well as higher management compensation, reflecting bonus payments linked to the achievement of 2025 targets and changes in the Group's executive management.Overall, administrative expenses have evolved in line with the Company's growth in activity, remaining at levels consistent with its current operational stage.
Period ended in march 31st, 2026 In thousands of Brazilian Reais - R$ | 1Q26 | 4Q25 40,055 | %Var 13.0% | 1Q25 33,754 | %Var 34.0% |
ADMINISTRATIVE EXPENSES | 45,243 | ||||
Payroll and related taxes | 13,420 | 11,866 | 13.1% | 10,706 | 25.4% |
Management's Fees | 7,433 | 4,789 | 55.2% | 4,840 | 53.6% |
Employee Benefits | 4,055 | 3,632 | 11.6% | 3,357 | 20.8% |
Depreciation and Amortization | 1,536 | 1,390 | 10.5% | 1,161 | 32.3% |
Services Expenses | 11,209 | 11,800 | -5.0% | 8,489 | 32.0% |
Maintenance of Properties | 94 | 124 | -24.2% | 193 | -51.3% |
Taxes and Fees | 1,820 | 877 | 107.5% | 855 | 112.9% |
Software and Licences Expenses | 2,976 | 2,735 | 8.8% | 1,575 | 89.0% |
Other Expenses | 2,700 | 2,842 | -5.0% | 2,578 | 4.7% |
Increase in administrative expenses reflects the expansion of the organizational structure to support operational growth
Administrative Expenses by quarter and category - 12 months
Increase in personnel expenses, including
management compensation, to support growth
Year-on-year comparison of Administrative Expenses by category
R$ million
- 20 40 60
R$ million
- 5 10 15
1Q26
4Q25
11
Payroll and related taxes
13 12 12 13
Payroll and related taxes
Services Expenses
13 9
12 11
Services Expenses
Management's Fees
6 5 5 7
Management's Fees
Employee Benefits 4
5 4 4
Employee Benefits
Other Expenses 2
3
Software and Licences Expenses
23 3
233
Other Expenses
Software and Licences
Expenses
Depreciation and Amortization 0
Taxes and Fees 2
2Q25
3Q25
Depreciation and Amortization
Taxes and Fees
Maintenance of Properties 0
4Q25
1Q26
Maintenance of Properties
EQUITY INCOME28.7%
Of quarterly Net Income
In 1Q26, equity income totaled R$34 million, representing 29% of the quarter's net income, mainly reflecting the contribution mix of more advanced-stage developments and recently launched projects.Among the highlights, Park Avenue, a high-end development completed in 4Q25, contributed approximately R$12 million, while Cidade Parque Guarapiranga, an affordable housing complex launched this quarter in partnership with Cury (first project, Condomínio Rio Bonito), which is already 99% sold, added around R$7 million to results.Also noteworthy were contributions from Construtora Adolpho Lindenberg, with approximately R$8 million, and Mooca Città, a mid- to high-end complex under development in partnership with Aguassanta DI (with three projects launched to date), which contributed around R$4 million in the period.
Equity launches and sales of completed inventory boosted equity income in 1Q26 Quarterly evolution of Equity Income and its contribution to Net Income
29%
17%
18%
12%
34
5%
24
9
11
21
R$ Million and percentage
1Q25 2Q25 3Q25 4Q25 1Q26
EQUITY PROJECT'S INFORMATION | %Eztec | SPE | Launch Quarter | Partner | Region | Padrão | Standard | Priv. Area (s.q.m.) | Total PSV (R$ Million) | Equity Result |
MAIN PROJECTS | 28,830 | |||||||||
Park Avenue | 50% | Harisa | 4Q22 | Fraiha | South Zone | Alto | 12,355 | 500 | 250 | 12,314 |
Mooca Cittá | 50% | Participações Imob. Mooca | 1Q24 | Aguassanta DI | East Zone | Médio-Alto | 14,820 | 259 | 130 | 4,377 |
Jardins do Brasil - Amazônia | 85% | Phaser | 4Q12 | LPI & Brasílimo | Osasco | Médio-Alto | 46,328 | 285 | 242 | 3,536 |
Cidade Parque Guarapiranga | 50% | CCISA209 | 1Q26 | Cury | South Zone | Econômico | 36,026 | 293 | 146 | 6,829 |
Signature | 50% | Itatiaia | 4Q20 | Imoleve | South Zone | Alto | 15,419 | 249 | 124 | 1,774 |
Construtora Adolpho Lindenberg | 47% | 7,685 | ||||||||
Others | (2,213) | |||||||||
TOTAL YEAR EQUITY INCOME | 34,302 |
39.0%
Consolidated Margin to be recognized
Driven by a strong volume of launches and sales, backlog (results to be recognized) totaled R$1.0 billion in 1Q26, up 26.1% compared to 4Q25 and 67.5% year-over-year. The dynamics in the period mainly reflect the record level of launches and the high volume of sales, with 71% of gross sales coming from launches, adding units still in early construction stages to the backlog balance. Backlog margin reached 39.0%, an increase of 0.6 p.p. compared to 4Q25, reflecting a combination of mix effects and the operational progress of projects, remaining at a level consistent with the quality of the Company's most recent vintages and the execution cycle of its developments.
Higher sales of launches have been expanding the Results to be Recognized
41%
41%
40%
38%
39%
685
544
598
433
485
Evolution of Backlog Results and Consolidated Backlog Margin
R$ million and percentage
1Q25 2Q25 3Q25 4Q25 1Q26
Period ended in march 31st, 2026 In thousands of Brazilian Reais - R$ | 1Q26 | 4Q25 | %Var | 1Q25 | %Var |
Total Results to be Recognized (Consolidated + Equity) | 1,021,997 | 810,162 | 26.1% | 610,276 | 67.5% |
Margin to be Recognized (%) | 39.2% | 38.2% | 1 p,p | 41.8% | -2.6 p,p |
Period ended in march 31st, 2026 In thousands of Brazilian Reais - R$ | 1Q26 | 4Q25 | %Var | 1Q25 | %Var |
CONSOLIDATED PROJECTS | 684,802 | 597,703 | 14.6% | 432,634 | 58.3% |
Margin to be Recognized (%) | 39.0% | 38.4% | 0.6 p,p | 40.6% | -1.6 p,p |
Revenues to be Recognized - Units Sold | 1,701,580 | 1,508,618 | 12.8% | 1,025,992 | 65.8% |
Adjusted Present Value - Consolidated | 55,670 | 49,863 | 11.6% | 40,494 | 37.5% |
Cost of Units Sold to be Recognized | (1,072,448) | (960,778) | 11.6% | (633,852) | 69.2% |
Period ended in march 31st, 2026 In thousands of Brazilian Reais - R$ | 1Q26 | 4Q25 | %Var | 1Q25 | %Var |
EQUITY PROJECTS | 337,195 | 212,459 | 58.7% | 177,642 | 89.8% |
Margin to be Recognized (%) | 39.8% | 37.8% | 2 p,p | 45.3% | -5.5 p,p |
Revenues to be Recognized - Units Sold | 845,296 | 560,213 | 50.9% | 391,247 | 116.1% |
Adjusted Present Value- Equity | 1,537 | 1,339 | 14.8% | 1,193 | 28,9% |
Cost of Units Sold to be Recognized | (509,638) | (349,094) | 46.0% | (214,798) | 137.3% |
Throughout 2025, the Company carried out active portfolio management initiatives, including asset monetization/rotation, with impacts across different lines of the income statement: (i) in the real estate operation, through the sale of land (Gross Profit), and (ii) through the disposal of interests in SPEs (Other Operating Income/Expenses).
These effects are presented separately to provide transparency and facilitate a more comparable reading of the period's
operating performance.
Description of Specific Events in the Year | Financial Impact | SPE | Income Statement Line | Share of Operating Profit | |
Quarterly | Year-to-date | ||||
1Q26 | +23.361 | 28.1% | 28.1% | ||
Reimbursement/compensation regarding a non-completed sale of plot to third party | +23.361 | Ypê | Revenue, costs & other expanses | ||
The reimbursement/compensation received for a land purchase that did not materialize in the prior fiscal year-for which a provision had already been made to cover the risk of non-receipt-resulted in a contribution of R$18,623 to gross profit and the reversal of a provision of R$4,738, recorded under "Other Revenue and Expenses" | |||||
Total | +23,361 | 28.1% | |||
NOTE: Includes (i) results from the sale of land recorded under Revenue and Costs, and (ii) results from the disposal of interests in SPEs recorded under Other Operating Income/Expenses. These effects relate to items with variable occurrence and magnitude and do not necessarily represent future recurrence
FINANCIAL RESULTSFinancial results in 1Q26 remained virtually stable compared to the previous quarter, totaling R$51.4 million. Performance in the period was mainly driven by higher returns on financial investments, supported by an increase in the investment base. On the revenue side, in addition to the performance of financial investments, interest income on accounts receivable from clients remained stable, following the dynamics of the receivables portfolio, whose contracts are indexed to IGP-DI and IPCA, which posted changes of 0.31% and 0.84% p.m., respectively. On the other hand, financial expenses increased by 16.8% compared to the previous quarter, mainly due to higher interest and monetary adjustments on liabilities, reflecting the effects of debenture issuances backed by CRIs carried out throughout 2025, which increased both the Company's investment base and its level of indebtedness.
Investments Income
Financial investments are tied to CDBs and LFs, with remuneration rates ranging from 98% to 103% of the CDI.
Interest in accounts receivable
IGP-DI and IPCA recorded changes of 0.31%
p.m. and 0.84% p.m. in 1Q26, respectively, compared to 0.53% p.m. and 0.46% p.m. in 4Q25. Specific effects are also present, such as interest accrued between the delivery of the units and the effective transfer of the client to the financing bank.*
*IGP-DI and IPCA accumulated in the quarter, considering the two-month lag
Period ended in march 31st, 2026 In thousands of Brazilian Reais - R$ | 1Q26 | 4Q25 | %Var | 1Q25 | %Var |
NET FINANCIAL RESULT | 51,363 | 50,842 | 1.0% | 36,395 | 41.1% |
FINANCIAL REVENUES | 79,861 | 75,238 | 6.1% | 50,930 | 56.8% |
Income from Financial Applications | 50,292 | 46,272 | 8.7% | 25,199 | 99.6% |
Interest in Income on Trade Accounts Receivable | 25,492 | 25,417 | 0.3% | 20,385 | 25.1% |
Others (including active interest on overdue receivables) | 4,077 | 3,549 | 14.9% | 5,346 | -23.7% |
FINANCIAL EXPENSES | (28,498) | (24,396) | 16.8% | (14,535) | 96.1% |
Interest and Passive Monetary Variations | (27,761) | (23,259) | 19.4% | (13,899) | 99.7% |
Discounts on Trade Accounts Receivable | (712) | (1,103) | -35.4% | (582) | 22.3% |
Others | (25) | (34) | -26.5% | (54) | -53.7% |
Investments income maintains revenue stable
Quarterly Evolution of Financial Revenue and Expenses
64
51
55
75 80
Revenue
R$ million
30 24 28
15 17
Expenses
1Q25 2Q25 3Q25 4Q25 1Q26
CASH & DEBTSR$ 154.3 milhões
Net Cash Variation ex-dividend in the quarter
In 1Q26, the Company generated net cash (ex-dividends) of R$154 million, mainly driven by the progress of transfers of delivered units throughout the second half of 2025, a period in which the Company recorded a record volume of deliveries. This movement began in 3Q25, gained momentum in 4Q25, and continued into 1Q26, reflecting the natural dynamics of the business, in which there is a time lag between the delivery of units and the completion of bank transfers.Operating cash generation remained positive, reflecting the conversion of sales into cash, combined with the settlement of construction financing debt for delivered projects. As a combined effect, the Company moved from a net debt position of R$147 million in 4Q25 to a net cash position of R$7 million in 1Q26, highlighting the strong cash generation in the period.
16.0% of Cash Equivalents are under Property of Separation
R$ million
Annual Comparison of Debt/Net Cash Position
R$ million
Net Cash
1,721
398
Cash and Equivalents
Debt
Cash and Equivalents
Debt
1Q26 - 1Q25
1,177
1,575
1,714
+7
Net Debt
SPEs 275
EZTEC 1,447
Period ended in march 31st, 2026 In thousands of Brazilian Reais - R$ | 1Q26 | 4Q25 | %Var | 1Q25 | %Var |
NET CASH (DEBT) | 6,863 | (147,443) | -104.7% | (397,674) | -101.73% |
NET CASH (BURN) GENERATION | 154,306 | 17,512 | 781.1% | (31,724) | -586.4% |
Short-term Debt | (69,261) | (113,237) | -38.8% | (102,015) | -32.1% |
Long-term Debt | (530,501) | (495,540) | 7.1% | (791,900) | -33.0% |
Short-term Debentures | (52,075) | (35,558) | 46.5% | (12,507) | 316.4% |
Long-term Debentures | (1,062,530) | (1,061,650) | 0.1% | (668,290) | 59.0% |
Cash and Cash Equivalents | 42,563 | 66,575 | -36.1% | 62,119 | -31.5% |
Financial Investments | 1,678,667 | 1,491,967 | 12.5% | 1,114,919 | 50.6% |
NET CASH (BURN) GENERATION EX -DIVIDEND BUYBACK | 154,306 | 237,513 | -35.0% | (1,645) | -9480.3% |
Net Cash (Burn) Generation | 154,306 | 17,512 | 781.1% | (31,724) | -586.4% |
Dividends Paid | - | 220,001 | -100.0% | 30,079 | -100.0% |
Buyback Program | - | - | n.a. | - | n.a. |
OPERATIONAL INDICATORS
LAUNCHESR$ 925 million
%EZ Quarter Launches
63% sold*
Reserva São Caetano Bosque - 2nd Phase
86% sold* Metropolitan by Lindenberg
100% sold* Cidade Parque Guarapiranga - Rio
Bonito
16% sold*
Casa Nacional
*Considering the percentagem of private area sold in the project as of the date of this disclosure
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) |
1Q26 | 2,022 | 95,503 | 62.0% | 924.7 | |||||||
Reserva São Caetano -Bosque - 2nd Phase | 100% | Campina Grande | Consolidated | Yes | São Caetano do Sul | Middle-end | 1Q29 | 328 | 14,656 | 50.0% | 155.0 |
Metropolitan by Lindenberg 70% | Ilha Bela | Consolidated | No | South Zone | Middle-end | 2Q29 | 546 | 20,118 | 69.8% | 227.0 |
Cidade Parque 50% | CCISA209 | Equity | No | South Zone | Low-end | 3Q29 | 960 | 36,026 | 98.9% | 146.0 |
Guarapiranga - Rio Bonito
end
Casa Nacional 100% Portland Consolidated Yes South Zone Middle-high-
4Q29 188 24,703 8.2% 396.7
The company reached in 1Q26 the highest launch volume in company´s history
Yearly Evolution of the PSV of launches %EZ
In 1Q26, Eztec's core focus was on middle-end projects
Comparison between launch profiles
925
783
616
490
475
1Q25
2Q25
3Q25
4Q25
1Q26
Middle-end 681
Low-End 146
Middle-end 155
Middle-High end
102
Middle-High end 624
R$ million
R$ million
1Q26 4Q25
PROJECTS DELIVERIESR$ 7.9 billion
In PSV distributed among 19 active construction sites
Including Esther Towers and Air Brooklin Corporate
Chanés Street (2022)
75%
Of units sold
*Considering the average percentage of the private area sold
In 1Q26, the Company delivered Chanés Street (75.2% sold), a high-end development with PSV of R$176 million. For 2026, expected deliveries total R$1.2 billion, distributed across five developments, with 81.5% of units currently sold.
DELIVERY SCHEDULE | % Eztec | SPE | Income | Standard | Private Area Sold (%) | PSV % EZ R$ MM) |
1Q26 | 75.2% | 176 | ||||
Chanés Street | 100% | Barcelona | Consolidated | High-end | 75,2% | 176 |
2026 (E) | 81.3% | 1,597 | ||||
East Blue | 100% | Jacareí | Consolidated | Middle-high-end | 83.5% | 175 |
Lindenberg Ibirapuera - Art Tower | 100% | Caldas Novas | Consolidated | High-end | 57.3% | 300 |
Lindenberg Alto de Pinheiros | 100% | EZCAL 1 | Equity | High-end | 90.8% | 85 |
Lindenberg Ibirapuera -Design Tower | 100% | Caldas Novas | Consolidated | High-end | 100% | 300 |
Jota Vila Mariana | 100% | Gregório | Equity | High-end | 84.5% | 127 |
Year-to-date | 81.5% | 1,163 |
Of the estimated deliveries for 2026, 82% 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 Inventory2.098
1.828
98%
78%
1.527
1.163
768
869
62%
468
94%
82%
71%
71%
397
8%
100%
2.603
R$ million
2022 2023 2024 2025 2026 2027 2028 2029 2030
SALES & CANCELLATIONSR$ 760 million
Gross Sles % Eztec
Gross sales increased 17% compared to the previous quarter and 83.6% year-over-year, marking the highest quarterly sales volume in the company´s history. The strong commercial performance mainly reflects the exponential acceleration in launch sales, which rose 132.5% compared to the same period last year. The strong performance of launches in the low and middle-end segments highlights the consistency of the Company´s strategy, focused on middle-end products alongside disciplined expansion in the affordable housing segment. Net sales totaled R$696.8 million (+25.2 q/q), and net SoS reached 18.2% in the quarter, with the trailing 12 month average reaching 42%.
1Q26 marks a record sales peak driven by new launches
Comparative quarterly evolution of gross sales
2026760
R$ million
558 603
649
2025
414
1Q 2Q 3Q 4Q
Period ended in march 31st, 2026 In thousands of Brazilian Reais - R$ | 1Q26 | 4Q25 649,451 | %Var 17.0% | 1Q25 413,750 | %Var 83.6% |
GROSS SALES BY STANDARD | 759,759 | ||||
Launch | 542,089 | 457,925 | 18.4% | 196,954 | 132.5% |
Performed | 129,062 | 115,432 | 11.8% | 65,841 | 75.3% |
Under Construction | 88,608 | 76,095 | 16.4% | 150,956 | -49.6% |
Launch sales accounted for 76% of net sales in the quarter, serving as the main driver of commercial performance in 1Q26. The main highlights were Cidade Parque Guarapiranga and Metropolitan by Lindenberg, which together totaled R$302 million in sales (EZ share). These results reflect the success of the Company's strategic partnerships, which boosted the performance of launches developed jointly. Such partnerships enable expansion into other segments, strategically broadening the Company's market reach.Another highlight was the sale of completed units, which increased 11.8% compared to the previous quarter. This performance was a direct result of campaigns focused on this type of product, such as the "Move In Now" campaign, which offered special conditions for the acquisition of completed
units.Cancellations totaled R$63 million in the quarter, down
Consolidated x Equity (1Q26)
0% 20% 40% 60% 80% 100%
66% of the Gross Sales in the 1Q26 are consolidated
Gross Sales Description (1Q26)
R$ million
200
22
24
Middle-end
193
1714
Middle-High
150
end
32.3% compared to 4Q25, reinforcing the strength of the portfolio and the resilience of sales.
.
Low-End
High-end
Smart-Living
Commercial
212
41
77
10
0
Performed
Under Construction Launch
Cancellations on the decline: the 32.3% decrease in 1Q26 reflects the resilience of sales
Quarterly evolution of cancellations 93
69 77
84
37 66 72
33
63
55
Cancellations Adjusted Cancellations*
1Q25
2Q25
3Q25
4Q25
1Q26
Acceleration in launch sales boosts sales velocity (VSO)
39% 39% 40% 40% 42%
* Cancellations excluded Downgrades, Upgrades and transferred units
Period ended in March 31st, 2026 1Q26 In thousands of Brazilian Reais - R$ | 4Q25 %Var 1Q25 %Var 649,451 17.0% 413,750 83.6% |
GROSS SALES %EZ (R$ Thousands) 759,759 | |
(-) CANCELLATIONS 63,003 | 93,067 -32.3% 36,816 71.1% |
Downgrade 2,821 | 464 508.3% 3,931 -88.2% |
Upgrade 4,853 | 8,472 -42.7% 303 2698.2% |
Transfer 735 | 0 n.a 0 n.a |
Adjuested Cancellations 54,595 | 84,131 -35.1% 32,583 67.6% |
Net Sales %EZ (R$ Thousand) 696,756 | 556,384 25.2% 376,934 84.8% |
Period ended in march 31st, 2025 In thousands of Brazilian Reais - R$ | 1Q26 | 4Q25 649,451 | %Var 17.0% | 1Q25 413,750 | %Var 83.6% |
Gross Sales %EZ (R$ Thousand) | 759,759 | ||||
Average Price Per Unit (R$ thousand) | 509 | 712 | -28.6% | 819 | -37.8% |
Gross SoS (%) | 19,5% | 18,4% | 1.1 p.p | 13.1% | 6.4 p.p |
Gross Sos - Launch (%) | 38,7% | 33,8% | 4.8 p.p | 23.9% | 14.7 p.p |
Gross SoS Inventory (%) | 8,7% | 8,8% | -0.1 p.p | 9.3% | -0.5 p.p |
Cancellations (R$ Thousands) | 63,003 | 93,067 | -32.3% | 36.816 | 71.1% |
Net Sales %EZ (R$ Thousand) | 696,756 | 556,384 | 25.2% | 376,934 | 84.8% |
Launch | 530,374 | 429,254 | 23.6% | 194,427 | 172.8% |
Performed | 101,891 | 67,666 | 50.6% | 57,125 | 78.4% |
Under Construction | 64,491 | 59,465 | 8.5% | 125,382 | -48.6% |
# Units Sold | 1,982 | 819 | 142.0% | 521 | 280.4% |
Cancellations/ Gross Sales | 8.3% | 14.3% | -6.0 p.p | 8.9% | -0.6 p.p |
Net SoS (%) | 18.2% | 16.2% | 2.0 p.p | 12.1% | 6.1 p.p |
Net Sos LTM (last 12 months) % | 42.0% | 40.4% | 1.6 p.p | 39.3% | 2.7 p.p |
Acceleration in launch sales boosts sales velocity (VSO)
Quarterly evolution of the 12m VSO
39%
39%
40%
40%
42%
1T25
1Q25
2T25
2Q25
3T25
3Q25
4T25
4Q25
1T26
1Q26
DIRECT RECEIVABLE PORTFOLIO
R$ 661 million (%EZ)
1,685 units, total of R$697 milhões
In 1Q26, the volume directly financed by the company totaled R$661 million, up 7.4% year-over-year, with 1,685 active units. The increase reflects the consistent execution of the commercial strategy focused on offering in-house financing,in an environment that remains selective for real estate credit. The performance reinforces the steady expansion of the portfolio, combined with higher customer conversion to direct financing solutions provid3e7d0by the company, even amid a challenging macroeconomic environment marked by hugh interest rates. The company continues to offer competitive condition, with rates
ranging from 8.0% to 12,0% p.a, indexed to IPCA or IGP-DI, and terms of up to 360 months. The portfolio´s average rate closed the quarter at 10.2% p.a + IGP-DI/IPCA, while delinquency stood at 2.6% (+0.4 p.p. q/q). Of the total balance, 63% is expected to be amortized over the next five years, reinforcing a balanced liquidity profile and predictability of cash inflows.
10.2%
+ IGP-DI
Average interest rate composition
Adjustment Indexes
370
291
IGPDI
IPCA
Interest Rates
253
188
86
133
12%
10%
9%
8%
Currently 1,685 units are financed directly by Eztec
661
615
496
384
387
363
Evolution of the Direct Receivable Portifolio
70 20
(43) (1)
R$ million
2021 2022 2023 2024 2025 Origination Yield Payments Foreclosure 1Q26
63% of the portfolio to be amortized within the next 5 years; current delinquency at 2.6%*
96
101
82
66
80
Annual instalement payment flow
R$ million
17
54
46
38
32
27
22
Past Due* 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2035+
21
*Delays longer than 90 days are considered overdue or in default.
INVENTORYMore details in the appendix: Inventory by Project
R$ 3,138 million
Company's total inventory PSV %EZ
Stable total inventory underscores balance between launches and sales performance
Variation in Total Inventory
925
3.138
2.876
2.686
63 34
(760)
R$ million
2024 4Q25 Launches Gross Sales Cancellations Price Variations 1Q26
Inventory under construction now account for 36% of Total Inventory
Inventory by project status
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Launches R$ 860
Under Construction
R$1,140
Performed
R$1,137
34% of the inventory is high-end residential
PSV of Inventory by Standard - %EZTEC
66% of inventory under construction is in the South Zone
PSV of inventory by Region- %EZTEC
222
504
748
820
R$ million
High-end Middle-High end
Middle-end Smart-Living
Low-End
R$ million
South Zone East Zone West Zone
Osasco
Guarulhos
129
145
7
29
72
29
134
PerformedUnder Construction
1.065 | |
858 | |
734 | |
242 | |
123 | |
116 | |
Commercial
Residential Inventory amounts to R$ 3,021 million
Others 8 7 284
LaunchesAir Brooklin Commercial R$ 135
3,021
116
Esther Towers 1,900
Total Inventory PSV Classification - %EZTEC
The Company has approximately R$2 billion in PSV in commercial projects under construction. A corporate office tower project has its own particularities, including the possibility of selling or leasing the building, either in full or in fractions. These transactions are more likely to occur closer to the delivery date of the developments.
R$ million
Residential Commercial Other assets under
LANDBANKLandbank totals R$ 8.7 billion after launches and changes in the Landbank
Evolution of the Landbank and future projects
R$ 8.7 billion
In PSV for Future Projects
% Eztec
11.918
9.302
8.708
3.210
311
(925)
R$ million
4Q25 Launches Price Variation 1Q26 Resolutive Clauses¹ 2026E
*Managerial value based on current best assumptions
The landbank decreased due to the lack of significant new acquisitions and the substantial increase in the volume of launches carried out. In 1Q26, the total balance amounted to R$ 8.7 billion in PSV, reflecting the consumption of R$ 925 million related to the quarter's residential launches (Reserva São Caetano Bosque - Phase 2, Metropolitan by Lindenberg, Cidade Parque Guarapiranga - Condomínio Rio Bonito, and Casa Nacional). The Company's landbank is predominantly composed of owned assets (78%) and is distributed across the city of São Paulo and its metropolitan region, with 90% of the land plots having a
PSV above R$ 200 million.
Future Launches are quite diversified between EZTEC (71%), FIT CASA (26%) and EZ INC (3%)
Landbank by group company
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
EZTEC R$6,181
Fit Casa R$2,290
EZ Inc R$241
R$ million
SÃO PAULO R$ million | High-end | Medium-high-end | Middle-end | Low-end | Commercial | TOTAL |
EAST ZONE | - | - | 828 | 800 | - | 1,629 |
WEST ZONE | - | - | 1,403 | - | - | 1,403 |
NORTH ZONE | - | - | - | - | - | - |
SOUTH ZONE | - | 1,481 | 192 | 820 | 241 | 2,734 |
MOGI DAS CRUZES | - | - | - | 165 | - | 165 |
OSASCO | - | 379 | 670 | 501 | - | 1,550 |
SÃO CAETANO | - | - | 1,227 | - | - | 1,227 |
1Q26 | 1,860 | 4,321 | 2,287 | 241 | 8,708 | |
Acquisition Options | 3.210 | |||||
2026E | 5,070 | 4,321 | 2,287 | 241 | 11,918 |
With Partner R$ 1,9
22%
Own R$ 6,8 bi
78%
70% of the land plots have a PSV greater than R$200 milion
Quantity of Land Plots by PSV
1
5
9
5
> R$500 million R$200 - R$500 million R$100 - R$200 million R$50 - R$100 million
< R$ 50 million 0
7
Under Development
The weighted average duration by PSV of the land is 9.9 years
Number of Land Plots by Year of Acquisition
3
3
3
3
2
1 1 1
1
1
1
0 0 0 0 0 0 0 0 0
7
Quantity
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
São Paulo's Metropolitan Region
North
Osasco
West
Downtown
East
5 plots
R$ 1.6 Bi
São Caetano
1 plot
R$ 1.4 Bi
South
3 plots
R$ 1.2 Bi
6 plots
R$ 2.7 Bi
4 plots
R$ 1.6 Bi
Mogi Das Cruzes
1 plot R$ 165 Mi
EZ INCR$ 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 has four revenue-generating assets, two of which were incorporated and developed by the Company itself (EZ Mark and Neo Corporate Offices), one is leased (Edifício Verbo Divino), and one plot of land is currently rented. In addition to these assets, the Company has two projects under development: Esther Towers and the commercial tower of Air Brooklin.
Real Estate Portfolio
Resume of assets in development
82,5%
ESTHER TOWERS
(Under Construction)
R$ 1.9 billion
Estimated sales value
676%8%
Total GLA: 94,000 s.q.m Estimated % completed: 82,5% Completion forecast: 1st tower: 1H26
2nd tower: 1H27 Rating: AAA Corp Tower
SPE: Mairiporã
97%
AIR BROOKLIN CORPORATE
(Under Construction)
R$ 135 million
Estimated sales value
Total GLA: 7,503 s.q.m
Estimated % completed: 97%
Completion forecast: 2H25
Rating: Single-user
SPE: Itajubá
CAPITAL MARKET
ADDITIONAL VALUER$ 18.57
Company´s Book Value per Share
In this section, we seek to highlight, through a synthesis of the reviewed accounting and managerial information, the intrinsic equity value of the Company and of EZ INC, its subsidiary, not yet fully reflected in the financial statements.
It is important to emphasize that the figures used, related to Eztec's business outlook, projections, and operational and financial targets, are based on the beliefs and assumptions of the Company's management, as well as on information currently available. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties, and assumptions, as they refer to future events and therefore depend on circumstances that may or may not occur.
Period ended in march 31st, 2025 In thousands of Brazilian Reais - R$ | Eztec 1Q26 | Eztec 4Q25 | %Var | EZ INC 1Q26 | Eztec Ex-EZ INC |
Controlling Shareholder's Equity | 5,150,245 | 5,030,546 | 2.4% | 1,298,007 | 3,852,238 |
Net Worth per share (a) | R$ 18.57 | R$ 18.14 | 2.4% | R$ 4.68 | R$ 13.89 |
Adding OFF-BALANCE Values | 1,021,997 | 810,162 | 26.1% | 0 | 1,021,997 |
(+) Result to be recognized (Consolidated) | 684,802 | 597,703 | 14.6% | 0 | 684,802 |
(+) Result to be recognized (Equity) | 337,195 | 212,459 | 58.7% | 0 | 337,195 |
Adição de valores OFF-BALANCE por ação (b) | R$ 3.68 | R$ 2.92 | 26.1% | R$ 0.00 | R$ 3.68 |
"Subtotal with added values" per share (c = a + b) | R$ 22.25 | R$ 21.06 | 5.7% | R$ 4.68 | R$ 17.57 |
Projection of the possible addition given the execution of the strategy | 2,111,545 | 1,976,730 | 6.8% | 814,000 | 1,297,545 |
(+) Expected future value by selling the inventory at the current expected price | 1,297,545 | 1,162,730 | 11.6% | 0 | 1,297,545 |
(+) Corporate Assets under construction Esther Towers + Air Brooklin Corporate | 814,000 | 814,000 | 0.0% | 814,000 | 0 |
Expected addition of inventory liquidation to current values and sale of corporate projects (d) | R$ 7,61 | R$ 7,13 | 6.8% | R$ 2,93 | R$ 4,68 |
"Subtotal with added values" per share (e = c + d) | R$ 29.87 | R$ 28.19 | 6.0% | R$ 7.61 | R$ 22.25 |
(+) Expected future value by the preparation of the landbank and sale of its units | 2.864.177 | 3.194.141 | -10.3% | 0 | 2.864.177 |
Expected addition of execution and future settlement of landbank projects (f) | R$ 10.33 | R$ 11.52 | -10.3% | R$ 0.00 | R$ 10.33 |
Equity value with the addition of the values and projections | R$ 11.147.965 | R$ 11.011.578 | 1.2% | R$ 2.112.007 | R$ 9.035.958 |
"Equity value with addition and projections" per share (g = e + f) | R$ 40.19 | R$ 39.70 | 1.2% | R$ 7.61 | R$ 32.58 |
Quantity of shares (ex-Treasury) | 277,359,027 | 277,359,027 | 0.0% | 277,359,027 | 277,359,027 |
(+) Total shares | 281,000,000 | 281,000,000 | 0.0% | 281,000,000 | 281,000,000 |
(-) Shares held by Treasury | (3,640,973) | (3,640,973) | 0.0% | (3,640,973) | (3,640,973) |
*Due to the new classification approach for EZ INC's assets under construction, we chose to introduce a new line item, leaving the expected contribution from these projects separately disclosed.
1Q26
INTERNAL CONSENSUSEARNINGS RELEASE
In order to provide greater transparency to investors regarding the Company's expected results, we have prepared this section with information on the main financial metrics collected from sell-side analysts who cover the Company.
It is important to emphasize that the figures presented below, related to Eztec's business outlook, were generated exclusively by the analysts and gathered by the Investor Relations team through consultations conducted.
Financial Indicators 1Q26 | Consensus | Mín | Máx | Eztec 1Q26 | Bank 1 | Bank 2 | Bank 3 | Bank 4 | Bank 5 | Bank 6 | Bank 7 | Bank 8 | Bank 9 | Bank 10 | ||
Net Revenue | 378.9 | 293.0 | 419.8 | 322.5 | 398.5 | 293.0 | 370.0 | 378.9 | 357.0 | 358.6 | 379.2 | 388.0 | 361.2 | 419.8 | ||
Gross Margin | 38% | 34.5% | 39.6% | 38.7% | 38.7% | 38.0% | 34.5% | 38.0% | 36.5% | 38.8% | 38.5% | 37.0% | 37.5% | 37.0% | ||
EBIT | 90.1 | 59.0 | 128.0 | 134.5 | 103.8 | 59.0 | 128.0 | 71.8 | 81.0 | 70.4 | 90.1 | 94.0 | 66.7 | 125.0 | ||
Net Income | 118.7 | 83.0 | 147.4 | 119.6 | 127.7 | 83.0 | 103.0 | 123.6 | 97.0 | 118.7 | 117.2 | 127.0 | 92.3 | 147.4 | ||
Net Margin | 32% | 25.6% | 35.0% | 37.1% | 32.0% | 28.0% | 27.8% | 32.6% | 27.3% | 33.1% | 30.9% | 33.0% | 25.6% | 35.0% | ||
Cash (Burn) Generation | 62.0 | -57.7 | 380.9 | 154.3 | - | -2.0 | 15.0 | 100.0 | 94.0 | 380.9 | -43.0 | 192.0 | 24.0 | 155.3 |
Financial Indicators 1Q26 | Consensus | Median | Mín | Máx | Bank 1 | Bank 2 | Bank 3 | Bank 4 | Bank 5 | Bank 6 | Bank 7 | Bank 8 | Bank 9 | Bank 10 | ||
Net Revenue | 1.751.7 | 1.744.4 | 1.609.0 | 1.850.3 | 1.731.5 | 1.609.0 | 1.832.0 | 1.850.3 | 1.664.0 | 1.778.1 | 1.751.7 | 1.605.0 | 1.745.9 | 1.796.5 | ||
Gross Margin | 39% | 38% | 37.0% | 39.8% | 39.8% | 37.0% | 39.1% | 39.1% | 37.4% | 38.9% | 39.0% | 37.0% | 39.3% | 37.0% | ||
EBIT | 413.2 | 456.0 | 367.0 | 717.0 | 413.2 | 367.0 | 717.0 | 427.4 | 405.0 | 407.4 | 434.4 | 378.0 | 406.7 | 552.7 | ||
Net Income | 526.0 | 533.5 | 433.0 | 662.1 | 505.2 | 433.0 | 531.0 | 580.6 | 500.0 | 526.0 | 552.6 | 511.0 | 499.8 | 662.1 | ||
Net Margin | 30% | 31% | 27.0% | 37.0% | 29.2% | 27.0% | 29.0% | 31.4% | 30.0% | 29.6% | 31.5% | 32.0% | 28.6% | 37.0% | ||
Cash (Burn) Generation | 180.0 | 144.4 | -155.4 | 400.0 | 210.1 | 355.0 | -24.0 | 400.0 | 108.0 | 177.0 | -121.0 | 278.0 | 180.0 | -155.4 |
Endnotes:
Note 1 - Consensus is calculated using the median of analyst's estimates
Note 2 - Figures noted are the latest collected by Eztec from analysts, estimates may have changed since the last consultation
Note 3 - Blank values have not been provided or confirmed by analysts and have therefore been excluded from the table and the median calculation
27
1Q26
INVESTOR RELATIONS
A. EMÍLIO C. FUGAZZA
Chief Financial Officer and IR Officer
PEDRO TADEU T. LOURENÇO
IR Manager
CHRISTIAN L. DE MELO
IR Specialist
MARINA FERREIRA
IR Analyst
GUSTAVO PEREIRA
IR Intern
RICARDO PENA
IR Intern
ANNEXES >>
All the data in this Earnings Release, including the data in the annexes, is available for consultantion in the supporting spreadsheets on our investor
relations website: https://ri.eztec.com.br/en/investor-relations/valuation-data/
ANNEXES
PoC EVOLUTIONProject | 03/2025 | 06/2025 | 09/2025 | 12/2025 | 03/2026 |
2020 | |||||
Air Brooklin | 100% | 100% | 100% | 100% | 100% |
Fit Casa Alto do Ipiranga | 100% | 100% | 100% | 100% | 100% |
Z Ibirapuera | 100% | 100% | 100% | 100% | 100% |
Piazza Gran Maia | 100% | 100% | 100% | 100% | 100% |
Giardino Gran Maia | 100% | 100% | 100% | 100% | 100% |
Signature | 100% | 100% | 100% | 100% | 100% |
Eredità | 100% | 100% | 100% | 100% | 100% |
Fit Casa Estação José Bonifácio | 100% | 100% | 100% | 100% | 100% |
Meu Mundo Estação Mooca | 100% | 100% | 100% | 100% | 100% |
2021 | |||||
Dream View Sky Resort e Fit Estação Oratório | 100% | 100% | 100% | 100% | 100% |
Arkadio | 84% | 88% | 91% | 100% | 100% |
In Design Ipiranga | 100% | 100% | 100% | 100% | 100% |
Unique Green | 90% | 93% | 100% | 100% | 100% |
Pin Osasco | 100% | 100% | 100% | 100% | 100% |
2022 | |||||
Vila Nova Fazendinha | 100% | 100% | 100% | 100% | 100% |
Expression e Exalt | 83% | 89% | 100% | 100% | 100% |
Haute e Hub Brooklin | 82% | 89% | 100% | 100% | 100% |
Chanés Street | 62% | 70% | 82% | 91% | 94% |
Park Avenue | 83% | 90% | 94% | 100% | 100% |
2023 | |||||
Jota by Lindenberg | 66% | 76% | 82% | 87% | 92% |
East Blue Tatuapé | 49% | 59% | 70% | 81% | 87% |
Lindenberg Ibirapuera | 81% | 84% | 88% | 92% | 94% |
Lindenberg Alto de Pinheiros | 57% | 63% | 75% | 83% | 91% |
2024 | |||||
Mooca Città - Firenze | 14% | 21% | 31% | 44% | 48% |
Mooca Città - Milano | 14% | 21% | 29% | 39% | 43% |
Lindenberg Vista Brooklin | 30% | 32% | 33% | 37% | 40% |
Villares Parada Inglesa | 23% | 27% | 32% | 36% | 40% |
Lindenberg Alto das Nações | 38% | 40% | 43% | 48% | 51% |
Dot.230 | 35% | 35% | 35% | 38% | 40% |
Connect João Dias | 23% | 26% | 26% | 39% | 39% |
Lindenberg Reserva Paraíso | 0% | 36% | 39% | 41% | 44% |
2025 | |||||
SP 360 | 0% | 31% | 31% | 32% | 33% |
Agami Park Residences | 0% | 39% | 39% | 40% | 40% |
Alt Studios | 0% | 0% | 27% | 29% | 30,4% |
Lume House | 0% | 0% | 17% | 19% | 22% |
Moved Osasco | 0% | 0% | 17% | 20% | 24% |
Blue Marine | 0% | 0% | 30% | 30% | 30% |
Pop Osasco | 0% | 0% | 0% | 6% | 8% |
Reserva São Caetano - Parque | 0% | 0% | 0% | 0% | 13% |
Reserva São Caetano - Bosque (1st Phase) | 0% | 0% | 0% | 0% | 0% |
Mooca Cittá - Torino | 0% | 0% | 0% | 0% | 0% |
2026 | |||||
Metropolitan by Lindenberg | 0% | 0% | 0% | 0% | 29% |
Cidade Parque Guarapiranga - Condomínio Rio Bonito | 0% | 0% | 0% | 0% | 12% |
Inventory by Year of Launch | PSV Launch | # Launhced Units | # Units in Inventory | PSV Returned from direct receivable portfolio | Private Area in Inventory | ESTOQUE Total |
Total | 19,036,450,730 | 40,301 | 3,459 | 20,502,108 | 3,137,614,051 | |
1999 | 16,982,000 | 216 | - | - | 0.0% | 50,000 |
Prime House Ipiranga | 16,982,000 | 216 | - | - | 0.0% | |
2009 | 511,840,700 | 1,626 | - | 2,033,958 | 0.0% | 2,603,958 |
Supéria Moema | 54,400,000 | 153 | - | - | 0.0% | |
Capital Corporate Office | 235,400,000 | 450 | - | 2,033,958 | 0.0% | |
Supéria Paraíso | 47,999,700 | 160 | - | - | 0.0% | |
2010 | 896,440,000 | 2,309 | - | - | 0.0% | 97,600 |
Massimo Residence | 28,800,000 | 108 | - | - | 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 | 2,744,828 | 0.5% | 17,981,462 |
NeoCorporate Offices | 182,000,000 | 297 | 10 | - | 6.7% | |
Trend Paulista Offices | 89,250,000 | 252 | - | 711,988 | 0.0% | |
Supéria Pinheiros | 67,000,000 | 108 | - | - | 0.0% | |
Still Vila Mascote | 37,150,000 | 150 | - | - | 0.0% | |
Royale Merit | 50,920,000 | 160 | - | 1,367,329 | 0.0% | |
Gran Village São Bernardo | 167,100,000 | 474 | - | 665,511 | 0.0% | |
2012 | 1,166,237,500 | 4,386 | 7 | 4,538,063 | 0.2% | 9,821,272 |
Neo Offices | 40,800,000 | 96 | 1 | - | 0.0% | |
Bosque Ventura | 103,460,000 | 450 | 1 | 1,550,275 | 0.2% | |
Massimo Nova Saúde | 59,100,000 | 108 | - | - | 0.0% | |
In Design | 108,900,000 | 422 | - | - | 0.0% | |
The View Nova Atlântica | 81,000,000 | 200 | - | 50,000 | 0.0% | |
Green Work | 140,200,000 | 378 | 4 | 288,109 | 2.0% | |
Up Home Santana | 49,000,000 | 96 | - | 823,638 | 0.0% | |
Parque Ventura | 140,770,000 | 508 | 1 | 1,826,042 | 0.2% | |
Brasiliano | 33,705,000 | 162 | - | - | 0.0% | |
2013 | 1,261,255,000 | 3,460 | 80 | 7,560,631 | 2.3% | 102,071,022 |
EZ Mark | 333,800,000 | 323 | 78 | - | 26.5% | |
Centro Empresarial Jardins do Brasil | 67,210,000 | 848 | - | - | 0.0% | |
Quality House Ana Costa | 109,200,000 | 238 | - | 1,530,539 | 0.0% | |
Cidade Maia - Alameda | 89,040,000 | 448 | - | 1,276,927 | 0.0% | |
Cidade Maia - Praça | 147,350,000 | 451 | - | 2,994,159 | 0.0% | |
Cidade Maia - Jardim | 115,850,000 | 280 | 2 | 1,759,006, | 0.6% | |
2014 | 784,123,000 | 1,850 | 2 | 3,624,627 | 0.2% | 7,030,733 |
Cidade Maia - Botânica | 182,770,000 | 566 | - | 1,432,013 | 0.0% | |
Cidade Maia - Reserva | 128,450,000 | 224 | 1 | 1,364,006 | 0.5% | |
Le Premier Flat Campos do Jordão | 119,400,000 | 108 | 1 | - | 1.1% | |
Prime House Parque Bussocaba | 119,860,000 | 568 | - | 828,608 | 0.0% | |
Legítimo Santana | 49,800,000 | 70 | - | - | 0.0% | |
2016 | 204,650,000 | 209 | 1 | - | 0.0% | 50,000 |
Up Home Vila Mascote | 61,300,000 | 129 | 1 | - | 0.0% | |
2017 | 343,300,000 | 322 | 1 | - | 2.0% | 8,043,076 |
In Design Liberdade | 67,800,000 | 114 | 1 | - | 3.9% | |
Verace Brooklin | 82,300,000 | 48 | - | - | 0.0% | |
Clima São Francisco | 68,700,000 | 106 | - | - | 3.4% | |
2018 | 753,450,053 | 2,015 | 25 | - | 1.5% | 19,199,571 |
Z,Cotovia | 105,500,000 | 199 | 1 | - | 0.2% | |
Vertiz Tatuapé | 106,120,053 | 200 | - | - | 0.0% | |
Fit Casa Brás | 125,930,000 | 979 | 3 | - | 0.3% | |
Sky House | 68,300,000 | 115 | 18 | - | 15.5% | |
ID Ibirapuera | 16,238,000 | 67 | 1 | - | 1.7% | |
Z,Pinheiros | 188,200,000 | 386 | 4 | - | 0.5% | |
2019 | 1,897,772,490 | 3,671 | 11 | - | 0.9% | 38,852,952 |
Le Jardin Ibirapuera | 71,600,000 | 22 | 1 | - | 4.0% | |
Fit Casa Rio Bonito | 141,600,000 | 560 | 1 | - | 0.2% | |
Pátrio Ibirapuera | 198,711,240 | 54 | - | - | 0.0% | |
ID Lisboa | 28,700,000 | 105 | - | - | 9.1% | |
PIN Internacional | 162,500,000 | 1,416 | - | - | 0.0% | |
ID Jauaperi | 37,000,000 | 169 | - | - | 5.8% |
EZ Parque da Cidade | 576,400,000 | 244 | 12 | - | 3.0% | |
Jardins do Brasil - Reserva JB - 2nd Phase | 130,200,000 | 352 | - | - | 0.7% | |
2020 | 1,150,700,000 | 3,627 | 115 | - | 4.9% | 88,744,270 |
Fit Casa Alto do Ipiranga | 80,900,000 | 370 | 4 | - | 1.2% | |
Air Brooklin | 364,600,000 | 663 | 7 | - | 3.0% | |
Z,Ibirapuera | 118,600,000 | 172 | 32 | - | 16.4% | |
Giardino Gran Maia | 101,600,000 | 322 | 21 | - | 6.2% | |
Piazza Gran Maia | 104,200,000 | 192 | 11 | - | 2.9% | |
Fit Casa Estação José Bonifácio | 135,100,000 | 894 | 47 | - | 5.6% | |
Signature | 97,250,000 | 104 | 11 | - | 6.8% | |
Eredità | 70,900,000 | 136 | 3 | - | 8.6% | |
Meu Mundo Estação Mooca | 77,550,000 | 774 | 4 | - | 1.1% | |
2021 | 1,231,200,000 | 1,950 | 349 | - | 22.8% | 365,991,757 |
ID Paraíso | 28,100,000 | 231 | - | - | 20.9% | |
Dream View Sky Resort | 252,700,000 | 420 | 162 | - | 35.2% | |
Arkadio | 459,900,000 | 276 | 85 | - | 26.6 % | |
Fit Casa Estação Oratório | 15,600,000 | 80 | - | - | 28.0% | |
In Design Ipiranga | 66,500,000 | 150 | 64 | - | 38.8% | |
Pin Osasco - 1st Phase | 41,300,000 | 351 | 7 | - | 2.7% | |
Unique Green - 1st Phase | 367,100,000 | 442 | 70 | - | 14.5% | |
2022 | 1,783,400,000 | 2,993 | 458 | - | 18.0% | 476,839,006 |
Exalt | 228,400,000 | 433 | 118 | - | 25.8% | |
Expression | 176,900,000 | 80 | 7 | - | 7.0% | |
Hub Brooklin | 182,200,000 | 412 | 160 | - | 44.9% | |
Haute Brooklin | 232,200,000 | 104 | 18 | - | 16.5% | |
Unique Green - 2nd Phase | 410,200,000 | 443 | 62 | - | 14.1% | |
Pin Osasco - 2nd Phase | 43,500,000 | 351 | 13 | - | 4.3% | |
Park Avenue | 250,000,000 | 90 | 23 | - | 40.5% | |
Chanés Street | 175,900,000 | 250 | 56 | - | 27.4% | |
2023 | 987,000,000 | 388 | 73 | - | 18.5% | 168,774,479 |
Jota Vila Mariana | 127,000,000 | 136 | 24 | - | 15.7% | |
East Blue | 175,000,000 | 123 | 23 | - | 21.2% | |
Lindenberg Ibirapuera - Art Tower | 300,000,000 | 44 | 21 | - | 43.5% | |
Lindenberg Alto de Pinheiros | 85,000,000 | 41 | 5 | - | 9.2% | |
2024 | 1,601,949,987 | 2,078 | 455 | - | 29.7% | 414,980,914 |
Mooca Città - Firenze | 84,800,000 | 186 | 39 | - | 20.9% | |
Mooca Città - Milano | 129,700,000 | 168 | 69 | - | 39.9% | |
Lindenberg Vista Brooklin | 243,000,000 | 65 | 31 | - | 46.8% | |
Villares Parada Inglesa | 137,824,987 | 373 | 16 | - | 4.3% | |
Brooklin Studios by Lindenberg | 50,625,000 | 207 | - | - | 2.0% | |
Lindenberg Alto das Nações | 541,000,000 | 216 | 47 | - | 27.0% | |
DOT,230 | 153,000,000 | 280 | 46 | - | 18.1% | |
Connect João Dias | 70,000,000 | 476 | 172 | - | 38.0% | |
Lindenberg Reserva Paraíso | 192,000,000 | 107 | 35 | - | 54.8% | |
2025 | 2,364,000,000 | 4,119 | 1,448 | - | 39.8% | 922,499,582 |
Agami Park Residences | 318,000,000 | 45 | 33 | - | 72.9% | |
SP 360 | 298,000,000 | 780 | 58 | - | 9.1% | |
Lume House | 165,000,000 | 257 | 187 | - | 71.1% | |
Alt Studios | 107,000,000 | 265 | 114 | - | 43.7% | |
Moved Osasco | 218,000,000 | 357 | 129 | - | 30.8% | |
Blue Marine | 365,000,000 | 704 | 222 | - | 24.1% | |
Pop Osasco | 110,000,000 | 473 | 308 | - | 62.3% | |
Reserva São Caetano - Parque | 569,000,000 | 790 | 363 | - | 28.7% | |
Reserva São Caetano - Bosque - 1st Phase | 112,000,000 | 214 | 86 | - | 44.4% | |
Mooca Città - Torino | 102,000,000 | 234 | 204 | - | 77.0% | |
2026 | 924,700,000 | 2,022 | 437 | 37.9% | 493,982,397 | |
Metropolitan by Lindenberg | 227,000,000 | 546 | 98 | 30.1% | ||
Casa Nacional | 396,700,000 | 188 | 173 | 91.8% | ||
Cidade Parque Guarapiranga - Rio Bonito | 146,000,000 | 960 | 8 | 1.1% | ||
Reserva São Caetano Bosque -2nd Phase | 155,000,000 | 328 | 158 | 50.0% |
Project | % Eztec | Accumulated Revenue |
2012 | ||
Neo Offices | 100% | 41,250 |
Bosque Ventura | 85% | 179,218 |
Terraço do Horto | 100% | 11,994 |
Massimo Nova Saúde | 100% | 68,628 |
In Design | 100% | 118,714 |
The View Nova Atlântica | 100% | 98,335 |
Green Work | 100% | 136,086 |
Up Home Santana | 100% | 51,358 |
Chácara Cantareira | 100% | 181,101 |
Prime House São Bernardo | 100% | 170,855 |
Parque Ventura | 85% | 230,395 |
Jardins do Brasil - Abrolhos | 76% | 200,547 |
Jardins do Brasil - Amazônia | 76% | 238,798 |
Brasiliano | 90% | 76,595 |
Dez Cantareira | 50% | 23,201 |
2013 | ||
EZ Towers | 100% | 1,320,830 |
Le Premier Paraíso | 100% | 97,643 |
Premiatto Sacomã | 100% | 64,242 |
Splendor Vila Mariana | 100% | 72,447 |
EZ Mark | 100% | 250,984 |
Jardins do Brasil - Mantiqueira | 76% | 199,690 |
Centro Empresarial Jardins do Brasil | 76% | 201,960 |
Massimo Vila Mascote | 100% | 143,463 |
Quality House Ana Costa | 100% | 128,863 |
Cidade Maia - Alameda | 100% | 156,396 |
Cidade Maia - Jardim | 100% | 222,777 |
Cidade Maia - Praça | 100% | 274,127 |
2014 | ||
Cidade Maia - Botânica | 100% | 365,092 |
Cidade Maia - Reserva | 100% | 230,234 |
Magnífico Mooca | 63% | 68,217 |
San Felipe - Palazzo | 100% | 55,282 |
San Felipe - Giardino | 100% | 105,370 |
Prime House Parque Bussocaba | 100% | 202,256 |
Le Premier Flat Campos do Jordão | 100% | 137,642 |
Legítimo Santana | 100% | 62,706 |
2015 | ||
Splendor Ipiranga | 100% | 82,576 |
Massimo Vila Carrão | 100% | 55,136 |
Jardins do Brasil - Atlântica | 76% | 223,174 |
2016 | ||
Le Premier Moema | 50% | 54,558 |
Splendor Brooklin | 100% | 100,054 |
Up Home vila Mascote | 100% | 66,234 |
2017 | ||
Legittimo Vila Romana | 100% | 55,146 |
In Design Liberdade | 100% | 76,126 |
Verace Brooklin | 100% | 95,662 |
Clima São Francisco | 100% | 76,223 |
2018 | ||
Z.Cotovia | 100% | 111,819 |
Vertiz Tatuapé | 100% | 132,720 |
Sky House | 100% | 76,775 |
Fit Casa Brás | 70% | 148,190 |
Diogo Ibirapuera | 100% | 155,721 |
Z.Pinheiros | 100% | 223,751 |
2019 | ||
Le Jardin Ibirapuera | 100% | 79,314 |
Vértiz Vila Mascote | 100% | 123,367 |
Fit Casa Rio Bonito | 100% | 165,055 |
Vivid Perdizes | 100% | 84,394 |
Pátrio Ibirapuera | 70% | 287,205 |
Artis Jardim Prudência | 100% | 61,884 |
Haute Ibirapuera | 100% | 175,059 |
Jardins do Brasil - Reserva JB | 76% | 342,070 |
EZ Parque da Cidade | 100% | 710,921 |
2020 | ||
Air Brooklin | 100% | 455,934 |
Fit Casa Alto do Ipiranga | 100% | 101,339 |
Z.Ibirapuera | 100% | 125,316 |
Giardino Gran Maia | 100% | 123,553 |
Piazza Gran Maia | 100% | 144,272 |
Fit Casa Estação José Bonifácio | 100% | 189,923 |
Signature | 50% | 143,702 |
Eredità | 50% | 87,378 |
2021 | ||
Dream View Sky Resort | 100% | 212,008 |
Unique Green | 100% | 789,839 |
In Design Ipiranga | 100% | 43,791 |
Arkadio | 100% | 407,668 |
2022 | ||
Expression e Exalt | 100% | 386,550 |
Haute e Hub Brooklin | 100% | 341,804 |
Park Avenue | 50% | 168,952 |
Chanés Street | 100% | 134,407 |
2023 | ||
East Blue | 100% | 141,523 |
Lindenberg Ibirapuera | 80% | 396,919 |
2024 | ||
Villares Parada Inglesa | 75% | 61,090 |
Mooca Città - Firenze | 50% | 39,385 |
Mooca Città - Milano | 50% | 36,243 |
Lindenberg Vista Brooklin e Brooklin Studios | 50% | 50,070 |
Dot.230 | 100% | 54,635 |
Lindenberg Alto das Nações | 90% | 209,280 |
2025 | ||
Agami Park Residences | 100% | 32,428 |
SP 360 | 100% | 96,455 |
Lume House | 100% | 10,948 |
Alt Studios | 100% | 18,229 |
Moved Osasco | 100% | 37,832 |
Blue Marine | 100% | 81,912 |
Reserva São Caetano (Consolidated) | 100% | 54,703 |
2026 | ||
Metropolitan by Lindenberg | 70% | 44,818 |
CASH FLOW Período findo de 31 de março de 2026 Valores expressos em milhares de reais - R$ | 1Q26 |
Net Income | 126,194 |
Adjustments to Reconcile Net Income to Net Cash Used in (provided by) Operating Activities: | (49,483) |
Present Value Adjustment Value from Taxes | 5,807 |
Monetary Variation and Interest, Net | (42,276) |
Provision for contingencies | - |
Depreciation and Amortization of Goodwill | 2,469 |
Depreciation and Amortization | 4,047 |
Equity Income | (34,302) |
Reserve for Contingencies | - |
Income Tax and Social Contribution, Current and Deferred | 8,276 |
Financial Expenses | 6,496 |
Increase (decrease) in Operating Assets: | 100,289 |
Trade Accounts Receivables | 120,583 |
Real Estate Held for Sale | (7,494) |
Other Assets | (12,800) |
CEPAC Aquisition | - |
Increase (decrease) in Operating Liabilities: | (27,076) |
Advances from Customers | 13,886 |
Interest Paid | (34,293) |
Income Tax and Social Contribution Paid | (12,838) |
Suppliers | 6,326 |
Other Liabilities | (3,117) |
Capital reduction received from subsidiaries and joint ventures | 2,960 |
Cash Generated (applied) in Operating Activities | 149,924 |
Cash Flow from Financing Activities: | (153,408) |
Financial Applications | (537,913) |
Redemption of financial securities | 403,828 |
Capital Reduction Received from Subsidiaries and Joint Ventures | 5,963 |
Acquisition of Investments | (9,884) |
Acquisition of Fixed Assets | (15,402) |
Cash Used in Investing Activities | 153,408 |
Cash Flow from Financing Activities: | (20,528) |
Dividends paid | - |
Borrowings and Debentures | 81,859 |
Costs of issuing securities | - |
Effect of non-controlling interests in subsidiaries | (6,639) |
Repayment of Loans and Financing | (94,852) |
Debenture interest paid | - |
Related parties | (896) |
Net Cash provided by Financing Activities | (20,528) |
Dilution in cash and cash equivalents | (24,012) |
Balance at Beginning of Period | 66,575 |
Balance at End of Period | 42,563 |