Perspective | Fachade | Moved Osasco Residence
Highlights:With R$972 million, 1H25 marks the highest first-half sales in the Company's history;
Launches in 1H25 were 69% higher than in 1H24, driven by the Company's increased presence in the mid-income segment.
Operational Highlights | 2Q25 | 1Q25 | %Var | 2Q24 | %Var |
# of Projects Launched | 3 | 2 | 50.0% | 2 | 50.0% |
PSV (%EZTEC) | 490,000 | 616,000 | -20.5% | 188,323 | 160.2% |
Gross Sales | 557,887 | 414,511 | 34.6% | 555,881 | 0.4% |
Net Sales | 489,090 | 377,695 | 29.5% | 508,052 | -3.7% |
Total Inventory | 2,720,944 | 2,748,021 | -1.0% | 2,558,209 | 6.4% |
Net SoS | 15.2% | 12.1% | 3.1 p.p | 16.6% | -1.4 p.p |
# of Active Construction Sites | 17 | 16 | 6.3% | 16 | 6,3% |
Launches
The Company launched three projects in 2Q25, totaling R$ 490 million in EZTEC's share of PSV. The first launch was Lume House, a middle-end development located in São Paulo's eastern zone. Connected to the Oratório subway station, the project combines mobility, leisure, and quality of life. Launched in May 2025, the project has reached 15% of units sold. The second launch was Alt Studios, another middle-end development featuring studio units, located in the southern zone of São Paulo, near Chucri Zaidan Avenue. The project offers versatility and contemporary design. Less than a month after its launch, it has already sold 36% of its units. The final launch was Moved Osasco, a development located in the Metropolitan Region, one of the most dynamic areas of Greater São Paulo. As of now, 36% of its units have been sold.
YEAR´S LAUNCHES INFORMATION | %EZTEC | SPE | Income | Under Suspensive Clauses | Region | Location | Standard | Expected Delivery | # Units Launch | Private Area (s.q.m) | Sold (%)² | PSV %EZ (R$ million) |
1Q | 825 | 34,600 | 56.6 % | 616,0 | ||||||||
Agami Park Residences | 100% | Serra Branca | Consolidated | No | SP City | South Zone | High-end | 1Q29 | 45 | 12,084 | 24.3 % | 318,0 |
Moved Osasco (Jun/25)
Alt Studios (Jun/25)
Lume House (Mai/25)
SP 360º | 100% | Juquei | Consolidated | No | SP City | South Zone | Middle-High | 1Q28 | 780 | 22,516 | 73.9% | 298,0 |
2Q | 879 | 47,755 | 25.8% | 490,0 | ||||||||
Lume House | 100% | Lagoa Grande | Consolidated | Yes | SP City | East Zone | Middle-end | 1Q28 | 257 | 16,836 | 13.3% | 165,0 |
Alt Studios | 100% | Curupá | Consolidated | Yes | SP City | South Zone | Middle-end | 1Q28 | 265 | 7,970 | 34.8% | 107,0 |
Moved Osasco | 100% | Osasco Lote 3 | Consolidated | Yes | SPMR | Osasco | Middle-end | 3Q28 | 357 | 22,949 | 31.8% | 218,0 |
YEAR-TO-DATE | 1,704 | 82,355 | 38.6% | 1,106.0 |
¹ Private área sold up to the date of this publication. ² Private área sold up to the closing date of the Quarter (06/30/2025).
The Company increased its launch PSV by 160% compared to 2Q24
Yearly evolution of the PSV of launches %EZ
With middle-end launches, the Company delivered the best first half-year performance in its history Comparison of launch profiles
694
616
490
262
188
Middle-end 490
Middle-end
138
Middle-high 224
High-End 294
Middle-high 298
High-End
318
R$ million
R$ million
2Q24 3Q24 4Q24 1Q25 2Q25 1H24 1H25
SalesThe Company began 2025 with a consistent commercial performance. Net sales from new launches grew 30% compared to 1Q25, reflecting the market's strong acceptance of recent projects. Cancellations rose 87% in the period, largely due to the proximity of project delivery dates. Gross sales increased 35% quarter-over-quarter, while the Net SoS expanded by 3.1 p.p., reaching 39% on a trailing 12-month basis.
2Q25 | 1Q25 | %Var | 2Q24 | %Var | 2H25 | 2H24 | %Var | |
Gross Sales (R$ million PSV) | 557,887 | 414,511 | 34.6% | 555,881 | 0.4% | 972,398 | 878,858 | 10.6% |
Average Price per Unit (R$ thousands) | 639,046 | 714,674 | -10.6% | 692,255 | -7.7% | 669,235 | 676,565 | -1.1% |
Gross SoS (%) | 17.0% | 13.1% | 3.9 p.p. | 9.7% | 7.3 p.p. | 26.4% | 41.4% | -15.0 p.p. |
Gross SoS - Launch (%) | 26.7% | 24.0% | 2.8 p.p. | 19.7% | 7.1 p.p. | 26.8% | 47.2% | -20.4 p.p. |
Gross SoS - Inventory (%) | 12.7% | 9.3% | 3.4 p.p. | 7.8% | 4.8 p.p. | 12.7% | 19.2% | -6.6 p.p. |
Cancellations (R$ million) | 68,797 | 36,816 | 86.9% | 47,829 | 43.8% | 105,613 | 78,602 | 34.4% |
Net Sales (R$ million PSV) | 489,090 | 377,695 | 29.5% | 508,052 | -3.7% | 866,785 | 800,257 | 8.3% |
Launch | 256,038 | 194,828 | 31.4% | 218,957 | 16.9% | 450,866 | 323,107 | 39.5% |
Performed | 86,708 | 57,485 | 50.8% | 136,418 | -36.4% | 144,193 | 186,096 | -22.5% |
Under Construction | 146,344 | 125,382 | 16.7% | 152,678 | -4.1% | 271,725 | 291,054 | -6.6% |
# Units Sold | 819 | 555 | 47.6% | 892 | -8.2% | 1,374 | 1,382 | -0.6% |
Cancellations/ Gross Sales | 12.3% | 8.9% | 3.4 p.p. | 8.6% | 3.7 p.p. | 10.9% | 8.9% | 1.9 p.p. |
Net SoS (%) | 15.3% | 12.1% | 3.1 p.p. | 16.6% | -1.3 p.p. | 24.2% | 16.6% | 7.6 p.p. |
Net SoS LTM (%) | 39.3% | 39.3% | 0.0 p.p. | 33.4% | 6.0 p.p. | 39.4% | 33.3% | 6.0 p.p. |
Gross Sales Description (2Q25)
R$ million
Evolution of Gross Sales Status (2Q25)
R$ million
10 28
17 8
9
1
125
31
152 18
27
119
2
12
98
66
150
189
151
184
197
222
High end Middle-high end Middle-end Smart-livingPerformed
Under construction
Low end CommercialPerformed
Under construction
Lauches
Lauches
270
Inventory
At the end of the second quarter, the Company reported an inventory of R$ 2.7 billion, with 50% related to projects under construction. The period was marked by an increase in launched inventory, aligned with the strategy of strengthening the portfolio through new projects. At the same time, there was a reduction in under-construction and completed inventories, reflecting the commercial strategy adopted to ensure consistent growth despite the acceleration in new launches.
2Q25 | 1Q25 | %Var | 2Q24 | %Var | |
Inventory %Eztec (R$ million PSV) | 2.721 | 2.748 | -1.0% | 2.558 | 6.4% |
Launch Inventory (PSV) | 739,7 | 626,0 | 18.2% | 313,4 | 136.0% |
Launch Inventory (units) | 1244 | 1047 | 18.8% | 384 | 224.0% |
% Total (PSV) | 27.2% | 22.8% | 4.4 p.p. | 12.3% | 14.9 p.p. |
Under Construction Inventory (PSV) | 1.371,7 | 1.426,4 | -3.8% | 1.544,1 | -11.2% |
Inventory Under Construction (units) | 1.215 | 1.218 | -0.2% | 1.471 | -17.4% |
% Total (PSV) | 50.4% | 51.9% | -1.5 p.p. | 60.4% | -9.9 p.p. |
Performed Inventory (PSV) | 609,6 | 695,6 | -12.4% | 700,7 | -13.0% |
Performed Inventory (units) | 596 | 722 | -17.5% | 832 | -28.4% |
% Total (PSV) | 22.4% | 25.3% | -2.9 p.p. | 27.4% | -5.0 p.p. |
Projects | Status |
Lindenberg Ibirapuera - Art Tower | Under Construction |
Lindenberg Ibirapuera - Design Tower | Under Construction |
Arkadio | Under Construction |
Unique Green - 1st Phase | Under Construction |
Unique Green - 2st Phase | Under Construction |
Exalt | Under Construction |
Expression | Under Construction |
Hub Brooklin | Under Construction |
Haute Brooklin | Under Construction |
Park Avenue | Under Construction |
Chanés Street | Under Construction |
Jota Vila Mariana | Under Construction |
East Blue | Under Construction |
Lindenberg Alto de Pinheiros | Under Construction |
Mooca Città - Firenze | Under Construction |
Mooca Città - Milano | Under Construction |
Lindenberg Vista Brooklin | Under Construction |
Brooklin Studios by Lindenberg | Under Construction |
Villares Parada Inglesa | Under Construction |
Lindenberg Alto das Nações | Under Construction |
DOT.230 | Launch |
Connect João Dias | Launch |
Lindenberg Reserva Paraíso | Under Construction* |
Agami Park Residences | Launch |
SP 360º | Launch |
Lume House | Launch |
Alt Studios | Launch |
Moved Osasco | Launch |
*In red are the projects that changed category in this quarter | |
48% of the inventory is high-end residential
PSV of inventory by standard - %EZTEC
1.305
553
438
237
114
74
R$ million
High-End Middle-End Middle High-End Smart Living Commercial
Low-End
82% of the Inventory under construction is in the South Zone
PSV of Inventory by region - %EZTEC
337
19 124
8
60
11 4
175
125
427
1.119
R$ million
South
Zone East Zone
West Zone
Osasco Guarulhos
Others
38
140
134
Under Construction Launches