Perspective | Fachade | Mooca Cittá - Torino
Highlights:In 2025, the Company achieved the highest volume of launches in its history, with R$ 2.4
billion in PSV %EZ.
In 2025, EZTEC recorded record sales, with R$ 2.2 billion in gross sales and R$ 1.9 billion in net sales.
Net SoS reached 40.4% in the last 12 months, and launches are 53% sold.
Operational Highlights | 4Q25 | 3Q25 | %Var | 4Q24 | %Var | 2025 | 2024 | %Var |
# of Projects Lauched | 3 | 2 | 50.0% | 2 | 50.0% | 10 | 9 | 11.1% |
PSV (%EZTEC) | 783.0 | 475.0 | 64.8% | 262.0 | 198.9% | 2,364.0 | 1,601.9 | 47.6% |
Gross Sales | 649.9 | 602.5 | 7.9% | 460.8 | 41.0% | 2,223.9 | 1,897.3 | 17.2% |
Net Sales | 557,4 | 531.9 | 5.9% | 394.2 | 41.4% | 1,949.3 | 1,695.3 | 15.0% |
Total Inventory | 2,873.9 | 2,676 | 7.4% | 2,685.9 | 7% | 2,873.9 | 2,685.9 | 7.0% |
Net SoS | 16.2% | 16.4% | -0.2 p.p | 12.8% | 3.4 p.p | 40.4% | 38.7% | 1.7 p.p |
# of Active Construction Sites | 16 | 16 | 0.0% | 16 | 0.0% | 16 | 16 | 0.0% |
Figures in R$ million
Launches
For full-year 2025, PSV %EZ launched totaled R$ 2.4 billion, the highest volume in Eztec's history.
Sold¹
Sold¹
Sold¹
In 4Q25, the Company launched three developments, totaling PSV %EZ of R$ 783 million. The main highlight was Reserva São Caetano Parque, with PSV %EZ of R$ 569 million, marking Eztec's entry into São Caetano do Sul and achieving 55% of sales by the end of the quarter. The first phase of Reserva São Caetano Bosque was also launched, with PSV %EZ of R$ 112 million, reaching 53% of sales despite its recent launch. In addition, the Company launched Mooca Città - Torino, with PSV %EZ of R$ 102 million, a new phase of the Mooca Città complex, which reached 14% of sales by the end of the quarter.
Reserva São Caetano - Parque (Est. Jun/29) Reserva São Caetano - Bosque (Est. Set/29) Mooca Cittá - Torino (Est. Dez/28)
YEAR´S LAUNCHES INFORMATION | %EZTEC | SPE | Income | Under Suspensive Clause | Region | Location | Standard | Expected Delivery | # Units launched | Private Area (s.q.m) | Sold (%)_ ² | PSV %EZ (R$ million) |
1Q | 825 | 34,600 | 69.9% | 616,0 | ||||||||
Agami Park Residences | 100% | Serra Branca | Consolidated | No | SP City | South Zone | High-End | 1Q29 | 45 | 12,084 | 27.3% | 318.0 |
SP 360º | 100% | Juquei | Consolidated | No | SP City | South Zone | Middle-High end | 1Q28 | 780 | 22,516 | 92.7% | 298,0 |
2Q | 879 | 47,755 | 49.2% | 490.0 | ||||||||
Lume House | 100% | Lagoa Grande | Consolidated | No | SP City | East Zone | Middle-End | 2Q28 | 257 | 16,836 | 27.0% | 165,0 |
Alt Studios | 100% | Curupá | Consolidated | No | SP city | South Zone | Middle-End | 1Q28 | 265 | 7,970 | 57.0% | 107,0 |
Moved Osasco | 100% | Osasco Lote 3 | Consolidated | No | SPMR | Osasco | Middle-End | 3Q28 | 357 | 22,949 | 62.9% | 218,0 |
3Q | 1,177 | 44,795 | 56.9% | 475.0 | ||||||||
Blue Marine | 100% | Ana Clara | Consolidated | No | SP City | South Zone | Middle-End | 3Q28 | 704 | 29,080 | 68.5% | 365.0 |
100%
Pop Osasco | 100% | Normandia | Consolidated | Yes | SPMR | Osasco | Low-End | 1Q28 | 473 | 15,715 | 35.3% | 110.0 |
4Q | 1.238 | 82.510 | 46.8% | 783.0 | ||||||||
Reserva São Caetano -Parque | 100% | Campina Grande | Consolidated | No | SPMR | São Caetano do Sul | Middle-End | 2Q29 | 790 | 55,301 | 55.3% | 569.0 |
Reserva São Caetano -
Bosque (1ª Fase)
Campina Grande
Consolidated Yes SPMR São Caetano do
Middle-End 3Q29 214 10,940 52.6% 112.0
Mooca Cittá - Torino | 50% | Barão de Monte Santo | Consolidated | Yes | SP city | East Zone | Middle-High End | 4Q28 | 234 | 16,269 | 14.3% | 102.0 |
Year-To-Date | 4,119 | 209,660 | 53.3% | 2,364.0 | ||||||||
Sul
¹ Private area sold up to the date of this publication. ² Private area sold up to the closing date of the Quarter (12/31/2025).
783
616
490
475
262
The company reached during 4Q25 the highest launch volume recorded this year Quarterly evolution of the PSV of launches (%EZ)
Despite maintaining its focus on the middle and high-end segments, the company resumed launches targeting the low-end segment
High-end, 318 (13%) | High-end, 1,027 (64%) Middle-High end, 368 (22%) Middle-end, 138 (9%) | |
Middle-High end, 400 (17%) | ||
Middle-end, 1,536 (65%) | ||
Low-end, 110 ( 4%) |
Comparison between launch profiles
R$ Million
4Q24
1Q25
2Q25
3Q25
4Q25
R$ Million
2025 2024
SalesIn 4Q25, the Company recorded net sales of R$ 557.4 million, reflecting the strong commercial performance of the launches throughout the quarter. Sales from new launches totaled R$ 429.7 million, representing an increase of 19.1% vs. 3Q25 and 235.0% year-on-year, highlighting the high absorption of the new projects. Cancellations totaled R$ 92.6 million, increasing compared to 3Q25 due to the high volume of project deliveries over the past two quarters, but showing a 0.2 p.p. reduction in the cancellations-to-gross-sales ratio compared to 4Q24, remaining at a controlled level.
For full-year 2025, the Company achieved the highest sales volume in its history, with gross sales of R$ 2.2 billion and net sales of R$ 1.9 billion. Performance was mainly driven by launches, which totaled R$ 1.2 billion, an increase of 75.1% year-on-year.
4Q25 | 3Q25 | %Var | 4Q24 | %Var | 2025 | 2024 | %Var | |
Gross Sales (R$ million PSV) | 649,9 | 602.5 | 7.9% | 460.7 | 41.0% | 2,223.9 | 1,897.3 | 17.2% |
Average price per unit (R$ thousand) | 705 | 570 | 23.7% | 893 | -21.1% | 683 | 855 | -20.1% |
Gross SoS (%) | 18.4% | 18.4% | 0.0 p.p | 14.6% | 3.8 p.p | 43.6% | 41.4% | 2.2 p.p |
Gross SoS - Launch (%) | 33.9% | 38.9% | -5.0 p.p | 17.4% | 16.5 p.p | 59.3% | 53.7% | 5.6 p.p |
Gross SoS - Inventory (%) | 8.8% | 9.8% | -1.0 p.p | 13.8% | -5.0 p.p | 31.8% | 36.4% | -4.6 p.p |
Cancellations (R$ millions) | 92.6 | 76,1 | 21.6% | 66.5 | 39.0% | 274.6 | 201.9 | 36.0% |
Net Sales (R$ million PSV) | 557.4 | 526.4 | 5.9% | 394.2 | 41.4% | 1,949.3 | 1,695.3 | 15.0% |
Launch | 429.7 | 360.8 | 19.1% | 128.2 | 235.0% | 1,241.0 | 708.7 | 75.1% |
Performed | 68.0 | 65.9 | 3.2% | 89.6 | -24.1% | 277.1 | 378.8 | -26.8% |
Under Construction | 59.6 | 99.7 | -40.2% | 176.3 | -66.2% | 431.1 | 607.7 | -29.1% |
# Units Sold | 832 | 1,001 | -16.9% | 524 | 58.8% | 3,176 | 2,401 | 32.3% |
Cancellations / Gross Sales | 14.2% | 12.6% | 1.6 p.p | 14.4% | -0.2 p.p | 12.4% | 10.6% | 1.8 p.p |
Net SoS (%) | 16.2% | 16.4% | -0.2 p.p | 12.8% | 3.4 p.p | 40.4% | 38.7% | 1.7 p.p |
Net SoS LTM (%) | 40.4% | 40.0% | 0.4 p.p | 38.7% | 1.7 p.p | 40.4% | 38.7% | 1.7 p.p |
Gross Sales Description (4Q25)
R$ Million
Evolution of Gross Sales Satus (4Q25)
R$ Million
Middle-end
High-end
Middle-High end
Low-End
Smart-Living
Commercial
25 23
66
1311 24
1 11
9-
2
31 19
Performed
Under Construction
Launches
415
Launches
Under Construction
Performed
76
125
115
115
111
115
216
377
458
4Q25
3Q25
4Q24
Inventory By the end of 4Q25, total inventory reached R$ 2.9 billion in PSV %EZ, of which 41% corresponds to completed projects, 28% to projects under construction, and 31% to projects in the launch phase. The higher share of completed units reflects the volume of deliveries carried out throughout 2025, which totaled R$ 2.6 billion, as well as the pace of launches observed during the period.4Q25 | 3Q25 | %Var | 4Q24 | %Var | |
Inventory %Eztec (R$ Million PSV) | 2,874.0 | 2,676.0 | 7.4% | 2,686.0 | 7.0% |
Launch Inventory (PSV) | 894,5 | 591,0 | 51.3% | 617,4 | 44.9% |
Launch Inventory (units) | 614 | 753 | -18.5% | 733 | -16.2% |
% Total (PSV) | 31.1% | 22.1% | 9.0 p.p | 23.0% | 8.1 p.p |
Under Construction Inventory (PSV) | 809,9 | 863,2 | -6.2% | 1,703.4 | -52.5% |
Under Construction Inventory (units) | 1,121 | 1,216 | -7.8% | 1.268 | -11.6% |
% Total (PSV) | 28.2% | 32.3% | -4.1 p.p | 63.4% | -35.2 p.p |
Performed (PSV) | 1,169.5 | 1,222.2 | -4.3% | 365,1 | 220.3% |
Estoque pronto (unidades) | 1,164 | 1,163 | 0,1% | 625 | 86.2% |
% Total (PSV) | 40.7% | 45.7% | -5.0 p.p | 13.6% | 27.1 p.p |
Lindenberg Ibirapuera - Design Tower Under Construction
39% of the inventory is high-end residential
Under Construction
Lindenberg Ibirapuera - Art Tower
Status
Project
PSV of inventory by standard - %EZTEC
Arkadio Performed*
R$ Million
Chanés Street Under Construction
Park Avenue Performed*
East Blue Under Construction
Jota Vila Mariana Under Construction
Mooca Città - Firenze Under Construction
Lindenberg Alto de Pinheiros Under Construction
Lindenberg Vista Brooklin Under Construction
Mooca Città - Milano Under Construction
Villares Parada Inglesa Under Construction
Brooklin Studios by Lindenberg Under Construction
DOT.230 Under Construction
Lindenberg Alto das Nações Under Construction
Lindenberg Reserva Paraíso Under Construction
Connect João Dias Under Construction
SP 360º Launch
Agami Park Residences Launch
Alt Studios Launch
Lume House Launch
Blue Marine Launch
Moved Osasco
Under Construction*
Reserva São Caetano - Parque Launch
Pop Osasco
Under Construction*
Reserva São Caetano - Bosque Launch
High-end Middle-end Middle-High end Smart-Living
1,126
791
463
249
130
114
Low-End Commercial
63% of the Inventory under construction is in the South Zone
PSV of Inventory by region - %EZTEC
826 | 508 | 411 | |
13911 | 5 | 194 | |
154 | 30 | ||
Performe | |||
7 | 150 | ||
290 Under 5 Constru 7 | |||
R$ Million
South Zone
East Zone
West Zone
Mooca Cittá - Torino
Launch
*In red are the projects that changed category this quarter
Osasco
Guarulhos 3
Others 8
d
ction es