Earnings Release 1Q 2026

‌M E S S A G E F R O M M A N A G E M E N T

O P E R A T I O N A L P E R F O R M A N C E

F I N A N C I A L P E R F O R M A N C E

E S G

A P P E N D I X

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High-End Upper Mid









Under construction

Completed

¹

‌34

29

30

23

7

1Q25 2Q25 3Q25 4Q25 1Q26

‌1.477

28%

1.159

1.121

25%

23%

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72%

1Q25 4Q25 1Q26

Completed Under Construction

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High-End Upper Mid Mid

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‌In 1Q26, the Company recorded Net Operating Revenue of R$ 100 million. Adjusted gross profit totaled R$ 42 million in the quarter, with an adjusted gross margin of 42%, reversing the gross loss observed in the previous quarter.

Financial costs declined by 47% compared to 4Q25, contributing positively to the evolution of results during the period.

Net Operating Revenue (R$ million) 227 109 100

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1Q25 4Q25 1Q26

‌In 1Q26, General and Administrative expenses totaled R$ 17 million, representing a 21% reduction compared to 4Q25. This decrease reflects the continuation of cost-control and rationalization initiatives, including organizational adjustments, which accounted for 20% of G&A expenses in 1Q26. As a result, G&A expenses represented 17% of Net Operating Revenue in 1Q26, down from 19% in 4Q25.

On a year-over-year basis, G&A expenses remained stable in absolute terms, maintaining levels consistent with the Company's current activity and its strategy of efficient management of the corporate structure.

G&A Expenses (R$ million)

17

0

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1Q25 4Q25 1Q26

‌Margin to be recognized

33%

30%

30%

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1Q25 4Q25 1Q26

In 1Q26, the Company recorded revenues to be recognized of R$ 314 million, with results to be recognized of R$ 93 million. The margin to be recognized reached 30%, remaining at a consistent level and in line with the recent historical performance.

The volume of revenues and results to be recognized reinforces the quality of future results to be recognized, preserving margin levels compatible with the Company's strategy and the current profile of its portfolio.

Note: results to be recognized net of PIS/Cofins at -3.65%, with no impact from present value adjustment (AVP)

‌In 1Q26, the Company closed the period with total debt of R$ 1,622 million, remaining stable on a quarter-over-quarter basis. Cash and cash equivalents amounted to R$ 305 million.

In the coming months, the Company expects a reduction in total debt, driven by the ongoing capital increase and other amortization strategies.

Total Debt (R$ million)

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1Q25 4Q25 1Q26

Note: the calculation of debt excludes the balance of the 17th debenture issuance, as this debt is treated as an equity instrument due to its convertibility into shares, with no possibility of cash disbursement for settlement.

*Cash and cash equivalents + long-term allocated securities and financial instruments.

‌Deliveries expected through December 2026 total a Gross Development Value (GDV) of R$ 1.7 billion across several developments. As a result of the expected transfers from these projects, a 48% reduction in the Company's total debt is estimated.

Additionally, the ongoing capital increase, combined with other amortization initiatives, reinforces expectations of favorable progress in the Company's capital structure.