Gafisa S.a.BMFBOVESPA: GFSA3

Earnings Release 2Q 2025

Aug 15, 2025 at 2:11 AM UTC · Issued by Gafisa S.a.

‌2Q25

‌AGENDA

ESG

SUBSEQUENT EVENTS

APPENDIX

‌36.9% 35.5% 38.3%

389

LTM Sales Velocity

344

237 139 152

2Q24 1Q25 2Q25

1H24 1H25

YTD

‌YTD

High-End

Upper Mid

Mid

YTD

Under construction

Completed

Newly launched

‌1,477 1,332 1,190

2Q24 1Q25 2Q25

‌

‌Allard Oscar Freire

840

Canto - RJ

559

Cidade Jockey -SP

358

Invert Campo Belo - SP

295

Vinci - SP

258

Tonino Lamborghini San Paolo - SP

246

Sense Icaraí - RJ

204

Invert Barra - RJ

186

Evolve Vila Mariana - SP

141

Flow -SP

134

We Sorocaba -RJ

‌In 2Q25, we recorded net operating revenue of R$162 million, totaling R$ 389 million for the first half of the year. The period also recorded a net profit of R$ 7 million.

This performance is in line with the results of previous quarters, reflecting the Company's operational stability.

Net Operating Revenue

(R$ million)

227

178

162

2Q24 1Q25 2Q25

Net Operating Revenue

Adjusted Gross Profit

Net Profit (Loss)

‌In 2Q25, fixed expenses decreased by 35% compared to the same period last year. This performance is the result of the Company's successful strategy-initiated during its transition to the high-end segment-of streamlining its operational structure. This outcome highlights the Company's commitment to value creation through more efficient resource management.

Fixed Expenses

(R$ million)

2Q23 2Q24 2Q25

Net Operating Revenue

Gross Sales

Selling Expenses

% Net Revenue

% Gross Sales

Fixed Expenses

% Net Revenue

% Gross Sales

Note: Fixed expenses include expenses related to salaries and charges, employee benefits, travel and utilities, rent and condominium fees, and IT.

‌Margin to be recognized

32,6%

31,6%

27,5%

2Q24 1Q25 2Q25

In the quarter, we recorded R$ 133 million in unrecognized results, reaching a margin of 31.6%, which represents an increase of 5% and 4 percentage points, respectively, compared to 2Q24. This performance reflects the consistency of contracted sales and reinforces confidence in the generation of results in the coming quarters.

Revenue to be Recognized

Costs of Sold Units to be

Recognized

Profit to be Recognized

Margin to be Recognized

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

‌In the second quarter, we maintained stable levels of debt and leverage, reflecting the financial discipline adopted by the current management.

With the completion of the follow-on offering, the outlook for the next quarter is positive, driven by the expected impact on Shareholders' Equity resulting from the capitalization of proceeds.

Net Debt and Leverage

(R$ million)

1,240

1,021

1,240

344

386

422

2Q23 2Q24 2Q25

Net Debt

Cash and Cash Equivalents

SFH and SFI

Debentures

CCB, CRI, NC and Other Transactions

Total Debt = (A)

Cash and Cash Equivalents* (B)

Net Debt (A)-(B) = (C)

Equity + Non-controlling Interests (D)

Net Debt / Equity

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

‌The deliveries scheduled through June 2026 total a Gross Development Value (GDV) of R$ 1.7 billion in projects, 88% of which have already been sold. As a result, a 54% reduction in the Company's total debt is estimated.

SFH and SFI

Debentures

CCBs, CRIs, NCs and Other Transactions

Total Debt

% Total Maturity by Period

‌Net Operating Revenue

Profit Before Minority Interest

(+) Financial Result

(+) Income Tax / Social Contribution

(+) Depreciation and Amortization

EBITDA

(+) Interest Capitalization

(+) Stock Option Plan Expenses

(+) Minority Interest

(+) Legal Claims Expenses

Adjusted EBITDA¹

Adjusted EBITDA Margin (%)

‌APPENDIX

‌R$

2Q25

1Q25

Q/Q (%)

2Q24

Q/Q(%)

Net Revenue

Operating Costs

Gross Profit

Operating Expenses

Selling Expenses

General and Administrative Expenses

Other Operating Expenses and Income

Depreciation and Amortization

Equity in Earnings of Subsidiaries

Operating Income

Financial Income

Financial Expense

Net Income Before IR & CSLL

IR & CSLL

Deferred IR & CSLL

Net Income After IR & CSLL

Continuing Operations

Minority Interests

Discontinued Operations

Consolidated Net Income (Loss) for the Period

‌R$

2Q25

1Q25

Q/Q (%)

2Q24

Q/Q (%)

ASSETS

Cash and cash equivalents and Securities

Receivables from development and services rendered

Properties for sale

Related parties

Financial instruments

Other assets

Total current assets

Securities

Receivables from development and services rendered

Properties for sale

Related parties

Other assets

Investments in equity interests

Investment properties

Property, plant and equipment and intangible assets

Total non-current assets

Total assets

LIABILITIES

Loans, financing and debentures

Liabilities from property purchases and customer advances

Suppliers, taxes and contributions payable and salaries,

charges

Provision for legal claims and commitments

Related parties

Other liabilities

Total current liabilities

Loans, financing and debentures

Liabilities from property purchases and customer advances

Deferred income tax and social contribution

Provision for legal claims and commitments

Other liabilities

Total non-current liabilities

Shareholders' equity

Total liabilities and shareholders' equity

‌R$

2TQ5

1Q25

Q/Q(%)

2Q24

Q/Q (%)

Income (loss) before income tax and social

contribution

Depreciation and amortization

Stock option plan expenses

Unrealized financial charges and interest, net

Warranty provision

Contingency provision

Result from financial instruments

Provision (reversal) for doubtful accounts

Properties and land held for sale

Provision for fines due to construction delays

Equity in earnings of subsidiaries

Receivables from development and services rendered

Properties for sale and land held for sale

Other assets

Prepaid expenses

Liabilities from property purchases and customer

advances

Taxes and contributions

Suppliers

Salaries, social charges and profit sharing

Other liabilities

Related party transactions

Taxes paid

Cash and cash equivalents generated from operating

activities

Investing activities

Investment in securities and financial instruments

Redemption of securities, guarantees and credits

Cash generated (used) in investing activities

Borrowings, financing and debenture proceeds

Repayment of borrowings, financing and debentures -

principal

Capital increase and advance for future capital

increase

Cash generated (used) in financing activities

Net increase / (decrease) in cash and cash equivalents

At the beginning of the period

At the end of the period

Net increase / (decrease) in cash and cash equivalents

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