Quarterly Information
(ITR) of Multiplan
Empreendimentos
Imobiliários S.A.
Individual and consolidated interim financial information as of March 31, 2025
Contents
Report on review of quarterly information (ITR) | 3 |
Balance sheet | 5 |
Statements of income | 7 |
Statements of comprehensive income | 8 |
Statements of changes in shareholders' equity (Individual) | 9 |
Statements of changes in shareholders' equity (Consolidated) | 10 |
Statements of cash flows | 11 |
Statements of value added | 12 |
Notes to interim financial information | 13 |
2
Report on Review of Interim Financial Information
To the Board of Directors and Management
Multiplan Empreendimentos Imobiliários S.A.
Rio de Janeiro - RJ
Introduction
We have reviewed the accompanying individual company and consolidated interim financial information of Multiplan Empreendimentos Imobiliários S.A. ("Company") for the quarter ended March 31, 2025, which comprises the balance sheet as of March 31, 2025, the statements of profit or loss, comprehensive income, changes in equity and cash flows for the quarter then ended, and the statements of changes in equity and cash flows for the year Three-month period then ended, including notes to the interim financial information.
Management is responsible for the preparation and presentation of this interim financial information in accordance with CPC 21(R1) Technical Pronouncement - Interim Financial Information and international standard IAS 34 - Interim Financial Reporting, applicable to real estate development entities in Brazil registered with the Brazilian Securities and Exchange Commission ("CVM"), as well as for the presentation of this quarterly information in accordance with the standards issued by the Brazilian Securities and Exchange Commission, applicable to the preparation of the Interim Financial Information. Our responsibility is to express a conclusion on this interim financial information based on our review.
Scope of review
We conducted our review in accordance with Brazilian and international review standards applicable to interim financial information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion on the individual company and consolidated interim financial information
Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual company and consolidated interim financial information referred to above is not prepared, in all material respects, in accordance with CPC 21(R1) and IAS 34 applicable to real estate development entities in Brazil, registered with the Brazilian Securities and Exchange Commission ("CVM"), applicable to the preparation of Interim Financial Information and presented in accordance with the standards issued by the Brazilian Securities and Exchange Commission.
Emphasis
As described in note 2, the individual company and consolidated interim financial information included in the Quarterly Financial Information has been prepared in accordance with CPC 21 and IAS 34 applicable to real estate development entities in Brazil registered with CVM. Therefore, the accounting policy adopted by the entity for the recognition of revenue in contracts for the purchase and sale of unfinished real estate units on the issues related to the transfer of control is in line with the understanding followed by the Company's management about the application of CPC 47 - Revenue from Contracts with Customers (IFRS 15), in line with
3
the accounting statement expressed by CVM in Official Letter No. 02/2018 issued by CVM/SNC/SEP. Our conclusion is not qualified on this issue.
Other issues - Statements of Value Added
The quarterly financial statements referred to above, include the individual company and consolidated statements of value added for the quarter ended March 31, 2025, prepared under the responsibility of the Company's management and presented as supplementary information for the purposes of IAS 34 applicable to real estate development entities in Brazil registered with the Brazilian Securities and Exchange Commission ("CVM"). These quarterly financial statements have been submitted to review procedures performed together with the review of the quarterly financial statements to conclude whether they are reconciled to the interim financial information and accounting records, if applicable, and whether their form and content are in accordance with the criteria set by Technical Pronouncement NBC TG 09 - "Statement of Value Added". Based on our review, nothing has come to our attention that causes us to believe that these financial statements have not been prepared, in all material respects, according to the criteria set on this Technical Pronouncement and in a manner consistent with the individual and consolidated interim financial information taken as a whole.
Rio de Janeiro, April 24, 2025.
KPMG Auditores Independentes
CRC SP-014428/O-6 F-RJ
Marcelo Luiz Ferreira
Contador CRC RJ-087095/O-7
4
Multiplan Empreendimentos Imobiliários S.A.
Balance sheet
March 31, 2025 and December 31, 2024 (In thousands of reais - R$)
Individual | Consolidated | ||||
03/31/2025 | 12/31/2024 | 03/31/2025 | 12/31/2024 | ||
Assets | |||||
Current assets | |||||
Cash and cash equivalents (Note 3) | 25,615 | 21,592 | 71,705 | 49,603 | |
Short-term investments (Note 3) | 686,341 | 769,526 | 1,171,958 | 1,142,010 | |
Accounts receivable (Note 4) | 219,719 | 290,826 | 559,391 | 650,028 | |
Land and properties held for sale (Note 6) | 204 | 204 | 171,924 | 150,409 | |
Accounts receivable from related parties (Note 5) | 21,695 | 23,381 | 39,971 | 43,494 | |
Recoverable taxes and contributions (Note 16) | 71,890 | 75,148 | 78,331 | 81,826 | |
Other recoverable taxes and social contributions | 1,591 | 841 | 6,204 | 4,913 | |
Deferred costs (Note 18) | 39,121 | 41,220 | 62,194 | 63,448 | |
Other | 13,872 | 10,674 | 22,434 | 15,903 | |
Total current assets | 1,080,048 | 1,233,412 | 2,184,112 | 2,201,634 | |
Non-current assets | |||||
Accounts receivable (Note 4) | 12,486 | 13,615 | 94,800 | 96,543 | |
Land and properties held for sale (Note 6) | 5,759 | 5,703 | 507,662 | 488,527 | |
Accounts receivable from related parties (Note 5) | 39,408 | 40,110 | 61,348 | 60,975 | |
Judicial deposits (Note 17.2) | 63,247 | 59,784 | 68,798 | 65,015 | |
Deferred income tax and social contribution (Note 7) | - | - | 39,151 | 31,614 | |
Deferred costs (Note 18) | 129,669 | 114,739 | 177,519 | 162,047 | |
Other | 742 | 742 | 1,191 | 1,191 | |
Investments (Note 8) | 5,564,710 | 5,367,212 | 2,108 | 2,108 | |
Investment properties (Note 9) | 4,937,869 | 4,855,420 | 8,989,257 | 8,909,922 | |
Property, plant and equipment (Note 10) | 83,028 | 83,671 | 98,938 | 99,711 | |
Intangible assets (Note 11) | 392,997 | 389,846 | 395,606 | 392,514 | |
Total non-current assets | 11,229,915 | 10,930,842 | 10,436,378 | 10,310,167 | |
Total assets | 12,309,963 | 12,164,254 | 12,620,490 | 12,511,801 | |
5
Multiplan Empreendimentos Imobiliários S.A.
Balance sheet
March 31, 2025 and December 31, 2024 (In thousands of reais - R$)
Individual | Consolidated | |||
03/31/2025 | 12/31/2024 | 03/31/2024 | 12/31/2024 | |
Liabilities and shareholders' equity | ||||
Current liabilities | ||||
Loans and financing (Note 12) | 258,098 | 261,262 | 269,345 | 272,248 |
Debentures (Note 14) | 364,768 | 306,772 | 364,768 | 306,772 |
Accounts payable (Note 13) | 213,953 | 230,925 | 284,142 | 294,238 |
Property acquisition obligations (Note 15) | - | - | - | 35,241 |
Taxes and contribution payable (Note 16) | - | - | 14,987 | 21,379 |
Other taxes and social contributions payable | 9,235 | 18,737 | 16,916 | 37,348 |
Interest on own capital (Note 19.c) | 507,234 | 492,096 | 507,234 | 492,096 |
Deferred revenues (Note 18) | 12,038 | 12,486 | 16,825 | 17,071 |
Advances from customers | 12,841 | 12,767 | 61,098 | 56,002 |
Other | 7,955 | 8,871 | 9,538 | 11,498 |
Total current liabilities | 1,386,122 | 1,343,916 | 1,544,853 | 1,543,893 |
Non-current liabilities | ||||
Loans and financing (Note 12) | 665,794 | 675,494 | 737,074 | 749,376 |
Debentures (Note 14) | 4,103,792 | 4,102,536 | 4,103,792 | 4,102,536 |
Accounts payable (Note 13) | 32,345 | 35,787 | 33,111 | 36,588 |
Provision for contingencies (Note 17.1) | 5,535 | 3,725 | 12,580 | 11,201 |
Debt to related parties (Note 5 and Note 17.2.b) | 4,286 | 4,286 | 4,286 | 4,286 |
Deferred taxes and contributions payable (Note 7) | 367,622 | 353,594 | 403,723 | 381,713 |
Deferred revenues (Note 18) | 26,899 | 28,308 | 31,992 | 34,020 |
Advances from customers | 1,533 | 1,633 | 1,533 | 1,633 |
Other | 786 | 786 | 786 | 786 |
Total non-current liabilities | 5,208,592 | 5,206,149 | 5,328,877 | 5,322,139 |
Shareholders' equity (Note 19) | ||||
Capital | 3,158,062 | 3,158,062 | 3,158,062 | 3,158,062 |
Share issue costs | (59,951) | (59,951) | (59,951) | (59,951) |
Capital reserves | 107,165 | 128,323 | 107,165 | 128,323 |
Profit reserves | 3,154,749 | 3,154,749 | 3,186,079 | 3,186,079 |
Treasury shares | (678,708) | (676,998) | (678,708) | (676,998) |
Effects on capital transaction | (89,996) | (89,996) | (89,996) | (89,996) |
Net income for the period | 123,928 | - | 123,819 | - |
Total shareholders' equity | 5,715,249 | 5,614,189 | 5,746,470 | 5,645,519 |
Non-controlling interests | - | - | 290 | 250 |
Total shareholders' equity | 5,715,249 | 5,614,189 | 5,746,760 | 5,645,769 |
Total liabilities and shareholders' equity | 12,309,963 | 12,164,254 | 12,620,490 | 12,511,801 |
See the accompanying notes.
6
Multiplan Empreendimentos Imobiliários S.A.
Statements of income
Three-month periods ended March 31, 2025 and 2024
(In thousands of reais, except basic and diluted earnings per share, in reais)
Net operating revenue (Note 21)
Cost of services rendered and properties sold (Note 22)
Gross profit
Operating revenue (expenses):
Administrative expenses - Headquarters (Note 22) Administrative expenses - Properties (Note 22) Projects for lease expenses (Note 22)
Projects for sale expenses (Note 22) Share-based compensation expenses (Note 20) Equity in net income of subsidiaries (Note 8) Depreciation and amortization
Other operating revenue (expenses), net
Operating revenue before financial revenues (expenses)
Financial expenses Financial revenues
Financial revenues (expenses), net (Note 23)
Income before income tax and social contribution
Income tax and social contribution (Note 7)
Net income for the period
Income attributable to:
Owners of the parent company
Non-controlling interests
Basic earnings per share (Note 26)
Diluted earnings per share (Note 26)
Individual | Consolidated | ||
03/31/2025 | 03/31/2024 | 03/31/2025 | 03/31/2024 |
344,524 | 346,407 | 525,677 | 523,619 |
(33,513) | (30,029) | (85,046) | (71,388) |
311,011 | 316,378 | 440,631 | 452,231 |
(47,419) | (37,326) | (49,739) | (46,193) |
2,705 | (5,702) | (3,303) | (17,261) |
(1,369) | (461) | (2,023) | (1,271) |
(448) | (864) | (4,872) | (4,669) |
(8,220) | (15,928) | (9,032) | (18,078) |
104,524 | 94,502 | 1 | (37) |
(6,380) | (5,573) | (6,567) | (5,768) |
(3,793) | (6,379) | (3,342) | (2,697) |
350,611 | 338,647 | 361,754 | 356,257 |
(136,087) | (111,098) | (139,619) | (84,861) |
31,949 | 34,396 | 48,676 | 48,732 |
(104,138) | (76,702) | (90,943) | (36,129) |
246,473 | 261,945 | 270,811 | 320,128 |
(12,545) | (26,474) | (36,726) | (53,061) |
233,928 | 235,471 | 234,085 | 267,067 |
233,928 | 235,471 | 234,044 | 267,028 |
- | - | 41 | 39 |
0.4784 | 0.4049 | 0.4786 | 0.4592 |
0.4750 | 0.4005 | 0.4752 | 0.4541 |
See the accompanying notes.
7
Multiplan Empreendimentos Imobiliários S.A.
Statements of comprehensive income Three-month periods ended March 31, 2025 and 2024 (In thousands of reais - R$)
Individual | Consolidated | |||
03/31/2025 | 03/31/2024 | 03/31/2025 | 03/31/2024 | |
Net income for the period | 233,928 | 235,471 | 234,085 | 267,067 |
Other comprehensive income | - | - | - | - |
Total comprehensive income for the period | 233,928 | 235,471 | 234,085 | 267,067 |
Total comprehensive income attributed to: | ||||
Non-controlling interests | - | - | 41 | 39 |
Owners of the parent company | - | - | 234,044 | 267,028 |
See the accompanying notes.
8
Multiplan Empreendimentos Imobiliários S.A.
Statements of changes in shareholders' equity (Individual) Three-month periods ended March 31, 2025 and 2024 (In thousands of reais - R$)
Balances at December 31, 2023 Repurchase of shares
Stock options granted (Note 20.b) Exercise of deferred shares Interest on own capital
Net income for the period Balances at March 31, 2024
Balances at December 31, 2024 Repurchase of shares
Stock options granted (Note 20.b) Exercise of deferred shares Interest on own capital
Net income for the period
Balances at March 31, 2025
Capital reserves | Income reserves | ||||||||||
Special | |||||||||||
goodwill | Goodwill | Effects | Retained | ||||||||
Share | Share | reserve | reserve upon | Other | on | earnings/ | |||||
issue | options | upon | issue of | capital | Legal | Expansion | Treasury | capital | (accumulated | ||
Capital | costs | granted | merger | shares | reserves | reserve | reserve | shares | transactions | losses) | Total |
2,988,062 | (43,548) | 139,513 | 186,548 | 720,786 | 4,093 | 348,268 | 3,098,184 | (417,994) | (89,996) | - | 6,933,916 |
- | - | - | - | - | - | - | - | (21,580) | - | - | (21,580) |
- | - | 13,056 | - | - | - | - | - | - | - | - | 13,056 |
- | - | (16,723) | - | 1,828 | - | - | - | - | - | - | (14,895) |
- | - | - | - | - | - | - | - | - | - | (90,000) | (90,000) |
- | - | - | - | - | - | - | - | - | - | 235,471 | 235,471 |
2,988,062 | (43,548) | 135,846 | 186,548 | 722,614 | 4,093 | 348,268 | 3,098,184 | (439,574) | (89,996) | 145,471 | 7,055,968 |
3,158,062 | (59,951) | 144,949 | - | (20,719) | 4,093 | 413,785 | 2,740,964 | (676,998) | (89,996) | - | 5,614,189 |
- | - | - | - | - | - | - | - | (25,471) | - | - | (25,471) |
- | - | 8,521 | - | - | - | - | - | - | - | - | 8,521 |
- | - | (29,402) | - | (277) | - | - | - | 23,761 | - | - | (5,918) |
- | - | - | - | - | - | - | - | - | - | (110,000) | (110,000) |
- | - | - | - | - | - | - | - | - | - | 233,928 | 233,928 |
3,158,062 | (59,951) | 124,068 | - | (20,996) | 4,093 | 413,785 | 2,740,964 | (678,708) | (89,996) | 123,928 | 5,715,249 |
See the accompanying notes.
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Multiplan Empreendimentos Imobiliários S.A.
Statements of changes in shareholders' equity (Consolidated) Three-month periods ended March 31, 2025 and 2024
(In thousands of reais - R$)
Capital reserves | Income reserves | ||||||||||||
Goodwill | |||||||||||||
Special | reserve | Effects | Retained | ||||||||||
Share | Share | goodwill | Other | upon | on | earnings/ | Non- | ||||||
issue | options | reserve | capital | issue of | Legal | Expansion | capital | Treasury | (accumulated | controlling | |||
Capital | costs | granted | upon merger | reserves | shares | reserve | reserve | transactions | shares | losses) | Total | interests | Total |
Balances at December 31, 2023 Equity in net income of subsidiaries
-
subsidiary (Note 2.3) Non-controlling interest Repurchase of shares
Stock options granted (Note 20.b) Exercise of restricted shares Interest on own capital
Net income for the period Balances at March 31, 2024
Balances at December 31, 2024 Equity in net income of subsidiaries
-
subsidiary (Note 2.3) Non-controlling interest Repurchase of shares
Stock options granted (Note 20.b) Exercise of restricted shares Interest on own capital
Net income for the period
Balances at March 31, 2025
2,988,062 | (43,548) | 139,513 | 186,548 | 4,093 | 720,786 | 348,268 | 3,098,184 | (89,996) | (417,994) | - | 6,933,916 | 82 | 6,933,998 |
- | - | - | - | - | - | - | - | - | - | 99 | 99 | - | 99 |
- | - | - | - | - | - | - | - | - | - | - | - | 2 | 2 |
- | - | - | - | - | - | - | - | - | (21,580) | - | (21,580) | - | (21,580) |
- | - | 13,056 | - | - | - | - | - | - | - | - | 13,056 | - | 13,056 |
- | - | (16,723) | - | - | 1,828 | - | - | - | - | (14,895) | - | (14,895) | |
- | - | - | - | - | - | - | - | - | - | (90,000) | (90,000) | - | (90,000) |
- | - | - | - | - | - | - | - | - | - | 267,028 | 267,028 | 39 | 267,067 |
2,988,062 | (43,548) | 135,846 | 186,548 | 4,093 | 722,614 | 348,268 | 3,098,184 | (89,996) | (439,574) | 177,127 | 7,087,624 | 123 | 7,087,747 |
3,158,062 | (59,951) | 144,949 | - | 4,093 | (20,709) | 413,785 | 2,772,294 | (676,998) | (89,996) | - | 5,645,519 | 250 | 5,645,769 |
- | - | - | - | - | - | - | - | - | - | (225) | (225) | - | (225) |
- | - | - | - | - | - | - | - | - | - | - | - | (1) | (1) |
- | - | - | - | - | - | - | - | (25,471) | - | - | (25,471) | - | (25,471) |
- | - | 8,521 | - | - | - | - | - | - | - | - | 8,521 | - | 8,521 |
- | - | (29,402) | - | - | - | - | - | 23,761 | - | - | (5,918) | - | (5,918) |
- | - | - | - | - | - | - | - | - | - | (110,000) | (110,000) | - | (110,000) |
- | - | - | - | - | - | - | - | - | - | 234,044 | 234,044 | 41 | 234,085 |
3,158,062 | (59,951) | 124,068 | - | (20,996) | 4,093 | 413,785 | 2,772,294 | (678,708) | (89,996) | 123,819 | 5,746,470 | 290 | 5,746,760 |
See the accompanying notes.
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