Tecnisa S.a.BMFBOVESPA: TCSA3

Quarterly Information (ITR) at September 30, 2025 and report on review of quarterly information

Jan 20, 2026 at 1:12 PM UTC · Issued by Tecnisa S.A.

(A free translation of the original in Portuguese)

Tecnisa S.A. and Subsidiaries Quarterly Information (ITR) at September 30, 2025 and report on review of quarterly information Report on review of quarterly information

To the Board of Directors and Shareholders Tecnisa S.A.

Introduction

We have reviewed the accompanying individual parent company and consolidated interim accounting information of Tecnisa S.A. ("Company"), included in the Quarterly Information Form (ITR) for the quarter ended September 30, 2025, comprising the balance sheet at that date and the statements of income and comprehensive income for the quarter and nine-month period then ended, and the statements of changes in equity and cash flows for the nine-month period then ended, and explanatory notes.

Management is responsible for the preparation of the individual parent company and consolidated interim accounting information in accordance with the accounting standard CPC 21, Interim Financial Reporting, of the Brazilian Accounting Pronouncements Committee (CPC) and International Accounting Standard (IAS) 34, Interim Financial Reporting issued by the International Accounting Standards Board (IASB), as well as the presentation of this information in accordance with the standards applicable to Brazilian real estate development entities registered with the Brazilian Securities Commission (CVM), applicable to the preparation of the Quarterly Information (ITR). Our responsibility is to express a conclusion on this interim accounting information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Reviews of 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 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 Brazilian and International 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

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual parent company and consolidated interim accounting information included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with CPC 21 and IAS 34, presented in accordance with the standards issued by the CVM, applicable to Brazilian real estate development entities registered with CVM, applicable to the preparation of the Quarterly Information - ITR.

Emphasis of matter

As described in Note 2, the individual parent company and consolidated interim accounting information included in the Quarterly Information Form (ITR) has been prepared in accordance with the accounting standard CPC 21, and International Accounting Standard (IAS) 34, applicable to Brazilian real estate development entities, registered with the CVM. Accordingly, the accounting policy adopted by the Company for the recognition of revenue from the sale of real estate units under construction, as regards to timing of transfer of control, is in accordance with the guidance in CVM Circular Letter/CVM/SNC/SEP 02/2018 as to the application of Technical Pronouncement NBC TG 47 (IFRS 15). Our conclusion is not qualified in respect of this matter.

https://www.pwc.com.br

PricewaterhouseCoopers Auditores Independentes Ltda. Avenida Brigadeiro Faria Lima, 3732, Edifício B32, 16o, São Paulo, SP, Brasil, 04538-132

T: +55 (11) 4004-8000

Tecnisa S.A.

Other matters

Statements of value added

The quarterly information referred to above includes the individual parent company and consolidated statements of value added for the nine-month period ended September 30, 2025. These statements are the responsibility of the Company's management and are presented as supplementary information under IAS 34. These statements have been subjected to review procedures performed together with the review of the interim accounting information for the purpose of concluding whether they are reconciled with the interim accounting information and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in the accounting standard CPC 09 - "Statement of Value Added". Based on our review, nothing has come to our attention that causes us to believe that these statements of value added have not been properly prepared, in all material respects, in accordance with the criteria established in this accounting standard, and consistent with the parent company and consolidated interim accounting information taken as a whole.

São Paulo, January 5, 2026

PricewaterhouseCoopers Mairkon Strangueti Nogueira

Auditores Independentes Ltda. Contador CRC 1SP255830/O-3 CRC 2SP000160/O-5

Contents

Company Data

Capital Structure 1

Individual Financial Statements

Balance Sheet Assets 2

Balance Sheet Liabilities 3

Income Statement 4

Statement of Comprehensive Income 5

Cash Flow Statement (Indirect Method) 6

Statement of Changes in Shareholders' Equity

DMPL - January 1, 2025 to September 30, 2025 7

DMPL - January 1, 2024 to September 30, 2024 8

Statement of Added Value 9

Consolidated Financial Statements

Balance Sheet Assets 10

Balance Sheet Liabilities 11

Income Statement 13

Statement of Comprehensive Income 15

Cash Flow Statement (Indirect Method) 16

Statement of Changes in Shareholders' Equity

DMPL - January 1, 2025 to September 30, 2025 18

DMPL - January 1, 2024 to September 30, 2024 19

Statement of Added Value 20

Performance Commentary 21

Explanatory Notes 41

Commentary on the Behavior of Business Projections 94

Other Information the Company Considers Relevant 95

Opinions and Statements

Special Review Report - Unqualified Opinion 96

Opinion or Summary Report, if any, from the Audit Committee (statutory or otherwise) 98

Statement of the Directors on the Financial Statements 99

Statement by the Directors on the Independent Auditor's Report 100

Company Data / Shareholder Structure

Number of Shares	Current Quarter
(Thousand)	09/30/2025
Paid-in Capital
Common	73,619
Preferred	0
Total	73,619
In Treasury
Ordinary	0
Preferred	0
Total	0

Individual DFs / Balance Sheet Assets (Thousands of Reais)

Code	Account Description	Current Quarter	Previous Fiscal Year
Account		09/30/2025	12/31/2024
1	Total Assets	1,152,670	1,224,772
1	Current Assets	29,936	109,896
1.01.01	Cash and Cash Equivalents	3,948	65,509
1.01.02	Financial Investments	562	2,568
1.01.02.03	Financial Investments Valued at Amortized Cost	562	2,568
1.01.02.03.01	Securities Held to Maturity	562	2,568
1.01.06	Taxes Recoverable	741	1,643
1.01.06.01	Current Taxes Recoverable	741	1,643
1.01.07	Prepaid Expenses	556	147
1.01.08	Other Current Assets	24,129	40,029
1.01.08.03	Other	24,129	40,029
1.01.08.03.01	Miscellaneous credits	20,028	37,435
1.01.08.03.02	Business partners	4,101	2,594
1.02	Non-current assets	1,122,734	1,114,876
1,02,01	Long-Term Assets	108,330	75,172
1.02.01.03	Financial Investments Measured at Amortized Cost	12,021	9,578
1.02.01.07	Deferred taxes	1,679	1,003
1.02.01.07.02	Current Taxes Recoverable	1,679	1,003
1.02.01.09	Credits with Related Parties	58,079	36,975
1.02.01.09.02	Credits with Subsidiaries	51,587	28,815
1.02.01.09.04	Credits with Other Related Parties	6,492	8,160
1.02.01.10	Other Non-Current Assets	36,551	27,616
1.02.01.10.04	Other accounts receivable	36,551	27,616
1.02.02	Investments	1,003,444	1,024,710
1.02.02.01	Equity investments	1,003,444	1,024,710
1.02.02.01.02	Equity Interests in Subsidiaries	1,003,444	1,024,710
1.02.03	Fixed Assets	2,611	4,610
1.02.03.01	Fixed assets in operation	2,611	4,610
1.02.04	Intangible	8,349	10,384
1.02.04.01	Intangible	8,349	10,384
1.02.04.01.02	Intangibles	8,349	10,384

Individual Financial Statements / Balance Sheet Liabilities (Thousands of Reais)

Code	Account Description	Current Quarter	Previous Fiscal Year
Account		09/30/2025	12/31/2024
2	Total Liabilities	1,152,670	1,224,772
2	Current Liabilities	442,035	347,565
2.01.01	Social and Labor Obligations	8,092	9,707
2.01.01.02	Labor Obligations	8,092	9,707
2.01.02	Suppliers	2,027	2,010
2.01.02.01	Domestic Suppliers	2,027	2,010
2.01.03	Tax Obligations	916	1,054
2.01.03.01	Federal Tax Obligations	916	1,054
2.01.03.01.02	Taxes and contributions to be collected	916	1,054
2.01.04	Loans and Financing	195,996	116,609
2.01.04.01	Loans and Financing	41,042	99
2.01.04.01.01	In National Currency	41,042	99
2.01.04.02	Debentures	154,954	116,510
2.01.05	Other Obligations	235,004	218,185
2.01.05.01	Liabilities with Related Parties	222,877	205,943
2.01.05.01.02	Debts with Subsidiaries	222,877	205,943
2.01.05.02	Other	12,127	12,242
2.01.05.02.04	Other accounts payable/Provision for long-term incentive plan	1,497	1,612
2.01.05.02.05	Acquisition of equity interest payable	10,630	10,630
2.02	Non-current liabilities	400,905	494,892
2.02 01	Loans and Financing	339,161	456,418
2.02.01.01	Loans and Financing	20,470	20,132
2.02.01.02	Debentures	318,691	436,286
2.02.02	Other Liabilities	61,744	38,474
2.02.02.02	Other	61,744	38,474
2.02.02.02.03	Uncovered liabilities of investees	52,916	33,036
2.02.02.02.05	Other accounts payable	8,477	4,940
2.02.02.02.06	Provision for long-term incentive plan	351	498
2.03	Net equity	309,730	382,315
2.03.01	Paid-in Capital	1,868,316	1,868,316
2.03.02	Capital Reserves	-39,682	-39,682
2.03.02.08	Expenses related to the issuance of shares	-39,682	-39,682
2.03.04	Profit reserves	4,109	0
2.03.04.12	Transactions between shareholders	4,109	0
2.03.05	Accumulated profits/losses	-1,523,013	-1,446,319

ITR - Quarterly Information - 09/30/2025 - TECNISA S.A. Version: 1

Individual Financial Statements / Income Statement
(Thousands of Reais)
Code Account	Account Description	Current Quarter 07/01/2025 to 09/30/2025	Current Accumulated Fiscal	Same Quarter of Previous Fiscal Year	Year-to-Date Previous
			01/01/2025 to 09/30/2025	07/01/2024 to 09/30/2024	01/01/2024 to 09/30/2024
3.04	Operating Expenses/Revenues	18,137	-7,081	-22,442	-27,511
3.04.02	General and Administrative Expenses	-7,715	-24,942	-8,665	-26,467
3.04.02.01	General and Administrative	-3,932	-12,038	-4,925	-14,939
3.04.02.02	Management fees	-3,783	-12,904	-3,740	-11,528
3,040	Other Operating Expenses	-5,354	-11,356	-3,039	6,386
3.04.06	Equity Method Income	31,206	29,217	-10,738	-7,430
3.05	Earnings Before Financial Income and Taxes	18,137	-7,081	-22,442	-27,511
3.06	Financial Result	-27,685	-69,613	-20,372	-67,281
3.06.01	Financial Income	422	2,783	1,258	4,603
3.06.02	Financial Expenses	-28,107	-72,396	-21,630	-71,884
3.07	Income Before Income Taxes	-9,548	-76,694	-42,814	-94,792
3	Net Income from Continuing Operations	-9,548	-76,694	-42,814	-94,792
3.11	Profit/Loss for the Period	-9,548	-76,694	-42,814	-94,792
3.99	Earnings per Share - (Reais / Share)
3.99.01	Basic Earnings per Share
3.99.01.01	ON	-0.12969	-1.04177	-0.58156	-1.2876
3.99.01.02	ON	-0.12969	-1.04177	0	0
3.99.02	Diluted Earnings per Share
3.99.02.01	ON	-0.12969	-1.04177	0.58156	-1.2876

ITR - Quarterly Information - 09/30/2025 - TECNISA S.A. Version: 1

Individual Financial Statements / Comprehensive Income Statement (Thousands of Brazilian Reais)

Code	Account Description	Current Quarter	Current Accumulated	Same Quarter of	Year-to-Date
Account		07/01/2025 to 09/30/2025	Fiscal 01/01/2025 to 09/30/2025	Previous Fiscal Year 07/01/2024 to 09/30/2024	Previous 01/01/2024 to 09/30/2024
4.01	Net Income for the Period	-9,548	-76,694	-42,814	-94,792
4.03	Comprehensive Income for the Period	-9,548	-76,694	-42,814	-94,792

ITR - Quarterly Information - 09/30/2025 - TECNISA S.A. Version: 1

Docusign Envelope ID: 2D8A15A1-E520-47F8-895E-828033A6FB23

ITR - Quarterly Information - 09/30/2025 - TECNISA S.A. Version: 1

Individual Financial Statements / Cash Flow Statement (Indirect Method) (Reais Thousand)

Code Account	Account Description	Current Accumulated Fiscal Year	Accumulated for the Fiscal Year Previous
		01/01/2025 to 09/30/2025	01/01/2024 to 09/30/2024
6.01	Net Cash from Operating Activities	-33,316	8,899
6.01.01	Cash generated from operations	-6,062	-17,137
6.01.01.01	Profit/Loss before Income Tax and Social Contribution	-76,694	-94,792
6.01.01.02	Depreciation	1,998	1,403
6.01.01.03	Software amortization	3,296	2,995
6.01.01.04	Write-off of fixed assets	11	12
6.01.01.06	Equity equivalence	-29,217	7,430
6.01.01.08	Net interest and financial charges	71,593	70,891
6.01.01.09	Income from securities	-544	-623
6.01.01.10	Provision for profit sharing	4,968	3,720
6.01.01.12	Provision for long-term incentive plan	603	-1,162
6.01.01.14	Provision for construction partner losses	111	111
6.01.01.16	Amortization of investment remeasurement	13,188	24,060
6.01.01.19	Gain (Loss) on acquisition and sale of equity interest	0	-30,746
6.01.01.20	Provision for risks	4,625	-436
6.01.02	Changes in Assets and Liabilities	2,257	51,361
6.01.02.01	Miscellaneous credits	17,407	-1,153
6.01.02.02	Prepaid expenses	-409	-702
6.01.02.03	Taxes recoverable	226	-352
6.01.02.04	Other accounts receivable	-8,935	11,717
6.01.02.07	Suppliers	17	1,867
6.01.02.08	Taxes, contributions, and salaries	-7,286	-5,428
6.01.02.09	Related parties and business partners	2,625	46,609
6.01.02.10	Other accounts payable	-1,388	-1,197
6.01.03	Other	-29,511	-25,325
6.01.03.01	Interest paid	-53,532	-53,262
6.01.03.02	Dividends received	24,021	27,937
6.02	Net cash from investing activities	20,296	18,544
6.02.01	Intangible	-1,261	-1,911
6.02.02	Securities	107	-5,414
6.02.03	Purchases of fixed assets	-10	-252
6.02.04	Increase/decrease in investments/Acquisition of equity interest	17,351	-23,879
6.02.05	Net cash generated from the sale of equity interest	0	50,000
6.02.06	Corporate reorganization	4,109	0
6.03	Net cash Financing activities	-48,541	-28,372
6.03.05	Loans and debentures raised	40,934	56,000
6.03.06	Amortization of loans and debentures	-89,475	-84,372
6.05	Increase (Decrease) in Cash and Cash Equivalents	-61,561	-929
6.05.01	Opening Balance of Cash and Cash Equivalents	65,509	32,018
6.05.02	Closing Balance of Cash and Cash Equivalents	3,948	31,089

PAGE: 6 of 93

ITR - Quarterly Information - 09/30/2025 - TECNISA S.A. Version: 1

Individual Financial Statements / Statement of Changes in Shareholders' Equity / DMPL - January 1, 2025, to September 30, 2025 (Thousands of Reais)

Code Account

Account Description Paid-in Capital Capital Reserves, Options Granted, and Treasury

				Accumulated
5.01 Opening Balances	1,868,316	-39,682	0	-1,446,319	0	382,315
5.02 Adjustments from Previous Years	0	0	0	0	0	0
5.03 Adjusted Opening Balances	1,868,316	-39,682	0	-1,446,319	0	382,315
5.04 Capital Transactions with Partners	0	0	0	0	0	0
5.05 Total Comprehensive Income	0	0	0	-76,694	0	-76,694
5.06 Internal Changes in Shareholders' Equity	0	0	4,109	0	0	4,109
5.07 Final Balances	1,868,316	-39,682	4,109	-1,523,013	0	309,730

Profit Reserves Accumulated Profits or Losses

Other Comprehensive Income

Comprehensive

Net Equity

ITR - Quarterly Information - 09/30/2025 - TECNISA S.A. Version: 1

Individual Financial Statements / Statement of Changes in Net Equity / DMPL - January 1, 2024 to September 30, 2024 (Thousands of Brazilian Reais)

Code Account

Account Description Paid-in Capital Capital Reserves, Options Granted, and Treasury

				Accumulated
5.01 Opening Balances	1,868,316	-39,682	-601	-1,293,508	0	534,525
5.02 Adjustments from Previous Years	0	0	0	0	0	0
5.03 Adjusted Opening Balances	1,868,316	-39,682	-601	-1,293,508	0	534,525
5.04 Capital Transactions with Shareholders	0	0	0	0	0	0
5.05 Total Comprehensive Income	0	0	0	-94,792	0	-94,792
5.05.01 Net Income for the Period	0	0	0	-94,792	0	-94,792
5.06 Internal Changes in Shareholders' Equity	0	0	0	0	0	0
5.07 Final Balances	1,868,316	-39,682	-601	-1,388,300	0	439,733

Profit Reserves Accumulated Profits or Losses

Other Comprehensive Income

Comprehensive

Net Equity

Individual Financial Statements / Statement of Added Value (Thousands of Reais)

Code of Account	Account Description	Current Accumulated Fiscal Year	Accumulated for the Fiscal Year Previous
		01/01/2025 to 09/30/2025	01/01/2024 to 09/30/2024
7.02	Inputs Purchased from Third Parties	-13,901	3,096
7.02.02	Materials, Energy, Third-Party Services, and Others	-2,107	-2,933
7.02.04	Others	-11,794	6,029
7.03	Gross Value Added	-13,901	3,096
7.04	Withholdings	-5,294	-4,398
7.04.01	Depreciation, Amortization, and Depletion	-5,294	-4,398
7.05	Net Value Added Produced	-19,195	-1,302
7.06	Added Value Received in Transfer	32,000	-2,827
7.06.01	Equity Method Income	29,217	-7,430
7.06.02	Financial Income	2,783	4,603
7.07	Total Added Value to be Distributed	12,805	-4,129
7.08	Distribution of Added Value	12,805	-4,129
7.08.01	Personnel	14,561	16,087
7.08.01.01	Direct Compensation	8,496	7,722
7.08.01.02	Benefits	2,651	2,155
7.08.01.03	F.G.T.S.	135	198
7.08.01.04	Others	3,279	6,012
7.08.02	Taxes, Fees, and Contributions	2,326	2,567
7.08.02.01	Federal	2,326	2,567
7.08.03	Third-party capital remuneration	72,612	72,009
7.08.03.01	Interest	72,396	71,884
7.08.03.02	Rent	216	125
7.08.04	Return on Equity	-76,694	-94,792
7.08.04.03	Retained Earnings / Loss for the Period	-76,694	-94,792

Consolidated Financial Statements / Balance Sheet Assets (Thousands of Reais)

Code	Account Description	Current Quarter	Previous Fiscal Year
Account		09/30/2025	12/31/2024
1	Total Assets	1,099,015	1,339,070
1	Current Assets	311,697	545,646
1.01.01	Cash and Cash Equivalents	42,380	130,821
1.01.02	Financial Investments	5,705	31,447
1.01.02.03	Financial Investments Valued at Amortized Cost	5,705	31,447
1.01.02.03.01	Securities Held to Maturity	5,705	31,447
1.01.03	Accounts Receivable	81,254	199,736
1.01.03.01	Customers	81,254	199,736
1.01.04	Inventories	127,396	132,402
1.01.06	Taxes Recoverable	12,648	14,162
1.01.06.01	Current Taxes Recoverable	12,648	14,162
1.01.07	Prepaid Expenses	2,213	2,037
1.01.08	Other Current Assets	40,101	35,041
1.01.08.03	Other	40,101	35,041
1.01.08.03.01	Miscellaneous credits	36,000	32,447
1.01.08.03.02	Business partners	4,101	2,594
1.02	Non-current assets	787,318	793,424
1.02.01	Long-Term Assets	209,849	241,408
1.02.01.03	Financial Investments Measured at Amortized Cost	12,021	9,578
1.02.01.03.01	Securities Held to Maturity	12,021	9,578
1.02.01.04	Accounts Receivable	102,972	104,180
1.02.01.04.01	Customers	8,997	21,249
1.02.01.04.02	Other Accounts Receivable	51,975	82,931
1.02.01.04.03	Physical Swap Receivable	42,000	0
1.02.01.05	Inventories	51,717	86,574
1.02.01.07	Deferred taxes	4,990	3,284
1.02.01.07.02	Current Taxes Recoverable	4,990	3,284
1.02.01.09	Credits with Related Parties	38,149	37,792
1.02.01.09.01	Credits with Affiliates	5,373	3,780
1.02.01.09.04	Credits with Other Related Parties	32,776	34,012
1.02.02	Investments	565,551	535,445
1.02.02.01	Equity investments	519,251	489,145
1.02.02.01.01	Investments in Affiliates	519,251	489,145
1.02.02.02	Investment Properties	46,300	46,300
1.02.03	Fixed Assets	3,569	6,187
1.02.03.01	Fixed assets in operation	3,569	6,187
1.02.04	Intangible	8,349	10,384
1.02.04.01	Intangible	8,349	10,384
1.02.04.01.02	Intangibles	8,349	10,384

Consolidated Financial Statements / Balance Sheet Liabilities (Thousands of Reais)

Code	Account Description	Current Quarter	Previous Fiscal Year
Account		09/30/2025	12/31/2024
2	Total Liabilities	1,099,015	1,339,070
2.01	Current Liabilities	386,765	405,752
2.01.01	Social and Labor Obligations	18,904	18,325
2.01.01.02	Labor Obligations	18,904	18,325
2.01.02	Suppliers	12,154	15,190
2.01.02.01	Domestic Suppliers	12,154	15,190
2.01.03	Tax Liabilities	7,686	12,577
2.01.03.01	Federal Tax Liabilities	7,686	12,577
2.01.03.01.01	Income Tax and Social Contribution Payable	2,426	2,972
2.01.03.01.02	Deferred Income Tax and Social Contribution	2,664	6,977
2.01.03.01.03	Taxes and contributions payable	2,596	2,628
2.01.04	Loans and Financing	222,413	222,060
2.01.04.01	Loans and Financing	67,459	105,550
2.01.04.01.01	In National Currency	67,459	105,550
2.01.04.02	Debentures	154,954	116,510
2.01.05	Other Liabilities	125,608	137,600
2.01.05.01	Liabilities with Related Parties	22,624	26,301
2.01.05.01.01	Debts with Affiliates	3,802	3,802
2.01.05.01.04	Debts with Other Related Parties	18,822	22,499
2.01.05.02	Other	102,984	111,299
2.01.05.02.04	Advances from customers	66,564	66,386
2.01.05.02.05	Accounts payable for real estate acquisitions	1,227	2,637
2.01.05.02.06	Acquisition of equity interest payable	10,630	10,630
2.01.05.02.07	Other accounts payable/Provision for long-term incentive plan	24,563	31,646
2.02	Non-current liabilities	395,857	547,520
2.02.01	Loans and Financing	339,161	456,418
2.02.01.01	Loans and Financing	20,470	20,132
2.02.01.01.01	In National Currency	20,470	20,132
2.02.01.02	Debentures	318,691	436,286
2.02.02	Other Obligations	16,620	47,604
2.02.02.01	Liabilities with Related Parties	1,703	1,703
2.02.02.01.04	Debts with Other Related Parties	1,703	1,703
2.02.02.02	Other	14,917	45,901
2.02.02.02.03	Advances from customers	4,628	32,740
2.02.02.02.04	Accounts payable for real estate acquisitions	256	552
2.02.02.02.05	Uncovered liabilities of investees	3,124	3,255
2.02.02.02.07	Other accounts payable	6,558	8,856
2.02.02.02.08	Provision for long-term incentive plan	351	498
2.02.03	Deferred taxes	295	742
2.02.03.01	Deferred Income Tax and Social Contribution	295	742
2.02.04	Provisions	39,781	42,756
2.02.04.02	Other Provisions	39,781	42,756
2.02.04.02.01	Provisions for Guarantees	7,500	5,817
2.02.04.02.04	Provision for Risks	32,281	36,939

Consolidated Financial Statements / Balance Sheet Liabilities (Thousands of Reais)

Code	Account Description	Current Quarter	Previous Fiscal Year
Account		09/30/2025	12/31/2024
2.03	Consolidated Net Equity	316,393	385,798
2.03.01	Paid-in Capital	1,868,316	1,868,316
2.03.02	Capital Reserves	-39,682	-39,682
2.03.02.10	Expenses related to the issuance of shares	-39,682	-39,682
2.03.04	Profit reserves	4,109	0
2.03.04.10	Transactions between shareholders	4,109	0
2.03.05	Accumulated profits/losses	-1,523,013	-1,446,319
2.03.09	Non-Controlling Shareholders' Interest	6,663	3,483

ITR - Quarterly Information - 09/30/2025 - TECNISA S.A. Version: 1

Consolidated Financial Statements / Income Statement (Thousands of Reais)

Code	Account Description	Current Quarter	Current Year to Date	Same Quarter of	Year-to-Date
Account		07/01/2025 to 09/30/2025	Fiscal 01/01/2025 to 09/30/2025	Previous Fiscal Year 01/01/2024 to 09/30/2024	Previous 01/01/2024 to 09/30/2024
3.01	Revenue from Sales of Goods and/or Services	81,486	159,747	86,923	352,833
3.01.01	Gross Sales Revenue	70,096	133,602	75,522	330,451
3.01.02	Revenue from services rendered	14,438	34,208	15,620	34,493
3.01.03	Deductions from Gross Revenue	-3,048	-8,063	-4,219	-12,111
3.02	Cost of Goods and/or Services Sold	-78,072	-190,500	-98,249	-377,610
3.02.01	Cost of Property Sold	-64,786	-163,700	-85,451	-347,863
3.02.02	Costs of Services Rendered	-13,286	-26,800	-12,798	-29,747
3.03	Gross profit	3,414	-30,753	-11,326	-24,777
3.04	Operating Expenses/Revenues	5,902	-167	-16,147	-36,256
3.04.01	Selling Expenses	-4,227	-10,915	-6,779	-17,646
3.04.02	General and Administrative Expenses	-11,898	-38,677	-13,830	-41,160
3.04.02.01	General and Administrative	-8,115	-25,773	-10,090	-29,632
3.04.02.02	Management fees	-3,783	-12,904	-3,740	-11,528
3.04.05	Other Operating Expenses	-7,146	-15,849	-9,908	-12,093
3.04.06	Equity Method Income	29,173	65,274	14,370	34,643
3.05	Earnings Before Financial Income and Taxes	9,316	-30,920	-27,473	-61,033
3.06	Financial Result	-15,197	-39,424	-12,466	-26,402
3.06.01	Financial Income	3,707	11,620	5,722	17,327
3.06.02	Financial Expenses	-18,904	-51,044	-18,188	-43,729
3.07	Income Before Income Taxes	-5,881	-70,344	-39,939	-87,435
3.08	Income Tax and Social Contribution on Profit	-2,332	-5,348	-2,938	-9,693
3.08.01	Current	-2,322	-7,525	-4,167	-10,771
3.08.02	Deferred	-10	2,177	1,229	1,078
3.09	Net Income from Continuing Operations	-8,213	-75,692	-42,877	-97,128
3.11	Consolidated Profit/Loss for the Period	-8,213	-75,692	-42,877	-97,128
3,110	Attributed to Partners of the Controlling Company	-9,548	-76,694	-42,814	-94,792
3.11.02	Attributed to Non-Controlling Partners	1,335	1,002	-63	-2,336

ITR - Quarterly Information - 09/30/2025 - TECNISA S.A. Version: 1

Consolidated Financial Statements / Income Statement (Thousands of Reais)

Code	Account Description	Current Quarter	Current Accumulated	Same Quarter of	Year-to-date
Account		07/01/2025 to 09/30/2025	Fiscal 01/01/2025 to 09/30/2025	Previous Fiscal Year 07/01/2024 to 09/30/2024	Previous 01/01/2024 to 09/302024
3.99	Earnings per Share - (Reais / Share)
3.99.01	Basic Earnings per Share
3.99.01.01	ON	-0.11156	-1.02816	-0.58242	-1.31933
3.99.02	Diluted Earnings per Share
3.99.02.01	ON	-0.11156	-1.02816	-0.58242	-1.31933

ITR - Quarterly Information - 09/30/2025 - TECNISA S.A. Version: 1

Consolidated Financial Statements / Statement of Comprehensive Income (Thousands of Brazilian Reais)

Code	Account Description	Current Quarter	Current Year to Date	Same Quarter of	Year-to-Date
Account		07/01/2025 to 09/30/2025	Fiscal 01/01/2025 to 09/30/2025	Previous Fiscal Year 01/01/2024 to 09/30/2024	Previous 01/01/2024 to 09/30/2024
4.01	Consolidated Net Income for the Period	-8,213	-75,692	-42,877	-97,128
4	Comprehensive Income for the Period	-8,213	-75,692	-42,877	-97,128
4.03.01	Attributed to Partners of the Controlling Company	-9,548	-76,694	-42,814	-94,792
4.03.02	Attributed to Non-Controlling Partners	1,335	1,002	-63	-2,336

Consolidated Financial Statements / Cash Flow Statement (Indirect Method) (Thousands of Reais)

Code Account	Account Description	Current Accumulated Fiscal Year	Accumulated for the Fiscal Year Previous
		01/01/2025 to 09/30/2025	01/01/2024 to 09/30/2024
6.01	Net Cash from Operating Activities	6,657	104,915
6.01.01	Cash generated from operations	-22,946	-22,359
6.01.01.01	Profit/Loss before Income Tax and Social Contribution	-70,344	-87,435
6.01.01.02	Depreciation	2,953	2,830
6.01.01.03	Software amortization	3,296	2,995
6.01.01.04	Write-off of fixed and intangible assets	412	1,028
6.01.01.05	Equity equivalence	-65,274	-34,643
6.01.01.06	Net interest and financial charges	76,160	78,871
6.01.01.07	Income from securities and bonds	-1,544	-2,862
6.01.01.08	Provision for profit sharing	5,921	5,800
6.01.01.09	Adjustment to present value	11	-1,685
6.01.01.10	Provision for long-term incentive plan	603	-1,162
6.01.01.11	Deferred sales tax	-2,583	752
6.01.01.12	Provision for warranties / Provision for credit with expected loss expected	4,709	3,359
6.01.01.13	Provision for indemnities and terminations to customers	3,331	1,693
6.01.01.15	Provision for risks	6,104	9,123
6.01.01.16	Provision for loss on realization of inventory	0	-61
6.01.01.17	Provision for losses on construction partners	111	15,973
6.01.01.18	Gain (Loss) on acquisition and sale of equity interests	0	-30,841
6.01.01.19	Fair value measurement of investment property	0	-10,154
6.01.01.20	Amortization of investment remeasurement	13,188	24,060
6.01.02	Changes in Assets and Liabilities	75,001	168,948
6.01.02.01	Accounts receivable	131,475	15,559
6.01.02.03	Miscellaneous credits	-3,553	-10,261
6.01.02.04	Real Estate for sale	31,250	185,120
6.01.02.05	Prepaid expenses	-176	-405
6.01.02.06	Taxes recoverable	-192	-991
6.01.02.07	Other accounts receivable	-11,044	-30,715
6.01.02.10	Suppliers	-3,036	-6,646
6.01.02.11	Taxes, contributions, and salaries	-5,939	-1,193
6.01.02.12	Advances from customers	-27,934	37,158
6.01.02.13	Related parties	-5,653	7,064
6.01.02.14	Participation in consortiums	0	-88
6.01.02.15	Accounts payable for Real Estate acquisitions	-1,706	-1,644
6.01.02.16	Payment of guarantees/Payments for risk proceedings	-13,830	-13,678
6.01.02.19	Other accounts payable	-14,661	-10,332
6.01.03	Other	-45,398	-41,674
6.01.03.01	Interest paid	-57,795	-61,014
6.01.03.02	Income tax and social contribution paid	-8,071	-8,597
6.01.03.03	Dividends received	20,468	27,937
6.02	Net cash from investing activities	30,603	-16,493
6.02.01	Intangible	-1,261	-1,911

Consolidated Financial Statements / Cash Flow Statement (Indirect Method) (R$ Thousands)

Code Account	Account Description	Current Accumulated Fiscal Year	Accumulated for the Fiscal Year Previous
		01/01/2025 to 09/30/2025	01/01/2024 to 09/30/2024
6.02.02	Securities and Real Estate securities	24,843	-28,004
6.02.03	Purchases of fixed assets	-747	-305
6.02.04	Increase/decrease in investments	3,659	-127
6.02.05	Investment property	0	-36,146
6.02.06	Net cash generated from the sale of equity interests	0	50,000
6.02.07	Corporate reorganization	4,109	0
6.03	Net cash Financing activities	-125,701	-23,490
6.03.05	Proceeds from loans, debentures, and financing	64,734	145,866
6.03.06	Amortization of loans, debentures and assignment of receivables	-192,613	-169,031
6.03.08	Non-controlling shareholders' interest in subsidiaries	2,178	-325
6.05	Increase (Decrease) in Cash and Cash Equivalents	-88,441	64,932
6.05.01	Opening Balance of Cash and Cash Equivalents	130,821	83,865
6.05.02	Closing Balance of Cash and Cash Equivalents	42,380	148,797

ITR - Quarterly Information - 09/30/2025 - TECNISA S.A. Version: 1

Consolidated Financial Statements / Statement of Changes in Shareholders' Equity / DMPL - January 1, 2025 to September 30, 2025 (R$ thousand)

Account			Granted, Shares	and Treasury		Accumulated	Comprehensive		Controlling Shareholders	Consolidated
5.01	Opening Balances	1,868,316		-39,682	0	-1,446,319	0	382,315	3,483	385,798
5.02	Adjustments from Previous Years	0		0	0	0	0	0	0	0
5.03	Adjusted Opening Balances	1,868,316		-39,682	0	-1,446,319	0	382,315	3,483	385,798
5.04	Capital Transactions with Shareholders	0		0	0	0	0	0	2,178	2,178
5.05	Total Comprehensive Income	0		0	0	-76,694	0	-76,694	1,002	-75,692
5.05.01	Net Income for the Period	0		0	0	-76,694	0	-76,694	1,002	-75,692
5.06	Internal Changes in Shareholders' Equity	0		0	4,109	0	0	4,109	0	4,109
5.07	Final Balances	1,868,316		-39,682	4,109	-1,523,013	0	309,730	6,663	316,393

Code

Account Description Paid-in Capital Capital Reserves, Options

Profit Reserves Accumulated Profits or Losses

Other Comprehensive Income

Net Equity Non-Controlling

Net Equity

ITR - Quarterly Information - 09/30/2025 - TECNISA S.A. Version: 1

Consolidated Financial Statements / Statement of Changes in Shareholders' Equity / DMPL - January 1, 2024 to September 30, 2024 (R$ thousand)

Code Account	Account Description	Paid-in Capital	Capital Reserves, Options Granted, and Treasury Shares	Profit Reserves	Accumulated Profits or Losses Accumulated	Other Comprehensive Income Comprehensive	Net Equity	Non-Controlling Controlling Shareholders	Net Equity Consolidated
5.01	Opening Balances	1,868,316	-39,682	-601	-1,293,508	0	534,525	989	535,514
5.02	Adjustments from Previous Years	0	0	0	0	0	0	0	0
5.03	Adjusted Opening Balances	1,868,316	-39,682	-601	-1,293,508	0	534,525	989	535,514
5.04	Capital Transactions with Partners	0	0	0	0	0	0	0	0
5.05	Total Comprehensive Income	0	0	0	-94,792	0	-94,792	-2,336	-97,128
5.05.01	Net Income for the Period	0	0	0	-94,792	0	-94,792	-2,336	-97,128
5.06	Internal Changes in Shareholders' Equity	0	0	0	0	0	0	0	0
5.07	Final Balances	1,868,316	-39,682	-601	-1,388,300	0	439,733	-1,347	438,386

Docusign Envelope ID: 2D8A15A1-E520-47F8-895E-828033A6FB23

ITR - Quarterly Information - 09/30/2025 - TECNISA S.A. Version: 1

Consolidated Financial Statements / Statement of Added Value (Thousands of Reais)

Code Account	Account Description	Current Accumulated Fiscal Year	Accumulated for the Fiscal Year Previous
		01/01/2025 to 09/30/2025	01/01/2024 to 09/30/2024
7.01	Revenue	167,810	364,891
7.01.01	Sales of Goods, Products, and Services	167,810	364,891
7.02	Inputs Purchased from Third Parties	-227,112	-416,572
7.02.01	Costs of Products, Goods, and Services Sold	-163,841	-334,676
7.02.02	Materials, Energy, Third-Party Services, and Others	-2,403	-6,297
7.02.04	Others	-60,868	-75,599
7.03	Gross Value Added	-59,302	-51,681
7.04	Withholdings	-6,249	-5,825
7.04.01	Depreciation, Amortization, and Depletion	-6,249	-5,825
7.05	Net Value Added Produced	-65,551	-57,506
7.06	Added Value Received in Transfer	76,894	51,970
7.06.01	Equity Method Income	65,274	34,643
7.06.02	Financial Income	11,620	17,327
7.07	Total Value Added to be Distributed	11,343	-5,536
7.08	Distribution of Added Value	11,343	-5,536
7.08.01	Personnel	18,702	22,611
7.08.01.01	Direct Compensation	12,603	14,111
7.08.01.02	Benefits	2,864	2,086
7.08.01.03	F.G.T.S.	135	204
7.08.01.04	Others	3,100	6,210
7.08.02	Taxes, Fees, and Contributions	16,236	24,608
7.08.02.01	Federal	13,881	21,966
7.08.02.03	Municipal	2,355	2,642
7.08.03	Third-party capital remuneration	52,097	44,373
7.08.03.01	Interest	51,044	43,729
7.08.03.02	Rent	1,053	644
7.08.04	Return on Equity	-75,692	-97,128
7.08.04.03	Retained Earnings / Loss for the Period	-76,694	-94,792
7.08.04.04	Non-Controlling Interest in Retained Earnings	1,002	-2,336

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ITR - Quarterly Information - 09/30/2025 - TECNISA S.A. Version: 1

Explanatory Notes

TECNISA S.A.

EXPLANATORY NOTES TO THE QUARTERLY INFORMATION - INDIVIDUAL AND CONSOLIDATED ITRs FOR THE NINE-

MONTH PERIOD ENDED SEPTEMBER 30, 2025

(Amounts expressed in thousands of Brazilian reais (R$), unless otherwise indicated)

OPERATING CONTEXT
Tecnisa S.A. ("Company") is a publicly held corporation headquartered at Avenida Nicolas Boer, 399, São Paulo
- SP, Brazil, and listed on B3 S.A., in the Novo Mercado segment, under the ticker symbol TCSA3.
The Company's corporate purpose and main operating activities are the incorporation, purchase, and sale of ready-built or off-plan residential and commercial properties, land, and ideal fractions, the construction of properties, and the provision of real estate consulting services. Its activities may be carried out independently or in conjunction with other entities, through participation in wholly owned subsidiaries, under shared control, or in affiliated companies.
Since the Company's IPO in 2007, an important part of its business plan has focused on the development of the Jardim das Perdizes neighborhood. The first towers in the neighborhood were developed between 2013 and 2016 and, to continue with the launches, TECNISA had to wait for the auction of Additional Construction Potential Certificates ("CEPAC") under the Água Branca Consortium Urban Operation, which only took place in December 2023. At that time, Windsor Investimentos Imobiliários Ltda ("WINDSOR"), an SPE that develops Jardim das Perdizes and in which the Company held a 57.5% stake, acquired 206,152 CEPACs, sufficient for the construction of all the projects planned for the neighborhood according to feasibility studies. The acquisition required a disbursement of R$ 225 million, of which R$ 130 million related to TECNISA's stake in the project.
While this strictly necessary move unlocked enormous value potential in TECNISA's main asset, it also increased its leverage levels. As a result, the Company has since sold some of its stake in the project, notably: R$ 50 million in the first quarter of 2024 and R$ 6.5 million in the first quarter of 2025, as disclosed on each occasion.
The launches in Jardim das Perdizes that followed the acquisition of the CEPACs have shown sales performance in line with feasibility, with robust profit margins. However, the Company's projects outside Jardim das Perdizes have still seen margins squeezed by construction costs that have skyrocketed since the COVID-19 pandemic and could not be fully passed on in sales prices. In addition, some projects in the final stages of delivery faced
Av. Nicolas Boer, 399
5th floor - Jardim das Perdizes 01140.060 - São Paulo - SP Tel.: 55 11
3708-1000
https://www.tecnisa.com.br
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Explanatory Notes
labor shortage affecting the entire sector, leading to delays with implications for indirect costs and rework. Added to this, the worsening economic conditions, with the SELIC rate reaching 15% p.a., led to a significant increase in the cost of debt.
This scenario caused the Company to exceed the financial covenants set forth in its debt agreements. It should be noted that the breaches were solely due to the exceeding of financial covenants and that the Company never failed to pay its debts, not even interest installments. The Company emphasizes that it has been successful in obtaining waivers from its creditors.
The main banks offering real estatecredit have provided financing for all projects launched by the Company, signing the respective contracts under the Housing Finance System, i.e., using funds deposited in savings accounts, an increasingly scarce source of funding for which banks have been extremely strict in granting. This reinforces creditors' confidence in the Company's business conduct and solidity.
FINANCIAL POSITION AND MANAGEMENT PLAN TO INCREASE LIQUIDITY (PARENT COMPANY)
On September 30, 2025, the Company's (parent company) balance sheet shows an excess of current liabilities over current assets in the amount of R$412,099 (R$237,669 on December 31, 2024), substantially represented by loan and financing balances and related parties. In the consolidated balance sheet, current liabilities exceed current assets by R$75,068 (on December 31, 2024, current assets exceeded current liabilities by R$139,894).
The Company's strategy to increase the parent company's liquidity is to sell units and complete construction projects that should contribute to cash generation, maximizing results and dividends. The Company has also been working intensively to reduce administrative expenses to keep them at levels appropriate to its operating context. Alternatives available for generating liquidity, if necessary, include the sale of receivables, the sale of land or project interests, as well as access to the financial and capital markets.
An example of the search for liquidity alternatives was the negotiation for the sale of land in Jardim das Perdizes to CYRELA for R$ 510 million, as disclosed in a Material Fact on June 27, 2025 ("Transaction"). However, during the negotiations and discussion of specific details of the Transaction, situations arose that reduced the attractiveness of the proposal. As a result, on November 12, 2025, the Board of Directors decided to suspend negotiations, assessing that the loss in value resulting from the sale of the land under the conditions that were emerging at
Av. Nicolas Boer, 399
5th floor - Jardim das Perdizes 01140.060 - São Paulo - SP Tel.: 55 11
3708-1000
https://www.tecnisa.com.br
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Explanatory Notes
The operation would be much larger than the maintenance of the land and the cost of the debt.
It is worth noting, as a subsequent event, a new fundraising of R$ 178 million through the issuance of debentures in December 2025, with a cost of CDI + 4.25% p.a. and final maturity in 2031, significantly extending the debt profile.
The Company emphasizes that, after adjusting its debt, it will have a longer profile, with an average term of 3.0 years, compared to the current 1.5 years. On the other hand, regardless of the improvement in the debt profile and the relaxation of covenants, the Company may continue to evaluate proposals for the sale of assets under favorable conditions. It is also important to note that the recent deliveries of the Bosque Pitangueiras and Unik Residence developments, as well as the upcoming delivery of Reserva Figueiras, will contribute to cash generation in the coming quarters.
PRESENTATION AND PREPARATION OF INDIVIDUAL INTERIM FINANCIAL INFORMATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. Basis for presentation and preparation of individual and consolidated interim financial information

The Quarterly Information - ITR was prepared in accordance with NBC TG 21 (CPC 21 (R1) - Interim Financial Reporting and with the international standard IAS 34 - Interim Financial Reporting, applicable to real estate development companies in Brazil, registered with the Brazilian Securities and Exchange Commission ("CVM"). Aspects related to the transfer of control in the sale of real estate units follow the understanding of the Company's management, in line with that expressed by the CVM in Circular Letter

/CVM/SNC/SEP No. 02/18 on the application of Technical Pronouncement NBC TG 47 (IFRS 15), in accordance with the rules issued by the CVM, applicable to the preparation of Quarterly Information - ITR.

The Quarterly Information - ITR was prepared in accordance with CPC 36 (R3) / IFRS 10 - Consolidated Financial Statements, principles for the presentation and preparation of consolidated financial statements when the entity controls one or more entities.

As provided for in Circular Letter 03/2011, issued by the CVM, and based on the judgment and assumptions adopted by the Executive Board regarding the relevance and changes that must be disclosed in explanatory notes, this quarterly information includes selected explanatory notes and does not include all explanatory notes presented in the individual and consolidated annual financial statements for the 2024 fiscal year.

The Company's Management declares that the significant accounting judgments, estimates, and assumptions, as well as the main accounting policies adopted in the presentation and preparation of this quarterly information, are the same as those disclosed in note 3 to the individual and consolidated annual financial statements for the 2024 fiscal year, and we therefore recommend reading this quarterly information together with the aforementioned annual statements.

Av. Nicolas Boer, 399

5th floor - Jardim das Perdizes 01140.060 - São Paulo - SP Tel.: 55 11

3708-1000

https://www.tecnisa.com.br

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