Earnings release
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HIGHLIGHTS 3Q26 Launches: R$ 538 million in 3Q26. Well Perdizes and Zen Apartments; Net Sales: R$ 420 million in 3Q26 (-20% Y/Y and -52% Q/Q); Inventory Turnover Ratio (SoS): 11% in 3Q26 and 48% in LTM (last twelve months); Landbank: R$ 9.1 billion (100% view), or R$ 6.6 billion in %Co; Net Revenue: R$ 532 million (+28% Y/Y and +7% Q/Q); Adj. Gross Margin: 38.2% in 3Q26 (+0.6 p.p. Y/Y and Q/Q); Net Income: R$ 91 million in the quarter with net margin of 17.0% (-8.0 p.p. Y/Y and +0.4 p.p. Q/Q); Annualized ROE: 23% at the end of 3Q26; Backlog revenue: R$ 2.9 billion (+23% Y/Y, -4% Q/Q), with a margin of 39.1%; Adj. cash generation: R$ 14 million in 3Q26 (or R$ 91 million cash generation ex-land); Net debt as of September 30: R$ 583 million. Conference Call in Portuguese November 5, 2026 - 9 a.m. (7 a.m. EST) Webcast: Click here EARNINGS RELEASE 11/04/2026 3Q26
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2 Summary Highlights – Consolidated ................................ ................................ ................................ ................................ .......................... 4 Operational Performance ................................ ................................ ................................ ................................ .......................... 5 Financial Performance ................................ ................................ ................................ ................................ ................................ 13 Net Revenue ................................ ................................ ................................ ................................ ................................ ....................... 13 Adjusted Gross Profit and Gross Margin (ex-SFH) ................................ ................................ ................................ .. 14 Selling Expenses ................................ ................................ ................................ ................................ ................................ .............. 15 General and Administrative Expenses................................ ................................ ................................ ............................. 16 Equity Income ................................ ................................ ................................ ................................ ................................ ................... 17 Other Operating Income (Expenses) ................................ ................................ ................................ ................................ 17 Adjusted EBITDA and EBITDA Margin (ex-SFH) ................................ ................................ ................................ ....... 17 Financial Results ................................ ................................ ................................ ................................ ................................ ............. 18 Net Income and Net Margin ................................ ................................ ................................ ................................ ...................19 BALANCE SHEET ................................ ................................ ................................ ................................ ................................ ............. 21 Backlog Revenue (Backlog)................................ ................................ ................................ ................................ ..................... 21 Accounts Receivable ................................ ................................ ................................ ................................ ................................ .... 22 Debt and Net Debt ................................ ................................ ................................ ................................ ................................ ....... 22 RECENT EVENTS ................................ ................................ ................................ ................................ ................................ ............. 23 ATTACHMENT I – Income Statement ................................ ................................ ................................ ............................. 24 ATTACHMENT II – Balance Sheet ................................ ................................ ................................ ................................ ........ 25 ATTACHMENT III – Indirect Cash Flow ................................ ................................ ................................ ............................ 27
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3 3Q26 Earnings Release São Paulo, November 4th, 2026 - Lavvi Empreendimentos Imobiliários S.A. (“Lavvi” or “Company”) (B3: LAVV3) operates in the development and construction of residential real estate projects in the city of São Paulo, serving the middle, middle -high, high and luxury segments, as well as the economic segment through the Novvo brand. Lavvi is listed on the B3 Novo Mercado and announces its results for the third quarter of 2026 (3Q26). The following financial and operating information, except where stated otherwise, is consolidated in accordance with Brazilian accounting practices and the International Financial Reporting Standards (IFRS) applicable to real estate operations in Brazil. Some data may have undergone minor adjustments in relation to the preliminary operating results disclosed on October 15, 2026.
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4 Highlights – Consolidated Launches 3Q26 2Q26 Q/Q (%) 3Q25 Y/Y (%) 9M26 9M25 Y/Y (%) Total PSV (R$ '000) (1) 537,989 1,412,775 -62% 425,278 27% 1,950,765 1,929,899 1% Net PSV 100% (R$ '000) (2) 499,168 1,336,451 -63% 401,146 24% 1,835,619 1,757,996 4% Net PSV %Lavvi (R$ '000) (3) 368,368 847,861 -57% 249,532 48% 1,216,229 1,532,161 -21% Lavvi's share of total launches 74% 63% 10.4 p.p. 62% 11.6 p.p. 66% 87% -20.9 p.p. # Projects Launched 2 2 0% 2 0% 4 6 -33% Units Launched (6) 1,446 1,555 -7% 1,477 -2% 3,001 2,822 6% Average Price of Units Launched (R$/sqm) 11,758 13,719 -14% 8,541 38% 13,116 14,043 -7% Average Price of Units Launched (R$ '000/unit) 372 909 -59% 288 29% 650 684 -5% Launched Area (sqm) 45,757 102,976 -56% 49,793 -8% 148,733 137,429 8% Net Contracted Sales 3Q26 2Q26 Q/Q (%) 3Q25 Y/Y (%) 9M26 9M25 Y/Y (%) Total Net Sales (R$ '000)(1) 419,840 875,194 -52% 525,859 -20% 1,630,580 1,698,248 -4% Net Sales 100% (R$ '000)(2) 397,382 822,997 -52% 494,803 -20% 1,545,092 1,538,095 0% Net Sales % Lavvi (R$ '000)(3) 289,975 544,672 -47% 336,274 -14% 1,084,472 1,204,890 -10% Lavvi's share of total Contracted Sales 73% 66% 6.8 p.p. 68% 5.0 p.p. 70% 78% -8.1 p.p. Units sold - Development 523 924 -43% 1,104 -53% 1,997 2,422 -18% Financial Indicators in R$ '000 3Q26 2Q26 Q/Q (%) 3Q25 Y/Y (%) 9M26 9M25 Y/Y (%) Net Revenue 531,878 495,377 7% 414,753 28% 1,400,213 1,231,277 14% Gross Profit 188,410 171,712 10% 146,556 29% 479,167 436,676 10% % Gross Margin 35.4% 34.7% 0.8 p.p. 35.3% 0.1 p.p. 34.2% 35.5% -1.2 p.p. Adjusted Gross Profit(4) 203,139 186,297 9% 155,931 30% 519,501 462,513 12% Adjusted % Gross Margin(4) 38.2% 37.6% 0.6 p.p. 37.6% 0.6 p.p. 37.1% 37.6% -0.5 p.p. Adj. EBITDA(4) 143,264 137,003 5% 124,615 15% 363,061 370,208 -2% Adj. EBITDA Margin(4) 26.9% 27.7% -0.7 p.p. 30.0% -3.1 p.p. 25.9% 30.1% -4.1 p.p. Net Income - controlling shareholders 90,658 82,620 10% 103,959 -13% 243,149 309,434 -21% % Net Margin 17.0% 16.7% 0.4 p.p. 25.1% -8.0 p.p. 17.4% 25.1% -7.8 p.p. Earnings per Share (in R$) 0.46 0.42 10% 0.53 -13% 1.25 1.58 -21% Shares Outstanding (ex-treasury shares) 195,184 195,434 0% 195,434 0% 195,184 195,434 0% Backlog 3Q26 2Q26 Q/Q (%) 3Q25 Y/Y (%) 9M26 9M25 Y/Y (%) Backlog Revenue (R$ '000) 2,934,921 3,049,926 -4% 2,391,368 23% 2,934,921 2,391,368 23% Backlog Results (R$ '000) 1,146,835 1,183,838 -3% 884,039 30% 1,146,835 884,039 30% % Backlog Margin 39.1% 38.8% 0.3 p.p. 37.0% 2.1 p.p. 39.1% 37.0% 2.1 p.p. Balance Sheet 3Q26 2Q26 Q/Q (%) 3Q25 Y/Y (%) 9M26 9M25 Y/Y (%) Net Debt (Cash) 583,232 525,338 11% 73,952 689% 583,232 73,952 689% Total Cash (gross) 959,447 944,159 2% 818,354 17% 959,447 818,354 17% Shareholders' Equity (R$ '000) 1,807,590 1,718,028 5% 1,811,095 0% 1,807,590 1,811,095 0% Net Debt/Shareholders' Equity 32.3% 30.6% 1.7 p.p. 4.1% 28.2 p.p. 32.3% 4.1% 28.2 p.p. Cash generation (burn) 5 3Q26 2Q26 Q/Q (%) 3Q25 Y/Y (%) 9M26 9M25 Y/Y (%) Cash generation (ex-land) 90,558 71,535 27% 73,294 24% 192,164 319,254 -40% (-) Land (76,084) (99,146) -23% (69,805) 9% (249,494) (393,535) -37% Cash generation (burn) 14,474 (27,611) N/A 3,489 315% (57,330) (74,281) -23% (1) PSV including Lavvi's share added to partners, swaps and commissions. (6) Includes 1 unit from a future phase of the Jardim da Hípica development, with a Potential Sales Value (PSV) of approximately R$ 4 million; the sale of this unit was brought forward due to demand for the project. As with the 21 units brought forward in Q2 2026, this value has been accounted for in both the launches and the sales for the quarter. (2) PSV net of swaps and commissions, including Lavvi's share added to partners. (3) PSV net of swaps and commissions, considering Lavvi'a share in the projects. (4) The adjustments refer to only SFH interest (5) The amounts referred to when we mention Cash generation (burn) are adjusted for dividends and buybacks. We shall inform clearly when referring to other views (e.g. ex-land)
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5 Operational Performance Launches In 3Q26, we launched Well Perdizes, another development under the Novvo brand focused on the economic segment. Located in Perdizes, in São Paulo’s West Zone, the project is situated in an area that combines tradition, mobility, and convenience, with a wide range of services, educational institutions, leisure options, and green areas. The development has a potential PSV of approximately R$ 418 million and will be built on a 5,436 sqm plot, near the future PUC - Cardoso de Almeida subway station, Memorial da América Latina, Nubank Parque, Shopping Bourbon, and Parque da Água Branca. The project will offer a range of unit types, including studios, 1 and 2 bedroom apartments, and 2 suite units, ranging from 25 sqm to 51 sqm. The development will feature an extensive leisure and convenience structure, including a 25 -meter swimming pool, gourmet space, barbecue area, party hall, gym, covered outdoor gym, kids’ playroom, playground, beach tennis court, minimarket, pet care, pet place, and coworking space. The project also includes a rooftop and shared laundry facilities, bringing together common areas and amenities designed for everyday living. Launched in August 2026, the development comprises 1,252 units, of which 1,244 are available for sale. In its first 40 days of sales, R$ 67 million were sold, equivalent to 1 7% of PSV ex-swaps. More information about the product may be found on the Company’s website, through the link below: https://www.meunovvo.com.br/empreendimentos/well-perdizes ¹% sold in terms of PSV, based on the launch date. ✓ Launch: August/2026 ✓ Units: 1,252 ✓ Units ex-swaps: 1,244 ✓ PSV: R$ 418 million ✓ PSV ex-physical swaps: R$ 415 million ✓ Location: Perdizes/SP ✓ Segment: Economic ✓ Delivery: Feb/2030 ✓ %Lavvi: 80% ✓ % Sold (un.): 17% ✓ % Sold (PSV)¹: 17%
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6 In the third quarter, we also launched Zen Apartments, the studio tower of Zen Cyrela & Yoo, a development carried out in partnership with Cyrela. Located across from Clube Ipê and less than 1 km from Ibirapuera Park, the project comprises 227 studios and 1-bedroom apartments, of which 201 are available for sale, ranging from 30 sqm to 36 sqm. As with the residential towers launched in the fourth quarter of 2025, Lavvi holds a 50% stake in the development. Zen Apartments complements the project’s concept by expanding its target market through compact units in one of São Paulo’s most valued areas. The project’s results will continue to be consolidated in the income statement of the partner responsible for the construction, while Lavvi will account for its share of future profits via Equity Income . More information about the product may be found on the Company’s website, through the link below: https://www.cyrela.com.br/empreendimentos/zen-apartments ¹% sold in terms of PSV, based on the launch date. ¹% sold in terms of PSV, based on the launch date. ✓ Launch: September/2026 ✓ Units: 227 ✓ Units ex-swaps: 201 ✓ PSV: R$ 115 million ✓ PSV ex-swaps: R$ 106 million ✓ Location: Ibirapuera/SP ✓ Segment: High ✓ Delivery: July/2029 ✓ %Lavvi: 50% ✓ % Sold (un.): 28% ✓ % Sold (PSV)¹: 28% *Studio tower
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7 Sales and Cancellations Net sales in 3Q26 totaled R$ 420 million, with 77% coming from Lavvi and 23% from Novvo. In the first nine months of the year, net sales reached R$ 1.6 billion (-4% YoY). The highlight of 9M26 was Jardim da Hípica, which accounted for 41% of the period's net sales. The consolidated SoS (sales divided by supply, in PSV) registered 11% in the quarter and 48% in the LTM, compared to 50% in 2Q26 LTM. At Lavvi, LTM SoS increased by 2 p.p., from 45% to 47%, driven by sales at Jardim da Hípica. At Novvo, the indicator declined by 28 p.p., from 79% to 51%, reflecting a more challenging environment for the economic housing seg ment and the increase in supply following the launch of Well Perdizes, as shown in the chart below . 261 208 761 324 264 208 128 114 389 338 17% 3Q25 32% 4Q25 11% 1Q26 22% 2Q26 11% 3Q26 40% 1,309 9M25 33% 9M26 526 1,424 336 875 420 1,698 1,631 1,216 96 1,292 Total Net Sales and SoS (R$ ‘000 and %) SoS Novvo Lavvi
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8 Excluding swap agreements, commissions and partners' interests, %Co net sales amounted to R$ 290 million in the quarter , with R$ 213 million from Lavvi and R$ 77 million from Novvo. In 9M26, net sales reached R$ 1.1 billion. Cancellations totaled R$ 75 million in the quarter , corresponding to 95 units, a 39% decrease compared to the R$ 122 million reported in 2Q26. At Lavvi, cancellations decreased by 65% and, in addition to cases spread across developments, there w ere two investor-profile client s holding multiple units. The main reason cited was the macroeconomic environment. In partner projects, cancellations increased by 45% during the period. As a percentage of gross sales, cancellations represented 16%, compared to 13% in 2Q26, reflecting the lower gross sales base during the quarter. Of the R$ 40 million in cancellations at Lavvi and Novvo in the quarter, approximately R$ 17 million, or 43%, had already been offset by resales and unit exchanges within the same period. A total of 16 units were resold for R$ 11 million: 8 Lavvi units for R$ 8 million and 8 Novvo units for R$ 3 million. Another 7 Lavvi units were exchanged for new Company units, totaling R$ 6 million in sales. In terms of units, Lavvi's cancellations averaged approximately 12 units per month, returning to our historical average, while Novvo averaged approximately 11 units per month. This is a manageable volume, spread across different developments and not concentrated in projects undergoing mortgage transfers. Sales (R$ '000) 3Q26 2Q26 Q/Q 3Q25 Y/Y 9M26 9M25 Y/Y Gross Sales 100% 472,200 944,919 -50% 559,746 -16% 1,839,528 1,723,684 7% Lavvi 273,347 690,866 -60% 249,037 10% 1,136,688 1,034,505 10% Novvo 102,003 117,360 -13% 57,857 76% 341,910 191,986 78% Partners 96,849 136,693 -29% 252,852 -62% 360,930 497,193 -27% Cancellations 100% 74,818 121,922 -39% 64,943 15% 294,437 185,589 59% Lavvi 27,995 80,820 -65% 51,039 -45% 165,841 137,508 21% Novvo 11,672 16,862 -31% 2,260 416% 41,933 18,442 127% Partners 35,151 24,239 45% 11,644 202% 86,662 29,639 192% Net Sales 100% 397,382 822,997 -52% 494,803 -20% 1,545,092 1,538,095 0% Lavvi 245,353 610,046 -60% 197,998 24% 970,847 896,997 8% Novvo 90,332 100,498 -10% 55,597 62% 299,977 173,544 73% Partners 61,697 112,454 -45% 241,208 -74% 274,268 467,554 -41% Net Sales %Co 289,975 544,672 -47% 336,274 -14% 1,084,472 1,204,890 -10% Lavvi 183,270 393,855 -53% 181,758 1% 673,699 830,571 -19% Novvo 76,900 100,498 -23% 55,597 38% 286,545 173,544 65% Partners 29,805 50,319 -41% 98,919 -70% 124,228 200,775 -38% Cancellations / Gross Sales 16% 13% 2.9 p.p. 12% 4 p.p. 16% 11% 5 p.p. 204 543 133 442 213 954 788 133 176 117 103 251 297 190 705 331 130 493 546 3Q25 4Q25 1Q26 2Q26 3Q26 9M25 9M26 526 1,424 336 875 420 1,698 1,631 86 77 %Partners + Swaps + Commission Novvo Lavvi Net Sales %Co (R$ Million)
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9 Inventory At the end of 3Q26, inventory at market value totaled R$ 3.2 billion (2,959 units). Finished inventory decreased by 22% in PSV to R$ 172 million (127 units), despite deliveries during the quarter, reflecting sales of completed units at Villa, Green View and Grand Square. As a result, finished inventory represented 5.4% of total inventory (7.2% in 2Q26). Of total inventory in PSV, 61% corresponds to projects launched as of 2025 and 83% is under construction. Excluding products with no inventory, the weighted average of units sold is 81.6%. Launch: projects launched in the quarter; Sales Stand: projects launched in prior periods, but for which construction has not yet started or is starting this quarter; Under Construction: projects with construction in progress; Finished: completed projects. The following chart shows the changes in inventory compared to 2Q26, 100% view.1 1 Net of commissions and swaps Project Status Launch PSV¹ PSV Lavvi¹ Units Inventory % Sold (un.) % Sold (psv) Praça Piratininga Finished may-16 0 0 396 0 100.0% 100.0% Praça Mooca Finished jun-17 0 0 400 0 100.0% 100.0% Movva Finished sep-17 0 0 258 0 100.0% 100.0% Palazzo Vila Mariana Finished may-18 0 0 99 0 100.0% 100.0% Vitrali Moema Finished oct-18 0 0 273 0 100.0% 100.0% Nativ Tatuapé Finished may-19 0 0 352 0 100.0% 100.0% Moema by Cyrela Finished jun-19 629 252 65 2 96.9% 99.5% One Park Perdizes Finished oct-19 0 0 120 0 100.0% 100.0% Wonder by Praças da Cidade Finished oct-20 0 0 272 0 100.0% 100.0% Lumiere Finished nov-20 0 0 370 0 100.0% 100.0% Villa Finished jun-21 62,743 62,743 449 16 96.4% 92.0% Wonder Ipiranga Finished ago-21 3,427 3,427 576 2 99.7% 99.1% Grand Vitrali Finished oct-21 0 0 408 0 100.0% 100.0% High Wonder Finished feb-22 2,846 1,451 258 2 99.2% 98.8% Verdant Finished apr-22 8,869 8,869 174 4 97.7% 97.5% Green View Finished jun-22 25,637 25,637 408 16 96.1% 92.3% Grand Square Finished aug-22 42,478 33,983 343 71 79.3% 82.3% Galleria Klabin Finished nov-22 2,812 2,812 589 1 99.8% 99.5% Eden Park by Dror Finished nov-22/mar-23 22,937 10,322 1,020 13 98.7% 98.3% Saffire Elie Saab Under Construction may/23 278,215 278,215 153 24 84.3% 69.0% Novvo Barra Funda Under Construction nov-23 281 281 1,184 1 99.9% 99.9% Casa Eden Under Construction nov-23 15,119 6,803 203 5 97.5% 98.0% Alive Home Resort Under Construction mar-24 277,548 277,548 1,384 191 86.2% 76.8% Palace by Praças da Cidade Under Construction apr-24 39,006 19,885 213 20 90.6% 86.4% Escape Eden Under Construction jun-24 27,815 12,517 259 18 93.1% 91.0% Petra by Boca do Lobo Under Construction sep-24 163,674 130,939 407 56 86.2% 66.1% Edifício Brás Under Construction sep-24 0 0 326 0 100.0% 100.0% Heaven by Yoo Under Construction oct-24 268,141 160,885 946 66 93.0% 77.1% Aura Pacaembu Under Construction oct-24 4,355 1,960 344 9 97.4% 98.9% Novvo Marajoara Under Construction nov-24 1,082 1,082 794 4 99.5% 99.6% Soleil by Boca do Lobo Under Construction apr-25 214,863 214,863 156 50 67.9% 40.4% Le Six Under Construction may-25 298,726 298,726 522 60 88.5% 67.6% Novvo Vila Prudente Under Construction sep-25 101,664 101,664 900 309 65.7% 62.7% Novvo Anália Franco Under Construction nov-25 9,735 9,735 594 27 95.5% 94.9% Astro Santa Marina Under Construction sep-25 11,927 4,771 994 40 96.0% 95.6% Casa Cerâmica Under Construction nov-25 0 0 276 0 100.0% 100.0% Zen (Ipê) Under Construction nov-25/sep-26 334,809 167,405 324 192 40.7% 55.6% Jardim da Hípica Under Construction apr-26 610,400 366,240 1,093 538 50.8% 50.9% Novvo Santa Marina Sales Stand apr-26 49,061 49,061 462 177 61.7% 60.4% Well Perdizes Launch aug-26 338,731 270,984 1,252 1,045 16.5% 16.5% Total - - 3,217,532 2,523,061 19,616 2,959 81.6% 81.7% ² R$ thousand *Considers only developments with units in inventory 205 512 395 Previous Inventory 105 Launches -107 -365 Sales 1659 Cancellations 347 Adjustments of projects Current Inventory 3,065 499 -472 75 51 3,218 2,860 2,705 Novvo Lavvi%Lavvi 2,393 %Lavvi 2,523 *
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10 Deliveries In 3Q26, Lavvi obtained the Occupancy Permit (Habite-se) for Galleria Klabin, a high-end residential development located in the Chácara Klabin neighborhood of São Paulo. Launched in November 2022, the project has a potential PSV of R$ 556 million (R$ 543 million ex-swaps) and stands out for its prime location between the Chácara Klabin and Santos-Imigrantes subway stations. Developed on a plot of approximately 6,000 sqm, the project comprises 589 units, split between studios ranging from 22 sqm to 27 sqm and apartments of 166 sqm and 234 sqm, as well as two 457 sqm penthouses with a house -like concept and direct access from t he garage to the apartment. The studio tower was fully sold to an investment fund. The project also offers a complete leisure structure, including tennis and beach tennis courts, pools, a gym, a recreational court and spaces for social interaction. Following the issuance of the Occupancy Permit, the Company held the condominium preinstallation assembly, including the election of the condominium manager and the appointment of the property management company, initiating the procedures required for the transition to condominium operations. At the end of 3Q26, Galleria Klabin was 99.5% sold in terms of PSV, with only 1 unit remaining in inventory, and 59% of units settled, meaning either fully paid or financed and transferred to customers. More information about the product may be found on the Company’s website, through the link below: https://www.lavvi.com.br/empreendimentos/galleria-klabin
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11 We also delivered the East and West towers, the first phase of the Eden Park by Dror complex, developed in partnership with Cyrela in Brooklin, near Shopping Morumbi , in São Paulo. The complex occupies a plot of approximately 42,000 sqm, of which more than 8,000 sqm are allocated to green areas. In addition to the East and West towers, it comprises the Casa Eden and Escape Eden phases, a studio tower, a shopping mall and a corporate tower, which remain under construction. Launched in November 2022, the first phase has a potential PSV of R$ 1.3 billion , of which R$ 1.1 billion is net of swaps, and comprises 1,020 apartments of 94 sqm and 134 sqm. At the end of 3Q26, the first phase was 98.3% sold in terms of PSV. The project is consolidated by our partner, and the Company’s 45% stake is recognized through equity income. More information about the product may be found on the Company’s website, through the link below: https://www.cyrela.com.br/empreendimentos/eden-park-dror
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12 Landbank As of the end of 3Q26, the Company held one land plot pending deed registration, with potential PSV of R$ 406 million on a 100% basis, which will be developed in the high-end segment. The land plots comprising our landbank are strategically located across the south, west and east zones of the city of São Paulo. The assets allocated to Lavvi, targeting the middle -high, high-end and luxury segments, represent potential PSV of approximatel y R$ 8.0 billion on a 100% basis. The assets allocated to Novvo, focused on the economic segment, represent potential PSV of approximately R$ 1.2 billion on a 100% basis and are located in regions with extensive infrastructure and urban mobility, including proximity to subway stations. We closed the quarter with R$ 9.1 billion in potential PSV on a 100% basis , or R$ 6.6 billion in %Co , of which 18% corresponds to Novvo. We continue to negotiate new land plots for both the Lavvi brand, in the middle-high to luxury segments, and Novvo, focused on the economic segment . On average, our landbank acquisitions were made 87% in cash and 13% through swap agreements. Lavvi being the majority partner in nearly all projects , holding an average stake of 91%. Economic: projects with average price up to R$ 11,000/sqm; Middle: projects with average price from R$ 11,001/sqm to R$ 13,000/sqm; Middle-high: projects with average price from R$ 13,001/sqm to R$ 16,000/sqm; High: projects with average price from R$ 16,001/sqm to R$ 25,000/sqm; Luxury: projects with average price above R$ 25,001/sqm. Adjustments 00 Acquisitions 1,164 7,579 Landbank 3Q26 406 1,549 1,164 7,985 New Landbank 3Q26 7,551 Landbank 2Q26 -418 0 Launches 3328 9,100 -418 61 0 8,743 9,149 To be Deeded Novvo Lavvi %Lavvi 6,468 %Lavvi 6,599 %Lavvi 6,193 R$ Million Luxury High Mid-High Middle Lavvi Novvo Consolidated North Zone West Zone 406 406 308 714 Center East Zone 198 198 South Zone 754 1,181 5,644 7,579 658 8,237 Total 754 1,587 5,644 0 7,985 1,164 9,149
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13 Financial Performance Net Revenue In 3Q26, net revenue reached R$ 532 million, representing increases of 28% year-over-year and 7% compared to the previous quarter. In the first nine months of the year, revenue totaled R$ 1.4 billion, an increase of 14% compared to the same period of 2025. The revenue composition for the quarter reflected a higher contribution from construction progress (%PoC), particularly from Galleria Klabin, which reached 100% completion, as well as Alive and Saffire. Revenue from new sales was mainly driven by Villa Versace , whose finished inventory units have revenue fully recognized at the time of sale, Well Perdizes, launched in the quarter, and Jardim da Hípica and Heaven. Booking of revenue: The revenue related to the contracted sales of projects whose construction is ongoing is apportioned to the result over the construction period using the method of percentage of completion (%PoC) of each construction project. This percentage is measured based on the costs incurred in relation to the total budgeted costs of the units sold per project. Therefore, the higher the percentage of completion of the project, the higher the apportionment of revenue. 354 420 458 163 216 0 500 1,000 1,500 61 3Q25 75 2Q26 74 3Q26 9M25 9M26 415 495 532 1,231 1,400 1,068 1,184 +28% +7% +14% Net Revenue (R$ Million) Novvo Lavvi
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14 Adjusted Gross Profit and Gross Margin (ex-SFH) Adjusted gross profit2 totaled R$ 203 million in 3Q26, representing increases of 30% compared to 3Q25 and 9% compared to 2Q26. Adjusted gross margin² reached 38.2%, increasing by 0.6 p.p. both year-over-year and quarter-over-quarter. In the first nine months of the year, adjusted gross profit totaled R$ 520 million, an increase of 12% compared to 9M25, with an adjusted gross margin of 37.1%. On a segment basis, Lavvi's operations accounted for the growth in adjusted gross profit in the quarter, with an increase of 12% Q/Q and a 1.2 p.p. expansion in adjusted gross margin to 39.5%. Performance was mainly driven by Villa Versace, Galleria Klabin and Heaven, which more tha n offset the lower contribution from Jardim da Hípica and Grand Square. At Jardim da Hípica, the lower contribution reflects the early stage of construction. As the land was acquired on favorable terms, its cost represents a smaller share of the development's total cost, which, although financially beneficial, results in a lower initial percentage of completion (%PoC). Sales are therefore recognized gradually in the income statement as construction progresses. Grand Square, delivered in 2Q26, ceased to recognize revenue from construction progress, and its contribution now comes solely from sales of inventory units, fully recognized at the time of sale. 2 The adjustment attributed to adjusted gross profit and adjusted gross margin refers only to SFH interest. Adj. Gross Profit (R$ Million) 129 161 181 397 449 65 70 37.6% 3Q25 37.6% 25 2Q26 38.2% 3Q26 37.6% 9M25 37.1% 9M26 156 186 203 463 520 23 27 +30% +9% +12% Adj. Gross Margin Novvo Lavvi *Consolidated Gross Margin
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15 At Novvo, adjusted gross margin was 30.3% in the quarter, mainly impacted by Novvo Barra Funda. Excluding this development, Novvo's adjusted gross margin would have been approximately 38% in the quarter and 39% in 9M26. Selling Expenses Selling expenses totaled R$ 40 million in 3Q26, representing an increase of 13% year -over-year and a decrease of 19% compared to the previous quarter. In the first nine months of the year, selling expenses totaled R$ 128 million, an increase of 40% compared to the same period of 2025. Despite the launch of Well Perdizes and investment in the subsequent launch, the Company reduced selling expenses in the quarter, particularly marketing, communication and advertising (- 32% Q/Q) and sales stand expenses ( -21% Q/Q), following the concentration of promotional investments in t he launch of Jardim da Hípica in 2Q26. As a result, selling expenses represented 7.5% of net revenue, the lowest level in the last five quarters, compared to 10.0% in 2Q26 and 8.6% in 3Q25. In the first nine months of the year, the 40% increase was concentrated in marketing, communication and advertising and sales stand expenses, which accounted for approximately 70% of the change, reflecting the year's launches, particularly Jardim da Hípica. At Novvo, higher selling expenses also reflected the launches of Novvo Santa Marina and Well Perdizes, as well as ITBI and property registration fees for units sold under the Minha Casa, Minha Vida (MCMV) housing program, in line with the brand's higher sales volume. As a result, selling expenses represented 9.1% of net revenue in 9M26, 1.7 p.p. above the same period of 2025. Gross profit and Margin 3Q26 2Q26 Q/Q 3Q25 Y/Y 9M26 9M25 Y/Y Net Revenue 531,878 495,377 7% 414,753 28% 1,400,213 1,231,277 14% Lavvi 457,558 420,086 9% 354,192 29% 1,184,191 1,067,848 11% Novvo 74,320 75,291 -1% 60,561 23% 216,022 163,429 32% Gross Profit 188,410 171,712 10% 146,556 29% 479,167 436,676 10% Lavvi 166,554 147,258 13% 119,781 39% 411,146 371,466 11% Novvo 21,856 24,454 -11% 26,775 -18% 68,021 65,210 4% Gross Margin 35.4% 34.7% 0.8 p.p. 35.3% 0.1 p.p. 34.2% 35.5% -1.2 p.p. Lavvi 36.4% 35.1% 1.3 p.p. 33.8% 2.6 p.p. 34.7% 34.8% -0.1 p.p. Novvo 29.4% 32.5% -3.1 p.p. 44.2% -14.8 p.p. 31.5% 39.9% -8.4 p.p. (+) Capitalized financial charges 14,729 14,585 1% 9,375 57% 40,334 25,837 56% Adjusted Gross Profit 203,139 186,297 9% 155,931 30% 519,501 462,513 12% Lavvi 180,630 160,997 12% 129,156 40% 449,302 397,341 13% Novvo 22,509 25,300 -11% 26,775 -16% 70,199 65,172 8% Adj. Gross Margin 38.2% 37.6% 0.6 p.p. 37.6% 0.6 p.p. 37.1% 37.6% -0.5 p.p. Lavvi 39.5% 38.3% 1.2 p.p. 36.5% 3.0 p.p. 37.9% 37.2% 0.7 p.p. Novvo 30.3% 33.6% -3.3 p.p. 44.2% -13.9 p.p. 32.5% 39.9% -7.4 p.p. Selling Expenses, R$ 000 3Q26 2Q26 Q/Q 3Q25 Y/Y 9M26 9M25 Y/Y Sales expenses (10,956) (9,278) 18% (9,377) 17% (27,497) (19,961) 38% Marketing, communication and advertising (11,058) (16,300) -32% (9,751) 13% (41,410) (28,389) 46% Stand (15,026) (19,099) -21% (14,318) 5% (47,677) (35,207) 35% Other expenses (2,915) (4,685) -38% (2,064) 41% (11,308) (7,792) 45% Total (39,955) (49,362) -19% (35,510) 13% (127,892) (91,349) 40% % Net Revenues -7.5% -10.0% 2.5 p.p. -8.6% 1.0 p.p. -9.1% -7.4% -1.7 p.p.
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16 General and Administrative Expenses General and administrative (G&A) expenses totaled R$ 26 million in the quarter, representing an increase of 28% year-over-year and a decrease of 3% compared to the previous quarter. In the first nine months of the year, G&A expenses totaled R$ 82 million, an increase of 28% compared to the same period of 2025. Compared to the previous quarter, the decrease mainly reflected lower maintenance and utilities expenses, following the concentration of expenses related to new systems in the previous quarter, as well as lower management's fees and personnel expenses. These effects were partially offset by higher third-party services and other expenses. Year-over-year, the increase was mainly driven by profit sharing (PLR) and personnel expenses, reflecting workforce expansion to support the growth of operations. Nevertheless, G&A expenses remained stable relative to net revenue, representing 4.9% in the quarter, the same level as in 3Q25. In the first nine months of the year, the increase was concentrated in personnel (+43%) and maintenance and utilities (+85%), reflecting workforce expansion and investments in systems aimed at improving and automating processes. G&A Expenses, R$ 000 3Q26 2Q26 Q/Q 3Q25 Y/Y 9M26 9M25 Y/Y Personnel Expenses (9,829) (10,732) -8% (8,024) 23% (29,550) (20,607) 43% Profit Sharing (3,807) (3,199) 19% (459) 729% (10,849) (8,033) 35% Third-Party Services (6,351) (5,097) 25% (6,288) 1% (18,850) (18,018) 5% Depreciation (128) (123) 4% (285) -55% (368) (656) -44% Maintenance and utilities (2,859) (4,722) -39% (2,378) 20% (13,688) (7,409) 85% Legal expenses (621) (175) 255% (375) 66% (1,236) (1,449) -15% Management's Fees (810) (1,788) -55% (1,600) -49% (4,021) (6,078) -34% Other expenses (1,832) (1,125) 63% (1,119) 64% (3,760) (2,143) 75% Total (26,237) (26,961) -3% (20,528) 28% (82,322) (64,393) 28% % Net Revenue -4.9% -5.4% 0.5 p.p. -4.9% 0.0 p.p. -5.9% -5.2% -0.7 p.p.
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17 Equity Income In 3Q26, equity income totaled R$ 5 million , a decrease of 83% year-over-year and 84% compared to the previous quarter. In the first nine months of the year, equity income reached R$ 56 million, a decrease of 19% compared to the same period of the previous year. The change in the quarter mainly reflected equity income from Eden, a complex developed in partnership with Cyrela, whose first phase was delivered in September 2026. After being the main contributor to equity income in recent quarters, the project recorded a provision of approximately R$ 22 million in Lavvi's share this quarter, relating to the expected payment of part of the performance fee, reflecting returns above the project's target. Other Operating Income (Expenses) Other operating income (expenses) ended the quarter with net income of R$ 1.7 million, compared to net expenses of R$ 1.4 million in 2Q26 and R$ 2.8 million in 3Q25. The positive result in the period mainly reflected the reversal of provisions. In the first nine months of the year, other operating income (expenses) totaled a net expense of R$ 2.5 million, a decrease of 58% compared to the same period of the previous year. Adjusted EBITDA and EBITDA Margin (ex-SFH) Adjusted EBITDA3 ended the quarter at R$ 143 million, representing increases of 15% year-over- year and 5% compared to the previous quarter. Adjusted EBITDA margin reached 26.9 %, a 3 The adjustments attributed to adjusted EBITDA and adjusted EBITDA margin refer only to SFH interest. 21 25 63 486 6 8 3Q25 3 2Q26 3 3Q26 9M25 9M26 27 28 5 69 56 1 -83% -84% -19% Equity Income (R$ Million) Novvo Lavvi Other (Expenses) Revenues R$ 000 3Q26 2Q26 Q/Q 3Q25 Y/Y 9M26 9M25 Y/Y Provision for contingencies 1,317 (1,034) N/A (2,665) N/A (2,118) (5,067) -58% Other revenues (expenses) 354 (380) N/A (111) N/A (411) (971) -58% Total 1,671 (1,414) N/A (2,776) N/A (2,529) (6,038) -58% % Net Revenues 0.3% -0.3% 0.6 p.p. -0.7% 1.0 p.p. -0.2% -0.5% 0.3 p.p.
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18 decrease of 3.1 p.p. compared to 3Q25 and 0.7 p.p. compared to 2Q26. In the first nine months of the year, adjusted EBITDA totaled R$ 363 million, a decrease of 2% year-over-year. Compared to the previous quarter, the increase in adjusted EBITDA mainly reflected higher adjusted gross profit and lower selling expenses. Conversely, the margin was impacted by lower equity income due to the Eden performance fee recorded in the period. Financial Results Financial results ended the quarter positive at R$ 0.7 million , compared to negative R$ 3.4 million in 2Q26. In the first nine months of the year, financial results were positive at R$ 3.7 million, down 89% vs. 9M25. Compared to the previous quarter, the improvement mainly reflected lower other financial expenses, as 2Q26 had been impacted by the revision of the method used to recognize debt issuance costs, as well as lower expenses with financial instruments. These effects were partially offset by higher accrued interest on CRI. Compared to 3Q25, the decrease was mainly driven by higher interest on CRI following the third CRI issuance, completed in 4Q25, as well as lower interest income. In the first nine months of the year, higher financial expenses, particularly interest on CRI, were partially offset by a 9% increase in financial revenues, drive n by income from financial investments. EBITDA, R$ 000 3Q26 2Q26 Q/Q 3Q25 Y/Y 9M26 9M25 Y/Y Net Income (Loss) (1) 112,064 102,546 9% 115,999 -3% 296,683 340,897 -13% Income Tax and Social Contribution 17,020 16,382 4% 15,776 8% 29,397 38,106 -23% Net Financial Result (677) 3,367 N/A (16,821) -96% (3,721) (35,290) -89% Depreciation and Amortization 128 123 4% 287 -55% 368 658 -44% EBITDA 128,535 122,418 5% 115,240 12% 322,727 344,371 -6% % EBITDA Margin 24.2% 24.7% -0.5 p.p. 27.8% -3.6 p.p. 23.0% 28.0% -4.9 p.p. Capitalized financial charges 14,729 14,585 1% 9,375 57% 40,334 25,837 56% Adjusted EBITDA (2) 143,264 137,003 5% 124,615 15% 363,061 370,208 -2% % Adjusted EBITDA Margin (2) 26.9% 27.7% -0.7 p.p. 30.0% -3.1 p.p. 25.9% 30.1% -4.1 p.p. (1) Net Income (Loss) including non-controlling shareholders (2) The adjustments refer only to SFH interest. Financial Results, R$ 000 3Q26 2Q26 Q/Q 3Q25 Y/Y 1H26 1H25 Y/Y Income on investments 32,410 31,737 2% 29,959 8% 95,240 78,885 21% Interest received 2,694 2,367 14% 7,591 -65% 8,060 16,986 -53% Other financial revenues (34) 108 N/A - N/A 868 33 2529% Financial Revenues 35,070 34,212 3% 37,549 -7% 104,168 95,904 9% Bank expenses (828) (742) 12% (563) 47% (2,116) (1,804) 17% Interest on CRI Issuance (30,666) (23,089) 33% (15,872) 93% (82,476) (41,721) 98% Tax on financial revenues (1,024) (1,101) -7% (1,546) -34% (3,407) (3,913) -13% Financial Instruments (755) (5,666) -87% (1,080) -30% (6,506) (3,783) 72% Other financial expenses (1,120) (6,981) -84% (1,668) -33% (5,942) (9,393) -37% Financial Expenses (34,393) (37,579) -8% (20,728) 66% (100,447) (60,614) 66% Financial Results 677 (3,367) N/A 16,821 -96% 3,721 35,290 -89%
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19 Net Income and Net Margin Net income attributable to controlling shareholders totaled R$ 91 million in 3Q26, representing a decrease of 13% year-over-year and an increase of 10% compared to the previous quarter. Net margin was 17.0%, an increase of 0.4 p.p. vs. 2Q26. In the first nine months of the year, net income totaled R$ 243 million, a decrease of 21% compared to the same period of 2025, with a net margin of 17.4% (-7.8 p.p. Y/Y). Compared to the previous quarter, net income growth mainly reflected higher gross profit and lower selling expenses, partially offset by lower equity income. The Eden performance fee impacted the Company's net margin by approximately 4 p.p. in the quarter. Excluding equity income from both periods, net income would have increased by 59% compared to 2Q26. 81 71 81 265 212 45 23 25.1% 3Q25 12 16.7% 2Q26 10 17.0% 3Q26 25.1% 9M25 17.4% 9M26 104 83 91 309 243 31 -13% +10% -21% Net Income (R$ Million) *Consolidated Net Margin Novvo Lavvi Net Margin
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20 Year-over-year, the decrease was also mainly driven by lower equity income and financial results, due to higher interest on loans and CRI, as well as a larger minority share of net income. Annualized ROE at the end of 3Q26 was 23%, considering net income for the last twelve months and average shareholders' equity for the period (3Q25 vs. 3Q26). The decrease compared to the previous year was mainly driven by lower net income accumulated over the last twelve months, reflecting higher selling and financial expenses over the period and, this quarter, the one -off impact of the Eden performance fee on equity income. 0 5 10 15 20 25 30 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 26% 28% 29% 28% 28% 24% 23% Annualized ROE
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21 BALANCE SHEET Backlog Revenue 4(Backlog) Backlog revenue ended the quarter at R$ 2.9 billion, with a consolidated backlog gross margin of 39.1%, an increase of 2.1 p.p. compared to 3Q25 and 0.3 p.p. compared to 2Q26. Backlog revenue comprises revenue from units already sold, which will be recognized as construction progress meets the accounting criteria for revenue recognition. Compared to the previous quarter, backlog decreased by 4%, as the addition of Well Perdizes , launched in the period, and new sales at Jardim da Hípica did not fully offset the natural decline in backlog revenue resulting from the delivery of Galleria Klabin and construction progress at Alive and Saffire. Year-over-year, backlog increased by 23%, driven by launches over the last twelve months. Backlog gross margin reached 39.1%, an increase of 0.3 p.p. compared to 2Q26, reflecting the addition to backlog of developments with profitability above the Company's average, particularly Well Perdizes, Jardim da Hípica and Novvo Santa Marina. 4 Includes tax deductions / excludes provisions for cancellations, present value adjustment on revenue and provisions for const ruction guarantees. Backlog Revenue (R$ Million) 303 349 402 422 5% 10% 15% 20% 25% 30% 35% 40% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2,184 37.0% 3Q25 2,536 37.5% 4Q25 2,409 38.0% 1Q26 2,648 38.8% 2Q26 2,513 39.1% 3Q26 2,391 2,839 2,757 3,050 2,935 208 Novvo Lavvi Gross Margin
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22 Accounts Receivable Lavvi's accounts receivable portfolio ended the quarter at R$ 4.1 billion, representing an increase of 21% compared to 3Q25 and a slight decrease of 1% compared to 2Q26. Compared to the previous quarter, the addition of Well Perdizes, launched in the period, and new sales at Jardim da Hípica partially offset the reduction in the portfolio resulting from mortgage transfers, particularly at Novvo Barra Funda and Novvo Marajoara, as well as recently delivered developments such as Grand Square, Green View and Galleria Klabin. Following the delivery of Galleria Klabin, its receivables moved from units under construction to finished units. Compared to 3Q25, portfolio growth was mainly explained by launches over the last twelve months, particularly Jardim da Hípica and Casa Cerâmica, as well as Novvo Anália Franco, Novvo Vila Prudente, Novvo Santa Marina and Well Perdizes. These effects more than offset the reduction in the portfolio resulting from deliveries and mortgage transfers during the period. Debt and Net Debt Net debt at the 5end of 3Q26 totaled R$ 583 million, equivalent to a Net Debt/Shareholders' Equity ratio of 32.3%, compared to 30.6% in the previous quarter. The increase in gross debt during the period mainly reflected construction financing (SFH) drawdowns in line with construction progress, as well as the accrual of interest on CRI issued by the Company. In the quarter, the Company recorded adjusted cash generation of R$ 14 million, excluding dividends and share buybacks. On an ex-land basis, cash generation reached R$ 91 million in 5 Net Debt (Cash) includes restricted cash reported under the Company’s current assets. Accounts Receivable, R$ 000 3Q26 2Q26 Q/Q 3Q25 Y/Y Units under construction (on-balance) 1,132,647 1,302,914 -13% 1,150,982 -2% Concluded units (on-balance) 367,171 151,376 143% 106,436 245% Accounts Receivable (off-balance) 2,600,229 2,706,240 -4% 2,135,861 22% Total Receivables 4,100,047 4,160,530 -1% 3,393,279 21% Net Debt (Cash) 3Q26 2Q26 Q/Q 3Q25 Y/Y 9M26 9M25 Y/Y Debt ST 142,362 188,095 -24% 170,217 -16% 142,362 170,217 -16% Debt LT 1,400,317 1,281,402 9% 722,089 94% 1,400,317 722,089 94% Total Debt 1,542,679 1,469,497 5% 892,306 73% 1,542,679 892,306 73% Cash and Equivalents 209,865 192,713 9% 115,719 81% 209,865 115,719 81% Marketable Securities 749,582 751,446 0% 702,635 7% 749,582 702,635 7% Total Cash 959,447 944,159 2% 818,354 17% 959,447 818,354 17% Net Debt (Cash) 583,232 525,338 11% 73,952 689% 583,232 73,952 689% Cash Generation (Burn) (57,894) (57,611) 0% (24,711) 134% (189,697) (203,121) -7% Dividends 70,000 30,000 133% 28,200 148% 129,999 128,840 1% Share Repurchase Program 2,368 - n.a. - n.a. 2,368 - n.a. Adjusted Cash Generation (Burn) 14,474 (27,611) n.a. 3,489 315% (57,330) (74,281) -23% Land 76,084 99,146 -23% 69,805 9% 249,494 393,535 -37% Adjusted Cash Generation (Burn) ex-Land 90,558 71,535 27% 73,294 24% 192,164 319,254 -40% Shareholder's Equity 1,807,590 1,718,028 5% 1,811,095 0% 1,807,590 1,811,095 0% Net Debt / Shareholder's Equity 32.3% 30.6% 1.7 p.p. 4.1% 28.2 p.p. 32.3% 4.1% 28.2 p.p.
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23 3Q26, an increase of 27% compared to 2Q26. During the period, the Company disbursed R$ 76 million for land acquisitions. Additionally, on August 14, 2026, the Company paid R$ 70 million in dividends, corresponding to the third installment of the distribution approved at the Board of Directors' meeting held on January 27, 2026, reinforcing its commitment to creating value for shareholders. Despite the increase in debt during the period, Management believes that the Net Debt/Shareholders' Equity ratio of 32.3% remains healthy and consistent with the Company's current stage of growth and expansion. RECENT EVENTS Share Buyback At a meeting of the Board of Directors held on August 4, 2026, a new Share Buyback Program was approved. Its purpose is to efficiently allocate available resources and generate further value for shareholders. The program allows the acquisition of up to 7,446,082 common shares, equivalent to 10% of the free float. Under the program, the Company acquired 250,000 shares in August 2026 at an average price of R$ 9.47 per share, totaling R$ 2.4 million. The shares remain in treasury. Dividends At a meeting of the Board of Directors held on January 27, 2026, the distribution of interim dividends in the total amount of R$ 200 million was approved, to be paid in four installments. This resolution was subsequently ratified by the Annual General Meeting held on April 23, 2026. The first installment was paid on March 17, 2026, the second on May 15, 2026, and the third on August 14, 2026. The fourth installment, in the amount of R$ 70 million, will be paid on November 13, 2026, corresponding to R$ 0.35817654002 per share. Shareholders of record as of February 2, 2026 are entitled to receive the dividends, and the Company's shares have traded ex-dividend since February 3, 2026, inclusive.
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24 ATTACHMENT I – Income Statement Consolidated Income Statement, R$ ’000 3Q26 2Q26 Q/Q 3Q25 Y/Y 9M26 9M25 Y/Y Net Revenues 531,878 495,377 7% 414,753 28% 1,400,213 1,231,277 14% Cost of Goods Sold (343,468) (323,665) 6% (268,197) 28% (921,046) (794,601) 16% Gross Profit 188,410 171,712 10% 146,556 29% 479,167 436,676 10% Gross Margin % 35.4% 34.7% 0.8 p.p. 35.3% 0.1 p.p. 34.2% 35.5% -1.2 p.p. Adj. Gross Margin % 38.2% 37.6% 0.6 p.p. 37.6% 0.6 p.p. 37.1% 37.6% -0.5 p.p. Operating (Expenses) Revenues (60,003) (49,417) 21% (31,602) 90% (156,808) (92,963) 69% Commercial Expenses (39,955) (49,362) -19% (35,510) 13% (127,892) (91,349) 40% General and Administrative Expenses (26,237) (26,961) -3% (20,528) 28% (82,322) (64,393) 28% Equity Income 4,518 28,320 -84% 27,212 -83% 55,935 68,817 -19% Other Operating (Expenses) Revenues 1,671 (1,414) N/A (2,776) N/A (2,529) (6,038) -58% EBIT 128,407 122,295 5% 114,954 12% 322,359 343,713 -6% Financial Revenues 35,070 34,212 3% 37,549 -7% 104,168 95,904 9% Financial Expenses (34,393) (37,579) -8% (20,728) 66% (100,447) (60,614) 66% Net Financial Results 677 (3,367) N/A 16,821 -96% 3,721 35,290 -89% EBT 129,084 118,928 9% 131,775 -2% 326,080 379,003 -14% Tax and Social Contribution - Current (15,910) (15,582) 2% (14,823) 7% (27,662) (35,482) -22% Tax and Social Contribution - Deferred (1,110) (800) 39% (953) 16% (1,735) (2,624) -34% Income (Loss) Before Minorities 112,064 102,546 9% 115,999 -3% 296,683 340,897 -13% Minority Interest (21,406) (19,926) 7% (12,040) 78% (53,534) (31,463) 70% Net income (loss) 90,658 82,620 10% 103,959 -13% 243,149 309,434 -21% % Net margin 17.0% 16.7% 0.4 p.p. 25.1% -8.0 p.p. 17.4% 25.1% -7.8 p.p.
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25 ATTACHMENT II – Balance Sheet Consolidated Balance Sheet (Assets) 3Q26 2Q26 3Q25 ASSETS CURRENT ASSETS Cash and Cash Equivalents 209,865 192,713 111,548 Restricted Cash - - 4,171 Marketable Securities 742,745 744,680 696,192 Accounts Receivable 1,092,611 1,134,203 1,087,975 Marketable Real Estate 2,113,091 2,087,760 1,163,017 Recoverable taxes and contributions 16,209 13,075 16,833 Deferred taxes and contributions payable 2,077 2,644 2,545 Sales Expenses to be Recognized 49,242 40,101 23,240 Other assets 10,482 10,933 16,505 Total current assets 4,236,322 4,226,109 3,122,026 NON-CURRENT ASSETS Accounts Receivable 407,207 320,087 169,443 Marketable Securities 6,837 6,766 6,443 Related parties and business partners 73,560 76,716 149,965 Taxes and Contributions to Compensate 44,547 44,478 21,046 Marketable Real Estate 129,509 48,277 410,376 Other assets 2,183 2,180 2,168 Investment in Controlled Companies and Associates 178,862 191,738 106,544 Fixed Assets 66,075 55,311 24,806 Intangible 6,395 3,555 2,910 Total Non-Current Assets 915,175 749,108 893,701 TOTAL ASSETS 5,151,497 4,975,217 4,015,727
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26 Consolidated Balance Sheet (Liabilities) and Shareholders' Equity 3Q26 2Q26 3Q25 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT Loans and Financing 105,953 171,054 154,778 Real Estate Receivables Certificate - CRI 36,409 17,041 15,439 Lease 408 408 405 Suppliers 70,042 85,639 71,947 Provision for guarantees 8,100 8,179 5,592 Taxes and Contributions Payable 20,431 16,897 20,524 Deferred Taxes and Contributions 33,492 35,022 37,894 Payroll, social charges and profit sharing 31,255 25,428 23,775 Real Estate Acquisition Payable 230,870 236,722 57,105 Dividends Payable 70,000 140,000 124,691 Related parties and business partners 3,361 3,901 5,221 Advances from Customers 267,518 255,606 355,640 Other Payables 29,427 29,038 12,787 Total currents liabilities 907,266 1,024,935 885,798 NON-CURRENT Loans and Financing 563,979 448,424 279,345 Real Estate Receivables Certificate - CRI 836,338 832,978 442,744 Lease 1,625 1,625 1,788 Provision for guarantees 37,134 34,729 27,036 Real Estate Acquisition Payable 496,189 497,153 419,520 Provisions for labour, civil and fiscal risks 24,584 25,900 17,206 Payroll, social charges and profit sharing 14,584 11,307 2,834 Advances from Customers 318,685 296,855 102,441 Other Payables 143,523 83,283 25,920 Total non-current liabilities 2,436,641 2,232,254 1,318,834 SHAREHOLDER'S EQUITY Capital stock 1,133,581 1,133,581 1,133,581 Share issuance expenses (44,590) (44,590) (44,590) Capital transaction (3) (3) (3) Legal reserve 80,866 76,334 48,005 Investments reserve 364,115 277,989 263,283 Treasury Shares and other reserves (2,368) - - Additional dividends - - (173,527) Retained Earnings/Accumulated Losses - - 309,434 Other comprehensive results 6,837 6,766 6,443 Minority Equity 269,152 267,951 268,469 Total Shareholder's Equity 1,807,590 1,718,028 1,811,095 TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 5,151,497 4,975,217 4,015,727
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27 ATTACHMENT III – Indirect Cash Flow Consolidated Cash Flow, R$ 000 9M26 9M25 CASH FLOW FROM OPERATING ACTIVITIES Profit (Loss) before the tax and social contribution 326,080 379,003 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and Amortization of Goodwill 368 658 Depreciation of sales stand 9,555 7,862 Depreciation of investment properties 26 - Equity income results (55,935) (68,817) Interest and monetary adjustment on loans 121,549 72,475 Present Value Adjustment from Accounts Receivables (2,724) 14,289 Present Value Adjustment from Lease - - Real Estate Revenue - Provision for cancellation 4,799 11,620 Cost of Goods Sold - Provision for cancellation (3,239) (9,007) Provision for expected credit losses 495 - Provision for construction guarantees 12,256 9,903 Reserve for Contingencies 2,118 5,067 Income Tax and Social Contribution, Current and Deferred 1,881 2,856 Income on Marketable Securities (95,240) (78,885) Financial expenses on active financing (expenses) (8,060) - Decrease (increase) in operating assets: Trade Accounts Receivables (122,747) (194,107) Real Estate Held for Sale (410,895) (233,536) Taxes to Recover (9,900) (8,589) Other credits (26,360) (16,024) Decrease (increase) in operating liabilities Suppliers (21,569) 5,739 Accounts payable from land acquisition 113,600 11,560 Income Tax and Social Contribution 11,371 25,892 Payroll, social charges and profit sharing 7,554 2,020 Advance from Customers 95,318 74,537 Other Liabilities 11,478 3,350 Net Cash provided by (used in) Operating Activities (38,221) 17,866 Income Tax and Social Contribution Paid (46,497) (53,112) Interest Paid (84,308) (51,571) Cash from operating activities (169,026) (86,817) Cash Flows from Investing Activities Investments for future capital increase 2,519 25,757 Received dividends 72,693 72,193 Provision for investments with uncovered liabilities 16 - Restricted cash 4,788 3,060 Marketable Securities 73,816 52,891 Fixed assets and intangible (49,742) (10,963) Related Parties and business partners (22,381) (112,171) Investments with Swap operations 352 - Investment Properties - - Cash Flows from Investing Activities 82,061 30,767 Cash Flows from Financing Activities Related parties and business partners (1,500) (1,861) Loans and Financing and CRI - Issuance 482,492 432,387 Loans and Financing- Amortization (285,365) (211,748) Lease payments - (508) Real Estate Receivables Certificates - Amortization (2,658) (2,017) Dividends payment (176,508) (162,020) Share buyback for treasury holding (2,368) - Capital increase and advance for future capital increase (21,365) 14,936 SCPs liabilities 119,613 (508) Net Cash Provided by Financing Activities 112,341 68,661 Increase in cash and cash equivalents 25,376 12,611 Cash and cash equivalents Balance at Beginning of Period 184,489 98,937 Balance at End of Period 209,865 111,548