Earnings release
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l Earnings Release 3Q26
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São Paulo, November 4ᵗʰ, 2026 - Construtora Tenda S.A. (“Company”, “Tenda”), a leading Brazilian homebuilder an d real estate developer focused on affordable housing, announces today its results for the third quarter of 2026. EARNINGS RELEASE 3Q26 HIGHLIGHTS FINANCIAL ▪ Consolidated quarterly Net Revenue of R$ 1,254.1 million, up 10.5% compared to 3Q25. Year-to-date, Net Operating Revenue totaled R$ 3,728.9 million, up 24.6% compared to the same period of the prior year; ▪ Consolidated Adjusted Gross Profit of R$ 407.6 million in 3Q26, up 14.8% compared to 3Q25. Year-to-date, consolidated Adjusted Gross Profit totaled R$ 1,309.6 million, up 35.9% compared to 9M25; ▪ Consolidated Net Income ex-Swap of R$ 106.4 million in 3Q26, up 3.7% compared to 3Q25, and R$ 117.9 million excluding Swap and SOP. In 9M26, consolidated Net Income ex-Swap totaled R$ 419.9 million, up 65.2% compared to 9M25, and R$ 464.3 million excluding Swap and SOP; ▪ Adjusted EBITDA for the Tenda segment of R$ 227.8 million in 3Q26, up 2.2% compared to 3Q25. Year-to-date, Adjusted EBITDA for the Tenda segment totaled R$ 811.1 million, up 39.2% compared to 9M25; ▪ Consolidated Operating Cash Generation of R$ 82.4 million, the 14ᵗʰ consecutive quarter of cash generation, and Total Cash Generation of R$ 44.9 million in 3Q26; ▪ Return on Equity (ROE) LTM of 38.1%; ▪ Alea Cash Consumption (Tenda's % stake) totaled R$ 11.3 million, down 20.2% compared to 2Q26; ▪ Corporate Net Debt / Equity ratio ended 3Q26 at 0.1%. OPERATIONS ▪ Launches of 14 projects on a consolidated basis, totaling R$ 1,641.6 million in 3Q26, up 5.0% compared to 3Q25. Year-to-date, launched PSV totaled R$ 4,869.9 million, up 35.7% compared to 9M25; ▪ Record Average Launch Price per Unit for the Tenda brand of R$ 271.5 thousand in 3Q26, up 15.9% and 8.5% compared to 3Q25 and 2Q26, respectively; ▪ Consolidated Gross Sales totaled R$ 4,909.7 million in 9M26, up 23.1% compared to 9M25; ▪ Year-to-date, consolidated Net Pre-Sales totaled R$ 4,222.3 million, up 20.1% compared to the same period of the prior year; ▪ Landbank with R$ 35,544.6 million in PSV in 3Q26, up 35.7% and 5.3% compared to 3Q25 and 2Q26, respectively. Acquisitions during the quarter totaled R$ 2.1 billion, with Land Swaps now representing 67.5% of the total Landbank.
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MESSAGE FROM THE MANAGEMENT Reported consolidated Net Income was R$ 57.3 million, impacted by R$ 49.1 million from the mark-to- market of Swap contracts referenced to the Company's own shares, which reflected the depreciation of TEND3 during the quarter — an accounting effect, with no cash disbursement and with settlement scheduled for April and September 2027. Excluding Swap, consolidated Net Income was R$ 106.4 million (R$ 117.9 million ex- Swap and SOP), and Net Income for the Tenda brand was R$ 134.1 million (R$ 145.6 million ex- Swap and SOP). Adjusted EBITDA/ROE LTM Evolution - Consolidated Margin Variation Bridge Adjusted Gross Margin fluctuates between quarters based on product and market mix, price, inflation and the pace of construction cost recognition. Since the beginning of 2025, it has ranged from 34.5% to 39.9% for the Tenda brand: 2Q26 marked the upper end of this range, and 3Q26 returned to the lower end. The bridge below breaks down the 5.3 p.p. variation between the two quarters into three effects: Price, Construction Costs and Others. 1. Price — current-quarter sales and Monetary Adjustment (−2.6 p.p.) . The average Nominal Price of Tenda brand sales was R$ 11.5 thousand per unit below 2Q26. Of this amount, R$ 8.3 thousand came from the reduction in Post-Keys Pro-Soluto (“TCD”) from 10% to 7.1% of the Nominal Price — a move signaled in 2Q26 and intensifie d in light of rising household Delinquency and tighter credit, with TCD targeted at approximately 7.5% nationwide and 5.0% in Rio de Janeiro — and R$ 3.2 thousand came from the Raw Price, pressured by a higher share of Bracket 1 projects in sales (+20 p.p .) and by one -off adjustments to sustain the sales pace. The Average Raw Price declined only 1.4% in the quarter and is 7.9% above 3Q25: most of the decline in Nominal Price came from credit we chose not to extend, resulting in lower capital employed and l ower risk. Since TCD is recognized in revenue at the time of sale, while its economic value depends on collections over several years, the immediate accounting impact of the reduction exceeds its ultimate economic cost. The second component is the Monetary Adjustment of the receivables portfolio: the reference IPCA declined from 0.75% per month in 2Q26 to 0.27% in 3Q26. This line tracks inflation, not project profitability — and, for a business that is structurally short on inflation, disinflation tends to be positive over the medium term. Effect AGM 2Q26 39.9% Price (Sales fot the Quarter and Monetary Adjustment) (2.6 p.p) Construction Costs (Remaining Construction Costs) (1.0 p.p) Others* (1.7 p.p) 3Q26 34.6% Change (5.3 p.p.) *Legacy Transfers in RJ. Cancellations and Provisions
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2. Construction Costs — prior sales / Remaining Construction Costs (−1.0 p.p.). In 2Q26, the margin benefited from R$ 15.2 million in reductions in Remaining Construction Costs for projects in the delivery phase, an effect that, as we signaled at the time, should not be extrapolated. In 3Q26, there were no savings of this nature, and we recorded a one -off increase of R$ 3.0 million, concentrated in July and associated with the stabilization phase of new factories following the typology migration in some Regional Offices, as well as with final production adjustments related to the end of the 6x1 work schedule. The points of deviation have been mapped and are being addressed, and we maintain our conservative provisioning policy for cost deviations and inflation on Remaining Construction Costs. 3. Others (−1.7 p.p.). This line comprises three effects. The main one was the legacy Transfer in Rio de Janeiro: with TCD capped at 5% in this market, we granted discounts on June to August sales not yet transferred, to bring them in line with the new cap. The second was the increase in Cancellations (1,231 units, +52% versus 2Q26), influenced by three factors related to Caixa Econômica Federal: the nearly 20 -day strike in September, which interrupted the Transfer pipeline; the temporary reduction, in July, of the Income Commitment Ratio limit from 30% to 27%; and stricter credit interviews in markets with higher Delinquency. The first two were one-off; the third is prudent and aligned with the direction we had already been taking, and we expect Cancellations to normalize gradually. On the other hand, Provisions (PDD) reversals reflected the write-off of specific provisions in Rio de Janeiro and Goiás and the favorable seasonality of the portfolio in the second half; even so, portfolio coverage rose to 25.2% (24.4% in 2Q26). The natural question in light of this bridge is what margin level to expect going forward. We do not project margins: the final price depends on variables we do not control, such as credit conditions and commercial decisions that take into account, among other factors, the different MCMV income brackets. What the data allows us to state is that the main effect of the quarter, the TCD reduction, is a decision already fully reflected in sales prices, rather than a trend; that the Raw Gross Margin on New Sales decreased only 1.4 p.p. (versus 2.9 p.p. for the nominal margin); that the Backlog Margin for the Tenda brand remains above 41%; and that the launch pipeline is co ncentrated in higher -margin products in Brackets 3 and 4. We therefore believe that the 3Q26 margin is closer to the lower end of the range in which we have been operating than to a new level, with a gradual recovery in line with the launch and sales mix. Cash Generation and Capital Structure Cash Generation remained solid: consolidated Operating Cash Flow totaled R$ 82.4 million in the quarter and R$ 247.1 million year-to-date, as shown in the table below. These amounts would be increased by approximately R$ 45 million in Pode Entrar program installments due between July and September and not yet received. This is a deferral, with no loss of value to Tenda; without it, operating cash generation in the quarter would have exceeded R$ 125 million. The Capital Structure remains deleveraged: Corporate Net Debt of 0.1% of Equity, a cash position of R$ 923.8 million and debt duration extended to 32.4 months (28.3 months in 2Q26), at an average nominal cost of 13.78% p.a. Operating and Total Cash Generation/Consumption (R$ milhões) (R$ million) 2023 2024 2025 9M26 1Q26 2Q26 3Q26 Gross Debt 1,180.1 1,041.5 1,313.0 1,226.4 1,415.5 1,168.7 1,226.4 (-) Cash and Cash Equivalents and Financial Investments (718.8) (849.3) (1,046.9) (923.8) (1,090.6) (865.4) (923.8) Net Debt 461.3 192.2 266.0 302.6 324.9 303.2 302.6 Receivables Assignment Balance 229.4 488.0 603.4 470.5 569.4 514.7 470.5 ∆ Net Debt (+) Receivables Securitization (a) 109.3 10.5 (189.3) 96.4 (24.8) 76.3 44.9 Net Financial Result (Income Statement) (194.0) (136.2) (130.7) (120.1) (37.2) (45.1) (37.8) Reserve Fund (Receivables Assignment) (58.2) (4.9) (30.1) 18.6 7.3 11.0 0.2 Follow-on / Dividends / Share Buyback / Capital Increase1 (b) 224.3 0.0 (165.6) (113.3) (111.3) (1.9) 0.0 SWAP Cash Effect 0.0 25.4 47.4 64.2 4.3 59.8 0.0 Operational Cash Flow - Consolidated 137.1 126.2 89.6 247.1 112.2 52.5 82.4 Operational Cash Flow - Alea (100%) (96.2) (116.0) (148.4) (47.1) (17.4) (16.4) (13.3) Operational Cash Flow - Tenda 233.3 242.2 237.9 294.2 129.5 68.9 95.7 Total Cash Generation (a)-(b) (115.0) 10.5 (23.8) 209.7 86.6 78.3 44.9 Pode Entrar Effect 0.0 0.0 0.0 44.8 0.0 0.0 44.8 Total Cash Generation (115.0) 10.5 (23.8) 254.5 86.6 78.3 89.7
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Net Income and Swap Reported consolidated Net Income was R$ 57.3 million, impacted by R$ 49.1 million from the mark-to- market of Swap contracts referenced to Tenda's own shares, which reflected the decline in TEND3 during the quarter — a non-cash accounting effect, with settlement expected in April and September 2027. Excluding the Swap, consolidated Net Income was R$ 106.4 million, and Net Income for the Tenda brand was R$ 134.1 million. Net Income – Consolidated LTM (R$ milhões) Demand, Launches and Landbank Demand remained strong: Gross Sales for the Tenda brand grew 22.1% compared to 3Q25, with Gross SoS of 28.3% (+1.0 p.p. versus 2Q26) and September as the strongest month of the quarter; Net SoS (Speed of Sales) of 22.8% reflects the volume of Cancellations . Launches were a record for a third quarter (ex-Pode Entrar), with a record Average Launch Price per Unit of R$ 271.5 thousand and 54.5% of PSV in Bracket 3 and 4 projects — including Tenda's debut in Bracket 4, in Bahia. This mix, supported by a Landbank of R$ 29.3 billion (+41.2% over twelve months), points to a gradual recovery in sales prices over the coming quarters. Alea At Alea, stabilization remains on track. Operating Cash Consumption (Tenda's % stake) was R$ 11.3 million, the lowest in the series, totaling R$ 40.4 million in 9M26, a trajectory consistent with the Guidance of R$ 60.0 to 80.0 million for the year. The op eration launched three projects, reported Net SoS of 27.0% and positive Gross Profit, and we continue to prioritize robust unit economics before accelerating the pace of production and sales. Alea Operating Cash Consumption (Tenda's % stake) (R$ milhões)
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Outlook and Priorities Our priorities for 4Q26 and 2027 are clear: (i ) increase cash generation and continue deleveraging the balance sheet; (ii) gradually recover prices, supported by the launch mix in Brackets 3 and 4 and by the composition of the Landbank, while keeping TCD at its new level; (iii) complete the stabilizat ion of the new factories and typology migrations, recovering the construction savings that characterize our industrial approach; (iv) maintain credit and collection discipline, normalizing the level of Cancellations; and (v) sustain growth in launches and sales at a pace consistent with advances in profitability, operational efficiency and cash generation. In October, with the normalization of CEF operations, we have already observed a recovery in Transfer volumes and, in parallel, an improvement in the Raw Price and in the margin on new sales, signaling a gradual recovery of indicators following the impacts of the quarter. Transfer Volume (Units, Quarterly Average) and Average Raw Price (PSV, R$ thousand) – Consolidated We continue to advance our preparation for the Tax Reform, with a pilot project underway, mapping of impacts on processes, costs, credits, margins and cash flow, systems adaptation and recurring dialogue with the Federal Revenue Service (Receita Federal), the IBS Management Committee (Comitê Gestor do IBS), Caixa Econômica Federal and ABRAINC, seeking solutions suited to the particularities of the sector. Closing Remarks We have clarity on the factors that affected the quarter and on the measures underway to address them. The fundamentals that built Tenda's turnaround — the industrial approach, capital discipline, cash generation and a deleveraged balance sheet — remain solid, and the decisions that weighed on this quarter's margin were made to pr otect the quality of the portfolio and the return on capital. We will continue to prioritize cash generation and long-term economic value, even when this implies impacts on short-term accounting results. We thank our shareholders, customers, employees and partners for their trust.
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INTRODUCTION In 3Q26, Gross Sales for the Tenda segment totaled R$ 1,507.3 million, up 22.1% compared to 3Q25. Gross SoS was 28.3%, up 1.0 p.p. compared to 2Q26, with monthly growth in units sold throughout the quarter. The Average Selling Price per Unit during the quarter was R$ 233.4 thousand, up 5.9% compared to 3Q25. The 4.7% decrease in the average price in 3Q26 compared to the prior quarter was primarily driven by a 20% increase in sales of projects targeted at Bracket 1 customers and by the implementation of the TCD reduction strategy. Evolution of Price x Net Pre-Sales (PSV, R$ million - Tenda brand) and Net SoS (%) Of total sales recorded during the quarter, 47% were directed to the Bracket 1 segment, with household income of up to R$ 3,200 per month. Over the long term, we see the Company gaining greater share in Brackets 3 and 4 of the MCMV program, driven by the adoption of various features in our units, such as swimming pools, balconies, gardens, among others. Gross PSV by Income Bracket - Consolidated Regarding Alea's operations, 3Q26 ended with 18 active Construction Sites, of which 11 are Alea and 7 are Casapatio. Alea Construction Sites
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Recurring Adjusted Gross Margin for the Tenda brand in 3Q26 was 34.9%. Consolidated Net Income in 3Q26 was R$ 57.3 million. Also worth highlighting, the Tenda segment reported Net Income of R$ 146.0 million in 3Q26, excluding the Swap result and the SOP provision, which are offset by the Swap. Leverage, measured by the Corporate Net Debt / Equity ratio, closed 3Q26 at 0.1%. Corporate Net Debt / Equity (%) On cash, in 3Q26 the Company reported consolidated Operating Cash Generation of R$ 82.4 million, of which R$ 95.8 million from the Tenda brand and Cash Consumption of R$ 13.3 million at Alea. It is worth noting that, had it not been for the delay in receip ts from the Pode Entrar program, Total Cash Generation would have been R$ 89.7 million in the quarter. Reconciliation of Recurring Gross Margin – 3Q26 Revenue Cost Gross Profit GM Adjusted Cost Adjusted Gross Profit Ajusted GM Consolidated 1,254,087 (865,052) 389,035 31.0% (846,464) 407,623 32.5% (-) Alea (91,365) 87,128 (4,237) 2.1% 86,296 (5,069) 2.1% Reported Tenda Core 1,162,722 (777,924) 384,798 33.1% (760,169) 402,553 34.6% (-) Pode Entrar* (20,905) 17,043 (3,863) 0.3% 17,043 (3,863) 0.3% Tenda segment ex-Pode Entrar 1,141,817 (760,881) 380,936 33.4% (743,126) 398,691 34.9% *Project Citta Recurring Net Income Reconciliation – 3Q26 Gross Profit Expense Net Income1 Net Margin Consolidated 389,035 (331,763) 57,271 4.6% (-) Alea (4,237) 31,922 27,685 2.7% Tenda Core Reported 384,798 (299,841) 84,956 7.3% (-) SWAP 0 49,105 49,105 4.2% (-) Expenses with Stock Option Plan 2 0 11,500 11,500 1.0% Total Tenda 384,798 (239,236) 145,561 12.5% 1Net Income ex-Minorities 2This effect is excluded as the swapped shares are held to support the Stock Options Program ("SOP").
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Operating and Total Cash Generation/Consumption (R$ million) Operating Cash Flow – Tenda LTM (R$ million) We also continue to benefit from the characteristics of our construction model, with greater standardization, the use of aluminum formwork and verticalization of direct labor. In a sector where labor remains one of the main sources of inflationary pressure , our model, based on an industrial approach and labor verticalization, reduces our relative exposure to workforce shortages and service cost inflation, keeping the Company in a competitive position relative to the sector. Inflation Evolution in the Last 12 Months (%) (R$ million) 2023 2024 2025 9M26 1Q26 2Q26 3Q26 Gross Debt 1,180.1 1,041.5 1,313.0 1,226.4 1,415.5 1,168.7 1,226.4 (-) Cash and Cash Equivalents and Financial Investments (718.8) (849.3) (1,046.9) (923.8) (1,090.6) (865.4) (923.8) Net Debt 461.3 192.2 266.0 302.6 324.9 303.2 302.6 Receivables Assignment Balance 229.4 488.0 603.4 470.5 569.4 514.7 470.5 ∆ Net Debt (+) Receivables Securitization (a) 109.3 10.5 (189.3) 96.4 (24.8) 76.3 44.9 Net Financial Result (Income Statement) (194.0) (136.2) (130.7) (120.1) (37.2) (45.1) (37.8) Reserve Fund (Receivables Assignment) (58.2) (4.9) (30.1) 18.6 7.3 11.0 0.2 Follow-on / Dividends / Share Buyback / Capital Increase1 (b) 224.3 0.0 (165.6) (113.3) (111.3) (1.9) 0.0 SWAP Cash Effect 0.0 25.4 47.4 64.2 4.3 59.8 0.0 Operational Cash Flow - Consolidated 137.1 126.2 89.6 247.1 112.2 52.5 82.4 Operational Cash Flow - Alea (100%) (96.2) (116.0) (148.4) (47.1) (17.4) (16.4) (13.3) Operational Cash Flow - Tenda 233.3 242.2 237.9 294.2 129.5 68.9 95.7 Total Cash Generation (a)-(b) (115.0) 10.5 (23.8) 209.7 86.6 78.3 44.9 Pode Entrar Effect 0.0 0.0 0.0 44.8 0.0 0.0 44.8 Total Cash Generation (115.0) 10.5 (23.8) 254.5 86.6 78.3 89.7
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Post-Structure Completion Timeline by Launch Cohort (in months) Year IPCA INCC-M INCC - Materials and Equipment INCC - Labor Labor Delta 2022 5.8% 9.4% 6.9% 11.8% 4.9% 2023 4.6% 3.3% -0.4% 6.6% 7.0% 2024 4.8% 6.3% 5.2% 8.2% 3.0% 2025 4.3% 6.1% 3.8% 9.2% 5.4% Average Inflation 4.9% 6.3% 3.9% 9.0% 5.1% Cumulative 21.0% 27.5% 16.2% 40.9% 24.7%
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GUIDANCE Projections for Fiscal Year 2026 Regarding Adjusted EBITDA, the estimate for the Tenda segment ranges from a minimum of R$ 1,100.0 million to a maximum of R$ 1,200.0 million, and from a minimum of -R$ 90.0 million to a maximum of - R$ 70.0 million for the Alea segment (Tenda's % stake). For Net Pre-Sales, defined as gross sales for the period minus cancellations in the same period, with all figures adjusted for Tenda's equity stake, the estimate ranges from a minimum of R$ 5,500.0 million to a maximum of R$ 6,000.0 million for the Tenda segment, and from a minimum of R$ 350.0 million to a maximum of R$ 450.0 million for Alea. For consolidated Net Income, defined as the profit or loss for the period after deducting all operating, financial and tax expenses, the estimate ranges from a minimum of R$ 600.0 million to a maximum of R$ 660.0 million on a consolidated basis. The projection excludes the results from Swap operations. For Alea's Operating Cash Flow (Tenda's % stake) , the estimate ranges from a minimum of -R$ 80.0 million to a maximum of -R$ 60.0 million.
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OPERATIONAL HIGHLIGHTS Operational Highlights (R$ million, PSV) 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) 9M26 9M25 YoY (%) Tenda Launches 1,522.6 1,680.9 (9.4%) 1,486.7 2.4% 4,617.9 3,394.0 36.1% Net Pre-Sales 1,214.4 1,318.1 (7.9%) 1,098.7 10.5% 3,960.5 3,138.5 26.2% Sales over Supply (SoS) (%) 22.8% 23.9% (1.1 p.p.) 25.8% (3.0 p.p.) 49.1% 49.8% (0.8 p.p.) PSV Transferred 754.7 1,033.2 (27.0%) 973.8 (22.5%) 2,812.0 2,607.2 7.9% Units Delivered (#) 4,252 3,708 14.7% 4,780 (11.0%) 12,585 12,929 -2.7% LandBank 29,252.1 27,667.9 5.7% 20,711.2 41.2% 29,252.1 20,711.2 41.2% LandBank - Acquisitions / Adjustments 3,104.9 6,347.1 (51.1%) 1,714.8 81.1% 11,358.9 6,133.2 85.2% Alea Launches 119.1 85.5 39.2% 76.2 56.2% 251.9 193.4 30.3% Net Pre-Sales 72.5 84.2 (13.9%) 134.0 (45.9%) 261.8 378.5 -30.8% Sales over Supply (SoS) (%) 27.0% 36.5% (9.5 p.p.) 35.4% (8.4 p.p.) 57.2% 60.8% (3.6 p.p.) PSV Transferred 36.2 91.5 (60.4%) 143.2 (74.7%) 215.6 337.6 -36.1% Units Delivered (#) 429 322 33.2% 542 (20.8%) 1,590 909 74.9% LandBank 6,292.5 6,100.0 3.2% 5,481.1 14.8% 6,292.5 5,481.1 14.8% LandBank - Acquisitions / Adjustments 311.6 112.3 >100,0% (81.7) <-100,0% 468.2 842.4 -44.4% Consolidated Launches 1,641.6 1,766.4 (7.1%) 1,562.9 5.0% 4,869.9 3,587.4 35.7% Net Pre-Sales 1,287.0 1,402.3 (8.2%) 1,232.7 4.4% 4,222.3 3,517.0 20.1% Sales over Supply (SoS) (%) 23.0% 24.4% (1.4 p.p.) 26.6% (3.6 p.p.) 49.5% 50.8% (1.3 p.p.) PSV Transferred 790.9 1,124.7 (29.7%) 1,117.0 (29.2%) 3,027.7 2,944.8 2.8% Units Delivered (#) 4,681 4,030 16.2% 5,322 (12.0%) 14,175 13,838 2.4% LandBank 35,544.6 33,767.9 5.3% 26,192.3 35.7% 35,544.6 26,192.3 35.7% LandBank - Acquisitions / Adjustments 3,416.4 6,459.3 (47.1%) 1,633.1 >100,0% 11,827.1 6,975.6 69.6%
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FINANCIAL HIGHLIGHT Financial Highlights (R$ million) 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) 9M26 9M25 YoY (%) Tenda Net Revenue 1,162.7 1,204.9 (3.5%) 1,039.9 11.8% 3,479.6 2,720.1 27.9% Adjusted Gross Profit¹ 402.6 480.9 (16.3%) 358.8 12.2% 1,304.9 957.7 36.3% Adjusted Gross Margin¹ (%) 34.6% 39.9% (5.3 p.p.) 34.5% 0.1 p.p. 37.5% 35.2% 2.3 p.p. Adjusted Gross Margin¹ (Excluding Pode Entrar + Others) (%) 34.9% 40.4% (5.4 p.p.) 36.4% (1.5 p.p.) 37.9% 36.5% 1.4 p.p. Adjusted EBITDA² 227.8 299.8 (24.0%) 222.9 2.2% 811.1 582.7 39.2% Adjusted EBITDA Margin² (%) 19.6% 24.9% (5.3 p.p.) 21.4% (1.8 p.p.) 23.3% 21.4% 1.9 p.p. Net Income (Loss)³ 85.0 209.0 (59.3%) 146.4 (42.0%) 510.1 481.2 6.0% Net Margin (%) 7.3% 17.3% (10.0 p.p.) 14.1% (6.8 p.p.) 14.7% 17.7% (3.0 p.p.) Operating Cash Generation 95.7 68.9 38.9% 143.4 (33.2%) 294.2 18.4 >100,0% ROCE⁶ (LTM, ex-SWAP) 44.2% 42.8% 1.4 p.p. 32.1% 12.1 p.p. 44.2% 32.1% 12.1 p.p. Alea Net Revenue 91.4 85.1 7.4% 95.5 (4.3%) 249.4 271.9 -8.3% Adjusted Gross Profit¹ 5.1 0.4 >100,0% (3.6) <-100,0% 4.7 6.1 -23.6% Adjusted Gross Margin¹ (%) 5.5% 0.5% 5.1 p.p. (3.8%) 9.3 p.p. 1.9% 2.2% (0.4 p.p.) Adjusted EBITDA² (20.0) (24.6) (18.6%) (35.8) (44.1%) (71.5) (75.9) (5.8%) Adjusted EBITDA Margin² (%) (21.9%) (28.9%) 7.0 p.p. (37.5%) 15.6 p.p. (28.7%) (27.9%) (0.8 p.p.) Net Income (Loss)³ (27.7) (29.9) (7.3%) (34.8) (20.4%) (90.3) (80.2) 12.7% Net Margin (%) (30.3%) (35.1%) 4.8 p.p. (36.4%) 6.1 p.p. (36.2%) (29.5%) (6.8 p.p.) Operating Cash Generation (13.3) (16.4) (19.0%) (28.1) (52.6%) (47.1) (100.7) (53.2%) Consolidated Net Revenue 1,254.1 1,290.0 (2.8%) 1,135.4 10.5% 3,728.9 2,992.1 24.6% Adjusted Gross Profit¹ 407.6 481.3 (15.3%) 355.2 14.8% 1,309.6 963.8 35.9% Adjusted Gross Margin¹ (%) 32.5% 37.3% (4.8 p.p.) 31.3% 1.2 p.p. 35.1% 32.2% 2.9 p.p. Adjusted Gross Margin¹ (Excluding Pode Entrar + Others) (%) 32.7% 37.7% (4.9 p.p.) 32.8% (0.1 p.p.) 35.5% 33.3% 2.2 p.p. Adjusted EBITDA² 207.7 275.2 (24.5%) 187.0 11.1% 739.7 506.8 45.9% Adjusted EBITDA Margin² (%) 16.6% 21.3% (4.8 p.p.) 16.5% 0.1 p.p. 19.8% 16.9% 2.9 p.p. Net Income (Loss)³ 57.3 179.1 (68.0%) 111.7 (48.7%) 419.8 401.0 4.7% Net Margin (%) 4.6% 13.9% (9.3 p.p.) 9.8% (5.3 p.p.) 11.3% 13.4% (2.1 p.p.) Backlog Revenues 3,252.9 3,101.5 4.9% 2,824.4 15.2% 3,252.9 2,824.4 15.2% Backlog Results 1,246.1 1,204.4 3.5% 979.9 27.2% 1,246.1 979.9 27.2% Adjusted Backlog Margin (%)4 38.9% 39.0% (0.1 p.p.) 37.9% 1.0 p.p. 38.9% 37.9% 1.0 p.p. Net Debt / (SE + Minority) (%) 20.0% 19.8% 0.2 p.p. 16.2% 3.8 p.p. 20.0% 16.2% 3.8 p.p. Operating Cash Generation 82.4 52.5 57.1% 115.3 (28.5%) 247.1 (82.3) <-100,0% ROE5 (LTM, ex-SWAP) 39.0% 39.2% (0.2 p.p.) 26.4% 12.6 p.p. 39.0% 26.4% 12.6 p.p. ROCE6 (LTM, ex-SWAP) 39.4% 36.1% 3.2 p.p. 23.4% 16.0 p.p. 39.4% 23.4% 16.0 p.p. Earnings per Share7 (LTM) (R$/share) (ex-Treasury) 4.28 4.72 (9.4%) 3.45 24.1% 4.28 3.45 24.1% 7. Earnings per share (ex-Treasury) considers issued shares (adjusted for stock splits, if applicable) and excludes shares held in treasury at the end of the period. 5. ROE is calculated as LTM Net Income ex-SWAP, adjusted for Minority Shareholders, divided by average Shareholders' Equity. The average refers to the opening and closing positions of the last 12 months. 1. Adjusted for capitalized interest. 2. Adjusted for capitalized interest, non-cash stock plan expenses, minority interests, and depreciation in COGS. 3. Adjusted for minority interests. 4.Excluding Backlog Financial Items: Comprised of Cancellation Provisions, Land Swaps and Monetary Adjustment. 6. ROCE is calculated as LTM NOPAT ex-SWAP, including interest on Receivables Assignment, divided by Capital Employed.
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OPERATING RESULTS LAUNCHES Tenda launched 11 projects in 3Q26, totaling a record third-quarter PSV (ex-Pode Entrar) of R$ 1,522.6 million, up 2.4% compared to 3Q25 and down 9.4% compared to 2Q26. Year -to-date, launched PSV totaled R$ 4,617.9 million, up 36.1% compared to 9M25. Record Average Launch Price per Unit of R$ 271.5 thousand, up 15.9% and 8.5% compared to 3Q25 and 2Q26, respectively. The increase in the average price compared to 2Q26 reflects the Company's strategy of shifting its project mix. Of the 11 projects launche d during the quarter, 54.5% were targeted at Brackets 3 and 4, including the Company's first Bracket 4 project, located in Bahia, with 572 units and PSV of R$ 240.8 million. Regarding Alea, 3 projects were launched in 3Q26, with PSV of R$ 119.1 million, up 56.2% and 39.2% compared to 3Q25 and 2Q26, respectively, reflecting a higher volume of units launched (604 units, up 56.1% compared to 3Q25). The Average Launch Price per Unit was R$ 197.1 thousand. Launches (PSV, R$ million) and Average Launch Price per Unit (R$ thousand) – Consolidated Launches 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) 9M26 9M25 YoY (%) Tenda Number of projects launched 11 14 (21.4%) 12 (8.3%) 38 31 22.6% PSV (R$ million) 1,522.6 1,680.9 (9.4%) 1,486.7 2.4% 4,617.9 3,394.0 36.1% Number of units launched 5,607 6,715 (16.5%) 6,343 (11.6%) 18,405 14,992 22.8% Average price per unit (R$ thousand) 271.5 250.3 8.5% 234.4 15.9% 250.9 226.4 10.8% Average size of projects launched (in units) 510 480 6.3% 529 (3.6%) 484 484 0.2% Alea Number of projects launched 3 3 0.0% 2 50.0% 8 6 33.3% PSV (R$ million) 119.1 85.5 39.2% 76.2 56.2% 251.9 193.4 30.3% Number of units launched 604 384 57.3% 387 56.1% 1,249.0 908.0 37.6% Average price per unit (R$ thousand) 197.1 222.7 (11.5%) 196.9 0.1% 201.7 213.0 (5.3%) Average size of projects launched (in units) 201 128 57.3% 194 4.0% 156 151 3.2% Consolidated Number of projects launched 14 17 (17.6%) 14 0.0% 46 37 24.3% PSV (R$ million) 1,641.6 1,766.4 (7.1%) 1,562.9 5.0% 4,869.9 3,587.4 35.7% Number of units launched 6,211 7,099 (12.5%) 6,730 (7.7%) 19,654 15,900 23.6% Average price per unit (R$ thousand) 264.3 248.8 6.2% 232.2 13.8% 247.8 225.6 9.8% Average size of projects launched (in units) 444 418 6.2% 481 (7.7%) 427 430 (0.6%)
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LAUNCH HIGHLIGHTS GROSS SALES Gross Sales for the Tenda segment totaled R$ 1,507.3 million in 3Q26, up 22.1% compared to 3Q25. Gross SoS was 28.3%, up 1.0 p.p. compared to 2Q26. The monthly volume of units sold increased throughout the quarter, with September as the strongest month. Th e Average Selling Price per Unit during the quarter was R$ 233.4 thousand, up 5.9% compared to 3Q25. The 4.7% decrease in the average price in 3Q26 compared to the prior quarter was primarily driven by a 20% increase in sales of projects targeted at Bracket 1 customers and by the implementation of the TCD reduction strategy. At Alea, Gross Sales during the quarter totaled R$ 91.9 million. The Average Selling Price per Unit was R$ 199.9 thousand, up 2.8% compared to 3Q25. Gross Sales (PSV, R$ million) and Gross SoS (%) – Consolidated Gross Sales 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) 9M26 9M25 YoY (%) Tenda PSV (R$ million) 1,507.3 1,507.0 0.0% 1,234.9 22.1% 4,593.7 3,516.0 30.7% Number of units 6,458 6,154 4.9% 5,602 15.3% 19,259 15,857 21.5% Average price per unit (R$ thousand) 233.4 244.9 (4.7%) 220.4 5.9% 238.5 221.7 7.6% Gross SoS 28.3% 27.3% 1.0 p.p. 29.0% (0.7 p.p.) 44.4% 47.7% (3.3 p.p.) Alea PSV (R$ million) 91.9 102.4 (10.2%) 173.7 (47.1%) 316.0 473.6 (33.3%) Number of units 460 503 (8.5%) 893 (48.5%) 1,576 2,498 (36.9%) Average price per unit (R$ thousand) 199.9 203.7 (1.9%) 194.5 2.8% 200.5 189.6 5.8% Gross SoS 34.3% 44.4% (10.1 p.p.) 45.9% (11.6 p.p.) 66.7% 53.4% 13.3 p.p. Consolidated PSV (R$ million) 1,599.2 1,609.5 (0.6%) 1,408.6 13.5% 4,909.7 3,989.6 23.1% Number of units 6,918 6,657 3.9% 6,495 6.5% 20,835 18,355 13.5% Average price per unit (R$ thousand) 231.2 241.8 (4.4%) 216.9 6.6% 235.6 217.4 8.4% Gross SoS 28.6% 28.0% 0.6 p.p. 30.4% (1.8 p.p.) 45.4% 48.3% (2.9 p.p.)
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CANCELLATIONS AND NET PRE-SALES Net Pre-Sales for the Tenda segment ended 3Q26 at R$ 1,214.4 million, up 10.5% compared to 3Q25, with a Net SoS (Speed of Sales) of 22.8%. The decrease in SoS relative to the 25% -30% range the Company considers ideal reflects the concentration of launches at the end of September that did not yet record sales (6 projects), combined with a higher level of Cancellations during the quarter due to the Caixa Econômica Federal ("CEF") strike. At Alea, Net Pre-Sales were R$ 72.5 million, with Net SoS of 27.0%, and Cancellations of R$ 19.4 million. Cancellations in the Tenda segment ended 3Q26 at R$ 292.8 million, up 55.0% compared to the prior quarter. Performance during the period was primarily impacted by three factors related to Caixa Econômica Federal: (i) a strike lasting nearly 20 days in Sept ember; (ii) a temporary reduction in the customer Income Commitment Ratio from 30% to 27%, with a 10 -day impact in July; and (iii) stricter credit approval interviews, particularly in more critical markets. Some of the factors that pressured Cancellations during the quarter were one -off in nature, while for the others, the Company adopted measures to mitigate impacts on its portfolio. In this context, Cancellations are expected to return to normalized levels in the coming periods. (PSV, R$ million) 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) 9M26 9M25 YoY (%) Tenda Gross Sales 1,507.3 1,507.0 0.0% 1,234.9 22.1% 4,593.7 3,516.0 30.7% Cancellations 292.8 189.0 55.0% 136.2 >100,0% 633.2 377.5 67.7% Net Pre-Sales 1,214.4 1,318.1 (7.9%) 1,098.7 10.5% 3,960.5 3,138.5 26.2% % Launches 7.4% 7.7% (0.3 p.p.) 9.9% (2.5 p.p.) 7.9% 11.6% (3.8 p.p.) % Inventory 92.6% 92.3% 0.3 p.p. 90.1% 2.5 p.p. 92.1% 88.4% 3.8 p.p. Cancellations / Gross Sales 19.1% 13.2% 5.9 p.p. 11.0% 8.1 p.p. 14.2% 10.9% 3.3 p.p. Net SoS 22.8% 23.9% (1.1 p.p.) 25.8% (3.0 p.p.) 49.1% 49.8% (0.8 p.p.) Gross Units Sold 6,458 6,154 4.9% 5,602 15.3% 19,259 15,857 21.5% Cancelled Units 1,231 811 51.8% 617 99.5% 2,737 1,725 58.7% Net Units Sold 5,227 5,343 (2.2%) 4,985 4.9% 16,522 14,132 16.9% Cancellations / Gross Sales 19.4% 12.5% 6.9 p.p. 11.0% 8.4 p.p. 13.8% 10.7% 3.0 p.p. Alea Gross Sales 91.9 102.4 (10.2%) 173.7 (47.1%) 316.0 473.6 (33.3%) Cancellations 19.4 18.2 6.8% 39.7 (51.1%) 54.2 95.1 (43.0%) Net Pre-Sales 72.5 84.2 (13.9%) 134.0 (45.9%) 261.8 378.5 (30.8%) % Launches 47.6% 41.6% 6.0 p.p. 27.6% 20.0 p.p. 37.3% 12.1% 25.2 p.p. % Inventory 52.4% 58.4% (6.0 p.p.) 72.4% (20.0 p.p.) 62.7% 87.9% (25.2 p.p.) Cancellations / Gross Sales 21.5% 18.7% 2.8 p.p. 23.9% (2.3 p.p.) 17.8% 20.3% (2.5 p.p.) Net SoS 27.0% 36.5% (9.5 p.p.) 35.4% (8.4 p.p.) 57.2% 60.8% (3.6 p.p.) Gross Units Sold 460 503 (8.5%) 893 (48.5%) 1,576 2,498 (36.9%) Cancelled Units 99 94 5.3% 213 (53.5%) 281 508 (44.7%) Net Units Sold 361 409 (11.7%) 680 (46.9%) 1,295 1,990 (34.9%) Cancellations / Gross Sales 21.1% 17.8% 3.4 p.p. 22.9% (1.7 p.p.) 17.2% 20.1% (2.9 p.p.) Consolidated Gross Sales 1,599.2 1,609.5 (0.6%) 1,408.6 13.5% 4,909.7 3,989.6 23.1% Cancellations 312.3 207.2 50.7% 176.0 77.5% 687.4 472.6 45.4% Net Pre-Sales 1,287.0 1,402.3 (8.2%) 1,232.7 4.4% 4,222.3 3,517.0 20.1% % Launches 9.7% 9.7% (0.1 p.p.) 11.8% (2.1 p.p.) 9.7% 11.7% (2.0 p.p.) % Inventory 90.3% 90.3% 0.1 p.p. 88.2% 2.1 p.p. 90.3% 88.3% 2.0 p.p. Cancellations / Gross Sales 19.2% 13.6% 5.6 p.p. 12.8% 6.5 p.p. 14.5% 12.2% 2.3 p.p. Net SoS 23.0% 24.4% (1.4 p.p.) 26.6% (3.6 p.p.) 49.5% 50.8% (1.3 p.p.) Gross Units Sold 6,918 6,657 3.9% 6,495 6.5% 20,835 18,355 13.5% Cancelled Units 1,330 905 47.0% 830 60.2% 3,018 2,233 35.2% Net Units Sold 5,588 5,752 (2.9%) 5,665 (1.4%) 17,817 16,122 10.5% Cancellations / Gross Sales 19.5% 12.9% 6.7 p.p. 12.5% 7.0 p.p. 14.0% 11.8% 2.2 p.p.
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Net Pre-Sales (PSV, R$ million) and Net SoS (%) – Consolidated Average Net Pre-Sales Price (R$ thousand) – Consolidated Given the elevated delinquency scenario in the country, the Company has been steering Post-Keys Pro-Soluto (TCD) toward approximately 7% at the national level and 5% in Rio de Janeiro, the market with the highest delinquency level. In 3Q26, reported TCD was 7.1% of the Nominal Price, down 2.8 p.p. compared to 2Q26. The Average Nominal Net Pre -Sales Price during the quarter reached R$ 231.2 thousand, down 4.4% quarter-over-quarter. The Average Raw Net Pre-Sales Price was R$ 214.8 thousand, down 1.4% compared to the prior quarter. The decrease in the Raw Price reflects the higher share of Bracket 1 projects in sales during the quarter, while the Nominal Price was also impacted by the new TCD policy. Evolution % post-keys pro-soluto (TCD) / PSV in Brazil
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UNITS TRANSFERRED, UNITS DELIVERED AND CONSTRUCTION WORKS UNDERWAY Tenda's Transferred PSV during the quarter totaled R$ 754.7 million, down 22.5% and 27.0% compared to 3Q25 and 2Q26, respectively, primarily driven by the CEF strike. Year -to-date, Tenda's Transferred PSV totaled R$ 2,812.0 million, up 7.9% compared to 9M25. At Alea, Transferred PSV was R$ 36.2 million, with a total of 208 units transferred in 3Q26. INVENTORY AT MARKET VALUE In 3Q26, Tenda's Inventory at Market Value totaled R$ 4,110.5 million in PSV, up 30.1% compared to 3Q25. Finished Inventory accounted for R$ 19.3 million, representing 0.45% of the total. Inventory Turnover (Inventory at Market Value divided by Net Pre -Sales over the last twelve months) in 3Q26 reached 9.7 months (driven by the higher volume of launches toward the end of the quarter), compared to an average of 9.3 months in 3Q25 and 10.2 months in 2Q26. At Alea, Inventory at Market Value in 3Q26 was R$ 195.9 million in PSV, compared to R$ 146.5 million in the prior quarter. Inventory Turnover in 3Q26 reached 6.1 months, compared to an average of 6.7 months in 3Q25 and 4.0 months in 2Q26. Transfers, Deliveries and Construction Sites 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) 9M26 9M25 YoY (%) Tenda PSV Transferred (in R$ million) 754.7 1,033.2 (27.0%) 973.8 (22.5%) 2,812.0 2,607.2 7.9% Transferred Units 3,816 5,379 (29.1%) 5,336 (28.5%) 14,631 14,331 2.1% Delivered Units 4,252 3,708 14.7% 4,780 (11.0%) 12,585 12,929 (2.7%) Construction Sites 74 72 2.8% 74 0.0% 74 74 0.0% Alea PSV Transferred (in R$ million) 36.2 91.5 (60.4%) 143.2 (74.7%) 215.6 337.6 (36.1%) Transferred Units 208 520 (60.0%) 895 (76.8%) 1,250 2,144 (41.7%) Delivered Units 429 322 33.2% 542 (20.8%) 1,590 909 74.9% Construction Sites 18 17 5.9% 33 (45.5%) 18 33 (45.5%) Verticalized Projects 15 12 25.0% 5 >100,0% 15 5 >100,0% Non-Verticalized Projects 3 5 (40.0%) 28 (89.3%) 3 28 (89.3%) Consolidated PSV Transferred (in R$ million) 790.9 1,124.7 (29.7%) 1,117.0 (29.2%) 3,027.7 2,944.8 2.8% Transferred Units 4,024 5,899 (31.8%) 6,231 (35.4%) 15,881 16,475 (3.6%) Delivered Units 4,681 4,030 16.2% 5,322 (12.0%) 14,175 13,838 2.4% Construction Sites 92 89 3.4% 107 (14.0%) 92 107 (14.0%) Inventory at Market Value 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) 9M26 9M25 YoY (%) Tenda PSV (R$ million) 4,110.5 4,206.6 (2.3%) 3,160.0 30.1% 4,110.5 3,160.0 30.1% Number of Units 17,131 17,511 (2.2%) 13,877 23.4% 17,131 13,877 23.4% Average price per unit (R$ thousand) 239.9 240.2 (0.1%) 227.7 5.4% 239.9 227.7 5.4% Alea PSV (R$ million) 195.9 146.5 33.7% 244.5 (19.9%) 195.9 244.5 (19.9%) Number of Units 1,158 915 26.6% 1,482 (21.9%) 1,158 1,482 (21.9%) Average price per unit (R$ thousand) 169.2 160.2 5.6% 165.0 2.5% 169.2 165.0 2.5% Consolidated PSV (R$ million) 4,306.5 4,353.1 (1.1%) 3,404.5 26.5% 4,306.5 3,404.5 26.5% Number of Units 18,289 18,426 (0.7%) 15,359 19.1% 18,289 15,359 19.1% Average price per unit (R$ thousand) 235.5 236.2 (0.3%) 221.7 6.2% 235.5 221.7 6.2% Status of Construction - PSV (R$ million) 3Q26 Not Initiated (0% to 15%) 15% to 30% built 30% to 70% built More than 70% build Finished Units Consolidated 4,306.5 1,631.4 1,749.8 752.5 153.5 19.3 Accounting Inventory 1 3,212.9 1. Considers projects with POC between 0% and 100%
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LANDBANK The Company maintained a significant pace of land acquisitions, ending 3Q26 with a record R$ 29.3 billion in PSV in its Landbank, up 41.2% and 5.7% compared to 3Q25 and 2Q26, respectively, with an expansion of the Landbank targeted at Brackets 3 and 4 of t he MCMV program, reinforcing the diversification of the future launch mix. The percentage of acquisitions through Land Swaps reached 58.7%. It is worth noting that even for land acquired with cash, over 90% of the payment is tied to obtaining the Development Registration. Of approximately R$ 2.1 billion acquired during the quarter, 57% was concentrated in the Northeast markets, reinforcing Tenda's growth in this region. Regarding Alea, PSV in its Landbank was R$ 6.3 billion, up 14.8% and 3.2% compared to 3Q25 and 2Q26, respectively, representing 17.7% of consolidated PSV. 1. Tenda holds 100% equity interest in its Land Bank LandBank 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) 9M26 9M25 YoY (%) Tenda Number of Projects 779 739 5.4% 521 49.5% 779 521 49.5% PSV (in R$ million) 29,252.1 27,667.9 5.7% 20,711.2 41.2% 29,252.1 20,711.2 41.2% Acquisitions / Adjustments (in R$ million) 3,104.9 6,347.1 (51.1%) 1,714.8 81.1% 11,358.9 6,133.2 85.2% Number of Units 124,872 120,491 3.6% 98,110 27.3% 124,872 98,110 27.3% Average price per unit (in R$ thousands) 234.3 229.6 2.0% 211.1 11.0% 234.3 211.1 11.0% % Swap Total 58.7% 59.3% (0.6 p.p.) 62.1% (3.4 p.p.) 58.7% 62.1% (3.4 p.p.) % Swap Units 7.3% 7.6% (0.3 p.p.) 10.1% (2.8 p.p.) 7.3% 10.1% (2.8 p.p.) % Swap Financial 51.4% 51.7% (0.3 p.p.) 52.0% (0.6 p.p.) 51.4% 52.0% (0.6 p.p.) Alea Number of Projects 175 185 (5.4%) 174 0.6% 175 174 0.6% PSV (in R$ million) 6,292.5 6,100.0 3.2% 5,481.1 14.8% 6,292.5 5,481.1 14.8% Acquisitions / Adjustments (in R$ million) 311.6 112.3 >100,0% (81.7) <-100,0% 468.2 842.4 (44.4%) Number of Units 32,569 31,898 2.1% 28,894 12.7% 32,569 28,894 12.7% Average price per unit (in R$ thousands) 193.2 191.2 1.0% 189.7 1.8% 193.2 189.7 1.8% % Swap Total 97.8% 97.7% 0.0 p.p. 97.8% 0.0 p.p. 97.8% 97.8% 0.0 p.p. % Swap Units 0.0% 0.0% - 0.0% - 0.0% 0.0% - % Swap Financial 97.8% 97.7% 0.0 p.p. 97.8% 0.0 p.p. 97.8% 97.8% 0.0 p.p. Consolidated Number of Projects 954 924 3.2% 695 37.3% 954 695 37.3% PSV (in R$ million) 35,544.6 33,767.9 5.3% 26,192.3 35.7% 35,544.6 26,192.3 35.7% Acquisitions / Adjustments (in R$ million) 3,416.4 6,459.3 (47.1%) 1,633.1 >100,0% 11,827.1 6,975.6 69.6% Number of Units 157,441 152,389 3.3% 127,004 24.0% 157,441 127,004 24.0% Average price per unit (in R$ thousands) 225.8 221.6 1.9% 206.2 9.5% 225.8 206.2 9.5% % Swap Total 67.5% 68.1% (0.6 p.p.) 72.2% (4.7 p.p.) 67.5% 72.2% (4.7 p.p.) % Swap Units 5.6% 5.9% (0.2 p.p.) 7.2% (1.6 p.p.) 5.6% 7.2% (1.6 p.p.) % Swap Financial 61.8% 62.2% (0.4 p.p.) 64.9% (3.1 p.p.) 61.8% 64.9% (3.1 p.p.)
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FINANCIAL RESULTS NET OPERATING REVENUE Consolidated quarterly Net Revenue of R$ 1,254.1 million, up 10.5% compared to 3Q25. Year -to-date, Net Operating Revenue totaled R$ 3,728.9 million, up 24.6% compared to the same period of the prior year. GROSS PROFIT Adjusted Gross Profit for the quarter totaled R$ 407.6 million on a consolidated basis, up 14.8% compared to 3Q25. Adjusted Gross Margin reached 32.5%, up 1.2 p.p. compared to 3Q25. Excluding Pode Entrar figures, Adjusted Gross Profit for the quarter totaled R$ 403.8 million on a consolidated basis, with an Adjusted Gross Margin of 32.7%. (R$ million) 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) 9M26 9M25 YoY (%) Consolidated Gross Operating Revenues 1,338.5 1,346.3 (0.6%) 1,183.3 13.1% 3,925.7 3,130.0 25.4% Provision for estimated losses on doubtful accounts (23.2) (36.6) (36.6%) (17.4) 33.0% (93.6) (52.8) 77.4% Provision for cancellations (1.5) 6.9 <-100,0% 2.1 <-100,0% 12.3 2.7 >100,0% Others (41.3) (11.5) >100,0% (16.8) >100,0% (66.0) (45.4) 45.4% Taxes on sales of properties and services (18.3) (15.0) 22.0% (15.8) 16.3% (49.3) (42.4) 16.2% Net Operating Revenue 1,254.1 1,290.0 (2.8%) 1,135.4 10.5% 3,728.9 2,992.1 24.6% PDD / Gross Operating Revenue -1.7% -2.7% 1.0 p.p. -1.5% (0.3 p.p.) -2.4% -1.7% (0.7 p.p.) (R$ million) 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) 9M26 9M25 YoY (%) Tenda Net Revenue 1,162.7 1,204.9 (3.5%) 1,039.9 11.8% 3,479.6 2,720.1 27.9% Net Revenue (Excluding Pode Entrar + Others) 1,141.8 1,177.1 (3.0%) 977.1 16.9% 3,397.1 2,598.4 30.7% Gross Profit 384.8 461.6 (16.6%) 340.0 13.2% 1,248.8 899.6 38.8% Gross Margin 33.1% 38.3% (5.2 p.p.) 32.7% 0.4 p.p. 35.9% 33.1% 2.8 p.p. (-) Financial Costs 17.8 19.3 (7.8%) 18.8 (5.7%) 56.2 58.0 (3.2%) (-) SFH 5.2 9.1 (42.9%) 7.8 (33.1%) 21.2 23.1 (8.3%) (-) Others 12.5 10.1 23.8% 11.0 13.6% 35.0 34.9 0.1% Adjusted Gross Profit¹ 402.6 480.9 (16.3%) 358.8 12.2% 1,304.9 957.7 36.3% Adjusted Gross Margin 34.6% 39.9% (5.3 p.p.) 34.5% 0.1 p.p. 37.5% 35.2% 2.3 p.p. Adjusted Gross Profit¹ (Excluding Pode Entrar + Others) 398.7 475.0 (16.1%) 355.7 12.1% 1,288.9 948.9 35.8% Adjusted Gross Margin (%) (Excluding Pode Entrar + Others) 34.9% 40.4% (5.4 p.p.) 36.4% (1.5 p.p.) 37.9% 36.5% 1.4 p.p. Alea Net Revenue 91.4 85.1 7.4% 95.5 (4.3%) 249.4 271.9 (8.3%) Gross Profit 4.2 (0.4) <-100,0% (5.5) <-100,0% 1.0 1.1 (9.4%) Gross Margin 4.6% (0.5%) 5.1 p.p. (5.8%) 10.5 p.p. 0.4% 0.4% 0.0 p.p. (-) Financial Costs 0.8 0.8 (1.3%) 2.0 (57.3%) 3.7 5.0 (26.8%) (-) SFH 0.6 (0.4) <-100,0% 0.8 (23.3%) 1.4 2.2 (34.1%) (-) Others 0.2 1.3 (80.8%) 1.2 (79.4%) 2.2 2.8 (21.1%) Adjusted Gross Profit¹ 5.1 0.4 >100,0% (3.6) <-100,0% 4.7 6.1 (23.6%) Adjusted Gross Margin 5.5% 0.5% 5.1 p.p. (3.8%) 9.3 p.p. 1.9% 2.2% (0.4 p.p.) Consolidated Net Revenue 1,254.1 1,290.0 (2.8%) 1,135.4 10.5% 3,728.9 2,992.1 24.6% Net Revenue (Excluding Pode Entrar + Others) 1,233.2 1,262.2 (2.3%) 1,072.6 15.0% 3,646.5 2,870.4 27.0% Gross Profit 389.0 461.2 (15.6%) 334.4 16.3% 1,249.8 900.7 38.8% Gross Margin 31.0% 35.7% (4.7 p.p.) 29.5% 1.6 p.p. 33.5% 30.1% 3.4 p.p. (-) Financial Costs 18.6 20.1 (7.6%) 20.8 (10.5%) 59.8 63.0 (5.1%) (-) SFH 5.8 8.7 (33.4%) 8.6 (32.2%) 22.6 25.3 (10.6%) (-) Others 12.8 11.4 12.2% 12.2 4.6% 37.2 37.8 (1.5%) Adjusted Gross Profit¹ 407.6 481.3 (15.3%) 355.2 14.8% 1,309.6 963.8 35.9% Adjusted Gross Margin 32.5% 37.3% (4.8 p.p.) 31.3% 1.2 p.p. 35.1% 32.2% 2.9 p.p. Adjusted Gross Profit¹ (Excluding Pode Entrar + Others) 403.8 475.4 (15.1%) 352.1 14.7% 1,293.5 955.0 35.5% Adjusted Gross Margin (%) (Excluding Pode Entrar + Others) 32.7% 37.7% (4.9 p.p.) 32.8% (0.1 p.p.) 35.5% 33.3% 2.2 p.p. 1.Adjusted for capitalized interest.
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In 3Q26, the Gross Margin on New Sales for the Tenda brand was 34.5%, compared to 37.4% in 2Q26. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (SG&A) Selling expenses In 3Q26, Selling Expenses for the Tenda brand totaled R$ 96.6 million, representing 8.0% of Net Pre - Sales, up 0.9 p.p. and 1.4 p.p. compared to 3Q25 and 2Q26, respectively, primarily driven by Cancellations during the quarter. Year-to-date, Selling Expenses for the Tenda brand represented 6.6% of Net Pre-Sales, in line with the 6.5% reported in 9M25. General and administrative expenses (G&A) In the third quarter, General and Administrative Expenses (G&A) for the Tenda brand totaled R$ 81.4 million, down 10.8% compared to 2Q26, which included a non -recurring impact from the stock option provision, representing 5.3% of Launches, down 0.1 p.p. compared to 2Q26. (R$ million) 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) 9M26 9M25 YoY (%) Tenda Selling Expenses (96.6) (87.1) 10.9% (77.4) 24.8% (263.1) (205.5) 28.0% General & Admin Expenses (81.4) (91.3) (10.8%) (58.4) 39.3% (242.6) (173.7) 39.7% Total SG&A Expenses (178.0) (178.4) (0.2%) (135.9) 31.0% (505.7) (379.2) 33.4% Selling Expenses / Net Pre-Sales 8.0% 6.6% 1.4 p.p. 7.0% 0.9 p.p. 6.6% 6.5% 0.1 p.p. G&A Expenses / Launches 5.3% 5.4% (0.1 p.p.) 3.9% 1.4 p.p. 5.3% 5.1% 0.1 p.p. G&A Expenses / Net Operating Revenue 7.0% 7.6% (0.6 p.p.) 5.6% 1.4 p.p. 7.0% 6.4% 0.6 p.p. Alea Selling Expenses (8.8) (10.9) (18.8%) (14.3) -38.0% (29.6) (36.0) -18.0% General & Admin Expenses (17.7) (14.4) 22.5% (18.8) -6.1% (49.2) (52.6) -6.6% Total SG&A Expenses (26.5) (25.3) 4.7% (33.1) -19.8% (78.7) (88.7) -11.2% Selling Expenses / Net Pre-Sales 12.2% 12.9% (0.7 p.p.) 10.6% 1.6 p.p. 11.3% 9.5% 1.8 p.p. G&A Expenses / Launches 14.9% 16.9% (2.0 p.p.) 24.7% (9.9 p.p.) 19.5% 27.2% (7.7 p.p.) G&A Expenses / Net Operating Revenue 19.4% 17.0% 2.4 p.p. 19.7% (0.4 p.p.) 19.7% 19.4% 0.4 p.p. Consolidated Selling Expenses (105.5) (98.0) 7.6% (91.7) 15.0% (292.6) (241.5) 21.2% General & Admin Expenses (99.1) (105.7) (6.3%) (77.3) 28.2% (291.8) (226.3) 28.9% Total SG&A Expenses (204.5) (203.7) 0.4% (169.0) 21.1% (584.4) (467.9) 24.9% Net Pre-Sales 1,287.0 1,402.3 -8.2% 1,232.7 4.4% 4,222.3 3,517.0 20.1% Launches 1,641.6 1,766.4 -7.1% 1,562.9 5.0% 4,869.9 3,587.4 35.7% Net Operating Revenue 1,254.1 1,290.0 -2.8% 1,135.4 10.5% 3,728.9 2,992.1 24.6% Selling Expenses / Net Pre-Sales 8.2% 7.0% 1.2 p.p. 7.4% 0.8 p.p. 6.9% 6.9% 0.1 p.p. G&A Expenses / Launches 6.0% 6.0% 0.1 p.p. 4.9% 1.1 p.p. 6.0% 6.3% (0.3 p.p.) G&A Expenses / Net Operating Revenue 7.9% 8.2% (0.3 p.p.) 6.8% 1.1 p.p. 7.8% 7.6% 0.3 p.p. Evolution of Net Pre-Sales Price vs Raw Net Pre-Sales Price (R$ Thousands) Evolution of Raw Gross Margin of New Sales vs Gross Margin of New Sales (%)
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OTHER OPERATING REVENUES AND EXPENSES In 3Q26, Other Operating Expenses totaled R$ 21.8 million on a consolidated basis, improvements of 29.0% and 11.4% compared to 2Q26 and 3Q25, respectively, reflecting the normal seasonality of this line throughout the quarters. ADJUSTED EBITDA In 3Q26, EBITDA for the Tenda brand totaled R$ 192.7 million. Adjusted EBITDA for the Tenda brand reached R$ 227.8 million in the quarter, up 2.2% compared to 3Q25, with an Adjusted EBITDA Margin of 19.6%. (R$ million) 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) 9M26 9M25 YoY (%) Consolidated Other Operating Revenues and Expenses (21.8) (30.7) (29.0%) (24.6) (11.4%) (67.8) (51.1) 32.7% Litigation Expenses (10.1) (22.0) (53.9%) (16.3) (38.0%) (42.5) (36.3) 17.3% Others (11.7) (8.7) 34.1% (8.2) 41.4% (25.2) (14.8) 70.3% Equity Income 6.9 5.2 33.5% 9.2 (25.3%) 16.6 17.8 -6.8% (R$ million) 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) 9M26 9M25 YoY (%) Tenda Net Income 85.0 209.0 (59.3%) 146.4 (42.0%) 510.1 481.2 6.0% (+) Financial result 78.9 21.5 >100,0% 21.7 >100,0% 101.7 (52.3) <-100,0% (+) Income taxes and social contribution 13.2 16.4 (19.9%) 10.6 24.0% 44.8 28.0 59.9% (+) Depreciation and amortization 15.7 13.0 20.2% 11.9 31.4% 39.2 32.5 20.6% EBITDA 192.7 259.9 (25.9%) 190.7 1.0% 695.9 489.4 42.2% (+) Capitalized interests 17.8 19.3 (7.8%) 18.8 (5.7%) 56.2 58.0 (3.2%) (+) Expenses with Stock Option Plan 10.1 14.0 (28.3%) 5.6 79.6% 39.8 14.7 >100,0% (+) Minority Shareholders 0.0 0.0 >100,0% 0.2 (79.9%) 0.0 (0.0) <-100,0% (+) Depreciation of COGS 7.2 6.7 8.7% 7.6 (4.7%) 19.3 20.5 -6.0% Adjusted EBITDA¹ 227.8 299.8 (24.0%) 222.9 2.2% 811.1 582.7 39.2% EBITDA Margin 16.6% 21.6% (5.0 p.p.) 18.3% (1.8 p.p.) 20.0% 18.0% 2.0 p.p. Adjusted EBITDA Margin¹ 19.6% 24.9% (5.3 p.p.) 21.4% (1.8 p.p.) 23.3% 21.4% 1.9 p.p. Alea Net Income (27.7) (29.9) (7.3%) (34.8) (20.4%) (90.3) (80.2) 12.7% (+) Financial result 8.0 5.8 38.0% (1.8) <-100,0% 18.5 0.3 >100,0% (+) Income taxes and social contribution 0.6 0.4 38.9% 0.0 - 2.3 0.0 - (+) Depreciation and amortization 0.9 0.6 68.3% 1.5 (35.5%) 3.0 3.1 -3.7% EBITDA (18.1) (23.1) (21.4%) (35.1) (48.3%) (66.6) (76.8) -13.3% (+) Capitalized interests 0.8 0.8 (1.3%) 2.0 (57.3%) 3.7 5.0 -26.8% (+) Expenses with Stock Option Plan 1.4 1.8 (18.8%) 2.4 (40.9%) 4.6 7.4 (37.4%) (+) Minority Shareholders (5.0) (4.9) 2.1% (5.7) (12.3%) (15.2) (13.1) 16.2% (+) Depreciation of COGS 0.8 0.7 11.1% 0.5 50.0% 2.0 1.6 28.4% Adjusted EBITDA¹ (20.0) (24.6) (18.6%) (35.8) (44.1%) (71.5) (75.9) -5.8% EBITDA Margin (19.9%) (27.1%) 7.3 p.p. (36.7%) 16.9 p.p. (26.7%) (28.2%) 1.5 p.p. Adjusted EBITDA Margin¹ (21.9%) (28.9%) 7.0 p.p. (37.5%) 15.6 p.p. (28.7%) (27.9%) (0.8 p.p.) Consolidated Net Income 57.3 179.1 (68.0%) 111.7 (48.7%) 419.8 401.0 4.7% (+) Financial result 86.9 27.3 >100,0% 19.9 >100,0% 120.2 (52.1) <-100,0% (+) Income taxes and social contribution 13.8 16.9 (18.4%) 10.6 29.6% 47.1 28.0 68.1% (+) Depreciation and amortization 16.6 13.6 22.2% 13.4 24.1% 42.2 35.6 18.5% EBITDA 174.5 236.8 (26.3%) 155.6 12.2% 629.3 412.7 52.5% (+) Capitalized interests 18.6 20.1 (7.6%) 20.8 (10.5%) 59.8 63.0 -5.1% (+) Expenses with Stock Option Plan 11.5 15.8 (27.2%) 8.0 43.0% 44.4 22.1 >100,0% (+) Minority Shareholders (4.9) (4.9) 1.5% (5.5) (10.2%) (15.2) (13.1) 16.0% (+) Depreciation of COGS 8.0 7.4 8.9% 8.1 (1.2%) 21.3 22.0 -3.5% Adjusted EBITDA¹ 207.7 275.2 (24.5%) 187.0 11.1% 739.7 506.8 45.9% EBITDA Margin 13.9% 18.4% (4.4 p.p.) 13.7% 0.2 p.p. 16.9% 13.8% 3.1 p.p. Adjusted EBITDA Margin¹ 16.6% 21.3% (4.8 p.p.) 16.5% 0.1 p.p. 19.8% 16.9% 2.9 p.p. 1. Adjusted for capitalized interest, non-cash stock option expenses, minority interests, and depreciation in COGS.
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FINANCIAL RESULT The Company ended 3Q26 with a negative Financial Result of R$ 86.9 million. Excluding the Swap line, the Financial Result was negative R$ 37.8 million, an improvement of 16.2% compared to 2Q26. NET INCOME On a consolidated basis, Net Income in 3Q26 totaled R$ 57.3 million, with a Net Margin of 4.6% for the quarter. Excluding Swap, Net Income in 3Q26 totaled R$ 106.4 million, up 3.7% compared to 3Q25. Year- to-date, consolidated Net Income ex - Swap totaled R$ 419.9 million, up 65.2% compared to the same period of the prior year, with a Net Margin of 11.3%. Excluding Swap and SOP, Net Income for the quarter was R$ 117.9 million, with a Net Margin of 9.4%. ROE (%, last 12 months, ex-Swap) and ROCE (%, last 12 months, ex-Swap) (R$ million) 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) 9M26 9M25 YoY (%) Consolidated Financial Income 36.1 52.7 (31.5%) 40.2 (10.3%) 155.8 208.1 (25.2%) Financial investments yield 36.1 34.9 3.4% 30.0 20.1% 106.8 60.3 77.1% SWAP 0.0 17.8 (100.0%) 9.1 (100.0%) 49.0 146.8 (66.6%) Other financial income 0.0 0.0 - 1.0 (100.0%) 0.0 1.0 (100.0%) Financial Expenses (123.0) (80.0) 53.8% (60.1) >100,0% (275.9) (156.1) 76.8% Financial expense - Debt (29.2) (36.8) (20.6%) (27.7) 5.5% (101.1) (70.8) 42.7% Financial expense - Portfolio assignment (18.4) (23.3) (20.7%) (22.4) (17.8%) (64.6) (59.5) 8.6% SWAP (49.1) 0.0 - 0.0 - (49.1) 0.0 - Other financial expenses (26.2) (19.9) 31.8% (10.0) >100,0% (61.1) (25.7) >100,0% Financial Result (86.9) (27.3) >100,0% (19.9) >100,0% (120.2) 52.1 <-100,0% Financial Result (ex-Swap) (37.8) (45.1) (16.2%) (29.0) 30.1% (120.1) (94.8) 26.7% (R$ million) 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) 9M26 9M25 YoY (%) Consolidated Net Income after Income Tax and Social Contribution 52.3 174.2 (70.0%) 106.2 (50.7%) 404.6 388.0 4.3% (-) Minority shareholders 4.9 4.9 1.5% 5.5 (10.2%) 15.2 13.1 16.0% Net Income 57.3 179.1 (68.0%) 111.7 (48.7%) 419.8 401.0 4.7% Net Margin 4.6% 13.9% (9.3 p.p.) 9.8% (5.3 p.p.) 11.3% 13.4% (2.1 p.p.) Net Income (ex Swap) 106.4 161.3 (34.0%) 102.5 3.7% 419.9 254.2 65.2% Net Margin (ex Swap) 8.5% 12.5% (4.0 p.p.) 9.0% (0.6 p.p.) 11.3% 8.5% 2.8 p.p. Net Income (ex Swap and ex SOP) 117.9 177.1 (33.4%) 110.6 6.6% 464.3 276.4 68.0% Net Margin (ex Swap and ex SOP) 9.4% 13.7% (4.3 p.p.) 9.7% (0.3 p.p.) 12.5% 9.2% 3.2 p.p. Earnings per Share¹ (R$/share) 0.47 1.46 (68.0%) 0.91 (48.7%) 3.42 3.27 4.7% 1. Earnings per share considers all issued shares (adjusted in cases of stock splits).
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BACKLOG RESULTS 3Q26 ended with R$ 1,246.1 million in Backlog Results, with an Adjusted Backlog Margin of 38.9%, an improvement of 1.0 p.p. compared to 3Q25. Adjusted Backlog Margin excluding Pode Entrar was 39.3% for the quarter. CASH AND SHORT-TERM INVESTMENTS ACCOUNTS RECEIVABLE The Company totaled R$ 3,147.6 million in Managed Accounts Receivable at the end of Sep/26, up 6.2% compared to Jun/26, accounting for 162 days of accounts receivable, up 3.9% compared to Jun/26. (R$ million) September 26 June 26 QoQ (%) September 25 YoY (%) Consolidado Backlog Revenues 3,252.9 3,101.5 4.9% 2,824.4 15.2% Backlog Costs (of Units Sold) (2,006.8) (1,897.1) 5.8% (1,844.5) 8.8% Backlog Results 1,246.1 1,204.4 3.5% 979.9 27.2% Backlog Margin 38.3% 38.8% (0.5 p.p.) 34.7% 3.6 p.p. Adjusted Backlog Margin1 38.9% 39.0% (0.1 p.p.) 37.9% 1.0 p.p. Adjusted Backlog Margin (Excluding Pode Entrar) 39.3% 39.7% (0.3 p.p.) 40.0% (0.7 p.p.) Tenda Adjusted Backlog Margin (Excluding Pode Entrar) 41.5% 42.3% (0.7 p.p.) 42.0% (0.5 p.p.) Alea Adjusted Backlog Margin 18.1% 17.6% 0.5 p.p. 21.7% (3.6 p.p.) 1. Excluding Backlog Financial Items: Until 1Q26, comprised of Brokerage, Cancellation Provisions, Land Swaps and Monetary Adjustment. Starting in 2Q26, following the methodology change, Brokerage is no longer considered. (R$ million) September 26 June 26 QoQ (%) September 25 YoY (%) Consolidated Cash & Cash Equivalents 80.2 68.2 17.5% 164.6 (51.3%) Short-term Investments 843.7 797.2 5.8% 752.2 12.2% Total Cash Position 923.8 865.4 6.7% 916.9 0.8% (R$ million) 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) Consolidated <90 days 69.0 101.6 (32.0%) 87.3 (20.9%) >91 days and < 180 days 40.3 26.6 51.1% 44.1 (8.8%) >180 days 258.0 228.1 13.1% 208.2 23.9% Subtotal - Overdue 367.3 356.3 3.1% 339.7 8.1% 1 year 1,290.0 1,256.0 2.7% 1,031.3 25.1% 2 years 915.8 799.8 14.5% 717.1 27.7% 3 years 224.7 217.5 3.3% 182.0 23.4% 4 years 114.6 110.3 3.9% 89.2 28.5% 5 years and >5 years 235.2 223.0 5.5% 168.3 39.7% Subtotal - Due 2,780.2 2,606.5 6.7% 2,187.9 27.1% Total - Accounts Receivable 3,147.6 2,962.9 6.2% 2,527.6 24.5% (-) Adjustment to present value (191.1) (187.9) 1.7% (163.9) 16.6% (-) Provision for doubtful accounts (761.2) (714.7) 6.5% (570.9) 33.3% (-) Provision for cancellation (18.3) (16.7) 9.1% (33.8) (46.0%) Accounts Receivable 2,176.9 2,043.6 6.5% 1,758.9 23.8% Accounts Receivable Days 162 156 3.9% 167 (3.1%) 1. Matured and to be matured.
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CONSOLIDATED RECEIVABLES The consolidated Managed Receivables Portfolio (on and off balance), net of provisions, ended the third quarter of 2026 at R$ 2,053.4 million, up 1.7% compared to 2Q26 and 16.6% compared to 3Q25. Post - Keys Pro-Soluto (TCD) reached 7.1% of the average unit value. Given the elevated delinquency scenario in the country, the Company has been steering TCD toward approximately 7% at the national level and 5% in Rio de Janeiro, the market with the highest delinquency level. Evolution % TCD / PSV in Brazil Receivables Financed by the Company (R$ million) 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) Gross Receivables 2,640.4 2,570.9 2.7% 2,223.0 18.8% Installments Before Delivery 361.8 363.3 (0.4%) 343.9 5.2% Installments After Delivery 2,278.6 2,207.5 3.2% 1,879.1 21.3% Net Receivables (Gross Receivables - Allowances) 2,053.4 2,018.4 1.7% 1,761.2 16.6% Installments Before Delivery 349.3 348.8 0.1% 327.5 6.6% Installments After Delivery 1,704.2 1,669.6 2.1% 1,433.7 18.9% Receivables Financed by the Company¹ (by aging, post-handover) 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) Net Receivables Tenda (R$ million) 1,704.2 1,669.6 2.1% 1,434.1 18.8% Not Delivered² 658.1 640.6 2.7% 566.7 16.1% Delivered 668.7 638.1 4.8% 541.4 23.5% Delivered - <90d Overdue 301.5 313.1 (3.7%) 253.6 18.9% Delivered - >90d and <360d Overdue 121.4 117.6 3.2% 96.0 26.4% Delivered - >360d Overdue (45.5) (39.8) 14.3% (23.7) 91.9% % of Allowances over Total Receivables Tenda 25.2% 24.4% 0.8 p.p. 23.7% 1.5 p.p. Not Delivered² 7.1% 6.6% 0.5 p.p. 7.9% (0.8 p.p.) Delivered - Current 1.9% 1.9% (0.0 p.p.) 1.7% 0.2 p.p. Delivered - <90d Overdue 11.9% 12.0% 0.0 p.p. 10.4% 1.5 p.p. Delivered - >90d and <360d Overdue 47.0% 45.6% 1.4 p.p. 47.7% (0.7 p.p.) Delivered - >360d Overdue 114.3% 113.3% 1.0 p.p. 109.6% 4.7 p.p. 1. Receivables, on and off balance sheet, installment payments directly with the Company, as bank financing does not cover 100% of the property value. 2. Undelivered ventures have pre-key and post-key financing flows. The provision coverage ratio only relates to post-key flows.
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INDEBTEDNESS The Company ended the third quarter of 2026 with Total Debt of R$ 1,226.5 million, an average duration of 32.4 months, and a nominal average cost of 13.78% p.a. Debt Maturity Schedule (R$ million) 3Q26 Corporate Debt Project Finance (SFH) Consolidated 2026 180.8 138.9 42.0 2027 406.1 242.2 163.9 2028 285.8 190.8 95.0 2029 34.2 34.2 0.0 Ater 2029 319.6 319.6 0.0 Total Debt 1,226.5 925.7 300.8 Duration (in months) 32.4 Debt Breakdown (R$ million) Maturity Charges (APY) Balance Due September 26 Balance Due June 26 Consolidated Total Debt 1,226.5 1,168.7 Corporate Debt 925.7 895.1 10th Issuance (TEND20) Up to 10/2027 CDI + 2,75% 67.5 64.8 CRI 338 – 11th Issuance (TEND21) Up to 11/2028 CDI + 1,5% 171.3 164.9 CRI 378 – 8th Issuance (TEND18) Up to 04/2028 IPCA + 6,94% 183.1 180.4 CRI 65 – 12th Issuance (TEND22) Up to 05/2029 CDI + 2,75% 190.2 182.9 CRI 513 - (13th Issuance) Up to 10/2032 CDI + 1,04% 313.6 302.1 SFH 300.8 273.6 SFH Up to 01/2028 TR+8,30 261.9 258.8 SFH Up to 09/2028 TR+14,58 38.9 14.8 Weighted Average Cost of Debt (R$ million) Balance Due September 26 Balance Due/Total Debt Average Cost (APY) Average Cost Consolidated CDI 742.6 60.5% 15.53% 1.57% TR 300.8 24.5% 11.06% 9.06% IPCA 183.1 14.9% 11.16% 6.94% Total 1,226.5 100% 13.78%
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NET DEBT The Corporate Net Debt to Equity ratio ended the quarter at 0.1%. Total Net Debt to Equity ended the quarter at 20.0%, increases of 3.8 p.p. and 0.2 p.p. compared to Sep/25 and Jun/26, respectively. CASH GENERATION AND CAPITAL DISTRIBUTION During the quarter, the Company reported Operating Cash Generation of R$ 82.4 million, with generation of R$ 95.8 million from the Tenda brand and Cash Consumption of R$ 13.3 million at Alea. (R$ million) September 26 June 26 QoQ (%) September 25 YoY (%) Consolidated Gross Debt 1,226.4 1,168.7 4.9% 1,117.8 9.7% (-) Cash and cash equivalents and financial investments (923.8) (865.4) 6.7% (916.9) 0.8% Net Debt 302.6 303.2 (0.2%) 200.9 50.6% Shareholders’ Equity + Minority Shareholders (SE+MS) 1,515.3 1,534.6 (1.3%) 1,241.6 22.0% Net Debt / Equity (SE+MS) 20.0% 19.8% 0.2 p.p. 16.2% 3.8 p.p. Corporate Net Debt to Equity Ratio 0.1% 1.9% (1.8 p.p.) (14.5%) 14.7 p.p. Adjusted EBITDA (Last 12 months) 918.9 898.2 2.3% 637.5 44.1% 1. Adjusted for capitalized interest, share-based compensation expenses (non-cash), minority interests, and depreciation in COGS. (R$ million) 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) Consolidated Stock buyback 0.0 1.9 (100.0%) 11.4 (100.0%) Capital Increase 0.0 0.0 - (41.9) (100.0%) Dividends paid 0.0 0.0 - 21.0 (100.0%) Capital Distribution 0.0 1.9 (100.0%) (9.4) (100.0%) (R$ milhões) September 26 June 26 QoQ (%) September 25 YoY (%) Consolidated Gross Debt 1,226.4 1,168.7 4.9% 1,117.8 9.7% (-) Cash and cash equivalents and Financial Investments 923.8 865.4 6.7% 916.9 0.8% Net Debt 302.6 303.2 (0.2%) 200.9 50.6% Receivables Assignment Balance 470.5 514.7 (8.6%) 609.8 (22.8%) ∆ Net Debt (+) Receivables Securitization (a) 44.9 76.3 (41.2%) 86.8 (48.3%) Net Financial Result (Income Statement) (37.8) (45.1) (16.2%) (29.0) 30.1% Reserve Fund (Receivables Assignment) 0.2 11.0 (98.0%) (8.9) <-100,0% Follow-on / Dividends / Share Buyback / Capital Increase1 (b) 0.0 (1.9) (100.0%) 9.4 (100.0%) SWAP Cash Effect 0.0 59.8 (100.0%) 0.0 - Operational Cash Flow - Consolidated 82.4 52.5 57.1% 115.3 (28.5%) Operational Cash Flow - Alea (100%) (13.3) (16.4) (19.0%) (28.1) (52.6%) Operational Cash Flow - Tenda 95.7 68.9 38.9% 143.4 (33.2%) Total Cash Generation (a)-(b) 44.9 78.3 (42.7%) 77.4 (42.0%) Pode Entrar Effect 44.8 0.0 - 0.0 - Total Cash Generation 89.7 78.3 14.6% 77.4 15.9% 1. Includes a net capital increase of R$ 33 million in 1Q25 and R$ 42 million in 3Q25.
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GENERAL INFORMATION At Tenda, a B3 -listed company fully dedicated to the production of affordable residential units, all projects fall under the Minha Casa Minha Vida Program ("MCMV"). The Company offers apartments priced below the average of major competitors, providing acce ss to homeownership for families who, in most cases, have never had this opportunity. ¹ Average price between MRV (only MRV). Direcional (only Direcional). and Plano&Plano and Cury Almost all employees involved in project construction are directly hired by the Company, rather than outsourced, as is common in the sector. This model enables the implementation of the industrial approach used at Tenda, one of its key competitive advantages, in addition to providing greater safety, stability and development opportunities for employees. Complementing this strategy, the Company adopts occupational health and safety practices, continuously monitoring risks and indicators to promote increasingly safer work environments. ¹ Employees directly hired by the Company For more information on the Company's sustainability initiatives, please refer to Tenda's Sustainability Report for fiscal year 2025, published in August 2026. The document is available on the Investor Relations website (Report Link). Average Sales Price (R$ thousand) 3Q26 2Q26 T/T (%) 3Q25 A/A (%) Tenda (R$ / unit) 233.4 244.9 (4.7%) 220.4 5.9% MCMV 1 (R$ / unit) 288.6 284.6 1.4% 278.3 4.0% % Average Sales Price (Tenda / MCMV) 80.9% 86.0% (5.2 p.p.) 79.2% 1.7 p.p. Indicators 3Q26 2Q26 T/T (%) 3Q25 A/A (%) Number of Direct Employees1 6,113 5,960 2.6% 5,725 6.8% Number of Indirect Employees 1,846 1,814 1.8% 1,721 7.3% Total Employees 7,959 7,774 2.4% 7,446 6.9% % Direct Employees / Total 76.8% 76.7% 0.1 p.p. 76.9% (0.1 p.p.)
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INCOME STATEMENT (R$ million) 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) 9M26 9M25 YoY (%) Tenda Net Revenue 1,162.7 1,204.9 (3.5%) 1,039.9 11.8% 3,479.6 2,720.1 27.9% Operating Costs (777.9) (743.4) 4.7% (699.9) 11.2% (2,230.8) (1,820.5) 22.5% Gross Profit 384.8 461.6 (16.6%) 340.0 13.2% 1,248.8 899.6 38.8% Gross Margin 33.1% 38.3% (5.2 p.p.) 32.7% 0.4 p.p. 35.9% 33.1% 2.8 p.p. Operating Expenses (208.7) (215.3) (3.1%) (162.5) 28.4% (595.1) (445.8) 33.5% Selling Expenses (96.6) (87.1) 10.9% (77.4) 24.8% (263.1) (205.5) 28.0% G&A Expenses (81.4) (91.3) (10.8%) (58.4) 39.3% (242.6) (173.7) 39.7% Other Operating Revenue/Expenses (22.4) (29.7) (24.4%) (24.4) (8.1%) (68.0) (50.7) 34.1% Depreciation and Amortization (15.7) (13.0) 20.2% (11.9) 31.4% (39.2) (32.5) 20.6% Equity Income 6.9 5.2 33.5% 9.2 (25.3%) 16.6 17.8 (6.8%) Operational Result 177.0 246.8 (28.3%) 178.9 (1.1%) 656.7 456.9 43.7% Financial Income 35.2 52.1 (32.6%) 36.5 (3.8%) 153.9 203.9 (24.5%) Financial Expenses (114.0) (73.6) 54.9% (58.2) 95.8% (255.6) (151.6) 68.6% Net Income Before Taxes on Income 98.1 225.4 (56.5%) 157.2 (37.6%) 555.0 509.2 9.0% Deferred Income Taxes 0.8 (1.5) <-100,0% (0.3) <-100,0% (4.4) (2.2) 95.4% Current Income Taxes (13.9) (14.9) (6.7%) (10.3) 35.4% (40.5) (25.8) 56.8% Net Income After Taxes on Income 85.0 209.0 (59.3%) 146.6 (42.0%) 510.2 481.2 6.0% (-) Minority Shareholders (0.0) (0.0) >100,0% (0.2) (79.9%) (0.0) 0.0 <-100,0% Net Income 85.0 209.0 (59.3%) 146.4 (42.0%) 510.1 481.2 6.0% Alea Net Revenue 91.4 85.1 7.4% 95.5 (4.3%) 249.4 271.9 (8.3%) Operating Costs (87.1) (85.5) 1.9% (101.0) (13.8%) (248.4) (270.8) (8.3%) Gross Profit 4.2 (0.4) <-100,0% (5.5) <-100,0% 1.0 1.1 (9.4%) Gross Margin 4.6% -0.5% 513.0% (5.8%) 1,045.0% 0.4% 0.4% 0.0 p.p. Operating Expenses (27.3) (27.5) (0.7%) (35.2) (22.3%) (82.8) (90.9) (9.0%) Selling Expenses (8.8) (10.9) (18.8%) (14.3) (38.0%) (29.6) (36.0) (18.0%) G&A Expenses (17.7) (14.4) 22.5% (18.8) (6.1%) (49.2) (52.6) (6.6%) Other Operating Revenue/Expenses 0.6 (1.0) <-100,0% (0.2) <-100,0% 0.2 (0.4) <-100,0% Depreciation and Amortization (0.9) (0.6) 68.3% (1.5) (35.5%) (3.0) (3.1) (3.7%) Equity Income 0.0 0.0 - 0.0 - 0.0 0.0 - Operational Result (24.1) (28.5) (15.6%) (42.2) (43.0%) (84.8) (92.9) (8.8%) Financial Income 0.9 0.5 70.7% 3.7 (74.7%) 1.9 4.2 (55.1%) Financial Expenses (8.9) (6.3) 40.8% (1.9) >100,0% (20.4) (4.5) >100,0% Net Income Before Taxes on Income (32.1) (34.3) (6.6%) (40.4) (20.7%) (103.2) (93.2) 10.7% Deferred Income Taxes (0.6) (0.7) (9.4%) 0.0 - (1.9) 0.0 - Current Income Taxes 0.0 0.2 (97.4%) 0.0 - (0.4) 0.0 - Net Income After Taxes on Income (32.7) (34.7) (6.0%) (40.4) (19.2%) (105.5) (93.2) 13.2% (-) Minority Shareholders (1) 5.0 4.9 2.1% 5.7 (12.3%) 15.2 13.1 16.2% Net Income (27.7) (29.9) (7.3%) (34.8) (20.4%) (90.3) (80.2) 12.7% Consolidated Net Revenue 1,254.1 1,290.0 (2.8%) 1,135.4 10.5% 3,728.9 2,992.1 24.6% Operating Costs (865.1) (828.9) 4.4% (800.9) 8.0% (2,479.2) (2,091.3) 18.5% Gross Profit 389.0 461.2 (15.6%) 334.4 16.3% 1,249.8 900.7 38.8% Gross Margin 31.0% 35.7% (4.7 p.p.) 29.5% 1.6 p.p. 33.5% 30.1% 3.4 p.p. Operating Expenses (236.1) (242.8) (2.8%) (197.7) 19.4% (677.8) (536.8) 26.3% Selling Expenses (105.5) (98.0) 7.6% (91.7) 15.0% (292.6) (241.5) 21.2% G&A Expenses (99.1) (105.7) (6.3%) (77.3) 28.2% (291.8) (226.3) 28.9% Other Operating Revenue/Expenses (21.8) (30.7) (29.0%) (24.6) (11.4%) (67.8) (51.1) 32.7% Depreciation and Amortization (16.6) (13.6) 22.2% (13.4) 24.1% (42.2) (35.6) 18.5% Equity Income 6.9 5.2 33.5% 9.2 (25.3%) 16.6 17.8 (6.8%) Operational Result 153.0 218.3 (29.9%) 136.7 11.9% 571.9 364.0 57.1% Financial Income 36.1 52.7 (31.5%) 40.2 (10.3%) 155.8 208.1 (25.2%) Financial Expenses (123.0) (80.0) 53.8% (60.1) >100,0% (275.9) (156.1) 76.8% Net Income Before Taxes on Income 66.1 191.1 (65.4%) 116.8 (43.4%) 451.8 416.0 8.6% Deferred Income Taxes 0.2 (2.2) <-100,0% (0.3) <-100,0% (6.2) (2.2) >100,0% Current Income Taxes (13.9) (14.7) (5.3%) (10.3) 35.3% (40.9) (25.8) 58.5% Net Income After Taxes on Income 52.3 174.2 (70.0%) 106.2 (50.7%) 404.6 388.0 4.3% (-) Minority Shareholders 4.9 4.9 1.5% 5.5 (10.2%) 15.2 13.1 16.0% Net Income 57.3 179.1 (68.0%) 111.7 (48.7%) 419.8 401.0 4.7% Net Income (Ex-Swap and Ex-SOP) 117.9 177.1 (33.4%) 110.6 6.6% 464.3 276.4 68.0% 1 - Managerial Minority Interest
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BALANCE SHEET (R$ million) September 26 June 26 QoQ (%) September 25 YoY (%) Consolidated Current Assets 4,009.8 3,981.0 0.7% 3,739.1 7.2% Cash and cash equivalents 80.2 68.2 17.5% 164.6 (51.3%) Short term investments 806.3 797.2 1.1% 752.2 7.2% Receivables from clients 1,227.2 1,188.4 3.3% 1,059.0 15.9% Properties for sale 1,500.7 1,502.7 (0.1%) 1,233.8 21.6% Other accounts receivable 395.4 424.4 (6.8%) 529.4 (25.3%) Non-Current Assets 3,048.6 2,712.5 12.4% 2,128.2 43.2% Financial investments 37.4 0.0 - 0.0 - Receivables from clients 949.8 855.2 11.1% 699.9 35.7% Properties for sale 2,028.2 1,797.4 12.8% 1,367.4 48.3% Other 33.3 60.0 (44.5%) 60.9 (45.3%) Intangible, Property and Equipment 360.6 336.7 7.1% 260.9 38.2% Investments 66.9 65.2 2.5% 62.1 7.7% Total Assets 7,485.8 7,095.5 5.5% 6,190.4 20.9% Current Liabilities 2,395.3 2,027.4 18.1% 1,976.2 21.2% Loans and financing 166.2 137.3 21.1% 220.3 (24.5%) Debentures 282.7 270.9 4.4% 181.1 56.1% Land obligations and customers’ advances 843.4 718.8 17.3% 571.3 47.6% Material and service suppliers 506.5 435.7 16.3% 364.6 38.9% Credit assignment 96.7 105.4 (8.3%) 126.1 (23.3%) Dividends Payable 78.2 0.2 >100,0% 50.0 56.5% Taxes and contributions 39.3 38.5 2.0% 25.0 57.4% Other 382.2 320.5 19.2% 437.9 (12.7%) Non-current liabilities 3,575.2 3,533.5 1.2% 2,972.6 20.3% Loans and financing 134.6 136.3 (1.3%) 159.2 (15.5%) Debentures 642.9 624.2 3.0% 557.3 15.4% Land obligations and customers’ advances 2,195.8 2,127.4 3.2% 1,539.2 42.7% Credit assignment 373.8 409.3 (8.7%) 483.7 (22.7%) Deferred taxes 21.9 22.0 (0.8%) 14.9 46.9% Provision for contingencies 102.2 103.5 (1.2%) 94.4 8.3% Other 104.0 110.8 (6.1%) 123.9 (16.1%) Shareholders’ Equity 1,515.3 1,534.6 (1.3%) 1,241.6 22.0% Shareholders’ Equity 1,525.7 1,539.0 (0.9%) 1,227.3 24.3% Minority Shareholders (10.4) (4.4) >100,0% 14.3 <-100,0% Total Liabilities and Shareholders’ Equity 7,485.8 7,095.5 5.5% 6,190.4 20.9%
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CASH FLOW STATEMENT (R$ million) 3Q26 2Q26 QoQ (%) 3Q25 YoY (%) 9M26 9M25 YoY (%) Consolidated Cash from (used in) operating activities 25.6 23.9 6.8% 95.4 (73.2%) 181.6 153.2 18.6% Net Income (loss) before taxes 66.1 191.1 (65.4%) 116.8 (43.4%) 451.8 416.0 8.6% Depreciation and amortization 24.7 21.0 17.6% 21.5 14.6% 63.5 57.7 10.1% Provision (reversal) for doubtful accounts and cancellations 49.6 41.4 19.7% 34.6 43.4% 139.3 99.1 40.6% Present value adjustment 3.6 1.8 100.0% 9.6 (62.0%) 7.9 11.4 (31.3%) Impairment (1.3) 1.3 - 0.0 - (1.3) 0.0 - Equity income (6.9) (5.2) 33.5% (9.2) (25.3%) (16.6) (17.8) (6.8%) Provision for contingencies (1.8) 13.5 - 3.7 - 12.8 5.0 >100,0% Unrealized interest and charges, net 12.9 22.6 (43.0%) (31.1) - 27.2 52.6 (48.3%) Warranty provision (3.2) (0.3) >100,0% 3.1 - (6.2) 7.3 - Profit sharing provision 22.9 23.0 (0.7%) 11.1 >100,0% 60.2 38.9 54.5% Stock option plan expenses 6.9 (3.8) - 8.0 (13.6%) 9.2 22.1 (58.4%) Result in the purchase and sale of participation 1.3 (1.2) - (1.7) - 0.4 (1.7) - Other provisions 0.0 0.0 - 0.2 (100.0%) 0.0 1.0 (100.0%) Derivative Financial Instruments (Fair Value Variation) 49.1 (18.0) - (9.1) - 0.1 (146.8) - Provision (reversal) of deferred PIS/COFINS 3.0 (1.0) - (4.7) - 13.3 (18.9) - Clients (184.7) (123.9) 49.1% (112.0) 64.8% (491.0) (424.4) 15.7% Properties for sale (184.5) (257.1) (28.2%) (55.2) >100,0% (667.3) (312.9) >100,0% Reserve funds from receivables assignment operations 86.9 (18.1) - (8.6) - 46.6 (23.2) - Other accounts receivable (93.7) 12.7 - (21.5) >100,0% (46.4) (81.1) (42.7%) Suppliers 39.9 27.1 47.4% 18.8 >100,0% 117.1 108.2 8.3% Supply Chain Financing (agreement) 30.9 17.1 80.5% 12.1 >100,0% 46.5 28.2 65.0% Taxes and contributions 9.9 (9.5) - (12.0) - (39.8) (43.7) (9.0%) Salaries, payroll charges and bonus provision 10.6 (74.0) - 15.3 (30.3%) (30.4) (8.1) >100,0% Obligations for purchase of real properties 150.2 221.6 (32.2%) 45.1 >100,0% 634.5 248.7 >100,0% Assignment of Credits (44.2) (54.7) (19.2%) 28.1 - (133.0) 121.9 - Other accounts payable 1.7 (1.7) - 2.7 (34.3%) 13.8 (8.2) - Current account operations 4.1 (1.4) - 20.8 (80.5%) (8.5) 16.2 - Dividends Received (1.9) 0.0 - 10.0 - 5.6 10.0 (44.1%) Taxes paid (26.1) (0.5) >100,0% (0.8) >100,0% (27.0) (4.2) >100,0% Cash from (used in) investment activities (30.1) 246.5 <-100,0% (55.6) - 226.3 (23.6) <-100,0% Additions to property, plant and equipment and intangible assets (47.5) (58.4) (18.6%) 0.0 - (144.2) 0.0 - Investments in marketable securities, net 15.7 228.7 (93.1%) (64.2) - 287.6 48.5 >100,0% Gain on Sale of Equity Interest 0.0 0.0 - 40.0 (100.0%) 0.0 80.2 (100.0%) Investments increase 1.8 2.6 (33.1%) (25.9) - 4.4 (101.7) - Derivative financial instruments (0.0) 73.5 - (5.5) - 78.6 (50.6) - Cash from (used in) financing activities 16.4 (291.2) - (33.3) - (357.9) (182.5) 96.2% Share buyback 0.0 (1.9) - 0.0 - (13.3) 0.0 - Share buyback for SOP exercise 0.0 8.3 - (16.1) - (11.5) (129.1) (91.1%) Cancellation of Shares 0.0 0.0 - 0.0 - 0.0 (6.0) - Dividends paid (0.6) (0.2) >100,0% (21.0) - (100.6) (21.0) >100,0% Loans and financing increase 171.1 182.4 (6.2%) 292.7 (41.5%) 639.7 882.8 (27.5%) Amortization of loans and financing (150.6) (476.8) (68.4%) (286.3) (47.4%) (854.9) (901.7) (5.2%) Lease payment (3.3) (2.7) 24.8% (2.7) 24.7% (11.8) (7.4) 58.6% Intercompany Loan Agreements with Related Parties (0.2) (0.2) (11.6%) 0.0 - (5.6) 0.0 - Net increase (decrease) in cash and cash equivalents 11.9 (20.7) - 25.3 (52.8%) 50.0 71.9 (30.5%) At the beginning of the period 68.2 88.9 (23.3%) 139.3 (51.0%) 30.2 92.7 (67.5%) At the end of the period 80.2 68.2 17.5% 164.6 (51.3%) 80.2 164.6 (51.3%)
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INVESTOR RELATIONS Luiz Mauricio Garcia CFO and Investor Relations Officer Marilia Nonato de Oliveira Leite Investor Relations Manager Leonardo Dias Wanderley Investor Relations Coordinator Felipe Chiavegato Stella Investor Relations Analyst Helena do Nascimento Xavier de Mendonça Investor Relations Analyst Investor Relations Phone: +55 (11) 3111-9909 E-mail: ri@tenda.com Website: ri.tenda.com MEDIA RELATIONS FSB Comunicação Lane Vilas Boas Phone: +55 (11) 99488-5861 E-mail: lane.vilasboas@fsb.com.br ABOUT TENDA Tenda (B3: TEND3), one of the leading homebuilders in Brazil, is listed under Novo Mercado, B3’s highest corporate governance level. With a focus on affordable housing, it concentrates its activities in nine metropolitan areas in the country, with projects aimed within brackets 1, 2 and 3 of program Minha Casa Minha Vida (MCVM).