Earnings release
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4Q25 EARNINGS RELEASE
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4Q25 EARNINGS RELEASE 2 of 19 ri.caduinmobiliaria.com CADU MEETS ITS GUIDANCE, RECORDS DOUBLE-DIGIT REVENUE GROWTH & POSITIVE FREE CASH FLOW IN 2025. OPERATIONAL AND FINANCIAL HIGHLIGHTS In 4Q25, homes sold totaled 1,229, increasing 173.7% vs. 449 homes sold in 4Q24. During FY 2025, homes sold increased 4.4% vs. 2024, totaling 3,540. Home sold revenue amounted to MXN 1,391 million in 4Q25, increasing 80.2% against MXN 772 million in 4Q24. In FY 2025, home sold revenue totaled MXN 4,371 million, 16.5% higher than 2024. Total revenue went from MXN 1,196 million in 4Q24 to MXN 1,771 million in 4Q25, representing a 48.1% growth. Throughout FY 2025, total revenue reached MXN 5,088 million, increasing 13.4% vs. 2024. In 4Q25, the average sale price was MXN 1.1 million, 34.2% lower than the figure recorded in 4Q24. Nevertheless, the 2025 average sale price stood at MXN 1.2 million, increasing 11.7% compared to that of 2024. In 4Q25, gross income totaled MXN 363 million, growing 10.4% against MXN 329 million recorded in 4Q24. During 2025, gross income amounted to MXN 1,201 million, 0.3% higher than the MXN 1,197 million in 2024. Operating income increased 29.4%, going from MXN 125 million in 4Q24 to MXN 161 million in 4Q25. In 2025, operating income totaled MXN 469 million, increasing 9.7% vs. the figure recorded in the same period 2024. During 4Q25, EBITDA amounted to MXN 234 million, 18.4% higher than the MXN 198 million recorded in 4Q24. In 2025, EBITDA totaled MXN 785 million, growing 9.7% vs. 2024. Net income reached MXN 138 million in 4Q25, increasing 96.4% against MXN 71 million recorded in 4Q24. Throughout FY 2025, net income was MXN 412 million, representing a 77.4% growth compared to the MXN 232 million in 2024. In 4Q25, Free Cash Flow reached MXN 509 million, positively compared to the -MXN 160 million recorded in 4Q24. During FY 2025, Free Cash Flow totaled MXN 790 million, 285.4% higher than that of 2024. The Working Capital Cycle (WCC) improved by 132 days, going from 782 days at the end of 2024 to 650 days at the end of 2025. Cancun, Q. Roo, Mexico, February 24, 2026. – Corpovael, S.A.B. de C.V. (BMV: CADUA), a homebuilder focused on the development of affordable entry-level, middle-income, middle-income residential and residential homes in Mexico, announced today its results for the fourth quarter (“4Q25”) and full-year 2025 (“FY2025”). The figures presented in this report are expressed in current nominal Mexican pesos (MXN), are preliminary and unaudited, and have been prepared in accordance with IFRS and current interpretations in force as of this date. Minor discrepancies may arise due to rounding. Should there be any discrepancies or questions arising from this English version, please refer to the Spanish-language earnings release.
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4Q25 EARNINGS RELEASE 3 of 19 ri.caduinmobiliaria.com The cash and cash equivalents balance stood at MXN 464 million at the end of 4Q25, vs. MXN 466 million recorded at the end of 4Q24. Total Debt (excluding loan origination fees and unamortized issuance costs) amounted to MXN 1,704 million, decreasing 21.2% when compared to the MXN 2,164 million recorded in the same period 2024. 4Q25 VS. 4Q24 RESULTS COMPARISON *Figures in Mexican pesos. Considering 303,266,668 outstanding shares as of 4Q25 and 310,875,668 as of 4Q24. The total number of shares as of 4Q25 reflects the cancellation of 7,609,000 shares, in accordance with the resolution approved at the Shareholders’ Meeting held in April 2025. **Excludes credit opening commissions and issuance expenses pending amortization. BALANCE SHEET INDICATORS (MXN Million) FINANCIAL INDICATORS Indicator As of December, 2024* As of December, 2025 Indicator 2024 2025 Cash & Cash Equivalents 466 464 ROE (%) 4.2 7.0 Accounts Receivable 904 702 ROA (%) 2.0 3.5 Inventory 9,270 9,213 EBITDA (MXN Million) 716 785 Other Assets 1,231 1,258 Net Income (MXN Million) 232 412 Total Assets 11,870 11,637 EPS (MXN) 0.75 1.36 Bank Debt 1,662 1,202 WCC (days) 782 650 Local Notes 502 502 Total Debt 2,164 1,704 Suppliers 589 809 Land Plot Suppliers 1,872 1,546 Deferred tax 1,321 1,275 Other Liabilities 440 450 Total Liabilities 6,387 5,784 Stockholders’ Equity 5,484 5,853 *The difference in certain items compared to the audit report is due to the exclusion of loan origination fees and unamortized issuance costs from the debt, aiming to more accurately reflect the Company's financial position. KEY INDICATORS (MXN Million) Indicator 4Q24 4Q25 ∆% 2024 2025 ∆% Homes sold (Units) 449 1,229 173.7% 3,392 3,540 4.4% Average Sale Price (MXN thousands) 1,719 1,132 (34.2%) 1,106 1,235 11.7% Home Sold Revenue 772 1,391 80.2% 3,751 4,371 16.5% Land Plot Sales 405 69 (83.0%) 661 216 (67.4%) Construction Services (Bienestar) - 308 - - 424 - Other 20 4 (78.4%) 76 77 2.1% Total Revenue 1,196 1,771 48.1% 4,487 5,088 13.4% Operating Income 125 161 29.4% 428 469 9.7% EBITDA 198 234 18.4% 716 785 9.7% EBITDA Margin (%) 16.5 13.2 (3.3 pp.) 15.9 15.4 (0.5 pp.) Net Income 71 138 96.4% 232 412 77.4% Net Margin (%) 5.9 7.8 1.9 pp. 5.2 8.1 2.9 pp. FCFF (160) 509 417.6% 205 790 285.4% Interest Coverage 2.61x 3.02x 0.41x 2.61x 3.02x 0.41x Net Debt / LTM EBITDA** 2.37x 1.58x (0.79x) 2.37x 1.58x (0.79x) Leverage (Liabilities/Equity)** 1.16x 0.99x (0.18x) 1.16x 0.99x (0.18x) EPS* (MXN) 0.23 0.46 102.2% 0.75 1.36 81.4% Note: The cash and cash equivalents balance for both periods includes restricted cash corresponding to the reserve fund for the Green Bond “CADU 20V”.
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4Q25 EARNINGS RELEASE 4 of 19 ri.caduinmobiliaria.com Message from the CEO Dear Investors, The results recorded in the fourth quarter 2025 allowed CADU to meet its Guidance, which set an annual growth above the 5% mark in total revenue and EBITDA. During FY 2025, total revenue and net income posted a double-digit growth rate, while EBITDA increased at a near double-digit rate, supported by the continuity of our projects in Quintana Roo, the addition of new developments in Jalisco, and the revenue stemmed from Construction Services (Bienestar), which has served as a benchmark for other developments across the country. In the context of our tenth anniversary as a public company, this performance reaffirms the resilience and flexibility that featured our business model. During the quarter, the commercial performance of the affordable entry-level segment showed an improvement in the sales pace, driven by a faster pace in mortgage originations following the update of the prevailing framework of underwriting assumptions. Likewise, in the middle-income housing segment, we started the titling of a new project in Cancun that was under construction throughout the year. These factors enabled the generation of positive Free Cash Flow, both for the quarter and full-year, thus allowing us to improve the Working Capital Cycle (WCC). In addition, disciplined capital allocation contributed to a reduction in debt and to strengthening of all leverage ratios. In this context, in November, HR Ratings affirmed CADU’s credit ratings, while PCR Verum upgraded its rating, recognizing the consistency in our leverage indicators and an adequate debt maturity profile for the next twenty-four months. In parallel, during 2025 we advanced in the development of new projects of middle-income and middle-income residential housing segments, in line with our growth plan and revenue diversification strategy. These developments are currently at different stages of construction and commercial readiness, expected to start their titling process throughout 2026, which will strengthen our offering, expand our footprint in Jalisco, and continue to consolidate our leadership in Quintana Roo. Regarding our main operating market, Quintana Roo continues to show favorable economic fundamentals. During 2025, traffic at the Cancun and Tulum airports remained for the fourth consecutive year above the 30 million passengers. This momentum has contributed to the job creation and the stability of housing demand in the state. In this context, Infonavit loans granted for the acquisition of new homes in Quintana Roo, during the period of January to October 2025, increased 12.7% vs. the same period 2024. On the ESG front, we reaffirmed our commitment to the development of sustainable housing. During 2025, we progressed as planned in the certification of 2,834 homes under the EDGE and ECOCASA standards, thus contributing to the reduction of greenhouse gas emissions and to achieve greater efficiency in energy and water consumption, benefiting both the environment and families living in these homes. For 2026, we are maintaining a prudent stance amid an environment that continues to be challenging, particularly on economic growth. Nevertheless, the financial strength attained, our cash flow generation pace and development of affordable and sustainable housing enable us to face this context with solid grounds. Under these assumptions, we expect Total Revenue and EBITDA to record annual growth rates above the 5% mark in 2026. Pedro Vaca Elguero, Chairman and CEO
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4Q25 EARNINGS RELEASE 5 of 19 ri.caduinmobiliaria.com OPERATING RESULTS NOTE: Affordable entry-level homes (AEL) are homes priced under MXN 1.5 million, used homes are affordable entry-level homes purchased and refurbished by CADU for resale, middle-income homes are homes priced from MXN 1.5 million to MXN 3.0 million, middle-income residential homes are homes priced from MXN 3.0 million to MXN 5 million, and residential homes are homes exceeding the MXN 5 million price tag. During 4Q25, homes sold totaled 1,229, increasing 173.7%, vs. the 449 homes sold in 4Q24. This growth was driven by a higher volume of units sold in the affordable entry-level segment (+325.6% vs. 4Q24), as Infonavit’s T-100 program, which lowers the requirements to qualify for a mortgage, came into effect; additionally, 4Q24 reflected a low comparison base (due to a lack of inventory last year). Regarding the middle-income segment, homes sold totaled 62 in 4Q25, decreasing 62.2% vs. 4Q24. This variation was mainly due to the completion of the project located in Cancun, which resulted in no inventory available during October and November, as well as lower homes sold in Playa del Carmen and Tulum developments, as a result of longer processing times from higher requirements of banks to originate mortgages. This was partially offset by the kick-off of titled units of a new project in Cancun. Turning to the middle-income residential segment, although the Company did not have any proprietary projects under commercialization this quarter, CADU participates in a joint venture acting as a developer and contributing capital, while its partners provide land plots and a portion of the resources deployed. As for the residential segment, homes sold went from 8 in 4Q24 to 1 in 4Q25 (-87.5%). This decline reflects the final commercialization stage of one of the two outstanding projects of this segment, while the other one is scheduled to deliver new inventory in 1Q26. Throughout 2025, homes sold amounted to 3,540, 4.4% higher than the 3,392 homes sold in 2024. This increase was driven by higher sales volume in the affordable entry-level segment (+9.1% vs. 2024), which more than offset the lower volume of units sold in the other segments. Homes Sold (Units) by Housing Segment 4Q24 % total 4Q25 % total ∆% 2024 % total 2025 % total ∆% AEL 273 60.8% 1,162 94.5% 325.6% 2,910 85.8% 3,176 89.7% 9.1% AEL (UH) 4 0.9% 4 0.3% 0.0% 18 0.5% 15 0.4% (16.7%) Middle-income 164 36.5% 62 5.0% (62.2%) 430 12.7% 329 9.3% (23.5%) Middle-income Residential - - - - - 11 0.3% 5 0.1% (54.5%) Residential 8 1.8% 1 0.1% (87.5%) 23 0.7% 15 0.4% (34.8%) Total Units 449 100.0% 1,229 100.0% 173.7% 3,392 100.0% 3,540 100.0% 4.4% Homes Sold (Units)
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4Q25 EARNINGS RELEASE 6 of 19 ri.caduinmobiliaria.com In 4Q25, total revenue amounted to MXN 1,771 million, representing a 48.1% growth vs. the MXN 1,196 million of 4Q24. This increase was driven by the annual 80.2% growth registered in homes sold revenue during the quarter, as well as the recognition of MXN 308 million from Construction Services (Bienestar). Of total revenue for the period, home sold revenue contributed 78.5%; Land Plot Sales, 3.9%; Construction Services (Bienestar), 17.4%; and Other revenue, 0.2%. Throughout 2025, total revenue reached MXN 5,088 million, 13.4% higher than the MXN 4,487 million recorded in 2024. This result was mainly driven by the increase in homes sold revenue (+16.5% vs. 2024) and the recognition of MXN 424 million from Construction Services (Bienestar), which represented 85.9% and 8.3% of total revenue, respectively. Regarding 4Q25 homes sold revenue, revenue from the affordable entry-level segment increased 463.2% vs. 4Q24, supported by a higher volume of units sold (+325.6%) and a higher average sale price (+32.3%); additionally, 4Q24 represents a low comparison base. Likewise, affordable entry-level (UH) revenue increased 59.7% in 4Q25 vs. 4Q24. Meanwhile, middle-income housing and residential housing revenue decreased 58.3% and 88.6%, respectively; while no revenue was recorded in the middle-income residential segment, due to the completion of the sales process for the project within this segment. During 2025, affordable entry-level revenue increased 38.1% vs. 2024; while affordable entry-level (UH) revenue decreased 7.0%, middle-income housing revenue fell 14.5%, middle-income residential revenue declined 55.4%, and residential housing revenue decreased 29.7%. Total Revenue (MXN Million) 4Q24 % total 4Q25 % total ∆% 2024 % total 2025 % total ∆% AEL 213 17.8% 1,201 67.8% 463.2% 2,347 52.3% 3,241 63.7% 38.1% AEL (UH) 3 0.3% 4 0.2% 59.7% 12 0.3% 11 0.2% (7.0%) Middle-income 403 33.7% 168 9.5% (58.3%) 999 22.3% 854 16.8% (14.5%) Middle-income Residential - - - - - 42 0.9% 19 0.4% (55.4%) Residential 152 12.7% 17 1.0% (88.6%) 350 7.8% 246 4.8% (29.7%) Home Sold Revenue 772 64.5% 1,391 78.5% 80.2% 3,751 83.6% 4,371 85.9% 16.5% Land Plot Sales 405 33.8% 69 3.9% (83.0%) 661 14.7% 216 4.2% (67.4%) Const. Serv. (Bienestar) - - 308 17.4% - - - 424 8.3% - Other Revenue 20 1.7% 4 0.2% (78.4%) 76 1.7% 77 1.5% 2.1% Total Other 425 35.5% 381 21.5% (10.4%) 737 16.4% 717 14.1% (2.7%) Total Revenue 1,196 100.0% 1,771 100.0% 48.1% 4,487 100.0% 5,088 100.0% 13.4% Consolidated Revenue
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4Q25 EARNINGS RELEASE 7 of 19 ri.caduinmobiliaria.com NOTE: UH refers to Used Homes. During 4Q25, homes sold revenue amounted to MXN 1,391 million, increasing 80.2% compared to the MXN 772 million recorded in 4Q24. This was mainly driven by growth rates of 72.0%, 118.5%, and 55.7% registered in Cancun, Playa del Carmen, and Tulum, respectively, supported by a higher volume of units sold and a higher average sale price from the affordable entry-level projects located in these markets; additionally, 4Q24 represents a low comparison base, particularly in Cancun and Playa del Carmen. In 2025, homes sold revenue totaled MXN 4,371 million, 16.5% higher than the MXN 3,751 million recorded in 2024. This growth was supported by the 28.9% and 22.3% growth rates recorded in Playa del Carmen and Cancun, respectively, offsetting the 4.5%, 55.4%, and 7.0% declines recorded in Tulum, Mexico City, and Other (UH), respectively. In addition, CADU participates as a developer and contributes capital in a joint venture in Guadalajara, corresponding to a middle-income residential housing project currently under commercialization, while its partners provide land plots and a portion of capital. Likewise, CADU has four additional active projects in this market (1 in partnership and 3 wholly owned), as well as 2 more projects at a preliminary design stage. Homes Sold Revenue by Region (MXN Million) 4Q24 % total 4Q25 % total ∆$ ∆% 2024 % total 2025 % total ∆$ ∆% Cancun 348 45.1% 599 43.0% 251 72.0% 1,449 38.6% 1,772 40.5% 323 22.3% Playa del Carmen 211 27.3% 461 33.1% 250 118.5% 1,265 33.7% 1,630 37.3% 366 28.9% Tulum 210 27.2% 327 23.5% 117 55.7% 983 26.2% 938 21.5% (45) (4.5%) CDMX - - - - - - 42 1.1% 19 0.4% (23) (55.4%) Other (UH) 3 0.3% 4 0.3% 2 59.7% 12 0.3% 11 0.3% (1) (7.0%) TOTAL 772 100.0% 1,391 100.0% 619 80.2% 3,751 100.0% 4,371 100.0% 621 16.5% Homes Sold Revenue by Region 4Q244Q2520242025Residential19.8%1.3%9.3%5.6%Middle-income Residential0.0%0.0%1.1%0.4%Middle-income52.3%12.1%26.6%19.5%AEL (UH)0.3%0.3%0.3%0.3%AEL 27.6%86.4%62.6%74.1% Home Sold Revenue by Segment
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4Q25 EARNINGS RELEASE 8 of 19 ri.caduinmobiliaria.com The following table shows the annual comparison of average prices by segment: Average Sale Price by Housing Segment (MXN Thousands) Segment 4Q24 4Q25 ∆$ ∆% 2024 2025 ∆$ ∆% AEL* 781 1,034 252 32.3% 807 1,020 214 26.5% AEL (UH) 632 1,010 378 59.7% 680 759 79 11.7% Middle-income 2,460 2,712 252 10.2% 2,323 2,597 274 11.8% Middle-income Residential - - - - 3,814 3,744 (69) (1.8%) Residential* 19,059 17,410 (1,648) (8.6%) 15,230 16,412 1,182 7.8% Total 1,719 1,132 (587) (34.2%) 1,106 1,235 129 11.7% *Only 60% of the sales price was recognized for units in the Blume development and, from September 2023 to March 2025, 89% of the sales price was recognized for Aldea Tulum, as these projects are joint ventures. During 4Q25, the average sale price stood at MXN 1.1 million, decreasing 34.2% compared to MXN 1.7 million in 4Q24. This was mainly due to a higher participation of the affordable entry-level segment in the 4Q25 sales mix (+58.8 pp. vs. 4Q24). In 2025, the average sale price reached MXN 1.2 million, increasing 11.7% vs. 2024. This increase was supported by the higher average sale price recorded across almost at all segments. FINANCIAL PERFORMANCE Income Statement Revenue and Cost of Sales Breakdown (MXN Million) Concepts 4Q24 % Rev 4Q25 % Rev 2024 % Rev 2025 % Rev Home sold revenue 772 64.5% 1,391 78.5% 3,751 83.6% 4,371 85.9% Land plot sales revenue 405 33.8% 69 3.9% 661 14.7% 216 4.2% Revenue from Const. Serv. (Bienestar) - - 308 17.4% - - 424 8.3% Other Revenue 20 1.7% 4 0.2% 76 1.7% 77 1.5% Total Revenue 1,196 100.0% 1,771 100.0% 4,487 100.0% 5,088 100.0% Cost of homes sold 631 81.7% 1,061 76.3% 2,924 77.9% 3,351 76.7% Cost of land plots 236 58.3% 40 57.9% 347 52.6% 121 56.0% Costs of Const. Serv. (Bienestar) - - 307 99.9% - - 414 97.9% Costs of other revenue 1 4.7% 0 0.0% 20 25.9% 0 0.0% Total cost of sales 868 72.5% 1,409 79.5% 3,290 73.3% 3,887 76.4% Cost of sales 798 66.7% 5.8% 1,340 75.6% 3,013 67.1% 3,585 70.5% Capitalized interests 70 69 3.9% 277 6.2% 302 5.9% The cost of sales-to-revenue ratio went from 72.5% in 4Q24 to 79.5% in 4Q25, representing an increase of 7.0 pp. This variation was mainly attributable to the lower contribution of land plot sales to total revenues, as this item typically carries higher margins, as well as from construction services (Bienestar), whose margins are lower than those from other revenue streams. Throughout 2025, the cost of sales-to-revenue ratio stood at 76.4%, increasing 3.1 pp. vs. 2024. This result is explained by the same factors observed during the quarter. Other revenue does not carry any associated costs, and the level of capitalized interest recorded during the period reflects a lower interest rate environment, coupled with the fact that Cost of Sales Average Sale Price
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4Q25 EARNINGS RELEASE 9 of 19 ri.caduinmobiliaria.com construction revenues did not require any financing. In 2025, the increase in capitalized interests was driven by longer investment cycles at middle-income and residential developments, which showed a stronger performance in previous quarters. In 4Q25, gross income totaled MXN 363 million, increasing 10.4% when compared to the MXN 329 million recorded in 4Q24, driven by the annual growth in the quarter’s total revenue. Gross margin went from 27.5% in 4Q24 to 20.5% in 4Q25, decreasing 7.0 pp. Throughout FY 2025, gross income amounted to MXN 1,201 million, reflecting a slight 0.3% increase vs. the MXN 1,197 million recorded in 2024, supported by the higher level of revenues in 2025 vs. 2024. Gross margin stood at 23.6% in 2025, vs. 26.7% in 2024 (-3.1 pp.). SG&A went from MXN 204 million in 4Q24 to MXN 201 million in 4Q25, decreasing 1.2%. In 4Q25, SG&A-to-revenue ratio was 11.4%, decreasing 5.7 pp. against 4Q24. This improvement is mainly due to lower commissions from higher sales of affordable entry-level housing, as these used to be lower than those of other segments, and that construction services are not attached to any selling expenses. During 2025, SG&A totaled MXN 732 million, 4.9% lower when compared to the MXN 770 million recorded in 2024. As a percentage of revenue, SG&A stood at 14.4%, improving 2.8 pp. vs. the ratio attained in 2024, mainly explained by lower sales commissions and reduced promotion and advertising expenses paid over he year. EBITDA went from MXN 198 million in 4Q24 to MXN 234 million in 4Q25, increasing 18.4%. This increase was driven by the combined effect of higher revenues (+48.1% vs. 4Q24) and a lower SG&A during the quarter (-1.2% vs. 4Q24). EBITDA margin stood at 13.2% in 4Q25, 3.3 pp. lower than the 16.5% recorded in 4Q24. Gross Income (MXN Million) 4Q24 % Rev 4Q25 % Rev ∆$ ∆% 2024 % Rev 2025 % Rev ∆$ ∆% Gross Income 329 27.5% 363 20.5% 34 10.4% 1,197 26.7% 1,201 23.6% 3 0.3% SG&A (MXN Million) 4Q24 % Rev 4Q25 % Rev ∆$ ∆% 2024 % Rev 2025 % Rev ∆$ ∆% SG&A 204 17.0% 201 11.4% (3) (1.2%) 770 17.2% 732 14.4% (38) (4.9%) EBITDA Breakdown (MXN Million) Items 4Q24 4Q25 ∆$ ∆% 2024 2025 ∆$ ∆% EARNINGS AFTER TAXES 71 138 68 96.4% 232 412 180 77.4% (+) Income tax 34 5 (29) (85.4%) 104 35 (69) (66.6%) EARNINGS BEFORE TAXES (EBT) 105 143 39 37.0% 336 447 111 32.9% (+) Capitalized CFR 70 69 (1) (1.6%) 277 302 24 8.8% (+) Non-capitalized interest 25 25 0 0.2% 119 96 (23) (19.4%) (-) Other income (expenses), net 5 7 2 39.9% 27 73 46 168.9% (+) Depreciation & amortization 3 4 1 26.7% 11 14 4 35.6% EBITDA 198 234 36 18.4% 716 785 70 9.7% EBITDA Margin 16.5% 13.2% - (3.3 pp.) 15.9% 15.4% - (0.5 pp.) SG&A EBITDA Gross Income
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4Q25 EARNINGS RELEASE 10 of 19 ri.caduinmobiliaria.com Throughout 2025, EBITDA totaled MXN 785 million, increasing 9.7% when compared to the MXN 716 million recorded in 2024. EBITDA margin stood at 15.4% in 2025, vs. 15.9% in 2024. Operating income amounted to MXN 161 million in 4Q25, representing a 29.4% growth rate compared to the MXN 125 million recorded in 4Q24. This result was driven by a higher gross income (+10.4% vs. 4Q24) and lower expenses (-1.2% vs. 4Q24). In 4Q25, the operating margin stood at 9.1%, vs. 10.4% in 4Q24. During 2025, operating income reached MXN 469 million, 9.7% higher than the MXN 428 million recorded in 2024. The operating margin stood at 9.2% in 2025, compared to 9.5% in 2024. Net income and EPS (MXN Million) Items 4Q24 4Q25 ∆$ ∆% 2024 2025 ∆$ ∆% Consolidated Net Income 71 138 68 96.4% 232 412 180 77.4% Net Margin 5.9% 7.8% - 1.9 pp. 5.2% 8.1% - 2.9 pp. Controlling Interest 71 139 69 97.3% 232 413 181 77.8% Earnings Per Share* (MXN) 0.23 0.46 0.23 102.2% 0.75 1.36 0.61 81.4% *Figures in Mexican pesos. Considering 303,266,668 outstanding shares as of 4Q25 and 310,875,668 as of 4Q24. The total number of shares as of 4Q25 reflects the cancellation of 7,609,000 shares, in accordance with the resolution approved at the Shareholders’ Meeting held in April 2025. Net income amounted to MXN 138 million in 4Q25, increasing 96.4% vs. the MXN 71 million recorded in 4Q24. This result was driven by the combined effect of higher operating income (+29.4% vs. 4Q24), lower taxes (-85.4% vs. 4Q24), and the recognition of MXN 3 million from the joint venture in Guadalajara, where CADU participates as developer and contributes capital. Net margin improved from 5.9% in 4Q24 to 7.8% in 4Q25 (+1.9 pp.). In 2025, Net Income totaled MXN 412 million, increasing 77.4% when compared to the MXN 232 million in 2024. Net margin stood at 8.1% in 2025, 2.9 pp. higher than the 5.2% recorded in 2024. Earnings Per Share (EPS) was MXN 0.46 in 4Q25, growing 102.2% compared to 4Q24. Throughout 2025, EPS totaled MXN 1.36, increasing 81.4% against 2024. Financial Position Cash & Cash Equivalents (MXN Million) As of December, 2024 As of December, 2025 ∆$ ∆% Cash & Cash Equivalents* 466 464 (2) (0.3%) *Includes restricted cash corresponding to the reserve fund for the Green Bond “CADU 20V”. Operating income (MXN Million) 4Q24 % Rev 4Q25 % Rev ∆$ ∆% 2024 % Rev 2025 % Rev ∆$ ∆% Operating Income 125 10.4% 161 9.1% 37 29.4% 428 9.5% 469 9.2% 42 9.7% Operating Income Net Income Cash & Cash Equivalents
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4Q25 EARNINGS RELEASE 11 of 19 ri.caduinmobiliaria.com As of year-end 2025, the balance of cash & cash equivalents totaled MXN 464 million, remaining virtually flat when compared to the figure recorded in the same period 2024. This result reflects the Company’s strategy to optimize the use of resources to reduce financing costs. At the end of 2025, the reserve fund set to secure the payment of the Green Bond “CADU 20V” totaled MXN 52 million. CADU’s cash resources are mainly invested in short-term, high-credit-quality debt instruments. Working Capital Cycle (WCC) Items As of December 31, 2024 As of December 31, 2025 ∆ days Amount (MXN Million) Days Amount (MXN Million) Days Accounts Receivable 904 73 702 50 (23) Inventory (includes land bank) 9,270 1,014 9,213 853 (161) Suppliers (includes land plot suppliers) 2,461 269 2,355 218 (51) Prepayments 323 35 372 34 (1) WCC 7,390 782 7,188 650 (132) The Working Capital Cycle (WCC) went from 782 days at the end of 2024 to 650 days as of year-end 2025, representing a 132-day reduction. This improvement was mainly driven by the combined effect of lower accounts receivable and inventory levels, coupled with a higher sales pace throughout the year. As of December 31, 2025, accounts receivable amounted to MXN 702 million (50 days sales outstanding), vs. MXN 904 million (73 days sales outstanding) recorded in the same period 2024. This decrease was mainly due to the conclusion of certain payment terms granted in prior periods to residential homes and land plot buyers. In addition, CADU focused on reducing collection periods for homes sold. Inventory totaled MXN 9,213 million at the end of December 2025, compared to MXN 9,270 million at the end of December 2024. This variation was mainly explained by higher homes sold, which were partially offset by the Company’s work-in-progress in Cancun, Playa del Carmen, and Guadalajara. Accounts payable totaled MXN 2,355 million as of December 31, 2025 (MXN 809 million from suppliers and MXN 1,546 million from land plot suppliers), vs. MXN 2,461 million as of December 31, 2024 (MXN 589 million from suppliers and MXN 1,872 million from land plot suppliers). This decrease was driven by the lower balance in land plot suppliers (-MXN 326 million), as these lots are paid according to a timetable, which can be negotiated and rescheduled. At the end of 4Q25, prepayments amounted to MXN 372 million, compared to MXN 323 million recorded in the same period 2024. Total debt (excluding loan origination fees and unamortized issuance costs) went from MXN 2,164 million at year-end 2024 to MXN 1,704 million as of year-end 2025, decreasing 21.2%. This variation was mainly driven by a 27.7% reduction in bank debt (excluding loan origination fees) at the end of 4Q25 vs. year-end 4Q24. Working Capital Cycle (WCC) Debt
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4Q25 EARNINGS RELEASE 12 of 19 ri.caduinmobiliaria.com Bank Debt (MXN Million) Items As of 4Q24 % of total debt As of 4Q25 % of total debt ∆$ ∆% Bridge loans 1,081 50.5% 870 51.8% (211) (19.5%) Working Capital loans 581 27.1% 332 19.8% (249) (42.8%) Total without loan origination fees 1,662 77.7% 1,202 71.6% (460) (27.7%) Loan origination fees (14) (0.7%) (18) (1.1%) (3) 23.0% Total 1,647 77.0% 1,184 70.5% (463) (28.1%) As of December 31, 2025, bank debt (excluding loan origination fees) amounted to MXN 1,202 million, representing a 27.7% reduction compared to the MXN 1,662 million recorded in the same period 2024. This decrease was driven by the declines recorded in bridge loans (-19.5%, or -MXN 211 million vs. year-end 2024) and working capital loans (-42.8%, or -MXN 249 million vs. year-end 2024), in line with a higher volume of homes sold, as expected. Debt Securities – Local Notes (MXN Million) Items As of 4Q24 % of total debt As of 4Q25 % of total debt ∆$ ∆% CADU 20V 502 23.5% 502 29.9% - - Total without unamortized issuance costs 502 23.5% 502 29.9% - - Unamortized issuance costs (10) (0.5%) (7) (0.4%) 3 (33.3%) Total 492 23.0% 495 29.5% 3 0.7% Total Debt without loan origination fees and unamortized issuance costs 2,164 101.2% 1,704 101.5% (460) (21.2%) Loan origination fees and unamortized issuance costs (25) (1.2%) (25) (1.5%) 0 (0.4%) Total Debt* 2,139 100.0% 1,680 100.0% (460) (21.5%) *As of December 31, 2025, 100% of the Company’s debt is denominated in Mexican pesos. As of year-end 2025, local notes (excluding unamortized issuance costs) totaled MXN 502 million, remaining at the same level recorded at the end of 4Q24. Although this bond matures through year-end 2027, beginning in June 2026 CADU has the option to start amortizing it. As of December 31, 2025, bridge loans represented 51.1% of total debt (excluding loan origination fees and unamortized issuance costs), while working capital loans and local notes represented 19.5% and 29.5%, respectively. Debt Maturities as of December 2025 (MXN Million) Items Up to 1 year Up to 2 years Up to 3 years Up to 4 years Up to 5 years Total Bank Loans 252 340 139 361 110 1,202 CADU 20V - 502 - - - 502 Total 252 842 139 361 110 1,704 % Total 14.8% 49.4% 8.1% 21.2% 6.5% 100.0% Note: The figures in the above table exclude loan origination fees and unamortized issuance costs. Likewise, the calculations are based on the contractual maturity dates. Out of total debt, 14.8% matures during 2026, 49.4% during 2027, only 8.1% during 2028, 21.2% towards 2029, and just 6.5% matures in 2030.
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4Q25 EARNINGS RELEASE 13 of 19 ri.caduinmobiliaria.com For further detail, the debt maturities for the next six quarters are presented below: Debt Maturities by Quarter (MXN Million) Items 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 Bank Loans 16 169 8 59 252 72 Total 16 169 8 59 252 72 % Total 0.9% 9.9% 0.5% 3.5% 14.8% 4.2% Note: The figures in the above table exclude loan origination fees and unamortized issuance costs. Likewise, the calculations are based on the contractual maturity dates. Out of total debt, 0.9% matures in 1Q26, 9.9% during 2Q26, 0.5% in 3Q26, 3.5% towards 4Q26, 14.8% in 1Q27, and 4.2% in 2Q27. As of December 31, 2025, CADU’s corporate ratings by HR Ratings and Verum were “HR A-” and “A-/M”, respectively. Regarding the Company’s local notes, Verum and HR Ratings assigned ratings of “AA-/M” and “HR AA” for CADU 20V. Leverage and Interest Coverage (Times) Items As of December, 2024 As of December, 2025 Covenant Net Debt to EBITDA 2.37 1.58 Not greater than 3.0 Total Liabilities / Equity 1.16 0.99 Not greater than 3.0 EBITDA / Interest Paid 2.61 3.02 No less than 2.5 Note: The metrics in the above table are calculated using Net Debt and Total Liabilities without considering loan origination fees and unamortized issuance costs. As of December 31, 2025, the weighted average cost of debt stood at 9.98%. At year-end 2025, excluding loan origination fees and unamortized issuance costs, 71% of the debt was contracted at a floating rate, while the remaining 29% was contracted at a fixed rate of 9.13%. Total Liabilities and Stockholders’ Equity (MXN Million) Items As of December, 2024 % total As of December, 2025 % total ∆$ ∆% Total Liabilities 6,387 53.8% 5,784 49.7% (602) (9.4%) Stockholders´ Equity 5,484 46.2% 5,853 50.3% 369 6.7% Total 11,870 100.0% 11,637 100.0% (234) (2.0%) Stockholders’ Equity amounted to MXN 5,853 million at year-end 2025, growing 6.7% when compared to the MXN 5,484 million recorded at year-end 2024. This result was mainly driven by the net income generated by the Company during the year. The capital structure was comprised of 49.7% liabilities and 50.3% equity at the end of 4Q25, vs. 53.8% liabilities and 46.2% equity at the end of 4Q24. Total Liabilities and Stockholders’ Equity
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4Q25 EARNINGS RELEASE 14 of 19 ri.caduinmobiliaria.com Cash Flow Cash Flow (MXN Million) Items 4Q24 4Q25 ∆% 2024 2025 ∆% Earnings before taxes (EBT) 105 143 37.0% 336 447 32.9% Investment adjustments and others 30 22 (27.1%) 111 31 (72.0%) Financing activities 70 69 (1.6%) 277 302 8.8% Cash flow before taxes 204 234 14.5% 725 780 7.6% Cash Flow from operating activities (369) 349 194.4% (540) 131 124.4% Net cash flow from operating activities (165) 582 453.1% 186 912 390.8% Net cash flow from investment activities 5 (74) (1649.4%) 19 (122) (735.2%) Net cash flow from financing activities 92 (574) (722.3%) (284) (791) 179.1% Δ Cash and cash equivalents (68) (65) (4.0%) (79) (2) (98.0%) Cash and equivalents – beginning of the period 533 529 (0.8%) 544 466 (14.4%) Cash and equivalents – end of period 466 464 (0.3%) 466 464 (0.3%) Free Cash Flow to Firm (160) 509 417.6% 205 790 285.4% In 4Q25, Free Cash Flow reached MXN 509 million, comparing favorably to the -MXN 160 million recorded in 4Q24. This result was driven by the higher volume of units sold during the period, which allowed the Company to reduce inventory by MXN 760 million; in addition, the accounts receivable balance also decreased by MXN 256 million. During 2025, Free Cash Flow amounted to MXN 790 million, increasing 285.4% compared to the MXN 205 million recorded in 2024. ESG In July 2025, CADU renewed its commitment to the United Nations Global Compact, remaining part of the select global network of companies committed to human rights, fight against corruption, and care for the environment. During 2025, more than 2,400 homes developed by CADU received the EDGE certification, validating their ability to generate savings in energy, water, and materials’ embodied energy. Likewise, in line with its strong commitment to adopting best practices in Environmental, Social and Governance (ESG) matters, the Company has been recognized and certified by different institutions. These distinctions include: Climate Bond Initiative certification, under the “Low Carbon Buildings” label, which made the Green Bond “CADU20V” the first in the housing sector in Latin America to obtain this distinction. PRIME Corporate Governance Certification, granted by Bancomext, Nacional Financiera, the BMV, BIVA, and AMIB upon satisfactory compliance with the PRIME Guide that promotes best practices in this field. Green Bond Award from Environmental Finance, granted to those who stand out for innovation, leadership, best practices, and their contribution to the development of a sustainable financial market. Cash Variations
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4Q25 EARNINGS RELEASE 15 of 19 ri.caduinmobiliaria.com Award for the First Green Bond issued by a homebuilder in the local market, granted by the Green Finance Advisory Council as part of the 2020–2021 Green, Social and Sustainability Bond Awards to companies that reinforce their commitment to sustainability and demonstrate increasingly robust strategy implementation. EDGE Advanced certification from IFC (World Bank Group) for CADU’s homes whose prototypes enable savings of up to 47% in energy, 39% in water, and 75% in materials’ embodied energy. Recognition from Grupo Expansión, Transparencia Mexicana, and Mexicanos Contra la Corrupción for CADU’s fight against corruption. ESR Distinction for Large Companies, granted by the Mexican Center for Philanthropy (Cemefi) and the Alliance for Corporate Social Responsibility in Mexico (AliaRSE), as a result of CADU’s commitment to Environmental, Social and Corporate Governance matters. Leading Companies in Sustainable Innovation Award granted by HSBC. CADU was recognized as part of the third edition of this award, which is granted to companies that, through the impact of their initiatives, implement sustainable strategies in Mexico. For further details, please refer to the 2024 Sustainability Report. Recent Developments On December 12, 2025, CADU informed that it would reissue the annual and quarterly information for years 2022, 2023, and 2024, in order to comply with observations made by the CNBV’s Issuers Surveillance area. In addition, for consistency purposes, the Company indicated that it would also reissue its 2025 quarterly reports. These reissuances did not imply any modifications or changes to the financial statements or previously published figures; they were limited to complementing and addressing formal aspects. On November 27, 2025, HR Ratings affirmed Corpovael, S.A.B. de C.V.’s long-term rating of HR A- and short-term rating of HR2. Likewise, HR Ratings affirmed the HR AA rating on “CADU 20V”. The outlook remained stable for all ratings. On November 12, 2025, Verum upgraded Corpovael, S.A.B. de C.V. and Subsidiaries’ long-term corporate rating from ‘BBB+/M’ to ‘A-/M’, its short-term rating from ‘3/M’ to ‘2/M’, and the rating on the “CADU 20V” issuance from ‘A+/M’ to ‘AA-/M’. The outlook for the long-term rating and the “CADU 20V” issuance remained ‘Positive’. On November 5, 2025, CADU informed that the unusual trading activity registered on that date corresponded to market conditions, as there was no pending information to be disclosed and the Company was not aware of the causes that may have given rise to such activity. On October 28, 2025, CADU informed the market that it would repurchase 5,000,000 shares through its share buyback program, equivalent to 1.65% of total outstanding shares, at a price of MXN 4.00 per share.
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4Q25 EARNINGS RELEASE 16 of 19 ri.caduinmobiliaria.com Analyst Coverage Given that Corpovael, S.A.B. de C.V. "CADU" has securities listed under the Internal Regulations of the Mexican Stock Exchange, the Company reports that its stock has a formal analyst coverage by Actinver Casa de Bolsa, Punto Casa de Bolsa and Apalache Análisis. For more information, please visit https://ri.caduinmobiliaria.com/en. 2025 Guidance In 2025, CADU met its Guidance, as shown below: 2026 Guidance Considering the current environment, we estimate that, during 2026, total revenue and EBITDA will record growth rates above 5% vs. 2025. About CADU Corpovael, S.A.B. de C.V. “CADU” (BMV: CADUA) is a business group dedicated to the development of affordable entry-level, middle-income, middle-income residential and residential housing in Mexico. CADU has a successful track record of over two decades in the housing sector, where it has built a successful business model under the quest for high and sustained profitability; anchoring its competitive advantage in an agile and integrated structure (covering most of the development process, from land acquisition to home commercialization), in regions where it has identified a high potential demand for housing. It operates mainly in Quintana Roo and Jalisco. Forward-looking statements 4Q25 Conference Call 2025 GUIDANCE VS. RESULTS Items 2025 Guidance 2025 Results Total revenue More than 5% growth 13.4% EBITDA 9.7% Information presented by the Company may contain forward-looking statements about future events and/or financial results. The reader should understand that the results obtained may differ from the projections contained in this document, as past results in no way offer any guarantee of future performance. For this reason, the Company assumes no responsibility for any indirect factors or elements beyond its control that might occur inside Mexico or abroad.
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4Q25 EARNINGS RELEASE 17 of 19 ri.caduinmobiliaria.com Corpovael, S.A.B. de C.V. and Subsidiaries Consolidated Statements of Financial Position As of December 31, 2025, and December 31, 2024 (Figures in MXN thousands) As of December 31 As of December 31 ∆% 2024* 2025 Assets Currents Assets: Cash and cash equivalents $414,354 $411,861 (0.6%) Accounts receivable (net) 799,175 674,659 (15.6%) Other accounts receivable (net) 371,728 348,770 (6.2%) Housing inventory 2,570,429 2,965,308 15.4% Other current assets 66,860 125,346 87.5% Total Current Assets 4,222,546 4,525,944 7.2% Non-current Assets: Restricted Cash 51,185 52,071 1.7% Housing inventory 6,699,459 6,248,169 (6.7%) Property, plant and equipment (net) 24,975 23,077 (7.6%) Other non-current assets 872,330 787,452 (9.7%) Total Non-current Assets 7,647,949 7,110,769 (7.0%) Otros activos no circulantes Total Assets $11,870,495 $11,636,713 (2.0%) Liabilities and Stockholders’ Equity Current Liabilities Bank loans 468,491 252,297 (46.1%) Debt securities - - - Suppliers 1,041,235 1,393,373 33.8% Taxes payable 52,903 64,434 21.8% Other current liabilities 378,332 381,567 0.9% Total Current Liabilities 1,940,961 2,091,671 7.8% Non-current Liabilities Bank loans 1,193,183 949,758 (20.4%) Debt securities 502,100 502,100 0.0% Lease liability 8,118 3,395 (58.2%) Suppliers 1,420,202 961,659 (32.3%) Employee’s benefit 489 462 (5.5%) Deferred tax 1,321,450 1,275,062 (3.5%) Total Non-current Liabilities 4,445,542 3,692,436 (16.9%) Total Liabilities $6,386,503 $5,784,107 (9.4%) Stockholders’ Equity Capital Stock 155,438 151,633 (2.4%) Retained earnings 5,277,949 5,650,575 7.1% Controlling interest 5,433,387 5,802,208 6.8% Non-controlling interest 50,605 50,398 (0.4%) Total Stockholders’ Equity 5,483,992 5,852,606 6.7% Total liabilities and Stockholders’ Equity $11,870,495 $11,636,713 (2.0%) Financial Statements *The difference in certain items compared to the audit report is due to the exclusion of loan origination fees and unamortized issuance costs from the debt, aiming to more accurately reflect the Company's financial position.
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4Q25 EARNINGS RELEASE 18 of 19 ri.caduinmobiliaria.com Corpovael, S.A.B. de C.V. and Subsidiaries Consolidated Statements of Comprehensive Income (Figures in MXN thousands) 4Q24 % of revenue 4Q25 % of revenue ∆% 2024 % of revenue 2025 % of revenue ∆% Revenue: Home Sold $771,677 64.5% $1,390,715 78.5% 80.2% $3,750,774 83.6% $4,371,351 85.9% 16.5% Land Plot Sales 404,694 33.8% 68,639 3.9% (83.0%) 660,806 14.7% 215,621 4.2% (67.4%) Construction Services (Bienestar) - - 307,775 17.4% - - - 423,549 8.3% - Other income 20,058 1.7% 4,331 0.2% (78.4%) 75,824 1.7% 77,383 1.5% 2.1% 1,196,429 100.0% 1,771,460 100.0% 48.1% 4,487,404 100.0% 5,087,904 100.0% 13.4% Costs and expenses: Construction Cost (797,975) 66.7% (1,339,971) 75.6% 67.9% (3,012,541) 67.1% (3,585,188) 70.5% 19.0% Capitalized Interest (69,898) 5.8% (68,755) 3.9% (1.6%) (277,466) 6.2% (301,891) 5.9% 8.8% Cost of sales (867,873) 72.5% (1,408,726) 79.5% 62.3% (3,290,007) 73.3% (3,887,079) 76.4% 18.1% Gross Income 328,556 27.5% 362,734 20.5% 10.4% 1,197,397 26.7% 1,200,825 23.6% 0.3% Expenses (189,962) 15.9% (197,645) 11.2% 4.0% (748,214) 16.7% (717,376) 14.1% (4.1%) Depreciation and amortization (13,987) 1.2% (3,798) 0.2% (72.8%) (21,511) 0.5% (14,260) 0.3% (33.7%) General Expenses (203,949) 17.0% (201,443) 11.4% (1.2%) (769,725) 17.2% (731,636) 14.4% (4.9%) Operating Income 124,607 10.4% 161,291 9.1% 29.4% 427,672 9.5% 469,189 9.2% 9.7% Financial Income 5,239 0.4% 4,549 0.3% (13.2%) 27,332 0.6% 13,625 0.3% (50.2%) Financial Expenses (25,095) 2.1% (25,156) 1.4% 0.2% (118,647) 2.6% (95,678) 1.9% (19.4%) (19,856) 1.7% (20,607) 1.2% 3.8% (91,315) 2.0% (82,053) 1.6% (10.1%) Share in results of joint venture - - 2,782 0.2% - - - 59,858 1.2% - Earnings before income taxes 104,751 8.8% 143,466 8.1% 37.0% 336,357 7.5% 446,994 8.8% 32.9% Income taxes: Current 13,211 1.1% (392) 0.0% (103.0%) (3,291) 0.1% (1,392) 0.0% (57.7%) Deferred (47,446) 4.0% (4,614) 0.3% (90.3%) (100,614) 2.2% (33,314) 0.7% (66.9%) Net (34,235) 2.9% (5,006) 0.3% (85.4%) (103,905) 2.3% (34,706) 0.7% (66.6%) Net Comprehensive Consolidated Income $70,516 5.9% $138,460 7.8% 96.4% $232,452 5.2% $412,288 8.1% 77.4% Controlling interest 70,560 5.9% 139,196 7.9% 97.3% 232,033 5.2% 412,622 8.1% 77.8% Non-controlling interest (44) 0.0% (736) 0.0% 1,572.7% 419 0.0% (334) 0.0% (179.7%) Net Comprehensive Consolidated Income 70,516 5.9% 138,460 7.8% 96.4% 232,452 5.2% 412,288 8.1% 77.4% Net Income (Loss) per Share* 0.23 0.46 102.2% 0.75 1.36 81.4% *Considering 303,266,668 outstanding shares as of 4Q25 and 310,875,668 as of 4Q24. The total number of shares as of 4Q25 reflects the cancellation of 7,609,000 shares, in accordance with the resolution approved at the Shareholders’ Meeting held in April 2025.
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4Q25 EARNINGS RELEASE 19 of 19 ri.caduinmobiliaria.com Corpovael, S.A.B. de C.V. and Subsidiaries Statement of Consolidated Cash Flow (Figures in MXN thousands) 4Q24 4Q25 2024 2025 Operating Activities Earnings before Taxes 104,751 143,466 336,357 446,994 Items Related to Investment Activities Depreciation and Amortization 2,997 3,798 10,520 14,260 Interest income (4,481) (4,549) (23,974) (13,625) Interest expenses 25,095 24,332 118,647 90,149 Allowance for doubtful accounts 6,000 - 6,000 - Share in results of associate, subsidiaries, and joint venture - (2,782) - (59,858) Allowance for inventory impairment - (3,494) - (5,264) Net employee benefit cost (42) (27) 224 (27) Income for transportation and furniture sale - 4,291 - 5,616 Capitalized interest recognized in cost of sales 69,898 68,755 277,466 301,891 Cash Flow from Earnings Before Taxes 204,216 233,790 725,240 780,136 Cash Flow from or used in Operating Activities Decrease (increase) in accounts receivable (232,398) 256,493 (207,268) 227,695 Decrease (increase) in inventory (268,360) 759,697 (591,600) (45,910) Decrease (increase) in other accounts receivable and other current assets 100,579 12,889 59,434 32,301 Increase (decrease) in accounts payable 89,677 (550,673) 160,119 (106,405) Increase (decrease) in other liabilities (58,650) (129,754) 39,810 23,761 Net Cash Flows from or used in Operating Activities (164,935) 582,442 185,735 911,578 Investment Activities Investment in shares - - - - Investment in property, plant and equipment 276 (598) (4,800) (15,185) Investment in joint venture - (77,656) - (120,225) Interest received 4,481 4,549 23,974 13,625 Net Cash Flows from or used in Investment Activities 4,757 (73,705) 19,174 (121,785) Financing Activities Bank loans 1,096,156 776,617 3,740,558 3,708,894 Debt certificates - - - - Payment of financing to the trust - - - - Amortization of bank loans (900,125) (1,253,840) (3,557,062) (4,168,515) Amortization of debt certificates - - (142,857) - Credit opening costs with financial institutions (18,011) (1,468) (18,011) (23,906) Interests paid (77,263) (64,577) (274,080) (260,223) Buyback program (14,135) (30,679) (24,996) (43,674) Costs related to debt issuance (5) - - - Bank loan origination fees / Lease payment 5,606 - (7,088) (3,976) Net Cash Flows from or used in Financing Activities 92,223 (573,947) (283,536) (791,400) Increase (decrease) in Cash and Cash Equivalents (67,955) (65,210) (78,627) (1,607) Cash and Cash Equivalents at the Beginning of the Period 533,494 529,142 544,166 465,539 Cash and Cash Equivalents at the end of the Period 465,539 463,932 465,539 463,932 Notes to the financial statements: For a more thorough analysis and understanding of our financial performance, we highly recommend reviewing the detailed notes to the financial statements at https://ri.caduinmobiliaria.com.