fourth quarter 2025 results as the full year 2025 results represent another important step in our growth cycle, strengthening our leading position in the real estate market and underscoring how solid our business model is. The company achieved another all-time record in launches with 21 projects launched in 2025, totaling nearly 18,000 units and a 100% PSV of 5.3 billion reais, a 38% increase year-on-year.

This accelerated growth in launches was possible thanks to improvements in our project approval process, which makes us more optimistic about our launch schedule for 2026. Another important highlight is net sales.

Net sales closed the year at 4.3 billion reais, also a record high, a 27.8% increase year-on-year. In Q4, we accelerated sales, reaching 1.5 billion reais, a 58% increase quarter-on-quarter.

This growth was driven by the Virada do Meu Apê campaign, which included several initiatives such as a mobile sales point activation, multiple exhibitions in Aricanduva and Villa-Lobos regions, a strong presence in digital media, and a discount strategy focused on Q4. Our goal was to accelerate the sales of available units by year-end, considering the expected growth in launches in the next operating cycle.

By reducing inventory levels, we aim to start 2026 with a more balanced portfolio and with greater execution capacity given the expected volume of new projects. In 2025, 1,720 sales were completed using the Cheque Paulista payment modality, that is a state government incentive program, that also highlights the importance of this instrument in the company's commercial actions.

As highlighted in the previous quarter, starting in January 2024, the company implemented an important operational change, transitioning the development cycle from 24 to 36 months. Throughout 2024 and 2025 and at the start of 2025, we operated with these two cycles simultaneously.

Projects launched until December 2023 followed the 24-month cycle and were in their completion phase, and new projects launched from January 2024 began following the new 36-month cycle. Projects following the 36-month cycle have construction works starting later, and that postpones the PoC measurement.

The fourth quarter of 2025 marks the completion of this transition between these two different operational cycles. As a result, revenue recognition and cash inflows should begin to grow at a faster pace.

We'd also like to highlight that in the fourth quarter, construction works were completed for 3,640 housing units under the municipal program Pode Entrar, that helps meet the demand for housing in the city of São Paulo. There were technical and operational challenges to address.

They called for engineering capacity, integrated planning, and coordination between different public and private players. We closed 2025 with a record landbank, totaling 34.6 billion reais, so that is a 25% increase year-on-year.

This landbank supports our growth in the São Paulo metropolitan region. We're proud to announce that Plano & Plano obtained the ISO 45001 focusing on health and safety and ISO 14001 focusing on the environment.

That's an important milestone for the company, showing that we uphold governance, risk management, and social environmental responsibility. In addition, the company achieved the GHG Protocol Gold Seal.

This really shows how committed the company is to transparency, operational efficiency, and the environment. The year was marked by challenges that required resilience, adaptability, and strategic vision.

Each obstacle allowed us to learn, strengthened our processes, increased our competencies, and continued to drive the company forward. This journey allowed us to build the foundation for new growth milestones and deliver even more consistent results.

Plano & Plano remains guided by its purpose of being an admirable company, always contributing to building the future of thousands of families. With sustainable growth and a strong social commitment, the management remains confident in the continued expansion of the company's operations, with efficient risk management and increased operational efficiency.

I now turn the call over to João Hopp, who will present the operational and financial results for the period. Thank you.

Good afternoon, everyone. Thank you, Luna.

In the fourth quarter of 2025, Plano & Plano launched four projects, totaling a PSV of 617 million reais. This is a decrease of 51% year-on-year.

For the full year 2025, the company launched 21 projects, totaling a 100% PSV of 5.3 billion reais, a 38% increase year-on-year. In 2025, the company achieved an all-time record for launches.

We highlight the contracting of a project with CDHU in the public market in the amount of 56 million reais, reinforcing our commitment to excellence in the development of social housing projects. Considering launches on Plano & Plano's ownership basis, in the fourth quarter of 2025, the company launched 607 million reais, 52% lower year-on-year.

For the full year, PSV sold was 4.7 billion, a 29% increase compared to the 3.7 billion launched in 2024. In recent years, the company has demonstrated consistent and sustainable growth in its launches.

Considering the total launches from 2022 to 2025, including the private and the public market, the company grew at a compound annual growth rate, a CAGR of 43.5%. We highlight that the PSV of launched projects is a good proxy for future revenue and profitability, as it is only a matter of time before the corresponding sales are completed and construction progresses, generating revenue at this new level of nearly 5 billion reais.

It's important to note that Plano & Plano, typically, delivers our developments almost 100% sold, and currently all of our construction projects are on schedule. Total sales 100% in Q4 2025 reached 1.5 billion, a substantial increase of 118% year-on-year.

Quarter-on-quarter, sales grew by 51.7%. Comparing 2025 to 2024, sales increased by 27.8%, rising from 3.3 to 4.3 billion.

Considering the private market, sales grew by 41.9% in 2025. As with launches, the company also shows consistent and accelerated growth in sales.

Considering total pre-sales including the private and the public market since December 2022, the company has had a CAGR of 36.7% a year. The company's net revenue totaled 1.7 billion in the fourth quarter 2025, 59.9% higher year-on-year and 32% higher quarter-on-quarter.

For the full year 2025, revenue increased by 26.7%. We once again highlight that the 5.3 billion launched in 2025 is a strong indicator of future revenue under the PoC methodology, while SOS remains healthy and construction works are progressing at full speed.

We ended the fourth quarter 2025 with 3.3 billion in revenue to be recognized, including 1.2 billion in gross profit to be recognized. This performance shows a 59.2% increase in the gross profit deferred at the end of 2024, pointing to solid future results for Plano & Plano.

As these revenues are recognized over time, we remain confident that the scale gains resulting from the expansion of our operations will be reflected in our financial results. In fourth quarter 2025, adjusted gross profit reached 324 million reais, an increase of 95 million year-on-year.

Adjusted gross margin in the private market, excluding the public market that is, was 31.2%, while the adjusted gross margin in the public market was 21%. Considering the company's total results, adjusted gross margin declined from 31.1% in the third quarter '25 to 30.1% in fourth quarter '25.

At the end of Q4 2025, the REF margin in the private market was 38.2%. We've been able to maintain our backlog margin at healthy levels with small fluctuations resulting from the mix of projects.

When we analyze the ratio of selling expenses to revenue, we see an improvement of 1.1 percentage points quarter-on-quarter. On an annual basis, the indicator also improved in 2025 with a drop of 0.7 percentage points, going from 9.5% to 8.8% from 2024 to 2025.

Still talking about selling expenses, we'd like to highlight the scale gains and efficiency improvements that have been registered. A review of the historical series shows a clear trend of optimization in the ratio of selling expenses to net sales in the private market, demonstrating the positive impact of measures taken to enhance operational performance and keep customer acquisition costs under control.

Regarding administrative expenses, the ratio to revenue decreased year-on-year, going from 6.1% to 4.4% of revenue in fourth quarter 2025. In 2025, the indicator declined by 0.3 percentage points year-on-year, declining from 5.9 to 5.6%.

Important to note that administrative expenses are largely linked to the launch pipeline, which will only generate revenue effects over time. When comparing administrative expenses to launches, this movement becomes clear, and reflects a deliberate strategy to strengthen the company's operational structure.

The ratio of administrative expenses to launches is at its lowest level in recent years. We remain committed to a responsible management that balances growth and efficiency.

We believe that maintaining this virtuous cycle of investment and capacity building is essential to sustain the company's performance in the medium and long term. Net income 100% in Q4 2025 increased by 51.1% quarter-on-quarter.

For the full year 2025, net income increased by 8.2% year-on-year. That is a new record for Plano & Plano.

Net margin 100% in Q4 was 13.4%, an increase of 1.7 percentage points quarter-on-quarter. For the full year 2025, net margin declined by 2.2 percentage points year-on-year.

The company generated operating cash flow of 95.9 million in the fourth quarter 2025, reflecting continued efforts towards operational efficiency and financial discipline. Regarding cash generations in Q4 2025, we highlight that 75% - 75%, pardon me, of net sales in the quarter came from projects launched in 2025, most of which are currently in the process of transfer to Caixa Econômica Federal under the Minha Casa, Minha Vida program, with cash inflows expected to begin throughout 2026.

In Q4, the company executed a receivables assignment transaction totaling 122.6 million, aiming at accelerating cash inflows and optimizing working capital management. This initiative strengthened liquidity, providing greater financial flexibility to support operational activities and strategic investments.

As of December 31st, 2025, the company's gross debt totaled slightly above 1.1 billion, while cash and cash equivalents amounted to 1.1 billion and 113 million. The company closed 2025 with a net cash position of 5 million and a net debt to equity ratio of negative 0.4%.

This concludes the presentation. We are available to take your questions.

Thank you.

Hi, everyone. Good afternoon.

Thank you for taking my questions. Regarding selling expenses, we were expecting some impact on the gross margin because of the discounts, but because of the campaigns as well, we expected some dilution in or decrease in selling expenses, but we had a positive surprise.

What can we expect for 2026? Would anything be postponed?

Good afternoon, Ana Julia. This is João.

Thank you for your question. Selling expenses has very clear control of the budget of the year.

Customer acquisition costs are very controlled. At the end of the year, we had the Virada do Seu Apê campaign with additional investment, but that was used to increase sales.

It's diluted. Now, in 2026, we're going to be very diligent with the budget.

In six-month cycles, you can expect similar levels of selling expenses over revenue. Selling expenses are almost always recognized in the month you spend them, and the sale results will only be seen with the PoC methodology.

We have 36% growth in sales, you have this dilution postponed. We still expect to grow in 2026, you don't see this dilution as much.

As you start growing less year-on-year, then you see this dilution more clearly in the course of time. Thank you.

If I may just ask a follow-up question. As for discounts, are we going to continue to see them in January, February, and the start of March?

What are the margins of these new launch periods?

The discounts we had focused on the fourth quarter. There was an important change in our position in January this year.

The financial quality of sales is our priority. We have very little discount for our customers.

We have some tables that should follow the market prices. Up to yesterday, we measure that every day, I can assure you that the margins are higher than we had been having.

We are favoring profitability in these sales across. The main challenge we have this year is to sustain our SOS with most adopted policy.

Then we have new initiatives in the sales journey. As for your question specifically, the discounts we had in the fourth quarter were focused on that quarter, and we're focusing on the financial quality of sales now.

Perfect. Thank you very much.

Thank you.

Hi, guys. Good afternoon.

I'm going to go to two questions. The first still has to do with the discount policy in Q4.

My question is, upon what units did you allocate these discounts? When we look at the launches in Q3 and Q4, I understand that some of the sales in this period came from these launches.

Were these units also impacted by focusing on the credit? That's the first question.

My second question, I'd like to understand the moving parts in the backlog of the REF margins. I'd like to understand these moving parts a bit more clearly.

What can be the mix and also discount policy for backlog margins? If you could help us understand, thank you.

Thank you, Gustavo. Discounts were looked at project by project.

There's no specific project unit that had a certain type of discount. I can't give you a rule, be it by segment, be it by launch period.

The choices were made considering future performance and our expectation of other launches that may be in the same region, the same neighborhood. These decisions were really based on a project-by-project basis.

The REF margin has dropped in the private market. In the public market and the private market dropped a bit less, yes.

When we look at legacy projects, projects from 2023 that are getting to the end of the PoC methodology, what is to be recognized results a better average. We see a small decrease in the REF margin.

Some projects in segment 4 that are just coming out of the PoC analysis, then they have a healthier REF margin. As I said in the previous question, we're focusing on financial quality of sales, and it should remain healthy and possibly rise until the end of this year.

If I may follow up on a previous question. You said you're focusing more on profitability of sales.

In the course of the year, would this impact the SOS to go lower than your target? If this happens, what would be your reaction?

Would you favor the margins or favor the SOS? What is your priority?

At this point, we're focusing on financial health. We can always launch less, or alter prices, or a bit of both.

Our objective now is to have better sales with better margins. Through other mechanisms, we can increase our SOS.

Right now, we're favoring the financial health of sales. Maybe we can launch a little less.

Maybe a little bit of both. We have no determined path forward.

What you can see at this point, again, the focus right now is to improve the margins.

Thank you very much.

Hi, everyone. Thank you for taking my questions.

I've got two questions, too. The priority of the year is quite clear: focus on high profitability.

Now, when it comes to the size of the company, when we look at the private market, it grew 1.4 billion year-on-year, that is 40% growth. Do you understand that this same growth rate may be maintained with a more profitable sales margin?

Or would we shift towards a more stable figure as of 2026? My second question has to do with your understanding of how the gross margin in 2026, what do you expect it to be like?

How should gross margin behave in relation to the REF margin? Is it going to get better in the course of the year?

What gap should be bridged? Thank you.

Thank you, Pedro. We delivered healthy margins.

What we want to do is improve our performance. 37% ROI has been delivered.

There aren't many in the market to deliver that. Our financial health is not a point in discussion.

We just want to be more profitable. When we look at the market today, we see there's a lot of housing demand in the city of São Paulo, and this is where we are.

When we look at the funding, Minha Casa, Minha Vida, there could be an increase there. When we look at our engineering capacity, giving us the green light to continue to grow, our landbank has approved projects with a more organized launches pipeline, and we have a desire to grow sales, then we're quite optimistic to launch more.

We do not give any official guidance. The management is aiming to grow 500 million to 1 billion year-on-year.

We had 4.7 billion in launches in Plano & Plano percentage, and we want to grow 500 million to 1 billion for 2026-2027. We'll continue to keep our finger on the pulse during the year to see if that will come to pass.

In private market, we want to see the recognition of the projects sold to the public market with margins of 34% to 36%. This is a feasible level, we understand, considering 2025 to 2026.

Private market was 33.8% in adjusted gross margin, and we understand that 34% to 36% is also achievable.

Thank you, João, for your answers.

Hi, good afternoon. I've got two questions.

I'm trying to understand the competitive landscape at this point in the city of São Paulo. Considering that, what is your willingness to go into other markets or how willing would you be to go into other markets?

Permits, if this should have be any impact during the permits for this quarter, this half of the year? With the new restrictions.

Still a question. Is trying to understand what you understand is going to be for the challenge in the SOS, other than pricing, you're always looking at other possibilities to increase SOS other than pricing.

What are the other methods? What are the other possibilities to increase SOS?

Hi, Luiz. This is Luna.

Rodrigo Luna. São Paulo is a very competitive market.

We've seen substantial growth when it comes to the number of housing units launched in São Paulo. Of course, it's true that the competition has changed in the moment after the pandemic, where major companies increased their market share.

The demand is still very, very high. We see that companies are performing well, and this is the expectation for Plano & Plano.

We continue to have a high demand, and we continue to have high expectation for continuing growth. As for new markets, Plano & Plano is always keeping our weather eye out for opportunities, looking at new approaches that may add to what we already have.

We have continuous studies, and if at any point we understand that any other region might spark our interest and would adapt to our philosophy, to our business model, then we'd be open to go in there.

Now, the second question is around permits and SOS. João, can you please answer that question?

As for permits, well, Plano & Plano doesn't think that this problem is going to be long-lasting. We understand that this solution is going to be found quite quickly, because this is impacting the whole of the city of São Paulo.

I understand this restriction is not going to last long. Objectively speaking, nothing was impacted in the first quarter.

In the second quarter, we would have 37% of our PSV pending approval. Then, this could impact, and 57% in the third quarter, and 40% in the fourth quarter.

About 40% of our PSV in the year. It could be a problem, but we understand that this problem is going to be addressed in the short run.

As for SOS and other actions being taken, of course, there is all of the support we get from IT solutions in sales. We have a very interesting project being implemented now in the first half of the year: a new tool for real estate agents, so that the agents can react a lot faster and also have a more user-friendly tool.

We have a new app that can be on the mobile of the real estate agents. We have new segments, we are increasing our leadership.

We have new leaders for new regions. That's very important for us to capture and retain real estate agents.

We have 85% of our sales coming from our own agents and 15% from partners, and we're increasing the number of partners for regions. These are strategic and tactical actions we take.

Also, we are using AI initiatives. Our online lead conversion rate is quite high, considering investments from previous years.

We have another project being tested for us to AI qualifying the leads. They are often not treated by our far agents because there are thousands of leads.

It's a way to increase conversions and keep SOS at a higher level. Thank you, Luiz, for your question.

Thank you, everyone. Have a good afternoon.

Hello, everyone. Thank you for taking my question.

In this quarter, you adjusted your inventory level. Fewer launches and more sales.

Considering what you said for launches and growth, are you going to continue to have your inventory levels as they are, or do you expect to have more discounts if the inventory levels go up? My second question is, does that impact how you're going to be launching this year?

You're going to be launching less in the first half of the year, and then launch more in the second half of the year, so that you keep the inventory levels at the same levels they are now?

Thank you, Mário, for your question. We can't control the launch dates very precisely because we depend on third parties.

We had a peak of launches in the third quarter, 2.1 billion launched in the third quarter, and the dip that you have quarter-on-quarter has to do with when the projects were approved. For this year, we have a similar situation.

In the launch pipeline right now, we see that there will be a growing number of launches up to the third quarter. We expect to have growing launches up to the third quarter and a dip in the fourth quarter.

This decision doesn't necessarily have to do with our inventory levels. We try to keep our inventory on a healthy level.

Globally speaking, in 2025, we had 0.92 inventory years. It represented 0.92 of the last 12 months.

Being under one year is healthy. We have a breakdown per segment, and we control these figures quarterly.

We discussed the fact of our favoring profitability, increase margins now. If we need to accelerate towards the end of the year, it's not a problem considering the perspectives we have for the following quarters.

We want to increase our gross margin. If necessary, we can act at the end of the year, but we haven't taken any decisions as of yet.

Thank you. That's clear.

Good afternoon. I'd like to labor on the selling expenses a bit further.

I'd like to belabor that point a bit. Ever since 2023, you've been working on that.

You've been reducing selling expenses compared to revenue. They went from 10 to 7.

I'm curious to understand what was done there. Can you give us some more color on that?

Why is it that we have such a strong drop precisely in the fourth quarter? When we look at several quarters back-to-back, this is changing levels substantially when we get to the fourth quarter.

What is it that has been done in sales to improve efficiency? Can you clarify what you've been doing and how you're capturing this impact, especially in the third quarter, please?

Certainly, Victor. Thank you for your question.

In the third quarter, we have some campaigns that are continuous, you have almost a recurring cost of selling expenses. We have the sales booths that are open, you have to pay the rent there, you have the operating costs there, and when you sell 1.1 billion in the third quarter and 1.5 billion in the fourth quarter, you're going to be diluting that so-called fixed expense in a bigger figure.

It's important that you look at the moving averages in the last 12 months or in a 12-month moving average. We see a better indicator for Plano & Plano.

In 2021, online lead conversion was 0.66%, and now it's 2%. All of that comes from investment in IT, comes from understanding our client so that we have the best product for the suitable client.

Sales force that has more quality information at hand to service the customers. We have a dilution of the so-called fixed costs, especially in the sales admin costs, because they don't grow as much as sales themselves.

Of course, for competitive issues, we can't give you the exact details of what we have done to improve our activities, right? We want to have more efficiency, we want to have a better product for the customer, and the base of the calculation from 1 billion to 1.5 billion makes a whole lot of difference in this indicator.

Okay. When we look at the chart on page 17, where you have this dilution of expenses in the 7.8% or 7%, your understanding of the whole work geared towards improving these figures, have you done it all, or do you reckon you could still see improvements?

I'm thinking about short-run, really, 2026.

In the short run, Victor, I can't tell you whether we're going to be able to change levels in the short run. We obviously try, as we have scale gains and improvements internal processes, we try to improve this indicator.

We have got no announcements to make, no dramatic change. Companies that are growing strongly recognize the expenses at the quarter, but the recognition of the revenue comes in the course of time.

As we have faster-growing revenues in a year or two, and they grow faster than the expenses, then you're already going to dilute the expenses for that year. It's an accounting point.

We're not expecting any major difference in these figures.

All right. Thank you.

Thank you for taking my two questions. The first has to do with the impact if the six-day work to one day of rest roster comes to an end.

How would that impact you or the company? The clients that are informal, and the income tax that would have an impact on receivables because of the sales mix.

What do you expect concerning income tax?

Gabriel, good afternoon. This is Rodrigo von.

I'm going to answer the first part of your question. We're going from 44 hours to 40.

With the six-day workweek, with one day off changing. We see some calculations out there that we don't really believe in, because many of our projects have contractors, and the contractors work as per their production, really.

We don't want to increase costs at this point. In theory, we're going to be working at the 40 hours, but producing the same that we currently produce, so that we have a very small impact.

We believe we'll be able to do this very close to what we do today.

This is João. As for informal clients, if informal jobs increase, the market already works with customers that will give evidence of their income at year-end.

If the market dynamics change, we'll adapt. We can't really predict what's going to be coming regarding policies or anything, but the customers that have informal income, they are not registered in a company, they can give evidence of their income with income tax, with their bank accounts, their bank statements.

We know that Caixa Econômica Bank is looking at different possibilities for them to do that. We are always going to be adapting to see how we can support customers in the course of time.

We have no specific plan of action for that, but we will adapt to adjust to whatever comes up.

Thank you for your responses.

Hi, everyone. Good afternoon.

I've got two questions as well. First, I'd like to explore inventory.

We already talked about it in a previous question. We saw a substantial level of sales when it comes to inventory.

I'd like to understand the age of this inventory. Does it come from the launches in the third quarter, or do we have launches close to delivery in their composition?

Reason I ask is to see whether the company has plans for sales specifically selling close to delivery. If you do, plans to sell older inventory, how that could impact our margins.

When it comes to the expectation of cash generation and sales in the portfolio could impact that. That's what I'd like to know.

Thank you.

Hi, this is João. Plano & Plano delivers most of our projects 100% sold.

Our inventory is sold in the first year. It's the overall majority of our inventory.

Whether you go to a three-year cycle, most of it is sold in the first year. When we look at specific campaigns, you could change the focus and really understand that the policies will be focusing on each project itself, as on a project-by-project basis.

We may have a project that has certain characteristics and we may want to accelerate sales there. Whenever we have a campaign, we focus on that one specific project.

We don't have a global policy. We don't have any difficulties during our inventory, as I said.

We sell our products 100% sold in the first year of the most, and we'll continue to run campaigns based on specific projects. We are favoring financial excellence in our sales.

When you ask about margins, this is it. We will have campaigns with prizes, and we'll be favoring the margins.

Last year, when we transitioned from 24 to 36 months, we had this transition taking place in '24 to '25. We had fewer PoC analyses running.

We had 143 million in cash consumption in the first quarter, 43 in the second, 29 in the third, and 27 in the fourth quarter. This is a substantial decrease in the cash burn.

Expectation for 2026 is that we should have cash generation breaking even and then positive cash generation by the quarter and a growing curve. In the normal Pode Entrar payments contract, the first contract with 3,600 units that ended in December, the 10% 10% installment to be paid should take place in the first half of 2026.

These 70 million reais to be paid, half of it should be paid in the first quarter and the second batch in the second quarter, all as per the contract for the final payment. The cash burn should be breaking even in the first quarter and then rising cash position in the course of the year.

Thank you, Juliana.

Thank you, Saulo, for your question. The change in gross margin has to do with the product profile.

We have private market with higher margins, and the public market where we sell to the city of São Paulo with lower gross margins. That has no financial expenses, so that offsets.

The contribution margin is the same, but the gross margin is lower. One of the reasons is the product mix.

We had the impact of the Pode Entrar program, and that brought the gross margin down. The discount policy in the fourth quarter also decreased the gross margin.

Whatever you change in the gross margin also filtered out to the net margin. Also, there's the change in the 24 to 36-month cycle.

This puts off the recognition of revenue, we continue to operate with the delay on numbers of bases. In 2025, we had a change in our profitability model, and this net income is going to be recognized later on.

Our investor relation department can further clarify this if you want to have a specific meeting about this. Thank you, Saulo.

I'd like to thank you all. Thank you for joining our conference call for the Q4 results.

2025 was a challenging year, but we worked hard and we overcame these challenges. We understand 2026 will be a similar year.

Demand continues to be high. We had adjustments and we'll have more adjustments to improve affordability.

The guarantee fund of payment with social funds will allow the program to expand. This is a program that's proven to be a winner, and the almost 17 years it's been running.

Plano & Plano has another growth year, but we always focus on having sustainable growth, expanding our operations, but always focusing on managing the profitability with risk management. We are very optimistic for the year, but planning well, working hard to continue to deliver good results to the company and to our shareholders.

Thank you very much for joining, and I wish you all a good day. I'll see you at the next conference call.