In the operational preview for the third quarter of 2026 (3Q26), Lavvi Empreendimentos Imobiliários S.A. (LAVV3) reported launches totaling R$ 538 million in PSV (Potential Sales Value), or R$ 368 million at the %Co, in addition to total net sales of R$ 420 million, or R$ 290 million at the %Co, and cash generation of R$ 13 million in the period. In the accumulated nine months of 2026 (9M26), launches reached R$ 1.2 billion at the %Co and net sales totaled R$ 1.6 billion, a 4% year-over-year drop, or R$ 1.1 billion at the %Co.
The 3Q26 launches included Well Perdizes, under the Novvo brand, with potential PSV of approximately R$ 418 million in São Paulo (Perdizes), and Zen Apartments Cyrela & Yoo, a studio tower with PSV of R$ 115 million in the Ibirapuera region, in partnership with Cyrela. At Well Perdizes, launched in August 2026 with 1,252 units (1,244 available), R$ 67 million were sold in 40 days, equivalent to 16% of PSV ex-barter. At Zen Apartments, launched in September 2026 with 227 units (201 available), 22% of the ex-barter units were sold as of the launch base date.
The consolidated sales speed (VSO, sales over supply) was 11% in the quarter and 48% over the last 12 months, versus 50% in 2Q26 LTM. Cash generation ex-land purchases totaled R$ 89 million in 3Q26, while disbursements for land acquisition came to R$ 76 million, resulting in net cash generation of R$ 13 million. In 9M26, there was a cash burn of R$ 58 million, or cash generation of R$ 191 million on an ex-land basis.
Inventory at market value at the end of 3Q26 was R$ 3.2 billion on a 100% basis, corresponding to 2,959 units, with 4.6% of inventory completed (114 units). On the %Co basis, inventory totaled R$ 2.5 billion. The landbank amounted to R$ 9.1 billion in potential PSV on a 100% basis and R$ 6.6 billion at the %Co, of which 18% relates to Novvo developments.
In the quarter, Lavvi obtained the occupancy permit (Habite-se) for Galleria Klabin, a high-end project launched in November 2022, with potential PSV of R$ 556 million (R$ 543 million net of barter), located in Chácara Klabin, São Paulo. At the end of 3Q26, Galleria Klabin was 99.5% sold in PSV, with only one unit in inventory and 59% of the units settled (paid off or transferred).
