Construtora Adolpho Lindenberg S.A., issuer of CALI3 shares traded on B3, was incorporated on October 25, 1966 and obtained registration with the CVM on July 20, 1977. With a declared track record of more than 68 years operating in the construction sector, the company has delivered around 500 projects throughout Brazil, building a long-standing track record in the Brazilian real estate market. Over its history, it has gone through distinct phases of capital structure and control, including a partnership with the developer Lindencorp starting in 2004 and the acquisition of its control, in 2008, by LDI Desenvolvimento Imobiliário S.A., the holding company that controls Lindencorp. In 2019, LDI transferred its stake to Lindenberg Investimentos Ltda., without changing indirect control, which remained in the hands of Adolpho Lindenberg Filho and Flávio Haddad Buazar.

The corporate purpose of Construtora Adolpho Lindenberg and its subsidiaries covers the residential real estate chain, including the purchase and sale of properties, leasing, subdivision or land development, real estate development, construction of properties for sale, and equity interests in other companies. In practice, the issuer’s activity is organized along two main axes: the provision of services on a lump-sum or management basis – which involves construction management, execution and monitoring of services, and technical assistance – and real estate development and incorporation, focused on the sale of mid- and high-end residential units. Revenue essentially comes from the construction and management of civil works and the sale of individual units, reflecting the typical profile of a residential developer and builder targeting higher-income segments.

From an operational standpoint, the company structures its activities into two reportable segments: property sales and construction services, which are used for internal analysis and management. Construtora Adolpho Lindenberg operates exclusively in Brazil, with no revenue from abroad, and states that, given the characteristics of the business, there is no material concentration of revenue in specific clients. Buyers of residential units in developed projects are the main clients on the development side, while developers that do not build their own projects form the client base for construction services. The portfolio of more than 500 active clients, considering contracts within the five-year warranty period after the occupancy permit (habite-se), is described as diversified, with no dependence on a small number of clients.

In the production process, the company has operated since 1967 in the civil construction sector, with specific know-how in the production of residential buildings. Unlike heavy infrastructure builders, Construtora Adolpho Lindenberg does not own heavy construction equipment, focusing instead on an internal technical and management team that oversees the works, while physical execution is mostly carried out by subcontractors. Substantially all projects are contracted on a cost-plus management basis with a target cost, in a subcontractor market described as highly fragmented. The company maintains a registry of pre-approved suppliers based on quality, reputation, technical reliability, and price, and also requires proof of compliance with labor and social security laws before making payments.

The company’s operating model includes its own team assigned full time to construction sites, composed of engineers, site managers, building and safety technicians, specialized foremen, and administrative staff. This team is responsible for monitoring the physical and financial progress of projects, ensuring the quality of services – including those performed by third parties – complying with safety standards, managing materials, tools and equipment, and ensuring delivery of units within deadlines. The company states that it uses standardized construction processes and technology available in the market, focusing on streamlining, productivity, quality control, and waste reduction. Projects typically include common areas with gardens, swimming pools (including heated), sports courts, fitness spaces, recreation rooms, and playgrounds, aligned with its positioning in the mid- and high-end residential segment.

Construtora Adolpho Lindenberg’s geographic focus is the development of residential projects in the city of São Paulo and its metropolitan area, as well as the interior of the state of São Paulo. New business prospecting is carried out by an in-house team that assesses growth opportunities and seeks projects through partnerships with developers and participation in bidding processes. Among recent strategic moves, a highlight is the start of operations of the EZCAL joint venture, a partnership with EZtec, with planned investment of R$ 130 million in the first 24 months and initial development of two projects with potential PSV (VGV) of R$ 420 million. The company also reports the launch of projects such as Lindenberg Guarará, with potential PSV of R$ 142.5 million and CAL’s full participation, as well as significant launch and net sales volumes in fiscal years 2020 and 2021.

In its dealings with public authorities and regulators, the company’s activities, focused on construction and sale of properties, are mainly subject to oversight by CREA, CAU and CRECI, in addition to federal, state and municipal environmental laws and regulations. Urban planning and development approvals are generally the responsibility of landowners and developers. The company holds a registration for the “Construtora Adolpho Lindenberg S/A” trademark with the INPI, in the class covering property construction, architectural design, engineering and civil construction services, and states that it considers this brand a relevant asset for generating new business opportunities.

From an environmental, social and governance (ESG) perspective, Construtora Adolpho Lindenberg reports that it strategically incorporated the ESG agenda into its annual planning in 2024, based on a materiality matrix. In the governance pillar, it highlights socio-environmental requirements in supplier qualification, investments in digital platforms for managing occupational safety, environmental, supplier and cyber risk, as well as strengthening internal communication and the governance structure through expansion of the Board of Directors and establishment of a Fiscal Council. On the environmental side, it reports routines for monitoring indicators such as waste recycling, water and energy consumption, and greenhouse gas emissions, adoption of technologies such as stabilized mortar to reduce resource consumption, and actions to mitigate impacts on neighbors and the areas surrounding construction sites. In the social pillar, it mentions a training program that even includes literacy for employees and support for high-impact sector campaigns, such as its partnership with Instituto Liberta. The company is in the process of preparing its first sustainability report, scheduled for 2026, following the GRI standard and aligned with several UN Sustainable Development Goals (SDGs), with GHG emissions inventories already prepared for internal use.

In the financial and capital arena, Construtora Adolpho Lindenberg underwent a broad restructuring process after control was acquired by LDI in 2008, focusing on reversing accumulated losses and rebuilding shareholders’ equity. Between 2010 and 2012 there was a capital increase and a subsequent capital reduction aimed at absorbing losses, which enabled the reversal of negative equity in 2013. From then on, the company posted positive results in several fiscal years, with recurring dividend distributions between 2013 and 2018 and new capital increases, including one without share issuance in 2015. In more recent years, it combined loss-making periods, such as in 2019, with a resumption of launches and positive results in 2020, 2021 and 2022, when it also approved a new capital increase of R$ 9.2 million to strengthen its capital structure and reduce leverage. These movements reflect the cyclical dynamics of the Brazilian residential real estate market and how the company has been adjusting its balance sheet and investment policy over time.

As a publicly traded company with shares listed on B3 under the ticker CALI3, Construtora Adolpho Lindenberg offers retail investors exposure to a residential development and construction business focused on the São Paulo region and targeting the mid- and high-end segments. Its operations combine the sale of residential units with the provision of construction services to third parties, rely on subcontractors under a centralized project management model, and take place in a competitive market where land location, project quality, brand reputation and access to financing are key drivers of revenue generation. At the same time, the company reports initiatives to strengthen governance, risk management and ESG practices, as well as strategic partnerships with other sector companies, as part of its growth agenda and adaptation to the Brazilian economic and regulatory environment.