EVEN3: quote, dividends and indicators for Even

Even Construtora e Incorporadora S.A. is a Brazilian real estate developer and construction company whose trajectory began in 1980, originally under the name Terepins, Chusyd Engenharia e Construções Ltda. In 1986, the company was renamed Terepins e Kalili Engenharia e Construções Ltda., maintaining its focus on real estate development and construction in the metropolitan region of São Paulo. An important milestone occurred in 2002, with the combination of activities with ABC Construtora e Incorporadora Ltda., a move aimed at gaining scale and greater competitiveness in the real estate market of the city of São Paulo. In October 2002, the company adopted the name Even Construtora e Incorporadora Ltda. and, in March 2006, it was converted into a corporation, beginning to operate as Even Construtora e Incorporadora S.A.

Even’s IPO took place in 2007, when the initial public offering of shares and the adhesion to the Novo Mercado segment of B3 S.A. – Brasil, Bolsa, Balcão were approved. Since April 2007, the company’s common shares have been traded on B3 under the ticker EVEN3. In the context of corporate development, notable events also include the entry of Spinnaker Capital Group in 2006, which subscribed new shares and became a significant shareholder, as well as the acquisition of an interest in the Rio Grande do Sul-based developer Melnick, which was renamed Melnick Even. Over the years, Even carried out several capital increases and public offerings, including a primary and secondary offering in 2010. Later, in 2020, former subsidiary Melnick conducted its own IPO, a move that was gradually followed by Even’s full divestment from this asset, completed in 2024, in line with the strategy of focusing on the State of São Paulo. The company’s shareholder structure was reorganized over this period, culminating in 2026 with the acquisition of 50.06% of Even’s common shares by Nova Milano Investimentos, an event that characterized a change of control and was formally disclosed to the market.

Even’s core business, together with that of its subsidiaries, is the development and construction of real estate projects, with a focus on high-end properties in the west and south regions of the city of São Paulo. Its corporate purpose encompasses the construction of properties on its own account or for third parties, land subdivision and real estate development, provision of civil engineering, architecture and technical consulting services, as well as real estate advisory services and management of portfolios of receivables from real estate financing. The company may also engage in the purchase and sale of properties and in the equity participation in other companies, as partner, shareholder or quotaholder. Its business model is characterized by strong verticalization, covering all stages of the real estate cycle: land scouting and acquisition, planning and development, obtaining licenses and approvals, project design, sales and execution of construction works, in addition to post-sales services.

Even’s operating structure is organized through in-house development of projects or via Special Purpose Entities (SPEs). SPEs are used to segregate assets, facilitate access to financing and structure partnerships with other developers or construction companies, allowing clarity regarding each partner’s stake in a given project. The development process is supported by a team dedicated to land scouting and analysis, which considers market, technical, financial, and regulatory aspects before submitting proposals to the Investment Committee. Land can be acquired through various arrangements, such as swaps for future units, revenue-sharing swaps, cash payment, deferred payment, purchase and sale commitments, payment in kind, or combinations of these methods, according to the negotiation and feasibility of the project.

The sale of Even’s properties is carried out predominantly through two in-house brokerage firms: Even Vendas and Even More. These internal structures operate in 100% of the company’s projects, with exclusive dedication to selling Even’s own autonomous units, which allows for greater alignment between the sales team, inventory and the characteristics of each project. This activity is managed by an in-house team responsible for monitoring the performance of the brokerage firms and of any partner sales companies, as well as collecting information on the needs and preferences of the target audience. This information flow feeds back into land acquisition decisions and product development, contributing to the company’s positioning in the high-end segment in São Paulo. The client base is well diversified, with no relevant concentration in a single buyer, and all operating revenue is generated within Brazilian territory.

The company structures its production process in a standardized way, with strong emphasis on planning, cost control and construction quality. Project design is carried out in partnership with renowned architects who traditionally provide services to Even, together with engineers and professionals from development and sales. The project concept, unit size and style, and price range are defined, followed by the preparation of a detailed budget and construction schedule. Even offers a unit customization service called Excluseven, through which clients can choose alternative floor plans and differentiated finishes, bearing the additional costs. On construction sites, the company adopts standardized construction techniques, computerized systems for monitoring costs and schedules, and a management model in which Even acts as operating manager, while the physical execution is carried out by independent subcontractors paid at a fixed price, which allows for flexibility and scale gains in a fragmented service provider market.

From a geographic and business segment standpoint, Even has undergone a strategic concentration process in São Paulo. Until 2024, operations included a significant segment in Rio Grande do Sul through Melnick, with revenue contributions from the southern region of Brazil. With the full sale of its interest in Melnick, this segment was discontinued, and the group reorganized into a single business unit: development of high-end residential and commercial projects in the city of São Paulo. Strategic decisions and performance monitoring began to be carried out at the level of each project, with a regional focus and no operational exposure to international markets, with 100% of net revenue generated in Brazil.

Even’s activities are subject to extensive government regulation, particularly in the urban planning and environmental spheres. The development of real estate projects and land subdivisions depends on prior approval of projects by the relevant city governments, registration of the real estate development at the competent registry office, granting of a construction permit for the start of works, and issuance of a certificate of completion (Habite-se) for delivery of the projects. Projects located in specially protected areas, such as water sources, conservation units or zones of historical and cultural heritage, require additional approvals from the responsible authorities and may be subject to specific land use and occupancy restrictions. Environmental legislation imposes the need for licensing of projects with potentially significant impact, including preliminary, installation and operating licenses, as well as authorizations for earthworks, vegetation removal or pruning, which may require compensatory measures and remediation plans in cases of soil or groundwater contamination. The company reports that it maintains the licenses and authorizations required for its projects currently being marketed.

In the environmental, social and governance (ESG) field, Even adopts structured practices and discloses information in an Annual Sustainability Report, prepared in accordance with GRI standards, SASB sector indicators for residential construction companies, and the principles of Integrated Reporting. Its materiality matrix includes topics such as sustainable cities, responsible consumption, climate change and decent work, in alignment with the UN Sustainable Development Goals, notably SDGs 8, 11, 12 and 13. The company carries out a greenhouse gas emissions inventory, covering scopes 1, 2 and 3, and declares that it seeks alignment with the TCFD recommendations for climate issues in governance, strategy, risk management and metrics. In operations, the company maintains certifications such as ISO 9001 and PBQP-H Level A, in addition to a track record of adopting AQUA Certification in residential projects launched and built through June 2020 in São Paulo and Rio de Janeiro, evidencing a focus on energy efficiency, waste reduction and the use of environmentally responsible materials.