EVEN3 Even

Even Construtora e Incorporadora S.A. is a publicly traded company in the construction and real estate development sector, with common shares traded on B3 under the ticker EVEN3, listed on the Novo Mercado segment. Its origins date back to May 1980, when it was incorporated as Terepins, Chusyd Engenharia e Construções Ltda. In 1986, the corporate name was changed to Terepins e Kalili Engenharia e Construções Ltda., reflecting its operations in construction works and real estate developments in the metropolitan region of São Paulo. In 2002, the company combined its activities with ABC Construtora e Incorporadora Ltda., a move aimed at gaining scale and competitiveness in the São Paulo real estate market. In 2002 it began using the brand Even Construtora e Incorporadora Ltda., and in 2006 it was converted into a corporation (sociedade por ações), consolidating its current corporate structure.

The pre-IPO period was marked by the entry of a significant institutional investor: in March 2006, the Spinnaker Capital Group fund subscribed shares in an Even capital increase, injecting approximately R$ 72 million and acquiring a relevant stake in the company’s capital. In February 2007, the initial public offering of shares and the company’s listing on B3’s Novo Mercado were approved, and in April of that year EVEN3 shares began trading, raising a total of around R$ 460 million between the base offering and the overallotment option. The following decade included new capital markets transactions, such as follow-on offerings in 2008 and 2010, as well as the acquisition of an interest in Melnick, a developer with a strong presence in Rio Grande do Sul, which operated under the Melnick Even brand until its own IPO process. In 2020, Melnick completed its IPO, and Even retained a relevant equity stake and joint control until the divestment decision, concluded in 2024, when the company came to have a dispersed shareholder base with no defined controlling shareholder.

Even’s core activity is the development and construction of real estate projects, focusing on mid- and upper-mid-income residential and commercial projects in the State of São Paulo, especially in the South and West regions of the city of São Paulo. The company operates in a vertically integrated manner, covering all stages of real estate development: land prospecting and acquisition, planning and development, project approvals, construction, sales of units and after-sales services. Its corporate purpose also includes the provision of civil engineering services, preparation of architectural and interior design projects, technical consulting, real estate advisory, purchase and sale of properties, management of receivables portfolios linked to financing and projects, as well as equity interests in other companies. Following the disposal of its stake in Melnick, all operating revenue began to be generated exclusively in São Paulo, with a focus on a single business core dedicated to the development of real estate projects in the city of São Paulo.

From an operational standpoint, Even structures its projects through in-house development or via Special Purpose Entities (SPEs), used to segment risks, facilitate loan arrangements and organize partnerships with other developers and construction companies. SPEs enable asset segregation and a clear definition of ownership interests among partners, which is relevant when structuring large residential and commercial projects. The company also maintains its own sales operation, EvenMob, which operates in 100% of the company’s projects, providing services exclusively to the developer. This in-house brokerage arm concentrates unit sales, coordinates the sales force and gathers market and prospective client information, feeding into decisions on land acquisition, product development and project adjustments, which reinforces the integrated model across development, construction and sales.

The project development process follows a structured flow of land analysis, which includes market assessment, technical construction aspects, financial feasibility and regulatory and environmental compliance. The company maintains a dedicated team for land prospecting and also receives pitches from real estate agents, landowners and potential partners. The acquisition decision goes through stages of preliminary studies, market research, cost analyses, architectural studies and risk simulations, culminating in approval by internal committees. In the design phase, Even hires market architects, who work alongside engineers and professionals from the development and sales areas to define unit layouts, finish standards and price ranges. The company also offers a unit customization service called “Excluseven,” which allows buyers to choose alternative layouts and differentiated specifications, bearing the additional costs, while Even is responsible for the technical execution of the alterations.

In construction, Even acts as an operational manager, coordinating subcontractors responsible for executing the works. The model is based on standardized construction techniques, centralized procurement control and IT systems for project planning and monitoring. The company does not rely on owning heavy equipment and prioritizes qualified, specialized labor, seeking scale gains through contracts with subcontractors and long-term agreements with suppliers of materials and equipment. Centralized purchasing for all projects enables economies of scale and input standardization. Quality control is supported by certifications such as ISO 9001:2015 and the Brazilian Habitat Quality and Productivity Program (PBQP-H) level A, which establish procedures and standards for process management, productivity and technical compliance at construction sites.

Even’s operations are entirely concentrated in Brazil, with no revenue generated abroad. Its customer base is diversified, with no relevant concentration in a single buyer, and there are no clients accounting for more than 10% of net revenue. Regulation that directly affects the business is urban, environmental and municipal in nature, involving project approvals, registration of developments, issuance of construction permits and obtaining certificates of completion (Habite-se). Projects in environmentally sensitive areas or with a history of potentially contaminating use require prior environmental licensing, specific studies and, in some cases, remediation or offset measures. The company reports that it maintains the licenses required for projects under construction and adopts procedures for environmental assessment of land before acquisition, with support from specialized consulting firms.

In sustainability and governance, Even has structured ESG practices, disclosing social and environmental information in dedicated reports prepared in accordance with GRI standards and SASB industry indicators for the residential construction industry. The company conducts an inventory of greenhouse gas emissions and maintains a materiality matrix with priority topics in its ESG agenda, aligning its actions with UN Sustainable Development Goals such as decent work and economic growth, sustainable cities and communities, responsible consumption and production, and climate action. The company was a pioneer in adopting the AQUA Developer certification, focused on high environmental quality in buildings, applying its criteria to residential projects in São Paulo and Rio de Janeiro until mid-2020. In occupational health and safety, it adopts a management system based on ISO 45001 requirements. In the field of intellectual property, Even holds several trademarks registered with the INPI, including the “Even” brand in classes related to real estate business, construction and related services, using these registrations to protect its corporate identity in the Brazilian real estate market.