EVEN3

Even Construtora e Incorporadora S.A. is a publicly traded company in the civil 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, its name was changed to Terepins e Kalili Engenharia e Construções Ltda., reflecting its activities in construction works and real estate ventures in the Greater São Paulo area. 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 adopted 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 relevant institutional investor: in March 2006, the Spinnaker Capital Group fund subscribed to shares issued by Even, injecting approximately R$ 72 million and taking a significant stake in its share capital. In February 2007, the initial public offering of shares and the listing on B3’s Novo Mercado were approved, and in April of that same year EVEN3 shares began trading, raising a total of around R$ 460 million between the base offering and the overallotment. The following decade included new capital markets transactions, such as follow-on offerings in 2008 and 2010, as well as the acquisition of an equity stake 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 carried out its IPO, and Even maintained a significant equity stake and joint control until the divestment decision, concluded in 2024, when the company came to have dispersed shareholding, with no defined controlling shareholder.

Even’s core business 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 capital city. The company operates in a vertically integrated manner, covering all stages of real estate development: land scouting and acquisition, planning and development, project approvals, construction, unit sales, and after-sales. Its corporate purpose also includes the provision of civil engineering services, preparation of architectural and interior design projects, technical consulting, real estate advisory services, purchase and sale of properties, management of receivables portfolios related to financing and developments, as well as equity interests in other companies. After divesting its stake in Melnick, all operating revenue started to be generated exclusively in São Paulo, with a focus on a single business core dedicated to real estate development in the city of São Paulo.

From an operational standpoint, Even structures its projects either through in-house development or via Special Purpose Entities (SPEs), used to segment risks, facilitate financing arrangements, and organize partnerships with other developers and construction companies. The SPEs allow for asset segregation and a clear definition of stakes 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 developments, providing services exclusively to the developer. This in-house brokerage concentrates unit sales, coordinates the sales force, and gathers market and prospective client information, feeding decisions on land acquisition, product development, and project adjustments, which reinforces the integrated model between development, construction, and sales.

The project development process follows a structured land analysis flow, which includes market assessment, technical construction aspects, financial feasibility, and regulatory and environmental compliance. The company maintains a dedicated land scouting team and also receives proposals 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 together with engineers and development and sales professionals 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 cost of any additional expenses, while Even is responsible for the technical execution of the changes.

In construction, Even acts as the 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 its own heavy equipment and prioritizes skilled and specialized labor, seeking economies of scale through contracts with subcontractors and long-term agreements with suppliers of materials and equipment. Centralized purchasing for all projects enables scale gains and standardization of inputs. 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 on construction sites.

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

In sustainability and governance, Even implements structured ESG practices, disclosing social and environmental information in dedicated reports prepared in accordance with GRI standards and SASB sector indicators for the homebuilder industry. The company conducts a greenhouse gas emissions inventory 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 intellectual property field, Even holds several trademarks registered with the INPI, including the “Even” brand in classes related to real estate business, civil construction, and related services, using these registrations to protect its corporate identity in the Brazilian real estate market.