PLPL3 Plano & Plano

Plano & Plano Desenvolvimento Imobiliário S.A. is a real estate developer and construction company focused on low- and middle-income housing, with common shares traded on B3 under the ticker PLPL3, listed on the Novo Mercado segment. The company’s origins date back to 1997, when Rodrigo Luna founded Plano & Plano Construções e Empreendimentos Ltda. in São Paulo, initially focused on mid- and high-end projects. Later that year, Rodrigo Fairbanks von Uhlendorff joined as a partner, and the company went through an expansion cycle that included ISO 9001 quality certification in 2000, entry into the interior of São Paulo state in 2002, and the development of innovative funding solutions in the early 2000s. In 2006, a joint venture with Cyrela Brazil Realty strengthened its financial and credit capacity and broadened its scope of operations in the real estate sector. In 2016, following a corporate restructuring, Plano & Plano Desenvolvimento Imobiliário Ltda. was created, which went on to centralize operations and consolidate brand presence in the São Paulo metropolitan market, leading up to its transformation into a corporation in 2020 and the execution of its initial public offering.

Over its history, Plano & Plano has adjusted its strategic positioning, shifting from its original focus on mid- and high-end developments to the development and construction of projects primarily aimed at low- and middle-income clients. The company joined the Minha Casa Minha Vida housing program in 2009, reinforcing its focus on ultra-low-cost products and increasing the volume of units destined for lower-income families. Since then, most of its low-income developments have fallen within the federal program’s income bands, combining public subsidies, mortgage financing, and a more affordable average ticket size. At the same time, the company has maintained a presence in products for the middle class, especially the lower middle class, preserving a diversified portfolio across different income ranges within the affordable residential segment. The growth in launched and sold gross sales value (VGV) over the last decade, with successive annual records, reflects its expansion strategy in a niche marked by structurally high housing demand.

Plano & Plano’s business model is vertically integrated across the residential development chain, covering everything from land prospecting and acquisition to project development, construction of units, and sales. The company operates exclusively in the development of residential and commercial projects, including construction services and real estate advisory through its own sales structure, Plano & Vendas Consultoria de Imóveis Ltda. This commercial arm brings together associated brokers organized into different lines of activity, responsible for most of the company’s sales, complemented by partner real estate agencies. The production process includes detailed land analysis, market studies, product definition, preparation of architectural and executive designs, obtaining licenses and permits, arranging financing for buyers with financial institutions, coordinating marketing campaigns, and executing construction through to delivery and post-construction services during the warranty period.

Operations are heavily concentrated in the São Paulo Metropolitan Region, although Plano & Plano has already delivered projects in 17 cities across three Brazilian states, including São Paulo, Maranhão, and Rio Grande do Norte. The current focus is on residential projects that fall under the Housing Finance System (Sistema Financeiro da Habitação – SFH), mainly through the Minha Casa Minha Vida Program and financing lines under the Brazilian Savings and Loan System (Sistema Brasileiro de Poupança e Empréstimo – SBPE. The company develops products aimed at different income groups within the federal program, with varying subsidy levels, property price caps, and interest rates according to the economic profile of the families served. Its presence in São Paulo, a region with a high housing deficit and strong availability of mortgage credit, underpins a strategy of maintaining a robust landbank, often structured through physical or financial land swaps, in order to ease the need for immediate cash outlays and align payments with construction and sales cash flows.

From a market standpoint, Plano & Plano is ranked among the leading residential developers in the country in the affordable-popular segment, with recurring prominent appearances in the Top Imobiliário ranking, organized by the newspaper O Estado de S. Paulo in partnership with Secovi. The company was recognized as the largest developer in the São Paulo Metropolitan Region in 2018 and, in recent years, has been among the five largest construction and development companies in Brazil in various performance categories. Its business model, centered on scale, cost control, and standardized construction processes, is supported by techniques such as the use of structural blocks, concrete forms, and reinforced concrete, selected according to the type of development and tower height to optimize productivity and align costs with low- and middle-income ticket sizes. The broad dispersion of its target audience, without any significant revenue concentration in a few clients, is characteristic of the residential development business, in which sales are spread across thousands of individual buyers.

The relationship with the public sector and financial institutions is an important component of Plano & Plano’s operations. The company maintains a dedicated structure for transferring financing contracts to financial institutions, with particular emphasis on its partnership with Caixa Econômica Federal, which assigned the company the highest rating in its evaluation system for partner developers. In addition to participating in the Minha Casa Minha Vida Program, the company began operating in municipal housing programs such as Pode Entrar, run by the São Paulo City Hall through the São Paulo Metropolitan Housing Company (COHAB). Contracts entered into under this program provide for the construction of thousands of housing units for social purposes, representing significant contracted VGV volumes and reinforcing the company’s role in producing social housing in the city of São Paulo.

Plano & Plano’s activities are subject to a broad regulatory framework encompassing federal, state, and municipal legislation governing real estate development, property registration, condominiums, zoning, land use and occupancy, the environment, and consumer protection. The development of projects requires approvals from municipalities, public works and environmental departments, the fire department, and other competent authorities, including construction permits, environmental licenses, and issuance of the occupancy permit (“habite-se”) upon completion of works. The company operates in compliance with the Civil Code, the Public Records Law, the Real Estate Development Law, specific legislation applicable to the Housing Finance System, and the Tenancy Law, among other legal frameworks, as well as the rules applicable to consumer relations in contracts with unit buyers. Timely obtaining of permits and licenses is an important operational factor, given the potential impact of possible delays or sanctions on project schedules and feasibility.

In recent years, the company has intensified its initiatives in sustainability, governance, and people management. Plano & Plano has published annual sustainability reports since the year following its IPO, presenting environmental, social, and governance (ESG) guidelines associated with its operations. Its new corporate headquarters, inaugurated in 2024 in the Butantã region, received LEED Gold certification, signaling energy efficiency and sustainable construction practices in its administrative facilities. On the social front, the Plano & Plano Institute was created in 2024, with a declared focus on education and the promotion of a fairer and more equitable society. In terms of governance, the company has a statutory Audit Committee, compliance structures, a Board of Directors, and a Fiscal Council, as well as leadership development programs, an in-house engineering academy, and performance evaluation and succession initiatives, all aimed at supporting growth in a capital-intensive and cycle-sensitive segment.

From an economic and financial standpoint, Plano & Plano has been posting consistent growth in launched and sold VGV, with successive records in 2021, 2022, 2023, and 2024, when launches reached R$ 3.9 billion (100% company), accompanied by similarly sized sold VGV. The company maintains a substantial portfolio of active construction sites and land reserves with multibillion-real VGV potential, in line with its expansion strategy in the affordable housing market. Operational performance is reflected in profitability indicators such as return on equity, which reached high levels over the past three-year period. The listing of PLPL3 shares on B3 provides access to capital markets to finance growth and strengthen the company’s position in a sector characterized by a high housing deficit, especially in Brazil’s major metropolitan regions.