PLPL3

Plano & Plano Desenvolvimento Imobiliário S.A. is a property 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 same 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 the state of São Paulo in 2002, and the development of innovative funding solutions in the early 2000s. In 2006, its association with Cyrela Brazil Realty, through a joint venture, strengthened its financial and credit capacity and broadened its scope of activity in the real estate sector. In 2016, after a corporate restructuring, Plano & Plano Desenvolvimento Imobiliário Ltda. was created, which began to concentrate operations and consolidate the brand’s presence in the market of the São Paulo metropolitan area, up to its conversion into a corporation in 2020 and the completion of its initial public offering.

Over the course of 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 aimed mainly at low- and middle-income customers. The company joined the Minha Casa Minha Vida (MCMV) federal housing program in 2009, strengthening its presence in ultra-low-cost products and increasing the volume of units aimed at lower-income families. Since then, most low-income developments have fallen within the program’s brackets, combining public subsidies, mortgage financing and a more affordable average ticket. 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 the launched and sold gross sales value (VGV) over the last decade, with successive annual records, reflects its expansion strategy in a niche characterized by structurally high housing demand.

Plano & Plano’s business model is vertically integrated within 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 the provision of 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 business fronts, responsible for most of the company’s sales, complemented by partner real estate agencies. The production process includes detailed analysis of land, market studies, product definition, preparation of architectural and executive projects, obtaining licenses and permits, arranging financing for buyers with financial institutions, coordinating marketing campaigns and carrying out construction work through to delivery and post-delivery customer service during the warranty period.

Operations are heavily concentrated in the Metropolitan Region of São Paulo, 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 developments within the Housing Finance System (Sistema Financeiro da Habitação – SFH), mainly through the Minha Casa Minha Vida Program and mortgage credit lines of the Brazilian Savings and Loan System (Sistema Brasileiro de Poupança e Empréstimo – SBPE. The company develops products aimed at different income groups covered by the federal program, with varying levels of subsidies, 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 its 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 the construction and sales cycle.

From a market standpoint, Plano & Plano is ranked among the leading residential developers in the country in the affordable/popular housing segment, with repeated 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 appeared among the five largest construction and development companies in Brazil in different performance categories. Its business model, centered on scale, cost control and standardization of construction processes, is supported by techniques such as the use of structural blocks, concrete forms and reinforced concrete, selected according to the type of project and tower height, aiming to optimize productivity and align costs with low- and middle-income ticket levels. The diversification of the target customer base, without significant revenue concentration in a few clients, is characteristic of residential development, in which sales are spread across thousands of individual buyers.

Relations with the public sector and financial institutions are an important component of Plano & Plano’s operations. The company maintains a dedicated structure for assigning financing contracts to financial institutions, with emphasis on its partnership with Caixa Econômica Federal, which has rated the company at the highest level in its partner developer evaluation system. In addition to participating in the Minha Casa Minha Vida Program, the company has also started operating in municipal housing programs, such as Pode Entrar, run by the São Paulo City Hall through the São Paulo Metropolitan Housing Company (Companhia Metropolitana de Habitação de São Paulo – COHAB). Contracts signed under this program provide for the construction of thousands of housing units for social purposes, representing significant contracted VGV amounts 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 involving federal, state and municipal legislation on real estate development, property registration, condominiums, zoning, land use and occupancy, environment and consumer protection. The development of projects requires obtaining approvals from city halls, public works and environmental departments, the fire department and other competent bodies, including building permits, environmental licenses and the issuance of the “habite-se” (certificate of occupancy) upon completion of construction. The company operates in compliance with the Civil Code, the Public Records Law, the Real Estate Development Law, the specific legislation of the Housing Finance System and the Tenancy Law, among other legal frameworks, and also observes 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 delays or sanctions on project schedules and feasibility.

In recent years, the company has stepped up 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, opened in 2024 in the Butantã region, received LEED Gold certification, signaling energy efficiency and sustainable construction practices in the administrative environment. 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 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 school and performance evaluation and succession initiatives, all aimed at supporting growth in a capital-intensive segment that is sensitive to the economic cycle.

From an economic and financial perspective, Plano & Plano has been delivering 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 a similar magnitude of sold VGV. The company maintains a significant portfolio of active construction sites and land reserves with billion-real VGV potential, aligned 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 in the recent three-year period. The trading of PLPL3 shares on B3 provides access to capital markets to finance growth and strengthen the company’s position in a sector marked by a high housing deficit, especially in Brazil’s major metropolitan regions.