SCAR3: quote, dividends and indicators for São Carlos Empreendimentos e Participações

São Carlos Empreendimentos e Participações S.A. is a Brazilian company focused on investing in, developing, managing, and operating real estate projects, with an emphasis on corporate properties and convenience retail assets. Founded in 1985 and starting operations at the end of 1989 as a subsidiary of Lojas Americanas, it began dedicated to the development and management of shopping centers, supporting that retail chain’s expansion into the country’s interior. In 1998, through a capital increase, it received the entire real estate portfolio of Lojas Americanas, consisting of high-street stores, distribution centers, office buildings, vacant properties, and land, consolidating the asset base for a commercial property leasing and management model. The corporate separation occurred in 1999, through a capital reduction at Lojas Americanas, when São Carlos became an independent, publicly traded company with shares listed on what was then Bovespa, while keeping Lojas Americanas as its main tenant for a period. The company’s common shares are traded on B3 under the ticker SCAR3.

Throughout the 2000s, São Carlos Empreendimentos e Participações consolidated its presence in the high-end office segment and expanded its asset base. In 2006, the company joined the Novo Mercado segment of the current B3 S.A. and carried out a public offering of shares, raising funds to expand its portfolio. In 2008, after several acquisitions, the property portfolio reached 48 assets valued at R$ 1.8 billion, with a predominance of corporate buildings. In 2011, it began structured investments in convenience centers through its subsidiary Best Center, and in 2013 it carried out one of its most relevant transactions: the acquisition of EZ Towers – Torre A, a AAA-standard corporate building in the city of São Paulo, with 47 thousand m² of gross leasable area. The company maintained an active portfolio recycling strategy, with significant divestments in 2017 and in subsequent years, reducing its stake in some projects and redirecting capital to new developments and acquisitions.

São Carlos’ business model is based on active management of real estate assets, combining income generation through leasing, capital gains from the sale of mature properties, and the provision of specialized services. The company operates mainly in two business segments: Office, focused on the acquisition, management, leasing, retrofit, and sale of corporate buildings; and Best Center, focused on the development, management, leasing, and operation of convenience centers, high-street stores, and commercial land. In both segments, in addition to owning properties, São Carlos provides real estate consulting, asset management, and operational management services for properties held by Real Estate Investment Funds (FIIs), an activity that gained relevance from 2025 onward, when the company consolidated its strategy of working with FIIs such as the TGRU Master and SC JiveMauá Corporate funds. This move increased the share of recurring revenue from services and reinforced an asset-light approach, providing greater flexibility in capital allocation and a focus on monetizing its real estate expertise.

In the Office platform, São Carlos pursues a strategy of acquiring corporate buildings in locations considered premium, with value creation potential through retrofit, modernization, and commercial repositioning. Active management includes reducing vacancy, renegotiating and administering lease agreements, operational and technological improvements, and controlling common area expenses, with the goal of enhancing each asset’s operating performance. The company operates across the entire real estate cycle: from financial, technical, legal, and zoning due diligence for each acquisition, through day-to-day property management and tenant sourcing, to the sale of stabilized assets in line with its portfolio recycling policy. In the Best Center platform, the focus is on convenience retail, operating from site and asset prospecting through to implementation, commercialization, leasing, and operation of the projects, tailored to major retail chains and proximity businesses in areas with attractive consumption potential and customer traffic.

In terms of portfolio composition, São Carlos has gone through cycles of expansion and selective divestment, adjusting the mix between offices and retail. At the end of 2021, the company was also operating in the residential-for-rent segment through its subsidiary SC Living, with the acquisition of the GO850 building in Vila Olímpia, São Paulo, a strategy discontinued in 2024 with the sale of the asset. In parallel, it acquired corporate buildings such as Alameda Santos and Paulista Office Park, as well as making relevant investments in convenience centers and high-street stores anchored by major retail chains. Between 2022 and 2024, the company intensified its portfolio recycling, with sizable sales of corporate buildings and retail assets, including business centers in São Paulo and Rio de Janeiro and groups of high-street stores. On December 31, 2025, the consolidated portfolio was composed of 38 properties, of which 8 were corporate buildings and 30 were convenience centers, totaling 219.8 thousand m² of gross leasable area, valued at approximately R$ 1.8 billion, predominantly concentrated in the Office segment. In addition to its own real estate assets, the company held R$ 352.0 million in units of the TGRU Master and SC JiveMauá Corporate FIIs, reinforcing its exposure to the real estate fund market.

São Carlos Empreendimentos e Participações’ geographic footprint is concentrated in Brazil, with a particular focus on the states of São Paulo and Rio de Janeiro, in both the office and convenience retail segments. The company does not generate revenue in other countries and therefore 100% of its revenue comes from clients located in Brazil. In the office market, the company is present in established corporate corridors, such as the main business districts of São Paulo and the corporate hub of Rio de Janeiro, focused on higher-standard buildings, large floor plates, modern infrastructure, and strategic locations. In convenience retail, its operations involve centers and high-street stores in urban areas with strong consumption potential, taking into account variables such as local income, foot traffic, accessibility, and the specific commercial dynamics of each region. The market in which it operates is competitive and sensitive to economic cycles, supply and demand levels for high-end office space, and consumption and income patterns for retail assets.

The company’s relationship with government regulation is primarily tied to the real estate business, requiring licenses, permits, and approvals from municipal and state agencies, as well as from public utility concessionaires. For the acquisition, retrofit, development, and operation of its projects, São Carlos depends on zoning and environmental permits, project approvals, construction permits, and completion certificates, including occupancy licenses (habite-se). The company states that it maintains a regular track record in dealings with public agencies, carrying out technical, legal, and environmental due diligence on properties in advance in order to mitigate the risk of liabilities and irregularities. From a regulatory and corporate standpoint, the company is listed on the Novo Mercado segment of B3, with SCAR3 shares, which entails stricter corporate governance practices in areas such as capital structure, transparency, and shareholder rights. There is no material dependence on patents, trademarks, concessions, or franchises for the development of its activities, and there is no record of any single client accounting for more than 10% of net lease revenue, indicating a relatively diversified tenant base.

On environmental, social, and governance (ESG) matters, São Carlos has been incorporating practices linked to energy efficiency, sustainability, and the well-being of its buildings’ occupants. The company owns buildings with recognized certifications, such as LEED O+M Platinum for the City Tower and EZ Towers – Torre A properties. The latter also holds Fitwel certification, focused on health and well-being, Guiaderodas Gold, related to accessibility and inclusion, and the Selo Verde, which covers waste management with recyclability, co-processing, and composting initiatives. The portfolio also includes the use of energy from renewable sources in part of its assets, with energy purchases on the free market and the use of International Renewable Energy Certificates (I-REC) in developments such as Globaltech. On the social front, the company reports initiatives aimed at employee quality of life, mental health, promotion of sports, and social projects with communities, as well as a commitment to complying with labor legislation and encouraging ethical standards across its supply chain. In ESG governance, the company is in the process of adapting to the requirements of CVM Resolution No. 193/2023, based on the standards of the International Sustainability Standards Board, and is restructuring its sustainability area, still without full adoption of international frameworks such as TCFD or a formal greenhouse gas emissions inventory, but with a stated commitment to continuously improving practices and disclosures.