TRIS3

Trisul S.A. is a Brazilian real estate developer and construction company resulting from a corporate reorganization completed in April 2007, which unified the operations of Incosul Incorporação e Construção Ltda. and Tricury Construções e Participações Ltda. The two companies, founded between the 1970s and 1980s, had operated for more than 35 years in the real estate market of the São Paulo metropolitan area, focusing on the development and construction of residential projects. The corporate combination sought to capture operational and administrative synergies, which over more than 15 years came to form a single, integrated structure under the Trisul brand. In October 2007, the company obtained its registration as a publicly held company with the CVM, carried out its initial public offering of shares, and had its common shares listed on the Novo Mercado segment of B3 under the ticker TRIS3, consolidating its access to the capital markets to finance business expansion.

Trisul’s main activities include real estate development, the construction of properties for sale, the subdivision and development of land, the purchase and sale of properties, and equity interests in other companies. Historically, the company has accumulated more than 40 years of experience in the real estate development sector, considering the track record of Incosul and Tricury, with more than 350 projects delivered and over 60,000 residential units completed in São Paulo, Greater São Paulo, cities in the countryside of the state, the coast, and the Federal District. After phases of geographic expansion and operational consolidation, the company began operating with an exclusive focus on the city of São Paulo, seeking scale gains, process standardization, and greater risk control. Trisul structures its revenue mainly into three operating segments: property sales, which accounts for most net revenue, service provision related to its projects, and unit rentals, in addition to accounting entries such as present value adjustment, provisions for terminations (distratos), and applicable taxes.

Trisul’s business model is based on an integrated cycle that runs from land prospecting and acquisition to project development, securing licenses and regulatory approvals, construction, unit sales, and post-delivery services. Revenue generation comes mainly from the sale of residential units in its own developments, complemented by services related to development and by rental income. In 2024, the company launched five projects with a combined General Sales Value (VGV) of approximately R$ 1.3 billion, totaling 1,931 units. In the same year, it posted Trisul Gross Sales of about R$ 1.8 billion and Trisul Net Sales of R$ 1.7 billion, with improved sales speed (VSO) and higher operating margins. The land bank, as of December 2024, reached an estimated VGV of approximately R$ 4.8 billion, stemming from properties acquired, physical and financial swaps, and purchase and sale commitments, providing visibility for launches in subsequent cycles.

Trisul’s operations are concentrated in the city of São Paulo, especially in the South and West zones, focusing on areas with high population density, established urban infrastructure, and good access to public transportation. Its location strategy prioritizes land close to urban mobility corridors, such as bus lanes and subway or train stations, with 100% of the projects launched in the last three years located at most 600 meters from a subway or train station. The company operates two main product lines: the Mid- and High-End (MAP) segment, with plots of around 3,000 m² and an average VGV of approximately R$ 150 million per project, and the Economic line, sold under the Side and Elev brands and framed within the Minha Casa Minha Vida housing program, with plots of around 5,000 m² and an average VGV of about R$ 130 million per project. This segmentation allows the company to serve different income brackets, combining higher value-added developments with more affordable housing projects.

In its production process, Trisul follows a structured sequence that starts with land prospecting, evaluation, and acquisition, moves through project development and approval, and culminates in project construction. The New Business area, supported by a market intelligence department, assesses economic feasibility, legal risks, environmental aspects, local demand, and competition, submitting material acquisitions to an investment committee. The company uses different forms of land acquisition, such as direct purchases with own funds, financing, and, quite frequently, physical and financial swaps with landowners, which reduces the need for immediate equity capital and mitigates risks. At the project stage, the company works with architecture firms and marketing professionals to define the size, standard, and price of the units, aiming to match the demand profile in each region. In parallel, the necessary licenses and authorizations are obtained from municipal authorities and other competent agencies, in a timeframe that can range from six to 24 months.

Project construction is carried out through a combination of in-house teams and outsourced contractors, a strategy that allows the company to maintain a lean internal structure and flexibility in relation to the volume of works in progress. Trisul adopts pre-defined and modular construction standards, replicable in architectural, structural, plumbing, and electrical designs, which facilitates scale gains in the purchase of materials such as doors, windows, and ceramic tiles, as well as productivity gains in labor. Contracts with contractors are generally entered into at a fixed price, with quality and cost control performed by the company’s in-house engineering teams. Construction planning includes monitoring the productive capacity of material and equipment suppliers, as well as building and training its own technical staff, with training for engineers, foremen, and site supervisors both at headquarters and on construction sites. The company complies with Brazilian law requiring a five-year warranty for structural defects from the date units are delivered.

The commercialization process for Trisul’s projects involves defining the marketing strategy, setting up sales stands with model units on the sites, pre-launch campaigns to test demand, granting credit to buyers, coordinating with financial institutions for mortgage financing, and managing brokerage through partner real estate agencies. The company’s revenue is diversified among thousands of buyers of residential units, with no individual customers accounting for more than 10% of total net revenue. After handover of the keys, Trisul maintains a post-sales and technical assistance structure during the warranty period, which influences the perceived quality of its products and brand reputation in its operating markets.

On the regulatory front, Trisul is subject to the legal framework applicable to real estate development and construction in Brazil. Development activities are governed by Law No. 4,591/1964, the Civil Code, the Consumer Defense Code, municipal land use and zoning regulations, master plans, building codes, and environmental legislation. The company operates in compliance with the segregation of assets (patrimônio de afetação) regime, provided for in specific legislation, which allows the land, improvements, and rights related to each development to be segregated from the rest of the developer’s assets, protecting buyers’ funds and enabling a special tax regime (RET). The company is also affected by Law No. 13,786/2018, known as the Termination Law (Lei dos Distratos), which sets parameters for the termination of purchase and sale agreements for real estate units and for the refund of amounts to defaulting buyers. Since its TRIS3 shares are traded on B3 and it is registered as a publicly held company, Trisul is subject to CVM regulations and to the transparency and governance requirements of the Novo Mercado segment.

Regarding environmental, social, and governance (ESG) practices, Trisul began publishing a Sustainability Report initially based on the Global Reporting Initiative (GRI) guidelines and, as of 2025, also aligned with the SASB framework. The report presents the company’s main material topics, built on a double materiality process that considers socio-environmental and financial impacts, as well as the views of stakeholders such as customers, suppliers, employees, service providers, landowners, shareholders, financial institutions, associations, regulators, and other relevant audiences. The materiality matrix was developed through stages of identification, prioritization, analysis, and validation by senior management, and the material topics are aligned with the UN Sustainable Development Goals (SDGs). These initiatives reflect the gradual incorporation of ESG metrics into the corporate strategy and dialogue with the capital markets, in line with increasing transparency requirements for companies with shares listed on B3.