TRIS3 Trisul

Trisul S.A. is a Brazilian real estate developer and construction company created through 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 publicly held company registration with the CVM, carried out its initial public offering and had its common shares start trading on the Novo Mercado segment of B3 under the ticker TRIS3, consolidating its access to the capital markets to finance business expansion.

Trisul’s core activities include property development, construction of properties for sale, subdivision and land plotting, purchase and sale of properties and equity interests in other companies. Historically, the company has accumulated more than 40 years of experience in the property development sector, considering the track record of Incosul and Tricury, with more than 350 projects delivered and over 60 thousand residential units completed in São Paulo, Greater São Paulo, cities in the state’s interior, the coast and the Federal District. After cycles 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 tighter risk control. Trisul structures its revenue mainly in three operating segments: sale of properties, which represents the largest portion of net revenue, provision of services related to its projects and unit rentals, in addition to accounting adjustments such as present value adjustment, provisions for cancellations and applicable taxes.

Trisul’s business model is based on an integrated cycle that goes from prospecting and acquisition of land to project development, obtaining licenses and regulatory approvals, construction, commercialization of units and after-delivery services. Revenue generation comes mainly from the sale of residential units in own developments, complemented by services related to development and rental income. In 2024, the company launched five projects with a General Sales Value (VGV) of approximately R$ 1.3 billion, totaling 1,931 units. In the same year, it recorded Trisul Gross Sales of around 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, in December 2024, reached an estimated VGV of approximately R$ 4.8 billion, originating from acquired properties, physical and financial swaps and purchase and sale commitments, providing visibility on launches for the following cycles.

Trisul’s operations are concentrated in the city of São Paulo, especially in the South and West zones, focusing on regions with high population density, established urban infrastructure and good public transportation options. The location strategy prioritizes plots close to urban mobility axes, such as bus corridors 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-Income (MAP) segment, with plots of around 3,000 m² and average VGV of approximately R$ 150 million per project, and the Economic line, marketed under the Side and Elev brands, under the Minha Casa Minha Vida program, with plots of around 5,000 m² and average VGV of about R$ 130 million per development. This segmentation allows it to serve different income brackets, combining higher value-added projects with more affordable housing products.

In its production process, Trisul follows a structured sequence that begins with prospecting, evaluating and acquiring land, moves on to project development and approvals and culminates in construction. The New Business area, supported by a market intelligence department, assesses economic feasibility, legal risks, environmental aspects, local demand and competition, submitting relevant 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 owners, reducing the need for immediate own capital and mitigating risks. In the project phase, the company works with architecture firms and marketing professionals to define unit size, standard and pricing, seeking alignment with the demand profile of each region. In parallel, it obtains the licenses and authorizations required by municipal authorities and other competent bodies, in a timeframe that can range from six to 24 months.

Construction is carried out through a combination of in-house teams and contracted contractors, a strategy that allows the company to keep an internal structure that is lean and flexible relative to the volume of projects under way. Trisul adopts pre-defined and modular construction standards, replicable in architectural, structural, plumbing and electrical designs, which facilitates scale gains in purchasing materials such as doors, windows and ceramic tiles, as well as improving labor productivity. Contracts with contractors are generally signed at a fixed price, with quality and cost control performed by the company’s own engineering teams. Construction planning includes monitoring the production capacity of material and equipment suppliers and building and training its own technical staff, with training for engineers, site managers and supervisors both at headquarters and on construction sites. The company complies with Brazilian legislation regarding the five-year warranty for structural defects from unit delivery.

The commercialization process for Trisul’s projects involves defining the marketing strategy, setting up sales stands with decorated model units on the plots, 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 spread across thousands of buyers of residential units, with no individual customer accounting for more than 10% of total net revenue. After handover of keys, Trisul maintains a post-sales and technical assistance structure during the warranty period, which affects perceived product quality and brand reputation in its markets of operation.

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 rules, master plans, building codes and environmental legislation. The company operates under the segregated estate regime (patrimônio de afetação), established by specific law, 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 providing access to 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 defines parameters for terminating purchase and sale agreements for real estate units and refunding amounts to defaulting buyers. As its TRIS3 shares trade on B3 and it is registered as a publicly held company, Trisul is subject to CVM rules 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 Global Reporting Initiative (GRI) guidelines and, from 2025, also aligned with the SASB framework. The report presents the company’s main material topics, built on a double materiality process that considers social and environmental as well as financial impacts, and the perception of stakeholders such as customers, suppliers, employees, service providers, landowners, shareholders, financial institutions, associations, regulators and other relevant audiences. The materiality matrix was developed in 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 corporate strategy and dialogue with the capital markets, in line with increasing transparency requirements for companies with shares traded on B3.