Eztec 2Q26 Conference Call Highlights

Research evidence excerpt

J P M O R G A N

Latin America Equity Research

07 August 2026

Eztec

2Q26 Conference Call Highlights

Eztec hosted today its 2Q26 conference call with its top executives. Please see

below for the main highlights. EZTC is trading at 0.59x P/BV vs CYRE at 0.93x

or a P/E 27e of 4.6x vs CYRE at 4.6x.

Upcoming launches. Total of R$842mn represented by: i) Cidade Parque

Ipiranga 2nd and 3rd phases totaling a PSV R$264mn, ii) Reserva São Caetano

PSV of R$243mn, iii) Azzure PSV of R$218mn; and iv) 2nd phase Pop Osasco

with a PSV R$117mn. These projects are ready to be launched and land bank

was acquired in cash.

Neutral

EZTC3.SA, EZTC3 BZ

Price (06 Aug 26):R$11.02

Latin American Cement &

Construction / Real Estate

Marcelo Motta AC

(55-11) 4950-6712

Banco J.P. Morgan S.A.

Jonathan S. Koutras

(55-11) 4950-3549

Banco J.P. Morgan S.A.

Adrian E Huerta

Launches guidance. Guidance of R$2.5-3.5bn remains in place with 1H

launches at R$1.7bn with around R$900mn to be launched in the short term.

Eztec expects to be closer to the mid to high end of the guidance. Presales level

will be the main trigger for higher launches.

(52-81) 8152-8720

J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

Cancellations. Trend is a bit better than in the past, due to the loss of 50% of

the capital invested as well as the continuous increase in property prices.

(1-212) 622-0424

J.P. Morgan Securities LLC

Metropolitan region market. The company is seeing strong demand for its

launches in the metropolitan region. Several buyers are from São Paulo city.

Revenue recognition. Short-term revenues were impacted by the fact that

recent launches have a lower land cost as a percentage of PSV leading to lower

revenue recognition at the beginning of construction. As the construction work

evolves, the top line will grow and net income will grow, leading to a stronger

ROE. In the mid term, net revenues need to approach a level of around R

$500mn closer to presales sales.

Portfolio of receivables. Direct financing is an important driver for company’s

presales, serving as a bridge for clients who are waiting for a liquidity event

(bank were not more restrictive).…