Debt Profile
Gross borrowings totaled BRL 3.1 billion at the end of 1Q26, of which 91% relates to long-term obligations (non-current liabilities). The weighted average maturity of the debt was 66 months, the longest in the sector.
Considering (i) Loans and Financing; (ii) Cash and Cash Equivalents and Financial Investments; and (iii) the position of interest rate swap contracts receivable or payable, the Company ended 2025 with a net debt¹ of BRL 613 million. Accordingly, the leverage ratio, measured as net debt-to-equity, stood at 24.0% at the end of 1Q26.
Below is the breakdown of debt by type and applicable indexation, along with the amortization schedule.
| Indebtedness (BRL Million) | 1Q26 | 4Q25 | Δ% |
|---|---|---|---|
| Loans and Financing | 3,076 | 2,758 | 12% |
| CRI | 2,513 | 2,111 | 19% |
| Construction Financing (SFH) | 563 | 647 | -13% |
| FINAME and Leasing | 1 | 1 | -10% |
| Cash and Cash Equivalentss | 2,421 | 2,183 | 11% |
| Net Debt¹ | 613 | 533 | 15% |
| Net Debt¹/ Equity | 24,0% | 23,0% | 11 p.p. |
| Corporate Net Debt² | 50 | -114 | n/a |
| Corporate Net Debt²/ Equity | 2,0% | -4,9% | 7 p.p. |
1 – Loans and Financing Operations reduced by Cash and Cash Equivalents and Short-term Investments plus the balance of interest rate swap contracts.
2 – Corporate Net Debt: Net Debt reduced by the outstanding balance of financings contracted under the Housing Finance System (SFH) or financings obtained from the Real Estate Investment Fund of the Severance Pay Guarantee Fund (FI-FGTS). This is the metric used to calculate the Company’s financial covenant.
