EZTEC Empreendimentos e Participações S A : Earnings Release 1T22

Conference Call

in English

May 13th, 2022 12h00 (Brasília time) 11h00 (US EST) Zoom:

https://us02web.zoom.us/j/82633999699

826 3399 9699

Conference Call

in Portuguese

May 13th, 2022 10h00 (Brasília time) 09h00 (US EST) Zoom:

https://us02web.zoom.us/j/87891059410

878 9105 9410

Contact IR:

A. Emílio C. Fugazza

Pedro Tadeu T. Lourenço

Giovanna Bittencourt

Ronan Aley

Vítor Hashimoto

Tel.: [phone] [e-mail] www.eztec.com.br/ri

Quarterly Results

1Q22

Net Income in 1Q22 of R$ 105 million is 44% higher when compared to 1Q21 and 4Q21

1Q22 records Gross and Net Margins reaching 39.3% and 36.4% respectively

RESULTS. In 1Q22 EZTEC reached (i) Net Revenues of R$287million, (ii) Gross Profit of R$113million (Gross Margin of 39.3%), and (iii) Net Income Attributable to Controlling Interests of R$105 million (Net Margin of 36.4%);

OPERATIONS. In 1Q22 EZTEC reached (i) Launches of R$489 million, (ii) Net Sales of R$303 million, and (iii) Landbank of R$11 billion (plus another R$2.6 billion in options);

LIQUIDITY. In 1Q22 EZTEC reached (i) Net Cash position of R$793 million (ii) Cash Equivalent and Appliances of R$831 million (R$38 million in SFH financing), and (iii) Performed Receivables of R$ 532 million;

SUBSIDIARIES. For the sake of better segregating the information from different operational tangents, the financial statements and operational data from EZ Inc (commercial developments with low turnover) and from Fit Casa (low-income residential developments) are delivered separately as an attachment to this. document.

São Paulo, May 12 - EZTEC S.A. (BOVESPA: EZTC3) celebrates its 43rd anniversary as one of the most profitable builders and developers in Brazil. The Company announces its results for the first quarter of 2022). Except where stated otherwise, EZTEC's operating and financial information is presented on a consolidated basis and in Brazilian real (R$), in accordance with Generally Accepted Accounting Principles in Brazil ("BR GAAP") and the International Financial Reporting Standards (IFRS) applicable to real estate developers in Brazil, as approved by the Accounting Pronouncement Committee (CPC), Securities and Exchange Commission of Brazil (CVM) and Federal Accounting Board (CFC).

Mainly Financial Indicators	1Q22	4Q21	Var.%	1Q21	Var.%
Gross Revenue	325,033	203,048	60.1%	209,704	55,0%
Net Revenue	287,160	176,398	62.8%	194,969	47,3%
Gross Profit	112,863	77,170	46.3%	82,792	36,3%
Gross Margin (%)	39,3%	43,7%	-4.44 p.p.	42,5%	-3,16 p.p.
Selling Expenses	(21,658)	(20,091)	7.8%	-19,344	12,0%
Administrative Expenses	(29,451)	(30,363)	-3.0%	(25,040)	17,6%
Net Financial Results	41,402	34,109	21.4%	44,630	-7,2%
Net Income	104,649	72,480	44.4%	72,910	43,5%
Net Margin (%)	36,4%	41,1%	-4.65 p.p.	37%	-0,95 p.p.
Earningsper share	0,47	0,33	42.4%	0,32	46,9%
EBITDA	79,961	53,213	50.3%	38,937	105,4%
EBITDA Margin (%)	27,8%	30,2%	-2.32 p.p.	20,0%	7,87 p.p.
	0,0%	0,0%	0.0 p.p.	#N/D	0,0 p.p.
Equity Income	20,933	23,349	-10.3%	5,722	265,8%
Net cash position	792,755	868,331	-8.7%	1,060,346	-25,2%
Performed Receivables	531,680	579,491	-8.3%	528,753	0,6%
Mainly Operational Indicators	1Q22	4Q21	Var.%	1Q21	Var.%
# of projects Launched	3	4	-25.0%	1	200,0%
Launched Usable Area (in thousands of sq.m)	57,967	65,412	-11.4%	9,194	530,5%
Units Launched	1,237	1,023	20.9%	231	435,5%
PSV (In thousand of R$) (1)	596,900	518,000	15.2%	56,200	962,1%
EZTEC's share (%)	82%	95%	-12.71 p.p.	50%	31,98 p.p.
EZTEC's PSV (In thousand of R$) ) (2)	489,360	490,500	-0.2%	28,100	1641,5%
Net Sales (EZTEC)	303,126	364,737	-16.9%	235,787	28,6%

1. Total PSV launched, regardless of EZTEC's stake in projects.
2. PSV launched taking into considerations EZTEC's stake in projects.

Certain values included in this document are designed and other values included to allow for their presentation. Thus, some numbers presented as in tables may represent an arithmetic sum of the numbers that can be deferred from those that cannot be presented as mentioned in financial terms. Non-financial and non-accounting data are unaudited/reviewed data as they consist of measures not recognized under IFRS or other accounting standards. This is known and likely future of the Company that is based exclusively on the perspectives of EZTEC's management on reality and, therefore, its operations and, therefore, are considered current risks and uncertainties.

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SUMMARY
MANAGEMENT'S COMMENTS...........................................................................................................................................................................................................	4
ESG - Environmental Governance, Social and Corporative.......................................................................................................................................................	6
INCOME STATEMENT...........................................................................................................................................................................................................................	9
BALANCE SHEET ...............................................................................................................................................................................................................................	10
INFORMATION BY SEGMENT ...........................................................................................................................................................................................................	11
ECONOMIC FINANCIAL PERFORMANCE ......................................................................................................................................................................................	12
Net Revenue ...............................................................................................................................................................................................	12
Cost of Properties Sold and Services Rendered.......................................................................................................................................	13
Gross Profit ...................................................................................................................................................................................................	14
General & Administrative Expenses ..........................................................................................................................................................	15
Selling Expenses ................................................................................................................................................................................................	15
General & Administrative Expenses.................................................................................................................................................................	16
Other Operating Revenue and Expenses ................................................................................................................................................	16
Equity Income .............................................................................................................................................................................................	17
EBITDA ..........................................................................................................................................................................................................	19
Net Financial Result ....................................................................................................................................................................................	20
Income and Social Contribution Taxes.....................................................................................................................................................	21
Net Income .................................................................................................................................................................................................	21
Deferred Revenues and Income...............................................................................................................................................................	22
Accounts Receivable.................................................................................................................................................................................	23
Net cash and Indebtedness ......................................................................................................................................................................	24
OPERATIONAL INDICATORS ...........................................................................................................................................................................................................	25
Operations...................................................................................................................................................................................................	25
Income segmentation................................................................................................................................................................................	25
Land Bank....................................................................................................................................................................................................	25
Launches .....................................................................................................................................................................................................	27
Sales and Cancellations.............................................................................................................................................................................	28
Financing .....................................................................................................................................................................................................	32
Deliveries......................................................................................................................................................................................................	32
Inventory......................................................................................................................................................................................................	33
CAPITAL MARKETS.............................................................................................................................................................................................................................	35
Net Assets ....................................................................................................................................................................................................	35
SUBSEQUENT EVENTS ........................................................................................................................................................................................................................	36
ANNEX: EZ Inc....................................................................................................................................................................................................................................	38
ANNEX: FIT CASA ..............................................................................................................................................................................................................................	41
ANNEX I: CONSOLIDATED CASH FLOW ........................................................................................................................................................................................	43
ANNEX II: COST FINANCIAL EVOLUTION ........................................................................................................................................................................................	44
ANNEX III: REVENUE BY PROJECT ....................................................................................................................................................................................................	45
ANNEX IV: STOCK BY PROJECT .......................................................................................................................................................................................................	47
GLOSSARY .........................................................................................................................................................................................................................................	49

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MANAGEMENT'S COMMENTS

EZTEC Management announces the results of 1Q22, reaching gross margins of 39.3% and net margins of 36.4% and a net income of R$ 105 million. As a highlight, the Company's net revenue advanced 62.8% in comparison to the previous quarter.We started a challenging year with higher operational and financial numbers than those reported in the 1Q21 and with important governance actions that taken.

In the financial aspect, despite of bigger volumes in Revenue and Net Income, the Company has been observing successive increases in costs of construction due to the present heavily inflationary economic environment. These increases compress the gross margins of projects under construction and difficult high margins for new launches.The result of this scenario is the oscillation of 4.44 p.p. in the gross margin in the presente quarter when compared to the previous one.

In the operational figures, 1Q22 saw the launch of projects Exalt Ibirapuera (R$ 228.4 MM) and Expression Ibirapuera (R$ 176.9 MM), both in Vila Clementino under the same SPE, and the acquisition of 60% of the participation in the Vila Nova Fazendinha project, a partnership with BP8 with a R$ 84.1 million participation of EZTEC. These movements maintained the level of launches presented in 4Q21 (R$ 489MM in 1Q22 and R$ 491

1. in 4Q21). It is worth mentioning the care the Company have when selecting the most adequate projects to launch that results in: speed of sales of atractive launches (as is the case of both Exalt and Expression, respectively 43% and 51% sold) and margins close to historic levels of the Company.

Beyond the launches, EZTEC obtained Habite-se (a construction completion certificate) of two projects (Z. Pinheiros and Vivid Perdizes) that totals 410 units delivered and a PSV attached to them of R$ 254.1 million, besides being 79% and 68% sold, respectively.In this quarter the Company dedicated efforts with advertising and publicity with the campaign "A Hora é Agora EZTEC", to the disposal of stock. It was offered special conditions to the acquistion of specific products with fees ranging from 7.99% to 12% + IPCA for financing directly with the Company and other benefits. These efforts helped the performance of net sales of performed stock to reach R$ 50.6 million, 87.4% higher than the previous quarter.

The sales efforts were efficient and demonstrated signs of the market resilience even under a challenging contexto. A highlight is due to the week of the launch of projects Exalt and Expression Ibirapuera that reached R$ 116 million in gross sales!

With the understanding that these effects does not indicate a perspective of improvement in the economic scenario, we remained cautious with the next launches and assets when developing strategies for the disposal of stock, in particular the "under construction" stock. Thus we prepare to: launch in 2Q22 the project Takeda and the second fase of Unique Green; the execution of two Showrooms of sales in 23 de maio avenue and Roque Petroni Jr., scheduled to open in the second semester of the year; commercial relaunch of EZ Infinity.

EZ Infinity will have a new sales strategy and facade suitability to increase its commercial appeal. Due to this it will occur the cancellations of previously sold units and the suspension of sales of new units, returning only after the conclusion of the Showrooms.The financial effects of this movement can already be seen in the income statements of this quarter, with an increase in the cancellations line in our net revenue, reduction of results to be recognized balance and an increase in the cancellations provisions in the balance. Despite these adequations, the operations in the construction site will not stop.

Having observed the dynamic of the price of the Company's stock throughout the quarter, we repurchase 975,000 EZTEC's stock, totaling a treasury balance of 6,010,897 shares at an average price per share of R$ 16.55. With termination of the 2nd Buyback Program on April 25, 2022, the Board of Directors approved at a meeting held on the date of this disclosure, according to the Material Fact published, the complete cancellation of these 6,010,897 shares and the start of a a new stock buyback program of 9,472,253 shares that will take effect as of this date.

Still in this quarter, the Company's Board of Directors approved ad referendum of the OGM (already held and ratified on April 28, 2022) the payment of mandatory dividends associated to the 2021 result in the amount of R$102 million, paid on March 31, 2022, in the amount of R$ 0.46 (forty-six cents) per share. The Company intend

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to pay dividends quarterly after the results are announced for 2022, following the same rules attributed to the payment of mandatory dividends, starting in the first quarter of 2022.

In the governance scope, the Company is proud to have approved in its EGM, held on April 28, 2022, the adjustments of its Bylaw to contemplate the new requirements of B3's Novo Mercado, maintaining EZTEC's participation in the most relevant and demanding index of B3's Corporate Governance.Attached to this movement were the creation of the Audit Committee and the Ethics and Conduct Committee and the development of new internal politics. Beyond the demands, the Company installed the Environmental, Social and Governance ("ESG") Committee on February and released the first GRI Sustainability Report for 2021on April. All the materials mentioned above can be found on our new Investor Relations website (ri.eztec.com.br/en). We reinforce our intentions in bringing greater transparency in our actions and impact of the Company's activities, besides reaffirming our commitment to minority shareholders by adjusting and applying the best Corporate Governance practices.

We align the commitment of our Controlling Group with the Company's perpetuity. Shareholders belonging to the Controlling Group, through the signatary companies, signed on May 5, 2022, the 5th amendment to the Shareholders' Agreement. Currently 58.3% of the shares issued by the Company are held by the Controlling Group, managers and persons related to them. This new agreement will remain irrevocably and irreversibly until July, 2029,assuring to the minority shareholders the union and characteristics of EZTEC that have always accompanied us.

THE MANAGEMENT

Arbitration Chambers: Pursuant to Article 41 from EZTEC's Bylaws, the Company, its shareholders, Management, and members of the Audit Committee are obliged to resolve each and every of dispute and controversy that may arise among them through arbitration towards The Chamber of Arbitration of the Market (Câmara de Arbitragem do Mercado), especially in regard to the application, the validity, the efficacy, interpretation, and violation of its effects, of the the Corporation Law (Lei das Sociedades por Ações), of the Company's Bylaws, of the norms edited by the National Monetary Council, by the Central Bank of Brazil or by CVM, as well as of the remaining norms applicable to the functioning of the capital market in general, and of the Novo Mercado Regulation, the Arbitration Regulation, the Sanction Regulation, and the Participation Contract in Novo Mercado.

Relationship to Independent Auditors: Pursuant to CVM Instructions CVM no 381/03, EZTEC informs that the independent auditors Ernst & Young Auditores Independentes S.S. did not provide, in 2021, other services than those related to external audit. The company's policy on contracting the services of independent auditors ensures that there is no conflict of interest, loss of independence or objectivity.

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