Mitre Realty Empreendimentos e Participações S A : Earnings Release

PRELIMINARY OPERATIONAL RESULTS | 1Q21

Highlights

Net Sales of R$82.8 million, 145.3% higher than the same periof of 2020

Delivery of Haus Mitre, in Vila Mariana, with 4 months in advance and 100% acceptance in 1st inspection, with 90% of the units already inspected

Sales over Supply (SoS) of 67.3% in the last 12 months and 18.7% in the quarter

Inventory of R$442.6 million, of which only R$4.9 million, or 10 units, are from delivered projects, even with the delivery of 169 units in the quarter

Pre-saleof Haus Mitre Santa Cruz, with R$118.6 million of PSV in 158 units and with 12.7% of the units already sold,

in only 15 days, even with closed sales stand

Operational Highlights

Investor Relations

Rodrigo Coelho Cagali

Chief Financial and Investor Relations Officer

Giancarlo D'Elia Denapoli

Caio Perri Lima

Stefano Sé Stampacchio

Email: [e-mail]

Tel.: [phone]

Website: https://ri.mitrerealty.com.br

Highlights

Residential Launches (Units)

Residential Launches PSV (R$ Thousand)

Sales Over Supply (SoS) (Units)

Sales Over Supply Last 12 Months (LTM SoS) (Units) Net Sales (Ex-Commissions and Cancellations) (Units)

Net Sales PSV (Ex-Commissions and Cancellations) (R$ Thousand) Deliveries (Units)

EoP Inventory (End of Period) (Units)

EoP Inventory PSV (End of Period) (R$ Thousand)

1Q21	1Q20	Chg. %	4Q20	Chg. %
158	-	-	930	-83.0%
118,623	-	-	463,749	-74.4%
18.7%	21.6%	-3.0 p.p.	46.9%	-28.3 p.p.
67.3%	79.3%	-12.0 p.p.	65.4%	1.9 p.p.
168	62	171.0%	656	-74.4%
82,840	33,777	145.3%	283,321	-70.8%
169	-	-	-	-
733	225	226.3%	743	-1.3%
442,592	119,662	269.9%	408,294	8.4%

São Paulo, April 13, 2021 - Mitre Realty S.A. (B3: MTRE3) ("Mitre" or "Company"), a construction and real estate development company with operations strategically concentrated in the city of São Paulo, announces today its preliminary operational results for the first quarter of 2021 (1Q21). These are preliminary results subject to audit review.

| Launches

With the worsening of the coronavirus pandemic in the city of São Paulo and the consequent closure of the sales stands on the beginning of March, the Company chose not to launch in the quarter, as well as in the same period of 2020.

Still, since the Haus Mitre Santa Cruz project, with 158 units and a PSV of R$118.6 million, was already approved and with the incorporation register issued, the Company started to sell the units for customers who already had pre-registration and, in just 15 days, already sold 12.7% of the project, even with the sales stand closed and without visitation to the model apartment, which is very important for the purchase process. The pre-sales were made in a 100% digital way, which evidences the quality and assertiveness of the product that will be officially launched when the restrictions allow.

In addition to Haus Mitre Santa Cruz, Mitre has already 4 more projects in the final phase of approval with the municipality and with completed stands and/or in the final phase of completion; Haus Mitre Residences 370, Haus Mitre Campo Belo, Haus Mitre Vila Clementino and Haus Mitre Aclimação, which, together, total R$520 million in PSV, approximately. We emphasize that the Company's intention is to launch the 5 projects as soon as the situation is normalized, totaling approximately R$640 million to launch in the next months.

PRELIMINARY OPERATIONAL RESULTS | 1Q21

P. 02

I Sales Over Supply (SoS)

The Sales over Supply index was 18.7% in 1Q21, compared to 46.9% in 4Q20 and 21.6% in 1Q20. The decrease of 28.3 p.p., compared to the previous quarter, was caused by the impossibility to launch imposed by the pandemic and due to the greater amount of inventory, given that the Company came from two consecutive quarters with high volume of launches.

Mitre's inventory Sales over Supply in 1Q21, when excluding the effect of pre-sales of Haus Mitre Santa Cruz, was 19.9%, in line with the SoS of the previous quarter and the same period of 2020, demonstrating that inventory sales remain very healthy.

It is important to highlight that, currently, all of the Company's products are extremely well sold, with an average of 85.5%, and 85% of the inventory comes from products launched in the second half of 2020.

Sales Over Supply (Units)

	21.6%		100%
	19.9%
19.2%
		80%
46.9%			60%
			40%
	21.6%	18.7%	20%
			00%
4Q20	1Q20	1Q21

Quarterly SoS (Units)		Inventory SoS (Units)

In the chart below, it is possible to observe that the SoS in the last 12 months, stood at fairly high and healthy levels, proving that Mitre's projects continue to be the first choice of the customers.

PRELIMINARY OPERATIONAL RESULTS | 1Q21

P. 03

1. Sales

The Company reached R$110.7 million in gross sales in the quarter, excluding commissions, compared to R$58.1 million in the same period of 2020, an increase of 90.6%. The cancellations remained at extremely healthy levels and currently represents only 2.1% of the total receivables portfolio, in line with the same 2.1% accounted on 4Q20.

In the table below, it's possible to see the gross sales, cancellations and net sales of the quarter.

Sales (R$ thousand)	1Q21	1Q20	Chg. %	4Q20	Chg. %
Gross Sales	110,742	58,093	90.6%	317,164	-65.1%
Cancellations	(27,902)	(24,315)	14.7%	(33,843)	-17.6%
Net Sales	82,840	33,777	145.3%	283,321	-70.8%

In 1Q21, excluding cancellations and commissions, the Company had net sales of R$82.8 million in PSV, outperforming the R$33.8 million obtained in the 1Q20 by 145.3%. When compared to the previous quarter, net sales were 70.8% inferior, essentially due to the restrictions of sales stands that prevent new launches.

Net Sales (Ex-Comissions and Cancellations) (Units)

656
		168
	62
4Q20	1Q20	1Q21

Net Sales PSV (Ex-Comissions and Cancellations) (R$

Thousand)

283,321
		82,840
	33,777
4Q20	1Q20	1Q21

The Company's own sales force, through Mitre Vendas, continue systematically proving itself to be resilient, efficient and fundamental to Mitre's high SoS, being responsible for, in 1Q21, 81.1% of the quarter's sales. The remaining 18.9% were sold by partner companies.

PRELIMINARY OPERATIONAL RESULTS | 1Q21

P. 04

1. Delivery

In 1Q21, Mitre delivered the Haus Mitre project, located in Vila Mariana, totaling 169 units and R$95 million in PSV, the project was delivered four months ahead of schedule and is with 99% of the units sold. The project reached the incredible mark of 100% of acceptance in the 1st inspection, with 90% of the units inspected so far, an indicator that proves the quality and excellence in the delivery of Mitre products and the execution capacity of its team. Mitre continued to carry out the accelerated financing, so that, so far, more than 70% of the project's financing has already been amortized, only 60 days after the "habite- se", which is consistent with the Company's strategy of maintaining high asset turnover and profitability.

Haus Mitre

Paula Ney St, 428

Vila Mariana - São Paulo

Units: 169

Effective Delivery: Jan/21

Contractual Delivery: May/21

Acceptance at 1st Inspection: 100.0%

PRELIMINARY OPERATIONAL RESULTS | 1Q21

P. 05