Trisul S A : 4Q23 Earnings Release

Earnings Release

4Q23 & 2023

São Paulo, March 14th of 2024 - TRISUL S.A. (B3: TRIS3; Bloomberg: TRIS3 BZ; Reuters: TRIS3 SA), announces its results for the 4Q23 and 2023. The Company's operating and financial information, unless otherwise indicated, is presented based on consolidated figures and in thousands of reais (R$), taken from the individual and consolidated quarterly information, in accordance with Technical Pronouncement CPC 21 (R1) - Interim Statement and with the international standard IAS 34 - Interim Financial Reporting, reflecting the guidance contained in Circular Letter/CVM/SNC/SEP 02/2018, related to the application of NBC TG 47 (IFRS 15) about aspects related to the transfer of control for the recognition of revenue from purchase and sale agreements for unfinished real estate units, applicable to real estate development entities in Brazil, as well as presented in a manner consistent with the standards issued by the Brazilian Securities and Exchange Commission - CVM, applicable to the preparation of the Quarterly Information (ITR).

Quarterly operating highlights

Gross Profit

R$63

million

While the Gross Margin in the period registered 22,3%.

Net Profit

R$44

million

While the Net Margin in the period registered 15,7%.

Gross Sales

R$365

million

While the Net Sales 100%

totaled R$ 342 million.

Landbank

4,6

billion

The total Landbank, at the end of December, totaled R$ 4,6 billion.

IR Information

Fernando Salomão

Chief Financial Officer and IR Director

Jéssica Tozatti

IR Coordinator

Carla Shizuko Ota

IR Analyst

[e-mail] [phone] // [phone]

Earnings Release

March 14th of 2024

(After the market closes)

Conference Call

March 15th of 2024

2h30 PM (Brasília Time)

1h30 PM (New York Time)

Summary
Message from management	3
ESG	4
Operating and Financial Highlights	5
Launches	6
Gross and Net Sales	6
Projects Under Construction	7
Inventory	8
Landbank	8
Financial Performance	9
Operating Revenue	9
Profit	9
Operating Expenses (Consolidated)	10
Financial Income and Expenses (Consolidated)	10
EBITDA e EBITDA Margin	11
Revenue, Cost and Results to be Recognized	11
Cash and Debt Position (Consolidated)	11
Debt Breakdown	12
Accounts Receivable	12
Marketable Properties	12
Financial Instruments	12
Ownership Structure	13
Income Statement	14
Balance Sheet	15
Cash Flow	16
Glossary	17
About Trisul	18
Disclaimer	18

4Q23 and 2023 Earnings Release

2

Message from management

We started the year of 2023 with a more conservative stance, largely due to the high Selic Rate (the economy's basic interest rate) and an uncertain macroeconomic scenario. However, we became more optimistic as (1) the interest rate reduced, (2) changes were announced in the Strategic Master Plan (PDE) of the city of São Paulo, and (3) new rules of the Minha Casa Minha Vida (MCMV) program were stablished. Furthermore, thanks to our versatility, throughout the year we adapted to new market demand and diversified our product portfolio.

Trisul launched five projects in 2023, with the Economic segment (which falls under the MCMV program) representing around 46% of the total volume launched. Looking ahead, we intend to further diversify our operations through a portfolio that will be divided into: (1) Economic, (2) Medium, and (3) Medium High, each with 1/3 share in the volume launched, starting in 2026. We believe that this strategy will be the most appropriate to meet the new market demand, which has as an expectation a drop in the economy's basic interest rate, which should result in a higher sales volume for the Company.

Analyzing the operational results, in 2023, Gross Sales % Trisul grew 61.4% y/y, totaling R$ 1.3 billion, while Net Sales % Trisul grew 72.8% y/y, totaling R$ 1.2 billion. In the quarter, we presented an increase of 31.8% y/y in Gross Sales % Trisul, which totaled R$ 348.3 million, while Net Sales % Trisul presented an increase of 38.9% y/y, reaching R$ 325.6 million. The annual SoS (in units) showed an improvement compared to the previous year, reaching 39.8%.

Analyzing the financial results, we presented an increase of 18.8% y/y in Adj. Gross Profit in the year, totaling R$ 290 million, while the Adj. Gross Margin registered 27.7%. Net Profit totaled R$ 123.8 million, an increase of 82.4% y/y, while Net Margin was 11.8% in the period. In the quarter, we presented an increase of 28.7% y/y in Adj. Gross Profit, totaling R$ 75 million, while the Adj, Gross Margin registered 26.5%. Net Profit in the quarter totaled R$ 44.4 million, an increase of 63% y/y, while Net Margin in the period was 15.7%. It is important to mention that, in the quarter, we presented a positive result in the Equity Income line of R$ 20.5 million, due to a revaluation of the Company's assets - the Itaquá Park Shopping, in the city of Itaquaquecetuba and the Open Mall Maurilio Biagi, in the city of Ribeirão Preto.

In the fourth quarter, we launched the DF345 Vila Clementino project, which has a potential PSV % Trisul of R$ 219.4 million, in 267 units, and the Elev Alto do Ipiranga project, with a potential PSV % Trisul of R$ 200.9 million, in 694 units. In 2023, Trisul launched a total of five projects, totaling a Trisul PSV% of R$ 905.3 million, in 1,956 units - in line with the launch guidance released in September 2023, which foresees R$ 1.8 - 2.2 billion launches between august 2023 until the end of 2024.

In the fourth quarter, we delivered four projects: Ambience Vila Mariana, Mirant Vila Madalena, Boreal Madalena and Marquez Alto do Ipiranga, totaling a Trisul % PSV of R$ 508.3 million, in 577 units. This year, we have delivered a total of seven projects, totaling a Trisul PSV% of R$ 933.3 million, in 1,091 units.

The Company's net debt, in December 2023, was R$ 678.7 million, and the Net Debt/Equity reached a level of 48.8% - a drop of 6.6 p.p. compared to the previous quarter. This improvement is due to two factors: (1) sale of R$ 63 million from a home equity portfolio through a CRI, and (2) delivery of seven projects throughout the year. Furthermore, we intend to further deleverage the Company in 2024, with the delivery of another seven projects, totaling a Trisul % PSV of R$ 1.2 billion.

Finally, we would like to reiterate our positive vision and affirm that the Company is able to harvest the fruits of the hard work over the years.

Management.

São Paulo, March 14th of 2024.

4Q23 and 2023 Earnings Release

3

ESG

The ESG theme (Environmental, Social, and Corporate Governance) has always been present at Trisul. Over the years, the company has developed programs and actions that set a new standard of sustainability at its construction sites and in the surrounding communities, in addition to social actions and governance improvements. Therefore, we can identify the main elements that encompass the theme in three pillars:

1. Sustainability in practice

Aware of the socio-environmental impacts caused by a construction site and following trends in the civil construction market, Trisul adopted as a policy the preference for sustainable and socially responsible sites. Trisul's Works Sustainability Program (in Portuguese "Programa de Sustentabilidade das Obras" - PSO) aims to establish a standard of sustainability at its construction sites and in the surrounding communities.

"Among the actions, the following stand out: environmental certifications (AQUA Certification, PROCEL Seal, among others), purchase of sustainable materials, water and energy conservation, optimization of more than 90% of waste, social responsibility and surrounding communities, environmental education and sustainable lots."

2. Collaboration actions with civil society

In addition to satisfying our customers by delivering safe and quality projects, Trisul is committed to improving the final product and promoting sustainability and social actions. Some examples of these actions are:

AACD	Clínicas Hospital	Santas Casas	Sírio Libanês Hospital
Renovation of the	Donation to Clínicas	Donation to the	Donation to Sírio Libanês
swimming pool at the	Hospital, extra	Santas Casas de	Hospital, amount directed to
AACD headquarters in	money directed to	Misericórdia;	research related to the
São Paulo;	the fight against		Coronavirus.
	Covid-19;

In addition, Trisul is committed to promoting the health, safety and quality of life of all its employees and partners. We are proud to contribute positively to a greater generation of jobs in the country, promoting a safe and healthy environment around all our activities.

Tabela of Employees	4Q23	4Q22	A/A%	3Q23	T/T%
Number of Direct Employees	221	243	-9 , 1%	218	1, 4%
Number of Indirect Employees	140	137	2, 2%	140	0 , 0 %
Total of Employees	361	380	-5,0%	358	0,8%
% Direct Employees/Total	61,2%	63,9%	-3 p.p.	60,9%	0 p.p.

3. Corporate governance

Trisul is listed on B3's "Novo Mercado", a segment for trading shares of companies that voluntarily adopt corporate governance practices in addition to those required by Brazilian law.

For more information about ESG at Trisul, access the ESG Report by clicking here.

4Q23 and 2023 Earnings Release

4

Operating and Financial Highlights

Operational Performance (R$ million)	4Q23	4Q22	Y/Y(%)	3Q23	Q/Q (%)	2023	2022	Y/Y (%)
Projects Launched
Potential Sales Volume - PSV (100%)	420,260	617,068	-32%	173,143	143%	982,833	1,000,000	-2%
Potential Sales Volume - PSV (% Trisul)	420,260	617,068	-32%	173,143	143%	905,289		1,000,000	-9 %
Number of Projects	2	3	-33%	1	10 0 %	5		4	25%
Units Launched	961	917	5%	338	18 4%	1,956	1,241	58 %
Contracted Sales
Gross Contracted Sales - (100%)	364,709	273,880	33%	303,349	20 %	1,379,631	822,723	6 8 %
Gross Contracted Sales - (% Trisul)	348,304	264,277	32%	280,532	24%	1,253,863		776,773	6 1%
Cancellations - (100%)	22,726	30,521	-26 %	18,951	20 %	90,827		112,407	-19 %
Cancellations - (%Trisul)	22,637	29,822	-24%	16,837	34%	86,714		101,448	-15%
Contracted Sales - (100%) (1)	341,983	243,357	41%	284,398	20 %	1,288,804		710,316	8 1%
Contracted Sales - (% Trisul) (1)	325,667	234,455	39 %	263,695	24%	1,167,149		675,325	73%
Number of Units Sold	563	429	31%	432	30 %	1,942		1,180	6 5%
Consolidated VSO (% Trisul)	13,3%	9,0%	4 p. p.	11,5%	2 p. p.	35,5%	22,1%	13 p. p.
Deliveries
PSV Delivered - (100%)	596,900	94,000	535%	135,461	341%	1,021,800	684,000	49%
PSV Delivered - (% Trisul)	508,300	66,000	670%	135,461	275%	933,300	655,000	42%
Number of Projects Delivered	4	1	300%	1	300%	7	6	17%
Number of Units Delivered	577	229	152%	138	318%	1,0910	716	52%

Financial Performance (R$ million)	4Q23	4Q22	Y/Y(%)	3Q23	Q/Q (%)	2023	2022	Y/Y (%)
Net Revenues	283,224	203,943	39%	253,179	12%	1,046,690	760,27	38%
Gross Profit	63,029	51,207	23%	58,536	8%	244,519	225,242		9%
% Gross Margin	22,3%	25,1%	-3 p. p.	23,1%	-1 p. p.	23,4%	29,6%	-6 p. p.
Adjusted Gross Profit (2)	75,035	58,309	29%	72,162	4%	290,050	244,213	19%
% Adjusted Gross Margin	26,5%	28,6%	-2 p. p.	28,5%	-2 p. p.	27,7%	32,1%	-4 p. p.
Net Profit	44,446	27,271	63%	22,968	94%	123,880	67,9132	82%
% Net Margin	15,7%	13,4%	2 p. p.	9,1%	7 p. p.	11,8%	8,9%	3	p. p.
EBITDA (3)	56,156	39,221	43%	33,670	67%	168,087	116,812	44%
Adjusted EBITDA (4)	68,162	46,323	47%	47,296	44%	213,618	135,783	57%
% Adjusted EBITDA Margin	24,1%	22,7%	1 p. p.	18,7%	5 p. p.	20,4%	17,9%	3	p. p.
Revenues To Be Appropriated From Units Sold (5)	590,153	435,949	35%	537,967	10%	590,153	435,949	35%
Net Results To Be Appropriated (6)	213,161	148,520	44%	195,006	9%	213,161	148,52	44%
% Net Margin To Be Appropriated	36,1%	34,1%	2 p. p.	36,2%	0 p. p.	36,1%	34,1%	2	p. p.
Cash and Banks	362,013	310,361	17%	252,507	43%	362,013	310,361		17%
Cash (Net of Indebtedness)	(678,768)	(593,755)	14%	(761,949)	-11%	(678,768)	(593,755)	14%
Net Debt	678,768	593,755	14%	761,949	-11%	678,768	593,755	14%
Equity	1,391,058	1,308,476	6%	1,374,430	1%	1,391,058	1,308,476		6%
Net Debt/Equity	48,8%	45,4%	3 p. p.	55,4%	-7 p. p.	48,8%	45,4%	3	p. p.
Total Assets	2,757,738	2,575,050	7%	2,695,849	2%	2,757,738	2,575,050		7%
Total Liabilities	1,366,680	1,266,574	8%	1,321,419	3%	1,366,680	1,266,574		8%
Quarterly ROE	3,2%	2,1%	1 p. p.	1,7%	1 p. p.	8,9%	5,2%	4	p. p.
LTM ROE	8,9%	5,2%	4 p. p.	7,8%	1 p. p.	8,9%	5,2%	4	p. p.

1. Total amount of contracted sales of projects that Trisul participated in. Contracted sales are reported net of commissions and cancellations.
2. Adjusted for capitalized interest allocated to cost (SFH interests).
3. Income before taxes, net financial income, depreciation and amortization.
4. Adjusted for capitalized interest allocated to cost (SFH interests).
5. Gross revenue from the sale of properties to be recognized does not include adjustment to present value.
6. Property selling costs to be recognized do not include financial charges and provision for guarantees, which are recognized in the result (cost of properties sold), in proportion to the real estate units sold, when incurred.

4Q23 and 2023 Earnings Release

5

Launches

DF 345 Vila Clementino

In November, Trisul launched the DF 345 Vila Clementino project, located at a strategic address, between the Hospital São Paulo (Lilac Line) and

Sta. Cruz (Blue Line) stations. The project has a potential PSV % Trisul of

R$ 219.4 million, distributed over 267 units - with floor plan options of 48m² with 1 suite, and 75m² with 2 suites + toilet and parking space, in addition to a tower of non-residentialstudios that are already 100% sold. Its apartments have the versatility of spaces that complement each other in harmony, making routine easier and enhancing a new way of living.

• 3D facade of DF 345 Vila Clementino..

Elev Alto do Ipiranga

In December, Trisul launched another new success, Elev Alto do Ipiranga. The project is located at Coronel Domingos Ferreira Street, number 205, in Ipiranga neighborhood, which is the fastest developing region in the south zone and still preserves its historical features. The project has a potential

PSV % Trisul of R$ 201 million, distributed over 694 units. The

apartments range from 34m² to 37m², with 2 bedrooms (with suite) and balcony.

*3D facade of Elev Alto do Ipiranga..

Gross and Net Sales

In 4Q23, Gross Sales % Trisul totaled R$ 348.3 million (+31.8% y/y and +24.2% q/q) while Net Sales of cancellations % Trisul totaled R$ 325.6 million (+ 38.9% y/y and +23.5% q/q). Year to date, Gross Sales % Trisul totaled R$ 1.2 billion (+61.4% y/y) while Net Sales of cancellations % Trisul totaled R$ 1.1 billion (+72.8% y/y). Consolidated Sales over Supply (SoS) (in units) was 16.1% in the quarter.

Operational Performance (R$ million)	4Q23	4Q22	Y/Y(%)	3Q23	Q/Q (%)	2023	2022	Y/Y (%)
Contracted Sales
Gross Contracted Sales - (100%)	364,709	273,880	33, 2%	303,349	20 , 2%	1.379,631	822,723	6 7, 7%
Gross Contracted Sales - (% Trisul)	348,304	264,277	31, 8%	280,532	24, 2%	1.253,863		776,773	6 1,	4%
Cancellations - (100%)	22,726	30,521	-25, 5%	18,951	19 , 9 %	90,827		112,407	-19 , 2%
Cancellations - (%Trisul)	22,637	29,822	-24, 1%	16,837	34, 4%	86,714		101,448	-14, 5%
Contracted Sales - (100%) (1)	341,983	243,357	40 , 5%	284,398	20 , 2%	1.288,804		710,316	81,	4%
Contracted Sales - (% Trisul) (1)	325,667	234,455 38, 9 %	263,695	23, 5%	1.167,149		675,325	72,	8%
Number of Units Sold	563	429	31, 2%	432	30 , 3%	1.942		1180	6 4, 6 %
Consolidated VSO (% Trisul)	13,3%	9,0%	4 p. p.	11,5%	2 p. p.	35,5%	22,1%	13 p. p.

1. Total amount of contracted sales of projects that Trisul participated in. Contracted sales are reported net of commissions and cancellations.

4Q23 and 2023 Earnings Release

6

	4Q23
SoS (Sales over Supply)	Units	Trisul's PSV (R$
thousand)
Inventory of Units as of 10/01/2023	2,536	2,027,738
(+) Launching in 4Q23	0,961	420,260
Total Units for Sale in 4Q23 (a)	3,497	2.447,998
(-) Units Sold in 4Q23 (b)	0,563	325,667
Total Units for Sale as of 01/01/2024 (1)	2,934	2.122,332
SoS (b) / (a)	16,1%	13,3%

1. The inventory includes the adjustment in accordance with IFRS, excluding projects managed by partners.

2023

SoS (Sales over Supply)	Units	Trisul's PSV (R$
thousand)
Inventory of Units as of 01/01/2023	2,920	2,384,192
(+) Launching in 2023	1,956	905,289
Total Units for Sale in 2023 (a)	4,876	3.289,480
(-) Units Sold in 2023 (b)	1,942	1.167,149
Total Units for Sale as of 01/01/2024 (1)	2,934	2.122,332
SoS (b) / (a)	39,8%	35,5%

1. The inventory includes the adjustment in accordance with IFRS, excluding projects managed by partners.

Projects Under Construction

Projects Under Construction

	Project	City	Launching	Delivery	Segment	Total of Units	% Trisul	PSV* Total	PSV* Total
	Date	Date	R$ MM	R$ MM
1	Side Barra Funda	São Paulo	mai-21	fev-24	Medium	594	100%	272,4	272,4
2	Vista Campo Belo	São Paulo	mar-21	fev-24	High	130	100%	149,3	149,3
3	Side Alto da Boa Vista	São Paulo	jul-21	mar-24	Medium	200	100%	141,1	141,1
4	Nattur Nova Klabin	São Paulo	set-21	abr-24	Medium	246	100%	182,7	182,7
5	Oscar Itaim	São Paulo	mar-21	mai-24	High	40	100%	178,8	178,8
6	Horizon Paraíso	São Paulo	out-21	jun-24	High	183	70%	172,6	120,8
7	Tucuna 250	São Paulo	dez-21	ago-24	High	218	100%	185,1	185,1
8	The Collection Paulista	São Paulo	nov-21	abr-25	Medium	336	100%	167,7	167,7
9	The Collection PUQ	São Paulo	nov-22	jul-25	High	354	100%	168,7	168,7
10	Valen Capote Valente	São Paulo	dez-21	set-25	High	260	100%	307,4	307,4
11	The Collection Madalena	São Paulo	out-22	set-25	High	311	100%	141,8	141,8
12	Península Vila Madalena	São Paulo	jun-22	out-25	High	324	100%	382,9	382,9
13	Mirant/The Collection Ibirapuera	São Paulo	dez-22	dez-25	High	252	100%	292,1	292,1
14	Praça Omaguás Pinheiros	São Paulo	mar-23	dez-25	High	53	55%	172,3	94,8
15	Side Sacomã	São Paulo	abr-23	jan-26	Economic	604	100%	217,1	217,1
16	The Collection Moema	São Paulo	set-23	jan-26	Medium/HIgh	338	100%	173,1	173,1
17	DF345 Vila Clementino	São Paulo	nov-23	jul-26	Medium	267	100%	219,4	219,4
18	Elev Alto do Ipiranga	São Paulo	dez-23	set-26	Economic	694	100%	200,9	200,9
TOTAL					5,404		3,726	3,596

4Q23 and 2023 Earnings Release

7

Inventory

In this quarter, Trisul's inventory at market value totaled R$2.1 billion in PSV (-11% y/y and +4.7% q/q). Concluded inventory totaled R$152.8 million, representing 7.2% of the total.

Inventory	4Q23	4Q22	A/A (%)	3Q23	T/T(%)
Concluded Inventory	2,122,332	2,384,192	-11,0%	2,027,738	4,7%
In Construction Inventory - PSV	1,969,493	2,322,271	-15, 2%	1,900,820	3, 6 %
In Construction Inventory - Units	2,764	2,761	0 , 1%	2,400	15, 2%
In Construction Inventory/Total	92,8%	97,4%	-5 p.p.	93,7%	-1 p.p.
Concluded Inventory - PSV	152,839	61,921	146 , 8 %	126,918	20 , 4%
Concluded Inventory - Units	170	159	6 , 9 %	136	25, 0 %
Concluded Inventory/Total	7,2%	2,6%	5 p.p.	6,3%	1 p.p.
Inventory per Segment	2,122,332	2,384,192	-11,0%	2,027,738	4,7%
Economic - PSV	526,193	428,675	22, 7%	380,051	38, 5%
Economic - Units	1.300	700	85, 7%	823	58, 0 %
Economic/Total	24,8%	18,0%	7 p.p.	18,7%	6 p.p.
Medium/High - PSV	1,596,139	1,955,517	-18, 4%	1,647,687	-3, 1%
Medium/High - Units	1,634	2,220	-26 , 4%	1,713	-4, 6 %
Medium High/Total	75,2%	82,0%	-7 p.p.	81,3%	-6 p.p.

Landbank

On December 31th, 2023, the Company's landbank totaled R$ 4.6 billion, considering both on-balance and off-balance lots.

It is important to mention that, once a lot reaches the minimum area for the viability of a project, Trisul has the practice of initiating payments (on-balance lots are lands that are already included in the Company's balance sheet). Off-balance lots are not included in the Company's balance sheet, as they are still in the prospecting phase, that is, payment has not yet started.

Landbank Trisul

(PSV in R$ billion)

4,9	4,6
1,1	1,3
3,8	3,3
3Q23	4Q23
Landbank (On Balance)	Landbank (Off Balance)

4Q23 and 2023 Earnings Release

8

Financial Performance

The quarterly information (individual and consolidated) is presented in reais (R$), which is the functional currency of the Company and its subsidiaries, rounded to the nearest thousand, unless otherwise indicated. The individual financial statements were prepared and presented in accordance with accounting practices adopted in Brazil, applicable to Brazilian real estate development entities registered with the Brazilian Securities and Exchange Commission ("CVM"). The consolidated financial statements were prepared and presented in accordance with accounting practices adopted in Brazil and with International Financial Reporting Standards (IFRS) applicable to Brazilian real estate development entities registered with the CVM. The aspects regarding the transfer of control in the sale of real estate units and compliance with performance obligations follow the understanding of the Company's management, in line with Circular Letter/CVM/SNC/SEP 02/2018 on the implementation of Technical Pronouncement NBC TG 47 (IFRS 15), aimed at real estate entities. Circular Letter/CVM/SNC/SEP 02/2018 clarifies, among other matters, the situations in which real estate entities are required to report revenues on a period-by-period basis, known as Percentage of Completion - POC. The information, figures and data included in this financial performance report that do not correspond to the balances and accounting information included in our consolidated financial information, such as Potential Sales Value - Trisul PSV, Contracted Sales, Trisul Sales, Adjusted EBITDA and Adjusted EBITDA Margin, among others, correspond to information that was not reviewed by our Independent Auditors.

Operating Revenue

Net Operating Revenues (R$ milllion)

			+37,7%
				1.046.690
	+38,9%		760.270
253.179	203.943	283.224
3Q23	4Q22	4Q23	2022	2023

Revenue from contracted sales of each project is recognized in th e Comp any's result over the construction period, using the percentage of financial evolution of each project (PoC - Percentage of Completion Method). This percentage is measured by the cost incurred in relation to the total budgeted cost of the units sold for each project. The Adjustment to Present Value (APV) is also discounted from this appropriate revenue, in accordance with CPC 12.

Profit

Operational Performance (R$ million)	4Q23	4Q22	Y/Y(%)	3Q23	Q/Q (%)	2023	2022	Y/Y (%)
Gross Profit	63,029	51,207	23, 1%	58,536	8%	244,519	225,242	8	, 6 %
% Gross Margin	22,3%	25,1%	-3 p. p.	23,1%	-1 p. p.	23,4%	29,6%	-6	p. p.
Adjusted Gross Profit (1)	75,035	58,309	28,7%	72,162	4%	290,050	244,213	18,8%
% Adjusted Gross Margin	26,5%	28,6%	-2 p. p.	28,5%	-2 p. p.	27,7%	32,1%	-4 p. p.
Net Profit	44,446	27,271	63,0%	22,968	94%	123,880	67,9132	82,4%
% Net Margin	15,7%	13,4%	2 p. p.	9,1%	7 p. p.	11,8%	8,9%	3 p. p.

1. Adjusted for capitalized interest allocated to cost (SFH interests).

4Q23 and 2023 Earnings Release

9

Operating Expenses (Consolidated)

The table below provides an analysis of administrative and selling expenses in relation to Trisul's net revenue, launches and contracted sales.

Revenues and Expenses (R$ million)	4Q23	4Q22	Var. %	3Q23	Var. %	2023	2022	Var. %
Net Operating Revenues	283,224	203,943	38,9%	253,179	11,9%	1,046,690	760,270	37,7%
Trisul's PSV Launched	420,260	617,068	-31,9%	173,143	0,0%	905,289	1,000,000	-9,5%
Trisul's Contracted Sales	325,667	234,455	38,9%	263,695	23,5%	1,167,149	675,325	72,8%
Operating Income (Expenses):
Administrative Expenses	(20,356)	(18,533)	9,8%	(15,230)	33,7%	(71,073)	(71,844)	-1,1%
% Net Revenues	7,2%	9,1%	-2 p. p.	6,0%	1 p. p.	6,8%	9,4%	-2 p. p.
% Trisul's Launching	4,8%	3,0%	2 p. p.	8,8%	-4 p. p.	7,9%	7,2%	-2 p. p.
% Trisul's Contracted Sales	6,3%	7,9%	-2 p. p.	5,8%	0 p. p.	6,1%	10,6%	-4 p. p.
Selling Expenses	(18,474)	(15,731)	17,4%	(18,484)	-0,1%	(71,437)	(59,107)	20,9%
% Net Revenues	6,5%	7,7%	-1 p. p.	7,3%	-1 p. p.	6,8%	7,8%	-1 p. p.
% Trisul's Launching	4,4%	2,5%	2 p. p.	10,7%	-6 p. p.	7,9%	5,9%	-2 p. p.
% Trisul's Contracted Sales	5,7%	6,7%	-1 p. p.	7,0%	-1 p. p.	6,1%	8,8%	-3 p. p.
Tax Expenses	(511)	(16)	3093,8%	(617)	-17,2%	(1.895)	(320)	492,2%
Results by Equity Equivalence	26,070	10,463	149,2%	7,111	266,6%	47,639	18,141	162,6%
Depreciation & Amortization Expenses	(1,329)	(414)	221,0%	(1,432)	-7,2%	(5,473)	(1,529)	257,9%
Provision for Contingencies	(1,670)	1,154	-244,7%	(1,615)	3,4%	(5,802)	996	-682,5%
Other Operating Income (Expenses)	8,068	10,383	-22,3%	3,969	103,3%	26,136	2,527	934,3%
Total	(8,202)	(12,694)	-35,4%	(26,298)	-68,8%	(81,905)	(111,136)	-26,3%

Administrative Expenses (R$ million)	4Q23	3Q23	▲%	2023	2022	▲%
Personnel Expenses	(6,264)	(4,164)	50 , 4%	(20,741)	(18,386)	12, 8%
Management Fees	(653)	(553)	18, 1%	(2.133)	(2,064)	3, 3%
Occupancy/Others	(201)	(146)	37, 7%	(524)	(1,699)	-6 9 , 2%
Amortization of The Right of Use	0	0	0 , 0 %	0	(1.175)	-10 0 , 0 %
Advisory and Consultancy Expenses	(9,483)	(7,784)	21, 8%	(34,335)	(29,484)	16 , 5%
General Expenses	(3,755)	(2,583)	45, 4%	(13,340)	(19,032)	-29 , 9 %
Total Administrative Expenses	(20,356)	(15,230)	33,7%	(71,073)	(71,840)	-1,1%
Selling Expenses (R$ thousand)	4Q23	3Q23	▲%	2023	2022	▲%
Marketing expenses
(4,657)	(3,678)	26 , 6 %	(16,608)	(13,502)	23, 0 %
Sales Discount	(6,441)	(5,735)	12, 3%	(24,183)	(15,804)	53, 0 %
Units in Inventory	(2,097)	(2,277)	-7, 9 %	(6,161)	(4,247)	45, 1%
Sales stand - depreciation	(4,592)	(5,393)	-14, 9 %	(20,231)	(20,620)	-1, 9 %
Sales stand - general expenses	(879)	(1,205)	-27, 1%	(4,114)	(4,211)	-2, 3%
Others	192	(196)	-19 8, 0 %	(140)	(723)	-80 , 6 %
Total selling expenses	(18,474)	(18,484)	-0,1%	(71,437)	(59,107)	20,9%

Financial Income and Expenses (Consolidated)

(R$ thousand)	4Q23	4Q22	Var. %	3Q23	Var. %	2023	2022	Var. %
Financial Expenses	(13,828)	(14,469)	-4, 4%	(11,559)	19 , 6 %	(51,322)	(61,693)	-16 , 8%
Financial Revenues	11,961	8,406	42, 3%	10,580	13, 1%	47,051	39,087	20 , 4%
Financial Results	(1,867)	(6,063)	-69,2%	(979)	90,7%	(4,271)	(22,606)	-81,1%

4Q23 and 2023 Earnings Release

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