I'm Pedro Lourenço, Head of Investor Relations at the company. Joining us for today's presentation are Mr. Flavio Ernesto Zarzur, Vice President and Chairman of the Board of Directors, Mr. Samir Alcayar, Vice President of the Administrative Board, Mr. Ernesto Zarzur, Board Member, and Mr. Emilio Fugazza, Chief Financial and Investor Relations Officer. Please note that this event is being recorded, and all participants will be in listen-only mode during the company's presentation. Afterward, we will begin with a Q&A session, at which point further instructions will be provided. If you require any assistance during this call, please reach out to SUPPORTE RI EZTEC through the chat. If you experience any technical issues, simply rejoin using the same link or meeting ID, which is available on our website at ri.eztec.com.br. You can also access the presentation slides on our website under the Downloads Center.
All financial information is presented in Brazilian reais in both BR/GAAP and IFRS, applicable to real estate development entities in Brazil, unless otherwise stated. Before we begin, we'd like to remind everyone that any statements made during this call relating to the future business outlook of EZTEC, including projections, operational and financial goals, reflect the beliefs and assumptions of the company's management, as well as information currently available. Forward-looking statements are not guarantees of future performance, they involve risks, uncertainties, and assumptions as they relate to future events and depend on circumstances that may or may not occur. Investors should understand that general economic conditions, industry conditions, and other operational factors may affect EZTEC 's future performance and may lead to results that differ materially from those expressed in such forward-looking statements. Now, I'd like to hand it over to Mr.
Emilio Fugazza, our CFO and Head of IR, who will begin the presentation. Please, Mr. Emilio, you may proceed.
Thank you, Pedro. Good morning, everyone. It's a source of great pride for me to be here presenting the results for Q2 2025 EZTEC alongside our President, Vice President of the Board, our Board Member, Marcos Zarzur. We are here to talk about our launch performance to begin and one of the most iconic performances of the recent past. Here on the right, you can see BRL 1.106 billion which represents the largest volume posted by the company, even in a very challenging scenario. These launches were all very successful. Now, on the next slide, you can see the region in Vila Prudente. This is a type of venture that EZTEC is very accustomed to working on, especially in the east end of the city. This is a plot that will also hold two more launches in the coming year, on the same plot of land.
Here we see Alt Studios in Chácara Santo Antônio. This is a very interesting history. It's one of the plots of land that the company ventured into in the commercial sector. This and two other launches were transformed into residential launches. They were all sold very quickly. In the case of Alt Studios, we already have 38% sold. Just to remind everyone, we did this with DOT360 in Pinheiros, which is already 76% sold, as T360, which we launched this year in Moema, near Avenida dos Bandeirantes, is 73% sold, and now Alt Studios. They all are studio-shaped. They have no parking garages, and they are very highly liquid. Next, we have Moved Osasco. This project has the traditional EZTEC characteristics. It's a mid-income venture, and it was launched right at the door to Banco Bradesco in Cidade de Deus.
The space, which is called Moved, is BRL 218 million in this phase. It's one of two for a project that all in all should reach BRL 500 million in PSV. These apartments have already been 44% sold in just 25 days since launch. Pardon me, 45 days since launch. This is highly representative performance, and it really made us excited to launch the second phase of the project. Now, talking about upcoming launches, we have Blue Marine, which we are already incorporating. Its PSV is BRL 360 million. It's located in Saúde, in the south zone of São Paulo, 704 units. It's an important project for the company. It's going to lift the level of our launches in Q3Q to something very close to Q2Q. About POP Osasco, this is a partnership with another company in My Home, My Life, in Osasco.
This has 473 units that range from 24- 43 sq m , one or two bedrooms each. This brings us to net sales. Without any doubt, 1Q is the first quarter in gross sales in the company's history. Our sales grew significantly compared to Q1, and I must highlight that in the second quarter of 2024, our company had net sales at approximately BRL 1.2 million, and we're now at BRL 1.7 million. In other words, almost BRL 500 million more than the previous year. This highlights the company's desire to change its level of sales and launches and its operating level as well. This is something the company has successfully managed to do through campaigns, such as the EZTEC in Lindenberg campaign, with many launches. This campaign had excellent results, such as Lindenberg Ibirapuera, which sold extensively, Park Avenue as well, which sold very well, and drove our property results.
In fact, we have almost BRL 1 billion in net sales in just one half of the year. This brings us to a year that is going to be better than 2024. This also brings us to the last operating topic, which is delivery. This is a highly important topic because it generates cash by generating new direct receivables and new income. We only had BRL 300 million in deliveries in the first half of 2025, but now in the second half of 2025, we are moving along to have more than BRL 2 billion in deliveries. Here on this slide, you can also see pictures of Unique Green, which is already built and ready for final delivery. We're now performing final deliveries in the first days of the second half. This venture has 87% of units sold, and the margin was very significant for the company.
South Brooklyn also has approximately 72% or 73% sold. This venture is ready. It's ready for residents to move in, and it should be delivered in the coming days, in the next few days. Park Avenue, Monte Líbano, Expresso, Exalt, and Park Avenue. These ventures are, on average, 76% sold. Generation of inventory for the company is very low, in fact. Nevertheless, it will drive the growth of sales. In the second quarter, it represented BRL 86 million, and it was very important for generating our revenue and adding to the company's revenue. This brings us to our financial highlights, starting with net revenue. Our performance in net sales was better. This also brings us to improved net revenue. This is actually the highest net revenue in the company's history. Of course, we do have one-off factors and traditional factors.
Better construction results because we didn't have significant holidays in Q2, such as Carnaval. We didn't have vacations as well because of New Year's. We also recognized more revenue from Agonie and the Suspensive Closets for Park residents and ST360 as well. Finished stock, as I mentioned, was also sold very successfully and in Praia Grande as well. These were important for us to keep our business turning. We purchased 50% participation in Moved Osasco, and we sold the Praia Grande plot. At the end of the day, we didn't have to spend any money on the Osasco investment with the launch that we performed. Here on the left, we see the graph showing that our accumulated revenue is almost at BRL 1.7 billion when 12 months ago it was BRL 1.2 billion. This is growth of approximately BRL 500 million in revenue in 12 months.
We see that the company is step by step improving ever since it made the decision to increment its operating volumes. Now, on the next slide, we see gross profit. Without any doubt, the highlight is our gross margin reaching almost 41%. Of course, there is involvement from the plots as well, which improves this margin. Without one-off events, the margin would already be higher than 38%, which in a way meshes very well with our backlog margin here at the company, which we have been consistently keeping above 40% or even 41%. Next, we see the company's financial results. They remain absolutely flat over the quarters. Since 3Q, 2024, we remain at or above the levels of Q3, 2024. This is linked to the IGP and IPCA indexes. In this case, there was only a 0.79% variation, and in the case of IPCA, 12%.
This is a portfolio that is fully growing. I'd like to remind you that in practice, there's a specific situation here, not just for generation, but also for payment. In the year 2025 alone, estimated payments surpass BRL 100 million. In 2026, they surpass BRL 90 million. This means generating cash coming from the portfolio that helps us to highlight and support the company's expenses of all sorts. In the next slide, we see the most important results in the quarter, which are the growth of net profit. This was significant both year over year and quarter over quarter. We had 49% growth in the quarter or 60% growth in the semester. Our net profit reached BRL 493 million, which is significant given that only 12 months ago it was at BRL 267 million.
This is consistent growth because even when we consider one-off events, those one-off events tend to continue to occur because of aspects in our pipeline. Whether they're greater or lower, the company's operations have been improving, and these events, which will empower turnover of the company's land, are also contributing. Thus, the company's ROE reaches approximately 10%. I must remind you that within this ROE, we do have a BRL 5 billion plot land bank. This is also attributed to our commercial region. This will have its own destination. This is going to occur, but it will occur at a more specific one-off situation within a longer timeline. Looking only at the residential and incorporation property, we have approximately BRL 4 billion in land bank. This puts us firmly in the two-digit range where we want to be.
Of course, we want to be in the high two digits, but it's one step after the other, of course. When we look at our capital structure, we see something very interesting. The company's capital structure shows that in terms of its liquidity and debt, we can see on the graph on the left with EZTEC Empreendimentos e Participações S.A., we have corporate debt of BRL 686 million. We are net cash in the holding. I must remind you that BRL 309 million is a significant volume of funds that is strongly due to payments that are occurring from these ventures that are already at the end of the cycle, at the delivery phase. Either I have the payments or withdrawals back to the holding that are occurring. Those BRL 309 million SDEs also pertain to the financing. We have roughly BRL 346 million of which concern directly the star towers.
We see that we are moving along very peacefully, very confidently in terms of our use of debt. This debt is highly competitive. The cost of debt for production is just under 9% per year. Our corporate debt in the ventures and CRIs are also performing well in terms of their government-mandated rates. We're very comfortable, very secure here. The administration actually proposes to increment dividends in the second quarter, a 25% increase, as we have done in many years, up to 50% in this semester. This is not a promise for future semesters, but it is an indication of our possibilities at the moment. This means BRL 66 million being distributed, approximately BRL 0.30 per share. This means the company will have distributed BRL 300 million over the past 12 months, responding to a BRL 500 million profit. Payment will occur on August 29, and the ex-dividend date on August 15.
This concludes our section on financial statements. Now we'll pass the floor to the President of the Board to give his initial consideration. Flavio?
Good morning, everyone. We are here with Samir Alcayar, Vice President of the Board, and Marcos , my brother, who is also a Board Member.
[Foreign language ]
It is a source of great pride for us because the strategy we have selected was very much on point. We're very happy with the result of this quarter. We have a clear strategy that Emilio has described for you, at least over the next 12 months. We believe that we will remain on this strategy, our strategy of improving performance and return on our equity. This is a strategy we've been aiming to establish ever since the end of the pandemic. Can we open for questions? All right. Pedro, please.
We now open the session for questions. We'll begin with sell-side analysts who cover the company following the pre-established order that you see on the screen, as long as the speaker has a raised hand function enabled. If time permitting, we'll also address questions submitted through the chat. If it's not possible to answer during the session, please send your questions through email to the contact listed on our IR website so our Investor Relations team can follow up with you. Our first question comes from Mr. Pedro Lobato from Bradesco. Pedro, you may proceed.
Good morning, everyone. Thanks for taking my question. First, I'd like to understand your first half of the year was very strong in terms of launches. Correct me if I'm wrong, but I believe this rhythm should continue along through the second half of the year. I'd like to see what you believe should be done in terms of directing sales force for this new vintage. Also, considering this considerable level after the deliveries, you've been doing great work selling this balance of finished inventory. I'd like to understand with you how you aim to balance all of this. The second question pertains to the land bank. This caught me by surprise, but I'd like to see if you've mapped any potential opportunities similar to this one and the magnitude thereof looking forward. Thank you.
I'll begin by describing what we see before us in the short term.
In practice, we have a launch for next week, Blue Marine, over BRL 370 million SOS. We had over 100 visits already. We believe we're going to have very strong leverage sales. As we implement the east phase of the launch, we're going to perform the next future launches. We're very comfortable in that. Something else I must make clear pertains to finished inventory. As Emilio mentioned, we have a BRL2 billion delivery now. During this delivery period, we normally perform the delivery, then we make the fund transfers. Some of that is linked to direct receivables. We don't push so intensely to turn over that inventory in the early stage. Remember, this is BRL 2 billion overall. Even the recent deliveries don't yet have the sales push dynamic. Marcos, do you want to add something?
Yes. In terms of sales, here at EZTEC, we have a large sales team.
In the incorporations phase, we quickly direct them to wherever they need to be to make those sales in specific one-off actions, such as Emilio mentioned, where we sold many apartments in partnership with Lindenberg. At the right moment, they direct the sales teams to wherever it's important for them to be. You can rest assured that even though we have many launches, performance should be similar to or even better than the first half of the year. Just to mention land banks, in practice, here's what happened. This land that we sold in Praia Grande, this is a plot that we purchased many years ago. At the time, we bought it very cheaply. Praia Grande is not part of our strategy, so we decided to divest. You asked if there's more on the pipeline, something that's very clear and objective for us.
We have many plots of land that we've signed partnerships with, with low-income companies. When we sign a partnership like that, very often they pay us for part of the plot, and then they perform the incorporation with My Home, My Life. Part of this volume that we sold and that we sell flows with partner companies. Emilio, do you want to add anything?
[Foreign language ] .
I agree with everything you said, and I can't mention ahead of time, but as it occurs, we are going to bring all of the relevant news to you. There's a lot that we have already signed and needs confirmation. There's always more on the pipeline, but it occurs gradually to bring us the best possible return on our investment. To emphasize what Marcos said, I'd like to remind you that sales is actually being transferred within our own building. Tech Vendas is one of the best real estate companies in São Paulo, and it receives support and investment from EZTEC to be a state-of-the-art real estate company. It is extremely well managed, and concretely, they have managed to respond to the company's needs when it comes to expansion of sales.
That's why I always say we need to take things step by step because we are gradually putting more and more strength into our launches. The real estate company responds at its own pace, but constantly and consistently, even in a challenging scenario that we're in right now. You can be confident in the Tech Vendas real estate company. Did we answer your question?
Pedro?
Pedro?
[Foreign language ]
Hi, sorry. Yes, you did. Thank you.
Thank you, Pedro. Have a great day. Our next question comes from BTG Pactual, from Gustavo. Gustavo, you may proceed.
[Foreign language ]
Good morning, everyone. I have a few questions as well. First, could you comment about the product mix on these launches? Flavio mentioned a bit about what you have in mind for the pipeline. I'd like to understand if there's anything from My Home, My Life, or do you have studios planned, or high-income vintages planned? Could you talk about the different segments? My next question pertains to dividend. Emilio presented the payout at roughly 50%. The company has generated cash in the quarter with a large volume of deliveries. Looking at the inventory, as Flavio mentioned, cash generation should actually grow over the coming 12 months. Do you have the plan to keep payout roughly around 50%? Could we even go beyond that? What is your take? What is your outlook for the coming 12 months? Thank you. Have a great day.
[Foreign language ]
All right. First, I'll talk about dividends, and then maybe we'll talk about the mix. On the topic of dividends.
[Foreign language ]
Aims to continue to pay something along the order of 50%, but this will be studied quarter by quarter. Based on the past few months' behavior, this is the level we're at today. We'll see if we have greater demand or not. We'll assess and take things as they come. I would say that the highest likelihood is that we'll stay at the 50% level. Emilio will talk about the product mix, and you'll see that it's very diverse.
Hi, Gustavo. Just to remind you, this is not guidance. This is only a direction of the capacity that the company has today. Talking about launches now. We are moving to have a half of the year that is firmly in line with EZTEC's style, which is middle class. What we have here varies from lower to upper middle class. We have a launch in Saúde, which is Blue Marine.
We have a launch scheduled for Mooca, another for São Caetano. We have another phase in our Osasco project. We have a project for smaller but very well-positioned apartments. I would say that it's smart living, as Pedro likes to mention, in the Chácara Santo Antônio region. On average, we're talking about many different apartments. In all, it's a large volume of apartments because the average size of each apartment is low, but focused on middle class, and in Osasco, specifically focused on My Home, My Life. Did we answer your question?
Yes, you did. Excellent. Thank you. Have a great day.
Thank you. Have a good day.
Thank you, Gustavo. We now have a question from Citi from Mr. André Mazzini. Mr. André, you may proceed.
Good morning, team. Thanks for the presentation and for taking my two questions. The first is about the profitability level.
It's very nice to see the ROE coming back into the double digits at 10%. What are your next steps that you perceive to keep the company at the double digits and also to keep growing at the ROE level? My second question is about real estate financing. There's a lot of news in the media talking about the lack of SDB and interest rates for people who need bank mortgages. What do you think about all of that? Given that, do you see a need to go back to using the direct receivables portfolio that you have used in the past?
Let me tell you one thing. Our decision to improve our return on equity is intensive. Basically, what Emilio said in terms of launch volume, our goal is to spend less money buying land and to consume our land bank.
That's one solution for me, which is largely in our site. Emilio can go into more details about the rates and the transfers. Remember, in the first quarter, sorry, in the first half of the year, we launched a CRI, and with the aim of keeping rates low, we said that if our clients had any issues, we would use our direct receivables portfolio. There was a growth in the direct receivables portfolio, but not at the level that we had expected. In addition, the bank transfers and payments were all done very adequately. Now, moving closer to the end of the year and the start of 2026, we're going to have a more intensive delivery schedule, and then we'll see how things behave. Remember, we do have cash to compensate for that.
Thank you, Flavio. Let me begin by talking about ROE. All right, André.
We are working on three separate fronts. The first is what you see. We've sold a plot of land. We applied the profits. That's one way of doing business. There's more occurring as well. Perhaps the most substantial of which is for us to sell part of a plot of land and receive part of return on our own operations. This is occurring in tandem. To give you one example, last year, we sold Rua Missionários along with COMIX. This launch was done precisely as I described. We sold half of the land to COMIX. They are running that My Home, My Life venture. When it comes to EZTEC's operations, we're increasing the volume of launches. We're working more intensely than we did in the past. That's another way through which we are aiming to increase our operations volume. The third point is for STEA Towers.
We are accelerating that construction to start working on the transfers, either by actually selling them or by renting them or preparing them for the clients. The goal is for these units to give us profit. In terms of housing financing, yes, they are rather low. We've seen conditions where banks begin financing at a given level. They see that they cannot fit enough clients, and the bank itself goes back, re-studies things, realizes they're going to lose business. They go back and start offering another rate slightly lower. This brings that level of success that Flavio mentioned. We have seen banks really working very hard to make those transfers. The bulk of that transfer is going to be BRL 2 billion that's going to come now. We see that banks, above all, want to make things happen. They don't want to lose direct receivables to us.
This has accelerated things, but again, we'll see what happens over the coming months.
André, did we answer your question?
Yes, you did. Thank you, Flavio, Emilio. Thanks, everyone.
Thank you, André. Have a great day.
Our next question comes from Goldman Sachs through Mr. Jorel. Jorel, you may proceed.
[Foreign language ]
Good morning, everyone. Thanks for taking my question. The first is about cash generation. We saw that there was cash burn in the first quarter. You generated cash in the second quarter. The first half is net in terms of cash. You mentioned you have many deliveries coming up now. I'd like to understand your vision, your perspective about cash generation for the second half of the year. If we could even go beyond and think about 2026, what do you think about that? My second question is more high level. I'd like to understand what you think about all the discussions we've been seeing in the paper about the real estate credit system that we see.
There was an article published today that there's going to be a discussion in the Brazilian Monetary Council talking about the end of poupança directions and the compulsory changes to incentivize funding from market instruments. Broadly, I'd like to understand how you perceive that. What do you think about all that? Do you think it's a net positive or negative? Do you think it could help or hinder? Thank you.
On the topic of poupança, here's what I can tell you. We do business with My Home, My Life. Primarily, we work in the middle and upper income tiers. We are completely against the change of guidance for poupança. No, poupança needs to be directed to real estate financing. We're opposed to any change. We've been working to, and we've been understanding that we want to promote the idea that housing is an intangible asset that makes people's lives improve.
We cannot lose that. We are staunchly opposed to that. We are hand in hand with FRAINC and SECOVI, and we've been working there actively. We believe that things should remain as they are today. That Emilio can add.
Thank you, Flavio. I'll work backwards and add to what you said about real estate financing and credit. ABRAIN has an extremely important role in a very focused fight for our real estate sector, and it has performed its mandate brilliantly over the past few years. This is a fight that is necessary because our sector basically survives thanks to real estate credit. These discussions, sometimes there's a bit of a disparity. When you look at the compulsory change, for instance, it goes against the very role of the central bank, whose role is to contain inflation to set interest rates.
What we want is for the economy's interest rates overall to drop because as they are today, it's not viable for us to think about a long-term plan for the sector at this level of interest. We believe the interest rate will drop because today banks already use LCIs or LIGs as additional instruments. The mean cost is going to drop as a result. Just to give you an idea, today we have banks that are already offering almost 14% plus TR. We've managed to transfer at 12% plus TR. These are very significant rates. We want these rates to drop consistently. There's no point in just releasing the compulsorio and have that last for just six months. We need that benefit to persist. This is what ABRAIN has been doing and promoting. In terms of generating cash, firstly, we want cash generation to take place.
We want to see cash being generated. We are and have been giving clear signs over time, unequivocal signs for our shareholders, about the fact that our commitment is to give shareholders return on investment. For two years now, more than two years, we've been paying dividends quarterly. Last year, we had an extraordinary payout of over BRL 150 million. At this moment, we increased payouts to 50%. We are sending messages to make no doubt that this is our commitment. Today, we cannot talk about adding to this or making changes to this policy before, in fact, everything I described occurs. This is a scenario that makes us cautious. We see the tariff effects occurring. We have the CPS, which is the tax reform that is now coming to effect in our sector. This is going to have an impact.
We don't yet know to what extent the banks are going to practice those transfers at those percentages. While the sea is still stormy and agitated, we can't make any more waves. We have made those that pay out of 50%, and that's what we have for now. Did I answer your question?
Yes. Thank you.
Thank you, Jorel.
Our next question comes from Itaú IDEA from Ms. Juliana Vega. Juliana, you may proceed.
Good morning, everyone. Thank you. I have two questions. First, I'd like to ask about the studio launch strategy. We've seen very much success. I'd like to get your opinion about the launch of studios moving forward. Is this going to remain a focus for the coming quarter? My second question is about Star Towers. What has the demand been like for renting those units or even reselling those units over the coming years? Thank you.
Studio launch. For the upcoming six months, I would say that we have some small-sized apartments with studios yet to be launched. I would say that it's no more than 20% or 25%. It's not more than 25%. Our strategy is highly focused on middle incomes. The apartments, such as the one we have in Osasco, São Caetano, we're looking at 50 to 80 square meter size apartments. That's where we're aiming at because we understand that this sector was very poorly serviced in the recent past. We had a lot of My Home, My Life which performed, and we also built a lot in upper income and extremely high income levels. Middle income and middle class have a challenge, which is the interest rate. The interest rate is very rough on the middle class. We understand that having a stark supply is also a problem.
Remember that while the building is being constructed, that middle class client is going to come in during construction. They have, on average, three years. That's going to be corrected by the INCC. INCC should hopefully remain in the 4.5% to 6% or 6.5% level. Whereas interest is very high. In the meantime, we hope that in two years from now, those interest rates will follow the curve you predict and move to 12% CBI rate, which is going to be more palatable for. We have Blue Marine that has some smaller apartments. Yes, but if you look at the average, those 25 square meter apartments are not most relevant. The middle-sized units are what composes the bulk of.
We believe that when we look at the credit analysis we perform with people, they are going to be, when it comes time to the transfer, they're going to be more comfortable financially than they are during the credit analysis phase. I want to mention that the company has been focusing and honing its skills more and more, because it's all about moving our product forward through the pipeline. The company has been moving forward this with, I'll call it the new Tech Vendas. They're more high-tech, they're more motivational. It's very important for real estate brokers to have a good mindset, because their job is based on dreams. The first client we need to sell these units to are the brokers, and we've been doing that. Did we answer your question, Juliana?
thank you very much.
Yes, you did. Thank you very much.
Thank you, Juliana. Have a great day.
Our next question comes from UBS, from Ms. Ana Júlia. Ana, you may proceed.
[Foreign language ]
I have a question about gross margin. Even excluding the sale of the Praia Grande land,
[Foreign language ]
The gross margin was at a very high level. Could you explore that in more depth? Can we expect similar results for the 2H25 and the 2H26, or a level that's more in line with the previous quarter? The next question is a follow-up about land purchases. In the release, you mentioned that you should take a different stance with regard to the purchases. For your pipeline in the 2025, 2026, and 2027 launches, are they all located already within the pipeline? What would make the company go back to purchasing land? Thank you.
Thank you, Ana, for your question. It's a pleasure to talk to you. Let's start with gross margin. I love this topic.
The first thing we need to highlight about the gross margin is we are currently at a year of deliveries, and engineering has been delivering us those constructions with some savings and other expected savings. Those savings have been included in our statements with the AVIPC for those ventures. What happens is, when we look at our finished inventory, those savings are firmly included. When you look at that horizontal line chart showing the performance for each year, you see the gross margin for each year. You can see that gross margin is growing quarter by quarter. This is an effect from the INCC, but it's also an effect that we were able to realize some savings in the deliveries that we are making. Whether that's going to persist, given that the savings are included, the ones I've brought in, that means that my finished inventory is going to persist.
The margin of finished inventory is growing, which is good. Secondly, there's a technical event that affects you. There's the adjustment to present value. Adjustment to present value is a pain point for us because when we launch a project, let's look at SP360, for instance. It sold very well. When we launched it, I needed to make that adjustment to present value. I set aside some of that revenue to reposition it back at the end. This means we're draining gross margin from the beginning of the project, and we add back the gross margin at the end of the project. EZTEC is in that phase. For many of these deliveries, we're recomposing the margin for those projects. On average, they are lacking part of the gross margin they should have. Often, when things get tighter, we take steps to counteract it.
We're at a significant level, at the high 30s, and tapping on the 40% level. This means that the company is firmly working on the backlog that it has demonstrated over the past few quarters. With regard to purchases, I wouldn't say we hit the brakes on purchases. No. For many years now, we have been making fewer purchases. I mentioned a couple, such as Ho Caetano in 2024. What do we see for purchases, for land purchases in 2025? I'm talking about EZTEC. That means we'll add to the pipeline a significant volume because it's valued at over BRL 3 billion. There's one or another project in partnership with Lindenberg in addition, and Lindenberg is working on developing those businesses. They're at work on their end. For us, I would say that above all, we will need to see whether or not the EZTEC land will be ratified.
That's going to set the tune for us moving forward. Ana, did we answer your question?
[Foreign language ]
Yes, you did. Thank you.
Thank you, Ana. Our next question comes from XP through Ruan Argenton. Ruan, you may proceed.
[Foreign language ]
Hi, folks. Good morning.
[Foreign language ]
Thanks. I have just two questions.
[Foreign language ]
First, I'd like to get some more detail about the high-income scenario. You mentioned extensively that you're focused on the mid-income here, especially for the second half. Last year, we saw you were highly focused on high-income partnerships and trying to explore things with Lindenberg in that segment. I'd like to see what your strategy is for high-income moving forward.
[Foreign language ]
Strategy of perhaps turning over those sales more intensely. Is it perhaps due to the size of high-income moving forward? Do you think the market is above offer? Is it an oversupply? For high-income, could you mention the performance for the more iconic high-income projects you have in inventory? That would be great too. My second question is about credit. You mentioned credits for people, yes, but also about companies.
[Foreign language ]
Where do you see the origination cost for that credit? Today, the credit is rather attractive in terms of rates, as you mentioned. What do you see about the origination cost for upcoming projects? Do you perhaps consider other funding sources for production moving forward? Are you going to persist with the more traditional financing sources?
On the topic of high-income, we've allowed them to develop those upper-income projects. Of course, we may come to acquire that extra land. It's a mid to high-income plot of land. Each different plot of land has a different strategy. When I talk about the strategy that we have for our mid-income and some partnerships for low-income properties, those are the third and fourth quarter projects we see. We didn't abandon high-income. We're just not so focused on that in the short term. I mean, Lindenberg is one of our arms for high-income.
We're not going to close our eyes to upper-income at all. I'll mention upper-income first, and then I'll talk about credit for companies. First, the second quarter, the Galeria EZTEC Lindenberg project really bore fruit. We sold four units at Park Avenue. These are apartments valued at over BRL 10 million, BRL4 million a meter. The Iberafuera project, we've sold over 70%. That's our project on 23 de Mayo with 81 units on the order of BRL 7 million. We sold 8 units in the second quarter. Upper-income does have competition. This means that buyers, the final client, generally, they make a purchase when they can see something on the horizon. Park Avenue is finished. We'll deliver it in 2025. Lindenberg will deliver it in very early 2026. When I look at our launches, it's going to sell at the right time because it's a very beautifully created project of ours.
I'm very proud of it. It's a project in execution that surpasses three years, almost four years. We need to be a little patient because that's the speed of sales for upper-income projects. Lindenberg has some spectacular launches to be implemented. We want them to do very well because we own 47% of that. Of course, half of the result is ours. On the topic of company credits, to answer your question, no, we are not currently investigating other funding sources for PJ, for companies. Even though credit has become more expensive and has grown more expensive over the past few years, we have managed to obtain some competitive alternatives with banks, and we are persisting with company financing with banks. Of course, banks are trying to use their LCIs as a baseline for prices for the credits that they offer.
That is why I say we need to, what we need to try to do is to focus on keeping that interest margin down. This will help us in both people and companies, PF and PJ. All right. Thank you. Juan, did we answer your question?
Yes. Yes, you did. Thank you. Have a great weekend.
Thank you, Juan. Our next question is from Bank of America through Ms. Carla Graça. Carla, you may proceed.
[Foreign language ]
Good morning, everyone. Thanks for the presentation and thanks for taking my question. First, I'd like to ask a follow-up on [Starfower]. We saw some very positive numbers for vacancies in São Paulo offices. Could you give us updates on what rentals are like and what vacancies? Now that we are closer to the launches, some time has passed. What about rent prices? Is it something that's unique in the region? What about mid-income performance? What do you expect to see in terms of net SOS or gross margin?
In regard to Esther Towers, we cannot disclose who any potential interested parties are. We do have a list. The fact is that the cost of rent is much lower than what we expected, what we hoped, what we wish. We're currently anchoring that, and later on, we'll improve that average cost.
We do have demand for almost the whole building, but it still requires a whole range of negotiations. I believe it's going to be maybe something like 40%. Don't quote me on that. This is the reality at the moment. We need to keep our feet firmly on the ground. I mentioned previously, we're changing our posture and our mindset when it comes to our expectations in terms of SOS.
As Flavio mentioned, what we expect for SOS up until six months is much higher than what we expected before because we no longer have the same intention to retain inventory to realize in the future as we did in the past. Yes, our goal is to raise the company's operating level with all the confidence that EZTEC can perform. That means selling more, perhaps selling more at a slightly lower gross margin.
We do want to make the company reach a new operating level. This means that the company's goal is to bring those clients into our house. Then we will adjust those accounts receivable over time to work on profit down the road. What we expect is to see the same performance at least as we've seen in Moved Osasco. We had spectacular performance in Vilares, Parada Inglesa, that we launched last year. It was launched in the fourth quarter, and we already have a significant percentage of sales, 80%. We are working at higher levels than historically, delivering some more sales with a slightly reduced gross margin. Did I answer your question?
Yes, you did. Thank you. Have a great day.
Thank you. Have a great day.
Gentlemen, since we have gone over time for our webcast, and we have answered all the sell-side analysts that cover the company, I'll pass the floor to our directors for final remarks. Please remember that remaining questions can be submitted through our email at the ir.eztech.com.br website. I would like to thank you all for joining us. I hope we have met your expectations for these questions. Remember that Emilio and Pedro are available to answer your questions and talk to you. Marcos and Samir are also available if they have anything more to add.
I would like to say that I'm very, very satisfied to keep, very happy to keep improving EZTEC. It's always been a very efficient company. Thank you. I would also like to remind you that EZTEC is increasingly better, but we can always get even better and better. We've accomplished so much.
I remember my dad, he always said we could do things better than we have been doing. I'm sure we're going to continue improving. Nevertheless, kudos for the results.
Thank you, Marcos. Thank you all for joining us and for taking part in our webcast with your questions. We remain at your disposal. Have a great day, everyone. Thank you. Thank you all for joining us. Have a great Father's Day here in Brazil. A great weekend. This concludes our webcast. Please check out our material on our website. Thank you all for joining us. Take care, everyone.