Direcional Engenharia S A : 1Q22 Financial Statements

Quarterly Information (ITR)

Direcional Engenharia S.A.

March 31, 2022

with Independent Auditor's Review Report

Direcional Engenharia S.A.

Interim financial information

March 31, 2022

Contents

Independent auditor's review report on interim financial information	1
Audited financial statements
Statements of financial position	4
Statements of profit or loss	6
Statements of comprehensive income (loss)	7
Statements of changes in equity	8
Statements of cash flows	9
Statements of value added	11
Notes to interim financial information	12

Edifício Phelps Offices Towers Rua Antônio de Albuquerque, 156 11º andar - Savassi

30112-010 - Belo Horizonte - MG - Brasil

Tel: [phone]

Fax:[phone] ey.com.br

A free translation from Portuguese into English of Independent Auditor's Review Report on individual and consolidated quarterly information prepared in Brazilian currency in accordance Brazilian Accounting Standard NBC TG 21 - Interim Financial Reporting and with IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), applicable to Brazilian real estate development entities registered with the Brazilian Securities and Exchange Commission (CVM)

Independent auditor's review report on quarterly information

Shareholders, Board of Directors and Officers

Direcional Engenharia S.A.

Belo Horizonte - MG

Introduction

We have reviewed the accompanying individual and consolidated interim financial information, contained in the Quarterly Information Form (ITR) of Direcional Engenharia S.A. for the quarter ended March 31, 2022, comprising the statement of financial position as of March 31, 2022 and the related statements of profit or loss, of comprehensive income, of changes in equity and of cash flows for the three-month period then ended, including the explanatory notes.

Management is responsible for preparation of the individual and consolidated interim financial information in accordance with Accounting Pronouncement NBC TG 21 - Interim Financial Reporting, and IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), applicable to Brazilian real estate development entities registered with the Brazilian Securities and Exchange Commission (CVM), as well as for the fair presentation of this information in conformity with the rules issued by the CVM applicable to the preparation of the Quarterly Information Form (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Review Engagements (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with auditing standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

1

Uma empresa-membro da Ernst & Young Global Limited

Conclusion on the individual and consolidated interim financial information prepared in accordance with accounting practices adopted in Brazil and with the International Financial Reporting Standards (IFRS) applicable to Brazilian real estate development entities registered with the CVM

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the quarterly information referred to above are not prepared, in all material aspects, in accordance with NBC TG 21 and IAS 34 applicable to Brazilian real estate development entities registered with the CVM, and presented consistently with the rules issued by the CVM applicable to Quarterly Information (ITR).

Emphasis of matter

Revenue recognition in purchase and sale contracts for real estate units under construction

As described in Note 2, the individual and consolidated interim financial information contained in the Quarterly Information Form (ITR) was prepared in accordance with NBC TG 21 and IAS 34, applicable to Brazilian real estate development entities registered with the CVM. Accordingly, the determination of the accounting policy adopted by the Company for recognition of revenue in contracts for the purchase and sale of real estate units under construction, on the aspects related to transfer of control, follows the Company management's understanding as to application of NBC TG 47, aligned with CVM's determination expressed in CVM/SNC/SEP Memorandum Circular No. 02/2018. Our conclusion is not qualified in respect of this matter.

2

Other matters

Statements of value added

The quarterly information referred to above includes the individual and consolidated Statements of Value Added (SVA) for the three-month period ended March 31, 2022, prepared under the responsibility of Company management and presented as supplementary information for IAS 34 purposes applicable to Brazilian real estate development entities registered with the CVM. These statements have been subject to review procedures performed in conjunction with the review of quarterly information, to conclude whether they are prepared consistently with the interim financial information and accounting records, as applicable, and whether their form and content are in accordance with the criteria defined in NBC TG 09 - Statements of Value Added. Based on our review, nothing has come to our attention that causes us to believe that these statements of value added were not prepared, in all material respects, in accordance with the criteria set forth by this Standard and consistently with the individual and consolidated interim financial information taken as a whole.

Belo Horizonte, May 05, 2022.

ERNST & YOUNG

Auditores Independentes S.S.

CRC-2SP015199/O-6

Rogério Xavier Magalhães

Accountant CRC-1MG080613/O-1

3