Construtora Tenda (TEND3) Corporate presentation summary

Market position and demand

• Third-largest homebuilder in Brazil; largest focused on MCMV bracket 1, with operations across nine metropolitan regions.

• Focus on MCMV brackets 1 and 2; these segments are viewed as less exposed to potential FGTS funding cuts.

• April 2026 MCMV revisions raised income caps for brackets 1–4 and property-price caps for brackets 3 and 4, expanding the eligible market.

• Brazil’s construction launches rose 10.6% in 2025; MCMV launches grew 13.5%, while sales in the program increased 15.9%.

Turnaround and financial position

• Tenda brand achieved 45% ROCE in 2025, meeting its target through disciplined execution, expense control and margin management.

• LTM adjusted gross margin, excluding Pode Entrar, reached 37.4% in 1Q26, up 21.4 p.p. from 1Q22.

• Net debt was R$324.9 million at 1Q26; net debt to equity, including minority interests, was 23.9%.

• Dividends resumed after three years without distributions; R$100 million was paid on January 7, 2026, related to FY2025.

2026 outlook and tax reform

• 2026 guidance: net presales of R$5.0–5.5 billion and EBITDA of R$950 million–R$1.05 billion.

• Full tax-reform implementation is expected to add 4.0 p.p. to Tenda’s net margin and 5.0 p.p. to Alea’s.

• The 2026 FGTS budget allocates R$144.5 billion to housing; 80% of the FGTS budget is allocated to housing.