Construtora Tenda (TEND3) Q1 2026 earnings summary

Executive summary

• Achieved record consolidated net revenue of R$1,184.8 million in 1Q26, up 36.9% year-over-year, driven by strong launches and sales volume.

• Consolidated net income reached R$183.4 million, up 114.5% year-over-year, with Tenda segment net income at R$185.0 million.

• Tenda segment posted record adjusted EBITDA of R$283.5 million, exceeding annual guidance and indicating strong profitability.

• Operational turnaround evidenced by highest-ever backlog margin of 42.2% and robust cash generation.

• Operational cash generation totaled R$112.2 million, with negative corporate net leverage at -4.6%.

Financial highlights

• Adjusted gross profit reached R$420.7 million, up 44.6% year-over-year; adjusted gross margin at 35.5% (38.5% for Tenda segment).

• Consolidated adjusted EBITDA was R$256.7 million, up 67.9% year-over-year; margin rose to 21.7%.

• Net income margin improved to 15.5% from 8.9% in 4Q25.

• ROE (LTM) reached 49.4%.

• Net debt stood at R$324.9 million, with a net debt/equity ratio of -4.6%.

Outlook and guidance

• Annualized Tenda segment EBITDA already exceeds the upper end of 2026 guidance (R$950–1,050 million).

• Alea's annualized cash consumption is trending below the minimum guidance range.

• 1Q26 net pre-sales and adjusted EBITDA reached over 28% of the lower limit of 2026 guidance.

• Management expects minimal impact from construction cost inflation due to improved controls and conservative provisioning.