Construtora Tenda (TEND3) Q1 2026 earnings summary

Executive summary

• Achieved record net pre-sales of R$1.5 billion in 1Q26, a 41% increase year-over-year.

• Consolidated net income reached R$183.4 million, up 114.5% year-over-year, with a 49% ROE on an LTM basis.

• Achieved record consolidated net revenue of R$1,184.8 million in 1Q26, up 36.9% year-over-year.

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

• Alea's cash consumption dropped 72% year-over-year, with annualized burn below guidance.

Financial highlights

• Adjusted gross margin for Tenda reached 38.5% in 1Q26.

• Annualized adjusted EBITDA for 1Q26 was R$1,134.1 million, exceeding 2026 guidance.

• Net income for Tenda brand (ex-SWAP) was R$185.0 million in 1Q26.

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

• Adjusted gross profit reached R$420.7 million, up 44.6% year-over-year; consolidated adjusted EBITDA margin at 21.7%.

Outlook and guidance

• 1Q26 net pre-sales reached 28.6% of the lower limit of 2026 guidance.

• Adjusted EBITDA in 1Q26 reached 29.8% of the lower limit of 2026 guidance.

• Net income in 1Q26 reached 30.4% of the lower limit of 2026 guidance.

• Annualized Tenda segment EBITDA already exceeds the upper end of 2026 guidance.

• Alea's net pre-sales and adjusted EBITDA also tracking above 30% of annual guidance.