Construtora Tenda (TEND3) Q2 2025 earnings summary

Executive summary

• Achieved record consolidated net income of R$203.9 million in 2Q25, with LTM net income at R$386.8 million and ROE of 37.8%.

• Consolidated net revenue reached R$991.5 million in 2Q25, up 27.6% year-over-year, driven by strong launches and sales volumes.

• Strategic acceleration in sales volume, especially in the Tenda segment, led to an upward revision of sales guidance.

• Interim dividend of R$50 million approved, payable December 30, 2025, reflecting confidence in ongoing cash generation.

• S&P upgraded credit rating from 'brA-' to 'brA+' with a stable outlook.

Financial highlights

• Adjusted gross profit reached R$317.5 million, up 38.8% year-over-year; adjusted gross margin (Tenda segment) at 36.5%, a 5.0 p.p. improvement.

• Consolidated quarterly EBITDA hit a record R$166.9 million, up 70.2% year-over-year.

• Project backlog margin (ex-Pode Entrar) at 40.5%, up 2.6 p.p. year-over-year.

• Corporate net debt/equity ratio at -4.1%.

• Four non-recurring effects impacted cash flow: Caixa rule change, Alea's cash consumption, Pode Entrar project, and share buyback.

Outlook and guidance

• Net pre-sales guidance for Tenda revised to R$4.1–4.3 billion (up 8% at midpoint); adjusted gross margin guidance raised to 36–37%.

• Alea segment gross margin guidance revised down to 6–10% (from 20–24%) due to operational refocus; net pre-sales guidance unchanged at R$700–800 million.

• Consolidated net income guidance unified at R$360–400 million for 2025, excluding SWAP results.

• Expectation for improved cash generation in 2025 as non-recurring effects subside and Pode Entrar project turns positive.

• Alea expected to reach break-even in 2026, with cash burn decreasing each quarter.