Construtora Tenda (TEND3) Q2 2025 earnings summary

Executive summary

• Consolidated net revenue reached R$991.5 million in 2Q25, up 27.6% year-over-year and 14.6% sequentially, driven by strong launches and sales volumes.

• 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%.

• Record consolidated EBITDA of R$166.9 million, up 70.2% year-over-year.

• Launched 10 developments totaling R$1,110.0 million, up 21.4% sequentially and 18.1% year-over-year; net pre-sales reached R$1,196.0 million, up 17.4% year-over-year.

• Interim dividends of R$50 million approved, to be paid December 30, 2025.

Financial highlights

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

• Tenda segment: net revenue R$892.3 million (+26.6% YoY), adjusted gross margin 36.5%, net income R$229.9 million (+855.2% YoY).

• Alea segment: net revenue R$99.2 million (+28.4% YoY), adjusted gross margin 4.5% (down 5.3 p.p. YoY), net loss R$26.0 million.

• Consolidated net margin at 20.6% in 2Q25, up 10.7 p.p. YoY.

• Corporate net debt/equity ratio at -4.1%; total net debt/equity at 26.3%.

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.