Construtora Tenda (TEND3) Q2 2026 earnings summary

Executive summary

• Achieved record launches of 17 projects totaling R$1,766.4 million, up 59.1% year-over-year and 20.8% sequentially.

• Net revenue reached a record R$1,290.0 million in 2Q26, up 30.1% year-over-year and 8.9% sequentially.

• Consolidated net income was R$179.1 million, with LTM ROE at 42.6%.

• Landbank expanded to R$33.8 billion in PSV, up 29.3% year-over-year.

• Entered the first preview of Ibovespa for the last four-month period of the year.

Financial highlights

• Adjusted gross margin in the Tenda segment reached 40.4%, up 3.9 p.p. year-over-year and 1.8 p.p. sequentially (ex-Pode Entrar).

• Net pre-sales increased 17.2% year-over-year to R$1,402 million.

• Consolidated adjusted EBITDA for Tenda segment reached R$299.8 million, up 57.8% year-over-year.

• Net margin for the quarter was 13.9% on a consolidated basis.

• Total cash generation was R$78.3 million, excluding share buybacks.

Outlook and guidance

• Revised 2026 guidance: net pre-sales for Tenda raised to R$5.5–6.0 billion, adjusted EBITDA for Tenda segment now R$1,100–1,200 million, and consolidated net income (ex-SWAP) guidance increased to R$600–660 million.

• No revision to Alea net pre-sales or cash flow guidance; Alea adjusted EBITDA midpoint decreased by R$20 million.

• Alea's operating cash consumption expected within R$60–80 million for the year.