Construtora Tenda (TEND3) Q2 2026 earnings summary

Executive summary

• Achieved record consolidated net revenue of R$2,474.9 million in H1 2026, up from R$1,856.7 million year-over-year, with net profit at R$352.3 million compared to R$281.8 million in H1 2025.

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

• Adjusted gross profit reached R$860.7 million, with gross margin improving to 34.8% in H1 2026.

• Consolidated net income was R$179.1 million in 2Q26, with LTM ROE at 42.6%.

• The company operates in on-site and off-site segments, with on-site contributing the majority of revenue and profit.

Financial highlights

• Average gross sales price rose to R$241.8 thousand, up 10.9% year-over-year and 3.2% sequentially.

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

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

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

• Basic earnings per share for H1 2026 were R$2.8741, up from R$2.3574 in H1 2025.

Outlook and guidance

• 2026 guidance revised upward: Adjusted EBITDA for Tenda segment now R$1,100–1,200 million, net pre-sales guidance for Tenda raised to R$5.5–6.0 billion, 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.

• Management continues to monitor economic conditions and maintains compliance with financial covenants.