Construtora Tenda (TEND3) Q3 2025 earnings summary

Executive summary

• Achieved record consolidated net revenue of R$1,135.4 million in 3Q25, up 24.5% year-over-year and 14.5% sequentially, driven by strong launches and sales volumes.

• Consolidated net income reached R$111.7 million in 3Q25, a 46.6% increase year-over-year, with LTM net income at R$422.4 million and ROE of 38.9%.

• Operational cash generation was R$157.1 million, with net cash generation of R$77.2 million after adjusting for share buybacks and capital increases.

• Corporate net debt/equity ratio improved to -15%, reflecting robust cash flow and capital structure.

• Completed R$300 million debenture issuance, securing funding needs through 2026.

Financial highlights

• Adjusted gross profit reached R$355.2 million in 3Q25, up 21.0% year-over-year; adjusted EBITDA hit a record R$187.0 million, up 24.0% year-over-year.

• Adjusted gross margin in the Tenda segment reached 36.4% in 3Q25; consolidated adjusted gross margin was 31.3%.

• Tenda segment net revenue was R$1,039.9 million (+24.2% YoY); Alea segment net revenue was R$95.5 million (+27.7% YoY).

• Return on equity (ROE) LTM reached 38.9%; ROCE (LTM) at 29.7%.

• Cash and equivalents at R$164.6 million; total liquidity (including investments) at R$916.9 million.

Outlook and guidance

• 2025 guidance: Adjusted gross margin for Tenda segment between 36.0% and 37.0%; Alea segment between 6.0% and 10.0%.

• Consolidated net income guidance for 2025 is R$360–400 million (excluding swap results).

• Tenda expects to reach the lower end of profit guidance if 3Q25 results are repeated in 4Q25.

• Alea's verticalization to reach 100% by 2026 and cash breakeven by 2027.

• Net pre-sales guidance: Tenda R$4,100–4,300 million; Alea R$700–800 million.