Construtora Tenda (TEND3) Q3 2025 earnings summary

Executive summary

• Achieved record consolidated net revenue of R$1,135.4 million in 3Q25, with adjusted gross profit of R$355.2 million and adjusted EBITDA of R$187.0 million, reflecting strong year-over-year and sequential growth.

• Net income rose 46.6% year-over-year to R$111.7 million, with LTM net income at R$422.4 million and return on equity surpassing 38%.

• Operational cash generation was R$157.1 million, with net cash generation of R$77.2 million after capital actions, and corporate net debt/equity ratio improved to -15%.

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

• Launched 14 projects totaling R$1,562.9 million in PSV, with net pre-sales reaching R$1,232.7 million.

Financial highlights

• Net revenue increased 24.5% year-over-year and 14.5% sequentially, with adjusted gross margin in the Tenda segment at 36.4%.

• Adjusted EBITDA margin was 16.5%, and backlog margin (ex-Pode Entrar) reached 40.0%.

• Operational cash generation reached R$157.1 million in the quarter, with recurring cash generation (excluding non-recurring items) at R$72 million.

• Alea segment reported negative adjusted gross margin due to restructuring and verticalization transition.

• 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).

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%.

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

• Consolidated net income guidance: R$360–400 million (excluding swap gains), with swap-adjusted profit potentially reaching R$500 million.

• Alea's verticalization to reach 100% by 2026 and cash breakeven by 2027; margin improvement expected from 2026 onward.

• Expecting Q4 launches above R$2 billion, with full-year 2025 launches targeted at R$6 billion.