Construtora Tenda (TEND3) Q3 2026 earnings summary

Executive summary

• 3Q26 revenue rose 10.5% YoY to R$1,254.1 million; adjusted gross profit increased 14.8% to R$407.6 million.

• 11 launches excluding Pode Entrar totaled a record third-quarter R$1,522.6 million; average unit price was R$271.5 thousand, up 15.9% YoY.

• 3Q26 net income excluding swap and SOP was R$117.9 million; total cash generation was R$44.9 million, or R$89.7 million excluding delayed Pode Entrar installments.

Financial highlights

• 9M26 consolidated net revenue was R$3,728.946 million, up 24.6% YoY; reported gross profit was R$1,249.765 million.

• 9M26 adjusted gross profit was R$1,309.6 million, up 35.9%; adjusted EBITDA was R$739.7 million, up 45.9%.

• Consolidated net income excluding swap was R$106.4 million in 3Q26 and R$419.9 million in 9M26; excluding swap and SOP, 9M net income was R$464.3 million.

• Consolidated adjusted gross margin was 32.5%, down 4.8 p.p. QoQ; excluding Pode Entrar and other items, it was 32.7%.

Outlook and guidance

• FY26 adjusted EBITDA guidance: Tenda segment R$1,100–1,200 million; Alea segment -R$90 to -R$70 million.

• FY26 net pre-sales guidance: Tenda R$5,500–6,000 million and Alea R$350–450 million; FY26 consolidated net income guidance excluding swap is R$600–660 million.

• Priorities include cash generation and deleveraging, gradual price recovery, factory stabilization, disciplined credit and collections, and growth aligned with profitability.