Construtora Tenda (TEND3) Q4 2025 earnings summary

Executive summary

• Achieved record launches of R$5.4 billion in 2025, up 16.7% year-over-year, and net pre-sales of R$4.7 billion, up 18.8% year-over-year, excluding Pode Entrar in 2024.

• Achieved record consolidated net revenue of R$1,181.3 million in 4Q25, up 38.9% year-over-year, driven by strong launches and sales volume.

• Consolidated net income reached R$505.7 million in 2025, with a 256.2% increase in 4Q25 versus 4Q24 and up 375.2% year-over-year.

• Tenda segment surpassed R$500 million in net income, achieved a 45% ROCE, and concreted 20,000 units in 2025.

• Alea segment underwent operational reset, incurring R$99.0 million in extraordinary costs for the year, but reduced cash consumption significantly.

Financial highlights

• 4Q25 consolidated net income (ex-swap) was R$116.4 million, up 13.5% from 3Q25 and 256.2% from 4Q24.

• Adjusted gross margin for Tenda reached 37.4% in 4Q25; Alea's adjusted gross margin was -29.4%.

• Adjusted EBITDA for Tenda annualized to R$941.5 million in 4Q25, with 4Q25 adjusted EBITDA at R$235.4 million, up 59.6% year-over-year.

• Net cash generation in 4Q25 was R$25.6 million, excluding share buyback and dividends.

• Net corporate debt/equity ratio stood at 24% at year-end, with an average debt cost of 13.81% per year.

Outlook and guidance

• 2025 guidance for Tenda: adjusted gross margin between 36.0% and 37.0%, net pre-sales between R$4.1 and R$4.3 billion; both targets achieved.

• 2026 guidance for Tenda: adjusted EBITDA between R$950.0 million and R$1,050.0 million; net pre-sales between R$5,000.0 million and R$5,500.0 million.

• Alea underperformed 2025 guidance, with net pre-sales of R$499.4 million and adjusted gross margin of -5.1%.

• Alea 2026 guidance: adjusted EBITDA between R$-70.0 million and R$-50.0 million; net pre-sales between R$350.0 million and R$450.0 million.

• Consolidated net income guidance for 2026: R$520.0 million to R$600.0 million.