Construtora Tenda (TEND3) Q4 2025 earnings summary

Executive summary

• Achieved record launches and sales in 2025, with consolidated net revenue of R$4.2 billion and net income of R$505.7 million, up 375.2% year-over-year, driven by strong operational execution in the core segment.

• Tenda segment delivered robust results, surpassing R$500 million in net income, achieving a 45% ROCE, and concreted 20,000 units in 2025.

• Alea segment underwent operational reset, incurring R$99 million in extraordinary costs, but significantly reduced cash consumption and focused on stabilization.

• Interim dividends of R$150 million were distributed based on 2025 net income, with additional share buybacks and capital distributions totaling R$84.4 million.

• Executive board reorganization and sustainability certifications were key developments to enhance efficiency and ESG profile.

Financial highlights

• Adjusted gross profit reached R$1.34 billion in 2025, with a consolidated gross margin of 31.7% and adjusted gross margin for Tenda at 37.4% in 4Q25.

• Adjusted EBITDA for Tenda annualized to R$941.5 million in 4Q25, with consolidated adjusted EBITDA at R$686.1 million for 2025.

• Net cash generation in 4Q25 was R$25.6 million, excluding share buyback and dividends; operational cash generation for 2025 totaled R$89.6 million.

• Net corporate debt/equity ratio improved to -4.6% at year-end, with total debt at R$1.31 billion and average debt cost of 13.81% per year.

• Earnings per share (LTM) reached R$4.13, up 377.2% year-over-year.

Outlook and guidance

• 2026 guidance: Tenda adjusted EBITDA between R$950–1,050 million, net pre-sales R$5.0–5.5 billion; Alea adjusted EBITDA between -R$70 and -R$50 million, net pre-sales R$350–450 million.

• Consolidated net income guidance for 2026 is R$520–600 million.

• Alea's 2026 objective is to minimize financial materiality, targeting cash consumption below 1.5% of consolidated revenue.