Even Construtora e Incorporadora (EVEN3) Q1 2025 earnings summary

Executive summary

• Comprehensive net income was R$81m, including R$27m from an equity-stake sale recognized directly in equity; consolidated net income was R$67.1m, with R$53.9m attributable to shareholders.

• Operating cash generation reached R$166.4m in Q1 2025; cash and financial investments totaled R$867m at quarter-end.

• No projects launched in Q1; inventory sales were R$246m, up 16% QoQ, and one project delivered 454 units with R$322m PSV.

Financial highlights

• Net revenue was R$337.3m versus R$404.5m in Q1 2024; gross profit was R$78.8m versus R$106.3m.

• Adjusted gross margin was 29.4%; REF and inventory margins were 30.9% and 33.1%, respectively.

• Consolidated operating cash flow was R$62.0m, versus cash use of R$108.3m in Q1 2024 on a restated comparison basis.

• Basic and diluted EPS were R$0.08, versus R$0.32 in Q1 2024.

Outlook and guidance

• Focus remains on high-end residential projects in São Paulo, with management citing potential for margin growth and continued cash generation.

• Estimated deliveries for the next 12 months are 1,800 units; planned launches include Casa Madalena, São Paulo Bay, and Melo Alves.

• Land acquisition remains cautious and opportunistic, with disciplined cash allocation and flexibility for future leverage.