Even Construtora e Incorporadora (EVEN3) Q1 2026 earnings summary

Executive summary

• Net sales from inventory reached R$252m, up 3% YoY, with 7% SoS and no launches in Q1; 529 units were delivered with R$468m in PSV.

• Five land parcels or phases were acquired, with R$2.1bn potential VGV; land bank totaled R$9.1bn VGV, including R$5.6bn attributable to Even.

• Comprehensive net income was R$47m, including a R$14.2m gain from equity-stake transactions recognized directly in equity.

• Inventory market value was R$3.3bn, with 89% in high-end and luxury segments and 9.2% completed.

Financial highlights

• Net revenue was R$330.2m versus R$337.3m in Q1 2025; gross profit increased to R$84.5m from R$78.8m.

• Adjusted gross margin rose 6.2 p.p. YoY to 35.6%; backlog margin was 38.7% and inventory margin 33.1%.

• Consolidated net income was R$41.9m versus R$67.1m; earnings attributable to shareholders were R$32.5m versus R$53.9m.

• LTM ROE was 12.1%.

• Operating cash burn was R$56m; consolidated operating cash flow was negative R$78.5m, including a R$96.1m outflow from inventory variation.

Outlook and guidance

• Renato 410 and Janô, two high-end projects in Itaim, were being prepared for Q2 2026 launch.

• Land bank was positioned in prime São Paulo neighborhoods, with 84% in luxury/high-end; annual launches of R$2–2.5bn were supported over the next two to three years.

• Receivables totaled R$3.0bn and were inflation-indexed, providing protection against cost fluctuations.

• Strategy remained focused on high-end and luxury projects, with no intention to enter the affordable segment.