Even Construtora e Incorporadora (EVEN3) Q2 2025 earnings summary

Executive summary

• Launched BRL 1 billion in projects in 2Q25, including Casa Madalena (BRL 684–687 million PSV) and Hotel Faena (BRL 356 million PSV, 100% sold), both high-end São Paulo developments.

• Net income for 2Q25 was BRL 49 million; comprehensive net income for 6M25 was BRL 130 million, up 3% year-over-year, with annualized ROE at 13.7%.

• Net sales reached BRL 442 million (Even share) in Q2, with realized net revenue for the half year at BRL 907 million, down 32% year-over-year.

• Inventory stands at BRL 2.9 billion, mainly high-end/luxury, with only 12% as finished units and 77% of under-construction inventory to be delivered from 2027 onward.

• Land bank comprises 19 lots/phases, totaling BRL 3.2 billion in PSV, concentrated in prime São Paulo neighborhoods.

Financial highlights

• Adjusted gross margin was 25.9% (29.6–29.8% excluding Hotel Faena sale); net margin for 2Q25 was 10.4%.

• Net income for the quarter was BRL 49 million; YTD net income is BRL 130 million.

• Operating cash generation was BRL 67 million in Q2, BRL 234 million YTD, and BRL 563 million over the last 12 months.

• Cash position at quarter-end was BRL 923 million; net debt at BRL 202 million, representing 9.3% of equity.

• Net revenue for 2Q25 was BRL 570 million, up 68.9% sequentially but down 38.3% year-over-year.

Outlook and guidance

• Preparing special launches for next quarter, including São Paulo Bay and Plenitude Melo Alves, totaling over BRL 1.5 billion in PSV.

• Estimated deliveries of BRL 1.5 billion in the next 12 months, with approximately 1,500 units.

• Management expects continued margin expansion and sees growth potential in the high-end segment.

• Monitoring inflation, interest rates, and credit conditions; sees opportunities for land acquisition and partnerships in a restrictive capital environment.