Even Construtora e Incorporadora (EVEN3) Q2 2025 earnings summary

Executive summary

• Q2 launches totaled R$1.0bn in PSV, including Casa Madalena and Faena Hotel; net sales were R$737m, with R$442m attributable share.

• Q2 net income attributable to controlling shareholders was R$48.9m; 6M25 comprehensive net income was R$130m and annualized ROE was 13.7%.

• Adjusted operating cash generation was R$67m in Q2, R$234m in H1 and R$563m LTM; quarter-end net debt was 9% of equity.

• Inventory was R$2.933bn, with 12% completed and 77% of under-construction inventory scheduled for delivery from 2027 onward.

• Land bank totaled R$4.6bn in PSV, including R$3.2bn attributable share across 19 projects, concentrated in prime São Paulo neighborhoods.

Financial highlights

• Consolidated Q2 net revenue was R$569.8m versus R$922.7m year over year; gross profit was R$110.1m versus R$190.4m.

• Q2 adjusted gross margin was 23.8%, or 29.8% excluding the atypical Faena Hotel sale.

• 6M25 net revenue was R$907.1m versus R$1.327bn in 6M24; net income was R$126.5m versus R$165.6m.

• 6M25 comprehensive net income was R$130m, including equity-stake sale effects recognized directly in equity; annualized ROE was 13.7%.

• Consolidated Q2 operating cash flow was R$173.3m; adjusted operating cash generation was R$67m for Q2 and R$234m for H1.

Outlook and guidance

• Planned second-half launches include São Paulo Bay and Plenitude Melo Alves in Jardins.

• Estimated deliveries for the next 12 months total R$1.5bn; 1,500 units are also scheduled for delivery.

• Focus remains on high-end São Paulo developments, with management citing margin expansion potential and opportunities for land acquisitions and partnerships.