Even Construtora e Incorporadora (EVEN3) Q2 2026 earnings summary

Executive summary

• H1 2026 launches totaled R$281m, net sales were R$408m, and deliveries amounted to R$590m; launches, sales and deliveries declined YoY amid a selective market.

• H1 revenue was R$531.2m and net income R$76.9m, both below H1 2025; adjusted gross margin improved 7.5 p.p. to 33.4%.

• Focus remained on high-end and luxury projects, with R$3.5bn of inventory and R$5.3bn of attributable land-bank PSV.

• A project-stake sale generated a R$54.5m gain, while a R$95m quarterly operating cash burn was driven partly by land acquisition.

Financial highlights

• Q2 consolidated revenue was R$201.1m vs R$569.8m YoY; gross profit was R$27.8m vs R$110.1m.

• H1 consolidated revenue was R$531.2m vs R$907.1m, and gross profit was R$112.3m vs R$188.9m.

• H1 net income was R$76.9m vs R$126.5m YoY; Q2 net income was reported at R$31m, with a 17.4% net margin.

• H1 adjusted gross margin was 33.4%, up 7.5 p.p. YoY; backlog and inventory margins were 38.8% and 32.0%.

• H1 operating cash flow was negative R$66.2m vs positive R$173.3m YoY.

Outlook and guidance

• Management expected 2026 launches of R$1bn, below prior years, prioritizing high-end projects and selective opportunities.

• Special H2 launches were planned for exclusive locations; management emphasized disciplined execution through a selective sales environment.

• Cash burn was projected at R$200m for 2026, with reversal and cash generation expected from 2029 as projects are delivered.

• Forward-looking statements are subject to market, regulatory and economic uncertainties.