Even Construtora e Incorporadora (EVEN3) Q3 2025 earnings summary

Executive summary

• Launched São Paulo Bay project with a PSV of R$1.5 billion, 50% sold in the quarter.

• Net sales in the quarter reached R$866 million (R$821 million % Even), with consolidated SoS at 19%.

• Net income for the quarter was R$90 million, with annualized ROE at 14.8% for 9M25.

• Inventory remains concentrated in high-end and luxury segments, with R$3.6 billion in value and extended delivery timelines.

• Announced BRL 150 million dividend payout, reinforcing shareholder value focus.

Financial highlights

• Net revenue for 3Q25 was R$529 million, up 39.2% year-over-year; 9M25 net revenue was R$1,707 million, up 16% year-over-year.

• Gross profit for the year reached R$363 million, with adjusted gross margin of 37.0% in 3Q25 and 30.7% for 9M25.

• Operating cash burn in the quarter was R$94 million; cumulative operating cash generation for 9M25 was R$140 million.

• Robust cash position of R$813 million at quarter-end; net debt at R$298 million, representing 13.1% of equity.

Outlook and guidance

• Preparing to launch Plenitude Melo Alves (PSV R$800 million, R$270 million Even share) in the next quarter.

• Estimated project deliveries of 1,300 units and R$1.3 billion over the next 12 months.

• Targeting sustainable ROE between 15% and 20% for 2026 and midterm.