Even Construtora e Incorporadora (EVEN3) Q3 2025 earnings summary

Executive summary

• São Paulo Bay launched with R$1.5bn PSV and was 50% sold during the quarter.

• Q3 net sales were R$866m consolidated and R$821m attributable; consolidated VSO was 19%.

• Q3 net income was R$99m consolidated, including R$90m attributable to shareholders.

• 9M25 net revenue was R$1.707bn, up 16% year-over-year; net income rose 34% to R$220m.

• A R$150m dividend payout was announced.

Financial highlights

• Q3 consolidated revenue was R$529m, up 39.2% year-over-year; gross profit was R$174m.

• Q3 adjusted gross margin was 37.0%; 9M25 adjusted gross margin was 30.0%.

• Annualized ROE was 18.2% for Q3 and 14.8% for 9M25.

• 9M operating cash generation was R$140m on management’s net-debt-change basis; Q3 operating cash burn was R$94m.

• Quarter-end cash and equivalents were R$813m; net debt was R$298m, or 13.1% of equity.

Outlook and guidance

• Focus remains on high-end São Paulo developments, operating and capital efficiency, and assessing investment opportunities.

• Estimated deliveries over the next 12 months total R$1.3bn.

• Targeting sustainable ROE of 15%–20% for 2026 and the midterm.

• Next major launch planned for Vila Madalena; Plenitude Melo Alves was also being prepared for the next quarter, with R$800m PSV and R$270m Even share.