Even Construtora e Incorporadora (EVEN3) Q3 2026 earnings summary

Executive summary

• 9M26 net revenue was R$771m, down 46.3% YoY; comprehensive net income was R$98m, down from R$220m, while adjusted gross margin rose 3.8 p.p. to 33.8%.

• Q3 launches totaled R$231m of PSV attributable to Even; net sales were R$185m, consolidated SoS was 5%, and consolidated net income was R$20m.

• Quarter-end inventory was R$3.56bn at market value, with 90% under construction; land-bank PSV attributable to Even was R$5.2bn across 25 projects or phases.

Financial highlights

• 3Q26 net revenue was R$240m, up 19.4% QoQ and down 54.6% YoY; 9M26 revenue fell 46.3% YoY to R$771m.

• 3Q26 gross income was R$51m, down 70.9% YoY; adjusted gross margin was 34.6%, down 2.4 p.p. YoY, while the 9M26 margin was 33.8%, up 3.8 p.p.

• Consolidated net income was R$20m in 3Q26, down 77.6% YoY; 9M26 consolidated net income was R$83m, down 56.8% YoY.

• 9M26 comprehensive net income was R$98m versus R$220m in 9M25; it includes a R$14m equity-interest sale gain recorded directly in equity in 1Q26.

• 9M26 launches totaled R$511m Even PSV, down 76% YoY; net sales were R$594m, down 61%, and deliveries totaled R$966m Even PSV, down 13%.

Outlook and guidance

• Planned launches include En Scène in Jardins (R$405m Even PSV), Arbórea in Moema (R$335m) and ESA in Itaim (R$376m).

• Management is preparing selective launches in desirable locations with resilient demand and value-creation potential, while prioritizing execution and inventory sales.

• Launch timing will be assessed selectively in challenging market cycles; backlog margin was 39.5% and inventory gross margin 31.3%, with realization expected to benefit from service revenue and INCC indexation.