Even Construtora e Incorporadora (EVEN3) Q4 2024 earnings summary

Executive summary

• 2024 launches totaled R$3.6bn in PSV, including R$1.9bn attributable to Even; net sales reached R$1.4bn, with inventory sales up 51% to R$1.1bn.

• Strategic focus shifted to high-end and luxury projects in São Paulo; Melnick divestment ended consolidation of the South segment.

• FY24 comprehensive net income excluding Melnick effects was R$194m, up 12% year over year; reported consolidated net income was R$131.5m, including R$10.4m from discontinued operations.

• Adjusted operating cash generation totaled R$355m, including R$143m in 4Q; R$230m in dividends were paid in 2024.

Financial highlights

• FY24 net revenue was R$2,157m, up 21% year over year; gross profit was R$577.7m versus R$402.9m in 2023.

• Adjusted gross margin rose 6.0 p.p. to 30.9% in 2024.

• FY24 comprehensive net income excluding Melnick effects was R$194m, up 12%; 4Q comprehensive net income was R$30m.

• Reported consolidated net income was R$131.5m, down from R$231.6m; net income attributable to controlling shareholders was R$42.1m.

• São Paulo operation net income was R$194m, up 12%, with 11.8% LTM ROE.

Outlook and guidance

• 2025 focus is on high-end São Paulo projects, with management citing sustained margins and cash-generation potential.

• Annual launches are planned at around R$2bn, subject to market conditions; disciplined capital allocation and an optimized operating structure remain priorities.