Even Construtora e Incorporadora (EVEN3) Q4 2025 earnings summary

Executive summary

• FY25 launches totaled R$3.4bn gross and a record R$2.5bn attributable; net sales were R$2.7bn gross and R$2.0bn attributable, up 46% YoY.

• Comprehensive net income reached R$265m and LTM ROE was 14.4%, up 2.6 p.p. YoY; consolidated net income was R$299m.

• Year-end inventory was R$3.5bn, with 88% in high-end/luxury projects and 9.8% completed; attributable land-bank VGV was R$4.3bn across 22 projects.

• Focus remained on high-end and luxury developments in prime São Paulo locations, supported by new brand positioning and a pipeline of projects.

Financial highlights

• FY25 consolidated revenue was R$1.920bn, down from R$2.157bn; consolidated gross profit was R$520.6m versus R$577.7m.

• Adjusted gross margin rose 1.3 p.p. to 32.2% for FY25; Q4 adjusted gross margin was 38.6%, up 6.8 p.p. YoY.

• Backlog revenue reached R$1.89bn, up 32%, with backlog margin of 37.8%, up 8.5 p.p. YoY.

• Q4 net income was R$45m; FY25 comprehensive net income attributable to shareholders was R$265m.

• Cash and marketable securities totaled R$977m at year-end; FY25 operating cash generation was R$76m excluding dividends and buybacks.

Outlook and guidance

• 2026 outlook remains challenging amid high domestic interest rates, international conflicts, and inflation; priorities include sales execution and selective launches.

• Pipeline targets prime locations including Itaim, Jardins, Pinheiros, and Moema, with luxury projects and differentiated architecture.

• Contracted revenue to recognize was R$1.9bn at quarter-end, with a 37.8% gross margin.