EZTEC Empreendimentos e Participações S.A. (EZTC3) Q2 2025 earnings summary

Executive summary

• Achieved record first-half launches with R$1.1 billion in PSV, up 20% over 1H22 and 12% above all 2023 launches, with strong sales velocity and high sales in both new and finished inventory.

• Net sales reached R$867 million in 1H25, the highest first-half in company history, up 8% year-over-year.

• Net profit and ROE showed significant recovery, with net margin and profitability metrics improving year-over-year.

• Deliveries are set to exceed BRL 2 billion in the second half of 2025, with high sell-through rates on key projects.

• Management remains focused on operational expansion, improved ROE, and leveraging an extensive land bank.

Financial highlights

• Net revenue for 2Q25 was R$449.3 million, up 44.3% sequentially and 8.0% year-over-year, the highest in company history.

• Gross margin reached 40.7% in 2Q25, up 9.9 p.p. year-over-year; adjusted margin above 38% excluding one-off events.

• Net profit for 2Q25 was R$140 million, up 49% sequentially; 1H25 net profit was R$234 million, up 61% year-over-year.

• ROE stands at approximately 10%–11.8%, supported by a BRL 5 billion land bank.

• Earnings per share rose to R$0.64, up 48.8% sequentially and 60.0% year-over-year.

Outlook and guidance

• Launches and sales momentum are expected to continue in the second half, with a robust pipeline including Blue Marine and further phases in Osasco.

• Dividend payout is targeted at around 50% of profit, with flexibility to adjust based on future performance.

• Management anticipates continued strong cash generation and operational performance, with a focus on the middle-income segment.

• Internal consensus for 2025: net revenue R$1.54–1.72 billion, net margin 20.3–31.2%, and net income R$318–474 million.

• Landbank of R$10.7 billion PSV supports future launches, with 70% in mid and upper-mid segments.