EZTEC Empreendimentos e Participações S.A. (EZTC3) Q3 2025 earnings summary

Executive summary

• Achieved record net income in 3Q25, reaching R$183 million, the highest quarterly result since 2017, with net margin at 39.1% and gross margin at 44.7%, driven by cost savings and strong sales in mid and upper-mid segments.

• Net income for 9M25 surpassed full-year results for the previous three years, totaling R$417 million.

• Two major launches in 3Q25 (Blue Marine and Pop Osasco) contributed R$475 million in PSV, with strong sales performance and accelerated revenue recognition.

• Five projects delivered in the quarter, totaling R$1.6 billion in VGV, with 83% of units sold.

• Board approved R$220 million in dividends for Q4 2025, to be paid in two installments.

Financial highlights

• Net revenue for 3Q25 reached R$469 million, up 4% from 2Q25; 9M25 net revenue was R$1.23 billion, up 18% year-over-year.

• Gross profit for 3Q25 was R$209 million, with gross margin at 44.7%, up 10.7 p.p. year-over-year.

• Net profit for 3Q25 was R$183 million, up 31% from 2Q25; 9M25 net profit was R$417 million, up 50% year-over-year.

• Operating cash flow for 9M25 was R$307.5 million, with consolidated cash position at R$1.2 billion.

• Basic and diluted EPS: R$0.84 in 3Q25; R$1.91 in 9M25.

Outlook and guidance

• 2025 launches and sales volumes are approaching full-year 2024 levels by the end of 3Q25, with 52% of 2025 launches already sold.

• Upcoming launches include Reserva São Caetano Bosque (R$162 million PSV, 542 units) and Mooca Cittá - Torino (R$102 million PSV, 234 units, 50% stake).

• Dividend payments totaling R$220 million approved for Q4 2025.