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

Executive summary

• Achieved record net income of R$183 million in 3Q25, the highest quarterly result since 2017, with net margin at 39% and strong sales performance in mid and upper-mid income segments.

• Surpassed full-year net income of the past three years within the first nine months of 2025, with accumulated net income of R$417 million.

• Recorded the largest sales and launch volumes in company history for both the quarter and nine-month period, with over BRL 2 billion in launches.

• Operational efficiency, strategic land acquisitions, and construction cost savings contributed to high gross margins and significant construction economies.

• Management emphasized ongoing modernization, innovation, and a diversified segment approach to ensure resilience and growth.

Financial highlights

• Net revenue for 3Q25 reached R$469.4 million, up 4.5% sequentially; 9M25 net revenue was R$1,230 million, up 18% year-over-year.

• Gross profit for 3Q25 was R$209.7 million, with gross margin at 44.7%, up 10.7 p.p. year-over-year.

• Net profit for 3Q25 was R$183.5 million, up 38.4% year-over-year; 9M25 net profit was R$417 million, up 50% year-over-year.

• Cash generation in 9M25 was R$197 million at the holding, with net debt reduced to R$165 million and consolidated cash position at R$1.2 billion.

• Dividends for 3Q25 totaled R$220 million (near R$1.00 per share), to be paid in two installments in November and December 2025.

Outlook and guidance

• Management expects continued strong performance, especially if interest rates decline, with a robust pipeline and new launches such as Reserva São Caetano Bosque and Mooca Cittá - Torino.

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

• New deliveries of R$710 million expected in 4Q25, aiming for R$2.6 billion in annual deliveries, with 76% of units already sold.

• Landbank remains robust at R$10.7 billion in PSV, supporting future growth.

• Focus remains on mid and upper-mid income segments, leveraging a strategic land bank for future launches.