EZTEC Empreendimentos e Participações S.A. (EZTC3) Q3 2026 earnings summary

Executive summary

• Record 9M26 launches reached R$2,424.2m PSV, up 53% YoY, and net sales reached R$1,798.9m, up 29%.

• Q3 net revenue was R$346.4m, gross margin 33.7%, and net income attributable to controlling shareholders R$85.4m; 9M net income was R$315.6m.

• Esther Towers’ lease and R$726.5m of Q3 launches marked key quarter developments; high rates and credit constraints weighed on sales conditions and 2027 launch plans.

Financial highlights

• Q3 net revenue was R$346.410m versus R$469.356m in Q3 2025; 9M revenue was R$1,045.639m versus R$1,229.857m in 9M25.

• Q3 gross profit was R$116.6m and 9M gross profit R$391.1m; reported Q3 gross margin was 33.7%.

• Q3 net income attributable to controlling shareholders was R$85.421m, down 53.4% YoY; 9M net income was R$315.6m.

• Q3 net sales were R$523.7m; 9M net sales reached R$1,798.9m, up 29% YoY.

Outlook and guidance

• FY26 launch guidance of R$2.5bn–R$3.5bn PSV was maintained; announced 4Q26 projects point to a full-year total near R$3bn.

• Planned 4Q26 launches include Town Residences by Lindenberg, with R$339m PSV at 85% ownership, and Pop Osasco 2nd Phase, with R$117m PSV at 100% ownership.

• Management expects 2027 launches to decline, with the scale dependent on economic conditions and inventory reduction; inventory was at its desired maximum, including R$1.1bn to address in 2027.

• No deliveries were scheduled for the rest of 2026; 21 active construction sites support future revenue recognition, and low formation of new finished inventory was expected through end-2027 at the current sales pace.