EZTEC Empreendimentos e Participações S.A. (EZTC3) Q4 2024 earnings summary

Executive summary

• Achieved record net sales of R$1.695 billion and net revenue of R$1.561 billion in 2024, with net income of R$408 million (ex-Ez Inc), up 69% over 2023, and a 38.7% VSO.

• 2024 marked the best sales year in company history, driven by strong launches, inventory sales, and a focus on higher-income segments.

• Major launches included Lindenberg Reserva Paraíso (R$256M VGV, 33% sold) and Connect Estação João Dias (R$140M VGV, 26% sold).

• Paid R$246 million in dividends, including R$150 million extraordinary, and increased stake in Construtora Adolpho Lindenberg to 46.8%.

• Gross profit for 2024 was R$533 million, with a record 37.5% gross margin in 4Q24 and 39.7% adjusted margin.

Financial highlights

• 4Q24 net sales: R$394 million; 2024 net sales: R$1.695 billion.

• 4Q24 net revenue: R$427 million; 2024 net revenue: R$1.561 billion.

• 4Q24 gross profit: R$160 million; 2024 gross profit: R$533 million.

• 4Q24 net income: R$133 million; 2024 net income: R$408 million (ex-Ez Inc).

• Dividend payout in 2024: R$246 million, ~60% of net income, including R$150 million extraordinary.

Outlook and guidance

• 2025 expected to be the largest year for project deliveries, with R$2.6 billion in VGV to be delivered and net revenue guidance of R$1.54–1.77 billion.

• Upcoming launches include Agami Park Residences (R$326M VGV), SP 360° Smartliving (R$299M VGV), and Alt Studios (R$108M VGV), all 100% Eztec.

• Company anticipates a more challenging macroeconomic environment and will manage a record number of active construction sites.