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

Executive summary

• Achieved record net revenue of R$1.56 billion in 2024, up 44.1% year-over-year, with gross profit of R$533 million and net income of R$404.6 million, marking the best sales year in company history.

• Gross margin for 2024 was 34.1%, with a record 37.5% in 4Q24 and adjusted margin of 39.7%.

• Net margin reached 25.9% for the year, with 4Q24 at 29.7%.

• ROAE improved to 8.6% in 2024, with 4Q24 annualized at 10.9%.

• Paid R$246 million in dividends, including R$150 million extraordinary, and increased stake in Construtora Adolpho Lindenberg S.A. to 46.7%.

Financial highlights

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

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

• 2024 net income: R$404.6 million; 4Q24 net income: R$133 million.

• Earnings per share for 2024 was R$1.85, up 69.4% year-over-year.

• Net debt at year-end was R$366 million, up from R$93.9 million in 2023, mainly due to dividend payments and project financing.

Outlook and guidance

• 2025 expected to be the largest delivery year, with R$2.6 billion in PSV to be delivered and the highest number of active construction sites.

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

• Management anticipates a more challenging macroeconomic environment but remains confident in continued growth and profitability.