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

Executive summary

• Achieved record net sales of R$1.695 billion and record net revenue of R$1.561 billion in 2024, with a 38.7% VSO over 12 months and sales surpassing launches.

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

• Net income totaled R$408 million (ex-Ez Inc) with a 14.1% ROE in 4Q24; annualized ROAE for 2024 was 8.6%.

• 2024 marked the best sales year in company history, with R$1.9 billion in gross sales and a 63.3% increase in PSV launched.

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

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).

• Earnings per share for 2024 was R$1.83, up 69.4% year-over-year.

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.

• Analyst consensus for 2025 projects net revenue of R$1.54 billion and net margin of 25%.