EZTEC Empreendimentos e Participações S.A. (EZTC3) Q4 2025 earnings summary

Executive summary

• Net income reached R$535 million in 2025, up 32.2% year-over-year, the highest in a decade, with net margin at 35.7% and gross margin at 41.7%, both at three-year highs.

• Achieved record sales and launches, with R$2.4 billion in launches and R$2.6 billion in project deliveries, and 53.3% of launched units sold in the year.

• ROAE improved to 10.9%, up 2.3 p.p. from 2024, and EPS rose to R$2.41.

• Dividend payout reached 57% of net income, totaling R$339 million, and a capital increase of R$1.4 billion issued 60 million new shares.

• Maintained conservative cash management, strong governance, and operational efficiency.

Financial highlights

• Net revenue for 2025 was R$1,498.8 million, with gross profit of R$625.2 million (gross margin 41.7%).

• Net profit for 2025 reached R$535 million, a 121% increase over 2024; 4Q25 net profit was R$118 million.

• Net margin in 4Q25 was 43.7%, compared to 29.7% in 4Q24.

• Net debt at year-end was R$147.4 million, a 59.7% reduction from 2024, with net cash position of R$175.2 million.

• R$339 million in dividends distributed in 2025, representing 57% of net income.

Outlook and guidance

• 2026 guidance targets launches between R$2.5 billion and R$3.5 billion in VGV.

• Focus on completing Esther Towers and leasing office space amid high interest rates and macro uncertainties.

• Strategic initiatives include strengthening sales force with EZ Brokers and expanding headquarters.

• First quarter 2026 launches already near R$1 billion, supporting guidance.

• Plans to increase exposure to Minha Casa, Minha Vida segment and expand into new segments.