Tecnisa (TCSA3) Q1 2026 earnings summary

Executive summary

• Focus remained on operating efficiency, cash generation, debt reduction and continued Jardim das Perdizes launches amid high rates and tighter credit.

• Gross sales were R$147 million, including R$81.1 million attributable; backlog gross profit was R$154 million at a 41% margin.

• A R$260.9 million cash sale of a 26.09% Jardim das Perdizes stake to BTG Pactual was signed, subject to closing conditions and approvals.

Financial highlights

• Net operating revenue was R$27.1 million, down 42.1% YoY; property sales contributed R$13.6 million versus R$38.7 million, while services rose to R$15.4 million from R$9.0 million.

• Consolidated net loss was R$20.7 million versus R$8.1 million in 1Q25; a R$25.0 million net financial expense weighed on results.

• Reported gross result was R$2.7 million versus a R$4.5 million loss; adjusted gross profit including equity-accounted projects was R$41.1 million at a 37.3% margin.

• Administrative expenses and management fees were R$12.8 million, down 14.6% YoY.

• Consolidated cash and equivalents were R$40.8 million at quarter-end, down from R$199.5 million at year-end; net debt was R$506.1 million.

Outlook and guidance

• Cash generation and operating profit take priority; management expects legacy issues to cease being a burden by end-2026 or early 2027, with net profit remaining an objective.

• Jardim das Perdizes launches are planned with R$4.0 billion PSV, of which R$2.1 billion is attributable; delivery schedule includes attributable PSV of R$546 million in 2026, R$561 million in 2027 and R$378 million in 2028.

• Liquidity measures include unit sales and project completions, cost reductions, and potential receivables, land or project-stake sales; R$404 million of inventory remained at market value.