Tecnisa (TCSA3) Q4 2024 earnings summary

Executive summary

• 2024 launches totaled R$1.621bn PSV, achieving 95% of Jardim das Perdizes launch guidance; adjusted cash generation was R$95m.

• Net sales at 100% reached R$949m, up 49% YoY; attributable net sales were R$609m, up 16%.

• FY24 consolidated net loss was R$151.053m, versus R$55.267m in FY23.

Financial highlights

• Net revenue was R$696m in FY24, up 39% YoY; consolidated net operating revenue was R$455.222m, versus R$423.414m in FY23.

• Consolidated cost of sales and services was R$493.510m, producing a gross loss of R$38.288m, versus gross profit of R$20.867m in FY23.

• Adjusted gross profit including equity-method projects was R$118m for FY24 and R$42m in 4Q24; FY24 rose 11% YoY, while 4Q24 rose 503%.

• Adjusted EBITDA was a R$37m loss in FY24 versus R$27m profit in FY23; reported EBITDA loss was R$98m versus R$24m.

• G&A expenses fell 7% to R$55m and selling expenses fell 17% to R$23m in FY24.

Outlook and guidance

• Jardim das Perdizes launch targets are R$1.5bn PSV in 2025 and R$2.1bn in 2026; the 2024–2026 plan totals R$5.3bn PSV, including R$2.8bn attributable share.

• 2025 deliveries across six projects were expected to generate cash; 2025 receivables were R$473m against R$237m of debt maturities.

• The 2025 delivery schedule included Highlights Dr. Nelson Moretti, whose occupancy permit was issued in January 2025; the project has R$154m PSV.