Vinte Viviendas Integrales (VINTE) Q1 2026 earnings summary

Executive summary

• Q1'26 revenue rose 7.0%, EBITDA 18.0%, and net income 33.9% YoY, in line with the annual business plan; margin expansion reflected integration efficiencies.

• Net debt/EBITDA was 2.54x at March 31, its lowest quarterly level since 2019; debt was 100% in pesos, with more than $2bn in available credit lines.

Financial highlights

• Revenue was $3,503.7m, up 7.0% YoY; gross profit rose 12.7% to $1,174.4m and gross margin expanded 1.7pp to 33.5%.

• EBITDA was $617.1m, up 18.0% YoY; EBITDA margin increased 1.6pp to 17.61% from 15.97%.

• Net income was $304.5m, up 33.9% YoY; net margin expanded 1.8pp to 8.7% and EPS increased 33.7% to $1.08.

• Titled home closings fell 14.5% to 2,923, while average sale price rose 24.2% to $1.185m.

Outlook and guidance

• Multiple projects are in startup, including low- and middle-income housing developments, expected to increase housing volume through the remainder of 2026 in line with the business plan.

• Priorities for the rest of 2026 include consolidating platform synergies, improving margins, and maintaining prudent capital allocation.