Brazil · Delayed Price · Currency is BRL Even Construtora e Incorporadora Earnings Call Transcripts
Fiscal Year 2026
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H1 2026 saw strong profitability with adjusted gross margin up 7.5 p.p. YoY and net income of BRL 31 million in Q2. Launches and inventory focus on high-end segments, with reduced competition and selective land acquisitions supporting future margins.
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Net sales and profitability improved year-over-year, driven by high-end project focus and margin recovery. Strong cash position and disciplined leverage support ongoing land acquisitions and launches, despite macroeconomic challenges and slower client decision cycles.
Fiscal Year 2025
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Record launches and sales in 2025 drove higher revenue, margins, and ROE, with strong performance in the high-end and luxury segments. The company maintains a robust capital structure and flexible launch plans amid challenging macroeconomic conditions.
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Strong Q3 with BRL 90 million net income, 37% gross margin, and robust sales in high-end launches. Inventory remains healthy, and a BRL 150 million dividend was announced. Sustainable ROE is targeted at 15–20% for 2026.
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Q2 2025 saw strong launches and sales in high-end São Paulo projects, with net income of BRL 49 million and robust cash generation. Inventory remains healthy and focused on luxury, while management anticipates margin expansion and new launches despite a restrictive credit environment.
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Q1 2025 saw strong cash generation, rising profitability, and robust sales in high-end segments, with a solid launch pipeline and cautious capital allocation. Despite a more restrictive credit environment, inventory and cancellations remain healthy, supporting a positive outlook.
Fiscal Year 2024
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2024 saw strong launches, sales, and cash generation, with a strategic focus on São Paulo and upper-income segments. Margins and dividends increased, while non-recurring impacts from discontinued operations were settled. Leverage remains stable at 20%.
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Strong sales and revenue growth, margin recovery, and robust cash generation marked the period, despite a one-time loss from the Melnick sale. The company is focused on São Paulo, with a healthy land bank, resilient high-end demand, and a solid launch pipeline for 2025.
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Net sales and revenue surged year-over-year, driven by strong inventory sales and the successful launch of Faena São Paulo. Margins were impacted by a mix of older inventory and swaps, but profitability and cash generation remain robust, with a positive outlook for 2025.