Brazil · Delayed Price · Currency is BRL Tecnisa Earnings Call Transcripts
Fiscal Year 2026
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A BRL 260.9 million stake sale to BTG reduced leverage and changed Jardim das Perdizes ownership. Q2 revenue was BRL 73 million, with net debt down to BRL 315 million; high rates and lower ownership weighed on sales.
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Q1 2026 net income was negative, while adjusted gross profit reached BRL 41 million at a 37% margin. A BRL 260 million Jardim das Perdizes stake sale is intended to reduce debt, subject to conditions; management prioritizes cash generation and operating profit.
Fiscal Year 2025
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FY25 revenue was BRL 534 million, with a BRL 101 million loss and BRL 563 million year-end net debt. A proposed BRL 261 million BTG transaction would reduce debt and leave an estimated 32% stake in Jardim das Perdizes, subject to closing conditions.
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Q2 net revenue was BRL 84 million and net loss was BRL 59 million, with higher financing costs and labor-related delays weighing on results. A proposed Jacarepaguá sale of up to BRL 510 million could support debt reduction if completed.
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Q1 2025 adjusted cash generation was BRL 45 million, backlog gross profit rose 7% YoY to BRL 192 million, and net loss narrowed to BRL 8 million. Guidance calls for BRL 1.5 billion of 2025 and BRL 2.1 billion of 2026 Jardim das Perdizes launches.
Fiscal Year 2024
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FY 2024 gross sales rose 58% to BRL 1,053m, while adjusted cash generation swung to BRL 95m positive. Launch guidance was met, with BRL 1.5bn targeted for 2025 and BRL 2.1bn for 2026.
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Revenue rose 39% YoY in 9M and gross sales increased 62%, while adjusted cash generation reached BRL 86 million. A BRL 43 million Q3 net loss and Belaterra litigation remained key concerns.
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H1 launches totaled BRL 1.0bn and land bank stood at BRL 2.8bn. Q2 revenue rose to BRL 231m, while backlog gross profit reached BRL 216m; a BRL 15m partner-related loss weighed on reported results.
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Q1 gross sales rose nearly 63% YoY, but a BRL 21m loss reflected delayed plans and CEPAC-related costs. Management expects launches and construction progress to support improving results, while debt and financing costs remain key pressures.
Fiscal Year 2023
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2023 gross sales reached R$664 million and revenue backlog rose to R$167 million, while the year ended with a R$56 million accounting loss. Acquired CEPACs enable R$5.3 billion of Jardim das Perdizes launches planned for 2024–2026.
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Q2 gross sales reached BRL 219 million, with BRL 5 million net income and a 27% gross margin. Launch plans and higher-margin growth hinge partly on CEPAC auction timing, while high interest rates continue to weigh on buyers.
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Q1 revenue reached BRL 140 million and net income was BRL 4 million, extending profitability to a third consecutive quarter. Adjusted gross margin reached 30%, while launches and further value realization depend on CEPAC timing and economic conditions.