Earnings Call: Q2 2026

Aug 14, 2026

Summary

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.

Good morning. Welcome to Tecnisa's second quarter of 2026 earnings conference call. Today, we have Mr. Fernando Perez, Chief Executive Officer, and Mr. Anderson Hiraoka, CFO and Investor Relations Officer of the company. I am Victor Miranda, Investor Relations Specialist. We inform you that the recording of this event will be available on the company's IR website. As usual, we will start with a presentation by the executives and then move on to the Q&A session. If you need support, please send a message via chat box. Now, I would like to turn the floor over to Mr. Fernando Perez. Please, sir. Good morning, everyone. Thank you for attending and for your attention. We are here reporting to you the results from the second quarter. As usual, I am going to conduct a short presentation on our strategy and our pathways. Then my colleague, Anderson, will get into the detailed financial and accounting information. In our agenda, we start with strategy and then financial performance with our CFO, who will be reporting the information to you. First, I would like to talk about the sales of stakes in Jardim das Perdizes. We completed the operation in June. I will be providing you with more information about this. We continue to launch other enterprises in Jardim das Perdizes. We still have BRL 4.4 billion to be launched in PSV. On account of the sales of part of our stakes in Jardim das Perdizes, our part is equivalent to BRL 1.2 billion. Our land bank to conduct business plan contains BRL 5 billion. We are focused on commercial and marketing strategy, as it must be. We will address that later on. One thing that I am very mindful of, as well as my colleagues, is controlling administrative expenses, which allowed us to reduce them by 8% compared to the same quarter last year. In terms of profitability of the operation, we continue to profit from our operations, and our backlog gross profit totaled BRL 79 million. Very well. Now, talking about the deal we have made with BTG. We are very happy with the deal. It was completed on June 1st. Before that, our previous participation was 52.50%, as you remember. What BTG did was purchasing half our stakes and 100% of Hines shares. The proposal value, it is not proposal anymore, it is the deal. That was BRL 260.9 million, and our participation became 26.41%. When we consider the Tecnisa group, we have 32%, and BTG holds 68%. Of course, this operation was a strategic move we have made in order to work on our leverage, and we have obtained substantial results as you will see in the following slides. We are satisfied and proud of having BTG as partners now, whose reputation does not require any description given its history and their expertise. They are very focused on sales, and when we combine that with the beauty of Jardim das Perdizes enterprise, we are convinced that what was good will become even better. Now, talking about land bank. As I have mentioned earlier, it is BRL 5 billion. BRL 4.4 billion is within Jardim das Perdizes, and other than that, we have BRL 2.2 billion in approved projects. Here, I would like to show you the progress we have made with our sales. Today, we have these four enterprises, and when we look at the second quarter of 2025, it was virtually all completely sold. Kalea, and now it's 100%. Recanto Oliveiras was at 57% last year, now 73%. Cerejeiras, we used to have 43%, now 73% as well. Flamboyant, used to be 56% last year, now 76%. Our gross sales in the quarter reached BRL 111 million. When we talk about administrative expenses, as I had mentioned earlier, they have totaled BRL 11 million in the second quarter, which represents a reduction of 8% in comparison to the second quarter of last year. If we compare the first to the second quarter, the reduction is even greater than 8%. Now, I'd like to offer you more detailed information. Backlog gross profit totaled BRL 79 million in the second quarter, and this is how our business is operated. Our gross margin reached 38%, and in Jardim das Perdizes, our margin is still very interesting. As you can see in the chart from 46% in the second quarter of 2025 and first quarter of 2026, now in the second quarter of 2026, we have reached 47%. In the other enterprises, the margins are smaller, and therefore our gross margin is 38% combining them. The reduction comes largely due to the reduction in the company's interest in charging the purchases with the sales of our stakes. This was the initial information I had to report to you. Now I yield the floor to Mr. Anderson Hiraoka, our CFO, and I'll be here for any clarification. Thank you, Fernando. Good morning, everyone. Moving on with operating performance, we look at gross sales with a smaller participation of Tecnisa. In the second quarter, we've had BRL 49 million in gross sales, and this also has to do with the sales of our stakes in charging those purchases. That's why our representation is smaller. As we sell inventory, we will proportionally have fewer sales, and we didn't have any new launches in the last quarter, which has an impact on gross sales BRL 130 million in comparison to BRL 191 million last year. In terms of net contracted sales, our situation is similar. We have BRL 115 million over the year, but the volume of sales is smaller. Gross sales over supply was 12% in the second quarter of 2026. So we understand the scenario is very healthy even though the market is, as you all know, quite challenging with high interest rates, which interferes in our businesses. Now moving to inventory, we concluded the quarter with BRL 214 million, leaving from BRL 404 million in the first quarter. We have managed to sell our stakes. We had some dissolution of contract, but we have this inventory in São Paulo, basically 96% in São Paulo, and 73% is under construction. As we make progress with construction, these will become results financially speaking. Now talking about financial and economic performance, our net revenue in the second quarter is BRL 73 million, which also has an impact from the reduction of stakes in charging those purchases. But over the year, our volume is actually superior to the same quarter of last year. What's even more appealing is adjusted gross profit. In spite of a slight reduction in the second quarter of 2026, our margin is improved, moving to 37% over the year. That's a substantial improvement in our results. Now talking about receivables schedule. Naturally, with a BTG operation, our biggest goal was to reduce indebtedness. We can observe now that in terms of receivables, we have BRL 188 million in receivables contracted until 2027 and BRL 101 million in debts maturing over the same period. Which means we are in a healthy position and we still have sales to be made. As of 2029, other than the receivables, we have results coming from new launches which will contribute to make these payments, which are way further down the road up to 2029 and onwards. Our result was BRL 111 million, which is much smaller than the second quarter of 2025 and the first quarter of 2026. As you know, our backlog gross profit is still quite interesting. There is a reduction because of the stakes sold in charging those purchases, but we still have 38% of backlog gross profit margins. In terms of cash position, we concluded the quarter with BRL 77 million, which is also impacted by the reduction in stakes in charging those purchases. On the other hand, we obtained a significant reduction of net corporate debt by almost half from BRL 503 million to BRL 271 million. Equity BRL 253 million in the second quarter of 2026, and the net debt resulted in BRL 315 million, a significant reduction in comparison to BRL 579 million in the first quarter of 2026. This concludes my presentation, and now I yield the floor to Victor for our Q&A session. Thank you. We will now start the question and answer session for investors and analysts. If you have any questions, please click on the raise hand button to raise your hand or type your question directly into the Q&A box. We will give you a few moments to do so. Well, as we have no further questions, I would like to thank you very much, and I yield the floor back to Mr. Fernando Perez. Well, I would like to thank you for attending. We are open for conversations as usual, and I would like to emphasize how we have been working hard on improving our financial health and paying off our debts. We have taken major steps towards that direction, and we remain at our shareholders' disposal if you should want to ask any