Earnings Call: Q4 2025

Mar 27, 2026

Summary

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.

Good morning, everyone. Welcome to Tecnisa's fourth quarter of 2025 earnings conference call. Today with us, we have Mr. Fernando Peres, Chief Executive Officer, and Mr. Anderson Hiraoka, CFO and Investor Relations Officer of the company. I am Victor Miranda, Investor Relations Specialist. We inform that the recording of this event will be available on the company's IR website. As usual, we will start with the presentation by the executives and then move on to Q&A session. If you need support, please send a message via chat box. I would like to turn the floor over to Mr. Fernando Peres, who will start the presentation. Please, Mr. Peres. Good morning, everyone. Once again, we are here gathered to show our accountability. We are talking about the fourth quarter of 2025, and also the full year of 2025. Great. Our agenda will be talking about the strategy, and then our CFO will be talking about our operating performance and financial economic performance as well. A summary of our strategy, and I will explain a bit more about the deal negotiation for sale of an equity stake in Jardim das Perdizes. It is important to explain about where we are at. Also, the continuity of launches in Jardim das Perdizes. We will talk about land bank, the focus on commercial strategy, control over administrative expenses, which we take very strictly, as you well know, and the profitability of the operation. Okay. BTG, there is here an important point where we started the negotiation with Cyrela, that it did not go all the way through because we wanted to sell a quota of SPE and they wanted to buy land. For that reason, the operation was not feasible to us. From then on, many players knocked on our door to try a negotiation with us, and BTG carried out the most interesting proposal. Now at the end of the year, January, we have been negotiating with them and we are selling half of Tecnisa's stake, which is 52.50, and we have BRL 1 billion as the valuation. We are talking about BRL 261 million. With that in mind, we have 26% equity stake and another 5%, I would say. We are talking about, when we have this, we will carry on with 32% of Jardim das Perdizes. This is very appealing. We have to have BTG as a partner. It is very interesting, and this money will be coming in, and we will have half of our corporate debt used with that, and will help us with the next cycles. I would like to talk a bit about Naara. Naara is the investment of the senior living, which is something new coming to Brazil. As always, we are one of the forerunners in that area. Naara is a business led by Jose Nigri, and we have 10% stake. We have a PSV of BRL 111 million. We launched in November 2025. We have 16 units, from 94 to 102 sq m and 16 units from 140 to 145 sq m. This is in the neighborhood Higienópolis, and as you well can tell, it is a great place to live for residents with great services. It has been very successful, and we are already working on our next Naara in the Pinheiros region, and we want to have a greater stake over 10%. Vert is the next launch, which we will have here in Jardim das Perdizes. It is geared to wellness, as you can tell, some of the images we have here. Here, the summary. The PSV is of around BRL 100 million. Our stake is 52.5% because we are talking about December's. Once we do a close with BTG, definitely there are still some points to be resolved, especially also of CADE. That way things might change. It is a great one where we have a PSV that is high. We can see here the typology, 185 units of 171 square meters, 96 of 178, another 96 of 151, and 7 of 145. We still have 3 stores in this building. We have tennis courts. For the land bank, we still have of around BRL 4.7 billion, where we have BRL 2.6 billion for Tecnisa's share. What we should highlight is that we already have approved projects of BRL 1.8 billion. When it comes to gross sales for the quarter, it reached BRL 188 million at a speed of 17% for sales, which is quite good. If we talk about operational efficiency. We have been reducing administrative expenses, where we reduced to 19%, reaching BRL 52 million, as you can tell by the columns on the side. When it comes to profitability, we had a backlog gross profit of BRL 169 million and a backlog gross margin of 42%, increasing 4% compared to the same period in the previous year. I should highlight that 42% is the total for Jardim das Perdizes, as you can tell on the graph on the left. The margin is much higher, which is 46%, and we will close now with the other projects to be delivered. From now on, this margin of 46 will have the trend to grow. Still, talking about the backlog gross margin for Jardim das Perdizes, it is growing, and it should still grow a bit for the next launches. Now, that was my part, and I'd like Anderson Hiraoka, our CFO, now to tell us about the operating performance, economic and financial. Thank you, Fernando Perez. Good morning, everyone. Talking about the operating performance, we have here the Tecnisa's share, where you can see BRL 84 million for gross sales and BRL 76 million for net contracted sales. The SOS was 14%, which is quite interesting, with an increase of 0.4% compared to the previous quarter. For the next slide now, we can see the inventory at the end of the quarter, BRL 473 million for Tecnisa, where only 14% of the concluded units and for the most part in São Paulo at 98%. Here, the delivery for the quarter, we have Unik Residence with a PSV of BRL 321 million, a 73% stake of Tecnisa, and the total units, nearly 300, excuse me. Great project, beautiful, and has generated cash for the fourth quarter, which is a highlight. Also we had the delivery of Bosque Pitangueiras in October with PSV of BRL 218 million, Tecnisa's stake 52.5%, 150 units. Going to the financial economic performance. In terms of revenue, we reached BRL 162 million the fourth quarter, and for the year, BRL 534 million. We can see that the revenue related to the projects of Jardim das Perdizes are proportionally greater. The concluded ones, the trend is to have the reduction of this stake. Here we have the adjusted gross profit, which was of BRL 147 million, which is quite interesting, where you can see a 25%. We are talking about 11% when it comes to adjusted gross profit. From 17% to 28% in 2025. For the next slide, we present to you the receivable schedules compared to the debt maturity. When we think about the next years, we are talking about BRL 392 million compared to BRL 363 million of debt. We have more than what is necessary other than our cash. We have in December 2025, the 17th debenture issuance, which was carried out, which is the amount of BRL 178 million maturing in 2031, and debt maturing for the first quarter of 2025. In that way, we have an average where it will be 3 years for the maturity time. This was a restructuring of debt that will be one that will be very important for us to carry on with our business plan. The profit was a loss here of BRL 101 million, and we have here, as Fernando Perez showed, BRL 169 million by the end of 2025, and the adjusted margin here shows 42%. Lastly, we have here the cash. We have BRL 315 million for the end of the year, where we have an amortization for the start of 2026 of BRL 151 million of corporate debt, as I have already mentioned. We have the equity there that closed at BRL 291 million for the fourth quarter. For the graphs on the right, you can see the net debt, which closed at BRL 563 million for the fourth quarter of 2025, a reduction compared to the third quarter. BRL 43 million was the cash with the contribution of the concluded units. With that, I close our presentation, and I am available for Q&A. We will now start the question and answer session for investors and analysts. If you have any question, please click the raise hand button or type your question directly into the Q&A box. Let us wait some questions to come in. Well, with no further questions, I would like to turn back to Mr. Fernando Perez, and we will go for the final remarks. Okay. Thank you everyone for your attention, and I must say that we will keep working hard. The market, as everybody knows, offers not the best conditions, but we are working hard, and we are committed to go forward when it comes to improving what we do here for our shareholders. Thank you very much for your attention, and have a great day. Thank you.