Even Construtora e Incorporadora (EVEN3) Q1 2026 earnings summary

Executive summary

• Net sales reached R$252 million, up 3% year-over-year, with a 7% SoS in a quarter without new launches.

• One project delivered with a PSV of R$468 million, 529 units, 45% higher than Q1 2025.

• Land bank expanded to R$5.6 billion in PSV (Even's share), with five new lots acquired in prime São Paulo locations.

• Focus remains on high-end and luxury segments, with a healthy, inflation-indexed receivables portfolio and robust cash flow.

• Comprehensive net income was R$47 million, including a R$14 million gain from the sale of equity interests, with LTM ROE at 12.1%.

Financial highlights

• Gross profit was R$85 million, with an adjusted gross margin of 35.6%, up 6.2 p.p. year-over-year.

• Consolidated net income was R$32.5 million, down 39.7% year-over-year.

• Net revenue for 1Q26 was R$330 million, down 2.1% year-over-year and 31.8% sequentially.

• Backlog and inventory margins stood at 38.7% and 33.1%, respectively.

• Operating cash burn for the quarter was R$56 million.

Outlook and guidance

• Two new high-end launches planned for next quarter in Itaim: Renato 410 (R$578 million PSV) and Janô (R$369 million PSV).

• Land bank expected to be maintained or slightly increased, supporting launches of R$2–2.5 billion per year over the next two to three years.

• No intention to expand into the affordable segment; focus remains on high-end and luxury.

• Gross margin expected to continue gradual recovery, driven by high-margin projects.

• Inventory under construction is largely scheduled for delivery from 2029 onward, supporting long-term revenue.