Even Construtora e Incorporadora (EVEN3) Q2 2026 earnings summary

Executive summary

• Launches in H1 2026 totaled BRL 281 million, with net sales of BRL 408 million and two projects delivered amounting to BRL 590 million in PSV; launches dropped 60% year-over-year, reflecting a challenging environment.

• Focus remains on high-end and luxury segments, with inventory of BRL 3.5 billion and a land bank PSV of BRL 5.3 billion, mainly in prime São Paulo neighborhoods; 91% of inventory and 97% of land bank are in these categories.

• Market conditions led to reduced launch volume and a selective approach, prioritizing sales and cost control amid international uncertainties.

• Net income in Q2 2026 reached BRL 31 million, with comprehensive net income for H1 at BRL 77 million, down 40% year-over-year.

• Significant events include a BRL 55 million gain from the sale of a project stake and strategic land acquisitions in exclusive locations.

Financial highlights

• Gross profit for H1 2026 was BRL 112 million, with an adjusted gross margin of 33.4%, up 7.5 p.p. year-over-year.

• Net revenue for 2Q26 was BRL 201 million, down 39% sequentially and 65% year-over-year; 6M26 net revenue was BRL 531 million, down 41% year-over-year.

• Net income for 6M26 was BRL 77 million, a 40% drop from 6M25.

• ROE for the last 12 months was 11.1%.

• Backlog and inventory margins stood at 38.8% and 32%, respectively.

Outlook and guidance

• Launch volume for 2026 expected to be around BRL 1 billion, down from BRL 2 billion in previous years, with focus on high-end projects.

• Special launches planned for H2 2026 in exclusive locations, targeting resilient demand.

• Cash burn projected at BRL 200 million for 2026, with reversal and cash generation expected from 2029 as projects are delivered.

• Management highlights strong operational capabilities and financial structure to navigate challenging cycles.

• Receivables portfolio of BRL 3 billion, indexed to inflation, provides resilience against cost variations.