Even Construtora e Incorporadora (EVEN3) Q4 2024 earnings summary

Executive summary

• Achieved significant growth in launches, sales, and deliveries in 2024, with total launches at R$3.6 billion (Even share R$1.9 billion), maintaining last year's level.

• Net sales reached R$1.4 billion, with inventory sales up 51% year-over-year to R$1.1 billion.

• Delivered major projects in São Paulo, including three in 4Q24 totaling 757 units and R$899 million in PSV.

• Comprehensive net income for 2024 was R$194 million (ex-Melnick), up 12% year-over-year, with ROE at 11.8%.

• Strategic focus shifted to São Paulo and high-end segments, with divestment from Melnick completed.

Financial highlights

• Net revenue for 2024 was R$2.2 billion, up 21% year-over-year.

• Gross profit reached R$578 million, a 43% increase; adjusted gross margin improved to 30.9%, up 6.0 p.p.

• Net debt/equity ratio at year-end was 19.9%, with net debt at R$412 million and cash position at R$765 million.

• Dividend payout for the year was R$230 million.

• EBITDA margin for 2024 was 0.5%; adjusted EBITDA margin was 4.6%.

Outlook and guidance

• New launches for 2025 are planned, with a strategy to maintain annual launches around R$2 billion, adjusting for market conditions.

• Margins remain high, supporting growth and cash generation for coming years.

• Landbank valued at R$3.8 billion PSV, positioned in prime neighborhoods for future growth.