Even Construtora e Incorporadora (EVEN3) Q4 2025 earnings summary

Executive summary

• Achieved record launches in 2025, totaling up to R$3.6 billion in PSV, a 35% increase year-over-year, with net sales rising 46% to as much as R$2.16 billion and net revenue up 35% to R$2.5 billion compared to 2024.

• Comprehensive net income grew 36% to R$265 million in 2025, with quarterly net income of R$45 million and LTM ROE improving by 2.6 p.p. to 14.4%.

• Focus remains on high-end and luxury segments in São Paulo, with a robust land bank and inventory positioned for future growth.

• São Paulo Bay project, launched in Q3, achieved over 60% sales and a 15% price increase.

• Distributed R$150 million in dividends and raised R$350 million via CRI at 101.5% CDI, ending with R$977 million in cash.

Financial highlights

• Adjusted gross margin increased by 1.3 p.p. to 32.2% in 2025; Q4 adjusted gross margin reached 38.6%.

• Backlog margin ended at 37.8%, up 8.5 p.p. year-over-year; backlog revenue rose 32% to R$1.89 billion.

• Inventory at year-end was R$3.5 billion, with only 9.8% as finished inventory and 88% in high-end/luxury segments.

• Cash position stood at R$977 million; net debt was R$514 million, representing 23% of shareholders' equity.

• Operating cash generation for 2025 was R$76 million, despite a Q4 cash burn of R$64 million.

Outlook and guidance

• 2026 macroeconomic environment remains challenging with high domestic interest rates and global inflationary pressures.

• Launch plans will be adjusted based on market conditions, with flexibility to revise if sales slow or economic scenarios shift.

• Pipeline includes luxury projects in prime São Paulo neighborhoods, leveraging new brand positioning in high-end segments.

• Estimated deliveries for the next 12 months are R$1.7 billion in PSV.