Construtora Tenda (TEND3) Q2 2026 earnings summary

Executive summary

• Achieved record consolidated net revenue of R$2.47 billion in H1 2026, up 33% year-over-year, driven by higher property sales and service revenues.

• Consolidated net income reached R$352.3 million in H1 2026, up from R$281.8 million in H1 2025, with LTM ROE at 42.6%.

• Gross margin improved to 34.8% in H1 2026, supported by cost control and higher sales volumes.

• Record launches of 17 projects totaling R$1,766.4 million in PSV, and landbank expanded to R$33.8 billion.

• Entered the first preview of Ibovespa for the last four-month period of the year.

Financial highlights

• Adjusted gross margin in the Tenda segment reached 40.4%, up 3.9 p.p. year-over-year (ex-Pode Entrar).

• Consolidated adjusted EBITDA for Tenda segment was R$299.8 million in 2Q26, up 57.8% year-over-year.

• Net pre-sales increased 17.2% year-over-year to R$1,402 million.

• Basic EPS was R$2.8741 in H1 2026.

• Cash flow from operations reached R$156.0 million in H1 2026.

Outlook and guidance

• 2026 guidance revised upward: Adjusted EBITDA for Tenda segment now R$1,100–1,200 million, net pre-sales guidance raised to R$5.5–6.0 billion, and consolidated net income (ex-SWAP) guidance increased to R$600–660 million.

• No revision to Alea net pre-sales or cash flow guidance; Alea adjusted EBITDA midpoint decreased by R$20 million.

• Management expects sustained demand in the affordable housing segment.