EZTEC Empreendimentos e Participações S.A. (EZTC3) Q4 2025 earnings summary

Executive summary

• Achieved record sales and the highest annual launch volume in company history in 2025, with EZ Vendas sales up 30% year-over-year and strong performance from EZ Brokers, contributing to a robust sales pipeline.

• Net income for 2025 reached R$535 million, up 32.2% year-over-year, with net margin at 35.7% and gross margin at 41.7%, both at multi-year highs.

• 2025 saw a 48% increase in launch sales value versus 2024, totaling R$2.4 billion, with significant launches in São Caetano and Mooca.

• Maintained conservative cash management and strong governance, supporting operational safety and growth ambitions.

• Dividend payments and a capital increase resulted in the distribution of 57% of net income and the issuance of 60 million new shares.

Financial highlights

• Net revenue for 2025 was R$1,499 million, with gross profit at R$625 million, up 17% year-over-year.

• Net profit for 2025 reached R$535 million, a 121% increase over 2024, with ROE at 10.9% and net margin at 35.7%.

• Gross margin improved to 41.7% in 2025, up 7.6 p.p. from 2024, driven by construction savings and efficient project delivery.

• Dividends paid in 2025 totaled R$309–339 million, representing 57–58% of net profit, funded by cash generation.

• Net debt at year-end was R$147 million, with net cash at the holding level and consolidated cash of R$1.6 billion.

Outlook and guidance

• 2026 launch guidance is R$2.5–3.5 billion in PSV, aiming for up to 100% growth versus 2024.

• First quarter 2026 launches already near R$1 billion, keeping the company on track to meet or exceed guidance.

• Ongoing initiatives include expanding the sales force with EZ Brokers and enlarging headquarters to support growth.

• Plans to increase exposure to the Minha Casa, Minha Vida segment in coming years.