Slides
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3Q25 Results Webcast 11/07/2025 The event will start at 9:00 am BRT
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2 3Q25 Earnings Webcast Luiz Mauricio Garcia Chief of Finance and Investor Relations Officer (CFO) Rodrigo Osmo (CEO)
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Highlights 3Q25 Luiz Mauricio Garcia IRO and CFO
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Highlights 4 Financial HighlightsOperational Highlights ▪ Launches of 14 projects in the consolidated, totaling R$ 1,562.9 million in PSV, an increase of 40.8% compared to 2Q25. The average price per unit in the quarter was R$ 232.2 thousand; ▪ Average Gross Sales Price in 3Q25 was R$ 216.9 thousand, an increase of 4.2% compared to 3Q24; ▪ Transferred PSV in the consolidated totaled R$ 1,117.0 million, increases of 29.2% and 5.7% compared to 3Q24 and 2Q25, respectively, totaling 6,231 transferred units in the quarter; ▪ Net Pre-Sales in 3Q25 totaled R$ 1,232.7 million, an increase of 3.1% compared to 2Q25. Net SoS in 3Q25 reached 26.6%; ▪ LandBank of R$ 26,192.3 million in PSV in 3Q25, increases of 27.2% and 0.3% compared to 3Q24 and 2Q25, respectively. Land acquisitions in the quarter totaled R$ 1,633.1 million, with land swaps representing 72.2% of the total LandBank, an increase of 2.7 p.p. compared to 3Q24. ▪ Historical record in consolidated Net Revenue of R$ 1,135.4 million in 3Q25, increases of 24.5% and 14.5% compared to 3Q24 and 2Q25, respectively; ▪ Adjusted Gross Profit of R$ 355.2 million in the consolidated 3Q25, up 21.0% and 11.9% compared to 3Q24 and 2Q25, respectively.; ▪ Project Backlog Margin (ex-Pode Entrar) reached 40.0% in 3Q25, an increase of 1.7 p.p. compared to 3Q24; ▪ Historical record in consolidated Adjusted EBITDA of R$ 187.0 million in 3Q25, increases of 24.0% and 12.1% compared to 3Q24 and 2Q25, respectively; ▪ Consolidated Net Income of R$ 111.7 million in 3Q25, an increase of 46.6% compared to 3Q24. Consolidated LTM Net Income reached R$ 422.4 million; ▪ Return on shareholders’ equity (ROE) LTM of 38.9%; ▪ Cash generation of R$ 77.2 million, excluding share buyback and capital increase at Alea; ▪ Corporate net debt / Equity ratio ended 3Q25 at -15%.
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Other Highlights 5 1. Settlement of the 13th Debenture Issuance Backed by CRI In October, we settled the 13th issuance of simple debentures, totaling R$ 300.0 million. With this, we have already addressed all the Company’s funding needs through the end of 2026. 2. Receivables Assignment Transaction In September, we settled the 2nd installment of the sale of the pro soluto portfolio, in the total net amount of R$ 69.3 million.
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6 914 532 3Q24 4Q24 1Q25 2Q25 3Q25 2,150 1,618 1,606 1,110 1,563 984 532 3Q24 4Q24 1Q25 2Q25 3Q25 1,555 1,023 1,088 1,196 1,233 Pode Entrar Net Pre-Sales in 3Q25 (ex-Pode Entrar) increased 29.5% compared to 2Q25. Launch of projects - Consolidated (R$ Million) Launch and Net-Pre Sales Net pre-sales – Consolidated (R$ Million)
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Impact of Income Tax Exemption 7 PSV by income bracket Estimated Annual Savings by Income Bracket (R$) With the Income Tax exemption, nearly all of our customers will have higher disposable income, strengthening their payment capacity starting in 2026. Cluster Bracket 1 Bracket 2 Bracket 3 Current Scenário 0 - 2850 2850 - 4700 4700 - 8600 3Q25 46% 37% 17% 3T23 3T24 59% 30% 11% 54% 33% 14% Bracket 1 Bracket 2 Bracket 3 Bracket Item to be Implemented Estimated Annual Savings R$ 3,500.00 Full Exemption R$ 530.00 R$ 4,000.00 Full Exemption R$ 1,529.75 R$ 4,500.00 Full Exemption R$ 2,671.20 R$ 5,000.00 Full Exemption R$ 4,170.82 R$ 5,500.00 75% Discount R$ 3,283.45 R$ 6,000.00 50% Discount R$ 2,396.07 *Source: Dieese Calculator (Includes 1 3th salary and vacation pay)
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TCD and Gross Margin of New Sales 8 Evolution % Debt Confession and Renegotiation Agreement (TCD) / Nominal Price (PSV) Evolution of Raw Gross Margin of New Sales vs Gross Margin of New Sales (%) 3Q23 27.1% 4Q23 27.8% 1Q24 29.7% 2Q24 30.4% 3Q24 31.6% 4Q24 32.7% 1Q25 33.1% 2Q25 32.3% 3Q25 33.0% 33.7% 33.6% 35.1% 35.2% 35.3% 36.0% 35.5% 35.9% 26.6% + 1.9 p.p. + 0.7 p.p. Raw Gross Margin New Sales Gross Margin New Sales 0 185.0 3Q23 11.5% 183.9 4Q23 11.3% 186.6 1Q24 10.7% 191.9 2Q24 9.7% 193.2 20.9 3Q24 8.4% 200.5 18.4 4Q24 7.9% 204.1 17.5 1Q25 6.5% 208.9 14.6 2Q25 8.3% 202.0 18.0 3Q25 209.4 207.9 210.2 11.7% 214.1 218.9 221.6 223.5214.9 24.5 24.0 23.7 23.0 220.0 % Debt Confession and Renegotiation Agreement/PSV Nominal Price (PSV) Debt Confession and Renegotiation Agreement (TCD) + 5.7 p.p. + 2.9 p.p.
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Adjusted Gross Margin 9 Adjusted Gross Margin – Tenda1 (%) 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 24.9 27.1 28.5 31.5 34.1 36.2 36.7 36.5 36.4 1 – Adjusted Gross Margin Ex-Pode Entrar (Citta) Adjusted Gross Margin – Alea (%) 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4.9% -10.6% 6.5% 9.7% 10.4% 11.2% 6.8% 4.5% -3.8% Reconciliation of Recurring Gross Margin – 3Q25 Revenue Cost Gross Profit GM Adjusted Cost Adjusted Gross Profit Ajusted GM Consolidated 1,135,356 (800,931) 334,425 29.5% (780,155) 355,201 31.3% (-) Alea (95,499) 101,046 5,547 3.2% 99,096 3,597 3.2% Reported Tenda Core 1,039,857 (699,885) 339,972 32.7% (681,059) 358,798 34.5% (-) Pode Entrar* (62,751) 59,698 (3,053) 1.8% 59,641 (3,110) 1.9% Total Recurring Tenda 977,106 (640,187) 336,918 34.5% (621,418) 355,688 36.4% *Project Citta
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Alea 10 477 308 537 773 680 555 439 641 964 893 3Q24 4Q24 1Q25 2Q25 3Q25 +43% Units Sold (#) STRONG GROSS SALES PERFORMANCE, WITH APPROXIMATELY 900 UNITS PER QUARTER, AND A 5% PRICE INCREASE COMPARED TO 2Q25. Net Pre-Sales Gross Sales 184 183 186 190 186 187 197 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 +5% 81 112 89 100 145 134 24% 1Q24 31% 2Q24 24% 3Q24 58 11% 4Q24 18% 1Q25 31% 2Q25 35% 3Q25 Net SoS (%) Net Pre-Sales (PSV, R$ million) Price Evolution vs. Net Pre-Sales (PSV, R$ million) and Net SoS (%) Average Net Sales Price
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Alea 11 Alea’s Raw Gross Margin on New Sales in 3Q25 was 14.0%, an increase of 0.5 p.p. compared to 2Q25. Raw Gross Margin Evolution on New Sales (%) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 -6,8 7,1 11,6 12,9 15,2 15,1 13,5 14,0 + 20,8 p.p. GUAÍRA– SP • Launch: Sep/25 • 188 Units Launched • PSV – R$ 34.5 million • Average Price: R$ 183.6 thousand GUARATINGUETÁ– SP • Launch: Aug/25 • 199 Units Launched • PSV – R$ 41.7 million • Average Price: R$ 209.5 thousand Ongoing Projects (#) 10 11 16 17 22 26 33 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 8 +313%
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12 2022 2023 2024 9M25 10.2% 7.6% 6.3% 6.9% 2022 2023 2024 9M25 8.6% 6.2% 7.3% 7.6% SG&A Indicators Selling Expenses / Net pre-sales – Consolidated (%) G&A / Net Operating Revenue – Consolidated (%)
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Lucro Líquido e ROE 13 ROCE (%, last 12 months) – Tenda’s Brand (%) Net Income – Consolidated LTM (R$ Million) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 -95.8 -159.1 -49.5 -94.6 -34.5 -23.5 65.5 77.7 106.4 141.0 187.5 194.4 386.8 249.6 423.7 286.9 With Swap Without Swap Recurring Net Income Reconciliation – 3Q25 Gross Profit Expense Net Income* Net Margin Consolidated 334,425 (222,755) 111,670 9.8% (-) Alea 5,547 29,217 34,764 4.2% Tenda Core Reported 339,972 (193,538) 146,434 14.1% (-) SWAP 0 (9,121) (9,121) -0.9% Total Tenda Recurring 339,972 (202,659) 137,313 13.2% *Net Income ex-Minorities 16,6 -7,4 -14,8 -11,4 2,3 9,7 13,2 32,0 34,2 39,6 3Q21 -3,7 4Q21 1Q22 2Q22 -22,4 3Q22 4Q22 1Q23 -7,4 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 36,9 2Q25 3Q25 -13,0 17,1 24,1 ROCE Tenda Brand (% 12 months)
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Value Creation 14 Operational and Total Cash Generation (R$ million) Net cash generation in 3Q25 was R$ 77.2 million, excluding the effects of share buyback, dividends, and capital increase in Alea. (R$ million) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Gross Debt 1,101.2 1,105.7 1,170.4 1,041.5 849.1 1,077.0 1,117.8 (-) Cash and Cash Equivalents and Financial Investments (747.4) (721.9) (738.0) (849.3) (581.5) (761.2) (916.9) Net Debt 353.8 383.8 432.4 192.2 267.6 315.8 200.9 Receivables Assignment Balance 380.5 352.0 331.4 488.0 450.2 581.7 609.8 ∆ Net Debt (+) Receivables Securitization (43.6) (1.5) (28.0) 83.6 (37.5) (179.8) 86.8 Net Financial Result (Income Statement) (36.8) (37.2) (30.6) (31.5) (32.4) (33.3) (29.0) Reserve Fund (Receivables Assignment) 0.0 (3.2) (3.2) (3.2) (7.9) (5.8) (8.9) Follow-on / SWAP Cash Effect / Share Buyback 0.0 0.0 0.0 25.4 (8.2) (78.5) (32.4) Operational Cash Flow - Consolidated (6.8) 38.8 5.9 92.9 10.9 (62.2) 157.1 Operational Cash Flow - Alea1 (16.2) (30.2) (30.1) (39.6) (6.0) (64.7) 17.9 Operational Cash Flow - Tenda 9.4 69.0 36.0 132.5 16.9 2.5 139.2 1Includes a net capital increase of R$ 33 million in 1Q25 and R$ 42 million in 3Q25.
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Capital Structure 15 Net Corporate Debt / Equity Ratio (%) 3Q21 10% 4Q21 32% 1Q22 33% 2Q22 55% 3Q22 66% 4Q22 67% 1Q23 42% 2Q23 13%11% 16% 4Q23 2% 1Q24 0% 2Q24 5% 3Q24 -10% 4Q24 -2% 1Q25 -4% 2Q25 -15% 3Q253Q23 Overview of Debt Structure Average cost of debt Average cost: CDI + 2.04% Average cost: TR+ 8.42% Average cost: IPCA + 6.86% Average overall cost of 12.78% y.y. 24% 42%34% CDI TR IPCA (R$ million) September 25 Consolidated Gross Debt 1,117.8 (-) Cash and cash equivalents and financial investments (916.9) Net Debt 200.9 Shareholders’ Equity + Minority Shareholders (SE+MS) 1,241.6 Net Debt / Equity (SE+MS) 16.2% Corporate Net Debt to Equity Ratio (14.5%)
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Revised Guidance – Tenda and Consolidated Net Income 16 36.7% 1Q25 36.5% 2Q25 36.4% 3Q25 36.5% 9M25 36.0% Lower Limit 37.0% Upper Limit Adjusted Gross Margin1 (%) Net Pre-Sales (R$ Million) Net Income Consolidated² (R$ Million) 988.4 1Q25 1,053.8 2Q25 1,099.0 3Q25 3,138.5 9M25 4,100.0 Lower Limit 4,300.0 Upper Limit 1Q25* 2Q25* 3Q25* 9M25* Lower Limit Upper Limit 74.6 77.1 102.5 254.2 360.0 400.0 • Net Income in 9M25 reached 70.6% of the Lower Limit. • Net Pre-Sales in 9M25 reached 76.5% of the Lower Limit ¹Does not include the Pode Entrar Program; ²The new projections do not include the results of outstanding SWAP operations; *Excludes the Swap gain.
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Revised Guidance - Alea 17 Adjusted Gross Margin (%) Net Pre-Sales (R$ Million) 1Q25 2Q25 3Q25 9M25 Lower Limit Upper Limit 99.9 144.6 134.0 378.5 700.0 800.0 1Q25 2Q25 -3.8% 3Q25 9M25 Lower Limit 10.0% Upper Limit 6.8% 4.5% 2.5% 6.0% • Net Pre-Sales in 9M25 reached 54.1% of the Lower Limit. The Canoas Project is expected to be launched in December. • We do not expect changes in Alea’s gross margin compared to the current level in 4Q25.
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Q&A 3Q25 Results Webcast
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For live interaction 19 3Q25 Results Webcast