Construtora Tenda (TEND3) reported consolidated net income of R$ 179.1 million in the second quarter of 2026, with a net margin of 13.9%. In the same period, consolidated net operating revenue reached R$ 1.29 billion, a quarterly record, up 30.1% over 2Q25 and 8.9% compared to 1Q26.
Consolidated net income ex-swap totaled R$ 161.3 million in 2Q26, an increase of 109.3% versus 2Q25 and 6% compared to the previous quarter. Over the last 12 months, consolidated net income ex-swap came to R$ 532.4 million, and return on equity for the last 12 months stood at 42.6%.
Consolidated adjusted gross profit reached R$ 481.3 million in 2Q26, an increase of 51.6% year over year, with an adjusted gross margin of 37.3%. Consolidated adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 275.2 million, up 64.9% compared to 2Q25, with an adjusted EBITDA margin of 21.3%; for the Tenda brand, adjusted EBITDA reached R$ 299.8 million, with a margin of 24.9%.
In the quarter, consolidated launches totaled R$ 1.77 billion in PSV, an increase of 59.1% over 2Q25, while net sales reached R$ 1.40 billion, up 17.2% on the same comparison basis. The consolidated land bank closed 2Q26 at R$ 33.77 billion in PSV, growth of 29.3% from a year earlier, and total net debt corresponded to 19.8% of shareholders’ equity plus non-controlling interests, with corporate net debt equivalent to 1.9% of shareholders’ equity.
The company generated consolidated operating cash of R$ 52.5 million in 2Q26, with generation of R$ 68.9 million at the Tenda brand and consumption of R$ 16.4 million at Alea. For 2026, Tenda revised its guidance: estimated adjusted EBITDA for the Tenda segment was revised to a range between R$ 1.1 billion and R$ 1.2 billion, expected net sales for the Tenda segment were raised to R$ 5.5 billion to R$ 6 billion, and projected consolidated net income ex-swap is now expected to range from R$ 600 million to R$ 660 million.
