Even (EVEN3) reported comprehensive net income of R$ 77 million in the first half of 2026, a 40% drop compared to the same period in 2025, when the result was R$ 130 million. In the same 1H26, adjusted gross profit totaled R$ 281 million, versus R$ 189 million in 1H25, with an adjusted gross margin of 33.4%, compared to 25.9% a year earlier.
In 1H26, Even’s launches totaled a General Sales Value (VGV) of R$ 281 million considering the company’s stake, a 60% decrease compared to the R$ 694 million in 1H25. Net sales reached R$ 408 million in VGV (% Even), down 41% compared to the R$ 688 million in the same period of the previous year, while deliveries totaled R$ 590 million in VGV (% Even), versus R$ 712 million in 1H25.
Profitability measured by return on equity for the last 12 months (ROE LTM) was 11.1% at the end of 2Q26. In the quarter, the company consumed R$ 94.8 million in operating cash, excluding dividends and share buybacks, bringing net debt to R$ 698.7 million at the end of June, compared to R$ 513.8 million at the beginning of the half-year.
On June 30, 2026, Even’s capital structure consisted of gross debt of R$ 1.486 billion, cash of R$ 787 million and shareholders’ equity of R$ 2.305 billion, resulting in a net debt/shareholders’ equity ratio of 30.3%. The corporate debt amortization schedule calls for payments of R$ 58 million in 2026, R$ 173 million in 2027 and R$ 120 million in 2028, all related to Real Estate Receivables Certificates (CRI).
Even’s net asset value (NAV) totaled R$ 3.135 billion on September 18, 2026, considering cash of R$ 787 million, accounts receivable of R$ 2.892 billion, inventory at market value of R$ 3.251 billion, land net of debt of negative R$ 66 million, debt of negative R$ 1.486 billion, costs to incur of negative R$ 1.842 billion, minority interests of negative R$ 821 million and other net assets and liabilities of R$ 419 million. On that same day, the company’s market value (market cap) was R$ 800 million.
