Construtora Tenda (TEND3) reported consolidated net income of R$ 57.3 million in 3Q26, compared with R$ 111.7 million in 3Q25. The result was impacted by R$ 49.1 million from the mark-to-market of Swap contracts (derivatives) referenced to the company's own shares, which reflected the decline in TEND3 during the quarter. According to the company, the effect is accounting-related, with no cash disbursement, and settlement is scheduled for April and September 2027.
Excluding the Swap, consolidated net income was R$ 106.4 million, up 3.7% from 3Q25. Excluding both the Swap and the SOP (stock option plan), net income was R$ 117.9 million. For the first nine months of 2026, net income excluding the Swap totaled R$ 419.9 million, 65.2% above the same period in 2025.
Consolidated net revenue reached R$ 1,254.1 million in 3Q26, up 10.5% from 3Q25, and R$ 3,728.9 million over nine months, up 24.6%. Adjusted gross profit was R$ 407.6 million, up 14.8%, with an adjusted gross margin of 32.5%. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the Tenda segment was R$ 227.8 million, up 2.2%, with a margin of 19.6%. The Tenda segment's adjusted gross margin was 34.6%, 5.3 p.p. below 2Q26 (39.9%). The company attributes the decline to the reduction in post-keys pro-soluto (TCD, the portion of the price financed directly by the builder) from 10% to 7.1% of the nominal price, to construction costs and to the legacy transfer in Rio de Janeiro, as well as to an increase in cancellations (purchase withdrawals), which totaled 1,231 units, up 52% from 2Q26. Management cites the Caixa Econômica Federal strike in September, the temporary reduction in the income commitment limit and stricter credit approval standards.
Consolidated operating cash generation was R$ 82.4 million, the 14th consecutive quarter of cash generation. Corporate net debt to shareholders' equity closed at 0.1%, and total cash was R$ 923.8 million. Return on equity (ROE) over the last 12 months, excluding the Swap, was 39.0%. Launches totaled R$ 1,641.6 million in PSV (potential sales value) across 14 projects, up 5.0% from 3Q25. Consolidated net sales were R$ 1,287.0 million, and the land bank reached R$ 35,544.6 million in PSV.
For 2026, Tenda projects adjusted EBITDA of R$ 1,100 million to R$ 1,200 million for the Tenda segment (R$ 811.1 million realized over nine months), net sales of R$ 5,500 million to R$ 6,000 million and consolidated net income excluding the Swap of R$ 600 million to R$ 660 million (R$ 419.9 million realized through September).
