EZTEC (EZTC3) posted net income of R$ 85 million in 3Q26, versus R$ 183 million in 3Q25 and R$ 110 million in 2Q26. Net revenue for the quarter was R$ 346 million, and gross profit was R$ 117 million. Net margin came in at 24.7%, down 4.7 p.p. from 2Q26.
Gross margin was 33.7%, down 6.1 p.p. from 2Q26, versus 44.7% in 3Q25. Adjusted gross margin, excluding financial charges, was 36.8%, down 5.1 p.p. The company attributes the decline to the accounting effect of PVA (present value adjustment) on recent sales. Revenue for the quarter includes R$ 142 million from sales of completed developments, up 115% from 3Q25, and the fulfillment of the condition precedent clause of the Casa Nacional development. In 9M26, net revenue was R$ 1,046 million, gross profit was R$ 391 million and net income was R$ 316 million, down 24.4% from 9M25. ROE (return on equity) over 12 months was 8.3%.
Net sales totaled R$ 524 million in 3Q26 and R$ 1,799 million in 9M26, a record for the period, up 29% from 9M25. Sales of completed inventory grew 65% in the period. Launches in 9M26 totaled R$ 2,424 million in PSV (potential sales value), up 53.3% from 9M25. In the quarter, Cidade Parque Guarapiranga - Atlântica (R$ 265 million), Azzure Resort Life Phase 2 (R$ 212 million) and GranResort Reserva São Caetano Phase 2 (R$ 250 million) were launched. Town Residences by Lindenberg (R$ 339 million) and Pop Osasco Phase 2 (R$ 117 million) are planned. The company says the launch volume projected for 2026, between R$ 2.5 billion and R$ 3.5 billion, is within target.
Reported EBIT (earnings before interest and taxes) was R$ 70.2 million, including a gain of R$ 72.2 million on the sale of SPE Cayowaa and a provision of R$ 50.6 million for the withdrawal from the purchase of the Extra land. Excluding these two effects, which totaled R$ 21.6 million, EBIT would have been R$ 48.6 million. There was also the full lease of Esther Towers to Itaú Unibanco, for 10 years, with revenue of R$ 120/m². Net debt was R$ 53 million at the end of 9M26, versus R$ 147 million in 2025.
EZTEC approved dividends of R$ 20,287,471 (about R$ 0.07 per share), equivalent to 25% of adjusted net income. The record date is November 12, 2026, shares begin trading ex-dividend on November 13, and payment will be made on November 30, 2026.
