Even (EVEN3) posted net income of R$ 20 mn in the third quarter of 2026 (3Q26), down 77.6% from R$ 90 mn in 3Q25 and down 34.2% from 2Q26. Net revenue was R$ 240 mn, with gross profit of R$ 51 mn and an adjusted gross margin (excluding financial charges allocated to cost) of 34.6%. ROE (return on equity) for the last 12 months was 7.3%.
Net revenue in 3Q26 rose 19.4% over 2Q26, but fell 54.6% compared with 3Q25. Gross profit increased 82.5% over 2Q26 and declined 70.9% from 3Q25. The net margin, excluding minority interests, was 11.6%.
In the first nine months of 2026 (9M26), net revenue totaled R$ 771 mn, down 46.3% from R$ 1,436 mn in 9M25. Gross profit was R$ 163 mn, versus R$ 363 mn. Comprehensive net income, which includes effects from the sale of equity interests, was R$ 98 mn, 55.6% lower than the R$ 220 mn in 9M25. The adjusted gross margin was 33.8%, up 3.8 percentage points. The backlog margin (REF) is 39.5% and the inventory margin is 31.3%.
On the operational side, Even launched two luxury projects in São Paulo, Janô and Edifício Primavera, with PSV (Potential Sales Value) of R$ 590 mn, of which R$ 231 mn is the company's share. Net sales were R$ 185 mn (Even's share), with consolidated SOS (sales over supply) of 4.9%. Cancellations totaled R$ 57 mn. In 9M26, launches totaled R$ 511 mn in PSV in Even's share, down 76%, and net sales were R$ 594 mn, down 61%. Deliveries totaled R$ 966 mn. Inventory stands at R$ 3.6 bn at market value and the land bank at R$ 8.2 bn, with no new acquisitions in the quarter.
The company ended September with R$ 732 mn in cash and net debt of R$ 739 mn, equivalent to 31.8% of shareholders' equity of R$ 2.3 bn. Gross debt is R$ 1,471 mn. Operating cash burn was R$ 38 mn in 3Q26 and R$ 188.4 mn in 9M26.
Is EVEN3 worth investing in?
- Price
- R$ 3.53
- as of 11/11/2026
- Dividend yield
- 25.96 %
- P/L
- 3.56
- P/VPA
- 0.37
