Slides
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2Q26 Results Webcast 08/05/2026 The event will start at 9:00 am BRT
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2 2Q26 Earnings Webcast Luiz Mauricio Garcia Chief of Finance and Investor Relations Officer (CFO) Rodrigo Osmo Co-CEO Marcos Cruz Co-CEO
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Highlights 2Q26 Luiz Mauricio Garcia IRO and CFO
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Highlights 4 1. Launches of 17 projects on a consolidated basis, totaling a record second-quarter of R$ 1,766.4 million, up 59.1% and 20.8% compared to 2Q25 and 1Q26, respectively. The average price per unit during the quarter was R$ 248.8 thousand; 2. Average Gross Sales price of R$ 241.8 thousand, up 10.9% and 3.2% compared to 2Q25 and 1Q26, respectively; 3. Record consolidated quarterly Net Revenue of R$ 1,290.0 million, up 30.1% and 8.9% compared to 2Q25 and 1Q26, respectively; 4. Record Adjusted Gross Margin in the Tenda segment of 40.4%, improvements of 3.9 p.p. and 1.8 p.p. compared to 2Q25 and 1Q26, respectively (ex-Pode Entrar); 5. Consolidated Net income of R$ 179.1 million in 2Q26, with LTM ROE of 42.6%; 6. Total cash generation of R$ 78.3 million, excluding share buybacks; 7. Tenda enters the 1ˢᵗ preview of Ibovespa for the last four-month period of the year.
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Highlights Consolidated 5 Launches – Consolidated (R$ Million) 2Q25 2Q26 6M25 6M26 1,110 1,766 2,024 3,228 +59.1% +59.5% Net-Pre Sales – Consolidated (R$ Million) 2Q25 2Q26 6M25 6M26 1,196 1,402 2,284 2,935 +17.2% +28.5% Record second-quarter Launches and Net pre-sales.
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Price Evolution 6 Evolution of Raw Price and Average Net Pre-sales Price (R$ thousand) + 3.6 % + 3.0% 2Q25 3Q25 4Q25 1Q26 203.6 218.7 199.1 217.6 204.1 221.8 210.2 236.7 2Q26 217.8 243.8+7.0% +11.5% Raw Price Avarege Net-Pre Sales Price The price increase in 2Q26 vs. 1Q26 was higher in raw price compared to nominal price.
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Adjusted Gross Margin 7 Adjusted Gross Margin – Tenda1 (%) 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 31.5% 34.1% 36.2% 36.7% 36.5% 36.4% 37.4% 38.5% 2Q26 40.4% 1 – Adjusted Gross Margin Ex-Pode Entrar (Citta) Adjusted Gross Margin – Alea (%) 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 9.7% 10.4% 11.2% 6.8% 4.5% -3.8% -29.4% -1.2% 2Q26 0.5% Reconciliation of Recurring Gross Margin – 2Q26 Revenue Cost Gross Profit GM Adjusted Cost Adjusted Gross Profit Ajusted GM Consolidated 1,290,042 (828,864) 461,178 35.7% (808,757) 481,285 37.3% (-) Alea (85,099) 85,513 413 2.6% 84,670 (429) 2.6% Reported Tenda Core 1,204,943 (743,351) 461,591 38.3% (724,087) 480,856 39.9% (-) Pode Entrar* (27,850) 21,978 (5,873) 0.4% 21,978 (5,873) 0.4% Tenda segment ex-Pode Entrar 1,177,092 (721,374) 455,719 38.7% (702,109) 474,983 40.4% *Project Citta
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Structural Efficiency 8 30 40 41 42 35 36 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 97.0% 94.1% 96.0% 97.6% 97.9% 99.3% % of business days with concrete pouring Formwork sets Structural Efficiency (%)
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SG&A Indicators 9 2023 2024 2025 1Q26 2Q26 7,6% 6,3% 7,2% 5,8% 7,0% Selling Expenses / Net pre-sales – Consolidated (%) G&A / Net Operating Revenue – Consolidated (%) 2023 2024 2025 1Q26 2Q26 6,2% 7,3% 7,0% 7,3% 8,2% 1,1% 7,1% Non-Recurring: • Higher 2025 bonus expenses relative to what was provisioned; • Company has two CEOs (co-CEOs). Recurring: • 2026 bonus provision adjustment; • Headcount increases. Higher prices impact first and dilution comes later. Non-recurring
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Adjusted EBITDA and ROCE – Tenda’s Brand 10 Evolution of Adjusted EBITDA / ROCE LTM – Tenda’s brand -23.3 -96.0 3Q22 -29.9 4Q22 74.8 1Q23 65.0 2Q23 1.8 68.4 3Q23 70.0 4Q23 114.9 1Q24 111.1 2Q24 162.6 3Q24 147.5 4Q24 169.8 1Q25 190.1 2Q25 222.9 3Q25 235.4 4Q25 283.5 1Q26 -12.6 -14.0 -10.9 -9.1 8.4 14.1 -15.1 28.2 42.3 38.0 28.6 32.1 21.4 36.0 2Q26 44.0 299.8 2Q22 37.0 ROCE (% 12 months, Ex-Swap) Adjusted EBITDA (R$ Million)
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Highlights Alea 11 Alea Operating Cash Consumption (Tenda’s view) (R$ million) Ongoing Projects (#) 16 17 22 26 33 25 13 17 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 11 2Q26 -48.5% 33.5 1Q25 53.2 2Q25 24.1 3Q25 16.8 4Q25 14.9 1Q26 2Q26 14.1 -73.4% Operating Cash Consumption Evolution of Price x Net Pre-Sales (PSV, R$ million) e Net SoS (%) 89 58 84 31% 24% 112 2Q24 3Q24 11% 4Q24 100 18% 1Q25 145 31% 2Q25 134 35% 3Q25 121 38% 4Q25 105 42% 1Q26 2Q26 37% Net SoS (%) Net Pre-Sales (PSV, R$ million) 25.9 2Q24 162.4 25.5 3Q24 167.3 21.5 4Q24 171.4 14.6 1Q25 173.8 13.7 2Q25 180.7 13.8 3Q25 159.0 10.2 4Q25 184.2 11.8 1Q26 193.2 10.5 2Q26 184.9 188.0 188.8 186.0 187.4 194.5 191.3 195.9 203.7 181.1 Average Raw Gross Sales Price TCD
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TCD and Gross Margin of New Sales 12 Evolution % Debt Confession and Renegotiation Agreement (TCD) / Nominal Price (PSV) - Consolidated Evolution of Raw Gross Margin of New Sales vs Gross Margin of New Sales (%) 2Q24 30.4% 3Q24 31.6% 4Q24 32.7% 1Q25 33.1% 2Q25 32.3% 3Q25 33.4% 4Q25 33.3% 1Q26 35.1% 35.2% 35.3% 36.0% 35.5% 35.9% 36.5% 37.3% 2Q26 33.8% 37.4% 29.7% + 0.7 p.p. + 1.9 p.p. Raw Gross Margin New Sales Gross Margin New Sales 0 180.8 19.1 2Q24 9.4% 182.3 18.9 3Q24 8.5% 186.5 17.4 4Q24 8.0% 200.1 17.4 1Q25 6.6% 203.6 14.4 2Q25 8.1% 199.1 17.6 3Q25 7.3% 204.1 16.0 4Q25 10.2% 210.2 1Q26 199.9 201.2 203.9 217.5 9.6% 216.8 220.1 234.1 23.9 218.0 9.9% 241.8 23.9 217.8 2Q26 % Debt Confession and Renegotiation Agreement/PSV Nominal Price (PSV) Debt Confession and Renegotiation Agreement (TCD) + 4.1 p.p. + 2.3 p.p.
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Net Income 13 Net Income – Consolidated LTM (In Million) 106 187 387 422 506 604 579 78 141 194 250 287 371 448 532 -3.0% -34 -24 2Q24 65 3Q24 4Q24 20.0% 1Q25 2Q25 3Q25 4Q25 1Q26 8.4% 15.6% 24.4% 26.4% 34.5% 36.7% 2Q26 39.2% ROE Consolidated (% 12 months) With Swap Without Swap • Record Net income of R$ 206.9 million for the Tenda brand in 2Q26; • Consolidated LTM Net income ex-SWAP continues its growth trajectory, with an increase of R$ 84 million in 2Q26. Recurring Net Income Reconciliation – 2Q26 Gross Profit Expense Net Income1 Net Margin Consolidated 461,178 (282,097) 179,081 13.9% (-) Alea 413 29,463 29,876 3.5% Tenda Core Reported 461,591 (252,635) 208,957 17.3% (-) SWAP 0 (17,802) (17,802) -1.5% (-) Expenses with Stock Option Plan2 0 15,793 15,793 1.3% Total Tenda 461,591 (254,643) 206,948 17.2% 1Net Income ex-Minorities 2This effect is excluded as the swapped shares are held to support the Stock Options Program ("SOP").
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Value Creation 14 Operational and Total Cash Generation Total cash generation in 2Q26 was R$ 78.3 million, excluding the effects of share buyback. (R$ million) 2023 2024 2025 1S26 1Q26 2Q26 Gross Debt 1,180.1 1,041.5 1,313.0 1,168.7 1,415.5 1,168.7 (-) Cash and Cash Equivalents and Financial Investments (718.8) (849.3) (1,046.9) (865.4) (1,090.6) (865.4) Net Debt 461.3 192.2 266.0 303.2 324.9 303.2 Receivables Assignment Balance 229.4 488.0 603.4 514.7 569.4 514.7 ∆ Net Debt (+) Receivables Securitization (a) 109.3 10.5 (189.3) 51.5 (24.8) 76.3 Net Financial Result (Income Statement) (194.0) (136.2) (130.7) (82.3) (37.2) (45.1) Reserve Fund (Receivables Assignment) (58.2) (4.9) (30.1) 18.3 7.3 11.0 Follow-on / Dividends / Share Buyback / Capital Increase1 (b) 224.3 0.0 (165.6) (113.3) (111.3) (1.9) SWAP Cash Effect 0.0 25.4 47.4 64.2 4.3 59.8 Operational Cash Flow - Consolidated 137.1 126.2 89.6 164.6 112.2 52.5 Operational Cash Flow - Alea (100%) (96.2) (116.0) (148.4) (33.8) (17.4) (16.4) Operational Cash Flow - Tenda 233.3 242.2 237.9 198.5 129.5 68.9 Total Cash Generation (a)-(b) (115.0) 10.5 (23.8) 164.8 86.6 78.3 1 . Includes a net capital increase of R$ 75 million in 2025.
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Capital structure 15 Net Corporate Debt / Equity Ratio (%) 2Q22 55% 3Q22 66% 4Q22 67% 1Q23 42% 2Q23 13% 3Q23 16% 4Q23 2% 1Q24 0% 33% 5% 3Q24 -10% 4Q24 -2% 1Q25 -4% 2Q25 -15% 3Q25 -5% 4Q25 -5% 1Q26 2Q26 2% 2Q24 Overview of Debt Structure Average cost: CDI + 1.58% Average cost: TR + 8.49% Average cost: IPCA + 6.94% Average overall cost of 14.26% y.y. 61% 23% 15% CDI TR IPCA Average cost of debt (R$ million) June 26 Consolidated Gross Debt 1,168.7 (-) Cash and cash equivalents and financial investments (865.4) Net Debt 303.2 Shareholders’ Equity + Minority Shareholders (SE+MS) 1,534.6 Net Debt / Equity (SE+MS) 19.8% Corporate Net Debt to Equity Ratio 1.9%
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Revised Guidance – Tenda and Consolidated Net Income 16 6M26 Lower Limit Upper Limit 583.4 1,100.0 1,200.0 Adjusted EBITDA (R$ Million) Net-Pre Sales (R$ Million) Consolidated Net Income1 (R$ Million) 6M26 Lower Limit Upper Limit 2,746.0 5,500.0 6,000.0 6M26 Lower Limit Upper Limit 313.5 600.0 660.0 • In the guidance revision, the midpoint of the current range (R$ 630 million) increased 12.5%. • In the guidance revision, the midpoint of the current range (R$ 5,750 million) increased 9.5%. 1Projections do not include the results from SWAP operations; • In the guidance revision, the midpoint of the current range (R$ 1,150 million) increased 15.0%.
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Revised Guidance – Alea 17 6M26 Lower Limit Upper Limit -44.2 -90.0 -70.0 Adjusted EBITDA (R$ Million) Net-Pre Sales (R$ Million) Cash Flow (% Tenda’s Ownership Stake) (R$ Million) 6M26 Lower Limit Upper Limit 189.3 350.0 450.0 6M26 Lower Limit Upper Limit -29.1 -80.0 -60.0 • There was no revision to the Alea Cash Flow guidance. • There was no revision to the Alea Net pre-sales guidance. • In the guidance revision, the midpoint of the current range (-R$ 80 million) decreased R$ 20 million.
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CEO transition process 18 Elected Co-CEO Tenda 06/08/2026 End of integration process in the Tenda segment 09/08/2026 End of Transition 06/08/2027 • Immersion in Tenda brand business areas; • Immersion in the Construction sector; • Local visits and meetings at Regional offices. • Effective role as CEO of Tenda Core; • Immersion in Alea business areas; • Visits to Alea construction sites.
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Q&A 2Q26 Results Webcast
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For live interaction 20 2Q26 Results Webcast