Earnings release
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Earnings Release 2Q26 Alea Tenda OU VELADO
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2 São Paulo, August 4th, 2026 - Construtora Tenda S.A. (“Company”, “Tenda”), a leading Brazilian homebuilder an d real estate developer focused on affordable housing, announces today its results for the second quarter of 2026. EARNINGS RELEASE 2Q26 HIGHLIGHTS FINANCIAL ▪ Historical record in quarterly consolidated Net Revenue of R$ 1,290.0 million, up 30.1% and 8.9% compared to 2Q25 and 1Q26, respectively; ▪ Record consolidated adjusted gross profit of R$ 481.3 million in 2Q26, up 51.6% and 14.4% compared to 2Q25 and 1Q26, respectively. Adjusted gross margin in the Tenda segment reached 40.4%, improvements of 3.9 p.p. and 1.8 p.p. compared to 2Q25 and 1Q26, respectively (ex-Pode Entrar); ▪ Consolidated net income of R$ 179.1 million in 2Q26, of which R$ 161.3 million ex-SWAP, up 109.3% and 6.0% compared to 2Q25 and 1Q26, respectively; ▪ Record adjusted EBITDA for the Tenda segment of R$ 299.8 million in 2Q26, up 57.8% and 5.8% compared to 2Q25 and 1Q26, respectively; ▪ Alea cash consumption (Tenda ownership %) totaled R$ 14.1 million, down 5.4% compared to 1Q26; ▪ Return on shareholders’ equity (ROE) LTM of 42.6%; ▪ Total cash generation of R$ 78.3 million, excluding share buybacks; ▪ Corporate net debt / Equity ratio ended 2Q26 at -1.9%. OPERATIONS ▪ Launches of 17 projects on a consolidated basis, totaling R$ 1,766.4 million in 2Q26, 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; ▪ Average Gross Sales Price in 2Q26 was R$ 241.8 thousand, up 10.9% and 3.2% compared to 2Q25 and 1Q26, respectively; ▪ Consolidated Transferred PSV totaled R$ 1,124.7 million in 2Q26, up 6.5% and 1.1% compared to 2Q25 and 1Q26, respectively, accounting for a total of 5,734 units transferred during the quarter; ▪ Net Pre-Sales totaled R$ 1,402.3 million, up 17.2% compared to 2Q25. Net SoS (Speed of Sales) in 2Q26 was 24.4%. The decrease in SoS relative to the 25%-30% range reflects the price reposition policy adopted in the first half of the year, aimed at mitigating exposure to cost pressures, in addition to the higher volume of launches toward the end of the quarter; ▪ LandBank with R$ 33,767.9 million in PSV in 2Q26, up 29.3% and 16.1% compared to 2Q25 and 1Q26, respectively. Acquisitions during the quarter totaled R$ 6,459.3 million, with land swaps now representing 68.1% of the total landbank. OTHER HIGHLIGHTS ▪ Tenda enters the 1ˢᵗ preview of Ibovespa for the last four-month period of the year.
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3 MESSAGE FROM THE MANAGEMENT We ended the first half of 2026 with yet another quarter of record results. In 2Q26, consolidated Net Revenue reached R$ 1,290.0 million (+30.1% compared to 2Q25), Adjusted Gross Profit totaled R$ 481.3 million, with Adjusted Gross Margin of 40.4% in the T enda segment (ex -Pode Entrar), and Adjusted EBITDA for the Tenda brand reached R$ 299.8 million — all record results. Consolidated Net income (ex- SWAP) was R$ 161.3 million, up 109.3% year -over-year, accompanied by an LTM ROE of 42.6%, Total Cash Generation of R$ 78. 3 million and a robust capital structure, with Corporate Net Debt/Equity of only 1.9%. Adjusted EBITDA/ROCE LTM Evolution - Tenda Brand Our consolidated LTM Net income ex -SWAP continues its growth trajectory, with an increase of R$ 84 million in 2Q26. Net Income – Consolidated LTM (R$ million) We are pleased with the first half performance. It was robust yet controlled growth: we did not take on additional risks and a significant portion of the expansion came from recently opened, or reopened, markets — Goiânia, João Pessoa and Curitiba. At the start of 2026, we had two core objectives for the Tenda segment: maximize volume given a strong market, and not derail operations. We have delivered on both so far and remain focused on this path. We launched R$ 3.1 billion under the Tenda brand in 1H26 (+62.3% compared to 1H25) and operations continue to perform well: the percentage of concrete pouring days and construction pace remain at Tenda's best historical levels, even with strong volume growth. Also worth highlighting is the adoption of a mor e qualified mix, with an increasing number of Bracket 3 projects, in addition to the early completion of all Pode Entrar projects.
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4 Structural Efficiency (%) On margins, 2Q26 marked new levels: Backlog Margin for the Tenda brand reached 42.3%, the highest percentage ever reported by the Company, and Adjusted Gross Margin reached 40.4% (ex-Pode Entrar). It is important, however, to note that part of this performance stems from cost savings captured during the project delivery phase and should not be extrapolated as a long -term level. We believe margins should settle at a level slightly below the current one. On the commercial front, Net SoS of 24.4% in 2Q26 came in below the 25%-30% range we consider ideal, but it is worth noting this was a deliberate choice: the price repositioning policy adopted in the first half aimed at mitigating exposure to cost pressures observed in March and April, resulting in a 10.9% increase in the average gross sales price compared to 2Q25. Starting in July, with the inflationary risk scenario dissipated, our focus shifts to increasing our SoS back to the range we consider ideal. The robust results achieved in 1H26, combined with a more benign inflation outlook, give us the comfort to revise our 2026 projections upward. It is this combination of factors that supports the upward revision of our 2026 projections: the Adjusted EBITDA guidance for the Tenda segment moved from R$ 950.0 – 1,050.0 million to R$ 1,100.0 –1,200.0 million; Net pre -sales for the Tenda segment, from R$ 5.0 –5.5 billion to R$ 5.5–6.0 billion; and consolidated Net income (ex-SWAP), from R$ 520.0–600.0 million to R$ 600.0–660.0 million. One area of attention we continue to monitor closely is household delinquency, a relevant topic given the size of our receivables portfolio. From a macro perspective, rising indebtedness among lower-income households, combined with elevated interest rate l evels, imply higher delinquency risk, leading us to increase our provision levels. Provisions over Gross Operating Revenue increased from 1.8% in 1H25 to 2.7% in 1H26, a movement already fully reflected in our provisions. We maintain active management of this topic, both from a collection standpoint and through adjustments to our credit policies, and with the price gains already executed, we expect a reduction in post -keys pro-soluto (TCD) throughout the second half, without impacting our margins. At Alea, the headline for the quarter remains operational stabilization. Operating cash consumption (Tenda's % stake) was R$ 14.1 million in 2Q26 and the full -year consumption points to a figure within the guidance of R$ 60.0 to R$ 80.0 million. We reitera te that Alea's "success" in 2026 will not be accelerated growth, but rather operational stability, building robust unit economics that justify scaling the business. In this regard, business viability continues to evolve: Net SoS reached 36.5% and the average selling price grew 3.0% compared to 1Q26, reflecting strong absorption of the Alea product. The decision not to proceed with the Canoas project follows this same rationale — concentrating all focus on stabilization — and for the second half, we are work ing toward resuming the Campinas footprint, scaling operations gradually and in a disciplined manner.
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5 Alea Operating Cash Consumption (Tenda’s view) (R$ million) We ended the half confident that Tenda is experiencing its best moment ever, with disciplined growth, stable operations and risk management and control tools that allow us to navigate the macroeconomic environment safely, ensuring sustainable value deliver y to our shareholders. We thank all of our stakeholders for their trust and head into the second half of 2026 with great optimism.
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6 INTRODUCTION In 2Q26, the Tenda brand posted growth for the third consecutive quarter in the average gross sales price, reaching R$ 244.9 thousand. Net SoS of 23.9% for the Tenda brand, below the 25% -30% range the Company considers healthy, reflects the record launches for the second quarter and the price repositioning policy adopted in the first half of the year, aimed at mitigating exposure to cost pressures observed in March and April. Evolution of Price x Net Pre-Sales (PSV, R$ million - Tenda brand) and Net SoS (%) The significant recovery of the Tenda segment is evidenced by the expansion of the Gross Margin on New Sales, which increased from 30.5% in 2022 to 37.3% in 1H26, representing a gain of 6.8 p.p. In 2Q26, the gross margin on new sales for the Tenda brand in creased 1.9 p.p. compared to 2Q25. It is worth noting that this margin does not include any construction savings or contingency provisions. Evolution of Gross Margin from New Sales (%) and Gross Profit from New Sales (R$ million)
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7 Recurring Adjusted Gross Margin in the Tenda segment increased 11.9 p.p. since 1Q24. In 2Q26, Recurring Adjusted Gross Profit was R$ 475.0 million, up 14.4% compared to 1Q26. Recurring Adjusted Gross Margin in 2Q26 was 40.4%. Adjusted Gross Margin (%) and Adjusted Gross Profit Evolution (R$ million) Another indicator that evidences the quarterly improvement in Tenda brand metrics is the Backlog Margin, which reached 42.3% in 2Q26, the highest percentage ever reported by the Company. Backlog Margin 2Q26 (%) – Tenda Brand (Ex-Pode Entrar) Financials in Backlog Margin are composed of: Cancellation Provisions, Land Swaps and Monetary Adjustment. 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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8 Of total sales recorded during the quarter, 27% were directed to the Bracket 1 segment, with household income of up to R$ 3,200 per month. Over the long term, we see the Company gaining greater share in Brackets 3 and 4 of the MCMV program, driven by the a doption of various features in our units, such as swimming pools, balconies, gardens, among others. PSV by income bracket – Consolidated Regarding Alea’s operations, 2Q26 ended with 17 active construction sites, of which 10 are Alea and 7 are Casapatio. Alea's stabilization process involves a temporary operational reduction ("reset phase"), to minimize cash consumption and operational complexity while the necessary adjustments are made. Alea Construction Sites Regarding Alea's sales, for yet another quarter net pre -sales reflect a healthy level, with a strong Net SoS of 36.5% and a 3.0% increase in the average selling price compared to 1Q26, resulting from strong demand for projects in this segment. Price vs Net Pre-Sales Evolution (PSV, R$ million – Alea Brand) and Net SoS (%)
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9 Throughout the year, Alea's operating cash consumption trended downward due to better management of the optimal timing for construction starts. Since 4Q25, Alea has been consuming cash consistent with the lower end of our guidance (R$ 60-80M), giving us comfort that we can operate it with a consumption level that is not material relative to Tenda's size (~1.5% of revenue) while we stabilize its operations. Alea Operating Cash Consumption (Tenda ownership %) (R$ million) On a consolidated basis , Backlog Margin excluding financial items, there was an increase of 0.4 p.p. in 2Q26 compared to 1Q26, reaching 39.7%. Backlog Margin 2Q26 (%) Financials in Backlog Margin are composed of: Cancellation Provisions, Land Swaps and Monetary Adjustment. LTM Net income demonstrates the Company's strong recovery since 2024, moving from a loss to a consolidated Net income of R$ 532.4 million (ex-SWAP), an average increase of R$ 70 million per quarter, of which R$ 84.2 million in 2Q26. Net Income – Consolidated LTM (R$ million)
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10 Consolidated Net income in 2Q26 was R$ 179.1 million, representing a net margin of 13.9%. Also worth highlighting, the Tenda segment reported Net income of R$ 206.9 million in 2Q26. Leverage, measured by corporate net debt to equity ratio, closed 2Q26 at 1.9%. Net Corporate Debt / Equity Ratio (%) On cash, in 2Q26 the Company reported consolidated operating cash generation of R$ 52.5 million, of which R$ 68.9 million from the Tenda brand and consumption of R$ 16.4 million at Alea. It is worth noting that 2Q is typically a weak quarter for cash generation, as it is the quarter in which bonuses are paid. Additionally, we also accelerated the purchase of aluminum formwork to end the 6x1 work schedule, increasing our concrete pouring volume during the week, which also consumed R$ 11 million above what was planned prior to this project. Nonetheless, we still delivered strong cash generation, driven by our operational performance and also by gains from rolling our SWAP. Operational and Total Cash Generation/Consumption (R$ million) 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"). (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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11 Operational Cash Flow – Tenda LTM (R$ Million) We also continue to benefit from the characteristics of our construction model, with greater standardization, the use of aluminum formwork and verticalization of direct labor. In a sector where labor remains one of the main sources of inflationary pressure , our model, based on an industrial approach and labor verticalization, reduces our relative exposure to workforce shortages and service cost inflation, keeping the Company in a competitive position relative to the sector. Inflation Evolution in the Last 12 Months (%) Post-structure completion timeline by launch cohort (In months) Year IPCA INCC-M INCC - Materials and Equipment INCC - Labor Labor Delta 2022 5.8% 9.4% 6.9% 11.8% 4.9% 2023 4.6% 3.3% -0.4% 6.6% 7.0% 2024 4.8% 6.3% 5.2% 8.2% 3.0% 2025 4.3% 6.1% 3.8% 9.2% 5.4% Average Inflation 4.9% 6.3% 3.9% 9.0% 5.1% Cumulative 21.0% 27.5% 16.2% 40.9% 24.7%
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12 GUIDANCE (REVISION) Updated projections for 2026 In addition to the Material Fact disclosed on December 12ᵗʰ, 2025, the projections disclosed on that date have been updated, revising the Company's projections based on Management's updated expectations, as well as internal studies conducted and the economic and financial conditions of the market in which it operates. In this context, the following projections for 2026 were reached: Regarding Adjusted EBITDA , the previous estimate ranged from R$ 950.0 million (minimum) to R$ 1,050.0 million (maximum) for the Tenda segment, and from -R$ 70.0 million (minimum) to -R$ 50.0 million (maximum) for the Alea segment (Tenda's % stake). Following the updated projection s, the estimate for the Tenda segment now ranges from a minimum of R$ 1,100.0 million to a maximum of R$ 1,200.0 million, while the Alea segment now ranges from a minimum of -R$ 90.0 million to a maximum of -R$ 70.0 million. Regarding Net Pre-Sales, defined as gross sales for the period minus cancellations in the same period, with all figures adjusted for Tenda's equity stake, the previous estimate ranged from a minimum of R$ 5,000.0 million to a maximum of R$ 5,500.0 million, and from a minimum of R$ 350.0 million to a maximum of R$ 450.0 million for Alea. Following the updated projections, the current estimate ranges from a minimum of R$ 5,500.0 million to a maximum of R$ 6,000.0 million for the Tenda segment, while the Alea segment remained unchanged for this indicator. For Net Income, defined as the profit or loss for the period after deducting all operating, financial and tax expenses, the previous estimate ranged from a minimum of R$ 520.0 million to a maximum of R$ 600.0 million on a Consolidated basis. Following the updated projec tions, the current estimate ranges from a minimum of R$ 600.0 million to a maximum of R$ 660.0 million on a Consolidated basis. The projection excludes the results from SWAP operations. For Alea's Operating Cash Flow (Tenda's % stake) , there was no change in the projections for this indicator. Minimum Maximum Minimum Maximum Achieved 6M26 Tenda 950.0 1050.0 1100.0 1200.0 583.4 ALEA* -70.0 -50.0 -90.0 -70.0 -44.2 *Based on Tenda's stake in Alea (86%). Adjusted EBTIDA Range (R$ millions) Previous Current Minimum Maximum Minimum Maximum Achieved 6M26 Tenda 5,000.0 5,500.0 5,500.0 6,000.0 2,746.0 ALEA 350.0 450.0 350.0 450.0 189.3 Net Pre-Sales Range (R$ millions) Previous Current Minimum Maximum Minimum Maximum Achieved 6M26 Consolidated 520.0 600.0 600.0 660.0 313.5 *Excludes the results from SWAP operations. Net Income Range* (R$ millions) Previous Current Minimum Maximum Achieved 6M26 ALEA* -80.0 -60.0 -29.1 *Based on Tenda's stake in Alea (86%). Operating Cash Flow Range (R$ millions) Current
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13 OPERATIONAL HIGHLIGHTS Operational Highlights (R$ million, PSV) 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) 6M26 6M25 YoY (%) Tenda Launches 1,680.9 1,414.5 18.8% 1,088.8 54.4% 3,095.4 1,907.3 62.3% Net Pre-Sales 1,318.1 1,428.0 (7.7%) 1,051.4 25.4% 2,746.0 2,039.8 34.6% Sales over Supply (SoS) (%) 23.9% 26.9% (3.0 p.p.) 27.7% (3.8 p.p.) 39.5% 42.6% (3.1 p.p.) PSV Transferred 1,033.2 1,024.1 0.9% 921.2 12.2% 2,057.3 1,633.5 25.9% Units Delivered (#) 3,708 4,625 (19.8%) 1,948 90.3% 8,333 8,149 2.3% LandBank 27,667.9 23,001.8 20.3% 20,483.1 35.1% 27,667.9 20,483.1 35.1% LandBank - Acquisitions / Adjustments 6,347.1 1,906.9 232.8% 3,295.0 92.6% 8,254.0 4,418.4 86.8% Alea Launches 85.5 47.4 80.5% 21.2 302.9% 132.9 117.2 13.4% Net Pre-Sales 84.2 105.1 (19.8%) 144.6 (41.8%) 189.3 244.5 -22.6% Sales over Supply (SoS) (%) 36.5% 41.6% (5.1 p.p.) 31.3% 5.2 p.p. 56.4% 43.5% 12.8 p.p. PSV Transferred 91.5 87.9 4.0% 135.1 (32.3%) 179.4 194.4 -7.7% Units Delivered (#) 322 839 (61.6%) 195 65.1% 1,161 367 216.3% LandBank 6,100.0 6,073.2 0.4% 5,639.0 8.2% 6,100.0 5,639.0 8.2% LandBank - Acquisitions / Adjustments 112.3 44.4 152.9% 518.1 (78.3%) 156.7 924.2 -83.0% Consolidated Launches 1,766.4 1,461.8 20.8% 1,110.0 59.1% 3,228.3 2,024.5 59.5% Net Pre-Sales 1,402.3 1,533.0 (8.5%) 1,196.0 17.2% 2,935.3 2,284.3 28.5% Sales over Supply (SoS) (%) 24.4% 27.6% (3.2 p.p.) 28.1% (3.7 p.p.) 40.3% 42.7% (2.5 p.p.) PSV Transferred 1,124.7 1,112.0 1.1% 1,056.2 6.5% 2,236.7 1,827.8 22.4% Units Delivered (#) 4,030 5,464 (26.2%) 2,143 88.1% 9,494 8,516 11.5% LandBank 33,767.9 29,075.0 16.1% 26,122.1 29.3% 33,767.9 26,122.1 29.3% LandBank - Acquisitions / Adjustments 6,459.3 1,951.3 231.0% 3,813.0 69.4% 8,410.7 5,342.5 57.4%
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14 FINANCIAL HIGHLIGHTS Financial Highlights (R$ million) 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) 6M26 6M25 YoY (%) Tenda Net Revenue 1,204.9 1,111.9 8.4% 892.3 35.0% 2,316.9 1,680.3 37.9% Adjusted Gross Profit¹ 480.9 421.5 14.1% 313.1 53.6% 902.4 598.9 50.7% Adjusted Gross Margin¹ (%) 39.9% 37.9% 2.0 p.p. 35.1% 4.8 p.p. 38.9% 35.6% 3.3 p.p. Adjusted Gross Margin¹ (Excluding Pode Entrar + Others) (%) 40.4% 38.5% 1.8 p.p. 36.5% 3.9 p.p. 39.5% 36.6% 2.9 p.p. Adjusted EBITDA² 299.8 283.5 5.8% 190.1 57.8% 583.4 359.8 62.1% Adjusted EBITDA Margin² (%) 24.9% 25.5% (0.6 p.p.) 21.3% 3.6 p.p. 25.2% 21.4% 3.8 p.p. Net Income (Loss)³ 209.0 216.2 (3.4%) 229.9 (9.1%) 425.2 334.8 27.0% Net Margin (%) 17.3% 19.4% (2.1 p.p.) 25.8% (8.4 p.p.) 18.4% 19.9% (1.6 p.p.) Operating Cash Generation 68.9 129.5 (46.8%) 2.0 3,395.0% 198.5 18.4 977.7% ROCE⁶ (LTM) 46.4% 44.8% 1.7 p.p. 38.1% 8.3 p.p. 46.4% 38.1% 8.3 p.p. Alea Net Revenue 85.1 72.9 16.7% 99.2 (14.2%) 158.0 176.4 -10.5% Adjusted Gross Profit¹ 0.4 (0.8) - 4.4 (90.3%) (0.4) 9.7 - Adjusted Gross Margin¹ (%) 0.5% -1.2% 1.7 p.p. 4.5% (4.0 p.p.) -0.3% 5.5% (5.8 p.p.) Adjusted EBITDA² (24.6) (26.8) (8.1%) (23.2) 6.3% (51.4) (40.1) 28.4% Adjusted EBITDA Margin² (%) (28.9%) (36.7%) 7.8 p.p. (23.3%) (5.6 p.p.) (32.5%) (22.7%) (9.8 p.p.) Net Income (Loss)³ (29.9) (32.8) (8.9%) (26.0) 14.7% (62.7) (45.4) 38.0% Net Margin (%) (35.1%) (45.0%) 9.9 p.p. (26.2%) (8.9 p.p.) (39.7%) (25.7%) (13.9 p.p.) Operating Cash Generation (16.4) (17.4) (5.4%) (61.8) (73.4%) (33.8) (100.7) (66.4%) Consolidated Net Revenue 1,290.0 1,184.8 8.9% 991.5 30.1% 2,474.9 1,856.7 33.3% Adjusted Gross Profit¹ 481.3 420.7 14.4% 317.5 51.6% 902.0 608.6 48.2% Adjusted Gross Margin¹ (%) 37.3% 35.5% 1.8 p.p. 32.0% 5.3 p.p. 36.4% 32.8% 3.7 p.p. Adjusted Gross Margin¹ (Excluding Pode Entrar + Others) (%) 37.7% 36.0% 1.7 p.p. 33.2% 4.5 p.p. 36.9% 33.5% 3.3 p.p. Adjusted EBITDA² 275.2 256.7 7.2% 166.9 64.9% 531.9 319.8 66.3% Adjusted EBITDA Margin² (%) 21.3% 21.7% (0.3 p.p.) 16.8% 4.5 p.p. 21.5% 17.2% 4.3 p.p. Net Income (Loss)³ 179.1 183.4 (2.4%) 203.9 (12.2%) 362.5 289.4 25.3% Net Margin (%) 13.9% 15.5% (1.6 p.p.) 20.6% (6.7 p.p.) 14.6% 15.6% (0.9 p.p.) Backlog Revenues 3,101.5 3,110.4 (0.3%) 2,780.7 11.5% 3,101.5 2,780.7 11.5% Backlog Results 1,204.4 1,098.6 9.6% 967.7 24.5% 1,204.4 967.7 24.5% Adjusted Backlog Margin (%)4 39.0% 38.3% 0.7 p.p. 37.7% 1.3 p.p. 39.0% 37.7% 1.3 p.p. Net Debt / (SE + Minority) (%) 19.8% 23.9% (4.2 p.p.) 26.3% (6.6 p.p.) 19.8% 26.3% (6.6 p.p.) Operating Cash Generation 52.5 112.2 (53.2%) (59.8) (187.7%) 164.6 (82.3) -300.0% ROE5 (LTM) 42.6% 49.4% (6.9 p.p.) 37.8% 4.8 p.p. 42.6% 37.8% 4.8 p.p. ROCE6 (LTM) 38.6% 36.4% 2.2 p.p. 29.4% 9.1 p.p. 38.6% 29.4% 9.1 p.p. Earnings per Share7 (LTM) (R$/share) (ex-Treasury) 4.72 4.92 (4.1%) 3.16 49.6% 4.72 3.16 49.6% 7. Earnings per share (ex-Treasury) considers issued shares (adjusted for stock splits, if applicable) and excludes shares held in treasury at the end of the period. 5. ROE is calculated as net income for the last 1 2 months adjusted for non-controlling interests, divided by the average equity, based on the opening and closing balances of the last 1 2 months. 1 . Adjusted for capitalized interest. 2. Adjusted for capitalized interest, non-cash stock plan expenses, minority interests, and depreciation in COGS. 3. Adjusted for minority interests. 4.Excluding Backlog Financial Items: Comprised of Cancellation Provisions, Land Swaps and M onetary Adjustment. 6. ROCE is calculated as NOPAT, including interest from receivables assignment, for the last 1 2 months, divided by the average capital employed, based on the opening and closing balances of the last 1 2 months.
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15 OPERATING RESULTS LAUNCHES Tenda launched 14 projects in 2Q26, totaling a record second -quarter PSV of R$ 1,680.9 million, up 54.4% and 18.8% compared to 2Q25 and 1Q26, respectively. Record average launch price per unit was R$ 250.3 thousand, up 15.3% and 7.7% compared to 2Q25 and 1 Q26, respectively. The increase in the average launch price is primarily driven by a better mix, distributed across Brackets 1, 2 and 3, with qualified locations enabled by the attribute adoption strategy. Regarding Alea, 3 projects were launched in 2Q26, with PSV of R$ 85.5 million and an average launch price per unit of R$ 222.7 thousand. LAUNCH HIGHLIGHTS Launches 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) 6M26 6M25 YoY (%) Tenda Number of projects launched 14 13 7.7% 9 55.6% 27 19 42.1% PSV (R$ million) 1,680.9 1,414.5 18.8% 1,088.8 54.4% 3,095.4 1,907.3 62.3% Number of units launched 6,715 6,083 10.4% 5,016 33.9% 12,798 8,649 48.0% Average price per unit (R$ thousand) 250.3 232.5 7.7% 217.1 15.3% 241.9 220.5 9.7% Average size of projects launched (in units) 480 468 2.5% 557 (13.9%) 474 455 4.1% Alea Number of projects launched 3 2 50.0% 1 200.0% 5 4 25.0% PSV (R$ million) 85.5 47.4 80.5% 21.2 302.9% 132.9 117.2 13.4% Number of units launched 384 261 47.1% 112 242.9% 645.0 521.0 23.8% Average price per unit (R$ thousand) 222.7 181.5 22.7% 189.5 17.5% 206.0 225.0 (8.4%) Average size of projects launched (in units) 128 131 (1.9%) 112 14.3% 129 130 (1.0%) Consolidated Number of projects launched 17 15 13.3% 10 70.0% 32 23 39.1% PSV (R$ million) 1,766.4 1,461.8 20.8% 1,110.0 59.1% 3,228.3 2,024.5 59.5% Number of units launched 7,099 6,344 11.9% 5,128 38.4% 13,443 9,170 46.6% Average price per unit (R$ thousand) 248.8 230.4 8.0% 216.5 15.0% 240.1 220.8 8.8% Average size of projects launched (in units) 418 423 (1.3%) 513 (18.6%) 420 399 5.4%
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16 GROSS SALES Gross sales in 2Q26 for the Tenda segment totaled a record second -quarter of R$ 1,507.0 million, up 27.0% compared to 2Q25. The average selling price per unit during the quarter was R$ 244.9 thousand (record), up 9.6% and 3.1% compared to 2Q25 and 1Q26, respectively. At Alea, gross sales during the quarter totaled R$ 102.4 million. The average selling price per unit was R$ 203.7 thousand, up 8.7% and 2.7% compared to 2Q25 and 1Q26, respectively. Gross Sales (PSV, R$ million) and Gross SoS (%) – Consolidated Gross Sales 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) 6M26 6M25 YoY (%) Tenda PSV (R$ million) 1,507.0 1,579.4 (4.6%) 1,186.9 27.0% 3,086.4 2,281.1 35.3% Number of units 6,154 6,647 (7.4%) 5,310 15.9% 12,801 10,255 24.8% Average price per unit (R$ thousand) 244.9 237.6 3.1% 223.5 9.6% 241.1 222.4 8.4% Gross SoS 27.3% 29.7% (2.4 p.p.) 31.3% (4.0 p.p.) 44.4% 47.7% (3.3 p.p.) Alea PSV (R$ million) 102.4 121.6 (15.8%) 180.7 (43.3%) 224.0 299.9 (25.3%) Number of units 503 613 (17.9%) 964 (47.8%) 1,116 1,605 (30.5%) Average price per unit (R$ thousand) 203.7 198.4 2.7% 187.4 8.7% 200.8 186.9 7.4% Gross SoS 44.4% 48.2% (3.8 p.p.) 39.1% 5.3 p.p. 66.7% 53.4% 13.3 p.p. Consolidated PSV (R$ million) 1,609.5 1,701.0 (5.4%) 1,367.5 17.7% 3,310.5 2,581.0 28.3% Number of units 6,657 7,260 (8.3%) 6,274 6.1% 13,917 11,860 17.3% Average price per unit (R$ thousand) 241.8 234.3 3.2% 218.0 10.9% 237.9 217.6 9.3% Gross SoS 28.0% 30.6% (2.6 p.p.) 32.1% (4.1 p.p.) 45.4% 48.3% (2.9 p.p.)
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17 CANCELLATIONS AND NET PRE-SALES Net pre-sales for the Tenda segment ended 2Q26 at a record second -quarter of R$ 1,318.1 million, up 25.4% compared to 2Q25, with a Net SoS of 23.9%. The decrease in SoS relative to the 25%-30% range the Company considers ideal reflects the price repositioning policy adopted in the first half of the year, aimed at mitigating exposure to cost pressures observed in March and April, in addition to the high volume of launches toward the end of the quarter. Starting in July, our focus shifts back to increasing SoS, as the inflationary risk scenario has dissipated. At Alea, net pre-sales were R$ 84.2 million, with Net SoS of 36.5%, and cancellations of R$ 18.2 million. Cancellations in the Tenda segment ended 2Q26 at R$ 189.0 million, up 24.8% and 39.5% compared to 1Q26 and 2Q25, respectively, primarily driven by the proactive cancellation of sales from a recently launched project whose permit is under discussion due to environmental issues, despite the Company having fulfilled all legal requirements. We expect this project to resume recognizing sales as soon as this situation is resolved. However, to avoid any impact to the Company, we chose not to proceed with sales or the execution of this development at this time, until everything is resolved. (PSV, R$ million) 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) 6M26 6M25 YoY (%) Tenda Gross Sales 1,507.0 1,579.4 (4.6%) 1,186.9 27.0% 3,086.4 2,281.1 35.3% Cancellations 189.0 151.4 24.8% 135.5 39.5% 340.4 241.3 41.1% Net Pre-Sales 1,318.1 1,428.0 (7.7%) 1,051.4 25.4% 2,746.0 2,039.8 34.6% % Launches 7.7% 8.5% (0.8 p.p.) 12.1% (4.5 p.p.) 8.1% 12.6% (4.5 p.p.) % Inventory 92.3% 91.5% 0.8 p.p. 87.9% 4.5 p.p. 91.9% 87.4% 4.5 p.p. Cancellations / Gross Sales 13.2% 10.5% 2.7 p.p. 11.6% 1.6 p.p. 11.8% 10.8% 1.0 p.p. Net SoS 23.9% 26.9% (3.0 p.p.) 27.7% (3.8 p.p.) 39.5% 42.6% (3.1 p.p.) Gross Units Sold 6,154 6,647 (7.4%) 5,310 15.9% 12,801 10,255 24.8% Cancelled Units 811 695 16.7% 615 31.9% 1,506 1,108 35.9% Net Units Sold 5,343 5,952 (10.2%) 4,695 13.8% 11,295 9,147 23.5% Cancellations / Gross Sales 12.5% 9.6% 3.0 p.p. 11.4% 1.1 p.p. 11.0% 10.6% 0.4 p.p. Alea Gross Sales 102.4 121.6 (15.8%) 180.7 (43.3%) 224.0 299.9 (25.3%) Cancellations 18.2 16.5 10.1% 36.1 (49.5%) 34.8 55.4 (37.2%) Net Pre-Sales 84.2 105.1 (19.8%) 144.6 (41.8%) 189.3 244.5 (22.6%) % Launches 41.6% 26.8% 14.9 p.p. 3.1% 38.6 p.p. 33.4% 3.6% 29.8 p.p. % Inventory 58.4% 73.2% (14.9 p.p.) 96.9% (38.6 p.p.) 66.6% 96.4% (29.8 p.p.) Cancellations / Gross Sales 18.7% 14.4% 4.3 p.p. 19.8% (1.1 p.p.) 16.3% 18.4% (2.1 p.p.) Net SoS 36.5% 41.6% (5.1 p.p.) 31.3% 5.2 p.p. 56.4% 43.5% 12.8 p.p. Gross Units Sold 503 613 (17.9%) 964 (47.8%) 1,116 1,605 (30.5%) Cancelled Units 94 88 6.8% 191 (50.8%) 182 295 (38.3%) Net Units Sold 409 525 (22.1%) 773 (47.1%) 934 1,310 (28.7%) Cancellations / Gross Sales 17.8% 13.6% 4.2 p.p. 20.0% (2.2 p.p.) 15.5% 18.5% (3.0 p.p.) Consolidated Gross Sales 1,609.5 1,701.0 (5.4%) 1,367.5 17.7% 3,310.5 2,581.0 28.3% Cancellations 207.2 168.0 23.3% 171.6 20.8% 375.2 296.7 26.5% Net Pre-Sales 1,402.3 1,533.0 (8.5%) 1,196.0 17.2% 2,935.3 2,284.3 28.5% % Launches 9.7% 9.7% (0.0 p.p.) 11.0% (1.3 p.p.) 9.7% 11.6% (1.9 p.p.) % Inventory 90.3% 90.3% 0.0 p.p. 89.0% 1.3 p.p. 90.3% 88.4% 1.9 p.p. Cancellations / Gross Sales 13.6% 10.8% 2.8 p.p. 12.8% 0.7 p.p. 12.1% 11.8% 0.3 p.p. Net SoS 24.4% 27.6% (3.2 p.p.) 28.1% (3.7 p.p.) 40.3% 42.7% (2.5 p.p.) Gross Units Sold 6,657 7,260 (8.3%) 6,274 6.1% 13,917 11,860 17.3% Cancelled Units 905 783 15.6% 806 12.3% 1,688 1,403 20.3% Net Units Sold 5,752 6,477 (11.2%) 5,468 5.2% 12,229 10,457 16.9% Cancellations / Gross Sales 12.9% 9.9% 3.0 p.p. 12.5% 0.3 p.p. 11.3% 11.5% (0.2 p.p.)
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18 Net Pre-Sales (PSV, R$ million) and Net SoS (%) – Consolidated UNITS TRANSFERRED, UNITS DELIVERED AND CONSTRUCTION WORKS UNDERWAY Tenda's Transferred PSV during the quarter totaled R$ 1,033.2 million, up 12.2% and 0.9% compared to 2Q25 and 1Q26, respectively. At Alea, Transferred PSV was R$ 91.5 million, up 4.0% compared to the prior quarter, with a total of 520 units transferred in 2Q26. INVENTORY AT MARKET VALUE In 2Q26, Tenda's inventory at market value totaled R$ 4,206.6 million in PSV, up 53.3% and 8.3% compared to 2Q25 and 1Q26, respectively. Finished inventory accounted for R$ 27.6 million, representing 0.6% of the total. Inventory turnover (inventory at market value divided by net pre-sales over the last twelve months) in 2Q26 reached 10.2 months (driven by the higher volume of launches toward the end of the quarter) compared to an average of 7.4 months in 2Q25 and 10.0 months in 1Q26. At Alea, inventory at market value in 2Q26 was R$ 146.5 million in PSV compared to R$ 147.3 million in the prior quarter. Inventory turnover in 2Q26 reached 4.0 months compared to an average of 9.7 months in 2Q25 and 3.5 months in 1Q26. Transfers, Deliveries and Construction Sites 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) 6M26 6M25 YoY (%) Tenda PSV Transferred (in R$ million) 1,033.2 1,024.1 0.9% 921.2 12.2% 2,057.3 1,633.5 25.9% Transferred Units 5,214 5,436 (4.1%) 4,978 4.7% 10,650 8,995 18.4% Delivered Units 3,708 4,625 (19.8%) 1,948 90.3% 8,333 8,149 2.3% Construction Sites 72 71 1.4% 75 (4.0%) 72 75 (4.0%) Alea PSV Transferred (in R$ million) 91.5 87.9 4.0% 135.1 (32.3%) 179.4 194.4 (7.7%) Transferred Units 520 522 (0.4%) 870 (40.2%) 1,042 1,249 (16.6%) Delivered Units 322 839 (61.6%) 195 65.1% 1,161 367 216.3% Construction Sites 17 13 30.8% 26 (34.6%) 17 26 (34.6%) Verticalized Projects 12 9 33.3% 0 - 12 0 - Non-Verticalized Projects 5 4 25.0% 26 (80.8%) 5 26 (80.8%) Consolidated PSV Transferred (in R$ million) 1,124.7 1,112.0 1.1% 1,056.2 6.5% 2,236.7 1,827.8 22.4% Transferred Units 5,734 5,958 (3.8%) 5,848 (1.9%) 11,692 10,244 14.1% Delivered Units 4,030 5,464 (26.2%) 2,143 88.1% 9,494 8,516 11.5% Construction Sites 89 84 6.0% 101 (11.9%) 89 101 (11.9%)
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19 LANDBANK The Company maintained a significant pace of land acquisitions, ending 2Q26 with a record R$ 27.7 billion in PSV in its landbank, up 35.1% and 20.3% compared to 2Q25 and 1Q26, respectively. The percentage of purchases through land swaps reached 59.3%. It i s worth noting that even for land acquired with cash, over 90% of the payment is tied to obtaining the development registration. Our landbank increased R$ 6.5 billion during the quarter, 39% of which was concentrated in the Northeast markets, reinforcing Tenda's growth in this region. The increase in landbank acquisition volume is primarily driven by a better mix, distributed across Brackets 1, 2 and 3, with qualified locations enabled by the attribute adoption strategy. Regarding Alea, PSV in its landbank was R$ 6.1 billion, up 8.2% and 0.4% compared to 2Q25 and 1Q26, respectively, representing 18.1% of consolidated PSV. 1. Tenda holds 100% equity interest in its Land Bank Inventory at Market Value 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) 6M26 6M25 YoY (%) Tenda PSV (R$ million) 4,206.6 3,883.0 8.3% 2,744.3 53.3% 4,206.6 2,744.3 53.3% Number of Units 17,511 16,199 8.1% 12,564 39.4% 17,511 12,564 39.4% Average price per unit (R$ thousand) 240.2 239.7 0.2% 218.4 10.0% 240.2 218.4 10.0% Alea PSV (R$ million) 146.5 147.3 (0.5%) 317.2 (53.8%) 146.5 317.2 (53.8%) Number of Units 915 940 (2.7%) 1,776 (48.5%) 915 1,776 (48.5%) Average price per unit (R$ thousand) 160.2 156.7 2.2% 178.6 (10.3%) 160.2 178.6 (10.3%) Consolidated PSV (R$ million) 4,353.1 4,030.3 8.0% 3,061.4 42.2% 4,353.1 3,061.4 42.2% Number of Units 18,426 17,139 7.5% 14,340 28.5% 18,426 14,340 28.5% Average price per unit (R$ thousand) 236.2 235.2 0.5% 213.5 10.7% 236.2 213.5 10.7% Status of Construction - PSV (R$ million) 2Q26 Not Initiated (0% to 15%) 15% to 30% built 30% to 70% built More than 70% build Finished Units Consolidated 4,353.1 1,910.6 1,586.2 699.9 128.9 27.6 Accounting Inventory 1 2,840.0 1 . Considers projects with POC between 0% and 1 00% LandBank 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) 6M26 6M25 YoY (%) Tenda Number of Projects 739 603 22.6% 526 40.5% 739 526 40.5% PSV (in R$ million) 27,667.9 23,001.8 20.3% 20,483.1 35.1% 27,667.9 20,483.1 35.1% Acquisitions / Adjustments (in R$ million) 6,347.1 1,906.9 232.8% 3,295.0 92.6% 8,254.0 4,418.4 86.8% Number of Units 120,491 104,607 15.2% 97,598 23.5% 120,491 97,598 23.5% Average price per unit (in R$ thousands) 229.6 219.9 4.4% 209.9 9.4% 229.6 209.9 9.4% % Swap Total 59.3% 60.6% (1.3 p.p.) 62.6% (3.3 p.p.) 59.3% 62.6% (3.3 p.p.) % Swap Units 7.6% 9.0% (1.5 p.p.) 11.6% (4.0 p.p.) 7.6% 11.6% (4.0 p.p.) % Swap Financial 51.7% 51.5% 0.2 p.p. 51.0% 0.7 p.p. 51.7% 51.0% 0.7 p.p. Alea Number of Projects 185 183 1.1% 182 1.6% 185 182 1.6% PSV (in R$ million) 6,100.0 6,073.2 0.4% 5,639.0 8.2% 6,100.0 5,639.0 8.2% Acquisitions / Adjustments (in R$ million) 112.3 44.4 1.5 p.p. 518.1 (78.3%) 156.7 924.2 (83.0%) Number of Units 31,898 31,811 0.3% 29,878 6.8% 31,898 29,878 6.8% Average price per unit (in R$ thousands) 191.2 190.9 0.2% 188.7 1.3% 191.2 188.7 1.3% % Swap Total 97.7% 98.0% (0.3 p.p.) 97.7% 0.0 p.p. 97.7% 97.7% 0.0 p.p. % Swap Units 0.0% 0.0% 0.0 p.p. 0.0% 0.0 p.p. 0.0% 0.0% - % Swap Financial 97.7% 98.0% (0.3 p.p.) 97.7% 0.0 p.p. 97.7% 97.7% 0.0 p.p. Consolidated Number of Projects 924 786 17.6% 708 30.5% 924 708 30.5% PSV (in R$ million) 33,767.9 29,075.0 16.1% 26,122.1 29.3% 33,767.9 26,122.1 29.3% Acquisitions / Adjustments (in R$ million) 6,459.3 1,951.3 231.0% 3,813.0 69.4% 8,410.7 5,342.5 57.4% Number of Units 152,389 136,418 11.7% 127,476 19.5% 152,389 127,476 19.5% Average price per unit (in R$ thousands) 221.6 213.1 4.0% 204.9 8.1% 221.6 204.9 8.1% % Swap Total 68.1% 71.2% (3.1 p.p.) 72.7% (4.6 p.p.) 68.1% 72.7% (4.6 p.p.) % Swap Units 5.9% 6.5% (0.6 p.p.) 8.3% (2.4 p.p.) 5.9% 8.3% (2.4 p.p.) % Swap Financial 62.2% 64.7% (2.5 p.p.) 64.4% (2.2 p.p.) 62.2% 64.4% (2.2 p.p.)
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20 FINANCIAL RESULTS NET OPERATING REVENUE Record consolidated quarterly Net Revenue of R$ 1,290.0 million, up 30.1% and 8.9% compared to 2Q25 and 1Q26, respectively. Year -to-date, Net Operating Revenue totaled R$ 2,474.9 million, up 33.3% compared to the same period of the prior year. GROSS PROFIT Adjusted gross profit for the quarter totaled R$ 481.3 million on a consolidated basis, up 51.6% and 14.4% compared to 2Q25 and 1Q26, respectively. Adjusted gross margin reached 37.3%, improvements of 5.3 p.p. and 1.8 p.p. compared to 2Q25 and 1Q26, respectively. Excluding Pode Entrar figures, adjusted gross profit for the quarter totaled R$ 475.4 million on a consolidated basis, with an adjusted gross margin of 37.7%. (R$ million) 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) 6M26 6M25 YoY (%) Consolidated Gross Operating Revenues 1,346.3 1,240.9 8.5% 1,031.9 30.5% 2,587.2 1,946.8 32.9% Provision for estimated losses on doubtful accounts (36.6) (33.9) 8.1% (11.9) 207.4% (70.4) (35.4) 99.2% Provision for cancellations 6.9 6.9 0.5% 1.9 255.9% 13.8 0.6 2,389.9% Others (11.5) (13.2) (12.7%) (16.2) (28.9%) (24.7) (28.6) (13.5%) Taxes on sales of properties and services (15.0) (15.9) (5.7%) (14.3) 5.5% (31.0) (26.7) 16.2% Net Operating Revenue 1,290.0 1,184.8 8.9% 991.5 30.1% 2,474.9 1,856.7 33.3% PDD / Gross Operating Revenue -2.7% -2.7% 0.0 p.p. -1.2% (1.6 p.p.) -2.7% -1.8% (0.9 p.p.) (R$ million) 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) 6M26 6M25 YoY (%) Tenda Net Revenue 1,204.9 1,111.9 8.4% 892.3 35.0% 2,316.9 1,680.3 37.9% Net Revenue (Excluding Pode Entrar + Others) 1,177.1 1,078.2 9.2% 848.8 38.7% 2,255.3 1,621.3 39.1% Gross Profit 461.6 402.4 14.7% 292.3 57.9% 864.0 559.7 54.4% Gross Margin 38.3% 36.2% 2.1 p.p. 32.8% 5.6 p.p. 37.3% 33.3% 4.0 p.p. (-) Financial Costs 19.3 19.1 0.7% 20.8 (7.4%) 38.4 39.2 (2.1%) (-) SFH 9.1 6.8 33.5% 5.7 60.9% 16.0 15.3 4.2% (-) Others 10.1 12.3 (17.6%) 15.1 (33.0%) 22.4 23.9 (6.1%) Adjusted Gross Profit¹ 480.9 421.5 14.1% 313.1 53.6% 902.4 598.9 50.7% Adjusted Gross Margin 39.9% 37.9% 2.0 p.p. 35.1% 4.8 p.p. 38.9% 35.6% 3.3 p.p. Adjusted Gross Profit¹ (Excluding Pode Entrar + Others) 475.0 415.2 14.4% 309.8 53.3% 890.2 593.2 50.1% Adjusted Gross Margin (%) (Excluding Pode Entrar + Others) 40.4% 38.5% 1.8 p.p. 36.5% 3.9 p.p. 39.5% 36.6% 2.9 p.p. Alea Net Revenue 85.1 72.9 16.7% 99.2 (14.2%) 158.0 176.4 (10.5%) Gross Profit (0.4) (2.8) (85.4%) 2.8 - (3.2) 6.6 - Gross Margin (0.5%) (3.9%) 3.4 p.p. 2.8% (3.3 p.p.) (2.1%) 3.8% (5.8 p.p.) (-) Financial Costs 0.8 2.0 (11,405.0%) 1.6 - 2.8 3.0 (7.2%) (-) SFH (0.4) 1.3 - 0.8 (155.6%) 0.8 1.4 (40.1%) (-) Others 1.3 0.7 5,443.0% 0.9 48.1% 2.0 1.6 20.8% Adjusted Gross Profit¹ 0.4 (0.8) - 4.4 (90.3%) (0.4) 9.7 - Adjusted Gross Margin 0.5% (1.2%) 1.7 p.p. 4.5% (4.0 p.p.) (0.3%) 5.5% (5.8 p.p.) Consolidated Net Revenue 1,290.0 1,184.8 8.9% 991.5 30.1% 2,474.9 1,856.7 33.3% Net Revenue (Excluding Pode Entrar + Others) 1,262.2 1,151.1 9.7% 948.0 33.1% 2,413.3 1,797.8 34.2% Gross Profit 461.2 399.6 15.4% 295.1 56.3% 860.7 566.3 52.0% Gross Margin 35.7% 33.7% 2.0 p.p. 29.8% 6.0 p.p. 34.8% 30.5% 4.3 p.p. (-) Financial Costs 20.1 21.1 (4.8%) 22.4 (10.3%) 41.2 42.3 (2.4%) (-) SFH 8.7 8.1 7.5% 6.4 35.4% 16.8 16.7 0.5% (-) Others 11.4 13.0 (12.4%) 16.0 (28.7%) 24.4 25.5 (4.4%) Adjusted Gross Profit¹ 481.3 420.7 14.4% 317.5 51.6% 902.0 608.6 48.2% Adjusted Gross Margin 37.3% 35.5% 1.8 p.p. 32.0% 5.3 p.p. 36.4% 32.8% 3.7 p.p. Adjusted Gross Profit¹ (Excluding Pode Entrar + Others) 475.4 414.3 14.7% 314.3 51.3% 889.7 602.9 47.6% Adjusted Gross Margin (%) (Excluding Pode Entrar + Others) 37.7% 36.0% 1.7 p.p. 33.2% 4.5 p.p. 36.9% 33.5% 3.3 p.p. 1 .Adjusted for capitalized interest.
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21 In 2Q26, the New Sales Gross Margin for the Tenda brand was 37.4%, compared to 37.3% in 1Q26. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (SG&A) Selling expenses In 2Q26, selling expenses for the Tenda brand totaled R$ 87.1 million, representing 6.6% of net pre - sales, in line with 2Q25. General and administrative expenses (G&A) In the second quarter, general and administrative expenses (G&A) for the Tenda brand totaled R$ 91.3 million, up 41.8% and 30.5% compared to 2Q25 and 1Q26, respectively, primarily driven by higher 2025 bonus expenses relative to what was provisioned, resul ting from better target achievement (R$ 10.7 million), which is therefore a non-recurring impact. We also adjusted the 2026 bonus provision, aligning it with the Company's current performance level (R$ 3 million in the quarter), which is a recurring impact assuming current performance is maintained. We also had headcount increases, driven by the Company's growth. Another transitional effect, which should remain until mid-2027, is the fact that the Company has two CEOs (co-CEOs). As a result, G&A represented 7.6% of quarterly Net Revenue. (R$ million) 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) 6M26 6M25 YoY (%) Tenda Selling Expenses (87.1) (79.4) 9.8% (69.0) 26.3% (166.5) (128.0) 30.0% General & Admin Expenses (91.3) (70.0) 30.5% (64.4) 41.8% (161.2) (115.3) 39.9% Total SG&A Expenses (178.4) (149.3) 19.5% (133.4) 33.8% (327.7) (243.3) 34.7% Selling Expenses / Net Pre-Sales 6.6% 5.6% 1.1 p.p. 6.6% 0.1 p.p. 6.1% 6.3% (0.2 p.p.) G&A Expenses / Launches 5.4% 4.9% 0.5 p.p. 5.9% (0.5 p.p.) 5.2% 6.0% (0.8 p.p.) G&A Expenses / Net Operating Revenue 7.6% 6.3% 1.3 p.p. 7.2% 0.4 p.p. 7.0% 6.9% 0.1 p.p. Alea Selling Expenses (10.9) (9.8) 10.9% (13.0) -16.2% (20.7) (21.8) -4.9% General & Admin Expenses (14.4) (17.0) (15.1%) (18.4) -21.3% (31.5) (33.8) -6.9% Total SG&A Expenses (25.3) (26.8) (5.6%) (31.4) -19.2% (52.2) (55.6) -6.1% Selling Expenses / Net Pre-Sales 12.9% 9.3% 3.6 p.p. 9.0% 3.9 p.p. 10.9% 8.9% 2.0 p.p. G&A Expenses / Launches 16.9% 35.9% (19.0 p.p.) 86.5% (69.6 p.p.) 23.7% 28.8% (5.2 p.p.) G&A Expenses / Net Operating Revenue 17.0% 23.3% (6.4 p.p.) 18.5% (1.5 p.p.) 19.9% 19.1% 0.8 p.p. Consolidated Selling Expenses (98.0) (89.2) 9.9% (82.0) 19.5% (187.2) (149.8) 24.9% General & Admin Expenses (105.7) (87.0) 21.5% (82.7) 27.8% (192.7) (149.1) 29.3% Total SG&A Expenses (203.7) (176.2) 15.6% (164.7) 23.7% (379.9) (298.9) 27.1% Net Pre-Sales 1,402.3 1,533.0 -8.5% 1,196.0 17.2% 2,935.3 2,284.3 28.5% Launches 1,766.4 1,461.8 20.8% 1,110.0 59.1% 3,228.3 2,024.5 59.5% Net Operating Revenue 1,290.0 1,184.8 8.9% 991.5 30.1% 2,474.9 1,856.7 33.3% Selling Expenses / Net Pre-Sales 7.0% 5.8% 1.2 p.p. 6.9% 0.1 p.p. 6.4% 6.6% (0.2 p.p.) G&A Expenses / Launches 6.0% 6.0% 0.0 p.p. 7.5% (1.5 p.p.) 6.0% 7.4% (1.4 p.p.) G&A Expenses / Net Operating Revenue 8.2% 7.3% 0.8 p.p. 8.3% (0.2 p.p.) 7.8% 8.0% (0.2 p.p.) Evolution of Net Pre-Sales Price vs Raw Net Pre-Sales Price (R$ Thousands) Evolution of Raw Gross Margin of New Sales vs Gross Margin of New Sales (%)
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22 OTHER OPERATING REVENUES AND EXPENSES In 2Q26, other operating expenses totaled R$ 30.7 million on a consolidated basis, a significant deterioration compared to prior quarters, driven by the seasonality of legal proceedings, which saw a higher volume of activity / rulings in more material cases during the quarter. ADJUSTED EBITDA In 2Q26, EBITDA for the Tenda brand totaled a quarterly record of R$ 259.9 million. Regarding Adjusted EBITDA for the Tenda brand during the quarter, it reached R$ 299.8 million, up 57.8% and 5.8% compared to 2Q25 and 1Q26, respectively, with an Adjusted E BITDA Margin of 24.9%, an improvement of 3.6 p.p. compared to 2Q25. (R$ million) 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) 6M26 6M25 YoY (%) Consolidated Other Operating Revenues and Expenses (30.7) (15.3) 100.5% (5.1) 498.1% (46.0) (26.5) 73.7% Litigation Expenses (22.0) (10.4) 110.9% (5.8) 277.7% (32.4) (19.9) 62.8% Others (8.7) (4.9) 78.4% 0.7 (1,355.8%) (13.6) (6.6) 106.7% Equity Income 5.2 4.5 13.7% 3.6 41.2% 9.7 8.6 13.1% (R$ million) 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) 6M26 6M25 YoY (%) Tenda Net Income 209.0 216.2 (3.4%) 229.9 (9.1%) 425.2 334.8 27.0% (+) Financial result 21.5 1.3 1,496.1% (94.7) - 22.8 (74.0) - (+) Income taxes and social contribution 16.4 15.3 7.7% 11.1 48.7% 31.7 17.4 81.8% (+) Depreciation and amortization 13.0 10.5 23.8% 10.9 20.0% 23.6 20.6 14.3% EBITDA 259.9 243.3 6.8% 157.1 65.4% 503.2 298.8 68.4% (+) Capitalized interests 19.3 19.1 0.7% 20.8 (7.4%) 38.4 39.2 (2.1%) (+) Expenses with Stock Option Plan 14.0 15.7 (10.8%) 5.6 149.7% 29.7 9.2 224.8% (+) Minority Shareholders 0.0 (0.0) - (0.2) - (0.0) (0.2) - (+) Depreciation of COGS 6.7 5.3 24.8% 6.7 (1.2%) 12.0 12.9 -6.7% Adjusted EBITDA¹ 299.8 283.5 5.8% 190.1 57.8% 583.4 359.8 62.1% EBITDA Margin 21.6% 21.9% (0.3 p.p.) 17.6% 4.0 p.p. 21.7% 17.8% 3.9 p.p. Adjusted EBITDA Margin¹ 24.9% 25.5% (0.6 p.p.) 21.3% 3.6 p.p. 25.2% 21.4% 3.8 p.p. Alea Net Income (29.9) (32.8) (8.9%) (26.0) 14.7% (62.7) (45.4) 38.0% (+) Financial result 5.8 4.7 24.4% 1.2 366.0% 10.5 2.1 407.5% (+) Income taxes and social contribution 0.4 1.3 (66.5%) 0.0 - 1.7 0.0 - (+) Depreciation and amortization 0.6 1.5 (62.1%) 1.1 (46.8%) 2.0 1.6 24.6% EBITDA (23.1) (25.4) (9.0%) (23.7) (2.8%) (48.4) (41.7) 16.2% (+) Capitalized interests 0.8 2.0 (57.5%) 1.6 (47.8%) 2.8 3.0 -7.2% (+) Expenses with Stock Option Plan 1.8 1.4 26.1% 2.7 (33.8%) 3.2 5.0 (35.6%) (+) Minority Shareholders (4.9) (5.3) (8.9%) (4.2) 14.7% (10.2) (7.4) 38.0% (+) Depreciation of COGS 0.7 0.5 35.3% 0.5 35.3% 1.2 1.0 17.6% Adjusted EBITDA¹ (24.6) (26.8) (8.1%) (23.2) 6.3% (51.4) (40.1) 28.4% EBITDA Margin (27.1%) (34.8%) 7.7 p.p. (23.9%) (3.2 p.p.) (30.7%) (23.6%) (7.0 p.p.) Adjusted EBITDA Margin¹ (28.9%) (36.7%) 7.8 p.p. (23.3%) (5.6 p.p.) (32.5%) (22.7%) (9.8 p.p.) Consolidated Net Income 179.1 183.4 (2.4%) 203.9 (12.2%) 362.5 289.4 25.3% (+) Financial result 27.3 6.0 353.5% (93.5) - 33.3 (72.0) - (+) Income taxes and social contribution 16.9 16.5 2.0% 11.1 52.5% 33.4 17.4 91.6% (+) Depreciation and amortization 13.6 12.0 13.2% 11.9 14.1% 25.6 22.3 15.1% EBITDA 236.8 218.0 8.6% 133.4 77.6% 454.8 257.1 76.9% (+) Capitalized interests 20.1 21.1 (4.8%) 22.4 (10.3%) 41.2 42.3 -2.4% (+) Expenses with Stock Option Plan 15.8 17.1 (7.8%) 8.3 90.3% 32.9 14.1 133.3% (+) Minority Shareholders (4.9) (5.3) (9.1%) (4.4) 9.5% (10.2) (7.6) 35.0% (+) Depreciation of COGS 7.4 5.9 25.8% 7.3 1.4% 13.2 13.9 -4.9% Adjusted EBITDA¹ 275.2 256.7 7.2% 166.9 64.9% 531.9 319.8 66.3% EBITDA Margin 18.4% 18.4% (0.0 p.p.) 13.5% 4.9 p.p. 18.4% 13.8% 4.5 p.p. Adjusted EBITDA Margin¹ 21.3% 21.7% (0.3 p.p.) 16.8% 4.5 p.p. 21.5% 17.2% 4.3 p.p. 1 . Adjusted for capitalized interest, non-cash stock option expenses, minority interests, and depreciation in COGS.
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23 FINANCIAL RESULT The Company ended 2Q26 with a negative financial result of R$ 27.3 million. Excluding the SWAP line, the financial result was negative R$ 45.1 million, a deterioration of 21.0% and 35.2% compared to 1Q26 and 2Q25, respectively. NET INCOME On a consolidated basis, Net income in 2Q26 totaled R$ 179.1 million, with a Net Margin of 13.9% for the quarter. Excluding SWAP, Net income in 2Q26 totaled a record R$ 161.3 million, up 109.3% and 6.0% compared to 2Q25 and 1Q26, respectively. ROE (%, last 12 months) and ROCE (%, last 12 months) (R$ million) 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) 6M26 6M25 YoY (%) Consolidated Financial Income 52.7 67.0 (21.4%) 142.9 (63.1%) 119.7 167.9 (28.7%) Financial investments yield 34.9 35.8 (2.5%) 16.1 116.2% 70.7 30.2 133.8% SWAP 17.8 31.2 (43.0%) 126.8 (86.0%) 49.0 137.7 (64.4%) Other financial income 0.0 0.0 - 0.0 - 0.0 0.0 #DIV/0! Financial Expenses (80.0) (73.0) 9.5% (49.5) 61.7% (153.0) (96.0) 59.4% Financial expense - Debt (36.8) (35.1) 4.9% (21.2) 73.6% (71.9) (43.1) 66.6% Financial expense - Portfolio assignment (23.3) (22.9) 1.5% (18.7) 24.5% (46.2) (37.1) 24.7% SWAP 0.0 0.0 - 0.0 - 0.0 0.0 - Other financial expenses (19.9) (15.0) 32.3% (9.6) 107.7% (34.9) (15.8) 121.3% Financial Result (27.3) (6.0) 353.5% 93.5 - (33.3) 72.0 - Financial Result (ex-Swap) (45.1) (37.2) 21.0% (33.3) 35.2% (82.3) (65.7) 25.2% (R$ million) 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) 6M26 6M25 YoY (%) Consolidated Net Income after Income Tax and Social Contribution 174.2 178.1 (2.2%) 199.4 (12.6%) 352.3 281.8 25.0% (-) Minority shareholders 4.9 5.3 (9.1%) 4.4 9.5% 10.2 7.6 35.0% Net Income 179.1 183.4 (2.4%) 203.9 (12.2%) 362.5 289.4 25.3% Net Margin 13.9% 15.5% (1.6 p.p.) 20.6% (6.7 p.p.) 14.6% 15.6% (0.9 p.p.) Net Income (ex Swap) 161.3 152.2 6.0% 77.1 109.3% 313.5 151.7 106.7% Net Margin (ex Swap) 12.5% 12.8% (0.4 p.p.) 7.8% 4.7 p.p. 12.7% 8.2% 4.5 p.p. Earnings per Share¹ (R$/share) 1.46 1.50 (2.4%) 1.66 (12.2%) 2.96 2.36 25.3% 1 . Earnings per share considers all issued shares (adjusted in cases of stock splits).
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24 BACKLOG RESULTS 2Q26 ended with R$ 1,204.4 million in backlog results, with an adjusted Backlog Margin of 39.0%, improvements of 1.3 p.p. and 0.7 p.p. compared to 2Q25 and 1Q26, respectively. Adjusted Backlog Margin excluding Pode Entrar was 39.7% for the quarter. CASH AND SHORT-TERM INVESTMENTS ACCOUNTS RECEIVABLE The Company totaled R$ 2,962.9 million in managed accounts receivable at the end of Jun/26, up 4.6% compared to Mar/26, accounting for 156 days of accounts receivable, a reduction of 2.5% compared to Mar/26. (R$ million) June 26 March 26 QoQ (%) June 25 YoY (%) Consolidado Backlog Revenues 3,101.5 3,110.4 (0.3%) 2,780.7 11.5% Backlog Costs (of Units Sold) (1,897.1) (2,011.8) (5.7%) (1,813.0) 4.6% Backlog Results 1,204.4 1,098.6 9.6% 967.7 24.5% Backlog Margin 38.8% 35.3% 3.5 p.p. 34.8% 4.0 p.p. Adjusted Backlog Margin1 39.0% 38.3% 0.7 p.p. 37.7% 1.3 p.p. Adjusted Backlog Margin (Excluding Pode Entrar) 39.7% 39.3% 0.4 p.p. 40.5% (0.9 p.p.) Tenda Adjusted Backlog Margin (Excluding Pode Entrar) 42.3% 42.2% 0.1 p.p. 42.0% 0.3 p.p. Alea Adjusted Backlog Margin 17.6% 15.4% 2.2 p.p. 25.1% (7.5 p.p.) 1 . Excluding Backlog Financial Items: Until 1 Q26, comprised of Brokerage, Cancellation Provisions, Land Swaps and M onetary Adjustment. Starting in 2Q26, following the methodology change, Brokerage is no longer considered. (R$ million) June 26 March 26 QoQ (%) June 25 YoY (%) Consolidated Cash & Cash Equivalents 68.2 88.9 (23.3%) 139.3 (51.0%) Short-term Investments 797.2 1,001.7 (20.4%) 621.9 28.2% Total Cash Position 865.4 1,090.6 (20.6%) 761.2 13.7% (R$ million) 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) Consolidated <90 days 101.6 54.5 86.3% 77.0 31.9% >91 days and < 180 days 26.6 46.3 (42.5%) 42.6 (37.5%) >180 days 228.1 181.0 26.0% 161.3 41.4% Subtotal - Overdue 356.3 281.9 26.4% 281.0 26.8% 1 year 1,256.0 1,277.1 (1.7%) 1,019.6 23.2% 2 years 799.8 702.2 13.9% 694.6 15.1% 3 years 217.5 252.5 (13.9%) 181.2 20.1% 4 years 110.3 107.8 2.3% 82.0 34.5% 5 years and >5 years 223.0 210.7 5.8% 157.2 41.9% Subtotal - Due 2,606.5 2,550.2 2.2% 2,134.5 22.1% Total - Accounts Receivable 2,962.9 2,832.1 4.6% 2,415.5 22.7% (-) Adjustment to present value (187.9) (177.2) 6.0% (153.2) 22.7% (-) Provision for doubtful accounts (714.7) (666.6) 7.2% (536.6) 33.2% (-) Provision for cancellation (16.7) (23.7) (29.2%) (36.0) (53.5%) Accounts Receivable 2,043.6 1,964.7 4.0% 1,689.7 20.9% Accounts Receivable Days 156 160 (2.5%) 170 (8.6%) 1 . M atured and to be matured.
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25 CONSOLIDATED RECEIVABLES The consolidated managed receivables portfolio (on and off balance) net of provisions ended the second quarter of 2026 at R$ 2,018.4 million, up 6.6% compared to 1Q26 and 21.8% compared to 2Q25. Post - keys pro -soluto (TCD) reached 9.9% of the average unit v alue. Given the more sensitive macro environment regarding delinquency, our objective has shifted to reducing post -keys pro-soluto (TCD), which we will continue to pursue throughout the year, without impacting the Company's profitability. Evolution % TCD / PSV in Brazil Receivables Financed by the Company (R$ million) 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) Gross Receivables 2,570.9 2,418.9 6.3% 2,102.1 22.3% Installments Before Delivery 363.3 342.6 6.0% 307.6 18.1% Installments After Delivery 2,207.5 2,076.3 6.3% 1,794.5 23.0% Net Receivables (Gross Receivables - Allowances) 2,018.4 1,892.6 6.6% 1,657.4 21.8% Installments Before Delivery 348.8 327.5 6.5% 295.4 18.1% Installments After Delivery 1,669.6 1,565.2 6.7% 1,362.1 22.6% Receivables Financed by the Company¹ (by aging, post-handover) 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) Net Receivables Tenda (R$ million) 1,669.6 1,565.2 6.7% 1,362.1 22.6% Not Delivered² 640.6 585.0 9.5% 572.7 11.9% Delivered 638.1 608.3 4.9% 492.7 29.5% Delivered - <90d Overdue 313.1 306.1 2.3% 236.4 32.4% Delivered - >90d and <360d Overdue 117.6 100.8 16.7% 80.5 46.2% Delivered - >360d Overdue (39.8) (35.0) 13.8% (20.3) 96.4% % of Allowances over Total Receivables Tenda 24.4% 24.6% (0.3 p.p.) 24.1% 0.3 p.p. Not Delivered² 6.6% 6.6% 0.0 p.p. 9.2% (2.5 p.p.) Delivered - Current 1.9% 1.9% 0.0 p.p. 2.1% (0.2 p.p.) Delivered - <90d Overdue 12.0% 12.1% (0.1 p.p.) 16.2% (4.2 p.p.) Delivered - >90d and <360d Overdue 45.6% 51.5% (5.9 p.p.) 46.5% (0.9 p.p.) Delivered - >360d Overdue 113.3% 112.8% 0.6 p.p. 108.9% 4.4 p.p. 1 . Receivables, on and off balance sheet, installment payments directly with the Company, as bank financing does not cover 1 00% of the property value. 2. Undelivered ventures have pre-key and post-key financing flows. The provision coverage ratio only relates to post-key flows.
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26 INDEBTEDNESS The Company ended the second quarter of 2026 with total debt of R$1, 168.7 million, an average duration of 28.3 months, and a nominal average cost of 14.26% p.a. Debt Maturity Schedule (R$ million) 2Q26 Corporate Debt Project Finance (SFH) Consolidated 2026 195.7 127.1 68.6 2027 369.2 234.9 134.3 2028 261.4 190.8 70.7 2029 34.2 34.2 0.0 Ater 2029 308.1 308.1 0.0 Total Debt 1,168.7 895.1 273.6 Duration (in months) 28.3 Debt Breakdown (R$ million) Maturity Charges (APY) Balance Due June 26 Balance Due March 26 Consolidated Total Debt 1,168.7 1,415.4 Corporate Debt 895.1 1,027.8 10th Issuance (TEND20) Up to 10/2027 CDI + 2,75% 64.8 91.8 CRI 338 – 11th Issuance (TEND21) Up to 11/2028 CDI + 1,5% 164.9 171.2 CRI 378 – 8th Issuance (TEND18) Up to 04/2028 IPCA + 6,94% 180.4 270.9 CRI 65 – 12th Issuance (TEND22) Up to 05/2029 CDI + 2,75% 182.9 187.2 CRI 513 - (13th Issuance) Up to 10/2032 CDI + 1,04% 302.1 306.6 SFH 273.6 387.7 SFH Up to 01/2028 TR+8,30 258.8 257.5 SFH Up to 06/2028 TR+14,83 14.8 130.2 Weighted Average Cost of Debt (R$ million) Balance Due June 26 Balance Due/Total Debt Average Cost (APY) Average Cost Consolidated CDI 714.7 61.2% 16.35% 1.58% TR 273.6 23.4% 10.51% 8.49% IPCA 180.4 15.4% 11.66% 6.94% Total 1,168.7 100% 14.26%
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27 NET DEBT The corporate net debt to equity ratio ended the quarter at 1.9%. Total net debt to equity ended the quarter at 19.8%, reductions of 6.6 p.p. and 4.2 p.p. compared to Jun/25 and Mar/26, respectively. CASH GENERATION AND CAPITAL DISTRIBUTION During the quarter, the Company totaled operating cash generation of R$ 52.5 million, with generation of R$ 68.9 million from the Tenda brand and consumption of R$ 16.4 million at Alea. (R$ million) June 26 March 26 QoQ (%) June 25 YoY (%) Consolidated Gross Debt 1,168.7 1,415.5 (17.4%) 1,077.0 8.5% (-) Cash and cash equivalents and financial investments (865.4) (1,090.6) (20.6%) (761.2) 13.7% Net Debt 303.2 324.9 (6.7%) 315.8 (4.0%) Shareholders’ Equity + Minority Shareholders (SE+MS) 1,534.6 1,358.4 13.0% 1,199.3 28.0% Net Debt / Equity (SE+MS) 19.8% 23.9% (4.2 p.p.) 26.3% (6.6 p.p.) Corporate Net Debt to Equity Ratio 1.9% (4.6%) 6.6 p.p. (4.1%) 6.0 p.p. Adjusted EBITDA (Last 12 months) 898.2 789.9 13.7% 601.3 49.4% 1 . Adjusted for capitalized interest, share-based compensation expenses (non-cash), minority interests, and depreciation in COGS. (R$ million) 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) Consolidated Stock buyback 1.9 11.3 (82.9%) 115.5 (98.3%) Capital Increase 0.0 0.0 - 0.0 - Dividends paid 0.0 100.0 - 0.0 - Capital Distribution 1.9 111.3 (98.3%) 115.5 (98.3%) (R$ milhões) June 26 March 26 QoQ (%) June 25 YoY (%) Consolidated Gross Debt 1,168.7 1,415.5 (17.4%) 1,077.0 8.5% (-) Cash and cash equivalents and Financial Investments 865.4 1,090.6 (20.6%) 761.2 13.7% Net Debt 303.2 324.9 (6.7%) 315.8 (4.0%) Receivables Assignment Balance 514.7 569.4 (9.6%) 581.7 (11.5%) ∆ Net Debt (+) Receivables Securitization (a) 76.3 (24.8) (408.2%) (179.8) (142.4%) Net Financial Result (Income Statement) (45.1) (37.2) 21.0% (33.3) 35.2% Reserve Fund (Receivables Assignment) 11.0 7.3 - (8.2) - Follow-on / Dividends / Share Buyback / Capital Increase1 (b) (1.9) (111.3) (98.3%) (115.5) - SWAP Cash Effect 59.8 4.3 1,281.0% 37.0 - Operational Cash Flow - Consolidated 52.5 112.2 (53.2%) (59.8) - Operational Cash Flow - Alea (16.4) (17.4) (5.4%) (61.8) (73.4%) Operational Cash Flow - Tenda 68.9 129.5 (46.8%) 2.0 3,395.0% Total Cash Generation (a)-(b) 78.3 86.6 (9.6%) (64.4) (221.6%) 1 . Includes a net capital increase of R$ 33 million in 1 Q25 and R$ 42 million in 3Q25.
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28 GENERAL INFORMATION At Tenda, a B3 -listed company fully dedicated to the production of affordable residential units, all projects fall under the Minha Casa Minha Vida Program (“MCMV”). The Company offers apartments priced below the average of major competitors, providing access to homeownership for families who, in most cases, have never had this opportunity. ¹ Average price between MRV (only MRV). Direcional (only Direcional). and Plano&Plano and Cury Almost all employees involved in project construction are directly hired by the Company, rather than outsourced, as is common in the sector. This model enables the implementation of the industrial approach used at Tenda, one of its key competitive advantages, in addition to providing greater safety, stability and development opportunities for employees. Complementing this strategy, the Company adopts occupational health and safety practices, continuously monitoring risks and indicators to promote increasingly safer work environments. ¹ Employees directly hired by the Company For more information on the Company's sustainability initiatives, please refer to Tenda's first Sustainability Report, for fiscal year 2024, published in September 2025. The document is available on the Investor Relations website (Report Link). Average Sales Price (R$ thousand) 2Q26 1Q26 T/T (%) 2Q25 A/A (%) Tenda (R$ / unit) 244.9 237.6 3.1% 223.5 9.6% MCMV 1 (R$ / unit) 284.6 283.4 0.4% 281.4 1.1% % Average Sales Price (Tenda / MCMV) 86.0% 83.9% 2.2 p.p. 79.4% 6.6 p.p. Indicators 2Q26 1Q26 T/T (%) 2Q25 A/A (%) Number of Direct Employees1 5,960 5,589 6.6% 5,329 11.8% Number of Indirect Employees 1,814 1,693 7.1% 1,642 10.5% Total Employees 7,774 7,282 6.8% 6,971 11.5% % Direct Employees / Total 76.7% 76.8% (0.1 p.p.) 76.4% 0.2 p.p.
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29 INCOME STATEMENT (R$ million) 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) 6M26 6M25 YoY (%) Tenda Net Revenue 1,204.9 1,111.9 8.4% 892.3 35.0% 2,316.9 1,680.3 37.9% Operating Costs (743.4) (709.5) 4.8% (600.0) 23.9% (1,452.9) (1,120.6) 29.7% Gross Profit 461.6 402.4 14.7% 292.3 57.9% 864.0 559.7 54.4% Gross Margin 38.3% 36.2% 2.1 p.p. 32.8% 5.6 p.p. 37.3% 33.3% 4.0 p.p. Operating Expenses (215.3) (171.0) 25.9% (147.3) 46.1% (386.4) (283.3) 36.4% Selling Expenses (87.1) (79.4) 9.8% (69.0) 26.3% (166.5) (128.0) 30.0% G&A Expenses (91.3) (70.0) 30.5% (64.4) 41.8% (161.2) (115.3) 39.9% Other Operating Revenue/Expenses (29.7) (15.9) 86.8% (5.0) 496.4% (45.6) (26.3) 73.2% Depreciation and Amortization (13.0) (10.5) 23.8% (10.9) 20.0% (23.6) (20.6) 14.3% Equity Income 5.2 4.5 13.7% 3.6 41.2% 9.7 8.6 13.1% Operational Result 246.8 232.8 6.0% 146.0 69.0% 479.7 278.0 72.5% Financial Income 52.1 66.6 (21.7%) 142.7 (63.5%) 118.7 167.4 (29.1%) Financial Expenses (73.6) (67.9) 8.3% (48.0) 53.3% (141.6) (93.4) 51.6% Net Income Before Taxes on Income 225.4 231.5 (2.6%) 240.7 (6.4%) 456.9 352.0 29.8% Deferred Income Taxes (1.5) (3.7) (59.2%) (2.7) - (5.2) (1.9) 168.9% Current Income Taxes (14.9) (11.6) 28.8% (8.3) 79.2% (26.5) (15.5) 71.1% Net Income After Taxes on Income 209.0 216.2 (3.4%) 229.7 (9.0%) 425.2 334.6 27.1% (-) Minority Shareholders (0.0) 0.0 - 0.2 - 0.0 0.2 - Net Income 209.0 216.2 (3.4%) 229.9 (9.1%) 425.2 334.8 27.0% Alea Net Revenue 85.1 72.9 16.7% 99.2 (14.2%) 158.0 176.4 (10.5%) Operating Costs (85.5) (75.7) 12.9% (96.4) (11.3%) (161.2) (169.8) (5.0%) Gross Profit (0.4) (2.8) (85.4%) 2.8 - (3.2) 6.6 - Gross Margin (0.5%) -3.9% (87.5%) 2.8% - (2.1%) 3.8% - Operating Expenses (27.5) (27.9) (1.2%) (30.8) (10.6%) (55.4) (55.7) (0.6%) Selling Expenses (10.9) (9.8) 10.9% (13.0) (16.2%) (20.7) (21.8) (4.9%) G&A Expenses (14.4) (17.0) (15.1%) (18.4) (21.3%) (31.5) (33.8) (6.9%) Other Operating Revenue/Expenses (1.0) 0.6 (271.0%) (0.2) 555.9% (0.4) (0.2) 142.7% Depreciation and Amortization (0.6) (1.5) (62.1%) (1.1) (46.8%) (2.0) (1.6) 24.6% Equity Income 0.0 0.0 - 0.0 - 0.0 0.0 - Operational Result (28.5) (32.2) (11.4%) (29.0) (1.8%) (60.7) (50.7) 19.6% Financial Income 0.5 0.4 30.0% 0.2 156.8% 1.0 0.5 77.3% Financial Expenses (6.3) (5.1) 24.8% (1.5) 335.7% (11.4) (2.6) 338.9% Net Income Before Taxes on Income (34.3) (36.9) (6.9%) (30.3) 13.3% (71.2) (52.8) 34.8% Deferred Income Taxes (0.7) (0.6) 10.1% 0.0 - (1.3) 0.0 - Current Income Taxes 0.2 (0.7) - 0.0 - (0.4) 0.0 - Net Income After Taxes on Income (34.7) (38.1) (8.9%) (30.3) 14.7% (72.9) (52.8) 38.0% (-) Minority Shareholders (1) 4.9 5.3 (8.9%) 4.2 14.7% 10.2 7.4 38.0% Net Income (29.9) (32.8) (8.9%) (26.0) 14.7% (62.7) (45.4) 38.0% Consolidated Net Revenue 1,290.0 1,184.8 8.9% 991.5 30.1% 2,474.9 1,856.7 33.3% Operating Costs (828.9) (785.3) 5.6% (696.4) 19.0% (1,614.1) (1,290.4) 25.1% Gross Profit 461.2 399.6 15.4% 295.1 56.3% 860.7 566.3 52.0% Gross Margin 35.7% 33.7% 2.0 p.p. 29.8% 6.0 p.p. 34.8% 30.5% 4.3 p.p. Operating Expenses (242.8) (198.9) 22.1% (178.1) 36.3% (441.8) (339.0) 30.3% Selling Expenses (98.0) (89.2) 9.9% (82.0) 19.5% (187.2) (149.8) 24.9% G&A Expenses (105.7) (87.0) 21.5% (82.7) 27.8% (192.7) (149.1) 29.3% Other Operating Revenue/Expenses (30.7) (15.3) 100.5% (5.1) 498.1% (46.0) (26.5) 73.7% Depreciation and Amortization (13.6) (12.0) 13.2% (11.9) 14.1% (25.6) (22.3) 15.1% Equity Income 5.2 4.5 13.7% 3.6 41.2% 9.7 8.6 13.1% Operational Result 218.3 200.6 8.8% 117.0 86.6% 419.0 227.3 84.4% Financial Income 52.7 67.0 (21.4%) 142.9 (63.1%) 119.7 167.9 (28.7%) Financial Expenses (80.0) (73.0) 9.5% (49.5) 61.7% (153.0) (96.0) 59.4% Net Income Before Taxes on Income 191.1 194.6 (1.8%) 210.5 (9.2%) 385.7 299.2 28.9% Deferred Income Taxes (2.2) (4.3) (49.4%) (2.7) (20.6%) (6.4) (1.9) 234.7% Current Income Taxes (14.7) (12.3) 19.8% (8.3) 76.4% (27.0) (15.5) 73.9% Net Income After Taxes on Income 174.2 178.1 (2.2%) 199.4 (12.6%) 352.3 281.8 25.0% (-) Minority Shareholders 4.9 5.3 (9.1%) 4.4 9.5% 10.2 7.6 35.0% Net Income 179.1 183.4 (2.4%) 203.9 (12.2%) 362.5 289.4 25.3% Net Income (Ex-Swap) 161.3 152.2 6.0% 77.1 109.3% 313.5 151.7 106.7% 1 - M anagerial M inority Interest
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30 BALANCE SHEET (R$ million) June 26 March 26 QoQ (%) June 25 YoY (%) Consolidated Current Assets 3,981.0 4,122.0 (3.4%) 3,647.4 9.1% Cash and cash equivalents 68.2 88.9 (23.3%) 139.3 (51.0%) Short term investments 797.2 1,001.7 (20.4%) 621.9 28.2% Receivables from clients 1,188.4 1,159.1 2.5% 980.7 21.2% Properties for sale 1,502.7 1,313.8 14.4% 1,342.3 12.0% Other accounts receivable 424.4 558.6 (24.0%) 563.2 (24.6%) Non-Current Assets 2,712.5 2,616.5 3.7% 1,869.8 45.1% Receivables from clients 855.2 805.6 6.2% 709.0 20.6% Properties for sale 1,797.4 1,743.3 3.1% 1,096.7 63.9% Other 60.0 67.6 (11.2%) 64.1 (6.3%) Intangible, Property and Equipment 336.7 299.3 12.5% 249.9 34.7% Investments 65.2 58.6 11.4% 83.6 (21.9%) Total Assets 7,095.5 7,096.4 (0.0%) 5,850.6 21.3% Current Liabilities 2,027.4 2,065.2 (1.8%) 1,798.0 12.8% Loans and financing 137.3 191.3 (28.2%) 208.6 (34.2%) Debentures 270.9 245.9 10.2% 173.0 56.6% Land obligations and customers’ advances 718.8 635.2 13.2% 486.6 47.7% Material and service suppliers 435.7 391.5 11.3% 333.7 30.6% Credit assignment 105.4 117.7 (10.5%) 112.1 (6.0%) Dividends Payable 0.2 0.4 (44.3%) 21.0 (98.8%) Taxes and contributions 38.5 34.9 10.6% 38.4 0.3% Other 320.5 448.2 (28.5%) 424.7 (24.5%) Non-current liabilities 3,533.5 3,672.8 (3.8%) 2,853.2 23.8% Loans and financing 136.3 196.4 (30.6%) 155.9 (12.5%) Debentures 624.2 781.9 (20.2%) 539.6 15.7% Land obligations and customers’ advances 2,127.4 2,003.1 6.2% 1,470.3 44.7% Credit assignment 409.3 451.7 (9.4%) 469.7 (12.8%) Deferred taxes 22.0 19.9 10.8% 14.5 52.4% Provision for contingencies 103.5 94.2 9.8% 91.8 12.7% Other 110.8 125.7 (11.9%) 111.5 (0.7%) Shareholders’ Equity 1,534.6 1,358.4 13.0% 1,199.3 28.0% Shareholders’ Equity 1,539.0 1,357.9 13.3% 1,179.7 30.5% Minority Shareholders (4.4) 0.5 (982.1%) 19.7 (122.3%) Total Liabilities and Shareholders’ Equity 7,095.5 7,096.4 (0.0%) 5,850.6 21.3%
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31 CASH FLOW STATEMENT (R$ million) 2Q26 1Q26 QoQ (%) 2Q25 YoY (%) 6M26 6M25 YoY (%) Consolidated Cash from (used in) operating activities 23.9 132.1 (81.9%) 144.3 (83.4%) 156.0 57.8 170.1% Net Income (loss) before taxes 191.1 194.6 (1.8%) 210.5 (9.2%) 385.7 299.2 28.9% Depreciation and amortization 21.0 17.9 17.3% 19.2 9.3% 38.8 36.2 7.4% Provision (reversal) for doubtful accounts and cancellations 41.4 48.3 (14.1%) 28.1 47.4% 89.7 64.5 39.2% Present value adjustment 1.8 2.4 (23.7%) 3.3 (45.3%) 4.2 1.8 129.5% Impairment 1.3 (1.3) - 0.0 - 0.0 0.0 - Equity income (5.2) (4.5) 13.7% (3.7) 41.1% (9.7) (8.6) 13.0% Provision for contingencies 13.5 1.0 1,231.7% (3.9) - 14.6 1.3 1,014.8% Unrealized interest and charges, net 22.6 (8.4) - 83.7 (73.0%) 14.2 83.7 (83.0%) Warranty provision (0.3) (2.6) (87.3%) 2.4 - (3.0) 4.2 - Profit sharing provision 23.0 14.3 61.0% 15.6 47.7% 37.3 27.8 34.1% Stock option plan expenses (3.8) 6.1 - 8.2 - 2.3 14.1 (83.9%) Result in the purchase and sale of participation (1.2) 0.3 - 0.0 - (0.9) 0.0 - Other provisions 0.0 0.0 - 0.6 - 0.0 0.8 - Derivative Financial Instruments (Fair Value Variation) (18.0) (31.0) (42.0%) (126.0) (85.7%) (49.1) (137.7) (64.4%) Provision (reversal) of deferred PIS/COFINS (1.0) 11.3 - (14.4) (92.9%) 10.2 (14.2) - Clients (123.9) (182.4) (32.1%) (147.3) (15.9%) (306.3) (312.4) (2.0%) Properties for sale (257.1) (225.7) 13.9% (188.5) 36.4% (482.8) (257.7) 87.4% Reserve funds from receivables assignment operations (18.1) (22.2) (18.7%) (8.3) 118.2% (40.3) (14.6) 175.6% Other accounts receivable 12.7 34.6 (63.4%) (32.7) - 47.3 (59.7) - Suppliers 27.1 50.1 (45.9%) 33.1 (18.1%) 77.2 89.4 (13.7%) Supply Chain Financing (agreement) 17.1 (1.5) - 12.7 34.7% 15.6 16.1 (2.7%) Taxes and contributions (9.5) (40.2) (76.4%) (19.8) (51.9%) (49.7) (31.7) 57.0% Salaries, payroll charges and bonus provision (74.0) 33.0 - (26.3) 181.9% (41.0) (23.4) 75.5% Obligations for purchase of real properties 221.6 262.7 (15.6%) 163.0 35.9% 484.3 203.6 137.9% Assignment of Credits (54.7) (34.1) 60.6% 131.6 (141.6%) (88.7) 93.8 - Other accounts payable (1.7) 13.7 - 5.6 - 12.0 (10.8) - Current account operations (1.4) (11.2) (87.9%) (0.8) 67.0% (12.5) (4.6) 171.4% Dividends Received 0.0 7.5 - 0.0 - 7.5 0.0 - Taxes paid (0.5) (0.4) 12.8% (1.8) (72.3%) (0.9) (3.4) (72.5%) Cash from (used in) investment activities 173.0 4.9 3,464.3% (172.7) (200.2%) 177.8 123.4 44.1% Additions to property, plant and equipment and intangible assets (58.4) (38.3) 52.3% 5.8 - (96.7) 0.0 - Investments in marketable securities, net 228.7 43.2 429.8% (170.7) - 271.9 112.7 141.3% Gain on Sale of Equity Interest 0.0 0.0 - 0.0 - 0.0 40.2 - Investments increase 2.6 0.0 - (54.0) - 2.6 (75.8) - Cash from (used in) financing activities (217.6) (78.1) 178.5% 36.9 (689.9%) (295.8) (194.2) 52.3% Share buyback (1.9) (11.3) (82.9%) 0.0 - (13.3) 0.0 - Share buyback for SOP exercise 8.3 (19.8) - (113.0) - (11.5) (113.0) (89.8%) Cancellation of Shares 0.0 0.0 - 0.0 - 0.0 (6.0) - Dividends paid (0.2) (99.8) (99.8%) 0.0 - (100.0) 0.0 - Derivative financial instruments (Investment/Redemption) 73.5 5.1 1,350.7% (46.3) - 78.6 (45.1) - Loans and financing increase 182.4 286.2 (36.3%) 442.2 (58.7%) 468.6 590.1 (20.6%) Amortization of loans and financing (476.8) (227.5) 109.5% (243.4) 95.8% (704.3) (615.4) 14.4% Lease payment (2.7) (5.8) (53.6%) (2.5) 5.8% (8.4) (4.8) 77.7% Intercompany Loan Agreements with Related Parties (0.2) (5.2) (95.7%) 0.0 - (5.4) 0.0 - Net increase (decrease) in cash and cash equivalents (20.7) 58.8 - 63.1 - 38.1 46.6 (18.4%) At the beginning of the period 88.9 30.2 194.8% 76.3 16.6% 30.2 92.7 (67.5%) At the end of the period 68.2 88.9 (23.3%) 139.3 (51.0%) 68.2 139.3 (51.0%)
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32 INVESTOR RELATIONS Luiz Mauricio Garcia CFO and Investor Relations Officer Marilia Nonato de Oliveira Leite Investor Relations Manager Leonardo Dias Wanderley Investor Relations Coordinator Felipe Chiavegato Stella Investor Relations Analyst Investor Relations Phone: +55 (11) 3111-9909 E-mail: ri@tenda.com Website: ri.tenda.com MEDIA RELATIONS FSB Comunicação Lane Vilas Boas Phone: +55 (11) 99488-5861 E-mail: lane.vilasboas@fsb.com.br ABOUT TENDA Tenda (B3: TEND3), one of the leading homebuilders in Brazil, is listed under Novo Mercado, B3’s highest corporate governance level. With a focus on affordable housing, it concentrates its activities in nine metropolitan areas in the country, with projects aimed within brackets 1, 2 and 3 of program Minha Casa Minha Vida (MCVM).