Slides
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3Q26 Results Webcast 11/05/2026 The event will start at 9:00 am BRT
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2 Luiz Mauricio Garcia Chief Financial and Investor Relations Officer (CFO) Marcos Cruz CEO Tenda 3Q26 Earnings Webcast Rodrigo Osmo CEO Alea
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Highlights 3Q26 Luiz Mauricio Garcia IRO and CFO
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Highlights 4 1. Launches of 11 projects in the Tenda segment, totaling a record third-quarter (ex-Pode Entrar) of R$ 1,522.6 million; 2. Record Average Price per Unit in the Tenda segment during the quarter of R$ 271.5 thousand, up 15.9% and 8.5% compared to 3Q25 and 2Q26, respectively; 3. Consolidated Net Income ex-SWAP and SOP of R$ 117.9 million in 3Q26, up 6.6% compared to 3Q25, with LTM consolidated Return on Equity (ROE) ex-SWAP of 39.0%; 4. Operating Cash Generation of R$ 82.4 million and Total Cash Generation of R$ 44.9 million in 3Q26. Excluding the deferral in the receipt of Pode Entrar program installments, Total Cash Generation would have been R$ 89.7 million; 5. Corporate Net Debt / Equity ratio of 0.1% in 3Q26, with debt duration extended to 32.4 months, compared to 28.3 months in 2Q26; 6. Year-to-date, reported figures remain robust: consolidated Net Revenue of R$ 3,728.9 million (+24.6%), Adjusted EBITDA for the Tenda brand of R$ 811.1 million (+39.2%) and consolidated Net Income ex-SWAP of R$ 419.9 million (+65.2%).
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Adjusted EBITDA and ROE – Consolidated 5 Adjusted EBITDA/ROE LTM Evolution – Consolidated LTM consolidated ROE ex-SWAP of 39.0% in 3Q26 ranks among the top 3 most profitable in the industry. 3Q23 4Q23 -12.3 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 56.4 -20.2 52.9 101.6 -3.0 -31.3 8.4 150.8 15.6 130.7 20.0 152.9 24.4 166.9 26.4 187.0 34.5 179.3 36.7 256.7 39.2 275.2 39.0 207.7 98.0 ROE (% 12 months, Ex-Swap) Adjusted EBITDA (R$ Million)
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What Explains the Margin Decline 6 Net Income Impact, 2Q26 to 3Q26 • Price (current-quarter sales and Monetary Adjustment) (-2.6 p.p.): Nominal Price decreased R$ 11.5 thousand per unit compared to 2Q26 sales and reference IPCA declined from 0.75% to 0.27% per month; • Construction Costs (Remaining Construction Costs) (-1.0 p.p.): Remaining Construction Costs declined in 2Q26, compared to a slight increase in 3Q26; • Others (-1.7 p.p.): three main effects in 3Q26; (i) legacy RJ Transfers, (ii) 52% increase in Cancellations versus 2Q26, with 1,231 units, and (iii) Provisions (PDD). Effect AGM 2Q26 39.9% Price (Sales fot the Quarter and Monetary Adjustment) (2.6 p.p) Construction Costs (Remaining Construction Costs) (1.0 p.p) Others* (1.7 p.p) 3Q26 34.6% Change (5.3 p.p.) *Legacy Transfers in RJ. Cancellations and Provisions
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Application Month Reference Month Monthly IPCA Quarterly Cumulative Apr/26 Feb/26 0.70% 2Q26: 2.27% (average of 0.75% per month) May/26 Mar/26 0.88% Jun/26 Apr/26 0.67% Jul/26 May/26 0.58% 3Q26: 0.81% (average of 0.27% per month) Aug/26 Jun/26 0.16% Sep/26 Jul/26 0.07% Nominal Price of current-quarter sales decreased R$ 11.5 thousand per unit, with TCD declining from 10.3% to 7.2%, and, together with Monetary Adjustment, reduced AGM by 2.6 p.p. 7 2Q26 -8.3 TCD -3.2 PSOL 3Q26 244.9 233.4 238 10.6% 1Q26 245 10.3% 2Q26 233 7.2% 3Q26 Net Pre-Sales Nominal Price TCDIPCA Applied to Monetary Adjustment, Monthly % per month, applied with a two-month lag Price and TCD by Modality Tenda Core R$ thousand and %Margin Bridge - Tenda Core (ex-SWAP), 2Q26 and 3Q26 Price per Unit Breakdown Tenda Core R$ thousand, 2Q26 to 3Q26 • TCD (R$ 8.3 thousand): decrease driven by the new credit policy; • PSOL (R$ 3.2 thousand): increased share of Bracket 1; • Quarterly Cumulative IPCA: 2.27% in 2Q26 versus 0.81% in 3Q26, one-third of the previous level. Effect AGM 2Q26 39.9% Price (Sales fot the Quarter and Monetary Adjustment) (2.6 p.p) Construction Costs (Remaining Construction Costs) (1.0 p.p) Others* (1.7 p.p) 3Q26 34.6% Change (5.3 p.p.) *Legacy Transfers in RJ. Cancellations and Provisions
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Construction Costs reduced Adjusted Gross Margin (“AGM”) by 1.0 p.p.: Remaining Construction Costs increased slightly this quarter, compared to the reduction reported in 2Q26 8 Increase and Decrease in Remaining Construction Costs – Tenda Core R$ thousand, 2Q26 and 3Q26 • 2Q26: margin benefited from R$ 15.2 million in construction savings; • 3Q26: increase of R$ 3.0 million, with the largest deviations concentrated in July; • New Factories: stabilization phase of new factories following the typology migration at certain Regional offices, and final production adjustments related to the end of the 6x1 work schedule. Remaining Construction 2Q26 3Q26 Change Costs Construction Savings (15,235) 2,985 18,220 Margin Bridge - Tenda Core (ex-SWAP), 2Q26 and 3Q26 Effect AGM 2Q26 39.9% Price (Sales fot the Quarter and Monetary Adjustment) (2.6 p.p) Construction Costs (Remaining Construction Costs) (1.0 p.p) Others* (1.7 p.p) 3Q26 34.6% Change (5.3 p.p.) *Legacy Transfers in RJ. Cancellations and Provisions
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Cancellations rose 52%, primarily driven by credit tightening and the CEF strike 9 Cancelled Units per Quarter – Tenda Core Units, 1Q26 to 3Q26 • Legacy RJ Transfers: discount on prior sales not yet transferred in the RJ market; • Provisions (PDD) Reversal: improvement driven by quarterly seasonality; • Higher Volume of Cancellations: 420 more units than in 2Q26, the highest level of the year. 695 811 1Q26 2Q26 3Q26 1,231 +52% Margin Bridge - Tenda Core (ex-SWAP), 2Q26 and 3Q26 Effect AGM 2Q26 39.9% Price (Sales fot the Quarter and Monetary Adjustment) (2.6 p.p) Construction Costs (Remaining Construction Costs) (1.0 p.p) Others* (1.7 p.p) 3Q26 34.6% Change (5.3 p.p.) *Legacy Transfers in RJ. Cancellations and Provisions
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Net Income 10 Net Income – Consolidated LTM (R$ Million) 65 106 187 387 422 506 604 579 524 141 194 250 287 371 448 532 536 78 3Q24 4Q24 1Q25 24.4% 2Q25 26.4% 3Q25 4Q25 1Q26 2Q26 3Q26 8.4% 15.6% 20.0% 34.5% 36.7% 39.2% 39.0% Consolidated ROE (% LTM, ex-SWAP) With SWAP Without Swap • LTM Net Income ex-SWAP of R$ 536 million and ROE of 39.0% reflect the strength of Tenda's results in 3Q26; • Consolidated LTM Net Income ex-SWAP reaches a new level, maintaining high operating profitability. Recurring Net Income Reconciliation – 3Q26 Gross Profit Expense Net Income1 Net Margin Consolidated 389,035 (331,763) 57,271 4.6% (-) Alea (4,237) 31,922 27,685 2.7% Tenda Core Reported 384,798 (299,841) 84,956 7.3% (-) SWAP 0 49,105 49,105 4.2% (-) Expenses with Stock Option Plan 2 0 11,500 11,500 1.0% Total Tenda 384,798 (239,236) 145,561 12.5% 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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Cash Generation 11 Operating and Total Cash Generation Total Cash Generation in 3Q26 was R$ 44.9 million and would have been R$ 89.7 million including the delayed Pode Entrar installments. (R$ million) 2023 2024 2025 9M26 1Q26 2Q26 3Q26 Gross Debt 1,180.1 1,041.5 1,313.0 1,226.4 1,415.5 1,168.7 1,226.4 (-) Cash and Cash Equivalents and Financial Investments (718.8) (849.3) (1,046.9) (923.8) (1,090.6) (865.4) (923.8) Net Debt 461.3 192.2 266.0 302.6 324.9 303.2 302.6 Receivables Assignment Balance 229.4 488.0 603.4 470.5 569.4 514.7 470.5 ∆ Net Debt (+) Receivables Securitization (a) 109.3 10.5 (189.3) 96.4 (24.8) 76.3 44.9 Net Financial Result (Income Statement) (194.0) (136.2) (130.7) (120.1) (37.2) (45.1) (37.8) Reserve Fund (Receivables Assignment) (58.2) (4.9) (30.1) 18.6 7.3 11.0 0.2 Follow-on / Dividends / Share Buyback / Capital Increase1 (b) 224.3 0.0 (165.6) (113.3) (111.3) (1.9) 0.0 SWAP Cash Effect 0.0 25.4 47.4 64.2 4.3 59.8 0.0 Operational Cash Flow - Consolidated 137.1 126.2 89.6 247.1 112.2 52.5 82.4 Operational Cash Flow - Alea (100%) (96.2) (116.0) (148.4) (47.1) (17.4) (16.4) (13.3) Operational Cash Flow - Tenda 233.3 242.2 237.9 294.2 129.5 68.9 95.7 Total Cash Generation (a)-(b) (115.0) 10.5 (23.8) 209.7 86.6 78.3 44.9 Pode Entrar Effect 0.0 0.0 0.0 44.8 0.0 0.0 44.8 Total Cash Generation (115.0) 10.5 (23.8) 254.5 86.6 78.3 89.7
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Highlights Alea 12 Ongoing Projects (#) 16 17 22 26 33 25 13 17 18 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 -45.5% 89 58 84 73 24% 3Q24 11% 4Q24 100 18% 1Q25 145 31% 2Q25 134 35% 3Q25 121 38% 4Q25 105 42% 1Q26 37% 2Q26 27% 3Q26 Net SoS (%) Net Pre-Sales (PSV, R$ million) Net Pre-Sales (PSV, R$ million – Alea brand) and Net SoS (%) 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4.26.9 5.7 3.8 2.8 -5.5 -25.5 -2.8 -0.4 33.5 1Q25 53.2 2Q25 24.1 3Q25 16.8 4Q25 14.9 1Q26 14.1 2Q26 11.3 3Q26 -66.3% Alea Operating Cash Consumption (Tenda’s view) (R$ million) Gross Profit (R$ million – Alea brand)
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Capital structure 13 Net Corporate Debt / Equity Ratio (%) 3Q22 66% 4Q22 67% 1Q23 42% 2Q23 13% 3Q23 16% 4Q23 2% 1Q24 0% 2Q24 5% 55% -10% 4Q24 -2% 1Q25 -4% 2Q25 -15% 3Q25 -5% 4Q25 -5% 1Q26 2% 2Q26 0% 3Q263Q24 Overview of Debt Structure Average Cost: CDI + 1.57% Average Cost: TR + 9.06% Average Cost: IPCA + 6.94% Average Overall Cost of 13.78% p.a. 61% 25% 15% CDI TR IPCA Average cost of debt (R$ million) September 26 Consolidated Gross Debt 1,226.4 (-) Cash and cash equivalents and financial investments (923.8) Net Debt 302.6 Shareholders’ Equity + Minority Shareholders (SE+MS) 1,515.3 Net Debt / Equity (SE+MS) 20.0% Corporate Net Debt to Equity Ratio 0.1%
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Outlook and Projections for 2026 14 Backlog Margin by Project (%, Tenda Brand - ex-Pode Entrar) Evolution of Raw Gross Margin on New Sales vs Gross Margin on New Sales (%) 32.3% 3Q25 33.4% 4Q25 33.3% 1Q26 33.8% 2Q26 32.4% 3Q26 30.4% 3Q24 31.6% 4Q24 32.7% 1Q25 33.1% 35.2% 35.3% 36.0% 35.5% 35.9% 36.5% 37.3% 37.4% 34.5% 2Q25 + 0.1 p.p. - 1.4 p.p.Raw Gross Margin on New Sales Gross Margin on New Sales + 2.0 p.p. - 0.7 p.p. Our priorities for 4Q26 and 2027: 1. Increase cash generation and continue deleveraging the balance sheet; 2. Gradually recover prices, while keeping TCD at its new level; 3. Complete the stabilization of the new factories and typology migrations, recovering the construction savings that characterize our industrial approach; 4. Maintain credit and collection discipline, normalizing the level of Cancellations; 5. Sustain growth in launches and sales at a pace consistent with advances in profitability, operational efficiency and cash generation. 40.1 3Q24 40.8 4Q24 41.8 1Q25 42.0 2Q25 42.0 3Q25 41.9 4Q25 42.2 1Q26 42.3 2Q26 41.5 3Q26
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Q&A 3Q26 Results Webcast
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For live interaction 16 3Q26 Results Webcast