By Brazil Stock Guide – Even (B3: EVEN3) reported comprehensive net income of R$45 million in the fourth quarter of 2025, up 47.4% year-over-year, closing the year with R$265 million, a 36.4% increase. The São Paulo-focused residential developer combined stronger profitability with a new cycle of launches and sales, reinforcing its strategic shift toward higher-end projects.
The company posted net revenue of R$484 million in Q4, up 7.6% YoY, alongside an adjusted gross margin of 38.6%, compared to 31.9% a year earlier. For full-year 2025, net revenue reached R$1.9 billion, while adjusted gross margin stood at 32.2%, up 1.3 percentage points from 2024. The figures suggest Even has been able to sustain pricing and product mix despite Brazil’s still elevated interest rate environment.
Launch Momentum
Operationally, the highlight was the pace of launches. Even recorded R$3.4 billion in total launches (VGV) in 2025, or R$2.5 billion on an Even basis, marking a company record and a 34.8% increase year-over-year. In Q4 alone, three projects were launched, totaling R$881 million in VGV, or R$351 million % Even. The flagship project, Plenitude Melo Alves in Jardins, accounted for R$259.6 million % Even with just 33 units, underscoring the company’s focus on ultra-prime, low-density developments.
Sales Acceleration
Net sales also strengthened throughout the year. In the quarter, Even reported R$678 million in net sales, or R$523 million % Even, with a sales over supply (VSO) rate of 13.1%. For 2025, net sales totaled R$2.7 billion, or R$2.0 billion % Even, a 46.5% increase on that basis. The product mix confirms the strategic positioning: 81% of Q4 sales came from luxury/high-end units, rising to 85% for the full year.
Younger Inventory, Premium Focus
Even ended December with R$3.5 billion in inventory (% Even), with 88% concentrated in high-end and luxury segments. Importantly, the portfolio remains relatively young: only 9.8% of total inventory was completed at quarter-end, while 56% of VGV % Even is tied to projects scheduled for delivery from 2029 onward. This reduces pressure to sell completed units at discounts and gives the company more flexibility to capture pricing in prime São Paulo neighborhoods.
The growth strategy also included land acquisitions. In Q4, Even acquired two land plots/phases, with potential VGV of R$730 million, or R$615 million % Even. Its land bank reached R$7.1 billion (100%), or R$4.3 billion % Even, across 22 projects, concentrated in high-demand districts such as Itaim, Jardins, Pinheiros, and Moema.
Cash Flow and Capital Structure
On the financial side, the quarter showed some short-term pressure. Even reported an operational cash burn of R$64 million in Q4, although it still generated R$76 million in operating cash flow for the full year. The company also distributed R$150 million in dividends and raised R$350 million via CRI issuance, priced at 101.5% of CDI, with a seven-year maturity. Even ended 2025 with R$977 million in cash and net debt at 23.4% of equity.
Management said 2026 still begins under a challenging macro backdrop, with high interest rates and external uncertainties, but emphasized a disciplined, project-by-project approach to launches. The company also highlighted a repositioning of its brand toward the high and ultra-high-end segment, referencing developments linked to hospitality and services, such as Fasano Itaim and Faena São Paulo.