Even stock reports a 33.4 percent gross margin in 6M26

Published on 10/07/2026 at 01:24 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Safra kept a neutral rating and cut Even's target from BRL 9 to BRL 5 on September 21, 2026. First-half launches fell 60 percent as margin improved.

Even, BREVENACNOR8, Illustration mit AI erstellt.

Even stock (ISIN BREVENACNOR8) was last at BRL 5.49 on B3 on October 6, 2026 at 5:04 p.m. BRT, down 0.54 percent from BRL 5.52. The latest first-half figures show a sharper split between profitability and operating volume.

Margin improves as launches fall

According to Quartr in its September 16, 2026 summary, Even's adjusted gross margin increased by 7.5 percentage points to 33.4 percent in 6M26. The improvement came while launches fell 60 percent year over year to BRL 694 million.

Net sales reached BRL 408 million in 6M26, a 41 percent decline from the prior-year period, while net income fell 40 percent to BRL 77 million, according to Quartr. For investors, the key distinction is that the margin comparison improved even as launches, sales and earnings contracted.

Luxury inventory raises pressure

Quartr's September 2026 summary says 91 percent of Even's inventory is concentrated in luxury and high-end segments. That mix makes sales velocity especially important because weaker demand can leave capital tied up in projects for longer.

The same summary puts inventory at BRL 3.5 billion at market value and the landbank at BRL 5.3 billion. It also identifies a pipeline of high-end projects in prime São Paulo neighborhoods, giving Even future launch capacity while keeping execution and absorption central to the investment case.

Safra cuts target to BRL 5

Seu Dinheiro reported on September 21, 2026 that Safra kept Even at Neutral and reduced its price target from BRL 9 to BRL 5. The bank cited inventory exposure, with 91 percent of stock concentrated in luxury projects.

Even stock's October 6 trading range was BRL 5.42 to BRL 5.87, while the 52-week range stood at BRL 3.94 to BRL 9.17. Market capitalization was BRL 1.1 billion and volume reached 1,763,600 shares on October 6, 2026.

The stock stays below BRL 9.17

Even stock was last at BRL 5.49 on B3 on October 6, 2026 at 5:04 p.m. BRT, with the share price below the 52-week high of BRL 9.17 and above the 52-week low of BRL 3.94.