Tenda stock: Q3 profit falls 48.7% to 57.3 million BRL

Published on 11/10/2026 at 03:03 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Tenda stock remains in focus after the homebuilder reported weaker quarterly earnings. Revenue growth and positive operating cash flow offered counterpoints.

Q3 Results Under Pressure

Net revenue increased year over year, while adjusted EBITDA also advanced from the prior-year quarter.
A non-cash mark-to-market charge on share-linked swaps weighed heavily on reported earnings.
Operating cash generation remained positive for the 14th consecutive quarter.
Tenda reaffirmed its 2026 guidance for adjusted EBITDA and net sales.

Tenda, BRTENDACNOR4, Illustration mit AI erstellt.

Construtora Tenda reported a sharp decline in consolidated profit for the third quarter of 2026 on November 4, while revenue and operating cash generation continued to grow. The figures put pressure on the company to restore margins as credit conditions and cancellations weigh on its housing business.

According to El Fondo News, consolidated net profit fell 48.7 percent year over year to 57.3 million BRL. The result included a 49.1 million BRL accounting expense from the mark-to-market of swap contracts linked to Tenda shares. Excluding that non-cash impact, profit reached 106.4 million BRL, up 3.7 percent from the third quarter of 2025.

Revenue Growth Meets Margin Pressure

Net revenue rose 10.5 percent year over year to 1.25 billion BRL but declined 2.8 percent from the second quarter. Adjusted EBITDA reached 207.8 million BRL, increasing 11.1 percent from a year earlier while falling 24.5 percent sequentially.

The consolidated adjusted gross margin contracted 4.8 percentage points from the previous quarter to 32.5 percent. Management attributed the pressure to lower prices, higher construction costs, contract cancellations and other factors. The combination leaves revenue growth intact but makes the pace of margin recovery important for investors.

Cash Flow And Guidance

Operating cash generation stayed positive for a 14th consecutive quarter at 82.4 million BRL. The core Tenda brand generated 95.7 million BRL, while prefabricated housing unit Alea consumed 13.3 million BRL. Around 45 million BRL in delayed collections from the Pode Entrar program postponed additional cash inflows.

Tenda reaffirmed its 2026 outlook. The Tenda brand is targeting adjusted EBITDA of 1.1 billion to 1.2 billion BRL and net sales of 5.5 billion to 6 billion BRL. Consolidated net profit excluding swaps is projected at 600 million to 660 million BRL.

Tenda's Business And Position

Construtora Tenda operates in residential construction, with the Tenda brand as its core business and Alea as its prefabricated housing unit. The two segments give the group exposure to conventional homebuilding and industrialized housing. Tenda's current investor focus is on balancing sales growth, customer collections, construction costs and cash generation.