Even: 1Q26: Weaker top line and contingency provisions led to a 17% miss to BofAe

Research evidence excerpt

Even: 1Q26: Weaker top line and contingency provisions led to a 17% miss to BofAe

Accessible version

Even

1Q26: Weaker top line and contingency

provisions led to a 17% miss to BofAe

Maintain Rating: UNDERPERFORM | PO: 6.00 BRL | Price: 5.56 BRL

Weak operating performance followed by weak results 14 May 2026

Even reported weak 1Q26 results, with earnings 17% below BofAe and 20% below Equity

consensus, mainly driven by lower than expected top line and higher than expected

Victor Tapia >>

contingency provision. Given a more challenging macro backdrop, we recently cut 2026– Research Analyst

28 launches and sales by ~20%, implying an average ~30% EPS reduction. Our estimates Merrill Lynch (Brazil) tapia.victor@bofa.com

now sit ~40% below consensus.

Carlos Peyrelongue >>

Mex Eq Strat/Research Analyst

Overall, mid/high income homebuilders within our coverage reported 1Q26 top line 5- Merrill Lynch (Mexico)

15% below our estimates and consensus. We reiterate our negative outlook for mid/high carlos.peyrelongue@bofa.com

income homebuilders, amid persistently high interest rates weighing on demand and

elevated inventory levels in a challenging affordability scenario. Key to watch ahead for

Even is sales performance ahead of new launches and cash generation amid strong Stock Data

construction activity. Maintain Underperform.

Price 5.56 BRL

Key operating and financial highlights Price Objective 6.00 BRL

Net revenues (+): edged down 2% y/y (down 32% q/q), in line with sluggish sales Date Established 5-May-2026

performance, reflecting no launches in the quarter and weak inventory sales (see our op. Investment Opinion C-3-8

preview note). Backlog revenues were up 3% y/y. 52-Week Range 5.51 BRL - 9.17 BRL

Mrkt Val (mn) / Shares Out 1,112 BRL / 200.0