Brazilian Homebuilders Feedback from J.P. Morgan 2026 Homebuilders Day

研报英文原文证据摘录

Brazilian Homebuilders Feedback from J.P. Morgan 2026 Homebuilders Day

Marcelo Motta AC Latin America Equity Research

(55-11) 4950-6712 20 May 2026 J P M O R G A N

marcelo.g.motta@jpmorgan.com

• Inflation and budgeting. The construction cost budget is 7% + 4pp during the

construction period. Internal inflation basket remains broadly in line with INCC, with no

material deviations so far in 1Q26. While there is some near-term pressure from wages

and services, the company expects cost inflation to normalize over the next 12 months and

continues to update incurred costs in line with INCC assumptions.

• Gross margin. If INCC expectations of it reaching 10% per year do not materialize, there

is potential for adj. gross margins to surpass the company's expectation of 38%. If

provisions are reversed and Tenda does not consume budget cushions, gross margin could

reach around 40%.

• CEO transition and Alea. Osmo will focus on Alea during the transition, verticalizing

labor, flexibilizing the product (in terms of MCMV segments) and on productivity gains.

Target is to be producing 4 units per day vs 2.3 currently. Alea will only resume growth

in 2H26 once management has higher visibility on its stabilization (Alea launches -51%

yoy in 1Q26).

Direcional (N) – CFO Paulo Sousa

• Operational highlights. Sales speed is up 100bps qoq organically so far in the quarter

(vs 1Q26 at 24.0%) despite checks/subsidies from states other than São Paulo having not

yet normalized. Launches and presales should be stronger sequentially in 2Q26 with

Direcional increasing prices across geographies, which is being followed by peers (some

increasing prices above inflation). Recent improvements in the MCMV program helped

the sector maintain strong sales speed amid higher selling prices.