Tenda 2Q26 Conference Call Highlights

研报英文原文证据摘录

J P M O R G A N

Latin America Equity Research

05 August 2026

Tenda

2Q26 Conference Call Highlights

Tenda’s top management hosted its 2Q26 conference call this morning. Please see

below the main highlights. TEND is trading at 4.6x P/E 2027e vs CURY/DIRR at

5.7-6.6x.

2H26 Outlook. 1H reflected the strategy to increase weight/exposure to higher

prices, and 2H goal is to have a SoS back to ~25% levels.

Gross margin. Should remain high in the short term benefiting from cost

savings and benefiting from a more conservative inflation assumption and

scale gains.

CEF mortgage disbursements. The sector is in talks with CEF to construct

a solution for derisking their mortgage book due to changes law requiments to

change in legal requirements affecting provision process. June’s tighter

conditions were temporary, with concession levels returning to prior levels

during July.

MCMV potential improvements. Given the ongoing negotiations with CEF,

Tenda didn’t want to comment on potential improvements. Management

doesn't see much room for big improvements in MCMV this year, and

additionally Tenda’s guidance doesn’t incorporate any potential improvement

in the program.

SG&A. Non-recurring effects include expenses related with the Co-CEO

system and the adjustment from 2025 bonuses with a total impact of around

R$13mn.

Pro-soluto post keys. Small reduction in 2Q, with the goal to decrease more

in the coming quarters due to macro outlook, but without affecting the

profitability. The reduction in pro-soluto should decrease provision expenses.

Cash flow. 2Q cash flow was impacted by 3 main effects: i) swap liquidation,

which is a natural hedge for stock option payments and had a relevant cash

effect (~R$90mn); ii) stock option payments, provisioned through the year but

paid in 2Q; and iii) delayed receivables from Pode Entrar.

Provisions. Provision as % a of gross revenue were expected to be at 2.1% in

the beginning of the year, but levels are currently at 2.7%, reflecting both macro

deterioration and also a conservative view. This level should increase to closer

to ~3% in the coming quarters. On extraordinary provisions, company remains

conservative at 2% for T4-type projects).…