Tenda (TEND3.SA): Alea Site Visit Highlights: Execution reset and verticalization supporting path to productivity

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Tenda (TEND3.SA): Alea Site Visit Highlights: Execution reset and verticalization supporting path to productivity

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30 Jun 2026 18:50:00 ET │ 12 pages

Tenda (TEND3.SA)

Alea Site Visit Highlights: Execution reset and verticalization supporting

path to productivity

CITI’S TAKE Buy / High Risk

We visited Alea’s operations in Ribeirão Preto and came away with a Price (30 Jun 26 18:00) R$36.55

clearer view that the business is in a stabilization phase following Target price R$44.00

execution challenges in 2025, with management focused on restoring

Expected share price return 20.4% productivity, tightening process control, and validating unit economics

before resuming growth. While profitability remains below target, we see a Expected dividend yield 3.7%

credible path toward recovery supported by verticalization, improving Expected total return 24.1%

production cadence, and a structurally more efficient cost framework. Market Cap R$4,480M

Execution remains the key value driver to support earnings revisions for US$865M

Alea. We see Tenda (consolidated) trading at 5.4x P/E 2027.

Execution reset and verticalization at the core of the turnaround – After a

disconnect between growth and production in 2025, Alea has shifted toward a more Andre Mazini, CFAAC

disciplined operating model, concentrating activity in fewer construction clusters and +55-11-4009-2017

prioritizing consistency over expansion. The central pillar is full verticalization, andre.mazini@citi.com

replacing third-party contractors and reorganizing execution into three verticals: Piero Trotta

foundation, assembly, and finishing. This introduces a factory-like logic to

+55-11-4009-7781

construction, improving sequencing, reducing variability, and addressing the

piero.trotta@citi.com