Even stock reports lower sales as margins improve

Published on 09/29/2026 at 14:57 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Even stock enters September 29, 2026 with BRL 201.0 million in Q2 revenue, down 65.00 percent year over year. Adjusted gross margin rose 7.5 percentage points to 33.4 percent.

Even, BREVENACNOR8, Illustration mit AI erstellt.

Even Construtora e Incorporadora stock (ISIN BREVENACNOR8) is being shaped by a sharp revenue contraction and better project margins. In Q2 2026, revenue was BRL 201.0 million, down 65.00 percent year over year, while adjusted gross margin for the first half reached 33.4 percent, up 7.5 percentage points year over year.

Revenue falls as margins improve

Quartr reported on September 7, 2026 that Even generated BRL 531.0 million in net revenue during the first half, down 41.00 percent from the comparable period. Net income for the first half was BRL 77.0 million, a 40.00 percent decline year over year.

The operating picture is therefore mixed in a precise way: lower sales are weighing on earnings, but profitability per project has improved. Q2 net income reached BRL 31.0 million, while the adjusted gross margin gain points to stronger economics in the projects that are moving through the pipeline.

Luxury pipeline remains central

Even's product strategy remains concentrated in high-end and luxury housing. Quartr said inventory stood at BRL 3.5 billion and the land bank at BRL 5.3 billion in H1 2026, with 91.00 percent of inventory and 97.00 percent of the land bank in those segments.

TradingView summarized Even's September 16, 2026 presentation as showing lower launches and net sales, alongside a high-value pipeline in Sao Paulo. The same summary put net asset value at BRL 3.1 billion in September 2026 and noted higher net debt.

That combination gives investors two competing signals. The company has valuable land and inventory, but the 65.00 percent quarterly revenue decline shows that converting the pipeline into recognized sales remains the immediate operating test.

Next results arrive November 11

Investing.com lists November 11, 2026 as Even's next earnings date and shows a BRL 7.34 average 12-month analyst price target with a neutral consensus. The scheduled report should provide the next dated test of launches, sales and cash generation.

As of September 29, 2026, Even's market capitalization was BRL 934.0 million, while the 52-week range was BRL 3.94 to BRL 9.17. The wide gap between current valuation and the company's BRL 5.3 billion land bank keeps execution, rather than asset ownership alone, at the center of the stock story.