Tenda reports 4.40 percent sales growth. BTG keeps Buy on Tenda stock

Published on 10/16/2026 at 01:56 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Cancellations reached 19.50 percent of gross sales in the third quarter. BTG's BRL 45.00 target for Tenda stock came with a Buy rating on October 9, 2026.

Operational readout and calendar

Consolidated sales reached BRL 1.29 billion in the third quarter of 2026, up 4.40 percent year over year on October 9, 2026.
Contract cancellations represented 19.50 percent of gross sales in the third quarter, versus 12.50 percent a year earlier.
The next earnings date is November 4, 2026, followed by a December 30, 2026 dividend payment date.

Tenda, BRTENDACNOR4, Illustration mit AI erstellt.

Construtora Tenda S.A. (ISIN BRTENDACNOR4) reported consolidated net sales of BRL 1.29 billion in the third quarter of 2026, up 4.40 percent from the same period a year earlier, according to Reuters on October 9, 2026. The operating update also showed a sharper cancellation burden and slower bank transfers.

Cancellation rate tests sales quality

Contract cancellations reached BRL 312.00 million, equal to 19.50 percent of gross sales in the third quarter, compared with 12.50 percent a year earlier, Reuters reported on October 9, 2026. The increase matters because net sales growth of 4.40 percent came alongside weaker conversion into financed home purchases.

Tenda launched 11 projects worth BRL 1.52 billion in gross sales value, a 2.30 percent year-over-year increase. The average launch price per unit rose 15.70 percent to BRL 271,200, while the Alea brand launched three projects worth BRL 119.00 million, up 56.20 percent year over year, according to Reuters.

What does the BRL 45.00 target imply?

BTG Pactual maintained a Buy rating and a BRL 45.00 price target on October 9, 2026. Its report described gross sales of BRL 1.60 billion, cancellations of BRL 312.00 million and net sales of BRL 1.29 billion, with net sales 3.00 percent below its estimate.

The target is paired with an operational risk rather than a clean acceleration story. The cancellation ratio rose 6.70 percentage points from the prior year, while the company continues to build launches in affordable housing.

Three dated operating markers

On August 14, 2026, Tenda's annual dividend was listed at BRL 1.46, with a payment date of December 30, 2026, according to Forecaster. On October 5, 2026, a company presentation summary cited 2026 guidance for net presales of BRL 5.00 billion to BRL 5.50 billion and EBITDA of BRL 950.00 million to BRL 1.05 billion, according to Quartr. On October 9, 2026, the third-quarter update put net sales at BRL 1.29 billion and cancellations at BRL 312.00 million, according to Reuters.

Reporting dates frame the next test

The next earnings date is listed as November 4, 2026, and the dividend payment date as December 30, 2026, according to Forecaster. For investors, the next report will show whether higher launches can offset the cancellation pressure visible in the third-quarter figures.

Market value and listing

Construtora Tenda S.A. had a market capitalization of BRL 3.4 billion as of October 15, 2026, based on the latest structured market quote. The company trades on B3 under ticker TEND3 and operates in residential real estate development.