Even Construtora e Incorporadora S.A

What it is

Even operates as a residential real estate developer and builder in Brazil, developing and selling residential projects, hotels, and art centres, and handling everything from land sourcing through construction to final sale. It is listed on the Novo Mercado — Brazil’s strictest governance tier on the B3 exchange — and has been in the sector for more than forty years.

The company was formed in 2002 through the merger of ABC Investimentos and Terepins & Kalili, though its roots in construction date to 1974. Today the average launch price of an Even apartment is R$5.2 million (~US$1.0 million), squarely in the luxury segment.

Who owns it

Nova Milano Capital, a fund manager specialising in real estate, holds 100,117,420 ordinary shares — 50.06% of Even’s total voting capital, making it the controlling shareholder. Nova Milano has stated publicly that its position is a long-term investment and that it intends to continue influencing the company’s management.

Institutional investors hold roughly 72.8% of shares in aggregate (EODHD), reflecting significant overlap with Nova Milano’s block; insider ownership stands at about 7.6% (EODHD). The free float is approximately 48%, with shares carrying 100% tag-along rights.

Who runs it

CEO Márcio Moraes took charge in 2023, steering Even into a period of growth focused on high-end real estate in São Paulo. Rodrigo Geraldi Arruy serves as chairman of the Board of Directors; he is currently also a director at Nova Milano and sits on the investment committees of several funds it manages — a direct link between the controlling shareholder and the boardroom.

Marcelo Dzik, a civil engineer with postgraduate degrees from Fundação Dom Cabral and Kellogg School of Management, holds the combined roles of CFO and Investor Relations Officer, having been appointed to both positions on 3 January 2023.

The money, in plain words

In 2025, Even kept about 11 cents of profit from every real of revenue — a net margin of 11.3% (EODHD TTM), solid for a Brazilian homebuilder carrying construction-phase debt. For every real shareholders have invested, it earns about 12 back per year — a return on equity of 12.2%, up from a near-washout in 2024 when a court settlement and land write-offs crushed the bottom line.

Full-year 2025 net profit came in at R$237.7 million (~US$46 million), a 5.6-times jump on 2024, even as revenue slipped 11% to R$1.92 billion (US$373 mn) — reflecting fewer launches but sharply better margins. The balance sheet carries net debt of R$1.48 billion (~US$287 million) against shareholders’ equity of R$1.88 billion (~US$365 million) — a net-debt-to-equity ratio of roughly 0.8×, manageable but not light (our calculation).

At a price-to-earnings ratio of just 2.8× (EODHD), the market is pricing in meaningful risk, chiefly Brazil’s high interest rates.

What it is doing now

In 2025 Even launched projects with a total potential sales value of R$3.4 billion (US$660 mn), while net sales reached R$2.0 billion (US$388 mn) — a rise of 46.5% on the prior year. The pace at which Even converts its launched units into signed sales rose from 33% in 2024 to 38.1% in 2025.

In the first quarter of 2026 the company posted a net profit of R$47 million (US$9 mn) — down 42% year-on-year — on net revenue of R$330 million (US$64 mn), roughly 2% below the same period of 2025; management cited high interest rates as the main headwind. Nova Milano crossed the 50% ownership threshold in May 2026 by buying additional shares on the open market, tightening its grip just as the macro environment toughened.

What to watch

• Interest rates. Management has flagged that the 2026 outlook remains uncertain mainly because of high interest rates and external pressures. Brazil’s benchmark rate directly raises Even’s construction-loan costs and cools buyer financing.
• Inventory build. The stock of unsold properties grew 25% to R$3.5 billion (~US$680 million) at end-2025. How fast Even sells through that pile will determine cash generation in 2026–27.
• Nova Milano’s next move. The controlling shareholder has crossed 50% and said it may buy more if conditions suit. A full buyout or strategic pivot is not signalled, but the concentration of power is a governance factor worth monitoring.
• Premium focus vs. volume. Average apartment prices at R$5.2 million (US$1 mn) mean Even is betting on a thin but wealthy slice of the market. Any softening in São Paulo luxury demand hits revenue fast.

This is news, not investment advice.