Eztec’s 4Q25 Snapshot Sparks a Tug of War Between Growth and Inventory Risk

Key Points

• Eztec’s shares swung after a 4Q25 update showed a launch surge and better sales speed.
• Three projects drove R$783 million ($145 million) in launches, with strong early sell-through in two mid-income sites.
• Banks mostly stayed constructive, but flagged a large stock of completed units as the main risk.

Eztec (EZTC3) delivered a split-screen message in its 4Q25 operational preview: faster growth on the front end, and a clean reminder that inventory still matters.

The stock reflected that tension on January 19, sliding more than 1% early before turning higher. By late morning, it was up about 0.6% at roughly R$14.12 ($3).

The quarter’s headline was launches. Eztec reported R$783 million ($145 million) in potential sales value, up 199% from a year earlier. That total included two mid-income projects in São Caetano do Sul and a higher-end launch in São Paulo’s Mooca district.

Reserva São Caetano Parque carried R$569 million ($105 million) in PSV. Reserva São Caetano Bosque added R$112 million ($21 million). Mooca Città Torino was listed at R$204 million ($38 million), with 50% attributable to Eztec.

Sales metrics were also firm. Gross sales reached about R$650 million ($120 million), while cancellations rose to roughly R$93 million ($17 million). Net sales landed at R$557.4 million ($103 million), up 41.4% year on year.

Eztec 4Q25 Results Record Sales Momentum

Net sales speed improved to 16.2% from 12.8% in 4Q24. The company also reported R$429.7 million ($80 million) in sales tied to new launches. For 2025, Eztec called it a record year for launches.

PSV launched reached R$2.364 billion ($438 million), up 48%. Net sales totaled R$1.949 billion ($361 million), up 15%. Gross sales were R$2.224 billion ($412 million).

The firm cited R$2.6 billion ($481 million) in deliveries, which helps explain the inventory debate. Inventory ended 4Q25 at about R$2.874 billion ($532 million) in PSV.

Eztec said 41% was completed units, 28% under construction, and 31% in launch phase. One bank flagged finished stock around R$1.1 billion ($204 million) as the pressure point. Analyst tone stayed mostly positive.

BTG kept a buy and a R$28 ($5) target. Safra reiterated outperform with R$21.50 ($4). Itaú BBA kept outperform with R$22 ($4). The common thread was simple: launches and sales improved, but clearing finished units will decide the rerating.

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