Tenda approves buyback of up to 5 million shares

Brazilian homebuilder Construtora Tenda announced on Wednesday, September 30, 2026, that its board of directors approved a share buyback program for up to 5 million common shares. The program will run for up to 12 months, starting on the date of approval. The company currently has 122,578,152 shares in free float and holds no shares in treasury. Purchases will take place on B3 at market prices, intermediated by Itaú Corretora de Valores and Banco Bradesco.

Tenda also authorized derivative contracts with financial-only settlement. The company explained that these contracts do not involve buying or selling shares, but rather serve as a hedge against share-price fluctuations linked to stock-based compensation for executives and employees. Management stated that the buyback and derivative operations will not affect debt obligations or mandatory dividend payments, given its liquidity and cash generation.

The buyback decision follows market pressure on the stock. On September 29, 2026, Tenda shares fell 4.17% to close at BRL 27.33 on the exchange. Investors have been assessing operational issues surrounding the Pode Entrar housing program and mortgage financing conditions from Caixa Econômica Federal.

In a regulatory filing on September 29, Tenda reported BRL 52.7 million in overdue receivables from the City of São Paulo under Pode Entrar, plus BRL 21.79 million in interest, adjustments, and penalties, totaling nearly BRL 75 million delayed since May. The builder also noted that a Caixa strike started on September 10, alongside tighter credit scoring, has created bureaucratic backlogs and could lower sales conversions for informal-income buyers. JP Morgan analysts noted Tenda adopted a cautious tone for the third quarter of 2026 due to these Caixa standards, though they highlighted that the delayed municipal payments will not impact third-quarter results and praise the company's execution speed.