Tenda launches record R$ 1.52B in Q3 as cancellations surge

Construtora Tenda launched 11 developments in the third quarter of 2026, totaling a general sales value (PSV) of R$ 1.52 billion. The figure marks an all-time record for the period and a 2.3% increase year over year, though it represents a 9.5% decline compared to the second quarter of 2026. In the first nine months of 2026, launches reached R$ 4.61 billion, up 36% compared to the same period in 2025.

Of the 11 projects launched between July and September, 54.5% targeted brackets 3 and 4 of the Minha Casa, Minha Vida housing program. The company launched its first project for bracket 4 in Bahia, with 572 units and a PSV of R$ 240.8 million. The average launch price per unit reached a record R$ 271.2 thousand, rising 15.7% year over year and 8.3% quarter over quarter.

Gross sales reached R$ 1.5 billion in the quarter, expanding 22.1% from the third quarter of 2025, with an average price per unit sold of R$ 233.4 thousand, up 5.9%. Net sales rose 10.5% year over year to R$ 1.2 billion, while net sales speed (VSO) stood at 22.8%. The company's land bank expanded to a record R$ 29.3 billion in PSV in September, up 41.2% year over year and 5.7% from the previous quarter. The prefabricated housing subsidiary Alea launched three projects totaling R$ 119.1 million across 604 units, with an average unit price of R$ 197.1 thousand.

Contract cancellations in the Tenda segment jumped 55% from the second quarter to R$ 292.8 million, more than doubling from R$ 136.2 million in the third quarter of 2025. Tenda attributed the increase to issues related to Caixa Econômica Federal: a nearly 20-day strike in September, a 10-day reduction in allowable client income commitment from 30% to 27% in July, and stricter credit concession interviews. The company stated that several factors were temporary and expects cancellations to return to normalized levels in upcoming periods.