In brief

TendaTendaOrganizationHomebuilder focused on affordable housing under the Minha Casa Minha Vida programme, owner of wood-frame builder Alea, listed on B3 as TEND3 and an Ibovespa member since September 2026.Open in the Market Map ↗ earned R$ 57.3 million in 3Q26.

Excluding the swap effect, profit would be R$ 106.4 million.

What we know

04

  1. Verified fact · material

    TendaTendaOrganizationHomebuilder focused on affordable housing under the Minha Casa Minha Vida programme, owner of wood-frame builder Alea, listed on B3 as TEND3 and an Ibovespa member since September 2026.Open in the Market Map ↗ posted net income of R$ 57.3 million in 3Q26, down 48.7% from 3Q25.

    Profit.

    Sources[01][02]

  2. Verified fact · material

    Excluding the accounting effect of share-linked swaps, profit would be R$ 106.4 million, and adjusted Ebitda was R$ 207.8 million.

    Adjusted.

    Sources[01][02]

  3. Verified fact

    According to Money Times, the swap expense was R$ 49.1 million.

    Swaps.

    Sources[02]

  4. Verified fact

    According to Money Times, the swap mark-to-market has no cash effect.

    Cash.

    Sources[02]

Transmission to assets

Market read-through

The accounting effect distorts profit, but the lower margin is the watch point.

Portfolio impact

01
TEND3negative

Lower profit and margin.

Costs rise.

What would change the view: Margin recovers.

direct15% confidence

Direction is an explanatory hypothesis, not a forecast or recommendation.

Next signals

What to watch

  • Gross margin
  • Launches

Limits of the reporting

What remains uncertain

  • The swap effect varies with the stock.

Full sources

02
01
CNN Brasil MoneyTenda registra lucro de R$ 57,3 milhões no 3º trimestre, queda de 48,7%independent newsroom
02
Money TimesLucro líquido da Tenda (TEND3) cai quase 50% e margens recuam no 3T26independent newsroom
02