R$11.40 ($2.18)

+0.37 (+3.35%)

Weekly Expected Move ±6.3%

R$10 R$10 R$11 R$12 R$12

SAO · Real Estate · Real Estate - Development · Tech Score Buy · Power 57 · R$2.2B mcap · 74M float · 0.735% daily turnover

Revenue

$1.8B +13.7% ▲

5Y CAGR: +37.4%

Gross Profit

$614M +17.5% ▲

5Y CAGR: +32.6%

Operating Income

$387M +18.3% ▲

5Y CAGR: +27.1%

Net Income

$414M +20.9% ▲

5Y CAGR: +34.7%

EPS (Diluted)

$2.12 +21.1% ▲

5Y CAGR: +26.3%

EBITDA

$398M -13.1% ▼

5Y CAGR: +25.7%

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$609M	$555M	$903M	$1.5B	$1.8B
YoY Growth	+69.5%	-8.9%	+62.7%	+71.5%	+13.7%
Cost of Revenue	$356M	$369M	$605M	$1.0B	$1.1B
Gross Profit	$254M	$186M	$298M	$523M	$614M
Gross Margin	41.6%	33.6%	33.0%	33.8%	34.9%
R&D Expenses	$0	$0	$0	$0	$0
SG&A Expenses	$66M	$76M	$84M	$147M	$227M
Operating Expenses	$83M	$97M	$110M	$196M	$227M
Operating Income	$171M	$89M	$188M	$327M	$387M
Operating Margin	28.0%	16.0%	20.8%	21.1%	22.0%
Interest Expense	$279K	$35K	$2M	$25M	$77M
Income Before Tax	$221M	$154M	$275M	$435M	$519M
Tax Expense	$17M	$23M	$28M	$42M	$55M
Net Income	$178M	$115M	$231M	$343M	$414M
Net Margin	29.2%	20.7%	25.6%	22.1%	23.5%
EPS (Diluted)	$0.84	$0.58	$1.18	$1.75	$2.12
EBITDA	$222M	$155M	$276M	$458M	$398M
Shares Outstanding	212M	199M	195M	195M	195M

Line Item	FY2024 Q3	FY2024 Q4	FY2025 Q1	FY2025 Q2	FY2025 Q3	FY2025 Q4	FY2026 Q1	FY2026 Q2
Revenue	$394M	$575M	$335M	$482M	$415M	$530M	$373M	$495M
Cost of Revenue	$266M	$371M	$209M	$317M	$268M	$352M	$254M	$324M
Gross Profit	$128M	$204M	$126M	$165M	$147M	$178M	$119M	$172M
Gross Margin	32.5%	35.5%	37.5%	34.1%	35.3%	33.7%	31.9%	34.6%
R&D Expenses	$0	$0	$0	$0	$0	$0	$0	$0
SG&A Expenses	$39M	$62M	$37M	$50M	$45M	$72M	$49M	$76M
Operating Expenses	$49M	$62M	$50M	$51M	$60M	$72M	$70M	$76M
Operating Income	$79M	$142M	$76M	$113M	$86M	$106M	$49M	$95M
Operating Margin	20.0%	24.6%	22.6%	23.5%	20.8%	20.0%	13.1%	19.3%
Interest Expense	$7M	-$27M	$16M	$23M	$16M	$24M	$29M	$31M
Income Before Tax	$103M	$173M	$103M	$144M	$132M	$140M	$78M	$119M
Tax Expense	$11M	$15M	$6M	$16M	$16M	$16M	-$4M	$16M
Net Income	$87M	$120M	$87M	$119M	$104M	$105M	$70M	$83M
Net Margin	22.0%	20.8%	26.0%	24.6%	25.1%	19.7%	18.7%	16.7%
EPS (Diluted)	$0.44	$0.61	$0.44	$0.61	$0.59	$0.54	$0.36	$0.42
EBITDA	$110M	$143M	$116M	$167M	$156M	$109M	$51M	$100M
Shares Outstanding	195M	195M	195M	195M	175M	195M	195M	195M

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