Brazil Homebuilders: Lunch with Construtora Lindenberg

Goldman Sachs hosted a lunch with the management of Construtora Adolpho Lindenberg to discuss Sao Paulo's high-income residential market. While 1Q26 saw record sales, May exhibits headwinds from electoral and geopolitical uncertainty alongside rising construction costs.

Key Takeaways

• 1.Lindenberg's sales were record-breaking in 1Q26, but momentum slowed in May due to electoral uncertainty and geopolitical concerns (Middle East war).
• 2.Construction cost inflation (INCC) is projected to reach 9% in 2026, though its impact on high-income developers is mitigated by the higher relative cost of land.
• 3.The high-income residential market in Sao Paulo shows limited risk of material inventory increases as developers remain disciplined in their launch schedules.

Table of Contents

• Brazil Homebuilders: Lunch with Construtora Lindenberg
• Sales have been healthy yet increasing concerns on the outlook.
• Construction costs:
• Company structure.
• Disclosure Appendix

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial