Gafisa (GFSA3) Q1 2026 earnings summary

Executive summary

• Achieved R$358 million in concluded VGV, with 6 projects in progress totaling R$2.1 billion VGV across 1,013 units.

• Focused on financial discipline, capital structure improvement, and project delivery in final construction stages.

• Board approved a capital increase between R$100 million and R$250 million to reinforce capital structure.

• Obtained occupancy permit for Cidade Jockey (GDV R$358 million), marking a key project milestone.

• Completed sale of Sense Icaraí, reducing short-term cash exposure and liabilities.

Financial highlights

• Net operating revenue was R$100 million in 1Q26, down 9% sequentially and 56% year-over-year.

• Adjusted gross profit was R$42 million, with an adjusted gross margin of 42%, reversing the gross loss from 4Q25.

• General and Administrative expenses reduced by 21% sequentially to R$17 million, representing 17% of net revenue.

• Financial costs declined 47% from 4Q25.

• Consolidated net loss for 1Q26 was R$45.6 million, a significant improvement from the R$480.4 million loss in 4Q25.

Outlook and guidance

• Ongoing capital increase and project deliveries expected to reduce total debt and strengthen capital structure.

• Deliveries through December 2026 expected to total R$1.7 billion in GDV, with a projected 48% reduction in total debt.

• Forward-looking statements are subject to risks and uncertainties, with actual results potentially differing significantly from projections.