Gafisa (GFSA3) Q2 2025 earnings summary

Executive summary

• Gross sales reached R$152 million in 2Q25, up 10% year-over-year; 1H25 sales totaled R$389 million, a 13% increase over 1H24, with a strong focus on high-end developments and operational efficiency.

• Inventory stood at R$1.3 billion, with 69% in high-end units and 74% in projects under construction.

• Eleven projects under construction represent a VGV of R$3.2 billion, with 80% of units already sold.

• Reduced fixed expenses by 35% year-over-year, supporting improved profitability and resource management.

• Completed a follow-on offering in July 2025, raising R$89 million to strengthen the capital structure and support new project launches.

Financial highlights

• Net operating revenue for 2Q25 was R$162 million; net income reached R$7 million, up 44% from 2Q24.

• Adjusted EBITDA for 2Q25 was R$42.7 million, with a margin of 26.3%, up 12.5 percentage points year-over-year.

• Margin to be appropriated increased by 4 percentage points compared to 2Q24, reaching 32.6%.

• Inventory reduced by 10% sequentially to R$1.3 billion, with 69% of inventory in high-end units.

• Fixed expenses as a percentage of net revenue decreased by 2.7 percentage points year-over-year.

Outlook and guidance

• Preparing two new launches in Rio de Janeiro for the second half of 2025, focusing on luxury beachfront developments.

• Opening a flagship showroom in São Paulo to enhance brand experience and support sales of high-end projects.

• Positive outlook for the next quarter due to strengthened capital structure from the follow-on offering.

• Upcoming launches are planned, with a focus on high-end developments.