Gafisa (GFSA3) Q3 2025 earnings summary

Executive summary

• Gross sales reached R$82 million in 3Q25, with year-to-date sales totaling R$471 million, a 6.2% decrease compared to 9M24.

• Achieved a 19 percentage point reduction in leverage year-over-year, supported by a follow-on offering and debenture issuance, raising R$139 million to strengthen the capital structure and fund ongoing projects.

• Inventory stands at R$1.3 billion, with 66% in high-end units and 79% of inventory in projects under construction.

• Eleven projects are underway, representing a total PSV (VGV) of R$3.2 billion and 2,192 units, with an average sales rate of 87%.

• Announced expansion of the Allard partnership to Rio de Janeiro, launching a landmark luxury project in Ipanema with an estimated gross sales value of R$1 billion.

Financial highlights

• Net operating revenue for 3Q25 was R$121 million, with year-to-date revenue at R$510 million, both reflecting a year-over-year decline.

• Adjusted gross profit was R$7 million in 3Q25 and R$65 million year-to-date.

• Adjusted EBITDA was negative R$27.4 million, with a margin of -22.7% for the quarter.

• Net loss was R$92.1 million, compared to a loss of R$66.9 million in 3Q24.

• Margin to be appropriated increased by 2 percentage points compared to 3Q24, reaching 29%.

Key financial ratios and metrics

• LTM Sales Over Supply (VSO) was 37.5%, stable compared to previous periods.

• Leverage ratio reduced to 58% in 3Q25, down 3.5 p.p. sequentially and 19 p.p. year-over-year.

• Net debt at R$1.16 billion, down 6.3% sequentially.

• G&A expenses fell by 33% compared to 3Q24 and by 46% compared to 2Q25.