HBR Realty Empreendimentos Imobiliários (HBRE3) Q2 2026 earnings summary

Executive summary

• Achieved record operating results across all platforms, with historic highs in NOI, EBITDA, and net revenue for Q2 2026 compared to Q2 2025, driven by organic growth and asset maturation, especially at 3A Faria Lima and the W Hotel.

• Net revenue reached R$56.9 million (managerial) in 2Q26, up 13.9% year-over-year, with growth across all business platforms.

• Adjusted EBITDA rose 24.7% to R$27.1 million, with a margin of 47.7%, reflecting revenue growth and cost control.

• SG&A to net revenue ratio improved to record lows, reflecting strict cost discipline for the sixth consecutive quarter.

• Announced a share exchange tender offer to acquire control of Helbor, aiming to create a more robust, agile, and efficient company.

Financial highlights

• Net revenue increased by 14% on a managerial basis and 7.2% under IFRS year-over-year, reaching R$56.9 million (managerial) and R$68.6 million (IFRS) in 2Q26.

• NOI grew nearly 15% managerial and 10% IFRS year-over-year, with managerial NOI at R$36.7 million and IFRS NOI at R$40.0 million.

• Adjusted EBITDA rose 24.7% year-over-year to R$27.1 million, with a margin of 47.7%.

• Net loss narrowed by 19.7% to R$(26.6) million, mainly due to high financial expenses from debt.

• Gross revenue reached R$63.5 million, up 13.9% from 2Q25.

Outlook and guidance

• Expectation to reduce debt significantly in the next six months through asset sales and ongoing asset recycling, especially in ComVem and corporate towers.

• Six projects under development for delivery between 2026 and 2029, with R$672 million in total estimated investments.

• Management expects continued NOI and EBITDA margin expansion as hotel occupancy increases and fixed costs are further diluted.

• No expected changes to business model from recent tax reforms; systems adapted for new tax regime.

• Anticipate operational synergies and revenue growth following the Helbor acquisition.