HBR Realty Empreendimentos Imobiliários (HBRE3) Q3 2026 earnings summary

Executive summary

• Managerial net revenue rose 17.6% YoY to R$58.8m and NOI increased 15.3% to R$36.5m; adjusted EBITDA reached R$27.1m, up 22.9%.

• IFRS net loss narrowed 10.0% to R$25.8m, while higher financing costs weighed on results and adjusted FFO remained negative at R$25.9m.

• Post-quarter transactions included a R$937.7m asset sale and acquisition of 83.16% of Helbor shares through a share exchange.

Financial highlights

• Managerial gross revenue was R$66.3m, up 20.2%; managerial net revenue was R$58.8m, up 17.6%.

• Managerial NOI reached R$36.5m, up 15.3% YoY; IFRS net revenue increased 13.5% to R$71.7m.

• Managerial adjusted EBITDA was R$27.1m, up 22.9%, with a 46.2% margin; IFRS adjusted EBITDA was R$30.7m, up 22.5%, with a 42.9% margin.

• IFRS net loss was R$25.8m versus R$28.6m in 3Q25; 9M26 net loss was R$69.9m versus R$86.1m.

Outlook and guidance

• Management expects gradual FFO improvement as asset recycling proceeds and related debt is amortized; higher hotel occupancy may support margin expansion as fixed costs dilute.

• Estimated future investment totals R$580.7m, including R$500.3m for the HBR stake; 2027 CapEx was projected at R$140–150m within the five-year plan.

• 3A Paulista was 91.4% complete and fully leased ahead of its scheduled 4Q26 delivery; Faria Lima II construction was retimed to H2 2027.

• New development opportunities include ComVem and 3A projects in Vila Nova Conceição, Ibirapuera, Paulista, Moema, Faria Lima II and Itaim.