Helbor Empreendimentos (HBOR3) Q1 2025 earnings summary

Executive summary

• Gross sales reached BRL 619 million in Q1 2025, up 40% year-over-year, with Helbor's share at 44%.

• Three developments launched in Q1 with total PSV of BRL 491 million, and two developments delivered totaling BRL 597 million.

• Cash generation from consolidated companies was BRL 16.5 million in Q1 2025, with leverage reduced by 2.1 p.p. to 53.6%.

• Net income attributable to owners was BRL 35.6 million, up 7.3% year-over-year.

• Interim financial information for Q1 2025 reviewed with no material modifications required by auditors.

Financial highlights

• Net operating revenue was BRL 299.2 million in Q1 2025, up 1.1% year-over-year.

• Gross margin delivered at 31.5% in Q1 2025, above the typical 30% margin.

• Backlog margin reached 28.7% at the end of Q1 2025, up 0.7 p.p. year-over-year.

• Net debt/equity ratio improved to 53.6% at March 31, 2025, down from 55.7% at year-end 2024.

• Cash and cash equivalents at BRL 226 million at quarter-end.

Outlook and guidance

• Eight more project deliveries planned by year-end, supporting further deleveraging.

• Strategic launches in Greater São Paulo and Mogi will depend on market conditions.

• Gross margin expected to normalize around 30% as high-margin ready inventory phases out.

• Continued discipline in cost management and leverage reduction to ensure profitability and sustainability.