Helbor Empreendimentos (HBOR3) Q1 2026 earnings summary

Executive summary

• Achieved total gross sales of BRL 421 million in 1Q26, with Helbor's share at 54%.

• Net operating revenue rose 15.8% year-over-year to BRL 346.6 million, driven by a shift in sales mix and higher sales of units under construction.

• Two new projects launched in São Paulo and Mogi das Cruzes, totaling net PSV of BRL 470 million, with 33% Helbor share.

• Signed a Memorandum of Understanding with Cyrela and HESA 159 for a Minha Casa, Minha Vida project, expanding into a segment with strong demand.

• Strategic landbank with potential gross GDV of BRL 11.9 billion, 72% Helbor share, supporting future growth.

Financial highlights

• Net operating revenue reached BRL 347 million, up 16% year-over-year and 11% sequentially.

• Gross profit was BRL 100 million, a 6% increase year-over-year and sequentially; gross margin at 28.8%.

• Net income for the quarter was BRL 24.2 million, down 32% year-over-year due to higher financial expenses.

• Revenue yet to be recognized totaled BRL 737 million, up 54.9% year-over-year.

• Adjusted gross margin declined to 39.7% from 44.4% in 1Q25, mainly due to higher operating costs.

Outlook and guidance

• Expectation to hold one or two major sales events later in the year, continuing successful inventory sales strategies.

• Focus on active commercial management, distinct strategies for Legacy and New Cycle inventory.

• Planned delivery of three projects with total PSV of BRL 782 million.

• Ongoing focus on disciplined cost management, leverage control, and balancing growth with long-term financial sustainability.

• Backlog net revenue rose 54.9% year-over-year to BRL 737 million, supporting future revenue streams.