Helbor Empreendimentos (HBOR3) Q2 2024 earnings summary

Executive summary

• Consolidated sales reached R$532 million in Q2 2024, up 45% year-over-year, with 87% from completed and ongoing units.

• Four projects launched in Q2, totaling R$267 million in net PSV, and three projects delivered with strong sales rates.

• Net income attributable to the controller was R$8.5 million in Q2 2024, up 20.2% year-over-year; H1 2024 net income was R$15.5 million.

• Só a Helbor Tem event in Mogi das Cruzes and Curitiba generated up to R$66 million in PSV.

• Interim financial information for H1 2024 was reviewed and approved by the Board on August 13, 2024.

Financial highlights

• Year-to-date revenue reached R$618 million, with a gross margin of 32.4%; Q2 net operating revenue was R$322 million.

• Gross profit in Q2 2024 was R$104.2 million, up 18.1% year-over-year; EBITDA reached R$61.1 million, up 16.5% year-over-year.

• Net margin in Q2 2024 was 9.7%; general administrative expenses rose to 9% of revenue.

• Cash and cash equivalents at Q2 2024 end were R$342.5 million, down 22.8% sequentially.

• Total consolidated assets increased to R$6.38 billion from R$6.08 billion at year-end 2023.

Outlook and guidance

• Expectation of three to four project launches in H2 2024, including the second phase of Patteo Vila Mariana.

• Focus remains on reducing inventory and deleveraging through scheduled deliveries and operational improvements.

• Anticipation of at least one more Só a Helbor Tem event in the second half.

• No significant impacts expected from new IFRS standards effective in 2025 and 2027.

• R$36 million was raised post-period to strengthen cash position.