Helbor Empreendimentos (HBOR3) Q2 2025 earnings summary

Executive summary

• Gross sales in 1H25 reached BRL 1,085.6 million, up 11.3% year-over-year, with Helbor's share at 51–59.5%.

• 2Q25 gross sales were BRL 467 million, down 12.2% year-over-year; Helbor's share: 59.5–60%.

• Four projects launched in 1H25 totaling BRL 703 million in PSV; five projects delivered YTD with net PSV of BRL 996 million.

• Net leverage ratio decreased to 54.3% of consolidated equity, down 1.5 p.p. from year-end 2024.

• Maintained focus on financial discipline, operational efficiency, and shareholder value despite a challenging macroeconomic environment.

Financial highlights

• Net operating revenue for 2Q25 was BRL 285.6–299 million, down 11–15% year-over-year.

• Gross profit for 2Q25 was BRL 91.4 million, with a gross margin of 32.0%; adjusted gross margin rose to 45.5%.

• 1H25 consolidated net income was BRL 55.9–56 million; 2Q25 net income was BRL 20.3 million.

• Backlog net revenue at June 2025 was BRL 484 million, up 38.6% year-over-year; backlog margin: 26.8%.

• Net financial expense in 2Q25 was BRL 2.5 million, a 76.6% reduction year-over-year.

Outlook and guidance

• Expecting delivery of five projects totaling BRL 1.3 billion in the third quarter.

• Continued focus on disciplined cost management, deleveraging, and profitability.

• Launches planned in strategic locations, with a selective approach due to macroeconomic uncertainty.

• Management confident in the consistency of its strategy for future periods.