Helbor Empreendimentos (HBOR3) Q2 2026 earnings summary

Executive summary

• Gross sales in Q2 2026 were BRL 339 million, down 27% year-over-year, with no new project launches in the quarter; year-to-date gross sales reached BRL 759 million, a 30% decrease from the previous year.

• Net operating revenue for Q2 2026 was BRL 212.7 million, down 25.5% year-over-year and 38.6% sequentially, mainly due to lower sales volume and absence of new launches.

• Gross profit for Q2 2026 was BRL 65.8 million, a 28% decrease year-over-year, with gross margin stable at 30.9%.

• Strong land bank of BRL 11.6 billion in potential PSV, with 74% attributable to the company, providing strategic flexibility across market segments.

• A public tender offer for control and delisting was filed by HBR Realty, pending regulatory approval.

Financial highlights

• Net operating revenue for H1 2026 was BRL 559.3 million, down 4.4% year-over-year.

• Q2 2026 gross profit was BRL 65.8 million, a 28% decrease from Q2 2025; gross margin stable at 30.9%.

• H1 2026 gross profit totaled BRL 165.5 million, down 10.9% year-over-year; gross margin at 29.6%.

• Q2 2026 consolidated net income was BRL 5.3 million; H1 2026 net income reached BRL 29.5 million.

• Adjusted gross margin for Q2 2026 increased 2.6 p.p. year-over-year to 48.1%.

Outlook and guidance

• Focus for H2 2026 is on active sales management, strategic launches in Greater São Paulo and Mogi das Cruzes, and cost discipline.

• Three projects totaling BRL 782 million in PSV planned for launch in the second half.

• Commitment to reducing leverage and ensuring profitability and sustainability.

• Backlog net revenue at the end of Q2 2026 was BRL 786.5 million, up 62.4% year-over-year, supporting future revenue recognition.

• The pending public tender offer may result in a change of control and delisting, subject to regulatory approval.