Helbor Empreendimentos (HBOR3) Q3 2025 earnings summary

Executive summary

• Gross sales in 3Q25 were BRL 478.8 million, down 3.1% year-over-year but up 2.5% sequentially; year-to-date gross sales rose 6.5% to BRL 1.6 billion, with Helbor's share increasing to 65.8%.

• Three projects were launched in 3Q25 with a net PSV of BRL 587 million (93% Helbor share), and three projects delivered totaling BRL 731 million.

• Onlendings in 3Q25 reached BRL 610.4 million, up 19.6% year-over-year and 44.2% sequentially; 9M25 onlendings up 23%.

• Landbank at end-3Q25 was BRL 11.7 billion in potential PSV, 62% Helbor share; two non-strategic land plots sold for BRL 32 million.

• Net Debt-to-Equity improved to 54.5%, a 1.2 p.p. reduction from year-end 2024.

Financial highlights

• Net operating revenue in 3Q25 was BRL 232.6 million, down 32.9% year-over-year and 18.5% sequentially; 9M25 net revenue was BRL 817.4 million, down 15.2% year-over-year.

• Gross profit for 3Q25 was BRL 70.7 million, down 36.8% year-over-year; gross margin at 30.4%.

• Adjusted gross margin improved to 50.4% in 3Q25, up 4.6 p.p. year-over-year.

• Net income for 3Q25 was BRL 13.0 million; 9M25 net income reached BRL 68.9 million.

• EBITDA for 9M25 was BRL 63.6 million, down 65.2% year-over-year.

Outlook and guidance

• Three launches expected in Q4, with strong sales velocity and targeted gross margins of 30%-35%.

• Continued focus on deleveraging, asset sales, and disciplined cost management.

• Two land sales in due diligence may close by year-end.