Helbor Empreendimentos (HBOR3) Q3 2026 earnings summary

Executive summary

• Q3 net revenue was R$233.9 million, up 0.5% YoY; consolidated net income was R$5.1 million versus R$13.0 million in Q3 2025.

• 9M net revenue reached R$793.2 million, down 3.0% YoY; consolidated net income was R$34.6 million versus R$68.9 million.

• Q3 contracted gross sales fell 25.6% YoY, while net debt rose to R$1,849.8 million, or 64.3% of consolidated equity.

Financial highlights

• Q3 gross profit was R$71.4 million, up 1.0% YoY; 9M gross profit was R$236.9 million, down 7.6%.

• Q3 operating result before financial income and taxes was R$27.6 million versus R$22.4 million YoY; 9M result was R$97.8 million versus R$95.2 million.

• Net financial expense was R$18.1 million in Q3 and R$48.4 million in 9M, versus R$3.7 million and R$9.0 million, respectively, in the prior-year periods.

• Income attributable to controlling shareholders was R$1.0 million in Q3 and R$3.5 million in 9M; non-controlling interests received R$4.2 million and R$31.1 million, respectively.

• 9M G&A excluding depreciation and amortization fell 11.8% YoY to R$74.2 million; commercial expenses declined 21.8% to R$55.9 million.

Outlook and guidance

• Revenue to be recognized from sold units under construction was R$779.9 million at Q3-end, up 41.6% YoY; gross margin to be recognized was 25.0%, down 1.4 pp YoY.

• Alegria Patteo Mogilar, Neo Concept, Patteo Vila Mariana, Open Mind and Collage Bela Vista accounted for 75% of revenue to be recognized from sold units.

• Potential gross landbank VGV was R$11.2 billion, with 67% attributable ownership.