Helbor Empreendimentos (HBOR3) Q4 2024 earnings summary

Executive summary

• Gross sales reached BRL 2.0 billion in 2024, up 33% year-over-year, with Q4 sales at BRL 574–574.5 million, and 8 launches totaling BRL 1.1 billion PSV; 12 developments delivered, 91% sold.

• Landbank valued at BRL 11.5 billion, with 70–80% concentrated in São Paulo and strategic acquisitions supporting future growth.

• Cash generation for 2024 was BRL 134.5–135 million, with a strong deleveraging cycle reducing net debt/equity to 55.7–56.3%.

• Focused on disciplined launches, strategic regions, and reducing ready inventory, with high sales velocity and robust demand in Southeast Brazil.

• Dividend payout of BRL 13.4 million (BRL 0.10/share) approved for 2024.

Financial highlights

• Net operating revenue for 2024 was BRL 1,270.4 million, stable year-over-year; Q4 revenue was BRL 305.9–306 million.

• Gross profit rose 12.5% to BRL 426.1 million, with gross margin at 33.5% (+3.8 p.p.); adjusted gross margin reached up to 52% in Q4.

• Net income for 2024 was BRL 163.0 million (consolidated), with parent net income at BRL 122 million; earnings per share at BRL 0.43.

• Financial expenses increased 41.6% to BRL 99.9 million; financial income grew 18.2% to BRL 52.0 million.

• EBITDA for 2024 was BRL 270.8 million, with an EBITDA margin of 21.3%; adjusted EBITDA margin was 35.2%.

Outlook and guidance

• Plans for 11 strategic launches in 2025, focusing on medium and high-income segments in São Paulo and Mogi, with total PSV of BRL 2.1 billion.

• Management expects continued expansion, leveraging a robust landbank and improved capital structure, with a focus on sustainable growth and capital discipline.

• Deliveries in 2025 expected to be strong, with most occurring in the first semester and well-sold developments above 80%.

• Active commercial management and disciplined cost control remain priorities.