Helbor Empreendimentos (HBOR3) Q4 2025 earnings summary

Executive summary

• Gross sales reached BRL 2.23 billion in 2025, up 8.9% year-over-year, with Helbor's share at BRL 1.23 billion, up 6.4%.

• Eleven projects were launched in 2025, totaling BRL 2.2 billion in net PSV, with Helbor's share at 60%; ten projects delivered, net PSV BRL 2.0–2.1 billion, 54–55% Helbor share.

• Record onlendings/repasses of BRL 1.94 billion in 2025, up 10.2% year-over-year.

• Dividend distribution of BRL 17.7 million approved, with BRL 2.7 million from 2025 profit and BRL 15 million from reserves.

• Strategic partnership with Cyrela for Minha Casa, Minha Vida project and land bank recycling.

Financial highlights

• Net operating revenue for 2025 was BRL 1.13 billion, down 11.2% year-over-year.

• Gross profit for 2025 was BRL 350 million, down 17.9% year-over-year; gross margin at 31%.

• 4Q 2025 net operating revenue was BRL 311 million, up 2% year-over-year and 34% sequentially.

• 4Q 2025 gross profit was BRL 93.7 million, down 21% year-over-year; gross margin at 30.1%.

• Consolidated net income for 2025 was BRL 92 million; net income attributable to controlling shareholders was BRL 11.3 million.

Outlook and guidance

• Focus on active commercial management, land bank optimization, and strategic launches in Greater São Paulo and Mogi das Cruzes.

• Plan to complete and deliver five projects by December 2026, totaling BRL 1.2 billion in PSV.

• Continued discipline in cost management and leverage reduction to ensure profitability.

• Management is monitoring the impacts of tax reform and new accounting standards, with no immediate effects expected.