Lavvi Empreendimentos Imobiliários (LAVV3) Q3 2026 earnings summary

Executive summary

• 3Q26 net revenue was R$531.9m, up 28% YoY; adjusted gross margin was 38.2%, while net income attributable to controlling shareholders was R$90.7m, down 13%.

• Launches totaled R$538m; net sales were R$420m, down 20% YoY and 52% QoQ.

• Management prioritized cash preservation, inventory sales and disciplined launch timing amid cautious buyers and higher interest rates.

Financial highlights

• Consolidated net revenue was R$531.9m in 3Q26, up 28% YoY and 7% QoQ; 9M26 revenue was R$1.400bn, up 14% YoY.

• Adjusted gross profit was R$203.1m, up 30% YoY; adjusted gross margin was 38.2%, up 0.6 pp YoY and QoQ.

• Adjusted EBITDA was R$143.3m, up 15% YoY, with a 26.9% margin, down 3.1 pp; 9M adjusted EBITDA was R$363.1m, down 2%.

• Net income attributable to controlling shareholders was R$90.7m, down 13% YoY; 9M controlling net income was R$243.1m, down 21%.

• The Eden performance-fee provision was R$22m and reduced 3Q net margin by ~4 pp.

Segment performance

• 3Q26 net sales were R$420m, with 77% from Lavvi and 23% from Novvo; 9M sales reached R$1.6bn, down 4% YoY, with Jardim da Hípica contributing 41%.

• Lavvi adjusted gross margin was 39.5%, up 1.2 pp QoQ; Novvo margin was 30.3%, down 3.3 pp, mainly due to Novvo Barra Funda.

• Consolidated sales velocity was 11% in 3Q26 and 48% LTM; LTM velocity was 47% for Lavvi and 51% for Novvo.

• Well Perdizes launched at R$418m PSV and sold R$67m in its first 40 days; Zen Apartments launched at R$115m PSV and was 28% sold.