Plano & Plano Desenvolvimento Imobiliário S.A. (PLPL3) Q1 2025 earnings summary

Executive summary

• Achieved strong growth in launches and sales, with launches up 153.1% and net sales up 44.1% year-over-year for 1Q25, supported by a robust pipeline and over 34,000 units under construction across 64 sites.

• Net revenue reached BRL 608.3 million in 1Q25, up 21.5% year-over-year, with net income rising 62.7% to BRL 80.8 million and net margin improving by 3.4 pp to 13.3%.

• Return on equity (ROE) was 51.8%, among the highest in the sector.

• Continued investment in people, processes, digitization, and operational efficiency to support increased business volume.

• Expansion in Minha Casa Minha Vida (MCMV) program tiers, especially Tier 4, contributed to inventory growth and sales opportunities.

Financial highlights

• Launches in 1Q25 totaled BRL 1.2 billion, up 153% year-over-year; net sales were BRL 855.3 million, up 44.1% year-over-year.

• Net revenue for 1Q25 was BRL 608.3 million, a 21.5% increase year-over-year.

• Net income reached BRL 80.8 million in 1Q25, a 62.7% increase year-over-year, with a net margin of 13.3%.

• Adjusted EBITDA for 1Q25 was BRL 95.2 million, with a margin of 15.6%, up 3.5 percentage points year-over-year.

• Adjusted gross margin in 1Q25 was 34.0% (down 0.7 pp YoY); selling and administrative expenses as a percentage of revenue decreased year-over-year.

Outlook and guidance

• 2025 launch plan remains robust, with continued focus on project approvals and preparation aligned with growth targets.

• Optimism for 2025 driven by a strong pipeline, record land bank of BRL 31.2 billion in sales potential, and favorable regulatory changes.

• Management remains committed to sustainable value creation, innovation, and leveraging expanded MCMV program tiers.