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% year-over-year to BRL 1.2 billion and net sales up 44.1% to BRL 855.3 million in 1Q25, supported by a robust pipeline and over 34,000 units under construction across 64 sites.

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

• Net income reached BRL 80.8 million in 1Q25, up 63% year-over-year, with a net margin of 13.3% and return on equity at 51.8%.

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

• 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 1,178 million, up 153.1% year-over-year; net sales were BRL 855 million, up 44.1% year-over-year.

• Net revenue in 1Q25 was BRL 608.3 million, up 21.5% year-over-year; adjusted EBITDA was BRL 95.2 million with a margin of 15.6%, up 3.5 percentage points year-over-year.

• Net income for 1Q25 was BRL 80.8 million, up 62.7% year-over-year, with a net margin of 13.3%.

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

• Selling expenses as a percentage of net revenue decreased from 10.9% to 8.8% year-over-year; administrative expenses fell from 7.2% to 6.9%.

Outlook and guidance

• 2025 launch plan remains robust, with continued focus on project approvals, preparation, and leveraging expanded MCMV program tiers, especially Tier 4.

• 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 operational efficiency.