Plano & Plano Desenvolvimento Imobiliário S.A. (PLPL3) Q2 2025 earnings summary

Executive summary

• Achieved record launches of BRL 1.4 billion in 2Q25 (up 31.7% year-over-year) and BRL 2.6 billion in 1H25 (up 68.6%), with net sales of BRL 894.3 million in 2Q25 and over 35,000 units under development.

• Net income attributable to controlling shareholders was BRL 83.5 million in 2Q25 and BRL 150.5 million in 1H25, with a net margin of 13.1%.

• Maintained strong operational momentum, recognized with top industry awards, ISO 9001, PBQP-H level A, and the Gold Seal from the GHG Protocol.

• Sustained a capital-light asset structure, enabling a return on equity of 43.6% as of June 2025.

Financial highlights

• Net revenue for 2Q25 was BRL 783.8 million, up 12.4% year-over-year; 1H25 net revenue was BRL 1.39 billion, up 16.2%.

• Adjusted EBITDA for 2Q25 was BRL 142.8 million, up 6.6% year-over-year, with a margin of 18.2%.

• Gross margin in 2Q25 was 33.6%, up 0.7 p.p. year-over-year; adjusted gross margin reached 34.5%.

• Net debt at 2Q25 was BRL 199.2 million, with a net debt/equity ratio of 20.2%.

• Cash and equivalents at 2Q25 stood at BRL 553.8 million; gross debt at BRL 753 million.

Outlook and guidance

• Robust landbank of BRL 32.0 billion supports future launches and growth, with optimism for exceeding BRL 4 billion in launches for 2025.

• Focus on sustainable expansion, innovation, and operational efficiency, with healthy sales velocity and balanced product mix.

• Revenue recognition expected to accelerate as cycle buffer ends, aligning revenue growth with launch pace.

• Anticipate positive cash generation and zero net debt by year-end, with a likely dividend payout ratio around 50% of profit.