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

Executive summary

• Achieved record PSV of BRL 4.9 billion in the 12 months ended June 2025, with 62 active construction sites and over 35,000 units under development.

• Achieved historical records in launches and net sales for 2Q25 and the last twelve months, with significant year-over-year growth across key metrics.

• Launched Nid Alphaville, a mid-market project in Barueri, with strong initial sales and further launches planned.

• Recognized with top industry awards and certifications, including ISO 9001, PBQP-H level A, and the Gold Seal from the GHG Protocol.

• Maintained a capital-light asset structure, enabling a 44% return on equity as of June 2025.

Financial highlights

• Q2 2025 launches totaled BRL 1.4 billion (100% basis), up 31.7% year-on-year and 18.9% quarter-on-quarter.

• Net revenue for Q2 2025 reached BRL 784 million, up 28.9% quarter-on-quarter and 12.4% year-on-year; LTM net revenue at BRL 2.8 billion.

• Adjusted EBITDA for Q2 2025 was BRL 143 million, up BRL 9 million year-on-year; margin at 18.2%, down 1 percentage point year-on-year.

• Net profit in Q2 2025 was BRL 104 million, with a net margin of 13.1% (down 1.8 p.p.); LTM net income at BRL 421 million, net margin 15.1%.

• Cash and cash equivalents at Q2 2025 stood at BRL 554 million, gross debt at BRL 753 million, net debt at BRL 199 million, net debt/equity at 20.2%.

Outlook and guidance

• Optimistic about approvals and launch pipeline for the second half of 2025, aiming to exceed BRL 4 billion in launches for the year.

• Robust landbank of BRL 32.0 billion supports future growth and expansion.

• Revenue recognition expected to accelerate as the buffer from the 24-36 month cycle change 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.

• Revenue to be appropriated reached BRL 2.68 billion, up 18.9% year-over-year, indicating strong forward visibility.