Plano & Plano Desenvolvimento Imobiliário S.A. (PLPL3) Q3 2025 earnings summary

Executive summary

• Achieved record launches in 3Q25 with BRL 2.1 billion in PSV, up 99% year-over-year, and 8,436 units launched; 9M25 launches totaled BRL 4.7 billion, up 81.2% over 9M24.

• Net sales in the private market reached BRL 1.02 billion in 3Q25, a 12.6% increase year-over-year, and 9M25 net sales rose 20.6% versus 9M24.

• Landbank reached a record BRL 31.6 billion, up 14.5% from 4Q24, with 123,000 units and 995,000 m², 96% in São Paulo.

• Transitioned project cycle from 24 to 36 months, improving cash flow, client financing, and profitability while reducing risk.

• Management emphasizes sustainable growth, efficiency, innovation, and risk management.

Financial highlights

• Net revenue for 3Q25 was BRL 814.4 million, up 13.3% year-over-year; 9M25 net revenue was BRL 2.2 billion, up 15.1% over 9M24.

• Adjusted gross margin for 3Q25 was 31.1%, down 3.0 p.p. year-over-year, impacted by non-recurring land cost adjustments; private market adjusted gross margin was 32.5%.

• Adjusted EBITDA for 3Q25 was BRL 129.2 million, down 21.6% year-over-year; margin fell 7.1 p.p. to 15.9%.

• Net income for 3Q25 was BRL 78.1 million (down 34.6% YoY), with a net margin of 11.7%; 9M25 net income was BRL 228.6 million.

• Net debt at 3Q25 was BRL 90.9 million, with a net debt/equity ratio of 8.4%.

Outlook and guidance

• Expectation to deliver a record year in launches and sales, with Q4 sales anticipated to set a new record.

• Management expects accelerated revenue and cash generation as the 36-month cycle matures and construction activity increases.

• Gross margin for the private market projected to remain strong at 34%-36% in coming quarters.

• Robust backlog margin and revenue to be recognized support continued financial strength.

• Continued growth in launches and sales expected for 2026, supported by a robust land bank and approvals pipeline.