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

Executive summary

• Achieved record launches in 3Q25 with BRL 2.1 billion, 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 20.6% growth in the first nine months.

• 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, customer financing, and profitability.

• Strong operational execution with all construction sites on schedule and high delivery rates; number of sites increased to 67, with 41,735 units under construction.

Financial highlights

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

• Adjusted gross margin for 3Q25 was 31.1%, down 3.0 p.p. year-over-year, impacted by a one-off negative adjustment of BRL 25 million; private market adjusted gross margin was 32.5%.

• Net income for 3Q25 was BRL 95.2 million, net margin 11.7%, a 28.7% decrease year-over-year; LTM net income reached BRL 316 million, net margin 12.8%.

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

• Net debt at quarter-end was BRL 90.9 million; net debt/equity ratio at 8.4%; cash and equivalents totaled BRL 975.8 million.

Outlook and guidance

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

• 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; backlog margin in the private market at 38.7%.

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

• Positive impact from Minha Casa, Minha Vida program changes, especially for low-income segments.