Plano & Plano Desenvolvimento Imobiliário S.A. (PLPL3) Q4 2025 earnings summary

Executive summary

• Achieved record launches in 2025 with 21 projects and nearly 18,000 units, totaling BRL 5.3 billion in PSV, a 38% year-on-year increase, and set historical records in net sales, net revenue, and landbank.

• Net sales reached BRL 4.3 billion for the year, up 41.9% year-on-year, with Q4 sales at BRL 1.5 billion, up 46.2% sequentially, and strong performance driven by commercial campaigns and inventory reduction.

• Net revenue for 2025 was BRL 3.2 billion, a 26.7% increase year-over-year, with adjusted EBITDA of BRL 572.3 million (+15.9%) and net income of BRL 391 million, net margin 13.4%.

• Landbank expanded to BRL 34.6 billion (+25% YoY), supporting future growth.

• Operational efficiency improved, with selling and administrative expenses as a percentage of revenue declining despite business expansion.

Financial highlights

• Launches reached BRL 5.3 billion in 2025, up 38% year-on-year; Q4 2025 launches were BRL 617 million, down 51% year-on-year.

• Net revenue in Q4 2025 was BRL 1.075 billion, up 59.9% year-on-year and 32% quarter-on-quarter; full-year revenue rose 26.7% year-on-year.

• Adjusted gross margin for 2025 was 32.1%-35.4%, with private market margin at 33.8%-35.4% and public market at 21%-22.9%.

• Net income for 2025 was BRL 362-391 million, with a net margin of 11%-13.4%; Q4 2025 net income was BRL 104 million.

• Ended 2025 with net cash of BRL 5 million and a net debt/equity ratio of -0.4%.

Outlook and guidance

• Management expects continued growth in 2026, focusing on maintaining healthy margins, operational efficiency, and positive cash generation.

• Launches are expected to increase by BRL 500 million to BRL 1 billion in 2026, with a target gross margin of 34%-36% in the private market.

• Transition to a 36-month project development curve completed, expected to accelerate revenue recognition and cash collection in 2026.