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

Executive summary

• Achieved record launches in 2025 with BRL 5.3 billion in PSV, up 38% year-over-year, across 21 projects and nearly 18,000 units, despite a 51.1% drop in Q4 launches versus Q4 2024.

• Net sales reached BRL 4.3 billion, up 41.9% year-over-year in the private market, with strong Q4 performance driven by commercial campaigns and inventory reduction.

• Net revenue for 2025 was BRL 3.2 billion, up 26.7% year-over-year, with adjusted EBITDA of BRL 572.3 million (+15.9%) and net income of BRL 362.0 million (+5.3%).

• Landbank expanded to BRL 34.6 billion (+25.4% YoY), supporting future growth.

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

Financial highlights

• Q4 2025 net revenue was BRL 1,075 million (+59.9% YoY), with gross profit of BRL 309 million (+39.1% YoY).

• Adjusted gross margin for 2025 was 32.1%, down 2.0 p.p. from 2024; private market adjusted gross margin was 33.8%.

• Net income for 2025 was BRL 362.0 million, with a net margin of 11.0%-13.4%.

• Return on equity reached 38.7% as of December 2025, up 4.1 p.p. from September 2025.

• Ended 2025 with net cash of BRL 5.0 million and a net debt/equity ratio of -0.4%.

Outlook and guidance

• Management expects continued growth in launches and sales, supported by a robust landbank and operational efficiency.

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

• Targeting annual launch growth of BRL 500 million to BRL 1 billion and maintaining gross margins in the 34%-36% range for the private market in 2026-2027.

• Focus remains on financial health, margin quality, and risk management.