Plano & Plano Desenvolvimento Imobiliário (PLPL3) Q1 2026 earnings summary

Executive summary

• Net revenue reached BRL 738.3 million in 1Q26, up 21.4% year-over-year, with private market revenue growing 37.6% and public market revenue at BRL 60.7 million.

• Launches totaled BRL 989.3 million in 1Q26, down 16% year-over-year, but LTM launches hit a record BRL 5.1 billion, up 10.9% from 1Q25 LTM.

• Landbank expanded to BRL 34.5 billion, up 11.7% year-over-year, with a record 44,269 units under construction.

• Net sales for 1Q26 were BRL 841.8 million, down 1.6% year-over-year, with a higher average ticket per unit.

• Net income attributable to controlling shareholders was BRL 40.8 million, down 39% year-over-year, with net margin at 5.5%.

Financial highlights

• Adjusted gross profit was BRL 217.4 million, up 5.1% year-over-year, but adjusted gross margin fell to 29.4% due to higher costs in legacy projects.

• Net income for 1Q26 was BRL 44.1 million, down 45.4% year-over-year, with net margin dropping to 6.0%.

• Adjusted EBITDA was BRL 91.6 million, down 16% year-over-year, with margin at 12.4%.

• Operating income was BRL 69.7 million, margin 9.4%, down from 15.8% in 1Q25.

• Net debt stood at BRL 68.7 million, with net debt/equity at 5.9%.

Outlook and guidance

• Revenue to be recognized (backlog) reached BRL 3,438.4 million, up 34.8% year-over-year, supporting future results.

• Management expects higher-margin products launched in 2026 to positively impact future results, though current consolidated margins are limited by low representation of these new projects.

• Positive cash generation is anticipated in 2Q26, driven by receipt of public contract installments and sales to self-employed professionals.