RNI Negócios Imobiliários (RDNI3) Q1 2025 earnings summary

Executive summary

• Maintained a conservative strategy in 1Q25, prioritizing cash generation, margin protection, and operational sustainability amid a high Selic rate environment.

• No new launches in the quarter; focus was on monetizing existing inventory and adapting to market conditions.

• Achieved a 51% reduction in cancellations compared to 4Q24 and 37% year-over-year versus 1Q24, reflecting improved portfolio quality and client qualification.

• Gross sales reached R$107 million, net sales R$61 million (up 61% vs 4Q24), and net SoS improved by 6.8 p.p. sequentially.

Financial highlights

• Net revenue was R$93 million in 1Q25, stable quarter-over-quarter but down 38% year-over-year.

• Gross profit reached R$14.3 million, up 209% sequentially, with a gross margin of 15.4%.

• Adjusted gross profit was R$23.4 million, with a margin of 25.3%, up 13.8 p.p. from 4Q24.

• Net loss attributable to controlling shareholders was R$47.9 million, a 12% improvement over 4Q24 and 7% better year-over-year.

• Cash generation reached R$4 million in 1Q25, supporting deleveraging efforts.

Outlook and guidance

• The company will continue a prudent approach in 2025, focusing on operational execution, inventory monetization, and careful market analysis before resuming launches.

• Migration of projects to the MHML/MCMV program, especially Faixa 4, is a key strategy for commercial traction.