Trisul (TRIS3) Q3 2024 earnings summary

Executive summary

• Gross profit reached BRL 92.7 million in Q3 2024, up 58.3% year-over-year, with gross margin at 30.2%, a 7.1 p.p. increase year-over-year.

• Net income was BRL 39.4 million, up 64.1% year-over-year, with a net margin of 12.9%.

• Gross sales totaled BRL 351.2 million, the second highest ever, up 25.2% year-over-year; net sales were BRL 320.8 million, up 21.7%.

• Major launches included Eleve Parque Sacomã (BRL 115 million VGV, 62% sold by Nov 5) and The House/The Rose (BRL 754 million VGV, 45% sold by Nov 5/659 units announced as subsequent event).

• Released first Sustainability Report aligned with GRI and UN SDGs, reinforcing ESG commitment.

Financial highlights

• Adjusted EBITDA reached BRL 66.5 million, up 26.1% year-over-year, with margin at 21.7%.

• Net debt at end of September 2024 was BRL 548.1 million; net debt to equity ratio improved to 37.4% from 47.4% in the previous quarter.

• Cash and cash equivalents increased 41.6% sequentially to BRL 381.9 million at quarter-end.

• Receivables at end of September 2024 totaled BRL 358.6 million.

• Total indebtedness at BRL 929.9 million, with 25% short-term and 75% long-term.

Outlook and guidance

• On track to meet 2024 gross sales and launch guidance set in September 2023, supported by strong sales in new projects and another major project (Aire Alto de Pinheiros, BRL 174 million VGV) in the pipeline.

• Expect continued deleveraging in Q4 2024 due to project deliveries and SFH transfers.

• Landbank reached BRL 5.6 billion in PSV in Q3 2024, up from BRL 5.5 billion in Q2 2024.