Trisul (TRIS3) Q3 2025 earnings summary

Executive summary

• Achieved record gross sales of BRL 456.2 million in Q3 2025, up 32.2% year-over-year and 43.3% sequentially; net sales reached BRL 409.5 million, up 30.1% year-over-year.

• Gross contracted sales rose 37.3% year-over-year to R$482.98 million and 48.2% sequentially.

• Net profit increased 39.2% year-over-year to BRL 54.9 million, with a net margin of 14.7%.

• Record quarterly launches with BRL 1.4 billion in VGV, including luxury and economic segment projects, surpassing launch guidance.

• Extraordinary dividends of BRL 100 million approved, totaling BRL 154 million for 2025, representing an 88% payout on 2024 net income.

Financial highlights

• Gross profit for Q3 2025 was BRL 106.6 million, up 15% year-over-year, with a gross margin of 28.6%.

• Adjusted gross profit reached BRL 122 million, with an adjusted gross margin of 32.7%.

• EBITDA reached BRL 60.7 million, up 14.7% year-over-year; adjusted EBITDA was BRL 76.1 million, with a margin of 20.4%.

• Cash and cash equivalents totaled BRL 578.6 million, up 52% year-over-year.

• Net debt stood at BRL 479 million, with a net debt-to-equity ratio of 29.6%, down 7.7 p.p. year-over-year.

Outlook and guidance

• Six projects totaling BRL 1.419 billion in VGV are scheduled for delivery by Q1 2026, expected to generate strong cash inflows and turn net cash positive.

• Guidance for economic segment launches raised, aiming for 50% Minha Casa, Minha Vida share by 2026.

• Targeting annual sales of BRL 2 billion in coming years, maintaining robust cash generation.

• Exceeded the upper band of launch guidance for 2025, reaching BRL 2.87 billion in PSV.

• Landbank reached BRL 4.7 billion on balance and BRL 2.4 billion off balance in 3Q25, supporting future launches.