Trisul (TRIS3) Q3 2026 earnings summary

Executive summary

• 3Q26 net revenue was R$338.1m, down 9.3% YoY; net income was R$45.9m, down 16.4% YoY. 9M26 revenue rose 12.1% to R$1,051.5m, while net income fell 19.4% to R$119.1m.

• 9M26 net contracted sales rose 37.9% YoY to R$1,405.3m on a 100% basis; landbank PSV was R$6.5bn at quarter-end.

• 3Q26 gross margin recovered to 30.2%, operating cash flow reached R$134.8m, and net debt fell to R$319.8m.

Financial highlights

• 3Q26 gross profit was R$102.1m, down 4.2% YoY; gross margin was 30.2%, up 1.6 p.p. 9M26 gross profit rose 4.0% to R$295.9m.

• Excluding capitalized SFH interest, 3Q26 gross profit was R$115.0m, down 5.7% YoY, with a 34.0% margin, up 1.3 p.p.

• 3Q26 EBITDA was R$54.2m, down 10.8% YoY; adjusted EBITDA was R$67.1m, with a 19.8% margin. 9M26 EBITDA was R$152.3m, down 7.2%.

• Adjusted 9M26 EBITDA was R$196.6m, down 1.2%, with an 18.7% margin.

• 3Q26 net margin was 13.6%, versus 14.7% a year earlier; 9M26 net margin was 11.3%, versus 15.8%.

Outlook and guidance

• Revenue to be recognized from sold units under construction was R$1,387.9m, with R$512.9m unrecognized result at a 37.0% margin; backlog margin rose 1.8 p.p. YoY for a third consecutive quarter.

• One additional MCMV launch was planned for Praça da Árvore; including it, 2026 MCMV launches were expected to reach R$1bn VGV, over half of annual launches.

• More than 80% of the R$3.3bn inventory was scheduled for delivery from 2028 onward; completed units were 8.1%.