Plano & Plano Desenvolvimento Imobiliário S.A. (PLPL3) Q4 2025 earnings summary

Executive summary

• Achieved record launches in 2025 with BRL 5.3 billion in PSV, 21 projects, and nearly 18,000 units, representing a 38% year-on-year increase.

• Net sales reached BRL 4.3 billion, up 41.9% year-on-year, with strong Q4 performance driven by commercial campaigns and inventory reduction.

• Net revenue for 2025 was BRL 3.2 billion, a 26.7% increase year-on-year, with net income of BRL 362.0 million and ROE of 38.7%.

• Landbank expanded to BRL 34.6 billion, up 25% year-on-year, supporting future growth.

• Operational efficiency improved, with selling and administrative expenses as a percentage of revenue declining.

Financial highlights

• Q4 2025 net revenue was BRL 1,075.2 million, up 59.9% year-on-year and 32% quarter-on-quarter.

• Adjusted gross margin for 2025 was 32.1%, with private market margin at 33.8% and public market at 22.9%.

• Net income for 2025 was BRL 362.0 million, with a net margin of 11.0%; Q4 net income was BRL 104 million, net margin 13.0%.

• Ended 2025 with net cash of BRL 5.0 million and a net debt/equity ratio of -0.4%.

• Adjusted EBITDA for 2025 was BRL 572.3 million, up 15.9% year-on-year.

Outlook and guidance

• Management expects continued growth in launches and sales, supported by a robust landbank and operational efficiency.

• Transition to a 36-month project development curve completed, expected to accelerate revenue recognition and cash collection in 2026.

• Targeting annual launch growth of BRL 500 million to BRL 1 billion over previous year.

• Aims to deliver private market gross margins of 34%-36% in 2026-2027.

• Focus remains on financial health of sales, even if it means moderating launch pace.