Trisul (TRIS3) Q1 2025 earnings summary

Executive summary

• Achieved record gross sales of BRL 339 million in Q1 2025, up 3.3% year-over-year, with net sales of BRL 292.1 million, despite a 10.2% decline in net revenue to BRL 272 million compared to Q1 2024.

• Net profit rose 38.3% year-over-year to BRL 43 million, with a net margin of 15.8%.

• Gross profit increased 18.5% year-over-year to BRL 88.7 million, with gross margin improving by 7.9 percentage points to 32.6%.

• Two new projects launched totaling BRL 456 million in potential sales value (1,323 units), with strong early sales performance in São Paulo.

• Net debt reduced to BRL 367.9 million, with net debt to equity at 24%, a 23.5 percentage point improvement year-over-year.

Financial highlights

• Adjusted gross profit was BRL 96.2 million, with an adjusted gross margin of 35.4%, up 7.9 percentage points year-over-year.

• Adjusted EBITDA was BRL 53.1 million, with a margin of 19.5%, down 8.7% year-over-year.

• Net revenues fell 10.2% year-over-year to BRL 272 million and dropped 35.1% sequentially.

• Cancellations increased 125.2% year-over-year to BRL 48 million.

• Cash and cash equivalents rose 64% year-over-year to BRL 510.6 million.

Outlook and guidance

• 2025 guidance for gross sales and launches is BRL 1.5–2.0 billion.

• Management expects to maintain current gross margin levels and capitalize on strong São Paulo market demand.

• Land bank strategy targets 50% in Minha Casa, Minha Vida and 50% in mid-to-high income segments by 2027.

• Dividend distribution and updated guidance were highlighted as subsequent events.