Trisul (TRIS3) Q1 2025 earnings summary

Executive summary

• Achieved record first-quarter gross sales of R$342.1 million, up 3.3% year-over-year, and net sales of R$292.1 million, despite a 10.2% decline in net revenue to R$271.98 million compared to 1Q24.

• Net income rose 38.3% year-over-year to R$43.0 million, with net margin at 15.8%.

• Gross profit increased 18.5% year-over-year to R$88.74 million, with gross margin improving to 32.6%, up 7.9 percentage points from 1Q24.

• EBITDA reached R$45.69 million, up 4.9% year-over-year, while adjusted EBITDA was R$53.13 million, with a margin of 19.5%.

• Two new projects launched totaling R$456.2 million in potential sales value, with strong early sales performance in São Paulo.

Financial highlights

• Net revenues were R$271.98 million, down 10.2% year-over-year and 35.1% sequentially.

• Adjusted gross profit reached R$96.2 million, with adjusted gross margin at 35.4%, up 5.8 percentage points year-over-year.

• Net profit was R$42.98 million, up 38.3% year-over-year, but down 41.4% sequentially.

• Cancellations increased 125.2% year-over-year to R$48.0 million.

• Earnings per share: R$0.2294, up from R$0.16692 year-over-year.

Outlook and guidance

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

• Management expects to maintain current gross margin levels and capitalize on positive real estate sector momentum.

• 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.

• No material uncertainties regarding going concern were identified.