Trisul (TRIS3) Q1 2026 earnings summary

Executive summary

• Gross contracted sales rose 31.8% year-over-year to R$450.9 million, but fell 38.9% sequentially from 4Q25.

• Net revenue reached R$343.2 million in 1Q26, up 26.2% year-over-year, driven by higher contracted sales and launches.

• Net profit dropped 34.2% year-over-year to R$28.3 million, reflecting margin compression and higher financial expenses.

• Gross margin declined to 25.5% from 32.6% in 1Q25, impacted by cost pressures and a shift in sales mix.

• Major launches in 1Q26 included Vila Boulevard, Elev Ipiranga, Terrare Moema, and Mooca Fase 2, with a combined PSV of over R$436 million.

Financial highlights

• Adjusted EBITDA reached R$55.6 million, up 4.6% year-over-year, with a margin of 16.2%, but down 38.5% sequentially.

• Gross profit was R$87.5 million, down 1.4% year-over-year and 27.1% sequentially.

• Net margin was 8.2%, down 7.6 p.p. year-over-year.

• Net debt stood at R$458.3 million, with net debt/equity at 30.9%, down from 36.1% in 4Q25.

• Cash and cash equivalents were R$507.6 million.

Outlook and guidance

• Management maintains a cautious outlook due to macroeconomic uncertainties and tax reform, focusing on cost discipline and liquidity.

• Two additional developments scheduled for delivery in 1H26, totaling R$1.16 billion in PSV, expected to generate significant cash inflows and further reduce leverage.