Trisul (TRIS3) Q2 2025 earnings summary

Executive summary

• Net profit surged 61% year-over-year in Q2 2025 to R$49.9 million, with H1 2025 net income at R$92.9 million, up 49.6% year-over-year.

• Gross sales reached R$318.3 million in Q2 2025, down 5.2% year-over-year; net sales were R$284.7 million, down 9.8% year-over-year.

• Gross margin improved to 30.4% in Q2 2025, up 5.4 percentage points year-over-year; net margin reached 17%.

• Landbank expanded to R$5.7 billion, with 60% allocated to MAP and 40% to MCMV segments.

• Guidance for 2025 sales and launches reaffirmed, with potential to exceed launch guidance due to anticipated project approvals.

Financial highlights

• Net revenue for Q2 2025 was R$293.7 million, down 7.8% year-over-year; H1 2025 revenue was R$565.7 million, down 9% year-over-year.

• Gross profit for Q2 2025 was R$89.2 million, up 12.3% year-over-year; adjusted gross profit was R$101.2 million, with an adjusted gross margin of 34.5%.

• Adjusted EBITDA for Q2 2025 reached R$69.6 million, margin of 23.7%, up 4 p.p. year-over-year.

• Net debt totaled R$415.7 million as of June 2025, with a net debt/equity ratio of 26.6%, down 20.8 p.p. year-over-year.

• Cash and equivalents at quarter-end were R$549.7 million, up 103.9% year-over-year.

Outlook and guidance

• Guidance for 2025 sales and launches reaffirmed, with expected sales and launches between R$1.5 billion and R$2.0 billion.

• Sales velocity in Q3 is similar to previous quarters; launches drive sales acceleration.

• Last phase of Elev Park Sacomã and additional launches planned for H2 2025, including possible early launch of Vila Clementino project.

• Management expects continued focus on operational efficiency and margin improvement.

• No material uncertainties regarding going concern for the next 12 months.