Trisul (TRIS3) Q2 2025 earnings summary

Executive summary

• Gross sales reached BRL 318.3 million in Q2 2025, down 5.2% year-over-year; net sales were BRL 284.7 million, a 9.8% decrease from Q2 2024.

• Net profit surged 61% year-over-year in Q2 2025 to BRL 49.9 million, with net margin at 17%.

• Gross margin improved by 5.4 percentage points year-over-year to 30.4%.

• Land bank expanded to BRL 5.7 billion, with a mix of on- and off-balance assets.

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

Financial highlights

• Adjusted gross profit reached BRL 101.2 million, with an adjusted gross margin of 34.5%.

• Adjusted EBITDA was BRL 69.6 million, margin of 23.7%, up 4 percentage points year-over-year.

• Cash and cash equivalents at quarter-end were BRL 549.7 million, more than doubling year-over-year.

• Net debt to equity at 26.6% at quarter-end, down 20.8 percentage points year-over-year.

• Net revenues for Q2 2025 were BRL 293.7 million, a 7.8% decrease year-over-year.

Outlook and guidance

• Guidance for 2025 sales and launches reaffirmed, with expected sales and launches between BRL 1.5 billion and BRL 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.