Trisul (TRIS3) Q3 2025 earnings summary

Executive summary

• Achieved record launches of R$1.4 billion in 3Q25, with year-to-date launches totaling R$2.87 billion in PSV and gross sales of R$456.2 million, up 32.2% year-over-year.

• Net sales reached R$409.5 million, a 30.1% increase year-over-year, and net revenue for Q3 was R$372.6 million, up 21.6% year-over-year.

• Net income for Q3 2025 was R$54.9 million, up 39.2% year-over-year, with a net margin of 14.7%.

• Extraordinary dividends of R$100 million were approved, totaling R$154 million for the year, representing an 88% payout on 2024 net income.

• Three new projects launched in 3Q25, including economic and ultra-high-end segments, with major launches such as Gran Oscar (R$1.2 billion PSV, 88 units), Vila Boulevard Mooca (R$55.2 million PSV, 364 units), and Elev Park Sacomã III (R$180 million PSV, 600 units).

Financial highlights

• Gross profit for Q3 2025 was R$106.6 million, up 15% year-over-year, with a gross margin of 28.6%; adjusted gross profit was R$122 million, with an adjusted gross margin of 32.7%.

• EBITDA for Q3 was R$60.7 million, up 14.7% year-over-year; adjusted EBITDA was R$76.1 million, with a margin of 20.4%.

• Net debt stood at R$479 million, with a net debt-to-equity ratio of 29.6%, down 7.7 p.p. year-over-year.

• Cash and cash equivalents totaled R$578.6 million, up 51.5% year-over-year.

• Net profit for 9M25 reached R$147.8 million, up 45.6% year-over-year.

Outlook and guidance

• Exceeded the upper band of launch guidance for 2025, reaching R$2.87 billion in PSV.

• Six projects totaling R$1.42 billion in PSV are scheduled for delivery by Q1 2026, expected to generate strong cash inflows and potentially achieve a net cash position.

• Guidance for economic segment launches raised, aiming for 50% Minha Casa, Minha Vida share by 2026.

• Management expects continued revenue recognition from contracted sales as construction progresses, with a robust backlog of R$1.03 billion in unrecognized revenue.