Trisul (TRIS3) Q4 2024 earnings summary

Executive summary

• Achieved record gross sales of R$1.8 billion in 2024, up 42.3% year-over-year, and net sales of R$1.7 billion, up 44.2%, driven by strong launches and reduced inventory levels.

• Net income rose 34.3% year-over-year to R$174.8 million, with a net margin of 13%.

• Delivered all announced projects, launched five new developments, and adapted the portfolio to market demand, especially in São Paulo.

• Distributed R$36 million in dividends and published the first Sustainability Report aligned with GRI and UN SDGs.

• ROE for the year was 11.7%.

Financial highlights

• Net revenue reached R$1.35 billion, a 28.7% increase year-over-year, with gross profit of R$374.8 million and gross margin of 27.8%.

• Adjusted gross profit was R$429.4 million (margin 31.9%). Net income totaled R$174.8 million, up 34.3% year-over-year, with a net margin of 13%.

• EBITDA was R$225.1 million, and adjusted EBITDA was R$279.7 million (margin 20.8%).

• Cash and equivalents at year-end were R$449.8 million; net debt was R$371.9 million, with a net debt/equity ratio of 25%.

• Operating cash flow for 2024 was R$320.6 million.

Outlook and guidance

• Six new projects planned for 2025, with expected VGV of R$1.5 billion.

• Nearly all land needed for 2025 and 2026 launches secured.

• Guidance for 2023-2024 was met or exceeded, with total sales of R$2.4 billion and launches of R$1.9 billion over 18 months.

• The company expects to continue deleveraging in 2025.

• Guidance for launches and sales to be disclosed between April and May 2025.