Trisul (TRIS3) Q4 2024 earnings summary

Executive summary

• Achieved all operational and financial guidances for 2024, with record gross sales of R$1.8 billion (up 42.3% year-over-year) and net sales of R$1.7 billion (up 44.2%), despite inflation and high interest rates.

• Gross contracted sales rose 119.1% year-over-year in Q4 2024, reaching R$749.1 million, and the number of units sold increased 70.2% in Q4.

• Major launches included The Rose Vila Mariana (R$754 million PSV) and Aire Alto de Pinheiros, with a focus on high, medium, and Minha Casa, Minha Vida segments.

• Delivered all planned projects for the year, totaling 1,611 units and R$1.23 billion in PSV, and launched innovative developments across segments.

• Inventory levels reduced by 16.4% year-over-year, with a sales speed over supply (SOS) of 48.7% for the year.

Financial highlights

• Net revenues for 2024 reached R$1.35 billion, up 28.7% year-over-year; Q4 net revenues were R$418.9 million, up 47.9%.

• Gross profit for 2024 was R$374.8 million (margin 27.8%), with Q4 gross profit at R$127.8 million (margin 30.5%).

• Adjusted gross profit for 2024 was R$429.4 million (margin 31.9%).

• Net income for 2024 was R$174.8 million (net margin 13%), up 34.3% year-over-year; Q4 net profit was R$73.3 million (net margin 17.5%), up 60.5%.

• Adjusted EBITDA for 2024 was R$279.7 million (margin 20.8%); Q4 adjusted EBITDA was R$93.6 million (margin 22.3%).

Outlook and guidance

• Six new projects planned for 2025, totaling R$1.5 billion in PSV, with continued focus on high-end and Minha Casa, Minha Vida segments.

• Nearly all land needed for 2025 and 2026 launches secured, supporting future growth.

• Expectation of further deleveraging in 2025, supported by strong sales and project deliveries.

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