Trisul (TRIS3) Q4 2025 earnings summary

Executive summary

• Achieved record launches in 2025, totaling R$2.87 billion in VGV/PSV and 3,640 units, reaching the upper end of guidance, with strong performance across economic, mid-income, and high-end segments.

• Net revenues for 2025 reached R$1,378.6 million (+2.4% YoY), with net sales of R$1.66 billion (2,689 units sold, +3.7% YoY).

• Net income for 2025 was R$213.1 million, up 21.9% YoY, with a net margin of 15.5% and ROE improving to 14.4%.

• Dividend distribution reached R$154 million (88% payout on 2024 profit), with an additional R$100 million declared for 2026.

• Capital increase of R$476 million via bonus share issuance and continued ESG initiatives, including a new Sustainability Report.

Financial highlights

• Gross profit for 2025 was R$404.5 million (+7.9% YoY), with a gross margin of 29.3% (+1.5 p.p. YoY); adjusted gross profit was R$457.1 million (margin 33.2%).

• Adjusted EBITDA for 2025 was R$289.2 million (margin 21%), up 3.4% YoY; EBITDA was R$236.6 million (+5.1% YoY).

• Net debt at year-end was R$533.9 million, with a net debt/equity ratio of 36.1% (up 11.1 p.p. YoY); cash and equivalents were R$526.8 million (+17.1% YoY).

• Q4 2025 gross profit was R$120 million (margin 27.3%); Q4 net income was R$65.3 million (margin 14.8%).

• Cancellations rose sharply in Q4 2025, up 76.7% YoY.

Outlook and guidance

• 2026 launches expected to be around R$2 billion, subject to regulatory developments; gross margin expected to remain near Q4 2025 levels.

• High volume of deliveries post-year-end expected to strengthen cash position in coming months.

• Anticipates reduction in leverage as deliveries progress in 2026 and expects improved macroeconomic conditions and lower interest rates.