By Brazil Stock Guide – Helbor Empreendimentos S.A. (B3: HBOR3), a medium and high-end residential real estate developer, reported its third-quarter 2025 (3Q25) results with a consolidated net income of BRL 13.0 million (approximately USD 2.3 million), a significant drop of 63.5% from the previous quarter and 63.4% compared to 3Q24. The performance was mainly impacted by a reduction in recognized operating revenue during the period.
In the quarter, Net Operating Revenue totaled BRL 232.6 million (around USD 41 million), declining 32.9% year-over-year and 18.5% compared to 2Q25. The company attributed the variation primarily to a change in the sales mix, with a higher share of launches and finished units, whose revenue is recognized differently from units under construction. Adjusted Gross Profit, however, showed a margin of 50.4%, an increase of 4.6 percentage points from the same period in 2024, driven by the variation in the present value adjustment and lower operating costs.
“The decrease in SoS is mainly explained by the launch of Collage Bela Vista at the end of September, whose 461 units started to be included in the SoS calculation but without sufficient time to generate significant sales within the quarter,” the management explained in the report. The company also highlighted the consistent growth in onlendings, which reached BRL 610.4 million in the quarter, up 19.6% over 3Q24.
The Brazilian residential real estate sector remains under the influence of the high-interest-rate cycle, which impacts financing costs and demand. In this context, Helbor’s strategy has been to increase its share in projects and optimize its portfolio, including the sale of non-strategic assets, such as the two land plots divested in 3Q25. The company ended the period with a Net Debt-to-Equity ratio of 54.5%, a 1.2 p.p. reduction from the end of 2024, reinforcing its capital discipline.
Helbor’s shares (HBOR3) year-to-date performance is to be verified based on the latest trading session. The market’s focus will remain on the company’s operational execution, the sales velocity of new launches, and the continued improvement in leverage metrics within the current macroeconomic environment.
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