Gafisa (GFSA3) Q4 2025 earnings summary

Executive summary

• Delivered three completed projects in São Paulo in 4Q25, totaling 735 units and R$605 million in VGV, including Flow by Gafisa and Tonino Lamborghini developments.

• Raised R$197 million in 2025 through capital increase, follow-on, and debenture issuance, supporting cash position and operations.

• Advanced asset restructuring and reinforced presence in Brazil's luxury residential market, with notable project launches and awards.

• Obtained occupancy permits for Tonino Lamborghini and Flow developments, contributing to R$605 million in completed GDV for 2025.

• Strengthened ESG practices, maintaining ISO 14001 certification, improving CDP score, and inclusion in IDiversa B3 and ISE B3 indices.

Financial highlights

• Net operating revenue reached R$109 million in 4Q25 and R$619 million for the year, down 31% year-over-year.

• Adjusted recurring gross profit was R$2 million in 4Q25 and R$67 million for the year, excluding non-recurring effects from asset disposals.

• Margin to be recognized stands at 30% for 4Q25, supporting earnings visibility for upcoming quarters.

• G&A expenses reduced by 38% year-over-year in 4Q25 and by 28% for the full year.

• Gross sales reached R$510 million in 2025, with 74% in the high-end segment and a stable LTM sales velocity (VSO) of 30.6%.

Outlook and guidance

• Deliveries scheduled through September 2026 total R$1.7 billion in GDV, with 88% already sold and an expected 53% reduction in total debt.

• Continued focus on high-end and ultra-luxury segments in São Paulo and Rio de Janeiro.

• Management notes that forward-looking statements are subject to risks and uncertainties, and actual results may differ significantly from projections.