PDG Realty SA Empreendimentos e Participações (PDGR3) Q3 2025 earnings summary

Executive summary

• Achieved a gross profit of R$ 28.8 million with a 31% margin in 9M25, driven by reversal of cancellation provisions and improved cost control.

• Net income reached R$ 24.5 million in 3Q25, a significant turnaround from a net loss in 3Q24; net loss for 9M25 was R$ 158.6 million, a 61% improvement year-over-year.

• Capital increase of R$ 345.3 million completed via debt conversion, strengthening the balance sheet and supporting deleveraging.

• Occupancy permit issued for ix.Tatuapé, marking a key operational milestone.

• Ratified a 200:1 reverse stock split to comply with B3 regulations.

Financial highlights

• Gross sales in 3Q25 were R$ 34.2 million, down 57% year-over-year; 9M25 gross sales were R$ 77.6 million, down 33%.

• Cancellations fell 50% in 3Q25 and 40% in 9M25 year-over-year.

• Net sales in 3Q25 were R$ 28.0 million, down 59% year-over-year; 9M25 net sales were R$ 59.6 million, down 31%.

• Selling expenses reduced by 36% year-over-year in 9M25; SG&A down 13%, though G&A rose 6%.

• Financial result loss reduced by 57% in 9M25 compared to 9M24.

Outlook and guidance

• Extended leverage decreased 5% over 9M25, with ongoing deleveraging efforts.

• Concursal debt amortization continues, with maturities until 2042 and potential for further asset-based payments or equity conversion.

• Delivery of ix.Tatuapé expected soon, marking the first launch and delivery since 2015.

• Pipeline of future launches under development, with focus on strategic partnerships and market conditions.

• Continued commitment to deleveraging, cash flow strengthening, and cost reduction.