RNI Negócios Imobiliários (RDNI3) Q2 2025 earnings summary

Executive summary

• Cash generation in 2Q25 reached R$39 million, totaling R$43 million for 1H25, a 5.2% year-over-year increase, supported by receivables sales and monetization of non-strategic assets.

• Strategic discipline maintained with no new project launches for two years, focusing on capital structure, financial stability, and value creation amid high capital costs and macroeconomic challenges.

• Delivered three projects totaling 1,242 units and R$231.5 million PSV.

• Announced a Public Offer for Acquisition of Shares (OPA) by the controlling shareholder to optimize efficiency and financial management.

• Average MHML price reached R$256,000 in 2Q25, up 5.5% sequentially and 10.1% year-over-year.

Financial highlights

• Net revenue for 2Q25 was R$60 million, down 35% sequentially and 51% year-over-year; 1H25 revenue was R$153 million, a 44% decrease year-over-year.

• Adjusted gross margin was 32.4% in 2Q25, with adjusted gross profit at R$20 million; gross margin was 20.2%.

• Net loss for 2Q25 was R$26 million, a 46% improvement from 1Q25; 1H25 net loss was R$74 million.

• Net debt closed at R$490 million, down 7% sequentially and 18% year-over-year; gross debt at R$548 million.

• Gross sales in 2Q25 reached R$70 million, with net contracted sales at R$29 million and cancellations down 13% sequentially and 39% year-over-year.

Outlook and guidance

• No new launches planned in the near term due to capital structure adjustments, high capital costs, and ongoing OPA process; management remains focused on financial discipline and flexibility.

• Continued migration of projects to the MHML/MCMV program to enhance commercial appeal and credit access.

• Focus on monetizing non-strategic assets and prudent financial management to support cash generation.