RNI Negócios Imobiliários (RDNI3) Q3 2025 earnings summary

Executive summary

• Navigated a challenging macroeconomic environment with high interest rates, focusing on operational efficiency, margin preservation, and strong cash generation, which reached R$36 million in 3Q25 and R$79 million year-to-date, a 295% increase year-over-year.

• No new project launches in 3Q25; efforts centered on monetizing inventory and executing ongoing developments, including the completion of two horizontal projects totaling 898 units and R$206 million in PSV.

• Gross sales reached R$72 million in 3Q25, up 3% sequentially, but net sales were neutral due to high cancellations concentrated in two projects.

• Average price per unit in the MHML segment rose to R$247,000 in 3Q25, up 4.1% year-over-year and 37.8% since 3Q21.

Financial highlights

• Net revenue for 3Q25 was R$123 million, the highest in 2025, up 105% quarter-on-quarter, driven by reduced provisions for cancellations and a land plot sale.

• Gross profit for 3Q25 was R$25 million, with a 20.2% margin and adjusted gross margin of 24.8%.

• Net loss attributable to controlling shareholders was R$28.6 million in 3Q25, with year-to-date losses rising to R$102.5 million.

• Net debt decreased 7% sequentially and 14% year-over-year to R$454 million.

• Cash and equivalents stood at R$27.9 million at quarter-end.

Outlook and guidance

• Management remains focused on operational efficiency, cash generation, deleveraging, and disciplined execution amid high capital costs.

• No guidance for new launches; strategy is to monetize inventory and reduce debt.