In the second quarter 2026 (2Q26) earnings release, HBR Realty (HBRE3) reported a net loss of R$ 26.6 million, a 26.7% decrease compared to the loss of R$ 30.1 million in 2Q25. Net revenue totaled R$ 68.6 million in the quarter, up 7.2% from the same period of the previous year.
Performance in 2Q26 was supported mainly by rental income from own properties, which reached R$ 40.6 million, a 15.0% increase over 2Q25, driven by the renegotiation of the 3A Faria Lima contract and the maturation of assets in the ComVem platform. Lodging revenue totaled R$ 20.6 million, a 10.6% drop after the sale of the Hilton Garden Inn Hotel in September 2025, partially offset by the progress of the W Hotel, while other revenue, mainly related to food, beverages, banquets and events, came to R$ 10.4 million, up 31.2%.
Gross profit as measured by NOI (Net Operating Income) reached R$ 40.0 million in 2Q26, an increase of 10.5% year over year, with an NOI margin of 58.2%. EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 36.5 million, up 61.3% over 2Q25, while adjusted EBITDA, which excludes non-recurring items and equity income, was R$ 30.8 million, growth of 21.5%, with an adjusted margin of 44.8%.
On the expense side, selling, general and administrative (SG&A) and tax lines came to R$ 10.8 million in 2Q26, down 14.4% compared to 2Q25. The ratio between these expenses and net revenue fell to 15.8%, from 19.8% a year earlier, reflecting lower personnel expenses, professional services and other administrative expenses, as well as lower commercial expenses and a reversal of allowance for doubtful accounts.
Consolidated financial result remained negative, at R$ 52.5 million in 2Q26, an 8.1% increase versus 2Q25, influenced by interest on loans and financing of R$ 54.9 million, 5.6% higher than in the previous year, and financial income of R$ 5.4 million, down 18.0% due to a lower average volume of cash invested. At the end of June 2026, HBR Realty's net debt totaled R$ 1.55 billion, up 6.5% in 12 months, with a net debt to investment properties ratio of 39.0%.
