On Thursday, August 13, 2026, JHSF Participações (JHSF3) reported net income of R$ 444.4 million in the second quarter of 2026 (2Q26), up 80.8% compared to 2Q25. Consolidated net revenue totaled R$ 935.3 million in the period, an 88.5% year-on-year increase, driven mainly by the accounting recognition of part of the first tranche of inventory sales to the Real Estate Investment Fund (FII) of the Boa Vista Estates project and by the expansion of recurring income businesses.
Gross profit reached R$ 588.0 million in 2Q26, an increase of 90.2% versus the same quarter of the previous year, with a gross margin of 62.9%. EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 536.8 million, up 54.4%, while adjusted EBITDA, which excludes appreciation of investment properties, non-recurring events and non-cash items, reached R$ 502.6 million, growth of 103.3% and a 53.7% margin on net revenue.
In the Development segment, gross revenue was R$ 558.5 million in 2Q26, an increase of 224.8% compared to 2Q25, with net revenue of R$ 560.8 million and net income of R$ 317.8 million, reflecting the recognition of inventory sales to the Boa Vista Estates FII and the progress of projects accounted for under the Percentage of Completion (PoC) method. Revenue to be recognized from sales made to end clients and to the FII totaled R$ 1.7 billion on June 30, 2026, reaching R$ 3.5 billion when considering the second tranche scheduled for completion in December 2026.
The Recurring Income businesses, which include shopping malls, hospitality and gastronomy, airport, JHSF Residences and Clubs and JHSF Capital, posted gross revenue of R$ 439.6 million in 2Q26, up 30.3% compared to 2Q25, and adjusted EBITDA of R$ 197.3 million, an increase of 31.0%, with a margin of 49.4%. Among the highlights, the airport reported gross revenue of R$ 107.4 million, growth of 53.6%, and adjusted EBITDA of R$ 56.2 million, an increase of 25.7%, while JHSF Residences and Clubs almost doubled gross revenue to R$ 78.8 million, with adjusted EBITDA of R$ 52.3 million, up 74.7%.
In terms of indebtedness and cash, the company ended June 2026 with gross debt of R$ 6,272.1 million, an increase of 16.1% versus March 2026, influenced by the taking on of short-term debt, such as a bridge loan that will be replaced by a Real Estate Receivables Certificate (CRI) initially of R$ 800 million, with the possibility of an increase of up to 25% and a 10-year term in one of the series. The cash position, cash equivalents and marketable securities was R$ 4,392.0 million, and accounts receivable totaled R$ 2,944.9 million, resulting in net cash of R$ 1,186.0 million and a net cash/adjusted EBITDA ratio for the last 12 months of -0.55x.
