HBR Realty (HBRE3) reported a managerial net loss of R$ 28.9 million in 3Q26, a 3.7% decrease from the R$ 30.0 million loss in 3Q25. The result was pressured by financial expenses in a high interest rate environment. Managerial net revenue totaled R$ 58.8 million, up 17.6%.
Managerial NOI (Net Operating Income, the net operating result of the properties) was R$ 36.5 million, up 15.3%, with a margin of 62.1%. EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 28.1 million, up 43.6%. Adjusted EBITDA was R$ 27.1 million, up 22.9%, with a margin of 46.2%. The financial result was negative R$ 52.2 million, with financial expenses of R$ 56.3 million. Gross revenue reached R$ 66.3 million, up 20.2%. The ratio of SG&A (selling, general and administrative expenses) and taxes to net revenue was 18.5%, versus 22.4% in 3Q25.
The W Hotel had an average occupancy rate of 61.8%, a quarterly record, and lodging revenue of R$ 19.8 million, up 43.3%. Managerial net debt reached R$ 1.7 billion, up 14.8%, with a Net Debt/PPI (investment properties) ratio of 51.0%. In 9M26, the net loss was R$ 81.2 million, a 11.1% decrease.
After the end of the quarter, on November 4, 2026, HBR signed an agreement to sell stakes in Mogi Shopping (20%), Suzano Shopping (25%), Patteo Olinda Shopping (50%) and Lead Corporate Faria Lima (90.9%) to SPX Portfólio Alfa FII for R$ 937.7 million. R$ 562.6 million will be paid in cash at closing, expected by November 11, and R$ 375.1 million in four annual installments of R$ 93.77 million, adjusted by the IPCA.
On October 28, 2026, HBR acquired 111,309,092 Helbor shares, 83.16% of its capital, at R$ 2.73 per share in a tender offer (OPA) auction, settled through delivery of 90,776,347 HBR shares. Remaining shareholders may sell their shares to HBR until November 28, 2026.
