Helbor (HBOR3) reported consolidated net income of R$ 5.1 million in 3Q26, compared with R$ 13 million in 3Q25 (a 60% decline) and R$ 5.3 million in 2Q26. Net income attributable to controlling shareholders was R$ 1 million. The financial result was a net expense of R$ 18.1 million in the quarter, versus an expense of R$ 3.7 million in 3Q25.
Net operating revenue totaled R$ 233.9 million, up 0.5% from 3Q25 and 10% from 2Q26, reflecting sales volume and the product mix sold. Gross profit was R$ 71.4 million (+1% from 3Q25), with a gross margin of 30.5%. The adjusted gross margin was 50.3%. In 9M26, consolidated net income was R$ 34.6 million, versus R$ 68.9 million in 9M25, and net revenue was R$ 793.2 million, down 3%.
Total contracted sales were R$ 356.5 million in 3Q26, down 25.6% from 3Q25 and up 5.3% from 2Q26. Helbor's share was R$ 239 million, a 67% stake. The company made two launches in the quarter, with net PSV (potential sales value) of R$ 70.8 million, and delivered two developments, with PSV of R$ 235.4 million. The landbank had potential PSV of R$ 11.2 billion.
Consolidated gross debt was R$ 2,039.2 million at the end of 3Q26, up 9.3% from the end of 2025, driven by construction financing. With cash and equivalents of R$ 189.4 million, net debt was R$ 1,849.8 million, equivalent to 64.3% of shareholders' equity. Consolidated cash burn was R$ 76.8 million in the quarter.
As a subsequent event, the Board of Directors of HBR Realty approved a tender offer for Helbor shares through a share exchange, at a ratio of 0.81553398 HBR Realty share per Helbor share, aimed at obtaining control and delisting the company from public company status. The auction took place on October 28, 2026 and settlement was completed on November 9, 2026. Remaining shareholders may exchange their shares until November 28, 2026.
Is HBOR3 worth investing in?
- Price
- R$ 1.30
- as of 11/10/2026
- Dividend yield
- 10.25 %
- P/L
- 38.18
- P/VPA
- 0.12
