JHSF (JHSF3) Posts Net Income of R$ 391.5 Million in 3Q26

Gross revenue totals R$ 917.8 million, up 63%; adjusted EBITDA rises 79% to R$ 469.6 million

Editorial Team Visno InvestPublished 11/12/2026 18:28Updated 11/13/2026 16:55

JHSF3JHSF ParticipaçõesR$ 9.87as of 11/12/2026Price, ratios and dividends

JHSF (JHSF3) posted net income of R$ 391.5 million in the third quarter of 2026 (3Q26), up 28.6% from 3Q25, when it totaled R$ 304.5 million. Consolidated gross revenue reached R$ 917.8 million, a 62.6% increase year over year, driven by the expansion of its recurring income businesses. This group accounted for 52% of consolidated revenue. In the first nine months of 2026 (9M26), gross revenue totaled R$ 2.5 billion (+61%) and net income was R$ 1.2 billion (+36%), compared with 9M25.

Net revenue was R$ 855.3 million, up 65.5%. Gross profit reached R$ 555.8 million (+68.9%), with a gross margin of 65.0%, compared with 63.7% in 3Q25. According to the company, costs grew less than net revenue.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 469.6 million, up 78.7%, with a margin of 54.9%. In 9M26, adjusted EBITDA was R$ 1.2 billion (+73%). Net financial result was negative R$ 75.2 million, compared with negative R$ 96.6 million in 3Q25. Net margin fell from 58.9% to 45.8%, because 3Q25 included a R$ 190.9 million appreciation of investment properties, versus R$ 77.1 million in 3Q26.

In the recurring income businesses, gross revenue totaled R$ 481.8 million (+40.8%) and adjusted EBITDA was R$ 243.5 million (+58.6%). In 9M26, revenue was R$ 1.3 billion (+30%) and adjusted EBITDA was R$ 617.4 million (+37%). The segment's net income was R$ 193.1 million, down 17.5%. Gross revenue from Development rose 160.7% to R$ 483.0 million, with the recognition of lots from the second tranche of Fazenda Santa Helena allocated to a real estate fund.

JHSF ended September 2026 with net cash of R$ 741.1 million, compared with R$ 1.19 billion in June. Gross debt was R$ 6.49 billion, and cash coverage of debt maturities rose from 4.5 to 5.8 years. The average cost of debt fell 0.16 percentage point to CDI+0.81%. During the quarter, the company issued R$ 800 million in CRIs (real estate receivables certificates), at an average cost of 102.65% of the CDI and an average term of 5.8 years. JHSF Capital ended the period with R$ 12.9 billion under management. The figures have not been audited.