JHSF (JHSF3) reported 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. That group accounted for 52% of consolidated revenue.
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%, versus 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%. Net financial result was negative R$ 75.2 million, versus negative R$ 96.6 million in 3Q25. The net margin fell from 58.9% to 45.8%, because 3Q25 had a fair value gain on investment properties of R$ 190.9 million, 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%). Net income for the segment 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, versus R$ 1.19 billion in June. Gross debt was R$ 6.49 billion. During the quarter, the company issued R$ 800 million in CRI (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.
Is JHSF3 worth investing in?
- Price
- R$ 9.99
- as of 11/11/2026
- Dividend yield
- 7.90 %
- P/L
- 3.20
- P/VPA
- 0.91
