HBOR3: quote, dividends and indicators for Helbor Empreendimentos

Helbor Empreendimentos S.A. is a Brazilian real estate developer founded in 1977 by Henrique Borenstein in the city of Mogi das Cruzes, in the metropolitan area of São Paulo. Initially focused on this municipality, the company built a portfolio of 20 projects over two decades before entering the competitive market of the São Paulo state capital. In 2007, upon completing 30 years of operations, it carried out its initial public offering, and its common shares started trading on B3 under the ticker HBOR3, in the Novo Mercado segment, which is geared toward companies with differentiated corporate governance practices. Its growth trajectory includes significant capital market funding, such as the approximately R$ 232 million IPO, debenture issues and private capital increases in different cycles, as well as corporate adjustments such as reverse stock splits and capital reductions, reflecting the adaptation of its financial structure to sector and economic conditions.

Helbor Empreendimentos’ business model is characterized by its exclusive focus on real estate development, without directly performing construction activities. The company operates through special-purpose entities (SPEs) and partnerships with construction companies and, in some cases, other developers that have established expertise in specific segments or regions. This structure allows it to concentrate efforts on land selection and acquisition, product development, project planning, licensing, construction management, marketing initiatives and the sale of units. Its landbank policy prioritizes plots with a faster turnover profile, with an average cycle of two to three years between land acquisition and project launch, in order to reduce financial costs and capital exposure to non-revenue-generating assets.

Helbor’s revenue comes from three main operating segments. The dominant segment is property sales, focused on residential projects and, to a lesser extent, commercial projects, especially in Greater São Paulo. Operations are mostly concentrated in mid- to very high-end products, via controlled SPEs. The second segment is services, under which the company receives fees for construction supervision, feasibility and design studies, and management of projects developed with partners. The third, complementary and strategic segment is related to the leasing of its own properties, seeking to monetize assets with an income profile, even though, as a rule, leased properties remain available for sale. The combination of these segments provides the company with a revenue base primarily anchored in the development and sale of units, with additional sources tied to project management and selective monetization of rental properties.

Geographically, Helbor maintains a strategic focus on the municipality of São Paulo and its metropolitan area, including major surrounding cities such as Osasco, São Bernardo do Campo, Campinas, Mogi das Cruzes and other locations with a consistent real estate dynamic. Over its history, the company has recorded 260 projects, totaling more than 41 thousand units and around 7.8 million square meters delivered, under construction or being launched. The landbank is concentrated in São Paulo, with potential General Sales Value (GSV) estimated in the tens of billions of reais, which supports a significant pipeline of new projects. Although Helbor can operate in other regions of the country through local partnerships, its recent strategy favors residential projects in the São Paulo state capital and Greater São Paulo, where it believes it has competitive advantages in land origination, product design and access to qualified demand.

Helbor’s development process involves a structured sequence of stages, beginning with land origination and acquisition. Internally, this phase is treated as one of the most critical, given its impact on return on capital and the feasibility of each project. The company carries out detailed legal and environmental due diligence, economic and financial feasibility analyses, and market studies on demand profile, average income, local competition, supply of similar products and urban trends. Acquisitions may be made with own funds, financing or through land swaps, in which the landowner receives units in the project itself or a share of future revenues. After acquisition, Helbor coordinates architectural and urban planning, defines construction standards, common areas, amenities and finishes, and brings together technical, marketing and sales teams to align the product with the target audience. Although it does not directly perform construction, the company supervises progress of the works, unit customization and after-sales services, acting as coordinator of the entire development cycle.

Helbor’s activities operate within a specific regulatory environment for the Brazilian real estate sector. The company is subject to the Real Estate Development Law (Law No. 4,591/64), land subdivision rules (Law No. 6,766/79), the Civil Code and extrajudicial rules of the Court of Justice’s Internal Affairs Office, as well as municipal land use and zoning laws. In certain projects, the company uses mechanisms of the Real Estate Finance System (SFI) or the Housing Finance System (SFH), both regulated by federal rules that govern production financing and financing for the end buyer. Helbor is required to register the development statement at the notary’s office before marketing units, obtain licenses and permits, maintain segregated assets (patrimônio de afetação) when applicable, and comply with the Termination Law (Law No. 13,786/18), which establishes parameters for contract termination and refund of amounts in cases of withdrawal or default. In addition, the sector depends on the availability of mortgage credit, which is heavily influenced by policies for savings and FGTS resources, impacting both production financing and buyers’ ability to finance unit purchases.

From a corporate governance standpoint, Helbor Empreendimentos is listed on B3’s Novo Mercado segment, which entails practices such as issuing only common shares and additional commitments regarding transparency and minority shareholder protection. HBOR3 shares are included in governance and shareholder protection indices on B3, such as the IGCX (Special Corporate Governance Stock Index), the IGC-NM (Novo Mercado Corporate Governance Stock Index) and the ITAG (Differentiated Tag Along Stock Index). In 2022, the company restructured its executive board, created a vice presidency focused on governance, compliance, internal controls and corporate risks, approved formal policies on risk management, nomination of officers, compensation and ESG, and amended its bylaws to provide for a statutory audit committee. These measures align the governance structure with the updated Novo Mercado rulebook and with trends toward greater formalization of risk management and integrity practices.

In the environmental, social and governance (ESG) dimension, Helbor has been structuring an agenda with specific initiatives. In 2024, it became the country’s first pure-play developer to obtain the AQUA Developer certification, granted by Fundação Vanzolini, which recognizes construction practices with high environmental quality, efficient use of natural resources and a focus on user comfort and well-being. The company also develops projects with AQUA-HQE certification in selected developments, which undergo audits in the pre-design, design and construction phases. On the social front, a highlight is the “Incorporando Conhecimento” (“Incorporating Knowledge”) program, carried out in partnership with Instituto Alicerce and construction companies, which promotes basic education and socioemotional development for workers at construction sites, with part of the workday reserved for classes. Since 2023, new contracts with construction companies have included provisions for implementing educational programs for workers through Instituto Alicerce or equivalent institutions approved by the company. Helbor also prepares sustainability reports aligned with the Global Reporting Initiative (GRI) guidelines and conducts greenhouse gas emission inventories for scopes 1 and 2, signaling systematic monitoring of its environmental impacts.

Helbor Empreendimentos’ current strategy combines its accumulated experience in real estate development with a relatively concentrated geographic and product focus, prioritizing mid- to high-end residential projects in the city of São Paulo and Greater São Paulo, supported by a robust landbank in the region. The company maintains flexibility to develop projects in other locations where it identifies solid partnerships and favorable market conditions, including customized developments targeting specific niches. With a structured presence on B3 through HBOR3 shares and a strategy focused on development, the company is positioned in the construction and real estate market segment with an emphasis on landbank management, product development and financial discipline in the execution of its projects.