Good morning, ladies and gentlemen. Welcome to Helbor's third quarter of the 2025 earnings conference call. This video conference is being recorded, and a replay can be accessed on the company's website, ri.helbor.com.br. The presentation is also available for download. Please note that all participants will only watch during the presentation, after which we will begin this question-and-answer session where further instructions will be provided. Before proceeding, I'd like to emphasize that forward-looking statements are based on beliefs and assumptions of Helbor's management and current information available to the company.
These statements may involve risks and uncertainties as they relate to future events and therefore depend on circumstances that may or may not occur. Investors, analysts, and journalists should consider that events relate to the macroeconomic environment, the industry, and other factors may cause results to differ materially from those expressed in the respective forward-looking statements. We have here Mr. Borenstein, Chief Executive Officer, Mr. Roberval Toffoli, Chief Financial Officer, and Marcelo Bonanata, commercial officer of the company. I'd like to turn the floor over to Mr. Borenstein. Please, you have the floor.
Welcome to Helbor's earnings conference call of the third quarter. It's a great pleasure to share this moment with you. Today, I'm joined by Chief Financial Officer, Roberval Toffoli, and our commercial director, Marcelo Bonanata, who will contribute to the presentation and participate in the question-and-answer session. The third quarter of 2025 was marked by significant operational progress and Helbor's strategy to strengthen its participation in projects, optimize its portfolio, and increase value creation for shareholders and clients. I'd like to highlight the gross sales of the third quarter, reaching BRL 479 million, a 3% decrease in relation to the same period in 2024. Helbor's share was 66%.
For the year to date, gross sales totaled BRL 1.6 billion, a 6.5% increase compared to the first nine months of 2024, with Helbor accounting for 55% of this total. The total sales velocity, our VSO in Q3 2025, reached 16.9%, and Helbor's shares VSO was 16.3%. Year to date, total VSO was 42.6%, in line with the same period of the previous year. Helbor's share VSO reached 37.5%. During the quarter, the company launched three projects, two in the city of São Paulo, Stay Moema by Helbor and Collage Bela Vista, and the third phase of Patteo Mogilar in Mogi das Cruzes. The total net sales value of the launches was BRL 587 million, 93% Helbor's share. Year- to- date, seven projects have been launched, totaling net sales of BRL 1.3 billion, 70% of which corresponding to Helbor's participation. In Q3 2025, three projects were delivered.
Reserva Caminhos da Lapa phase II and phase III, Helbor New Patteo Osasco, and Figueira Leopoldo, with a total net sales value of BRL 731 million, 49% Helbor's. Year- to- date, eight projects were delivered with a total net sales value of BRL 1.7 billion, 51% of which was Helbor. Onlending in the quarter totaled BRL 610 million, with 62% Helbor's, a 20% increase from Q3 2024. Year to date, onlending totaled BRL 1.5 billion, a 23% increase compared to the previous year. In financial terms, we ended the quarter with a net debt equal to 54.5% of the consolidated shareholders' equity, a reduction of 1.2 percentage points. This performance reflects our continuous focus on strengthening the capital structure and maintaining the company's deleveraging trajectory. As a final point, I'd like to highlight the sale of two plots of land in line with Helbor's strategy to divesting non-strategic assets.
The plots were Rua Varanda in São Paulo with a sale price of BRL 18 million, representing 80.34% Helbor's. Rua Príncipe Ranier in Campo Grande, Mato Grosso do Sul state, with a sales price of BRL 14 million, representing 50% stake held by the company. Now, I invite Marcelo Bonanata to present the operational highlights. I will be available for question-and-answer at the end. Thank you very much.
Good morning. I like your participation here in our conference call. Good morning, Harry and Roberval. The first highlight here is our land bank, where our total land bank is BRL 17.7 billion, 62% of Helbor's part. We will show the evolution where we have some important events. We launched BRL 3.7 million, and we have sold two lands totaling BRL 102 million, in line with our strategy of our land bank in cities, as in the city of Cuiaba, Campo Grande, and regions that we were no longer operating. This is a very important work.
We see that the company has not stopped. We acquired a piece of land here in Mogi das Cruzes. This is already approved for launching next year. The VGV, we reached BRL 11.3 billion. On the right, we can see that by segment, we have a concentration in average and very high and high levels standard, and showing the diversity of the land bank we have in segment and products. The company is not niched in only one segment. This shows our trajectory. Just to complement, this land was acquired via onlending and with a swap operation.
We sold two lands that we have cash entering. These are the three launches we had in the third quarter, showing you what we have been announcing since last year. This year, we will recover the launchings. We need to recover it very cautiously, very high moderation. But always, when we have an opportunity, we launch. We did three in the third quarter with 93% of Helbor's participation of BRL 587 million. The first one is in Moema, a compact product. This product, we will deliver 100 of the units already decorated. We have a place for check-in. It is a very well-accepted product. We did not have any stand, no decorated unit to show. We have today more than 30% sold. We see a very nice velocity in sales. In Mogi das Cruzes, we are launching the last phase of Alegria.
Alegria was launched last year, and this last phase was scheduled for the first quarter of 2026. But with the velocity we sold in the two first phases, we anticipated the third phase because we created a good demand in the city. We see same way more, 100% Helbor share, this one 80%, and then Collage at Bela Vista neighborhood at Avenida Brigadeiro. We launched in the last weekend of September. We have 461 units. These are compact units for investor. But in this region, we also meet the final consumer's desire. We have already sold 30% of the units. All these develops with a good velocity. This is the main important point. In the nine months of 2025, we launched seven projects with a total PSV of BRL 1.3 billion, 7% Helbor share. In the contracted sales, we increased 6% year-to-date.
We had a drop of 3% in relation to the third quarter of 2024, but we grew 2.5% in relation to the second quarter of 2025, totaling BRL 479 million. In the nine months year to date, we have BRL 1.5 billion sales against BRL 1.4 billion. So, 6% increase in relation to these nine months of 2024. We also put the segments here, under construction launches, and we have a balance here. We had lots of sales under construction and finished products, which is our focus, but also highlighting the launches. We keep this proportion. In the nine months, we reached BRL 1.5 billion. In our commercial strategy, as Henry mentioned, well-focused in our inventory, we launched with opportunities and our VSO is in line. It drops in relation to the third quarter of 2024.
Due to the launches, especially Collage, that we launched in the last weekend with 461 units. We did not have time to sell everything. Over the period, we sold almost what we sold in the weekend. That is the reason for this PSV drop. It is a good opportunity. In the nine months, we closed with 42.6% over 42.9%. Helbor, 37.5% of our PSV, very robust, keeping our inventory low and generating just four launches.
In total inventory, we have BRL 2.4 billion, which 98% is located in the Southeast region. According to the standard, medium-high, BRL 786 million, high, BRL 681 million, medium, BRL 556 million, ultra-high, BRL 333 million, economic, BRL 24 million, and commercial, just a little bit, BRL 14 million. A total of BRL 2.4 billion and BRL 1.6 billion Helbor share. It is important to highlight our strategy, especially related to the finished inventory and our legacy that will practically close in this cycle.
In 2018, we had BRL 1.9 billion in ready finished product, and today we have BRL 584 million. Of them, only BRL 12 million in legacy inventory. We are finishing inventory that unfortunately was created in mutual agreement. We had a high concentration of commercial and hotels, but we finished it. Our inventory is concentrated in the end user and residential. We have most of them finished products. This year specifically, big developments, which is normal to have this inventory, but we have a sales velocity that is also important. Only BRL 12 million. I hope that very soon we can zero this. This is a legacy that came from the mutual agreements, and every sale is a very bad margin. This is finishing. The numbers show this. In the third quarter, we had three deliveries totaling BRL 731 million , 49% Helbor share.
One of them was Caminhos da Lapa. We always highlight it. It is since 2016, in partnership with the Terra. We are developing a new neighborhood in this region. A new infrastructure of the streets in the region, with lots of trees and investments in the region. A location where we see a growth, development, and a possibility of migration where people who can live in the apartment, which size is a dream of people with a better quality of life. This is what we have been developing with them. We have more than 2,000 units delivered. We launched a development in October. We are very happy with this location where Caminhos da Lapa is. We delivered the last phase with 306 million BRL. Another one in the city of Osasco, 104 million BRL, 7% Helbor shares, a total success. A medium segment, well-located in the city of Osasco.
The interest rate increased a lot and we were afraid of being more difficult for onlending and mutual agreement. We have very few mutual agreements, and we have almost unanimous satisfaction of our clients. This is a very good success, and with the modernity that we are bringing to new projects. The last product we delivered, Figueira Leopoldo, a very ultra-high segment, BRL 321 million, 50% Helbor, located at Rua Leopoldo Couto de Magalhães Júnior, one of the prime addresses in São Paulo. Since high segment is acute. You leave it with a sale velocity, and we know that we will have a fast velocity where the development will be totally delivered and well done. In the nine first months of 2025, we delivered eight projects with a total PSV of BRL 1.7 billion, 51% Helbor share.
In the onlendings, we had 19% in relation to the third quarter of 2024 and 44% in relation to the second quarter of 2025. In the nine first months, we grew 23%. Would you like to say something about this? Well, the onlendings are doing well, and the expectation is that in the fourth quarter, we will have more onlendings. That is it. In the last slide, this is an overview, an X-ray of everything we have already delivered and will deliver. 16 developments under construction with a total PSV of BRL 3.8 billion, with deliveries until 2029. 86% of these delivers are sold and 91%, we have the onlendings. The other third quarter, 69% sold with 61% onlender. In the fourth quarter, we have these expectations of two developments to deliver, and we are showing 2026, 2027, 2028, and 2029, the expectations of these under construction developments.
That is my final part. Now, Roberval. Thank you,
Marcelo. Good morning. I would like to thank your presence, and let us see the financial highlights. Starting with slide 15, looking at the net revenue on the left, in the third quarter, we had BRL 232.6 million, a 32.9% decrease compared to the same period of last year, and 18% compared to the second quarter of this year. This negative variation is directly related to the sales mix since our revenue is recognized under the PoC method, that is based on the physical progress of the works. In third quarter, 40% of sales corresponded to units under construction, 35% of complete units, and 25% launches. In the second quarter, the composition was 68% under construction, 25% completed, and 7% new launches. So in the third quarter, the net revenue was smaller because the volume of launches were very representative, one-fourth of the sales.
For the year to date, the net revenue reached BRL 817.4 million. 15.2% lower than the same period in 2024, also reflecting the sales profile. In the first nine months of 2025, the mix was 47% units under construction, 29% completed, and 25% launches. While in the first nine months of 2024, this distribution was 49%, 36%, and 40% respectively. Moving to the right side of the slide, we have gross profit and gross margin. In the third quarter, gross profit was BRL 70.7 million, a drop of 36.8% compared to the same period in 2024 and 22.6% in relation to the second quarter of 2025, reflecting again by the sales profile. The gross margin was stable and at 30.4% in the third quarter. The year-to-date gross profit totaled BRL 256 million, sorry. With a gross margin of 31.4%.
Moving to the next slide, we discuss the results to be earned, which represent the recognition of sold projects and those still under construction to be recorded in the company's results as the work progress. We ended September with BRL 550.7 million in backlog revenue, a 70.6% increase from the third quarter of 2024. More than 70% of this amount comes from the following projects: Alegria Patteo Mogilar, launched in the fourth quarter 2024, Open Mind, launched in the second quarter 2023, and Patteo Vila Mariana, also in São Paulo. The backlog margin of the third quarter was 26.4%. Moving to slide 17, looking at expenses. General and administrative expenses, excluding depreciation and amortization, was BRL 28.6 million, an increase of 22% over the third quarter 2024 and 1.6% compared to the second quarter 2025.
Mainly influenced by the rise in personal expense due to the 5.5% salary adjustment resulting from the annual collective agreement signed in the second quarter 2025 and the adjustment of fees. Year-to-date, general and administrative expenses was of BRL 84 million, a 10% increase. Commercial expenses in the third quarter totaled BRL 18 million, a 36% reduction compared to the third quarter of 2024 and 36% compared to the second quarter of 2025. This reduction is mainly explained by lower expenses for advertising and publicity commissions and sales stand. The year-to-date expenses total BRL 72 million, representing a 5% reduction compared to the first nine months of 2024. This reflects a temporal treatment due to the cost allocation in the results of the company's projects. Moving to slide 18, the consolidated profit of the quarter was BRL 13 million, BRL 500,000 attributable to the parent company.
This result includes, in addition to what I have already mentioned, BRL 4 million in equity income, mainly from Figueira Leopoldo and Reserva Caminhos da Lapa. For the year to date, consolidated profit was BRL 68.9 million, of which BRL 9.7 million is attributable to the parent company. Moving to slide 19, we discuss the debt profile. We ended September with a consolidated gross debt of BRL 1.8 million, a 12% reduction from the end of 2024, driven by prepayments, renegotiations and new issuance with longer maturities. 50% of this debt is self-liquidating. We ended the quarter with BRL 1.5 million of net debt, equivalent to 55.5% of shareholders' equity. This is 1.2 basis points lower than the end of 2024. Now, the cash flow generation. In consolidated terms, we generate BRL 1 million. In non-consolidated, this was BRL 34.6 million, highlighting Reserva Caminhos da Lapa.
Considering both consolidate and non-consolidate figures, the quarter's revenue totaled BRL 35.6 million. To close the presentation, going to the last slide, we will reinforce our priorities for this year. Focus on active commercial management with a specific strategy for legacy inventory and new cycle, effective management of the land bank, maximizing new opportunities, and prioritizing the sale of land that does not fit into our long-term strategy. Remembering that in 2025 we sold three pieces of lands and completed the construction and guarantee a delivery of two projects by December, totaling a PSV of BRL 331 million. Strategic launches in Greater São Paulo and Mogi das Cruzes, in line with the best market opportunities. Finally, we will remain committed to cost management discipline and leverage reduction, ensuring profitability and financial sustainability. With this, I close my presentation and let's go to the question-and-answer.
We are now opening the question-and-answer session. If you want to ask a question in writing, type your question at the question-and-answer with your name and company. The first question is Herman Lee from Bradesco BBI.
Good morning. I would like to understand the dynamic of this weaker revenue that dropped quarter after quarter in a year that in spite of launches and strong sale. A second question, how this dynamic with minorities will impact the net profit?
Thank you for the question. This is Henry. In the first one, the revenue is well associated to the sales of new launches. Launches had a greater participation in the sales volume, and since we have not started the works yet, we did not include this revenue, according to the PoC. The other question is relating to the minorities. Well, quarter after quarter, Helbor is showing that we have a higher participation. Marcelo mentioned this in the third quarter. The participation, the Helbor shares were 99%, and we see this number increasing because most of our land bank, Helbor has 100% positioning or a very significative position. This is related to our strategy of getting more revenue and also the leverage we can do over time. This is Roberval. Just adding to what Henry mentioned. This quarter of 2025, we had 25% of sales related to launches. In the third quarter of 2024, we did not have any launches, and this justifies this drop in the revenue.
If you want to ask questions, type your question on the question-and-answer, please wait. The next question is from Elvis, Itaú BBA.
Can you comment on the scheduled launches for the fourth quarter? Are you excited with the performance of these developments, and what is the margin you see for this?
This is Marcelo. Thank you for your question. We have the expectation for three launches in this last quarter. One at Caminhos da Lapa. We are doing well with it. Another launch in Higienópolis area at Rua Itacolomi with a POE, with a very good expectation. The last launch that Henry mentioned in the beginning in Mogi, inside the Mogi Shopping, and this is the best expectation we have. If we are to be conservative or pessimist, it will be good, but the expectation is much higher than that, and this may happen in November or December. The margins of these developments are in line with our performance. As we said, we do not launch for the sake of launching. We want margin and have sales velocity. Well, this was a very excellent month for sale, and we have great expectations for these new launches.
Margin, as you said, we need a margin of 30%-35% that we want to reach in these launches. Elvis, you asked about the launches, but we are also scheduling for the end of November another event of Só Helbor Tem. One more event. It is our event to sell the inventory. So we are working on both sides.
Another question from Gustavo Fabris.
The second question is, if you can, I would like you to share your point of view for cash generation and deleveraging looking to the following, the next quarters. Thank you.
This is from Gustavo. Hi, Gustavo. This is Roberval. We had two developments that went from the third quarter to the fourth quarter concerning deliveries. So we have a very interesting quarter for our landings, and we will continue with this deleveraging pace. We had a great movement.
We did a great movement in deleveraging. This is around 54.6%. We want to deleverage even more with these two developments that are in the onlending phase. We have three more developments that were delivered. Of course, the fourth quarter is a very challenging quarter due to the holidays. We still expected to continue with this deleveraging pace. Well, year after year, we reduced almost BRL 250 million, and as the company is launching, the real estate financing will increase due to the new developments. We are still focusing on deleveraging, selling some assets, some land, and in the delivery of the developments and onlending.
If you want to ask a question, type your question on the question-and-answer with your name and the name of your company. Please wait until we get more questions. Please hold on one more second. We have another question from Herman Lee.
What do you expect for land sales until the end of the year?
Well, Herman, this is Roberval. We still have two pieces of land in the due diligence phase. The sale may happen until the end of the year. I don't have two more pieces of land that we are studying if we can really make it feasible. These are land that we may sell until the end of the year. Just to add, the two pieces of land we mentioned in this quarter, they were sold, but we did not liquidate it because we need to go to CADE. That will conclude now and the other had a precedent clause that was overcome. So we will have them in this last quarter. The company is always looking to land banks, and we are studying the best alternative to explore these opportunities.
I cannot assure you that we will sell them until the end of the year, but for sure, this is on our radar, including some piece of land, even change their profile for economic or developments as we did with Cury. We are studying this very carefully.