Ladies and gentlemen, welcome to Helbor's second quarter of 2025 earnings conference call. This video conference is being recorded and can be accessed on the websites of the company. The presentation is also available for download. Please note that all participants will only watch during the presentation, after which we begin the Q&A session when further instructions will be provided. Before proceeding, I'd like to emphasize that forward-looking statements are based on the 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 related to the macroeconomic environment and other factors may cause results to differ materially from those expressed in the forward-looking statements.
Mr. Borenstein, the CEO, Mr. Roberval Toffoli, CFO, and Marcelo Bonanata, Chief Commercial Officer. Now I'd like to turn the floor over to Mr. Borenstein, who will begin the presentation. Please proceed.
Welcome to Helbor's second quarter 2025 earnings conference call. It's a pleasure to be here with you. Today, I'm joined by our CFO, Roberval Toffoli, and our Commercial Director, Marcelo Bonanata, who are participating in this presentation and will be with us in the Q&A session. In the second quarter, we remain steadfast in our commitment to financial discipline, operational efficiency, and creating value to our shareholders. Even in a challenging macroeconomic environment, we made significant progress in our deleveraging strategy and operational margins. Total gross sales in the second quarter 2025 reached BRL 467 million, representing a 12% decrease compared to the same period in 2024. Helbor's share of this volume was 60%.
Year to date, gross sales totaled BRL 1.086 billion, an 11% increase compared to the first half of 2024, with Helbor accounting for 51% of this total. Total sales velocity in the second quarter 2025 reached 18.3%, an increase of 0.6 percentage points. Helbor's share of SoS was 18%, a one percentage point increase compared to the second quarter of 2024. For the first half of the year, total SoS was 35.2%, a 6.7 percentage point increase compared to the previous year. Helbor's share of the VSO reached 31%, a 4.7 percentage point increase over the year. During the quarter, the company launched the BRK by Helbor project with a net PSV of BRL 212 million, 100% Helbor. Year to date, four projects were launched with a total net PSV of BRL 703 million.
In 2Q 2024, we delivered three projects: My Way Guanabara, My Place Jardim Botânico first phase, and Jardins por Artefacto, totaling a net PSV of BRL 399 million, where 60% is Helbor's share. Year to date, five projects were delivered, totaling a net PSV of BRL 996 million with 52% Helbor share. Onlendings in the quarter totaled BRL 423 million, 60% of which was Helbor, representing a 9.8% increase compared to the second quarter 2024. For the first half of the year, onlendings totaling BRL 901 million, a 21% increase. On a financial level, we ended the quarter with a net debt equivalent to 54% consolidated net equity. This performance reflects our continued focus on strengthening the capital structure and maintaining the company's deleveraging strategy. Helbor closes the second quarter of 2025, reinforcing its commitment to efficient management, sustainable expansion, and delivering value to its shareholders and partners and customers.
We are confident that the consistency of our strategy will continue to support solid results. With this, I invite Marcelo Bonanata to present the main operational highlights. Then we will be available to the Q&A session.
Good morning, everybody. It is a pleasure to have you here with us. In the first slide, we explain our land bank, our strategic. You see the development of our projects. We have a land bank, which is our raw material in the company. Our total VGV is of BRL 11.5 billion, with the 70% Helbor share, almost BRL 8 billion. These are some land banks that are private or for the company. You can see the best land bank of the state of São Paulo. We have República do Líbano, very close to the Ibirapuera Park.
It is shaking the market already, many people with expectations of this project, which will be of very high level. Then we have another one at Jardins neighborhood with a very high standard, large apartments and high apartments. We have also a project at Bahia in the Higienópolis neighborhood that will be launched by the end of this year. Rua Itacolomi, one of the most desired streets in the Higienópolis park, and our project of Centro Toshiba with more than 26,000 sq m. I would like to also mention, it is a process of recycling of our land bank. We started last year selling spot of lands in areas that were not so valued, and those that we could not compete as the east zone, we ended up negotiating these terrains. With this, the characteristic of Helbor today.
It is very important, the movement we did last year, about BRL 150 million selling terrains. This policy continues. The company has a good land bank, and those who are not part of what we want. We decided to sell these. We have more five lands to do this recycling, and they will occur in this quarter. The idea is to sell this piece of land and to create cash and helps our deleveraging. We have two lands, one in Rio de Janeiro and other in the east zone that we sold to Cury, one of the largest economic company of the country, and we became partners. It is a good strategy of the company because in addition to sell the land, we enter in a very interesting segment. In this slide, we show one launch in the second quarter, and it is important to stress that we decrease our inventory level,
We are very attentive to the market, to any macroeconomic movement, so we can launch at the right time and not to tell you that we launch for the sake of launching. So we are really improving, and we launched a very interesting project at Brooklin, and it is a very differentiated project, selling very well. In the previous slide, I would like to talk about Fazenda Itapety. We have 39% sold, but this is the last phase. More than 60 allotments are already sold. We sold it so well that we anticipated and BRK came. Every week we have new proposals. So we are already at 30% of the sales. Fazenda Itapety with 164 allotments, we had some commercial phases, and today we have more than 30% of the lots sold. It is an absolute success.
We are working on the renewal of the project, a second development at Fazenda Itapety, about 600 lots. On the next slide, we have the contracted sales. We closed the quarter with BRL 467 million. I would like to draw your attention to the closing of the first quarter. That was 30% above last year. This year, we were able to exceed in the first quarter. We are selling well, very attentive to the market moment, especially according to the macroeconomic moment, and Helbor's share also increased. When we decrease the level of our inventory, we need to be aware of our SoS. We close with 18.3%, even above the BK average. In the first semester, we closed with 35.2%, a great increase in relation to the first quarter of last year. Helbor's share also with 18%, and at the semester, an increase of 4.5 percentage points.
On the next slide, we see our inventory. Our total inventory is of BRL 2.2 billion. This has been pulverized, but now we have a concentration in the Southeast region and Helbor's share inventory is of BRL 1.3 billion. We have a very standard and high standard segment presence. This is the market niche that we are doing well. On the next slide, we are talking about the ready inventory. In this ready inventory, we have BRL 466 million, but in this, most of them were projects delivered at the end of last year or this year. So our legacy, our past inventory of commercial and hotels, today we have only BRL 15 million. This is our legacy. Last year we had at 52 and this year just 15. In the next slide, we talk about deliveries. We had three deliveries with a total PSV of BRL 399 million and 63% Helbor share.
We have here Jardins por Artefacto. It is a very high standard project, one flat per floor. We have only two or three units in inventory. Another project in Campinas, My Way Guanabara, and My Place Jardim Botânico, that is the only city that we are today outside the state of São Paulo. Now talking about the inventory, when we look the medium and high, it is not one of the three rooms for family, but we have it for investors as BRK. We are focused on high liquidity and all these apartments, when you fit the price, it is really strong. We hit the price, the product, and the characteristic like BRK, which is a project close to urban mobility of metro stations, backing the desire of those who want to invest.
We have an oxygenation of these apartments, where today we sell so short and the investors are very happy, and we see a great demand in this segment and we have very good products. Now, the deliveries, especially these three products we delivered this semester. Next slide, we talk about the onlendings in the company. We cannot sell if you do not repass. Roberval is the coordinator, and he gives all the subsidies to our buyer and coming back the money to the company. So our onlendings in this semester increased at 20,000%. It is nice to mention that the second semester onlendings should be even higher, but several projects were ready at the end of the quarter. Unfortunately, they were delayed, and the new projects will come really in the next quarter.
The volume we are estimating is the peace of mind we have that we will deliver. We have two more deliveries this year, one in Osasco and the other in São Bernardo. This is for this quarter, so this is for this year. It will not be like last year, that in spite of being a good year, something came to this year. On the next slide, we show you where we have 16 developments under continue with a PSV of BRL 3.8 billion with deliveries until 2028. We are showing what we delivered in the first quarter, second quarter, and the expectations for deliveries for the three quarter totaling about 10 developments delivered this year with a total PSV of BRL 2.2 and Helbor share BRL 1.1 million. Then we have the expected deliveries in 2026, 2027, and 2018.
Especially observing the inventory of each of them, we are preparing for the end of this month a great event called Só a Helbor Tem, only Helbor has. We've been running this for more than 10 years, is the largest sales of inventory apartments, and this will be totally here. Now, I give the floor to Roberval.
Thank you, Marcelo. Henry. Good morning, everybody. Let's talk about the financial results. When we look at the net revenue in the second quarter, we had BRL 285.6 million, representing a drop of 15% of the same year and 5% compared to the first quarter of this year. This variation has a direct relation with the sales because our revenue is according to the physical advance of the works. 62% of the sales came from under construction against 50% of the first quarter of 2025.
Ready units represent 25% of the sales and launching 7%. In the year to date, the net revenue was 5% below the first half of 2024. In the first quarter of 2025, the mix was a compound. About 50% of units is under construction, 25% ready, and 25% launchings. In the first half, this index was 53%, 33%, and 14%, respectively. Now, going to the right side of this slide, we have gross profit and margin. In the second semester of 2024 was a drop of 11% in relation to the second quarter of 2024 and 3% in relation to the first quarter of 2025, reflex of sales profile as I mentioned previously. The gross margin was stable, which is very important for us, compared to 32.2% of the second quarter of 2024 and 31% of the 2025.
For the semester, profit was BRL 185.7 million, with a gross margin of about 32.8%. On the next slide, we have the backlog result. The projects are sold under constructions that will be recorded at the results of the company according to the development of the works. We closed June with BRL 484 million of backlog revenues with a growth of 38.6% compared to 2024. More than 7% of this value comes from Alegria Parque Mogilar in Mogi das Cruzes, launched in 2024. Launched in São Paulo in the second quarter of 2023 and Parque Vila Mariana in São Paulo, first phase launched in the second quarter of 2024 and second phase in the fourth quarter. So the backlog margin was of 26.8%. Now going to the next slide, the expenses.
Our VGV were of BRL 22 million, an increase of 3% over the second quarter of 2024, and 2% in relation to the first quarter of 2025, highly influenced by the increase of expenses with staff concerning the readjust of salaries. In the semester, general and administrative expenses summed BRL 56 million. Commercial expenses in the second tri were BRL 28 million, a 16% increase compared to the second tri of 2024 and 11% to the first quarter of 2025. The expenses were BRL 54 million when summed up, a 14% increase in relation to the first semester of 2024. In the next slide, we have the net profit consolidated of BRL 2 million of the part of the controller. This result includes, in addition to what I mentioned, BRL 8 million equivalent to Aure, Figueira Leopoldo, and Reserva dos Lagos.
In the semester, consolidated profit were BRL 56 million, BRL 9 million belonging to the controller, the holding company. Now we have the indebtedness profile. We closed June 9 with BRL 1 billion, BRL 740 million, a 13% reduction in relation to the end of 2024. 50% of this debt is self-liquidated. The net debt, we closed the quarter with BRL 1 million, BRL 503 million, equivalent to 54.3% of the net equity. This was smaller and this index is 1.5 PPs, is lesser than 2024. And in spite we have 0.7 PPs, especially due to the lower volume of our loan onlendings in the second quarter of 2025. As Henry mentioned, it was due to deliveries of the quarter. Deliveries happened basically in May and June, so the necessary time to have this onlendings. Now we have the cash generation.
Consolidated was for BRL 35.6 million, impacted by the reduction of the onlendings that dropped 11%. That is BRL 154 million compared to the previous quarter. In the non-consolidated, we have BRL 21 billion highlighting Caminhos da Lapa, Reserva Caminhos da Lapa, Helbor Caminhos da Lapa. So considering the consolidated and non-consolidated, the total of the quarter was BRL 14.5 million. To close the presentation, we will stress our priorities. Focus on active commercial management with distinct strategies for the legacy of the inventory and new cycle, effective land bank management, prioritizing new opportunities in the sales of non-strategic land that do not fit our long-term strategy. We also expect the delivery of five projects totaling BRL 1.3 billion. These five projects are expected to be delivered in the third quarter. We still have time to perform the onlendings.
Launches in strategic locations in Great São Paulo and Mogi das Cruzes, always aligned with our best market opportunities. Finally, we will continue with our disciplined cost management and deleveraging, cost management and especially in the deleveraging, ensuring profitability and financial sustainability. With this, we close our presentation and we open the Q&A session. Thank you very much.
Now, we will begin the Q&A session for investors and analysts. If you want to ask a written question, type your question in the Q&A field with your name and company.
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A question from [Herman Li]. How Helbor is prioritizing the capital allocation in new launches, acquisition of land and deleverage?
Herman, thank you for your question. Let's start talking about land. The company is not buying land, not looking to new opportunities because our land bank is very robust in strategic places. We are in a moment of recycling the land bank and sell some land that is not a priority for the company and focus on what we want. Only if we see something very especial. If it was a swap agreement, we could add new land, but there is no need for that. Concerning launches, we have a very good discipline for this. Marcelo mentioned we have a very low inventory, so we need to launch to put more product on the shelf. This is the reality, but we are very selective.
I'm not talking about capital, but technically, we could launch much more than what we plan, but we prefer to be more cautious because this macroeconomy, high interest rates, so we are very selective to launch only what we are sure of a good performance. But good performance does not mean to sell during the weekend. A good performance is like the arcade. We have sold almost everything, and we will start building. So this is our reality. I think I have answered your question. Thank you.
To ask question you can type your question in the Q&A with your name and company.
Next question from Francisco Silveira. Any update about the mutual rescission in this distrato?
Well, this mutual rescission is slightly high in this quarter, is a result of our work with onlendings. It's natural when you have the delivery of the project and onlendings, you have a higher level of mutual rescission. Sometimes you have 15% of mutual rescission. Well, you may say you delivered only three projects. Okay, but in the next quarter, we start onlending processes, and this generates a slightly higher number of mutual rescission due to our proactivity of approaching the clients.
It's important also to mention that onlendings is part of the business, especially when you are close to the deliveries, sometimes the person has a change in life, but the message here is that after the change in law, the issue of 50%, the mutual rescission is very low in relation to the volume of the deliveries. Another point, how are the banks doing according to this mutual rescission? They are doing well. We have a strong partnership with Bradesco, and we continue the onlendings. Everything is running smooth. Well, we are monitoring the onlendings, and mutual rescission comes back in a very healthy way because we are in a very important moment not to lose this sales structure. Sometimes, if I delay it, I lose this project. So mutual rescission favorable because we have greater valuation to our inventory.
If you want to ask a question, type your question in the Q&A. Next question from João Clara. With the anticipation of BRL 200 billion of the debt, what is the project of the savings in the financial expenses and how this will impact the net profit of the company?
Good morning, this is Henry. It's not only this specific operation. This year and last year, we want to generate operational cash, reduce the leverage and pay less interest rates. If you look to our balance sheet, what hurts us is this high-interest rate. We are trying to improve the cash with selling of land, recycling of assets. So internally, we expect, until the end of the year, due to our actions, we will really have effects in our leverage. We see this leverage being reduced until the end of the year.
If you want to ask question, please type on the Q&A with the name of your company and your name. The question from Rodrigo Piacci, Bradesco BBI. In another webcast, it was said that deliveries would happen more in the first semester, which would be good for cash generation. With focus on more deliveries, why did the company burn cash?
Well, thank you for your question. I'd like to make it clear. I also mentioned that a quarter in a corporation is a very short period. We need to see the trend. If you look the first semester of 2024, we had a cash burn of BRL 124 million. This quarter was BRL 35 million, and the second BRL 14 million. Well, with 14, we start the year with 100 and something. What happened with the projects?
You follow the market and you know that unfortunately, Helbor's, not only Helbor, but all other companies, they have a longer term than expected. All companies, or the majority, they are entering a grace period, 180 days. Obviously, this creates a delay in the documents and everything to have the unity ready to be onlend. The message here is that we don't see any delivery in this year, where the onlend will be for next year. Most of the onlendings will happen within this year, and possibly the third quarter, with everything we mentioned, will have a higher volume. Okay? Just complementing here. Cash burn in the quarter, specifically, as mentioned, was much more due to the delay of the projects we delivered in the quarter.
We delivered three projects that were delivered in May and June, so there was not enough time to perform the onlendings. If we had monetized these onlendings in the quarter, we would have cash generation. But there was this break on the quarter. Many onlendings are concentrated with Caminhos da Lapa, and Caminhos da Lapa is not yet in our balance sheet. We are in August. What I can tell you, out of the five projects that we would deliver in the third quarter, we just missed two. So we have very well sold in Osasco, and in September, we will deliver the one at Brigadeiro. With this, we close the year delivering.
The question and answer session is closed. I'd like to give the floor to Mr. Borenstein for his last comments.
I'd like to thank everybody who participated, our team, and our employees. Thank you very much.
The Helbor's videoconference is closed. We thank you for your attendance and have a nice day.