BVMF:HBRE3 Income Statement

Financials in millions BRL. Fiscal year is January - December.

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Rental Revenue	532.61	162.98	137.33	138.8	99.52
Other Revenue	-6.96	-1.15	-2.45	-17.22	-16.73
Total Revenue	525.65	161.83	134.88	121.58	82.79
Revenue Growth (YoY	224.82%	19.98%	10.93%	46.86%	-9.93%
Property Expenses	323.49	33	29.1	22.3	14.05
Selling, General & Administrative	48.83	49.55	45.99	32.81	28.13
Other Operating Expenses	-1.2	2.06	10.52	1.03	-15.89
Total Operating Expenses	371.12	84.61	85.62	56.14	26.29
Operating Income	154.53	77.22	49.26	65.45	56.5
Interest Expense	-195.55	-143.8	-122.68	-121.75	-123.44
Interest & Investment Income	20.09	17.06	28.01	44.37	24.25
Other Non-Operating Income	-7.36	-2.88	-2.13	-	-
EBT Excluding Unusual Items	-28.29	-52.4	-47.55	-11.94	-42.69
Gain (Loss) on Sale of Investments	-0.52	15.73	-3.78	-	-
Gain (Loss) on Sale of Assets	-2.09	-0.18	-	-	-
Asset Writedown	185.74	189.16	388.18	159.13	253.04
Pretax Income	154.84	152.31	336.85	147.2	210.35
Income Tax Expense	58.02	16.79	69.64	26.72	29.87
Earnings From Continuing Operations	96.82	135.52	267.22	120.48	180.48
Minority Interest in Earnings	-69.33	-87.88	-135.4	-57.45	-24.32
Net Income	27.5	47.65	131.82	63.04	156.16
Net Income to Common	27.5	47.65	131.82	63.04	156.16
Net Income Growth	-42.29%	-63.85%	109.11%	-59.63%	-
Basic Shares Outstanding	103	103	103	103	103
Diluted Shares Outstanding	103	103	103	103	103
Shares Change (YoY)	-	-	-	-	58.78%
EPS (Basic)	0.27	0.46	1.28	0.61	1.51
EPS (Diluted)	0.27	0.46	1.28	0.61	1.51
EPS Growth	-42.29%	-63.85%	109.11%	-59.63%	-
Dividend Per Share	1.165	-	-	-	-
Operating Margin	29.40%	47.72%	36.52%	53.83%	68.25%
Profit Margin	5.23%	29.44%	97.73%	51.85%	188.63%
EBITDA	161.57	81.76	51.23	66.36	57.12
EBITDA Margin	30.74%	50.52%	37.99%	54.58%	69.00%
D&A For Ebitda	7.04	4.54	1.98	0.92	0.62
EBIT	154.53	77.22	49.26	65.45	56.5
EBIT Margin	29.40%	47.72%	36.52%	53.83%	68.25%
Effective Tax Rate	37.47%	11.02%	20.67%	18.15%	14.20%
Revenue as Reported	-	-	153.38	140.87	87.9

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.