You that the recording of this event will be available on the company's IR website. As usual, we will start with a presentation by the executives and then move on to the Q&A session. If you need support, please send a message via chat box. Now, I would like to turn the floor over to Mr. Fernando Perez, who will start the presentation. Please, Mr. Perez, you have the floor.
Good morning, everyone. Thank you for being here. We're here to share with you the earnings and results from the third quarter of 2026. In our agenda, we will talk about strategy, and then Anderson will talk about operating performance and financial and economic performance. In our basic guidelines and strategic drivers, we have continuity of launches in Jardim das Perdizes. PSV to be launched is BRL 4.4 billion, of which BRL 1.2 billion is Tecnisa's part.
We have land bank to conduct business plan at BRL 5 billion, whereas BRL 1.5 billion is Tecnisa's share. Our key focus is on commercial and marketing strategies. We keep tight control of administrative expenses, and the profitability of the operation has totaled BRL 63 million backlog gross profit. Now, talking about Sequoia. Last week, we have launched the Sequoia development, which is a complete hit.
We have sold over BRL 200 million in PSV right upon its release. It is a development that we have launched in the first phase, between November 7th and 8th, and the PSV is BRL 511 million of the first tower. We have only launched the first tower so far. Our share is 26.4%, and in terms of typology, we have 384 units at 121, 148, and 175 sq m, and we have three shops in different sizes. It was a success, a huge success, actually.
It is a beautiful development. As you can see in the photo, we have the swimming pool with a view to the park, and this week, the sales have continued to skyrocket, and we are very happy with these results. As to the land bank, we have BRL 5 billion there, whereas BRL 1.5 billion is Tecnisa's share. Out of the BRL 4 billion, we have BRL 2.2 billion in completely approved projects or developments that are ready for launching, of course, depending on the market temperature, which has been very helpful for us.
Now, showing the sales evolution, Kalea has been fully sold out, and Oliveiras has reached 73% of the development sold. Serra Gerais is at 76%, and Flamboyant, 78%. As to administrative expenses, they remain stable. In the third quarter of 2026, we've had an increase of 8% due to some additional expenses that have arisen during the quarter.
Now, as to the backlog gross profit, we have reached BRL 63 million, and our margin is adequate at 38%. As I've mentioned, our margin in Jardim das Perdizes is very appealing. We are maintaining it at 47%. In other projects, we have a lower margin, hence why, on average, we have the 38% figure. Now, I'm going to yield the floor to Anderson, who will talk about operating performance and financial performance.
Thank you, Fernando. Good morning, everyone. Moving on with the presentation in operating performance. Our gross sales in this quarter have reached BRL 16 million, bearing in mind that between the second and third quarter, we have sold our shares to BTG. So from 52.5% of the stakes, we have reduced it to 26.4%.
Of course, we are also aware, and I assume that everyone is aware of this, the market has been more challenging in the third quarter, both due to the elections and the World Cup. It has been a tougher quarter on sales, hence why we have experienced this reduction. But over the nine months of the year, we have sold BRL 146 million and BRL 130 million in net contracted sales. This is important information that we have key contract cancellations under control.
Now, as to inventory at market value, we have a total of BRL 194 million, and bearing in mind Sequoia has been released between October and November, so its numbers are not reflected here. 96% of our developments are located in São Paulo, which is a strategic location for us. As to the status breakdown, 76% is under construction. The construction evolution contribute to earnings, and still we have 76% under construction. As to net revenue, we have reached BRL 65 million, and there has been a reduction of shares.
So, in spite of the reduction of the stakes, in selling to BTG, we have still reached BRL 65 million in revenues in the third quarter. Over the year, we have had BRL 248 million. Now, with adjusted gross margin, we had BRL 24 million, and over the year, we have totaled BRL 92 million, which is a larger margin in comparison to the same quarter of 2025. With Jardim das Perdizes increasing its participation in results, we have increased adjusted gross margins. Now, comparing receivables and receivables scheduled debt, we are very comfortable with this scenario. We have BRL 265 million in receivables contracted until 2028, and we have BRL 183 million in debts maturing until 2028. So, we don't have long-term debts.
Bearing in mind that by 2029, we will still have substantial land bank. Now, to the profits, we have had a negative BRL 17 million net result with BRL 63 million in backlog gross profit. Also, we have BRL 236 million in equity, and net debt has reached BRL 352 million. We didn't have any issues this quarter, but we had to pay off the construction progress we have been making because we have this release of Kalea, and we have Jardim das Perdizes to deliver by early next year, so that reduces our position of cash right as of this quarter. With that, I conclude, and I yield back over to Victor for Q&A. Thank you, Victor.
We will now start the question and answer session for investors and analysts, and if you have any questions, please click the raise hand button or type your question directly into the Q&A box. I believe we don't have any other questions. Therefore, I thank you all, and I turn the floor over to Mr. Fernando Perez for his final remarks.
Thank you, Victor, and thank you everyone watching this presentation. I would like to emphasize that in spite of adversities in this scenario currently, by partnering up with BTG, we are deeply hopeful that in spite of the difficulties, we will have a positive fourth quarter and an excellent next year. Thank you very much.
Thank you very much. While Fernando was concluding, we have received a question, so he raised his hand. Luan, we're going to allow you to turn on your microphone so you can ask your question. Feel free to unmute yourself. Luan? Can you hear me? I'm clicking the button to allow you to open your microphone.
Hello, good morning.
Hello, good morning, Luan. Now we can hear you.
Good morning, how are you? My question is the following. What is the plan in order to pay off this debt? Because recently, I have participated in a conference call, and I've been told that there is a plan, and banks trust our plan. They have approved of the plan and so forth, and we're paying off the debts, and that's fine. So far, so good. What about the market? Because as an investor, as an individual who invested in the company, I would like to learn more about this, because our shares keep plummeting, and that means that the market doesn't feel confident in the shares.
I just think, how do we communicate this to the market? How do we approach the market and say, "We are going to pay off the debt. We have been paying off the debt." Of course, we have made the sale to BTG Pactual, and they have infused cash in the development. This is my ultimate question. Do you understand? How do we communicate with the market so that the market resumes its trust in the company.
Luan, I fully understand you. I have a slide here that will demonstrate this to you. Please, if anyone wants to add to my answer, feel free. This slide is meant to convey this tranquility. For 2026, 2027, and 2028, we have had to pay BRL 183 million, and we have received BRL 265 million. This is public data, which means the debt can easily be paid off. Between 2029 and after that, we have other releases, and our land bank is BRL 1.5 billion in potential sales value, which puts us in a very comfortable position to pay off the debt.
So I can assure you that the market has no question whatsoever as to our capacity to pay the debt. In this partnership with BTG has been growing a lot in their investments in real estate, so we also believe we will be able to conduct other projects in partnership with BTG. Furthermore, we have established ecnisa, which is a brand working in low-income developments, and we have been signing up partners with it. As you know, the stock exchange market has plummeted not only for Tecnisa, but the entire stock exchange market. We do not anticipate any serious issues in the future scenario. Would you like to add anything?
Sure. In the market, each company has its particularities. The market has been stressed out in the past month or so that ends up affecting us. Obviously, the results, as they improve, this is what signals the market that the shares will be appreciated. I cannot make any promises because it does depend on several different factors. One way or another, this is the plan, as Fernando mentioned, and we have enough solidity in order to meet our obligations. So I do not believe this is what has been putting pressure on our shares. I believe that's it.
Do we have any other questions? I believe we do not have any other questions, so we can conclude this earnings conference call. Thank you very much. I wish you an excellent rest of your day.