Brazil’s Helbor Sales Rise 15% in Q4 as Launches Jump Nearly 90%

Key Points

1. Helbor’s fourth-quarter gross sales rose 15.2% year over year to R$ 661.8 million ($123 million), while launches jumped 89.9% to R$ 959.3 million ($178 million).
2. Sales speed slipped slightly to 19.7% from 20.5%, suggesting demand held up but buyers stayed selective as credit costs remained high.
3. The company highlighted strong cash conversion signals, including R$ 462.4 million ($86 million) in quarterly repasses and R$ 1.973 billion ($365 million) in 2025.

Helbor Empreendimentos closed 2025 with a message many in Brazil’s residential market have been waiting to hear: buyers are still signing contracts, and developers are putting more product back on the shelf.

In a preliminary, unaudited operational update, the publicly traded homebuilder said gross contracted sales in the fourth quarter reached R$ 661.8 million ($123 million), up 15.2% from the same period a year earlier and 38.2% above the third quarter.

The company attributed the sequential jump mainly to launches delivered late in the year, a timing factor that often matters as much as sentiment in property cycles.

Launches were the standout. Helbor reported fourth-quarter launches of about R$ 959.3 million ($178 million) in net PSV (VGV líquido), an 89.9% increase year over year.

Yet the quarter’s sales speed indicator (VSO) came in at 19.7%, slightly below 20.5% a year earlier—an important nuance for investors watching whether a bigger pipeline is being absorbed smoothly.

Helbor posts solid 2025 sales growth

Helbor also provided a clearer look at how the sales translate into results. It said 55% of fourth-quarter gross sales corresponded to Helbor’s participation.

Of that, about R$ 478.8 million ($89 million) should be consolidated, while roughly R$ 183.0 million ($34 million) is expected to flow through equity-method accounting due to joint ventures.

For the full year, Helbor reported gross sales of about R$ 2.226 billion ($412 million), up 8.9%. It launched 11 projects in 2025 totaling roughly R$ 2.2 billion ($407 million) in net PSV, with 60% tied to Helbor’s share.

The company said 2025 VSO reached 48.1% overall and 44.4% for Helbor’s share. Operationally, Helbor pointed to R$ 462.4 million ($86 million) in fourth-quarter repasses and R$ 1.973 billion ($365 million) for the year, and said it resold all canceled units in the quarter at an average 4% higher price.

It also listed four late-year launches—Casa Piauí, Garden Design Private Park Residence, Clube Patteo São Bernardo (phase two), and Neo Concept—while noting a launches sell-through of 33.4% (34.9% for Helbor’s share).

A separate shareholder signal followed: dividends totaling R$ 17.5 million ($3 million), or roughly R$ 0.1319 ($0.02) per share, with payment scheduled by the end of 2026.

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