Trisul S.A

—

What it is

Trisul was formed in April 2007 when two São Paulo builders — Incosul Incorporação e Construção and Tricury Construções e Participações — merged their operations; both predecessor companies had more than 35 years of history in the city’s housing market. In total, Trisul has delivered more than 350 projects and 60,000 units across São Paulo; today the company focuses exclusively on the city of São Paulo itself.

It is a straightforward residential property developer: it buys land, plans projects, manages construction, and sells finished apartments directly to buyers. Its main residential lines — Trisul Life and Trisul Lar — are apartments of roughly 45 to 65 square metres, aimed at middle-income buyers.

—

Who owns it

The controlling block sits with Trisul Participações S.A., which holds 45% of shares, and a further 9% is held directly by controllers and directors — together giving the founding group a majority position; FJ Participações holds an additional 6%, and 37% trades freely on the market. The structured data confirms insiders hold roughly 59% in total, consistent with those filings.

José Roberto Cury is a founding partner of Tricury, the predecessor company, and also serves as CEO of Banco Tricury, the credit arm linked to the same economic group. The Cury family is the effective controlling family, with the business still run along founder lines nearly two decades after listing.

—

Who runs it

Jorge Cury Neto is CEO and deputy chairman; Fernando Salomão is CFO and investor-relations officer. Salomão is the company’s public face to the investment community, representing Trisul in analyst calls and investor podcasts.

The company’s shares trade on B3’s Novo Mercado segment — Brazil’s highest tier of corporate governance, requiring a fully independent audit committee and 100% tag-along rights for minority shareholders.

—

The money, in plain words

Revenue grew 28.7% from 2023 to 2024, then slowed to 2.4% in 2025 (our calculation from EODHD data) — a clear gear-shift as the pipeline digested prior launches. Yet profit kept climbing: net income rose 18.8% in 2025 to R$204m (US$40 mn) (~$39.5m), because the company sold more expensive projects with better margins (our calculation).

It keeps about 13 cents of profit from every real of sales — a net profit margin of 13.2%, solid for a São Paulo homebuilder. For every real of shareholders’ equity, it earns about 13 cents a year — a return on equity of 13.2%, respectable but not exceptional in a sector where land costs and interest rates can compress returns quickly.

The balance sheet carries net debt of R$534m (US$104 mn) (~$104m) — meaning it owes more than it holds in cash (our calculation), which is normal for a developer that pre-funds construction before buyers pay in full. The shares trade at just 4.0 times earnings (price-to-earnings of 4.0×), a discount that reflects Brazil’s high interest rates making property finance expensive and competing for the same capital.

—

What it is doing now

In January 2026, Trisul reported a record annual sales volume — the total value of new projects launched hit R$2.87bn (US$557 mn) for full-year 2025. In the third quarter of 2025 alone, net sales grew 30% year-on-year to R$410m (US$80 mn), with the nine-month 2025 total reaching R$986m (US$191 mn).

The standout launch of Q3 2025 was Gran Oscar Ibirapuera, a high-end project in one of São Paulo’s most prestigious addresses, alongside two affordable-housing schemes under Brazil’s government-backed Minha Casa Minha Vida programme. Looking ahead, the company has stated a goal of splitting future launches roughly equally across affordable, mid-range, and upper-mid segments from 2026.

—

What to watch

• Interest rates. Brazil’s benchmark rate has been elevated; every cut makes mortgages cheaper and unlocks more buyers, directly lifting Trisul’s sales pace and the price it can charge.
• Land bank runway. As of September 2025 the company held a land bank with a potential sales value of R$4.7bn (US$912 mn) — roughly three years of launches at the current rate, giving visible growth but leaving room for fresh acquisitions.
• Segment mix. The pivot toward high-end (Gran Oscar) alongside affordable Minha Casa Minha Vida projects tests whether a single builder can execute well at both ends of the market simultaneously.
• Valuation floor. A price-to-earnings ratio of 4.0× prices in near-recessionary conditions; any improvement in Brazil’s rate cycle or Trisul’s launch pace could reprice the stock sharply — in either direction if execution disappoints.

—

This is news, not investment advice.