Moura Dubeux Engenharia (MDNE3) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly net profit of R$173.9 million in 2Q26, up 44.6% year-over-year, with a net margin of 23.8% and ROAE of 28.0%.

• Net revenue reached R$731.1 million in 2Q26, a 10.0% increase year-over-year and 16.5% sequentially, driven by higher contribution from the Condominium model.

• Six projects launched in 2Q26, totaling R$1,012 million in Net PSV; 69 projects in progress and robust landbank of 60 plots with R$11.8 billion in PSV.

• Net sales and adhesions totaled R$1,018 million in 2Q26, stable sequentially but down 14.7% year-over-year; 1H26 net sales up 17.6% year-over-year.

• Inventory at quarter-end was R$4.0 billion, with only 2.7% as completed units, supporting price and margin discipline.

Financial highlights

• Gross profit was R$281.9 million (+27.4% YoY), with gross margin at 38.6% (+5.3pp YoY); adjusted gross margin reached 41.0%.

• Adjusted EBITDA was R$178.8 million in 2Q26 (+34.7% YoY), with a margin of 24.5%; 1H26 adjusted EBITDA was R$347.3 million (+56.5% YoY).

• Net financial income rose sharply to R$34.7 million (+430.7% YoY).

• Net debt at R$56.3 million, with net debt/equity at 2.5%, down 1.5pp sequentially; cash availability of R$883.7 million.

• Free cash flow for the quarter was positive at R$27.2 million; LTM free cash flow ex-dividends and follow-on was negative R$187.0 million.

Outlook and guidance

• Management raised 2026 net profit guidance to BRL 600 million, up from previous BRL 400 million.

• R$468.4 million in results to be recognized from sold units, with a margin of 37.0%, providing visibility for future earnings.

• Launches and sales expected in the BRL 4.5–5.5 billion range annually, with potential to exceed BRL 5.5 billion if market conditions remain favorable.

• Inventory and landbank support 12 months of sales, with R$11.8 billion in gross PSV and 69 projects in progress.

• Management remains focused on recurring results, operational discipline, and maintaining a healthy capital structure amid macroeconomic uncertainties.