Moura Dubeux Engenharia (MDNE3) Q1 2026 earnings summary

Executive summary

• Q1 2026 launches reached BRL 1.3 billion, up over 225% year-over-year, with BRL 5.5 billion accumulated over the last 12 months, meeting set goals.

• Net sales in the last 12 months totaled BRL 4 billion, with 71% from condominiums and 29% from development.

• Net profit for Q1 2026 was BRL 156 million, with a net margin of 25% and ROAE of 27%, the highest quarterly result in company history.

• Gross margin reached 40% for Q1 2026, with adjusted gross profit up over 68% year-over-year.

• The company maintains a cautious, balanced approach to growth, focusing on operational efficiency and risk control.

Financial highlights

• Q1 2026 net revenue was BRL 650 million, up 43% year-over-year, with a slight sequential decline.

• Gross profit for Q1 was BRL 260 million, with a gross margin of 38%-40%, up over 1.5 percentage points from 2025.

• Adjusted EBITDA for Q1 was BRL 160 million; last 12 months' EBITDA reached BRL 770 million, up 17% year-over-year.

• Net profit for Q1 was BRL 156 million, with a 25%-38% margin; last 12 months' net profit was BRL 505 million, up 27% year-over-year.

• Net debt closed Q1 at BRL 84 million, representing only 4% of equity.

Outlook and guidance

• Guidance for 2026 remains unchanged, with expectations to deliver on previously announced targets.

• Cash burn is expected in 2026 due to growth, especially from Única; cash generation is projected to strengthen from 2027 onward.

• Twelve months of sales covered by current inventory and landbank, with BRL 10.4 billion in gross PSV and 65 projects in progress.

• Deliveries scheduled through 2030, supporting sustained growth.

• Dividend payout is expected to reach BRL 300 million for the year, with potential for further increases if leverage remains low.