On Thursday, August 6, 2026, Mitre Realty (MTRE3) reported net income of R$ 15.1 million in the second quarter of 2026 (2Q26), an increase of 45.5% compared to the R$ 10.4 million in 2Q25. Net operating revenue totaled R$ 270.9 million in the quarter and R$ 556.0 million in the six-month period of 2026 (6M26), growth of 12.1% versus the R$ 496.2 million in 6M25.
In 2Q26, gross margin reached 32.0%, 6.5 percentage points above the 25.5% in 2Q25, while gross profit was R$ 86.6 million, an increase of 32.3% year over year. Adjusted gross margin came to 38.8% in the quarter, versus 32.2% a year earlier, and 36.8% in 6M26, compared to 32.9% in 6M25.
General and administrative expenses totaled R$ 22.9 million in 2Q26, down 3.5% compared to 2Q25, bringing the G&A to net revenue ratio down to 8.5%, from 9.3% a year earlier. Selling expenses were R$ 27.2 million, up 26.4% versus 2Q25, influenced by the launch of the NAEEM project at the end of 1Q26, which has gross PSV of R$ 916.9 million.
In the half-year, accumulated net income reached R$ 33.5 million, growth of 54.9% compared to the R$ 21.6 million in 6M25, with net margin rising from 4.4% to 6.0% (+1.6 p.p.). Leverage closed 2Q26 at 46.4% of net debt to equity, practically stable versus the 46.2% in 2Q25, with net debt of R$ 498.4 million and equity of R$ 1.07 billion.
In 2Q26, Mitre delivered 658 units, equivalent to R$ 454 million in PSV, and total inventory was reduced to R$ 1.95 billion, a decrease of 9.4% compared to 1Q26. In the period, the company also paid R$ 9 million in dividends, totaling R$ 21 million in 2026 and R$ 48 million in the last 12 months, an amount equivalent to R$ 0.45 per share and a yield of 11.1%, in addition to already having announced another R$ 9 million in distributions to be paid between July and September.
