Direcional Engenharia (DIRR3) posted operating net income of R$ 201.6 million in the second quarter of 2026 (2Q26), virtually in line with 1Q26 and 9.7% higher than 2Q25, with an operating net margin of 15.8% and an annualized return on equity (ROE) of 35%. Net revenue reached R$ 1.279 billion in the quarter, growth of 9.9% compared to 1Q26 and 20.1% versus the same period in 2025.
In the first half of 2026 (1H26), net revenue totaled R$ 2.444 billion, up 24.7% over 1H25, while operating net income reached R$ 401.8 million, an increase of 17.6% on the same comparison basis. Considering accounting net income, the result was R$ 414.8 million for the half-year, 19.1% higher than a year earlier, with a net margin of 17.0%.
Adjusted gross profit, which excludes capitalized interest in costs, amounted to R$ 547.6 million in 2Q26, an increase of 23.4% versus 2Q25, with an adjusted gross margin of 42.8%. EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 311.5 million in the quarter, 27.3% above 2Q25, and adjusted EBITDA reached R$ 348 million, resulting in an adjusted EBITDA margin of 27.2%. In 1H26, adjusted EBITDA totaled R$ 675 million, 33% higher than in 1H25, with a margin of 27.6%.
Operating performance was supported by gross sales of R$ 1.985 billion and contracted net PSV of R$ 1.655 billion in 2Q26 (R$ 1.372 billion % Company), in addition to launches that totaled R$ 2.065 billion in PSV (R$ 1.566 billion % Company). Total net revenue, which includes unconsolidated SPEs, was R$ 1.597 billion in the quarter and reached R$ 6.0 billion in the last 12 months ended June 2026.
On the balance sheet, Direcional ended 2Q26 with cash and financial investments of R$ 2.454 billion and net debt of R$ 492.3 million, equivalent to 18.0% of shareholders’ equity of R$ 2.737 billion. The company recorded accounting cash generation of R$ 129.6 million in the quarter and operating cash generation of R$ 80.2 million, after adjustments for receivables assignment transactions, asset monetization, dividends from Riva, and a rule change at Caixa Econômica Federal.
