In the release of its second quarter 2026 (2Q26) results on Wednesday, August 12, 2026, Moura Dubeux (MDNE3) reported total net income of R$ 173.9 million, an increase of 44.6% compared to 2Q25 and 11.9% versus 1Q26. The net margin was 23.8% in the quarter, while return on average equity (ROAE) reached 28.0% over the last 12 months.
Net revenue totaled R$ 731.1 million in 2Q26, growth of 10.0% compared to the R$ 664.9 million in 2Q25 and 16.5% versus 1Q26. According to the company, the year-on-year increase in revenue is mainly due to the higher contribution from the condominium format, with recognition of the Land Commercialization Fee from three projects: Casa Macedo (Fortaleza/CE), Moura Dubeux Plaza (Recife/PE) and Salvador 220 (Salvador/BA).
Consolidated gross profit reached R$ 281.9 million in 2Q26, up 27.4% from the same period of the previous year, with a gross margin of 38.6%, 5.3 percentage points above 2Q25. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 178.8 million, an increase of 34.7% in 12 months, with an Adjusted EBITDA margin of 24.5%.
In the first half of 2026, net income totaled R$ 329.4 million, growth of 72.8% compared to 1H25, with a net margin of 24.2%. In the same period, net revenue was R$ 1.36 billion, an increase of 23.1% over the R$ 1.10 billion recorded in the first half of 2025, and Adjusted EBITDA came to R$ 347.3 million, up 56.5%.
Moura Dubeux ended 2Q26 with gross debt of R$ 940.0 million and cash and cash equivalents of R$ 883.7 million, resulting in net debt of R$ 56.3 million, equivalent to 2.5% of shareholders’ equity, below the 4.0% recorded in the previous quarter. In the period, cash generation was R$ 27.2 million, and the company also highlighted R$ 468.4 million in results to be recognized from sold units, with an associated margin of 37.0%, in addition to R$ 467.4 million in condominium management fees receivable.
