Moura Dubeux (MDNE3) reported net income of R$ 150.2 million in 3Q26 (third quarter of 2026), up 27.7% from 3Q25 and down 13.7% from 2Q26. Net revenue totaled R$ 709.2 million, an increase of 29.3% year over year, explained mainly by the greater contribution of the Condominium model, with the recognition of the Land Marketing Fee for 7 projects. The net margin was 21.2%, versus 21.4% in 3Q25.
Gross profit was R$ 258.5 million, up 14.3%, with a gross margin of 36.5% (41.3% in 3Q25). Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, with adjustments) reached R$ 154.4 million, up 18.7%, with a margin of 21.8%. Selling expenses fell 11.8% to R$ 58.2 million, and administrative expenses rose 33.2% to R$ 47.6 million.
In the first nine months of 2026, net income was R$ 479.6 million (up 55.6%) and net revenue was R$ 2,068.1 million (up 25.2%). Over the last 12 months, profit totaled R$ 591.5 million, with ROAE (return on average equity) of 27.8%.
On the operational side, the company launched 8 developments, with net PSV (potential sales value) of R$ 1,547 million, up 15.5% from 3Q25. Net sales and enrollments were R$ 841.5 million, down 21.5%. The company says about 40% of the launches took place in the last two weeks of September, shortening the sales period. Cancellations represented 8.3% of gross sales.
Net debt closed at R$ 340.1 million, equivalent to 14.0% of equity, versus 2.5% in 2Q26. Cash burn was R$ 168.6 million, of which R$ 97 million relates to a land purchase in Salvador. The company says it will adopt a more careful assessment of the pace of new launches in light of inflation and interest rate risks.
