Direcional Engenharia (DIRR3) reported net income of R$ 200.7 million in 3Q26, with a net margin of 17.3% and annualized ROE (return on equity) of 32%. The result was 0.5% below 2Q26 and 12.6% below 3Q25, when net income was R$ 229.7 million. Before minority interests, net income was R$ 270 million, 6% above 2Q26, with a margin of 23.3%.
Net revenue was R$ 1.2 billion (R$ 1,159.1 million), flat compared to 3Q25 and 9.4% lower than in 2Q26. The company attributes the performance to construction progress, which offset the impact of lower sales on revenue recognition. Including unconsolidated SPEs (special purpose entities), total net revenue was R$ 1.4 billion in the quarter and R$ 6.0 billion over the last 12 months.
The adjusted gross margin, which excludes capitalized interest in costs, reached 45.2%, the highest level ever recorded, up 240 bps from 2Q26 and 310 bps from 3Q25. According to the company, the increase stems mainly from the greater weight of inventory sales, which have higher margins than recent launches. Adjusted gross profit was R$ 524 million.
EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 317 million, with a margin of 27.3%. Adjusted EBITDA was R$ 341 million, 13% above 3Q25, with a margin of 29.4%. General and administrative expenses were R$ 72 million and selling expenses were R$ 117 million, a 9% decline in the quarter.
Operating cash generation was R$ 228 million and accounting cash generation was R$ 10 million. Net debt ended September at R$ 499 million, with a net debt to equity ratio of 16.8%, versus 18.0% in 2Q26. Total cash was R$ 2.4 billion. After the end of the quarter, the company settled a CRI (Real Estate Receivables Certificates) offering of R$ 250 million.
