Direcional Engenharia (DIRR3) reported net income of R$ 200.7 mn 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 mn. Before minority interests, income was R$ 270 mn, 6% above 2Q26, with a margin of 23.3%.
Net revenue was R$ 1.2 bn (R$ 1,159.1 mn), flat compared to 3Q25 and 9.4% lower than in 2Q26. The company attributes the performance to construction progress, which reduced the impact of lower sales on revenue recognition. Including unconsolidated SPEs (special purpose entities), total net revenue was R$ 1.4 bn in the quarter and R$ 6.0 bn 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 mn.
EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 317 mn, with a margin of 27.3%. Adjusted EBITDA was R$ 341 mn, 13% above 3Q25, with a margin of 29.4%. General and administrative expenses were R$ 72 mn and selling expenses were R$ 117 mn, down 9% in the quarter.
In operations, launches totaled R$ 1,352 mn in PSV (potential sales value), down 37% from 3Q25. Net sales totaled R$ 1,302 mn, a 21% decline, and consolidated SSS (sales over supply) was 19%.
Operating cash generation was R$ 228 mn, compared to R$ 80 mn in 2Q26, and accounting cash generation was R$ 10 mn. Net debt ended September at R$ 499 mn, with a net debt-to-equity ratio of 16.8%, versus 18.0% in 2Q26, the lowest level of the year. The average debt maturity is 63 months, which the company describes as "the longest in the sector." Total cash was R$ 2.4 bn. After the end of the quarter, the company settled a CRI (Real Estate Receivables Certificates) offering of R$ 250 mn.
