Melnick (MELK3) posted net income of R$ 6 million in 3Q26, compared with R$ 25 million in 3Q25. Net revenue was R$ 199 million, versus R$ 244 million in the same period of the previous year. The net margin came in at 7.2%, compared with 14.7% in 3Q25.
Gross profit was R$ 50 million in the quarter, versus R$ 61 million in 3Q25. The gross margin (excluding financing) reached 34.8%, up 4.2 p.p. from 3Q25, when it was 30.6%.
EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 1.7 million in 3Q26, and adjusted EBITDA was R$ 21 million, with a margin of 10.6%. Operating expenses totaled R$ 43.4 million and the financial result was positive by R$ 0.6 million.
In the first nine months of 2026 (9M26), net revenue totaled R$ 790 million, down 2% from R$ 807 million in 9M25. Gross profit was R$ 195 million (-3%) and net income was R$ 65 million (-16%), versus R$ 78 million. The gross margin rose from 29.3% to 30.9%, and the net margin went from 13.3% to 12.7%.
In launches (% Melnick, excluding Melnick Partners), the company launched R$ 23 million in 3Q26 with The Garden New Edition, in Canoas (RS), already 47% sold, and R$ 351 million in 9M26. Net sales totaled R$ 91 million in the quarter, down 38.2% from 3Q25, and R$ 499 million in 9M26, down 17% from 9M25. Two developments were delivered in the quarter, with gross PSV of R$ 161.7 million.
The cash position was R$ 315.6 million at the end of 3Q26. Gross debt totaled R$ 811.6 million and net debt was R$ 496.0 million, equivalent to 40.1% of shareholders' equity of R$ 1,236.8 million. Cash burn in the quarter was R$ 4.1 million. The landbank (land for future projects) amounts to R$ 5.0 billion in total PSV (Potential Sales Value), with R$ 3.5 billion being the potential PSV of Melnick's share. No dividends were paid in the quarter.
Is MELK3 worth investing in?
- Price
- R$ 2.22
- as of 11/10/2026
- Dividend yield
- 18.77 %
- P/L
- 3.88
- P/VPA
- 0.42
