MDNE3 Moura Dubeux

Moura Dubeux Engenharia S.A. is a real estate developer and construction company focused on the residential market in Brazil’s Northeast, with shares traded on B3 under the ticker MDNE3. The company was founded in 1983 in Recife (PE) by brothers Aluísio, Gustavo and Marcos José Moura Dubeux, initially with a high-end residential building project in a gated condominium structure and cost-price construction model. Formalized in 1987 as a limited liability company, it migrated to a corporation roughly twenty years later. Its first project, Morada de Apipucos, was delivered in 1990, marked by a high construction standard and solutions such as a full power generator. Throughout the 1990s, the company expanded along the Boa Viagem (PE) waterfront and began diversifying both its geographic footprint and product types, including larger commercial developments such as the Clinical Center in Pernambuco.

In the 2000s, Moura Dubeux consolidated its position in high-end vertical developments and structured specific brands for different income brackets and usage profiles. It created Vivex to operate in the low-income and mid-range segments and launched the Beach Class line, focused on second-home developments such as hotels, resorts and flats. In 2007, it adopted the real estate development model and obtained registration as a category B publicly held company with the CVM. The company advanced in governance and management technology, adopting SAP ERP starting in 2009, and began to launch large-scale projects in the region, such as Evolution Central Park in 2011 in Ceará, and Aurora Trend in 2014, with a significant volume of financing from Caixa Econômica Federal in the Northeast. In 2019, it began the listing process on B3’s Novo Mercado, completed in 2020, when it moved to category A at the CVM, reinforcing its presence in the capital markets.

Moura Dubeux’s business model is described as vertically integrated, covering the full value chain of real estate development: land prospecting and acquisition, project development, construction, sales, customer service and after-sales. The company operates under two main structures. In the traditional real estate development model, it develops and builds projects with the support of bank financing, receiving on average about 30% during the construction phase and 70% on key handover, which implies greater cash exposure and cancellation risk. In the construction management model, the company provides development and construction services to condominiums, with costs fully financed by the condominium owners; in this case, revenue comes from consulting, management and land remuneration fees, with low exposure of its own capital. The financial statements show that both segments — development and construction management — contribute significantly to revenue and gross profit, with some alternation in predominance from year to year.

Moura Dubeux’s commercial structure combines its own sales force and partner channels. MD Vendas, the internal unit dedicated to sales, has accounted for a relevant share of recent gross sales, operating in an integrated way with digital platforms. From 2023 to 2025, approximately 40% of gross sales were generated by this in-house structure. The company also launched MD Store, focused on unit customization, strengthening post-sales relationships and adding complementary services to the real estate product. In the second-home and hospitality segment, the Beach Class line is supported by a partnership with Atlântica Hospitality International, which manages the hotel operations of the developments and allows Moura Dubeux to participate in part of the rental income, bringing the dynamics of some projects closer to a real estate investment model with recurring income generation for investor-clients.

From a portfolio standpoint, Moura Dubeux operates with three main brands in residential segments. The Moura Dubeux brand targets high-income customers, with higher-standard properties and an average price around R$ 15,000 per square meter, generally in prime locations. The Mood brand serves the middle class, with products averaging R$ 9,000 per square meter, while the Ún1ca brand is positioned in the low-income segment, focused on projects under the Minha Casa, Minha Vida housing program, with an average ticket of around R$ 8,000 per square meter. In 2025, the company recorded R$ 4.6 billion in net launches and R$ 3.5 billion in net sales, with net revenue of approximately R$ 2 billion in the twelve months ended September 2025. The landbank structure totals a potential gross sales value of about R$ 10.9 billion, distributed across plots in seven states, which provides visibility for new launches and flexibility to adjust the product mix.

Geographically, Moura Dubeux is concentrated in the Northeast region, with a consolidated presence in Pernambuco, Ceará, Rio Grande do Norte, Alagoas, Bahia, Paraíba and Sergipe, especially in the state capitals and their metropolitan areas. The company mainly works with luxury, high-end and mid-range vertical residential projects, in addition to entry-level developments through Mood and Ún1ca. It also develops second-home projects under the Beach Class brand, as well as some business and corporate projects, such as office buildings and medical centers. All revenue is generated in Brazil, with no operations or revenue abroad, and the Northeastern market is treated by the company as its main growth driver, given the expansion potential of housing demand and leisure products in the region.

Operationally, the company’s process covers everything from land prospecting and acquisition to unit delivery, using standardized construction methods and focusing on productivity. Site selection considers location, expected demand, competition, acquisition cost and development potential, supported by massing studies, market research, feasibility analyses and internal approval committees. Once projects are defined, the engineering, cost estimating, planning, finance, marketing, commercial and legal teams work together to structure the launch, define the construction regime, pricing, schedules and payment terms. The company builds all the projects it develops, applying management systems and quality, environmental and safety certifications such as ISO 9001, ISO 14001, ISO 45001 and PBQP-H level A, with monthly monitoring of costs, deadlines, quality, environmental issues and occupational safety.

From a regulatory standpoint, Moura Dubeux is not subject to a specific industry regulator, but depends on a broad framework of urban and environmental permitting for each project. Its activities involve interaction with municipal governments, state agencies and, in some cases, federal agencies to obtain approvals related to land use and zoning, building permits, installation and operating licenses, occupancy permits (habite-se), neighborhood impact studies and environmental licensing. In each municipality where it operates, the company complies with master plans, building codes, zoning bylaws and related rules, such as those in force in Recife, Jaboatão dos Guararapes, Ipojuca, Salvador, Fortaleza, Natal, Maceió, João Pessoa and Aracaju. This regulatory dynamic directly influences project approval timelines, construction schedules and environmental requirements, demanding an internal structure specialized in permitting and institutional relations.

In environmental, social and governance (ESG) matters, Moura Dubeux reports information annually through a Sustainability Report prepared in accordance with GRI (Global Reporting Initiative) standards. The company maintains a certified integrated management system, focused on quality, environment and occupational health and safety, applied to its construction processes. On the social front, the MD Social program stands out, aimed at training skilled labor for the construction sector. Launched in 2023, it has already trained more than 600 people, with a significant share of women. In terms of governance, listing on B3’s Novo Mercado, with MDNE3 shares, entails commitments to differentiated practices, including capital composed of common shares, greater transparency and a more formalized governance structure, aligned with the standards required for companies in this segment of the Brazilian capital market.

Over more than four decades of operations, Moura Dubeux has built a track record of over 260 completed projects, more than 30,000 housing units and more than 4 million square meters constructed through 2025, with consistent growth in launches, sales and recent profitability indicators. Its strategy combines regional specialization, brand diversification by income bracket, a balance between development and construction management projects, and portfolio expansion in residential and second-home segments. Its presence on B3 under the ticker MDNE3 places the company among Brazil’s listed real estate players, making its results, strategy and management policies public, which allows closer monitoring of its economic and financial performance and the evolution of its business in the Northeast region.