MDNE3

Moura Dubeux Engenharia S.A. is a real estate developer and construction company focused on the real estate market in Brazil’s Northeast region, 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 under a closed condominium structure and cost-price construction. Formalized in 1987 as a limited liability company, it migrated to a corporation (sociedade anônima) about twenty years later. Its first project, Morada de Apipucos, was delivered in 1990, marked by high construction standards and solutions such as a full backup power generator. Throughout the 1990s, the company expanded its presence along the Boa Viagem (PE) waterfront and began to diversify both its geographic footprint and product types, including larger commercial developments such as the Clinical Center in Pernambuco.

In the 2000s, Moura Dubeux became established in high-end vertical developments and structured specific brands for different income brackets and use profiles. It created Vivex to operate in the affordable and mid-range segments and launched the Beach Class line, focused on second-home projects such as hotels, resorts, and serviced apartments (flats). In 2007, it adopted the real estate development (incorporação) model and obtained registration as a category B publicly held company with the CVM. The company advanced in governance and management technology with the adoption of SAP ERP starting in 2009 and began launching 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 process of listing on B3’s Novo Mercado, completed in 2020, when it became a category A company at the CVM, reinforcing its presence in the capital markets.

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

Moura Dubeux’s commercial structure combines its own sales force and partner channels. MD Vendas, an internal unit dedicated to commercialization, has been responsible for a significant share of recent gross sales, operating in an integrated way with digital platforms. From 2023 to 2025, approximately 40% of gross sales were made through this in-house structure. The company also launched MD Store, aimed at 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 projects and allows Moura Dubeux to participate in part of the rental income, making the dynamics of some projects closer to a real estate investment model with recurring income generation for investor-clients.

From a portfolio perspective, Moura Dubeux operates with three main brands in residential segments. The Moura Dubeux brand is aimed at high-income customers, with higher-standard units and an average price of 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, focusing on projects under the Minha Casa, Minha Vida program, with an average ticket of around R$ 8,000 per square meter. In 2025, the company reported 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.

Moura Dubeux’s geographic footprint 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 works predominantly with high-end, upper-middle, and mid-range vertical residential projects, as well as entry-level developments through Mood and Ún1ca. Additionally, it 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 of its 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, due to 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, with standardized construction methods and a focus on productivity. Land selection considers location, expected demand, competition, acquisition cost, and construction potential, supported by massing studies, market research, feasibility analyses, and internal approval committees. Once projects are defined, the engineering, budgeting, planning, finance, marketing, sales, and legal teams work in an integrated manner 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 sector agency, but depends on a broad framework of urban and environmental licensing 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 occupancy, building permits, installation and operating licenses, occupancy certificates (habite-se), neighborhood impact assessments, and environmental licensing. In each municipality where it operates, the company complies with master plans, building codes, land use and zoning laws, and related regulations, such as those in force in Recife, Jaboatão dos Guararapes, Ipojuca, Salvador, Fortaleza, Natal, Maceió, João Pessoa, and Aracaju. This regulatory dynamic directly affects project approval timelines, construction schedules, and environmental requirements, demanding an internal structure specialized in permitting and institutional relations.

In environmental, social, and governance (ESG) aspects, 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 significant participation by women. In governance, listing on B3’s Novo Mercado, with MDNE3 shares, entails commitments to differentiated practices, including capital composed of common shares only, increased 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 more than 260 completed projects, over 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 segment, balance between development and construction management, and portfolio expansion in residential and second-home segments. The presence on B3 with the MDNE3 ticker 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.