Corpovael (CADUA) Q1 2026 earnings summary

Executive summary

• Double-digit growth in total revenue (+15.3%) and EBITDA (+12.5%) year-over-year in 1Q26, driven by revenue diversification and expense reduction.

• Net income surged 71.7% to MXN 53 million, with operating income up 35.3% to MXN 88 million compared to 1Q25.

• Homes sold increased 8.1% to 587 units, mainly from affordable entry-level segment (+21.8%), while average sale price declined 3.4%.

• Working capital cycle improved by 134 days to 689 days, reflecting faster sales and efficient inventory management.

• Continued focus on ESG, with multiple sustainability certifications and awards.

Financial highlights

• Total revenue: MXN 983 million (+15.3% YoY); home sold revenue: MXN 828 million (+4.5% YoY).

• Gross income: MXN 223 million (-3.2% YoY); gross margin declined to 22.7% from 27.0%.

• EBITDA: MXN 155 million (+12.5% YoY); EBITDA margin 15.8% (-0.4 pp YoY).

• Operating income: MXN 88 million (+35.3% YoY); operating margin 8.9% (+1.3 pp YoY).

• Net income: MXN 53 million (+71.7% YoY); net margin 5.4% (+1.8 pp YoY).

• EPS: MXN 0.18 (+74.1% YoY).

• Free cash flow: -MXN 562 million (vs. -MXN 174 million in 1Q25), reflecting higher inventory and receivables.

Outlook and guidance

• New projects in Jalisco and Quintana Roo to strengthen the housing portfolio, with titling expected in coming quarters.

• Prudent resource management advised due to slower interest rate reductions and rising inflation.

• Commitment to deliver homes under government housing programs continues.