Corpovael (CADUA) Q2 2026 earnings summary

Executive summary

• Achieved strong revenue and operating income growth in 2Q26 and year-to-date, driven by replenished affordable entry-level inventory and new project launches in Tulum and Playa del Carmen.

• Homes sold increased 58.3% year-over-year in 2Q26, with affordable entry-level segment leading growth.

• Focus remains on profitability, collections, sales continuity, and efficient inventory management to generate cash flow and reduce leverage.

• Paid first dividend installment of MXN 0.19 per share in June, with a second installment scheduled before end of 3Q26.

Financial highlights

• Total revenue rose 32.5% year-over-year to MXN 1,387 million in 2Q26; 1H26 revenue up 24.8% to MXN 2,370 million.

• EBITDA grew 7.7% to MXN 217 million in 2Q26; 1H26 EBITDA up 9.7% to MXN 372 million.

• Net income declined 9.7% year-over-year to MXN 104 million in 2Q26, but increased 7.5% to MXN 157 million for 1H26.

• Free cash flow was -MXN 293 million in 2Q26 and -MXN 855 million for 1H26, reflecting higher accounts receivable and inventory delivery.

• Cash and cash equivalents at quarter-end were MXN 435 million, down 5.5% year-over-year.

Outlook and guidance

• Management expects continued strong demand in Quintana Roo and Guadalajara, supported by increased housing loans.

• Focus on improving profitability, cash flow, and reducing leverage through efficient operations and inventory management.