Direcional Engenharia (DIRR3) Q3 2026 earnings summary

Executive summary

• Late-quarter launch delays weighed on Q3 sales and revenue; management called the disruption non-structural and said operations were normalizing in October.

• Adjusted gross margin reached a record 45.2%; adjusted EBITDA was BRL 341m and attributable net income was BRL 201m.

• Net income including noncontrolling interests was BRL 270m, up 6% QoQ; operating cash generation reached BRL 228m.

• Net debt was BRL 499m and net debt-to-equity was 16.8%.

Financial highlights

• Consolidated net revenue was BRL 1.159bn, down 9.4% QoQ and up 0.1% YoY; 9M26 revenue was BRL 3.603bn, up 15.6% YoY.

• Total net revenue including non-consolidated SPVs was BRL 1.597bn in 3Q26; 9M26 revenue on this basis was BRL 4.476bn, up 12% YoY.

• Adjusted gross profit was BRL 524m, up 7.6% YoY; reported gross profit was BRL 499m, up 7.7%.

• Adjusted EBITDA was BRL 341m, up 13% YoY; 9M adjusted EBITDA reached BRL 1.0bn, up 26%.

• 9M26 attributable net income rose 6.5% to BRL 616m; adjusted operating net income was BRL 603m, up 10.3%.

Outlook and guidance

• Seven projects launched in October and demand responded well; postponed projects moved into Q4 as launch activity normalized.

• Management aims to restore net sales speed toward 24%–25%, with launch volumes guided by demand and sustainable sales pace.

• The 2027 project pipeline and business plan were unchanged; management expects gross margin to ease toward a recurrent 35%–38% over 2–3 years.

• A BRL 250m CRI issuance completed in October was expected to reduce borrowing costs and extend debt maturity.