Melnick Desenvolvimento Imobiliário (MELK3) Q2 2026 earnings summary

Executive summary

• Net launches reached R$121.9 million in 2Q26 and R$370.5 million in 6M26, with net sales of R$107.7 million in 2Q26 and R$408 million in 6M26.

• Net income for 2Q26 was R$34.1 million, with a net margin of 18.6%, up 3.8 p.p. year-over-year.

• Gross margin (excluding financing) was 30.9% in 2Q26, up 1.1 p.p. year-over-year.

• Six project deliveries in 2Q26, including the Nilo Square complex, contributed to a high volume of PSV delivered.

• Diversification advanced with growth in the affordable segment (Open) and geographic expansion via partnerships.

Financial highlights

• Net revenue for 2Q26 was R$271.1 million; 6M26 net revenue was R$591.6 million, up 5% year-over-year.

• Gross profit in 2Q26 was R$67.2 million; 6M26 gross profit was R$145 million, a 4% increase year-over-year.

• Net income in 2Q26 was R$34.1 million; 6M26 net income was R$59.1 million, up 12% year-over-year.

• Adjusted EBITDA in 2Q26 was R$56.2 million, margin 20.7%; 6M26 adjusted EBITDA was R$102.2 million, margin 17.3%.

• Operating cash burn in 2Q26 was R$39.6 million, mainly due to land purchases.

Outlook and guidance

• Expectation of increased participation from the affordable segment (Open) in future quarters.

• Planned reduction in cash burn and leverage starting in H2 2026, with a return to a low-leverage capital structure in 2027.

• Management emphasizes financial solidity, operational capacity, and differentiated products for long-term returns.

• Expansion in premium locations and partnerships with renowned developers.