Melnick Desenvolvimento Imobiliário (MELK3) Q3 2026 earnings summary

Executive summary

• 3Q26 revenue was R$199.1m and net income R$6.0m; 9M26 revenue was R$790.7m and net income R$65.1m, down 2.0% and 16.2% YoY, respectively.

• 3Q launches totaled R$122.9m gross PSV and R$22.9m attributable PSV; net sales were R$91.2m and deliveries totaled R$161.7m gross PSV.

• Quarter-end cash was R$315.6m against R$496.0m net debt; net debt/equity was 40.1%.

Financial highlights

• 3Q26 revenue declined 18.3% YoY and 26.6% QoQ; gross income fell 18.6% YoY to R$50.0m.

• Adjusted gross margin excluding financing was 34.8%, up 4.2 p.p. YoY; 9M26 margin was 30.9%, up 1.6 p.p.

• 3Q26 net income was R$6.0m, down 76.0% YoY; 9M26 net income was R$65.1m, down 16.2%.

• Adjusted EBITDA was R$21.0m in 3Q26, with a 10.56% margin; 9M26 adjusted EBITDA was R$123.2m, with a 15.58% margin.

• Net margin before minority interest was 7.21% in 3Q26 versus 14.73% in 3Q25; 9M26 was 12.74% versus 13.29%.

Outlook and guidance

• Strategy focuses on financial soundness, operating capacity and differentiated products, with long-term emphasis on return on invested capital.

• Inventory totaled R$1.36bn attributable PSV; expected completion spans 2026–2029.

• The land bank totaled R$3.46bn attributable PSV, including R$981.0m in approved projects.