Moura Dubeux Engenharia (MDNE3) Q1 2026 earnings summary

Executive summary

• Achieved record net profit of R$155.5 million in 1Q26, up 120.9% year-over-year, with a net margin of 24.8% and ROAE of 27.2%.

• Launched 8 projects totaling R$1.3 billion in Net PSV, more than triple the volume of 1Q25.

• Net sales and adhesions reached R$1.03 billion, up 87.7% year-over-year, with cancellations at 4.1% of gross sales.

• Maintained a robust landbank of R$10.4 billion and ended the quarter with R$3.85 billion in inventory, mostly under construction.

Financial highlights

• Net revenue was R$627.8 million, up 43.0% year-over-year, but down 10.9% sequentially.

• Gross profit reached R$251.2 million, up 69.3% year-over-year, with a gross margin of 40.0%.

• Adjusted EBITDA was R$168.4 million, up 89.0% year-over-year, with a margin of 26.8%.

• Net financial income was R$21.3 million, up 427.6% year-over-year.

• Net debt reduced to R$83.6 million, with a net debt/equity ratio of 4.0%.

• Free cash flow (ex-dividends and follow-on) was negative R$122.4 million in the quarter.

Outlook and guidance

• Management emphasizes a disciplined, balanced growth strategy, focusing on operational efficiency and risk control.

• Confident in ability to deliver quality and predictability for customers and sustainable growth for shareholders.