Moura Dubeux Engenharia (MDNE3) Q3 2025 earnings summary

Executive summary

• Achieved BRL 1.3 billion (R$1.34 billion) in launches for Q3 2025, with twelve-month launches totaling BRL 4.1 billion, setting a new operational standard.

• Net revenue for Q3 2025 was BRL 548 million, up 9.3% year-over-year, with a twelve-month total of BRL 2 billion.

• Net profit for Q3 2025 was BRL 118 million, up 32.1% year-over-year, with a twelve-month total of BRL 353 million and a net margin of 21.4%.

• Dividend distribution of BRL 51 million (BRL 0.60 per share) approved for November 2025, with total dividends for 2025 expected to exceed BRL 100 million.

• Net sales reached BRL 1.1 billion in Q3 2025 and BRL 3.3 billion over the last twelve months, with 65% from condominiums.

Financial highlights

• Gross margin reached 43% in Q3 2025, boosted by land swaps, with adjusted EBITDA margin at 23.7%.

• Adjusted EBITDA for Q3 2025 LTM was BRL 405 million, up 49.7% year-over-year, with a 20.1% margin.

• Net debt stood at BRL 246 million, with a net debt/equity ratio of 13.6%.

• Free cash flow was negative BRL 64.7 million in the quarter.

• Accounts receivable increased 13.2% sequentially to BRL 1.85 billion.

Outlook and guidance

• 2026 guidance targets at least BRL 4 billion in launches, with BRL 2 billion from condominiums, BRL 1 billion from Mood, and BRL 1 billion from Única.

• Management expects continued strong demand and operational efficiency, with ROE targeted to stabilize around 25%.

• Cash burn expected through early 2026, with cash generation and higher dividends anticipated from mid-2026 onward.

• Landbank of BRL 9.7 billion in PSV supports future growth, with ~70% acquired via swaps to preserve cash.

• October launches for Q4 2025 include Infinity Recife (BRL 382 million net PSV) and Casa Macedos (BRL 318 million net PSV).