Moura Dubeux Engenharia (MDNE3) Q3 2025 earnings summary

Executive summary

• Achieved R$1.3 billion in launches in Q3 2025, totaling R$4.1 billion over the last twelve months, with net sales of R$1.1 billion and 65% from condominiums.

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

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

• ROAE for the last twelve months was 21.0%, with a target to reach 25% as new business models mature.

• Dividend distribution of R$51 million (R$0.60/share) approved for November 2025.

Financial highlights

• Gross margin in Q3 2025 reached 43%, driven by land swaps and disciplined cost control.

• Adjusted EBITDA for Q3 2025 was R$130 million, margin 23.7%, up 42.3% year-over-year.

• Net debt at quarter-end was R$246 million, representing 13.6% of equity.

• Free cash flow was negative R$64.7 million in Q3 2025.

• Cash and equivalents at period-end were R$355.4 million.

Outlook and guidance

• 2025 launches expected to exceed R$4 billion, with R$2 billion from condominiums, R$1 billion from Mood, and at least R$1 billion from Única.

• Management remains confident in sustainable growth, margin preservation, and leadership in the Northeast market.

• Landbank of R$9.7 billion in PSV supports future growth, with ~70% acquired via swaps.

• Cash generation expected to increase from 2026, enabling higher dividends.