Moura Dubeux Engenharia (MDNE3) Q3 2026 earnings summary

Executive summary

• 9M26 net revenue rose 25.2% to R$2.068bn and net income increased 55.6% to R$479.6mn; management expects 2026 to be a record year.

• Management reaffirmed 2026 ambitions while preparing for a more challenging 2027, prioritizing cash preservation, risk control and a stronger financial structure.

Financial highlights

• Q3 net revenue was R$709.2mn, up 29.3% YoY; gross profit was R$258.5mn, up 14.3%, with 36.5% gross margin and 38.2% adjusted gross margin.

• 9M gross profit was R$792mn, up 32.8%, with 38.3% gross margin; adjusted gross margin was 40.02%, versus 37.58% in 9M25.

• Adjusted EBITDA was R$154.4mn in Q3, up 18.7%, at a 21.8% margin; 9M adjusted EBITDA rose 42.5% to R$501.6mn, at a 24.3% margin.

• Net profit was R$150.2mn in Q3, up 27.7%; 9M net profit rose 55.6% to R$479.6mn.

Outlook and guidance

• Management reaffirmed 2026 guidance and expects launches and sales to exceed 2025 levels by year-end; 2026 net sales guidance remained R$3.8–4.0bn, with sales through October tracking above R$3.9bn.

• Launch pace will be assessed product by product and market by market, based on effective demand, profitability and future cash generation; growth will not be pursued at any cost.

• For 2027, management is prioritizing cash generation and lower leverage; launches may be reduced if demand or macro conditions weaken.

• A R$300mn 2027 dividend level was cited as a planning perspective, contingent on cash generation and greater visibility.