Moura Dubeux Engenharia (MDNE3) Q4 2024 earnings summary

Executive summary

• Net profit reached R$251 million in 2024, up 61.3% year-over-year, with a net margin of 16% and ROAE of 17.5–18%, driven by record launches, sales, and robust performance in the Northeast, despite macroeconomic volatility.

• Net revenue nearly tripled since 2020, reaching R$1.6 billion in 2024, supported by product diversification, geographic expansion, and disciplined operational scale-up.

• Maintained low leverage (net debt/equity at 7%), strong landbank of R$9.1 billion PSV, and a recurring dividend policy with at least R$50 million in semiannual distributions.

• Strategic focus on expanding into new segments (Mood, Minha Casa, Minha Vida/Única), and continued investments in industrialization and workforce training.

• Celebrated five years post-IPO with launches growing nearly 400% since 2020.

Financial highlights

• Net launches totaled R$2.5–2.54 billion in 2024, up 57.8% year-over-year; net sales reached R$2.4 billion, up 61.2%.

• Net revenue for 2024 was R$1.57–1.6 billion, a 36.4% increase year-over-year; Q4 revenue was R$368 million, up 30% from Q4 2023.

• Gross profit for 2024 was R$526.6–577 million, with a consolidated margin of 33.5–35.5%.

• Adjusted EBITDA reached R$280–288.5 million in 2024, up 42.3% year-over-year, with operational margin at 18.4%.

• Dividend payments of R$54.7–55 million in 2024, with an additional R$50 million proposed for 2025.

Outlook and guidance

• Targeting R$3.5 billion in annual sales and launches over the next five years, with each business unit aiming for R$1.2 billion annually.

• Aiming for annual net income above R$500 million and ROAE of 20%.

• 2025 launches expected to be similar to 2024, with continued focus on closed condominium, Mood, and Minha Casa, Minha Vida (Única) projects.

• If government expands Minha Casa, Minha Vida to higher income brackets, Mood and Única could accelerate growth.