MEXICO · COMPANY RESULTS
Key Facts
- The country Mexico, led by President Claudia Sheinbaum, is Latin America’s second-largest economy, and its Caribbean coast is a favourite of US travelers.
- What happened Corpovael, the Cancún homebuilder behind the CADU brand, posted third-quarter profit of 151 million pesos (about US$8.1 million), up 18.3%, on 20 October 2026.
- The numbers Revenue rose 34.0% to 1,898 million pesos (about US$101.9 million), and profit a share was 0.51 pesos (about US$0.03).
- The driver Homes delivered rose 50.3% to 1,569, led by social-interest homes in Playa del Carmen and Cancún.
- The balance sheet Total debt was 2,504 million pesos (about US$134.4 million), and free cash flow was 537 million pesos (about US$28.8 million).
- The catch The figures are unaudited, and management names fewer US flights and a stronger peso as pressures on tourism in Quintana Roo.
- Power Index Mexico ranks 2nd of 14 in The Rio Times Latin America Power Index, with 71.4 points (October 2026 edition).
Corpovael profit rose 18.3% to 151 million pesos (about US$8.1 million) in the three months to 30 September 2026. The Cancún-based homebuilder, known to customers as CADU Inmobiliaria, published the results on Tuesday 20 October 2026.
Earnings per share came to 0.51 pesos (about US$0.03), up 22.1% from 0.42 pesos (about US$0.02) a year earlier. For US readers the company is a window on Mexico’s Caribbean coast, where Cancún, Playa del Carmen and Tulum draw millions of American visitors.
Corpovael Profit and Revenue in the Quarter
Behind the Corpovael profit, revenue grew 34.0% to 1,898 million pesos (about US$101.9 million), up from 1,417 million pesos (about US$76.1 million) a year earlier. Operating profit jumped 69.2% to 218 million pesos (about US$11.7 million).
EBITDA, a measure of operating earnings before interest, taxes and depreciation, rose 35.1% to 287 million pesos (about US$15.4 million). Net profit grew more slowly because the tax charge climbed to 57 million pesos (about US$3.1 million) from 21 million pesos (about US$1.1 million).
The net margin, the share of each peso of revenue kept as profit, slipped to 8.0% from 9.0%. Earnings per share rose 22.1% from 0.42 pesos (about US$0.02), helped by 10.6 million shares the company cancelled after its April shareholder meeting.
Home Sales Drive the Growth
CADU delivered 1,569 homes in the quarter, up 50.3% from 1,044 a year earlier. Home-sales revenue rose 51.7% to 1,860 million pesos (about US$99.8 million), which was 98.0% of all revenue.
Social-interest homes, priced up to 1.5 million pesos (about US$80,500), made up 81.2% of home revenue and drove the Corpovael profit. The average sale price was 1.19 million pesos (about US$63,600), up 1.0%.
Management credits strong demand in Cancún and Playa del Carmen and easier rules in the T-100 programme of Infonavit. Infonavit is Mexico’s state housing fund, which lends to workers so they can buy a home, as our report on Mexican home costs explains.
Playa del Carmen Leads the Revenue Map
Playa del Carmen supplied 994 million pesos (about US$53.4 million) of home revenue, 53.5% of the total and 63.0% more than a year earlier. Cancún added 491 million pesos (about US$26.4 million), up 21.2%.
Tulum fell 22.6% to 162 million pesos (about US$8.7 million). A new mid-range project in Jalisco, the state around Guadalajara, added 210 million pesos (about US$11.3 million), with no sales there a year earlier.
Cash, Debt and Dividend
Beyond Corpovael profit, free cash flow was 537 million pesos (about US$28.8 million), up from 286 million pesos (about US$15.4 million). The company used it to cut debt, which stood at 2,504 million pesos (about US$134.4 million) on 30 September 2026, 14.8% above a year earlier.
Bank debt fell 9.5% from the end of June, and cash was 644 million pesos (about US$34.6 million). The average cost of debt dropped to 9.16%, which is 1.52 percentage points lower than a year earlier.
The company paid the second 0.19-peso (about US$0.01) dividend instalment on 28 August 2026, bringing the 2026 total to 0.38 pesos (about US$0.02) a share. Its only bond, a green bond of 502 million pesos (about US$26.9 million), matures at the end of 2027.
What Management Says About Tourism
Chief executive Pedro Vaca Elguero says nine-month home revenue already equals 92% of the full 2025 total, so the company could beat its 2026 guidance. He also points to fewer air passengers, cancelled routes, fewer seats from the United States, a stronger peso and sargassum seaweed.
Even so, Quintana Roo, the state of Cancún and Tulum, had 140,760 hotel rooms at the end of July after adding 24,387 in five years. CADU is spreading its risk with its first Jalisco sales and a planned Querétaro project with potential for more than 10,000 homes.
What It Means for US Readers
Cancún, Playa del Carmen and Tulum depend on American travelers, so Corpovael profit shows how many local workers can now afford a home. Social-interest homes made up 81.2% of its home revenue in the quarter.
The shares trade on the Mexican Stock Exchange as CADUA, with a market value of 2,166 million pesos (about US$116.3 million) on 30 September 2026. At 0.36 times book value, they trade well below the accounting value of the company’s equity.
What Is Not Known
The Corpovael profit figures are preliminary and unaudited, and the company has not said by how much it expects to beat its 2026 guidance. It has not said how far fewer US flights and a stronger peso have reached its sales so far.
The release gives no launch date for the Querétaro project or the number of homes that will be built there. The company also has not said how it will handle the green bond due at the end of 2027.
More: Mexico news in English, every day from The Rio Times.
Frequently Asked Questions
How much profit did Corpovael make in the third quarter?
Corpovael profit was 151 million pesos (about US$8.1 million) in the three months to 30 September 2026, up 18.3%. Earnings per share were 0.51 pesos (about US$0.03).
What is Corpovael?
Corpovael is a Mexican holding company that builds and sells homes under the CADU brand, mainly in Quintana Roo and Jalisco. Its shares trade on the Mexican Stock Exchange as CADUA.
How many homes did the company deliver?
Behind the Corpovael profit, it delivered 1,569 homes in the quarter, up 50.3%, and 3,302 in the first nine months, up 42.9%. Social-interest homes were 89.9% of the quarter’s units.
What is a social-interest home?
In the company’s definition it is a home priced up to 1.5 million pesos (about US$80,500). CADU’s average social-interest price was 1.07 million pesos (about US$57,400) in the quarter.
Does Corpovael pay a dividend?
It paid two instalments of 0.19 pesos (about US$0.01) a share, in June and on 28 August 2026, or 0.38 pesos (about US$0.02) in total. Shareholders approved the dividend in April.
Sources: Corpovael (CADU) investor relations, third-quarter 2026 report, 20 October 2026; Corpovael (CADU) investor relations, third-quarter 2026 factsheet, October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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