Three Brazilian listed companies posted record or estimate-beating first-quarter 2026 results between May 5 and 6, with low-income builder Tenda (TEND3) leading the tape as shares jumped 13.6% to R$32.65 (US$6.64) in Wednesday trading on the B3 exchange. Recife-based developer Moura Dubeux (MDNE3) booked R$155.5 million (US$31.6 million) in record quarterly net income, while enterprise software giant Totvs (TOTS3) delivered R$252 million (US$51.2 million). The Rio Times, the Latin American financial news outlet, reports that all three earnings releases exceeded LSEG and Bloomberg consensus expectations, beating the typical Q1 seasonality pattern observed across Brazilian builders and tech firms.
Key Points
— Tenda (TEND3) net profit reached R$183.4 million (US$37.3 million), up over 100% YoY, with shares surging 13.6% on Wednesday.
— Moura Dubeux (MDNE3) reported a record R$155.5 million (US$31.6 million) profit, up 120.9%, beating consensus of R$119 million.
— Totvs (TOTS3) posted R$252 million (US$51.2 million), up 16.6%, with adjusted EBITDA margin reaching 28.5%.
— Safra and Itaú BBA kept outperform on Tenda with targets of R$41 and R$43 (US$8.34 to US$8.74).
— Three sectors covered: low-income housing, mid-market construction, and enterprise software.
| Company | Q1 Net Income | YoY Growth | Sector |
|---|---|---|---|
| Tenda (TEND3) | R$183.4M (US$37.3M) | +100% est. | Low-income housing |
| Moura Dubeux (MDNE3) | R$155.5M (US$31.6M) | +120.9% | Mid-market property |
| Totvs (TOTS3) | R$252M (US$51.2M) | +16.6% | Enterprise software |
Tenda Shares Jump 14% as Profit More Than Doubles
Tenda (TEND3) reported consolidated net income of R$183.4 million (US$37.3 million) for Q1 2026, more than double a year earlier. Adjusted EBITDA reached R$256.7 million (US$52.2 million), up 68%, with consolidated adjusted gross margin expanding 3.6 percentage points to 37.5%. Shares climbed 13.6% to R$32.65 (US$6.64) by 11:25 BRT.
The result blew past LSEG consensus of R$129.6 million in net income and R$201.5 million in EBITDA. Cash generation reached R$87 million (US$17.7 million), with free cash flow of R$89 million versus an expected break-even at Itaú BBA. Both Safra and Itaú BBA reiterated outperform on TEND3, with price targets of R$41 and R$43 (US$8.34 to US$8.74) implying 25% to 32% upside.
Moura Dubeux Hits All-Time Profit Record After January IPO
Recife developer Moura Dubeux (MDNE3) posted Q1 2026 net income of R$155.5 million (US$31.6 million), up 120.9% year-over-year and the largest single-quarter result in the developer’s history. The figure surpassed Bloomberg consensus of R$119 million. Net revenue reached R$627 million (US$127.4 million), up 43% from R$438 million a year earlier, while adjusted EBITDA expanded 89% to R$168.4 million (US$34.2 million).
Key Q1 highlights from the Recife developer:
- Adjusted EBITDA margin: 26.8%, up 6.5 percentage points year-over-year.
- Net debt: R$83.6 million (US$17 million), down 74.2% from R$324 million in Q4 2025.
- January IPO proceeds: R$482.6 million (US$98.1 million) at R$25 per share.
- Project launches: eight in the quarter, R$1.3 billion (US$264.2 million) in net potential sales value, more than triple Q1 2025.
Cancellations dropped 22.5% year-over-year to R$44.5 million. The release dropped Wednesday evening, with reaction to be priced in at Thursday’s open.
Totvs Tops R$250M Quarterly Profit on SaaS Strength
Brazil’s largest enterprise software vendor Totvs (TOTS3) reported Q1 2026 net income of R$252 million (US$51.2 million), up 16.6% year-over-year. Consolidated net revenue advanced 15.6% to R$1.6 billion (US$325.2 million), while recurring revenue grew 18.5% to R$1.46 billion. Adjusted EBITDA jumped 24.3% to R$455 million (US$92.5 million), driving adjusted EBITDA margin to 28.5%, a two-percentage-point gain.
The Management division saw revenue rise 15.7% to R$1.43 billion, with EBITDA margin breaking 30% for the first time at 30.2%. SaaS revenue grew 24.6% to R$654 million (US$132.9 million). Annualized recurring revenue closed at R$5.7 billion (US$1.16 billion), up 16.7%, with record organic ARR net additions of R$236 million.
CEO Dennis Herszkowicz defended the AI strategy, calling artificial intelligence an “upside, not downside” while pointing to the LYNN launch. The Techfin division was the weak spot, with adjusted EBITDA falling 76% to R$3 million on agribusiness credit deterioration. Net debt closed March at R$3.4 billion (US$691.1 million) after R$3 billion in debentures funded February’s Linx acquisition.
What the Three Reports Signal for Brazilian Equities
The releases land during an Ibovespa rally, with the index at 187,690.86 points and YTD gains of 16.49%. Three sector signals stand out for cross-border investors:
- Housing resilience. Tenda’s 4.4x forward P/E sits among the cheapest builder valuations in LatAm.
- Tech defensiveness. Totvs’s 28.5% EBITDA margin and R$5.7 billion ARR support a defensive Brazilian software thesis.
- IPO follow-through. Moura Dubeux’s 74.2% net debt cut shows January’s R$482.6 million proceeds clearing the balance sheet.
For context on the broader Brazilian Q1 cycle, see our previous coverage of Itaú Unibanco’s record Q1 and Ambev’s beer-volume rebound.
Frequently Asked Questions
How much did Tenda earn in Q1 2026?
Tenda (TEND3) reported consolidated Q1 2026 net income of R$183.4 million (US$37.3 million), more than double the year-ago result. Adjusted EBITDA reached R$256.7 million, up 68%, with adjusted gross margin expanding 3.6 percentage points to 37.5%. The figure beat LSEG consensus of R$129.6 million by 41%, driving shares up 13.6% to R$32.65 on May 6.
Why did Moura Dubeux profit grow 120%?
Moura Dubeux’s Q1 2026 net income of R$155.5 million (US$31.6 million) reflected eight project launches with R$1.3 billion in potential sales value, triple the year-ago volume. Net revenue rose 43% to R$627 million while EBITDA margin expanded 6.5 percentage points to 26.8%. Net debt fell 74.2% after the January IPO that raised R$482.6 million.
What was Totvs adjusted EBITDA margin?
Totvs (TOTS3) reported a consolidated adjusted EBITDA margin of 28.5% in Q1 2026, up two percentage points year-over-year, while the Management division margin broke the 30% mark for the first time at 30.2%. Consolidated adjusted EBITDA reached R$455 million (US$92.5 million), up 24.3%, while annualized recurring revenue closed at R$5.7 billion. Organic ARR net additions hit a record R$236 million in the period.
What price targets do banks have on Tenda?
Both Safra and Itaú BBA reiterated outperform on Tenda after the Q1 release. Safra set a price target of R$41 (US$8.34), implying around 25% upside from May 6 levels, citing a 4.4x 2027 P/E multiple. Itaú BBA went higher with R$43 (US$8.74) for 32% potential return, based on 6x and 4x forward P/E for 2026 and 2027.
Updated: May 7, 2026 at 06:00 BRT.
Sources: Money Times, Tenda Q1 2026 release, Moura Dubeux Q1 2026 release, Totvs Q1 2026 release, Safra equity research, Itaú BBA research, Bloomberg, LSEG. Author: Rio Times Editorial Desk. dateModified: 2026-05-07T09:00:00Z.
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