By Brazil Stock Guide –Direcional Engenharia (B3: DIRR3) posted its strongest operational quarter on record in 3Q25, fueled by the performance of its mid-income brand Riva. Launches reached R$2.0 billion at company stake (R$2.2 billion at 100%), up 54% year-on-year, marking the highest quarterly volume in the company’s history. Cash generation was also robust, at R$114 million in the quarter and R$494 million year-to-date.
Net sales totaled R$1.4 billion at company stake (R$1.6 billion at 100%), growing 16% YoY and 11% QoQ. September was the best month ever, with gross sales of R$721 million at company share. Riva once again outperformed, delivering record net sales of R$719 million (+61% YoY) and a sales-over-supply (VSO) rate of 27%, while the Direcional brand posted a VSO of 21% (inventory VSO: 25%).
The company maintained a high equity stake, averaging 94% in launches and 87% in net sales, ensuring full consolidation of results. Inventory stood at R$5.3 billion in potential sales value (PSV) or R$4.5 billion at company share, totaling about 15,300 units, of which only 3% are completed.
Direcional’s landbank remains a key strategic asset, with a potential PSV of R$51.3 billion (R$46.2 billion at company share), equivalent to roughly 220,000 units. The average acquisition cost is 11% of PSV, and 86% of the land was acquired through swaps — a capital-light model that supports expansion while preserving cash.
Leave a Reply