Direcional (DIRR3.SA): 2026 Operational Preview: Softer than Expected Sales Lead to Slight SoS Decline

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Direcional (DIRR3.SA): 2026 Operational Preview: Softer than Expected Sales Lead to Slight SoS Decline

Equity Research

9 July 2026 | 8:27AM BRT

Direcional (DIRR3.SA): 2Q26 Operational Preview: Softer than Expected

Sales Lead to Slight SoS Decline

Our Take: We expect a neutral to negative stock reaction for Direcional shares Jorel Guilloty

+55(11)3372-3522 |

following the 2Q26 operational preview (link) as a net sales miss (-6% at 100%, -13% jorel.guilloty@gs.com

Goldman Sachs do Brasil CTVM S.A.

at Direcional stake) helped drive a q/q and y/y decline in sales over supply (SoS), a

Igor Machado

similar trend to the low income homebuilders who have reported thus far (Tenda and +55(11)3372-0227 |

Cury). Two dynamics could explain the softer sales figures. First, while cancellations igor.machado@gs.comGoldman Sachs do Brasil CTVM S.A.

due to regional subsidy program constraints, particularly in Manaus in northern

Brazil, have eased, they still had an impact. Thus, despite a record R$2bn in gross

sales, net sales were R$1.7bn, implying a 15% cancellation rate. Second, the

company mentioned strong sales momentum that was impacted by the World Cup in

the last two weeks of the quarter. Similar to peers, there was a meaningful increase in

average price per unit for launches q/q, +16% overall and +15% for the core

Direcional product, a trend which could have impacted sales. The SoS figures thus

declined q/q and y/y, with 100% figures seeing a 76 and 351 bps decline

respectively. Finally, the company saw R$130 mm in cash generation (R$80 mm

operational) vs our R$125 mm expectation. The debate around Direcional has

focused on increasing sales over supply and increasing cash generation, which could

ultimately lead to dividend increases. Thus, a key question is whether this result