Melnick cuts launches and sales: BTG keeps Melnick stock neutral

Published on 10/16/2026 at 02:17 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Melnick stock posted BRL 91.2 million in third-quarter 2026 net sales. Launches fell to BRL 23 million from BRL 119 million.

Third quarter pressure and valuation

Melnick reported BRL 23 million in attributed launches on October 14, 2026.
Net sales reached BRL 91.2 million in the third quarter of 2026 versus BRL 147.4 million a year earlier.
BTG maintained a neutral rating while citing a 0.65 times price-to-book ratio.

Melnick, BRMELKACNOR8, Illustration mit AI erstellt.

Melnick (ISIN BRMELKACNOR8) reported BRL 91.2 million in net sales and BRL 23 million in attributed launches for the third quarter of 2026, down from BRL 147.4 million and BRL 119 million, respectively, a comparison reported by Reuters on October 14, 2026. The figures put sales execution and inventory absorption at the center of the stock story.

What changed in the third quarter?

The decline was broad across the operating preview. Attributed launches fell 80.7 percent from BRL 119 million in the third quarter of 2025 to BRL 23 million in the third quarter of 2026. Net sales dropped 38.1 percent from BRL 147.4 million to BRL 91.2 million over the same comparison.

Gross sales reached BRL 115.6 million in the third quarter of 2026, while deliveries represented BRL 88 million and 308 housing units. Cancellations totaled BRL 24 million, according to the Reuters report. The operating mix points to weaker launch volume and slower sales rather than a single isolated variance.

Why does valuation matter?

BTG maintained a neutral classification for Melnick in a review cited by Money Times on October 15, 2026. The bank cited a 6 percent sales-over-supply rate, compared with 10 percent a year earlier, and a 0.65 times price-to-book ratio. The same review said launches below expectations reflected a tougher environment for mid- and high-income housing, while the next quarter could bring a recovery in launches.

Operating figures set the next test

Melnick's next investor discussion will need to show whether the lower launch base can translate into better sales velocity. For the third quarter of 2026, the company delivered 308 units and BRL 88 million in attributed value, but the BRL 91.2 million net-sales figure remained below the prior-year BRL 147.4 million. That contrast gives investors a concrete measure for assessing any recovery in the operating cycle.