Melnick closed 2025 with its best performance ever and plans to accelerate growth from 2026 onwards, driven by a new market segment in which it will operate and expansion beyond Rio Grande do Sul.
In the year in which it was finally able to hold the ceremony marking its initial public offering (IPO), since the pandemic prevented the traditional ringing of the bell that marks the start of the public offering of shares on the B3 stock exchange, the Rio Grande do Sul-based real estate developer recorded a record net profit of R$ 112 million in 2025, a 57% increase compared to 2024.
In the fourth quarter, the bottom line totaled R$ 34 million, stable year-on-year, according to the balance sheet released on Wednesday, March 18. With these results, Melnick closed last year with a return on equity (ROE) of 12.8%.
Net revenue totaled R$ 311 million in the last three months of the year and R$ 1.1 billion in the accumulated total for 2025, a decrease of 21.6% and an increase of 9%.
Speaking to NeoFeed , Melnick's CEO, Leandro Melnick, says that the 2025 figures attest to the strategy the company has been forced to adopt in recent years.
In the midst of a more complex market in Rio Grande do Sul, the company opted for conservatism in its operations and capital structure, so as not to forgo rewarding shareholders, to whom it paid a total of R$ 265 million in dividends last year.
“In these five years, despite issues that were very relevant in Porto Alegre , such as the crisis that the state went through, the flood , and the crop failures, which made the city one of the markets that suffered the most from external factors, we managed to put our strategy into action,” says Leandro.
He highlights as an example of this issue of conservatism the focus on inventory sales, which rose 57% last year and 19% in the fourth quarter. Net VSO, the ratio between net sales and supply, advanced from 10% seen in the third quarter to 18%.
This strategy ended up impacting launches. In consolidated terms, there was a 7% increase last year, to R$ 1.1 billion. But when looking specifically at operations in Porto Alegre, which still accounts for the majority of the results, launches fell by 15%, to R$ 930 million in 2025.
Despite the caution, Melnick achieved good results in the commercial area. Total net sales increased 11% compared to 2024, to R$ 927 million, and more than doubled in the fourth quarter, to R$ 325 million, indicating that the economy of Rio Grande do Sul has begun to recover and that the worst is behind them.
Even though the results are causing Melnick to resume launching projects in Porto Alegre, the company is expanding its operations beyond the segment aimed at the middle and upper classes of the capital of Rio Grande do Sul, so as not to be so dependent on the health of its main market.
One of the initiatives is entering the Minha Casa Minha Vida (My House, My Life) segment with the launch of Open Construtora at the end of last year. Focused on the third income bracket of the federal government's housing program, aimed at families with a gross monthly income between R$ 4,700 and R$ 8,600 in Porto Alegre, but with plans to eventually launch more affordable developments just above that bracket.
The company already has a sales value of approximately R$ 196 million, with two projects under construction and plans to launch another five, aiming to become the largest developer in the segment, with a sales value of around R$ 350 million per year.
In addition to being a booming market, Melnick points out that the company decided to move forward after managing to create a land bank capable of making the numbers work in the city it knows best.
“We have an equation that I really like, because these are large projects within Porto Alegre. We have a land bank contracted for the coming years, without the risk that those operating in this segment have of having the sales value divided among many cities,” he says.
Another area they intend to accelerate is partnerships with developers from other states. The first initiative took place in early 2025 with Even , to develop a high-end condominium in the Vila Madalena neighborhood of São Paulo.
In May, Melnick entered into a joint venture with Yuny to develop high-end projects in the city of São Paulo. In this case, the agreement stipulates that the São Paulo-based developer will have to offer all of its projects to Melnick on a priority basis.
These agreements ensured a 7% increase in Melnick's sales last year. Along with Open, these partnerships are seen as catalysts for future growth.
"Adding it all up, it should amount to just under R$450 million in launches from Open and launches in São Paulo, meaning that around 35% of Melnick's activity in 2025 will have occurred in new markets," says Melnick.
The start of the new expansion cycle will not cause Melnick to forgo dividend distribution, even with its investment plans. In the fourth quarter, the developer recorded net debt of R$ 408 million at the end of 2025, after recording net cash of R$ 104.5 million in the fourth quarter of 2024.
Melnick says that the debt-to-equity ratio closed the year at around 26%, and the expectation is that the cash generation projected from new projects will help reconcile investments and dividends, keeping debt under control.
“The amount of dividends we will pay going forward can be adjusted,” says Melnick. “If we manage to have good growth opportunities, we will regulate both variables [investments and dividends].”
Melnick's shares closed the trading session down 0.55%, at R$ 3.63. Over 12 months, the shares have accumulated a decline of 10.4%, bringing the market value to R$ 743.2 million.
