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MRV Engenharia e Participações (MRVE3) investor relations material
MRV Engenharia e Participações Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved strong operational and financial progress in Q3 2025, with net income of R$204 million driven by higher revenue, improved gross margin, and significant EBITDA growth year-over-year.
Maintained leadership in Brazil’s affordable housing market, leveraging the Minha Casa Minha Vida program and regional subsidies, with a positive outlook supported by regulatory enhancements.
Strategic recalibration focused on core real estate business, streamlining operations, and improving efficiency after a period of over-diversification.
Unique competitive advantages include broad geographic presence, deep market knowledge, and a robust platform, with disciplined, sustainable growth.
Urba achieved a successful turnaround, now generating cash and profitability with a high-quality pipeline and asset-light model.
Financial highlights
Q3 2025 net profit reached R$204 million, up 62% from Q2 2025 and triple the prior year.
Net operating revenue for Q3 2025 was R$2.65 billion, up 4.9% sequentially and 14.7% year-over-year; 9M25 revenue totaled R$7.35 billion, up 17.6% year-over-year.
Gross margin improved to 30.7% in Q3 2025, up 0.5 p.p. from Q2 2025 and 4.1 p.p. from Q3 2024.
EBITDA for Q3 2025 was R$523 million, up 12% sequentially and 59% year-over-year; 9M25 EBITDA reached R$1.33 billion, a 390% increase year-over-year.
Net pre-sales reached R$10 billion and net revenue R$8.5 billion in 2024.
Outlook and guidance
2025 guidance: net revenue R$9.5–10.5 billion, gross margin 29–30%, net income R$650–750 million, cash generation R$500–700 million.
Expectation for Q4 2025 is for transfers to exceed production, driving stronger cash generation, though full-year cash guidance may not be met if payment bottlenecks persist.
Launches and sales in Q4 are tracking above Q3, with 2026 expected to see further growth in launches and operational strength.
Gross margin is projected to continue rising, potentially reaching 35% by late 2026 or early 2027, supported by cost control and price increases above inflation.
Strategic focus on achieving 40,000 units per year, 35% gross margin on new sales, 15% net margin, and R$10 billion net revenue.
Resia asset sales: What's the 2026 outlook?
Gross margin: How sustainable is 35% target?
Transfer backlog: When will cash generation normalize?
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Next MRV Engenharia e Participações earnings date
Q4 202510 Mar, 2026
Next MRV Engenharia e Participações earnings date
Q4 202510 Mar, 2026
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Frequently asked questions
MRV Engenharia e Participações S.A. is a real estate development company focused on the construction and sale of residential properties. The company specializes in affordable housing projects, catering primarily to middle- and low-income segments in Brazil. MRV operates across multiple cities, managing land acquisition, project development, construction, and sales through an integrated business model. The company is headquartered in Belo Horizonte, Brazil, and its shares are listed on the B3.
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