MRV Engenharia e Participações (MRVE3) Corporate presentation summary

Strategic evolution and business model

• Expanded from a regional builder to a diversified housing platform with brands like Urba, Luggo, and Resia, and international operations over 46 years.

• Business cycles included rapid growth, stabilization, diversification, and a current turnaround phase focused on margin recovery and cash generation.

• Vision targets 40,000 units/year, 35% gross margin, 15% net margin, and R$10B net pre-sales by 2025.

Operational and financial performance

• Net pre-sales and launches are projected to reach R$10B and over 37,000 units in 2025, with built and transferred units stabilizing around 35,000 annually.

• Gross margin is set to recover to 31% in 4Q25 after a dip, with EBITDA expected to reach R$1.9B.

• Operational improvements have reduced net debt/EBITDA from 6.8x (4Q22) to a projected 1.0x (4Q25).

Market context and regulatory environment

• Brazil faces a 5.9M housing deficit, with housing remaining a national priority and strong government support through programs like MCMV.

• Recent MCMV changes increased price and income caps, expanded subsidies, and improved affordability, boosting demand for affordable housing.

• Regulatory modernization in major cities has enabled higher density, lower costs, and increased productivity.