MRV Engenharia e Participações (MRVE3) Investor Day 2026 summary

Strategic vision and operational focus

• Geographic simplification from 130 to 80 cities, now concentrated in 28 regional hubs covering 53% of the Brazilian market, and SKU reduction from 316 to 61, driving operational efficiency and risk mitigation.

• Entering a new cycle (2026–2028) focused on operational excellence, margin expansion, and capital optimization after completing a turnaround phase.

• Strategic decision to focus exclusively on Brazil, with Resia being separated and no new projects under the current structure.

• Emphasis on asset-light operations, recurring launches, and a robust land bank managed with advanced technology; 93% of 2025 land acquisitions via swaps.

• Strong brand recognition and customer focus, with 93% brand awareness, significant digital engagement, and a mature, experienced team.

Financial guidance and performance

• 2025 guidance achieved: R$10.1B revenue, 30.4% gross margin, and R$611M net income, with gross margin at 31% in 4Q25, the highest in 26 quarters.

• Gross margin for new sales closed at 35% in Q4 2025, with a clear upward trend and ongoing margin expansion initiatives.

• Operational improvements led to a reduction in net debt/EBITDA from 6.8x in 4Q22 to 0.8x in 4Q25, and SG&A dilution to 13.9% of revenue in 2025.

• Focus on deleveraging, reducing land bank to BRL 1 billion by 2029, and optimizing capital employed through asset recycling and improved receivables management.

• No need for debt rollover in the next two years, with a simplified debt profile and improved financial predictability.

Market context and growth levers

• External environment highly favorable: Minha Casa, Minha Vida (MCMV) program improvements, increased state subsidies, and regulatory changes enabling central urban developments.

• Urban policy shifts are driving demand for centrally located affordable housing, with São Paulo as a leading example.

• Internal levers for margin expansion include cheaper land acquisition, product optimization, efficient execution, and price increases above inflation.

• Technology and data-driven management underpin land acquisition, pricing, and sales strategies, supporting recurring launches and sales over supply (VSO) growth.

• Enhanced regulatory environment and municipal incentives are enabling higher density, better locations, and improved project economics.