MRV Engenharia e Participações (MRVE3) Investor Day 2026 summary

Strategic vision and operational focus

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

• 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 efficiency and risk mitigation.

• Emphasis on asset-light strategy, reducing land bank and fixed assets, with 93% of 2025 land acquisitions via swaps to optimize capital employed.

• Strategic decision to focus exclusively on Brazil, with Resia separated and no new projects under MRV's structure.

• Strong brand recognition and customer focus, with 93% brand awareness, significant digital engagement, and 40,000 units produced annually.

Financial guidance and performance

• 2025 net operating revenue reached R$10.1 billion, above guidance midpoint; gross margin at 30.9%, with 4Q25 at 31%, the highest in 26 quarters.

• Net income (R$611 million) and cash generation (R$58 million) fell short due to production/transfer mismatch, but future cash generation expected to improve.

• Operational improvements reduced net debt/EBITDA from 6.8x in 4Q22 to 0.8x in 4Q25, with no need for debt rollover in the next two years.

• SG&A dilution to 13.9% of revenue in 2025, supporting margin expansion and ongoing efficiency.

• Deleveraging is a priority, with plans to resume dividend payouts once leverage is reduced and cash generation stabilizes.

Market context and growth opportunities

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

• Urban policy shifts are driving demand for centrally located affordable housing, unlocking new markets and boosting VSOs.

• 28 hubs are in regions growing twice as fast as the rest of the market, with a 50% average market share in these hubs.

• Technology and data-driven management underpin land acquisition, pricing, and sales strategies, supporting recurring launches and efficient production.

• Strong focus on customer experience, with NPS rising from 43 in 2019 to over 69 in 2025, and industry recognition for service quality.