MRV Engenharia e Participações (MRVE3) Q1 2026 earnings summary

Executive summary

• Maintained a differentiated market position with high-quality land bank and inventory, supporting profitability and competitiveness.

• Net operating revenue grew 18% year-over-year in 1Q26, with gross margin up 1.4 p.p. and adjusted net profit reaching R$133 million.

• Operational improvements included higher production and transfers, with a strong backlog of units to be transferred into 2Q26.

• Cash generation was robust, supported by asset sales in the US and strong performance in Brazilian real estate development.

• Interim financial statements for the quarter ended March 31, 2026, reviewed by independent auditors with no material modifications required; prepared in accordance with CPC 21 (R1) and IAS 34.

Financial highlights

• Net operating revenue reached R$2.78 billion, up from R$2.28 billion year-over-year.

• Gross margin improved to 31.0%, up 1.4 p.p. from 1Q25.

• Adjusted net profit surged to R$133 million, a 640.4% increase year-over-year.

• EBITDA reached R$476 million, up 38.5% from 1Q25.

• Cash and cash equivalents increased to R$450.3 million from R$255.9 million at year-end 2025.

Outlook and guidance

• Gross margin is expected to resume quarter-over-quarter expansion from 2Q26 as inflation adjustments are incorporated.

• Cash generation projected to strengthen further with higher sales and transfers.

• Conservative approach to inflation, with provisions increased by 2 p.p. and stress tests performed.

• Management expects continued compliance with financial covenants and maintains a balanced debt profile.

• Operational and financial indicators for Urba are expected to improve in 2026.