MRV Engenharia e Participações (MRVE3) Q2 2026 earnings summary

Executive summary

• Achieved record gross margin of 31.2% in real estate development, the highest in seven years, with new sales approaching 35% margin.

• Strong cash generation of R$467 million in 1H26, driven by asset sales and improved operational results in Brazil.

• Net pre-sales reached an all-time record of R$10.3 billion LTM.

• Significant asset sales and deleveraging initiatives were executed, including major property sales by Resia and Luggo, supporting capital structure strengthening.

• Reported a consolidated net loss of R$722 million for H1 2026, an improvement from a R$1.2 billion loss in H1 2025.

Financial highlights

• Net operating revenue in H1 2026 was R$5.78 billion, up 15.7% year-over-year; LTM net revenue for real estate development reached R$10.8 billion.

• Adjusted net income for 1H26 reached R$288 million, up 107.4% year-over-year.

• Gross margin in real estate development at 31.2% in 2Q26, with new sales gross margin around 35%.

• Net pre-sales in real estate development hit R$10.3 billion LTM.

• Earnings per share: -R$1.25 in H1 2026, compared to -R$2.08 in H1 2025.

Outlook and guidance

• Gross margin is expected to converge to 35% over the next few quarters as higher-margin new sales flow through results.

• Cash generation and deleveraging are set to accelerate, supported by asset sales and operational improvements.

• Continued discipline in land acquisition and capital allocation to sustain profitability.