MRV Engenharia e Participações (MRVE3) Q2 2026 earnings summary

Executive summary

• 1H26 cash generation reached R$468.8 million, supported by Resia asset sales and Brazilian homebuilding operations.

• Brazilian real estate development achieved a 31.2% gross margin, its highest in seven years; new-sales margins approached 35%.

• 2Q26 production and net pre-sales increased year-over-year, while launch PSV declined and the production-transfer gap remained a cash-generation lever.

• Resia announced US$401 million in asset sales to support deleveraging and the planned exit from U.S. operations.

Financial highlights

• 2Q26 net operating revenue was R$2.75 billion, up 8.9% year-over-year; H1 revenue reached R$5.78 billion, up 15.7%.

• H1 gross profit was R$1.72 billion, up 18.7%; consolidated net loss narrowed to R$722 million from R$1.2 billion in H1 2025.

• Adjusted net income reached R$155 million in 2Q26 and R$288 million in 1H26, up 107.4% year-over-year for the half.

• Brazilian development gross margin excluding interest was 34.7% in 2Q26, up 1.0 percentage point year-over-year; LTM EBITDA was R$2.1 billion, up 50.6%.

• H1 cash generation was R$468.8 million; Brazilian homebuilding generated R$208.1 million, versus negative R$123.7 million in H1 2025.

Outlook and guidance

• Gross margin is expected to expand as higher-margin new sales flow through reported results.

• Cash generation is expected to accelerate, supported by asset sales, higher sales and transfers, and operational improvements.

• Memorial, with US$109 million book value, is intended for sale in 2026; Golden Glades, with US$133 million book value, is expected to generate an accounting profit upon sale.

• Closing the 1,119-unit gap between 2Q26 production and transfers is expected to unlock stronger cash generation.