MRV Engenharia e Participações (MRVE3) Q4 2025 earnings summary

Executive summary

• FY25 net operating revenue reached R$10.1 billion, up 20%, and adjusted net profit was R$611 million; consolidated statements reported a R$1.04 billion net loss, including a Resia impairment.

• 4Q25 gross margin was 31%, the highest in 26 quarters; FY25 adjusted EBITDA rose 69.8% to R$1.94 billion.

• FY25 launches totaled R$11.537 billion, up 23.2%; net pre-sales were R$9.928 billion, up 2.2%, and production rose 12.7% to 40,128 units.

• Priorities entering 2026 include efficiency, cash generation, capital discipline and shareholder returns.

Financial highlights

• 4Q25 net operating revenue was R$2.79 billion, up 26.7% year over year; FY25 revenue was R$10.1 billion, up 20%.

• 4Q25 adjusted EBITDA was R$602 million, up 112.5% year over year; adjusted net profit was R$268 million, up 32% sequentially.

• FY25 gross margin was 30.4%, up 7.7 p.p. from 2023; SG&A/net revenue improved to 13.9% from 14.5% in 2024.

• Adjusted cash generation was R$182 million excluding credit-assignment effects; the operational presentation reported R$102.3 million for 4Q25 versus R$14.2 million in 3Q25.

• Adjusted net margin was 6.0% for FY25 and 9.6% in 4Q25.

Outlook and guidance

• FY25 revenue of R$10.1 billion and gross margin of 30.4% met or exceeded guidance; adjusted net profit of R$611 million was below the R$650–750 million range.

• 2026 priorities include improving operating efficiency and cash generation; launches and sales early in the year were stronger than a year earlier.

• Resia targets ~US$800 million in asset sales, with US$167 million sold by January 2026 and further liquidations planned from 1Q26.

• No new Resia projects are planned; asset monetization and deleveraging remain priorities.