Belo Horizonte, August 12th, 2026. MRV Engenharia e Participações S.A. (B3: MRVE3), the largest homebuilder in Latin America, announces its results for the second quarter of 2026.
We continue to make consistent progress in our strategy to simplify MRV&CO. We remain fully focused on the real estate development operation in Brazil, which has been posting a consistent improvement in its results, while we successfully advance our deleveraging plan through the recycling of the subsidiaries’ assets, thereby strengthening our capital structure.
At MRV Real Estate Development, reported gross margin reached 31.2% in the quarter, the highest level in the last 7 years. The gap to the gross margin of new sales, currently close to 35%, will be closed over time.
The same is seen in operating cash generation (excluding the effects of credit assignments), which has shown consistent improvement. Cash generation will accelerate over the coming quarters, driven by gross margin expansion and by the increase in units sold and transferred.
Highest level in the last 7 years. New sales already carry a margin close to 35%, and reported margin will converge to that level over time.
Our subsidiary Urba posted the best second-quarter sales volume in its history, up 50.5% versus the same period last year. This commercial success will allow Urba to accelerate its credit assignment plan and report positive cash generation in the second half.
Luggo announced the signing of an MoU for the sale of its three completed developments — fully built and at an advanced stage of lease-up — for R$ 166 million, above book value. We expect this sale to settle in the coming months and, once concluded, it will represent an important step in the simplification and deleveraging of MRV&CO.
Resia remains committed to its deleveraging plan. In June, we announced the sale of the legacy developments Ten Oaks and Rayzor Ranch for a combined US$ 139 million (R$ 709 million*), already settled in July. Subsequently, on August 6th, Resia announced Purchase and Sale Agreements for the disposal of its last legacy project, Memorial, plus five additional land plots, for a total of US$ 170 million (R$ 867 million*), with settlement expected in the coming months.
* FX rate: US$ 1 = R$ 5.10 in all conversions.
In asset sales announced in the year, which will represent R$ 1.5 billion of net debt reduction for MRV&CO.
| ADJUSTED CASH GENERATION (R$ million) | 2Q26 | 1Q26 | 2Q25 | Chg. 2Q26 x 1Q26 | Chg. 2Q26 x 2Q25 | 1H26 | 1H25 | Chg. 1H26 x 1H25 |
|---|---|---|---|---|---|---|---|---|
| MRV&CO | 70.0 | 397.0 | 138.0 | 82.4% ↓ | 49.3% ↓ | 467.0 | (243.4) | — |
| MRV Real Estate Development* | 148.7 | 117.3 | (35.9) | 26.8% ↑ | — | 266.0 | (86.7) | — |
| Urba | (47.0) | (28.6) | 17.4 | 64.0% ↓ | — | (75.6) | 48.8 | — |
| Luggo | (11.6) | (14.8) | (30.3) | 21.7% ↑ | 61.7% ↑ | (26.4) | (25.2) | 4.7% ↓ |
| Resia | 15.6 | 359.7 | 217.2 | 95.7% ↓ | 92.8% ↓ | 375.3 | (119.0) | — |
| MRV US* | (35.8) | (36.5) | (30.4) | 2.0% ↑ | 17.6% ↓ | (72.3) | (61.4) | 15.1% ↓ |
* The interest adjustment excludes MRV US CRI interest and the SWAP effect at MRV Real Estate Development and includes the CRI interest for MRV US.
Credit assignments in the quarter had a positive net impact of R$ 101.1 million on MRV Real Estate Development’s cash generation.
Strong cash generation in the half, driven by Resia’s asset sales under the deleveraging plan and by the improving results of the Brazilian real estate development operation.
We remain confident that MRV’s strategy, expressed in the two equations presented at MRV Day, is the right one:
Every area of the business works to move these variables:
In Real Estate Development, we continue to originate new land with discipline, favoring land swaps. We estimate a R$ 200 million reduction in paid land inventory in 2026. This discipline in land acquisition and land bank management will deliver higher gross margin, more efficient capital allocation and further simplification of MRV’s operation.
In Production, we turn the complexity of construction into an industrial, predictable and profitable operation. Our 28 regional hubs operate as a single platform, with standardization, linearization and operational excellence; technology, logistics, processes and global sourcing — our procurement unit in China — form a competitive edge that cannot be replicated. We build 170 apartments per business day, with internal costs running below inflation and the lowest execution risk in the industry.
apartments built per business day
Construction operating as an industry: higher productivity, shorter construction cycles and unit costs below inflation.
In Sales, selling prices continue to be adjusted at least in line with inflation, protecting gross margin. Transfers grew 19.1% versus 1Q26, but still run below the pace of production. Increasing sales and transfer volumes will be the trigger for stronger cash generation. To that end, we continue to develop Super House, our in-house sales channel, on three fronts: team, physical infrastructure and technology. Practically all volume growth will keep coming from Super House, while sales through real estate brokers remain stable. Pro soluto has come down over recent years. Looking ahead, we see opportunities to further reduce post-delivery pro soluto.
We expanded the Super House manager team from 235, on average in the second half of 2025, to 307 in June, on track to the target of 330 by December. Almost half of the team today are rookies: measured by IPG (sales per manager per month), a rookie sells 5 versus 11 for a mature manager. Closing this maturity gap, combined with investments in technology, processes and infrastructure, will drive growth in Sales.
We remain convinced that this combination of financial discipline, operational excellence and continuous innovation will set MRV&CO apart in the industry and sustain a consistent trajectory of cash generation, profitability and value creation for our shareholders.
LTM revenue, EBITDA and net income grow for the fifth consecutive quarter.
| FINANCIAL INDICATORS (R$ million) | 2Q26 | 1Q26 | 2Q25 | Chg. 2Q26 x 1Q26 | Chg. 2Q26 x 2Q25 | 1H26 | 1H25 | Chg. 1H26 x 1H25 |
|---|---|---|---|---|---|---|---|---|
| Net Revenue | 2,751 | 2,562 | 2,525 | 7.4% ↑ | 8.9% ↑ | 5,313 | 4,704 | 12.9% ↑ |
| Gross Profit | 858 | 793 | 762 | 8.1% ↑ | 12.5% ↑ | 1,651 | 1,406 | 17.4% ↑ |
| Gross Margin | 31.2% | 31.0% | 30.2% | 0.2 p.p. ↑ | 1.0 p.p. ↑ | 31.1% | 29.9% | 1.2 p.p. ↑ |
| Gross Margin (ex-interest) | 34.7% | 34.3% | 33.7% | 0.5 p.p. ↑ | 1.0 p.p. ↑ | 34.5% | 33.3% | 1.2 p.p. ↑ |
| Selling Expenses | (258) | (245) | (235) | 5.4% ↑ | 9.9% ↑ | (504) | (471) | 6.9% ↑ |
| General and Administrative Expenses | (130) | (121) | (124) | 8.1% ↑ | 5.3% ↑ | (251) | (242) | 3.8% ↑ |
| Adjusted Financial Result* | (130) | (120) | (125) | 8.5% ↓ | 4.7% ↓ | (251) | (262) | 4.5% ↑ |
| Adjusted Net Income attributable to Shareholders* | 155 | 133 | 121 | 16.5% ↑ | 28.2% ↑ | 288 | 139 | 107.4% ↑ |
| Adjusted Net Margin | 5.6% | 5.2% | 4.8% | 0.4 p.p. ↑ | 0.8 p.p. ↑ | 5.4% | 2.9% | 2.5 p.p. ↑ |
* The adjustment excludes the effects of equity swap, mark-to-market of debt, gain (loss) on cash flow swap and derecognition of the assigned portfolio; it also excludes interest on the corporate debt raised to amortize MRV US’s Loan Agreement.
In 2Q26, we chose to accelerate cancellations for Flex (direct financing) and FB (traditional bank financing) customers with weaker financial profiles and higher delinquency, which had a slightly negative impact on gross margin progression in the quarter.
| OTHER INDICATORS | 2Q26 | 1Q26 | 2Q25 | Chg. 2Q26 x 1Q26 | Chg. 2Q26 x 2Q25 | 1H26 | 1H25 | Chg. 1H26 x 1H25 |
|---|---|---|---|---|---|---|---|---|
| Cash Generation* | 148.7 | 117.3 | (35.9) | 26.8% ↑ | — | 266.0 | (86.7) | — |
| Adjusted ROE (LTM) | 16.0% | 15.5% | 5.8% | 0.5 p.p. ↑ | 10.2 p.p. ↑ | 16.0% | 5.8% | 10.2 p.p. ↑ |
| Revenue to be Recognized | 4,323 | 4,289 | 4,458 | 0.8% ↑ | 3.0% ↓ | 4,323 | 4,458 | 3.0% ↓ |
| REF | 1,902 | 1,885 | 1,944 | 0.9% ↑ | 2.1% ↓ | 1,902 | 1,944 | 2.1% ↓ |
| REF Margin | 44.0% | 44.0% | 43.6% | 0.0 p.p. ↑ | 0.4 p.p. ↑ | 44.0% | 43.6% | 0.4 p.p. ↑ |
| Net Debt / Equity** | 39.2% | 39.9% | 42.2% | 0.7 p.p. ↓ | 3.1 p.p. ↓ | 39.2% | 42.2% | 3.1 p.p. ↓ |
* The adjustment excludes the corporate debt raised to amortize MRV US’s Loan Agreement, matured and paid in 1Q25.
** The equity adjustment includes the capital contribution made to MRV US to pay interest on this Loan Agreement.
MRV Real Estate Development continues to improve its operating cash generation (excluding the effects of credit assignments) every quarter. From 1Q25 to 2Q26, the LTM measure advanced R$ 866 million and returned to positive territory.
| OPERATIONAL INDICATORS (%MRV) | 2Q26 | 1Q26 | 2Q25 | Chg. 2Q26 x 1Q26 | Chg. 2Q26 x 2Q25 | 1H26 | 1H25 | Chg. 1H26 x 1H25 |
|---|---|---|---|---|---|---|---|---|
| Land Bank | ||||||||
| PSV (R$ billion) | 40.9 | 41.4 | 43.9 | 1.1% ↓ | 6.8% ↓ | 40.9 | 43.9 | 6.8% ↓ |
| Launches | ||||||||
| PSV (R$ million) | 2,953 | 2,915 | 3,449 | 1.3% ↑ | 14.4% ↓ | 5,867 | 6,337 | 7.4% ↓ |
| Units | 10,679 | 10,386 | 12,252 | 2.8% ↑ | 12.8% ↓ | 21,064 | 23,089 | 8.8% ↓ |
| Average Price (R$ thousand) | 277 | 281 | 281 | 1.5% ↓ | 1.8% ↓ | 279 | 274 | 1.5% ↑ |
| Net pre-sales | ||||||||
| PSV (R$ million) | 2,748 | 2,469 | 2,657 | 11.3% ↑ | 3.4% ↑ | 5,218 | 4,824 | 8.2% ↑ |
| Units | 10,148 | 9,141 | 9,922 | 11.0% ↑ | 2.3% ↑ | 19,290 | 18,300 | 5.4% ↑ |
| Average Price (R$ thousand) | 271 | 270 | 268 | 0.3% ↑ | 1.1% ↑ | 270 | 264 | 2.6% ↑ |
| Net SoS | ||||||||
| Launches (Module) | 23.3% | 21.5% | 24.4% | 1.7 p.p. ↑ | 1.1 p.p. ↓ | 36.2% | 36.5% | 0.3 p.p. ↓ |
| Transfers | ||||||||
| Units | 9,803 | 8,229 | 9,023 | 19.1% ↑ | 8.6% ↑ | 18,032 | 16,202 | 11.3% ↑ |
| Sales with direct financing | ||||||||
| Units | 618 | 675 | 909 | 8.5% ↓ | 32.0% ↓ | 1,294 | 1,563 | 17.2% ↓ |
| Production | ||||||||
| Units | 10,922 | 9,747 | 9,872 | 12.1% ↑ | 10.6% ↑ | 20,669 | 19,326 | 6.9% ↑ |
In 2Q26, selling prices for the same product mix rose in line with inflation.
Sales volume in the segments above the MCMV program declined in the quarter, which pushed the consolidated indicator up 0.3%.
| AVERAGE PRICE AND MIX BY GROUP (%MRV) | 2Q26 | 1Q26 | 4Q25 | Chg. price 2Q26 x 1Q26 | Chg. price 2Q26 x 4Q25 | |||
|---|---|---|---|---|---|---|---|---|
| Average price (R$ thousand) | % of volume | Average price (R$ thousand) | % of volume | Average price (R$ thousand) | % of volume | |||
| MCMV · Minha Casa Minha Vida | 257 | 89% | 251 | 86% | 246 | 84% | 2.3% ↑ | 4.5% ↑ |
| SBPE and Flex (segments above the program) | 392 | 11% | 384 | 14% | 358 | 16% | 2.1% ↑ | 9.4% ↑ |
| Total | 271 | 100% | 270 | 100% | 263 | 100% | 0.3% ↑ | 2.8% ↑ |
Closing the gap between transfers and production will be the trigger for strong cash generation.
Cash generation will be boosted by sales with a higher PoC.
| PRO SOLUTO PORTFOLIO BREAKDOWN (R$ million) | Jun/26 | Mar/26 | Jun/25 | Chg. Jun/26 x Mar/26 | Chg. Jun/26 x Jun/25 |
|---|---|---|---|---|---|
| Pro Soluto Portfolio | 3,631 | 3,605 | 3,829 | 0.7% ↑ | 5.2% ↓ |
| After delivery of keys | 1,959 | 1,979 | 1,969 | 1.0% ↓ | 0.5% ↓ |
| Before delivery of keys | 1,672 | 1,626 | 1,860 | 2.8% ↑ | 10.1% ↓ |
| (-) Pro Soluto assigned under Credit Assignment Liability | 1,265 | 1,252 | 1,665 | 1.0% ↑ | 24.0% ↓ |
| Net Pro Soluto Portfolio | 2,366 | 2,353 | 2,163 | 0.5% ↑ | 9.3% ↑ |
| DIRECT FINANCING PORTFOLIO BREAKDOWN (R$ million) | Jun/26 | Mar/26 | Jun/25 | Chg. Jun/26 x Mar/26 | Chg. Jun/26 x Jun/25 |
|---|---|---|---|---|---|
| Direct Financing Portfolio | 2,710 | 2,678 | 2,260 | 1.2% ↑ | 19.9% ↑ |
| After delivery of keys | 2,302 | 2,198 | 1,742 | 4.7% ↑ | 32.1% ↑ |
| Before delivery of keys | 408 | 480 | 518 | 15.0% ↓ | 21.2% ↓ |
| (-) Direct Financing Portfolio under Credit Assignment Liability | 2,644 | 2,483 | 1,869 | 6.5% ↑ | 41.5% ↑ |
| Net Direct Financing Portfolio | 66 | 195 | 391 | 66.3% ↓ | 83.2% ↓ |
Net portfolio = gross portfolio less the assigned share recorded under credit assignment liability.
Urba posted the highest second-quarter sales volume in its history: R$ 127 million, up 50.5% versus 2Q25, with 935 units sold.
Urba’s operation will be funded by credit assignments and does not depend on corporate debt to be executed, which will allow it to report positive cash generation as early as the second half.
| FINANCIAL INDICATORS (R$ million) | 2Q26 | 1Q26 | 2Q25 | Chg. 2Q26 x 1Q26 | Chg. 2Q26 x 2Q25 | 1H26 | 1H25 | Chg. 1H26 x 1H25 |
|---|---|---|---|---|---|---|---|---|
| Net Revenue | 118 | 56 | 83 | 110.1% ↑ | 43.6% ↑ | 175 | 139 | 26.1% ↑ |
| Gross Profit | 56 | 27 | 41 | 110.4% ↑ | 36.2% ↑ | 83 | 66 | 25.6% ↑ |
| Gross Margin | 47.3% | 47.3% | 49.9% | 0.0 p.p. ↑ | 2.6 p.p. ↓ | 47.3% | 47.5% | 0.2 p.p. ↓ |
| Gross Margin (ex-interest) | 49.1% | 51.1% | 52.8% | 2.1 p.p. ↓ | 3.7 p.p. ↓ | 49.7% | 51.5% | 1.7 p.p. ↓ |
| Selling Expenses | (11.5) | (8.8) | (9.5) | 30.2% ↑ | 20.6% ↑ | (20.3) | (16.8) | 21.4% ↑ |
| General and Administrative Expenses | (8.8) | (7.6) | (6.5) | 16.0% ↑ | 34.5% ↑ | (16.4) | (12.7) | 29.7% ↑ |
| Financial Result | (27.8) | (19.4) | (12.6) | 42.9% ↓ | 121.0% ↓ | (47.2) | (21.1) | 123.5% ↓ |
| Net Income attributable to Shareholders | 0.8 | (13.4) | 5.6 | — | 85.8% ↓ | (12.6) | 0.0 | — |
| Net Margin | 0.7% | -23.8% | 6.8% | 24.5 p.p. ↑ | 6.2 p.p. ↓ | -7.2% | 0.0% | 7.2 p.p. ↓ |
| Operational indicators (100%) | ||||||||
| Land Bank | ||||||||
| PSV (R$ billion) | 5.4 | 5.0 | 4.9 | 7.9% ↑ | 9.3% ↑ | 5.4 | 4.9 | 9.3% ↑ |
| Units | 32,303 | 30,721 | 31,869 | 5.1% ↑ | 1.4% ↑ | 32,303 | 31,869 | 1.4% ↑ |
| Average Price (R$ thousand) | 167 | 162 | 155 | 2.6% ↑ | 7.8% ↑ | 167 | 155 | 7.8% ↑ |
| Net pre-sales | ||||||||
| PSV (R$ million) | 127 | 29 | 84 | 339.0% ↑ | 50.5% ↑ | 155 | 146 | 6.6% ↑ |
| Units | 935 | 162 | 504 | 477.2% ↑ | 85.5% ↑ | 1,097 | 961 | 14.2% ↑ |
| Average Price (R$ thousand) | 135 | 178 | 167 | 23.9% ↓ | 18.8% ↓ | 142 | 152 | 6.6% ↓ |
| Other indicators | ||||||||
| Cash Generation | (47.0) | (28.6) | 17.4 | 64.3% ↓ | — | (75.7) | 48.8 | — |
| REF | 96 | 79 | 90 | 22.4% ↑ | 7.7% ↑ | 96 | 90 | 7.7% ↑ |
| REF Margin | 44.7% | 46.1% | 45.4% | 1.4 p.p. ↓ | 0.7 p.p. ↓ | 44.7% | 45.4% | 0.7 p.p. ↓ |
| Net Debt / Equity | 218.0% | 172.5% | 143.9% | 45.5 p.p. ↑ | 74.1 p.p. ↑ | 218.0% | 143.9% | 74.1 p.p. ↑ |
In line with MRV&CO’s overall deleveraging strategy, on July 15th Luggo announced the signing of a Memorandum of Understanding with Mauá Capital Real Estate for the sale of a portfolio of three residential assets, fully built and at an advanced stage of lease-up.
The transaction totals R$ 166 million and will result in significant cash generation. Following the transaction, Luggo will carry on with its asset management operation, with no other completed or under-construction developments at this time, given the current interest rate environment.
| FINANCIAL INDICATORS (R$ million) | 2Q26 | 1Q26 | 2Q25 | Chg. 2Q26 x 1Q26 | Chg. 2Q26 x 2Q25 | 1H26 | 1H25 | Chg. 1H26 x 1H25 |
|---|---|---|---|---|---|---|---|---|
| Net Revenue | 9.6 | 10.1 | 9.5 | 5.4% ↓ | 1.4% ↑ | 19.7 | 26.6 | 25.8% ↓ |
| Gross Profit | 1.4 | (0.5) | 3.9 | — | 63.1% ↓ | 0.9 | 10.9 | 91.4% ↓ |
| SG&A | (6.3) | (6.6) | (5.9) | 3.7% ↓ | 6.4% ↑ | (12.9) | (12.5) | 3.4% ↑ |
| Other Operating (Expenses) Income | (2.4) | (4.9) | (8.0) | 50.6% ↑ | 69.8% ↑ | (7.3) | (8.1) | 10.4% ↑ |
| Financial Result | (2.0) | (1.8) | (8.9) | 12.8% ↓ | 77.8% ↑ | (3.7) | (12.6) | 70.4% ↑ |
| Net Income attributable to Shareholders | (9.9) | (14.0) | (19.0) | 29.4% ↑ | 47.8% ↑ | (23.9) | (22.4) | 7.0% ↓ |
| Other indicators | ||||||||
| Cash Generation | (11.6) | (14.8) | (30.3) | 21.7% ↑ | 61.7% ↑ | (26.4) | (25.2) | 4.7% ↓ |
We are maintaining the strategy of accelerated sales of Resia’s developments, even ahead of stabilization, to deliver strong cash generation for MRV&CO.
Once Resia’s assets are settled and the corresponding deleveraging is completed, MRV&CO will no longer have any operation in the United States.
In recent days, Resia entered into individual Purchase and Sale Agreements for the sale of its last legacy project, Memorial, in Atlanta, and of five land plots, for a total of US$ 170 million. We decided to sell Memorial ahead of its stabilization and the land plots below book cost, without recovering capitalized interest and project expenses.
These transactions will represent: (i) a US$ 141 million reduction in debt (R$ 719 million); (ii) a US$ 27 million reduction in non-controlling interests (R$ 138 million); and (iii) a US$ 61 million impairment in 2Q26.
Together with the sales already announced in the year, the total net debt reduction will be US$ 290 million (R$ 1.5 billion): US$ 62 million received in 1Q26, US$ 87 million received in 3Q26 and US$ 141 million to be received over the coming months.
Although some signs of improvement are already visible in the US multifamily market, we remain committed to the strategy of prioritizing deleveraging and reducing financial risk. We believe a stronger capital structure is the foundation for more consistent and sustainable long-term value creation.
Transactions subject to confirmatory due diligence and to the buyers obtaining financing, with completion expected over the coming months. FX rate: US$ 1 = R$ 5.10.
≈ R$ 1.5 billion reduction in total net debt, between amounts already received and receivable.
| FINANCIAL INDICATORS (US$ million) | 2Q26 | 1Q26 | 2Q25 | Δ q/q | Δ y/y | 1H26 | 1H25 | Δ h/h |
|---|---|---|---|---|---|---|---|---|
| Gross Profit | (1.8) | (0.6) | (1.8) | 211.3% ↓ | 1.0% ↓ | (2.4) | (5.5) | 56.2% ↓ |
| SG&A | (3.3) | (2.9) | (4.0) | 11.0% ↑ | 18.1% ↓ | (6.2) | (8.0) | 22.7% ↓ |
| Other Operating (Expenses) Income | (112.7) | (6.3) | (153.6) | 1689.3% ↑ | 26.6% ↓ | (119.1) | (190.4) | 37.5% ↓ |
| Resia Financial Result | (6.4) | (6.8) | (7.2) | 5.3% ↑ | 11.1% ↓ | (13.2) | (13.4) | 1.5% ↑ |
| Resia Net Income attributable to Shareholders | (117.4) | (15.8) | (141.1) | 642.0% ↓ | 16.8% ↑ | (133.2) | (186.7) | 28.7% ↑ |
| MRV US Financial Result* | (6.8) | (7.0) | (4.2) | 2.4% ↑ | 62.1% ↓ | (13.8) | (8.1) | 71.2% ↓ |
| MRV US Net Income attributable to Shareholders* | (124.2) | (22.8) | (145.3) | 444.3% ↓ | 14.6% ↑ | (147.0) | (194.8) | 24.5% ↑ |
* The adjustment includes interest on the corporate debt raised to amortize MRV US’s Loan Agreement.
Resia’s result was negatively impacted by US$ 110 million of impairments on assets in the process of being sold, in the quarter as a whole.
| NET DEBT (R$ million) | Jun/26 | mar/26 | jun/25 | Chg. Jun/26 x Mar/26 | Chg. Jun/26 x Jun/25 |
|---|---|---|---|---|---|
| Brazil Operation | |||||
| Total Debt* | 6,133 | 5,736 | 5,369 | 6.9% ↑ | 14.2% ↑ |
| (−) Cash and Cash Equivalents and Securities | (3,678) | (3,263) | (2,976) | 12.7% ↑ | 23.6% ↑ |
| (+/−) Derivative Financial Instruments | 17 | 19 | 60 | 12.0% ↓ | 72.1% ↓ |
| Net Debt* | 2,472 | 2,492 | 2,454 | 0.8% ↓ | 0.7% ↑ |
| Total Shareholders’ Equity** | 5,990 | 6,045 | 5,764 | 0.9% ↓ | 3.9% ↑ |
| Net Debt / Total Equity | 41.3% | 41.2% | 42.6% | 0.0 p.p. ↑ | 1.3 p.p. ↓ |
| Annualized EBITDA | 2,288 | 1,910 | 1,931 | 19.8% ↑ | 18.5% ↑ |
* The adjustment disregards the corporate debt (28th debenture issue — 358th CRI) raised to amortize MRV US’s Loan Agreement, matured and paid in 1Q25. Does not consider funding costs.
** The equity adjustment considers the capital contribution made to MRV US, funded by the corporate debt (28th debenture issue — 358th CRI), used to pay the Loan Agreement.
* Does not consider funding costs.
| BRAZIL OPERATION DEBT (R$ million) | Outstanding Balance Jun/26 | Outstanding Balance / Total (%) | Average Cost |
|---|---|---|---|
| Corporate Debt* | 3,978 | 64.0% | CDI − 0.26% |
| Corporate Debt (CDI) | 1,370 | 22.0% | CDI + 1.22% |
| Corporate Debt (IPCA) | 2,364 | 38.0% | IPCA + 6.46% |
| Corporate Debt (Fixed rate) | 244 | 3.9% | 12.62% |
| Construction Financing (FGTS) | 997 | 16.0% | TR + 8.30% |
| Construction Financing (SBPE) | 553 | 8.9% | CDI + 0.48% |
| Construction Financing (Finame) | 687 | 11.1% | TJLP + 1.93% |
| Total | 6,215 | 100% | 13.59% (95.17% CDI) |
* The adjustment excludes the corporate debt raised to amortize MRV US’s Loan Agreement, matured and paid in 1Q25.
(Net debt + land payables) / total equity, as defined in the indentures.
Record headroom in receivables coverage over debt, as defined in the indentures.
equivalent to 95.17% of CDI, with an extended maturity schedule.
| NET DEBT (US$ million) | Jun/26 | mar/26 | jun/25 | Chg. Jun/26 x Mar/26 | Chg. Jun/26 x Jun/25 |
|---|---|---|---|---|---|
| US Operation (US$) | |||||
| Total Debt* | 713 | 707 | 717 | 0.9% ↑ | 0.5% ↓ |
| (−) Cash and Cash Equivalents and Securities | (45) | (31) | (28) | 47.6% ↑ | 59.3% ↑ |
| Net Debt* | 668 | 676 | 688 | 1.2% ↓ | 3.0% ↓ |
| Total Shareholders’ Equity** | (153) | (32) | 61 | 384.5% ↑ | 352.2% ↓ |
* The adjustment includes the corporate debt raised to amortize MRV US’s Loan Agreement, matured and paid in 1Q25.
** The equity adjustment excludes the capital contribution made to MRV US to pay interest on the Loan Agreement.
* Does not consider funding costs.
** Construction financing will be amortized with the sales of the respective projects. These debts may have their maturities extended.
| US OPERATION DEBT | Outstanding Balance Jun/26 · US$ million | Average cost (p.a.) |
|---|---|---|
| Construction Financing | 309 | 6.91% |
| Corporate Debt* | 411 | 9.02% |
| Total | 719 | 8.11% |
* The adjustment includes the corporate debt raised to amortize MRV US’s Loan Agreement.
Construction financing at 6.91% and corporate debt at 9.02% per year, on US$ 719 million of outstanding balance.
Tables from the official release recreated as native content. Each block keeps the original image for cross-checking. Click any table to enlarge.
| CASH GENERATION ADJUSTMENT (R$ thousand) | 2Q26 | 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 |
|---|---|---|---|---|---|---|
| MRV Real Estate Development | 122,565 | 87,025 | 79,958 | (19,641) | (55,069) | (68,611) |
| (-) SWAP Effect | (2,319) | (5,357) | (5,466) | (8,325) | 3,830 | 4,426 |
| (-) CRI interest for Loan Agreement payment (MRV US) | (23,866) | (24,900) | (24,337) | (25,484) | (22,997) | (22,252) |
| (=) Adjusted Cash Generation (ex SWAP and CRI MRV US) | 148,750 | 117,282 | 109,760 | 14,168 | (35,902) | (50,785) |
| (-) Net Effect of Credit Assignment | (101,109) | (102,638) | 71,897 | (12,244) | (47,012) | (76,886) |
| Adjusted Cash Generation | 47,641 | 14,644 | 181,657 | 1,924 | (82,914) | (127,671) |
| NET INCOME ADJUSTMENT (R$ thousand) | 2Q26 | 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 |
|---|---|---|---|---|---|---|
| Net Income Attributable to Shareholders (adjusted) | 154,734 | 132,812 | 268,396 | 204,033 | 120,689 | 17,963 |
| SWAP Effect¹ | 86,845 | 9,002 | 21,420 | (6,722) | (21,873) | 30,980 |
| Net Effect of Off-Balance Assignment | 44,594 | 54,264 | 53,720 | 30,823 | 31,223 | 34,833 |
| CRI interest for Loan Agreement payment (MRV US) | 23,866 | 24,900 | 24,337 | 25,484 | 22,997 | 22,252 |
| Net Income Attributable to Shareholders | (571) | 44,646 | 168,919 | 154,448 | 88,342 | (70,102) |
¹ Buyback of the Company’s shares (MRVE3) through a derivative financial instrument (total return swap), carried out in 2Q25 and 4Q25.
| MRV&CO RESULTS · Amounts in R$ thousand | 2Q26 | 1Q26 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MRV (Real Estate Dev.) | Urba (Land Development) | Luggo (Rental) | Resia (MRV US) (US Rental) | Consolidated MRV&Co | MRV (Real Estate Dev.) | Urba (Land Development) | Luggo (Rental) | Resia (MRV US) (US Rental) | Consolidated MRV&Co | |
| Net revenue | 2,750,743 | 118,486 | 9,600 | 120,689 | 2,999,518 | 2,561,926 | 56,386 | 10,145 | 147,740 | 2,776,197 |
| Cost of properties sold and services rendered | (1,893,193) | (62,399) | (8,160) | (129,906) | (2,093,658) | (1,768,466) | (29,723) | (10,645) | (150,862) | (1,959,696) |
| Gross profit | 857,549 | 56,088 | 1,440 | (9,217) | 905,860 | 793,459 | 26,664 | (500) | (3,122) | 816,501 |
| Gross Margin | 31.2% | 47.3% | 15.0% | -7.6% | 30.2% | 31.0% | 47.3% | -4.9% | -2.1% | 29.4% |
| Gross Margin ex-interest | 34.7% | 49.1% | 15.0% | -7.6% | 33.5% | 34.3% | 51.1% | -4.9% | -2.1% | 32.5% |
| Operating income (expenses) | (462,177) | (22,742) | (8,730) | (594,446) | (1,088,095) | (444,535) | (18,380) | (11,438) | (48,460) | (522,813) |
| Selling Expenses | (258,480) | (11,509) | (3,157) | - | (273,146) | (245,322) | (8,837) | (3,714) | (15) | (257,888) |
| Selling Expenses / Net Revenue | 9.4% | 9.7% | 32.9% | 0.0% | 9.1% | 9.6% | 15.7% | 36.6% | 0.0% | 9.3% |
| General and Administrative Expenses | (130,409) | (8,809) | (3,168) | (16,496) | (158,882) | (120,582) | (7,596) | (2,856) | (15,443) | (146,477) |
| G&A / Net Revenue | 4.7% | 7.4% | 33.0% | 13.7% | 5.3% | 4.7% | 13.5% | 28.2% | 10.5% | 5.3% |
| Other operating income (expenses) | (34,142) | (1,203) | (2,405) | (577,950) | (615,700) | (41,113) | (1,276) | (4,868) | (33,002) | (80,259) |
| Equity in income of investees | (39,146) | (1,221) | - | - | (40,367) | (37,519) | (670) | - | - | (38,189) |
| Operating income before financial result | 395,372 | 33,346 | (7,290) | (603,663) | (182,235) | 348,924 | 8,284 | (11,938) | (51,582) | 293,688 |
| Financial result | (319,789) | (27,751) | (1,982) | (43,676) | (393,198) | (238,053) | (19,418) | (1,757) | (47,458) | (306,686) |
| Financial Expenses | (476,817) | (42,031) | (2,222) | (44,234) | (565,304) | (359,507) | (28,700) | (2,081) | (48,172) | (438,460) |
| Financial Income | 92,767 | 5,964 | 240 | 558 | 99,529 | 77,237 | 5,170 | 324 | 714 | 83,445 |
| Financial Income from customers¹ | 64,261 | 8,316 | - | - | 72,577 | 44,216 | 4,113 | - | - | 48,329 |
| Income before income taxes | 75,583 | 5,595 | (9,272) | (647,339) | (575,433) | 110,871 | (11,134) | (13,695) | (99,040) | (12,998) |
| Income tax and social contribution | (65,176) | (4,511) | (637) | - | (70,324) | (60,449) | (2,474) | (343) | - | (63,266) |
| Net Income for the Period | 10,407 | 1,084 | (9,909) | (647,339) | (645,757) | 50,422 | (13,608) | (14,038) | (99,040) | (76,264) |
| Income attributable to non-controlling interests | 10,985 | 281 | - | (30,394) | (19,128) | 5,775 | (180) | - | (4,202) | 1,393 |
| Net Income attributable to the Company’s Shareholders | (578) | 803 | (9,909) | (616,945) | (626,629) | 44,646 | (13,427) | (14,038) | (94,838) | (77,657) |
| Net Margin | 0.0% | 0.7% | -103.2% | -511.2% | -20.9% | 1.7% | -23.8% | -138.4% | -64.2% | -2.8% |
| Adjusted Net Income attributable to Shareholders* | 154,727 | 803 | (9,909) | (71,825)² | 73,796 | 132,812 | (13,427) | (14,038) | (119,738)² | (14,391) |
| Adjusted Net Margin | 5.6% | 0.7% | -103.2% | -59.5% | 2.5% | 5.2% | -23.8% | -138.4% | -81.0% | -0.5% |
| MRV&CO RESULTS · Amounts in R$ thousand | 1H26 | 1H25 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MRV (Real Estate Dev.) | Urba (Land Development) | Luggo (Rental) | Resia (MRV US) (US Rental) | Consolidated MRV&Co | MRV (Real Estate Dev.) | Urba (Land Development) | Luggo (Rental) | Resia (MRV US) (US Rental) | Consolidated MRV&Co | |
| Net revenue | 5,312,669 | 174,872 | 19,745 | 268,429 | 5,775,715 | 4,704,185 | 138,728 | 26,622 | 122,495 | 4,992,030 |
| Cost of properties sold and services rendered | (3,661,660) | (92,121) | (18,805) | (280,768) | (4,053,354) | (3,297,770) | (72,834) | (15,703) | (154,741) | (3,541,048) |
| Gross profit | 1,651,009 | 82,751 | 940 | (12,339) | 1,722,361 | 1,406,414 | 65,895 | 10,919 | (32,246) | 1,450,982 |
| Gross Margin | 31.1% | 47.3% | 4.8% | -4.6% | 29.8% | 29.9% | 47.5% | 41.0% | -26.3% | 29.1% |
| Gross Margin ex-interest | 34.5% | 49.7% | 4.8% | -4.6% | 33.0% | 33.3% | 51.5% | 41.0% | -25.8% | 32.4% |
| Operating income (expenses) | (906,715) | (41,121) | (20,168) | (642,906) | (1,610,910) | (851,753) | (31,878) | (20,583) | (1,110,345) | (2,014,559) |
| Selling Expenses | (503,803) | (20,346) | (6,871) | (15) | (531,035) | (471,391) | (16,759) | (5,549) | (365) | (494,064) |
| Selling Expenses / Net Revenue | 9.5% | 11.6% | 34.8% | 0.0% | 9.2% | 10.0% | 12.1% | 20.8% | 0.3% | 9.9% |
| General and Administrative Expenses | (250,991) | (16,405) | (6,024) | (31,939) | (305,359) | (241,861) | (12,651) | (6,916) | (46,057) | (307,485) |
| G&A / Net Revenue | 4.7% | 9.4% | 30.5% | 11.9% | 5.3% | 5.1% | 9.1% | 26.0% | 37.6% | 6.2% |
| Other operating income (expenses) | (75,256) | (2,479) | (7,273) | (610,952) | (695,960) | (79,237) | (1,273) | (8,118) | (1,063,923) | (1,152,551) |
| Equity in income of investees | (76,664) | (1,892) | - | - | (78,556) | (59,265) | (1,194) | - | - | (60,459) |
| Operating income before financial result | 744,294 | 41,630 | (19,228) | (655,245) | 111,451 | 554,661 | 34,017 | (9,664) | (1,142,591) | (563,577) |
| Financial result | (557,844) | (47,168) | (3,739) | (91,134) | (699,885) | (441,543) | (21,106) | (12,630) | (77,019) | (552,298) |
| Financial Expenses | (836,326) | (70,730) | (4,303) | (92,406) | (1,003,765) | (689,636) | (48,241) | (13,113) | (78,754) | (829,744) |
| Financial Income | 170,005 | 11,133 | 564 | 1,272 | 182,974 | 165,064 | 12,449 | 483 | 1,735 | 179,731 |
| Financial Income from customers¹ | 108,477 | 12,429 | - | - | 120,906 | 83,030 | 14,685 | - | - | 97,715 |
| Income before income taxes | 186,451 | (5,539) | (22,967) | (746,379) | (588,434) | 113,118 | 12,911 | (22,294) | (1,219,610) | (1,115,875) |
| Income tax and social contribution | (125,625) | (6,985) | (980) | - | (133,590) | (78,814) | (6,267) | (83) | - | (85,164) |
| Net Income for the Period | 60,826 | (12,524) | (23,947) | (746,379) | (722,024) | 34,304 | 6,644 | (22,377) | (1,219,610) | (1,201,039) |
| Income attributable to non-controlling interests | 16,761 | 101 | - | (34,596) | (17,734) | 16,067 | 6,615 | - | (53,050) | (30,368) |
| Net Income attributable to the Company’s Shareholders | 44,065 | (12,625) | (23,947) | (711,783) | (704,290) | 18,237 | 29 | (22,377) | (1,166,560) | (1,170,671) |
| Net Margin | 0.8% | -7.2% | -121.3% | -265.2% | -12.2% | 0.4% | 0.0% | -84.1% | -952.3% | -23.5% |
| Adjusted Net Income attributable to Shareholders* | 287,535 | (12,625) | (23,947) | (191,563)² | 59,401 | 138,649 | 29 | (22,377) | (208,689)² | (92,388) |
| Adjusted Net Margin | 5.4% | -7.2% | -121.3% | -71.4% | 1.0% | 2.9% | 0.0% | -84.1% | -170.4% | -1.9% |
¹ Financial income from customers of real estate development.
* Under the MRV Real Estate Development view, the adjustment excludes the effects of equity swap, mark-to-market of debt, gain (loss) on cash flow swap and derecognition of the assigned portfolio, and interest on the corporate debt raised to amortize the Loan Agreement, allocated to MRV US’s results.
² Under the MRV US view, the adjustment includes interest on the corporate debt raised to amortize the Loan Agreement and excludes the impairment of the assets.
Note: Group results are presented by corporate entity, not by operating segment as shown in Explanatory Note 21 – Segment Information. All figures were rounded to the nearest thousand. When compared with the financial statements they may show differences due to decimal places.
| CONSOLIDATED · R$ million | 2Q26 | 1Q26 | 2Q25 | Chg. 2Q26 x 1Q26 | Chg. 2Q26 x 2Q25 | 1H26 | 1H25 | Chg. 1H26 x 1H25 |
|---|---|---|---|---|---|---|---|---|
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||||
| Net Income for the Period | (646) | (76) | (838) | 746.7% ↓ | 23.0% ↑ | (722) | (1,201) | 39.9% ↑ |
| Adjustments to reconcile net income to cash used in operating activities | 1,209 | 586 | 1,395 | 106.2% ↑ | 13.3% ↓ | 1,795 | 2,140 | 16.1% ↓ |
| (Increase) decrease in operating assets | (143) | (465) | (442) | 69.3% ↑ | 67.7% ↑ | (608) | (965) | 36.9% ↑ |
| Increase (decrease) in operating liabilities | 66 | 113 | 242 | 41.6% ↓ | 72.6% ↓ | 180 | 403 | 55.5% ↓ |
| Interest paid during the period | (22) | (21) | (17) | 4.9% ↓ | 31.9% ↓ | (43) | (39) | 10.5% ↓ |
| Income tax and social contribution paid during the period | (59) | (58) | (41) | 2.2% ↓ | 44.9% ↓ | (117) | (79) | 47.9% ↓ |
| Property maintenance carried out | (26) | (24) | (25) | 8.5% ↓ | 4.1% ↓ | (50) | (47) | 6.7% ↓ |
| Amounts paid for civil, labor and tax risks | (33) | (32) | (34) | 3.0% ↓ | 3.2% ↑ | (64) | (63) | 2.3% ↓ |
| Net cash (used in) provided by operating activities | 347 | 24 | 240 | 1365.5% ↑ | 44.2% ↑ | 370 | 150 | 146.6% ↑ |
| CASH FLOW FROM INVESTING ACTIVITIES | ||||||||
| Decrease (increase) in securities | (439) | 362 | 165 | - | - | (76) | 953 | - |
| Advances to related parties | (28) | (12) | (5) | 142.1% ↓ | 470.2% ↓ | (40) | (16) | 147.8% ↓ |
| Receipts from related parties | 10 | 7 | 3 | 41.1% ↑ | 222.8% ↑ | 18 | 13 | 42.5% ↑ |
| Decrease (acquisition/contribution) in investments | 6 | 12 | (15) | 53.0% ↓ | - | 18 | (18) | - |
| Payment for acquisition of subsidiary / equity interest | (4) | (5) | (13) | 10.5% ↑ | 67.7% ↑ | (9) | (14) | 36.8% ↑ |
| Proceeds from sale of subsidiaries | 1 | 483 | 334 | 99.8% ↓ | 99.7% ↓ | 484 | 334 | 44.9% ↑ |
| Acquisitions / additions of investment properties | (11) | (6) | (46) | 85.0% ↓ | 76.9% ↑ | (16) | (193) | 91.5% ↑ |
| Acquisition of property, plant and equipment and intangible assets | (85) | (66) | (78) | 29.6% ↓ | 9.8% ↓ | (151) | (156) | 3.2% ↑ |
| Net cash (used in) provided by investing activities | (550) | 777 | 344 | - | - | 227 | 902 | 74.9% ↓ |
| CONSOLIDATED · R$ million | 2Q26 | 1Q26 | 2Q25 | Chg. 2Q26 x 1Q26 | Chg. 2Q26 x 2Q25 | 1H26 | 1H25 | Chg. 1H26 x 1H25 |
|---|---|---|---|---|---|---|---|---|
| CASH FLOW FROM FINANCING ACTIVITIES | ||||||||
| Proceeds from share issuance | - | 0 | - | - | - | 0 | - | - |
| Amounts received (paid) from related-party financing | 84 | 187 | 1 | 55.1% ↓ | 12516.4% ↑ | 271 | 186 | 45.8% ↑ |
| Proceeds from loans, financing and debentures | 1,092 | 1,001 | 767 | 9.0% ↑ | 42.3% ↑ | 2,093 | 1,694 | 23.6% ↑ |
| Repayment of loans, financing and debentures | (747) | (1,272) | (1,155) | 41.3% ↑ | 35.3% ↑ | (2,018) | (2,272) | 11.2% ↑ |
| Interest paid on loans, financing and debentures | (211) | (257) | (224) | 18.1% ↑ | 5.8% ↑ | (468) | (452) | 3.5% ↓ |
| Addition of other financial liabilities | 1 | (39) | (82) | - | - | (38) | (141) | 73.0% ↑ |
| Sale of receivables | 517 | 415 | 357 | 24.7% ↑ | 44.9% ↑ | 932 | 710 | 31.3% ↑ |
| Payments of credit assignment liability | (465) | (386) | (383) | 20.4% ↓ | 21.4% ↓ | (851) | (709) | 20.1% ↓ |
| Receipts (payments) from derivative financial instruments | (5) | (25) | (47) | 81.9% ↑ | 90.2% ↑ | (30) | (61) | 51.1% ↑ |
| Capital transactions | (6) | (153) | 2 | 95.8% ↑ | - | (159) | (17) | 831.9% ↓ |
| Contributions from (distributions to) non-controlling shareholders, net | (60) | (38) | (35) | 55.9% ↓ | 71.9% ↓ | (98) | (46) | 111.7% ↓ |
| Advances from Related Parties | - | - | - | - | - | - | - | - |
| Net cash (used in) provided by financing activities | 201 | (567) | (798) | - | - | (367) | (1,110) | 66.9% ↑ |
| Effects of exchange rate changes on cash and cash equivalents | (9) | (38) | 2 | 75.8% ↑ | - | (48) | (34) | 39.1% ↓ |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (12) | 194 | (212) | - | 94.3% ↑ | 182 | (92) | - |
| Cash and cash equivalents | ||||||||
| At the beginning of the period | 450 | 256 | 534 | 76.0% ↑ | 15.7% ↓ | 256 | 415 | 38.3% ↓ |
| At the end of the period | 438 | 450 | 323 | 2.7% ↓ | 35.9% ↑ | 438 | 323 | 35.9% ↑ |
| ASSETS · R$ million | 30/06/2026 | 31/03/2026 | 30/06/2025 | Chg. Jun/26 x Mar/26 | Chg. Jun/26 x Jun/25 |
|---|---|---|---|---|---|
| CURRENT | |||||
| Cash and cash equivalents | 438 | 450 | 323 | 2.7% ↓ | 35.9% ↑ |
| Financial investments (Securities) | 2,913 | 2,454 | 2,228 | 18.7% ↑ | 30.7% ↑ |
| Receivables from real estate development | 4,074 | 3,896 | 3,514 | 4.6% ↑ | 15.9% ↑ |
| Receivables from services rendered | 423 | 508 | 361 | 16.6% ↓ | 17.4% ↑ |
| Inventories (Properties for sale) | 5,982 | 5,719 | 5,450 | 4.6% ↑ | 9.8% ↑ |
| Current Taxes Recoverable | 261 | 276 | 245 | 5.4% ↓ | 6.5% ↑ |
| Prepaid expenses | 172 | 186 | 199 | 7.7% ↓ | 13.9% ↓ |
| Derivative financial instruments | - | 6.7 | - | - | - |
| Other assets | 272 | 232 | 101 | 17.3% ↑ | 170.4% ↑ |
| Total current assets | 14,536 | 13,728 | 12,422 | 5.9% ↑ | 17.0% ↑ |
| IPs - Non-current assets held for sale | 1,628 | 1,680 | 2,475 | 3.1% ↓ | 34.2% ↓ |
| NON-CURRENT | |||||
| Financial investments (Securities) | 564 | 519 | 580 | 8.5% ↑ | 2.8% ↓ |
| Receivables from real estate development | 3,699 | 3,679 | 3,298 | 0.5% ↑ | 12.1% ↑ |
| Inventories (Properties for sale) | 3,233 | 3,447 | 3,442 | 6.2% ↓ | 6.1% ↓ |
| Deferred tax assets | 188 | 188 | 188 | 0.0% ↑ | 0.0% ↑ |
| Receivables from related parties | 113 | 105 | 101 | 7.8% ↑ | 12.5% ↑ |
| Prepaid expenses | 255 | 240 | 236 | 6.0% ↑ | 7.9% ↑ |
| Other non-current assets | 894 | 900 | 853 | 0.6% ↓ | 4.9% ↑ |
| Investments in investees | 365 | 347 | 422 | 5.3% ↑ | 13.5% ↓ |
| Investment properties | 1,353 | 1,913 | 1,954 | 29.3% ↓ | 30.8% ↓ |
| Property, plant and equipment | 1,247 | 1,255 | 1,242 | 0.6% ↓ | 0.4% ↑ |
| Intangible assets | 276 | 247 | 201 | 11.5% ↑ | 36.9% ↑ |
| Total non-current assets | 12,185 | 12,839 | 12,515 | 5.1% ↓ | 2.6% ↓ |
| TOTAL ASSETS | 28,350 | 28,248 | 27,412 | 0.4% ↑ | 3.4% ↑ |
| LIABILITIES AND SHAREHOLDERS’ EQUITY · R$ million | 30/06/2026 | 31/03/2026 | 30/06/2025 | Chg. Jun/26 x Mar/26 | Chg. Jun/26 x Jun/25 |
|---|---|---|---|---|---|
| CURRENT LIABILITIES | |||||
| Suppliers | 938 | 973 | 800 | 3.6% ↓ | 17.3% ↑ |
| Payables for investment acquisition | 16 | 17 | 9 | 3.4% ↓ | 87.7% ↑ |
| Derivative financial instruments | 103 | - | 89 | - | 16.1% ↑ |
| Loans, financing and debentures | 1,652 | 1,144 | 2,339 | 44.4% ↑ | 29.3% ↓ |
| Payables for land acquisition | 1,041 | 908 | 942 | 14.7% ↑ | 10.5% ↑ |
| Advances from customers | 637 | 522 | 550 | 22.2% ↑ | 15.8% ↑ |
| Social and labor obligations | 331 | 310 | 257 | 7.0% ↑ | 28.8% ↑ |
| Tax obligations | 193 | 179 | 148 | 7.7% ↑ | 30.5% ↑ |
| Provision for property maintenance | 96 | 110 | 93 | 12.7% ↓ | 3.0% ↑ |
| Deferred tax liabilities | 133 | 122 | 103 | 9.2% ↑ | 29.8% ↑ |
| Negative equity - Investments | 665 | 638 | 621 | 4.2% ↑ | 7.1% ↑ |
| Credit assignment liability | 810 | 778 | 810 | 4.1% ↑ | 0.0% ↓ |
| Other payables | 752 | 668 | 701 | 12.5% ↑ | 7.2% ↑ |
| Total current liabilities | 7,368 | 6,369 | 7,461 | 15.7% ↑ | 1.2% ↓ |
| Loans and financing - Non-current assets held for sale | 1,179 | 1,043 | 1,429 | 13.0% ↑ | 17.5% ↓ |
| NON-CURRENT LIABILITIES | |||||
| Payables for investment acquisition | 10 | 13 | 9 | 25.0% ↓ | 8.2% ↑ |
| Derivative financial instruments | 17 | 42 | 17 | 60.2% ↓ | 0.7% ↑ |
| Loans, financing and debentures | 6,994 | 7,237 | 5,513 | 3.4% ↓ | 26.9% ↑ |
| Payables for land acquisition | 2,367 | 2,583 | 2,380 | 8.4% ↓ | 0.6% ↓ |
| Advances from customers | 258 | 266 | 157 | 3.1% ↓ | 63.9% ↑ |
| Provision for property maintenance | 245 | 215 | 231 | 13.5% ↑ | 5.8% ↑ |
| Provisions for civil, labor and tax risks | 97 | 104 | 116 | 6.9% ↓ | 16.6% ↓ |
| Deferred tax liabilities | 140 | 137 | 101 | 2.3% ↑ | 38.7% ↑ |
| Credit assignment liability | 3,896 | 3,683 | 3,234 | 5.8% ↑ | 20.4% ↑ |
| Other payables | 579 | 674 | 734 | 14.2% ↓ | 21.2% ↓ |
| Total non-current liabilities | 14,601 | 14,955 | 12,493 | 2.4% ↓ | 16.9% ↑ |
| SHAREHOLDERS’ EQUITY | |||||
| Equity attributable to the Company’s shareholders | 4,578 | 5,215 | 5,158 | 12.2% ↓ | 11.2% ↓ |
| Non-controlling interests | 624 | 666 | 871 | 6.3% ↓ | 28.4% ↓ |
| Total Shareholders’ Equity | 5,202 | 5,880 | 6,029 | 11.5% ↓ | 13.7% ↓ |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 28,350 | 28,248 | 27,412 | 0.4% ↑ | 3.4% ↑ |
| ASSETS · US$ thousand | 30/06/2026 | 31/03/2026 | 30/06/2025 | Chg. Jun/26 x Mar/26 | Chg. Jun/26 x Jun/25 |
|---|---|---|---|---|---|
| CURRENT | |||||
| Cash and cash equivalents | 25,104 | 22,402 | 18,654 | 12.1% ↑ | 34.6% ↑ |
| Financial investments (Securities) | 20,214 | 8,295 | 9,791 | 143.7% ↑ | 106.5% ↑ |
| Receivables from services rendered | 8,814 | 14,259 | 1,149 | 38.2% ↓ | 667.1% ↑ |
| Inventories (Properties for sale) | 1,581 | 1,991 | 6,442 | 20.6% ↓ | 75.5% ↓ |
| Current Taxes Recoverable | - | - | 1,112 | - | 100.0% ↓ |
| Prepaid expenses | 363 | 740 | 620 | 50.9% ↓ | 41.5% ↓ |
| Other assets | 5,815 | 4,973 | 661 | 16.9% ↑ | 779.7% ↑ |
| Total current assets | 61,891 | 52,660 | 38,429 | 17.5% ↑ | 61.1% ↑ |
| IPs - Non-current assets held for sale | 314,583 | 321,966 | 453,493 | 2.3% ↓ | 30.6% ↓ |
| NON-CURRENT | |||||
| Other non-current assets | 1,680 | 1,436 | 1,116 | 17.0% ↑ | 50.5% ↑ |
| Investments in investees | 22,851 | 23,782 | 17,526 | 3.9% ↓ | 30.4% ↑ |
| Investment properties | 222,943 | 321,419 | 310,876 | 30.6% ↓ | 28.3% ↓ |
| Property, plant and equipment | 54,202 | 55,836 | 59,576 | 2.9% ↓ | 9.0% ↓ |
| Intangible assets | 1,031 | 1,078 | 2,290 | 4.4% ↓ | 55.0% ↓ |
| Total non-current assets | 302,707 | 403,551 | 391,384 | 25.0% ↓ | 22.7% ↓ |
| TOTAL ASSETS | 679,181 | 778,177 | 883,306 | 12.7% ↓ | 23.1% ↓ |
| LIABILITIES AND SHAREHOLDERS’ EQUITY · US$ thousand | 30/06/2026 | 31/03/2026 | 30/06/2025 | Chg. Jun/26 x Mar/26 | Chg. Jun/26 x Jun/25 |
|---|---|---|---|---|---|
| CURRENT LIABILITIES | |||||
| Suppliers | 11,108 | 11,041 | 12,264 | 0.6% ↑ | 9.4% ↓ |
| Loans, financing and debentures | 179,629 | 116,470 | 256,736 | 54.2% ↑ | 30.0% ↓ |
| Advances from customers | 12,000 | - | - | - | - |
| Social and labor obligations | 667 | 543 | 651 | 22.8% ↑ | 2.5% ↑ |
| Other payables | 15,996 | 12,178 | 19,347 | 31.4% ↑ | 17.3% ↓ |
| Total current liabilities | 219,400 | 140,232 | 288,998 | 56.5% ↑ | 24.1% ↓ |
| Loans and financing - Non-current assets held for sale | 227,728 | 199,829 | 261,918 | 14.0% ↑ | 13.1% ↓ |
| NON-CURRENT LIABILITIES | |||||
| Loans, financing and debentures | 176,571 | 257,872 | 76,511 | 31.5% ↓ | 130.8% ↑ |
| Other payables | 78,958 | 79,248 | 84,310 | 0.4% ↓ | 6.3% ↓ |
| Total non-current liabilities | 255,529 | 337,120 | 160,821 | 24.2% ↓ | 58.9% ↑ |
| SHAREHOLDERS’ EQUITY | |||||
| Equity attributable to the Company’s shareholders | (113,241) | 5,188 | 46,685 | 2282.7% ↓ | 342.6% ↓ |
| Non-controlling interests | 89,765 | 95,808 | 124,884 | 6.3% ↓ | 28.1% ↓ |
| Total Shareholders’ Equity | (23,476) | 100,996 | 171,569 | 123.2% ↓ | 113.7% ↓ |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 679,181 | 778,177 | 883,306 | 12.7% ↓ | 23.1% ↓ |
| MRV US INCOME STATEMENT · US$ thousand | 2Q26 | 1Q26 | 2Q25 | Chg. 2Q26 x 1Q26 | Chg. 2Q26 x 2Q25 | 1H26 | 1H25 | Chg. 1H26 x 1H25 |
|---|---|---|---|---|---|---|---|---|
| NET REVENUE | 23,918 | 28,098 | 16,253 | 14.9% ↓ | 47.2% ↑ | 52,017 | 21,506 | 141.9% ↑ |
| COST OF PROPERTIES SOLD AND SERVICES RENDERED | (25,746) | (28,685) | (18,063) | 10.2% ↓ | 42.5% ↑ | (54,431) | (27,024) | 101.4% ↑ |
| GROSS PROFIT | (1,828) | (587) | (1,809) | 211.3% ↓ | 1.0% ↓ | (2,415) | (5,518) | 56.2% ↑ |
| Gross Margin | -7.6% | -2.1% | -11.1% | 5.6 p.p. ↓ | 3.5 p.p. ↑ | -4.6% | -25.7% | 21.0 p.p. ↑ |
| OPERATING INCOME (EXPENSES) | ||||||||
| Selling expenses | - | (3) | (30) | - | - | (3) | (64) | 95.4% ↑ |
| General and administrative expenses | (3,269) | (2,941) | (3,963) | 11.1% ↑ | 17.5% ↓ | (6,210) | (7,979) | 22.2% ↓ |
| Other operating income (expenses), net | (112,750) | (6,301) | (153,613) | 1689.3% ↓ | 26.6% ↑ | (119,051) | (190,374) | 37.5% ↑ |
| OPERATING INCOME BEFORE FINANCIAL RESULT | (117,846) | (9,833) | (159,415) | 1098.5% ↓ | 26.1% ↑ | (127,679) | (203,934) | 37.4% ↑ |
| FINANCIAL RESULT | ||||||||
| Financial expenses | (8,762) | (9,157) | (7,351) | 4.3% ↓ | 19.2% ↑ | (17,919) | (13,713) | 30.7% ↑ |
| Financial income | 110 | 136 | 119 | 18.6% ↓ | 7.1% ↓ | 246 | 299 | 17.8% ↓ |
| INCOME FOR THE PERIOD | (126,498) | (18,854) | (166,647) | 570.9% ↓ | 24.1% ↑ | (145,352) | (217,348) | 33.1% ↑ |
| INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | (5,938) | (800) | (7,141) | 642.0% ↓ | 16.8% ↑ | (6,738) | (9,448) | 28.7% ↑ |
| NET INCOME ATTRIBUTABLE TO CONTROLLING SHAREHOLDERS | (120,560) | (18,054) | (159,506) | 567.8% ↓ | 24.4% ↑ | (138,613) | (207,900) | 33.3% ↑ |
| Net margin | -504.0% | -64.3% | -981.4% | 439.8 p.p. ↓ | 477.3 p.p. ↑ | -266.5% | -966.7% | 700.2 p.p. ↑ |
Land Bank — land held in inventory with an estimate of future PSV (Potential Sales Value). It is the Company’s land bank and comprises all land already acquired and not yet launched.
Cash — comprises the balance of cash and cash equivalents and financial investments (marketable securities).
CPC 47 and the PoC method (Percentage of Completion) — for revenue recognition the group adopted, as of January 1, 2018, CPC 47 – “Revenue from Contracts with Customers” (equivalent to IFRS 15). Sales revenue is recognized in the income statement as construction progresses, since the transfer of control occurs on a continuous basis. The method applied is therefore the so-called “PoC”, the percentage of completion of each development.
Cash Burn — cash consumption measured by the change in net debt, excluding capital increases, buybacks of shares held in treasury and dividends paid, when applicable.
Net Debt — (Gross Debt + Derivative Financial Instruments – Liabilities) – (Total Cash + Derivative Financial Instruments – Assets)
Duration — weighted average maturity of the debt. It considers not only the final maturity date but also the entire payment flow, of both principal and interest.
EBITDA — Earnings Before Interest, Taxes, Depreciation and Amortization (known in Portuguese as LAJIDA). It is a widely used metric for assessing listed companies, as it represents the Company’s operating cash generation — that is, how much the company generates from its operating activities alone, without considering financial effects, taxes and depreciation.
Contracted Developments — total units for which construction financing (corporate borrower) was contracted with a financial institution in the period.
Finance Charges Recognized in the Income Statement — interest that in prior periods was capitalized into Inventory (land and properties under construction) and that, upon the sale of the units/developments, is recognized in the income statement, increasing the amount of “Cost of Properties Sold and Services Rendered”.
Inventory at Market Value — equivalent to the Potential Sales Value of the Company’s current inventory, considering only developments already launched. It does not include the Land Bank.
FGTS — Fundo de Garantia do Tempo de Serviço, a compulsory severance reserve fund into which employers deposit 8% of employees’ salaries each month. FGTS funds are managed by Caixa Econômica Federal and are used as a funding source for affordable housing programs, such as the Minha Casa Minha Vida program (MCMV).
Launch — occurs when the development is made available for sale.
Earnings per share — basic earnings per share is calculated by dividing the net income for the quarter attributable to holders of the parent company’s common shares by the weighted average number of common shares outstanding during the period, excluding treasury shares, if any.
LUGGO — an MRV&CO group startup focused on renting properties built exclusively for that purpose, packed with living services and technology, designed to improve the customer experience (https://alugue.luggo.com.br/).
Marketplace — a platform connecting the supply of and demand for products or services; in short, a marketplace works as a virtual shopping mall.
Minha Casa Minha Vida (MCMV) — the Minha Casa Minha Vida program, known as MCMV, is the Federal Government’s national housing program, which replaced Casa Verde e Amarela (CVA) on February 14, 2023, and was originally created in March 2009. The program targets low- and middle-income families and aims to reduce the housing deficit.
MRV US — a holding company controlled by MRV and headquartered in the United States, which holds a direct interest in AHS Development and an indirect interest in AHS Residential (Resia).
NAV — Net Asset Value.
Novo Mercado — a special listing segment of B3 with enhanced corporate governance rules, which the Company has been part of since July 23, 2007.
Land swap — a land acquisition arrangement under which the landowner receives a given number of units of the development to be built on that land.
SFH funds — funds from the Housing Finance System (SFH) originate from the severance reserve fund (FGTS) and from savings account deposits (Brazilian Savings and Loan System – SBPE).
Resia — a United States–based developer controlled by MRV (https://www.liveresia.com/).
Backlog of Results from Property Sales — refers to the result of the balance of contracted property sales relating to properties not yet completed and their respective budgeted costs still to be incurred.
ROE — Return On Equity. ROE is defined as the ratio between net income attributable to controlling shareholders and the average equity attributable to controlling shareholders.
SBPE — Brazilian Savings and Loan System – bank financing funded by savings deposits.
URBA — a residential land development company controlled by MRV (https://vivaurba.com.br/).
Completed Units — units finished by the engineering department. Recorded after construction is completed.
Units Produced — units produced as measured by construction progress, on an equivalent-construction basis.
Units Transferred — number of customers (individuals) who signed their mortgage financing with a financial institution in the period.
Net Contracted Sales — gross contracted sales less cancellations in the period.
SoS (Sales over Supply) — sales over supply is an indicator used in the analysis of real estate supply. Its main purpose is to show the percentage of units sold relative to the total units available in the period.
Net SoS — Net Contracted Sales / (Inventory at Market Value at the beginning of the period + Launches in the Period)
Launched PSV — equivalent to total launched units multiplied by the estimated average sales price of the units.