Belo Horizonte, November 11, 2026. MRV Engenharia e Participações S.A. (B3: MRVE3), the largest homebuilder in Latin America, announces its results for the third quarter of 2026.
MRV Real Estate Development posted, in 3Q26, records in sales, production, revenue and net income, even in a challenging scenario, with the strike of CEF employees. We reported R$ 3.0 billion in net pre-sales in the quarter and R$ 11.0 billion over the last 12 months. In the quarter, we produced 11.3k units.
Following our strategy, we sold more than we launched: 11.0k units sold, against 9.3k launched. This movement reduces inventory, brings sales with a higher POC and optimizes the capital structure.
The combination of more production, more sales and a higher POC took net revenue to R$ 3.4 billion, an all-time record, 28.7% above 3Q25 and 24.0% above 2Q26.
Net Debt / Annualized EBITDA (Brazil Operation), in turn, reached 0.76x in 3Q26, a 31.6% decrease versus 3Q25.
MRV Real Estate Development record. +54.5% vs 3Q25, with a net margin of 9.2%; R$ 603 million in nine months (+75.9%).
All-time record. +24.0% vs 2Q26 and +28.7% vs 3Q25; R$ 8.7 billion in nine months (+18.6%).
* Adjusted net income: excluding the effects of swap, mark-to-market, credit assignment and the CRI interest of MRV US’s Loan Agreement. Reconciliation with accounting net income in Attachment I.
Resia continues to carry out the sale of its assets, focused on cash generation and deleveraging, with a view to winding down its operation.
* Exchange rate: US$ 1 = R$ 5.10, the same as in the transaction announcements.
In asset sales announced in the year by Resia and Luggo, which will reduce MRV&CO’s net debt by R$ 1.6 billion.
Luggo completed the sale of its three finished projects (Luggo Pampulha, Luggo Mauá and Luggo Samambaia, with 437 units) for R$ 166 million, generating R$ 144 million in cash. The remainder will be received upon the sale of the assets or within up to seven years.
With the sale, Luggo will continue to manage properties, with no construction in progress.
In 3Q26, Urba generated R$ 18 million in cash, with a gross margin of 49.7% and net income of R$ 1.4 million.
With the completion of Resia’s asset sales and the sale of three Luggo projects, MRV&CO generated R$ 427 million in cash in the quarter and R$ 894 million in nine months.
| ADJUSTED CASH GENERATION (R$ million) | 3Q26 | 2Q26 | 3Q25 | Chg. 3Q26 x 2Q26 | Chg. 3Q26 x 3Q25 | 9M26 | 9M25 | Chg. 9M26 x 9M25 |
|---|---|---|---|---|---|---|---|---|
| MRV&CO | 427.3 | 70.0 | (23.4) | 510.4% ↑ | — | 894.3 | (266.8) | — |
| MRV Real Estate Development* | 6.9 | 148.7 | 14.2 | 95.4% ↓ | 51.2% ↓ | 272.9 | (72.5) | — |
| Urba | 17.8 | (47.0) | (8.9) | — | — | (57.8) | 40.0 | — |
| Luggo | 145.8 | (11.6) | (20.4) | — | — | 119.4 | (45.6) | — |
| Resia* | 297.3 | 15.6 | 18.2 | 1,803.4% ↑ | 1,535.6% ↑ | 672.5 | (100.8) | — |
| MRV US* | (40.4) | (35.8) | (26.5) | 12.8% ↓ | 52.3% ↓ | (112.7) | (87.9) | 28.2% ↓ |
* Excluding the CRI interest of the Loan Agreement, allocated to MRV US, and the SWAP effect at MRV Real Estate Development. MRV US at the quarter-end PTAX rate (US$ 1 = R$ 5.1809); Resia based on the change in net debt (US$ 54.1 million). Credit assignments: positive impact of R$ 20.8 million at MRV Real Estate Development.
R$ 427 million in 3Q26.
3Q26 reinforces the direction we have set for MRV Real Estate Development: a more efficient operation, present in fewer cities and focused on Minha Casa Minha Vida.
We keep evolving
| FINANCIAL INDICATORS (R$ million) | 3Q26 | 2Q26 | 3Q25 | Chg. 3Q26 x 2Q26 | Chg. 3Q26 x 3Q25 | 9M26 | 9M25 | Chg. 9M26 x 9M25 |
|---|---|---|---|---|---|---|---|---|
| Net Revenue | 3,411 | 2,751 | 2,649 | 24.0% ↑ | 28.7% ↑ | 8,723 | 7,353 | 18.6% ↑ |
| Gross Profit | 1,095 | 858 | 813 | 27.7% ↑ | 34.7% ↑ | 2,746 | 2,219 | 23.7% ↑ |
| Gross Margin | 32.1% | 31.2% | 30.7% | 0.9 p.p. ↑ | 1.4 p.p. ↑ | 31.5% | 30.2% | 1.3 p.p. ↑ |
| Gross Margin (ex-interest) | 35.0% | 34.7% | 34.3% | 0.3 p.p. ↑ | 0.7 p.p. ↑ | 34.7% | 33.7% | 1.0 p.p. ↑ |
| Selling Expenses | (289) | (258) | (234) | 11.7% ↑ | 23.3% ↑ | (792) | (705) | 12.3% ↑ |
| General and Administrative Expenses | (143) | (130) | (133) | 9.6% ↑ | 7.2% ↑ | (394) | (375) | 5.0% ↑ |
| Adjusted Financial Result* | (169) | (130) | (72) | 29.2% ↓ | 133.8% ↓ | (419) | (335) | 25.3% ↓ |
| Adjusted Net Income attributable to Shareholders* | 315 | 155 | 204 | 103.7% ↑ | 54.5% ↑ | 603 | 343 | 75.9% ↑ |
| Adjusted Net Margin | 9.2% | 5.6% | 7.7% | 3.6 p.p. ↑ | 1.5 p.p. ↑ | 6.9% | 4.7% | 2.2 p.p. ↑ |
| Other indicators | ||||||||
| Cash Generation** | 6.9 | 148.7 | 14.2 | 95.4% ↓ | 51.2% ↓ | 272.9 | (72.5) | — |
| Adjusted ROE (LTM) | 17.9% | 16.0% | 8.8% | 1.9 p.p. ↑ | 9.2 p.p. ↑ | 17.9% | 8.8% | 9.2 p.p. ↑ |
| Revenue to be Recognized | 4,027 | 4,323 | 4,314 | 6.8% ↓ | 6.7% ↓ | 4,027 | 4,314 | 6.7% ↓ |
| REF | 1,779 | 1,902 | 1,895 | 6.5% ↓ | 6.1% ↓ | 1,779 | 1,895 | 6.1% ↓ |
| REF Margin | 44.2% | 44.0% | 43.9% | 0.2 p.p. ↑ | 0.2 p.p. ↑ | 44.2% | 43.9% | 0.2 p.p. ↑ |
| Net Debt / Equity*** | 37.6% | 39.2% | 41.5% | 1.5 p.p. ↓ | 3.9 p.p. ↓ | 37.6% | 41.5% | 3.9 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.
** The adjustment excludes the corporate debt raised to amortize MRV US’s Loan Agreement, which matured and was paid in 1Q25.
*** The equity adjustment includes the capital contribution made to MRV US to pay interest on this Loan Agreement.
The record net revenue of R$ 3.4 billion diluted operating expenses: SG&A/net revenue fell from 14.1% in 2Q26 to 12.7% in 3Q26.
With gross margin at 32.1%, the highest level in the last 7 years, net income* totaled R$ 315 million in the quarter, a record for MRV Real Estate Development, 54.5% above 3Q25, and R$ 603 million in nine months.
The strike by Caixa Econômica Federal employees in September strongly affected transfers during the month, with a total effect of approximately R$ 80 million on the quarter’s cash generation, considering the release of the CEF payment scheduled for the last days of the period, which did not take place, and the sales that would have been transferred and registered in September.
As a result, MRV Real Estate Development’s cash generation** was R$ 6.9 million in 3Q26 and totaled R$ 273 million in nine months.
| PRO SOLUTO PORTFOLIO BREAKDOWN (R$ million) | Sep/26 | Jun/26 | Sep/25 | Chg. Sep/26 x Jun/26 | Chg. Sep/26 x Sep/25 |
|---|---|---|---|---|---|
| Pro Soluto Portfolio | 3,513 | 3,631 | 3,784 | 3.2% ↓ | 7.2% ↓ |
| After delivery of keys | 1,971 | 1,959 | 2,030 | 0.6% ↑ | 2.9% ↓ |
| Before delivery of keys | 1,541 | 1,672 | 1,754 | 7.8% ↓ | 12.1% ↓ |
| (-) Assigned portion in the Credit Assignment Liability | 1,147 | 1,265 | 1,628 | 9.4% ↓ | 29.6% ↓ |
| Net Pro Soluto Portfolio | 2,366 | 2,366 | 2,156 | 0.0% ↑ | 9.8% ↑ |
| DIRECT FINANCING PORTFOLIO BREAKDOWN (R$ million) | Sep/26 | Jun/26 | Sep/25 | Chg. Sep/26 x Jun/26 | Chg. Sep/26 x Sep/25 |
|---|---|---|---|---|---|
| Direct Financing Portfolio | 2,754 | 2,710 | 2,396 | 1.6% ↑ | 15.0% ↑ |
| After delivery of keys | 2,399 | 2,302 | 1,890 | 4.2% ↑ | 26.9% ↑ |
| Before delivery of keys | 356 | 408 | 506 | 12.8% ↓ | 29.6% ↓ |
| (-) Direct Financing Portfolio under Credit Assignment Liability | 2,321 | 2,300 | 1,963 | 0.9% ↑ | 18.3% ↑ |
| Net Direct Financing Portfolio | 434 | 410 | 433 | 5.7% ↑ | 0.1% ↑ |
Net portfolio = gross portfolio less the assigned share recorded under credit assignment liability.
| OPERATIONAL INDICATORS (%MRV) | 3Q26 | 2Q26 | 3Q25 | Chg. 3Q26 x 2Q26 | Chg. 3Q26 x 3Q25 | 9M26 | 9M25 | Chg. 9M26 x 9M25 |
|---|---|---|---|---|---|---|---|---|
| Land Bank (PSV, R$ billion) | 40.5 | 40.9 | 43.6 | 1.0% ↓ | 7.2% ↓ | 40.5 | 43.6 | 7.2% ↓ |
| Launches (PSV, R$ million) | 2,645 | 2,953 | 2,355 | 10.4% ↓ | 12.4% ↑ | 8,513 | 8,692 | 2.1% ↓ |
| Units | 9,322 | 10,679 | 8,354 | 12.7% ↓ | 11.6% ↑ | 30,386 | 31,443 | 3.4% ↓ |
| Average Ticket (R$ thousand) | 284 | 277 | 282 | 2.6% ↑ | 0.7% ↑ | 280 | 276 | 1.3% ↑ |
| Net Pre-sales (PSV, R$ million) | 3,037 | 2,748 | 2,344 | 10.5% ↑ | 29.6% ↑ | 8,255 | 7,168 | 15.2% ↑ |
| Units | 11,015 | 10,148 | 8,765 | 8.5% ↑ | 25.7% ↑ | 30,305 | 27,065 | 12.0% ↑ |
| Average Ticket (R$ thousand) | 276 | 271 | 267 | 1.8% ↑ | 3.1% ↑ | 272 | 265 | 2.9% ↑ |
| Net SoS | 25.1% | 23.3% | 21.6% | 1.8 p.p. ↑ | 3.5 p.p. ↑ | 48.4% | 46.0% | 2.4 p.p. ↑ |
| Transfers (units) | 7,428 | 9,803 | 8,885 | 24.2% ↓ | 16.4% ↓ | 25,460 | 25,088 | 1.5% ↑ |
| Sales with Direct Financing (units) | 692 | 618 | 962 | 11.9% ↑ | 28.1% ↓ | 1,986 | 2,525 | 21.4% ↓ |
| Production (units) | 11,258 | 10,922 | 10,966 | 3.1% ↑ | 2.7% ↑ | 31,927 | 30,292 | 5.4% ↑ |
Urba posted positive cash generation of R$ 18 million and net income of R$ 1.4 million in 3Q26. Net pre-sales totaled R$ 85 million, with a significant increase in the average ticket, which reached R$ 196 thousand, against R$ 135 thousand in 2Q26, reflecting the mix of products sold in the quarter.
| FINANCIAL INDICATORS (R$ million) | 3Q26 | 2Q26 | 3Q25 | Chg. 3Q26 x 2Q26 | Chg. 3Q26 x 3Q25 | 9M26 | 9M25 | Chg. 9M26 x 9M25 |
|---|---|---|---|---|---|---|---|---|
| Net Revenue | 105 | 118 | 147 | 11.4% ↓ | 28.8% ↓ | 280 | 286 | 2.2% ↓ |
| Gross Profit | 52 | 56 | 61 | 6.9% ↓ | 15.1% ↓ | 135 | 127 | 6.0% ↑ |
| Gross Margin | 49.7% | 47.3% | 41.7% | 2.4 p.p. ↑ | 8.1 p.p. ↑ | 48.2% | 44.5% | 3.7 p.p. ↑ |
| Gross Margin (ex-interest) | 51.6% | 49.1% | 43.8% | 2.5 p.p. ↑ | 7.7 p.p. ↑ | 50.4% | 47.5% | 2.9 p.p. ↑ |
| Selling Expenses | (13.0) | (11.5) | (11.9) | 13.3% ↑ | 9.2% ↑ | (33.4) | (28.7) | 16.3% ↑ |
| General and Administrative Expenses | (3.7) | (8.8) | (7.5) | 57.5% ↓ | 50.2% ↓ | (20.1) | (20.2) | 0.1% ↓ |
| Financial Result | (29.6) | (27.8) | (14.8) | 6.6% ↓ | 99.1% ↓ | (76.7) | (36.0) | 113.4% ↓ |
| Net Income attributable to Shareholders | 1.4 | 0.8 | 18.7 | 75.7% ↑ | 92.5% ↓ | (11.2) | 18.7 | — |
| Net Margin | 1.3% | 0.7% | 12.7% | 0.7 p.p. ↑ | 11.3 p.p. ↓ | -4.0% | 6.5% | 10.6 p.p. ↓ |
| Operational indicators (100%) | ||||||||
| Land bank | ||||||||
| PSV (R$ billion) | 5.9 | 5.4 | 4.9 | 8.9% ↑ | 19.0% ↑ | 5.9 | 4.9 | 19.0% ↑ |
| Units | 34,744 | 32,303 | 30,219 | 7.6% ↑ | 15.0% ↑ | 34,744 | 30,219 | 15.0% ↑ |
| Average Ticket (R$ thousand) | 169 | 167 | 163 | 1.2% ↑ | 3.5% ↑ | 169 | 163 | 3.5% ↑ |
| Net pre-sales | ||||||||
| PSV (R$ million) | 85 | 127 | 170 | 32.8% ↓ | 49.9% ↓ | 240 | 315 | 23.8% ↓ |
| Units | 434 | 935 | 1,149 | 53.6% ↓ | 62.2% ↓ | 1,531 | 2,110 | 27.4% ↓ |
| Average Ticket (R$ thousand) | 196 | 135 | 148 | 44.7% ↑ | 32.7% ↑ | 157 | 149 | 5.1% ↑ |
| Other indicators | ||||||||
| Cash Generation | 17.8 | (47.0) | (8.9) | — | — | (57.8) | 40.0 | — |
| REF | 94 | 96 | 98 | 2.7% ↓ | 4.0% ↓ | 94 | 98 | 4.0% ↓ |
| REF Margin | 45.7% | 44.7% | 44.9% | 1.0 p.p. ↑ | 0.8 p.p. ↑ | 45.7% | 44.9% | 0.8 p.p. ↑ |
Luggo concluded the sale of three developments (Luggo Pampulha, Luggo Mauá and Luggo Samambaia, 437 units) to a real estate investment fund (FII) structured together with Mauá Capital, as per the Notice to the Market of October 1, 2026. The transaction was concluded for R$ 166 million and is aligned with MRV&CO’s strategy of cash generation, deleveraging and operational simplification.
Cash generation from the transaction was R$ 144 million; the remainder will be received when the fund sells the assets or within a maximum of seven years. In the quarter, Luggo’s cash generation totaled R$ 146 million, including the transaction. With the transaction, Luggo will continue its asset management operation, with no other projects under construction at the moment.
| FINANCIAL INDICATORS (R$ million) | 3Q26 | 2Q26 | 3Q25 | Chg. 3Q26 x 2Q26 | Chg. 3Q26 x 3Q25 | 9M26 | 9M25 | Chg. 9M26 x 9M25 |
|---|---|---|---|---|---|---|---|---|
| Net Revenue | 4.6 | 9.6 | 6.9 | 52.1% ↓ | 33.0% ↓ | 24.3 | 33.5 | 27.3% ↓ |
| Gross Profit | 0.4 | 1.4 | 1.9 | 73.9% ↓ | 80.1% ↓ | 1.3 | 12.8 | 89.7% ↓ |
| SG&A | (5.8) | (6.3) | (6.6) | 8.4% ↓ | 11.9% ↓ | (18.7) | (19.0) | 1.9% ↓ |
| Other Operating (Expenses) Income | 4.5 | (2.4) | 3.9 | — | 16.6% ↑ | (2.8) | (4.3) | 34.9% ↑ |
| Financial Result | (2.0) | (2.0) | (5.9) | 0.8% ↑ | 66.5% ↑ | (5.7) | (18.5) | 69.2% ↑ |
| Net Income attributable to Shareholders | (2.8) | (9.9) | (6.8) | 71.6% ↑ | 58.6% ↑ | (26.8) | (29.2) | 8.3% ↑ |
| Other indicators | ||||||||
| Cash Generation | 145.8 | (11.6) | (20.4) | — | — | 119.4 | (45.6) | — |
The sale of the legacy projects Ten Oaks and Rayzor Ranch (US$ 139 million), announced in June, was completed in July, with US$ 87 million in net debt reduction. The sale process for Memorial and the five land plots, announced on August 6 for US$ 170 million, is expected to be completed in the coming months.
Golden Glades, in Miami, reached stabilization in September 2026, paving the way for the start of its sale process.
* Exchange rate: quarter-end closing PTAX (US$ 1 = R$ 5.1809) for 3Q26 figures; transaction values at R$ 5.10, as in the announcements.
| BOOK VALUE OF ASSETS (US$ million) | Sep/26 | Under contract | Assets to be sold |
|---|---|---|---|
| Completed projects | 219 | 86 | 133 |
| Land marked for sale | 108 | 80 | 28 |
| Other land | 74 | 0 | 74 |
| Fixed and other assets | 97 | 0 | 97 |
| Total | 497 | 165 | 332 |
| FINANCIAL INDICATORS (US$ million) | 3Q26 | 2Q26 | 3Q25 | Chg. 3Q26 x 2Q26 | Chg. 3Q26 x 3Q25 | 9M26 | 9M25 | Chg. 9M26 x 9M25 |
|---|---|---|---|---|---|---|---|---|
| Gross Profit | (0.3) | (1.8) | (4.4) | 83.4% ↑ | 93.1% ↑ | (2.7) | (9.9) | 72.6% ↑ |
| SG&A | (2.7) | (3.3) | (4.0) | 17.9% ↓ | 32.8% ↓ | (8.9) | (12.0) | 26.1% ↓ |
| Other Operating (Expenses) Income | (1.6) | (112.7) | 1.2 | 98.6% ↑ | — | (120.6) | (189.2) | 36.2% ↑ |
| Resia Financial Result | (10.0) | (6.4) | (6.8) | 55.4% ↓ | 47.5% ↓ | (23.2) | (20.2) | 14.9% ↓ |
| Resia Net Income attributable to Shareholders | (13.8) | (117.4) | (13.3) | 88.2% ↑ | 4.3% ↓ | (147.0) | (200.0) | 26.5% ↑ |
| MRV US Financial Result* | (7.9) | (6.8) | (6.0) | 15.7% ↓ | 32.6% ↓ | (21.7) | (14.0) | 54.8% ↓ |
| MRV US Net Income attributable to Shareholders* | (21.7) | (124.2) | (19.2) | 82.5% ↑ | 13.1% ↓ | (168.7) | (214.0) | 21.2% ↑ |
* Includes interest on the corporate debt raised to amortize MRV US’s Loan Agreement.
| NET DEBT (R$ million) | Sep/26 | Jun/26 | Sep/25 | Chg. Sep/26 x Jun/26 | Chg. Sep/26 x Sep/25 |
|---|---|---|---|---|---|
| Brazil Operation | |||||
| Total Debt* | 6,195 | 6,133 | 6,073 | 1.0% ↑ | 2.0% ↑ |
| (−) Cash and Cash Equivalents and Securities | (3,873) | (3,678) | (3,620) | 5.3% ↑ | 7.0% ↑ |
| (+/−) Derivative Financial Instruments | 16 | 17 | 42 | 5.0% ↓ | 62.5% ↓ |
| Net Debt* | 2,338 | 2,472 | 2,495 | 5.4% ↓ | 6.3% ↓ |
| Total Shareholders’ Equity** | 6,255 | 5,990 | 5,960 | 4.4% ↑ | 4.9% ↑ |
| Net Debt / Total Equity | 37.4% | 41.3% | 41.9% | 3.9 p.p. ↓ | 4.5 p.p. ↓ |
| Annualized EBITDA | 3,091 | 2,288 | 2,257 | 35.1% ↑ | 37.0% ↑ |
* 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.
(Net debt + land payables) / total equity, as defined in the indentures. Jun/26: 0.57.
Receivables coverage over debt, as defined in the indentures. Jun/26: 3.99.
Equivalent to 84.14% of CDI, against 13.59% (95.17% of CDI) in Jun/26.
| NET DEBT (US$ million) | Sep/26 | Jun/26 | Sep/25 | Chg. Sep/26 x Jun/26 | Chg. Sep/26 x Sep/25 |
|---|---|---|---|---|---|
| US Operation (US$) | |||||
| Total Debt* | 639 | 713 | 743 | 10.4% ↓ | 14.0% ↓ |
| (−) Cash and Cash Equivalents and Securities | (21) | (45) | (53) | 54.0% ↓ | 60.3% ↓ |
| Net Debt* | 618 | 668 | 691 | 7.5% ↓ | 10.5% ↓ |
| Total Shareholders’ Equity** | (196) | (153) | 42 | 28.6% ↓ | — |
* The adjustment includes the corporate debt raised to amortize MRV US’s Loan Agreement, matured and paid in 1Q25.
** The equity adjustment excludes the capital contribution made to MRV US to pay interest on the Loan Agreement.
* Does not consider funding costs.
** Construction financing will be amortized with the sales of the respective projects. These debts may have their maturities extended.
Construction financing at 7.33% and corporate debt at 8.97% per year, on US$ 638 million of outstanding balance.
Composition and cost of debt of the Brazil and US operations and historical covenant series in Attachment VI.
Click on any table to enlarge.
| CASH GENERATION ADJUSTMENT (R$ thousand) | 3Q26 | 2Q26 | 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 |
|---|---|---|---|---|---|---|---|
| MRV Real Estate Development | (16,040) | 122,565 | 87,025 | 79,958 | (19,641) | (55,069) | (68,611) |
| (-) SWAP Effect | 677 | (2,319) | (5,357) | (5,466) | (8,325) | 3,830 | 4,426 |
| (-) CRI interest for Loan Agreement payment (MRV US) | (23,625) | (23,866) | (24,900) | (24,337) | (25,484) | (22,997) | (22,252) |
| (=) Adjusted Cash Generation (ex SWAP and CRI MRV US) | 6,908 | 148,750 | 117,282 | 109,760 | 14,168 | (35,902) | (50,785) |
| (-) Net Effect of Credit Assignment | (20,832) | (101,109) | (102,638) | 71,897 | (12,244) | (47,012) | (76,886) |
| Adjusted Cash Generation | (13,924) | 47,641 | 14,644 | 181,657 | 1,924 | (82,914) | (127,671) |
| NET INCOME ADJUSTMENT (R$ thousand) | 3Q26 | 2Q26 | 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 |
|---|---|---|---|---|---|---|---|
| Net Income Attributable to Shareholders (adjusted) | 315,153 | 154,734 | 132,812 | 268,396 | 204,033 | 120,689 | 17,963 |
| SWAP Effect¹ | 447 | 86,845 | 9,002 | 21,420 | (6,722) | (21,873) | 30,980 |
| Net Effect of Off-Balance Assignment | 48,493 | 44,594 | 54,264 | 53,720 | 30,823 | 31,223 | 34,833 |
| CRI interest for Loan Agreement payment (MRV US) | 23,625 | 23,866 | 24,900 | 24,337 | 25,484 | 22,997 | 22,252 |
| Net Income Attributable to Shareholders | 242,588 | (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 | 3Q26 | 2Q26 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 3,410,514 | 104,920 | 4,602 | 79,680 | 3,599,716 | 2,750,743 | 118,486 | 9,600 | 120,689 | 2,999,518 |
| Cost of properties sold and services rendered | (2,315,622) | (52,724) | (4,226) | (81,220) | (2,453,792) | (1,893,193) | (62,399) | (8,160) | (129,906) | (2,093,658) |
| Gross profit | 1,094,892 | 52,196 | 376 | (1,540) | 1,145,924 | 857,549 | 56,088 | 1,440 | (9,217) | 905,860 |
| Gross Margin | 32.1% | 49.7% | 8.2% | -1.9% | 31.8% | 31.2% | 47.3% | 15.0% | -7.6% | 30.2% |
| Gross Margin ex-interest | 35.0% | 51.6% | 8.2% | -1.8% | 34.6% | 34.7% | 49.1% | 15.0% | -7.6% | 33.5% |
| Operating income (expenses) | (513,528) | (17,352) | (1,288) | (21,748) | (553,916) | (462,178) | (22,742) | (8,730) | (594,446) | (1,088,096) |
| Selling Expenses | (288,597) | (13,039) | (2,899) | - | (304,535) | (258,480) | (11,509) | (3,157) | - | (273,146) |
| Selling Expenses / Net Revenue | 8.5% | 12.4% | 63.0% | 0.0% | 8.5% | 9.4% | 9.7% | 32.9% | 0.0% | 9.1% |
| General and Administrative Expenses | (143,197) | (3,744) | (2,895) | (13,782) | (163,618) | (130,409) | (8,809) | (3,168) | (16,496) | (158,882) |
| G&A / Net Revenue | 4.2% | 3.6% | 62.9% | 17.3% | 4.5% | 4.7% | 7.4% | 33.0% | 13.7% | 5.3% |
| Other operating income (expenses) | (35,765) | 57 | 4,506 | (7,966) | (39,168) | (34,143) | (1,203) | (2,405) | (577,950) | (615,701) |
| Equity in income of investees | (45,970) | (625) | - | - | (46,595) | (39,146) | (1,221) | - | - | (40,367) |
| Operating income before financial result | 581,363 | 34,845 | (912) | (23,288) | 592,008 | 395,371 | 33,346 | (7,290) | (603,663) | (182,236) |
| Financial result | (272,657) | (29,569) | (1,966) | (68,491) | (372,683) | (319,789) | (27,751) | (1,982) | (43,676) | (393,198) |
| Financial Expenses | (390,194) | (37,681) | (3,487) | (68,758) | (500,120) | (476,817) | (42,031) | (2,222) | (44,234) | (565,304) |
| Financial Income | 76,354 | 3,692 | 1,521 | 267 | 81,834 | 92,767 | 5,964 | 240 | 558 | 99,529 |
| Financial Income from customers¹ | 41,183 | 4,420 | - | - | 45,603 | 64,261 | 8,316 | - | - | 72,577 |
| Income before income taxes | 308,706 | 5,276 | (2,878) | (91,779) | 219,325 | 75,582 | 5,595 | (9,272) | (647,339) | (575,434) |
| Income tax and social contribution | (44,743) | (3,159) | 64 | - | (47,838) | (65,176) | (4,511) | (637) | - | (70,324) |
| Net Income for the Period | 263,963 | 2,117 | (2,814) | (91,779) | 171,487 | 10,406 | 1,084 | (9,909) | (647,339) | (645,758) |
| Income attributable to non-controlling interests | 21,680 | 707 | - | (3,591) | 18,796 | 10,985 | 281 | - | (30,394) | (19,128) |
| Net Income attributable to the Company’s Shareholders | 242,282 | 1,411 | (2,814) | (88,188) | 152,691 | (579) | 803 | (9,909) | (616,945) | (626,630) |
| Net Margin | 7.1% | 1.3% | -61.1% | -110.7% | 4.2% | 0.0% | 0.7% | -103.2% | -511.2% | -20.9% |
| Adjusted Net Income attributable to Shareholders* | 314,847 | 1,411 | (2,814) | (111,813)² | 201,631 | 154,726 | 803 | (9,909) | (640,811)² | (495,191) |
| Adjusted Net Margin | 9.2% | 1.3% | -61.1% | -140.3% | 5.6% | 5.6% | 0.7% | -103.2% | -531.0% | -16.5% |
| MRV&CO RESULTS · Amounts in R$ thousand | 9M26 | 9M25 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 8,723,181 | 279,793 | 24,347 | 348,109 | 9,375,430 | 7,353,182 | 286,125 | 33,493 | 195,345 | 7,868,145 |
| Cost of properties sold and services rendered | (5,977,282) | (144,845) | (23,031) | (361,988) | (6,507,146) | (5,134,196) | (158,772) | (20,688) | (251,880) | (5,565,536) |
| Gross profit | 2,745,900 | 134,947 | 1,316 | (13,879) | 2,868,284 | 2,218,986 | 127,353 | 12,805 | (56,535) | 2,302,609 |
| Gross Margin | 31.5% | 48.2% | 5.4% | -4.0% | 30.6% | 30.2% | 44.5% | 38.2% | -28.9% | 29.3% |
| Gross Margin ex-interest | 34.7% | 50.4% | 5.4% | -3.9% | 33.7% | 33.7% | 47.5% | 38.2% | -28.6% | 32.7% |
| Operating income (expenses) | (1,420,244) | (58,473) | (21,456) | (664,654) | (2,164,827) | (1,288,582) | (55,561) | (23,295) | (1,125,791) | (2,493,229) |
| Selling Expenses | (792,398) | (33,386) | (9,770) | (15) | (835,569) | (705,361) | (28,702) | (9,028) | (557) | (743,648) |
| Selling Expenses / Net Revenue | 9.1% | 11.9% | 40.1% | 0.0% | 8.9% | 9.6% | 10.0% | 27.0% | 0.3% | 9.5% |
| General and Administrative Expenses | (394,188) | (20,149) | (8,919) | (45,721) | (468,977) | (375,177) | (20,176) | (10,015) | (67,634) | (473,002) |
| G&A / Net Revenue | 4.5% | 7.2% | 36.6% | 13.1% | 5.0% | 5.1% | 7.1% | 29.9% | 34.6% | 6.0% |
| Other operating income (expenses) | (111,023) | (2,422) | (2,767) | (618,918) | (735,130) | (122,995) | (4,237) | (4,252) | (1,057,600) | (1,189,084) |
| Equity in income of investees | (122,635) | (2,516) | - | - | (125,151) | (85,048) | (2,447) | - | - | (87,495) |
| Operating income before financial result | 1,325,656 | 76,474 | (20,140) | (678,533) | 703,457 | 930,404 | 71,792 | (10,490) | (1,182,326) | (190,620) |
| Financial result | (830,501) | (76,737) | (5,705) | (159,625) | (1,072,568) | (591,694) | (35,954) | (18,505) | (120,313) | (766,466) |
| Financial Expenses | (1,226,520) | (108,411) | (7,790) | (161,164) | (1,503,885) | (966,960) | (73,258) | (19,354) | (123,274) | (1,182,846) |
| Financial Income | 246,359 | 14,825 | 2,085 | 1,539 | 264,808 | 249,900 | 18,466 | 554 | 2,961 | 271,881 |
| Financial Income from customers¹ | 149,660 | 16,849 | - | - | 166,509 | 125,366 | 18,838 | 295 | - | 144,499 |
| Income before income taxes | 495,155 | (263) | (25,845) | (838,158) | (369,111) | 338,711 | 35,837 | (28,995) | (1,302,639) | (957,086) |
| Income tax and social contribution | (170,368) | (10,144) | (916) | - | (181,428) | (129,244) | (9,687) | (180) | - | (139,111) |
| Net Income for the Period | 324,786 | (10,406) | (26,761) | (838,158) | (550,539) | 209,467 | 26,150 | (29,175) | (1,302,639) | (1,096,197) |
| Income attributable to non-controlling interests | 38,441 | 808 | - | (38,187) | 1,062 | 36,784 | 7,413 | - | (56,730) | (12,533) |
| Net Income attributable to the Company’s Shareholders | 286,345 | (11,214) | (26,761) | (799,971) | (551,601) | 172,683 | 18,737 | (29,175) | (1,245,909) | (1,083,664) |
| Net Margin | 3.3% | -4.0% | -109.9% | -229.8% | -5.9% | 2.3% | 6.5% | -87.1% | -637.8% | -13.8% |
| Adjusted Net Income attributable to Shareholders* | 602,381 | (11,214) | (26,761) | (872,362)² | (307,956) | 342,680 | 18,737 | (29,175) | (1,316,642)² | (984,400) |
| Adjusted Net Margin | 6.9% | -4.0% | -109.9% | -250.6% | -3.3% | 4.7% | 6.5% | -87.1% | -674.0% | -12.5% |
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 From MRV US’s perspective, the adjustment includes interest on the corporate debt raised to amortize the Loan Agreement.
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 | 3Q26 | 2Q26 | 3Q25 | Chg. 3Q26 x 2Q26 | Chg. 3Q26 x 3Q25 | 9M26 | 9M25 | Chg. 9M26 x 9M25 |
|---|---|---|---|---|---|---|---|---|
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||||
| Net Income for the Period | 171 | (646) | 105 | - | 63.6% ↑ | (551) | (1,096) | 49.8% ↑ |
| Adjustments to reconcile net income to cash used in operating activities | 566 | 1,209 | 505 | 53.2% ↓ | 12.0% ↑ | 2,361 | 2,646 | 10.7% ↓ |
| (Increase) decrease in operating assets | (491) | (143) | (506) | 243.2% ↓ | 3.1% ↑ | (1,099) | (1,471) | 25.3% ↑ |
| Increase (decrease) in operating liabilities | (39) | 66 | 89 | - | - | 141 | 492 | 71.3% ↓ |
| Interest paid during the period | (16) | (22) | (17) | 25.4% ↑ | 1.6% ↑ | (59) | (56) | 6.8% ↓ |
| Income tax and social contribution paid during the period | (50) | (59) | (37) | 15.1% ↑ | 34.0% ↓ | (168) | (117) | 43.5% ↓ |
| Property maintenance carried out | (29) | (26) | (26) | 13.1% ↓ | 13.6% ↓ | (79) | (72) | 9.2% ↓ |
| Amounts paid for civil, labor and tax risks | (33) | (33) | (30) | 0.0% ↑ | 11.4% ↓ | (97) | (93) | 5.2% ↓ |
| Net cash (used in) provided by operating activities | 79 | 347 | 83 | 77.1% ↓ | 4.5% ↓ | 450 | 233 | 92.8% ↑ |
| CASH FLOW FROM INVESTING ACTIVITIES | ||||||||
| Decrease (increase) in securities | (95) | (439) | (369) | 78.3% ↑ | 74.2% ↑ | (172) | 584 | - |
| Advances to related parties | (176) | (28) | (7) | 529.8% ↓ | 2,264.5% ↓ | (216) | (23) | 820.9% ↓ |
| Receipts from related parties | 154 | 10 | 6 | 1,444.5% ↑ | 2,305.4% ↑ | 172 | 19 | 808.7% ↑ |
| Decrease (acquisition/contribution) in investments | - | 6 | 4 | 91.7% ↓ | 87.4% ↓ | 18 | (14) | - |
| Payment for acquisition of subsidiary / equity interest | (8) | (4) | 11 | 88.6% ↓ | - | (16) | (3) | 442.3% ↓ |
| Proceeds from sale of subsidiaries | 718 | 1 | 196 | 71,710.0% ↑ | 266.7% ↑ | 1,202 | 530 | 126.9% ↑ |
| Acquisitions / additions of investment properties | (7) | (11) | 10 | 37.1% ↑ | - | (23) | (183) | 87.2% ↑ |
| Acquisition of property, plant and equipment and intangible assets | (83) | (85) | (73) | 2.8% ↑ | 12.5% ↓ | (234) | (230) | 1.8% ↓ |
| Net cash (used in) provided by investing activities | 504 | (550) | (222) | - | - | 731 | 679 | 7.6% ↑ |
| CONSOLIDATED · R$ million | 3Q26 | 2Q26 | 3Q25 | Chg. 3Q26 x 2Q26 | Chg. 3Q26 x 3Q25 | 9M26 | 9M25 | Chg. 9M26 x 9M25 |
|---|---|---|---|---|---|---|---|---|
| CASH FLOW FROM FINANCING ACTIVITIES | ||||||||
| Proceeds from share issuance | - | - | - | - | - | - | - | - |
| Amounts received (paid) from related-party financing | (68) | 84 | 62 | - | - | 203 | 248 | 18.1% ↓ |
| Proceeds from loans, financing and debentures | 846 | 1,092 | 1,983 | 22.5% ↓ | 57.3% ↓ | 2,939 | 3,676 | 20.0% ↓ |
| Repayment of loans, financing and debentures | (1,198) | (747) | (1,178) | 60.4% ↓ | 1.7% ↓ | (3,217) | (3,450) | 6.8% ↑ |
| Interest paid on loans, financing and debentures | (240) | (211) | (211) | 13.9% ↓ | 14.2% ↓ | (708) | (663) | 6.9% ↓ |
| Addition of other financial liabilities | 61 | 1 | (44) | 5,995.1% ↑ | - | 23 | (185) | - |
| Sale of receivables | 517 | 517 | 427 | 0.0% ↑ | 21.0% ↑ | 1,449 | 1,137 | 27.4% ↑ |
| Payments of credit assignment liability | (481) | (465) | (404) | 3.4% ↓ | 19.1% ↓ | (1,332) | (1,112) | 19.7% ↓ |
| Receipts (payments) from derivative financial instruments | - | (5) | (22) | 100.0% ↑ | 100.0% ↑ | (30) | (84) | 64.1% ↑ |
| Capital transactions | 33 | (6) | 5 | - | 574.3% ↑ | (126) | (12) | 936.2% ↓ |
| Contributions from (distributions to) non-controlling shareholders, net | (109) | (60) | (63) | 81.9% ↓ | 73.8% ↓ | (207) | (109) | 89.9% ↓ |
| Net cash (used in) provided by financing activities | (639) | 201 | 555 | - | - | (1,006) | (554) | 81.5% ↓ |
| Effects of exchange rate changes on cash and cash equivalents | (26) | (9) | (23) | 188.2% ↓ | 13.1% ↓ | (74) | (57) | 28.7% ↓ |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (81) | (12) | 393 | 578.8% ↓ | - | 101 | 301 | 66.5% ↓ |
| Cash and cash equivalents | ||||||||
| At the beginning of the period | 438 | 450 | 323 | 2.6% ↓ | 35.9% ↑ | 256 | 415 | 38.3% ↓ |
| At the end of the period | 357 | 438 | 716 | 18.5% ↓ | 50.1% ↓ | 357 | 716 | 50.1% ↓ |
| ASSETS · R$ million | 30/09/2026 | 30/06/2026 | 30/09/2025 | Chg. Sep/26 x Jun/26 | Chg. Sep/26 x Sep/25 |
|---|---|---|---|---|---|
| CURRENT | |||||
| Cash and cash equivalents | 357 | 438 | 716 | 18.6% ↓ | 50.1% ↓ |
| Financial investments (Securities) | 2,927 | 2,913 | 2,648 | 0.5% ↑ | 10.5% ↑ |
| Receivables from real estate development | 4,529 | 4,074 | 3,625 | 11.2% ↑ | 24.9% ↑ |
| Receivables from services rendered and other sales | 512 | 580 | 554 | 11.6% ↓ | 7.4% ↓ |
| Inventories (Properties for sale) | 5,970 | 5,982 | 5,589 | 0.2% ↓ | 6.8% ↑ |
| Current Taxes Recoverable | 235 | 261 | 241 | 9.9% ↓ | 2.4% ↓ |
| Prepaid expenses | 172 | 172 | 180 | 0.0% ↑ | 4.4% ↓ |
| Other assets | 103 | 116 | 58 | 10.4% ↓ | 77.2% ↑ |
| Total current assets | 14,805 | 14,536 | 13,611 | 1.9% ↑ | 8.8% ↑ |
| IPs - Non-current assets held for sale | 1,566 | 1,628 | 2,218 | 3.8% ↓ | 29.4% ↓ |
| NON-CURRENT | |||||
| Financial investments (Securities) | 699 | 564 | 536 | 24.1% ↑ | 30.5% ↑ |
| Receivables from real estate development | 3,815 | 3,699 | 3,497 | 3.2% ↑ | 9.1% ↑ |
| Receivables from services rendered and other sales | 156 | 65 | 63 | 140.7% ↑ | 147.2% ↑ |
| Inventories (Properties for sale) | 3,225 | 3,233 | 3,372 | 0.2% ↓ | 4.4% ↓ |
| Deferred tax assets | 188 | 188 | 188 | 0.0% ↑ | 0.0% ↑ |
| Receivables from related parties | 138 | 113 | 103 | 21.7% ↑ | 33.7% ↑ |
| Prepaid expenses | 259 | 255 | 229 | 1.8% ↑ | 13.0% ↑ |
| Derivative financial instruments | - | - | 7 | - | 100.0% ↓ |
| Other non-current assets | 807 | 830 | 835 | 2.7% ↓ | 3.3% ↓ |
| Investments in investees | 408 | 365 | 450 | 11.8% ↑ | 9.3% ↓ |
| Investment properties | 687 | 1,353 | 1,908 | 49.2% ↓ | 64.0% ↓ |
| Property, plant and equipment | 1,247 | 1,247 | 1,232 | 0.0% ↓ | 1.2% ↑ |
| Intangible assets | 296 | 276 | 214 | 7.3% ↑ | 37.9% ↑ |
| Total non-current assets | 11,925 | 12,185 | 12,635 | 2.1% ↓ | 5.6% ↓ |
| TOTAL ASSETS | 28,296 | 28,350 | 28,463 | 0.2% ↓ | 0.6% ↓ |
| LIABILITIES AND SHAREHOLDERS’ EQUITY · R$ million | 30/09/2026 | 30/06/2026 | 30/09/2025 | Chg. Sep/26 x Jun/26 | Chg. Sep/26 x Sep/25 |
|---|---|---|---|---|---|
| CURRENT LIABILITIES | |||||
| Suppliers | 1,020 | 938 | 788 | 8.8% ↑ | 29.4% ↑ |
| Derivative financial instruments | 106 | 103 | 50 | 3.2% ↑ | 111.2% ↑ |
| Loans, financing and debentures | 1,793 | 1,652 | 1,890 | 8.5% ↑ | 5.1% ↓ |
| Payables for land acquisition | 1,151 | 1,041 | 950 | 10.5% ↑ | 21.1% ↑ |
| Advances from customers | 573 | 637 | 547 | 10.1% ↓ | 4.8% ↑ |
| Social and labor obligations | 371 | 331 | 315 | 12.1% ↑ | 17.9% ↑ |
| Tax obligations | 203 | 193 | 181 | 4.8% ↑ | 12.2% ↑ |
| Provision for property maintenance | 104 | 96 | 87 | 8.5% ↑ | 18.5% ↑ |
| Deferred tax liabilities | 132 | 133 | 96 | 1.1% ↓ | 36.8% ↑ |
| Negative equity - Investments | 713 | 665 | 634 | 7.3% ↑ | 12.5% ↑ |
| Credit assignment liability | 812 | 810 | 930 | 0.2% ↑ | 12.7% ↓ |
| Other payables | 654 | 768 | 727 | 14.8% ↓ | 10.1% ↓ |
| Total current liabilities | 7,632 | 7,368 | 7,196 | 3.6% ↑ | 6.1% ↑ |
| Loans and financing - Non-current assets held for sale | 962 | 1,179 | 1,277 | 18.4% ↓ | 24.6% ↓ |
| NON-CURRENT LIABILITIES | |||||
| Derivative financial instruments | 33 | 17 | 19 | 99.4% ↑ | 77.3% ↑ |
| Loans, financing and debentures | 6,751 | 6,994 | 6,859 | 3.5% ↓ | 1.6% ↓ |
| Payables for land acquisition | 2,240 | 2,367 | 2,431 | 5.4% ↓ | 7.9% ↓ |
| Advances from customers | 240 | 258 | 163 | 6.8% ↓ | 47.0% ↑ |
| Provision for property maintenance | 260 | 245 | 237 | 6.2% ↑ | 9.4% ↑ |
| Provisions for civil, labor and tax risks | 99 | 97 | 112 | 2.3% ↑ | 11.4% ↓ |
| Deferred tax liabilities | 140 | 140 | 110 | 0.5% ↓ | 26.9% ↑ |
| Credit assignment liability | 4,088 | 3,896 | 3,254 | 4.9% ↑ | 25.6% ↑ |
| Other payables | 612 | 589 | 702 | 4.0% ↑ | 12.8% ↓ |
| Total non-current liabilities | 14,463 | 14,601 | 13,888 | 0.9% ↓ | 4.1% ↑ |
| SHAREHOLDERS’ EQUITY | |||||
| Equity attributable to the Company’s shareholders | 4,666 | 4,578 | 5,263 | 1.9% ↑ | 11.3% ↓ |
| Non-controlling interests | 573 | 624 | 839 | 8.1% ↓ | 31.7% ↓ |
| Total Shareholders’ Equity | 5,239 | 5,202 | 6,102 | 0.7% ↑ | 14.1% ↓ |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 28,296 | 28,350 | 28,463 | 0.2% ↓ | 0.6% ↓ |
| ASSETS · US$ thousand | 30/09/2026 | 30/06/2026 | 30/09/2025 | Chg. Sep/26 x Jun/26 | Chg. Sep/26 x Sep/25 |
|---|---|---|---|---|---|
| CURRENT | |||||
| Cash and cash equivalents | 15,959 | 25,104 | 46,175 | 36.4% ↓ | 65.4% ↓ |
| Financial investments (Securities) | 4,890 | 20,214 | 6,347 | 75.8% ↓ | 23.0% ↓ |
| Receivables from services rendered | 8,618 | 8,814 | 4,607 | 2.2% ↓ | 87.1% ↑ |
| Inventories (Properties for sale) | 1,582 | 1,581 | 6,535 | 0.1% ↑ | 75.8% ↓ |
| Prepaid expenses | 1,219 | 363 | 1,605 | 235.8% ↑ | 24.0% ↓ |
| Other assets | 6,626 | 5,815 | 2,978 | 13.9% ↑ | 122.5% ↑ |
| Total current assets | 38,894 | 61,891 | 68,247 | 37.2% ↓ | 43.0% ↓ |
| IPs - Non-current assets held for sale | 302,225 | 314,583 | 417,049 | 3.9% ↓ | 27.5% ↓ |
| NON-CURRENT | |||||
| Receivables from services rendered and other sales | 6,000 | - | - | - | - |
| Other non-current assets | 1,673 | 1,680 | 1,108 | 0.4% ↓ | 51.0% ↑ |
| Investments in investees | 21,705 | 22,851 | 16,954 | 5.0% ↓ | 28.0% ↑ |
| Investment properties | 97,646 | 222,943 | 313,681 | 56.2% ↓ | 68.9% ↓ |
| Property, plant and equipment | 53,063 | 54,202 | 58,736 | 2.1% ↓ | 9.7% ↓ |
| Intangible assets | 984 | 1,031 | 2,258 | 4.6% ↓ | 56.4% ↓ |
| Total non-current assets | 181,071 | 302,707 | 392,737 | 40.2% ↓ | 53.9% ↓ |
| TOTAL ASSETS | 522,190 | 679,181 | 878,033 | 23.1% ↓ | 40.5% ↓ |
| LIABILITIES AND SHAREHOLDERS’ EQUITY · US$ thousand | 30/09/2026 | 30/06/2026 | 30/09/2025 | Chg. Sep/26 x Jun/26 | Chg. Sep/26 x Sep/25 |
|---|---|---|---|---|---|
| CURRENT LIABILITIES | |||||
| Suppliers | 7,260 | 11,108 | 3,690 | 34.6% ↓ | 96.7% ↑ |
| Loans, financing and debentures | 153,938 | 179,629 | 257,407 | 14.3% ↓ | 40.2% ↓ |
| Advances from customers | 2,000 | 12,000 | - | 83.3% ↓ | - |
| Social and labor obligations | 752 | 667 | 950 | 12.7% ↑ | 20.8% ↓ |
| Other payables | 10,188 | 15,996 | 20,683 | 36.3% ↓ | 50.7% ↓ |
| Total current liabilities | 174,138 | 219,400 | 282,730 | 20.6% ↓ | 38.4% ↓ |
| Loans and financing - Non-current assets held for sale | 185,758 | 227,728 | 240,140 | 18.4% ↓ | 22.6% ↓ |
| NON-CURRENT LIABILITIES | |||||
| Derivative financial instruments | 3,367 | - | - | - | - |
| Loans, financing and debentures | 165,615 | 176,571 | 116,187 | 6.2% ↓ | 42.5% ↑ |
| Other payables | 56,006 | 78,958 | 83,279 | 29.1% ↓ | 32.7% ↓ |
| Total non-current liabilities | 224,988 | 255,529 | 199,466 | 12.0% ↓ | 12.8% ↑ |
| SHAREHOLDERS’ EQUITY | |||||
| Equity attributable to the Company’s shareholders | (140,647) | (113,241) | 34,813 | 24.2% ↓ | - |
| Non-controlling interests | 77,953 | 89,765 | 120,884 | 13.2% ↓ | 35.5% ↓ |
| Total Shareholders’ Equity | (62,694) | (23,476) | 155,697 | 167.1% ↓ | - |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 522,190 | 679,181 | 878,033 | 23.1% ↓ | 40.5% ↓ |
| MRV US INCOME STATEMENT · US$ thousand | 3Q26 | 2Q26 | 3Q25 | Chg. 3Q26 x 2Q26 | Chg. 3Q26 x 3Q25 | 9M26 | 9M25 | Chg. 9M26 x 9M25 |
|---|---|---|---|---|---|---|---|---|
| NET REVENUE | 15,513 | 23,918 | 13,403 | 35.1% ↓ | 15.7% ↑ | 67,530 | 34,909 | 93.4% ↑ |
| COST OF PROPERTIES SOLD AND SERVICES RENDERED | (15,817) | (25,746) | (17,813) | 38.6% ↓ | 11.2% ↓ | (70,248) | (44,837) | 56.7% ↑ |
| GROSS PROFIT | (304) | (1,828) | (4,410) | 83.4% ↑ | 93.1% ↑ | (2,718) | (9,928) | 72.6% ↑ |
| Gross Margin | -2.0% | -7.6% | -32.9% | 5.7 p.p. ↑ | 30.9 p.p. ↑ | -4.0% | -28.4% | 24.4 p.p. ↑ |
| OPERATING INCOME (EXPENSES) | ||||||||
| Selling expenses | - | - | (36) | - | 100.0% ↓ | (3) | (99) | 97.0% ↓ |
| General and administrative expenses | (2,683) | (3,269) | (3,959) | 17.9% ↓ | 32.2% ↓ | (8,893) | (11,937) | 25.5% ↓ |
| Other operating income (expenses), net | (1,555) | (112,750) | 1,200 | 98.6% ↑ | - | (120,606) | (189,174) | 36.2% ↑ |
| OPERATING INCOME BEFORE FINANCIAL RESULT | (4,542) | (117,846) | (7,204) | 96.1% ↑ | 37.0% ↑ | (132,221) | (211,138) | 37.4% ↑ |
| FINANCIAL RESULT | ||||||||
| Financial expenses | (13,394) | (8,762) | (8,176) | 52.9% ↑ | 63.8% ↑ | (31,313) | (21,890) | 43.0% ↑ |
| Financial income | 52 | 110 | 227 | 52.8% ↓ | 77.0% ↓ | 298 | 526 | 43.3% ↓ |
| INCOME FOR THE PERIOD | (17,884) | (126,498) | (15,153) | 85.9% ↑ | 18.0% ↓ | (163,235) | (232,501) | 29.8% ↑ |
| INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | (700) | (5,938) | (671) | 88.2% ↑ | 4.3% ↓ | (7,438) | (10,119) | 26.5% ↑ |
| NET INCOME ATTRIBUTABLE TO CONTROLLING SHAREHOLDERS | (17,184) | (120,560) | (14,482) | 85.7% ↑ | 18.7% ↓ | (155,797) | (222,382) | 29.9% ↑ |
| Net margin | -110.8% | -504.0% | -108.0% | 393.3 p.p. ↑ | 2.7 p.p. ↓ | -230.7% | -637.0% | 406.3 p.p. ↑ |
| BRAZIL OPERATION DEBT (R$ million) | Outstanding Balance Sep/26 | Outstanding Balance / Total (%) | Average Cost |
|---|---|---|---|
| Corporate Debt* | 3,962 | 63.2% | CDI − 2.57% |
| Corporate Debt (CDI) | 1,358 | 21.7% | CDI + 1.22% |
| Corporate Debt (IPCA) | 2,353 | 37.5% | IPCA + 6.45% |
| Corporate Debt (Fixed rate) | 251 | 4.0% | 12.62% |
| Construction Financing (FGTS) | 1,125 | 17.9% | TR + 8.30% |
| Construction Financing (SBPE) | 568 | 9.1% | CDI + 0.97% |
| Construction Financing (Finame) | 617 | 9.8% | TJLP + 2.07% |
| Total | 6,272 | 100% | 11.56% (84.14% CDI) |
| US OPERATION DEBT | Outstanding Balance Sep/26 · US$ million | Average cost (p.a.) |
|---|---|---|
| Construction Financing | 193 | 7.33% |
| Corporate Debt* | 445 | 8.97% |
| Total | 638 | 8.46% |
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 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.