Belo Horizonte, October 8, 2026. MRV Engenharia e Participações S.A. (B3: MRVE3), the largest homebuilder in Latin America, informs its preliminary and non-audited operational results of Land Bank, Launches, Pre-Sales, Transfers, Production and Cash Generation for the third quarter of 2026.
3Q26 was marked by strong cash generation at MRV&CO, which totaled R$ 456 million, driven by asset sales at Resia and Luggo and by cash generation at Urba, despite the negative effects of the Caixa Econômica Federal strike on the real estate development operation.
Operationally, MRV Real Estate Development posted all-time records in net pre-sales and built units. With launches and production stabilized, the focus remains on bringing sales, transfers and registrations up to the same level, the last step in rebalancing the operation.
Asset sales at Resia and Luggo and positive cash at Urba drove 3Q26 cash generation, despite the CEF strike on the real estate development operation.
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.
| OPERATING INDICATORS (%MRV) | 3Q26 | 2Q26 | 3Q25 | Chg. 3Q26 x 2Q26 | Chg. 3Q26 x 3Q25 | 9M26 | 9M25 | Chg. 9M26 vs 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% ↑ |
| SoS | ||||||||
| 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% ↑ |
Year to date, net pre-sales grew 15% while maintaining the previous year's strong pace of launches, which resulted in a higher SoS.
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 will be 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 completed developments or developments under construction at the moment, given the current interest rate environment.
Urba posted positive cash generation of R$ 18 million in 3Q26. Net pre-sales totaled R$ 85 million, with a significant increase in the average ticket, which reached R$ 196 thousand, versus R$ 135 thousand in 2Q26, reflecting the mix of products sold in the quarter.
| OPERATING INDICATORS (100%) | 3Q26 | 2Q26 | 3Q25 | Chg. 3Q26 x 2Q26 | Chg. 3Q26 x 3Q25 | 9M26 | 9M25 | Chg. 9M26 vs 9M25 |
|---|---|---|---|---|---|---|---|---|
| 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% ↑ |
| Cash generation | ||||||||
| R$ million | 17.8 | (47.0) | (8.9) | — | — | (57.8) | 40.0 | — |
The sale of the legacy developments Ten Oaks and Rayzor Ranch (US$ 139 million), announced in June, was settled in July, with US$ 87 million in net debt reduction. The sale process of Memorial and the five land parcels, announced on August 6 for US$ 170 million, is expected to be settled 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: US$ 1 = R$ 5.1809 in all conversions (quarter-end PTAX).
| ADJUSTED CASH GENERATION (R$ million) | 3Q26 | 2Q26 | 3Q25 | Chg. 3Q26 x 2Q26 | Chg. 3Q26 x 3Q25 | 9M26 | 9M25 | Chg. 9M26 vs 9M25 |
|---|---|---|---|---|---|---|---|---|
| MRV&CO | 456.0 | 70.0 | (23.4) | 551.3% ↑ | — | 922.9 | (266.8) | — |
| MRV Real Estate Development* | 18.9 | 148.7 | 14.2 | 87.3% ↓ | 33.9% ↑ | 285.0 | (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* | 313.7 | 15.6 | 18.2 | 1,908.5% ↑ | 1,626.0% ↑ | 689.0 | (100.8) | — |
| MRV US* | (40.3) | (35.8) | (26.5) | 12.6% ↓ | 52.0% ↓ | (112.6) | (87.9) | 22.0% ↓ |
* The adjustment excludes CRI interest for payment of the Loan Agreement (MRV US), allocating it to MRV US's result. The SWAP effect at MRV Real Estate Development is also excluded. Resia and MRV US converted at the quarter-end PTAX.
In 3Q26, Resia is considered at its net debt change (US$ 57.3 million), already net of distributions to the projects' partners (limited partners), and not at its cash generation (US$ 100.4 million); difference, US$ 43.1 million.
| CASH GENERATION ADJUSTMENT · MRV REAL ESTATE DEVELOPMENT (R$ thousand) | 3Q26 | 2Q26 | 1Q26 |
|---|---|---|---|
| MRV Real Estate Development | (6,147) | 122,565 | 87,025 |
| (−) SWAP effect | (1,554) | (2,319) | (5,357) |
| (−) CRI interest for payment of the Loan Agreement (MRV US) | (23,559) | (23,866) | (24,900) |
| (=) Adjusted cash generation (ex-SWAP and CRI MRV US) | 18,965 | 148,750 | 117,282 |
| (−) Net effect of credit assignment | (21,249) | (101,109) | (102,638) |
| (=) Adjusted cash generation (ex-credit assignment) | (2,284) | 47,641 | 14,644 |
Figures in R$ thousand. The line "(=) Adjusted cash generation (ex-SWAP and MRV US CRI)" corresponds to "MRV Real Estate Development*" in the table above, in R$ million.