On Wednesday, August 12, 2026, MRV Engenharia e Participações (MRVE3) released its results for the second quarter of 2026 (2Q26). The development operation in Brazil posted adjusted net income attributable to shareholders of R$ 154.7 million, on net operating revenue of R$ 2.751 billion and a gross margin of 31.2% in the period.
In the last 12 months through 2Q26, MRV Incorporação reported net revenue of R$ 10.8 billion, EBITDA (earnings before interest, taxes, depreciation and amortization) of R$ 2.1 billion and adjusted net income of R$ 760 million, with profit growth for the fifth consecutive quarter.
The gross margin of the development segment rose to 31.2% in 2Q26, from 31.0% in 1Q26 and 30.2% in 2Q25. Adjusted cash generation at MRV Incorporação totaled R$ 148.7 million in the quarter and R$ 266 million in the first half of 2026, while net sales reached R$ 2.751 billion in 2Q26, an increase of 11.3% compared to 1Q26 and 3.4% versus 2Q25.
At the consolidated MRV&CO level, adjusted cash generation in the first half of 2026 came to R$ 467 million, driven mainly by the sale of Resia assets. Resia asset sales announced in 2026 total US$ 401 million, equivalent to around R$ 2.05 billion, and should result in a reduction of US$ 290 million (R$ 1.5 billion) in total net debt, considering amounts already received and to be received.
The company also reported that MRV Incorporação’s gross margin excluding interest reached 34.7% in 2Q26, and that the net debt-to-equity ratio for this operation fell to 39.2% in June 2026, from 42.2% in June 2025. MRV Incorporação’s last-12-month net sales reached R$ 10.3 billion, a record high.
