On Monday, August 17, 2026, MRV Engenharia e Participações (MRVE3) released management’s commentary on its performance in the second quarter of 2026. In the period, adjusted net income reached R$ 55 million, while MRV&Co generated R$ 467 million in cash in the half-year. Net revenue over the last 12 months totaled R$ 10.8 billion, and net sales reached R$ 10.3 billion in the same interval.
In the MRV Incorporação business, net sales came to R$ 2.75 billion in 2Q26, up 11.3% compared to the first quarter of 2026, with launched PSV of R$ 2.95 billion and production of 10,900 units, 12% higher than in the previous quarter. Gross margin reached 31.2%, the highest level in the last seven years, and the ratio of selling, general and administrative expenses to net revenue (SG&A/Net Revenue) stood at 14.2% in the first half of 2026. Adjusted net income for the half-year totaled R$ 288 million, versus R$ 139 million in the first half of 2025.
Adjusted cash generation from the Brazilian operation was R$ 149 million in 2Q26, reversing the R$ 36 million cash burn recorded in 2Q25, and totaled R$ 266 million in the half-year, compared to a cash burn of R$ 87 million in the same period of 2025. The annualized net debt/EBITDA (earnings before interest, taxes, depreciation and amortization) ratio of the Brazil Operation fell to 1.08x, from 1.27x in 2Q25 and almost 2x in 2Q24. Consolidated net debt decreased from R$ 6.3 billion at the end of 2025 to R$ 5.9 billion on June 30, 2026.
Among the subsidiaries, Luggo signed a memorandum of understanding for the sale of three already-built developments for R$ 166 million, above book value, while Urba reported the best second quarter of sales in its history, with growth of 50% over 2025 and a gross margin of 47.3%. The U.S. subsidiary Resia announced the sale of the Ten Oaks and Rayzor Ranch developments for US$ 139 million, already settled in July, and the signing of agreements for the disposal of the Memorial project and five plots of land for US$ 170 million, with settlement expected over the coming months.
Taken together, Resia’s sales announced in 2026 reduce the subsidiary’s net debt by US$ 290 million, of which US$ 62 million was received in the first quarter, US$ 87 million in the third quarter of 2026 and US$ 141 million will be received in the coming months. According to the company, Resia’s transactions, the sale of Luggo assets totaling R$ 150 million and the R$ 719 million in cash generation expected from the sale of Memorial and the five plots of land should bring MRV&Co’s consolidated net debt to around R$ 4.6 billion, which represents a reduction of almost 30% compared to the end of 2025.
