MRV Engenharia e Participações (MRVE3) reported adjusted net income of R$ 315 million at MRV Incorporação in 3Q26, a record for the operation and up 54.5% from 3Q25. The adjusted net margin was 9.2%. In the first nine months of 2026, adjusted net income totaled R$ 603 million, up 75.9%. Net income excludes the effects of swaps, mark-to-market, the portfolio assignment and interest on the CRI of the MRV US Loan Agreement.
MRV Incorporação's net revenue reached R$ 3.4 billion (R$ 3,411 million), an all-time record, up 28.7% from 3Q25 and 24.0% from 2Q26. In the nine-month cumulative period, revenue was R$ 8.7 billion, up 18.6%. The company attributes the result to higher production, higher sales and a higher percentage of completion (POC) of construction projects.
Gross margin was 32.1%, compared with 30.7% in 3Q25, the highest level in 7 years. Gross profit totaled R$ 1.1 billion. Selling, general and administrative expenses as a share of revenue fell from 14.1% in 2Q26 to 12.7% in 3Q26.
Net sales were R$ 3.0 billion in the quarter, with 11.0 thousand units sold, versus 9.3 thousand launched. Production was 11.3 thousand units. MRV Incorporação's cash generation was R$ 6.9 million in 3Q26 and R$ 273 million in nine months. The strike by Caixa Econômica Federal employees in September affected transfers and had an impact of about R$ 80 million on the quarter's cash generation.
At MRV&CO, cash generation was R$ 427 million in 3Q26 and R$ 894 million in nine months, with the completion of asset sales at Resia and Luggo. The Brazil operation's net debt to annualized EBITDA (earnings before interest, taxes, depreciation and amortization) ratio fell to 0.76x, down 31.6% from 3Q25. MRV&CO's consolidated net debt was R$ 5.5 billion at the end of 3Q26, and the announced Resia sales could reduce it to R$ 4.8 billion after closing.
Is MRVE3 worth investing in?
- Price
- R$ 4.48
- as of 11/10/2026
- Dividend yield
- 0.00 %
- P/L
- N/A
- P/VPA
- 0.55
