MRV Engenharia e Participações (MRVE3) Investor Day 2026 summary

Strategic vision and operational focus

• Entering a new cycle of operational excellence, emphasizing margin expansion, capital optimization, and higher returns over 2026–2028.

• Geographic simplification reduced presence from 130 to 80 cities, focusing on 28 regional hubs for efficiency and risk mitigation, with SKU reduction from 316 to 61.

• Strategic decision to focus exclusively on Brazil, with Resia being separated and no new projects under the current structure.

• Commitment to being asset-light, with ongoing reduction in land bank and fixed assets, and 93% of 2025 land acquisitions via swaps to optimize capital employed.

• Strong brand recognition and a mature, experienced team underpin market leadership and operational stability, with 93% brand awareness and significant digital engagement.

Financial guidance and performance

• 2025 net operating revenue reached R$10.1B, gross margin at 30.9%, but net income and cash generation below guidance due to production/transfer mismatch.

• Gross margin for new sales closed at 35% in Q4 2025, with a clear upward trend and further improvement expected.

• Operational improvements led to a reduction in net debt/EBITDA from 6.8x in 4Q22 to 0.8x in 4Q25, and SG&A dilution to 13.9% of revenue.

• Focus on cash generation, with major land purchases via swaps and a reduction of R$300M in paid land inventory in 2025.

• No need for debt rollover in the next two years, with a simplified debt profile and improved financial predictability.

Market context and growth opportunities

• External environment highly favorable: Minha Casa, Minha Vida (MCMV) program improvements, increased state subsidies, and regulatory changes boosting affordable housing demand.

• Urban policy shifts enabling more centrally located affordable housing, unlocking new markets and increasing addressable demand.

• 28 regional hubs cover over 50% of the Brazilian market, with top market share in most states.

• Product and pricing strategies leverage technology and data to maintain price increases above inflation while ensuring affordability.

• 93% of portfolio is MCMV, with new income ceilings and subsidy curves expanding the eligible customer base.