By Brazil Stock Guide – MRV&Co reported R$469 million in cash generation in the first half of 2026, helped by asset sales at its US unit Resia and improving performance in its Brazilian homebuilding business.
MRV Engenharia e Participações SA (MRVE3 BZ), Latin America’s largest residential homebuilder, said net pre-sales in its Brazilian development unit, which includes MRV and Sensia, reached R$2.75 billion in the second quarter. That was up 11.3% from the first quarter and 3.4% from a year earlier.
Launches totaled R$2.95 billion in gross development value, rising 1.3% from the previous quarter but falling 14.4% from the same period of 2025. The company launched 10,679 units in the quarter, while production rose to 10,922 units, up 12.1% sequentially and 10.6% year over year.
The company said closing the gap between production and transfers remains a key driver for stronger future cash generation. MRV produced 10,922 units in the quarter and transferred 9,803 units, leaving a gap of 1,119 units.
MRV&Co’s second-quarter cash generation stood at R$77.2 million, down from R$391.6 million in the first quarter and R$141.8 million a year earlier. For the first half, however, cash generation reached R$468.8 million, reversing a R$235.1 million cash burn in the same period of 2025.
In the Brazilian development business, cash generation totaled R$121.1 million in the quarter, compared with R$87 million in the first quarter. Receivables assignments had a net positive impact of R$101.5 million on cash generation during the period.
Resia, MRV’s US operation, remained central to the company’s deleveraging plan. In the second quarter, MRV signed a purchase and sale agreement for the Ten Oaks and Rayzor Ranch legacy developments in Texas for $139 million. Once completed, asset sales in the first half will total $231 million, or about R$1.2 billion, based on an exchange rate of R$5.15 per dollar.
The transaction represents a 7.5% reduction in MRV&Co’s consolidated net debt, equivalent to $87 million, or R$448 million. It also reduces minority interest by $46 million, or R$237 million. Since announcing its deleveraging plan in December 2024, MRV has sold $380 million, or about R$2 billion, in assets.
Two projects previously marked for sale remain in the portfolio: Memorial, in Atlanta, with a book value of $109 million, and Golden Glades, in Miami, with a book value of $133 million. MRV said it intends to sell Memorial during 2026 and expects to record an accounting gain on the sale of Golden Glades.
Resia also showed progress in leasing. Memorial reached 81% occupancy in June, while Golden Glades reached 79%. Memorial increased leased units by 19% during the quarter, to 387 from 326, while Golden Glades rose 36%, to 330 from 242.
Urba, MRV&Co’s land development unit, posted its strongest second-quarter sales volume on record. Net pre-sales reached R$127 million, up 339% from the first quarter and 50.5% from a year earlier. Unit sales rose to 935, an 85.5% increase from the second quarter of 2025.
The company said Urba’s growth strategy will be financed through receivables assignments and does not depend on corporate debt. In the first half, Urba net pre-sales totaled R$155 million, up 6.6% from the same period last year.
MRV’s Brazilian development land bank ended the quarter with R$40.9 billion in gross development value, down 1.1% from the first quarter and 6.8% from a year earlier. Urba’s land bank reached R$5.4 billion, up 7.9% sequentially and 9.3% year over year.
The company also said second-quarter selling prices, considering the same product mix, rose in line with inflation, as it seeks to preserve margins while increasing production, transfers and deleveraging efforts.
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