Overview

• Brazil sales reached R$2.44 billion, down 0.5% year over year and 8.9% quarter over quarter, while launches totaled R$2.355 billion in VGV, down 9.4% annually and 31.7% sequentially.
• MRV Incorporação generated adjusted cash of R$30 million, which the company says would have been about R$123 million absent a R$93 million timing mismatch in housing-program repasses.
• The company sold 8,779 units and launched 8,354, ended the quarter with about 1,400 additional units not transferred to the incorporation arm, and reported an average ticket of R$278,000, up 10% year over year.
• Resia posted a US$1.5 million cash burn and MRV reports roughly US$149 million of asset sales toward an approximately US$800 million divestment plan through 2026.
• MRV shares fell 12.1% after the preview as the CFO cited a backlog in state housing checks, largely in Amazonas, with 1,800 units awaiting repasse and said the quarter should prove a one-off.