MRV&Co Posts R$627m Loss as Resia Drags

Why Did MRV&Co Post a R$627 Million Loss?

The holding's bottom line was dominated by Resia, its US residential rental arm, which alone contributed R$616.9 million to the quarterly loss. An equity-swap operation in the incorporation segment also swung from a gain of R$88.3 million in Q2 2025 to a small loss of R$578 thousand this quarter, dragging the consolidated figure lower.

What Do the Adjusted Numbers Show?

Stripping out the equity-swap effect, the incorporation business actually posted an adjusted net profit of R$154.7 million — up 28% year-on-year. Net revenue for the group rose 10.7% to R$3 billion, and gross margin improved 0.8 percentage points to 30.2%, signalling operational resilience beneath the headline loss.

How Is Resia Being Wound Down?

MRV&Co announced R$2 billion in Resia asset sales during the first half of 2026, though part of those deals will close in coming quarters. A R$709 million transaction covering two developments settled in July, and on 6 August the company signed a purchase-and-sale contract for one development plus five land plots worth R$867 million, with settlement expected in the coming months. CFO Ricardo Paixão says the remaining US$370 million in Resia assets — including the Golden Glades project in Miami — should be sold by Q1 2027.

What Happens to Group Debt?

Net debt stood at R$5.9 billion in June, down from R$6.3 billion at end-2025. The pending Resia sales are expected to cut net debt by a further R$1.5 billion. Paixão says there is no short-term debt target, but the long-run goal is to reach "close to zero."

What About Luggo?

Luggo sold three completed rental residential projects for R$166 million. The transaction has not yet been booked; once settled, it will contribute to the group's simplification and deleveraging. The company confirmed Luggo has no new projects under construction and does not plan any.