Slides
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CORPORATE PRESENTATION
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2 2020 INTERNATIONAL EXPANSION 2019 HOUSING PLATAFORM: LUGGO 2018 SPIN - OFF LOG 2012 2007 PRIVATE EQUITY AND IPO 2022 AHS RESIDENTIAL REBRANDING 1994 GEOGRAPHIC EXPANSION 2010 1979 MRV FOUNDATION 2011 2023 FOLLOW ON 46 YEARS OF HISTORY
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6k units* 31k units* 38k units* 40k units* 40k units* 2007 2008 - 2013 2014 - 2019 2020 - 2022 2023 - 2024 IPO GROWTH AND GEOGRAPHIC EXPANSION STABILIZATION AND PROFITABILITY HOUSING PLATFORM + CONTEXT TURNAROUND Gross Margin: 36.6% Gross Margin: 30.4% *Average annual sales in the period ** Gross Margin 4Q24 Cash Generation: ( R$ 195M) Cash Generation: (R$ 1.7B) Gross Margin: 31.5% Cash Generation: R$ 2.4B Gross Margin: 25.5% Cash Generation: ( R$ 835M) Gross Margin: 27%** Cash Generation: R$ 182M MRV: Investments in expansion. Evolving quality, processes and systems MRV: Consolidation of operations and efficiency gains Diversification strategy MRV: Inflation (COVID + supply - chain disruption) MRV Real Estate Development 2024 Records Net Pre - Sales: R$ 10 billion Net Revenue : R$ 8.5 billion EBITDA: R$ 1.1 billion RESIA: Expansion 12 projects sold US$ 760M in total sales revenue RESIA: Readjustment of the strategy to the macroeconomic scenario Reduction of operations 3 BUSINESS CYCLES
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MRV REAL ESTATE DEVELOPMENT VISION: STRATEGY, EFFICIENCY AND FOCUS 35 % GROSS MARGIN 40 K UNITS PER YEAR 15 % NET MARGIN 15 % CASH GENERATION 10 B NET REVENUE 1.5 B NET INCOME 1.5 B CASH GENERATION 4 • Gross margin on new sales at 35% • Stable production costs • Increasing selling prices • SG&A dilution driven by the continued growth of net revenue • Land bank reduction and new acquisitions via land swap • Reduction in p ro soluto c redit granted
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...AND HOW WE´ RE FIXING IT _ ASSET - LIGHT APPROACH _ NEW GOVERNANCE IN PLACE _ GEOGRAPHIC SIMPLIFICATION: 80 CITIES _ CAPITAL - INTENSIVE MODEL _ C - SUITE TRANSITION _ OVER - DIVERSIFICATION _ GEOGRAPHIC COMPLEXITY: PRESENCE IN 130+ CITIES _ PORTFOLIO WITH TOO MANY SKUs _ STANDARDIZATION: SKUs RATIONALIZATION _ PRODUCTIVITY: OPTIMIZE PRODUCTION FLOW _ REFOCUS ON MRV CASH COW 5 _ INVESTMENT IN 4 NEW SUBSIDIARIES _ NO NEW INVESTMENTS IN SUBSIDIARIES
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HOUSING DEFICIT HOUSING REMAINS A PRIORITY IN BRAZIL, A STATE POLICY RATHER THAN A GOVERNMENT POLICY 6.2M CURRENT DEFICIT 5.7M 2016 6 THE PROGRAM HAS REMAINED RESILIENT ACROSS ADMINISTRATIONS FROM DIFFERENT PARTIES: • PT (2009 - 2016) • MDB (2016 - 2018) • PL (2019 - 2022) • PT (2023 - present) • 7.2M HOUSING UNITS FINANCED • 25.5M PEOPLE BENEFITED 16 YEARS OF MINHA CASA MINHA VIDA (MCMV):
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7 BRAZIL’S AFFORDABLE HOUSING ECOSYSTEM AFFORDABLE HOUSING REMAINS A NATIONAL PRIORITY . At the federal level, the Minha Casa Minha Vida program has undergone continual improvements to enhance families’ purchasing power: APR 2025 AUG 2024 MAR 2009 JUN 2023 Launch of the Minha Casa, Minha Vida Program. Program relaunched: reinstatement of Income Bracket 1; urban income limit raised to R$ 8k; maximum property price raised to R$ 350k nationwide; subsidies increased; interest rates for social brackets reduced. Adjustment of income brackets: Bracket 1 limit raised to R$ 2,850; other brackets updated; social interest rates maintained at 4% - 5% per year. Creation of Bracket 4: families with income up to R$ 12k can finance properties up to R$ 500k with mortgage rates up to 10% per year; income limits for the other brackets increased. Ongoing discussions on further improvements to the MCMV program.
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8 BRAZIL’S AFFORDABLE HOUSING ECOSYSTEM STATE LEVEL: In roughly 60% of the states where MRV operates, regional subsidies complement the MCMV Program ; about 25% of the company’s sales benefit from these programs. MUNICIPAL LEVEL: Modernization of master plans with incentives for social housing. Current subsidies Subsidies under discussion No subsidies STATE PROGRAMS
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INCENTIVES FOR SOCIAL HOUSING AT THE MUNICIPAL LEVEL 9 CONTINUOUS IMPROVEMENT OF THE MCMV PROGRAM STRENGTHENING OF REGIONAL PROGRAMS The program is at its strongest point - and ongoing adjustments underway will make affordable housing in Brazil even better. CURRENT SCENARIO
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OPERATIONAL CONTEXT 10
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MRV has made significant progress across its three business areas. While not yet fully reflected in results, there is further upside ahead. DEVELOPMENT COMMERCIAL PRODUCTION • Higher s ales volume • Price increases above inflation • Reduction in pro soluto credit granted • Fewer operating regions • Lower Land Cost/Net Revenue ratio • Higher share of land swaps • Reduction of paid land inventory • Launch Sequencing Plan • Stable production costs • SKU standardization and reduction • Production flow optimization ( linearization) • Sequencing of projects and teams PROGRESS MADE… MORE UPSIDE AHEAD 11
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11.0% 9.5% 9.4% 58.0% 87.0% 94.0% Undivided Share/Net Revenue Land bank 2023 Undivided Share/Net Revenue New purchases 2024 Undivided Share/Net Revenue New purchases 9M25 - 0.1 p. p. 12 We reduced the Land Cost/Net Revenue ratio, increasing the expected gross margin for future projects. DEVELOPMENT DONE • Land purchase primarily via swaps. • Lower Land Cost/Net Revenue IMPLEMENTING • Smaller operational footprint (fewer markets) • SKU reduction • More efficient l ayouts ( t ypology ) LAND COST / NET REVENUE [MCMV] Undivided Share/Net Revenue % Land Swap
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13 EFFICIENCY GAINS DENSIFICATION & COMMON - AREA DILUTION • Ongoing approvals with municipalities to adapt Social Housing (HIS) rules • Outcomes (examples): lower minimum parking requirements, better land use DESIGN OPTIMIZATION • Reduce wall and slab thickness by 3 cm • Adjusted number of stories to local needs • Reduce elevator cores from 4 → 3 on average SKU STREAMLINING • Cluster SKUs by regulatory similarity • Replace city - specific SKUs with regional/regulatory SKUs
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14 4 ELEVATOR SHAFTS INTERNAL PARTITIONS IN DRYWALL SMOKE - PROOF STAIR WITH ANTECHAMBER AND VENTILATION DUCTS CONCRETE WALLS, 15 CM THICK; CONCRETE SLAB THICKNESS 13 CM • PROTECTED STAIR — NO ANTECHAMBER OR DUCTS • FEWER ELEVATOR SHAFTS (FROM 4 TO 3) • DRYWALL REMOVED ~ R$ 3k SAVINGS PER UNIT (National Average) ~+1 p.p. MARGIN GAINS CURRENT LAYOUT [EXAMPLE] OPTIMIZED LAYOUT [EXAMPLE] • CONCRETE SLAB THICKNESS REDUCED TO 10 CM • WALL THICKNESS REDUCED TO 12CM LAYOUT OPTIMIZATION LOWER COST PER UNIT
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1Q 2Q 3Q 4Q 2027 1.280 1.032 1.140 - 3.452 UH’s 300 Fut. Compras 3.752 UH’s ESTOQUE 1Q 2Q 3Q 4Q 2025 CENTER - WEST - EAST - SOUTH - NORTH - 1.320 1.400 320 320 3.360 UH’s - 3.360 UH’s 1Q 2Q 3Q 4Q 2026 1.280 1.420 1.120 - 3.820 UH’s - 3.820 UH’s OITIS 320 UH OCT V. DAS ORQUIDEAS 540 UH JAN SERINGUEI RAS 640 UH MAY JD. MATSU 720 UH MAY LARANJEIR AS 240 UH FEB M. SABIÁS 512 UH JULY V. FLORES 780UH MAR V. TORQUAT O 680 UH JUNE R. KYOTO 320 UH AUG LA VICTORE 432 UH JUNE V. DAS TAPAJÓS 680 UH MAR IPÊS 320 UH FEB M. BELA VISTA 288 UH SEP R. YOKOYAMA 320 UH AUG IGAPÓS 320 UH JULY ROUXINÓI S 780UH APRIL DOURADA 360 UH JAN AURORA 440 UH JAN R.NAGOYA 320 UH AUG MCMV 300 UH SEP WAY21 CONST. C1 520 UH MAR MARINAS PET’S 600 UH APRIL RIOS DA VIDA 500 UH SEP 15 SUPPLY PLAN LAUNCH SEQUENCING PLAN + FORMWORK ALLOCATION PRODUCT LINE Seamless launch sequencing enables the production and sales teams to operate at peak efficiency. MID RISE FORM ( LINE 01 2AP) LOW RISE FORM (LINE 02 2AP) LOW RISE FORM (LINE 03 2AP) LOW RISE FORM (LINE 08 2AP) LOW RISE FORM (LINE 12 2AP) MID RISE FORM (LINE 05 2AP) HIGH RISE FORM (LINE 10 2AP) Essencial Eco Bio
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In 2024 we reduced the paid - up land by R$230 million, in line with the strategic objective of reaching R$1 billion by 4Q29 in capital allocated to land plots, improving efficiency and long - term return s. • Commercial areas • SBPE land plots above Bracket 4 • MCMV land plots with longer - dated launches or very large areas ACTION TO REDUCE LB: Launch Pipeline ACTION TO REDUCE LB: Sale of land plots ACTING IN THE PROCESS: Creation of the Land Bank Management area, with dedicated Executive Manager HOW WILL WE GET THERE? PAID - UP LAND BANK [ R $ MM] 16 1,000 2,278 2,371 Target 4Q29 3Q25 4Q24 - 231 ( - 9%) - 1,278 ( - 56%)
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We streamlined our geographic footprint - prioritizing market densification and operational efficiency from land acquisition onward. 130 CITIES 80 CITIES 28 REGIONAL HUBS Example: Belo Horizonte metro area (RMBH) regional hub 17
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R$ 159 R$ 168 R$ 190 R$ 226 R$ 244 R$ 260 9% 24% 35% 40% 49% 57% 2% 5% 30% 46% 53% 61% 2020 2021 2022 2023 2024 9M25 Price Accumulated INCC Accumulated % Price Variation COMMERCIAL 18 DONE • Higher sales volume • Price increases above inflation • Branding investment = more qualified leads • Reduction in p ro soluto credit granted IMPLEMENTING • Stronger in - house sales force = higher lead conversion • Investment in technology and processes = higher lead conversion (R$ Thousand ) AVERAGE TICKET VS. ACCUMULATED INCC
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2023 91 ,000 16 ,000 10,000 3 ,000 LEADS DOCUMEN - TATION SUBMITTED CREDIT APPROVED CONTRACTS SIGNED 17 % 62% 30% 3.2% OVERALL CONVERSION 19 2025 114 ,000 20 ,000 11,000 4 ,000 18 % 55 % 36% 3.5% OVERALL CONVERSION Source: Brand Tracking PROVOKERS 2024 - Men and women / 18+ years / Socioeconomic Classes B and C / Nationwide 51 % NAME MRV THE #1 BRAND SALES FUNNEL MONTHLY AVERAGE TOP - OF - MIND BRAND * COMBINED, OUR COMPETITORS GENERATE LESS THAN HALF AS MANY LEADS AS WE DO OVER THE SAME PERIOD
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20 SALES PERFORMANCE DISPARITY ACROSS MARKETS 34 % SALES OVER SUPPLY [SoS ] T IER 1 - Launch Sequencing Plan fine tuned - Super House sales team – Best - in - class in - house sales team with strong management and a high broker - to - inventory ratio - More and better - qualified leads per broker TIER 3 - Launch sequencing plan still being implemented - Legacy in - house sales team : Lower Broker - to - Inventory ratio - Technology and process upgrades underway to raise lead generation and conversion 10% SALES OVER SUPPLY [SoS ]
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21 PRODUCTION DONE • Production costs under control IMPLEMENTING • Simplification and standardization of operation (Lego Project) • Production flow optimization ( f ormwork and crew sequencing) ∆% UNIT COST x PREVIOUS YEAR 14.8% 6.9% 2.7% 1.7% 2022 2023 2024 9M25
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OPERATIONAL SEQUENCING HIGHER PRODUCTIVITY, LOWER COGS 22 OLD SCENARIO Stop – start processes by project (training → productivity → staff dismissal → repeat). CURRENT SCENARIO Team sequencing drives sustained productivity gains.
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INDICATORS OPERATING AND FINANCIAL
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EVOLUTION OF OPERATING INDICATORS TRANSFERRED UNITS (%MRV) MRV REAL ESTATE DEVELOPMENT (Units) NET PRE SALES (%MRV) MRV REAL ESTATE DEVELOPMENT (R$ Million) 24 LAUNCHES (%MRV) MRV REAL ESTATE DEVELOPMENT (R$ Million) UNITS BUILD (%MRV) MRV REAL ESTATE DEVELOPMENT (Units) Note: ¹9M25 annualized 7,161 6,093 5,893 8,546 10,033 9,729 2020 2021 2022 2023 2024 9M25¹ 34,511 37,785 32,021 31,456 35,609 40,389 2020 2021 2022 2023 2024 9M25¹ 5,980 7,240 7,645 5,800 9,658 11,589 2020 2021 2022 2023 2024 9M25¹ 44,367 37,456 30,550 31,076 33,907 33,450 2020 2021 2022 2023 2024 9M25¹
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1,830 1,730 1,238 1,644 2,231 2,219 28.2% 25.2% 19.3% 22.7% 26.4% 30.2% 2020 2021 2022 2023 2024 9M25 NET REVENUE (R$ Million) (R$ Million) GROSS MARGIN (%MRV) MRV REAL ESTATE DEVELOPMENT EVOLUTION OF FINANCIAL INDICATORS 25 GROSS PROFIT AND GROSS MARGIN ( R$ million , %) EBITDA (%MRV) MRV REAL ESTATE DEVELOPMENT (R$ Million) 30.7%: Gross Margin in 3Q25 28.2% 25.2% 19.3% 22.7% 26.4% 29.6% 30.2% 30.7% 2020 2021 2022 2023 2024 1Q25 2Q25 3Q25 6,491 6,876 6,412 7,236 8,456 7,353 2020 2021 2022 2023 2024 9M25 919 802 374 593 1,140 1,334 2020 2021 2022 2023 2024 9M25
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RESIA FACTS TRACK RECORD OF 25 PROJECTS , totaling 7,450 units and US$ 1.2 billion in sales over the past 13 years EXPERIENCE in a key U.S. sector across multiple market cycles EVOLUTION of portfolio and construction method over time • Distinct construction system using concrete walls and off - site components in standardized developments • Reduced reliance on labor and faster build times PRESENCE in 4 major markets, Miami, Dallas, Houston and Atlanta, to meet strong housing demand CURRENTLY the market shows high rental demand and few projects being launched 29
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30 GOLDEN GLADES Projects City Units Princeton Groves South Florida 216 Lake Worth South Florida 216 Lake Osborne South Florida 118 Place at Dania Beach South Florida 144 Club at Crystal Lakes South Florida 125 Deering Groves South Florida 281 Mangonia Lake South Florida 240 Pine Groves South Florida 204 Coral Reef South Florida 175 Tamiami South Florida 264 Banyan Ridge South Florida 228 Tradition South Florida 372 Harbor Grove South Florida 324 Oak Enclave South Florida 420 Pine Ridge South Florida 288 Biscayne Drive South Florida 216 Hutto Square Austin 204 Dallas West Dallas 336 Tributary Atlanta 433 Old Cutler South Florida 390 Memorial Atlanta 476 Rayzor Ranch Dallas 322 Ten Oaks Houston 573 Golden Glades South Florida 420 North City Dallas 464 Total 7449
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31 DIVESTMENT & DELEVERAGING PLAN We have made progress executing the divestment plan proposed in December 2024, despite a challenging, high - interest rate market.
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˜US$ 800 MM ˜US$ 149 MM ALREADY SOLD ASSET SALES 32 PROJECTS PROJECT % LEASED TRIBUTARY STABILIZED TEN OAKS 68% RAYZOR RANCH 65% MEMORIAL 60% GOLDEN GLADES 32% RESIA DIVESTMENT PLAN [THROUGH 2026] The Tributary project is stabilized, and its sale process has already been initiated.
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▪ Sales planned through 2026 cover all legacy assets plus New Resia's Golden Glades project ▪ We carried out an impairment in 2Q25 covering all assets that will be sold below cost (legacy projects) ▪ Captures the full estimated loss up front ▪ Sale values are supported by independent broker opinions of value and/or executed contracts. ▪ The impairment does not reflect the sale of Golden Glades, which is expected to generate attractive profit and return NEXT ASSET SALES [THROUGH 2026] Book Value US$ 158 MM Sales Value US$ 81 MM Loss* US$ 81 MM Book Value US$ 444 MM Sales Value US$ 381 MM Loss US$ 63 MM Sales Value US$ 198 MM 33 * A US$ 4 million gain will be recognized upon the sale of two land parcels. New Resia Project Yield on Cost Cap Rate Golden Glades 7.1% 5.0% Legacy Projects Average Yield on Cost Average Cap Rate Tributary Memorial Rayzor Ranch Ten Oaks 4.5% 5.3% Land Bank Forresta Marine Creek Tributary Ph2 Okeechobee Peachtree Tucker Cathedral Lakes South Alemeda Westloop Cathedral Lakes North Palmetto Station
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ESTIMATED IMPAIRMENT FOR LEGACY LIQUIDATION TOTAL CASH GENERATION: US$ 493 MM ( - ) EQUITY LIMITED PARTNER: US$ (128 MM) US$ 144 MM (=) NET DEBT VARIATION: ~ US$ 365 MM RESIA DELEVERAGING [US$ MILLION] RESIA CONTROLLING SHAREHOLDERS [US$ MILLION] CONTROLLING SHAREHOLDERS EQUITY MRV&CO POST IMPAIRMENT: R$ 5,2 billion P/BV: 0.65 x CONTROLLING SHAREHOLDERS EQUITY MRV&CO 1Q25: R$ 6 billion P/BV: 0.5 6x EXPECTED IMPACTS FROM UPCOMING SALES * Impairment of US$ 127 million from Resia and US$ 17 million from MRV US 319 - 144 175 Resia Equity 1Q25 Impairment* Resia Equity (considering impairment) Resia Equity attributable to Company' Shareholders - post impairment effects (US$ - millions) 459 94 - 365 Resia 1Q25 Net Debt Changes in Net Debt Resia Net Debt (at the end of the deleveraging period) 34
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35 NEW RESIA [2025...] MORE EFFICIENT CAPITAL STRUCTURE • Less equity contribution per project • Debt structure primarily off - balance • Minimal capital tied up in land MORE DIVERSIFIED REVENUE AND FOCUSED ON FEES • Service and development fees • Resia's return on equity invested • Promote fee linked to project profitability HIGHLY COMPETITIVE CONSTRUCTION METHOD • Use of off - site components drives cost efficiency and accelerates schedules • Lean operating model with low overhead reduces OPEX and indirect costs The GOLDEN GLADES project, in Miami, was delivered ahead of schedule, under budget, and is already leasing up. It is the first project in the New Resia model, and we expect excellent returns for Resia and its co - investors.
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44% 51% CHARACTERISTICS • Equity partner fully aligned • Investor return is variable • Waterfall + Promote • New revenue streams – construction and development fees CONSTRUCTION LOAN PREFERRED EQUITY + COMMON EQUITY RESIA EQUITY 5% RESIA RETURN US$ MM 28.2 SERVICE AND DEVELOPMENT FEES 8.5 PROMOTE RETURN 13.5 RETURN ON INVESTED EQUITY 6.2 GOLDEN GLADES IS THE PROOF - OF - CONCEPT FOR THE NEW RESIA MODEL: DELIVERED AHEAD OF SCHEDULE AND UNDER BUDGET. ESTIMATED GROSS MARGIN (%) 29.3% ESTIMATED YIELD ON COST (%) 7.1% ESTIMATED IRR% 32.0% NEW RESIA GOLDEN GLADES 36
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NEW RESIA Land Bank Under Construction Project Completed Project Georgia Florida Land bank: Blue Lagoon (Miami) New Northtown (Miami) Texas Dallas Houston Atlanta Miami Project: Golden Glades (Miami) 420 units Construction: North City (Dallas) 464 units Land bank: Lotus Grove (Atlanta) Land bank: Calhoun St (Dallas) Jazzy Cove Lane (Houston) New Resia has: • Golden Glades: prime location where we expect excellent results • North City: construction 12% complete and on schedule • 5 selected land plots that meet New Resia's high - return criteria in areas where we already operate. 37
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NEW RESIA _ Corporate G&A US$ 10M _ Standardized, cost - competitive product (mid rise, off - site components and concrete walls). _ Asset - light: Less Resia equity in projects _ Market environment: Few launches from competition. Limited new supply, strong demand for coming years. _ Recurring Service & Development fees at the project level _ Corporate G&A US$ 30M _ Execution challenges on several developments _ Capital - intensive structure _ Projects fully consolidated on Resia's balance sheet _ Market environment: ample new supply and balanced demand _ Rapid expansion into new markets strained execution. _ Prioritization of off - balance financing _ Launching selected projects; simpler operation 38 _ Strategic Reset under new governance and management
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APPENDIX 39
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40 TYPICAL CASH FLOW OF MRV DEVELOPMENT -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 1Q 2Q 3Q 4Q 5Q 6Q 7Q 8Q 9Q 10Q 11Q 12Q 13Q 14Q 15Q 16Q 17Q 18Q 19Q 20Q 21Q 22Q 23Q TYPICAL MRV ACCUMULATED CASH FLOW Individual Associate Land Acquisition Launch Start of Construction End of Construction Cash Generating Business Model during the construction phase MRV’s business model provides for low cash exposure throughout the development and construction cycle. Based on an on - lending model with financing banks, construction begins with contracted income, so buyers help finance the works. Even in pre - construction, the company’s capital need is limited, as land purchases are made primary via financial swaps and disbursements are tied to receivables, safeguarding cash.
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Mortgage with MRV 13.7% Subsidies 2.3% FGTS 1.2% Down Payment 8.4% Mortgage with Banks 74.4% 41 EVOLUTION OF NET SALES AND MRV’S CREDIT PORTFOLIO MRV CLIENT PAYMENT DETAILS² MRV Real Estate Development Segment NET PRE - SALES (%MRV) VS MRV’S CREDIT PORTFOLIO Values in R$ billions Period: 3Q25 Note: ¹Last twelve months; ² Typical customer in Tier 2 (Income from R$ 2,850 to R$ 4,700) and Tier 3 (Income from R$ 4,700 to R$ 8,600) 3.8 4.0 4.9 5.2 5.3 7.2 6.1 5.9 8.5 10.0 9.9 0.8 1.1 1.2 1.4 1.7 2.4 2.6 2.7 3.6 4.0 3.8 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q25¹ Net Pre-Sales MRV Real Estate Develop. (%MRV) MRV Credit Portfolio (Pro-Soluto)
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343 924 748 109 3 155 81 917 1,389 1,502 12 months 13 to 24 months 25 to 36 months 37 to 48 months Over 48 months Construction Financing Corporate Debt 1.86x 1.27x 1.11x 3Q24 2Q25 3Q25 - 13.0% - 40.5% 42 DEBT: MRV BRAZIL NET DEBT/ EBITDA MRV BRAZIL DEBT BREAKDOWN 3Q25 (R$ million) COST OF DEBT 3Q25 (R$ million) (R$ million) Note: Figures excludes the corporate debt raised for the amortization of the MRV US Loan Agreement, which matured and was settled i n 1 Q25. DEBT IN LOCAL CURRENCY (R$ Million) Debt Balance Sep/25 Balance Due / Total (%) Average Cost Corporate Debt* 4,044 65.5% CDI - 2.15% Construction Financing (FGTS) 1,176 19.1% TR + 8.31% Construction Financing (SBPE) 338 5.5% CDI - 2.25% Construction Financing (Finame) 613 9.9% TJLP + 1.64% Total 6,171 100.0% 12.31% (83.22% CDI)
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SHARE OF PRO SOLUTO IN TOTAL SALES (%) 43 REDUCTION IN PRO SOLUTO 14.1% 17.5% 18.1% 13.1% 13.7% 2021 2022 2023 2024 sep/25
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MINHA CASA, MINHA VIDA PROGRAM 44
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45 WHAT IS MINHA CASA, MINHA VIDA? It is a federal housing program that offers favorable conditions for home purchase to low - income families. Its main goal is to reduce the housing deficit through the production and acquisition of new units. CUSTOMER PAYMENT COMPONENTS Financing Subsidy FGTS Down Payment Up to 80% of the lower of the Appraisal Value or the Property Value, provided that monthly payment does not exceed 30% of the verified income; Calculated from the verified income and Social Factor. Available only for Brackets 1 and 2, with a maximum amount of R$ 55,000 Negotiated directly with the developer May use the full account balance, provided the buyer has contributed to the fund for at least 36 months (as account holder)
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R$ thousands >750 350 - 750 <300 Brackets 1 and 2 Major Metropolitan Regions 264 250 230 Metropolitan Regions 255 245 225 State Capitals 250 245 220 Other cities - 220 210 Bracket 3 350 350 350 Bracket 4 500 500 500 Population Income (1) Without FGTS With FGTS R$ thousands SE, S, CO NE, N SE, S, CO NE, N Bracket 1 até 2.16 4.75% 4.50% 4.25% 4.00% 2.2 – 2.85² 5.00% 4.75% 4.50% 4.25% Bracket 2 2.85 – 3.5 5.50% 5.25% 5.00% 4.75% 3.5 – 4.0 6.00% 5.50% 4.0 – 4.7² 7.00% 6.50% Bracket 3 4.7 – 8.6 8.16% 7.66% Bracket 4 8.6 - 12.0 10.5% 10.00% NEW MINHA CASA, MINHA VIDA Increase in the maximum subsidy to R$ 55,000 (~16% increase) for Brackets 1 and 2. Lower interest rates for mortgages and longer loan terms (up to 420 months). Higher price caps across all brackets, reaching R$ 350,000 in bracket 3 Lower tax burden under the special tax regime (RET 1%). Use of Future FGTS for housing program. Higher income limits in the lower brackets: R$ 2,850 (bracket 1), R$ 4,700 (bracket 2), and R$ 8,600 (bracket 3). Creation of Bracket 4 for families with monthly income up to R$ 12,000 and price cap of R$ 500,000 INCREASE OF THE MAXIMUM PRICE OF MCMV HOUSING LOWER FINANCING RATES AND HIGHER SUBSIDIES 46
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CURRENT INCOME LIMIT NEW INCOME LIMIT BRACKET 1 R$ 2,640 R$ 2,850 BRACKET 2 R$ 4,400 R$ 4,700 BRACKET 3 R$ 8,000 R$ 8,600 Faixas 1 e 2 R$ thousands >750 300 - 750 <300 Major metropolitan regions 264 250 230 Metropolitan regions 255 245 225 State capitals 250 245 220 Other cities – 220 210 Faixa 3 350 350 350 POPULATION Bracket 2 buyers can now access Bracket 3 with lower interest rates 47 CHANGES TO INCOME BANDS CHANGES TO PRICE CAP CHANGES TO THE INCOME BRACKETS MCMV CHANGES (2025) BRACKETS 1, 2 AND 3:
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48 INCOME BRACKETS CHANGES AFFORDABILITY GAINS AFTER MCMV UPDATES 173 168 153 26 26 14 12 12 12 29 4 32 Financing Subsidy FGTS + Down Payment Pro soluto 210 210 CURRENT MCMV PRO SOLUTO REDUCTION 222 190 185 2 2 18 18 18 32 28 36 280 220 206 23 23 23 47 32 47 AFFORDABILITY GAIN 239 +14% 238 238 275 +15% 308 308 350 +27% BRACKET 1 (INCOME R$ 2,850) BRACKET 2 (INCOME R$ 4,700) BRACKET 3 (INCOME R$ 8,600) +5X Inventory Bracket 1 0.6B Previous MCMV Updated MCMV 3.0B (+2.4B) Inventory Bracket 2 2.3B Previous MCMV Updated MCMV 3.8B (+3.9B) Inventory Bracket 3 5.5B Previous MCMV Updated MCMV 2.6B ( - 2.9B) Until R$ 210,000 Until R$ 239,000 R$210,000 ~ R$238,000 R$239,000 ~ R$275,000 R$238,000 ~ R$308,000 R$275,000 ~ R$350,000 +65%
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49 MCMV CHANGES (2025) MCMV CHANGES (2025) NEW BRACKET 4: Units up to R$ 500k I ncome up to R$ 12k Rates approx. 10% p.a. Pre - Salt Social Fund + Caixa R$ 30B INVENTORY: 1.6 Bi PSV (12 .9 % of Inventory ) 3 , 700 units (8.6% of Inventory ) LANDBANK: 2.6 B PSV (4.2% oF Land bank) 6,600 units (2.4% of Land bank) R$ 26,000 to R$ 37,000 represents the average additional amount a customer can afford to pay vs. SBPE terms , due to the higher affordability under bracket 4.
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50 FGTS
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51 FUNDING Real estate financing in Brazil can be carried out through different sources of funds. Two of the main ones are the Severance Indemnity Fund (FGTS) and the Brazilian Savings and Loan System (SBPE). Housing credit Housing credit Housing Program Minha Casa Minha Vida Housing Financial System (SFH) and Real Estate Finance System (SFI) Infrastructure Sanitation Interest Rate from 4.0% to 10.5% p.a. + TR Units up to R$ 500k 8% of workers’ salary FGTS SBPE Deposits in commercial banks’ savings accounts
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52 SFH HOUSING FINANCE SYSTEM • SBPE Real Estate Credit 65% Legal Reserves 20% Free Resources 15 % Borrowers can apply at any bank for a mortgage, based on their credit rating. SBPE Resources Interest Rate from 10.99 % to 13.50% p.a. +TR Outstanding balance of R$ 755.1 billion ( Jul 2025) Source : Central Bank of Brazil ( Bacen ) Units up to R$ 1.5 million Deposits in commercial banks’ savings accounts
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53 SFH HOUSING FINANCE SYSTEM • FGTS ( Dec / 2024) Source: FGTS Total Balance of R$ 643.9 billion Units up to: R$ 500,000 Mortgage interest rate: 4.00% to 10.5% p.a. + TR (MCMV) Workers are remunerated at TR + 3% + Profit Distribution (minimum: IPCA) Employers deposit 8% of workers’ monthly salaries into FGTS. Borrowers can use the account balance in specific cases: Mortgage Dismissal Retirement Other Units up to: R$ 1.5 million Mortgage interest Rate: from 9.01% a.a. + TR (FGTS Beneficiar y) properties outside MCMV FGTS Resources
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Consistent increases in the annual housing budget are supported by healthy FGTS net collection. 54 FGTS BUDGET 14 10 5 9 3 - 2 8 30 33 29 9.0 12.0 11.8 11.6 11.0 13.9 13.2 8.1 8.8 6.6 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FGTS Net Collection (R$ billion) Unemployment Rate
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ESG ENVIRONMENTAL, SOCIAL AND GOVERNANCE 55
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SHAREHOLDER STRUCTURE (Sep 2025) • The founder is the controlling shareholder, with a long - term horizon . • Growth and sustainability interests are aligned with those of minority shareholders 50.8 % OTHER SHARE - HOLDERS 32.4% RUBENS MENIN T. DE SOUZA 5.6 % REAL INVESTOR BOARD OF DIRECTORS Composed of 8 members, 4 independent . BOARD OF DIRECTORS Composed of 8 members, 4 independent . FISCAL Composed of 3 members. FISCAL Composed of 3 members. 6 .1% XP INVESTI - MENTOS 0 .0% CORPORATE GOVERNANCE COMMITTEES STATUTORY • Governance, Risks, Compliance and Privacy • People • Operations • Finance • Audit NON - STATUTORY • Ethics • Legal BOARD 56 TREASURY SHARES 5.1 % NAVI CAPITAL
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CORPORATE GOVERNANCE Rafael Menin CEO Ricardo Paixão CFO Eduardo Fischer CEO Years of Experience 25 Raphael Lafeta Chief Institutional Relations and Sustainability Officer 35 Rodrigo Resende Chief New Business and Innovation Officer 21 20 31 Rafael Pires Chief Real Estate Development Officer Ronaldo Motta Chief Production Officer 20 24 Júnia Galvão Chief Management and Human Development Officer 28 Thiago Corrêa Ely Chief Commercial and Mortgage Officer 25 INDG EXPERIENCED MANAGEMENT TEAM WITH SIGNIFICANT TRACK RECORD … Rubens Menin Chairman Betania Tanure de Barros Independent Director Antônio Kandir Independent Director Paulo Sergio Kakinoff Independent Director José Carlos Wollenweber Filho Independent Director Leonardo Guimarães Correa Director Maria Fernanda Nazareth Menin Teixeira de Souza Maia Director Nicola Calicchio Director … SUPPORTED BY TOP - TIER CORPORATE GOVERNANCE STANDARDS 57
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SOCIAL COMMITMENT To remain vigilant on ESG matters, the Company released its 2024 Sustainability Report. The report provides a clear overview of challenges, achievements, and results across environmental, social, and governance topics. A full copy is available by clicking this link or scanning the QR Code. SUSTAINABILITY REPORT 2024 58
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SOCIAL INITIATIVES Escola Nota 10 provides literacy and training at construction sites, aiming for 100 % employee literacy . The program is managed by the Sustainability team with support from the MRV Institute . In over 10 years, it has trained nearly 5,000 students across Brazil. In 2024, the program featured: • 830 enrolled students • 279 certified students • 61 schools • Over R$1 million invested • 81% attendance rate • NPS of 94.8 The program also achieved international recognition : Escola Nota 10 won a Cannes Lion award for its literacy initiatives at construction sites . • Extension of paternity leave; • Hiring people with Down syndrome; • Parents’ Booklet; • Diversity Groups: Ubuntu, Inspira Maura ESCOLA NOTA 10 – Building Futures OTHER INITIATIVES FOR A MORE DIVERSE, SAFE AND INCLUSIVE MRV&CO