LatAm Real Estate "Another brick in the wall: MRV expects to resume marg..."

研报英文原文证据摘录

LatAm Real Estate "Another brick in the wall: MRV expects to resume marg..."

Global Research

12 May 2026ab

LatAm Real Estate Equities

Latin AmericaAnother brick in the wall: MRV expects to

resume margin growth in 2Q; BC anticipates Real Estate

broader mortgage rate-income disparity; TainanAnalystCosta

FIBRAPL obtains CNA approval tainan.costa@ubs.com+55-11-2767 6091

Ana Julia Zerkowski

Associate Analyst

MRV margins pressured by inflation; expansion expected to resume in 2Q ana-julia.zerkowski@ubs.com

+55-11-2767 6303According to the news, MRV adjustments in projected inflation amid Middle East

conflict impacted margins in 1Q26, although the company states the effect is

temporary. Accordingly, the company expects gross margin to resume expansion

from 2Q26 as revised budgets are incorporated and more recent sales with gross

margins ~35% gain weight in consolidated results. The CFO notes cost pressures are

concentrated in inputs linked to oil, including PVC used in piping, paint derivatives

and transportation costs. Meanwhile, MRV adopted operational strategies including

maintaining multiple suppliers per material category and using its inventory of

completed units as an inflation buffer. Lastly, MRV points to the recent changes in

the MCMV program as a way to mitigate cost pressures, potentially allowing it to

pass on inflation to final prices without compromising sales volumes. - Here

BC anticipates broader mortgage rate-income disparity

According to the news, the Central Bank (BC) expects to see a greater

differentiation in mortgage rates between higher- and lower-income households

under the new housing credit model. Accordingly, the spread between income

groups began to open in November 2025 and reached ~0.4%, with relatively lower

rates for low-income segment.