Over the past 46 years, Rubens Menin has built one of the largest business conglomerates in the country. Starting with civil engineering, the 69-year-old businessman from Minas Gerais has expanded his operations into diverse sectors, from finance and logistics to communications and even sports.

In this lineup, three companies are publicly traded – MRV , Log Commercial Properties , and Banco Inter . And this powerful trio, collectively valued at R$ 29.7 billion, proved to be quite well-coordinated in the third quarter, presenting strong operational performance. In terms of results, this translated into the highest consolidated profit in the history of Menin's publicly traded companies.

The companies recorded a consolidated net profit of R$ 651.3 million in the third quarter of 2025 – this figure only considers the performance of MRV Incorporação. The result represents a 23.3% increase compared to the previous record of R$ 528 million, recorded in the second quarter of this year.

The consolidated result is a product of the performance of Inter and Log CP, which have been registering positive performance in recent times, while MRV is betting on a back to basics approach , refocusing on Brazilian operations to overcome the difficulties of recent years.

Last of the three to release its results, Inter was the top performer of the period. The bank announced on the morning of Thursday, November 13th, that it recorded a record net profit of R$ 336 million in the third quarter, a 38% increase year-on-year.

With a 30% growth in its loan portfolio and a 35% increase in its funding base, the bank, created by Menin in 1994 and restructured in 2015 to be a fully digital institution, has demonstrated that it is on track to fulfill its "60-30-30" tactical plan.

Announced in 2023, the initiative aims to reach 60 million customers by 2027, an efficiency ratio – a variable that measures a bank's cost to generate revenue – of 30%, and a return on equity (ROE) of 30%.

In the third quarter, the bank registered 41 million customers, adding a record 1.2 million new active customers, bringing the total customer base to 24 million. ROE reached 14.2%, up from 13.9% in the second quarter, and an efficiency ratio of 45.2%, below the 47.1% of three months earlier, but above what it expects to have in two years.

“The machine is working very well, we are indeed compounding results ,” says Santiago Stel, CFO of Inter, to NeoFeed . “The results show that the [60-30-30] plan is more alive than ever.”

MRV has returned to its former glory, with its Brazilian operation gaining increasing prominence and demonstrating once again the "old form" that made it recognized as one of the leading real estate developers in the country.

In the third quarter, MRV Incorporação saw its adjusted net profit triple year-on-year to R$204 million, with net revenue advancing 14.7% to R$2.6 billion, and gross margin increasing 4.1 percentage points to 30.7%.

“Gross margins on new sales are higher, with the company recovering from the poor sales period we had in 2020 and 2021,” says Ricardo Paixão, CFO of MRV. “The financial indicator is reflecting the operational improvement.”

The growth of the Brazilian unit has helped to offset the results of MRV &Co, which are still hampered by other business units, especially Resia , MRV's multifamily operation in the United States.

MRV &Co closed the quarter with a net profit of R$ 87 million, reversing the loss recorded in the same period of 2024. In adjusted terms, the bottom line was positive at R$ 111.1 million, well above the R$ 17.3 million of a year earlier.

In this context of gradual improvement, the expectation is that cash flow will also return to normal, after the scare investors experienced with the release of the preliminary operating results for the third quarter. MRV reported adjusted cash flow of R$ 30 million, hampered by delays in the disbursement of funds from regional programs.

The situation caused MRV's shares to fall by more than 12% in the following trading session. If it weren't for this issue, cash generation would have been R$ 123 million, according to the company's calculations.

“That was an impact that occurred, but what we will see at MRV is an improvement in operational metrics, with the American operation having less impact,” says Paixão.

Log CP continued to collaborate with Menin's team. The logistics warehouse company recorded a net profit of R$ 111.4 million in the third quarter, a 14.7% increase compared to the same period last year.

In a context of a heated market, Log CP has experienced strong demand for its warehouses. In the third quarter, the company recorded gross absorption of 201,000 square meters, with 73,000 square meters signed in contracts for assets still in the approval phase. Delivery for the quarter totaled 45,400 square meters.

The stabilized vacancy rate was 0.81%, and the average ticket price of the portfolio reached R$ 22.43 per square meter, a 10.3% increase compared to the third quarter of 2024.

“Log has been consolidating a strategy based on deeply understanding the demand in each region where it operates, and this is undoubtedly one of the company's great differentiators,” says Sérgio Fischer, CEO of the company.