Cyrela Brazil Realty S.A. (CYRE3) investor relations material

Executive summary

• Q2 2026 delivered strong operational and financial performance, with disciplined capital allocation amid a challenging macroeconomic and geopolitical environment.

• Launches reached R$3.84 billion in Q2 2026, up 120% quarter-on-quarter and 34% year-over-year, with 20 projects launched.

• Pre-sales totaled R$2.561 billion in Q2 2026, up 18% quarter-on-quarter and 14% year-over-year.

• Net revenue was R$2.481 billion in Q2 2026, up 23% quarter-on-quarter and 18% year-over-year, with a gross margin of 34.4%.

• Net income reached R$452 million in Q2 2026, up 16% year-over-year and 52% sequentially, with adjusted ROE for the last 12 months at 20.9%.

Financial highlights

• Year-to-date launches totaled R$5.587 billion, with robust contributions from all segments.

• Net revenue for H1 2026 was R$4.506 billion, up 11% year-over-year, and gross margin was 33.7%.

• Net income for H1 2026 was R$748 million, up from R$715 million year-over-year.

• Inventory at market value was R$12.813 billion at Q2 2026, up 13% quarter-on-quarter and 28% year-over-year, with 73% in São Paulo.

• Cash generation was R$272 million in Q2 2026 and R$406 million in H1 2026, reducing net debt to adjusted equity to 16.5%.

Outlook and guidance

• Management expects gross margin to remain near current levels, with volatility due to launches, inflation, and sales mix.

• Focus remains on disciplined project selection, capital allocation, and sustainable long-term results, with no formal guidance provided.

• Cash generation for upcoming quarters is expected to be neutral or slightly positive, depending on landbank expenditures and finished unit sales.

• Forward-looking statements are subject to changes in market conditions, regulations, and economic factors.

• Vivaz's growing share in sales is expected to support margin stability.