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Cyrela Brazil Realty S.A. (CYRE3) investor relations material
Cyrela Brazil Realty S.A. Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Achieved net income of R$ 609 million in 3Q25, up 29% year-over-year and 57% sequentially; 9M25 net income reached R$ 1,325 million, a 15% increase year-over-year.
Net revenue for 3Q25 was R$ 2,128 million, up 5% year-over-year and 1% sequentially; 9M25 net revenue totaled R$ 6,188 million, a 13% increase year-over-year.
Launches in 3Q25 reached R$ 3,411 million, up 38% year-over-year and 19% sequentially; 9M25 launches totaled R$ 9,658 million, up 105% year-over-year.
Pre-sales (ex-swaps) in 3Q25 were R$ 2,459 million, flat year-over-year and up 10% sequentially; 9M25 pre-sales reached R$ 6,811 million, up 19% year-over-year.
15 projects delivered in 3Q25, totaling R$ 2,252 million in PSV; 9M25 deliveries were R$ 4,922 million in PSV.
Financial highlights
Gross margin in 3Q25 was 33.0%, slightly down 0.3 p.p. year-over-year but up 0.3 p.p. sequentially; adjusted gross margin improved to 35.3%.
Cash generation in 3Q25 was R$ 423 million, including a non-recurring gain of R$ 251 million from the sale of Cury shares; recurring cash generation was R$ 172 million.
Adjusted Net Debt/Adjusted Shareholders' Equity at 8.2%, down 4.6 p.p. sequentially.
EPS for 3Q25 was R$ 1.66, up from R$ 1.26 in 3Q24 and R$ 1.06 in 2Q25.
Net margin in 3Q25 was 28.6%, up 5.3 p.p. year-over-year.
Outlook and guidance
Management remains focused on exclusive projects, superior customer experience, and sustainable results despite high interest rates and global trade tensions.
Expecting positive revenue recognition in Q4 from projects launched late in Q3.
Cash generation in Q4 expected to be neutral or slightly positive/negative, with more clarity in the next quarter.
Considering an extraordinary dividend payment, likely to be decided in December.
Low-income segment (Vivaz) expected to grow in share of launches in 2026.
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Next Cyrela Brazil Realty S.A. earnings date
Q4 202519 Mar, 2026
Next Cyrela Brazil Realty S.A. earnings date
Q4 202519 Mar, 2026
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Frequently asked questions
Cyrela Brazil Realty S.A. Empreendimentos e Participações is a real estate company based in Brazil, specializing in the construction, development, promotion, and sale of residential properties. The company's activities are segmented into three main areas: Real Estate, Housing, and Services. The Real Estate division caters to high-income families, while the Housing division serves middle and low-income families. Services include land subdivision and other real estate services, with the company developing projects both independently and through joint ventures. Cyrela Brazil Realty is headquartered in São Paulo, Brazil, and its shares are listed on the B3.
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