Cury Construtora e Incorporadora (CURY3) Q1 2026 earnings summary

Executive summary

• Achieved record net revenue of R$1.6 billion in 1Q26, up 32.6% year-over-year, with net income of R$351.2 million, up 50.3%, and ROE at a historic 79.5%.

• Launched 10 projects totaling R$2.65 billion in PSV, with net sales of R$2.3 billion, both record levels.

• Maintained positive cash generation for the 28th consecutive quarter, with R$93.4 million generated in 1Q26.

• Landbank expanded to a record R$24.9 billion in PSV, up 25.8% year-over-year, with 82,119 units.

• Announced R$160 million in dividends in May 2026, reinforcing shareholder value commitment.

Financial highlights

• Net revenue reached R$1.6 billion, up 32.6% year-over-year; gross profit was R$629.7 million, with a gross margin of 39.0% (stable year-over-year).

• Adjusted gross margin was 39.3%, stable year-over-year.

• EBITDA reached R$411.4 million, up 42.9% year-over-year, with a margin of 25.5%.

• Net income from operations was R$351.2 million, up 50.3% year-over-year, with a net margin of 21.8% (up 2.6 p.p.).

• ROE reached a record 79.5%, up 12.0 p.p. year-over-year.

Outlook and guidance

• Expansion of the Minha Casa Minha Vida program is expected to increase eligible families and support future results.

• Management remains focused on operational efficiency, cash generation, and disciplined capital allocation, while monitoring inflation, cost pressures, and geopolitical risks.

• Company expects continued strong operational pace in 2Q26, with robust launches and sales.

• Dividend payout policy remains unchanged, with R$300 million already announced for the year and an additional R$160 million in May 2026.