Cury Construtora e Incorporadora (CURY3) Q2 2024 earnings summary

Executive summary

• Achieved record net revenue of R$998.1 million in Q2 2024, up 37.2% year-over-year, and R$1.84 billion in H1 2024, up 39% year-over-year, driven by robust launches and high demand in São Paulo and Rio de Janeiro.

• Net income reached R$175.3 million in Q2 2024, a 41.3% increase over Q2 2023, and R$329.4 million in H1 2024, up 51% year-over-year.

• Launched 8 projects in Q2 2024 with a PSV of R$1.73 billion, with high sales rates and a net sales speed (SOS) of 50.5%.

• Landbank reached a record R$17.6 billion in PSV, up 72.7% year-over-year, supporting future growth.

• Maintained strong operational and financial standards, with high sales velocity and positive outlook for the remainder of the year.

Financial highlights

• Adjusted gross margin was 38.5% in Q2 2024, up 0.6 p.p. year-over-year.

• Net margin reached 17.6% in Q2 2024, compared to 16.7% in Q2 2023.

• ROE reached 62.0% in Q2 2024, up from 49.0% in Q2 2023.

• Operating cash generation was R$152.1 million in Q2 2024.

• Cash and equivalents rose to R$1.56 billion as of June 30, 2024.

Outlook and guidance

• Management expects continued strong demand and robust operational execution for the remainder of 2024, with sales and launches in line with Q2 performance.

• Land bank supports operations for at least the next three years.

• Strategy in 2024 is focused on higher price brackets, including segments above the Minha Casa, Minha Vida program.