Cury Construtora e Incorporadora (CURY3) Q2 2025 earnings summary

Executive summary

• Achieved record net revenue, net income, and net pre-sales in Q2 2025, with ROE reaching 70.1% and adjusted gross margin at 39.8%, reflecting strong operational efficiency and business model effectiveness.

• Landbank reached R$21.1 billion, up 20.1% year-over-year, supporting future growth.

• 25th consecutive quarter of positive cash generation, totaling R$103.3 million in Q2 2025.

• 92.8% of sales were within the Minha Casa, Minha Vida Bracket 4 threshold, expanding the eligible customer base and strengthening the affordable housing segment.

• Recognition as a Great Place to Work and inclusion in the IBOVESPA Index effective September 1st highlight organizational and market achievements.

Financial highlights

• Q2 2025 net revenue was R$1,346.6 million, up 34.9% year-over-year; H1 2025 net revenue reached R$2,562.8 million, up 39.6% year-over-year.

• Q2 2025 gross profit was R$532.8 million, up 39.3% year-over-year, with gross margin at 39.6%, up 1.3 percentage points.

• Net income in Q2 2025 was R$267.2 million, up 52.4% year-over-year; H1 2025 net income reached R$500.8 million.

• Net cash at quarter-end was R$227.8 million, after significant dividend payments.

• Earnings per share in Q2 2025 was R$0.8111, up 36.5% year-over-year.

Outlook and guidance

• Management expects robust results in Q3 2025 and a better year for new launches, supported by Bracket 4 and strong sales.

• Sales strategy remains focused on higher brackets of the MCMV program and one bracket above, with 90.7% of sales in the R$220,000–R$500,000 range.

• Gross margin is expected to remain around 39%, with no major increase anticipated.

• Revenue to be recognized from units sold but not yet completed totaled R$7,284.0 million as of June 30, 2025.