Cury Construtora e Incorporadora (CURY3) Q2 2026 earnings summary

Executive summary

• Achieved record net revenue of R$1.7 billion in 2Q26, up 25.5% year-over-year, and R$3.3 billion in 6M26, up 28.9% year-over-year.

• Net income attributable to shareholders reached R$270.5 million in 2Q26, up 14.3% year-over-year; 6M26 net income was R$573.3 million, up 27.3%.

• Maintained 29 consecutive quarters of positive cash generation, with R$144.9 million in 2Q26.

• Adjusted gross margin remained stable at 39.8% in 2Q26.

• ROE reached 73.6% in 2Q26, up 3.5 p.p. year-over-year.

Financial highlights

• Gross profit for 2Q26 was R$668.4 million, up 25.5% year-over-year; gross margin at 39.5%.

• EBITDA for 2Q26 was R$387.0 million, up 19.8% year-over-year; EBITDA margin was 22.9%.

• Net margin for 2Q26 was 18.4%, and 20.1% for 6M26.

• Cash and cash equivalents stood at R$1,633.7 million as of 06/30/2026, with net cash of R$290.6 million.

• Dividend distributions in the last 12 months reached R$1.32 billion, with R$190 million announced in August 2026.

Outlook and guidance

• Management remains focused on disciplined execution, margin protection, and strong cash generation amid macroeconomic uncertainty.

• Monitoring sales to adjust launch volumes for 2026 and 2027, with flexibility to increase launches if funding conditions improve.

• Expectation to maintain gross margins between 39% and 40%, with some quarter-to-quarter oscillation.

• Continued commitment to shareholder returns, with dividend payout levels expected to remain consistent, subject to cash generation and balance sheet limits.

• Ongoing ESG initiatives, including the publication of a new Sustainability Report and website.