Cury Construtora e Incorporadora (CURY3) Q3 2025 earnings summary

Executive summary

• Celebrated five years since IPO and inclusion in the Ibovespa index, reflecting market recognition and sector leadership.

• Achieved record net revenue of R$1.4 billion in 3Q25 (up 34.2% YoY), net income of R$283.2 million (up 56.8% YoY), and ROE of 70.6%.

• 26 consecutive quarters of positive operational cash generation, with R$233.1 million in 3Q25.

• Record launches and sales, with VGV launched at R$1.99 billion and net sales at R$1.83 billion in 3Q25.

• Published third sustainability report, expanding ESG indicator coverage.

Financial highlights

• Net revenue reached R$1.4 billion in 3Q25, up 34.2% YoY; 9M25 net revenue was R$3.98 billion, up 37.6%.

• Adjusted gross margin was 40.2% in 3Q25, up 1.2 p.p. YoY.

• Net income for 3Q25 was R$283.2 million, up 56.8% YoY; net margin reached 20%.

• EBITDA for 3Q25 was R$337.2 million, up 53.7% YoY, with a margin of 23.8%.

• ROE reached 70.6% in 3Q25, up 6.4 p.p. YoY.

• Cash and equivalents totaled R$1.77 billion, gross debt at R$1.32 billion, resulting in net cash of R$450.2 million.

• Dividend payments totaled R$200 million in 3Q25 and R$529 million year-to-date.

Outlook and guidance

• Gross margin expected to remain around 40% for the next 12 months.

• SG&A as a percentage of revenue targeted at 4.5%-5%, benefiting from operational leverage.

• Entered 4Q25 with strong launch momentum and high sales velocity in new projects.

• Inventory levels represent less than six months of sales, indicating healthy operations.

• Focus remains on consolidating current indicators, selectively growing the land bank, and maintaining strong cash generation.