Cury Construtora e Incorporadora (CURY3) Q4 2024 earnings summary

Executive summary

• Achieved record operational and financial results in 2024, with net revenue of R$3.9 billion (up 36%) and net income of R$698.8 million (up 41%), demonstrating resilience amid a challenging Brazilian economic environment.

• Launched 34 projects in 2024 totaling R$6.6 billion in PSV, and entered 2025 with 14 new projects worth R$2.8 billion in PSV, supported by a record landbank of R$20.1 billion.

• Maintained high operational efficiency, robust cash generation, and continued strong dividend distribution, including R$484 million paid in 2024.

• Focused on affordable housing in São Paulo and Rio de Janeiro, leveraging urban planning changes and city interventions.

• Advanced ESG initiatives, established the Cury Institute in 2025, and obtained ISO 14001 and ISO 45001 certifications.

Financial highlights

• Net revenue for 2024 reached R$3,926.3 million, up 36% year-over-year; 4Q24 net revenue was R$1,035 million, up 27.5% year-over-year.

• Net income for 2024 was R$698.8 million, up 41% year-over-year; 4Q24 net income was R$188.9 million, up 14.8% year-over-year.

• Adjusted gross margin for 2024 was 38.7%; 4Q24 gross margin was 39.1%.

• EBITDA for 2024 was R$859.2 million, up 40% year-over-year; EBITDA margin was 21.7%.

• Cash and equivalents at year-end were R$1,416.2 million, with a net cash position of R$429.8 million.

Outlook and guidance

• Strategy for 2025 is to concentrate launches in the first half, with strong initial sales performance and a focus on high-value segments.

• Expectation to maintain gross margins between 38.5%-39.5% despite inflationary pressures.

• Conservative approach to feasibility analysis and disciplined growth amid macroeconomic uncertainties, including interest rates and inflation.