Cyrela Brazil Realty S.A. (CYRE3) Q3 2025 earnings summary

Executive summary

• Achieved net income of R$ 609 million in 3Q25, up 29% year-over-year and 57% sequentially; 9M25 net income reached R$ 1,325 million, a 15% increase year-over-year.

• Net revenue for 3Q25 was R$ 2,128 million, up 5% year-over-year and 1% sequentially; 9M25 net revenue totaled R$ 6,188 million, a 13% increase year-over-year.

• Launches in 3Q25 reached R$ 3,411 million, up 38% year-over-year and 19% sequentially; 9M25 launches totaled R$ 9,658 million, up 105% year-over-year.

• Pre-sales (ex-swaps) in 3Q25 were R$ 2,459 million, flat year-over-year and up 10% sequentially; 9M25 pre-sales reached R$ 6,811 million, up 19% year-over-year.

• 15 projects delivered in 3Q25, totaling R$ 2,252 million in PSV; 9M25 deliveries were R$ 4,922 million in PSV.

Financial highlights

• Gross margin in 3Q25 was 33.0%, slightly down 0.3 p.p. year-over-year but up 0.3 p.p. sequentially; adjusted gross margin improved to 35.3%.

• Cash generation in 3Q25 was R$ 423 million, including a non-recurring gain of R$ 251 million from the sale of Cury shares; recurring cash generation was R$ 172 million.

• Adjusted Net Debt/Adjusted Shareholders' Equity at 8.2%, down 4.6 p.p. sequentially.

• EPS for 3Q25 was R$ 1.66, up from R$ 1.26 in 3Q24 and R$ 1.06 in 2Q25.

• Net margin in 3Q25 was 28.6%, up 5.3 p.p. year-over-year.

Outlook and guidance

• Management remains focused on exclusive projects, superior customer experience, and sustainable results despite high interest rates and global trade tensions.

• Expecting positive revenue recognition in Q4 from projects launched late in Q3.

• Cash generation in Q4 expected to be neutral or slightly positive/negative, with more clarity in the next quarter.

• Considering an extraordinary dividend payment, likely to be decided in December.

• Low-income segment (Vivaz) expected to grow in share of launches in 2026.