Cyrela Brazil Realty S.A. (CYRE3) Q3 2026 earnings summary

Executive summary

• 3Q26 launches totaled R$2.863bn and net pre-sales R$2.117bn; revenue was R$2.382bn, gross margin 34.0%, attributable net income R$481mn and cash generation R$341mn.

• 9M26 launches totaled R$8.450bn, net pre-sales R$6.842bn, revenue R$6.888bn, attributable net income R$1.230bn and cash generation R$747mn.

• Management emphasized selective launches, disciplined capital allocation and customer experience amid heightened domestic and external uncertainty.

Financial highlights

• Revenue was R$2.382bn in 3Q26, up 12% YoY and down 4% QoQ; 9M26 revenue was R$6.888bn, up 11% YoY.

• 3Q26 gross profit was R$809mn and gross margin 34.0%, up 1.0 p.p. YoY; adjusted gross margin was 37.0%. 9M26 gross profit was R$2.328bn at a 33.8% margin.

• 3Q26 net income attributable to controlling shareholders was R$481mn; consolidated net income was R$556mn. 9M26 attributable and consolidated net income were R$1.230bn and R$1.435bn, respectively.

• 9M26 consolidated operating income before financial result was R$1.373bn versus R$1.524bn; the financial result was positive R$226mn versus R$182mn.

• 3Q26 net financial result was positive R$119mn versus R$57mn in 3Q25; 9M26 was positive R$226mn versus R$182mn.

Outlook and guidance

• 2027 launch volume and segment mix remained undecided; management will assess market conditions and prioritize products expected to perform well over the long term.

• Management expects working capital to decline as prior growth moderates, supporting future cash generation, but cautioned that quarterly cash flows fluctuate and Q3 levels may not recur.

• Vivaz plans remain on course for next year; management aims to restore performance after a weaker-than-expected Q3.

• Strategy prioritizes sales speed and margins through selective launches, differentiated products aligned with local markets, customer experience and sustainable long-term results.

• Forward-looking projections depend on market conditions, access to capital, government rules, competition, segment performance and Brazil’s economy, and may change without notice.