Cury Construtora e Incorporadora (CURY3) Q1 2025 earnings summary

Executive summary

• Achieved record net revenue of R$1,216.2 million and net income of R$233.7 million in Q1 2025, with a net margin of 19.2% and adjusted gross margin of 39.2%.

• 24 consecutive quarters of positive cash flow and strong operational sales, with record launches and pre-sales.

• 95% of the portfolio now covered under the expanded Minha Casa Minha Vida program, including Bracket 4 implementation.

• Paid R$329 million in dividends in 2025, reflecting a commitment to shareholder returns.

• Advanced ESG initiatives by tying executive compensation to sustainability metrics.

Financial highlights

• Net revenue for Q1 2025 was R$1,216.2 million, up 45.2% year-over-year.

• Adjusted gross margin reached 39.2%, up 1.2 p.p. from Q1 2024.

• Net income was R$233.7 million, a 51.7% increase year-over-year, with a net margin of 19.2%.

• ROE reached 67.5%, up 10.1 p.p. year-over-year.

• Operating cash flow for the quarter was R$25.7 million.

Outlook and guidance

• Q2 2025 outlook remains strong, with R$1.4 billion in launches already and high pre-sales in new projects.

• Growth ambitions balanced with profitability and financial stability, maintaining high margins despite inflationary pressures.

• Production expected to grow 30% in 2025, considered healthy and sustainable.

• Sales strategy focused on higher brackets of the MCMV program and one bracket above, with 68% of sales in the R$220,000–350,000 range.

• Continued emphasis on asset-light operations, cash generation, and dividend payout.