Cury Construtora e Incorporadora (CURY3) Q2 2025 earnings summary

Executive summary

• Achieved record net revenue, net income, and net pre-sales in Q2 2025, with ROE reaching 70.1% and adjusted gross margin at 39.8%, reflecting strong operational efficiency and business model effectiveness.

• Net pre-sales reached R$2.3 billion (+29.3% YoY), launches totaled R$2.2 billion, and landbank expanded to R$21.1 billion (+20.1% YoY).

• 25th consecutive quarter of positive cash generation, totaling R$103.3 million in Q2 2025.

• 92.8% of sales were within the Minha Casa, Minha Vida Bracket 4 threshold, expanding the eligible customer base and strengthening the affordable housing segment.

• Recognition as a Great Place to Work and inclusion in the IBOVESPA Index effective September 1st highlight organizational and market achievements.

Financial highlights

• Q2 2025 net revenue reached R$1,346.6 million, up 34.9% year-over-year; H1 2025 revenue was R$2,562.8 million, up 39.6% year-over-year.

• Gross profit in Q2 2025 was R$532.8 million (+39.3% YoY), with gross margin at 39.6% (+1.3 p.p. YoY); adjusted gross margin at 39.8%.

• Net income in Q2 2025 was R$267.2 million (+52.4% YoY); YTD net income reached R$450.2 million (+43.6% YoY).

• Net margin was 19.8% in Q2 2025 (+2.2 p.p. YoY).

• Net cash at quarter-end was R$227.8 million, after R$154 million in dividends paid in Q2 and R$390 million in H1 2025.

Outlook and guidance

• Management expects robust results in Q3 2025 and a better year for new launches, supported by Bracket 4 and strong sales.

• Sales strategy remains focused on higher brackets of the MCMV program and one bracket above, with 90.7% of sales in the R$220,000–R$500,000 range.

• Gross margin is expected to remain around 39%, with no major increase anticipated.

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

• Confident in ability to seize future opportunities and maintain responsible growth.