Cury Construtora e Incorporadora (CURY3) Q3 2024 earnings summary

Executive summary

• Achieved record net revenue of R$1.1 billion in 3Q24, up 40.4% year-over-year, with adjusted gross margin of 39%.

• Net income for the quarter was R$180.6 million, up 60% year-over-year, with a net margin of 17.1%.

• Net pre-sales reached R$1,437.2 million, a 47.8% increase over 3Q23, with strong demand in São Paulo and Rio de Janeiro.

• Landbank reached an all-time high of R$19.5 billion in PSV, over 67,000 units, up 64.7% year-over-year.

• Operating cash generation was R$147 million, a 7.1% increase over 3Q23.

Financial highlights

• Net revenues for 3Q24 were R$1,055.9 million, up 40.4% year-over-year and 5.8% sequentially.

• Adjusted EBITDA reached R$221.4 million, up 54.4% year-over-year, with a margin of 21%.

• Gross profit was R$409.4 million, up 44.2% year-over-year, with a gross margin of 38.8%.

• Earnings per share for 3Q24 were R$0.5884, a 57.6% increase over 3Q23.

• Cash and equivalents stood at R$1,425.2 million, up 43.6% from year-end 2023.

Outlook and guidance

• Management expects continued strong demand, supported by government housing programs and robust launches.

• Confidence in robust growth in 2025, with plans for significant new launches, especially in São Paulo and Rio de Janeiro.

• Strategy remains focused on high and above-MCMV brackets, with continued emphasis on higher average unit prices.