Cury Construtora e Incorporadora (CURY3) Q3 2025 earnings summary

Executive summary

• Celebrated five-year IPO anniversary and inclusion in the Ibovespa/IBOVESPA Index, reflecting market recognition and sector leadership.

• Achieved record net revenue, launches, sales, and cash generation, demonstrating strong operational discipline and growth.

• Launched significant projects in São Paulo and Rio de Janeiro, with high sales rates shortly after launch.

• Published third sustainability report, reinforcing ESG commitments and transparency.

Financial highlights

• Net revenue reached R$1.4 billion in 3Q25, up 34.2% year-over-year; 9M25 net revenue was R$3.98 billion, up 37.6%.

• Adjusted gross margin was 40.2% in 3Q25, up 1.2 p.p. year-over-year.

• Net income for 3Q25 was R$283.2 million, up 56.8% year-over-year; net margin reached 20%.

• ROE reached 70.6% in 3Q25, up 6.4 p.p. year-over-year.

• Cash generation in 3Q25 was R$233.1 million, marking the 26th consecutive quarter of positive cash flow.

Outlook and guidance

• Entered 4Q25 with a strong pace of launches and high sales velocity in new projects.

• Inventory levels represent less than six months of sales, indicating healthy operations.

• Focus on consolidating current indicators and maintaining robust, selective growth rather than setting aggressive launch targets.

• Dividend payout to continue, with potential for special dividends before new tax legislation takes effect.

• Management expresses confidence in continued growth and value creation.