Cury Construtora e Incorporadora (CURY3) Q4 2025 earnings summary

Executive summary

• Achieved record operational and financial results in 2025, with net revenue of R$5.4 billion, adjusted gross margin of 40%, net income of R$1.1 billion, and ROE of 79%.

• Celebrated milestones: five years since B3 listing, inclusion in Ibovespa, and a follow-on offering that raised R$574 million, improving capital structure and share liquidity.

• Maintained 27 consecutive quarters of positive cash generation, with R$321.1 million generated in 4Q25.

• Distributed record dividends of R$1.4 billion in 2025, reflecting robust cash generation and financial strength.

• Ended 2025 with 84 projects under construction, totaling 57,000 units, demonstrating operational scale.

Financial highlights

• Net revenue for 2025 reached R$5.4 billion, up 37.5% year-over-year; 4Q25 net revenue was R$1.42 billion, up 37.2% from 4Q24.

• Net income for 2025 was R$1.1 billion, up 54.7% year-over-year; 4Q25 net income was R$297.2 million, up 57.3% from 4Q24.

• Adjusted gross margin for 2025 was 40.0%, up 1.3 p.p. from 2024; 4Q25 adjusted gross margin was 40.6%.

• ROE reached 78.8% in 2025, up 12.5 p.p. from 2024.

• Cash generation in 2025 was R$683.3 million, up 46.4% year-over-year; 4Q25 cash generation was R$321.1 million, up 113.4% from 4Q24.

Outlook and guidance

• Operational momentum remains strong into early 2026, with significant launches and high sales velocity in São Paulo and Rio de Janeiro.

• Management expects to maintain current margin levels (around 40%) and sees the margin as sustainable, with minor fluctuations possible.

• Pipeline for launches in 2026 is distributed across quarters to mitigate risks from regulatory or market disruptions.

• Enhanced share liquidity and robust cash generation position the company for continued dividend payments.