Cury Delivers Record Profit with Margins Above 20%

Net income jumps 57% amid strong launches and sales in São Paulo and Rio de Janeiro

Nov 11, 2025 6:41 PM

By Brazil Stock Guide – Cury Construtora e Incorporadora (B3: CURY3) closed the third quarter of 2025 with record results and a milestone achievement: its debut on the Ibovespa, Brazil’s main stock index. Net income surged 56.8% to R$ 283.2 million, while net revenue rose 34.2% to R$ 1.42 billion. The adjusted gross margin reached 40.2%, and the net margin hit 20%, both among the highest in the sector.

“These achievements reinforce Cury’s position as one of the leaders in Brazil’s real estate sector, supported by a consistent track record of growth and value creation for shareholders,” said CEO Fábio Cury, commenting on the company’s performance and its inclusion in the Ibovespa.

Disciplined expansion and operational strength
Cury launched R$ 2.0 billion in new projects during the quarter, up 27.3% from a year earlier, while net sales totaled R$ 1.8 billion, a 27.1% increase. The company also generated R$ 233 million in operating cash, marking its 26th consecutive quarter of positive cash flow.

Among the highlights were Residencial Cartola in Rio de Janeiro’s São Cristóvão neighborhood, with 384 units and more than 60% sold, and Astro Santa Marina in São Paulo’s Água Branca district, with 994 units and 85% sold. The fourth quarter began at a strong pace with the Alto Chácara Antônio launch in São Paulo, which has already surpassed 60% in sales. Cury’s current inventory equals less than six months of sales — a sign of strong demand and execution efficiency.

Profitability and shareholder returns
Return on equity (ROE) reached 70.6%, one of the highest among Brazilian homebuilders. EBITDA rose 54% to R$ 337 million, with a 23.8% margin. The company distributed R$ 200 million in dividends in the quarter, totaling R$ 529 million year-to-date, supported by a net cash position of R$ 450 million and a conservative capital structure. With a R$ 23.3 billion land bank and R$ 3.3 billion in unrecognized revenue, the company ends 2025 well positioned for continued growth in Brazil’s housing market for low- and middle-income families.