By Brazil Stock Guide – Cyrela Brazil Realty SA’s launches surged 34% from a year earlier in the second quarter, while net contracted sales rose 14%, signaling stronger activity at one of Brazil’s largest residential developers even as its sales-speed indicator declined.
The São Paulo-based company, whose shares trade on the B3 under CYRE3 and CYRE4, launched 20 projects with a proportional potential sales value, or PSV, of R$3.84 billion, excluding land swaps. That compares with R$2.86 billion in the same quarter of 2025 and R$1.75 billion in the first three months of this year, according to preliminary operating data released Monday.
The quarterly launch volume was 120% higher than in the first quarter. High-end projects accounted for R$1.35 billion, while middle-income developments contributed R$1.34 billion. Projects aimed at categories 2 and 3 of the government-backed Minha Casa, Minha Vida housing program totaled R$1.15 billion.
Cyrela expects to recognize 93% of the proportional launch volume through full consolidation and the remaining 7% through the equity method.
On a 100% basis, including land swaps, launches reached R$4.97 billion, up 20% from a year earlier and 105% from the previous quarter. Cyrela’s average stake in the projects rose to 79%, from 73% in both comparison periods.
Land swaps involved in second-quarter launches fell to R$106 million from R$195 million a year earlier, though they increased from R$38 million in the first quarter.
First-half launches decline
The second-quarter acceleration was not enough to offset a weaker start to the year. Cyrela launched 32 projects in the first half, compared with 35 in the same period of 2025.
Proportional PSV, excluding swaps, declined 11% to R$5.59 billion from R$6.25 billion. Including swaps and considering the full value of the projects, first-half launches fell 18% to R$7.4 billion.
The decline largely reflected a smaller contribution from high-end developments. Launches in that segment dropped to R$1.96 billion in the first half from R$3.36 billion a year earlier. Middle-income and affordable-housing projects increased their contributions.
Net sales climb to R$2.56 billion
Net contracted sales excluding swaps and reflecting Cyrela’s proportional stake reached R$2.56 billion in the quarter, compared with R$2.24 billion a year earlier and R$2.16 billion in the first quarter.
Sales rose 18% sequentially. For the first half, they increased 9% to R$4.73 billion from R$4.35 billion.
Minha Casa, Minha Vida projects generated R$992 million in quarterly sales. High-end developments contributed R$879 million, while the middle-income segment accounted for R$683 million.
Cyrela said 91% of second-quarter net sales will be recognized through full consolidation and 9% through the equity method.
Including swaps and considering 100% of the projects, contracted sales totaled R$3.47 billion, up 6% year over year and 18% from the first quarter. The company’s share of the sold volume increased to 76% from 73% a year earlier.
First-half sales including swaps rose 2% to R$6.41 billion.
New launches account for nearly half of sales
Projects launched during the period generated R$1.23 billion, or 48%, of proportional second-quarter sales excluding swaps.
Units under construction accounted for R$1.05 billion, or 41%, while completed inventory contributed R$278 million, equivalent to 11% of the total.
The company sold 32% of the projects launched during the quarter. On a 100% basis, including swaps, the launch-vintage sales rate was 33%.
Sales from completed inventory more than tripled from a year earlier on a proportional basis, rising from R$82 million to R$278 million.
Sales speed weakens
Cyrela’s trailing 12-month sales-over-supply ratio fell to 42.8%, from 51.4% a year earlier and 44.7% in the first quarter.
The 8.7 percentage-point annual decline indicates that available supply expanded faster than sales over the period, following the sharp increase in launches during the second quarter.
Cyrela, which also trades over the counter in the US under CYRBY, said the preliminary operating figures remain subject to review by independent auditors.
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