Cury Construtora e Incorporadora SA
BOVESPA:CURY3
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Cury Construtora e Incorporadora SA
BOVESPA:CURY3
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BR |
Cury Construtora e Incorporadora SA
Cury Construtora e Incorporadora SA operates in the real estate industry. The company is headquartered in Sao Paulo, Sao Paulo. The company went IPO on 2020-09-21. The Firm is engaged in the development, construction and sale of residential buildings in the metropolitan regions of the states of Sao Paulo and Rio de Janeiro. The Firm develops apartments in the low- income housing sector, mainly for the Brazilian public housing program <Minha Casa, Minha Vida> (MCMV). The firm operates through a number of subsidiaries, such as CCISA08 Consultoria Imobiliaria Ltda (Cury Vendas) and CCISA15 Instaladora Ltda (Cury Install), among others.
Cury Construtora e Incorporadora SA operates in the real estate industry. The company is headquartered in Sao Paulo, Sao Paulo. The company went IPO on 2020-09-21. The Firm is engaged in the development, construction and sale of residential buildings in the metropolitan regions of the states of Sao Paulo and Rio de Janeiro. The Firm develops apartments in the low- income housing sector, mainly for the Brazilian public housing program <Minha Casa, Minha Vida> (MCMV). The firm operates through a number of subsidiaries, such as CCISA08 Consultoria Imobiliaria Ltda (Cury Vendas) and CCISA15 Instaladora Ltda (Cury Install), among others.
Record payouts: Cury paid a record BRL 1.4 billion in dividends in 2025 after a BRL 574 million follow-on that strengthened free float and liquidity.
Revenue and profit growth: Q4 net revenue was BRL 1.4 billion (up 37.2% YoY) and full-year 2025 net revenue was BRL 5.4 billion (up 37.5% YoY); full-year net income attributable to Cury was BRL 975.5 million (up 50.1% YoY).
Strong margins: Q4 gross margin was 40.3% (up 1.2 p.p. YoY) and management says the ~40% gross-margin level is sustainable.
Operational scale: Cury finished 2025 with 84 projects under construction (~57,000 units), delivered 4,472 units in Q4, and recorded BRL 1.3 billion in launches in the quarter.
Healthy liquidity: Q4 cash was BRL 1.8 billion versus gross debt BRL 1.5 billion (net cash BRL 216 million) and operating cash generation of BRL 321.1 million in Q4 (BRL 683.3 million for 2025).
Demand resilience & sales cadence: Net PSV was 76.3% and average selling price in Q4 was BRL 314,800; management reports early-2026 sales momentum and flags second-best PSV in company history.
Key risks & operational focus: Management flagged engineering and labour as points of attention (restructuring completed; productivity +10% in early 2026), and is piloting alternative construction methods (concrete/pre‑mod) cautiously.
