Camil, Plano&Plano, and Cury: 3Q 2025 results in plain terms

This article relies only on official company materials: Camil’s 2Q25 earnings release; Plano&Plano’s 3Q25 operating preview; and Cury’s 3Q25 operating preview. For readability, I convert Brazilian reais to US dollars at R$5.70 per $1 and round the dollar amounts.

Camil — Q2 2025

Camil sells food staples and higher-value packaged foods across Latin America. The company reported a mixed quarter.

Net revenue fell 8.6% year over year to R$ 2.98 billion ($524 million). EBITDA slipped 12.9% to R$ 251 million ($44 million). Net income declined 33.7% to R$ 78.7 million ($14 million). Gross profit reached R$ 673.8 million ($118 million), with a 22.6% margin.

Capex rose to R$ 155.3 million ($27 million). Net financial expense totaled R$ 141.6 million ($25 million). Leverage stayed high at 4.1x net debt to LTM EBITDA, with net debt at R$ 3.47 billion ($608 million).

The story behind those numbers sits in price and volume. Domestic “high-turnover” grains and sugar saw lower net prices per kilo. Yet consolidated volumes rose 6.8% to 634 thousand tons, led by international operations.

That mix helped hold the gross margin despite weaker revenue. Management highlighted better sugar profitability from lower costs and steady performance in premium items like coffee, pasta, and biscuits.

A mercantile read focuses on cash and risk. Higher financial expenses and heavier capex constrained bottom-line gains. The 4.1x leverage ratio narrows flexibility if domestic pricing stays weak.

However, sequential trends improved: revenue rose 10.9% versus 1Q25, and EBITDA increased 7.5%. Camil protected margins with scale, mix, and cost control rather than price hikes. That approach depends on keeping volumes strong and the export engine running.

Plano&Plano — Q3 2025

Plano&Plano is a residential developer. The company used volume and pipeline depth to push growth in the quarter.

The company launched nine projects with 8,436 units. Launch VGV reached R$ 2.14 billion ($376 million), up 99% year over year. Net sales in the private market totaled R$ 1.02 billion ($179 million), up 12.6% year over year.

The average launch ticket normalized to R$ 253.9 thousand ($45 thousand) after a one-off high-ticket quarter. Units sold carried an average price of R$ 280.2 thousand ($49 thousand), up 27% year over year.

Scale supports the commercial case. Through nine months, launch VGV reached R$ 4.72 billion ($828 million). The land bank reached R$ 31.6 billion ($5.54 billion) on a 100% basis.

The preview details lower cancellations and stronger private-market sales on the company-share view. These pieces extend revenue visibility and reduce reliance on a single project.

The story behind the story is mix discipline. Plano&Plano reset launch prices after the 2Q25 NID Alphaville outlier, then sold more units at a higher average price than a year earlier.

The company competes by turning inventory quickly and standardizing projects across large launches. That strategy anchors cash generation in volume and cost, while the larger land bank preserves future supply. The official tables show each step.

Cury — Q3 2025

Cury develops and sells residential projects, with operations concentrated in São Paulo and Rio de Janeiro. The preview shows growth and strong cash generation.

Net sales rose 27.1% year over year to R$ 1.83 billion ($321 million). Launch VGV increased 27.3% to R$ 1.99 billion ($349 million). The average launch price was R$ 291.6 thousand ($51 thousand).

Net VSO cooled to 40.6% from 47.5% in 2Q25 and 43.9% a year earlier. The company produced 4,908 units in the quarter. Two cash signals stand out. Cury posted record operating cash generation of R$ 233.1 million ($41 million).

The land bank grew 19.6% year over year to R$ 23.3 billion ($4.09 billion). Repasses reached R$ 1.49 billion ($262 million). “Parte Cury” net sales were R$ 1.63 billion ($286 million), underscoring retained economics.

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