Cury Boosts Sales Value by 28% in Q2 2025 Despite Fewer Launches in Brazil’s Housing Sector

Cury Construtora e Incorporadora S.A. operates as a leading developer of affordable housing in Brazil, focusing on high-volume residential projects in São Paulo and Rio de Janeiro.

According to the company’s official second quarter 2025 operational preview, Cury maintained a steady pace of project launches, introducing nine new developments between April and June, just one more than in the same period last year.

However, the company increased its General Sales Value (VGV) by 28.3% year-over-year to R$2.2 billion ($400 million), showing that Cury prioritized higher-value projects and improved pricing strategies over merely expanding the number of launches.

Cury’s net pre-sales reached R$2.3 billion ($418 million), a 29.3% increase compared to the second quarter of 2024. The company produced 4,046 units in the quarter, marking a 9.5% rise over the previous year.

The average price per unit in new launches climbed nearly 11% quarter-on-quarter, from just under R$305,000 ($55,455) to almost R$338,000 ($61,455).

This figure reflects both the company’s ability to capture rising demand and the effect of government programs that expanded eligibility for subsidized housing.

Sales performance in the quarter showed that Cury sold over 8,000 units, with 93% of these transactions occurring under the Minha Casa Minha Vida program, now including the new “faixa 4” for homes priced up to R$500,000 ($90,909).

Cury Expands Market Reach with Subsidized Financing

This expansion allowed more middle-income families to access subsidized financing, increasing Cury’s addressable market and supporting liquidity.

Inventory at the end of June stood at R$2.5 billion ($454 million), with 6,852 units, of which 98.7% remained under construction. The company’s land bank reached a potential VGV of more than R$21 billion ($3.8 billion), up 20% over twelve months.

This ensures a strong pipeline for future launches. Despite these gains, Cury’s operational cash generation fell to R$103 million ($18.7 million), a 32% decrease from the previous year.

The company attributed part of this decline to regulatory changes in the timing of payments from Caixa Econômica Federal, which now occur after contract registration rather than at the point of transfer.

Management stated that they continue to improve internal processes to reduce delays and mitigate the impact of these changes. Cury reported its 25th consecutive quarter of positive cash generation, underscoring its operational discipline.

The company’s return on equity stood at 65.6%, while its net profit margin reached 16.8% over the trailing twelve months. These figures place Cury among the most efficient operators in Brazil’s construction sector.

The real story behind Cury’s numbers is a shift toward higher-value projects and disciplined cost control, rather than pure volume growth.

By leveraging government programs and adapting to regulatory shifts, Cury has protected margins and ensured robust cash flow, even as broader market volatility and inflation persist.

The company’s large land bank and focus on affordable housing position it to benefit from continued urbanization and demand for subsidized homes in Brazil’s largest cities.

The source for all operational and financial data is Cury’s official 2Q25 operational preview and audited financial statements.

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