Context: How B3 (Brasil, Bolsa, Balcao) works, and what it makes issuers disclose · Brazil on the LatAm Power Map
For six decades, the Cury family has built homes for Brazilians who cannot yet afford to buy without government help. Today their company is the fastest-growing listed homebuilder in the country — and it keeps nearly 19 cents of profit from every real it earns, which almost no developer anywhere manages.
| Full name | Cury Construtora e Incorporadora S.A. |
| Ticker / exchange | CURY3 — B3 (São Paulo) |
| Headquarters | Rua Funchal 411, Vila Olímpia, São Paulo, SP, Brazil |
| Sector | Real Estate — Residential Development |
| Employees | 4,485 |
| Market value (market cap) | R$10.47bn (~US$2.03bn) |
| Yearly sales (revenue, FY2025) | R$5.40bn (~US$1.05bn) |
| Net profit (FY2025) | R$975.5m (~US$189.4m) |
| Net margin (TTM) | 18.4% — it keeps about 18 cents of profit per real of sales |
| Return on equity (TTM) | 73.7% — for every real of owners’ equity, it earns roughly 74 cents a year |
| Price-to-earnings (P/E) | 9.5× — cheap relative to the profit it generates |
| Dividend yield | 11.4% — the annual cash payout relative to the share price |
| Website | cury.net | ri.cury.net |
What it is
Cury builds and sells apartments in the lower-income housing market, mainly under Brazil’s federal “Minha Casa, Minha Vida” programme, operating in the metropolitan regions of São Paulo and Rio de Janeiro. That programme subsidises mortgages for households whose earnings leave them on the edge of ownership — a permanently large group in Brazil.
The company as it exists today was formed in July 2007 as a joint venture between Cyrela Brazil Realty and Cury Empreendimentos. It was originally founded in 1963 and is headquartered in São Paulo.
Who owns it
The founding family retains control: Fábio Cury and Cury Empreendimentos together hold 30.69% of shares, while strategic partner Cyrela Brazil Realty holds 15.08%, and the board of executive officers holds a further 1.97%. The remaining 52.26% — the free float — trades on B3.
Insiders collectively hold just over 50% (EODHD), so the family and Cyrela together set the agenda, but the stock is liquid enough that institutional investors hold roughly 67% of the total (our calculation, EODHD). That combination of a committed founding shareholder and deep institutional coverage is relatively rare in Brazilian mid-caps.
Who runs it
Fábio Elias Cury serves as CEO and Vice President of the Board of Directors, having led the company since the early 1990s. Ronaldo Cury De Capua — also from the founding family — is Chairman of the Board and Director of Institutional and Investor Relations.
The company disclosed in mid-2026 that it operates with a Co-CEO structure: Leonardo Mesquita da Cruz holds the Co-Chief Executive Officer title alongside Fábio Cury. João Carlos Mazzuco is CFO, having joined Cury in 2019 after roles as CFO at EMS Farmacêutica and head of M&A at Banco ING.
The money, in plain words
Revenue has more than doubled in two years — R$2.89bn (~US$561m) in 2023 to R$5.40bn (~US$1.05bn) in 2025, a compound annual growth rate of roughly 37% (our calculation). Net profit grew in step: R$481.8m (US$94 mn) in 2023 to R$975.5m (US$189 mn) in 2025 — a near-doubling in two years (our calculation).
The net profit margin of 18.4% (TTM, EODHD) is exceptional for a homebuilder — most global peers run 5–10%. The return on equity of 73.7% (TTM, EODHD) — meaning owners earn about 74 cents back for every real they have invested in the business — ranks among the highest of any listed real-estate company in Latin America.
The price-to-earnings ratio of 9.5× means the market values the company at less than ten times its annual profit, low by any growth standard.
On the balance sheet, the company carries R$1.47bn (~US$286m) of debt against R$1.36bn (~US$264m) of cash, leaving a small net debt position of R$119.5m (~US$23.2m, our calculation) — modest for a developer building at this pace. The 11.4% dividend yield means shareholders receive back about a ninth of the share price each year in cash.
What it is doing now
In Q1 2026 Cury reported net income of R$351.2m (US$68 mn), up 50.3% year-on-year, with revenue of R$1.61bn (US$313 mn) — 32.6% above the same quarter a year earlier — beating analyst forecasts, while positive operating cash flow was maintained for the 28th consecutive quarter.
Return on equity hit a reported record of 79.5% in that quarter, and the gross margin — what remains after direct building costs — held steady at 39.0% despite the surge in volume. The next earnings release is scheduled for 11 August 2026.
What to watch
- Interest rates. “Minha Casa, Minha Vida” buyers use subsidised mortgages, so they are insulated from Brazil’s high benchmark rate — but any change to programme rules or subsidy budgets hits Cury directly.
- Margin sustainability. A net margin above 18% at this revenue scale demands perfect execution; any slowdown in launches or cost creep could erode it quickly.
- Geographic concentration. The company operates predominantly in the Southeast — São Paulo and Rio de Janeiro. A local downturn in either market has no cushion from other regions.
- Succession and governance. The founding family controls the agenda; any shift in the Cury–Cyrela partnership or management structure would be a material event.
- Programme dependency. Cury is one of the leaders in low-income housing, focused specifically on the higher-income brackets of the Minha Casa Minha Vida programme. A government policy change in that single programme is its largest single risk.
Sources
- Cury Construtora RI — Ownership Breakdown (primary, fetched July 2026): https://ri.cury.net/en/ownership-breakdown/
- Cury Construtora RI — Management, Board, Councils, Committee & Commissions (primary, fetched July 2026): https://ri.cury.net/en/corporate-governance/board-and-board/
- Cury Construtora RI — Corporate Profile: https://ri.cury.net/en/about-cury/corporate-profile/
- Market data: EODHD.
This is news, not investment advice.
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