Cury’s Record 2025 Sets Up A High-Stakes 2026 Test For Brazil’s Housing Market

Key Points

1. Cury says 2025 was its best year, backed by fast profit growth and steady cash generation.
2. The firm is starting 2026 with launches in São Paulo and Rio, betting demand stays resilient while competitors struggle with expensive capital.
3. New tax and housing-policy rules could widen the buyer pool, but affordability still hinges on credit conditions.

Cury, one of Brazil’s best-known listed homebuilders, is framing 2025 as a turning point: the company’s strongest year ever, with momentum it believes can carry into 2026.

The claim is not built on vague optimism. In the first nine months of 2025, net revenue rose 38% from a year earlier and net profit climbed 46%, according to an analyst briefing after a meeting with senior executives.

Quarterly figures reinforce the picture. In the third quarter of 2025, Cury reported net profit of R$255.3 million ($47 million), up 49.6% year over year, and adjusted EBITDA of R$340.3 million ($63 million).

Net revenue in the quarter was around R$1.42 billion ($263 million), up roughly 34%. The operating engine is volume and speed in two core markets.

In 3Q25, the company launched nine developments, six in São Paulo and three in Rio, with VGV of R$1.7 billion ($315 million).

It posted net sales of R$1.6 billion ($296 million) in the quarter. Year to date, launched VGV reached R$6.36 billion ($1.18 billion) and net sales totaled R$5.55 billion ($1.03 billion).

Cash discipline anchors expansion plans

Cash discipline is central to the strategy. In 3Q25, operating cash generation was R$222 million ($41 million), extending a streak of 26 consecutive quarters with positive operating cash.

That consistency matters in a sector where weaker players can be forced into costly financing or cut back launches.

For 2026, Cury is already acting. It began the year with projects in Rio and its first São Paulo launch, with brokers reporting solid early demand.

It is also accelerating launches in neighborhoods such as Vila Romana, Vila Carrão and Água Branca in São Paulo, and São Cristóvão and Irajá in Rio, reflecting a push toward more central land.

Policy shifts may add support. Brazil now exempts monthly income up to R$5,000 ($926) from personal income tax, which could help formal income and mortgage access.

At the same time, a 10% withholding applies to dividends above R$50,000 ($9,259) per month from the same company, prompting Cury’s December follow-on and pre-change dividend strategy.

Housing incentives also remain material: planned 2026 discounts of R$12.5 billion ($2.3 billion), with subsidies up to R$65,000 ($12,037) in the North and R$55,000 ($10,185) elsewhere.

Related coverage: Brazil’s Morning Call | Macron’s Greenland Warning, And The Quiet Question Of Europe This is part of The Rio Times’ daily coverage of Latin American news and financial markets.