Launches Slowed, But Brazil’s Affordable Builders Kept 2025 Growth Alive

Key Points

• Q4 launches fell at Plano&Plano and Cury, but 2025 VGV and units still rose.
• Demand stayed concentrated in lower-ticket housing, with Cury saying 91.1% of Q4 sales were up to R$ 500k ($93k).
• Cash conversion via deliveries, repasses, and distratos became as important as new projects.

Plano&Plano (PLPL3) ended the fourth quarter with four launches, totaling 2,315 units and VGV of R$ 617 million ($114 million), a 51.1% drop versus Q4 2024.

Even so, pricing moved higher. The average launch ticket reached R$ 266.5k ($49k), up 5.0% versus Q3 and 18.2% versus a year earlier. The company also pointed to a CDHU-linked public-housing contract worth R$ 56 million ($10 million).

The full-year picture was the reverse of the quarter: 21 launches, 17,801 units, and VGV of R$ 5.3 billion ($981 million), up 38.0% from 2024. Demand showed up in sales.

Q4 net sales were R$ 1.5 billion ($278 million), up 118.8%, while 2025 net sales totaled R$ 4.3 billion ($796 million) on more than 16.3k units.

Plano&Plano also reported operational cash generation of R$ 95.7 million ($18 million) in Q4 and net operational cash generation of R$ 19.1 million ($4 million) for 2025, ending the year with a positive net cash position.

Cury (CURY3) also launched less in Q4: five projects (-28.6%), with launched VGV of R$ 1.289 billion ($239 million) (-7.9%) and 3,833 units (-5.6%).

Average launched price was R$ 336.4k ($62k) (-2.4%), while the average project size climbed to 767 units (+32.2%). In 2025, it launched 37 projects with VGV of R$ 8.28 billion ($1.53 billion) (+25.9%) and 26,366 units (+27.0%).

On sales, Q4 gross VGV reached R$ 1.71 billion ($317 million) (+12.0%) on 5,445 units (+13.0%), while average sales price eased 0.9% to R$ 314.8k ($58k).

Distratos were R$ 157.7 million ($29 million) (+47.0%), leaving net sales of R$ 1.56 billion ($289 million) (+9.3%) and net VSO of 39.3% (-4.4 pp).

The cash pipeline leaned on repasses: R$ 1.4923 billion ($276 million) in Q4 (+60.9%) with 5,001 units delivered; R$ 6.2517 billion ($1.16 billion) for 2025, alongside full-year net sales of R$ 7.7503 billion ($1.44 billion).

In a high-rate Brazil, fewer launches can be discipline. The operators that deliver and convert credit tend to outperform, while state-heavy fixes often move slower, cost more, and are harder to audit.

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