Cury Operational Preview: Record Cash Generation Despite 2T26 Sales Drop

Brazilian homebuilder Cury Construtora e Incorporadora (CURY3) delivered a highly resilient operational preview for the second quarter of 2026 (2T26), highlighting its 29th consecutive quarter of positive cash flow. The company generated a record R$ 144.9 million in operational cash during the quarter, representing a 40.2% year-over-year surge and a 55.1% increase compared to the previous quarter. This brings Cury's total cash generation for the first half of 2026 to R$ 238.2 million, up 84.5% from the same period last year.

The robust cash performance came despite a 9.5% year-over-year decline in net sales, which totaled R$ 2.05 billion. Cury's quarterly sales velocity (VSO) also slipped to 40.5% from the 47.5% recorded in 2T25. However, a strategic shift toward higher-value units successfully defended the company's margins. The average sales price per unit rose 6.9% year-over-year to R$ 331,000, while the average price of launched units climbed 2.0% to R$ 344,600.

Operationally, the homebuilder maintained a strong pace, producing a record 5,737 units, which marks a 41.8% increase compared to 2T25. Additionally, Cury's potential landbank reached a historic high of R$ 26.1 billion in potential sales value (VGV), growing 23.6% year-over-year and securing a solid pipeline for future developments in its core markets of São Paulo and Rio de Janeiro.

This operational update comes amid mixed movements in the broader Brazilian market. Today, the Ibovespa (IBOV) edged down 0.25% to 172,020.69 points. Among major equities, Petrobras (PETR4) gained 1.77% to R$ 38.44, while Vale (VALE3) fell 2.04% to R$ 76.20 and Itaú Unibanco (ITUB4) ticked down 0.31% to R$ 42.43. Analysts view Cury's ability to self-finance and expand its landbank in a high-interest-rate environment as a key factor keeping the stock as a top pick in the low-income homebuilding segment.