Cyrela Brazil Realty S.A. (CYRE3) Q4 2025 earnings summary

Executive summary

• Net income reached R$ 2,007 million in 2025, up 22% year-over-year, with ROE at 22.3%.

• Net revenue was R$ 9,423 million in 2025 (+18% YoY), with gross margin at 32.6%.

• Record launches totaled R$ 18,570 million in 2025 (+43% YoY), with 74 projects launched.

• Record dividend payments of R$ 1.4 billion were made in 2025.

• Despite high interest rates and a challenging environment, operations and capital allocation remained disciplined.

Financial highlights

• Net revenue in 4Q25 was R$ 3,235 million (+29% YoY), with gross margin at 32.3%.

• Net income in 4Q25 was R$ 682 million, up 37% YoY.

• Adjusted net debt/shareholders' equity was 21.5% at year-end.

• Cash generation for 2025 was R$ 65 million, with cash burn of R$ 38 million in 4Q25.

• Finished inventory at year-end was R$ 1,907 million (CBR), with total inventory at market value of R$ 16,255 million.

Outlook and guidance

• Revenue to be recognized increased to R$ 11.5 billion at year-end, indicating strong future revenue potential.

• POC revenue expected to rise to R$ 5.5–6 billion in 2026.

• Gross margin is expected to slowly increase from the current 32.6%.

• Deliveries in 2026 are 85% sold as of December 31, 2025, with similar levels expected for 2027.

• Management highlights exposure to market, regulatory, and economic risks.