On Monday, July 13, 2026, Cyrela Brazil Realty (CYRE3, CYRE4) released its preliminary operating results for the second quarter of 2026, reporting that launches reached R$ 3.840 billion, considering only the company’s stake (%CBR) and excluding barter agreements, while contracted net sales totaled R$ 2.561 billion on the same basis. The data are compared with 2Q25 and the first quarter of 2026 and are still subject to audit review.
Launches of R$ 3.840 billion in 2Q26 were 34% higher than the R$ 2.864 billion recorded in 2Q25 and 120% higher than the R$ 1.747 billion in 1Q26. On a 100% basis and including barter agreements, the launched volume was R$ 4.967 billion, an increase of 20% compared with 2Q25 (R$ 4.126 billion) and 105% versus 1Q26 (R$ 2.428 billion). In the half-year, launched PSV ex‑barter was R$ 5.587 billion, compared with R$ 6.248 billion in 2025, while total PSV including barter came to R$ 7.395 billion, 18% below the same period of the previous year.
Contracted net sales ex‑barter reached R$ 2.561 billion in 2Q26, growth of 14% compared with the R$ 2.240 billion in 2Q25 and 18% above the R$ 2.164 billion in 1Q26. Considering barter agreements and on a 100% basis, sales reached R$ 3.467 billion, 6% above 2Q25 (R$ 3.258 billion) and 18% higher than 1Q26 (R$ 2.942 billion). In the first half of 2026, ex‑barter sales totaled R$ 4.726 billion, up 9% versus 2025, while sales including barter amounted to R$ 6.408 billion, 2% higher than the previous year.
In the quarter, of net sales ex‑barter, R$ 278 million (11%) came from completed inventory, R$ 1.053 billion (41%) from inventory under construction, and R$ 1.231 billion (48%) from launches, resulting in a sales pace for launches of 32%. On a basis including barter, R$ 329 million (9%) corresponded to completed inventory, R$ 1.479 billion (43%) to inventory under construction, and R$ 1.658 billion (48%) to launches, with a sales pace for launches of 33%.
The Sales over Supply (SoS) ratio for the last 12 months, calculated based on Cyrela’s stake and excluding barter, was 42.8% in 2Q26, below the 51.4% recorded in the same quarter of 2025 and the 44.7% in 1Q26. Considering the 2Q26 launch cohort, 32% of the PSV launched in the period had already been sold by the end of the quarter.
