In the preliminary operating results for the third quarter of 2026 (3Q26), released on Tuesday, October 13, 2026, Cyrela Brazil Realty (CYRE3/CYRE4) launched 15 projects, totaling R$ 2,863 million in Gross Sales Value (PSV) ex-barter, considering only the company’s stake (%CBR). The volume is 16% lower than in 3Q25, when ex-barter launches totaled R$ 3,411 million, and 25% below the second quarter of 2026 (2Q26), at R$ 3,840 million.
Including barters and on a 100% basis, launches reached R$ 3,404 million in 3Q26, down 33% from the R$ 5,050 million in 3Q25 and 31% lower than in 2Q26 (R$ 4,967 million). Cyrela’s stake in the quarter’s launches was 86%, above the 69% in 3Q25 and 79% in 2Q26. In the first nine months of 2026 (9M26), PSV launched ex-barter totaled R$ 8,450 million, compared with R$ 9,658 million in 2025, while PSV launched including barters reached R$ 10,799 million, 23% below the same period of 2025.
On the commercial front, net contracted sales ex-barter, based on %CBR, totaled R$ 2,117 million in 3Q26, an amount 14% lower than in 3Q25 (R$ 2,459 million) and 17% below 2Q26 (R$ 2,561 million). Of the quarter’s sales, R$ 229 million refer to sales of completed inventory (11%), R$ 937 million to sales of inventory under construction (44%) and R$ 950 million to sales of launches (45%), resulting in a sales pace for launches of 33% in the quarter. In 9M26, ex-barter sales totaled R$ 6,842 million, stable compared with the R$ 6,811 million in 2025.
On a 100% basis and including barters, net contracted sales in 3Q26 were R$ 2,715 million, down 23% from the R$ 3,547 million in 3Q25 and 22% below 2Q26 (R$ 3,467 million). Cyrela’s stake in this volume was 80%, versus 71% in the same quarter of the previous year and 76% in 2Q26. In 9M26, contracted sales including barters reached R$ 9,124 million, 7% below the figure recorded in 2025 (R$ 9,834 million).
The last-12-month Sales over Supply (SoS) indicator, calculated based on ex-barter sales and %CBR, stood at 40.3% in 3Q26, below the 48.9% seen in 3Q25 and the 42.8% in 2Q26. Looking at sales speed by vintage, Cyrela reported that the vintage launched in 3Q26 was 33% sold by the end of the quarter.
