Cyrela (CYRE3) posts net income of R$ 481 mn in 3Q26

Net revenue for the quarter was R$ 2,382 mn, up 12% from 3Q25 (R$ 2,128 mn) and 4% below 2Q26. Gross profit reached R$ 809 mn, and gross margin was 34.0%, 1.0 percentage point above 3Q25. Adjusted gross margin came in at 37.0%. The company attributes the margin improvement to the Vivaz segment, which had a higher margin and a greater weight in revenue. Selling expenses rose 30%, to R$ 308 mn, and general and administrative expenses totaled R$ 138 mn.

Cash generation was R$ 341 mn in the quarter, versus R$ 423 mn in 3Q25 and R$ 272 mn in 2Q26. Year to date, generation reached R$ 747 mn, versus R$ 103 mn in the first nine months of 2025. Adjusted net debt totaled R$ 1,708 mn, and the ratio to adjusted shareholders' equity was 14.4%. Excluding CashMe's assets and liabilities, the ratio would be 28.5%. Adjusted ROE (return on equity) for the last 12 months was 18.7%.

Launches totaled R$ 2,863 mn (Cyrela's share, excluding swaps), down 16% from 3Q25. Contracted sales were R$ 2,117 mn, 14% lower than a year earlier. Year to date, sales totaled R$ 6,842 mn, flat versus 2025, and launches were R$ 8,450 mn, down 13%. Net revenue to be recognized was R$ 12,083 mn, with a margin of 36.4%.

In October, the Board approved the 20th issuance of debentures (debt securities) of R$ 400 mn, with a maximum maturity of 8 years. Cyrela sold 350,000 shares of Cury (CURY3) for R$ 12.2 mn and repurchased 4.2 million CYRE3 shares and 3.53 million CYRE4 shares for R$ 154.8 mn.