CURY3 Cury

Cury Construtora e Incorporadora S.A. is a developer focused on the affordable residential segment, with operations concentrated in the metropolitan areas of the states of São Paulo and Rio de Janeiro. The Company was incorporated in 2007 through a joint venture between Cury Empreendimentos Imobiliários Ltda., originating from Curi Engenharia e Comércio Ltda., founded in 1963 by brothers Elias Calil Cury and Charles Calil Curi, and Cyrela Brazil Realty, a developer with a track record in the high-income residential segment. The partnership with Cyrela helped expand Cury's credit capacity, strengthen its financial structure and modernize management and accounting control practices. In 2020, the Company completed its IPO and its common shares began trading on B3’s Novo Mercado under the ticker CURY3, reinforcing its access to the Brazilian capital markets.

Cury’s business model is based on real estate development of residential projects primarily aimed at the middle- and low-income segments, with strong alignment to federal housing policies. Since the launch in 2009 of the Minha Casa, Minha Vida program, later renamed Casa Verde e Amarela and reverting to its original name in 2023, the Company has directed its strategy to serve the demand under this program, complemented by activities within the Sistema Brasileiro de Poupança e Empréstimo (SBPE). The company operates in an integrated manner throughout the entire real estate development cycle, from land prospecting and acquisition to sales, construction, delivery of units and the provision of services during the warranty period. Cury and its subsidiaries concentrate their operations in a single operating segment, real estate development, which is reflected in the absence of disclosure of results by multiple segments.

Cury’s products are organized into lines geared toward specific income brackets and different funding sources. The portfolio was structured to continuously cover bands 2, 3 and 4 of the Minha Casa, Minha Vida program and, in a complementary way, SBPE credit. Among the main lines are: the “Superior” line, with an average price of around R$ 223,900 and a focus on Group 2, with monthly income between R$ 3,500 and R$ 4,400; the “Padrão” line, with an average price of about R$ 226,100, aimed at Groups 2 and 3, with monthly income between R$ 4,000 and R$ 7,000; the “Moderno (Urban)” line, with an average price of approximately R$ 271,700 and a focus on families with income between R$ 5,000 and R$ 10,000; and the “Superior (Mérito)” line, with an average price of around R$ 367,500, targeting income brackets from R$ 6,000 to R$ 12,000, covering groups under the housing program and operations via SBPE. The Company’s target audience is made up of families with monthly income between approximately R$ 4,000 and R$ 12,000, with property values that, under Band 4 of Minha Casa, Minha Vida, can reach the regulatory limit of R$ 500,000 and, in SBPE operations, reach higher levels in specific circumstances.

Cury’s geographic footprint is concentrated in the main metropolitan regions of São Paulo and Rio de Janeiro, markets that account for a significant share of Brazil’s Gross Domestic Product and show strong housing demand among the middle- and low-income population. The Company’s landbank reached approximately R$ 23.3 billion in General Sales Value (VGV) in the nine-month period ended September 30, 2025, corresponding to around 79,200 potential units for launch in these regions. In São Paulo, the landbank totals approximately R$ 18.0 billion in VGV, with an estimated market share of 6.6% and a focus on areas covered by Joint Urban Operations and Urban Intervention Plans, such as Água Branca, Bairros do Tamanduateí, Arcos Pinheiros, Jurubatuba and the Central Sector. In Rio de Janeiro, the landbank amounts to about R$ 5.3 billion in VGV, with an estimated market share of 15.2%, with a strong presence in the Porto Maravilha Joint Urban Operation and in new development vectors in the North Zone, benefitting from changes in the municipal Master Plan and increased construction potential.

Cury’s growth strategy is closely tied to landbank management and the ability to launch new projects at scale. Land acquisition follows strategic guidelines defined by the Board of Directors and involves technical, market and financial analysis, including demand studies and assessment of average income and population profile in areas of interest. Acquisitions may be carried out through cash payments or via physical and financial swaps, seeking to align cash outflows with the cash flow of the projects. In the recent three-year period, the Company has stepped up its launch pace: in 2023, it launched 29 projects, totaling 16,675 units and VGV of approximately R$ 4.44 billion; in 2024, there were 34 projects and 20,765 units, with total VGV of about R$ 6.58 billion; and in the nine months ended September 30, 2025, there were 32 projects, totaling 22,533 units and VGV of R$ 6.99 billion. The Company also records high sales-over-supply levels, with net VSO above 70% in 2023 and 2024, demonstrating relevant inventory turnover in its niche.

Cury’s operations involve a development and construction cycle that averages between 42 and 54 months, covering the stages of land prospecting and acquisition, product development, pre-sales, construction and sale of remaining units. The company is actively involved in all these phases, obtaining licenses, permits and approvals from municipal, state and federal authorities, developing architectural projects jointly with specialized firms, coordinating marketing and sales strategies through partner real estate agencies and its own team, and managing the financing process via the associative credit model operated exclusively by Caixa Econômica Federal. In engineering, the Company uses both in-house construction, with its own teams responsible for key stages such as concrete structures and part of the installations, and specialized subcontractors, selected based on technical, reputational and cost criteria. The model relies on a highly diversified customer base, with no significant revenue concentration in individual buyers.

Cury’s relationship with the regulatory environment is marked by the need to comply with zoning and land-use rules, environmental laws, consumer protection regulations and technical construction specifications. The company depends on licenses and authorizations issued by municipal, state and federal agencies to approve projects, start construction and obtain completion certificates, in addition to Caixa Econômica Federal’s review for structuring financing under the associative credit model. From an environmental and social standpoint, the Company follows procedures for prior assessment of land regarding the presence of hazardous substances, observes the main guidelines of the National Environmental Policy and holds ISO 14001 certification for its environmental management system. Its operations are fully concentrated within Brazil, and all revenue comes from the sale of properties and services to clients in Brazil, with no material revenue abroad.

In recent years, Cury has significantly strengthened its sustainability and corporate governance agenda. Starting in 2021, it created an ESG committee dedicated to studying and defining initiatives in this area, followed by the approval in 2022 of an ESG Policy applicable to officers, employees, third parties and business partners. In 2023, the Company published its first Sustainability Report, referring to the year 2022, and began reporting information in line with international standards such as GRI and SASB, in addition to approving specific policies on Diversity, Innovation and Donations and Sponsorships. In 2024, ESG governance was further enhanced with the creation of a sustainability management department, internal regulations for the ESG committee and policies on Stakeholders, Suppliers, Internal Audit, Risk Management, Nomination and Securities Trading. The Company also began reporting to CDP, achieving a C score, and started using a specialized platform to measure greenhouse gas emissions. In 2025, it strengthened the social pillar with the creation of Instituto Cury, focused on initiatives in education for socio-productive inclusion and sports for social mobility, and incorporated ESG indicators into its compensation policy, in line with evolving governance and sustainability practices among companies listed on B3, including those in the Ibovespa index, which Cury joined in 2025.

Cury’s shares, traded under the ticker CURY3 on B3’s Novo Mercado segment, represent an interest in a company whose activities are focused on developing affordable residential projects in major Brazilian urban centers, with strong exposure to federal housing programs and to associative credit from Caixa Econômica Federal. The combination of geographic focus, a portfolio targeted at specific income brackets, active landbank management and structured ESG policies and practices positions the Company as a key player in the low- and middle-income housing market in the metropolitan regions of São Paulo and Rio de Janeiro, with revenue generated entirely in the domestic market and subject to the full set of urban, environmental and construction regulations applicable to Brazil’s real estate sector.