CURY3

Cury Construtora e Incorporadora S.A. is a developer focused on the affordable residential segment, with operations concentrated in the metropolitan regions 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., which originated 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 the Novo Mercado segment of B3 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 mainly targeted at low- and middle-income segments, strongly aligned with federal housing policies. Since the launch in 2009 of the Minha Casa, Minha Vida program, later renamed Casa Verde e Amarela and returning to its original name in 2023, the Company has oriented its strategy toward meeting the program’s demand, complemented by operations within the Brazilian Savings and Loan System (SBPE). The company operates in an integrated manner throughout the entire real estate development cycle, from land prospecting and acquisition to sales, construction, handover of units, and 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 multi-segment financial disclosures.

Cury’s products are organized into lines aimed at specific income brackets and different funding sources. The portfolio has been structured to continuously cover ranges 2, 3, and 4 of the Minha Casa, Minha Vida program and, on a complementary basis, SBPE-based credit. Among the main lines are: the “Superior” line, with an average price around R$ 223.9 thousand and 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$ 226.1 thousand, 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$ 271.7 thousand and focused on families with income between R$ 5,000 and R$ 10,000; and the “Superior (Mérito)” line, with an average price around R$ 367.5 thousand, targeting income brackets from R$ 6,000 to R$ 12,000, covering groups under the housing program and SBPE-based operations. The Company’s target audience consists of families with monthly income between approximately R$ 4,000 and R$ 12,000, with property values that, within Range 4 of Minha Casa, Minha Vida, can reach the regulatory limit of R$ 500 thousand and, in SBPE-based operations, may 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 relevant share of Brazil’s Gross Domestic Product and show strong housing demand from low- and middle-income populations. 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 79.2 thousand potential launch units 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 15.2% market share, with a strong presence in the Porto Maravilha Joint Urban Operation and new development hubs in the North Zone, benefiting from changes to the municipal Master Plan and increased construction potential.

Cury’s growth strategy is closely linked 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, average income, and population profile in the areas of interest. Acquisitions may be carried out through cash payments or via physical and financial swaps, seeking to align disbursements with the projects’ cash flow. In the recent three-year period, the Company accelerated 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 reports high sales-over-offer levels, with net VSO above 70% in 2023 and 2024, demonstrating significant inventory turnover in its operating 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 plays an active role in all these stages, securing licenses, permits, and approvals from municipal, state, and federal authorities, developing architectural designs in partnership 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. On the engineering front, 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 is based on a highly diversified client base, without any material 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 legislation, consumer protection rules, and technical construction specifications. The company depends on licenses and permits 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 adopts 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. Operations are fully concentrated within Brazil, and all revenue comes from the sale of properties and services to clients in the country, with no material revenue generated abroad.

In recent years, Cury has strengthened its sustainability and corporate governance agenda. Starting in 2021, an ESG committee was created to study and define initiatives in this area, followed by the approval of an ESG Policy in 2022, applicable to officers, employees, third parties, and business partners. In 2023, the Company released its first Sustainability Report, referring to 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 strengthened with the creation of a sustainability management department, internal bylaws 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 reinforced the social pillar with the creation of Instituto Cury, focused on initiatives in education for socio-productive inclusion and sports as a driver of social mobility, and incorporated ESG indicators into its compensation policy, in line with the evolution of governance and sustainability practices observed among companies listed on B3, including those in the Ibovespa index, which Cury joined in 2025.

Cury shares, traded under the ticker CURY3 on B3’s Novo Mercado segment, represent an equity interest in a company whose operations are focused on the development of affordable residential projects in major Brazilian urban centers, with strong exposure to federal housing programs and Caixa Econômica Federal’s associative credit. The combination of geographic focus, a portfolio geared toward specific income brackets, active landbank management, and the structuring of 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.