Q1 2026 Cyrela Brazil Realty SA Empreendimentos e Participacoes Earnings Call Transcript
Key Points
- Cyrela Brazil Realty SA Empreend e Part (CYRBY) achieved strong customer acceptance with a sales speed (SOS) of 45% for its launches.
- The company reported net revenue of BRL2 billion, a 4% increase year-on-year, demonstrating resilience in a challenging macroeconomic environment.
- Net income for the quarter was BRL197 million, reflecting the strength of the company's business model.
- Cash generation totaled BRL134 million, supported by healthy sales dynamics and disciplined financial management.
- The company's adjusted return on equity (ROE) for the last 12 months was 21.2%, indicating strong value generation for shareholders.
- Launches decreased by 48% year-on-year and 47% quarter-on-quarter, indicating a cautious approach in a challenging market.
- Net income decreased by 9% year-on-year and 56% quarter-on-quarter, reflecting potential pressures on profitability.
- Selling expenses were higher than expected, partly due to decommissioning of showrooms, impacting overall cost management.
- The macroeconomic environment remains challenging with elevated interest rates and geopolitical tensions affecting supply chain and construction costs.
- Revenue deductions were higher this quarter, impacting net revenue figures.
Good morning, ladies and gentlemen, and welcome to Cyrela Brazil Realty S.A. earnings conference call regarding the company's first quarter 2026 results.
Joining us today are Raphael Horn, CEO; and Miguel Mickelberg, CFO and Investor Relations Officer. Please note that this conference call is being recorded and simultaneously translated. (Operator Instructions) Additionally, for those who wish to access the presentation in English, it is available on the company's Investor Relations website ri.cyrela.com.br. (Operator Instructions)
We would like to remind you that any statements made during this conference call regarding Cyrela's business outlook, operating and financial targets constitute forward-looking statements by the company's management and may or may not materialize. Investors should understand that political, macroeconomic and other operating factors may affect the company's future performance and could cause actual results to differ materially from those expressed in such forward-looking statements.
To begin the first Q 2026 earnings conference call, I'd like to turn
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