Five years after the IPO of Cury Construtora , the main partner of the low-income real estate business has been reducing its shareholding.

Cyrela , owned by Elie Horn , which held 48.25% of the shares before the affordable housing developer's IPO in September 2020, has already sold more than half of its shares.

This is a move that Cyrela has been making gradually. In August 2025, for example, Cyrela sold 4.6 million shares of Cury, reducing its stake from 18.53% to 16.95% at that time. At the beginning of 2025, for example, Cyrela held 19.21%.

According to data from the Brazilian Securities and Exchange Commission (CVM), the Horn family's company held a 30.9% stake in January 2021, three months after Cury's IPO. At the beginning of this year, according to information published on the construction company's Investor Relations channel, that stake was 15.08% of the shares.

“It’s as if the parent company is ready to let its daughter conquer the world. She has been giving Cyrela a great return. So, this is a natural move. The question now is whether and when she will sell her position,” a source familiar with the matter told NeoFeed .

With a market value of R$ 9.7 billion on the B3 stock exchange, the performance of CURY3 shares justifies Cyrela's move. Since its IPO, the stock has appreciated by 205%. And, on November 28th of last year, the stock reached its highest value, R$ 38.24.

Real estate market sources consulted by NeoFeed offer several reasons to explain Cyrela's move to exit Cury. One of them is strategic.

Cyrela is reportedly focusing its efforts on Lavvi. Owning 62% of the high-end real estate developer, Lavvi went public around the same time as Cury, but by early 2025, its shares were stagnant, accumulating a 12.5% loss in value. Last year, it rose by nearly 130%.

Since Cury had built up "muscle," Cyrela was able to begin the process of recouping the resources allocated to the company.

Another factor directly connected to this movement is financial. Through the sale of shares in recent years, Cyrela has been able to generate cash.

In its third-quarter 2025 earnings report, Cyrela stated that the sale of Cury shares during the period contributed to a net profit of R$ 609 million, representing a 29% increase over the same period of the previous year.

"In the third quarter of 2025, the company reported cash generation of R$ 423 million, compared to cash generation of R$ 129 million in the third quarter of 2024 and cash burn of R$ 392 million in the second quarter of 2025. It is noteworthy that during this period we had R$ 251 million in non-recurring effects related to the sale of Cury shares," says the Cyrela document.

A report by Santander, authored by analysts Fanny Oreng, Luis Wadt, and Matheus Meloni and published in November 2025, reaffirms the strategic importance of the funds obtained by Cyrela from the sale of shares, which minimized the impact of increased expenses.

"Cyrela's adjusted EBITDA totaled R$ 762.3 million, mainly in line with our estimates, as higher-than-expected sales expenses, associated with a higher volume of launches, were partially offset by gains from the sale of CURY3 shares," the document says.

The fact is that, in the Brazilian real estate market, the affordable housing segment, where Cury operates well, has contributed significantly to sustaining the sector's current momentum in the country, in contrast to the middle and upper-income segment, which has been stagnant.

Furthermore, the country's main low-income housing program, Minha Casa, Minha Vida (MCMV), already has guaranteed funding from the federal budget for 2026, without any risk of budget cuts or impact due to the proximity of the election period.

For this year, the MCMV program anticipates a total of R$ 144.5 billion in resources from the Guarantee Fund for Length of Service (FGTS), including R$ 12.5 billion specifically for subsidies, such as discounts on down payments or installments.

Seat on the council

The reduction in Cyrela's stake in Cury raises another question. The 15.08% stake is close to the 14% limit for a shareholder to have a seat on Cury's board of directors.

The Articles of Association contain no details regarding the immediate need to change directors if a shareholder's stake decreases.

Currently, the company's board is chaired by Ronaldo Cury de Capua, from the founding family, who is also the company's director of investor relations.

On the Cury board is Raphael Abba Horn, co-CEO of Cyrela and son of Elie Horn, the construction company's founder. Also on the board is Cyrela's current CFO, Miguel Maia Mickelberg.

Thus, Cury's board of directors, with six seats, includes two members of the Cury family - CEO Fabio Cury is the other member of the founding family -, two representatives from Cyrela, and two independent members - Luiz Antonio Nogueira de França and Viviane Mansi.

Besides Cyrela, Cury's shareholding structure includes members of the Cury family with 30.69%. The board of directors holds 1.97%. And shares in free circulation total 52.26%.

On Wednesday, January 14th, Cury released its operational preview for 2025, with record net sales of R$ 7.8 billion, a 25.8% increase over the previous year.

Last year, 37 projects were launched, 25 in São Paulo and 12 in Rio de Janeiro, totaling a general sales value (VGV) of R$ 8.28 billion, 25.9% higher than that recorded in 2024. The complete report on the 2025 figures will be released on March 10.

Contacted by NeoFeed for comment on the move to reduce its stake in the subsidiary, Cyrela did not respond to the report. Cury also did not comment.