Cury ended 2025 with R$ 683.3 million in operating cash flow, R$ 1.35 billion distributed in dividends, and R$ 8.3 billion in new project launches during the year. Adding to these figures, CFO João Carlos Mazzuco highlights a little-discussed indicator for the construction and real estate development company.

“An ROI above 70% is a number that captures everything. It reflects high profitability, strong cash generation, and low use of equity,” he said on Números Falam , a NeoFeed program.

In a sector historically marked by long cycles, contract cancellations, and intensive capital consumption, a return on investment at this level is attractive to any investor.

This indicator also helps explain how the construction company managed to combine growth with record dividend distribution last year.

In 2025, R$ 1.35 billion was paid out in dividends, a 179.6% increase over the previous year. In the fourth quarter alone, the amount exceeded R$ 1 billion.

Part of the move was driven by the prospect of future taxation on dividends. The company conducted a follow-on offering at the end of the year to strengthen its cash flow and distribute reserves accumulated before the change in legislation.

But Cury emphasizes that this distribution strategy does not compromise growth. "Our projects are self-sufficient from a cash flow perspective. They finance themselves throughout the construction process," says the CFO.

The company's "secret" is to operate predominantly with the pre-construction financing model. The client obtains financing from Caixa Econômica Federal (a Brazilian bank), and the funds are released to the construction company as the work progresses.

This creates a predictable dynamic with strong sales and cash inflow as the project progresses. The internal goal is to try to achieve around 70% of sales in the first six months after launch.

"The more I grow, the more I sell and the more my projects progress. Cash flow follows suit," says Mazzuco.

Land under control

The inventory of units ended the year at R$ 2.4 billion, a 31.3% year-on-year increase. However, it grew less than new launches and represented just over three months of sales. For the company, this level is considered healthy – and even strategic.

"If inventory is low, I need to release more stock to keep the machine running," says the executive.

The land bank reached R$ 24.6 billion in potential Gross Sales Value (GSV), a growth of 22.5% compared to the previous year, equivalent to more than 81,000 future units. The cost of the land represents between 12% and 13% of the GSV.

CURY3 stock is up 16.2% this year on the B3 stock exchange and has appreciated 72.5% over the last 12 months. The company's market capitalization is R$ 11.4 billion.