Latam Real Estate - Today's News CURY’s Comments on Inflation, Lindenberg’s R$1.2bn Launch, FGTS Updates, Retail Sales +0.5% MoM

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Latam Real Estate - Today's News CURY’s Comments on Inflation, Lindenberg’s R$1.2bn Launch, FGTS Updates, Retail Sales +0.5% MoM

J P M O R G A N Latin America Equity Research

14 May 2026

Latam Real Estate - Today's News

CURY’s Comments on Inflation, Lindenberg’s R$1.2bn

Launch, FGTS Updates, Retail Sales +0.5% MoM

What’s Happening Today? Latin American Cement &

Construction / Real Estate

AC• Cyrela: 1Q26 Earnings Release - After Market Marcelo Motta

Homebuilders & Brokers (55-11) 4950-6712

marcelo.g.motta@jpmorgan.com

• Cury sees room to renegotiate construction materials due to lower Banco J.P. Morgan S.A. Jonathan S. Koutras competition – Valor Econômico. Co-CEO Paulo Curi said suppliers are open

(55-11) 4950-3549

to revising construction material price increases. Moreover, he said CURY is jonathan.s.koutras@jpmchase.com

working with expected cost inflation (INCC) at 8% for 2026, but any cost Banco J.P. Morgan S.A.

savings may only help to maintain margins rather than expand them. Cury does Adrian E Huerta

not plan to raise prices automatically with input costs, since its strategy is (52-81) 8152-8720

always to focus on the best pricing since the launch of the project. adrian.huerta@jpmorgan.com

J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero• Adolpho Lindenberg Launches R$1.2bn Neoclassical Luxury Project in

Moema – O Estado de São Paulo. Homebuilder Adolpho Lindenberg (CAL) Felipe Barragan Sanchez

is launching its largest project to date, a neoclassical luxury residential in (52-55) 5283-1666

Moema with PSV of R$1.2bn, featuring 75 units ranging from 330 to 470m² felipe.barragan@jpmorgan.com

and prices starting at R$14mn (R$43k/m²). The project targets families with J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.