LatAm Real Estate "Another brick in the wall: CYRE new buyback program; ..."

Research evidence excerpt

LatAm Real Estate "Another brick in the wall: CYRE new buyback program; ..."

Global Research

8 June 2026ab

LatAm Real Estate Equities

Latin AmericaAnother brick in the wall: CYRE new buyback

program; MCMV costs strain North/Northeast Real Estate

deliveries; 6x1 to be discussed this week TainanAnalystCosta

tainan.costa@ubs.com

+55-11-2767 6091

CYRE | Material Fact - Share cancellation and new buyback program Ana Julia Zerkowski

Associate AnalystAccording to the Material Fact, Cyrela announced that its board of directors

ana-julia.zerkowski@ubs.com

approved: i) the cancellation of 3.4mn preferred shares currently held in treasury,

+55-11-2767 6303

and ii) the creation of a new share buyback program, aiming at the acquisition of up

to 9.7mn common shares and up to 4.8mn preferred shares. Also, Cyrela noted that

the share cancellation will not reduce the company’s share capital. - Here

Cost crisis threatens MCMV deliveries in North and Northeast

According to the news, the mismatch between amounts transferred by the federal

government and the real cost of construction puts at risk the delivery of more than

125k MCMV housing units in the North and Northeast regions. A study by FNNIC and

BCB Inteligência em Dados shows that investments above R$14.5bn are under direct

threat due to the financial unfeasibility of current contracts. Additionally, the crisis

is driven by inflation in basic inputs, while the scenario became critical after a

systemic shock in early 2026 with simultaneous increases in essential materials.

Accordingly, copper cables rose +64%, welded mesh increased +54% and PVC pipes

+33%. Meanwhile, the study notes the recent adjustment of only +4% applied to

large municipalities in the Northeast is insufficient compared to the +14% in the