Brazilian Homebuilders: Insider Trading Deep-Dive: Controllers Were Net Sellers; YTD Activity Shows Executives as Net Buyers

Research evidence excerpt

Brazilian Homebuilders: Insider Trading Deep-Dive: Controllers Were Net Sellers; YTD Activity Shows Executives as Net Buyers

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

24 June 2026

Brazilian Homebuilders

Insider Trading Deep-Dive: Controllers Were Net

Sellers; YTD Activity Shows Executives as Net Buyers

In this report, we do a deep dive into the last 7 years (2019-26) of equity Latin American Cement &

transactions made by corporate controllers and senior executives across our Construction / Real Estate

coverage (CYRE, CURY, DIRR, EZTC, MRVE, TEND). Although cumulative Marcelo Motta AC

insider activity since 2019 remains heavily skewed towards net selling, 2026 YTD (55-11) 4950-6712

activity shows a more constructive tone, with CYRE, CURY and EZTC executives marcelo.g.motta@jpmorgan.com

being net buyers, which we read as positive. We summarize our findings below Banco J.P. Morgan S.A.

based on each transaction price. We see Brazilian Homebuilders trading at 5.8x P/E Jonathan S. Koutras

2027e, with the low-income segment at 5.7x and mid/high-income segment at (55-11) 4950-3549

jonathan.s.koutras@jpmchase.com

5.0x. Banco J.P. Morgan S.A.

• Divestments have outweighed investments since 2019. All controllers and Adrian(52-81) 8152-8720E Huerta

executives have been net sellers across Homebuilders. Among the companies adrian.huerta@jpmorgan.com

under our coverage, the biggest net seller in terms of total volume was Cury’s J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

controllers, with net sales of ~R$1.1bn, mostly due to a large divestment post- Morgan Grupo Financiero

IPO, followed by Cyrela’s controllers with net sales of ~R$450mn since 2019, Garrett Greenblatt

MRV was at the other end of the ranking with net sales of only R$138mn since (1-212) 622-0424