Brazil Homebuilders: 2Q26 Earnings Preview

Research evidence excerpt

Brazil Homebuilders: 2Q26 Earnings Preview

Equity Research

29 July 2026 | 4:03AM BRT

Our Take: We are updating our Homebuilders models following 2Q26 operational Jorel Guilloty

+55(11)3372-3522 |

previews. We are broadly in line to slightly below consensus on net income across our jorel.guilloty@gs.com

Goldman Sachs do Brasil CTVM S.A.

coverage, with the biggest differences at Cury (-8% vs BBG) and MRV (-5% vs BBG).

Igor Machado

The most material estimate changes were on MRV, where we increased revenues 6% +55(11)3372-0227 |

on higher construction pace yet saw net income decrease on financial expenses, and igor.machado@gs.comGoldman Sachs do Brasil CTVM S.A.

on Cury, where net income fell 18% vs prior estimates as we incorporated the

historically higher 2Q G&A. On valuation, our Buy-rated names screen attractively:

Tenda at 4.3x 2027E P/E (vs 7.1x historical avg) with 20% upside to our price target,

Cury at 6.5x (vs 7.8x historical avg) with 41% upside, Direcional at 5.5x (vs 7.7x

historical avg) with 69% upside, and Cyrela at 4.2x (vs 9.0x historical avg) with 46%

upside.

Key Questions going into earnings: While construction cost inflation (INCC) prints

have shown a somewhat controlled performance with INCC at 6.4% (down 100 bps

y/y and -30bps m/m) the concern remains on possible impacts of continuing

conflicts in the Middle East on the construction supply chain. We will look for more

details as to how companies are thinking about gross margins and mitigating any

potential rise in prices. Another key topic is on potential changes to the Minha Casa,

Minha Vida program which have been discussed in the press (link here)

encompassing discussion on changes on income ceilings, price ceilings and interest

rates.