Cyrela Brazil Realty (CYRE3.SA): 2Q26 Operational Preview: Differing SoS Dynamics - Improvements in Mid and Low, Worse in High

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Cyrela Brazil Realty (CYRE3.SA): 2Q26 Operational Preview: Differing SoS Dynamics - Improvements in Mid and Low, Worse in High

Equity Research

13 July 2026 | 9:01PM BRT

Cyrela Brazil Realty (CYRE3.SA): 2Q26 Operational Preview: Differing

SoS Dynamics - Improvements in Mid and Low, Worse in High

Our Take: We expect a neutral to perhaps negative reaction to Cyrela shares Jorel Guilloty

+55(11)3372-3522 |

following the 2Q26 operational preview. We see results providing both positives and jorel.guilloty@gs.com

Goldman Sachs do Brasil CTVM S.A.

negatives, as overall dynamics point to improvements for Mid and Low income (25%

Igor Machado

and 39% of sales, respectively) while high income (36% of sales) seems to be +55(11)3372-0227 |

somewhat lagging. Overall sales came 6% lower than expected while launches came igor.machado@gs.comGoldman Sachs do Brasil CTVM S.A.

in 20% higher; this drove Sales Over Supply of ~17%, 196 bps lower than expected.

The dynamic is a bit more nuanced though as Sales Over Supply actually improved

q/q by 130 bps. Digging through we see differing dynamics for SoS by price point.

High income SoS declined 90 bps q/q to 10.7%, the third quarter in a row of declines,

yet mid and low income improved 600 bps and 250 bps to 19.5% and 31.7%,

respectively. Another positive: finished inventory sales reached R$329 mm (21%

higher q/q) the highest figure we have seen, which could be positive for cash

generation. While investors, we have spoken with, view Cyrela as trading at attractive

valuation (4.5x 2027E P/E), timing is a key question given concerns around rates and

electoral outcomes. We are Buy rated.

More details. Launches at 100% reached R$5bn, the third highest quarterly level in

Cyrela’s history. The breakdown between high/mid/low was 40%/31%/29%. Nearly