Cury First Take A Beat With Record ROE

Cury reported strong 1Q26 results with a 4% revenue beat and record ROE of 83%. Goldman Sachs maintains a Buy rating, citing the company's ability to maintain margins despite inflation pressures.

Key Takeaways

• 1.Cury achieved a record annualized ROE of 83% in 1Q26, significantly higher than expectations.
• 2.1Q26 net revenue of R$1,613mm beat GS and Bloomberg estimates by 4% and 6% respectively.
• 3.Despite construction cost inflation concerns, the company maintained a net margin of 19%.

Table of Contents

• Our Take
• Material differences vs our model
• Financials
• Earnings Review
• Valuation Methodology and Key Risks
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

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