Good morning, ladies and gentlemen. Welcome to Cury Construtora's video conference call to discuss the results for the fourth quarter of 2025. This video conference is being recorded and a replay will be available on the company's website at ri.cury.net. The slide deck is also available for download there. Please note that all participants will be in listen only mode during the company's presentation, and later we will open for the Q&A session when further instructions will be provided. Before we begin, I'd like to remind you that any forward-looking statements made during this call are based on the beliefs and assumptions of Cury's management and on information currently available to the company. Such statements involve risks and uncertainties as they relate to future events and therefore depend on circumstances that may or may not occur.
Investors, analysts, and members of the press should take into consideration that various factors related to the macroeconomic environment, the company's industry, and other factors could cause actual results to differ materially from those expressing any forward-looking statements. Joining us today are Mr. Leonardo Mesquita, Commercial Vice President, Mr. João Carlos Mazzuco, CFO, Mr. Paulo Cury, Engineering Vice President, and Mr. Ronaldo Cury, CFO. IRO, rather. Now I'd like to turn the call over to Mr. Ronaldo Cury, who will begin the presentation. Please, Mr. Cury, go ahead.
Good morning, everyone, and thank you once again for your interest in Cury and for joining our fourth quarter 2025 earnings conference call. Joining me today from Cury are Leonardo Mesquita, our Commercial Vice President, João Mazzuco, our CFO, and Paulo Cury, our Engineering Vice President. During today's presentation, we will review the key operational and financial highlights of this quarter.
At the end, we will open for Q&A. Now let's hear the message from our CEO, Fábio Cury.
Good morning, everyone. In 2025, Cury consolidated another consistent cycle of growth, expanding our scale, profitability, and value creation. Operational performance throughout the year was marked by strong sales momentum, disciplined execution, and efficient capital allocation, reflecting the maturity of our business model. We also celebrated important milestones in our journey. This year, we marked our fifth anniversary of our listing on B3, achieved inclusion in the Ibovespa index, and completed the follow-on offering that strengthened our capital structure, increased our free float, and improved stock liquidity. The strengthening of our capital structure, combined with robust cash generation during the year, enabled the record distribution of BRL 1.4 billion dividends in 2025, reflecting the company's financial strength and disciplined capital allocation.
In 2025, Cury reached a new level of operational scale. We ended the year with 84 projects under construction, totaling approximately 57,000 units. This unprecedented volume reinforces our execution capabilities and expands our operational expertise, positioning the company for the next cycle of growth. The operational records achieved during the year were accompanied by historic financial results, including revenue growth and strong margins, net income of BRL 1.1 billion, and return on equity of 79%, further reinforcing the company's strength and efficiency. Another important indicator worth highlighting is the conversion of net income and operating cash flow, which reached 70% in 2025 and has remained consistently high throughout our history. This performance reflects a long-standing strategic guideline of the company based on financial discipline and excellence in managing associative credit operations, which are key elements of our long-term strategy.
At the beginning of 2026, operational momentum remains strong with significant new launches. Novo Mundo Carrão in São Paulo with a PSV of BRL 410.7 million and more than 70% units already sold. Luzes do Rio in São Cristóvão, Rio de Janeiro, PSV of BRL 184 million and more than 60% of units sold. Sales performance in the first months of the year reinforces our view that demand remains resilient. We remain confident in the company's strength and in the consistency of our strategy. I'm convinced that the values we have built over the years will continue to serve as pillars of Cury. From now on, let's highlight our operational and financial highlights for the fourth quarter. On the operational side, during the quarter, we recorded BRL 1.3 billion in launches and BRL 1.6 billion in net sales.
We also achieved records on several operational indicators, including production, with 4,472 units delivered to construction, landbank reaching BRL 24.6 billion, and operating cash generation of BRL 321.1 million, marking our 27th consecutive quarter of positive operating cash flow. Besides that, on the financial side, we reported net revenue of BRL 1.4 billion, adjusted gross margin of 40.6%, net income from operations of BRL 297.2 million, and return on equity of 78.8%. At this point, I will turn the call over to Leonardo Mesquita. Please, Leo, you can go ahead.
Good morning, everyone. Q4, we have launched five developments, four in São Paulo and one in Rio de Janeiro, totaling BRL 1.3 billion in PSV.
Highlights for this quarter were Alto da Chácara Santo Antônio, São Paulo, PSV of BRL 204 million launched in October 2025. More than 75% of units sold. Farol da Guanabara in Rio de Janeiro, PSV of BRL 264 million, launched in October 2025. More than 55% units sold. Barra Funda 930, São Paulo, PSV of BRL 190 million, launched in October 2025 with more than 85% units sold. Next slide. Now let's talk about our sales. For Q4 2025, net sales BRL 1.5 billion, a 9.3% increase year-over-year, and a 14.8% decrease quarter-over-quarter. Our net sales for our PSV, you can see 1.3 percentage points below Q3 2025, and also compared to 2025.
Total for BRL 7.7 billion, a 25.8% growth. Net PSV was 76.3%. This is the second-best indicator in our history. Our PSV over the last 12 months is above the good numbers. Now, for the average selling price, it reached BRL 314.8 thousand per unit in Q4 2025. A 5% growth quarter-over-quarter and a 0.9% decrease year-over-year. In 2025, the average selling price was BRL 308.3 thousand, a 1.5% increase compared to 2024. This quarter, 91.9% of sales were sold of up to BRL 500,000. Slide 11. This is our land bank.
We ended Q4 with a record land bank of BRL 24 billion potential PSV, a 22.5% year-over-year and 5.6% quarter-over-quarter growth. Today, our land bank has BRL 19.9 billion in São Paulo and BRL 5 billion in Rio. We have also generated cash. It's a record number, BRL 321.1 million, twenty-seven consecutive quarter of positive cash generation. In 2025, we record a historic number of BRL 683.3 million. Let me turn it over to our CFO, João Carlos Mazzuco.
Good morning, everyone. On slide 14, we highlight our net revenue. In the fourth quarter, net revenue reached BRL 1.4 billion, representing 37.2% growth compared to the fourth quarter of 2024.
For the full year 2025, net revenue totaled BRL 5.4 billion, representing a 37.5% growth year-over-year. On the next slide, we present our gross profit. Fourth quarter of 2025, our gross profit increased by 41.6% year-over-year and 1.1% compared to the third quarter 2025. Our gross margin reached 40.3% in the quarter, representing an increase of 1.2 percentage points compared to Q4 2024, an increase of 0.3 percentage points compared to Q3 2025. Full year 2025 gross profit increased 41.9% compared to 2024, and 1.3 percentage point expansion in gross margin. On slide 16, we highlight net income attributable to Cury, which reached BRL 270.1 million in Q4 2025.
62.9% growth year-over-year, and 5.8% growth quarter-over-quarter. For the full year 2025, net income totaled BRL 975.5 million, representing 50.1% growth compared to 2024. At the end of 2025, our return on equity, our ROE, reached a historic record of 78.8%. On slide 17, we present net income considering the entire operation. This indicator reached BRL 297.2 million in the fourth quarter of 2025. 57.3% growth year-over-year, and 4.9% growth quarter-over-quarter. For the full year 2025, our operations generated net income of BRL 1.81 billion, representing 54.7% growth compared to the previous year. On slide 18, we highlight the profile of our financial debt.
We ended the quarter with total gross debt of BRL 1.5 billion. Cash of BRL 1.8 billion. This results in a net cash position of BRL 316 million. Our net cash position declined by BRL 26.1 million compared to December 31st, 2024. It's also worth noting that net cash to equity ratio closed the quarter at 19%. On slide 19, we highlight the record dividend payment of BRL 1.4 billion in 2025. In December 2025, we've raised BRL 574 million through a follow-on offering, which increased our free float and improved stock liquidity. This transaction strengthened our capital structure and, combined with the company's strong cash generation during the year, enables this historic payment to shareholders. Thank you very much, and now I'd like to turn it over to the operator.
Thank you very much. We will now begin the Q&A session for investors and analysts.
If you have any questions, please click on Raise Your Hand. If your question has been answered, you can leave the queue by clicking on Lower Your Hand. Our first question comes from Mr. Ygor Altero with XP Investimentos. Please go ahead, sir.
Hello. Good morning, everyone. Congratulations for the results. First question. Well, there will be a very important meeting on the 24th. Okay, what can you share about Minha Casa, Minha Vida Program, and how this improvement on cap and also income bracket can have impact on your company and the industry in general? So which are the income brackets that will benefit the most, in your opinion? It seems to me that they are working with higher income brackets. So what is your take on that? And my second question is about inflation and labor.
I'd like to know which are the risks or, let's say, the challenges and opportunities that you see considering the current project and their land bank. How would you work on that, around that? Perhaps I want to understand how fast you want to move forward.
Hello, Igor, this is Leo. Let me answer your first question, then I'll ask Carlos to answer the second question. With regard to the changes that are being announced by the government, we are waiting for this meeting that will take place at the end of the month. Regarding tiers three and four, brackets three and four. I see that the Minha Casa, Minha Vida Program is maturing, growing mature. What we saw in the past is that the government waited, and then it lost attraction.
Now we see some initiatives being implemented at the right time so that the program can keep on being robust and support the population. Of course, we have inflation in Brazil, and that's very important for the maintenance and robustness of the program. We see some opportunities, but I'm also considering the mid and long term. When we talk about these tiers, we believe that this is right. In the long term, we see that the government is taking the right initiatives timely. This is how we see this. Now let me turn it over to Paulo to answer your second question.
Igor, hello. Well, you're talking about the concrete walls. Now we are launching a new project at the end of the year, and not because of inflation, but because of labor demand.
We know that when it comes to bricklayers, we need to increase the number of people, but there are some other methods. Beyond the wall, we also are working with pre-molded structures, and as soon as we finish the studies, we will announce that. I'd say that inflation is under control. I don't know if I have answered your question.
Yes. It's clear. About labor, if you allow me, do you see projects that are running late?
What is happening considering this problem, this challenge with the labor? Well, we restructured engineering. We were able to increase the number of contractors working with us. In 2024, we did face some labor challenges, but for the first quarter of 2026, we were able to increase our productivity by 10%.
I believe that this reorganization, this restructuring inside the company is really helping us. Thank you very much.
The answer was very clear.
Our next question comes from Mr. Pedro Lobato with Bradesco BBI. Please, Pedro, go ahead.
Good morning, everyone. Thank you very much for taking my question. My first question about engineering. We know that this has been a recurring issue, and based on what you have been discussed, it seems that engineering has been the major bottleneck, especially when we think about the size of the company and when you think about significant growth. Is this still the bottleneck? Is this still the major bottleneck? What impact does it have on the company's size? So this is my first question. So what do you expect regarding company's stability and growth?
My second question: In 2025, you really reached impressive numbers. You talked about 40/20 regarding margins. Now you're saying that inflation is under control. Do you see any likelihood of also improving margins going beyond 40/20? We saw that there was some dilution on your SG&A in 2025. What can we expect regarding margins for 2026?
Thank you. Pedro, this is Paulo. Thank you for your question. I wouldn't say that engineering is a bottleneck, but I'd say that it's a point of attention. We have been growing year-over-year, and we see a growth of 30%. This was not different. 30% growth in engineering. We worked on restructuring engineering, so the entire division. I'd say that engineering has prepared itself for the new growth of this company.
What about the second part of my question, João?
Hello. Thank you, Pedro, for your question. Regarding margins, we have been already discussing it, and we believe that we will be able to maintain the margins. Quarter-over-quarter, we see a marginal growth. You can see that the numbers are quite consistent. Let me insist and reinforce what I have already said in previous calls. We believe that this margin is sustainable. I always mention 39.5% ± a little bit. Of course, we will examine the numbers every quarter, but what we see is that the numbers are very positive so far. Our expectation, and we have been working in order to maintain these growth margin levels, and especially cost control and engineering working in a very stringent way.
When we launch a new project, when we work on pricing, we already set the growth margin as also one of the hurdles of our viability. We have been successful in launching new developments with a very successful sales rate and beginning with positive margin. Our work is to really maintain these levels, 40%. Of course, you may have a small variation upwards or downwards. As for dilution of expenses and operational leverage, that's what we had already expected. In 2024, we already worked in adjusting, making some adjustment in headcount, not only to face the growth and also the growth projected for 2024 and 2025. Now we are bearing the fruits of the changes made. We believe that this year we will grow less regarding launches and sales, but the impact on operational leverage will be lower.
Once we resume strong growth net margin, we can also expect gains in the midterm. We are also going to work on the 40/20. We will sustain these levels. If we succeed in doing that will be very successful.
Thank you, Paulo and João. Thank you and have a great day.
Our next question comes from Gustavo Cambauva with BTG. Please, Mr. Gustavo, go ahead.
Hello, good morning, everyone. I have two questions. First is very quick. It's a follow-up on the first question about Minha Casa, Minha Vida program. How do you see the impact on the changes of this program and your company's growth and margin, growth and PSV? How do you see that? Also your view about the impact on the changes in the regular working hours, which is being discussed by the Brazilian government.
It's called six by one, and what impact will that have in construction, the construction indicator. Perhaps a special working regimen. Finally, taking advantage that Paulo is here, considering the labor scenario, what about the six by one working schedule? How would you work on the ramp-up of your construction works going beyond laying bricks?
Gustavo, this is Leo. Regarding our first question, just repeating what we already mentioned at the very beginning. All these changes, they are extremely important for the health of the Minha Casa, Minha Vida program itself, and continuity of our projects. In order to keep the program healthy, and also to support the families that suffer with inflation, we will always try to absorb the first steps of this change. Whenever we can gain in price.
Today we have a SoS, sales over supply, that is very healthy. We don't see the need of increasing this SoS today. At first we would gain price whenever possible, and that will be based on each project. It's hard for us to give you a more comprehensive number, because we're talking about specific projects, specific income brackets. In trying to answer this question, this is what we plan to do at first, and this is an extremely important measure so that we can also consider what we are going to do in the long term, and also the idea is to reach more people. Now let me turn it over to Paulo to answer your second question.
Okay, Gustavo, let me answer your question in two parts.
First, we have been working on calculations regarding the six by one work schedule, and how much that accounts for the cost of a project. We will keep on doing our math, but we already have the number. As for expediting the processes regarding walls and other processes because of this change in work schedule will not be done. It's useless for us to try to expedite a process without considering the margins in laying bricks. Right now we will consider what is our pipeline. We will go to one project with the concrete walls, and the other one will, we're still studying. It's a masonry. Structural masonry.
Next question from Tainá Acosta with UBS. Please go ahead. Good morning, everyone.
I'd like to talk about permits, especially considering what came into force in São Paulo in February, and what impact will that have on the company. That was given by an injunction. How far do you believe you have no risks affecting your launches? Once you can move away from that court injunction, what about approval of projects considering a pent-up demand? Also, what about the pipeline breakdown? What can you share about launches per quarter for 2026? Is it still worth expediting anything at the beginning of the year? Thank you very much.
Hello, Tainá. This is Leo. Let me answer your question. Let me tell you about the landscape today. The city of São Paulo has been examining projects regularly, so they are working. Not perhaps giving the permits because of the injunction you just mentioned.
What we expect is that both the city as well as our association, they are following what's happening. They are working in order to really gain over this injunction. The decision has been very comprehensive. I am not going to go over the decision. While we wait for overturning the injunction. Today in São Paulo you cannot demolish a small doghouse. Just to give you an idea. You can see that the impact is huge. When it comes to the municipality and the association, we can talk and perhaps reach a decision faster. We are also examining some specific cases that we have under approval phase, and I'd say that 99% of our projects will not suffer the impact of the map of the that is discussed by this injunction.
It would not make sense for approvals that are outside that region, that they should not move forward. I'd say that this is a second measure that we can take if the city and the association do not bring a positive result. Now, if we move towards a chaotic scenario, our second quarter has already been predetermined with no major variations. For the third quarter, we would start to see some impact, then we would miss some projects, and then on the fourth quarter, that would have a higher impact. Once again, considering chaos theory, we're talking about 15%, approximately 15% negative impact on our projects. If we work with the idea that the city of São Paulo will not allow further construction works, no further demolitions. Because here we're talking about a diverse number of issues.
For example, sales of construction items, construction materials, so the impact is huge. Besides that, our pipeline for the first quarter was already very similar to what we did last year. For this year, we had already adopted a strategy in which we would spread the projects and not have everything on the first quarter, as we did in the past. We distributed these projects considering also our company's growth and to tap on that quarter-over-quarter. Our goal is to reach results that are better than last year. Right now we are waiting for the decision, and also examining what can be done if that injunction is not overturned.
Very clear, Leo. Thank you very much. Have a great day.
Next question comes from Ms. Fanny Oreng with Santander. Please go ahead.
Hello, good morning, everyone. I have two questions.
I know you are carrying out a study about a project considering IVA rules and a similar project. When would be the ideal timeline for Cury regarding IVA? Do you have any update regarding that? What can you share with us? Second question. Also talk about the city of São Paulo. The city of Rio de Janeiro is also working on examining new areas and potential construction works. If you consider this a chaotic scenario, would that make sense for you to increase the launches in Rio de Janeiro? These are my questions.
Hello, Fanny. Thank you. About IVA rules, you're right. We are examining this issue. We have already established a multidisciplinary working group, and now we are examining some. We are also working with some potential consulting companies.
First numbers are very preliminary, but we see that, we may benefit from that, migrating to the IVA or the value added tax next year. If the benefits are confirmed, I want to migrate right away. I cannot wait to migrate to this new system because of systemic reasons or anything. Today we are working closely with our suppliers, and the idea is really to have our systemic measures implemented. If there are advantages in adopting this change, we will do that in 2027. What have we been doing? We have already worked on projects executed in the past, then we went over the financial and accounting numbers, then we ran a simulation comparing the two models, and the results were very positive. Besides that, regarding taxes, we are also running another study considering this new tax model.
This is still based on some assumptions, and the first is what credits will we receive? This is really now we are waiting to see what will actually happen. We are also working with two consulting companies so that they can validate all the calculations we have carried out. Just to give an idea, well, I don't have any specific number to share with you, but what I can tell you is that the results are very promising. There's indication that we will see improvement considering also the average selling price of approximately BRL 300,000. That will bring us benefits. If that's confirmed, we are ready to then adopt this new tax model starting 2027. Now let me turn it over to Leo to answer your second question.
As you mentioned, Fanny Oreng, there are some measures that are applicable to Rio de Janeiro. In the second semester we will also launch new projects in the northern part of the city of Rio de Janeiro. Of course, we do have many projects and many potential areas for launches. If that's confirmed, we will follow our strategy. We will do that as long as our inventory levels are very healthy. We have in Niterói another large project near the area of the vessels. There is this possibility of having that project, and also another project for the future at the port of Rio de Janeiro. We believe that that will also promote major benefits to that region. We have to consider our inventory levels.
If possible, okay, our strategy is not to offset something just for the sake of offsetting it. As long as the market is robust, if we have a good response, that may happen. Just as you mentioned, we have things here, but we have not tapped on those yet. If our sales velocity is good, then we may have a year that is much better for Rio de Janeiro.
Just as a follow-up, do you think that this buyer who buys a unit in the northern part of Rio, what about that buyer compared to those buying the ferry terminal area?
It's a lower income. Because today when you think about the port area, the price per square meter has already achieved the level that's not affordable by many people. What we see today in the northern part of Rio de Janeiro is a buyer with a lower income and a region in which there were not many offers provided. Now with this new legislation we'll be able to provide to this area, and that would also allows us to make use of the land. We will see also the land price becoming more appealing, and we will have competitive prices. We are betting on competitive prices.
Our focus was on the northern part of Rio de Janeiro before we started working in the port area. We have also worked with the city of Rio de Janeiro administration, demonstrating that it was very important for them to go over the legislation and to change that.
Thank you very much.
Thank you, João. Our next question comes from Mr. Piero Trotta with Citi. Please go ahead.
Hello, good morning, team. Thank you for this call. I have two question. Two questions. First is about competition. What's your take about competition within the Minha Casa, Minha Vida program? Do you see the entrance of smaller or larger players considering that the program is getting better, and we see also companies with very good returns? First question's about competition, and the second question is: do you see any barrier for new players to enter this segment? I don't know what the issue was in the past, but, so what do you see regarding your competitors? Do you see more barriers today? Because in the past we also saw many small players operating in that segment. Second question: do you consider also variations within the program brackets? Do you foresee you moving towards brackets one and two?
I ask that because of the following. Now you are working with this pre-molded product, and also the exposure of your company for brackets 3 and 4 is already very relevant for São Paulo and Rio de Janeiro. There's also the VAT. I think that the lower the income, the more benefits the company will receive.
Okay, this is Leo. Regarding competition. We can say that we started doing very well in 2026 regarding launches. With regard to Rio de Janeiro's legislation, it is also applicable to São Paulo when it comes to potential. Today, the current potential in the land and also projects is an entry barrier, be it regardless of the comer because even for a large company that wants to migrate to true economic, it's important that they have a robust sales team, also very well-structured engineering.
We don't talk about 200 units. We're talking about 1,000-unit project, especially when you think about São Paulo. Today, small competitors are facing more challenges, especially considering the volume of each project and even large companies. There are some well-known examples, and we know how long it took them to reach the volume for launches. We see that some major players, they do not reach a robust volume in Rio and in São Paulo because even for them, the entry barriers are very big. I'd say that what we see is that in order for you to start business in these two cities, we need to think about the land, and the price of the land is very high considering the potential projects that may be built there.
Other players, they need also to consider their capability to also increase their market share. That's for competition. In answering your second question, I'd say that our track record is very positive, particularly bracket three, also brackets two and four sometimes. The current legislation, especially in the cities where we are present, it really fits our products. I'd say that right now we have a great offer of units and also housing policies considering areas with infrastructure, and that fits bracket one. In following this strategy, we won't see bracket one being very profitable. Considering our buyers from bracket three and four, these are healthier brackets. We like this portfolio. Now, if you think about land, we can reach better places in these two municipalities.
To us, it doesn't make sense to us to consider bracket one just because the tax is better and the labor is worse. At the end of the day, we consider location. Location has always been important to us, and we are focused. We consider our business to sell apartments, and location is a key pillar in our business. That's why we do not consider changing our strategy. Based on what we have seen so far, we have been very successful.
Okay, very clear, Leo. Thank you.
Our next question comes from Mr. Victor Tápia with Bank of America. Please go ahead, sir.
Good morning, everyone. My first question is related to gross margin and cost. I think this is a recurring question.
When you go over this gross margin, considering the pressure you're under right now, and the reference margin that we want to be booked, it's kind of flat. A very small difference. Irrelevant. The idea is more to understand these two indicators. Are you saving? Is that being recognized somewhere? Is that just to understand that. My other question is about portfolio. We have seen an increase in launches and sales, a 25% growth. When it comes to your portfolio, we see an increase by 50%, both on direct sales or on financed sales. The growth expected considering volume of sales and the potential changes that have already been commented on. What can we expect considering your portfolio for 2026? Another question based on the quarter-over-quarter.
When we go over Q3 against Q4, we see that we saw a growth on the finished projects. It's way above the growth of your portfolio in general. I think that the finished inventory has never really drawn much attention. Did you work in order to increase that inventory level? Did your sales team focus on that?
Good morning, Victor. Let me start with margin. Well, the reference margin and the booked margin. That is related to the margin of launches. By definition, when you have a strong SoS, sales over supply index, so you have a very successful launches, the margin provided by these launches will have impact on the reference margin. Now, the booked margin has more impact on the, what is being booked or recognized.
I'd say that the impact on each of them, they come from different factors, as you know very well. I face a challenge. I already have a high reference margin. Our launches with increased margin at the very beginning and a very high SoS, that's a challenge. We don't see how to increase the ref margin considering the current level. I'd say that, it's stable at that level. As for the accounting margin, we also need to consider that, the seasonality, right? It does not come from construction cost savings. It comes from these different seasons. We also see the impact of inflation and this new season with strong margins. Also based on what we already mentioned, location, launches, focus on bracket three, which allows us to offer very appealing prices.
Moving forward, we will see margins at levels that are very similar to what we have today. As for portfolio, of course, we see an increase in our portfolio, and much of that comes from direct sales, and that is also related to our product mix. Also increase in our average price and new launches. It's natural that we see this strong growth. As for finished units, this year we actually delivered many units. This will also happen in 2026. Although the finished unit inventory is stable, we will still see this non-recourse structure. This is really a change. We changed the category. There is still linearity when it comes to practice, sales. We keep on practicing the same sales conditions, sales model. Direct sales, same criteria, 60% payment during construction works.
When the unit is delivered, then there is a change on the classification without having any impact on buyers' behavior or any change in our sales policies internally.
Okay, thank you very much.
Our next question comes from Mr. Rafael Rehder with Safra. Please go ahead, sir.
Good morning, everyone. Thank you for taking my question. I have two questions. First, a follow-up on competition. I kindly ask you to please elaborate on land acquisition. Do you see any changes regarding payment terms, be it regarding cost or payment terms? Or are you still be able to buy according to the previous conditions you have already shared in the past? The second is about the sales for 2026 and Minha Casa, Minha Vida.
perhaps we see more challenging calendar because this year we have the World Cup, we have elections in Brazil, and we have more holidays. What's your take on what can have bigger impact on sales, and also some other scenarios that can hurt your SoS?
Rafael, this is Leo. Regarding land competition, we have not felt any changes so far, especially when it comes to type of land we focus on, which are larger plots of land. The conditions for buying land have not changed, and we do not see much competition. Perhaps for smaller plots of land, maybe, then perhaps you would have impact of competitors because you would have more players looking for that. today we do have a land bank that is healthy, and it allows us to be more assertive.
Today, we examine where we wanted to have projects. I'd say that today when it comes to buying land, we are more assertive. As for sales, we will face moments with good news and bad news. Let me give you one example. Carnival, February. February was a good month. During Carnival, especially on Saturday, we saw very good sales. February was a very good month to us. It's hard for us to measure impact of elections, for example. What's important is that we work with a replacement strategy of products that are appealing regardless of the scenario, even if it's a more challenging scenario. Location, once again, and a good product. This strategy is more important at these times, more challenging times.
It will probably have an impact on some weeks of 2026, but so far what I can tell you is that first months of the year were very good regarding sales. We saw a very good market response.
Thank you. Our next question comes from Igor Machado with Goldman Sachs. Please go ahead, sir.
Good morning, everyone. Thank you for taking my questions. I have a question about the changes regarding Minha Casa, Minha Vida program, but focusing on bracket four, and we know that Cury is the leader for this bracket. In general, the bracket did not present good results. Regarding competition, do you believe that you will face fierce competition with the changes in the program?
Thank you. Igor, regarding bracket four, I'd like to highlight a very important point, the price bracket.
Historically, that bracket was addressed by the SBPE, and it was always sold as a more traditional model without using the associative model. It's important to understand that many companies, they sell the unit of a bracket four unit considering that they will see that price increase at the end. You see this increased use of the funding. This is a change for this bracket. We have always worked with associative model, so regardless of the bracket, we always try to apply the associative model. João already mentioned the portfolio. Of course, for these higher brackets we also have buyers who will also prefer a direct sales model. I think there's still a matter of educating the buyers so that we see something more similar to what happens in brackets one and two.
As for competition, we have already addressed that here. Companies may present more products for that bracket, but the processes within companies need to change in order to benefit from the program. Because if you have just to sell a bracket four project up to BRL 600,000 without applying the associative model, you are not really benefiting from what is being offered by the program. I believe that this is what the market needs to adjust for those that will start operating for this bracket.
Thank you very much. Our next question comes from Flavio Credidio with Itaú BBA. Please go ahead, sir.
Good morning, Leo, Paulo. Okay. First is about your building capacity. You're not sure if a concrete wall will have the same response, right? What about the profitability per square meter?
Do you need to deliver the first units and then wait three, four years? Or is there anything that can already indicate that you are right, that you are on the right path so that you can also apply this method? My second question is, for the long term, considering the success of such method, do you see that, running these two type of engineering models, will that be a risk? Or what about, for example, engineering capacity growth? I think you consider applying the new model in 30%, right? What about the impact on the company's growth?
Thank you. Okay, thank you for your question. The concrete wall. The first idea after one year after construction when we also have some other supplemental works.
That will give us an idea about cost, delivery terms, so that we can understand if we will keep on accelerating concrete walls or not. Just when we talk about masonry, structural masonry, we are able to increase. We have established more partnerships, so if we need to continue just with the structural masonry, we will be able to do that. Now, as for concrete walls, to me is a supplemental model, and if the cost is good, we may use it more often, but only up to 10%-15% of our volume. Not more than that. Excellent.
Thank you.
Well, with that, we close our Q&A session. With that, we also close Cury's video conference call. Thank you all for joining us, and have a great day.