(MENAFN- The Rio Times) Brazil's latest earnings day tells a broader story about how three very different businesses are navigating the same economy.

Cury, a mass-market homebuilder, is leaning on volume and disciplined execution to grow profits despite rising cancellations. Eneva, a power-and-gas company, is turning stronger thermal dispatch and a broader gas portfolio into cash.

CVC, the country's best-known travel operator, is proving that a leaner, more digital model can make a cyclical recovery stick even with fee pressure. Together, the results show that scale, capital discipline, and smart product mix matter more than any single macro headline.
Cury (homebuilder) - Scale Wins, But Watch Cancellations
What it does: Builds and sells affordable residential units at scale in Brazil's largest metros.

Headline numbers: Net income rose to R$ 255.3 million (~$47 million), with adjusted EBITDA at R$ 340.3 million (~$63 million).

Net sales reached R$ 1.8 billion (~$333 million); launches totaled R$ 2.0 billion (~$370 million). Cash generation came in at R$ 233.1 million (~$43 million) and revenue at R$ 1.4 billion (~$259 million).

Story behind the story: Cury is prioritizing speed and volume-more launches and a 32 percent increase in units-while nudging prices slightly lower to keep sales churning.

The strategy is working for growth and margins, but it has a cost: cancellations rose to R$ 224.8 million (~$42 million), or 11 percent of gross sales.

That is the metric to monitor. If affordability tightens or credit costs bite, cancellation control will decide how much of today's scale converts into durable earnings.


Eneva (power and gas) - Cash From Electrons And Molecules
What it does: Generates electricity (notably thermal) and commercializes natural gas across on-grid and off-grid markets.

Headline numbers: Net profit hit R$ 352 million (~$65 million); EBITDA reached R$ 1.82 billion (~$337 million); operating cash generation was R$ 1.96 billion (~$363 million).

Story behind the story: Eneva 's results show how thermal plants can generate strong cash when dispatch conditions align and how portfolio management compounds that effect.

The company is also widening earnings drivers with gas commercialization businesses rolling out from 2025 and contributions from assets added in late 2024.

The risks are familiar-hydrology, power-price normalization, and regulation-but the earnings base is broader and more resilient than a pure-play generator.
CVC (travel) - Profit Back, Platform Rising
What it does: Sells leisure travel through retail, online, and partner channels; increasingly monetizes inventory via technology.

Headline numbers: Adjusted net income reached R$ 62.5 million (~$12 million), with adjusted EBITDA of R$ 130.5 million (~$24 million) and a 34.6 percent margin, its best since 2019.

Net revenue was R$ 376.8 million (~$70 million); operating cash flow totaled R$ 146 million (~$27 million). Confirmed bookings rose 15.4 percent, while the take rate eased to 8.6 percent from 9.4 percent.

Story behind the story: After years of repair, CVC is converting demand into cash with tighter costs and better mix. The launch of Conectaas-a plug-and-play B2B platform that distributes CVC's inventory globally-signals a pivot from pure retail to a hybrid platform.

The question now is execution: can CVC scale B2B without eroding fees, and keep margins near pre-pandemic peaks as competition intensifies?

Bottom line: In a choppy macro, these results reward operators that control their levers-Cury with scale and speed, Eneva with dispatch and gas monetization, and CVC with cost discipline and platform reach.

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