RESULTS

4Q18MARCH 22, 2019

PARTICIPANTS

RAPHAEL HORN

CO-CEO

MIGUEL MAIA MICKELBERG

CFO

CYRELA’S HIGHLIGHTS Launches of R$2,705 million in 4Q18, an increase of 194.6% vs. 3Q18 and 113.1% higher than 4Q17. In

2018, launches of R$5,039 million, 65.0% higher than 2017.

Pre-Sales of R$2,439 million in 4Q18, an increase of 158.8% vs. 3Q18 and 94.6% higher than 4Q17. In the

year, R$5,056 million of pre-sales, 55.1% higher than 2017.

Net Revenues of R$1,331 million in 4Q18 vs. R$809 million in 4Q17 and 83.7% higher than 3Q18. In the

year, R$3,146 million of net revenues, 20.1% higher than the 2017.

Gross Margin of 25.1% in 4Q18, a decrease of 3.2 p.p. vs. 3Q18 and 1.9 p.p down from 4Q17. In 2018,

gross margin of 26.5%, 0.8 p.p down vs. 2017.

Net Profit of R$116 million in 4Q18, versus net loss of R$121 million in 3Q18 and net profit of R$49 million

in 4Q17. In the year, net loss of R$84 million vs. net loss of R$95 million in 2017.

ROE of -1.6% (Net Income LTM / Average Equity LTM, without minorities).

Net Debt / Equity of 14.8% in 4Q18 vs. 12.9% in 3Q18.

In 4Q18, Cash Generation of R$137 million vs. R$303 million in 3Q18.

OPERATING FIGURES

CYRELA’S LAUNCHES

R$2,705 million in 4Q18 vs. R$1,269 million in 4Q17.

In 4Q18, %CBR of 67% vs. 62% in 4Q17.

786

483

882903

201820174Q17

1,604

2,1501,823

4Q18

3,4351,269

2,705

5,039

3,053

+113%

+65%

Partners Launches % CBR

Launches

(R$ million)

Ex-swap (%CBR)Launches per Region

2018

20182017

2,100

3,097

+47%

% CBR 62% 67% 70% 68%

63.4%

São Paulo - Other Cities

63.4%4.4%

21.9%

South Middle West

Rio de Janeiro

7.4%

2.9%

São Paulo

RIO BY YOO

Find more about

LAUNCHES - HIGHLIGHTS

https://www.cyrela.com.br/lps/rio-by-yoo

CYRELA IBIRAPUERA BY YOO

Find more about

LAUNCHES - HIGHLIGHTS

https://www.cyrela.com.br/lps/ibirapuerahttps://www.cyrela.com.br/lps/ibirapuerahttps://www.cyrela.com.br/lps/ibirapuerahttps://www.cyrela.com.br/lps/ibirapuerahttps://www.cyrela.com.br/lps/ibirapuerahttps://www.cyrela.com.br/lps/ibirapuerahttps://www.cyrela.com.br/lps/ibirapuera

CYRELA’S PRE-SALES %CBR of 71% in the quarter.

Inventory sales in 4Q18 represent 27% of total sales.

Pre - Sales

(R$ million)

Ex-Swap (%CBR) Pre – Sales by Region – 2018

(R$ million )

811 959

442

2017

1,984

1,480

4Q17 4Q18

1,276

2,565

2,491

2018

1,253

2,439

3,259

5,056

95%

55%

High-end Middle + MCMV

63.3%

Northeast

3.0%

São Paulo

7.3%

4.8%

São Paulo - Other Cities

20.7%Rio de Janeiro

South

North and Others

0.9%

2017

2,321

2018

3,239

+40%

% CBR 70% 71% 72% 69%

SALES SPEED The SOS12M of 4Q18 attained 45.1%.

Pre – Sales by Launch Period

(R$ million)

Sales Speed

532 395

159 268

563

563

20184Q184Q17 2017

1,637

1,7771,253

2,439

5,056

3,259

1,059

1,630

1,381

2,045

+95%

+55%

Previous Quarters Launches

Quarter’s Launches

Previous Years Launches

14% 4%6%

9%

4Q17

4Q18

9%44%

7%

78%

28%29%1Q18

6%

73%

14%51%2Q18

20%49%3Q18

66%

71%

69%

66%

In 3 months

In 6 months

In 15 monthsIn 9 months

In 12 months

FU/TI* 51% 44%

INVENTORY

R$5.7 billion in inventories (R$4.6 billion %CBR);

44% of finished units inventories.

PSV - Inventory

(R$ million)

Change in Inventory

(R$ million)

2,7323,172

2,843

3Q18

2,493

4Q18

5,574 5,664

+1.6%

Finished units Units under construction

*: FU = Finished Units / TI = Total Inventory

-267

Inventory 3Q18

-396

Sales of inventories

2,705

Launches 4Q18

-1,777

Sales of launches

4Q18

5,574-176

Price change

5,664

Inventory 4Q18

-663

+1.6%

Inventory under construction Finished inventory

R$2,493 million of finished units inventories (vs. R$2,843 million in 3Q18).

Finished Units

(R$ million)

Breakdown

FINISHED UNITS

Price change

Finished Units 3Q18

68-267

Sales of finished

units

PSV Delivered

-151 2,493

Finished Units 4Q18

2,843

-12.3%

1.2%17.1%

São Paulo

21.9%

Rio de JaneiroSão Paulo - Other Cities

37.8%

1.7%

16.2%

Northeast

South

North

4.0%

Others

2.5 thousand units delivered in 4Q18, in 8 projects. In the year, 14.3 thd. units in 48 projects.

Middle + MCMV: 2.4 thousand units delivered in 7 project in 4Q18. In the year, 12.2 thd. units delivered in 34 projects.

The units delivered in 4Q18 represent launches PSV of R$486 million. In the year, the PSV delivered represented R$4.3

billion.

DELIVERED UNITS

11.6

13.2

24.1

8.9

15.2

2012

11.8

2013 2014

9.1

8.2

14.8

2015

10.2

11.1

2016 2017

2.1

12.2

2018

25.0

4.9

9.2

20.8

24.0

21.3

13.114.3

+10%

High end

Middle + MCMV

48

4Q18

949

717

4Q17

3,200

2,306

2017

1,948

2,330

616

2018

25

3Q18

438

641 486

1,666

5,506

4,277

-24% -71%

-22%

Delivered PSV

(R$ million)

Delivered Units

(thd units)

FINANCIAL RESULTS

(R$ million)

219 314 205

717 81520

27.0%

4Q17

25.1%28.3%

4Q18 3Q18

27.4%

2017

26.5%

20

2018

334

835

+53% +63%+17%

Gross Profit and Gross MarginNet RevenueMargin

49116

-121 -95-84

8.7%6.0%

3Q184Q17 4Q18

-16.7%

2017 2018

Net Income and Net Margin

809 7251,078

4Q17

2,619

254

20184Q18 3Q18 2017

2,893

254

1,331

3,146

+65% +84%

+20%

Provision for CancellationsNon-Recurring

FINANCIAL RESULTS

-3.6% -2.7%

383

384

384

4Q17

-0.31

3Q18

0.30

4Q18

0.13

PROFITABILITY

-0.7%

4Q17 1Q18

-2.6%

2Q18

-1.6%

3Q18

-1.6%

4Q18

-2.7%

The Return on Equity (Net Income LTM / Equity average LTM ex-minorities) attained -1.6%.

Earnings Per Share of R$0.30 in 4Q18.

ROE Earnings per Share ¹

EPS Shares ex-treasury

¹ Calculus: Net Income of the quarters / Number of shares minus treasury shares as of the end of the quarter.

TRANSFERS, PAYOFFS AND TRUST OF DEEDS

In 4Q18, the volume of transfers, payoffs and trust of deeds attained R$732 million, 13% lower than

3Q18 and 14% higher than 4Q17.

(R$ million)

UnitsVolume

(Thd. units)

656546

389

128

166

201

641

4Q17

58

50

3Q18

20

4Q18

842

732

-13% +14%

Payoffs Trust of Deeds Transfers

3.0

0.1

0.7

0.6

4Q18

0.1

3Q18

3.4

0.7

0.1

2.8

1.9

4Q17

3.84.1

-8% +37%

LIQUIDITY AND DEBT

Net Debt / Equity attained 14.8%.

Debt

(R$ billion)

IndicatorsTotal Debt

DebtEx-SFH

Net Debt/ Equity

14.8%

Average CostW/o SFH: 105.8% CDI

SFH: TR + 8.7% p.y.

Duration 3.0 y 3.0 y

Short Term 12% 15%

Long Term 88% 85%

Gross Debt 3Q18

0.9

1.0

1.5

Gross Debt 4Q17

Term

1.6

2.0

0.8

0.8

1.5

Gross Debt 4Q18

0.3

2.1

Cash and Cash

Equivalents

Net Debt

2.6

2.9

2.4 2.4

Without SFH = R$ 55 MM

18.8%

Net Debt / Equity

Corp.

Corp.Corp.

Short

SFHSFH SFH

Long

12.9% 14.8%

Net Debt / Equity

CASH GENERATION*(R$ million)

Cash generation of R$137 million in 4Q18 and R$803 million in 2018.

*Ex dividend payment, buyback program and stake acquisition.

181

Non-Recurring Cash Generation

56 66

248245

3Q18

137

4Q18 4Q17 4Q18

303

137

311-55% -56%

CONTACT IR

Cyrela Brazil Realty S.A. Empreendimentos e Participações

Av. Brigadeiro Faria Lima, 3.600, 12th Floor

São Paulo - SP – Brasil

CEP 04548-142

Investor Relations

ri@cyrela.com.br

www.cyrela.com.br/ir

Statements contained in this press release may contain information which is forward-looking and reflects management'scurrent view and estimates of future economic circumstances, industry conditions, company performance and thefinancial results of Cyrela Brazil Realty. These are just projections and, as such, exclusively based on management'sexpectations of Cyrela Brazil Realty regarding future business and continuous access to capital to finance the Company'sbusiness plan. Such future considerations rely substantially on changes in market conditions, government rules,competitor's pressure, segment performance and the Brazilian economy, among other factors, in addition to the riskspresented on the released documents filed by Cyrela Brazil Realty, and therefore can be modified without prior notice.

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mailto:ri@cyrela.com.br