São Paulo, October 28, 2025 - Hypera S.A. ("Hypera Pharma" or "Company"; B3: HYPE3; Bloomberg: HYPE3 BZ; ISIN: BRHYPEACNOR0; Reuters: HYPE3.SA; ADR: HYPMY) announces its financial results for the 3rdquarter of 2025. Financial data disclosed here are taken from the consolidated financial statements of Hypera S.A., prepared in accordance with the Brazilian Accounting Pronouncement Committee (CPC) and the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).
3Q25 Highlights8.3%¹ increase in pharmaceutical retail sell-out, according to IQVIA
Net revenue of R$2,227.2 million, 16.3% higher than in 3Q24
EBITDA margin from Continuing Operations of 34.0%, versus 29.3% in 3Q24 and 33.7% in 2Q25
Net Income from Continuing Operations of R$453.9 million, with Net Margin of 20.4%
Reduction in days of Accounts Receivable to 58 days, compared to 126 days in the same period last year
Reduction in working capital investments to 30% of Net Revenue², versus 54% in 3Q24 and 32% in 2Q25
Cash Flow from Operations of R$853.6 million, the highest level ever recorded by the Company in a quarter
Interest on Equity approval of R$185.1 million (R$0.29/share) in 3Q25
EARNINGS CONFERENCE CALL - PORTUGUESE: 10/29/2025, 11am (Brasília) / 10am (New York)
Webcast: click here / Phone: +55 (11) 4700-9668 ID: 894 1018 1943 Passcode: 288782
Replay: ri.hypera.com.br
EARNINGS CONFERENCE CALL - ENGLISH: (Simultaneous translation): 10/29/2025, 11am (Brasília) / 10am (New York) Webcast: click here / Phone: +1 (720) 707-2699 ID: 894 1018 1943 Passcode: 288782
Replay: ri.hypera.com.br/en
Note: (1) Sell-out PPP (Pharmacy Purchase Price); (2) Considers the annualized Net Revenue for the quarter
IR contacts
+55 (11) 3627-4206
ri@hypera.com.br
Table 1
(R$ million) | 3Q24 | % NR | 3Q25 | % NR | Δ % |
Net Revenue | 1,915.9 | 100.0% | 2,227.2 | 100.0% | 16.3% |
Gross Profit | 1,145.7 | 59.8% | 1,362.0 | 61.2% | 18.9% |
EBITDA from Continuing Operations | 561.2 | 29.3% | 756.2 | 34.0% | 34.7% |
Net Income from Continuing Operations | 370.1 | 19.3% | 453.9 | 20.4% | 22.6% |
Cash Flow from Operations | 738.1 | 38.5% | 853.6 | 38.3% | 15.7% |
Free Cash Flow | 551.8 | 28.8% | 688.8 | 30.9% | 24.8% |
9M24 | % NR | 9M25 | % NR | ∆ % |
5,931.5 | 100.0% | 5,462.1 | 100.0% | -7.9% |
3,594.6 | 60.6% | 3,167.4 | 58.0% | -11.9% |
1,964.1 | 33.1% | 1,333.1 | 24.4% | -32.1% |
1,253.5 | 21.1% | 741.2 | 13.6% | -40.9% |
1,841.4 | 31.0% | 1,866.3 | 34.2% | 1.4% |
1,329.5 | 22.4% | 1,241.7 | 22.7% | -6.6% |
Operating Scenario
Hypera Pharma reached Net Revenue of R$2,227.2 million in 3Q25, 16.3% higher than in 3Q24. The Net Revenue performance is a result of: (i) the growth acceleration in the pharmaceutical retail sell-out; (ii) the 4.3% reduction in sell-out in Non-Retail, mainly due to lower sales to the public sector; and (iii) the lower sales than the sell-out level in 3Q24, with the goal of reducing inventories at clients in that period due to the beginning of the working capital optimization process.
The Company's sell-out¹ in the pharmaceutical retail market grew 8.3% in 3Q25 compared to the same period last year, exceeding the market growth of 6.4% in the categories in which the Company operates. This growth was 2.8 percentage points higher than the growth reported in 2Q25, highlighting the categories of Flu, Pain, Gastroenterology, Cardiology and Skin Moisture, which benefited from important launches in recent years and recent initiatives to boost sell-out growth, notably greater investment in digital media and in the points of sale.
This quarter, it was already possible to observe an increase in the operating cash flow from the working capital optimization process completed in 2Q25. Investment in working capital as a percentage of annualized Net Revenue was 30% in 3Q25, compared to 54% in 3Q24 and 32% in 2Q25, which contributed to the highest Cash Flow from Operations ever recorded in a quarter of R$853.6 million, 15.7% higher than in 3Q24, allowing the Company to reduce its net debt in 3Q25.
Also in this quarter, the Company completed its 20thdebenture issuance in the amount of R$1.0 billion, with a 5-year term and the lowest spread ever recorded in its issuances, of CDI+0.75%, with the objective of completing the early redemption of the 11thand 12thdebenture issuances, which had a higher spread, and extending its debt average term.
Hypera Pharma combined sell-out growth and strong operating cash flow generation in 3Q25, maintaining its commitment to operating profitability, shareholder compensation, constant strengthening of its corporate governance and to the investments to support its sustainable growth.
EBITDA margin from Continuing Operations reached 34.0% in 3Q25, a similar level to that observed before the beginning of the working capital optimization process and higher than recorded in 2Q25. In addition, the Company approved Interest on Equity of R$185.1 million (R$0.29/share), launched new products in all its business units and continued to expand its production capacity, with emphasis on investments in the site for the extraction of scopolamine and in the Itapecerica da Serra/SP facilities to produce the brands acquired in recent years.
The Company also updated the composition of the main advisory committees to the Board of Directors with the aim of strengthening the independence, technical competence and governance of these bodies. The Statutory Audit Committee is now composed of Carla Trematore, Eliana Chimenti and Hugo Leal; the People Committee is composed of Álvaro Stainfeld, Ana Lúcia Caltabiano, João Schmidt, Luciana Alves de Queiroz and Mauro Cunha; and the Governance and Sustainability Committee is composed of Álvaro Stainfeld, Bernardo Malpica, João Schmidt and Rachel Maia.
With the conclusion of the working capital optimization process in 2Q25, the Company began to further focus its operational efforts on initiatives to foster sustainable growth, which resulted in the acceleration of the sell-out growth and market share expansion in the categories in which the Company operates in this quarter.
The strength and resilience of its unique portfolio of leading brands and the robustness of its innovation pipeline remain the key attributes that place Hypera Pharma in a prominent position to capture the main growth opportunities in the Brazilian pharmaceutical market, mainly through line extensions of its most important brands and entry into new categories through the launch of new products.
Note: (1) Sell-out PMB/FMB PPP (Pharmacy Purchase Price), as reported by IQVIA
Income Statement
Table 2(R$ million) | 3Q24 | % NR | 3Q25 | % NR | Δ % |
Net Revenue | 1,915.9 | 100.0% | 2,227.2 | 100.0% | 16.3% |
Gross Profit | 1,145.7 | 59.8% | 1,362.0 | 61.2% | 18.9% |
Marketing Expenses | (347.1) | -18.1% | (366.6) | -16.5% | 5.6% |
Selling Expenses | (249.3) | -13.0% | (236.3) | -10.6% | -5.2% |
General and Administrative Expenses | (98.3) | -5.1% | (84.6) | -3.8% | -13.9% |
Other Operating Revenues (Expenses) | 22.2 | 1.2% | (5.3) | -0.2% | - |
Equity in Subsidiaries | 18.1 | 0.9% | 7.9 | 0.4% | -56.2% |
EBIT from Continuing Operations | 491.3 | 25.6% | 677.2 | 30.4% | 37.8% |
Net Financial Expenses | (196.6) | -10.3% | (229.1) | -10.3% | 16.5% |
Income Tax and CSLL | 75.4 | 3.9% | 5.8 | 0.3% | -92.3% |
Net Income from Continuing Operations | 370.1 | 19.3% | 453.9 | 20.4% | 22.6% |
Net Income from Discontinued Operations | 0.4 | 0.0% | 2.2 | 0.1% | 474.5% |
Net Income | 370.5 | 19.3% | 456.1 | 20.5% | 23.1% |
EBITDA from Continuing Operations | 561.2 | 29.3% | 756.2 | 34.0% | 34.7% |
9M24 | % NR | 9M25 | % NR | ∆ % |
5,931.5 | 100.0% | 5,462.1 | 100.0% | -7.9% |
3,594.6 | 60.6% | 3,167.4 | 58.0% | -11.9% |
(942.9) | -15.9% | (1,095.2) | -20.1% | 16.2% |
(719.0) | -12.1% | (727.9) | -13.3% | 1.2% |
(266.1) | -4.5% | (243.7) | -4.5% | -8.4% |
77.9 | 1.3% | (12.7) | -0.2% | - |
13.4 | 0.2% | 10.1 | 0.2% | -24.6% |
1,757.9 | 29.6% | 1,097.8 | 20.1% | -37.5% |
(619.2) | -10.4% | (637.0) | -11.7% | 2.9% |
114.8 | 1.9% | 280.3 | 5.1% | 144.1% |
1,253.5 | 21.1% | 741.2 | 13.6% | -40.9% |
(1.6) | 0.0% | (0.8) | 0.0% | -48.3% |
1,251.9 | 21.1% | 740.3 | 13.6% | -40.9% |
1,964.1 | 33.1% | 1,333.1 | 24.4% | -32.1% |
2,227.2
3Q24
3Q25
9M24
9M25
16.3%
-7.9%
-5.0%
15.5%
Net Revenue (R$ mm)
Δ 9M25 vs 9M24
Net Revenue (R$ mm)
Δ 3Q25 vs 3Q24
9M25
Graph 31,915.9
Graph 2Gross Revenue, net of Returns and
Unconditional Discounts (R$ mm)
Δ 3Q25 vs 3Q24
Gross Revenue, net of Returns and
Unconditional Discounts (R$ mm)
Δ 9M25 vs 9M24
6,935.7
6,588.7
2,297.7
2,654.3
3Q24
3Q25
9M24
5,462.1
Graph 45,931.5
Graph 1 Table 3(R$ million) 3Q24 | 3Q25 | Δ % |
9M24 | 9M25 | ∆ % |
Gross Revenue, net of Returns and Unconditional Discounts | 2,297.7 | 2,654.3 | 15.5% | 6,935.7 | 6,588.7 | -5.0% | |
Promotional Discounts | (209.9) | (236.5) | 12.7% | (505.3) | (650.0) | 28.6% | |
Taxes | (171.9) | (190.6) | 10.9% | (498.9) | (476.6) | -4.5% | |
Net Revenue | 1,915.9 | 2,227.2 | 16.3% | 5,931.5 | 5,462.1 | -7.9% |
Net Revenue totaled R$2,227.2 million in 3Q25, up 16.3% from 3Q24. Net Revenue performance was driven by: (i) the 8.3% growth in pharmaceutical retail sell-out; (ii) the 4.3% reduction in sell-out in the Non-Retail, mainly due to lower sales to the public sector; and (iii) the lower sales than the sell-out level in 3Q24, with the goal of reducing inventories at clients in that period due to the beginning of the working capital optimization process.
Graph 53,594.6
Graph 83,167.4
3Q24
3Q25
3Q24
1,362.0
1,145.7
61.2%
59.8%
Gross Margin (%)
Δ 3Q25 vs 3Q24
Gross Profit (R$ mm)
Δ 3Q25 vs 3Q24
Graph 660.6%
Graph 73Q25
Gross Profit (R$ mm)
Δ 9M25 vs 9M24
Gross Margin (%)
Δ 9M25 vs 9M24
18.9%
1.4 p.p.
-11.9%
-2.6 p.p.
9M25
9M24
9M25
9M24
58.0%
Table 4(R$ million) | 3Q24 | % NR | 3Q25 | % NR | Δ % | Δ p.p. |
9M24 % NR | 9M25 % NR | ∆ % ∆ p.p. |
Gross Profit 1,145.7 59.8% 1,362.0 61.2% 18.9% 1.4 p.p. 3,594.6 60.6% 3,167.4 58.0% -11.9% -2.6 p.p.
Gross profit reached R$1,362.0 million in the quarter, with a gross margin of 61.2%, similar to the level recorded before the beginning of the working capital optimization process last year and 1.4 percentage point higher than in 3Q24.
The increase in Gross Margin compared to the same quarter of the previous year is a result of higher operating leverage and a better mix of products sold in 3Q25 after the conclusion of the working capital optimization process, which negatively affected operating leverage and the mix of products sold in 3Q24.
Table 5(R$ million) | 3Q24 % NR | 3Q25 % NR | Δ % |
9M24 % NR | 9M25 % NR | ∆ % |
Marketing Expenses | (347.1) | -18.1% | (366.6) | -16.5% | 5.6% | (942.9) | -15.9% | (1,095.2) | -20.1% | 16.2% | |
Advertisement and Consumer Promotion | (105.5) | -5.5% | (120.0) | -5.4% | 13.7% | (276.9) | -4.7% | (382.8) | -7.0% | 38.2% | |
Trade Deals | (65.2) | -3.4% | (71.4) | -3.2% | 9.5% | (149.6) | -2.5% | (192.7) | -3.5% | 28.8% | |
Medical Visits, Promotions and Others | (176.3) | -9.2% | (175.2) | -7.9% | -0.7% | (516.4) | -8.7% | (519.8) | -9.5% | 0.7% |
Marketing Expenses grew 5.6% in 3Q25 and totaled R$366.6 million, in line with the level recorded in 2Q25. The growth in Marketing Expenses at a lower level than the sell-out growth is mainly a result of the decrease in Medical Visits, Promotions and Others expenses because of the lower expenses with promotional materials and events.
Selling Expenses(R$ million) | 3Q24 | % NR | 3Q25 | % NR | Δ % |
Selling Expenses | (249.3) | -13.0% | (236.3) | -10.6% | -5.2% |
9M24 | % NR | 9M25 | % NR | ∆ % |
(719.0) | -12.1% | (727.9) | -13.3% | 1.2% |
(448.2) | -7.6% | (460.1) | -8.4% | 2.7% |
(147.5) | -2.5% | (175.5) | -3.2% | 19.0% |
(123.3) | -2.1% | (92.4) | -1.7% | -25.1% |
Commercial Expenses | (160.6) | -8.4% | (156.4) | -7.0% | -2.6% |
Freight and Logistics Expenses | (50.7) | -2.6% | (73.2) | -3.3% | 44.3% |
Research & Development | (38.0) | -2.0% | (6.6) | -0.3% | -82.6% |
Selling expenses decreased by 5.2% compared to 3Q24, mainly due to: (i) the reduction in Research and Development expenses, mainly due to the benefit of the Lei do Bem of R$38.0 million in 3Q25, compared to R$12.5 million recorded in 3Q24; and (ii) operational synergies obtained from the change made by the Company in its sales structure in 1Q25, which sought greater alignment with the new commercial model implemented during the working capital optimization process.
General and Administrative Expenses & Other Operating Revenues / Expenses, Net9M24 | % NR | 9M25 | % NR | ∆ % |
(266.1) | -4.5% | (243.7) | -4.5% | -8.4% |
77.9 | 1.3% | (12.7) | -0.2% | - |
(R$ million) | 3Q24 | % NR | 3Q25 | % NR | Δ % |
General & Administrative Expenses | (98.3) | -5.1% | (84.6) | -3.8% | -13.9% |
Other Operating Revenues (Expenses) 22.2 1.2% (5.3) -0.2% -
General and administrative expenses decreased by 13.9% in 3Q25, when compared to 3Q24, and by 8.4% in the last 9 months. The reduction in general and administrative expenses is mainly due to lower expenses with administrative teams and advisory and consulting services.
Graph 10EBITDA Margin (%)
Δ 9M25 vs 9M24
Graph 111,964.1
3Q24
3Q25
3Q24
34.0%
29.3%
756.2
561.2
EBITDA Margin (%)
Δ 3Q25 vs 3Q24
EBITDA (R$ mm)
Δ 3Q25 vs 3Q24
33.1%
Graph 93Q25
Graph 12EBITDA (R$ mm)
Δ 9M25 vs 9M24
34.7%
4.7 p.p.
-32.1%
-8.7 p.p.
9M25
9M24
9M25
9M24
1,333.1
24.4%
9M24 % NR | 9M25 % NR | ∆ % |
(R$ million) | 3Q24 | % NR | 3Q25 | % NR | ∆ % | |||
EBITDA from Continuing Operations | 561.2 | 29.3% | 756.2 | 34.0% | 34.7% | 1,964.1 33.1% 1,333.1 24.4% | -32.1% | |
EBITDA from Continuing Operations (excl. Others) | 539.0 | 28.1% | 761.5 | 34.2% | 41.3% | 1,886.2 31.8% 1,345.8 24.6% | -28.6% | |
EBITDA from Continuing Operations was R$756.2 million in 3Q25, with a margin of 34.0%, a similar level to that observed before the beginning of the working capital optimization process and higher than recorded in 2Q25. Excluding the contribution from Other Operating Revenues, EBITDA from Continuing Operations reached R$761.5 million, with a margin of 34.2%.
The 34.7% growth in EBITDA from Continuing Operations in 3Q25 is mainly due to the reduction in Net Revenue observed in 3Q24, which aimed to reduce inventories at clients in that quarter due to the beginning of the working capital optimization process implemented by the Company between 3Q24 and 2Q25.
Table 9(R$ million) | 3Q24 | % NR | 3Q25 | % NR | Δ R$ |
Financial Result | (196.6) | -10.3% | (229.1) | -10.3% | (32.5) |
Net Interest Expenses | (174.6) | -9.1% | (214.4) | -9.6% | (39.8) |
Cost of Hedge and FX Gains (Losses) | 2.7 | 0.1% | 6.2 | 0.3% | 3.5 |
Other | (24.7) | -1.3% | (20.8) | -0.9% | 3.9 |
9M24 | % NR | 9M25 | % NR | ∆ R$ |
(619.2) | -10.4% | (637.0) | -11.7% | (17.7) |
(529.5) | -8.9% | (606.8) | -11.1% | (77.3) |
(10.6) | -0.2% | 33.7 | 0.6% | 44.3 |
(79.1) | -1.3% | (63.9) | -1.2% | 15.2 |
The Financial Result was negative at R$229.1 million in 3Q25, R$32.5 million higher than in 3Q24. This variation is mainly due to the increase in interest expenses in the period due to the higher Selic rate.
Net Income Table 10(R$ million) | 3Q24 | % NR | 3Q25 | % NR | Δ % |
EBIT from Continuing Operations | 491.3 | 25.6% | 677.2 30.4% | 37.8% | |
(-) Net Financial Expenses | (196.6) | -10.3% | (229.1) -10.3% | 16.5% | |
(-) Income Tax and Social Contribution | 75.4 | 3.9% | 5.8 | 0.3% | -92.3% |
9M24 | % NR | 9M25 % NR | ∆ % |
1,757.9 | 29.6% | 1,097.8 20.1% | -37.5% |
(619.2) | -10.4% | (637.0) -11.7% | 2.9% |
114.8 | 1.9% | 280.3 5.1% | 144.1% |
Net Income from Continuing Operations | 370.1 | 19.3% | 453.9 | 20.4% | 22.6% | 1,253.5 | 21.1% | 741.2 | 13.6% | -40.9% | |
(+) Net Income from Discontinued Operations | 0.4 | 0.0% | 2.2 | 0.1% | 474.5% | (1.6) | 0.0% | (0.8) | 0.0% | -48.3% | |
Net Income | 370.5 | 19.3% | 456.1 | 20.5% | 23.1% | 1,251.9 | 21.1% | 740.3 | 13.6% | -40.9% | |
EPS | 0.59 | - | 0.72 | - | 21.6% | 1.99 | - | 1.18 | - | -41.0% | |
EPS from Continuing Operations | 0.59 | - | 0.72 | - | 21.8% | 2.00 | - | 1.18 | - | -41.0% |
Net income from continuing operations grew 22.6% in 3Q25, compared to the same period last year, mainly as a result of a 37.8% increase in EBIT from Continuing Operations due to reduction in Net Revenue observed in 3Q24, which aimed to reduce inventories at clients in that quarter due to the beginning of the working capital optimization process implemented by the Company between 3Q24 and 2Q25.
Graph 14Free Cash Flow (R$ mm)
Δ 9M25 vs 9M24
Graph 151,329.5
9M24
3Q25
3Q24
853.6
738.1
1,866.3
1,841.4
Δ 9M25 vs 9M24
Δ 3Q25 vs 3Q24
Cash Flow from Operations (R$ mm)
Cash Flow from Operations (R$ mm)
1,241.7
Graph 139M25
Graph 16Free Cash Flow (R$ mm)
Δ 3Q25 vs 3Q24
24.9
115.5
137.0
-87.8
9M25
9M24
3Q25
3Q24
688.8
551.8
Table 11(R$ million) | 3Q24 | 3Q25 |
Cash Flow from Operations | 738.1 | 853.6 |
Purchase of Property, Plant and Equipment | (107.5) | (111.4) |
Purchase of Intangible Assets | (79.5) | (55.0) |
Others | 0.7 | 1.6 |
(=) Free Cash Flow | 551.8 | 688.8 |
9M24 | 9M25 |
1,841.4 | 1,866.3 |
(269.2) | (416.9) |
(238.7) | (184.6) |
(4.0) | (23.1) |
1,329.5 | 1,241.7 |
Cash flow from Operations totaled R$853.6 million in 3Q25, the highest level ever recorded by the Company in a quarter, as a result of the combination of EBITDA from Continuing Operations growth and the reduction in working capital investments as a percentage of annualized Net Revenue, which fell from 54% in 3Q24 to 32% in 2Q25 and 30% in 3Q25 due to the conclusion of the working capital optimization process in 2Q25.
The growth in Cash Flow from Operations and the lower level of investments in PP&E and intangible assets contributed to the Free Cash Flow of R$688.8 million in 3Q25, compared to R$551.8 million in 3Q24.
Table 12(R$ million) | 06/30/2025 | 09/30/2025 |
Loans and Financing | (8,843.9) | (9,138.8) |
Notes Payable | (17.7) | (18.0) |
Gross Debt | (8,861.7) | (9,156.8) |
Cash and Cash Equivalents | 1,203.6 | 1,863.8 |
Net Cash / (Debt) | (7,658.0) | (7,293.0) |
Unrealized Gain/Loss on Debt Hedge | 43.4 | 24.2 |
Net Debt after Hedge ended the quarter at R$7,268.8 million, R$345.8 million lower than at the end of 2Q25, and corresponded to 2.4x the annualized EBITDA from Continuing Operations in 3Q25.
Cash Conversion Cycle - Continuing Operations Table 13(Days) | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 |
Receivables (1) | 126 | 119 | 89 | 60 | 58 |
Inventories (2) | 226 | 241 | 339 | 221 | 221 |
Payables (2) (3) | (95) | (122) | (137) | (94) | (110) |
Cash Conversion Cycle | 257 | 238 | 291 | 187 | 169 |
(R$ million) | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 |
Receivables | 2,993 | 2,249 | 1,239 | 1,588 | 1,593 |
Inventories | 1,933 | 1,939 | 2,147 | 2,108 | 2,129 |
Payables (3) | (813) | (984) | (868) | (897) | (1,056) |
Working Capital | 4,114 | 3,204 | 2,517 | 2,799 | 2,667 |
% of Annualized Net Revenue (4) | 54% | 53% | 58% | 32% | 30% |
Calculated based on Continuing Operations Gross Revenue, Net of Discounts
Calculated based on Continuing Operations COGS
Includes Suppliers' Assignment of Receivables
Annualized Net Revenue for the last 3 months
Tax Credits that offset Income Tax cash payment- Federal Recoverable Taxes: R$294.5 million (please refer to Explanatory Note 13 of the Financial Statements)
- Cash effect of Income Tax and Social Contribution Losses Carryforward: R$5,154.4 million (please refer to Explanatory Note 21(a) of the Financial Statements)
- Goodwill: the Company has R$607.2 million in goodwill to be amortized for tax purposes until 2030, which will generate a reduction in cash disbursement for the payment of Income Taxes of R$206.4 million
(R$ million) | 3Q24 | % NR | 3Q25 | % NR | Δ % |
Net Income | 370.5 | 19.3% | 456.1 | 20.5% | 23.1% |
(+) Income Tax and CSLL | (75.7) | -4.0% | (4.4) | -0.2% | -94.1% |
(+) Net Interest Expenses | 196.6 | 10.3% | 229.1 | 10.3% | 16.5% |
9M24 | % NR | 9M25 | % NR | ∆ % |
1,251.9 | 21.1% | 740.3 | 13.6% | -40.9% |
(116.2) | -2.0% | (280.5) | -5.1% | 141.4% |
619.2 | 10.4% | 637.0 | 11.7% | 2.9% |
206.2 | 3.5% | 235.2 | 4.3% | 14.1% |
1,961.1 | 33.1% | 1,332.0 | 24.4% | -32.1% |
3.0 | 0.0% | 1.0 | 0.0% | -65.7% |
1,964.1 | 33.1% | 1,333.1 | 24.4% | -32.1% |
(+) Depreciations / Amortizations | 69.9 | 3.6% | 79.0 | 3.5% | 13.0% |
EBITDA | 561.3 | 29.3% | 759.7 | 34.1% | 35.3% |
(-) EBITDA from Discontinued Operations | (0.1) | 0.0% | (3.5) | -0.2% | 3,168.9% |
Adjusted EBITDA (EBITDA from Continuing Operations) | 561.2 | 29.3% | 756.2 | 34.0% | 34.7% |
EBITDA is a non-accounting measure prepared by the Company and it is calculated based on net income, added by income taxes, financial expenses net of financial income, depreciation and amortization. The Adjusted EBITDA, or EBITDA from Continuing Operations, represents EBITDA, excluding the effects related to discontinued operations that affected the Company's EBITDA. The Company uses Adjusted EBITDA, or EBITDA from Continuing Operations, as a non-accounting measure, to present its performance in a way that better translates the operating cash generation potential of its business.
This release contains forward-looking statements that are exclusively related to the prospects of the business, its operating and financial results, and prospects for growth. These data are merely projections and, as such, based exclusively on our management's expectations for the future of the business and its continued access to capital to fund its business plan. These forward-looking statements substantially depend on changing market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors, as well as the risks shown in our filed disclosure documents, and are therefore subject to change without prior notice.
Additional unaudited information herein reflects management's interpretation of information taken from its financial information and their respective adjustments, which were prepared in accordance with market practices and for the sole purpose of a more detailed and specific analysis of our results. Therefore, this additional data must also be analyzed and interpreted independently by shareholders and market agents, who should carry out their own analysis and draw their own conclusions from the results reported herein. No data or interpretative analysis provided by our management should be treated as a guarantee of future performance or results and are merely illustrative of our directors' vision of our results.
Our management is not responsible for compliance or accuracy of the management financial data discussed in this report, which must be considered for informational purposes only, and should not override the analysis of our audited consolidated financial statements or our reviewed quarterly information for purposes of a decision to invest in our stock, or for any other purpose.
9M24 | 9M25 |
5,931,475 | 5,462,090 |
(2,336,916) | (2,294,705) |
Gross Profit | 1,145,714 | 1,362,036 | 3,594,559 3,167,385 | ||
Selling and Marketing Expenses | (596,366) | (602,867) | (1,661,867) | (1,823,187) | |
General and Administrative Expenses | (98,281) | (84,594) | (266,058) | (243,694) | |
Other Operating Revenues (Expenses) | 22,188 | (5,289) | 77,925 | (12,748) | |
Equity in Subsidiaries | 18,071 | 7,919 | 13,353 | 10,066 | |
Operating Income Before Equity Income and Financial Result | 491,326 | 677,205 | 1,757,912 | 1,097,822 | |
Net Financial Expenses | (196,618) | (229,092) | (619,231) | (636,956) | |
Financial Expenses | (266,689) | (298,322) | (834,365) | (805,424) | |
Financial Income | 70,071 | 69,230 | 215,134 | 168,468 | |
Profit Before Income Tax and Social Contribution | 294,708 | 448,113 | 1,138,681 | 460,866 | |
Income Tax and Social Contribution | 75,434 | 5,774 | 114,807 | 280,294 | |
Net Income from Contining Operations | 370,142 | 453,887 | 1,253,488 | 741,160 | |
Net Income from Discontinued Operations | 381 | 2,189 | (1,571) | (812) | |
Income for the Period | 370,523 | 456,076 | 1,251,917 | 740,348 | |
Earnings per Share - R$ | 0.59 | 0.72 | 1.99 | 1.18 | |
3Q24
3Q25
Net Revenue
1,915,906
2,227,247
Cost of Goods Sold
(770,192)
(865,211)
Assets | 12/31/2024 | 09/30/2025 |
Current Assets | 6,681,876 | 6,287,208 |
Cash and Cash Equivalents | 1,739,327 | 1,863,762 |
Accounts Receivables | 2,249,259 | 1,592,856 |
Inventories | 1,938,600 | 2,129,253 |
Recoverable Taxes | 414,561 | 448,091 |
Financial Derivatives | 125,455 | 24,175 |
Other Assets | 209,261 | 229,071 |
Dividends and IOC receivables | 5,413 | 0 |
Liabilities and Shareholders' Equity Current Liabilities | 12/31/2024 3,940,088 | 09/30/2025 4,960,651 |
Suppliers | 448,535 | 553,781 |
Assignment of Receivables | 535,607 | 501,791 |
Loans, Financing and Debentures | 1,393,636 | 1,703,038 |
Salaries Payable | 367,523 | 387,636 |
Income Tax and Social Contribution | 4,609 | 17,361 |
Taxes Payable | 108,228 | 163,061 |
Accounts Payable | 409,688 | 438,402 |
Dividends and IOC Payable | 648,559 | 1,154,609 |
Notes Payable | 15,367 | 15,828 |
Financial Derivatives | 8,336 | 25,144 |
Non-Current Liabilites | 8,517,176 | 7,937,904 |
Loans, Financing and Debentures | 7,986,405 | 7,435,735 |
Deferred Income Tax and Social Contribution | 136,824 | 144,677 |
Taxes Payable | 32,415 | 24,315 |
Accounts Payable | 184,070 | 183,180 |
Provisions for Contingencies | 143,580 | 147,835 |
Notes Payable | 1,959 | 2,162 |
Financial Derivatives | 31,923 | 0 |
Shareholders' Equity | 12,096,281 | 12,254,236 |
Capital | 9,705,886 | 9,705,886 |
Capital Reserve | 1,183,264 | 1,165,433 |
Equity Valuation Adjustments | (279,524) | (303,222) |
Profit Reserves | 1,509,483 | 1,509,483 |
Treasury Stock | (22,828) | (12,720) |
Income for the Period | 0 | 189,376 |
Attributed to non-controlling shareholders | 5,538 | 874 |
Non-Current Assets | 17,877,207 | 18,866,457 |
Long Term Assets | 2,043,301 | 2,543,241 |
Deferred Income Tax and Social Contribution | 1,684,251 | 2,188,781 |
Recoverable Taxes | 65,764 | 75,365 |
Other Assets | 259,291 | 279,095 |
Financial Derivatives | 33,995 | 0 |
Fixed Assets and Investments | 15,833,906 | 16,323,216 |
Investments | 144,494 | 159,326 |
Biological Assets | 7,401 | 3,448 |
Property, Plants and Equipments | 3,891,156 | 4,182,577 |
Intangible Assets | 11,790,855 | 11,977,865 |
Total Assets | 24,559,083 | 25,153,665 |
Total Liabilities and Shareholders' Equity | 24,553,545 | 25,152,791 |
Consolidated Cash Flow Statement (R$ thousand)
Table 171,135,723
206,181
21,128
(364)
(13,889)
10,608
608,623
23,667
(125,778)
1,865,899
26,767
(387,351)
168,487
237,848
(20,837)
28,620
(51,265)
(29,071)
(10,613)
(9,425)
(4,725)
75,210
(12,394)
(26,157)
(36,910)
2,820
1,841,401
(450)
(5,275)
(269,154)
(238,725)
1,698
147,100
(364,806)
2,351,000
(42,561)
(2,212,166)
(830,094)
(104,209)
(10,833)
(848,863)
627,732
2,580,893
3,208,625
627,732
124,435
1,863,762
1,739,327
124,435
(1,219,486)
49,164
(48,954)
(720,231)
(2,351,926)
(12,539)
1,865,000
(522,387)
102,222
(9,358)
(184,609)
(416,932)
(13,399)
(311)
1,866,308
17,806
(22,221)
21,815
(13,757)
46,732
(6,121)
865
(33,816)
149,451
160,754
(27,232)
(29,464)
(14,988)
(359,644)
640,034
208,706
1,496,848
119,610
16,925
670,664
(33,708)
(9,645)
(2,185)
40,098
235,237
459,852
9M25
9M24
3Q24 | 3Q25 | |
Cash Flows from Operating Activities | ||
Income (Loss) Before Income Taxes including Discontinued Operations | 294,816 | 451,644 |
Depreciation and Amortization | 69,870 | 78,975 |
Asset Impairment | 20,910 | 0 |
Gain on Permanent Asset Disposals | 1,240 | (11) |
Equity Method | (18,782) | (7,504) |
Foreign Exchange (Gains) Losses | (2,661) | (6,160) |
Net Interest and Related Revenue/Expenses | 199,279 | 235,252 |
Expenses Related to Share Based Remuneration | 8,926 | 5,691 |
Provisions and Others | (58,268) | 12,993 |
Adjusted Results | 515,330 | 770,880 |
Decrease (Increase) in Assets | 181,109 | (124,944) |
Trade Accounts Receivable | 111,199 | (7,791) |
Inventories | (19,979) | (73,514) |
Recoverable Taxes | 50,241 | (24,109) |
Judicial Deposits and Others | (11,120) | (6,986) |
Other Accounts Receivable | 50,768 | (12,544) |
Increase (Decrease) in Liabilities | 41,631 | 207,643 |
Suppliers | 9,532 | 136,233 |
Assignment of Receivables | 54,101 | 25,111 |
Financial Derivatives | 982 | 0 |
Income Tax and Social Contribution Paid | (2,530) | (4,138) |
Taxes Payable | 4,137 | 16,328 |
Salaries and Payroll Charges | 56,853 | 42,386 |
Accounts Payable | (59,749) | (16,270) |
Operations Interest Paid | (19,771) | 1,531 |
Other Accounts Payable | (1,924) | 6,462 |
Net Cash Provided by Operating Activities | 738,070 | 853,579 |
Cash Flows from Investing Activities | ||
Capital Increase/Decrease in Subsidiaries/Affiliates | 0 | 0 |
Acquisitions of Subsidiaries, Net of Cash Acquired | 0 | (2) |
Acquisitions of Property, Plant and Equipment | (107,490) | (111,383) |
Intangible Assets | (79,484) | (54,979) |
Proceeds from the Sale of Assets with Permanent Nature | 707 | 1,610 |
Interest and Others | 48,602 | 43,049 |
Net Cash From Investing Activities | (137,665) | (121,705) |
Cash Flows from Financing Activities | ||
Inflow from Loans and Financing | 10,000 | 1,125,000 |
Treasury Stock Purchase / Sale | (1) | 0 |
Repayment of Loans - Principal | (41,989) | (1,001,406) |
Repayment of Loans - Interest | (173,358) | (171,013) |
Dividends and IOC Paid | (24,467) | (24,308) |
Loan Derivatives | 1,916 | 0 |
Net Cash From Financing Activities | (227,899) | (71,727) |
Net Increase (Decrease) in Cash and Cash Equivalents | 372,506 | 660,147 |
Statement of Increase in Cash and Cash Equivalents, Net | ||
Cash and Cash Equivalents at the Beginning of the Period | 2,836,119 | 1,203,615 |
Cash and Cash Equivalents at the End of the Period | 3,208,625 | 1,863,762 |
Change in Cash and Cash Equivalent | 372,506 | 660,147 |