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Visual21 Nov 2025
Data center suppliers
Azzas 2154 (AZZA3) investor relations material
Azzas 2154 Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Consolidated recurring gross revenue from continuing operations reached BRL 3.72 billion in 3Q25, up 4.4% year-over-year, with recurring EBITDA at BRL 476.7 million and a margin of 16.1% (+0.4 p.p.).
Recurring net income grew 22.9% year-over-year to BRL 201.3 million, reflecting improved expense control and margin expansion.
Fashion Women and Men units were main growth drivers, with Farm Global up 41% and Fashion Men focusing on profitability.
Basic BU (Hering) began a transformation cycle with new leadership, focusing on operational restructuring and franchise model review.
The group advanced integration, unifying Fashion Women and Men under single leadership to capture synergies and operational gains.
Financial highlights
3Q25 recurring gross revenue (continuing brands): BRL 3.71 billion (+4.4% vs. 3Q24); recurring EBITDA: BRL 476.7 million (flat vs. 3Q24); recurring net income: BRL 201.3 million (+22.9% vs. 3Q24); net margin 6.8% (+1.4 p.p.).
9M25 recurring gross revenue: BRL 10.6 billion (+9.8% vs. 9M24); recurring net income: BRL 602.7 million (+42.9%).
Gross margin in 3Q25 was 54.7% (+0.3 p.p. vs. 3Q24); recurring EBITDA margin was 16.1% (+0.4 p.p. vs. 3Q24).
Operating cash generation in 3Q25 was BRL 275.9 million; after CapEx, BRL 166.8 million.
Net financial expenses increased to BRL 208.7 million from BRL 159.4 million in 3Q24, mainly due to higher interest expenses and lower financial income.
Outlook and guidance
Strategic focus on integration, efficiency, and margin improvement continues, with ongoing leadership transitions in Shoes & Bags and Basic units.
Basic BU (Hering) is undergoing a turnaround with new leadership, focusing on franchise model review, product mix repositioning, industrial efficiency, and working capital optimization.
Women's apparel expected to maintain double-digit growth, though at a slower pace due to base effects.
Focus remains on gross margin, cash generation, and working capital efficiency.
Disciplined commercial execution and cost control are priorities to strengthen brand positions.
Hering's commercial cycle transformation details
Shoes & Bags: franchisee inventory rebalancing
How is capital allocation impacting leverage?
Hering turnaround: When will financial results stabilize?
How is capital allocation prioritized across BUs?
What's the strategy to optimize inventory days?
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Next Azzas 2154 earnings date
Q4 20256 Mar, 2026
Next Azzas 2154 earnings date
Q4 20256 Mar, 2026
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