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C&A Modas (CEAB3) investor relations material
C&A Modas Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Apparel net revenue grew 8.9% year-over-year, with same-store sales up 8.1% and merchandise gross margin expanding by 1.9 percentage points to 54.6%.
Beauty category net revenue surged 50.9% year-over-year, marking the sixth consecutive quarter of over 50% growth, while electronics revenue declined due to the phase-out of smartphones.
Adjusted net income increased 41.7% to BRL 73.6 million, with margin expansion of 1.1 percentage points and pre-IFRS 16 EBITDA margin rising to 10.9%, up 0.9 percentage points year-over-year.
Cash generation reached nearly BRL 243 million, with a nine-day improvement in the cash conversion cycle and net debt-to-EBITDA ratio reduced to 0.1x, the lowest since IPO.
ROIC reached 21.7% for the quarter, reflecting strong operational execution.
Financial highlights
Merchandise gross margin improved by 1.9 percentage points to 54.6%, with apparel gross margin up 0.3 percentage points year-over-year.
Adjusted EBITDA reached BRL 209 million, up 4.5% year-over-year, with a 0.2 percentage point margin expansion.
Capex totaled BRL 146 million, up nearly 80% year-over-year, with 81.7% allocated to Energia projects, mainly for store renovations and logistics.
Net debt/EBITDA dropped to 0.1x, with net debt down 89.6% compared to 3Q24.
ROIC for the last twelve months reached 21.7%.
Outlook and guidance
Management remains optimistic for Q4, citing fresh inventories, agility in assortment, and omni-channel strategy as competitive advantages.
Beauty and non-seasonal categories are expected to continue driving growth, with further expansion and innovation planned.
Store expansion is set to accelerate in 2026, with an even more ambitious plan than 2025 and continued rollout of the Energia store model.
Ongoing investments in technology, logistics, and store renovations, with focus on dynamic assortment, CRM, and AI-powered features for digital channels in 2025.
Payout increases may be considered starting in 2026, depending on investment agenda and economic conditions.
Impact of smartphone divestment on margins?
Impact of recent debt reprofiling efforts?
C&A Pay: balancing growth with credit risk?
Energia store model: economics and scalability
Decentralized logistics model: agility impact
Beauty category: long-term sales and margin potential
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