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Grendene (GRND3) investor relations material
Grendene Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Gross revenue in Q3 2025 rose 10.6% year-over-year to R$1.02 billion, driven by strong export growth and GGB consolidation, despite a 10.2% drop in volume and challenging domestic conditions with inflation, high interest rates, and increased competition.
Recurring EBIT and net profit declined by 25.6% and 22.9% year-over-year, respectively, reflecting margin pressure and higher costs.
Melissa brand gross revenue rose 16.7% despite a 2.1% volume decrease, driven by premium product sales and a 19.2% increase in revenue per pair.
E-commerce GMV grew 24.5%, with online penetration rising to 12.8% of domestic sales.
Weather conditions in southern Brazil and intensified import competition further pressured domestic sales.
Financial highlights
Gross profit for Q3 2025 was R$353.5 million, down 1.5% year-over-year; gross margin fell 1.4 p.p. to 46.5%.
Recurring EBIT for Q3 2025 was R$117.9 million, with a margin of 11.5%.
Recurring net profit for Q3 2025 was R$184.5 million, with a margin of 18.0%.
Export revenue surged 86.1% to R$253.1 million, with volume up 17.1%.
Net revenue per pair increased 13.0% to R$20.93.
Outlook and guidance
Management is considering advancing dividend distributions in 2025 due to tax changes and will focus on portfolio adjustments, commercial initiatives, and expense control.
Export markets, especially China, are expected to remain competitive with high return rates, while logistics have normalized.
Emphasis remains on innovation, brand positioning, and operational excellence.
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