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PBG (PTBL3) investor relations material

PBG Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Achieved 16.6% net revenue growth in 2Q25, with robust operational, economic, and financial performance across all business units despite macroeconomic challenges.

  • International markets, especially Portobello America, drove growth with revenue up 52.4% in BRL (34.9% in USD), and export operations consolidated.

  • All business units posted positive results, with advances in exports, retail, and operational efficiency.

  • Free cash flow improved to R$63.4 million, with quarter-end cash balance at R$286.7 million.

  • Completed R$300 million debenture issuance, reducing pro forma leverage to 2.3x and strengthening capital structure.

Financial highlights

  • Net revenue grew 16.6% year-over-year to R$686.8 million, with international markets expanding their share to 28.1%.

  • Gross profit increased 17.4% to R$252.4 million, with margins near 37%.

  • Pro forma EBITDA rose 45% to R$101 million, with margin up 2.9 p.p. to 14.7%.

  • Financial expenses rose 51.5% to R$92.6 million, mainly due to high interest rates and structured financing.

  • Free cash flow generation totaled R$63.4 million, up R$57.4 million from 2Q24.

Outlook and guidance

  • Focus on cash generation, operational efficiency, and deleveraging for the second half of 2025.

  • U.S. import tariffs on Brazilian products expected to have limited impact due to local manufacturing, positioning for competitive advantage.

  • Management reaffirms commitment to innovation, sustainable growth, and global competitiveness.

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