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Vivara Participações (VIVA3) investor relations material
Vivara Participações Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved record third-quarter revenue, gross margin, EBITDA margin, and operating cash generation, marking the strongest Q3 in company history.
Gross revenue increased 15.5% year-over-year, with net revenue up 18.0% driven by same store sales growth of 10.4%.
Net income rose 64.1% year-over-year to R$175.9 million, with net margin improving to 26.5%.
Market share in Brazilian jewelry increased to 23.2%, up 5.0 p.p. from 3Q24.
Management highlighted robust operational execution, diligent inventory management, and successful cost control initiatives.
Financial highlights
Gross revenue reached R$805.4 million, up 15.5% vs. 3Q24; net revenue was R$664.5 million, up 18.0%.
Adjusted EBITDA was R$174.5 million, up 37.0% year-over-year, with margin at 26.3% (+364 bps YoY).
Gross margin improved to 71.4%, up 444 bps year-over-year, driven by structural initiatives.
Inventory increased by BRL 120 million, with half attributed to gold purchases during a strategic 'gold week' and the remainder to seasonality and GGR impact; inventory days (ex-GGF) at 631.
Physical store sales grew 16.3%, digital sales increased 11.6% year-over-year, representing 13.9% of total sales.
Outlook and guidance
Teams are fully prepared for Black Friday and Christmas, with inventories structured for strong seasonal demand.
Expectation of continued gross margin efficiency and inventory optimization into next year, with no aggressive price pass-throughs planned.
Plans to accelerate store openings in 2026, especially for the Life brand, with controlled SG&A impact due to maturing stores.
Initiatives underway to increase operating cash generation and improve EBITDA-to-cash conversion.
No further receivables anticipation planned, as debt profile has been restructured.
Impact of gold inventory on 2026 purchases?
Future cash flow impact of reduced factoring?
Monitor Life store cannibalization risk?
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Next Vivara Participações earnings date
Q4 202520 Mar, 2026
Next Vivara Participações earnings date
Q4 202520 Mar, 2026
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Frequently asked questions
Vivara Participações S.A. is a Brazil-based company engaged in the design, manufacturing, and retail of jewelry and accessories. The company offers a wide range of products, including gold and silver jewelry, watches, and personalized accessories, marketed under the Vivara brand. It operates through a network of physical stores and an e-commerce platform, serving customers across Brazil. The company is headquartered in São Paulo, Brazil, and its shares are listed on the B3.
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