Fleury (FLRY3) Q3 2025 earnings summary

Executive summary

• Gross revenue grew 11.5% year-over-year in Q3 2025, reaching R$2.4 billion, driven by strong B2C performance, disciplined expansion, and recent acquisitions, with EBITDA up 11.5% to R$599.4 million and net income at R$184.9 million (8.4% margin, down 3% YoY).

• Expanded B2C, B2B, and New Links business units, with a diversified revenue base and presence in 13 states and the Federal District.

• Recent M&A activity included acquisitions of Laboratório São Lucas (R$34M), Confiança (R$130M), Hemolab (R$39.5M), and Femme (R$207.5M), strengthening regional presence and women's health segment.

• Operating cash flow reached R$718.5 million, up 28.6% year-over-year, with cash conversion at 91% of EBITDA for the nine months of 2025.

Financial highlights

• Gross revenue: R$2,378.6 million in Q3 2025 (+11.5% YoY); net revenue: R$2,191.0 million (+11.6% YoY).

• EBITDA: R$599.4 million (margin 27.4%, stable YoY); net income: R$184.9 million (margin 8.4%, -128 bps YoY).

• B2C revenue grew 16.0% (12.9% organic); B2B up 2.1%; New Links up 3.0%.

• Gross profit: R$615.8 million (+10.6% YoY); gross margin: 28.1% (-27 bps YoY).

• Capex was R$126.0 million in Q3 2025 (+11.8% YoY), mainly for IT/digital investments.

Outlook and guidance

• Management expects continued growth in B2C and B2B segments, further integration of recent acquisitions, and ongoing investments in technology and digitalization.

• No formal guidance provided, but management remains confident in the growth potential of all brands and business units.