GPS Participações e Empreendimentos S.A. (GGPS3) Q4 2025 earnings summary

Executive summary

• Net revenue for 2025 reached R$17,283 million, up 17% year-over-year, with 8% organic growth and significant contributions from recent acquisitions, especially in temporary labor and trade marketing.

• Adjusted EBITDA ex-IFRS16 grew 12% to R$1,674 million, with a margin of 9.7%, slightly below historical levels due to integration costs and new contract mobilizations.

• Adjusted net profit increased 5% to R$822 million, with a net margin of 4.8%, impacted by higher financial expenses and labor contingencies.

• Integration of GRSA, the largest acquisition, was completed successfully, contributing to operational synergies and margin improvement.

• Workforce expanded to over 185,000 employees, with notable progress in gender diversity and leadership representation.

Financial highlights

• Consolidated net revenue: R$17.3 billion (+17% YoY); Q4 revenue: R$4.4 billion (+8% YoY), with 8% organic growth and 10% organic growth in the second half.

• Adjusted EBITDA ex-IFRS16: R$1.67 billion (+12% YoY); margin 9.7% (-0.4 p.p. YoY), mainly due to lower-margin acquisitions and contract implementation costs.

• Adjusted net profit: R$822 million (+5% YoY); operational cash generation was 91% of Adjusted EBITDA.

• Return on invested capital (ROIC) at 16% in 2025, down 1.0 p.p. year-over-year; return on equity (ROE) at 22.1%, down 2.2 p.p.

• Net Promoter Score at 76% as of December 2025.

Outlook and guidance

• Management expects continued organic and inorganic growth in 2026, with a focus on margin preservation amid macroeconomic headwinds and a challenging labor market.

• GRSA integration and further M&A are expected to improve margins and operational efficiency.

• M&A pipeline remains robust, with 10 companies in final negotiation stages representing BRL 2 billion in combined revenues.