Grupo Multi (MLAS3) Q2 2025 earnings summary

Executive summary

• Net revenue reached R$929.7 million in 2Q25, up 21.7% from 1Q25 and 5.1% year-over-year, driven by recurring operations and product line growth.

• Gross profit rose to R$231.1 million, a 27.5% increase from 1Q25 and 19.0% from 2Q24, with gross margin expanding to 24.9%.

• EBITDA was R$30.8 million, up 460.2% sequentially and 3.6% year-over-year, reflecting operational efficiency and cost control.

• Net income for 2Q25 was R$19.8 million, reversing a loss of R$52.2 million in 2Q24.

• Operating cash flow generation was R$64.9 million, with cash and equivalents rising to R$498.9 million and net debt reduced to R$157.9 million.

Financial highlights

• Net revenue: R$929.7 million (+21.7% vs. 1Q25, +5.1% vs. 2Q24).

• Gross margin: 24.9% (+1.2 p.p. vs. 1Q25, +2.9 p.p. vs. 2Q24).

• EBITDA: R$30.8 million (+460.2% vs. 1Q25, +3.6% vs. 2Q24); margin: 3.3%.

• Net income: R$19.8 million in 2Q25 (vs. -R$52.2 million in 2Q24).

• Cash and equivalents: R$498.9 million (+5.5% vs. 1Q25); net debt: R$157.9 million, down R$58.4 million from 1Q25.

Outlook and guidance

• Management expects further gross margin and EBITDA margin improvement in the second half, targeting EBITDA margin above 4% and approaching 5%.

• Focus on operational efficiency, capital allocation, and working capital optimization, with continued inventory reduction.

• Plans to re-profile debt and structure a Receivables Investment Fund (FIDC).

• Corporate segment growth and online direct-to-consumer sales are expected to offset retail headwinds from high interest rates.