Grupo Multi (MLAS3) Q3 2025 earnings summary

Executive summary

• Net revenue reached R$1,069.5 million in 3Q25, up 15.0% from 2Q25 and 32.0% year-over-year, driven by the Corporate segment and improved profitability focus in retail segments.

• EBITDA was R$67.5 million, up R$36.7 million from 2Q25 and R$63.3 million from 3Q24, with margin improvement to 6.3%.

• Net income totaled R$65.6 million, reversing a loss of R$45.8 million in 2Q25 and up R$64.1 million from 3Q24.

• Operational cash flow generation was R$131.7 million in the quarter, more than double 2Q25.

Financial highlights

• Gross margin improved to 25.1%, up 0.2 p.p. from 2Q25 and 0.5 p.p. from 3Q24.

• Gross profit reached R$268.1 million, up 16.0% from 2Q25 and 34.6% from 3Q24.

• Leverage (Net Debt/EBITDA LTM) dropped to 0.22x from 2.10x in 2Q25 and 2.92x in 1Q25.

• Net debt at quarter-end was R$30.8 million, with cash and equivalents of R$470.3 million.

• R$145.0 million reduction in company debt during the quarter.

Outlook and guidance

• Focus on operational efficiency, working capital optimization, expense control, and debt reduction.

• Monetization strategies and funding from BNDES are planned for the second half of 2025, with a financing agreement for up to R$294.1 million to support innovation and digitalization.

• Active portfolio management includes the sale of the pet hygiene mats business and a new exclusive partnership for Cuisinart products in Brazil.