PBG (PTBL3) Q4 2025 earnings summary

Executive summary

• Net revenue grew 8.2% year-over-year to R$2.6 billion in 2025, driven by strong external market performance, geographic diversification, and international expansion, despite a challenging domestic environment and competitive pressures.

• EBITDA for 2025 was R$321.2 million, up 2.4% year-over-year, with a margin of 12.3%, reflecting operational discipline and innovation.

• Net loss for 2025 was R$291.7 million, significantly higher than the prior year, mainly due to higher financial expenses, non-cash accounting effects, and non-recurring items.

• Operational cash flow and free cash flow improved, supporting liquidity and working capital enhancements.

• Financial discipline and capital structure optimization remain strategic priorities amid macroeconomic and sector challenges.

Financial highlights

• 2025 net revenue was R$2.6 billion, up 8.2% year-over-year; 4Q25 revenue grew 1.7% to R$642.4 million.

• Gross profit rose 7.7% to R$931.9 million, with gross margin stable at 35.8% for the year.

• EBITDA reached R$321.2 million (12.3% margin), up 2.4% year-over-year; adjusted recurring EBITDA was R$315.0 million, down 6.6%.

• Net loss was R$291.7 million, impacted by higher financial expenses and non-recurring effects.

• Free cash flow for 2025 was R$316.0 million, reflecting strong cash generation and lower CAPEX.

Outlook and guidance

• Management maintains a cautious stance for 2026, prioritizing operational discipline, prudent cash management, and capital structure improvement amid high interest rates and competitive pressures.

• U.S. operations expected to benefit from tariff and geopolitical scenarios, with breakeven anticipated in coming quarters.

• Focus remains on margin recovery in premium retail and healthier sales mix in the U.S.