Vivara Participações (VIVA3) Q2 2026 earnings summary

Executive summary

• Achieved record gross margins and operating cash generation, with EBITDA-to-cash conversion at 72% in 2Q26 and strong performance during key retail dates, despite external events and commodity price volatility.

• Digital channel sales grew 21% YoY in 2Q26, with mobile app and OMS channels driving over 30% of digital sales and 57% of total sales.

• Continued expansion to 520 points of sale, with 17 new stores opened in 2Q26 and robust performance in Jewelry, Life, and Watches categories.

• Interim financial statements for 6M26 reviewed with no material modifications required by auditors.

Financial highlights

• Gross margin reached 71.7% in 2Q26 and 70.9% in 1H26, the highest first-half margin in company history, with gross profit for 6M26 at R$1,015.9 million.

• Net revenue for 6M26 was R$1,428.6 million, up from R$1,298.1 million in 6M25, and gross revenue grew 12.5% YoY (excluding calendar effects).

• EBITDA reached R$205.4 million in 2Q26 (margin 24.7%), with net income up 26% YoY in 2Q26 and 25% in 1H26 on a comparable basis.

• Inventory days reduced by 88 YoY, freeing up R$234 million in capital.

• Net debt/EBITDA improved to 0.2x, with net debt at R$140.9 million and leverage at historic lows.

Outlook and guidance

• Management remains confident in maintaining growth trajectory and margin stability, supported by product launches, digital expansion, and disciplined store openings.

• Inventory optimization and further dilution of operating expenses expected as new stores mature and revenue grows.

• Ongoing monitoring of tax reform impacts and operational expansion.