Vivara Participações (VIVA3) Q3 2026 earnings summary

Executive summary

• Gross revenue rose 7.7% YoY to R$867.4 million in 3Q26 and 10.5% to R$2,690.6 million in 9M26, led by digital, Life and Watches.

• Adjusted EBITDA fell 22.4% to R$132.7 million and adjusted net income fell 22.2% to R$119.9 million in 3Q26; comparable 9M26 EBITDA grew 3.9%.

• 9M26 operating cash generation reached R$307.2 million, with 70.7% EBITDA-to-cash conversion; inventory days fell 141 YoY to 582.

Financial highlights

• 3Q26 adjusted net revenue rose 4.3% YoY to R$692.9 million; adjusted gross profit was R$469.8 million, down 0.8%, with a 67.8% margin.

• Adjusted EBITDA was R$132.7 million in 3Q26 (-22.4%) and R$434.7 million in 9M26 (-6.6%); comparable 9M26 EBITDA grew 3.9%.

• Adjusted net income fell 22.2% to R$119.9 million in 3Q26 and 15.1% to R$367.9 million in 9M26; comparable declines were 9.6% and 8.5%.

• 9M26 consolidated operating cash flow was R$128.8 million; operating cash generation on an adjusted EBITDA basis was R$307.2 million.

Outlook and guidance

• October price increases were mid-single digits in categories with pricing elasticity; earlier major increases took effect in April.

• Five Vivara collections were scheduled for November and December, alongside new Life campaigns and a faster launch cadence.

• Inventory reductions are expected to continue gradually, with a smaller reduction cycle in 2027; new-store investment remains subject to a minimum ROIC hurdle above 25%.

• 2027 was characterized as potentially more challenging; management cited a lower payment level and higher interest rates as concerns and is preparing operating levers.