ZAMP (ZMMP.Y) Q1 2026 earnings summary

Executive summary

• Net operating revenue reached R$1.33 billion in 1Q26, up 15% year-over-year, driven by strong digital sales and portfolio diversification.

• Digital channels accounted for 60.6% of revenue, with digital sales growing 28.3% year-over-year.

• System-wide sales across all brands rose 13% to R$2.5 billion.

• Adjusted EBITDA was R$123 million, down 2.9% year-over-year, with margin contraction due to higher SG&A investments and integration costs.

• Net loss for the quarter was R$109 million, widening from a R$43.5 million loss in 1Q25.

Financial highlights

• Gross margin improved to 66.7%, up 333bps year-over-year, reflecting effective revenue management and cost control.

• Adjusted EBITDA margin declined to 9.3% from 10.9% in 1Q25.

• Net debt increased to R$947.1 million, with leverage at 2.1x Adjusted EBITDA (ex-IFRS 16).

• CAPEX totaled R$98.6 million, mainly for store openings and renovations.

• Adjusted operating cash flow was -R$113.2 million, reflecting higher working capital needs.

Outlook and guidance

• Management remains focused on capital management, liquidity, digital integration, and supporting brand growth.

• Recent capital raise via commercial paper issuance in April 2026 improved liquidity and extended debt maturities.

• Ongoing investments in customer experience and corporate structure to support growth.