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.

• Net loss widened to R$109 million from R$43.5 million in 1Q25.

Financial highlights

• Gross margin improved by 333bps to 66.7% year-over-year.

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

• Net debt increased 27.5% to R$947.1 million, with leverage at 2.1x.

• 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 continues to focus on digital integration, brand expansion, and operational efficiency.

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