ZAMP (ZMMP.Y) Q2 2025 earnings summary

Executive summary

• Net operating revenue reached BRL 1.3 billion in 2Q25, up 16% year-over-year, driven by digital sales growth and the integration of Subway and Starbucks.

• System sales rose 51% to BRL 2.3 billion, reflecting the full consolidation of Subway and Starbucks.

• Adjusted EBITDA grew 16.5% year-over-year to BRL 173.5 million, with margin stable at 13.5%.

• Digital channels contributed 53% of total revenue, up 22% from Q2 2024.

• Net loss widened to BRL 73 million, mainly due to higher G&A and cost pressures.

Financial highlights

• Same-store sales (SSS) increased: Burger King +1.1%, Popeyes +22.3%, Starbucks +21.7%, Subway +30.1% year-over-year.

• Digital sales reached BRL 684 million in 2Q25, up 22% versus 2Q24, representing over 53% of restaurant sales.

• Adjusted EBITDA margin (ex-IFRS16) was 8.0% in 2Q25, slightly down from 8.2% in 2Q24.

• Net operating revenue for the last twelve months was BRL 4.86 billion, up 17% year-over-year.

• Operational leverage improved costs and expenses by nearly 180 basis points.

Outlook and guidance

• Focus on digital transformation, operational efficiency, and brand integration to drive future performance.

• Ongoing investments in technology, new store openings, and asset transformation planned for 2025.

• Expectation for Burger King same-store sales to align with inflation for the year.

• Deleveraging trajectory anticipated in the second half of the year due to stronger operational cash generation.