ZAMP (ZMMP.Y) Q2 2025 earnings summary

Executive summary

• Net operating revenue reached R$1.3 billion in 2Q25, up 15.9% year-over-year, driven by strong digital sales and integration of Subway and Starbucks, with digital channels accounting for 53.3% of revenue and system sales up 51%.

• Adjusted EBITDA rose 16.5% to R$173.5 million, with margin stable at 13.5%, while net loss widened to R$72.5 million due to higher G&A and cost pressures.

• Restaurant count increased to 2,668 units, reflecting significant expansion from Subway and Starbucks acquisitions.

Financial highlights

• Net operating revenue: R$1,284 million in 2Q25 (+15.9% YoY); LTM revenue R$4.86 billion (+16.9%).

• Adjusted EBITDA: R$173.5 million (+16.5% YoY); margin: 13.5% (+7bps YoY).

• Net loss: R$72.5 million (vs. R$27.5 million loss in 2Q24).

• Digital sales: R$684 million (+22.3% YoY), representing 53.3% of total revenue.

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

Outlook and guidance

• Management expects continued growth from digital channels, operational leverage, and further value creation as new brand integrations mature.

• Focus on digital transformation, innovation, and asset reinvestment, with ongoing investments in technology and new store openings.