ZAMP (ZMMP.Y) Q2 2026 earnings summary

Executive summary

• Net operating revenue reached R$1.4 billion in 2Q26, up 8.3% year-over-year, with digital sales growing 26.7% and accounting for 65.5% of restaurant revenue.

• Adjusted EBITDA was R$184.7 million, up 7% YoY, with a margin of 13.3%. Net loss improved to R$45.8 million from R$72.5 million in 2Q25.

• System-wide gross sales reached R$2.7 billion, a 17% increase YoY, reflecting strong brand integration and revenue management.

Financial highlights

• Gross margin expanded to 69.3%, up 423bps YoY, driven by revenue management and cost dilution.

• Net debt rose to R$1,176.5 million, with leverage at 2.5x Adjusted EBITDA (ex-IFRS 16).

• Shareholders’ equity decreased to R$1,347.6 million from R$1,472.3 million at 2Q25.

• Cash and cash equivalents stood at R$135.7 million at quarter-end.

• CAPEX for the quarter was R$143.4 million, mainly for store reinvestments and openings.

Outlook and guidance

• Management expects continued revenue growth, supported by digital channel expansion and ongoing brand investments.

• Ongoing investments in store modernization and expansion, particularly for Burger King and Starbucks.

• Seasonality in the second half is anticipated to improve cash generation and liquidity.