ZAMP (ZMMP.Y) Q3 2025 earnings summary

Executive summary

• Net operating revenue reached R$1.31 billion in 3Q25, up 16.7% year-over-year, driven by the integration of Subway® and Starbucks® brands, acquisitions, and strong digital sales growth.

• System-wide sales rose 50% to R$2.3 billion, reflecting the integration of Subway® and Starbucks®.

• Adjusted EBITDA increased 34.5% YoY to R$182.3 million, with margin improvement to 13.9%.

• Net loss narrowed to R$22.5 million in 3Q25 from R$32.5 million in 3Q24, a 30.8% improvement, reflecting operational leverage and cost control.

• Digital sales grew 21.9% YoY, accounting for 54.8% of total revenue, and the loyalty program reached 21 million users.

Financial highlights

• Gross margin was 64%, down 0.5 p.p. YoY due to inflationary pressure on protein costs.

• Net debt (ex-IFRS 16) increased to R$767.7 million, with leverage at 2.0x adjusted EBITDA.

• Gross revenue for the system-wide portfolio reached R$2.3 billion, up 50% YoY, mainly from acquisitions.

• Operating cash flow improved to R$232.8 million, and adjusted free cash flow reached R$154.3 million.

• CAPEX for the quarter was R$76.2 million, focused on new store openings, renovations, and technology.

Outlook and guidance

• Management expects continued operational improvements and integration benefits from recent acquisitions.

• Pricing strategies and product mix are expected to mitigate ongoing inflationary pressures.

• Continued focus on digital transformation and CRM, with loyalty program Clube BK surpassing 21 million users.

• Ongoing integration and optimization of newly acquired brands to drive further growth and operational leverage.