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 acquisitions and strong digital sales growth.

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

• Digital channels accounted for 54.8% of total revenue, with digital sales up 21.9% year-over-year.

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

• Net loss narrowed to R$22.5 million, a 30.8% improvement year-over-year.

Financial highlights

• Gross margin was 64%, down 0.5 percentage points due to inflationary pressures, especially in protein costs.

• Adjusted EBITDA margin rose to 13.9%, up 1.8 percentage points year-over-year.

• Net debt increased to R$767.7 million, with leverage at 2.0x Adjusted EBITDA.

• 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

• 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.