ZAMP (ZMMP.Y) Q4 2025 earnings summary

Executive summary

• Net operating revenue reached R$1.5 billion in 4Q25, up 14% year-over-year, with annual revenue at R$5.2 billion, up 14.8%.

• Adjusted EBITDA for 4Q25 was R$259 million, a 43% increase year-over-year, with margin rising to 17.5%.

• Net profit for 4Q25 was R$31 million, reversing a loss of R$41 million in 4Q24.

• Digital sales grew 30.3% year-over-year, accounting for 57.1% of total revenue in 4Q25.

• The store portfolio ended 2025 with 2,645 units across four brands, with national coverage and a 66% franchisee/34% company-owned split.

Financial highlights

• Gross margin improved to 65.9% in 4Q25, up 0.6 p.p. year-over-year.

• Adjusted EBITDA ex-IFRS 16 was R$186.5 million in 4Q25, up 72.4% year-over-year.

• Net debt reached R$679.1 million, with leverage at 1.5x Adjusted EBITDA.

• Operating cash flow (ex-IFRS 16) was R$246.9 million in 4Q25, up R$108.9 million year-over-year.

• CAPEX for 2025 totaled R$316.7 million, focused on renovations, new store openings, and technology.

Outlook and guidance

• Management approved a R$500 million debenture issuance in February 2026, with potential to increase to R$600 million, to support working capital, obligations, and expansion.