ZAMP (ZMMP.Y) Q4 2025 earnings summary

Executive summary

• Net operating revenue reached R$5.2 billion in 2025, up 14.8% year-over-year, with audited financials receiving an unqualified opinion under Brazilian GAAP and IFRS.

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

• Net profit for 4Q25 was R$31 million, reversing a prior loss, while the annual loss narrowed to R$107.1 million from R$191.3 million.

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

• In 2025, a tender offer led to a change in control, with MC BRAZIL and MIC CAPITAL Partners increasing their stake to 85.5% and the company delisting from B3's Basic Segment.

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.

• Cash and cash equivalents rose to R$208.3 million at year-end 2025.

Outlook and guidance

• Management expects improved balance sheet strength and cash generation in 2026, supported by ongoing capital management and a new debenture issue approved in February 2026 for up to R$600 million.

• No material uncertainties regarding going concern were identified.