Grupo Multi (MLAS3) Q4 2025 earnings summary

Executive summary

• Net revenue reached R$3,923.8 million in 2025, up 15.8% year-over-year, with strong Q4 performance (+20.6% vs. 4Q24) and growth driven by government and corporate sales.

• Achieved net income of R$121.9 million in 2025, reversing a loss of R$321.2 million in 2024, reflecting a successful turnaround and operational recovery.

• Adjusted EBITDA for 2025 reached R$176.5 million, up 326.5% from 2024, with a margin of 4.5%.

• Ended 2025 with a net cash position of R$166.5 million and negative leverage of -1.03x.

• Focused on portfolio optimization, gross margin recovery, expense reduction, and cash generation, supporting sustainable profitability.

Financial highlights

• Gross profit rose 23.4% year-over-year to R$970.5 million; gross margin improved to 24.7% (+1.5 p.p. YoY).

• Adjusted EBITDA margin expanded to 4.5% (+3.3 p.p. YoY); net margin reached 3.1% in 2025 (vs. -9.5% in 2024).

• Operating cash generation totaled R$75.3 million for the year (+14.4% YoY), with strong Q4 contribution.

• Cash and equivalents at year-end 2025 totaled R$656.5 million, covering short-term obligations by 1.9x.

• Gross debt reduced 24.4% year-over-year to R$490.0 million.

Outlook and guidance

• Management expects continued challenges in 2026 from global conflicts, logistics disruptions, component shortages, and domestic fiscal and political volatility.

• Will maintain focus on efficiency, working capital management, and capturing new market opportunities.

• Announced exclusive partnership with Sennheiser for Brazil, strengthening the Corporate segment.