By Brazil Stock Guide – Cambuci S.A., the sportswear group behind the Umbro and Penalty brands, reported a 17% drop in net income to R$17.1 million in 3Q25, pressured by weaker consumer demand and a less favorable sales mix. Revenue fell 15% year on year to R$105.6 million, while the company kept profitability relatively high despite the slowdown.
Operating results also softened: EBITDA slid 25.6% to R$22.4 million, with the margin narrowing three points to 21.2%. Gross profit fell to R$51.2 million, representing a 48.5% margin (down 0.4 p.p.). In the first nine months of 2025, revenue reached R$303 million (–12.7%), and EBITDA dropped 25.5% to R$69.4 million.
Cambuci’s cash position strengthened, rising 51.7% from December 2024 to R$63.7 million, while inventories shrank more than 20%. The company generated R$59.2 million in operating cash over nine months, ending the period with a 3.0x current ratio, and distributed R$27.4 million in dividends and JCP so far in 2025.
The management cited a challenging macro backdrop and a shift toward mid-tier products and large retail accounts, partially offset by efficiency gains. The company has also hired Heartman House to design a five-year growth plan, starting in 2026, aimed at doubling revenue and expanding brand presence in Brazil and abroad.