By Brazil Stock Guide – Vivara (B3: VIVA3), Latin America’s largest jewelry chain, reported net income of R$175.8 million for the third quarter of 2025, boosted by deferred-tax adjustments and record operational efficiency. The company delivered the highest gross and EBITDA margins in its history, reaffirming its position as Brazil’s premium jewelry leader.
Record profitability and double-digit growth
Gross revenue reached R$805.4 million, up 15.5% year-on-year, supported by 10.4% same-store sales (SSS) growth and 39 new store openings. The gross margin rose to 71.4%, up 4.4 percentage points from a year earlier, driven by disciplined pricing, improved supplier terms in the watches segment, and higher in-house production from its Manaus facility. Adjusted EBITDA climbed 37% to R$174.5 million, with a margin of 26.3% — both record levels for the company.
Growth across brands and channels
Sales from physical stores advanced 16.3%, led by Vivara (+15.3%) and Life by Vivara (+21.3%), which now accounts for more than 60% of its category’s sales. The digital channel grew 11.6%, supported by the new app and a hub-store model that integrates online orders with in-store fulfillment. Among categories, Watches were the highlight with a 28% jump, while Jewelry remained dominant at 52% of total revenue.
Cash generation and inventory discipline
Vivara ended the quarter with net debt of R$317 million and a temporary operating cash outflow of R$12.6 million, due to the early collection of R$90 million in card receivables. Without this one-off effect, the company would have generated R$77.8 million in operating cash. Inventory initiatives — including product recycling and better allocation between stores — kept stock growth to its lowest third-quarter pace since 2020.
Holiday momentum and 2026 outlook
CEO Ícaro Borrello said the company is entering the year-end period “fully focused on Black Friday and Christmas,” with omnichannel operations strengthened and its Personal Shopper program deepening customer engagement. In 2026, Vivara plans to accelerate the expansion of Life stores and consolidate its 23% share of Brazil’s jewelry market.