Azzas registered recurring net profit of R$168 million between October and December, 0.5% left in relation to the same period in 2024. In the period, Ebitda (earnings before interest, taxes, depreciation and amortization) recurring amount totaled R$501.1 million, down 3.5% on the same basis of comparison, with a practically stable margin at 15.4%.
The year 2025 marked the first complete cycle of operation of Azzas 2154 after the business combination between Arezzo&Co and Grupo Soma. During this period, the company registered net profit of R$770.7 millionan increase of 30.5% compared to 2024, according to the balance released this Wednesday, 11.
O Recurring EBITDA totaled R$1.94 billion in 2025growth of 5.8% compared to the previous year. Net revenue totaled R$11.8 billion in the year to date, an increase of 2.2% in the annual comparison.
Net revenue for the quarter, in turn, totaled R$3.26 billion, an annual decline of 4.1%. THE gross revenue fell 2.3% in the period, a smaller decline than that of net revenue. According to the company, the difference reflects the greater weight of deductions, impacted by the increase in taxes, the lower generation of ICMS credits and tariffs on imports into the United States.
“The movement is linked to the process of reducing stocks in the Shoes & Bags unit franchises and the advancement of FarmRio’s international e-commerce, which has return rates higher than those observed in Brazil”, stated the company.
Despite the specific pressure on some indicators in the quarter, the company highlighted the strong generation of operating cash. In the fourth quarter, cash flow reached R$838 million, the highest level since the merger that gave rise to Azzas 2154. In 2025, operational cash generation totaled R$1.2 billion, equivalent to a conversion of 71% of Ebitda (pre-IFRS-16) into cash.
Throughout the year, the company also reduced investments. Capex fell 30.8% in 2025, to R$383.7 million, reflecting greater discipline in capital allocation and prioritization of projects with higher returns.
As a result, the company ended the fourth quarter with a cash position of R$1.08 billion and net debt of R$2.12 billion. Net leverage fell from 1.37 times in September to 1.28 times at the end of December 2025, even after the payment of R$500 million in dividends in the quarter.
Among the highlights of the year was also international expansion. THE revenue outside Brazil totaled R$1.7 billion in 2025, an increase of 21% compared to 2024, driven mainly by the expansion of the FarmRio brand abroad.
