Vivara (VIVA3) posted adjusted net income of R$ 119.9 mn in 3Q26, down 22.2% from R$ 154.0 mn in 3Q25. In the first nine months of 2026 (9M26), adjusted net income was R$ 367.9 mn, a decline of 15.1% from R$ 433.6 mn in 9M25.
Gross revenue totaled R$ 867.4 mn in 3Q26, up 7.7% from R$ 805.4 mn in 3Q25. In 9M26, it reached R$ 2,690.6 mn, an increase of 10.5%. Net revenue grew 4.3% in the quarter, to R$ 692.9 mn. Lower subsidy revenue (tax incentive), at R$ 62.4 mn versus R$ 79.6 mn in 3Q25, limited the growth.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 132.7 mn in 3Q26, down 22.4% from R$ 170.9 mn in 3Q25, with a margin of 19.1% (25.7% in 3Q25). In 9M26, it totaled R$ 434.7 mn, a decline of 6.6%. Adjusted gross profit was R$ 469.8 mn in the quarter, with a gross margin of 67.8%, versus 71.3% a year earlier. According to the company, the margin was pressured by lower price pass-through in jewelry amid the drop in gold prices and by the higher cost of silver. Adjusted operating expenses rose 11.3%, to R$ 337.3 mn, with higher personnel and marketing spending to support store openings.
By channel, digital sales grew 25.3% in 3Q26, to R$ 140.7 mn, and the app accounted for 31% of them. By category, watches rose 15.5% and Life, 10.3%. Same store sales (sales in the same stores, including digital) were 4.4%. The company ended the quarter with 533 points of sale, 13 more than in 2Q26.
Operating cash generation was R$ 46.1 mn in 3Q26, equivalent to 34.7% of adjusted EBITDA. Net debt, including confirming payables (supplier finance), was R$ 149.7 mn, down 57.8% from R$ 354.5 mn in 3Q25, and the ratio to adjusted EBITDA stood at 0.2x. In October 2026, Vivara carried out its 2nd issuance of debentures (debt securities), in the amount of R$ 300 mn, with a five-year term, at CDI + 0.65% per year. The proceeds will be used mainly to pay off a loan maturing in December 2026, and the remainder will bolster cash. Inventory totaled R$ 1,623 mn, equivalent to 582 days, a reduction of 141 days from 3Q25.
Non-cash accounting entries, linked to the update of policies and internal controls, had a net impact of R$ 5.1 mn on net income in 3Q26, including a provision for stone obsolescence and a review of tax credits. Reported net income (pre-IFRS 16) was R$ 114.8 mn. These amounts were excluded from adjusted results.
