ALLD3: quote, dividends and indicators for Allied

Allied Tecnologia S.A., traded on B3 under the ticker ALLD3, is a Brazilian company that traces its origins back to 2001, when the Radomysler family began importing and distributing cell phones and electronic accessories through Allied Advanced Technologies Ltda. In its first growth cycle, between 2001 and 2010, the company established itself as a relevant supplier to telecom operators and manufacturers in a market still concentrated in telcos. A milestone in this period was the signing of an exclusivity agreement for customizations and after-sales services with a major operator, which increased Allied’s relevance in the segment. The regulatory change brought about by ANATEL’s General Number Portability Regulation in 2007 contributed to a reduction in handset subsidies by operators and a migration of sales to multi-brand retailers, creating room for Allied to position itself as a key partner in purchasing and reselling products to a growing base of retailers across the country.

Between 2010 and 2014, in its second growth cycle, the company benefited from the strong expansion of the smartphone market and the shift of sales toward large retailers and specialized chains, consolidating itself as one of the main cell phone distributors in Brazil. In 2011, it received an investment from the private equity fund One Equity Partners, which, in addition to capital to expand distribution, helped improve internal controls, management practices, and governance. During this period, Allied diversified its business by managing telecom operators’ online stores starting in 2012, opening its first Samsung-branded retail stores in shopping malls in São Paulo and Rio de Janeiro in 2013, and expanding its portfolio to digital cameras, notebooks, and videogame consoles. In 2014, Allied Tecnologia S.A. was formally established, and in 2016 it absorbed Allied Advanced Technologies Ltda., consolidating the corporate structure under a single company.

Starting in 2015, with control acquired by the FIP Brasil I and II funds, indirectly managed by Advent International, the third growth cycle began, marked by the consolidation of Allied as an integrated platform for digital products and services. In 2017, the creation of subsidiary Mobcom Tecnologia Ltda. strengthened its digital retail operations while the company expanded the number of Samsung stores and acquired Wooza Tecnologia e Representações S.A., focused on enabling data, voice and top-up plans in the online channel. In this phase, Allied implemented the “Store in Store” model in brick-and-mortar retail, acquired Arte Telecom Ltda. (with dozens of Samsung stores), expanded its base of branded points of sale, and in 2019 created SOUDI Pagamentos Ltda., a digital financial services platform focused on credit cards to drive sales. In 2020, a highlight was the launch of the “iPhone pra Sempre” program, in partnership with Apple and Banco Itaú, consolidating Allied as a strategic partner in device financing and trade-in programs. In April 2021, its listing on B3’s Novo Mercado formalized the entry of ALLD3 shares into the capital markets, reinforcing its corporate governance commitments.

Over the following years, Allied continued to adjust and diversify its business model. In 2021, the acquisition of BrUsed strengthened its position in used and refurbished electronics, integrating a channel focused on individual consumers. In 2022, the company rebranded these products and officially launched Trocafy, targeting the refurbished device market. In 2023, it advanced the international expansion of its electronics distribution to Latin American countries, expanded sourcing channels for Trocafy, began operating HP online stores for end consumers and small and medium-sized businesses, and launched a leasing operation for Acer. In 2024, it implemented a partnership to offer Apple products within Shopping Nu, consolidated Trocafy through sourcing agreements for cell phones with Vivo and Claro, and decided to discontinue SOUDI’s credit origination operations in response to deteriorating credit conditions and with the aim of reducing exposure to financial risk. In 2025, the company continued to improve operational and financial efficiency, focusing on inventory management, expense discipline, cash generation, and liquidity preservation.

Allied’s business model integrates three main sales channels: brick-and-mortar retail, digital retail, and distribution, operating as a platform that connects global manufacturers, retailers of various sizes, and end consumers. In 2025, the company sold around 6.4 million products, generating approximately R$ 6.4 billion in gross sales revenue and R$ 5.5 billion in net revenue, with a single consolidated operating segment. Its portfolio includes smartphones, notebooks, wearables, videogames, TVs, and other consumer electronics, representing more than 30 premium brands, including Apple, HP, Samsung, Motorola, Microsoft, Lenovo, and Acer. In addition to product sales, Allied offers complementary services such as software licenses, insurance, device trade-ins, and the sale of telecom operators’ plans, with customized solutions for both B2B and B2C clients. As of December 31, 2025, the company had more than one thousand employees, 98 physical points of sale, and four distribution centers in Jundiaí (SP), Serra (ES), Extrema (MG), and Miami (USA).

In brick-and-mortar retail, Allied operates exclusively Samsung-branded locations in shopping malls, with 98 points of sale (78 stores and 20 kiosks) at the end of 2025, located mainly in the states of São Paulo, Rio de Janeiro, Minas Gerais, and Mato Grosso do Sul. These operations account for a significant share of Samsung store sales in Brazil, under a contract that allows the use of the brand and sets specific operating conditions. The stores offer Samsung smartphones, tablets, wearables, and accessories, as well as services such as insurance and telecom operators’ plans. The company has been optimizing this network by closing less profitable units, such as the sale of its operations in Paraná in 2025, prioritizing higher productivity per square meter and locations with heavy customer traffic. In digital retail, Allied operates its own e-commerce sites under the Mobcom and Trocafy brands, using Vtex’s SaaS platform, and acts as a major technology seller on the country’s main marketplaces, such as Mercado Livre, Magazine Luiza, Amazon, and Casas Bahia. The digital channel also includes strategic partnerships such as the “iPhone pra Sempre” program with Itaú and Apple, HP’s official online stores, and the operation of Apple product offerings in Shopping Nu in partnership with Nubank.

In distribution, Allied is among the largest buyers from technology manufacturers in Brazil and serves as a partner to both major retailers and small and medium-sized merchants. In 2025, it distributed around 5.4 million products to more than 3,000 customers, including large chains such as Magazine Luiza, Amazon, Gazin, Mercado Livre, C&A, Casas Bahia, and Havan, as well as corporate clients and the public sector. The distribution model is designed to serve retailers with specific logistics needs, limited credit, demand for prompt delivery or product customization, and to support telecom operators in the logistics of devices and associated services. Its distribution centers allow it to reach approximately 5,000 municipalities, with infrastructure geared both to supplying physical stores and delivering directly to end consumers. The Sales and Operations Planning area coordinates inventory management with demand forecasting and continuous review of purchasing plans, seeking to maximize return on invested capital and minimize stockouts.

From a regulatory standpoint, Allied’s core activity—retail and distribution of consumer electronics—is not considered a specifically regulated sector, but its operations must comply with municipal rules related to zoning, operating licenses, and fire department permits. In addition, the company acts as an insurance representative for an insurer authorized by SUSEP, offering insurance for cell phones and thus being subject to the rules of the National Council of Private Insurance and SUSEP itself regarding insurance representation. The company is also subject to the General Data Protection Law (LGPD), having set up privacy and information security committees, data governance processes, adjusted contracts with third parties, vulnerability testing, and continuous security monitoring (SOC) to mitigate data incident risks. On environmental matters, Allied understands that its activities have a relatively lower environmental impact, but it maintains the necessary permits and licenses and falls under the framework of the National Solid Waste Policy, which establishes shared responsibilities for the life cycle of electronic products. In this context, its work with refurbished devices through Trocafy also represents an initiative aligned with extending the useful life of equipment and ensuring more appropriate disposal of used devices.