VIVA3: quote, dividends and indicators for Vivara

Vivara Participações S.A. is a Brazilian company in the retail segment for jewelry, watches, fragrances, and accessories, with shares traded on B3 under the ticker VIVA3. The group’s origins date back to 1962, when it was created as a small 10 m² goldsmith workshop in downtown São Paulo, dedicated to producing custom-made jewelry. In 1977, it adopted the name Confecção de Joias Vivara, inspired by an Italian island. From the 1980s onward, it began a relevant expansion process, opening its first store in a shopping mall at Shopping Eldorado in São Paulo and launching its watch portfolio, accompanied by technology investments to differentiate product design. In 1992, it opened a factory in the Manaus Free Trade Zone, in the state of Amazonas, which enabled industrial scale gains, and in 1993 it opened its first store outside the state of São Paulo, in the Northeast region. In the 2000s, with ISO 9001 certification, it consolidated itself as one of the main jewelry chains in the country and accelerated its physical expansion, reaching the milestone of one hundred stores nationwide.

The current corporate structure was shaped over time. In 2016, Conipa Indústria e Comércio de Presentes, Metais e Artigos de Decoração Ltda. was created through a partial spin-off of Tellerina Comércio de Presentes e Artigos para Decoração S.A., concentrating industrial activities in Conipa and retail operations in Tellerina. In May 2019, Vivara was established as a limited liability company and, in June of the same year, a corporate reorganization transformed the company into a corporation and consolidated 100% ownership in Tellerina and Conipa, forming Grupo Vivara. In October 2019, the company carried out its initial public offering (IPO), with VIVA3 shares starting to trade on B3 – Brasil, Bolsa, Balcão, at an initial price of R$ 24.00 per share. In the following years, the group continued to modernize the brand, expand channels, and diversify its portfolio, including the creation of the Life by Vivara category in 2011, the launch of e-commerce in 2012, fragrances in 2015, and the adoption of an omnichannel platform in 2016.

Vivara’s business model is based on a vertically integrated and multichannel strategy, with a primary focus on a single retail operating segment. The company operates from the conception, design, and production to the distribution and sale of its products, combining physical and digital channels. In 2025, Vivara reported net revenue of approximately R$ 3.0 billion, Adjusted EBITDA of R$ 766.3 million, an adjusted EBITDA margin of 25.3%, and net income of R$ 619.5 million. Its commercial relationship base at the end of 2025 included more than 2.4 million active customers registered in its CRM, responsible for purchasing around 5 million pieces distributed from distribution centers located in the southern region of the city of São Paulo, in Pernambuco, and in Espírito Santo. The company concentrates its activities in a single retail segment, which accounts for 100% of reported consolidated revenue and net income, with no dependence on relevant individual customers, as it has no buyers that individually account for more than 10% of net revenue.

The portfolio is organized into brands and categories aiming to cover different price ranges and consumer profiles. The Vivara brand, launched in 1962, is the group’s historical core and concentrates jewelry with a predominance of gold and a positioning geared toward an audience generally over 30 years old, offering collections with a more classic and timeless aesthetic. At the end of 2025, the company had 268 Vivara stores, which generated annual revenue of approximately R$ 2.4 billion. Life by Vivara, created in 2011, focuses on silver pieces and more affordable products, with a collectible character and a stronger fashion appeal, including bracelets, charms, rings, necklaces, leather bracelets, and lines geared toward male customers and the pet category. This brand has been undergoing a strong organic expansion process since 2021, with the recurring opening of stand-alone stores in shopping malls and an expanded assortment of collections, and ended 2025 with 219 own stores and annual revenue of R$ 805 million. The portfolio is complemented by the Vivara Watches, Vivara Fragrances, and Vivara Accessories divisions, which cover own-brand and third-party watches, fragrances focused on the female audience, and an accessories line that includes items from own and licensed brands, resulting in an offering that ranges from around R$ 100.00 to above R$ 100,000.00 per piece.

Vivara also operates as a distributor of international watch brands in Brazil, which reinforces the importance of the Vivara Watches division. Eighteen brands are marketed, including own brands (Vivara, Akium, and Life by Vivara), brands for which the company has exclusive distribution rights in the country, such as Tommy Hilfiger, Lacoste, Boss, Hugo, Festina, Ducati, Olivia Burton, Calvin Klein, and Movado, as well as third-party brands such as Guess, Tag Heuer, Bulova, Victorinox, Baume et Mercier, and Montblanc. Production is predominantly in-house, supported by the factory in the Manaus Free Trade Zone, which follows structured and segmented processes for jewelry and watches, with research, development, prototyping, pilot testing, mass manufacturing, and quality control stages. The average cycle between the conception and the availability for sale of a jewelry collection is around three to four months, with production recordkeeping and tracking through ERP systems. In the case of watches, there are specific industrial workflows involving the import of components, assembly, mandatory technical tests, finishing, packaging, and shipping, in compliance with the requirements of the Manaus Industrial Hub.

Vivara’s geographic presence is national and, more recently, international. At the end of 2025, the company had 498 points of sale, including 268 Vivara stores, 219 Life stores, and 11 kiosks, of which 497 were in Brazil and one Vivara store in Panama, opened in 2024 at Shopping Multiplaza in Panama City. The chain is present in all Brazilian states and in the Federal District, with a strong concentration in shopping malls, which account for approximately 99% of points of sale, in addition to a street store on Rua Oscar Freire in São Paulo. The Southeast is the main region in terms of revenue, accounting for about 52.7% of gross revenue as of December 31, 2025, in line with that region’s larger share of national GDP. Logistics are supported by three distribution centers, located in São Paulo, Pernambuco, and Espírito Santo, with the capacity to restock stores on average in about three days and deliver to end customers within short time frames, including accelerated delivery options of up to six hours in part of the states and an option for in-store pickup within up to two hours.

On the regulatory front, Vivara is mainly subject to the legislation applicable to the commercialization of jewelry, stones, and precious metals in Brazil, notably the requirements of the Anti-Money Laundering Law and the rules of the Financial Activities Control Council (COAF). Subsidiaries Tellerina and Conipa are registered with COAF, which requires client identification and registration, recordkeeping of transactions above certain amounts, reporting of suspicious transactions or cash transactions above pre-established thresholds, maintaining records for at least five years, internal policies for preventing money laundering and terrorist financing, as well as specific procedures for dealing with politically exposed persons. Additionally, the company adopts compliance practices to comply with Law No. 13,810, related to international sanctions, and maintains a Policy for the Prevention of Money Laundering and Terrorist Financing, in line with COAF Resolution No. 36. Operations also depend on a set of state and municipal licenses, such as sanitary licenses for activities involving products subject to health surveillance, operating permits, fire department authorizations, and compliance with urban zoning rules, subjecting the establishments to local regulatory scrutiny.

Regarding environmental, social, and governance (ESG) aspects, Vivara publishes an annual Sustainability Report, with information on its performance in these dimensions and a description of its materiality matrix. The report is prepared based on Global Reporting Initiative (GRI) standards and is available through the company’s institutional channels. Among the topics considered material are social and environmental responsibility in the raw materials used, employee health and safety, social impacts and relationships with local communities, governance, transparency and anti-corruption, product responsibility, people development, climate change and emissions management, circularity and waste management, as well as diversity and inclusion. These topics guide management priorities and the monitoring of internal indicators, even though the sustainability report has not, as of the date reported, been subject to independent audit. In this context, Vivara, through its VIVA3 shares on B3, presents itself as a jewelry and related-products retail company with nationwide operations, vertically integrated production, and growing attention to integrating ESG practices into its corporate strategy.