Brazil’s newest earnings trio tells a transparent story for readers at house and overseas. A premium jeweler (Vivara) is promoting extra at higher margins, a cashback-and-shopping app (Méliuz) is scaling quick whereas including Bitcoin to its treasury, and a company financial institution (Banco ABC) is maintaining earnings regular however trimming subsequent yr’s progress plans.
Collectively, these outcomes sketch an economic system the place upper-middle-class consumption is holding up, digital commerce is widening, and lenders are getting ready for a cooler credit score cycle.
Vivara — Q3 2025: Worthwhile Development In Discretionary Retail
What it does: Brazil’s largest jewellery chain, promoting branded jewellery via Vivara and Life shops.
The headline: revenue rose 64% to R$ 176 million ($32.59 million) as the corporate bought extra and saved tighter management over prices.
Adjusted Ebitda reached R$ 175 million ($32.41 million), with margin stepping up from 22.6% to 26.3%. Internet income climbed 18% to R$ 664.5 million ($123.06 million).
The story behind the story: in a uneven client market, aspirational classes can nonetheless thrive when manufacturers push design, pricing self-discipline, and retailer productiveness.
Vivara additionally outpaced market expectations on income and Ebitda, signaling wholesome demand operating into Brazil’s vacation quarter. The danger to observe is how far combine and pricing can stretch if the economic system slows, however for now the model’s working leverage is doing the work.
Méliuz — Q3 2025: Scale, Working Leverage, And A Bitcoin Wager
What it does: a Brazilian cashback and procuring platform connecting customers to companion retailers and advertisements.
The headline: document income of R$ 123.7 million ($22.91 million), up 37% yr on yr, and adjusted Ebitda of R$ 27.6 million ($5.11 million).
Adjusted internet revenue got here in at R$ 15.3 million ($2.83 million). Buying Brasil income jumped 63% as consumer accounts grew 29% to roughly 10 million.
The story behind the story: past market scale and advert monetization, Méliuz is constructing financial-services optionality and a controversial treasury technique.
By September, it held 604.7 BTC valued at R$ 366.7 million ($67.91 million), noting a non-GAAP quarterly achieve of about R$ 17 million ($3.15 million).
That provides volatility—and a spotlight. If core operations preserve compounding, crypto turns into a kicker somewhat than the core thesis; if the cycle turns, Bitcoin publicity might amplify swings.
Banco ABC — Q3 2025: Stable Now, Slower Later
What it does: a mid-size company financial institution targeted on credit score, capital markets, and treasury options.
The headline: recurring revenue was R$ 256.8 million ($47.56 million), with managerial internet curiosity revenue up 4.9% to R$ 652 million ($120.74 million) and costs at R$ 110.7 million ($20.50 million).
The mortgage guide reached R$ 52.3 billion ($9.69 billion). The story behind the story: steerage was reduce—expanded credit score progress for 2025 is now 1%–4% (from 7%–12%), expense progress 4%–7% (from 6%–11%), and the efficiency-ratio goal nudged to 39%–40% (from 36%–38%).
Translation: a extra selective stance on new threat and tighter value management as the company cycle cools. Stronger margins and spreads did the lifting this quarter; subsequent yr might be about credit score high quality and self-discipline.
The takeaway: jewellery’s resilience, digital commerce’s working leverage, and financial institution warning can coexist. For traders, which means being selective—rewarding manufacturers with pricing energy, platforms changing scale into earnings, and lenders that shield returns as progress slows.
