Itaú BBA on Hypera: Results Still Affected by WK Shift; Sell-Out Growth Acceleration Yet to Come

However, the company achieved a significant reduction in accounts receivable, with April already meeting the target of 60 days of receivables. In our view, market pushback should focus on the sell-out growth of 6% in the retail segment, which remains below the expected growth for the full year 2025. This is an important metric as it indicates what the normalized growth for the company would be from the second half of 2025 onward.