By Vinicius Figueiredo
As widely expected by the market, Hypera reported results still impacted by the optimization process in its working capital strategy. We observed a top-line decline of 41% YoY as the company focused on accelerating the reduction of inventory levels for its clients. Naturally, this led to considerable operating deleverage, resulting in EBITDA pressure.
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. –
Net revenue decreased by 41% YoY, as expected, due to the acceleration in the working capital optimization process. – Gross margin declined by 13.8 pp YoY, primarily due to changes in the product mix and reduced operating leverage. EBITDA (excluding others) was negative at BRL 129 million. – We noticed a significant BRL 1 billion decrease in receivables QoQ, driven by a lower top line and the implementation of a new working capital strategy. There was also an unexpected nominal increase in inventory levels QoQ. Lastly, net debt decreased by BRL 86 million QoQ.
Best regards, Vinicius Figueiredo, CNPI vinicius.figueiredo@itaubba.com +55-11-3073-3029 Lucca Generali Marquezini, CNPI lucca.marquezini@itaubba.com +55-11-3073-3246 Felipe Amancio, CNPI felipe.amancio@itaubba.com +55-11-3073-3476 ——————————- Please refer to the relevant page of the report for important disclaimers, disclosures, analyst certifications and additional information.
Fonte: Itau BBA