Tupy, Wiz, And Zamp Q3 2025 Results

Three very different stories defined Brazil’s latest earnings season. Tupy (auto-parts and engine castings) battled profit pressure but proved cash-rich. Wiz (insurance broker focused on bancassurance) kept compounding through partner networks.

Zamp (operator of Burger King, Popeyes, Subway, and Starbucks in Brazil) grew fast after acquisitions but carried more debt. Here’s what really moved the numbers—and what it means next.

Tupy — Profit Pressure, Strong Cash, And A Warning On Costs

What it does: makes cast iron components for engines and industrial systems, selling to automakers and heavy-equipment makers.

The quarter in one line: profits fell even as the balance sheet improved. Tupy swung to a net loss of R$ 39.5 million ($7.31 million) as “other operating expenses” rose to R$ 52.1 million ($9.65 million), up 38%.

Revenue dropped 13% to R$ 2.39 billion ($442.59 million) on softer export demand and mix. EBITDA slid 62% to R$ 114.7 million ($21.24 million), with margin down to 4.8% from 10.9%.

Yet the company generated a record third-quarter operating cash flow of R$ 383 million ($70.93 million), thanks to tighter working capital. Net debt improved quarter-on-quarter to R$ 2.26 billion ($418.52 million), though leverage ticked up as EBITDA shrank.

The story behind the story: Tupy can pull cash out of the system when it needs to, but the spike in non-core expenses exposed how quickly margins can compress. Watch whether those “other expenses” normalize and whether pricing/mix offsets a still-uneven global cycle.

Wiz — Partnership Flywheel Still Spinning

What it does: distributes insurance, consortia, and credit products, mostly via bank channels (bancassurance).

The quarter in one line: steady, scalable growth with discipline. Consolidated net income rose 15% to R$ 101.7 million ($18.83 million). Adjusted net revenue increased just over 9% to R$ 289.5 million ($53.61 million).

Insurance commission revenue climbed nearly 23% to R$ 185.6 million ($34.37 million), helped by BMG Corretora and BRB Seguros; premium issuance hit a record R$ 1.0 billion ($185.19 million), with BMG contributing R$ 258.4 million ($47.85 million). EBITDA edged up 3.6% to R$ 194.3 million ($35.98 million).

The story behind the story: diversification across partners and a growing digital toolkit are cushioning a tougher market. Key risks to watch are partner-renewal terms and any slowdown in consumer credit that could soften cross-sell—yet operating leverage remains favorable.

Zamp — Bigger, Better, But With A Heavier Backpack

What it does: runs quick-service restaurant brands, now four banners after late-2024 dealmaking.

The quarter in one line: acquisitions lifted sales and EBITDA, while debt rose. Zamp cut its net loss by 31% to R$ 22.5 million ($4.17 million) as net revenue grew 17% to R$ 1.3 billion ($240.74 million).

System sales hit R$ 2.3 billion ($425.93 million). By brand: Burger King R$ 1.1 billion ($203.70 million), Popeyes R$ 84.0 million ($15.56 million), Starbucks R$ 92.7 million ($17.17 million) with a strong 63.5% gross margin; Subway system sales were R$ 584.6 million ($108.26 million).

Adjusted EBITDA rose 35% to R$ 182.3 million ($33.76 million). Net debt climbed to R$ 767.7 million ($142.17 million) as the company integrated assets and invested across a 2,665-store network.

The story behind the story: integration synergies and digital/delivery mix are improving earnings, but higher leverage and input-cost volatility (notably proteins) demand flawless execution and vigilant unit economics.

Bottom line: Tupy must tame non-core costs to let its cash strength show through; Wiz’s partner-led model continues to compound quietly; Zamp’s multi-brand scale is paying off, provided it manages debt and inflation with precision.

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