Vivara, Méliuz, and Banco ABC Q3 2025 Earnings

Brazil’s latest earnings trio tells a clear story for readers at home and abroad. A premium jeweler (Vivara) is selling more at better margins, a cashback-and-shopping app (Méliuz) is scaling fast while adding Bitcoin to its treasury, and a corporate bank (Banco ABC) is keeping profits steady but trimming next year’s growth plans.

Together, these results sketch an economy where upper-middle-class consumption is holding up, digital commerce is widening, and lenders are preparing for a cooler credit cycle.

Vivara — Q3 2025: Profitable Growth In Discretionary Retail

What it does: Brazil’s largest jewelry chain, selling branded jewelry through Vivara and Life stores.
The headline: profit rose 64% to R$ 176 million ($32.59 million) as the company sold more and kept tighter control over costs.

Adjusted Ebitda reached R$ 175 million ($32.41 million), with margin stepping up from 22.6% to 26.3%. Net revenue climbed 18% to R$ 664.5 million ($123.06 million).

The story behind the story: in a choppy consumer market, aspirational categories can still thrive when brands push design, pricing discipline, and store productivity.

Vivara also outpaced market expectations on revenue and Ebitda, signaling healthy demand running into Brazil’s holiday quarter. The risk to watch is how far mix and pricing can stretch if the economy slows, but for now the brand’s operating leverage is doing the work.

Méliuz — Q3 2025: Scale, Operating Leverage, And A Bitcoin Bet

What it does: a Brazilian cashback and shopping platform connecting users to partner merchants and ads.
The headline: record revenue of R$ 123.7 million ($22.91 million), up 37% year on year, and adjusted Ebitda of R$ 27.6 million ($5.11 million).

Adjusted net income came in at R$ 15.3 million ($2.83 million). Shopping Brasil revenue jumped 63% as user accounts grew 29% to roughly 10 million.

The story behind the story: beyond marketplace scale and ad monetization, Méliuz is building financial-services optionality and a controversial treasury strategy.

By September, it held 604.7 BTC valued at R$ 366.7 million ($67.91 million), noting a non-GAAP quarterly gain of about R$ 17 million ($3.15 million).

That adds volatility—and attention. If core operations keep compounding, crypto becomes a kicker rather than the core thesis; if the cycle turns, Bitcoin exposure could amplify swings.

Banco ABC — Q3 2025: Solid Now, Slower Later

What it does: a mid-size corporate bank focused on credit, capital markets, and treasury solutions.
The headline: recurring profit was R$ 256.8 million ($47.56 million), with managerial net interest income up 4.9% to R$ 652 million ($120.74 million) and fees at R$ 110.7 million ($20.50 million).

The loan book reached R$ 52.3 billion ($9.69 billion). The story behind the story: guidance was cut—expanded credit growth for 2025 is now 1%–4% (from 7%–12%), expense growth 4%–7% (from 6%–11%), and the efficiency-ratio target nudged to 39%–40% (from 36%–38%).

Translation: a more selective stance on new risk and tighter cost control as the corporate cycle cools. Stronger margins and spreads did the lifting this quarter; next year will be about credit quality and discipline.

The takeaway: jewelry’s resilience, digital commerce’s operating leverage, and bank caution can coexist. For investors, that means being selective—rewarding brands with pricing power, platforms converting scale into profits, and lenders that protect returns as growth slows.

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