Marisa Swings to Q4 Loss as 2025 Results Show Sharp Full-Year Rebound

Overview

• Marisa reported a net loss of R$70.2 million in the fourth quarter of 2025, reversing a R$5.8 million profit in the same period a year earlier.
• For 2025, the net loss narrowed to R$59.9 million, an 81% improvement, as revenue rose 6.5% to R$1.48 billion and EBITDA (earnings before interest, taxes, depreciation and amortization) jumped to R$366.7 million.
• Quarterly performance weakened, with Q4 revenue down 2.2% to R$458.0 million and Q4 EBITDA down 44% to R$67.2 million, which the CEO linked to a margin-first strategy and milder temperatures in its core South and Southeast markets.
• The company ended 2025 with 230 stores, four fewer than in 2024, and about 7 million active customers.
• Management said financial expenses tied to the capital structure kept net results negative and noted that early 2026 sales are tracking in line with the budget in a high-rate environment.