Positivo Tecnologia (POS3) investor relations material

Executive summary

• Operating cash flow reached R$118 million in Q3 and R$331 million year-to-date, with net debt reduced and strong growth in payment services and IT solutions, though total revenue and profitability remained under pressure due to public sector delays and smartphone market challenges.

• Corporate segment revenue grew 21.9% year-over-year, driven by Payment Solutions (+65%) and managed IT services (Positivo S+ +23%), while Public Institutions revenue fell 34.7% due to federal budget constraints.

• Consumer segment revenue declined 12.5% year-over-year, mainly from a 54% drop in smartphone sales, but online channels grew 40% and now represent 43% of the segment's revenue.

• EBITDA margin improved to 8.5% in Q3 2025, up 0.3 percentage points from Q3 2024, despite lower revenue volume.

• Net profit was R$1.1 million in Q3 2025, down from R$1.7 million in Q3 2024; year-to-date net loss was R$9.3 million versus a profit of R$70.9 million in 2024.

Financial highlights

• Gross revenue for Q3 2025 was R$923 million, a 3.6% decrease year-over-year; year-to-date gross revenue was R$2.8 billion, down 10.1%.

• Gross margin increased to 26.7% in Q3 2025 from 24.2% in Q3 2024, supported by higher-margin contracts and improved revenue mix.

• Operating expenses rose 14.9% year-over-year, mainly due to higher freight, depreciation, and integration costs.

• Leverage ratio (net debt/EBITDA LTM) was 1.9x, up from 1.5x a year ago, reflecting lower EBITDA.

• Cash and cash equivalents at quarter-end were R$805.5 million, up 90.2% year-over-year.

Outlook and guidance

• Gross revenue guidance for 2025 was revised down to R$3.9–4.1 billion from R$4.4–4.8 billion, reflecting public sector purchase delays and smartphone market slowdown.

• Q4 is expected to show strong acceleration, especially in server deliveries and public sector projects, but not enough to meet original annual guidance.