Vivara Participacoes SA

BOVESPA:VIVA3

Inventory: Vivara has around 8 months of gold raw material on hand (about half of that is enough to run production) and management expects at least 18 months of runway to reposition prices versus spot gold.

Pricing: Management is selectively passing commodity-driven price increases through to customers, using product engineering (lighter designs), internalization and mix changes to protect volumes and margins.

Life strategy: The Life brand is being positioned as a full jewelry proposition with more commercial collections, higher internal production and an accelerated store rollout; only 58% of Life sales are currently produced in-house (Vivara overall ~86%).

Inventory targets: Management aims to reduce total days of stock back toward historical levels of about 400–450 days over a 12–24 month horizon.

Cash & subsidies: 2025 subsidies / tax credits were BRL 330 million; management expects a similar absolute level for 2026 under current assumptions and is focusing on cash conversion rather than just EBITDA.

Margins & factory: Factory efficiency improvements and product mix initiatives should support gross margin recovery; marketing settled near ~4.5% of net revenue while digital saw ~82% growth in the quarter and Life digital grew ~50% YoY.

Stores & ROI: Management says new Life stores are hitting return targets faster than expected and reiterated a meaningful store-opening cadence (management referenced a 55–65 stores range previously for openings).