Reported Earnings • May 19
First quarter 2026 earnings released First quarter 2026 results: R$0.18 loss per share. Revenue: R$110.5m (down 11% from 1Q 2025). Net loss: R$36.0m (loss widened 33% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Annonce • May 02
Alphaville S.A.(BOVESPA:AVLL3) dropped from Brazil Special Tag Along Stock Index Alphaville S.A. has been removed from Brazil Special Tag Along Stock Index . Annonce • May 01
Alphaville S.A.(BOVESPA:AVLL3) dropped from Brazil Special Corporate Governance Stock Index Alphaville S.A. has been removed from Brazil Special Corporate Governance Stock Index . Reported Earnings • Apr 06
Full year 2025 earnings released: R$0.64 loss per share (vs R$0.44 profit in FY 2024) Full year 2025 results: R$0.64 loss per share (down from R$0.44 profit in FY 2024). Revenue: R$584.9m (down 14% from FY 2024). Net loss: R$125.7m (down 290% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Annonce • Apr 02
Alphaville S.A., Annual General Meeting, Apr 30, 2026 Alphaville S.A., Annual General Meeting, Apr 30, 2026. Location: exclusively remotely, Brazil New Risk • Dec 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Brazilian stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Negative equity (-R$146m). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (R$214.9m market cap, or US$40.4m). Reported Earnings • Nov 18
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: R$149.5m (down 22% from 3Q 2024). Net loss: R$54.9m (down R$59.1m from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. New Risk • Sep 19
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -R$99m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-R$99m free cash flow). Negative equity (-R$100m). Minor Risk Market cap is less than US$100m (R$332.1m market cap, or US$62.4m). Reported Earnings • Aug 19
Second quarter 2025 earnings released: R$0.32 loss per share (vs R$0.007 profit in 2Q 2024) Second quarter 2025 results: R$0.32 loss per share (down from R$0.007 profit in 2Q 2024). Revenue: R$143.5m (down 1.4% from 2Q 2024). Net loss: R$47.4m (down R$48.2m from profit in 2Q 2024). Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Consumer Durables industry in Brazil. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 58% per year, which means it is significantly lagging earnings. Reported Earnings • May 20
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: R$0.18 loss per share (down from R$0.45 profit in 1Q 2024). Revenue: R$124.1m (up 15% from 1Q 2024). Net loss: R$27.2m (down 154% from profit in 1Q 2024). Revenue missed analyst estimates by 37%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Consumer Durables industry in Brazil. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 49% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R$2.38, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 5x in the Consumer Durables industry in Brazil. Total loss to shareholders of 87% over the past three years. New Risk • Apr 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Brazilian stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Negative equity (-R$32m). High level of non-cash earnings (34% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (R$380.9m market cap, or US$66.5m). New Risk • Apr 02
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Negative equity (-R$32m). High level of non-cash earnings (32% accrual ratio). Minor Risk Market cap is less than US$100m (R$416.1m market cap, or US$73.0m). Annonce • Apr 02
Alphaville S.A., Annual General Meeting, Apr 30, 2025 Alphaville S.A., Annual General Meeting, Apr 30, 2025. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: R$0.02 (vs R$2.97 loss in 3Q 2023) Third quarter 2024 results: EPS: R$0.02 (up from R$2.97 loss in 3Q 2023). Revenue: R$190.4m (up 56% from 3Q 2023). Net income: R$4.15m (up R$79.8m from 3Q 2023). Profit margin: 2.2% (up from net loss in 3Q 2023). Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Consumer Durables industry in Brazil. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 52% per year, which means it is significantly lagging earnings. New Risk • Oct 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: R$560.6m (US$98.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Negative equity (-R$60m). Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Minor Risk Market cap is less than US$100m (R$560.6m market cap, or US$98.4m). Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: R$0.01 (vs R$9.58 loss in 2Q 2023) Second quarter 2024 results: EPS: R$0.01 (up from R$9.58 loss in 2Q 2023). Revenue: R$145.6m (up 70% from 2Q 2023). Net income: R$764.0k (up R$245.1m from 2Q 2023). Profit margin: 0.5% (up from net loss in 2Q 2023). Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Consumer Durables industry in Brazil. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: R$0.45 (vs R$2.57 loss in 1Q 2023) First quarter 2024 results: EPS: R$0.45 (up from R$2.57 loss in 1Q 2023). Revenue: R$108.1m (up 14% from 1Q 2023). Net income: R$50.7m (up R$108.3m from 1Q 2023). Profit margin: 47% (up from net loss in 1Q 2023). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Consumer Durables industry in Brazil. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 48% per year, which means it is performing significantly worse than earnings. Reported Earnings • Apr 01
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: R$22.90 loss per share (further deteriorated from R$18.33 loss in FY 2022). Revenue: R$474.4m (up 79% from FY 2022). Net loss: R$584.3m (loss widened 42% from FY 2022). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 39%. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Consumer Durables industry in Brazil. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 45% per year, which means it is performing significantly worse than earnings. Breakeven Date Change • Dec 18
Forecast to breakeven in 2024 The analyst covering Alphaville expects the company to break even for the first time. New forecast suggests the company will make a profit of R$31.0m in 2024. Average annual earnings growth of 109% is required to achieve expected profit on schedule. Reported Earnings • Nov 19
Third quarter 2023 earnings: Revenues miss analyst expectations Third quarter 2023 results: Revenue: R$122.4m (up 59% from 3Q 2022). Net loss: R$10.1m (loss narrowed 91% from 3Q 2022). Revenue missed analyst estimates by 6.8%. Revenue is forecast to grow 68% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Consumer Durables industry in Brazil. New Risk • Nov 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Brazilian stocks, typically moving 9.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.5% average weekly change). Negative equity (-R$510m). Minor Risks Currently unprofitable and not forecast to become profitable next year (R$232m net loss next year). Shareholders have been diluted in the past year (28% increase in shares outstanding). Market cap is less than US$100m (R$130.7m market cap, or US$26.9m). Reported Earnings • Aug 17
Second quarter 2023 earnings: Revenues miss analyst expectations Second quarter 2023 results: Revenue: R$85.6m (up 9.8% from 2Q 2022). Net loss: R$244.3m (loss widened 119% from 2Q 2022). Revenue missed analyst estimates by 20%. Revenue is forecast to grow 43% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Consumer Durables industry in Brazil. New Risk • Jun 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Negative equity (-R$448m). Minor Risks Currently unprofitable and not forecast to become profitable next year (R$289m net loss next year). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (R$204.5m market cap, or US$42.9m). Reported Earnings • May 17
First quarter 2023 earnings released: R$2.57 loss per share (vs R$3.82 loss in 1Q 2022) First quarter 2023 results: R$2.57 loss per share (improved from R$3.82 loss in 1Q 2022). Revenue: R$95.1m (up 249% from 1Q 2022). Net loss: R$57.6m (loss narrowed 33% from 1Q 2022). Revenue is forecast to grow 40% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Consumer Durables industry in Brazil. Reported Earnings • Nov 16
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: R$77.1m (up 134% from 3Q 2021). Net loss: R$113.0m (loss widened 2.7% from 3Q 2021). Buying Opportunity • Jul 25
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 38%. The fair value is estimated to be R$23.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 26% over the last year. Earnings per share has declined by 20%. Buying Opportunity • Jul 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 40%. The fair value is estimated to be R$23.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 26% over the last year. Earnings per share has declined by 20%. Buying Opportunity • Jun 14
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 46%. The fair value is estimated to be R$23.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 26% over the last year. Earnings per share has declined by 20%. Buying Opportunity • May 27
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 41%. The fair value is estimated to be R$24.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 26% over the last year. Earnings per share has declined by 20%.