Announcement • Apr 09
Karsten S.A., Annual General Meeting, Apr 30, 2026 Karsten S.A., Annual General Meeting, Apr 30, 2026. Location: parcially remotely / rua johann karsten, n. 260, bairro testo salto, city of blumenau, state of santa catarina., blumenau Brazil Reported Earnings • Mar 31
Full year 2025 earnings released: EPS: R$11.37 (vs R$19.08 in FY 2024) Full year 2025 results: EPS: R$11.37 (down from R$19.08 in FY 2024). Revenue: R$759.0m (up 8.6% from FY 2024). Net income: R$70.5m (down 40% from FY 2024). Profit margin: 9.3% (down from 17% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has increased by 85% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to R$41.90, the stock trades at a trailing P/E ratio of 2.4x. Average trailing P/E is 7x in the Luxury industry in Brazil. Total returns to shareholders of 500% over the past three years. Reported Earnings • Nov 19
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: R$192.0m (up 12% from 3Q 2024). Net income: R$18.4m (down 31% from 3Q 2024). Profit margin: 9.6% (down from 16% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 65% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 14
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: R$189.2m (up 12% from 2Q 2024). Net income: R$16.9m (down 7.9% from 2Q 2024). Profit margin: 9.0% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 17
First quarter 2025 earnings released: EPS: R$2.11 (vs R$1.83 in 1Q 2024) First quarter 2025 results: EPS: R$2.11 (up from R$1.83 in 1Q 2024). Revenue: R$153.1m (up 9.7% from 1Q 2024). Net income: R$13.1m (up 15% from 1Q 2024). Profit margin: 8.5% (up from 8.1% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Announcement • Apr 01
Karsten S.A., Annual General Meeting, Apr 30, 2025 Karsten S.A., Annual General Meeting, Apr 30, 2025. Reported Earnings • Mar 31
Full year 2024 earnings released Full year 2024 results: Revenue: R$699.1m (up 4.7% from FY 2023). Net income: R$118.4m (up 181% from FY 2023). Profit margin: 17% (up from 6.3% in FY 2023). The increase in margin was primarily driven by lower expenses. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R$28.50, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 9x in the Luxury industry in Brazil. Total returns to shareholders of 144% over the past three years. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to R$27.50, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 8x in the Luxury industry in Brazil. Total returns to shareholders of 153% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R$22.00, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 8x in the Luxury industry in Brazil. Total returns to shareholders of 41% over the past three years. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: R$4.28 (vs R$1.53 in 3Q 2023) Third quarter 2024 results: EPS: R$4.28 (up from R$1.53 in 3Q 2023). Revenue: R$171.9m (up 17% from 3Q 2023). Net income: R$26.6m (up 179% from 3Q 2023). Profit margin: 16% (up from 6.5% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: R$2.96 (vs R$1.87 in 2Q 2023) Second quarter 2024 results: EPS: R$2.96 (up from R$1.87 in 2Q 2023). Revenue: R$168.8m (up 12% from 2Q 2023). Net income: R$18.4m (up 58% from 2Q 2023). Profit margin: 11% (up from 7.7% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 13% per year. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R$19.00, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 9x in the Luxury industry in Brazil. Total loss to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R$19.70, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 9x in the Luxury industry in Brazil. Total loss to shareholders of 24% over the past three years. New Risk • May 18
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x 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 (2.9x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Negative equity (-R$102m). Minor Risk Market cap is less than US$100m (R$118.9m market cap, or US$23.3m). Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to R$21.64, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 10x in the Luxury industry in Brazil. Total returns to shareholders of 2.0% over the past three years. New Risk • Mar 28
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.2x 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 (2.2x net interest cover). Share price has been highly volatile over the past 3 months (8.5% average weekly change). Negative equity (-R$113m). Minor Risk Market cap is less than US$100m (R$107.0m market cap, or US$21.5m). Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: R$6.80 (vs R$3.41 loss in FY 2022) Full year 2023 results: EPS: R$6.80 (up from R$3.41 loss in FY 2022). Revenue: R$667.9m (up 9.0% from FY 2022). Net income: R$42.2m (up R$63.3m from FY 2022). Profit margin: 6.3% (up from net loss in FY 2022). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to R$21.00, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 9x in the Luxury industry in Brazil. Total returns to shareholders of 5.8% over the past three years. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: R$1.53 (vs R$0.063 loss in 3Q 2022) Third quarter 2023 results: EPS: R$1.53 (up from R$0.063 loss in 3Q 2022). Revenue: R$147.2m (down 7.5% from 3Q 2022). Net income: R$9.52m (up R$9.91m from 3Q 2022). Profit margin: 6.5% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to R$18.01, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 9x in the Luxury industry in Brazil. Total returns to shareholders of 9.2% over the past three years. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to R$15.40, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 9x in the Luxury industry in Brazil. Total returns to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to R$11.09, the stock trades at a trailing P/E ratio of 2.4x. Average trailing P/E is 10x in the Luxury industry in Brazil. Total loss to shareholders of 6.7% over the past three years. Reported Earnings • Aug 18
Second quarter 2023 earnings released: EPS: R$1.00 (vs R$1.74 loss in 2Q 2022) Second quarter 2023 results: EPS: R$1.00 (up from R$1.74 loss in 2Q 2022). Revenue: R$151.4m (up 9.8% from 2Q 2022). Net income: R$11.6m (up R$22.4m from 2Q 2022). Profit margin: 7.7% (up from net loss in 2Q 2022). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R$12.17, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 12x in the Luxury industry in Brazil. Total returns to shareholders of 7.7% over the past three years. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to R$11.40, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 12x in the Luxury industry in Brazil. Total loss to shareholders of 3.3% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to R$8.90, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 10x in the Luxury industry in Brazil. Total returns to shareholders of 20% over the past three years. Reported Earnings • May 18
First quarter 2023 earnings released First quarter 2023 results: Revenue: R$150.1m (up 9.3% from 1Q 2022). Net income: R$9.80m (up R$27.2m from 1Q 2022). Profit margin: 6.5% (up from net loss in 1Q 2022). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Mar 30
Full year 2022 earnings released: R$3.41 loss per share (vs R$9.26 profit in FY 2021) Full year 2022 results: R$3.41 loss per share (down from R$9.26 profit in FY 2021). Revenue: R$612.6m (up 11% from FY 2021). Net loss: R$21.1m (down 137% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Board Change • Mar 21
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jan 04
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 26
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 31
Full year 2021 earnings released Full year 2021 results: Revenue: R$549.7m (up 45% from FY 2020). Net income: R$57.5m (down 29% from FY 2020). Profit margin: 11% (down from 21% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 63% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improved over the past week After last week's 35% share price gain to R$19.52, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 14x in the Luxury industry in Brazil. Total returns to shareholders of 518% over the past three years. Reported Earnings • Aug 22
Second quarter 2021 earnings released: EPS R$1.43 (vs R$0.66 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: R$125.2m (up 124% from 2Q 2020). Net income: R$16.6m (up R$20.7m from 2Q 2020). Profit margin: 13% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has increased by 118% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 16% share price gain to R$32.50, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 26x in the Luxury industry in Brazil. Total returns to shareholders of 1,082% over the past three years. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improved over the past week After last week's 28% share price gain to R$26.23, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 19x in the Luxury industry in Brazil. Total returns to shareholders of 631% over the past three years. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS R$12.97 (vs R$2.00 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: R$380.2m (up 13% from FY 2019). Net income: R$80.5m (up R$92.9m from FY 2019). Profit margin: 21% (up from net loss in FY 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 73% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Dec 08
New 90-day high: R$25.43 The company is up 117% from its price of R$11.70 on 08 September 2020. The Brazilian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Nov 25
Market bids up stock over the past week After last week's 33% share price gain to R$22.99, the stock is trading at a trailing P/E ratio of 3.2x, up from the previous P/E ratio of 2.4x. This compares to an average P/E of 50x in the Luxury industry in Brazil. Total returns to shareholders over the past three years are 584%. Valuation Update With 7 Day Price Move • Nov 18
Market bids up stock over the past week After last week's 27% share price gain to R$16.00, the stock is trading at a trailing P/E ratio of 2.2x, up from the previous P/E ratio of 1.8x. This compares to an average P/E of 78x in the Luxury industry in Brazil. Total returns to shareholders over the past three years are 379%. Is New 90 Day High Low • Nov 18
New 90-day high: R$16.00 The company is up 41% from its price of R$11.37 on 20 August 2020. The Brazilian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 13% over the same period. Is New 90 Day High Low • Oct 01
New 90-day high: R$13.18 The company is up 12% from its price of R$11.80 on 03 July 2020. The Brazilian market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 7.0% over the same period.