Havan Reports R$ 1.49 Billion Profit in 2025, According to Audited Statements

Official financials signed by EY show lower net income than figures cited in parts of the press; EBITDA reached R$ 3 billion.

Feb 19, 2026 1:55 PM

By Brazil Stock Guide – Havan posted net income of R$ 1.486 billion for 2025, up 17.8% from the previous year, according to the company’s officially disclosed and independently audited financial statements. Net operating revenue totaled R$ 13.693 billion, while gross revenue reached R$ 18.340 billion. The financial statements were approved on February 13, 2026 and received an unqualified opinion from Ernst & Young.

The retailer reported EBITDA of R$ 3 billion, with a margin of 21.9%, down from 23.8% a year earlier. Gross margin declined to 39.7% from 41.5% in 2024, reflecting higher cost of goods sold. The company opened seven new megastores during the year, ending 2025 with 184 physical locations nationwide.

Profit before taxes reached R$ 1.792 billion. After corporate income tax and social contribution (IRPJ/CSLL), net income came in at R$ 1.486 billion. The audited report does not reflect net income above R$ 3 billion for the year, nor does the bottom line show extraordinary gains sufficient to raise IFRS net income to that level.

The balance sheet shows gross debt of R$ 546 million and cash, financial investments and financial instruments totaling R$ 1.126 billion, resulting in net cash of R$ 580 million. Return on invested capital (ROIC) reached 85.3%.

Luciano Hang, Havan’s founder and sole shareholder, widely known in Brazil as “Véio da Havan” — a colloquial nickname that roughly translates as “Havan’s Old Man” — has publicly commented on the company’s expansion strategy and market share gains. However, the figures above are those formally presented in the audited financial statements.

Ernst & Young stated that the financial statements present fairly, in all material respects, the company’s financial position and performance in accordance with Brazilian accounting standards and International Financial Reporting Standards (IFRS).

The numbers cited above reflect the official audited financial report disclosed by the company. Any discrepancies with figures referenced in certain media articles stem from the use of adjusted metrics, managerial interpretations, or non-detailed extraordinary items not reflected in the IFRS net income disclosed in the audited statements.