In 2023, the company reported a gross revenue increase of 16.4% on a comparable basis to a record R$6.1 billion (US$1.23 billion). Net revenue for the year was up 14.5% to R$4.85 billion (US$974.7 million).

The domestic market saw an increase of 18% year-on-year to R$5.52 billion (US$1.11 billion) while the foreign market totalled R$564.5 million (US$113.45 million), with growth of 2.7%.

Recurring EBITDA was up 22% to R$801 million (US$160.98 million), while net income came in at R$420 million (US$84.4 million), up 8.7%.

Arezzo ended the year with its gross margin up from 53.9% in 2022 to 54.5% in 2023, while its recurring EBITDA margin grew from 15.5% to 16.5% and net profit margin dropped from 9.1% to 8.7%.

The company said in its statement: “The year of 2023 was a remarkable year for Arezzo&Co, where once again we demonstrated our ability to adapt. A year where we overcame external obstacles, together with important gains in our organic growth strategy.

“We posted R$6.1 billion (US$1.23 billion) in sales, up 16.4%, setting a new all-time record, despite the strong comparative baseline from 2022’s results. This was result of our ability to manage the brands portfolio, together with our team’s execution and delivery capabilities.”