TOTVS 4Q25: Recurring Revenue Machine Delivers 44% Earnings Growth and Flips to Net Cash

3 Key Points — Consolidated net income of R$ 273.5 million ($53M) in 4Q25, up 44.3% year-on-year, driven by recurring revenue growth of 18.2% and operating leverage that pushed adjusted EBITDA margin to 27.1% — a 170-basis-point expansion. — Full-year 2025 delivered adjusted net income of R$ 909.8 million ($175M), up 25.6%, alongside net revenue […]