Zamp S.A. (Burger King Brasil) stock (BRZAMPACNOR5): Franchise leader in Brazilian fast food

Zamp S.A. (Burger King Brasil) maintains a strong position in Brazil's quick-service restaurant sector, operating over 1,800 locations primarily under the Burger King banner. The company reported revenue of R$3.2 billion for fiscal year 2024, published in its annual report as of April 2025. This reflects 12% year-over-year growth driven by new store openings and same-store sales increases.

As of: 13.05.2026

By the editorial team – specialized in equity coverage.

Zamp S.A. (Burger King Brasil): core business model

Zamp operates as a master franchisee for international fast-food brands in Brazil, with Burger King as its flagship. The model relies on sub-franchising to local operators, generating royalty fees and ad fund contributions. This asset-light approach minimizes capital expenditure while scaling nationally. As of Q1 2025 results published April 2025, Zamp managed 1,820 Burger King stores and 170 Popeyes outlets, per IR disclosures as of April 2025.

Additional revenue streams include real estate leasing to franchisees and supply chain services. The company's vertical integration through its distribution arm supports margins by controlling food costs. Brazil's urban expansion and rising middle-class consumption bolster this strategy, with Zamp holding about 40% market share in the burger QSR segment.

Main revenue and product drivers for Zamp S.A. (Burger King Brasil)

Royalties form 60% of revenue, calculated as 5% of franchisee sales plus 4% ad fund fees. Burger King's core menu—Whopper burgers, fries, and beverages—drives consistent traffic. Promotions like 2-for-1 deals have lifted same-store sales by 8% in 2024, according to the fiscal year report released March 2025. Popeyes chicken segment adds diversification, growing 15% in store count last year.

Digital sales via app and delivery partnerships with iFood and Rappi account for 25% of systemwide sales, up from 18% in 2023. This channel boosts margins due to lower labor costs. Supply chain contributions from Zamp's logistics unit provide another 20% of top line, benefiting from scale across brands.

Industry trends and competitive position

Brazil's QSR market grows at 10% CAGR, fueled by urbanization and youth demographics, per Statista data published 2025. Zamp competes with McDonald's (Arcos Dorados) and local chains like Giraffas. Its multi-brand portfolio—adding Starbucks licenses—enhances resilience. Burger King's value positioning captures price-sensitive consumers amid 5% inflation.

Competitive edge lies in store density in Northeast Brazil, where Zamp leads with 500+ locations. Delivery boom post-pandemic favors Zamp's tech investments, with 30% traffic from platforms.

Why Zamp S.A. (Burger King Brasil) matters for US investors

Listed on B3 as ZAMP3, Zamp offers US investors exposure to Latin America's largest economy via ADRs or direct trading. Brazil's 200 million population drives QSR demand, mirroring US trends but with higher growth rates. Currency plays add diversification, as BRL/USD fluctuations impact returns.

Conclusion

Zamp S.A. (Burger King Brasil) demonstrates solid franchise execution in a dynamic market. Revenue growth from store expansion and digital channels supports its model. Investors track Brazil's consumer spending and competitive dynamics for future performance. Ongoing multi-brand strategy positions it for sector tailwinds.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.