PGMN3 Liquidity Covenants and 98% Cross-Default Debt
Pague Menos (PGMN3) reports covenant compliance and a 1.58x current ratio at 30 Jun 2025 — while 98% of total indebtedness sits under cross-default and/or cross-acceleration clauses. The FRE liquidity section is where that tension is explicit.
This page summarizes a real FRE liquidity analysis. apicvm delivers the section text; credit judgment is yours.
The research question
> Assess liquidity, leverage, cash flow, covenants, and contractual acceleration risk from the FRE.
Liquidity and debt (30 Jun 2025)
| Metric | Figure |
|---|---|
| Current ratio | 1.58x (vs 1.36x YE24, 1.39x YE23) |
| Current assets | R$ 4,959.9M |
| Current liabilities | R$ 3,146.0M |
| Cash & equivalents | R$ 243.8M |
| Gross debt | R$ 1,700.6M |
| Net debt | R$ 1,443.4M |
| Current portion of debt | R$ 253.1M |
| Non-current debt | R$ 1,447.5M |
Maturity sketch: R$ 253.1M in 2025, R$ 196.3M in 2026, R$ 1,251.3M thereafter.
Cash flow (H1 2025)
- Operating activities: use of R$ 13.4M (vs +R$ 33.1M generation in H1 2024) — higher receivables, inventory, and payables swings cited
- Investing: R$ 67.4M used (store openings/remodels)
- Financing: R$ 175.5M generated — new loans R$ 834.8M vs amortizations R$ 508.9M
Covenants (30 Jun 2025)
| Ratio | Reported | Requirement |
|---|---|---|
| Net financial debt / EBITDA | 1.19 | < 3.00 |
| EBITDA / net financial expense | 1.97 | > 1.30 |
Both in compliance. Company also states no material off-balance items for the last/current fiscal year in the analyzed extract.
Contractual concentration risk
- 98% of total indebtedness (at 30 Jun 2025 and 31 Dec 2024) subject to cross-default and/or cross-acceleration
- Some contracts allow acceleration on change of control or bylaws amendment
Headline covenants can look comfortable while almost all debt is contractually linked — the same pattern worth watching on larger issuers (e.g. PETR4 cross-acceleration coverage).
Replicate with apicvm
export APICVM_KEY='apicvm_...'
export APICVM_URL='https://apicvm.dev'
curl -H "Authorization: Bearer $APICVM_KEY" \
"$APICVM_URL/v1/documents?ticker=PGMN3&type=FRE&year=2025&name=Liquidez&perPage=20"Extract the full liquidity/financial condition section. Prompt for current ratio, net debt, covenant headroom, operating cash use, and cross-default coverage percentage.
Methodology note
Hold analysis of Pague Menos's public 2025 FRE. Not credit ratings or investment advice.
Limitations
- Covenant EBITDA definitions are contract-specific.
- H1 operating cash use may reverse in later periods — check subsequent FRE/ITR.
- Cross-default is legal language; this summary is not a legal opinion.
Next steps
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