Margins

All of them over net revenue (CVM account 3.01 of the consolidated income statement):

• Gross margin = Gross Profit (3.03) / Revenue (3.01)
• EBIT margin = EBIT (3.05) / Revenue (3.01)
• Net margin = Consolidated profit (3.11) / Revenue (3.01)

Declared choices: - Net margin uses consolidated profit (3.11, including non-controlling interests), because the revenue is also that of the whole group — numerator and denominator consistent. - We do not publish an "EBITDA margin" as a separate margin in the MVP; EBITDA has its own page (divida_liquida_ebitda.md) because D&A comes from the cash flow statement and carries the limitations described there.

Source, treatment and limitations: see fontes_e_padronizacao.md.