Companhia Brasileira de Distribuicao
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Companhia Brasileira de Distribuicao (PCAR3) investor relations material

Companhia Brasileira de Distribuicao Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary25 Feb, 2026

Executive summary

  • Leadership transition with a new CEO focused on operational turnaround, structural transformation, and financial discipline.

  • Over 60% of revenue is concentrated in the premium market, with more than 5 million active loyalty program customers.

  • Achieved significant operational improvements in 4Q25, including a 10.0% adjusted EBITDA margin and a 65.8% reduction in net loss for 2025 compared to the previous year.

  • Continued market share gains in premium and proximity formats, and leadership in food e-commerce.

  • Emphasis on efficiency, cash generation, and a comprehensive review of expenses, including discontinuation of unprofitable programs.

Financial highlights

  • Gross margin expanded to 27.7% in 4Q25, up 0.5 p.p. year-over-year, the highest in the segment.

  • Adjusted EBITDA margin rose to 10.0%, with a significant reduction in net loss; full-year net loss fell 65.8%.

  • Net loss from continuing operations was R$523 million, mainly due to a non-recurring impairment of R$527 million; excluding this, net loss would be R$175 million, a 76.2% reduction.

  • Operating free cash flow reached R$699 million, six times higher than the previous period; full-year 2025 was R$669 million, 2.6x higher.

  • CAPEX decreased 35% in 4Q25 and 9% for the year, reflecting investment optimization.

Outlook and guidance

  • 2026 Efficiency Plan targets at least R$415 million in cost and operating expense savings, with over 80% of the target already mapped.

  • Annual CAPEX for 2026 expected between R$300 million and R$350 million, focusing on essential operations and cash preservation.

  • No new store openings planned for upcoming quarters; focus on portfolio optimization and operational improvements.

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Next Companhia Brasileira de Distribuicao earnings date

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Q1 20266 May, 2026
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Frequently asked questions

Companhia Brasileira de Distribuição, also known as GPA, is a Brazil-based retail company engaged in the operation of supermarkets, hypermarkets, and convenience stores. The company manages a portfolio of retail banners offering food, household goods, electronics, and general merchandise. GPA operates through physical stores and digital channels, serving individual consumers across multiple regions in Brazil. The company is also involved in private label development and e-commerce. Companhia Brasileira de Distribuição is headquartered in São Paulo, Brazil, and its shares are listed on the B3.

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