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Companhia Brasileira de Distribuicao (PCAR3) investor relations material
Companhia Brasileira de Distribuicao Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Same-store sales grew 4.1% year-over-year, with Extra Mercado up 5.5% and Pão de Açúcar up 3.5%, reflecting strong performance in premium and proximity banners and market share gains.
E-commerce sales rose 9.8% to BRL 604 million, now representing 13.1% of total sales, with leadership in food e-commerce and a pre-IFRS 16 EBITDA margin of 10.3%.
Net income from continuing operations reached BRL 145 million, reversing a prior loss, mainly due to recognition and monetization of BRL 418 million in tax credits.
Operational free cash flow (LTM) doubled to BRL 744 million, reflecting efficiency gains and disciplined cost control.
Proximity format sales grew 17.3%, driven by new stores and market share gains in Greater São Paulo.
Financial highlights
Gross margin reached 27.6%, supported by commercial strategy and operational improvements.
SG&A expenses fell to 19.5% of net revenue, a 0.3 percentage point improvement year-over-year.
Adjusted EBITDA margin rose to 9.1%, among the highest in Brazilian food retail, up 0.2 percentage points year-over-year.
Operating cash flow for the last 12 months was BRL 1.4 billion, with adjusted EBITDA pre-IFRS 16 at BRL 853 million, up 23% year-over-year.
Net financial result (pre-IFRS 16) was negative BRL 193 million, impacted by higher interest rates and a one-off BRL 70 million tax credit effect.
Outlook and guidance
Management approved a plan for 2026 targeting a BRL 300–350 million CapEx reduction and at least BRL 450 million in expense cuts, focusing on store support, admin, and working capital.
Maintenance CapEx is expected to stabilize at BRL 200–250 million annually after current renovation cycles.
Expansion pace to slow further, with only occasional store openings planned for 2026 and 2027.
Asset sales are planned to reduce debt and improve financial stability.
Continued emphasis on business simplification, productivity gains, and disciplined investment selection.
Short-term tax credit utilization curve?
Key initiatives for BRL 450M expense cut?
Update on non-strategic asset sales plan?
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Next Companhia Brasileira de Distribuicao earnings date
Q4 202518 Feb, 2026
Next Companhia Brasileira de Distribuicao earnings date
Q4 202518 Feb, 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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