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Grazziotin (CGRA4) investor relations material
Grazziotin Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net income rose 17.98% year-over-year in 1Q26, driven by a 30.9% increase in equity income, mainly from Grato Agropecuária and Grazziotin Financeira.
Retail sales declined 9% year-over-year, but EBITDA surged 85.12% due to store network adjustments and improved operational efficiency.
Grazziotin and Pormenos brands saw sales growth of 20.6% and 2.4%, respectively, benefiting from the conversion of GZT stores.
Grato Agropecuária improved margins through lower soybean costs and operational efficiency.
Financial highlights
Consolidated net revenue: R$132.1 million in 1Q26, down from R$135.4 million in 1Q25.
Gross margin increased by 2.2 p.p. to 47.27%.
EBITDA margin rose 5.5 p.p. to 11.6% (consolidated), with EBITDA up 85.12% year-over-year.
Net income reached R$5.2 million, up 17.98% year-over-year.
Cash and equivalents at R$156.4 million, down 24% from 1Q25, mainly due to dividend payments.
Outlook and guidance
Management remains confident in the business model, focusing on operational improvements, financial discipline, and sustainable results.
Continued attention to credit policy, product mix, and regional adaptation of store formats.
- Net income fell 36.8% in 4Q25, with lower margins and reduced store count after repositioning.CGRA4
Q4 202524 Mar 2026 - Net income plunged 65.73% year-over-year amid weak sales, but cash reserves rose and buybacks began.CGRA4
Q3 202525 Nov 2025 - Net income jumped 55.35% year-over-year, with strong retail sales and improved credit quality.CGRA4
Q2 202519 Aug 2025 - Net income surged 109.8% year-over-year on robust sales and disciplined cost management.CGRA4
Q3 202413 Jun 2025 - Net revenue rose 3.6% but net income dropped 34.9% amid climate and agri challenges.CGRA4
Q2 202413 Jun 2025 - Net income surged 44.5% in 4Q24, with strong retail growth and improved operational efficiency.CGRA4
Q4 20246 Jun 2025 - Revenue up 5.7% year-over-year, but profitability pressured by higher costs and lower margins.CGRA4
Q1 20256 Jun 2025
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