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Grupo Mateus (GMAT3) investor relations material
Grupo Mateus Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net revenue reached BRL 8.8 billion in 2Q25, up 14.9% year-over-year, with 1H25 net revenue at BRL 17.1 billion (+13.9%).
EBITDA hit a record BRL 705 million in 2Q25, up 24.7% year-over-year, with margin rising 0.6 p.p. to 8.0%.
Net income for 2Q25 was BRL 349 million (+6.7% vs 2Q24), with 1H25 net income at BRL 668 million (+17.6%).
Expansion included 9 new stores in 2025 (4 in 2Q25), ongoing projects in multiple states, and closure of 10 Electronics & Furniture stores.
Northeast market share rose 1.0 p.p. to 26.1% in 1H25, with 42 stores operating for more than 13 months.
Financial highlights
Gross margin improved by 0.6 p.p. to 23.0% in 2Q25, with gross profit up 18.1% year-over-year.
Operating expenses grew 14.2% but were diluted by 0.1 p.p. as a percentage of net revenue.
Net margin was 4.0% in 2Q25 and 3.9% in 1H25.
Financial result worsened by 65.0% to BRL 209.1 million due to higher interest and lease costs.
CapEx for 2Q25 was BRL 244 million, mainly for new stores and real estate, down 19% year-over-year.
Outlook and guidance
Focus on consolidating Novo's results, further efficiency gains, and continued expansion in the Northeast.
Cash generation is projected for H2, following a peak in cash consumption in Q2.
Target to reduce the cash conversion cycle to 70 days by year-end, with ongoing working capital optimization.
Management remains optimistic about growth and profitability despite macroeconomic uncertainties.
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