Grupo Mateus (GMAT3) investor relations material

Executive summary

• Net revenue grew 12.9%–13.7% year-over-year in 1Q26, reaching up to R$10.7 billion, driven by Novo Atacarejo consolidation, B2B growth, and store expansion.

• Net income attributable to shareholders was R$212.9–213 million, down 21.8% year-over-year, reflecting higher operating expenses and deleverage.

• Same-store sales declined 7.3% due to food deflation, macroeconomic headwinds, and strategic reduction in low-margin telesales.

• Integration with Novo Atacarejo completed, with unified systems and ongoing synergy extraction.

• Operational efficiency initiatives included productivity projects and workforce reduction of up to 9%.

Financial highlights

• Gross margin improved to 22.9% (+0.7 p.p. YoY), with core brand up to 24.6%.

• EBITDA (post-IFRS 16) was R$542–543 million, margin at 5.8% (7.4% excluding integration effects), down 7.3% YoY.

• Net margin declined to 2.3%, a decrease of up to 1.3 p.p. YoY.

• Cash conversion cycle improved by 16 days to 40 days.

• Operating cash generation reached up to R$669.5 million.

Outlook and guidance

• Management prioritizes profitability and operational efficiency, with disciplined capital allocation and strict criteria for new store openings.

• Ongoing focus on productivity, working capital optimization, and leveraging multi-channel logistics.