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Grupo SBF (SBFG3) investor relations material
Grupo SBF Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Strategic focus on retail and omnichannel initiatives drove growth in Centauro and Fisia, with strong sales and operational efficiency improvements.
Centauro delivered solid results, with net revenue up 16% year-over-year, strong footwear and digital channel performance, and Fisia's wholesale channel up 28%.
Store modernization and expansion continued, including new Centauro and Fisia stores, cost-effective refits, and enhanced omnichannel capabilities like in-store pickup.
Net revenue reached R$1.94 billion in 3Q25, up 9.4% year-over-year, with both business units contributing.
Multi-channel integration advanced, with 70% of exchanges/returns now in stores and new pilots for digital pickup and returns.
Financial highlights
Centauro's net revenue grew 16% year-over-year, with 13% growth in stores and 20% in digital; SSS up 15%.
Fisia's wholesale channel revenue increased 28% year-over-year, with overall net revenue up 9.2%.
Consolidated net income reached R$435.6 million in LTM25, up 12% from LTM24, with a net margin of 5.8%.
Adjusted EBITDA was R$169.0 million in 3Q25, down 16% year-over-year, with an 8.7% margin.
CAPEX totaled R$144.6 million, up 156.1% year-over-year, reflecting investments in new stores, refurbishments, technology, and logistics.
Outlook and guidance
Management expects continued operational and profitability improvements as strategic initiatives mature.
Tax incentives are expected to offset FX impacts in coming quarters, supporting net margin.
Inventory levels are positioned to support strong 4Q25 sales, with healthy turnover and improved demand forecasting.
Focus on capturing demand in upcoming quarters through team reinforcement and assortment optimization.
Anticipate tailwinds from major sports events and new soccer club sponsorships in 2025-2026.
Fisia 3P channel sales impact
Centauro inventory health trend
Fisia wholesale channel margin compression reasons
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Q4 202517 Mar, 2026
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Frequently asked questions
Grupo SBF S.A. operates primarily in the retail and wholesale distribution of sports and leisure products across Brazil. The company's offerings include a wide range of footwear, apparel, equipment, and accessories, catering to diverse sporting and leisure activities. Grupo SBF is also involved in organizing sports events under the Xterra and Uphill brands and operates in related businesses such as advertising films and audiovisual production. It sells products through both physical stores and e-commerce platforms under the well-known Centauro brand. The company was founded in 1981 and maintains its headquarters in São Paulo, Brazil. The company's shares are listed on the BOVESPA.
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