Grupo SBF (SBFG3) investor relations material

Executive summary

• Achieved record net revenue of R$1.8 billion in 2Q25, up 6.1% year-over-year, with both Centauro and Fisia contributing to growth and Centauro delivering its highest-ever second-quarter revenue.

• Net income increased 19.1% year-over-year to R$87.2 million, with profit expansion despite FX pressures and strategic investments.

• Launched a new strategic plan focused on growth for both business units, emphasizing customer experience, operational improvements, and management renewal.

• Fisia's wholesale channel showed recovery, aided by price normalization, showroom events, and new orders.

• Completed deleveraging cycle, reducing net debt/EBITDA to 0.68x in 2Q25, down 33.1% year-over-year.

Financial highlights

• Net revenue grew 6.1% year-over-year, with both business units and all channels contributing.

• Centauro's brick-and-mortar stores grew 9.4%, and digital sales rose 17.8%, with nearly 60% of digital sales via app.

• Fisia's net revenue grew 5.6%, with wholesale up 4.4% and physical stores up 8.2%.

• Adjusted EBITDA margin declined 1.1 p.p. to 9.2% in 2Q25, mainly due to FX impact and new strategic plan expenses.

• Net margin increased by 0.5 p.p. to 4.8%, supported by a lower effective tax rate and better Centauro results.

Outlook and guidance

• Management expects continued growth in Centauro and Fisia, with investments in store renovations, digital enhancements, and omnichannel strategy.

• Q2 and Q3 are considered transition quarters; significant benefits from investments expected in Q4 and especially next year, aligned with a favorable sports calendar.

• Fisia to deepen alignment with Nike's global strategy, prioritizing running and soccer categories.

• Tax incentives in Fisia's channels are expected to mitigate FX impacts and preserve margins.

• No major price changes expected in Fisia direct channels; focus remains on balancing pricing between direct and wholesale.