Americanas (AMER3) Q2 2025 earnings summary

Executive summary

• Achieved consistent financial and operational improvements, with sequential quarter-over-quarter growth driven by a strategic roadmap, efficiency initiatives, and a customer-centric transformation, including new loyalty programs and CRM platforms since 2024.

• Historic Easter event set a new sales record, contributing over R$1.2 billion and accounting for more than 17% of total revenue in 6M25, with market share exceeding 50%.

• Interim financials as of June 30, 2025, reviewed with no material misstatements, prepared under judicial recovery context and in compliance with CPC 21 (R1) and IAS 34.

• Independent investigations confirmed accounting fraud by former management, with legal and regulatory actions ongoing.

• Continued optimization of store network, closing underperforming stores and improving sales per square meter, while integrating digital and physical channels for an omnichannel approach.

Financial highlights

• Net revenue for 6M25 reached R$6.9 billion, up 1.7% year-over-year, with physical store GMV up 21% between H1 2023 and H1 2025 and same store sales up 11.8% year-over-year.

• Gross margin for H1 2025 was 28.7%, down 5.2 p.p. year-over-year due to extraordinary events in 2024; pro forma margin excluding one-offs increased by 1.9 p.p. to 29.4%.

• Adjusted EBITDA (ex-IFRS 16) improved to negative R$170 million from negative R$237 million in 6M24; excluding non-recurring effects, improvement reached R$257 million.

• Net loss for the six-month period was R$594 million, a reduction from R$1,412 million year-over-year.

• Cash and equivalents plus card receivables totaled R$2.1 billion as of June 30, 2025, reflecting seasonal business dynamics.

Outlook and guidance

• Store opening plans are suspended due to macroeconomic uncertainties, with focus on operational recovery, efficiency, and sustainable growth.

• Ongoing integration of physical and digital channels, expansion of loyalty programs, and asset sales (Ame Digital, Parati) to generate cash flow and streamline operations.