Americanas (AMER3) Q2 2026 earnings summary

Executive summary

• Achieved gross revenue of R$7.6 billion in 1S26, up 7.7% year-over-year, driven by strong omnichannel performance, seasonal events, and a shift to an integrated, store-centric model.

• Same-store sales grew 9.3% year-over-year, outpacing inflation and reflecting improved productivity and commercial execution.

• SG&A expenses fell 4.5% year-over-year, with a 3.3 percentage point reduction as a share of net revenue, supporting operational efficiency.

• Adjusted EBITDA reached R$161 million, down R$112 million year-over-year, but operational improvements excluding non-recurring effects totaled R$251 million.

• Net loss for 1S26 was R$603 million, a 1.5% increase year-over-year, impacted by higher financial expenses and the absence of prior year one-off tax credits.

Financial highlights

• Physical store gross revenue grew 3.2% year-over-year to R$6.9 billion; 020 (online-to-offline) channel surged 74.6% to R$337 million.

• Gross profit rose 2.6% to R$1.67 billion; gross margin for physical + 020 operations improved by 0.5 percentage points to 27.4%.

• SG&A expenses (excl. D&A) were R$1.62 billion, down 4.5% year-over-year.

• Adjusted EBITDA margin was 2.5% in 1S26, down from 4.6% in 1S25.

• Net debt reached R$1.0 billion, compared to net cash of R$488 million at end-2025.

Outlook and guidance

• Entered a new strategic cycle focused on operational discipline, omnichannel integration, and sustainable growth toward the 100-year milestone in 2029.

• Continued focus on cost control, digital expansion, and customer loyalty initiatives to drive future growth.

• Management expects continued improvement in operational neutrality and cash flow, supported by cost discipline and digital expansion.

• No specific timeline for exiting judicial recovery, but management is optimistic about future profitability.