Americanas (AMER3) Q3 2025 earnings summary

Executive summary

• Marked the 96th anniversary and a shift from restructuring to retail efficiency and transformation, with new CEO Fernando Soares appointed in October 2025.

• Integrated physical, digital, and services into a unified ecosystem centered on the client, with teams and metrics aligned.

• Strategic initiatives included supplier partnerships, loyalty program expansion, and financial services rollout, driving improved customer experience and sales, including over 400,000 new credit card issuances.

• Emphasized people, culture, and transformation as key pillars for future growth.

Financial highlights

• Net revenue for 9M25 grew 1.4% year-over-year to R$8.6 billion, with same store sales up 10.1% and physical GMV up 18% versus 9M23.

• Adjusted EBITDA ex-IFRS 16 reached R$240 million in 9M25, an improvement of R$215 million year-over-year, and up to R$254 million excluding extraordinary effects.

• Net income for Q3 2025 was R$367 million, reversing a loss of R$227 million in Q3 2024, driven by debt restructuring and non-recurring financial gains.

• SG&A expenses reduced by 10.5% year-over-year, now 28.3% of net revenue, a reduction of 3.7 percentage points.

• Gross profit for 9M25 was R$2.4 billion, with gross margin at 28.0% (down 4.7 p.p.), impacted by extraordinary events in 9M24.

Outlook and guidance

• Focus remains on operational efficiency, cost optimization, and sustainable growth, leveraging omnichannel strategies.

• Plans to request exit from judicial recovery supervision by February 2026, after fulfilling plan obligations.

• Continued optimization of store portfolio and cost structure to enhance sales per square meter and reduce occupancy costs.

• No current guidance on dividend distribution; focus is on profitability and capital efficiency.