Americanas (AMER3) Q3 2026 earnings summary

Executive summary

• 9M26 gross revenue reached R$11.161bn, up 8.3%, and net revenue was R$9.356bn, up 8.6%; same-store sales grew 8.7%.

• 9M26 operating loss narrowed to R$449mn from R$647mn, an improvement of R$198mn; prior-year results included significant exceptional, mainly tax-related effects.

• The court ordered the end of judicial reorganization on 19 October 2026 after obligations due within two years of plan approval were met; the ruling remains subject to appeal.

Financial highlights

• 3Q26 gross revenue rose 9.6% to R$3.530bn and net revenue increased 10.3% to R$2.966bn; 9M26 gross profit was R$2.545bn, up 4.7%.

• 9M26 net loss was R$955mn versus R$227mn in 9M25; 3Q26 net loss was R$352mn versus net income of R$367mn a year earlier.

• Adjusted EBITDA was R$213mn versus R$830mn; adjusted EBITDA excluding IFRS 16 was negative R$388mn versus positive R$203mn, with prior-year exceptional items affecting comparability.

• SG&A excluding D&A declined R$95mn, or 3.8%, to R$2.377bn; SG&A fell to 25.4% of net revenue from 28.7%.

• Other operating expenses were R$52mn in 9M26 versus R$805mn of net income in 9M25; prior-year results benefited from material exceptional effects, mainly tax-related.

Outlook and guidance

• The 2026–2029 strategy prioritizes sustainable, profitable growth, operating-result improvement, financial discipline, efficiency, customer-focused assortment and omnichannel capabilities.

• Growth initiatives include CRM and loyalty, O2O and pickup, financial services, retail media, logistics services and new store formats; AmerLog is being developed as a revenue center for distribution, backhaul and import services.

• Management cited potential future access to credit and longer-term commercial negotiations after judicial reorganization; a R$100mn commercial note supported working capital and inventory ahead of 4Q26 events.