Americanas (AMER3) Q4 2025 earnings summary

Executive summary

• Achieved significant business transformation over the past three years, focusing on operational efficiency, cost reduction, and a shift to an integrated, store-centric omnichannel strategy.

• Exited judicial recovery in early 2026 after meeting all plan obligations, marking a major milestone and strengthening the capital structure.

• Closed 117 underperforming stores, modernized layouts, and launched new loyalty programs, resulting in a 13% increase in gross revenue per square meter and 7.8% same-store sales growth.

• Discontinued non-core fintech operations, relaunched services platform, and completed major asset sales, including Parati and Uni.Co.

• Over 50% of customers identified, with higher spend among loyal customers and expanded product lines.

Financial highlights

• Consolidated net revenue for 2025 was R$12.3 billion, down 1.2% year-over-year; B&M revenue up 4.1% and digital revenue down 49%.

• Gross profit was R$3.3 billion, gross margin at 27.0%, down 5.1 p.p. due to absence of prior year extraordinary items.

• Adjusted EBITDA ex-IFRS 16 was R$277 million, up R$169 million year-over-year; adjusted EBITDA (including IFRS 16) was R$1.1 billion.

• Net income from continuing operations was R$98 million, compared to R$8.6 billion in 2024, which included one-off judicial recovery effects.

• SG&A expenses reduced by 18.1% year-over-year, now 27.4% of net revenue, down 5.7 p.p.

Outlook and guidance

• Entering a new phase in 2026 after a three-year restructuring cycle, with a strategic plan to 2029 focused on operational excellence, customer experience, and omnichannel growth.

• Continued optimization of store portfolio, expansion of product diversity, and digital and financial services growth.

• Expectation for client base to recover as store closures end and new stores open.