Grupo Casas Bahia (BHIA3) Q3 2025 earnings summary

Executive summary

• Achieved eight consecutive quarters of EBITDA margin improvement, reaching 8.5% in Q3'25, with positive free cash flow and R$825 million GMV growth year-over-year.

• Transformation Plan and operational efficiency drove productivity, cost discipline, and digitalization, with strong omnichannel and e-commerce performance.

• Strategic partnership with Mercado Livre launched, expanding digital presence, operational synergies, and incremental margin opportunities.

• Maintained a conservative approach to credit and capital structure, preparing for future macroeconomic improvements.

• Generated R$488 million in free cash flow in Q3'25 and maintained a liquidity balance of R$3.0 billion.

Financial highlights

• Net revenue for Q3'25 was R$6.87 billion, up 7.3% year-over-year; gross profit reached R$2.06 billion, up 1.9% year-over-year.

• Consolidated GMV grew 8.5% YoY to R$10.5 billion; online GMV up 12.7% YoY, 3P up 17.7% YoY.

• Adjusted EBITDA for Q3'25 was R$587 million, a 19.6% year-over-year increase; margin improved 80 bps to 8.5%.

• SG&A as % of net revenue improved by 240 bps to 22.5%; SG&A expenses down 3.2%.

• Free cash flow for the last 12 months totaled R$1.6 billion, up R$1.1 billion year-over-year.

Outlook and guidance

• Focus on sustained growth, profitability, and operational efficiency through digital expansion, credit solutions, and Transformation Plan execution.

• Ready for Black Friday 2025 with new sales channels, well-supplied stores, and integrated omnichannel marketing initiatives.

• AI-driven pricing fully implemented online, with rollout to physical stores planned to enhance competitiveness and margins.

• Conservative growth assumptions for 2026, with incremental gains expected from macro tailwinds, World Cup, and electoral year.

• Targeting further margin expansion and cash flow generation, with investments in technology and logistics.