Grupo Casas Bahia (BHIA3) Q4 2025 earnings summary

Executive summary

• Achieved record consolidated GMV of R$44.7 billion in 2025, up 8.8% year-over-year, with online GMV rising 21.7% in Q4'25 and brick-and-mortar up 6.5%.

• Reduced net debt by R$3.8 billion (77%) and gross debt by R$3.4 billion (43%) in 2025, lowering leverage to 0.4x net debt/EBITDA.

• Delivered nine consecutive quarters of operational and EBITDA margin improvement, reaching 9.8% in Q4'25 (+1.8 p.p. y/y).

• Major capital structure transformation completed, including debenture conversions, new equity issuance, and debt restructuring.

• BNPL portfolio grew to R$6.6 billion, with stable delinquency rates.

Financial highlights

• Net revenue for 2025 was R$29.2 billion (+7.3% y/y); gross profit R$8.9 billion (30.5% margin).

• Adjusted EBITDA reached R$2.6 billion (8.8% margin), up 30% year-over-year; Q4'25 adjusted EBITDA was R$866–826 million (+29%).

• Free cash flow to firm was R$2.2 billion in 2025, with liquidity position at R$3.4 billion.

• Net loss for 2025 was R$2.988 billion, mainly due to a non-cash deferred tax provision of R$1.45 billion; Q4'25 adjusted net loss improved to R$(79) million.

• SG&A as a percentage of revenue improved by 1.3–1.9 p.p. year-over-year.

Outlook and guidance

• Focus for 2026 is on converting operational improvements into positive net profit, with levers including reduced financial expenses, asset monetization, and operational efficiency.

• CBC 27 program and digital initiatives launched to drive further transformation and productivity gains, with no major incremental investments required.

• Expectation of continued market share gains, especially in online and core categories, leveraging seasonality events like the World Cup.

• Management anticipates gradual decline in interest rates and positive retail sector dynamics.