Grupo Mateus (GMAT3) Q2 2026 earnings summary

Executive summary

• Net revenue grew 12.2% year-over-year to R$9.85 billion in 2Q26, driven by the consolidation of Novo Atacarejo and new store openings, despite an 8.0% decline in Same Store Sales reflecting pressured consumer demand.

• Net income attributable to shareholders was R$236.8 million in 2Q26, up 11.2% sequentially but down 39.3% year-over-year, with a net margin of 2.4%.

• EBITDA (post-IFRS 16) reached R$681.6 million in 2Q26, up 25.5% sequentially, with a margin of 6.9%.

• Operational efficiency improved, with operating expenses as a percentage of revenue dropping 1.0 p.p. from 1Q26.

• Expansion included the launch of the first pharmacy unit and ongoing diversification into new business channels.

Financial highlights

• Gross profit in 2Q26 was R$2.3 billion, up 10.4% year-over-year, with a gross margin of 23.5%.

• Net revenue for 2Q26 was R$9.85 billion, up 4.8% from 1Q26 and 12.5% year-over-year.

• Operating expenses as a percentage of net revenue decreased to 16.4% in 2Q26, down 1.0 p.p. from 1Q26.

• Net margin in 2Q26 was 2.4%, down 2.0 p.p. year-over-year.

• Net financial result was a negative R$247.3 million in 2Q26, mainly due to higher interest expenses and increased costs from receivables anticipation.

Outlook and guidance

• Management continues to prioritize profitability and disciplined capital allocation amid a challenging macroeconomic environment.

• Expansion into the pharmaceutical segment and ongoing banner unification are expected to support long-term growth and operational efficiency.

• Six construction projects underway, with careful site selection and CapEx discipline.

• Effective income tax rate expected to normalize between 15% and 18% in the second semester.