Grupo Mateus (GMAT3) Q2 2026 earnings summary

Executive summary

• Net revenue grew 12.2% year-over-year in 2Q26 to R$9.85 billion, 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 seven new stores and the launch of the first pharmacy unit, marking entry into the pharmaceutical segment.

Financial highlights

• Gross profit for 2Q26 was R$2.38 billion, up 13.1% year-over-year, with a gross margin of 23.5%.

• Net revenue for 2Q26 was R$9.85 billion, up 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.

• Cash conversion cycle improved to 42 days, 15 days better than 2Q25.

Outlook and guidance

• Management expects gradual sales recovery and margin improvement in the second half, supported by productivity gains, operational discipline, and ongoing expansion into new formats and segments.

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

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