Grupo Mateus (GMAT3) Q3 2026 earnings summary

Executive summary

• 3Q26 net revenue was R$10.7bn, down 0.4% YoY; post-IFRS 16 EBITDA reached R$767.7m with a 7.2% margin, and net income was R$322.4m, up 33.3% QoQ.

• September SSS improved to -1.3%, including +0.5% for GMAT and -5.8% for Novo Mateus; 9M26 net revenue rose 7.5% YoY to R$30.0bn.

Financial highlights

• 3Q26 gross profit was R$2.43bn, up 6.1% YoY; gross margin was 22.6%, up 1.4 p.p. YoY and down 0.8 p.p. QoQ.

• 3Q26 operating expenses were R$1.69bn, up 4.4% QoQ; expenses as a share of revenue fell 0.7 p.p. to 15.8%.

• 9M26 post-IFRS 16 EBITDA was R$1.99bn, down 7.2% YoY, with a 6.6% margin versus 7.7%; 9M26 net income was R$755.3m, down 39.4%.

• 3Q26 net income attributable to Grupo Mateus was R$312.1m, up 31.8% QoQ; versus 3Q25 excluding extraordinary effects, it declined 38.6%.

Segment performance

• Maranhão, Pará, Piauí, Ceará, Sergipe and Bahia operations recorded 3Q26 revenue of R$8.05bn, SSS of -2.7%, gross margin of 23.4%, and post-IFRS 16 EBITDA margin of 7.6%.

• Novo Mateus operations in Pernambuco, Paraíba and Alagoas generated R$2.67bn of 3Q26 revenue, SSS of -9.9%, gross margin of 20.2%, and post-IFRS 16 EBITDA margin of 5.9%.

• Wholesale B2B served 1,814 municipalities via 386 routes and 18 distribution centers; sales representatives totaled 6,673 at quarter-end.