Grupo Mateus (GMAT3) Q4 2025 earnings summary

Executive summary

• Gross revenue grew 21.8% year-over-year in 4Q25 to BRL 12.1 billion, with annual revenue up 19.7% to BRL 43.6 billion, driven by Novo Atacarejo consolidation and B2B wholesale growth.

• Net income rose 5.3% year-over-year in 4Q25 to BRL 340 million, and 21.2% for the year to BRL 1.57 billion, excluding extraordinary effects.

• 22 new stores were opened in 2025, expanding the network to over 1,700 cities and 302 stores, with new brands and formats consolidating market share in the North and Northeast.

• Multi-channel and multi-format strategy, including entry into foodservice and premium retail, drove resilience amid challenging macroeconomic conditions and consumer slowdown.

• Focused on internal productivity, expense control, and integration of new acquisitions to adapt to a tougher retail environment.

Financial highlights

• Gross margin reached 22.5% in Q4 2025 (+0.7 p.p. YoY), maintaining historical resilience.

• EBITDA for Q4 was BRL 652 million (6.2% margin); full-year EBITDA was BRL 2.8 billion (6.3% margin), pressured by higher expenses.

• Net income for Q4 was BRL 340 million (3.2% margin); full-year net income hit BRL 1.57 billion (4.1% margin), excluding extraordinary effects.

• Same-store sales growth was 2.9% for 2025, with a decline of 1.1% in Q4 due to macro headwinds and food deflation.

• Operating expenses rose 34.2% year-over-year in Q4 2025, mainly due to expansion and integration costs.

Outlook and guidance

• 2026 strategy prioritizes productivity, expense reduction, and operational efficiency over aggressive expansion.

• Store openings will be more selective, focusing on strategic brands, smaller cities, and new segments.

• Ongoing investments in back office, governance, and process improvements to support growth.

• Leadership expects to see the impact of productivity initiatives from Q2 2026 onward.