Grupo Mateus (GMAT3) Q4 2025 earnings summary

Executive summary

• Gross revenue reached BRL 46.3 billion in 2025, up 19.7% year-over-year, with Q4 revenue at BRL 12.1 billion and nearly 20% annual growth, driven by Novo Atacarejo consolidation and B2B expansion.

• Net income for 2025 was BRL 1.6 billion, up 21.2%, with Q4 net income at BRL 340 million, reflecting strong profitability and extraordinary tax effects.

• 22 new stores opened in 2025, expanding the network to over 1,700 cities and 302 stores, while 28 unprofitable Eletro stores were closed.

• Multi-channel and multi-format strategy, including premium and foodservice segments, supported resilience amid macroeconomic headwinds.

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

Financial highlights

• Gross margin reached 22.5% in Q4 2025 and 22.4% for the year, maintaining historical resilience.

• EBITDA for Q4 was BRL 652 million (6.2% margin); full-year adjusted EBITDA was BRL 2.8 billion (7.3% margin), pressured by higher expenses.

• Net margin for 2025 reached 4.1%, up 0.1 p.p. year-over-year.

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

• 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 formats.

• Capital budget for 2026 set at BRL 1.18 billion, mainly for store expansion and IT infrastructure.

• Leadership expects productivity initiatives to impact results from Q2 2026 onward.

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