Grupo SBF (SBFG3) Q1 2026 earnings summary

Executive summary

• Net revenue rose 14.9% year-over-year to R$1.8 billion, with gross profit up 17.3% and gross margin at 50.8% (+1.1 p.p.), driven by strong performances from both Centauro and Fisia, especially in soccer and running categories and World Cup-related products.

• Net income increased 6.1% to R$78.7 million, with a net margin of 4.4%, despite higher investments and expense pressures.

• Store modernization advanced, with 21 stores revitalized and 23 renovation projects initiated, delivering higher performance.

• World Cup-related launches, including the Brazilian National Team jerseys and first Jordan brand partnership, boosted sales.

Financial highlights

• Centauro net revenue grew 13.3% year-over-year to R$930.6 million, with same-store sales up 14.6% and digital GMV up 20.8%.

• Fisia net revenue increased 26.1% to R$1.04 billion, with wholesale up 48.7%, physical stores up 16.4%, and digital up 15.4%.

• Consolidated gross profit up 17.3% to R$906 million; gross margin improved to 50.8% (+1.1 p.p. year-over-year).

• EBITDA margin compressed to 8.1%-9.1% due to higher expenses and investments.

• Operating expenses increased 21.3%, reaching 42.7% of net revenue.

Outlook and guidance

• Management expects the World Cup to drive strong sales in Q2, leveraging inventory and operational readiness.

• Operational leverage anticipated in Q2, likened to a "second Christmas" due to World Cup sales surge.

• Continued focus on logistics expansion, store modernization, and category growth, especially in soccer and running.

• No structural changes expected in competitive environment or gross margin levels; healthy inventory management to continue.