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 reached R$78.7 million, a 6.1% increase year-over-year, with a net margin of 4.4%.

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

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

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% year-over-year; gross margin improved to 50.8% (+1.1 p.p. vs. 1Q25).

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

• Operating expenses increased 21.3%, mainly due to higher selling expenses and headcount.

Outlook and guidance

• Management expects the World Cup to drive strong sales in Q2, leveraging a strengthened multichannel and multibrand platform.

• Inventory and leverage expected to normalize post-World Cup, with continued operational leverage anticipated.

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