Grupo SBF (SBFG3) Q1 2026 earnings summary

Executive summary

• Net revenue reached R$1.8 billion in 1Q26, up 14.9% year-over-year, driven by strong performances from both Centauro and Fisia, with World Cup-related launches and new Brazilian National Team jerseys boosting sales.

• Gross profit rose 17.3% to R$906 million, with gross margin expanding by 1.1 percentage points to 50.8%.

• Adjusted net income (ex-IFRS) was R$78.7 million, a 6.1% increase year-over-year, with a net margin of 4.4%.

• Store modernization advanced, with 21 stores revitalized and new logistics projects initiated.

• Centauro and Fisia both delivered double-digit revenue growth, with Centauro up 13.3% and Fisia up 26.1% year-over-year.

Financial highlights

• Centauro net revenue grew 13.3% to R$931 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 margin improved to 50.8% (+1.1 p.p. year-over-year); Centauro gross margin at 51.3%, Fisia at 43.5%.

• Adjusted EBITDA (ex-IFRS) was R$144.4 million, with margin compressing to 8.1% (-1.2 p.p. year-over-year).

• Net debt rose 142% year-over-year to R$1.1 billion, with leverage at 1.6x EBITDA (ex-IFRS).

Outlook and guidance

• Management expects the World Cup to be a significant sales driver in 2Q26, with operational leverage anticipated and inventory positioned to support demand.

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

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