Grupo SBF (SBFG3) Q2 2025 earnings summary

Executive summary

• Net revenue reached R$1.8 billion in 2Q25, up 6.1% year-over-year, with Centauro and Fisia as main growth drivers; Centauro posted record 2Q revenue of R$940.7 million (+9.4% YoY), and Fisia's net revenue was R$1.0 billion (+5.6% YoY), led by wholesale recovery.

• Adjusted net income (ex-IFRS) was R$87.2 million (+19.1% YoY), with a margin of 4.8%.

• Launched a new strategic plan focused on growth, retail renewal, and management, after successful deleveraging in 2023–2024.

• Strategic investments in store improvements, digital platforms, and commercial structure supported operational performance.

• Fisia's wholesale channel showed recovery, aided by price normalization and showroom events.

Financial highlights

• Adjusted EBITDA (ex-IFRS) reached R$167.4 million in 2Q25, down 4.9% YoY; margin at 9.2% (-1.1 p.p.).

• LTM adjusted EBITDA (ex-IFRS) was R$749.0 million (+4.6% YoY), margin 10.2% (+0.2 p.p.).

• Net debt fell 33.1% YoY to R$506.1 million; leverage at 0.68x (down 0.38x YoY).

• Operating cash flow in 2Q25 was R$179.5 million, down 23.0% YoY, mainly due to higher inventories.

• Gross margin was 49.1% in 2Q25, down 0.7 p.p. YoY, pressured by FX at Fisia but partially offset by Centauro margin expansion.

Outlook and guidance

• Strategic focus on growth for Centauro and Fisia, with investments in store improvements, digital platform, and commercial structure.

• Management expects continued growth, with major benefits from investments expected in Q4 and especially next year.

• Fisia's wholesale channel is expected to recover gradually, supported by new orders and improved customer service.

• Tax incentives for Fisia expected to mitigate FX impact and support margins.

• No significant price changes expected in Fisia; focus remains on strategic pricing and channel balance.