Grupo SBF (SBFG3) Q3 2025 earnings summary

Executive summary

• Strategic focus on retail and omnichannel initiatives drove growth in Centauro and Fisia, with Centauro's net revenue up 14.6%–16% and Fisia's wholesale channel surging 28.2% year-over-year.

• Store modernization and expansion continued, including new Centauro and Fisia stores, refits, and enhanced omnichannel capabilities such as in-store pickup for e-commerce.

• Gross profit increased 3.0% to R$917.7 million, but gross margin contracted 2.9 p.p. to 47.4% due to FX impacts at Fisia.

• Adjusted net income for the quarter was R$103.8 million, down 14.3% year-over-year, with a net margin of 5.4%.

• Record Father's Day sales matched Christmas levels, and new product launches and marketing campaigns exceeded expectations.

Financial highlights

• Net revenue reached R$1.94 billion in 3Q25, up 9.4% year-over-year, with Centauro and Fisia as main contributors.

• LTM net profit reached R$435.6 million, up 12.1% year-over-year, with a net margin of 5.8%.

• Adjusted EBITDA (ex-IFRS) was R$169.0 million, down 16% year-over-year, with an 8.7% margin (down 2.7 p.p.).

• Operating expenses rose 8.6% year-over-year, but SG&A as a percentage of revenue fell 0.3 p.p.

• CAPEX totaled R$144.6 million, up 156.1% year-over-year, reflecting investments in stores, technology, and logistics.

Outlook and guidance

• Management expects continued operational and profitability improvements as strategic initiatives mature.

• ICMS tax incentives are expected to mitigate FX impacts and support net margin preservation.

• Inventory levels are positioned to support strong 4Q25 sales, with improved demand forecasting and healthy turnover.

• Focus on capturing demand in upcoming quarters through team reinforcement and assortment optimization.

• Anticipate tailwinds from major sports events and new soccer club sponsorships in 2025-2026.