Grupo SBF (SBFG3) Q4 2024 earnings summary

Executive summary

• Achieved record gross revenue of R$9.0 billion in 2024, with a CAGR of 23.0% since 2019, surpassing strategic targets and delivering strong operational execution.

• Adjusted net profit (ex-IFRS) rose 83.3% year-over-year to R$417.5 million, with a CAGR of 22.6% since 2019.

• EBITDA (ex-IFRS/adjusted) reached R$772.4 million (+27.3% vs 2023), with margin up 2.1 p.p. to 10.8%.

• Net debt reduced by 59.0% to R$295.7 million, with leverage dropping to 0.38x.

• Gross margin expanded to 49.2% (+2.0 p.p. vs 2023), returning to 2019 levels after prior markdowns.

Financial highlights

• Net revenue grew 2.3% year-over-year to R$7.15 billion.

• Adjusted gross profit increased 6.6% to R$3.52 billion, with gross margin up 2.0 p.p. to 49.2%.

• Adjusted net profit margin (ex-IFRS) rose to 5.8% from 3.3% in 2023.

• Operating cash flow for 2024 was R$949.9 million, up 86.0% year-over-year.

• CAPEX for the year totaled R$261.1 million (+1.3% YoY), focused on store renovations, logistics, and technology.

Outlook and guidance

• Management targets further integration of business units, omnichannel expansion, and sustainable growth in 2025.

• Expects gradual recovery in Fisia's wholesale channel in the second half of 2025.

• Ongoing focus on margin expansion, operational efficiency, and capital discipline.