Grupo SBF (SBFG3) Q4 2025 earnings summary

Executive summary

• Net revenue reached a record R$7.7 billion in 2025, up 8.2% year-over-year, driven by strong growth in both Centauro and Fisia units.

• Adjusted net income (ex-IFRS) was R$427.6 million, a 2.4% increase versus 2024, with a stable net margin of 5.5%.

• Centauro posted 13% net revenue growth, with strong performance in both physical stores (+11%) and digital (+20%), and a record annual gross margin of 50.3%.

• Fisia saw revenue up 6.2%, with wholesale up 9.4% and digital up 3%, supported by tax incentives and channel expansion.

• Structural transformation initiatives and the Destrava plan drove operational improvements and a new growth cycle.

Financial highlights

• Consolidated gross profit reached R$3.7 billion, up 6.1% year-over-year, with a gross margin of 48.3%.

• Adjusted EBITDA (ex-IFRS) was R$705 million, with margin at 9.1%, down 1.7 p.p. due to higher investments and FX pressure.

• Operating expenses rose 14.6%, reaching 38.2% of net revenue, mainly due to higher selling expenses and investments in personnel and marketing.

• Net debt increased to R$678 million (+129.3% YoY), with leverage at 0.96x EBITDA (ex-IFRS).

• Centauro's gross profit grew 13.7% to R$2.0 billion, with a record annual gross margin of 50.3%.

Outlook and guidance

• Entering 2026 with a robust operational base, prepared for major events like the World Cup and new Nike sponsorships.

• Plans to accelerate store refits, expand NDIS stores, and invest in logistics and distribution centers.

• Focus remains on operational efficiency, digital transformation, and leveraging fiscal incentives to offset FX pressures.