Grupo SBF (SBFG3) Q4 2025 earnings summary

Executive summary

• Achieved record net revenue of R$7.7 billion in 2025, up 8.2% year-over-year, with net profit of R$427.6 million (+2.4% vs. 2024) and a net margin of 5.5%, driven by strong performances at Centauro and Fisia.

• Centauro delivered 13% net revenue growth and a record gross margin of 50.3%, while Fisia grew 6.2% in net revenue, led by wholesale recovery.

• Significant investments in store openings, refurbishments, logistics, and technology supported operational expansion and efficiency.

• Structural transformation and strategic initiatives, including the Destrave plan, enhanced execution, efficiency, and service levels, supporting long-term growth.

Financial highlights

• Consolidated net revenue reached R$7.7 billion (+8.2% vs. 2024); gross profit was R$3.7 billion (+6.1%), with a gross margin of 48.3% (-0.9 p.p. YoY).

• Adjusted EBITDA (ex-IFRS) was R$705 million (-8.7% YoY), with a margin of 9.1% (-1.7 p.p.); net profit was R$427.6 million (+2.4% YoY).

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

• Leverage remained controlled at 0.96x EBITDA, despite a 129.3% increase in net debt to R$678 million due to higher CAPEX and working capital.

• CAPEX totaled R$423.5 million (+62.2%), reflecting investments in stores, logistics, and technology.

Outlook and guidance

• Positioned for continued growth in 2026, leveraging operational improvements, World Cup-related opportunities, and new Nike sponsorships.

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

• Marketing and operational investments will increase in 2026, particularly around the World Cup.

• Focus remains on expanding productivity, modernizing store networks, and enhancing digital and logistics capabilities.