Lojas Renner (LREN3) Q3 2026 earnings summary

Executive summary

• Q3 retail revenue fell 1.6% YoY amid pressured consumer spending and tougher competition; record retail gross margin and 3.2% retail EBITDA growth partly offset weaker sales.

• Net income was R$246.4mn, down 11.8% YoY; LTM ROIC rose 0.4 p.p. to 14.8%, above the cost of capital.

• Digital GMV grew 3.7% to R$705.1mn, or 17.5% of retail sales; revenue growth guidance for 2026 and 2027–2030 was withdrawn amid lower visibility.

Financial highlights

• Consolidated net operating revenue was R$3,522.0mn versus R$3,563.5mn; 9M26 revenue rose to R$11,089.2mn from R$10,988.6mn.

• Q3 gross profit fell 0.9% to R$1,680.4mn; 9M26 gross profit increased 2.5%.

• Net income was R$246.4mn, down 11.8%; 9M26 net income rose 0.4% to R$908.3mn. Basic EPS was R$0.2583, down 7.8% in Q3, and R$0.9380, up 5.8% in 9M26.

• Adjusted net income excluding specified extraordinary retail operating income and Selic interest was R$187.1mn, down 24.5%; adjusted EPS was R$0.1961, down 21.1%.

Outlook and guidance

• Revenue growth guidance for 2026 and 2027–2030 was discontinued due to macroeconomic and regulatory uncertainty; other projections remain unchanged.

• 2026 store-opening target remains 50–60; capital budget is R$1,050mn and capex guidance is 6.0%–7.5% of retail net revenue.

• 2030 targets remain 18%–20% retail EBITDA margin ex-IFRS 16, ~20% ROIC, and operating expenses ex-IFRS 16 lower by 2.5–3.5 p.p. as a share of retail revenue.

• Capital distribution guidance remains 50%–80% of net income for 2026–2030; Realize annual operating result guidance remains 8%–12% of total EBITDA ex-IFRS 16.