Track & Field Co (TFCO4) Q2 2025 earnings summary

Executive summary

• Consolidated net revenue reached R$242.1 million in 2Q25, up 26.1% year-over-year, with sell-out at R$409 million (+27.8% YoY) and same-store sales up 21.8%.

• E-commerce sales grew 57.6% year-over-year, now representing 9.8% of total sell-out.

• Opened 5 new stores and renovated 5 in 2Q25, ending with 406 stores, 49% with the new layout.

• TFSports platform surpassed 1 million users, with over 950 events and 120,900 participants in the quarter.

• Company remains debt-free, with cash equivalents at R$95.4 million at period end.

Financial highlights

• Gross profit was R$138.7 million (+29.3% YoY), with gross margin at 57.3% (+1.5 p.p.).

• Adjusted EBITDA reached R$56.6 million (+37.0% YoY), margin at 23.4% (+1.9 p.p.).

• Adjusted net income was R$41 million (+35.9% YoY), net margin at 16.9% (+1.2 p.p.).

• Net cash from operations in 1H25 was R$83.3 million (+3.3% YoY), with net cash at period end of R$23.7 million.

• No debt at period end; cash position reduced due to share buybacks, store expansion, and digital investments.

Outlook and guidance

• Expectation to reach 60% of stores with the new layout by year-end.

• Continued focus on innovation, omnichannel integration, and international expansion, including Portugal.

• Ongoing investment in digital platforms and TFSports to drive engagement and sales.