Track & Field Co (TFCO4) Q3 2025 earnings summary

Executive summary

• Consolidated net revenue for 3Q25 reached R$268.5 million, up 31.4% year-over-year, with sell-out at R$442 million (+28.3% YoY) and same-store sales up 22.8%, driven by strong franchise, digital, and omnichannel performance.

• E-commerce sales grew 33.8% YoY, now representing 10.9% of total sell-out, with digital and omnichannel initiatives boosting results.

• Network modernization continued with 12 new stores opened and 17 renovations completed in 3Q25, totaling 417 stores, 55% of which feature the new layout.

• TFSports platform surpassed 1.1 million users (+46.8% YoY), hosting over 1,100 events and expanding community engagement.

• International expansion advanced with a second store opened in Portugal and a third planned, alongside the launch of a multi-currency, multi-language e-commerce platform.

Financial highlights

• Gross profit was R$141.7 million (+24.9% YoY), with a gross margin of 52.8% (-2.7 p.p. YoY); adjusted EBITDA reached R$51.3 million (+27.8% YoY, 19.1% margin); adjusted net income was R$35 million (+30.0% YoY, 13.0% margin).

• 9M25 consolidated net revenue was R$723.4 million (+29.5% YoY), with adjusted EBITDA of R$162.6 million (+37.3% YoY, 22.5% margin) and adjusted net income of R$114.9 million (+34.6% YoY, 15.9% margin).

• Cash flow from operations reached R$17.2 million (+33.9% YoY), with net cash at R$20.7 million at quarter-end, down 56.4% YoY due to investments.

• Franchise (sell-in) revenue grew 55.2% YoY, retail (own stores) up 24.1% YoY, and royalties up 31.2% YoY.

• Renovated stores outperformed, with company-operated units up 49.5% YoY and franchises up 44.6% YoY.

Outlook and guidance

• Targeting 60% of the store network with the new concept by year-end 2025, with continued focus on omnichannel integration, digital expansion, and community engagement.

• Positive expectations for Q4 2025, with healthy inventory levels and strong supply positioning for Black Friday and Christmas.

• International expansion ongoing, with further store openings in Portugal and the launch of a global e-commerce platform.