Grupo SBF (SBFG3) Q2 2026 earnings summary

Executive summary

• Achieved record net revenue of R$2.2 billion in 2Q26, up 22.1% year-over-year, driven by World Cup-related sales and strong performance in Centauro and Fisia units.

• Adjusted EBITDA (ex-IFRS) rose 48.7% to R$248.9 million, with margin expanding 2.0 p.p. to 11.2%.

• Adjusted net income (ex-IFRS) increased 62.7% to R$141.9 million, with net margin up 1.6 p.p. to 6.4%.

• Over 1.5 million World Cup-related items sold, including 1 million official jerseys, reflecting successful event execution.

• Both Centauro and Fisia delivered double-digit revenue growth, supported by omnichannel execution and product assortment expansion.

Financial highlights

• Net revenue: R$2.2 billion (+22.1% vs. 2Q25); gross profit: R$1.1 billion (+24.3%); gross margin: 50.0% (+0.9 p.p.).

• Adjusted EBITDA (ex-IFRS): R$248.9 million (+48.7%); margin: 11.2% (+2.0 p.p.).

• Adjusted net income (ex-IFRS): R$141.9 million (+62.7%); net margin: 6.4% (+1.6 p.p.).

• Operating expenses diluted by 1.1 p.p. to 38.8% of net revenue, with selling expenses at 33.2% and G&A at 5.6%.

• Net debt: R$1.2 billion, 1.5x Adjusted EBITDA (ex-IFRS) LTM, up from 0.68x a year ago.

Outlook and guidance

• Management expects continued growth in the second half, supported by a strengthened operation and ongoing demand from World Cup-related sales.

• Cash conversion from World Cup sales expected in 3Q26, supporting further deleveraging.

• Continued focus on commercial strategy execution, store network modernization, and omnichannel integration.

• Growth in running and other non-World Cup categories expected to continue.