Grupo SBF (SBFG3) Q3 2025 earnings summary

Executive summary

• Net revenue reached R$1.94 billion in 3Q25, up 9.4% year-over-year, driven by strong performances in both Centauro and Fisia business units.

• Centauro posted 14.6% net revenue growth, with physical stores up 13.1% and digital channel up 20.1%.

• Fisia's net revenue grew 9.2% year-over-year, with wholesale channel surging 28.2% and physical stores up 2.4%.

• Adjusted net profit was R$103.8 million, down 14.3% year-over-year, with a net margin of 5.4%.

• Expansion and modernization included new store openings, refits, and enhanced omnichannel capabilities, such as in-store pickup for e-commerce purchases.

Financial highlights

• Adjusted EBITDA (ex-IFRS) was R$169.0 million, a 16% decrease year-over-year, with an 8.7% margin (down 2.7 p.p.).

• LTM net profit reached R$435.6 million, up 12.1% year-over-year, with a net margin of 5.8%.

• Net debt increased 15.5% to R$674.4 million, with leverage at 0.94x EBITDA (ex-IFRS).

• CAPEX totaled R$144.6 million, up 156.1% year-over-year, reflecting investments in new stores, refurbishments, technology, and logistics.

• Operating cash flow was R$38.2 million, down 85.7% from 3Q24, mainly due to higher inventories and accounts receivable for year-end seasonality.

Outlook and guidance

• Management expects continued operational and profitability improvements as strategic initiatives mature.

• The implementation of ICMS tax incentives is expected to mitigate exchange rate impacts and support net margin preservation.

• Inventory levels are positioned to support strong 4Q25 sales, with healthy turnover and improved demand forecasting.

• Focus on capturing demand in the upcoming quarters, especially through team reinforcement and assortment optimization.

• Anticipate tailwinds from major sports events and new soccer club sponsorships in 2025-2026.