Americanas (AMER3) Q2 2025 earnings summary

Executive summary

• Achieved consistent financial and operational improvements, with sequential growth driven by a strategic roadmap, efficiency initiatives, and a customer-centric transformation, including new loyalty and CRM platforms and the launch of the Cliente A credit card.

• Record-breaking Easter event contributed over R$1.2 billion in sales, accounting for more than 17% of H1 2025 revenue and exceeding 50% market share.

• Focused on optimizing store footprint, closing underperforming stores, enhancing customer experience, and integrating digital and physical channels for an omnichannel approach.

• Operational efficiency initiatives led to significant SG&A reductions and improved Adjusted EBITDA.

Financial highlights

• Physical store GMV grew 21% between H1 2023 and H1 2025, with B&M accounting for 80% of GMV in H1 2025.

• Same-store sales rose 11.8% year-over-year in H1 2025, with Easter sales up 16%.

• Gross margin for H1 2025 was 28.7%, down 5.2 p.p. year-over-year due to extraordinary events; pro forma margin excluding one-offs increased by 1.9 p.p. to 29.4%.

• Adjusted EBITDA for H1 2025 was BRL 339 million, up from BRL 268 million in H1 2024; ex-IFRS 16, improved to negative R$170 million from negative R$237 million.

• Net revenue for H1 2025 reached R$6.9 billion, up 1.7% year-over-year.

Outlook and guidance

• Store opening plans are suspended due to macroeconomic uncertainties, with continued focus on operational recovery, efficiency, and sustainable growth.

• Plans to launch a new loyalty program, deepen omnichannel integration, and expand assortment and services.