Americanas (AMER3) Q3 2025 earnings summary

Executive summary

• Marked the 96th anniversary and a shift from restructuring to retail efficiency and transformation, with new CEO Fernando Soares appointed in October 2025.

• Integrated physical, digital, and services into a unified, client-centered ecosystem, with teams and metrics aligned.

• Launched and expanded loyalty program Cliente A, issuing over 400,000 new cards to boost customer engagement.

• Emphasized operational efficiency, cost reduction, technology adoption, and transformation as pillars for future growth.

• Strategic initiatives included supplier partnerships, financial services rollout, and enhanced customer experience.

Financial highlights

• Net revenue for 9M25 reached R$8.6 billion, up 1.4% year-over-year, with same store sales up 10.1%.

• Adjusted EBITDA ex-IFRS 16 was R$240 million in 9M25, an improvement of R$215 million year-over-year, and up to R$254 million excluding extraordinary effects.

• SG&A expenses decreased by 10.5% year-over-year, representing 28.3% of net revenue, a reduction of 3.7 percentage points.

• Gross profit (proforma) grew 2.7% year-over-year with stable margin at 28.0%.

• Net income for Q3 was R$367 million, but a net loss of R$227 million was recorded for 9M25 due to the absence of prior year one-off gains.

Outlook and guidance

• Focus remains on operational efficiency, cost optimization, sustainable growth, and omnichannel strategies.

• Strategic plan for 2026–2029 emphasizes customer-centricity, performance acceleration, and omnichannel integration.

• Plans to request exit from judicial recovery supervision by February 2026, after fulfilling plan obligations.

• Continued optimization of store portfolio and cost structure to enhance sales per square meter and reduce occupancy costs.

• No current guidance on dividend distribution; focus is on profitability and capital efficiency.