Americanas (AMER3) Q4 2025 earnings summary

Executive summary

• Successfully exited judicial recovery in February 2026 after meeting all obligations, marking a major milestone and completing a three-year transformation focused on integrated, customer-centric operations.

• Shifted strategy to an integrated, store-centric omnichannel model, discontinuing non-core fintech operations and emphasizing operational efficiency and customer engagement.

• Achieved sustainable growth and operational improvements, leveraging loyalty programs and retail media to deepen customer engagement.

• Store modernization, assortment optimization, and new product lines drove double-digit growth in gross revenue per square meter and a 7.8% increase in same-store sales.

• Strategic partnerships and new business units, such as Americanas Ads, are being developed to support future growth.

Financial highlights

• Consolidated gross revenue reached R$16.3 billion in 2025, with brick & mortar sales at R$15.6 billion and same-store sales up 7.8% year-over-year, 3.4% above inflation.

• Adjusted EBITDA was R$1.1 billion; adjusted EBITDA ex-IFRS 16 was R$277 million, up R$169 million from 2024.

• Net result for continuing operations was positive R$98 million, a significant turnaround from prior year losses.

• Gross margin improved by 2.2 percentage points year-over-year, reaching 27.4% for B&M and 27.0% consolidated.

• SG&A expenses reduced by 18.1% year-over-year, now 27.4% of net revenue, down 5.7 percentage points.

Outlook and guidance

• Strategic plan for 2026–2029 focuses on accelerating performance, store modernization, omnichannel growth, and operational excellence.

• Continued optimization of store portfolio, expansion of product diversity, and growth in digital and financial services.

• Expectation for client base to recover as store closures end and new stores open, with gradual resumption of store openings and modernization.