Grupo Mateus (GMAT3) Q3 2025 earnings summary

Executive summary

• The merger with Novo Atacarejo expanded presence to three new states, raising market share to 37.7% in Pernambuco, Paraíba, and Alagoas, and increased the store network to 306 locations, serving over 47,000 clients monthly across more than 1,800 cities.

• Opened 13 new stores in the quarter, with 4 more in October, 15 construction projects underway, and 22 new stores planned for 2025.

• Same-store sales (SSS) excluding electronics and Novo Atacarejo rose 4.3% in 3Q25, while electronics segment was downsized due to macroeconomic headwinds.

Financial highlights

• Gross revenue for 3Q25 was BRL 12.1 billion, up 28.3% year-over-year; 9M25 net revenue reached BRL 27.9 billion (+19.3% YoY).

• Gross profit for 3Q25 (excluding extraordinary effects) was BRL 2.2 billion (+16.0% YoY), with a gross margin of 23.2%.

• EBITDA for 3Q25 (excluding extraordinary effects) was BRL 744 million (+14.8% YoY), margin 8.0%; net income (excluding extraordinary effects) was BRL 471 million (+37.3% YoY), net margin 5.1%.

• Net income for the first nine months of 2025 was BRL 1.246 billion, up 28% year-over-year.

• Operating expenses were 15.2% of net revenue for the quarter; accumulated expenses for the year grew 19.5%.

Outlook and guidance

• Expansion strategy remains focused on selective, high-return stores, with about 30 new stores targeted for 2026 and 22 planned for 2025, balancing between cash and carry and retail formats.

• Emphasis on innovation, specialization, and adapting to changing consumer behavior, including new foodservice and premium service store formats.

• Portfolio optimization continues, with electronics segment downsizing due to macroeconomic headwinds.