Grupo Mateus (GMAT3) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 reached BRL 43.6 billion, up 20% year-over-year, with 22 new stores opened and expansion to 302 stores, focusing on the North and Northeast regions.

• Net income for 2025 was BRL 1.6 billion (4.1% margin), up 21.2% year-over-year, with Q4 net income at BRL 340 million (3.2% margin).

• Launched new brands (Spazio, Novo) targeting premium and food service segments, consolidating market share in key states.

• Significant organizational restructuring and executive hires supported rapid growth and governance improvements.

• Consolidation of Novo Atacarejo and B2B expansion drove portfolio diversification and revenue growth.

Financial highlights

• Q4 2025 gross revenue was BRL 12.1 billion, with annual revenue at BRL 43.6 billion, up BRL 7.2 billion from 2024.

• Same-store sales grew 2.9% for 2025 but declined 1.1% in Q4 due to macroeconomic headwinds and deflation.

• Gross margin for Q4 2025 was 22.5% (22.9% excluding Novo), with annual gross margin at 22.4%.

• EBITDA for Q4 was BRL 652 million (6.2% margin); full-year EBITDA was BRL 2.8 billion (6.3% margin), pressured by higher expenses.

• Operating expenses rose 34.2% year-over-year in Q4 2025, mainly due to expansion and Novo Atacarejo consolidation.

Outlook and guidance

• 2026 strategy focuses on productivity, expense control, and efficiency gains to offset macroeconomic challenges.

• Expansion pace to slow, prioritizing strategic store openings and capital discipline.

• Continued integration and optimization of Novo Atacarejo, with emphasis on cash cycle and working capital improvements.

• Ongoing investments in governance, back office, and process improvements to support growth.

• Diversification into premium and food service channels remains a strategic priority.