Grupo SBF (SBFG3) Q1 2026 earnings summary

Executive summary

• Net revenue reached R$1.8 billion in 1Q26, up 14.9% year-over-year, driven by strong performances from both Centauro and Fisia.

• Adjusted net income (ex-IFRS) was R$78.7 million, a 6.1% increase versus 1Q25, with a net margin of 4.4%.

• World Cup-related launches, especially new Brazilian National Team jerseys, boosted sales across channels.

• Centauro and Fisia both delivered double-digit revenue growth, with Centauro up 13.3% and Fisia up 26.1% year-over-year.

Financial highlights

• Gross profit rose 17.3% to R$906 million, with gross margin expanding 1.1 p.p. to 50.8%.

• Adjusted EBITDA (ex-IFRS) was stable at R$144.4 million, with margin compressing 1.2 p.p. to 8.1%.

• Net profit (ex-IFRS/adjusted) increased 6.1% to R$78.7 million, with net margin at 4.4%.

• Operating expenses (ex-IFRS) grew 21.3%, mainly due to higher selling expenses and headcount.

• Net debt rose 142% year-over-year to R$1.1 billion, with leverage at 1.6x EBITDA (ex-IFRS).

Outlook and guidance

• Management expects the World Cup to be a significant sales driver in 2Q26, leveraging a strengthened multichannel and multibrand platform.

• Anticipates normalization of operating expense growth in coming quarters as seasonal effects subside.