Grupo SBF (SBFG3) Q3 2025 earnings summary

Executive summary

• Strategic focus on retail and omnichannel initiatives drove growth in Centauro and Fisia, with strong sales and operational efficiency improvements.

• Centauro delivered solid results, with net revenue up 16% year-over-year, strong footwear and digital channel performance, and Fisia's wholesale channel up 28%.

• Store modernization and expansion continued, including new Centauro and Fisia stores, cost-effective refits, and enhanced omnichannel capabilities like in-store pickup.

• Net revenue reached R$1.94 billion in 3Q25, up 9.4% year-over-year, with both business units contributing.

• Multi-channel integration advanced, with 70% of exchanges/returns now in stores and new pilots for digital pickup and returns.

Financial highlights

• Centauro's net revenue grew 16% year-over-year, with 13% growth in stores and 20% in digital; SSS up 15%.

• Fisia's wholesale channel revenue increased 28% year-over-year, with overall net revenue up 9.2%.

• Consolidated net income reached R$435.6 million in LTM25, up 12% from LTM24, with a net margin of 5.8%.

• Adjusted EBITDA was R$169.0 million in 3Q25, down 16% year-over-year, with an 8.7% margin.

• CAPEX totaled R$144.6 million, up 156.1% year-over-year, reflecting investments in new stores, refurbishments, technology, and logistics.

Outlook and guidance

• Management expects continued operational and profitability improvements as strategic initiatives mature.

• Tax incentives are expected to offset FX impacts in coming quarters, supporting net margin.

• Inventory levels are positioned to support strong 4Q25 sales, with healthy turnover and improved demand forecasting.

• Focus on capturing demand in upcoming quarters through team reinforcement and assortment optimization.

• Anticipate tailwinds from major sports events and new soccer club sponsorships in 2025-2026.