Grupo SBF (SBFG3) Q4 2024 earnings summary

Executive summary

• Achieved record net profit of BRL 418 million in 2024, up 83.3% year-over-year, with a CAGR of 22.6% since 2019.

• EBITDA grew 27.3% to BRL 772 million, with margin rising to 10.8% (+2.1 p.p. vs 2023).

• Gross margin improved to 49.2% (+2.0 p.p. vs 2023), reflecting margin recovery efforts.

• Achieved significant deleveraging, reducing leverage to 0.38x EBITDA by end of 2024.

• Leadership transition announced, with Gustavo Furtado set to become CEO.

Financial highlights

• Gross revenue reached BRL 9.0 billion in 2024, with net revenue up 2.3% to BRL 7.2 billion.

• Gross profit increased 6.6% to BRL 3.52 billion, with gross margin at 49.2%.

• Operating cash flow for 2024 was BRL 949.9 million, up 86% year-over-year.

• Free cash flow in 2024 was BRL 473.2 million.

• CapEx for the year totaled BRL 261.1 million, focused on store refurbishments and technology.

Outlook and guidance

• Positioned for a new growth cycle with a solid capital structure and flexibility for expansion.

• Management targets further integration of business units and omnichannel expansion in 2025.

• Expects gradual recovery in Fisia's wholesale channel in the second half of 2025.

• Conservative inventory and purchasing planning for 2025 to capitalize on market opportunities.

• Focus remains on operational efficiency, sustainable growth, and leveraging strategic partnerships.