Grupo SBF (SBFG3) Q4 2025 earnings summary

Executive summary

• Achieved record net revenue of R$7.7 billion in 2025, up 8.2% year-over-year, with net profit of R$427.6 million (+2.4% vs. 2024), driven by strong performances at Centauro and Fisia and controlled leverage at 0.96x.

• Structural transformation and strategic initiatives, including the Destrave plan, enhanced execution, efficiency, and service levels, supporting a new growth cycle.

• Centauro posted 13% net revenue growth, with strong performance in both physical stores (+11%) and digital (+20%), and a record annual gross margin of 50.3%.

• Fisia saw growth across all channels, notably +23.3% in wholesale in 4Q25 and 25.4% in 2H25, supported by tax incentives and channel expansion.

• Expansion and modernization included opening new stores, completing multiple refits, and hiring 900 new salespeople, boosting store productivity.

Financial highlights

• Consolidated net revenue reached R$7.7 billion (+8.2% vs. 2024); gross profit grew 6.1% to R$3.7 billion, with gross margin at 48.3% (-0.9 p.p. YoY).

• Adjusted EBITDA (ex-IFRS) was R$705.5 million, margin 9.1% (-1.7 p.p. YoY); net profit was R$427.6 million (+2.4% vs. 2024).

• Operating expenses rose 14.6%, reaching 38.2% of net revenue, mainly due to higher selling expenses and investments in personnel and marketing.

• Leverage (Net Debt/EBITDA) at 0.96x at year-end, up from 0.38x in 2024, with net debt increasing 129.3% to R$678.0 million.

• Inventory/financial cycle increased by up to 18 days, mainly from inventory build-up for higher sales and World Cup product launches.

Outlook and guidance

• Entering 2026 with a robust operational base, prepared for major events like the World Cup and new Nike sponsorships.

• Plans to accelerate store refits, expand NDIS stores, invest in logistics and distribution centers, and increase marketing and operational investments, especially around the World Cup.

• Continued focus on structural initiatives, including secondary distribution centers and further store network modernization.