Good morning, everyone, and thank you for standing by. Welcome to Americanas SA. Third quarter 2025 earnings conference call. For those who need simultaneous interpretation, this feature is available on the platform. To access it, just click the interpretation button through the globe icon at the bottom of your screen and choose your preferred language: Portuguese or English. For those listening to the English channel, there is also the option to mute the original Portuguese audio by clicking on "Mute Original Audio." We inform you that this video conference is being recorded and will be available on the company's IR web, ri.americanas.io, where the full earnings release materials can also be found. The presentation is also available for download in the chat icon, including in English. During the company's presentation, all participants will be on listen-only mode. Afterwards, we'll open the Q&A session.
To submit your questions, please click on the Q&A icon at the bottom of your screen and type your question to enter the line. Once your name is called, a request to activate your microphone will pop up on the screen, and then you may enable your mic to ask your question. We kindly ask you to state all your questions at once. We remind you that the information contained in this presentation and any forward-looking statements made during this video conference regarding Americanas' business outlook, projections, and operational and financial goals are based on the beliefs and assumptions of the company's management and on information currently available. Forward-looking statements are not a guarantee of performance. They involve risks, uncertainties, and assumptions, as they refer to future events and therefore depend on circumstances that may or may not occur.
Investors should understand that general economic conditions, market conditions, and other operational factors may affect Americanas' future performance and lead to results that differ materially from those expressed in such forward-looking statements. Today, we are joined by the company's executives, Fernando Soares, CEO, and Camille Faria, CFO and Head of Investor relations. I'll now turn the floor over to our CEO, Mr. Fernando Soares, who will begin the presentation. Please, Mr. Fernando, you may proceed.
[Foreign language ].
Good morning, everyone.
[Foreign language ].
Good morning, everyone. I'd like to start by thanking everyone that helped deliver yet another quarter: our store teams, distribution centers, logistics, and the administrative teams who continue working together with commitment to the recovery or rebuilding of Americanas. I'd like to thank the assistant that has been leading this company in this very complicated period. This third quarter marks the 96th anniversary of Americanas and also a new chapter in our important history. The numbers show clearly an improvement in our operations. We are focusing on the retail operations, leaving the restructuring phase, aiming to consolidate our efficiency, operational improvement, and business transformation. There is a lot happening in this new stage. We are rebuilding our partnerships, restructuring our loyalty program, Client A, and accelerating the offering of financial service, all to ensure the best shopping experience for our nearly 50 million clients that visit our stores every month.
We have been unlocking the sales potential through targeted promotional actions for a specific period, such as the exclusive vacation season, expanding our presence in high-potential categories like hygiene and personal care, and even establishing a day of the week, Friday. We have our Friday today, our proprietary Friday, and we called it Super Friday Americanas. In our operational agenda, I'd like to emphasize our technological and AI-driven solutions that enhance our supply chain, improving planning and replenishment, predictability, logistics, and especially our inventory. Today, we'll go through the accumulated results year to date, and we'll discuss the strategy that has been implemented throughout this year and all the paths that we're taking forward toward the company's transformation.
[Foreign language] Bom, nesse slide eu vou passar para o Google Analytics.
On this slide, I'll go over some highlights from the first nine months of the year, and after that, Camille will detail the figures for the next slides. In the first nine months of the year, our consolidated net revenue reached BRL 8.6 billion, growing by 1.4% compared to last year. In addition, same-store sales grew 10.1% in this period, reflecting progress in our commercial and operational initiatives. The customers and partners platform, which includes services, insurance, and the new credit card Client A, that, by the way, reached over 400,000 card issuances, grew by more than 53% during the same period. In parallel, we continue to reduce expenses as G&A decreased 10.5% in comparison to the same period last year, and now it represents 28.3% of our net revenue. This number in 2023 was over 32%.
Our adjusted EBITDA is gradually upward, reaching BRL 240 million, an improvement of BRL 215 million compared to the previous period, reflecting thus a stronger fiscal store sales, operational efficiency, and the improvement of our management strategies, as we said before. Finally, we report net income of BRL 367 million in the third quarter. It's important to note that this figure is not comparable to the same period of last year due to accounting facts from the debt restriction carried out under the judicial recovery plan, and we detailed that last year, right? These results demonstrate that we are on the right track towards sustainable growth, pursuing higher productivity and profitability. With that, I'll now hand it over to Camille, who will walk you through the company's financial results. Camille, the floor is yours.
Thank you, Fernando. Good morning, everyone.
On slide number four, we present the evolution of the fiscal store G&V, as well as the performance of same-store sales. As Fernando said, the fiscal G&V continues to grow gradually, showing consistent improvement in store sales. Thus, between the first nine months of 2023 and the first nine months of 2025, this indicator grew by 18%. This performance reflects advances in the company's commercial initiatives, as we've talked before, and the advancement of strategic supplier partnerships, category expansions such as home and personal care, as we said before, greater efficiency of promotional actions through the period, as well as increased contribution from service revenue, as we could see on this highlight slide. Additionally, in the first nine months of 2025, same-store sales continue to show double-digit growth compared to the previous period, expanding by 10.1%.
It was driven by strong seasonal events, assortment pricing initiatives, and solutions of planning and replenishment that improved better analysis of our supply chain and the forecast of our demand and product availability in stores, ensuring more intelligence and efficiency to our operation and ensuring that products reached the right source in the right quantities at the right time. With only a few months of the implementation of those solutions that we have mentioned previously, we have already seen encouraging results, such as cutting out of stocks for priority items in cross-categories like canned snacks, food, cleaning, hygiene, and beauty, etc. It also improved the execution of seasonal events, such as the special market that happened in Q3 2025. In this event, we grew by 19% the same-store sales in this concept compared to the same event last year.
It was a very significant growth in this event, highlighting the cleaning category that grew this revenue and the number of orders and items per ticket. That was a very, very sound indicator. Moving on to slide number five now, we see gross profit and proforma gross margin. And why proforma? Because we've been showing that because we purged the extraordinary effects, especially the recoveries of VPC and extraordinary tax events. We want to look at the operation in a more pure way. We do that to make your analysis easier. In the next, there's a reconciliation of those effects. Proforma consolidated gross profit in the first nine months of 2025 grew 2.7% compared to the same period last year with stable margin.
It shows that the company has been able to grow revenue in a healthy way without compromising the margins, even in challenging macro scenarios. This result stems from the maturation of assortment optimization, pricing, planning, and replenishment initiatives focused on profitability and operational efficiency. The development of these initiatives strengthens the company's strategy to maximize returns from the physical footprint, diversifying revenue sources, and attracting new customers, consolidating thus Americanas as an innovative and resilient player in the retail market. Moving to slide number six, now we talk about. [Foreign language] Mais uma vez aqui, as despesas com SG&A nos nove meses. Once again, the SG&A expenses in the first nine months of 2025, excluding depreciation and amortization, were reduced. They total BRL 2.4 billion, showing once again a reduction and this time by 10.5% compared to the same period of 2024.
This result reflects a 26.5% decline in G&A expenses, excluding depreciation and amortization, combined with a 5.5% reduction in selling expenses. Beyond the absolute improvement in this reduction, we keep diluting that, representing now 28.3% of net revenue in the first nine months of 2025. That is equivalent to a 3.7 p p reduction compared to the first nine months of 2024. This performance that we present systematically is a result of our continued focus on operational efficiency and shows our commitment to keep optimizing the cost structures and expenses focused on profitability. On the bottom of the slide, you see the adjusted EBITDA XIFRS16, excluding as we have been systematically presenting since the first of our tenure, the expenses related to the judicial recovery, and all the effects regarding rent.
In the first nine months of 2025, the adjusted EBITDA reached BRL 240 million, and this result was impacted positively by extraordinary events, extraordinary taxes, influences by ICMS, fiscal fees, and renegotiations on a federal and state level, and renegotiations in our partner and platform in IT. Everything represents an improvement of BRL 215 million compared to the same period in the previous year. I think that it's important to highlight here that, as we said a year ago, the result of the first nine months of 2024 was positively impacted to extraordinary events like haircut from the judicial recovery plan in the suppliers, the self-regularization plan, recovered some extraordinary credits regarding ICMS and VPC, and thus, when we exclude the impacts of those extraordinary events and consider only the recurring operational results, the adjusted EBITDA XIFRS16 improved even in a better way when we take into consideration the extraordinary impacts.
With the extraordinary effects, we improved by 215. Excluding those effects, we improved by BRL 254 million in the period. This performance demonstrates meaningful operational improvement, especially due to the iteration of those initiatives of operational efficiency that we have been talking a lot in the continuous improvement of SG&A. I think it is important to mention the quarter. When we look at the adjusted EBITDA in the quarter, we had an evolution of BRL 353 million, far superior to the evolution of the revenue. That shows our operational efficiency once again. Excluding the extraordinary impacts, this improvement is even more expressive and reaches up to BRL 500 million in improvement of EBITDA when we compare 2025 to 2024. It illustrates this evolution throughout the time. Let's repeat the slide that we showed tied in the last earnings from Fiscal. It shows our journey.
On the first graph, we have the evolution of the same-store sales, evolving, presenting a consistent growth throughout the time, with a year improvement of 14.6% in the first nine months of 2024 regarding 2023, and we kept this double-digit growth by 10.1% in the first nine months of 2025 comparison to last year. Despite the strong sales growth that could come, not taking into consideration the margin, but if you could see here, we had a growth of 0.4 p p in the first nine months of 2024 in relation to 2023, and we kept this stable scenario in 2025, even with this challenging macroeconomic scenario in the same-store sales, I mean. It shows the focus on growth, but with profitability. Additionally, the cost and expense optimization efforts led to a 38% reduction in SG&A, 37% since 2022 to 2024, the whole year.
When we look at the first nine months, 38% reduction between 2023 and 2025, it shows that even delivering that before, we kept delivering, and our SG&A has been reduced by almost 50% since 2023. The adjusted EBITDA XIFRS16, as you see on the graph, continues with the trajectory of evolution. Right, bottom part of the slide. Kept evolving. It went from negative BRL 2 billion in the first period, the first nine months of 2023, to positive BRL 240 million in the first nine months of 2025, a BRL 2.2 billion improvement. In 2022, almost BRL 4.5 billion negative, and in 2024, practically zero, like my name is minus BRL 41 million. When we expect extraordinary effects in the analysis of the first nine months, the adjusted EBITDA for the first nine months of 2025 keeps presenting a considerable improvement, around BRL 1.1 billion.
Those results reinforce a trajectory of sustainable and consistent growth, speaking more profitability to our shareholders in this period. Moving to slide number eight, we ended September 2025 with a gross net of approximately BRL 1.9 billion, entirely composed of public debentures issued under the judicial recovery plan. Why I said this time? Because we highlight that the bonds from Uni.co, that were being accounted in our consolidated debt, from this quarter on, are no longer included in our consolidated numbers. Obviously, it is not in our consolidated debt, as we said before to the market, because now we have a binding proposal from Uni.co. We have received that, and the operation of Uni.co is a discontinued operation now. At the bottom of this slide, we show the debentures. Just to remind you that they have maturities of four or five years.
When the first used to 28 in a two-year interest grace period, we are in the grace period now, and the second semester of the next year, when we start paying interest, our total cash and equivalent reached BRL 1.3 billion at the end of the first nine months of 2025, and BRL 736 million in card receivable. On September 31, 2025, the company had BRL 596 million net debt considering receivables at BRL 596 million. I believe that here it's important to highlight that this third quarter is seasonally more pressured. If you look at the third quarter last year, you're going to see that a little polluted by the judicial recovery plan, but this is natural because we have the process of replenishment of the inventory for the end of the year events, Black Friday and Christmas.
Naturally, our cash is a little more pressured, and it goes up again to the end of the year. We considered that the debt with suppliers under the judicial recovery plan is in up to 60 installments, and we started paying in the first semester of 2024, and we considered that the financial obligation of the company and brought to present figures. Those debts were up to BRL 426 million in September 30, 2025, and now they are under the suppliers category. Since it is not in our everyday situation, we would like to show the capital structure. We also have the creditors' obligation that opted by the first option or the general modality at 20 years, and the present value that the outstanding balance of those operations ended this period in BRL 17 million.
So, considering all the remaining judicial recovery liabilities, the net debt stands at the end of September at around BRL 1.1 billion. Let's move to slide number nine. We're going to talk about our cash flow. Here we detail the changes in cash equivalents and receivables between September 30, 2024, and September 30, 2025, by 12 months. We would like to show you 12 months just to show you the seasonality involved. It's a complete cycle of the company. Initially, we have no fim de setembro de 2024. We saw that cash at the end of September 2024. Americanas, HNT, and Uni.co operations. The initial balance contains everything. Since HNT and Uni.co are now discontinued operations, we announced that publicly that we are in the process of market sounding. The cash from HNT and Uni.co is not consolidated in our numbers.
It has an impact of BRL 313 million. Excluding the consolidation of the discontinued operations, the initial balance of 2024 is BRL 1.9 billion. As we can see along the last 12 months, looking at the right part of the graph relating to the PGFN settlement and judicial recovery related supplier payments, we had BRL 257 million in non-operational outflows. What do we mean by non-operational? As we said, as we published and talked to the market, we had transactions with PGFN. We excluded part of that judicially debt, and now we have BRL 25 million in cash outflow in July this year, and not related to the operation, but to the judicial recovery. We have the monthly payment of suppliers that is divided in installments, in up to 60 installments, and we have been paying them monthly.
We had, in this period, BRL 132 million payment to those suppliers that are not under our recurring operation. It is regarding the liability negotiated under the judicial recovery. The effective operational cash consumption was BRL 371 million. Mind you that inside those BRL 371 million, we have some other liabilities from the judicial recovery. We have the attorneys and several costs related to that. Operationally, our consumption is around BRL 340 million-BRL 350 million. There are some remains of the judicial recovery costs mixed here. I would like to talk about the working capital management because we have been putting in a lot of effort and trying to reduce inventory and accounts receivable, and we reduced allocated capital by BRL 165 million this period. These were the financial highlights for the first nine months. I hand the floor back to Fernando that will update you on our strategy.
Thank you all. Fernando, it's up to you.
Thank you, Camille. At the end of this call, let's talk a little about our agenda, our for the end of the year. Moving to the next slide. Here we have a slide that repeats what we called, we said before in the latest call, the last call. Historically, we had three different companies, independent companies. Physical, retail, digital, and army. The strategies were separated, a little conflicting, different metrics, and different investments. What we built in 2025 was a more integrated company, a more integrated strategy. And we had, okay, different metrics, isolated investments. In the last call, we talked about future, but this future is now. Now we're talking about Q4 2025, where the client is in the center of our company, and physical, digital, and services are part of our ecosystem focused on clients.
The teams are integrated, everybody is integrated, and the same metrics were all the ecosystem. I'd like to show you that we are preparing for our 100th anniversary. I have just turned 96. We want to keep accelerating the performance, but with a mindset of transformation. We have our agenda in two agendas. People and culture is the most important basis of our business. When you see those two houses, this is our teams divide their agendas. One house talks about performance, what we have been delivering, and the other talks about transformation. If we look at the supply agenda, supply and operations in source is a little more on the left.
It talks to the performance area, talking about logistics, costs, occupation costs of source and distribution status, productivity, planning and replenishment, store operations, but in the future, our store footprint and where we're going to open stores in the future, and of course, the layouts revision. When you see it at the future, you have management of assortment and margin growth, and the transformation, what is category versus purchase journey, it tends to lean on the transformation category. Exclusive items and some other topics are things that we're going to talk a lot. The previous PCP platform, and we are calling it Consumer and Growth, is on the right side of the agenda, talks with the new digital, the new financial services, loyalty card, Client A.
As I said before, a unique version of Client A, and we have identified projects that will bring a lot of value for the future of the company. We're talking about complementary categories that we've been developing and a new platform of media and insights. It is going to be independent, and it will connect everybody with the customer. Moving to the next slide, I'd like to show you, give you an example of this performance house. We have great delivery. BRL 194 million in margin mass increase comparing 2024 to 2025, 11% growth of GMV per square meter, a reduction of 15% in interest cost reduction year to year, and a reduction of our SG&A by 11%. The accumulated from 2023 is 38% in reduction of SG&A, and last BRL 165 million in working capital reduction.
At the center of the slide, you can see one of our favorite numbers, almost BRL 490 million of operational improvement in our EBITDA. Excluding extraordinary impacts and showing almost BRL 500 million of improvement in our company. Moving to the next slide, let's talk about the transform house. What are the new opportunities? Of course, we're talking about October now. This area should generate integrated flow from physical to digital, from digital to physical, and from surface to board. We needed to be ready for cross-sell, and we talked about our loyalty program, and we talked about CRM. Everything has happened in October. In October, we launched our new loyalty program called Client A.
They are exclusive offers, points that become discounts, everything boosted by the credit card that, as I said at the opening, should more than 400,000 cards, and with a series of missions of shopping that talks exclusively with each profile of clients, showing them sales, improving the recurrence in our stores and our digital. On the right side, you have exclusive pricing depending on the profile of client, customer intelligence with a personalization engine. New formats for digital sales for different profiles, the O2O journey activated, updating of the customer lifecycle journey, reinforcing recurrence, and integrated communication with purchase data, browsing history, and financial services. In the next slide, this transformation has already started. Part of that is our new campaign, where we invited Paulo Vieira as our marketing figure. It is a character that is highly popular, light, and close to the public.
This is what we want to show the customers. Very light, very it looks like our brand. Highlights affection in the present, brings modernity. The campaign before was transactional, also sustainable. Now it's an emotional marketing campaign. Americanas, [Foreign language] , everything you love. We are recovering our brand and the good experiences that every Brazilian person brings in their hearts, and we'd like to invite them to help transform our business with our customers and, of course, with our internal team. To finish this call, I'll play the video that was the symbol of this change and reflects everything that we talked here, not only in operational improvement and the numbers, but everything we have been thinking and transforming the future of our company.
Everybody loves to play and study when he's playing, a fountain in hand, loves to find new things in the storefront of the house. Some people love music. Some people love music so much that it invites everybody in a different. Roberta loves to play, and somebody loves to play with their kids, and they like to give treats to the kids, and people like to make it. The parents love this baby that has only two months, and they love her when she wakes up sleeping. He loves to travel. Her mother loves when she travels, but she can't explore. Some people love to buy on the app and pick up on the store. Some people love to be together. Some people love to live together. Some people love to cook, to swim, to hug, to give presents.
And some people do not know what they are going to love. Americanas, everything you love.
[Foreign language] Agora, começaremos a sessão de perguntas e respostas.
Now we will begin the Q&A session. I would like to remind you that in order to ask questions, you would click on the Q&A icon open, raise hands in the bottom of the screen in order to ask questions. When announced, a request to activate your microphone will pop up on your screen. You have to activate your microphone in order to ask questions. Kindly ask you to ask all your questions at once. Our first question comes from the investor. Carlos said.
Good afternoon, everyone. Is there any solid interest from a group or investor in relation to HNT?"
Thank you, Carlos, for your question. We have said in August or September that we covered the market summary of HNT. Fortunately, it is under confidentiality.
We're bound to some NDAs with some participants, so we cannot disclose details on the process. As soon as I have a relevant fact, the company will communicate to the market, but at this moment, I can't go over further details. I'm sorry.
Our next question comes from an investor .
Congratulations to the whole team that has been doing an exceptional restructuring. Can I ask, in spite of this, the judicial recovery is very clear. Consider that leaving this condition is critical for the company to recover the credibility with the market. Is there any strategy of the company to accelerate, to speed up this exit of the judicial recovery and think that you're restructuring the company? Is there any guidance perspective from 2026?
Our judicial recovery plan was approved at the end of February of 2024.
The anniversary of this approval is in February 2026, and we have fulfilled the majority of the obligations under the plan. Our debt is BRL 1.9 billion only. When we finish paying the suppliers, there are two points that we've been working on at this moment that are processes that are obligations under the plan from HNT and Uni.co units. Today, the perspective of the company is that in the second anniversary of the approval, we will request to the court some assessment for us to exit the judicial recovery supervision. This is our perspective today. There's another question that talks about settling debts in advancement to quit the judicial recovery. We don't have to do that to quit judicial recovery supervision. What we have under the debt, we have debentures that some debentures maturing in 2028 and some others in 2029.
We have the installments for paying the suppliers with the options. The present value is only BRL 17 million. It is in the plan, the option to rebuy the debts in advance, but this is not a request. This is not a condition for us to exit the judicial recovery. I am not an attorney, so maybe the attorneys will correct me. When the judicial recovery supervision considers that the company has fulfilled the obligations, that the company is back in regular operations, they will. We can see that we are working regularly, so we do not see any problems on requesting the exit from this judicial recovery plan soon.
Carlos
Prioritizing the physical source with more profitable products in a platform of an intuitive and modern gamified platform aligned with the behavior of the new generations can expand the scale of the sales. Is the initiative under the radar?
Thank you for your question. This transformation of the digital channel comes from two stages. The back office transformation and now on this phase and the changing of the front end and the user experience. That is what you have been asking. Before I talk about the user experience, it is important to remember that all the inventory of our company is available on our digital channel, as usual. Now you can receive in your house or pick up in the store. Everything that is in the store is available on the screen of your smartphone or your laptop.
Of course, we're going to advance in the journey, the purchase journey, in proprietary app integrated with the loyalty program and also with partnerships. We have been looking at the market, and we want to be part of something bigger under this digital transformation using our physical store expertise, our teams of physical stores, and using our inventories to offer a more complete journey from the browsing experience and the pickup at the store or home delivery.
That profit is, uh, will happen after the accessing after recovery plan. And how, how often annually does the company is them to distribute dividends? Uh, we haven't discussed that before today. We don't have view of there's this guidance. So when, when we have some perspective, we're gonna inform you. But today we have no, no prediction on this guidance Regarding, regarding this recovery plans, we don't have any guidance, uh, regarding dividends, but in this quarter, but we have also some accumulated loss, but our focus is to keep working on improving profitability and efficient in working capital and generating profit. When we generate profit so we going to have a great problem Nands. Our focus today and keep on working the trajectory and we have a great problem on the presentation of the profit to share
Our next question comes from Luiz Henrique,
provisioning the exercise of distribution of 25% of profit will happen after the recovery plan.
Q&A session is now concluded, and we'd like to turn the floor back over to the company for the closing remarks.
[Foreign language] Bom, mais uma vez, eu queria agradecer a todos. Como nós vimos, mesmo no cenário. Thank you, everyone.
As we could see, even under a very complex scenario, we kept working hard and staying present in the lives of millions of Brazilians. This presence is our greatest asset in the company, as well as our team and the basis of our relationship with customers. We've been here for a year, and we honor the Americanas' history and this connection that spans generations. We remain dedicated and committed, driving a responsible and sustainable turnaround. You can count on us. Thank you so much once again.