Brazil · Delayed Price · Currency is BRL Grupo Mateus Earnings Call Transcripts
Fiscal Year 2026
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Gross profit and EBITDA margins improved sequentially despite an 8% drop in same-store sales, driven by operational discipline and selective expansion. Cash conversion cycle and CapEx efficiency advanced, while integration of Novo Atacarejo delivered early synergies.
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Gross revenue grew 13% year-over-year to BRL 2.7 billion, but same-store sales fell 7.3% due to macro headwinds and a strategic reduction in low-margin telesales. Gross margin improved, and integration with Novo Atacarejo was completed, supporting future efficiency gains.
Fiscal Year 2025
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Revenue grew nearly 20% year-over-year to BRL 43.6 billion in 2025, with strong expansion and resilient margins despite macroeconomic headwinds. Focus shifts to productivity, expense control, and selective growth in 2026, with improved cash cycle and disciplined capital allocation.
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The third quarter of 2025 saw strong revenue and profit growth following the merger, with consolidated gross revenue up 28.3% year-over-year and net income rising 28%. Operational synergies, improved inventory controls, and selective expansion underpin a resilient outlook despite a challenging consumption environment.
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Net revenue grew 14.9% year-over-year in Q2 2025, with EBITDA reaching a record BRL 705 million and a margin of 8%. Cash conversion cycle improved to 72 days, and integration of Novum is expected to drive further efficiencies in the coming quarters.
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Net revenue grew 12.9% to BRL 8.3 billion, with gross margin up to 23% and EBITDA rising 27%. Expansion focused on store density and margin, while working capital and supplier terms improved. ROIC for new stores stabilizes at 25%, with legacy stores above 30%.
Fiscal Year 2024
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EBITDA grew 26% to BRL 2.5 billion with margin expansion, while net income reached BRL 1,385 million despite tax and inflation pressures. Expansion in the Northeast drove sales and margin gains, and leverage remained low at 0.29x EBITDA.
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Q3 saw 20% revenue growth, 7.3% same-store sales increase, and a resilient 22.7% gross margin. Expansion and merger plans will add over 50 stores, while EBITDA margin reached 8.2%. Optimism remains high for Q4, with strong campaigns and operational efficiency supporting future gains.
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Q2 2024 saw double-digit revenue and net income growth, with strong same-store and wholesale performance, stable margins, and improved cash cycle. Expansion in key regions drove market share gains, while disciplined capital allocation and cost control supported profitability.