Grupo SBF (SBFG3) reported adjusted net income (ex-IFRS) of R$ 141.9 million in the second quarter of 2026 (2Q26), an increase of 62.7% compared to 2Q25, with an adjusted net margin of 6.4%, an expansion of 1.6 percentage points. In the period, consolidated net revenue reached R$ 2.2 billion, growth of 22.1% versus 2Q25, driven mainly by sales related to the 2026 World Cup.
Adjusted ex-IFRS EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 248.9 million in 2Q26, an increase of 48.7% year over year, with an adjusted ex-IFRS EBITDA margin of 11.2%, 2.0 percentage points above 2Q25. Gross profit reached R$ 1.1 billion, growth of 24.3% year over year, with a gross margin of 50.0%, an increase of 0.9 percentage point.
At Centauro, net revenue was R$ 1.1 billion in the quarter, up 19.2% versus 2Q25, with growth of 18.3% in physical stores and 22.0% in the digital channel, which posted GMV (1P+3P) growth of 34.4% and a 23.6% increase in same-store sales. Fisia, Nike’s exclusive representative in Brazil, reached a record quarterly net revenue of R$ 1.3 billion, an increase of 27.5% compared to 2Q25, with growth of 36.1% in wholesale, 29.7% in digital and 13.1% in physical stores.
Grupo SBF’s capital structure ended June 2026 with net debt of R$ 1.2 billion, equivalent to 1.5x adjusted ex-IFRS EBITDA for the last 12 months, versus 0.68x in June 2025. Net working capital totaled R$ 2.0 billion, an increase of 83.7% in 12 months, influenced by the concentration of World Cup sales in May and June, with an average collection period of around 60 days.
In the quarter, CAPEX totaled R$ 103.4 million, growth of 104.3% over 2Q25, directed mainly to the refurbishment of Centauro stores, with 11 renovations completed and another 10 projects started, and to investments in technology and logistics, including the Secondary Distribution Centers project.
