Americanas (AMER3) posted a net loss of R$ 603 million in the first half of 2026 (1H26), an increase of 1.5% compared to the loss in 1H25. In the period, consolidated Gross Revenue totaled R$ 7.6 billion, an advance of 7.7% year over year, supported by the multichannel model based on brick-and-mortar retail and the expansion of the O2O (online-to-offline) digital channel.
In the physical channel, Gross Revenue came to R$ 6.9 billion in 1H26, up 3.2% from the same period in 2025, while O2O grew 74.6% and increased its share in the sales mix. Gross sales in comparable stores (Same Store Sales, "SSS") reached R$ 7.1 billion, growth of 9.3% year over year, with highlights including Easter, the World Cup, winter product lines, and snack and beverage categories.
Gross profit from the brick-and-mortar + O2O operations reached R$ 1.7 billion in the half, an increase of 6.8% from the previous year, with a gross margin of 27.4%, 0.5 percentage point above 1H25. Selling, general and administrative expenses (SG&A), excluding depreciation and amortization, were R$ 1.6 billion, a 4.5% year-over-year drop and a dilution of 3.3 percentage points relative to net revenue.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), which excludes expenses and events related to the Court-Supervised Reorganization and investigations, totaled R$ 161 million in 1H26, a reduction of R$ 112 million year over year. Adjusted EBITDA ex-IFRS 16 was a negative R$ 240 million, a deterioration of R$ 88 million; excluding one-off effects from 2025, Adjusted EBITDA ex-IFRS 16 would have grown R$ 251 million year over year, according to the company.
In the half, consolidated financial result was a negative R$ 332 million, a deterioration of R$ 135 million compared to 1H25, impacted by the recognition of financial discounts in negotiations to reduce tax liabilities and by expenses of R$ 184 million with interest and foreign exchange variation on the 22nd debenture issue, whose series 1 and 2 are indexed to 128% of the CDI and series 3 to the dollar variation plus 8.35% per year. At the end of 2Q26, gross debt totaled R$ 2.2 billion, fully in debentures, with net debt of R$ 1.0 billion versus net cash of R$ 488 million at the end of 2025.
