In the second quarter of 2026 (2Q26), Grupo Casas Bahia (BHIA3) reported a net loss of R$ 10.117 billion, compared to a loss of R$ 555 million in 2Q25, impacted by non-recurring accounting effects of R$ 9.1 billion related to Phase 2 of the Transformation Plan, with no cash effect in the period. Net revenue came to R$ 6.977 billion, up 1.6% from the same quarter of 2025, while adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 518 million, with a margin of 7.4%.
The non-recurring items included asset write-offs, restructuring expenses, non-performing contracts and write-off of deferred income tax, which together affected net income by R$ 9.1 billion. Adjusted net loss, which excludes these effects, was R$ 978 million in 2Q26, versus an adjusted loss of R$ 555 million in 2Q25. Gross profit reached R$ 2.293 billion, growth of 10.9% y/y, with a gross margin of 32.9%, 2.8 percentage points above 2Q25.
In the quarter, the company’s free cash flow was a positive R$ 800 million, compared to R$ 173 million in 2Q25, supported mainly by working capital variation of R$ 707 million, tied to lower inventory buildup for the second half. In the last 12 months ended June 2026, the company’s cumulative free cash flow was R$ 4.0 billion, versus R$ 910 million in the 12 months to 2Q25.
The company ended 2Q26 with liquidity, including receivables, of R$ 2.9 billion. Adjusted net debt, considering supplier financing arrangements, CDCI balance and FIDC, was R$ 1.202 billion, resulting in leverage of 0.5x net debt/adjusted EBITDA over the last 12 months, stable versus 1Q26 and below the 2.2x seen in 2Q25. Net debt fell R$ 3.8 billion versus 2Q25 and R$ 293 million compared to 1Q26.
In operations, consolidated GMV reached R$ 10.512 billion in 2Q26, an increase of 0.5% over 2Q25, with a focus on core categories. 1P GMV was R$ 8.911 billion (+2.0% y/y), with physical store GMV of R$ 6.084 billion, a 3.2% decline, and online 1P GMV of R$ 2.827 billion, up 15.3%. 3P GMV totaled R$ 1.601 billion, a 6.7% y/y drop, with revenue stable at R$ 210 million and a take rate of 13.1%, versus 12.5% in 2Q25. The installment credit portfolio reached R$ 6.3 billion, a 5% increase year over year, with a delinquency rate over 90 days of 8.9% and portfolio loss of 4.3%.
