GPA (PCAR3) posted a net loss of R$ 220 million from continuing operations in 3Q26, compared with a profit of R$ 142 million attributable to controlling shareholders in 3Q25. The 3Q25 result had benefited from a tax credit of R$ 418 million. Excluding that effect, the loss in that quarter would have been R$ 276 million, and the improvement on a comparable basis was 20.3%.
Gross revenue totaled R$ 4,595 million, down 6.5% from 3Q25, and net revenue came in at R$ 4,119 million, a decline of 9.6%. According to the company, 4.9 percentage points of the drop in sales came from the discontinuation of the Aliados format, the end of the fulfillment partnership (storage and shipping logistics) at the distribution centers, and the sale of Stix. Same-store sales fell 1.4%, which the company attributes to higher stockout levels (products missing from stores) and still-challenging consumption.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, adjusted for other operating expenses and income) was R$ 482 million, up 16.9%. The margin reached 11.7%, an increase of 2.7 p.p. Gross profit was R$ 1,264 million, with a margin of 30.7%, up 3.1 p.p., driven by the discontinuation of Aliados, the change in the ICMS regime for certain products, and a better e-commerce mix. Selling, general and administrative expenses fell 7.8%, to R$ 821 million.
Discontinued operations posted a loss of R$ 511 million, mainly due to a provision of R$ 467 million, and the consolidated loss attributable to controlling shareholders was R$ 731 million. Net debt, including non-prepaid card receivables, was R$ 3.8 billion (R$ 3,755 million), with leverage of 3.7x. On a pro forma basis, considering the Out-of-Court Reorganization Plan, approved in October 2026, and R$ 293 million from the sale of FIC, net debt would be R$ 1.2 billion (R$ 1,246 million), a 67% decrease, and leverage would be 1.2x.
In the year-to-date through September 2026, the company captured R$ 365 million in expense reductions, 87.9% of the annual target of R$ 415 million. Capex (investments) totaled R$ 226 million, down 56%, and the projection for the year is R$ 300 million to R$ 350 million.
