Grupo SBF (SBFG3), owner of Centauro and Fisia, posted a net loss of R$ 17.5 million in 3Q26, compared with net income of R$ 85.9 million in 3Q25. The accounting result was affected by the recognition of R$ 307.7 million in tax liabilities, following the conclusion of the dispute over offsetting INSS (social security contributions) against PIS/COFINS credits. Excluding non-recurring effects, adjusted net income was R$ 53.6 million.
On an adjusted basis excluding the effect of IFRS 16 (the accounting standard that covers leases), net income was R$ 62.1 million, down 40.2% from 3Q25. Net margin was 3.1%, a decline of 2.3 p.p. The company attributes the decline to lower operating income and a worse financial result, in a context of higher average indebtedness.
Consolidated net revenue totaled R$ 2.0 billion (R$ 2,036.1 million), up 5.1%, and gross profit reached R$ 963 million (R$ 962.9 million), up 4.9%, with a gross margin of 47.3%. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) ex-IFRS was R$ 144.8 million, down 14.3%, with a margin of 7.1%. Operating expenses ex-IFRS grew 9.3%, faster than revenue, and totaled R$ 818.2 million.
Centauro had net revenue of R$ 1.1 billion, up 4.2%, with digital rising 20.3% and physical stores declining 0.4%. Fisia totaled R$ 1.1 billion, up 6.9%. Net debt reached R$ 1.3 billion on September 30, 2026, equivalent to 1.71x adjusted EBITDA ex-IFRS, compared with 0.94x a year earlier. CAPEX (capital expenditures) for the quarter was R$ 103 million, down 28.7%.
The company began a review of its cost structure and, for the fourth quarter, said it is focused on Black Friday, Christmas and working capital management.
