Americanas (AMER3) Posts R$ 955 Million Loss in 3Q26 and 9M26

Consolidated gross revenue totaled R$ 11.2 billion in 9M26 (R$ 11,161 million), up 8.3%. Net revenue was R$ 9.4 billion (R$ 9,356 million), an increase of 8.6%. In 3Q26, gross revenue was R$ 3.5 billion, up 9.6%, and net revenue totaled R$ 2.97 billion (R$ 2,966 million), up 10.3%. Same-store sales (SSS, which compares only existing stores) grew 8.7% in 9M26, to R$ 10.3 billion, and 7.3% in 3Q26. The online-to-offline channel (O2O, online purchases tied to physical stores) rose 80.3%, to R$ 494 million.

Consolidated gross profit was R$ 2.5 billion (R$ 2,545 million) in 9M26, up 4.7%, with a gross margin of 27.2%, versus 28.2% a year earlier. Selling, general and administrative expenses (SG&A), excluding depreciation, totaled R$ 2.4 billion (R$ 2,377 million), down 3.8%, or R$ 95 million, and went from 28.7% to 25.4% of net revenue. EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 116 million, and Adjusted EBITDA was R$ 213 million, a reduction of R$ 617 million. Excluding the effect of lease payments, Adjusted EBITDA was negative R$ 388 million, versus a positive R$ 203 million in 9M25. Disregarding non-recurring effects, operating result improved by R$ 198 million, to a loss of R$ 449 million, compared with R$ 647 million in 9M25.

The financial result was negative R$ 522 million, a deterioration of R$ 413 million. Gross debt reached R$ 2.3 billion (R$ 2,328 million), up 16.7% from 2025, with the issuance of a R$ 100 million Commercial Note in 3Q26. Net debt was R$ 1.2 billion (R$ 1,159 million), versus net cash of R$ 488 million at the end of 2025; the company attributes the change to seasonality. Including remaining liabilities from the judicial reorganization and installments receivable from asset sales, total net debt is R$ 1,367 million. On October 19, 2026, the court decreed the closing of the judicial reorganization, a ruling that may still be subject to appeal.

The company also reported, on October 14, the approval of the sale of properties in Laranjeiras, Tijuca and Freguesia do Engenho Velho, with total proceeds of R$ 130 million. The earnings conference call takes place on November 12, 2026, at 11 a.m.