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

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

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

The financial result was negative R$ 522 mn, a deterioration of R$ 413 mn. Gross debt reached R$ 2.3 bn (R$ 2,328 mn), up 16.7% from 2025, with the issuance of a R$ 100 mn Commercial Note in 3Q26. Net debt was R$ 1.2 bn, versus net cash of R$ 488 mn at the end of 2025; the company attributes the change to seasonality. On October 19, 2026, the court ordered the closing of the judicial reorganization, a ruling that may still be subject to appeals.

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 mn. The earnings call takes place on November 12, 2026, at 11 a.m.