Grupo Mateus (GMAT3) reported net income of R$ 322.4 million in 3Q26, up 33.3% from 2Q26, with a net margin of 3.0%. Compared with 3Q25, excluding the extraordinary effects of that quarter, profit fell 36.1%, which the company attributes to weaker sales performance and slower revenue growth.
Net revenue was R$ 10.7 billion, up 8.8% from 2Q26, driven by the group's 40th anniversary campaign, held in August. Versus 3Q25, revenue was flat (-0.4%). Same-store sales (SSS) came in at -4.7%, an improvement of 3.3 p.p. from 2Q26 (-8.0%). In September, SSS was -1.3%, with +0.5% at GMAT and -5.8% at Novo Mateus.
Post-IFRS 16 EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 767.7 million, up 12.6% from 2Q26, with a margin of 7.2%. Gross profit was R$ 2.4 billion, with a gross margin of 22.6%, versus 23.5% in 2Q26 due to the greater promotional intensity of the campaign. Operating expenses totaled R$ 1.7 billion, or 15.8% of net revenue, 0.7 p.p. below 2Q26.
Investment (CAPEX) fell 44.3% from 2Q26, to R$ 90.3 million. With the sale of R$ 76 million in real estate, net CAPEX was R$ 14 million. Net debt reached R$ 1.1 billion, equivalent to 0.56x pre-IFRS 16 EBITDA for the last 12 months, versus 0.51x in 2Q26. The company ended the quarter with 236 food retail stores, after opening 2 Mix Mateus cash-and-carry stores.
In 9M26, net revenue was R$ 30.0 billion (+7.5%), post-IFRS 16 EBITDA totaled R$ 2.0 billion (6.6% margin) and net income totaled R$ 755.3 million (2.5% margin).
Is GMAT3 worth investing in?
- Price
- R$ 4.08
- as of 11/11/2026
- Dividend yield
- 1.22 %
- P/L
- 5.79
- P/VPA
- 0.84
