BHIA3: quote, dividends and indicators for Casas Bahia

Grupo Casas Bahia S.A. is a Brazilian publicly traded company in the durable goods retail sector, with common shares listed on B3 under the ticker BHIA3. The company is the result of the combination, completed over the 2010s, of the operations of the Casas Bahia and Pontofrio chains, a transaction that consolidated an integrated platform of brick-and-mortar retail, e-commerce, financial services, and logistics. The group’s history traces back to two traditional brands in Brazilian retail: Casas Bahia, founded in 1957 in São Caetano do Sul, and Pontofrio, whose origins are linked to Globex, created in 1946 and which became a public company in 1981. The combination of these operations was preceded by a history of organic expansion, acquisitions, and the development of in-house capabilities in consumer credit, furniture manufacturing, and sales technology.

Over the decades, Casas Bahia diversified its portfolio and expanded its geographic footprint, initially in the state of São Paulo and then into other states in the Southeast, South, and Center-West regions. The acquisition of the Intervest finance company and the Piratininga store chain in the 1970s, and the purchase of the Bartira furniture factory in 1978, strengthened the vertical integration of the operation, especially in the furniture category. Globex, the parent company of the Pontofrio brand, expanded from Rio de Janeiro to Brasília and other states, combining organic growth with regional acquisitions of chains such as Casas Buri, J.H. Santos, Kit Eletro and points of sale from Disapel, in addition to early investments in megastore formats and a structured electronic channel. In 2009, control of Globex was acquired by Companhia Brasileira de Distribuição, a transaction later approved by CADE, and in 2012 the corporate name was changed to Via Varejo S.A., which was later renamed Grupo Casas Bahia.

Grupo Casas Bahia’s current business model is organized into a single omnichannel retail operating segment that integrates physical stores, e-commerce platforms, and digital sales tools. The company mainly sells electronics, home appliances, mobile phones, small appliances, and furniture, as well as other related categories, working with major manufacturers such as Apple, Samsung, Motorola, LG, Whirlpool, Electrolux, and its subsidiary Bartira, among other suppliers. The omnichannel strategy seeks to integrate the shopping experience across different channels, with physical stores simultaneously serving as points of sale, customer relationship centers, shipping hubs (shipping from store), and financial services points. The company has also developed proprietary technological solutions, such as the assisted sales tool “Me chama no Zap,” which combines remote sales support by store associates with artificial intelligence features, enabling the sale of products both in the 1P (own inventory) and 3P (marketplace) models.

In e-commerce, Grupo Casas Bahia operates under the Casas Bahia, Pontofrio and Extra.com.br brands, as well as a marketplace that hosts hundreds of thousands of sellers and significantly expands its assortment, which has reached tens of millions of SKUs offered. The marketplace serves as a complementary pillar to the 1P retail business, strengthening the group’s presence in categories adjacent to its core and contributing to higher purchase frequency and better utilization of its logistics and credit infrastructure. As of December 31, 2025, the group’s network was made up of 1,042 physical stores, of which 923 operated under the Casas Bahia brand and 119 under the Pontofrio brand, distributed across more than 536 cities in 23 states and the Federal District. Over the same period, the company maintained 24 distribution centers across the country, in addition to an extensive network of mini hubs in stores and carrier stations, providing nationwide coverage and serving both its own operations and marketplace partners.

The logistics structure is a central pillar of Grupo Casas Bahia’s value proposition and has been strengthened through acquisitions of logistics technology companies such as ASAPLog, specialized in urban solutions and crowdshipping, and I9XP, focused on technology development. This network was later consolidated under the CB full brand, which unifies fulfillment, transportation, and logistics services for the company’s own operations, sellers, and third parties, enabling models such as Full Cross, in which suppliers’ inventory is stored in the group’s network prior to sale. This approach aims to improve service levels, reduce inventory costs, and shorten delivery times. Bartira, in turn, adds verticalization to the chain by manufacturing bedroom sets, kitchens, bookcases, TV stands and other furniture, at high volumes, to supply mainly Casas Bahia and Pontofrio, as well as producing white-label items for other manufacturers and exporting to markets such as the United States, Argentina, and South Africa.

On the financial front, Grupo Casas Bahia has developed its own ecosystem focused on credit and payment methods, with an emphasis on serving lower-middle-income and low-income consumers (classes C and D). The company controls banQi, a payment institution that offers a free digital account, e-wallet, digital installment plan, prepaid card, QR Code and PIX payment services, as well as features such as cash withdrawals and deposits at Casas Bahia stores, top-ups, gift card purchases, insurance products, and business accounts. In parallel, the group maintains partnerships with banks such as Itaú and Bradesco to issue co-branded credit cards for Pontofrio and Casas Bahia, and it maintains a relevant proprietary installment portfolio (CDCI). These instruments expand access to credit and generate recurring customer engagement, with the customer base surpassing one hundred million registered consumers, and tens of millions considered active at the end of 2025.

Grupo Casas Bahia’s geographic presence is heavily concentrated within Brazilian territory, with capillarity across virtually all regions through stores, distribution centers, and logistics hubs. The company is not dependent on concentrated clients and has not recorded, in recent fiscal years, any individual customer accounting for more than 10% of net revenue. Its international operations are limited and mainly associated with Bartira, which has started exporting furniture to a few countries, though this does not yet represent a major revenue driver compared to the domestic market. The competitive environment in which the company operates is influenced by macroeconomic variables such as income, employment, inflation, and the cost of credit, which directly affect the performance of the furniture, home appliance, and durable goods segments. Indicators for Brazilian retail trade show significant fluctuations over recent years, which is reflected in demand patterns in the segments where the group is most exposed.

From a regulatory standpoint, Grupo Casas Bahia is subject to a set of requirements typical of large retail chains and furniture manufacturing operations. Its stores, distribution centers, and manufacturing units require operating permits issued by municipalities, fire department inspection certificates, approval of building designs, and environmental licenses when applicable. Environmental licensing follows the National Environmental Policy and may involve federal, state, or municipal agencies, depending on the nature and potential impact of the activities. Failure to comply with requirements may result in penalties such as fines, suspension of activities, and closure of facilities, as well as potential consent decrees (terms of adjustment of conduct) entered into with the Public Prosecutor’s Office or regulatory bodies. The company is also subject to regulations related to privacy and data protection, which are relevant due to the volume of customer information processed on its physical, digital, and financial platforms. As an issuer listed on B3’s Novo Mercado, with BHIA3 shares, Grupo Casas Bahia is also subject to high standards of corporate governance and transparency in the Brazilian capital markets.