GMAT3: quote, dividends and indicators for Grupo Mateus

Grupo Mateus is a Brazilian company in the food and consumer goods retail and wholesale sector, originally from the state of Maranhão, with a consolidated presence in the Northeast and part of the North region. Its trajectory began in 1986 with a small 50 m² grocery store in Balsas (MA), founded by Ilson Mateus, and quickly evolved into the wholesale segment in 1989 with Armazém Mateus. In the second half of the 1990s, the company also started selling home appliances under the Eletro Mateus brand and began its geographic expansion within Maranhão by opening stores in Imperatriz and Santa Inês and acquiring retail locations in São Luís. Throughout the 2000s and 2010s, the company built a robust logistics network, with its own fleet and distribution centers, and expanded into Pará, consolidating a multi-format model in wholesale, food retail and electronics.

Starting in 2007, Grupo Mateus intensified its business diversification. It created Bumba Meu Pão, now Bumba Alimentos, its own bakery operation focused on producing breads, confectionery and savory snacks, and entered the cash-and-carry format with the Mix Mateus banner. In 2011, it launched the private label MateusCard, in partnership with Banco Bradesco, and established the corporate university UNIMATEUS for leadership training. Expansion outside Maranhão began in 2012 with a store in Marabá (PA), accompanied by the creation of new formats such as the El Camiño banner in 2017, targeting proximity markets in large urban centers and serving as a reference store in smaller cities. In 2018, it strengthened vertical integration with a new distribution center and a slicing facility in São Luís, standardizing the processing and portioning of cold cuts for the entire network.

The company went through a major milestone in 2020 with the opening of 39 stores in Maranhão, Pará and Piauí and the completion of its initial public offering, after which its common shares began trading on B3 under the ticker GMAT3, listed on the Novo Mercado segment. The IPO was part of a broader digital transformation process that began in 2019 with the launch of the Mateus App and Mateus Online, platforms focused on loyalty and e-commerce. In 2021, these services were unified in the Mateus Mais app, which now anchors the company’s digital ecosystem, integrating physical and online channels with a focus on personalized offers and increasing purchase frequency. Between 2022 and 2025, Grupo Mateus accelerated its geographic expansion, entering new Northeastern states such as Bahia, Pernambuco, Alagoas, Paraíba, Sergipe and Ceará, opening dozens of stores and new distribution centers in strategic hubs, including in Altos (PI), which replaced the former DC in Teresina.

As of December 31, 2025, Grupo Mateus operated 302 physical stores distributed across 127 cities in nine states (Maranhão, Pará, Piauí, Ceará, Bahia, Pernambuco, Alagoas, Paraíba and Sergipe), positioning itself as one of the leading food retail chains in the country. According to the Abras 2026 Ranking, the company is the third-largest food retail chain in Brazil. Its operations are multi-format: 139 cash-and-carry stores under the Mix Mateus, Novo Atacarejo and Mateus Food banners; 42 supermarkets under Mateus Supermercados and Spazio; 5 Hiper Mateus hypermarkets; 36 El Camiño proximity markets; and 78 Eletro Mateus stores. In addition, it has 270 Armazzém convenience stores operated by third parties, and 15 Mais Fraldas stores focused exclusively on baby and children’s products. To support this structure, the company maintains 18 distribution centers, one slicing facility and four bakery plants under the Bumba Alimentos brand, ensuring daily supply and standardized quality across the network.

Grupo Mateus’s business model is organized into four main segments: B2B wholesale, retail, cash-and-carry and electronics. In wholesale, the company sells food and non-food products (except Eletro Mateus lines) to small merchants and for the supply of its own stores. This operation is supported by a network of DCs and thousands of Independent Sales Representatives who serve more than 49,000 points of sale in states in the North and Northeast, which has led to exclusive distribution agreements with major domestic and international consumer goods manufacturers. In retail, the company operates supermarkets, hypermarkets, proximity markets, convenience stores and the Mateus Mais digital platform, offering an assortment that includes food, hygiene, cleaning, stationery, household goods and, in certain stores, electronics and furniture. In the cash-and-carry segment, it operates stores in mid- and large-sized urban centers, targeting both end consumers and the foodservice and small retailer markets that seek bulk purchases. In the electronics segment, the Eletro Mateus banner sells home appliances, electronics, furniture and bazaar items, both in physical stores and through the digital channel.

Grupo Mateus’s customer base is diversified and includes end consumers, the foodservice market and resellers of various sizes. The retail and cash-and-carry operations serve families and individuals, focusing on essential items, consumer goods and higher value-added products, especially in formats such as Spazio, which targets the premium retail segment with a portfolio of imported products, healthy items, wine cellars, selected meats and gastronomic services such as boulangerie, café, gelateria and bistro. The Mateus Food Service segment, in turn, represents a more direct entry into serving restaurants, bakeries, hotels, bars and other out-of-home food operators, with a broad assortment of supplies, packaging and specific solutions for the foodservice market. In B2B wholesale, the company supplies small businesses and large retail chains in the North and Northeast, while in Armazzém convenience stores it seeks to capture demand for quick purchases in corporate environments, condominiums and commercial locations. Revenue diversification is reinforced by the absence of any single customer accounting for more than 10% of net revenue.

The company has a strong geographic concentration in the North and Northeast regions, with denser presence in Maranhão and Pará, where it maintains multiple store formats, bakery plants and distribution centers. In Maranhão, the network spans cash-and-carry, retail, electronics, bakery, slicing facilities and six DCs, with flagship stores located in shopping malls in São Luís. In Pará, the structure combines stores in all formats with three DCs and a bakery plant. Piauí has cash-and-carry, retail and electronics operations supported by a distribution center in Altos. States such as Ceará, Bahia, Pernambuco, Alagoas, Paraíba and Sergipe are mainly focused on cash-and-carry and food retail operations, in addition to regional DCs that enable denser logistics routes and scale gains in distribution. In 2025, Grupo Mateus recorded gross revenue of R$ 43.5 billion and net revenue of R$ 38.4 billion, with net income of R$ 1.8 billion, underscoring the relevance of its business in the Brazilian food retail context, although this does not represent any recommendation regarding GMAT3 shares.

From a regulatory standpoint, Grupo Mateus is subject to a wide range of federal, state and municipal rules typical of large-scale food retail operations. Operating stores, distribution centers and industrial units requires compliance with zoning rules, construction permits, occupancy permits, operating licenses and Fire Department inspection certificates, all of which are subject to periodic renewals and inspections. Activities also depend on environmental licenses when classified as potentially polluting or users of natural resources, in accordance with the National Environmental Policy and related legislation, with preliminary, installation and operating licenses issued by the relevant environmental agencies. In the health and sanitary sphere, the company is regulated by ANVISA, the Ministry of Agriculture and Livestock and by state and municipal health surveillance agencies, which inspect structural conditions, hygiene, temperature control, product traceability, waste disposal and other aspects related to the safety of food and hygiene, cosmetic and cleaning products. Adherence to these requirements is essential for the continuity of operations of a network the size of Grupo Mateus and is part of the regulatory risk context inherent to the company listed on B3 under the ticker GMAT3.