SBFG3 Grupo SBF

Grupo SBF, traded on B3 under the ticker SBFG3, is the controlling shareholder of Centauro and other operations connected to the sports universe in Brazil. The group’s trajectory began in 1981 with the opening of the first Centauro store in Belo Horizonte, conceived by Sebastião Vicente Bomfim Filho, at a time when the Brazilian sporting goods retail sector was still underdeveloped. Throughout the 1980s and 1990s, the company gradually expanded its store network, including the By Tennis format, focused on athletic footwear, and extended its presence to other capital cities such as Rio de Janeiro and Brasília. From 2000 onward, the concept of a sports megastore was introduced with the opening of a large unit at Shopping West Plaza in São Paulo, a milestone that consolidated the large-format store model with broad assortment. The entry of asset manager GP Investments into the share capital in 2012 strengthened the focus on governance and management professionalization, with the adoption of systems such as SAP ERP and new budgeting and target-setting practices.

As the business evolved, Grupo SBF structured a model based on omnichannel integration and a unified shopping experience. Starting in 2003, it also began operating through the digital platform www.centauro.com.br, expanding the brand’s national reach. In subsequent years, the company invested in distribution centers in Extrema (MG) and Jarinu (SP), supporting both physical and online expansion. In 2017, it introduced the “generation 5” store concept, which incorporates smart retail technologies, full integration with e-commerce and services focused on product trial, such as treadmills for testing shoes, bike fit, smart fitting rooms, shirt and boot customization, as well as mobile checkout. As of December 31, 2024, the Centauro chain totaled 227 stores in 110 cities across 25 states and the Federal District, mostly in major shopping malls, combining the traditional format and the generation 5 concept.

Grupo SBF’s business model is organized into three major management units: Centauro, Fisia and SBF Ventures. Centauro concentrates the retail of sporting goods and casual sportswear, with integrated physical and digital operations. Fisia, acquired in 2020, corresponds to Nike’s former operations in Brazil, making the group the exclusive distributor of Nike products in the country, including apparel, footwear, accessories and equipment, as well as the exclusive direct operator of the nike.com.br retail e-commerce channel and the physical Nike monobrand stores, in the Nike Value and Nike Direct Inline formats. SBF Ventures brings together sports-related content, entertainment and technology initiatives, such as NWB (owner of digital channels like Desimpedidos, Camisa 21, Acelerados and others), Onefan (focused on digital relationship between soccer clubs and fans), X3M (sports events) and FitDance (dance platform and digital content), with a focus on innovation, expanding touchpoints with the public and developing new verticals linked to the sports ecosystem.

From an economic standpoint, Centauro remains a key pillar of the group in sports retail. In 2024, Centauro’s net revenue totaled around R$ 3.6 billion, with approximately 78.6% coming from physical stores and 21.4% from the digital platform. The portfolio covers more than 450,000 model-color variations in categories such as footwear, apparel and accessories, spanning performance, casual and specific segments like soccer, swimming, skate, surf, racket sports, among others. The company maintains relationships with more than 300 sports brands, including major global players such as Nike, Adidas, Mizuno, Asics, Puma and Under Armour, in addition to developing its own brands such as Oxer, Adams, Nord and X7, which accounted for about 19.6% of sales in 2024. Centauro also operates a digital marketplace that broadens the assortment with partner products, counting on hundreds of sellers and an average take rate in the high single digits, which diversifies the revenue source within the online channel.

Fisia, the subsidiary responsible for Nike’s operations in Brazil, adds a wholesale distribution and monobrand retail dimension to Grupo SBF. In 2024, Fisia’s net revenue was close to that of Centauro, at more than R$ 4 billion, split between wholesale, physical stores and the nike.com.br digital platform. In wholesale, Fisia supplies partner retailers throughout the country, while in direct-to-consumer retail it operates Nike Value stores, focused on more affordable prices and specific assortment, and Nike Direct Inline stores, focused on launches and premium products. As of December 31, 2024, Fisia had 37 Nike Value stores and 9 Nike Direct Inline stores in 13 states and the Federal District. The Nike products sold by the group are developed by Nike itself and manufactured by selected third parties, both in Brazil and abroad, under quality standards established by the global brand. The distribution agreement provides territorial exclusivity for the sale and operation of Nike’s sales channels in the country for specific periods.

Grupo SBF’s operations are fully concentrated in Brazilian territory, with no revenue from other countries. Its activities fall under the discretionary consumer segment, exposed to the economic cycle, disposable income and credit, but supported by a strong footprint of physical stores and digital channels. Sales take place both at retail, directly to the end consumer through Centauro, Nike and digital platforms, and at wholesale, via Fisia, supplying sporting goods to multi-brand chains and other retailers. The company does not have its own large-scale production process, operating mainly as a distributor and retailer; its private-label products are developed internally and manufactured by external partners, and Nike items follow the brand’s global production chain. Logistics and inventory management are structured to support the omnichannel model, using distribution centers and the stores themselves as mini hubs for modalities such as Click & Collect, Ship from Store and Pickup store.

From a regulatory standpoint, Grupo SBF is mainly subject to consumer protection rules and municipal, state and federal legislation related to the operation of retail stores. Each unit needs an operating permit from local city halls and the Fire Department Inspection Certificate, among other authorizations, even though some renewal processes may be underway. In environmental terms, the group believes its activities do not generate significant impacts that would require strict control, but it adopts internal good-practice guidelines described in its Code of Conduct and, since 2021, has disclosed social and environmental information in an annual report. On the social front, the “Transforma” program, launched in 2019 at Centauro, stands out for connecting and supporting organizations that promote social inclusion and access to education through sports, in addition to the activities of NWB and FitDance in producing content and engaging communities linked to sports and dance.

In terms of corporate governance, Grupo SBF became a publicly traded company in 2019, with shares listed on the Novo Mercado segment of B3, which includes companies with more demanding governance practices, such as capital composed only of common shares and greater transparency in information disclosure. In 2020, it carried out a follow-on offering, raising funds mainly allocated to inorganic growth, such as the acquisition of Fisia. In 2021, with the consolidation of the sports ecosystem and the incorporation of new content and technology businesses, the trading code was changed to SBFG3, reflecting Grupo SBF’s identity as an integrated platform that combines physical retail, digital channels, distribution of major sports brands and production of content focused on sports and entertainment.

Grupo SBF’s strategy seeks to integrate these fronts into a single ecosystem, in which Centauro, Fisia and SBF Ventures operate in a coordinated manner. Centauro serves as the main destination for consumption of sports products; Fisia ensures relevance in the value chain through the exclusive distribution of one of the world’s leading brands in the sector; and SBF Ventures expands its presence in the digital universe, in sports entertainment and in technological solutions for clubs and fans. This setup positions Grupo SBF as a discretionary retail player with strong specialization in sports, combining physical and digital channels, wholesale and retail activities, and audience assets that strengthen its relationship with different sports-related audiences in Brazil.