SBFG3

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 sports retail market was still underdeveloped. Throughout the 1980s and 1990s, the company gradually expanded its store network, including the By Tennis format, focused on sports footwear, and extended its presence to other capitals such as Rio de Janeiro and Brasília. Starting in 2000, it introduced the sports megastore concept, with the opening of a large unit in Shopping West Plaza, in São Paulo, a milestone that consolidated the large-format store model with broad assortments. The entry of asset manager GP Investments into the company’s capital in 2012 reinforced the focus on governance and professional management, 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 capabilities and an integrated shopping experience. From 2003 onward, it also began operating through the digital platform www.centauro.com.br, increasing the brand’s national reach. In the following 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 running shoes, bike fit, smart fitting rooms, jersey and cleat customization, as well as mobile checkout. As of December 31, 2024, the Centauro chain had 227 stores in 110 cities, present in 25 states and in the Federal District, mostly located in major shopping centers, combining the traditional model 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 brick-and-mortar 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 Nike monobrand physical stores, in both Nike Value and Nike Direct Inline formats. SBF Ventures, in turn, brings together sports-focused content, entertainment, and technology initiatives such as NWB (owner of digital channels like Desimpedidos, Camisa 21, Acelerados, and others), Onefan (focused on digital engagement between soccer clubs and fans), X3M (sports events), and FitDance (dance and digital content platform), with a focus on innovation, increasing 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 comprises more than 450,000 model-color varieties in categories such as footwear, apparel, and accessories, covering performance and casual lines as well as specific segments like soccer, swimming, skateboarding, surfing, 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 private labels 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 its assortment with partners’ products, with hundreds of sellers and an average take rate in the high single-digit range, which diversifies its 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, divided among wholesale, physical stores, and the nike.com.br digital platform. In wholesale, Fisia supplies partner retailers across the country, while in direct-to-consumer retail it operates Nike Value stores, focused on more accessible price points and specific assortments, and Nike Direct Inline stores, focused on launches and premium products. As of December 31, 2024, Fisia operated 37 Nike Value stores and 9 Nike Direct Inline stores in 13 states and in 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 selling and operating Nike’s sales channels in the country for defined terms.

Grupo SBF’s operations are entirely concentrated within Brazilian territory, with no revenue from other countries. Its activities fall under the consumer discretionary segment, exposed to the economic cycle, disposable income, and credit, but supported by strong capillarity in physical stores and digital channels. Sales take place both at retail, directly to end consumers through Centauro and Nike stores and digital platforms, and at wholesale via Fisia, supplying sporting goods to multibrand chains and other retailers. The company does not have a large-scale own manufacturing process, acting mainly as a distributor and retailer; its private-label products are developed in-house 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 to municipal, state, and federal laws related to operating retail stores. Each unit needs an operating permit from local city halls and a Fire Department Inspection Certificate, among other authorizations, even though some renewal processes may be ongoing. From an environmental perspective, the group believes its activities do not generate significant impacts that would require strict control, but it adopts internal best-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 work 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 B3’s Novo Mercado segment, which concentrates companies with more demanding governance practices, such as share capital composed only of common shares and greater transparency in information disclosure. In 2020, it carried out a follow-on offering, raising funds largely allocated to inorganic growth, such as the acquisition of Fisia. In 2021, with the consolidation of its 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 the production of sports and entertainment content.

Grupo SBF’s strategy is 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 consumer destination for sports products; Fisia ensures relevance in the value chain through the exclusive distribution of one of the sector’s leading global brands; and SBF Ventures expands the group’s presence in the digital universe, sports entertainment, and technology solutions for clubs and fans. This setup positions Grupo SBF as a discretionary retail player with strong sports specialization, combining physical and digital channels, wholesale and retail operations, and audience assets that reinforce its relationship with different sports-related audiences in Brazil.