Grupo SBF Posts 225.5 Million Reais in Third-Quarter Adjusted Operating Profit
Key Facts
Grupo SBF reported third-quarter 2026 results on Nov. 9, after the market close, posting adjusted operating profit of 225.5 million Brazilian reais. That was above the average analyst estimate of 161 million reais, despite falling 9.1% from the same period a year earlier. Adjusted net profit, meanwhile, declined to 53.6 million reais, down 44.6% year over year. The results showed a divergence in profitability measures: adjusted operating performance beat expectations, while adjusted net profit fell sharply. The company scheduled its results conference for the day after the announcement.
The group posted revenue of 2.04 billion Brazilian reais in the third quarter, up 5.1% year over year. Reuters said revenue was in line with market expectations, putting sales growth on a steadier footing than the decline in adjusted profit. But revenue growth did not prevent adjusted net profit or adjusted operating profit from falling from a year earlier. The divergence highlights how the results depend on the measure used: revenue continued to rise, while both adjusted profitability metrics declined. No documented comparison was available between adjusted net profit and analyst expectations.
The accounting result was a loss of 17.5 million Brazilian reais in the third quarter of 2026, compared with a profit of 85.9 million reais in the third quarter of 2025. Reuters attributed the loss to non-recurring effects related to compensation for contributions to Brazil's National Social Security Institute through tax credits on industrialized products and sales. This item separates the accounting net result from the adjusted profitability the group reported for the period. The report therefore combined an accounting loss with adjusted net profit of 53.6 million reais. A comparison of adjusted operating profit also showed that, although it exceeded the average analyst estimate, it was below its level a year earlier.
At the brand level, comparable sales at Centauro stores, including online sales, rose 6.8% in the third quarter, after growing 14.8% in the comparable period of 2025. That means Centauro's comparable-sales growth slowed year over year. Fisia, by contrast, posted comparable-sales growth of 7.4%, after a decline of 1.6% a year earlier. These indicators show a mixed picture within the group, with Centauro growth slowing and Fisia returning to growth. The moves came alongside a 5.1% increase in the group's overall revenue.
Grupo SBF listed its third-quarter results conference for Nov. 10, 2026, at 11 a.m. Brasília time, with simultaneous English translation. The conference was scheduled for the day after the results were announced on the evening of Nov. 9, after the market close. Available data did not establish that the stock fell after the announcement; the cited trading record covers the Nov. 9 session, when the results were released after the market close. The available information therefore does not support describing the stock's move as a decline after the results were published. The conference the following day remained the scheduled forum for presenting the results.