Grupo SBF SA (BSP:SBFG3)

Q2 2026 Grupo SBF SA Earnings Call Transcript

Aug 11, 2026 / 02:00 PM GMT

Release Date Price: R$8.72 (-4.49%)

Transcript

Key Points

Positve

Grupo SBF SA (BSP:SBFG3) delivered its biggest World Cup ever, selling over 1 million official jerseys (up 57% vs. 2022) and 170,000 soccer balls (up 80%), driving record results.
Consolidated net revenue grew 22% to R$2.2 billion, with gross profit up 24% and EBITDA up 48.7% to an 11.2% margin (a 2 percentage point increase year-over-year).
Net income surged 62.7% with a net margin of 6.4%, aided by successful tax incentive strategies that offset FX headwinds and reduced the effective tax rate.
Both Centauro and Physia posted historical results, with Centauro's same-store sales up 26.3% and Physia's wholesale channel growing 36%, while non-World Cup categories like running footwear also grew strongly (e.g., 32% at Physia).
Management maintained strong cost control, with fixed expenses diluted despite high revenue growth, and inventory levels kept in line with last year even during the World Cup surge, supporting operational leverage.

Negative

The World Cup's success required buying inventory well in advance, leading to a temporary cash flow squeeze with higher accounts payable and delayed receivables, which will only be collected in Q3.
Gross margin at Centauro slightly declined to 50.7% due to a mix shift toward digital, which has a lower margin than brick-and-mortar stores.
The company increased customer credit terms to drive growth, raising accounts receivable, though management has begun tightening credit in June to mitigate this.
Leverage increased year-over-year as the company prepared for the World Cup and higher investments, with management noting a potential further rise in Q3 before stabilizing.
Management refrained from providing specific guidance for 2027, citing a more conservative growth outlook post-World Cup and a potentially challenging macro environment, which could limit future expansion.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SBFG3.SA - Grupo SBF S.A.
Q2 2026 Grupo SBF SA Earnings Call
Aug 11, 2026 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, everyone. Welcome to our earnings call for the second quarter of 2026. I would like to thank everyone for your presence here. I have with me Salazar, our CFO, Nikki, our director, and Luna, our IR manager.

So our agenda for today, as always, I'll start off with our highlights for the quarter, and then Salazar will step in to talk about the details of our financial results for the group.

And lastly, we'll have the Q&A session.

Let's begin.

This was a very special quarter for the SBF group, not only for the historical earnings in Centauro and Fizia, but also because we delivered the biggest World Cup that was ever executed by the group. So I think it's important to highlight that the success

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