By Brazil Stock Guide – Americanas S.A. (B3: AMER3) reported third-quarter results that highlighted a challenging operational turnaround, posting a net loss for the first nine months of 2025 amid a strategic refocus on its core retail business following its judicial recovery process. The company’s performance reflected the ongoing impacts of restructuring and a difficult macroeconomic environment.
For 9M25, Americanas posted a consolidated net loss of R$227 million (approx. US$41.5 million), a sharp contrast to the R$8.87 billion profit in 9M24, which was heavily boosted by one-off gains from debt restructuring under its judicial recovery plan. Net revenue grew 1.4% to R$8.62 billion (approx. US$1.57 billion), while adjusted EBITDA excluding IFRS 16 effects reached R$240 million, a significant improvement from R$25 million in the same period last year. Same-store sales (SSS) rose 10.1%, indicating resilience in the physical retail segment.
“We are transitioning from restructuring to focusing on retail efficiency, evolving our operations, and transforming the business,” said the management board, emphasizing the company’s commitment to sustainable growth anchored in productivity and profitability. The leadership transition to CEO Fernando Soares in October also marked a new chapter for the 96-year-old retailer.
The results come as Americanas continues to streamline its store portfolio—closing 112 underperforming locations in 9M25—and divest non-core units such as UPI HNT and Uni.Co. The retail sector remains highly competitive, with pressure on margins and consumer spending, though Americanas’ focus on assortment optimization, promotional effectiveness, and supply chain improvements has started to yield operational gains.
Looking ahead, analysts will monitor the execution of Americanas’ efficiency plans, same-store sales momentum, and the conclusion of asset sales to reduce debt. The company ended September with a net debt position of R$596 million, following seasonal inventory buildup and extraordinary tax settlements.