By Brazil Stock Guide – Centauro Group (B3: SBFG3) reported third-quarter 2025 net revenue of R$1.94 billion (approximately US$358 million), a 9.4% increase year-over-year, driven primarily by strong performance in its namesake retail division. However, adjusted net income (ex-IFRS) declined 14.3% to R$103.8 million (US$19.1 million), pressured by significant margin compression at Fisia, the company’s Nike distribution unit, due to foreign exchange headwinds.
The Centauro retail unit delivered net revenue of R$1.03 billion, achieving growth across both physical stores (+13.1%) and digital channels (+20.1%). Same-store sales (SSS) for the chain reached 14.8%. Fisia posted net revenue of R$1.06 billion (+9.2%), highlighted by a wholesale channel recovery (+28.2%). Consolidated gross profit reached R$917.7 million with a margin of 47.4%, contracting 2.9 percentage points from 3Q24. Adjusted EBITDA (ex-IFRS) came in at R$169.0 million, with an 8.7% margin, reflecting the impact of higher import costs at Fisia.
Management emphasized disciplined execution of their strategic cycle amid continued investments. “The initial effects of our strategic initiatives are already visible in this quarter’s results,” the board stated, pointing to Centauro’s robust performance supported by an 11% increase in units sold versus 3Q24 and more assertive inventory curation.
The Brazilian sporting goods retail sector shows consumer resilience, with Centauro successfully capturing demand through both physical and digital channels. However, Fisia operates in a challenging environment where currency volatility continues to pressure import costs. The company is partially mitigating this through ICMS tax incentives implemented across physical stores and wholesale channels. The group’s performance serves as a key indicator for discretionary consumer spending health in Brazil.
Analysts will closely monitor the company’s ability to maintain Centauro’s growth trajectory while managing FX pressures at Fisia, alongside leverage evolution which ended the quarter at 0.94x EBITDA (ex-IFRS) – considered healthy despite accelerated investments. in units sold (+11% vs. 3Q24) and more assertive assortment.