Slides
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EARNINGS RELEASE 2Q26
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AGENDA MESSAGE FROM THE MANAGEMENT AND STRATEGIC INITIATIVES 2Q26 HIGHLIGHTS Q&A 2
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MESSAGE FROM THE MANAGEMENT GUSTAVO FURTADO CEO
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4 HIGHLIGHTS ADJUSTED NUMBERS | EX - IFRS HISTORIC RESULTS, WITH RELEVANT REVENUE GROWTH AND RECORD SALES OF EVENT - RELATED PRODUCTS. C O N S I S T E N T P E R F O R M A N C E A T C E N T A U R O R E V E N U E G R O W T H A C R O S S A L L F I S I A C H A N N E L S S O L I D G R O W T H 19.2% NET REVENUE GROWTH VS. 2Q25 AND SSS 23.6% . ACROSS CHANNELS : +18.3% IN STORES AND 34.4% OF DIGITAL GMV. +13.1% IN PHYSICAL STORES, +29.7% IN DIGITAL, AND +36.1% IN THE WHOLESALE CHANNEL . GROWTH OF 62.7% VS. 2Q25, WITH A NET MARGIN OF 6.4% (+1.6 P.P. VS. 2Q25). N E T P R O F I TO F R $ 1 4 1 . 9 M I N 2 Q 2 6 E X E C U T I O N O F T H E L A R G E S T W O R L D C U P B Y G R U P O S B F E B I T D A O F R $ 2 4 8 . 9 M I N 2 Q 2 6 48.7% GROWTH VS. 2Q25, WITH AN EBITDA MARGIN OF 11.2% , A 2.0 P.P. EXPANSION VS. 2Q25. GRUPO SBF RECORDED NET REVENUE OF R $ 2.2 BN IN 2Q26 (+22.1% VS. 2Q25), AND GROSS PROFIT OF R$ 1.1 BN (+24.3%) WITH A GROSS MARGIN OF 50.0% (+0.9 P.P.).
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5 LARGEST WORLD CUP EVER EXECUTED BY THE COMPANY MORE THAN 1.5 MILLION ITEMS SOLD¹ OFFICIAL JERSEY CBF LICENSED PRODUCTS 1.0 MILLION JERSEYS SOLD¹ +56.9% (VS. 2022 WORLD CUP) 352 THOUSAND PRODUCTS SOLD¹ +80.5% (VS. 2022 WORLD CUP) OFFICIAL MATCH BALL 169 THOUSAND BALLS SOLD¹ +80.4% (VS. 2022 WORLD CUP) ( 1 ) S I N C E L A U N C H T H R O U G H J U L Y 3 1 , 2 0 2 6 .
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‘ 2026 WORLD CUP CENTAURO 6 E N H A N C E D O P E R A T I O N S • C O M M E R C I A L A C T I V A T I O N S A CRO S S A L L 229 S TO RE S I N THE N E TW O RK . • I N V E N TO RY A V A I L A BI L I TY W I TH O M N I C H A N N E LI N TE G R A TI O N ACROS S S TORE S AN D DI GI TAL CHA N N E L S . E X P A N D E D A S S O R T M E N T • E X C L U S I V E C B F L I C E N S E D CO L L E CTI O N DE V E L O P E D BY CE N TAU RO' S S TYL E TE AM. • I N S P I RE D BY THE 20 0 2 BRA Z I L I A N N A TI O N A L TE A M, THE CO L L E CTI O N A CHI E V E D R E C O R D S A L E S .
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‘ 2026 WORLD CUP FISIA • 20 26 W O RL D CU P : S E C O N D E D I T I O N S I N CE G R U P O S B F ’ S A CQ U I S I TI O N O F N I K E ’ S BRA Z I L I A N O P E RA TI O N S . • R E C O R D S A L E S: MO R E TH A N 1 M I L L I O N J E R S E Y S S O L D FRO M L A U N CH THRO U GH J U L Y 3 1, SI GN I FI CAN TL Y OU TPE RFORMI N G THE 20 22 E DI TI O N . • F A N MO DE L ( R$4 4 9 . 9 9 ) A S THE T O P- S E L L I N GMO DE L . • P O R T F O L I O E X P A N S I O N S TRATE GY: I N CREAS E D S AL E S S HA RE O F THE M A T C H( R$7 4 9 . 9 9 ) A N D S U P P O R T E R( R$24 9 . 9 9 ) MO DE L S V S . 20 22 W O RL D CU P . 7
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CENTAURO 2Q26 OPERATIONAL EFFICIENCY AND STORE NETWORK MODERNIZATION SOLID RESULTS GROWTH ACROSS KEY CATEGORIES , DRIVEN BY PORTFOLIO ACCURACY AND MORE EFFICIENT ALLOCATION. RUNNING AND HIGH-PERFORMANCE FOOTWEAR DELIVERED 36% GROWTH VS. 2Q25; IN THE FOOTBALL CATEGORY , IN ADDITION TO WORLD CUP - RELATED PRODUCTS, PERFORMANCE WAS DRIVEN BY STRONGER SALES OF SOCCER CLEATS SUBCAT EGORY AND THE LAUNCH OF THE NEW CORINTHIANS JERSEY DURING THE PERIOD. CONTINUED STORE NETWORK MODERNIZATION 10 RENOVATION PROJECTS STARTED IN 2Q26; 11 REFITS REOPENED DURING THE QUARTER; 31 STORES REVITALIZED IN TOTAL; 10.8 P.P. OUTPERFORMANCE VS. COMPARABLE STORES IN THE SAME REGIO NS. 34.4% GMV DIGITAL (1P+3P) R$ 1.1 BI NET REVENUE (+19% VS. 2Q25) 20.3% OF SSS IN STORES 8
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DTC CHANNELS CONSISTENT GROWTH IN 2Q26: +13.1% IN STORES AND +29.7% IN DIGITAL (VS. 2Q25); STORE NETWORK EXPANSION WITH TWO NEW NDIS STORES OPENED IN 2Q26; RUNNING GROWTH OF 32.0% IN SALES VS. 2Q25; PEGASUS, STRUCTURE AND VOMERO FRANCHISES DRIVING PERFORMANCE AND STRENGTHENING NIKE'S POSITIONING IN THE HIGH-PERFORMANCE SEGMENT. WHOLESALE STRONG PERFORMANCE IN 2Q26: +36.1% VS. 2Q25; EFFECTIVE DISTRIBUTION OF OFFICIAL BRAZIL NATIONAL TEAM PRODUCTS, E NABLING THE COMPANY TO FULLY CAPTURE DEMAND DURING THE WORLD CUP PERIOD. SOCCER KEY GROWTH DRIVER OF THE PERIOD, DRIVEN BY WORLD CUP RELATED PRODUCTS; THE CATEGORY ALSO BENEFITED FROM SALES OF SOCCER CLEATS AND JERSEYS FROM SPONSORED NATIONAL CLUBS , WITH A HIGHLIGHT ON THE LAUNCH OF THE NEW CORINTHIANS JERSEY. FISIA 2Q26 EVOLUTION OF KEY STRATEGIC CATEGORIES GROWTH ACROSS ALL CHANNELS CONTINUED EXECUTION OF THE 2025 COMMERCIAL STRATEGY 9
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JOSÉ SALAZAR CFO FINANCIAL RESULTS
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- 0.6 P.P. +18.3% +22.0% +16.3% +16.8% - 0.1% P.P. 51.3% 50.7% 51.1% 51.0% 2.052 1.762 +19.2% +16.4% 11 NET REVENUE AND GROSS MARGIN REVENUE GROWTH, WITH TOTAL SSS OF +23.6%, DRIVEN BY STRONGER PERFORMANCE ACROSS BOTH CHANNELS AND THE FOOTBALL AND FOOTWEAR CATEGORIES. R$ M | ADJUSTED | EX - IFRS 714 844 227 277 2Q25 2Q26 PHYSICAL STORES DIGITAL +20.3% STORES SSS DRIVEN BY STRONG DEMAND FOR 2026 WORLD CUP - RELATED PRODUCTS +10.3% IN FOOTWEAR RUNNING AND WALKING SHOES AS HIGHLIGHTS +11.7% AVERAGE TICKET +2.6% ITEMS PER PURCHASE STORES +34.4% GMV (1P+3P) DRIVEN BY WORLD CUP SALES AND THE CONTINUED MOMENTUM OF THE RUNNING SUBCATEGORY +55.0% IN RUNNING SHOES +4.2% AVERAGE TICKET DIGITAL GROSS MARGIN 50.7% CENTAURO CONTINUES TO DELIVER HEALTHY GROSS MARGIN LEVELS. (VS. 2Q25) (VS. 2Q25) (VS. 2Q25) GROSS MARGIN 941 1.121 1,358 1,580 404 472 1H25 1H26
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NET REVENUE AND GROSS MARGIN GROSS MARGIN R$ M | ADJUSTED | EX - IFRS 12 +0.4 P.P. + 27.5 % +14.6% +23.1% +41.3% + 26.9 % +0.1% P.P. +13.1% +29.7% +36.1% 1.047 1.335 40.5% 40.8% 41.9% 42.0% RECORD NET REVENUE, DRIVEN BY GROWTH ACROSS ALL CHANNELS, WITH WORLD CUP SALES AS A KEY HIGHLIGHT. RUNNING AND SOCCER CATEGORIES AS KE Y GROWTH DRIVERS HIGHLIGHT ON RECORD SALES OF BRAZIL NATIONAL TEAM JERSEYS . +9.9% IN STORE TRAFFIC STORE NETWORK EXPANSION WITH TWO NEW NDIS STORES OPENED IN 2Q26 STORES DIGITAL 40.8% CURRENCY IMPACT MITIGATED BY THE OPTIMIZATION OF TAX INCENTIVES. GROSS MARGIN WHOLESALE +36.1% IN 2Q26 HIGHLIGHT ON THE DISTRIBUTION OF OFFICIAL BRAZIL NATIONAL TEAM PRODUCTS DURING THE WORLD CUP +29.7% IN 2Q26 SOCCER CATEGORY DRIVEN BY THE WORLD CUP AND NATIONAL CLUBS (ATLÉTICO - MG, CORINTHIANS AND VASCO) +26.0% IN RUNNING HIGHLIGHT FOR VOMERO, PEGASUS AND STRUCTURE FRANCHISES (VS. 2Q25) (VS. 2Q25) (VS. 2Q25) (VS. 2Q25) 275 312 407 527 364 496 2Q25 2Q26 PHYSICAL STORES DIGITAL WHOLESALE 991 496 568 751 925 625 883 1H25 1H26 2.376 1.872
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R$ M | ADJUSTED | EX - IFRS NET REVENUE AND GROSS PROFIT 13 NET REVENUE GROSS PROFIT GROSS PROFIT GROSS MARGIN (%) NET REVENUE CAGR QUARTERLY: +44.9% +22.1% +21.1% CAGR QUARTERLY: +53.9% +24.3% 239 1,123 1,463 1,593 1,714 1,818 2,219 2Q20 2Q21 2Q22 2Q23 2Q24 2Q25 2Q26 34.9% 45.9% 45.8% 47.3% 49.8% 49.1% 50.0% 49.4% 50.3% 3,372 4,004 1H25 1H26 84 516 670 754 853 892 1,109 2Q20 2Q21 2Q22 2Q23 2Q24 2Q25 2Q26 1,664 2,015 1H25 1H26 +18.8% DOUBLE - DIGIT REVENUE GROWTH AT BOTH COMPANIES FOR THE SECOND CONSECUTIVE QUARTER. HIGHLIGHT ON THE PERFORMANCE OF THE SOCCER CATEGORY, LEVERAGED BY THE 2026 WORLD CUP, AND THE HIGH DEMAND FOR RUNNING FOOTWEAR. THE CONSOLIDATED GROSS MARGIN EXPANSION IN 2Q26 REFLECTS THE OPTIMIZATION OF TAX INCENTIVES AT FISIA AND THE MAINTENANCE OF CENTAURO'S GROSS MARGIN AT HEALTHY LEVELS.
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OPERATING EXPENSES % OF NET REVENUE 14 R$ M | ADJUSTED | EX - IFRS OPERATING EXPENSES 18.7% (2Q26 VS 2Q25) 39.9% 38.7% 38.2% 42.7% 38.8% 725 749 929 762 860 2Q25 3Q25 4Q25 1Q26 2Q26 OPERATING EXPENSES DILUTION OF 1,1 P.P. VS. 2Q25, REPRESENTING 38.8% OF NET REVENUE SELLING EXPENSES SELLING EXPENSES REACHED 33.2% OF NET REVENUE, WITH A DILUTION OF 0.2 P.P. VS. 2Q25, DUE TO HIGHER REVENUE GROWTH. THE 21.3% GROWTH VS. 2Q25 REFLECTED HIGHER INVESTMENTS IN PERSONNEL AND MARKETING. GENERAL AND ADMINISTRATIVE EXPENSES GROWTH OF +5.1%, BELOW THE PERIOD’S NET REVENUE EXPANSION. REPRESENTING 5.6% OF NET REVENUE, A DILUTION OF 0.9 P.P. COMPARED TO 2Q25.
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EBITDA EBITDA MARGIN 15 EBITDA R$ M | ADJUSTED | EX - IFRS EBITDA AND NET PROFIT NET PROFIT NET PROFIT NET MARGIN 48.7% +26.1% 9.2% 11.2% + 2.0 P.P. 9.2% 9.8% +0.6 P.P. 4.8% 6.4% +36.7% 4.8% 5.5% + 0.7 P.P. +62.7% 167 249 2Q25 2Q26 87 142 2Q25 2Q26 161 221 1H25 1H26 312 393 1H25 1H26 ADJUSTED EBITDA SHOWED STRONG GROWTH IN THE QUARTER, REFLECTING REVENUE EXPANSION, THE GROSS MARGIN GAIN AND THE DILUTION OF OPERATING EXPENSES DURING THE PERIOD. IN ADDITION TO THE COMPANY’S OPERATING PERFORMANCE, NET PROFIT GROWTH AL S O REFLECTED THE LOWER CONSOLIDATED EFFECTIVE TAX RATE, RESULTING FROM THE IMPLEMENTATION OF ICMS TAX INCENTIVES AT FISIA. +1.6 P.P.
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16 WORKING CAPITAL FINANCIAL CYCLE (DAYS) 186 196 185 195 185 131 130 139 104 106 57 58 69 58 65 112 124 115 149 144 2Q25 3Q25 4Q25 1Q26 2Q26 AVERAGE INVENTORY DAYS AVERAGE PAYABLES DAYS AVERAGE RECEIVABLES DAYS FINANCIAL CYCLE FINANCIAL CYCLE (+32 DAYS): THE INCREASE MAINLY REFLECTS THE HIGHER INVESTMENT IN WORKING CAPITAL TO SUPPORT THE OPERATION'S GROWTH. AVERAGE INVENTORY DAYS ( - 1 DAY): I NVENTORY STABLE, IN LINE WITH THE OPERATION'S GROWTH AND SALES FROM THE 2026 WORLD CUP. AVERAGE RECEIVABLE DAYS (+8 DAYS): EXPLAINED BY THE CONCENTRATION OF WORLD CUP - RELATED SALES AT THE END OF THE QUARTER, WITH CASH CONVERSION EXPECTED IN THE THIRD QUARTER . AVERAGE PAYABLE DAYS ( - 25 DAYS): PAYMENTS CONCENTRATED DUE TO THE EARLY RECEIPT OF WORLD CUP MERCHANDISE, AHEAD OF THE CONVERSION OF SALES INTO CASH. MAIN VARIATIONS
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NET DEBT AND LEVERAGE 787.0079 (800.3175) (482.9355) (506.1230) (155.8288) .0980 (26.5280) (1184.6270) ∆ C F F (182.3) ∆ O FC (13.3) 17 ∆ C F F (49.4) ∆ OFC 91.0 (158.0073) (103.3578) (1122.8250) 248.9778 (49.4147) .00 .00 (1184.6270) VARIATION IN WORKING CAPITAL EBITDA NET DEBT MAR/26 ∆ CFI NET DEBT JUN/26 DIVIDENDS/ CASH FINANCIAL INCOME SHARE BUYBACK VARIATION IN WORKING CAPITAL EBITDA NET DEBT JUN/25 ∆ CFI NET DEBT JUN/26 DIVIDENDS/ CASH FINANCIAL INCOME SHARE BUYBACK CASH FLOW MANAGEMENT (2Q26) CASH FLOW MANAGEMENT (LTM 2026) R$ M | ADJUSTED | EX - IFRS 465 506 674 678 1,123 1,185 0.61X 0.68x 0.94x 0.96x 1.59x 1.51x -6 -4 -2 0 2 4 0 1,000 2,000 3,000 MAR/25 JUN/25 SEP/25 DEC/25 MAR/26 JUN/26 NET DEBT NET DEBT/ EBITDA LTM LEVERAGE OVER THE LAST 12 MONTHS, NET DEBT INCREASED BY R$ 678.5 MILLION, EXPLAINED BY: OFC: CASH CONSUMPTION FROM THE CHANGE IN WORKING CAPITAL, REFLECTING THE FINANCIAL CYCLE OF WORLD CUP SALES AND THE OPERATION'S GROWTH; CFI: INCREASE IN CAPEX IN LINE WITH THE INVESTMENT AGENDA, MAINLY DUE TO THE REVITALIZATION OF CENTAURO STORES AND THE EXPANSION OF FISIA'S NDIS MODEL; CFF: IN ADDITION TO THE FINANCIAL RESULT, THERE WAS NO IMPACT FROM THE PREPAYMENT OF RECEIVABLES, DIVIDEND PAYMENTS, OR SHARE BUYBACKS. INDEBTEDNESS MAINLY REFLECTS THE WORKING CAPITAL INVESTMENTS TO SUPPORT THE OPERATION'S GROWTH. LEVERAGE DECREASED FROM 1.59X IN MARCH/26 TO 1.51X IN JUNE/26.
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Q&A FOR LIVE AUDIO QUESTIONS, RAISE YOUR HAND TO JOIN THE QUEUE. WHEN ANNOUNCED, A REQUEST TO ACTIVATE YOUR MICROPHONE WILL APPEAR ON THE SCREEN, AND THEN YOU SHOULD TURN ON YOUR MICROPHONE TO ASK QUESTIONS. ALTERNATIVELY, WRITE YOUR QUESTION DIRECTLY IN THE Q&A ICON AT THE BOTTOM OF THE SCREEN. 18
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ri.gruposbf.com.br/ en | ri@gruposbf.com.br Legal Notice The statements contained in this report regarding the Company's business outlook. projections and results and its growth potential are merely forecasts and are based on management's expectations regarding the Company's future. These expectations are highly dependent on changes in the market and in the general economic performance of the country. the sector and the international market. and are therefore subject to change. SMLL B3 | ICON B3 | IGC B3 | IGC - MN B3 | IGCT B3 | ITAG B3 | IBRA B3 | IGPTW B3 José Salazar Victoria Machado Luna Romeu Larissa Cristovão Vitória Lima