Earnings release
Page 1
EARNINGS RELEASE 2Q26 BRI BRASIL
Page 2
EARNINGS RELEASE 2Q26Grupo SBF S.A. (B3: SBFG3) announces its results for the second quarter of 2026. The financial information for the periods ended June 30, 2026, and 2025 includes the parent company Grupo SBF S.A. and its subsidiaries. São Paulo, August 10, 2026 HIGHLIGHTS CONFERENCE CALL August 11, 2026 CLICK HERETO ACCESS10 a.m. (New York) 11 a.m. (Brazil) 03 p.m. (London) NET REVENUE OF Rů 2.2 BN IN 2Q26, WITH GROWTH OF 22.1% VS. 2Q25. LARGEST WORLD CUP EVER EXECUTED BY THE COMPANY, WITH MORE THAN 1.5 MILLION ITEMS SOLD. GROWTH ACROSS BOTH CENTAURO CHANNELS: PHYSICAL STORES WITH 18.3% IN NET REVENUE AND DIGITAL WITH GMV (1P+3P) OF 34.4%. NET INCOME OF Rů 141.9 M IN 2Q26. A 62.7% GROWTH VS. 2Q25, WITH A NET MARGIN OF 6.4% (+1.6 P.P. VS. 2Q25). GROSS PROFIT OF Rů 1.1 BN IN 2Q26, GROWTH OF +24.3% VS. 2Q25, WITH A GROSS MARGIN OF 50.0% (+0.9 P.P. VS. 2Q25). CENTAURO’S NET REVENUE OF Rů 1.1 BN IN 2Q26 (+19.2% VS. 2Q25), WITH SAME STORE SALES OF 23.6%. RESULTS EX-IFRS AND ADJUSTED FISIA WITH GROWTH ACROSS ALL CHANNELS, HIGHLIGHTED BY THE WHOLESALE CHANNEL WHICH RECORDED +36.1% VS. 2Q25, AND DIGITAL WITH +29.7%. EBITDA OF Rů 248.9 M IN THE QUARTER, A 48.7% GROWTH VS. 2Q25, WITH AN EBITDA MARGIN OF 11.2% (+2.0 P.P. VS. 2Q25). FISIA’S NET REVENUE OF Rů 1.3 BN IN 2Q26, UP 27.5% VS. 2Q25.
Page 3
MESSAGE FROM THE MANAGEMENT 3 3 The second quarter of 2026 was marked by record results for Grupo SBF and the execution of the largest World Cup in the Company’s history. The 2026 tournament was the second since the acquisition of Nike’s operations in Brazil and significantly outperformed the performance achieved in 2022. We reached all targets set for the event before the quarterfinals, with strong revenue growth and record results in World Cup-related categories. The preparation that began in 2025 strengthened our operational, commercial, and logistical structures and increased product availability across all channels, allowing Grupo SBF to successfully meet the surge in demand. From the start of sales until July 31, we sold more than 1.5 million event-related items, including 1.0 million oicial Brazilian National Team jerseys—a volume 56.9% higher than the last World Cup; 352,000 licensed CBF products, developed in an exclusive partnership with Centauro (80.5% above 2022); and 169,000 oicial match balls, a volume 80.4% higher than the previous edition. This execution was reflected in strong revenue growth and profitability expansion. We achieved a record quarterly net revenue of R$ 2.2 billion, a 22.1% growth compared to 2Q25, accompanied by an even greater evolution in profitability. Adjusted EBITDA (ex-IFRS) advanced 48.7%, reaching a record level of R$ 248.9 million in a single quarter, with an EBITDA margin of 11.2%, an expansion of 2.0 p.p. compared to 2Q25. Adjusted net income (ex-IFRS) grew by 62.7%, totaling R$ 141.9 million, while the net margin reached 6.4%, an expansion of 1.6 p.p.. Centauro executed commercial activations in all 229 stores, which were prepared to meet the increased demand, supported by a fully integrated omnichannel operation between physical and digital channels. It also expanded its assortment of oicial and licensed CBF products with an exclusive collection designed by the team responsible for Centauro's private label and licensed brands. Inspired by the 2002 national team, the collection achieved record sales. Centauro saw a 19.2% expansion in net revenue for the quarter compared to 2Q25, with a 23.6% growth in same-store sales. In footwear, the running and high-performance subcategories grew by 36.0% compared to 2Q25, driven by a combination of an accurate portfolio and more eicient allocation. In the soccer category, growth was also driven by the soccer cleats subcategory and the launch of the new Corinthians jersey, whose performance surpassed that of the previous year. As in previous quarters, Centauro continued to advance the modernization of its store network, completing 11 projects and starting another 10 refits. By the end of the quarter, 31 of the 101 existing traditional stores had been revitalized. These stores continue to outperform comparable stores in their respective regions by an average of 10.8 p.p.. EARNINGS RELEASE 2Q26 |
Page 4
MESSAGE FROM THE MANAGEMENT 4 4 Fisia, in turn, maintained its growth trajectory, achieving a 27.5% expansion in net revenue compared to 2Q25. The performance reflects the continuity of the commercial strategy implemented in recent quarters, driven by the evolution of all channels and key strategic categories, especially soccer and running. The soccer category was the main growth driver for the period, primarily boosted by products related to the World Cup. The Fan version of the oicial Brazilian National Team jersey, sold for R$ 449.99, led sales, while the portfolio expansion strategy increased the share of Match (R$ 749.99) and Supporter (R$ 249.99) models compared to the 2022 World Cup. The category also benefited from sales of soccer cleats, especially the Phantom and Tiempo models, and products from national clubs. Among the highlights, the new Corinthians jersey brought back the club’s classic design in celebration of the 50th anniversary of the "Invasão Corinthiana," a remarkable episode in Brazilian soccer history. In the running category, sales grew by 32.0% compared to 2Q25. The Vomero, Pegasus, and Structure franchises continued to drive the category's performance, reinforcing Nike's positioning in the high-performance segment. As part of its expansion strategy, Fisia opened two new NDIS stores, one at Parque Dom Pedro in Campinas (SP) and another at BH Shopping in Belo Horizonte (MG). 2Q26 RESULTS Consolidated net revenue reached R$ 2.2 billion, a 22.1% growth compared to 2Q25, with a gross margin of 50.0%. Adjusted EBITDA (ex-IFRS) reached R$ 248.9 million, an advance of 48.7%, while the EBITDA margin reached 11.2%, an expansion of 2.0 p.p., driven mainly by greater SG&A dilution. Adjusted net income (ex-IFRS) grew by 62.7%, totaling R$ 141.9 million, with a net margin of 6.4%, an expansion of 1.6 p.p.. The capital structure continued to improve during the quarter. We ended the period with leverage of 1.5x Adjusted EBITDA (ex-IFRS), a reduction of 0.1x compared to the first quarter of 2026. In this quarter, we recorded an increase in accounts receivable, reflecting the strong sales volume from the World Cup, which has an average collection period of approximately 60 days. This eect impacted the quarter's leverage by approximately 0.4x and is expected to be converted into cash during the third quarter. At Centauro, net revenue totaled R$ 1.1 billion, a growth of 19.2%, with advances in both physical stores, at 18.3%, and the digital channel, at 22.0%, with a GMV (1P+3P) of 34.4% for the period. The result represents the highest net revenue ever recorded by Centauro in a second quarter. The gross margin reached 50.7%, remaining in line with historical levels and consistent with the sustainable growth strategy. EARNINGS RELEASE 2Q26 |
Page 5
MESSAGE FROM THE MANAGEMENT 5 5 Fisia achieved the highest quarterly net revenue in its history, R$ 1.3 billion, an expansion of 27.5%, with growth across all channels: 36.1% in wholesale, 29.7% in digital, and 13.1% in stores. The gross margin reached 40.8%, an expansion of 0.4 p.p. compared to 2Q25, even in a quarter still pressured by the currency devaluation of the real against the dollar. We closed the quarter with record results, having achieved all of the targets established for the World Cup, and with the certainty of a successful execution. The combination of execution, growth across both Centauro and Fisia, and expansion of profitability reinforces the consistency of the strategy and Grupo SBF's ability to turn planning into results. We move into the second half of the year with a stronger operation, well positioned to sustain our growth trajectory and continue delivering value for our shareholders. EARNINGS RELEASE 2Q26 | The ManagementGRUPO SBF
Page 6
Δ(%) 1S25 1S26 Δ(%) 2Q25 2Q26 CENTAURO R$ Thousand 16.8% 2,247,646 2,625,149 20.1% 1,203,891 1,445,898 Gross Revenue¹ 16.6% 1,727,023 2,013,569 19.4% 910,387 1,086,616 Physical Stores 17.5% 520,623 611,580 22.4% 293,503 359,282 Digital Platform 0.9% 227 229 0.9% 227 229 Number of Stores – Centauro 0.9% 234,282 236,347 0.9% 234,282 236,347 Sales Area - Centauro (square meter) Δ(%) 1S25 1S26 Δ(%) 2Q25 2Q26 FISIA R$ Thousand 21.4% 2,359,499 2,864,025 23.5% 1,318,193 1,628,349 Gross Revenue¹ 25.1% 788,835 987,024 23.2% 463,972 571,595 Wholesale 22.8% 937,790 1,151,570 29.2% 508,662 657,230 Digital Platform 14.6% 632,874 725,431 15.6% 345,559 399,525 Nike Value Store -0.8 p.p. 53.5% 52.6% -0.2 p.p. 52.2% 52.0% Share of DTC sales² 2.7% 37 38 2.7% 37 38 Total Number of Stores – Nike Value 3.8% 41,160 42,723 3.8% 41,160 42,723 Sales Area – Nike Value (sqm) 55.6% 9 14 55.6% 9 14 Total Number of Stores – Nike Store 83.4% 5,563 10,202 83.4% 5,563 10,202 Sales Area – Nike Store (sqm) Δ(%) 1S25 1S26 Δ(%) 2Q25 2Q26 GRUPO SBF R$ Thousand 16.2% 4,263,177 4,955,729 20.1% 2,297,903 2,760,454 Total Gross Revenue¹ 16.8% 2,247,646 2,625,149 20.1% 1,203,891 1,445,898 Centauro Gross Revenue¹ 21.4% 2,359,499 2,864,025 23.5% 1,318,193 1,628,349 Fisia Gross Revenue¹ -343,968 -533,445 -224,180 -313,794 (+) Intercompany elimination +1.4 p.p. 34.2% 35.6% +1.9 p.p. 34.9% 36.8% Share of digital sales GROSS REVENUE AND OPERATING INDICATORS SAME STORE SALES (SSS) (1) Gross revenue excluding merchandise returns; (2) DTC considers revenue from physical stores and the 1P modality of the digital platform; (3) SSS (Same Store Sales) means the variation in our revenue excluding revenue from stores closed for refurbishment or which had not been opened in the equivalent months of the two periods analyzed. (4) GMV or Gross Merchandise Value: revenue from the sale of merchandise. including marketplace. 1S25 1S26 2Q25 2Q26 11.8% 19.8% 10.7% 23.6% SSS (store + digital)³ 10.7% 17.0% 10.6% 20.3% SSS Physical stores 15.0% 28.3% 10.9% 34.4% GMV Digital (1P + 3P)⁴ 27.2% 26.3% 28.2% 25.5% GMV – as % of total sales 1S25 1S26 2Q25 2Q26 3.3% 15.7% 7.4% 19.4% SSS (NVS + digital)³3.6% 5.0% 10.7% 4.6% SSS Nike Value Store 3.1% 22.8% 5.4% 29.2% GMV DigitalEARNINGS RELEASE2Q26 EARNINGS RELEASE 2Q26 | 6
Page 7
Δ(%) 1S25 1S26 Δ(%) 2Q25 2Q26 BY BUSINESS UNIT R$ Thousand 16.8% 2,247,646 2,625,149 20.1% 1,203,891 1,445,898 Gross Revenue 16.4% 1,762,119 2,051,619 19.2% 940,682 1,121,006 Net Revenue 16.3% 899,687 1,046,280 17.7% 482,985 568,508 Gross Profit -0.1 p.p 51.1% 51.0% -0.6 p.p 51.3% 50.7% Gross Margin 21.4% 2,359,499 2,864,025 23.5% 1,318,193 1,628,349 Gross Revenue 26.9% 1,871,961 2,376,009 27.5% 1,046,598 1,334,932 Net Revenue 27.3% 783,885 997,787 28.7% 423,495 544,893 Gross Profit adjusted 0.1 p.p 41.9% 42.0% 0.4 p.p 40.5% 40.8% Gross Margin adjusted The adjusted results presented in this report disregard the nonrecurring eects. The figures marked with (ex-IFRS) also disregard the impacts of IFRS-16 in order to beer represent the economic reality of the business and enable comparison with the Company’s historical results. MAIN FINANCIAL INDICATORS EARNINGS RELEASE2Q26 EARNINGS RELEASE 2Q26 | 7 Δ(%) 1S25 1S26 Δ(%) 2Q25 2Q26 CONSOLIDATED R$ Thousand 16.2% 4,263,177 4,955,729 20.1% 2,297,903 2,760,454 Gross Revenue 18.8% 3,372,059 4,004,455 22.1% 1,817,700 2,219,026 Net revenue 21.1% 1,664,247 2,015,117 24.3% 891,908 1,108,906 Gross Profit 1 p.p 49.4% 50.3% 0.9 p.p 49.1% 50.0% Gross Margin 27.6% 437,743 558,434 53.8% 213,015 327,551 EBITDA 1 p.p 13.0% 13.9% 3 p.p 11.7% 14.8% EBITDA Margin 79.9% 113,783 204,743 180.9% 46,468 130,532 Net Profit 1.7 p.p 3.4% 5.1% 3.3 p.p 2.6% 5.9% Net Margin 19.0% 464,892 552,998 35.7% 242,780 329,476 EBITDA (adjusted) 0 p.p 13.8% 13.8% 1.5 p.p 13.4% 14.8% EBITDA Margin (adjusted) 39.0% 146,917 204,227 71.9% 77,654 133,489 Net Profit (adjusted) 0.7 p.p 4.4% 5.1% 1.7 p.p 4.3% 6.0% Net Profit Margin (adjusted) 26.1% 311,867 393,411 48.7% 167,392 248,978 EBITDA (ex-IFRS / adjusted) 0.6 p.p 9.2% 9.8% 2 p.p 9.2% 11.2% EBITDA Margin (ex-IFRS / adjusted) 36.7% 161,391 220,560 62.7% 87,175 141,850 Net Profit (ex-IFRS / adjusted) 0.7 p.p 4.8% 5.5% 1.6 p.p 4.8% 6.4% Net Profit Margin (ex-IFRS / adjusted)
Page 8
NON-RECURRING ADJUSTMENTSThe adjusted results presented in this report disregard the nonrecurring eects. aiming to beer represent the economic reality of the business and enable comparison with the Company’s historical results. EARNINGS RELEASE2Q26 1S26 2Q26 GRUPO SBF R$ Thousand -7,870 -3,935 Accounting eects of acquisition (PPA) – Expenses 445 208 Stock Option Plan / Non-cash (SOP) 1,988 5,652 Credits, Debits, Tax Provision and Others – Expenses -5,436 1,925 Impact of non-recurring eects on EBITDA 558,434 327,551 EBITDA 552,998 329,476 EBITDA (adjusted) 13.8% 14.8% EBITDA Margin (adjusted) 398,848 247,052 EBITDA (ex-IFRS) 393,411 248,978 EBITDA (ex-IFRS / adjusted) 9.8% 11.2% EBITDA margin (ex-IFRS / adjusted) 8,382 4,191 Accounting eects of acquisition (PPA) - Depreciation and Amortization -6,297 -5,929 Credits, Debits, Tax Provision and Others – Financial Result 2,834 2,770 Income Tax and Social Contribution -516 2,957 Impact of non-recurring eects on Net Profit 204,743 130,532 Net Profit 204,227 133,489 Net Profit (adjusted) 5.1% 6.0% Net Margin (adjusted) 221,076 138,893 Net Profit (ex-IFRS) 220,560 141,850 Net Profit (ex-IFRS / adjusted) 5.5% 6.4% Adjusted Net Margin (ex-IFRS / adjusted) EARNINGS RELEASE2Q26 EARNINGS RELEASE 2Q26 | 8
Page 9
FINANCIAL AND OPERATING PERFORMANCE EBITDA (ADJUSTED / EX-IFRS) AND EBITDA MARGIN R$M NET PROFIT (ADJUSTED / EX-IFRS) E NET MARGIN NET REVENUE AND SHARE BY CHANNEL NET REVENUE AND SHARE BY BUSINESS UNIT 9 FOOTPRINT 281 STORES IN BRAZIL EARNINGS RELEASE 2Q26 | 229 38 14 CENTAURONIKE VALUE STORENIKE DIRECT INLINE STORE 100% 92% 54% 52% 46% 47% 49% 8% 46% 48% 54% 53% 51% 0% 0% 0% 0% 0% 0% 0% 2019 2020 2021 2022 2023 2024 2025Centauro2,545 2,388 5,110 6,261 6,989 7,736 CAGR: 20.4% 7,152 83% 65% 48% 48% 50% 51% 51% 17% 31% 24% 29% 30% 31% 31% 4% 28% 23% 19% 18% 18% 0% 0% 0% 0% 0% 0% 0% 2019 2020 2021 2022 2023 2024 20257,736 7,152 6,989 6,261 5,110 2,388 2,545 PHYSICAL STORES DIGITAL WHOLESALE 12,2% 1,3% 9,4% 7,5% 8,7% 10,8% CAGR: 14.6% 9,1% 310.8 31.8 482.5 468.9 606.9 772.4 705.5 2019 2020 2021 2022 2023 2024 2025 150.8 -47.5 471.9 206.5 227.8 417.5 427.6 2019 2020 2021 2022 2023 2024 20255,9% -2,0% 9,2% 3,3% 3,3% 5,8% 5,5% CAGR: 20.4% CAGR: 19.0% +22.1% +22.1% 48.7% +62.7% 1,818 2,219 9,2% 11,2% 4,8% 6,4% 47% 46% 53% 54% 2Q25 2Q261,818 2,219 50% 47% 32% 33% 18% 20% 2Q25 2Q26167 249 2Q25 2Q2687 142 2Q25 2Q26
Page 10
FINANCIAL PERFORMANCE As indicated throughout this report the results will be explained, disregarding the impact of IFRS-16 on operating expenses, EBITDA, financial results, and net income for both the current period and the comparison base. Through this adjustment it is possible to analyze the company considering the rental expense as an operating expense. The adjusted results presented in this report disregard the non-recurring eects listed herein. For the comparison period, the non-recurring eects presented in the respective earnings release are disregarded. The net revenue and gross profit tables are presented by business unit. The other tables are presented in the Grupo SBF consolidated view. EARNINGS RELEASE2Q26 EARNINGS RELEASE2Q26 EARNINGS RELEASE 2Q26 | 10
Page 11
NET REVENUE Centauro recorded net revenue of R$ 1.1 billion in the quarter, a 19.2% increase compared to 2Q25, driven mainly by 2026 World Cup-related sales. The performance was supported by strong demand in the soccer category, reflecting its ability to capture opportunities generated by the year's main sporting event, in addition to the expansion of the running subcategory in footwear. In the first half of the year, net revenue reached R$ 2.1 billion, an expansion of 16.4% versus 1H25, reflecting the continuity of the commercial strategy implemented in recent quarters. In physical stores, net revenue reached R$ 844.3 million in the quarter, an 18.3% increase compared to 2Q25, with a 20.3% growth in same-store sales (SSS). The channel directly benefited from the sale of oicial Brazilian National Team items, licensed products in partnership with CBF, and the event's oicial soccer balls, which reached a record number of units sold since its launch. In addition to the strong demand for football products, a 10.3% increase in footwear sales, with an emphasis on running and walking shoes, also boosted the channel's performance. The result was further benefited by an 11.7% increase in the average ticket and a 2.6% increase in items per purchase. The digital platform recorded net revenue of R$ 276.7 million in the quarter, a 22.0% growth compared to 2Q25, accompanied by a GMV (1P+3P) of 34.4%. The result also reflected the performance of sales related to the World Cup, combined with the continued evolution of the running subcategory, which recorded a 55.0% increase in sales. Additionally, the channel benefited from a 4.2% increase in the average ticket. Δ(%) 1S25 1S26 Δ(%) 2Q25 2Q26 Rů Thousand 16.4% 1,762,119 2,051,619 19.2% 940,682 1,121,006 CENTAURO 16.3% 1,357,831 1,579,553 18.3% 713,786 844,258 Physical Stores 16.8% 404,288 472,066 22.0% 226,897 276,747 Digital Platform 26.9% 1,871,961 2,376,009 27.5% 1,046,598 1,334,932 FISIA 41.3% 624,677 882,945 36.1% 364,496 496,078 Wholesale 23.1% 751,031 924,583 29.7% 406,614 527,247 Digital Platform 14.6% 496,253 568,481 13.1% 275,488 311,607 Physical Stores -262,020 -423,173 -169,580 -236,912 (+) Intercompany elimination 18.8% 3,372,059 4,004,455 22.1% 1,817,700 2,219,026 GRUPO SBF EARNINGS RELEASE2Q26 EARNINGS RELEASE2Q26 EARNINGS RELEASE 2Q26 | 11
Page 12
Fisia reached record net revenue of R$ 1.3 billion in the quarter, a 27.5% increase compared to 2Q25, driven by strong World Cup sales during the period. The performance reflects positive results across all channels and highlights Fisia’s continued momentum in the soccer and running categories. In the first half of the year, net revenue totaled R$ 2.4 billion, a growth of 26.9% compared to 1H25. In the wholesale channel, net revenue reached R$ 496.1 million in the quarter, a 36.1% growth compared to 2Q25. As the oicial distributor of Nike in Brazil, Fisia ensured a distribution that met the entire demand for oicial Brazilian National Team items during the World Cup period. The digital platform recorded net revenue of R$ 527.2 million in the quarter, an advance of 29.7% vs. 2Q25, supported by sales in the soccer category, including World Cup related products and products from national clubs (Atlético-MG, Corinthians, and Vasco), as well as 26.0% growth in the running category, driven by the Vomero, Pegasus, and Structure franchises. The physical stores channel totaled a net revenue of R$ 311.6 million in 2Q26, showing a growth of 13.1% vs. 2Q25. The result mainly reflected the evolution of the running and soccer categories, which remain important growth drivers for the channel. Performance also benefited from increased store traic and network expansion with the opening of 2 new Nike Direct Inline stores during the quarter, bringing the total number of new stores opened in the last 12 months to 5. NET REVENUE EARNINGS RELEASE2Q26 EARNINGS RELEASE2Q26 EARNINGS RELEASE 2Q26 | 12
Page 13
Centauro's gross margin reached 50.7% in 2Q26, a 0.6 p.p. reduction compared to 2Q25. The performance mainly reflects the higher share of the digital channel in sales, which has a structurally lower gross margin compared to the physical stores channel. It is worth highlighting that Centauro continues to operate at historically high levels of profitability. In the first half of the year, the gross margin was 51.0%, in line with the same period of the previous year. GROSS PROFITΔ(%) 1S25 1S26 Δ(%) 2Q25 2Q26 Rů Thousand CENTAURO 16.3% 899,687 1,046,280 17.7% 482,985 568,508 Gross Profit -0.1 p.p 51.1% 51.0% -0.6 p.p 51.3% 50.7% Gross Margin FISIA 27.3% 783,885 997,787 28.7% 423,495 544,893 Gross Profit 0.1 p.p 41.9% 42.0% 0.4 p.p 40.5% 40.8% Gross Margin -19,324 -28,950 -14,572 -4,495 (+) Intercompany elimination GRUPO SBF 21.1% 1,664,247 2,015,117 24.3% 891,908 1,108,906 Gross Profit 1 p.p 49.4% 50.3% 0.9 p.p 49.1% 50.0% Gross Margin EARNINGS RELEASE2Q26 EARNINGS RELEASE2Q26 EARNINGS RELEASE 2Q26 | Fisia's gross margin reached 40.8% in 2Q26, an expansion of 0.4 p.p. compared to 2Q25. In the first half of the year, the gross margin reached 42.0%, an expansion of 0.1 p.p. compared to 1H25. The performance was supported by the optimization of tax incentives across all channels and by beer commercial conditions, which favored the wholesale channel's margin. These factors positively contributed to mitigating the impact of the Brazilian real's devaluation against the dollar on the cost of imported products. 13
Page 14
*Operating expenses are presented net of Depreciation and Amortization Expenses Δ(%) 1S25 adjusted 1S26 adjusted Δ(%) 2Q25 adjusted 2Q26 Adjusted Rů Thousand 21.9% -1,199,355 -1,462,119 20.1% -649,128 -779,430 Operating Expenses 0.9 p.p 35.6% 36.5% -0.6 p.p 35.7% 35.1% % of Net Revenue 4.3% -153,024 -159,586 6.8% -75,387 -80,498 (+) IFRS16 Impact on Expenses 19.9% -1,352,380 -1,621,705 18.7% -724,515 -859,928 Operating Expenses (ex-IFRS) 0.4 p.p 40.1% 40.5% -1.1 p.p 39.9% 38.8% % of Net Revenue 22.8% -1,141,344 -1,401,115 21.3% -606,438 -735,808 Selling Expenses (ex-IFRS) 1.1 p.p 33.8% 35.0% -0.2 p.p 33.4% 33.2% % of Net Revenue 6.5% -215,361 -229,363 5.1% -117,308 -123,298 General and Administrative Expenses (ex-IFRS) -0.7 p.p 6.4% 5.7% -0.9 p.p 6.5% 5.6% % of Net Revenue 102.8% 4,326 8,772 6.8% -770 -822 Other net operating income/expenses (ex-IFRS) Operating expenses (ex-IFRS) totaled R$ 859.9 million in the second quarter of 2026, an 18.7% growth compared to 2Q25, which is below the 22.1% expansion in net revenue for the period. Operating expenses represented 38.8% of net revenue, a reduction of 1.1 p.p. compared to 2Q25, reflecting the greater operating leverage observed in the quarter. Despite the nominal growth in selling expenses, the line item showed a dilution of 0.2 p.p. as a percentage of net revenue, ending the quarter at 33.2%. The variation primarily reflected higher personnel expenses, due to hiring for stores opened in the last twelve months (4 Centauro stores and 5 Nike stores) and higher variable commissions in stores, in line with revenue growth. Furthermore, advertising and publicity expenses increased, reflecting greater investments in performance marketing, the payment of royalties from new contracts with clubs sponsored by Nike, and World Cup-related campaigns. General and administrative expenses also grew by 5.1% compared to 2Q25, which was below the period's net revenue expansion. As a result, they represented 5.6% of net revenue, a dilution of 0.9 p.p. compared to 2Q25. OPERATING EXPENSES EARNINGS RELEASE2Q26 EARNINGS RELEASE2Q26 EARNINGS RELEASE 2Q26 | ADJUSTED 14
Page 15
Adjusted EBITDA (ex-IFRS) totaled R$ 249.0 million in 2Q26, a growth of 48.7% compared to 2Q25. The adjusted EBITDA margin (ex-IFRS) reached 11.2%, a year-over-year expansion of 2.0 p.p. In the first half of 2026, adjusted EBITDA (ex-IFRS) reached R$ 393.4 million, an advance of 26.1% compared to 1H25, with an adjusted EBITDA margin (ex-IFRS) of 9.8%, an expansion of 0.6 p.p. The revenue expansion, combined with the gross margin gain and the dilution of operating expenses as a percentage of net revenue, drove EBITDA growth and margin expansion in the quarter. It is important to emphasize that the indicators demonstrated above disregard the non-recurring impacts mentioned on page 8. EBITDAΔ(%) 1S25 adjusted 1S26 adjusted Δ(%) 2Q25 adjusted 2Q26 adjusted Rů Thousand 39.0% 146,917 204,227 71.9% 77,654 133,489 Net Income 171.4% 6,955 18,873 -86.4% 8,830 1,201 (+) Income tax and social contribution 42.1% -120,723 -171,607 29.3% -70,103 -90,629 (+) Net financial result -4.0% -204,207 -196,038 2.6% -103,853 -106,559 (+) Depreciation and amortization 19.0% 464,892 552,998 35.7% 242,780 329,476 EBITDA 0 p.p 13.8% 13.8% 1.5 p.p 13.4% 14.8% EBITDA Margin 4.3% -153,024 -159,586 6.8% -75,387 -80,498 (+) IFRS16 Impact on Expenses 26.1% 311,867 393,411 48.7% 167,392 248,978 EBITDA (ex-IFRS) 0.6 p.p 9.2% 9.8% 2 p.p 9.2% 11.2% EBITDA Margin (ex-IFRS) EARNINGS RELEASE2Q26 EARNINGS RELEASE2Q26 EARNINGS RELEASE 2Q26 | ADJUSTED 15
Page 16
Adjusted net income (ex-IFRS) totaled R$ 141.9 million in the second quarter of 2026, a growth of 62.7% compared to 2Q25. The adjusted net margin (ex-IFRS) reached 6.4%, a year-over-year expansion of 1.6 p.p. In the first half of 2026, adjusted net income (ex-IFRS) reached R$ 220.6 million, an advance of 36.7% compared to 1H25, with an adjusted net margin (ex-IFRS) of 5.5%, an expansion of 0.7 p.p. The net income growth reflected, in addition to the Company's operating performance, the lower consolidated eective tax rate, resulting from the implementation of Fisia's ICMS tax incentive in physical stores in 2Q25 and in the wholesale channel in 3Q25. It is important to emphasize that the indicators demonstrated above disregard the non-recurring impacts mentioned on page 8. NET PROFITΔ(%) 1S25 adjusted 1S26 adjusted Δ(%) 2Q25 adjusted 2Q26 adjusted Rů Thousand 39.0% 146,917 204,227 71.9% 77,654 133,489 Net Profit (Loss) 0.7 p.p 4.4% 5.1% 1.7 p.p 4.3% 6.0% Net Margin 4.3% -153,024 -159,586 6.8% -75,387 -80,498 (+) IFRS16 Impact on Expenses -1.3% 97,212 95,983 -2.5% 50,086 48,820 (+) Depreciation and amortization - Right of Use (IFRS16) 15.0% 71,244 81,957 13.6% 36,288 41,215 (+) Financial Expenses – Right of Use (IFRS16) 111.2% -956 -2,020 -19.9% -1,466 -1,175 (+) Income tax (IFRS16) 36.7% 161,391 220,560 62.7% 87,175 141,850 Net Profit (ex-IFRS) 0.7 p.p 4.8% 5.5% 1.6 p.p 4.8% 6.4% Net Profit Margin (ex-IFRS) EARNINGS RELEASE2Q26 EARNINGS RELEASE2Q26 EARNINGS RELEASE 2Q26 | ADJUSTED 16
Page 17
NET WORKING CAPITAL The Net Working Capital concept adopted is based on calculating the dierence between Current Liabilities and Current Assets, excluding Cash & Debt and including Factoring of Receivables. The “other liabilities” also include tax installment payments that until the first quarter of 2024 were considered in calculating indebtedness. (1) The Resale Suppliers line, now includes the Equity Adjustment (Shareholder’s Equity) line, Derivatives (Assets), previously classified under Accounts Receivable, and Derivatives (Liabilities), previously classified under Accounts Payable. Δ(%) 06/30/2025 06/30/2026 Rů Thousand 29.9% 1,428,082 1,855,615 Accounts receivable¹ 17.7% 250,958 295,469 Taxes and income tax to be oset 14.5% 1,894,080 2,169,114 Inventories 24.5% 169,464 210,997 Other accounts receivable 21.1% 3,742,584 4,531,195 31.4% 175,635 230,769 Other accounts payable¹ 2.7% 1,215,049 1,248,391 Resale suppliers¹ -52.3% 640,582 305,463 Tax liabilities -0.6% 248,262 246,782 Lease payable 12.1% 176,300 197,656 Labor liabilities 43.3% 152,192 218,044 Other liabilities -6.2% 2,608,020 2,447,105 83.7% 1,134,564 2,084,090 Net Working Capital EARNINGS RELEASE2Q26 EARNINGS RELEASE2Q26 EARNINGS RELEASE 2Q26 | 17 Grupo SBF’s Net Working Capital totaled R$ 2.0 billion as of June 30, 2026, a variation of 83.7% compared to the same period of the previous year. The main variations in the working capital lines were: i. Accounts Receivable: increase mainly explained by the concentration of World Cup sales in May and June, with cash conversion expected in the third quarter, in addition to the longer average collection period compared to the previous year. ii. Taxes and income tax to be oset: variation reflects the accumulation of ICMS tax credits at Fisia, associated with the new tax incentives. iii. Tax Liabilities: decrease explained by the release of judicial deposits related to the payment of DIFAL (Tax Rate Dierential), as mentioned in previous quarters. iv. Other Liabilities: increase associated with the Company’s enrollment in a tax installment program to oset tax credits.
Page 18
CASH FLOW In the second quarter of 2026, the Company generated R$ 90.9 million in operating cash flow, reflecting the EBITDA generation for the period and the consumption of working capital, which was mainly impacted by the financial cycle of World Cup-related sales. This resulted in a higher volume of payments to suppliers during the quarter and a larger accounts receivable balance. Cash flow from investing activities totaled R$ 103.4 million in the quarter, reflecting the continuity of the Company's investment agenda, as detailed in the CAPEX section on the following page. Cash flow from financing activities totaled -R$ 49.4 million, reflecting the financial result for the period, with no impacts from the prepayment of receivables, dividend payments, or share buybacks. Accordingly, the Company presented an increase in net debt during the period, mainly explained by investments in working capital and CAPEX, which were partially oset by operating cash generation. (1) Factoring of receivables and installment payment of taxes are classified as cash flow from financing; (2) Includes net amount between payment and new debt funding. EARNINGS RELEASE2Q26 EARNINGS RELEASE2Q26 EARNINGS RELEASE 2Q26 | 18 Δ(%) 1S25 1S26 Δ(%) 2Q25 2Q26 Rů Thousand 26.1% 311,867 393,411 48.7% 167,392 248,978 EBITDA (ex-IFRS / adjusted) 311.0% -154,918 -636,752 n.a 4,788 -158,007 Working Capital Variation¹ -123.2% 177,391 -41,232 84.3% -149,560 -275,671 Accounts Receivable -39.5% -228,144 -138,127 122.5% -109,194 24,554 Inventory -265.2% 163,924 -270,791 -72.4% 276,268 76,295 Accounts Payable (COGS) 53.5% -121,506 -186,473 -189.7% 59,982 -53,807 Accounts Payable (SG&A) -99,9% -146,583 -129 197.1% -72,708 70,622 Others Assets/Liabilities -255.0% 156,949 -243,340 -47.2% 172,181 90,970 Operating Cash Flow -56.8% -6,000 -2,592 n.a -6,000 0 M&A 91.7% -89,259 -171,069 104.3% -50,598 -103,358 CAPEX 82.3% -95,259 -173,661 82.6% -56,598 -103,358 Cash Flow from Investing Activities N.A 61,689 -417,001 -110.7% 115,583 -12,387 Free Cash Flow 81.2% -49,479 -89,650 46.1% -33,815 -49,415 Financial Result n.a -127,358 0 n.a -127,358 0 Dividends n.a 4,124 0 n.a 4,124 0 Capital n.a -99,444 0 n.a 0 0 Shares buyback -67.1% -272,157 -89,650 -68.5% -157,049 -49,415 Cash Flow from Financing 140.7% -210,468 -506,651 49.0% -41,466 -61,802 Change in Net Debt 171.7% -357,213 256,003 180.3% -332,711 267,170 Net Issuance / Repayment of Debt² -55.8% -567,681 -250,648 154.9% -374,177 205,368 Total Change in Cash
Page 19
INVESTMENTS - CAPEX The Company's net debt totaled R$ 1.2 billion as of June 30, 2026, equivalent to 1.5x the Adjusted EBITDA (ex-IFRS) for the last twelve months, compared to 0.68x as of June 30, 2025. The increase primarily reflects the higher investment in working capital, associated with the operation's growth, and the continuity of the Company's investment agenda. It is worth noting that compared to the first quarter of 2026, leverage showed a reduction of 0.1x. The deleveraging was partially limited by the concentration of payments to suppliers during the period and by the higher accounts receivable balance, due to the concentration of World Cup-related sales between May and June, whose collection cycle will occur mostly in the third quarter. In the second quarter of 2026, CAPEX reached R$ 103.4 million, an increase of 104.3% vs. 2Q25. The CAPEX expansion primarily reflects the continued investments in the revitalization of Centauro stores, with the reopening of 11 stores and the start of another 10 projects during the period. Fisia also opened 2 new NDIS format stores. Additionally, the increase in the Technology line was driven by system enhancements to support the Company’s evolving logistics operation. These investments also impacted the Logistics line, through continued investments in the Secondary Distribution Centers (SDCs) project, aimed at strengthening the distribution network through regional distribution hubs across the country. INDEBTEDNESSΔ(%) 06/30/2025 adjusted 06/30/2026 adjusted Rů Thousand 72.6% 935,155 1,613,948 (+) Loans and financing 0.1% 429,032 429,321 (-) Cash and cash equivalents 134.1% 506,123 1,184,627 (=) Net Debt 0.58x 0.48x 1.06x Net Debt /Adj. EBITDA (LTM) 0.83x 0.68x 1.51x Net Debt /Adj. EBITDA (ex-IFRS) (LTM) Δ(%) 1S25 1S26 Δ(%) 2Q25 2Q26 Rů thousand 30.8% 7,928 10,371 32.7% 5,446 7,226 New Stores n.a 9,423 78,295 n.a 5,523 51,993 Stores Refurbishment 14.8% 61,408 70,512 26.5% 30,472 38,547 Technology 108.3% 3,718 7,746 33.4% 2,843 3,794 Logistics -38.9% 6,782 4,145 -71.5% 6,314 1,797 Others 91.7% 89,259 171,069 104.3% 50,598 103,358 Total Investments EARNINGS RELEASE2Q26 EARNINGS RELEASE2Q26 EARNINGS RELEASE 2Q26 | (1) Tax installments are not classified as Debt. 19
Page 20
CONSOLIDATED BALANCE SHEET06/30/2025 06/30/2026 Rů Thousand 9,522,546 9,342,417 Assets 5,070,858 4,960,655 Current 679,969 429,321 Cash and cash equivalents 1,814,383 1,855,615 Accounts receivable 1,395 66 Derivative financial instruments 329,866 279,772 Recoverable taxes 34,324 15,697 Income tax and social contribution to be oset 2,030,987 2,169,114 Inventories 73 73 Dividends receivable 179,861 210,997 Other accounts receivable 4,451,688 4,381,762 Non-current 221,756 293,939 Taxes to be oset 26,595 27,512 Income tax and social contribution to be oset 9,895 9,918 Loans receivable 841,683 872,953 Deferred tax assets 653,239 705,268 Judicial deposits 110,016 120,751 Other amounts receivable 0 0 Investments 827,356 864,845 Property and equipment 467,369 466,199 Intangible assets 1,293,779 1,293,091 Right of use 9,522,546 9,342,417 Liabilities 3,739,772 3,055,585 Current 1,412,887 1,150,943 Suppliers 71,914 72,245 Loans and financing 359,814 368,355 Debentures 131,878 140,323 Derivative financial instruments 567,588 305,463 Tax liabilities 51,785 0 Income tax and social contribution payable 71,718 85,456 Tax installment payment 353,286 197,656 Labor and social security liabilities 77,920 125,005 Dividends payable 248,736 246,782 Lease payable 268,676 230,769 Other accounts payable 123,570 132,588 Other obligations 2,722,980 3,083,290 Non-current 112,408 76,242 Loans and financing 813,809 1,097,106 Debentures 173,269 255,850 Tax installment payment 206,767 242,089 Provisions for contingencies 13,461 14,202 Deferred income tax and social contribution 1,331,156 1,339,939 Lease payable 60,032 52,163 Other obligations 12,078 5,699 Other accounts payable 3,059,794 3,203,542 Shareholders’ equity 1,836,548 1,836,548 Capital stock 287,062 287,507 Capital reserves 1,113,430 917,553 Incentive reserves -24,188 -42,809 Equity valuation adjustments 0 0 Non-controlling shareholdings 0 204,743 Accumulated Profits -153,058 0 Treasury shares EARNINGS RELEASE2Q26 EARNINGS RELEASE2Q26 EARNINGS RELEASE 2Q26 | 20
Page 21
CASH FLOW EARNINGS RELEASE2Q26 EARNINGS RELEASE2Q26 EARNINGS RELEASE 2Q26 | 21 06/30/2025 06/30/2026 Rů Thousand 111,170 188,704 Profit before taxes Adjusted by: 229,491 247,429 Depreciation and amortization 169,342 205,787 Interest rates 3,127 723 Impairment losses on accounts receivables 424 0 Equity Income -905 445 Share-based payment 2,783 692 Income (loss) from write-o of property. plant and equipment and intangible assets -4,649 -733 Write-o of residual leases 18,664 23,247 Provision for inventory obsolescence 6,644 42,873 Net provision for contingencies 0 0 Lease discounts 536,091 709,167 (Increase) decrease in Assets 174,264 -41,955 Accounts receivable -246,808 -161,374 Inventory -50,641 -26,885 Derivative financial instruments 54,931 -4,379 Deferred taxes. income tax and social contribution to be oset -80,232 220,685 Judicial deposits 0 0 Available-for-Sale Assets -39,607 -41,871 Other accounts receivable Increase (decrease) in liabilities 709 -265,862 Suppliers 17,882 -319,356 Tax liabilities -12,264 81,344 Tax installment payment 143,096 8,445 Derivative financial instruments -9,167 -7,551 Contingencies paid -83,007 -155,630 Labor and social security liabilities -16,920 -40,020 Other accounts payable -15,931 1,146 Other obligations -163,695 -753,263 Chg. in assets and liabilities: -12,226 -10,183 Interest paid on financing -76,688 -86,534 Interest paid on debentures -10,146 0 Income tax and social contribution paid 273,336 -140,810 Net cash (used in) generated by operating activities Cash flow from investing activities -27,092 -97,685 Additions to property and equipment -60,334 -70,331 Additions to intangible assets -87,426 -168,016 Net cash (used in) investing activities Cash flow from financing activities -354,739 -352,947 Loans and financing paid 0 598,008 Issue of debentures -176,174 -186,883 Lease payments 4,124 0 Advances for future capital increase 0 0 Proceeds from a loan agreement -127,358 0 Dividends paid -99,444 0 Share buyback -753,591 58,178 Net cash (used in) financing activities -567,681 -250,648 Decrease/Increase of cash and cash equivalents 875,914 679,969 Cash and cash equivalents at the beginning of the year 308,233 429,321 Cash and cash equivalents at the end of the year
Page 22
Δ(%) 1S25 1S26 Δ(%) 2Q25 2Q26 Rů Thousand 18.8% 3,372,059 4,004,455 22.1% 1,817,700 2,219,026 Net revenue 16.5% -1,707,812 -1,989,338 19.9% -925,792 -1,110,120 Cost of sales 21.1% 1,664,247 2,015,117 24.3% 891,908 1,108,906 Gross Profit 18.8% -1,226,504 - 1,456,683 15.1% -678,893 -781,355 Operating expenses 24.8% -989,493 -1,234,905 23.2% -530,306 -653,095 Selling expenses -5.9% -245,251 -230,837 -13.9% -148,570 -127,987 Administrative and general expenses 9.9% 8,240 9,059 n.a -17 -273 Other net operating income/expenses -4.2% -213,444 -204,420 2.1% -108,472 -110,750 Depreciation and amortization expenses 57.8% 224,299 354,014 107.4% 104,543 216,801 Operating Income (Loss) 73.0% 94,251 163,057 68.0% 54,621 91,746 Financial income 58.3% -207,380 -328,367 50.6% -117,130 -176,446 Financial expenses 46.1% -113,129 -165,310 35.5% -62,509 -84,700 Net financial income (expenses) 69.7% 111,170 188,704 214.3% 42,034 132,101 Profit before taxes n.a 2,613 16,039 -135.4% 4,434 -1,569 Income tax and social contribution 79.9% 113,783 204,743 180.9% 46,468 130,532 Net income for the period Δ(%) 1S25 adjusted 1S26 adjusted Δ(%) 2Q25 adjusted 2Q26 adjusted Rů Thousand 18.8% 3,372,059 4,004,455 22.1% 1,817,700 2,219,026 Net revenue 16.5% -1,707,812 -1,989,338 19.9% -925,792 -1,110,120 Cost of sales 21.1% 1,664,247 2,015,117 24.3% 891,908 1,108,906 Gross Profit 21.9% -1,199,355 -1,462,119 20.1% -649,128 -779,430 Operating expenses 24.9% -995,326 -1,243,118 23.5% -532,204 -657,030 Selling expenses 7.3% -212,884 -228,505 5.3% -116,203 -122,335 Administrative and general expenses 7.3% 8,855 9,504 -91.0% -721 -65 Other net operating income/expenses -4.0% -204,207 -196,038 2.6% -103,853 -106,559 Depreciation and amortization expenses 36.9% 260,685 356,960 60.5% 138,927 222,918 Operating Income (Loss) 59.0% 94,251 149,847 43.8% 54,621 78,536 Financial income 49.5% -214,974 -321,454 35.6% -124,724 -169,166 Financial expenses 42.1% -120,723 -171,607 29.3% -70,103 -90,629 Net financial income (expenses) 32.4% 139,962 185,353 92.2% 68,824 132,288 Profit before taxes 171.4% 6,955 18,873 -86.4% 8,830 1,201 Income tax and social contribution 39.0% 146,917 204,227 71.9% 77,654 133,489 Net income for the period IFRS IFRS adjusted by non-recurring eects INCOME STATEMENT EARNINGS RELEASE2Q26 EARNINGS RELEASE2Q26 EARNINGS RELEASE 2Q26 | 22
Page 23
Δ(%) 1S25 1S26 Δ(%) 2Q25 2Q26 Rů Thousand 18.8% 3,372,059 4,004,455 22.1% 1,817,700 2,219,026 Net revenue 16.5% -1,707,812 -1,989,338 19.9% -925,792 -1,110,120 Cost of sales 21.1% 1,664,247 2,015,117 24.3% 891,908 1,108,906 Gross Profit 17.2% -1,379,528 -1,616,269 14.3% -754,280 -861,853 Operating expenses 22.7% -1,135,511 -1,392,901 21.1% -604,540 -731,873 Selling expenses -6.5% -247,728 -231,695 -13.8% -149,675 -128,950 Administrative and general expenses 124.4% 3,711 8,327 n.a -66 -1,030 Other net operating income/expenses -6.7% -116,232 -108,437 6.1% -58,386 -61,930 Depreciation and amortization expenses 72.4% 168,487 290,411 133.6% 79,242 185,122 Operating Income (Loss) 73.0% 94,251 163,057 68.0% 54,621 91,746 Financial income 81.0% -136,136 -246,410 67.3% -80,842 -135,232 Financial expenses 99.0% -41,885 -83,353 65.8% -26,221 -43,485 Net financial income (expenses) 63.6% 126,601 207,057 167.1% 53,021 141,637 Profit before taxes n.a 1,657 14,019 -192.4% 2,968 -2,744 Income tax and social contribution 72.4% 128,258 221,076 148.1% 55,989 138,893 Net income for the period EX - IFRS EX -IFRS adjusted by non-recurring eects INCOME STATEMENT EARNINGS RELEASE2Q26 EARNINGS RELEASE2Q26 EARNINGS RELEASE 2Q26 | Δ(%) 1S25 adjusted 1S26 adjusted Δ(%) 2Q25 adjusted 2Q26 adjusted Rů Thousand 18.8% 3,372,059 4,004,455 22.1% 1,817,700 2,219,026 Net revenue 16.5% -1,707,812 -1,989,338 19.9% -925,792 -1,110,120 Cost of sales 21.1% 1,664,247 2,015,117 24.3% 891,908 1,108,906 Gross Profit 19.9% -1,352,380 -1,621,705 18.7% -724,515 -859,928 Operating expenses 22.8% -1,141,344 -1,401,115 21.3% -606,438 -735,808 Selling expenses 6.5% -215,361 -229,363 5.1% -117,308 -123,298 Administrative and general expenses 102.8% 4,326 8,772 6.8% -770 -822 Other net operating income/expenses -6.5% -106,995 -100,055 7.4% -53,767 -57,739 Depreciation and amortization expenses 43.2% 204,872 293,356 68.3% 113,626 191,239 Operating Income (Loss) 59.0% 94,251 149,848 43.8% 54,621 78,537 Financial income 66.6% -143,730 -239,497 44.7% -88,435 -127,951 Financial expenses 81.2% -49,479 -89,650 46.1% -33,815 -49,415 Net financial income (expenses) 31.1% 155,393 203,707 77.7% 79,811 141,824 Profit before taxes 181.0% 5,998 16,853 -99.6% 7,364 26 Income tax and social contribution 36.7% 161,391 220,560 62.7% 87,175 141,850 Net income for the period 23
Page 24
ABOUT GRUPO SBF Grupo SBF is a sports company founded in 1981 and until 2020 operated in the Brazilian market through Centauro, the largest sporting goods retailer and first omnichannel retailer, with 100% of its physical store and digital platform operations integrated since 2018. In December 2020, a new business unit joined the Grupo SBF: FISIA, the exclusive representative of Nike in Brazil, the world's largest sports brand. At Grupo SBF, we believe that sport transforms lives, and we wake up every day to boost sports in Brazil. José Salazar Victoria Machado Buono Luna Romeu Larissa Cristovão DisclaimerThe assumptions contained in this report relating to the business outlook, projections and results and the growth potential of the Company constitutemere forecasts and were based on management’s expectations in relation to the future of the Company. These expectations are highly dependent on changesin the market and in the overall economic performance of the country, the industry and the international market; therefore, they are subject to changes. Vitória Lima ri.gruposbf.com.br | ri@gruposbf.com.br