Grupo SBF SA
BOVESPA:SBFG3
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Grupo SBF SA
BOVESPA:SBFG3
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Grupo SBF SA
Grupo SBF SA is a producer of sports products. The company is headquartered in Pinheiros, Sao Paulo. The company went IPO on 2019-04-17. The firm is specialized in the retailing of clothes through a network of stores, as well as through its Internet Website. The firm offers different kind of products dividing them into: sports, men, women, children, shoes, accessories, equipment and supplements, among others. The firm also offers its outlet products, in a special section where it offers old-session products with a discount in the price. The company retails through more than 180 stores in regions like Espirito Santo, Sao Paulo, Amazonas, Rio de Janeiro, within the Brazilian territory. The company also operates an online personal trainer services called Bora.
Grupo SBF SA is a producer of sports products. The company is headquartered in Pinheiros, Sao Paulo. The company went IPO on 2019-04-17. The firm is specialized in the retailing of clothes through a network of stores, as well as through its Internet Website. The firm offers different kind of products dividing them into: sports, men, women, children, shoes, accessories, equipment and supplements, among others. The firm also offers its outlet products, in a special section where it offers old-session products with a discount in the price. The company retails through more than 180 stores in regions like Espirito Santo, Sao Paulo, Amazonas, Rio de Janeiro, within the Brazilian territory. The company also operates an online personal trainer services called Bora.
Top-line: Net revenue reached BRL 7.7 billion in 2025, up 8.2% YoY, driven by a Centauro recovery and Fisia wholesale gains.
Centauro unlock: The 'Destrava' program (more staff, refits, assortment changes) coincided with strong retail momentum — Centauro net revenues BRL 4.1 billion (up 13% YoY) and Q4 same-store sales up mid-teens.
Margin & FX: Annual gross margin at Centauro hit a record 50.3%, while Fisia margins were pressured by FX in 4Q but partially offset by tax incentives; management expects margin improvement for Fisia in H2 2026.
Investment stance: The company invested ~BRL 400 million (stores, IT, logistics) and used operating cash to support working capital for the World Cup build-up, resulting in net debt of BRL 387 million and leverage of 0.96x.
Operational wins: Inventory of past collections fell to 7.8% share; the company certified as an authorized economic operator (AEO), and logistics/tax incentives were implemented to mitigate FX effects.
Event tailwinds: Management is preparing for a big 2026 sports calendar (World Cup), accelerating refits (50 planned for 2026) and marketing, expecting these to support higher sales and improved Fisia margins later in the year.
