Grupo SBF, owner of the Centauro retail operations in Brazil, and Fisia, Nike’s retail and wholesale brand owner in the country, reported consolidated net revenue for full-year 2025 grew 8.2 percent year-over-year to R$7.74 billion, said to reflect the positive performance of both Centauro and Fisia.

Consolidated gross profit totaled R$3.74 billion, an increase of 6.1 percent year-over-year (y/y). Gross margin was 48.3 percent of net revenue, a contraction of 90 basis points y/y, reflecting foreign currency exchange rate (FX) pressure on the cost of imported goods at Fisia. This FX effect was said to be partially offset by the inclusion of new Imposto sobre Circulação de Mercadorias e Serviços (ICMS) tax incentives, implemented in Q2 2025 for physical stores and in Q3 2025 for the Wholesale channel.

SG&A reportedly reflected additional investments in Centauro’s operations starting in the second quarter, associated with the Destrava project, in line with revenue expansion observed in the second half of the year. At the same time, the exchange pressure that impacted the gross margin also pressured the adjusted EBITDA (ex-IFRS), which totaled R$705 million, with a margin of 9.1 percent of net revenue, a 170-basis-point year-over-year reduction.

Even in a scenario of higher investments, the company said Adjusted net income (ex-IFRS) for the year grew 2.4 percent y/y, reaching R$427.6 million, with a net margin of 5.5 percent of net revenue. The company said the result reflected, among other factors, the offset of FX pressure through new ICMS tax incentives implemented at Fisia.

The company reported that the 2025 fourth quarter concluded a year of structural transformation, marked by initiatives focused on strengthening the business and sustaining disciplined growth.

“Throughout the year, we advanced across commercial, operational, and digital fronts that enhanced our execution capabilities, efficiency, and service levels, while also reinforcing our financial strength to support long-term investments,” the company said in its Q4 earnings release.

Fourth Quarter 2025
Consolidated net revenue grew 11.8 percent y/y to R$1.15 billion in the 2025 fourth quarter. Gross revenue, excluding merchandise returns, increased 9.9 percent y/y to R$3.02 billion. Gross margin for the quarter amounted to 47.5 percent of net revenue, down 70 basis points y/y from 48.2 percent in Q4 2024.

EBITDA declined 4.8 percent y/y to R$270.7 million in the fourth quarter, resulting in an EBITDA margin of 11.1 percent of net revenue, down 190 basis points y/y. Net income amounted to R$128.3 million in the period, down 5.1 percent y/y. Net margin was 5.3 percent of net revenue, down 90 basis points versus Q4 2024.

Balance Sheet Summary
The company ended the year with net debt of R$678.0 million, up 129.3 percent y/y, mainly reflecting higher working capital needs, in line with the investment plan, which included inventory replenishment and higher CapEx levels. As a result, leverage reached 0.96x EBITDA (ex-IFRS), an increase of 0.58x vs. 2024, while maintaining the commitment to a healthy capital structure.

Fisia Division
Fisia, which houses the Nike business, posted net revenue of R$4.3 billion in 2025, up 6.2 percent y/y, reportedly driven by the recovery of the Wholesale channel, which grew 9.4 percent for the year. DTC channels also expanded, with 7.3 percent growth in Physical Stores and +3.0 percent in the Digital channel.

Division gross profit reached R$1.8 billion in 2025, a 1.1 percent y/y decline, with a gross margin of 40.7 percent of net revenue, down 3.0 percentage points y/y, mainly reflecting the impact of Brazilian currency depreciation throughout the year, which increased the cost of imported goods.

The division reportedly had three priorities for 2025: expanding Nike’s presence in Brazilian soccer, resuming the Wholesale channel, and evolving the running segment strategy.

Nike Soccer. Fisia renewed its partnership with Sport Club Corinthians Paulista for another 10 years and signed new sponsorship agreements, starting in the 2026 season, including Clube Atlético Mineiro and Club de Regatas Vasco da Gama, bringing them to the portfolio. The jerseys were launched in January 2026 and reportedly showed strong acceptance since the start of sales, with Vasco representing the highest soccer launch sales period in Fisia’s recent years. In the fourth quarter, Fisia initiated the launch cycle for the 2026 World Cup, with the casual goalkeeper jersey of the Brazilian National Team.

Nike Running. Nike will become the master sponsor of the SP City Marathon starting in 2026. The race, which attracts roughly 25,000 runners and will celebrate its 10th anniversary, will be renamed “Nike SP City Marathon,” said to be designed to “reinforce the brand’s positioning in road running.” The partnership reportedly includes preparatory training sessions led by Nike to enhance the runner experience. In line with this strategy, Fisia maintained its road-running focus on the Pegasus, Structure and Vomero franchises. In the fourth quarter, the launch of Vomero Premium reinforced its position, focusing on cushioning and performance, with over 1,200 pairs sold since launch.

Wholesale channel. The year was said to be marked by the resumption of growth. The company said the impact was visible by the third quarter and continued into Q4 2025, when growth was 23.3 percent y/y. In full-year 2025, growth reached 9.4 percent y/y, indicating a more consistent trajectory across quarters. This performance reportedly resulted from improvements in service levels and customer support. As part of this movement, Grupo SBF opened a new Nike showroom at the same location as Fisia’s office in Pinheiros (São Paulo), increasing the frequency of customer events, with a focus on relationship building and collection presentations.

As a result of executing these initiatives during the year, the company said Fisia “maintained consistent evolution,” combining growth and brand strengthening.

Fisia recorded net revenue growth of 13.1 percent y/y to R$1.38 billion in Q4 2025. Gross margin declined 290 basis points y/y to 39.6 percent of net revenue.

Same-store sales (comps) increased 4.8 percent y/y in Q4, cycling against a 2.9 percent decline in Q4 2024.  Nike Value Store (NVS) comps grew 3.1 percent y/y in Q4, cycling against a 7.6 percent decline in Q4 2024. Digital Gross Merchandise Value (GMV) increased 5.4 percent in Q4, cycling against a 0.7 percent increase in Q4 2024.

In addition, the company opened four stores, three NDIS stores and one NVS store, and completed two NVS store expansions.

The company noted that Nike was selected as the most memorable brand by consumers in the Top-of-Mind Folha de S. Paulo 2025 award, reinforcing its relevance in the sports market.

From an operational and logistics perspective, Grupo SBF advanced initiatives to increase control, scale and efficiency. At Fisia, the company internalized distribution for physical stores and, to support this change, expanded its owned distribution center in Extrema (MG) by 23,000 square meters, bringing the total to 61,000 square meters. This change enabled the implementation of ICMS tax incentives in Physical Store and Wholesale channels, partially offsetting FX impacts on COGS and royalty expenses.

Centauro division posted a solid performance throughout 2025, reaching R$4.1 billion in net revenue, up 13.0 percent y/y. Growth was reportedly driven by both the Physical Store channel (+11.2 percent y/y) and the Digital channel (+19.9 percent y/y).

Gross profit for the year totaled R$2.0 billion, a 13.7 percent y/y increase, with the gross margin improving by 30 basis points to 50.3 percent of net revenue, the highest annual gross margin ever achieved by Centauro. The growth was said to be accompanied by margin preservation, supported by improvements in assortment and commercial execution.

“At Centauro, we accelerated strategic initiatives aimed at increasing productivity and conversion, with meaningful advances in assortment and in-store execution,” the company said in its earnings release. “Throughout the year, the ‘Destrava’ initiative (new strategic cycle) gained traction and drove essential fronts to sustain growth, including the reinforcement of the store team with the addition of 900 new salespeople and the expansion of training and development initiatives. Through the new commercial leadership structure focused on priority categories, Centauro optimized assortment across both Physical Stores and Digital channels, improving purchasing, product curation, and category distribution processes, with direct effects on inventory management.”

As a result, the company said it continued reducing inventories of past collections (over six months), reaching a share of 7.8 percent (an improvement of 5.1 percentage points compared to the prior year). In parallel, Centauro advanced its store network modernization and expansion agenda, supported by the dedicated engineering team’s expansion.

As part of this agenda, in the fourth quarter, Centauro completed eight store revitalization projects, totaling nine in the year, with results already observed despite the limited observation period, as many reopenings occurred between November and December. In the post-reopening period, revitalized stores have shown performance 12.9 percentage points above the growth of other stores in the same region. Centauro continued expanding the G6 model, opening two new stores in Q4 at Catuaí Shopping Cascavel (PR) and Maxi Shopping Jundiaí (SP), bringing the total to four new stores in the year. In 2026, Centauro will continue its revitalization efforts, maintaining focus on the evolution of the store network.

In the fourth quarter, a period that concentrates the main seasonal retail dates, Centauro reportedly delivered performance in line with expectations and above market levels, both during Black Friday and Christmas.

During Christmas, sales grew 21.5 percent (vs. 2024), with contributions from both channels. Physical Stores grew 22.0 percent y/y, and the Digital channel recorded 17.4 percent growth, supported by improvements in traffic, conversion, and average ticket. During Black Friday, performance was mainly driven by the Digital channel (+14.4 percent vs. 2024), while physical stores also advanced 9.2 percent year-over-year, reflecting efficient execution and a focus on high-turnover categories.

At Centauro, Grupo SBF strengthened its distribution center structure to support growth, including the implementation of a transportation hub along the São Paulo–Minas Gerais corridor and the deployment of an automated Sorter system, which increased shipping agility and enabled “Next Day” deliveries. During Black Friday, operations were scaled to peak volumes by hiring 1,200 temporary employees while maintaining operational stability throughout the period.

In technology, Grupo SBF said it advanced initiatives with a direct impact on the consumer journey and business efficiency. Key developments during the period included enhancements to functionalities such as Guest Checkout and GiftBack, the expansion of payment methods to include Apple Pay and Google Pay, and improvements in exchanges and returns at Nike. The quarter also marked the relaunch of the Nike.net portal for the Wholesale channel, increasing integration and scalability.

Image courtesy Nike/Fisia/Grupo SBF