The management team of Grupo SBF (Group), the company that acquired the Nike operation in Brazil in 2020, reported Tuesday, August 11, that the 2026 second quarter was marked by record results for the company and the execution of the largest World Cup in the company’s history. The 2026 tournament was said to be the second since the acquisition of Nike’s distribution in Brazil and was said to significantly outperform 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 team said in a letter to investors accompanying the company’s Q2 earnings report.

“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,” the team said. “From the start of sales until July 31, we sold more than 1.5 million event-related items, including 1.0 million official Brazilian National Team jerseys – a volume 56.9 percent higher than the last World Cup; 352,000 licensed CBF products, developed in an exclusive partnership with Centauro (80.5 percent above 2022); and 169,000 official match balls, a volume 80.4 percent higher than the previous edition.”

As a reminder, Nike was the sponsor of the Brazilian National Team this year.

Grupo SBF reports in the Brazil real (B$) currency. SGB Executive has used the conversion rate of 1.0 R$ to 0.1977 US$ as the average for the 2026 second quarter as published by X-Rates.

Grupo SBF (Group) posted record quarterly net revenue of R$2.2 billion (~438.9 mm) in the second quarter, a 22.1 percent year-over-year (y/y) increase compared to the 2025 Q2 period. The sales increase was accompanied by an even greater upside in profitability for the quarter as gross margin amounted to 50.0 percent of net revenue.

Revenue by Division and Channel

Adjusted EBITDA (ex-IFRS) increased 48.7 percent y/y, reaching R$248.9 million (~$49.2 mm), which said to be a record level for any single quarter for the company. EBITDA margin was 11.2 percent of net revenue, an expansion of 2.0 percentage points compared to Q2 2025. Adjusted net income (ex-IFRS) grew 62.7 percent y/y, totaling R$141.9 million (~$28.1 mm), while the net margin reached 6.4 percent of net revenue, a year-over-year expansion of 160 basis points.

The company said its capital structure continued to improve during the quarter, ending the period with leverage of 1.5x Adjusted EBITDA (ex-IFRS), a sequential 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,” management noted. “This effect impacted the quarter’s leverage by approximately 0.4x and is expected to be converted into cash during the third quarter.”

Centauro Division
The Group’s Centauro business posted 19.2 percent growth y/y to R$1.1 billion (~$221.7 mm) in Q2, with physical stores growing 18.3 percent y/y, and the digital channel increasing at 22.0 percent y/y, with a Gross Merchandise Value (GMV), which includes both 1P and 3P partners, of 34.4 percent for the period. The result reportedly represented the highest net revenue ever recorded by Centauro in a second quarter reporting period.

Centauro gross margin reached 50.7 percent in Q2, said to be “in line with historical levels and consistent with the sustainable growth strategy.”

The unit reportedly executed commercial activations in all of its 229 stores, which were prepared to meet the increased demand, supported by a fully integrated omni-channel operation between physical and digital channels. It also expanded its assortment of official 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 reportedly achieved record sales.

Physical store net revenue reached R$844.3 million (~$167.0 mm) in the quarter, an 18.3 percent increase compared to the 2025 second quarter, with a 20.3 percent growth in same-store sales (comps). Management said the channel directly benefited from the sale of official Brazilian National Team items, licensed products in partnership with CBF, and the event’s official soccer balls, which reached a record number of units sold since its launch. In the soccer category, growth was also said to be driven by the soccer cleats subcategory and the launch of the new Corinthians jersey, whose performance surpassed that of the previous year. In addition to the strong demand for football products, a 10.3 percent increase in footwear sales, with an emphasis on running and walking shoes, also boosted the channel’s performance. The running and high-performance subcategories reportedly grew by 36.0 percent y/y, driven by “a combination of an accurate portfolio and more efficient allocation.”

The result was said to be further benefited by an 11.7 percent increase in the average ticket and a 2.6 percent increase in items per purchase.

The Centauro digital platform posted net revenue of R$276.7 million (~$54.7 mm) in the quarter, or 22.0 percent growth compared to Q2 2025, accompanied by a GMV (1P+3P) increase of 34.4 percent. The result was said to also reflect the performance of sales related to the World Cup, combined with the continued evolution of the running subcategory, which recorded a 55.0 percent increase in sales. Additionally, the channel benefited from a 4.2 percent increase for the average ticket.

“As in previous quarters, Centauro said it continued to advance the modernization of its store network, completing 11 projects and starting another 10 refits,” the management team said. “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 percentage points.”

Fisia (Nike, Jordan brands)
Fisia, the home of the Nike brand in Brazil, reportedly maintained its strong growth trajectory in Q2, posting 27.5 percent growth in net revenue to R$1.3 billion (~$264.0 mm) – the highest quarterly net revenue in its history. The performance was said to reflect 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 reportedly the main growth driver for Fisia in the Q2 period, primarily boosted by products related to the World Cup. The Fan version of the official 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,” said to be a remarkable episode in Brazilian soccer history.

In the Running category, sales grew by 32.0 percent y/y and the Vomero, Pegasus, and Structure franchises continued to drive the category’s performance, reinforcing Nike’s positioning in the high-performance segment.

Growth was seen across all channels, with 36.1 percent growth in Wholesale to R$496.1 million (~$98.1 mm). As the official distributor of Nike in Brazil, Fisia said it ensured a distribution that met the entire demand for official Brazilian National Team items during the World Cup period.

The Digital platform recorded net revenue of R$527.2 million (~$104.3 mm) in the quarter, or growth of 29.7 percent y/y, 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 percent 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 (~$61.6 mm) in the second quarter, posting 13.1 percent y/y growth. The result was said to be mainly due to the evolution of the running and soccer categories, which reportedly remain important growth drivers for the channel. The company said performance also benefited from increased store traffic and network expansion with the opening of two new Nike Direct Inline (NDIS) Stores during the quarter – one at Parque Dom Pedro in Campinas (SP) and another at BH Shopping in Belo Horizonte (MG) – bringing the total number of new stores opened in the last 12 months to five doors.

The gross margin reached 40.8 percent of net revenue, an expansion of 40 basis points compared to the prior-year quarter, 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 management team concluded. “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.”

Image courtesy Nike Brand/Fisia