Grupo Mateus SA
BOVESPA:GMAT3
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Grupo Mateus SA
BOVESPA:GMAT3
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BR |
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P
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Pacific Industrial Co Ltd
TSE:7250
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JP |
Grupo Mateus SA
Grupo Mateus SA, a dynamic force in the Brazilian retail and wholesale market, is a compelling tale of entrepreneurial zeal and regional dominance. Established in the heart of the Maranhão state, the company embarked on its journey as a small venture in 1986. Under the astute leadership of its founder, Ilson Mateus, the group expanded its operations by leveraging local market knowledge and a deep understanding of the socioeconomic landscape. Over the years, Grupo Mateus skillfully diversified its business model to encompass a broad range of services: from operating hypermarkets and supermarkets to managing cash-and-carry stores, which effectively cater to different consumer needs and segments. Additionally, their innovative foray into e-commerce allowed them to capture the growing online demand, enhancing their distribution efficiency and market reach.
Grupo Mateus’s success is underpinned by a vertically integrated supply chain, which not only enables them to maintain competitive pricing but also ensures product quality and availability. Their strategic network of distribution centers supports a seamless flow of goods across their outlets, optimizing logistics and reducing operational costs. This robust infrastructure, coupled with a keen focus on customer experience, enables Grupo Mateus to generate revenue through direct sales to end consumers, as well as supplying bulk goods to small retailers and businesses. Their adeptness at scaling operations without compromising on quality or service has solidified their reputation as a trusted brand, allowing them to continue expanding amidst Brazil's burgeoning middle class and the shifting retail landscape.
Grupo Mateus SA, a dynamic force in the Brazilian retail and wholesale market, is a compelling tale of entrepreneurial zeal and regional dominance. Established in the heart of the Maranhão state, the company embarked on its journey as a small venture in 1986. Under the astute leadership of its founder, Ilson Mateus, the group expanded its operations by leveraging local market knowledge and a deep understanding of the socioeconomic landscape. Over the years, Grupo Mateus skillfully diversified its business model to encompass a broad range of services: from operating hypermarkets and supermarkets to managing cash-and-carry stores, which effectively cater to different consumer needs and segments. Additionally, their innovative foray into e-commerce allowed them to capture the growing online demand, enhancing their distribution efficiency and market reach.
Grupo Mateus’s success is underpinned by a vertically integrated supply chain, which not only enables them to maintain competitive pricing but also ensures product quality and availability. Their strategic network of distribution centers supports a seamless flow of goods across their outlets, optimizing logistics and reducing operational costs. This robust infrastructure, coupled with a keen focus on customer experience, enables Grupo Mateus to generate revenue through direct sales to end consumers, as well as supplying bulk goods to small retailers and businesses. Their adeptness at scaling operations without compromising on quality or service has solidified their reputation as a trusted brand, allowing them to continue expanding amidst Brazil's burgeoning middle class and the shifting retail landscape.
Revenue: Grupo Mateus reported BRL 12.0 billion in gross revenue in Q4'25 and roughly BRL 43.6 billion for full-year 2025, ~20% growth year‑over‑year.
Margins: Gross margin held at 22.5% in Q4 (22.9% excluding the newly consolidated Novo operations); EBITDA in Q4 was BRL 652 million (6.2% margin), full‑year EBITDA BRL 2.8 billion (6.2% margin).
Same‑store sales: Same‑store sales were slightly negative in Q4 at -1.1%, but positive 2.9% for the full year, reflecting a softer consumer backdrop and commodity deflation.
Cost control focus: Management said Q4 operational deleverage pressured EBITDA and announced an intense 2026 productivity program focused on expenses, margins and working capital.
Working capital progress: Cash conversion cycle improved to 43 days (from 48 days the prior quarter), with management highlighting a ~12‑day year‑over‑year improvement excluding Novo and an ongoing push to compress inventory and supplier days.
Capital allocation: Management intends a more selective 2026 expansion pace, prioritizing cash generation, efficiency and higher‑return formats (Spazio, food service tests) over aggressive store openings.
Tax items: Q4 net income received positive tax effects from reversals of prior provisions related to subventions and other one‑offs; management characterized some of these items as nonrecurring and noted ongoing tax monitoring.
