Brazil Q2 2025: How Grupo Mateus, Multilaser, and Armac Are Really Doing

In the second quarter of 2025, three well-known Brazilian companies—Grupo Mateus, Grupo Multilaser, and Armac—gave a clear picture of how they are handling both growth and setbacks at home.

These official results and figures from their own filings provide a grounded view into Brazil’s fast-changing economy.

Grupo Mateus (Food Wholesale & Retail)

Grupo Mateus stands out as one of Brazil’s largest retailers, selling both in bulk (wholesale) and directly to shoppers (retail). This quarter, it posted a net profit of R$344 million (about $60 million) on sales of R$8.8 billion (about $1.5 billion).

Its sales jumped 15%, and profit rose slightly, echoing steady growth in store openings and sales at existing stores. At the end of June, it counted 271 stores across over 100 cities.

Mateus’s earnings before interest, taxes, depreciation, and amortization (EBITDA) hit R$705 million (about $124 million). However, running a bigger retail network comes at a price.

Costs and overheads went up sharply, with operating expenses at R$1.4 billion (about $246 million) and financial losses on debt rising to R$209 million (about $37 million).

Net debt nearly doubled to R$1.1 billion (about $189 million) as the company poured R$493 million (about $86 million) into fueling expansion.

The real story here is sustained sales growth but higher debt and rising financial risk. Grupo Mateus is betting that size matters in Brazilian retail, but managing ballooning costs is a challenge as the company grows.

Grupo Multilaser (Consumer Electronics & IT)

Grupo Multilaser, known for consumer gadgets and IT accessories, moved from a big loss last year to a net profit of R$20 million (about $3 million) this quarter.

Its sales grew to R$930 million (about $163 million), up 5%. The company’s improving results were mostly due to a hefty R$74 million (about $13 million) gain from exchange rate swings—helped by managing its currency position smartly in a volatile market.

Without that, the company’s profit would have looked much weaker. Costs for making and selling goods were R$699 million (about $123 million), while other expenses rose to R$214 million (about $37 million).

Still, Multilaser cut its net debt from R$216 million (about $38 million) to R$158 million (about $28 million) in three months, strengthening its financial base.

Behind the numbers, Multilaser shows just how much fluctuations in Brazil’s currency and careful financial management can matter. Their business is solid, but currency gains drove most of the profit.

Armac (Heavy Equipment Rental)

Armac rents out heavy machinery, often used in construction or logistics. In Q2, it slipped to a net loss of R$7 million (about $1 million), after making a profit of R$50 million (about $9 million) a year ago.

The company grew its revenue by 11%, reaching R$452 million (about $79 million), and marginally increased its fleet to almost 12,000 machines. Still, profits fell as capital costs and competition rose.

Adjusted EBITDA was R$167 million (about $29 million), down 3%. Armac is feeling the pinch of higher interest rates and industry competition, both of which eat into margins.

The company also decided to pay R$28 million (about $5 million) in interest on equity to shareholders, perhaps as a sign of confidence, or to keep investors on board.

In Armac’s story, the data shows that operating in a capital-heavy business comes with risks when the economic climate turns. Debt-funded growth can quickly turn into losses if costs outrun gains.

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