Q2 2025 Results: Even, Marisa, and Grupo SBF Adapt Strategies for Market Realities

Three big Brazilian companies—Even Construtora, Marisa Lojas, and Grupo SBF—published their official Q2 2025 results. Each firm shows how Brazil’s tough economy demands sharp choices as inflation and high interest rates shake business confidence.

Even focuses on high-end housing, Marisa sells fashion to middle-class shoppers, and Grupo SBF runs sports stores and is Nike’s official distributor in Brazil.

Even Construtora builds residential and commercial properties, most of them upscale. In Q2 2025, Even posted a net profit of R$49 million ($9 million). Revenue dropped to R$570 million ($100 million), mostly due to the sale of an entire hotel and fewer project launches.

The company sold R$737 million ($129 million) worth of property, mainly luxury homes. Even’s strategy is clear: they target buyers who continue spending even when most people cut back.

Even’s inventory—the homes and buildings on hand—stands at R$2.9 billion ($509 million). Only 12% are finished, so long-term delivery is standard. The profit margin fell to 24%, squeezed by the hotel deal.

Even holds R$923 million ($162 million) in cash, but owes R$1.13 billion ($198 million). Net debt is R$202 million ($35 million), which is small compared to the company’s size.

Operational cash flow was R$67 million ($12 million), all showing a stable but cautious approach in an unpredictable market. Marisa Lojas, Brazil’s main middle-market fashion retailer, finally pushed into profitability.

The company reported a slim R$2.1 million ($370,000) net profit after a R$102 million ($18 million) loss last year. Revenue hit R$395 million ($69 million), up 23% year-over-year.

Improved sales came mostly from customers seeking practical and affordable fashion. Gross margin rose to 54%. Marisa’s managers picked the right merchandise for the season and renegotiated deals with suppliers.

Marisa’s store-branded credit card program played a big role in the profit rebound. The number of active cards passed 1 million by June, much higher than a year before. Card users spend more per trip than those paying cash.

Marisa invested R$4.9 million ($860,000) in store improvements and IT. The company runs 232 stores, but refuses to expand for now. Marisa’s leaders work with what they have, aiming for higher sales per store instead of chasing market share.

Grupo SBF is Brazil’s top sports retailer and runs Centauro stores plus Nike’s distribution. The company’s net profit grew 19% to R$87 million ($15 million) as revenue reached R$1.8 billion ($316 million), up 6%.

Centauro’s sales jumped 12% to R$1.2 billion ($211 million). Nike’s Brazilian arm, Fisia, grew 5% to R$1.3 billion ($228 million). SBF invested heavily in store upgrades and technology, driving up costs short-term.

SBF’s adjusted EBITDA dropped 5% to R$167 million ($29 million), mainly because investments ate into short-term profits.

The company’s debt dropped sharply; net debt stands at R$506 million ($89 million), down 33%. SBF aligns its Nike business with global standards but also tailors inventory for Brazil, focusing on popular categories like football and running gear.

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