Grupo Mateus 2Q26 – Conference Call Highlights

Research evidence excerpt

J P M O R G A N

Latin America Equity Research

14 August 2026

Grupo Mateus

2Q26 – Conference Call Highlights

Underweight

GMAT3.SA, GMAT3 BZ

Price (13 Aug 26):R$3.79

LatAm Retail & Healthcare

Grupo Mateus (GMAT3) just hosted its 2Q26 call with top management team. See

below the main topics.

SSS Drivers. Management said ~85% of SSS performance was linked to the

strategic reduction/rationalization of counter wholesale / tele-sales, a planned

move that pressured volumes but should normalize over time.

3Q Outlook. Management sees signs of SSS improvement in 3Q, helped by an

easier comparison base, improving counter wholesale volumes, and the highly

relevant Mix Mateus anniversary seasonality.

Working Capital. Cash cycle worsened by 2 days q/q, while inventory days

were stable; higher 2Q inventory reflected preparation for the anniversary

campaign, with potential cash recovery after the seasonal event.

Expansion. The company opened 7 stores in 2Q and has 6 projects under

construction. In 2026, it will begin expansion into the pharmacy segment,

including a high-revenue pharmacy unit in Maranhão.

New Atacarejo/JV. Management highlighted early improvement from brand

unification in JV states and expects further gains, while tax rates should

normalize in 2H26, with an average IR rate around 15%.

Capital Allocation. Leverage remains low, but net debt rose R$ 357mn from

March to June; management is prioritizing cash preservation and debt

reduction, while JCP/dividends depend partly on tax committee review in 2H.

Joseph Giordano AC

(55-11) 4950-3020

Banco J.P. Morgan S.A.

Nicolas Larrain

(55-11) 4950-3472

Banco J.P. Morgan S.A.

Guilherme A. Vilela, CFA

(55-11) 4950-3059

Banco J.P. Morgan S.A.

Giovanni Vescovi

(55-11) 4950-2901

Banco J.P. Morgan S.A.

Froylan Mendez

(52-55) 5540-9482

J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero