CBD 2026年第二季度电话会议要点

研报英文原文证据摘录

J P M O R G A N

Latin America Equity Research

05 August 2026

CBD

2Q26 Conference Call Highlights

Underweight

PCAR3.SA, PCAR3 BZ

Price (04 Aug 26):R$2.75

LatAm Retail & Healthcare

CBD (PCAR3; UW) hosted its 2Q26 call with top management. Please see the

main highlights below. CBD trades at 5.8x ’26E EV/EBITDA.

Short-term trends. During the quarter, SSS were pressured by stockouts,

falling to -2% in May. Performance improved in June (+1.3%), and July turned

positive as well (+0.5%). Looking ahead to 2H26E, management expects

demand to remain subdued as disposable income stays under pressure.

Gross margin gains were driven evenly by (1) a richer channel mix (including

the discontinuation of Aliados and improved e-commerce profitability), (2) the

impact of ICMS ST, and (3) the recognition of non-recurring tax credits.

Expenses. The company adjusted headcount primarily on the corporate side,

with only limited changes to store staffing to preserve the customer shopping

experience. Looking ahead, it expects meaningful savings from (1) logistics,

which is currently oversized relative to the company’s scale, and (2)

technology, where high overhead and limited flexibility are constraining

efficiency.

Working capital was momentarily affected during the quarter due to the

extrajudicial recovery, but it has since normalized. There have not been any

structural changes in the relationship with suppliers.

Tax liabilities process is ongoing but there are no new updates to share with

the market

Nicolas Larrain AC

(55-11) 4950-3472

Banco J.P. Morgan S.A.

Joseph Giordano

(55-11) 4950-3020

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