Brazilian retail group Americanas SA on Tuesday reported a stronger-than-expected turnaround in the first half of 2026, though it continued to post net losses as it advances its restructuring plan.
The company, which filed for judicial recovery in January 2023, said its adjusted EBITDA rose to 1.2 billion reais ($230 million) in H1 2026, up from a loss of 1.5 billion reais in the same period a year earlier. Revenue declined 8% year-over-year to 15.4 billion reais, reflecting ongoing consumer weakness and reduced store footprint.
Chief Executive Officer Tulio Oliveira stated that the company is making progress in stabilizing operations, with cost-cutting measures and asset sales contributing to the improved cash flow position. "We are seeing early signs of recovery, but the path remains challenging," Oliveira said in a statement.
Americanas reported a net loss of 1.1 billion reais for H1 2026, narrowing from a 2.3 billion reais loss in H1 2025. The company attributed the reduced loss to lower restructuring costs and improved inventory management.
Analysts noted that while the turnaround is encouraging, the company’s debt burden remains a key risk. Americanas has approximately 40 billion reais in outstanding debt, with negotiations ongoing with creditors to restructure obligations.
The retailer’s shares, listed on B3, were down 2.1% in early trading on Tuesday, underperforming the broader market. Investors remain cautious amid uncertainty over the pace of recovery and the effectiveness of the restructuring plan.
Americanas has been implementing a multi-year turnaround strategy, including store closures, supplier renegotiations, and digital transformation initiatives. The company aims to return to profitability by 2027, though analysts caution that macroeconomic conditions and consumer spending trends could impact the timeline.
