After two years of implementing a Transformation Plan that involved everything from reviewing its store portfolio to heavy investments in artificial intelligence, the Casas Bahia Group closes 2025 with results that prove the effectiveness of the strategy.
The retailer ended the year as the fastest-growing in the home appliance segment in Brazil, with an 8.8% expansion in gross merchandise volume (GMV) in the first nine months. This growth was driven by both physical stores, which increased by 9.1%, and e-commerce, with an 8.3% rise.
But sales figures only tell part of the story. The most significant change of 2025 occurred in the company's financial architecture.
Two debt conversions carried out throughout the year will generate savings exceeding R$ 7.7 billion by 2030. The restructuring not only eases the company's cash flow, but also creates the conditions for it to enter 2026 with expanded investment capacity – precisely in a year that promises to be favorable for consumption, driven by the World Cup.
“We are very proud of what we delivered in 2025,” says Renato Franklin, CEO of Grupo Casas Bahia. “We made progress in profitability, cash generation, and efficiency in a high-interest rate environment, supported by structural decisions, especially in the transformation of our capital structure. This work leaves us better prepared to grow sustainably in the coming years.”
The transformation of the capital structure occurred in two phases. In August, the conversion of debentures by Mapa Capital reduced debt by R$ 1.6 billion and brought changes to corporate governance, with an expansion of the Board of Directors.
Four months later, in December, came the second operation, involving R$ 3 billion. In total, the impact on debt reduction was R$ 4.6 billion. In interest expenses alone, the projected savings reach R$ 2.7 billion over the next five years.
This process is part of a broader plan initiated in 2023, which defined the concentration in the main categories (home appliances, furniture and installment plans), a thorough review of the store portfolio, inventory optimization, redesign of the logistics network and rigorous cost cutting.
At the same time, the finance area worked to increase cash generation and diversify funding sources. The results of the strategy are reflected in the financial indicators of the last two years. The gross margin jumped from 28% in 2023 to 30.1% in 9M25, while operating expenses fell relative to revenue from 24.5% to 22.8% in the same period.
Adjusted EBITDA totaled R$1.7 billion for the first nine months of the year, with a margin of 8.5% in the third quarter, marking the eighth consecutive quarter of improvement in this indicator.
Free cash flow generation was another highlight. With R$ 1.6 billion in the third quarter alone, the company recorded its best performance in five years.
One of the milestones for 2025 was simultaneous growth across all channels, reinforcing the consistency of the omnichannel strategy and the ability to scale operations with an integrated consumer experience, where it's possible to start the purchase journey in one channel and finish it in another, according to their convenience.
If there's one thing that sets Casas Bahia apart in the Brazilian market, it's its ability to offer consumer credit. In the last 12 months, the company broke a historical record by granting approximately R$ 10 billion in credit throughout the year.
This progress was supported by a constantly evolving technological base. In 2025, Casas Bahia expanded the use of artificial intelligence in areas such as marketing, logistics, pricing, and inventory management, converting data into operational efficiency.
In some processes, productivity gains per SKU reached 30%, directly impacting margins and competitiveness. In this context, Bah.IA, the virtual assistant launched on Black Friday 2024, evolved throughout the year and established itself as a tool to support sales in stores and customer service in digital channels.
Following this evolution, Casas Bahia took another step forward for Black Friday 2025 with the launch of Zap Casas Bah.IA, which brings the experience to WhatsApp. The tool compares products, details features, and suggests tailored recommendations, all within the messaging app most used by Brazilians.
The inauguration of the new headquarters and megastore in the Berrini region of São Paulo also held significant weight in 2025. More than just a corporate address or a point of sale, the space represents the company's confidence in its new phase.