Building a retail operation that combines cutting-edge technology, accessible credit, efficient logistics, and 1,042 physical stores on a single platform is no small feat. The Casas Bahia Group achieved this, and its 2025 results prove it.
The Company ended the year with GMV (gross merchandise volume across all channels) of R$ 44.7 billion. In addition to representing a jump of R$ 3.6 billion compared to 2024, it is the highest value in the Company's history.
“Our delivery in 2025 reinforces the Company's execution capacity and consolidates the Casas Bahia Group as a benchmark in the home appliance and furniture market,” says Renato Franklin, CEO of the group.
The numbers justify Franklin's optimism. The adjusted EBITDA margin advanced for the ninth consecutive quarter, reaching 9.8%. Total free cash flow reached R$ 2.15 billion for the year, more than double that of 2024, and the Net Debt / Adjusted EBITDA ratio decreased from 1.9x to 0.4x. With less financial pressure, the Company is prepared to grow even more in 2026.
E-commerce advanced 21.7% in the fourth quarter, the fifth consecutive period of growth. But the most revealing data is not the growth itself, but where it comes from. Sales of own inventory, the so-called 1P model, rose 25.6%, the largest increase in four years.
Growing in the 1P model is more challenging than it seems. Unlike marketplaces, where third parties handle sales, this model demands rigorous inventory control, efficient logistics, and much more precise pricing management. The reward comes in the form of higher margins and complete control over the customer experience.
The marketplace also performed well: a 16.1% increase in GMV and a 12.1% take rate (the commission charged to merchants on each sale). More than 4,900 partners already accept installment payments, a differentiator that few competitors are able to replicate. And that makes a difference.
At the end of 2025, the partnership with Mercado Libre gave new impetus to the strategy. In just a few weeks, Casas Bahia became the platform's largest seller in terms of revenue. By the fourth quarter, this channel already accounted for almost 5% of the total volume sold, with TVs, appliances, and portable devices leading the categories.
Credit sales have always been the lifeblood of Casas Bahia's business. What has changed is that it has been digitized and now reaches places where no physical store can be. More than 4,700 municipalities are served without any physical presence, covering 94% of Brazilian cities.
The loan portfolio ended the year at R$ 6.6 billion, a growth of 6.7% compared to the previous year. The penetration of digital credit reached 9% in own sales and 9.1% in the marketplace, proof that the instrument works as well on the screen as in front of a store.
Within this system, banQi plays a central role. The app has 8.8 million open accounts and processed R$ 15.6 billion in payments in 2025. The most revealing data, however, lies in its usage: customers access the platform more than 60 times a year, a level of recurrence typical of those who use banking daily. In total, there have already been 24.9 million downloads.
In 2025, Casas Bahia invested R$ 212 million in technology, a 34% increase compared to the previous year. In the fourth quarter, more than 70% of the total investment went to technological and logistical projects.
Technology truly makes a difference in operations. The combined use of artificial intelligence, advanced CRM, dynamic pricing, and logistics optimization has increased operational efficiency by 13%, measured by sales volume per employee. In some categories, gains reach 30% per item sold.
AI is present in various aspects of the business. Bah.IA has been acting as a co-pilot for sales in stores and online since Black Friday 2024, while Zap Casas Bah.IA provided real-time recommendations for WhatsApp in the 2025 edition. SofIA, in turn, handles governance, risk, and compliance internally.
Logistics were also redesigned based on technological innovations. The 1,042 physical stores became pickup points integrated with 24 distribution centers spread across the country. As a result, 43% of orders are delivered within 24 hours and 58% within 45 hours.
In recent years, the evolution of the operation has opened up space for new business fronts. Casas Bahia Ads, the Company's advertising arm, grew 65% in gross revenue in 2025. Brands that do not sell on the platform, but want to access this audience, have started advertising in the Company's digital environment, generating high-margin revenue without interfering with the experience of those who are there only to buy.
“We are ending 2025 with a more efficient operation, a much stronger capital structure, and a clear growth strategy in the categories where we are leaders. This puts us in a much stronger position for the coming years,” concludes the CEO.